‘Robust’ to satisfy local weather finance targets forward of COP26, Johnson says

September 19, 2021: Prime Minister Boris Johnson climbs aboard the RAF Voyager at Stansted Airport prior to a visit to the United States.

Stefan Rousseau – PA Pictures | PA pictures | Getty Images

There is a six-in-ten chance of reaching an agreement on climate finance ahead of the upcoming COP26 climate change summit, UK Prime Minister Boris Johnson said.

In remarks to the media during his trip to New York over the weekend, Johnson was asked if he had any commitments related to climate finance as well according to the BBC, Environmental goals in the next few days.

“Getting everything ready this week will be a chore,” he is reported to have said. “But I think it’s all done by the COP, six out of 10. It’s going to be tough, but people need to understand that this is vital to the world.”

Financial discussions will be a key part of COP26, which will be held from October 31st to November 12th in the UK’s Scottish city of Glasgow.

According to the United Nations, the industrialized nations had previously announced that they would “collectively mobilize 100 billion US dollars per year by 2020 to support climate protection in developing countries”.

This goal is proving to be a challenge. Last week, the OECD said that climate finance provided and mobilized by developed countries amounted to $ 79.6 billion in 2019. This is an increase from $ 78.3 billion in 2018, but is still below the $ 100 billion.

“The limited progress in the total volume of climate finance between 2018 and 2019 is disappointing, especially before COP26,” said Mathias Cormann, Secretary General of the OECD, in a statement on the figures.

“Even if appropriately verified data for 2020 will not be available until the beginning of next year, it is clear that climate finance is lagging far behind its target,” said Cormann. “More needs to be done.”

Johnson’s remarks were made public by a number of media outlets, and the BBC aired an excerpt from the discussion on Monday morning. Johnson said Britain made a “big, big promise” and “cut our carbon a lot,” but it needs other countries to get going.

“We’ve been issuing for centuries and these emerging economies are saying, ‘Well why should we pay such a high price?’ The 100 billion US dollars that we have to raise each year are therefore used to support these countries [to] make the transition. ”

The UK’s official website for COP26 states that it will “bring parties together to accelerate action to achieve the goals of the Paris Agreement and the UN Framework Convention on Climate Change”.

Described by the United Nations as a legally binding international treaty on climate change, the Paris Agreement aims to “limit global warming to well below 2, preferably 1.5 degrees Celsius compared to pre-industrial levels”.

On Monday, Johnson and UN Secretary General António Guterres will hold an “informal round table of heads of state and government on climate protection”.

Children and Cash: Constancy youth funding app targets Gen-Z and past [Column] | Cash

When you ask teenagers to name their favorite shoe and apparel company, fast food restaurant, or cell phone retailer, brands like Nike, Chipotle, and T-Mobile are high on many lists.

But what is the favorite investment brand among teenagers? Loyalty wants to be the one.

This is a motive for the introduction of the new product “Youth Account” from Fidelity Investment. Jill Schlesinger previously mentioned the Fidelity Youth Account in her 31st column. Here’s a deeper look into the new product.

The Fidelity Youth Account is designed for teenagers between the ages of 13 and 17 and includes a mobile app with optimized money management functions and content for teenagers to save and invest in.

Fidelity has long promoted a wide variety of educational information for young investors on its website. And the investment giant has marketed its Roth IRAs and other investment products to a younger clientele. But the new youth account, launched after a test with families last month, is much more ambitious.

The Fidelity app can be used to trade stocks, exchange traded funds or mutual funds. The account comes with a debit card and can be linked to Venmo and PayPal apps for peer-to-peer payments.

To sign up, a teen only needs one parent with a Fidelity account who will keep an eye on their young investor (s) and be notified when a trade is placed or the debit card is swiped. But unlike other products on the market, parents cannot block transactions.

Teenagers have their own logins and passwords that parents cannot access. Likewise, teenagers cannot access their parents’ Fidelity account.

There are no trading commissions, no subscription fees, no account fees, no minimum investment requirements, and no domestic ATM fees.

The accounts enable fractional trading and give youngsters the opportunity to like less than a full share of stocks in popular companies. to buy Amazon.com and Microsoft, which are currently selling for hundreds or thousands of dollars.

How many children want to invest in the stock market? The stock market used to be a foreign land to high school children. But not anymore.

These standards make it imperative that parents and their young investors keep lines of communication open and talk about stock picking and other investment strategies.

Young investors flocked to the market during the pandemic, especially as Robinhood and other trading apps became the platforms of choice for buyers rocketing stocks of GameStop, AMC Entertainment, and other companies.

Fidelity has 26 million retail brokerage accounts, including many with teenagers. Investors opened 4.1 million new brokerage accounts in Fidelity in the last quarter, and 40% of those were opened by those under the age of 35.

Fidelity is promoting the Youth Account to teach teenagers about money management, setting investment goals for long term and other major financial education concepts. During the testing period, Fidelity said 90% of parents said they sat down with their teen and used the account as a classroom moment.

I am for anything that teaches teenagers how to use money responsibly, especially so many who don’t know much about the ways of Wall Street.

But make sure you’re comfortable with this wrinkle: when teenage investors turn 18, their teenage account will automatically switch to a Fidelity Standard Brokerage Account. So this product is more than just Investments 101, it is a bold move by Fidelity to build long-term customer relationships.

Sony targets 1 billion international leisure customers

Sony Group Corp. aims to connect with 1 billion users worldwide through its game, anime and other entertainment services. This is more than six times the current level to solidify its base as a creative entertainment company.

As part of a business strategy unveiled on Wednesday, Sony announced that it will spend approximately yen 2 trillion on key growth areas like entertainment and technology over the next three years through March 2024.

Sony drove on the popularity of its PlayStation 5 game console and related software along with the blockbuster animated film based on the popular Manga series “Demon Slayer”, distributed jointly by a subsidiary.

“We want to increase the number of people we connect with from 160 million now to 1 billion,” said Kenichiro Yoshida, chairman and CEO of Sony Group, in an online business strategy briefing, adding that anime and Gaming “go together quite well”.

According to Yoshida, gaming currently makes up the majority of the current customer base with around 100 million users. He did not provide any further breakdowns and did not reveal when the group plans to cross the 1 billion mark.

“One way (target for 1 billion) is to expand what we already have and another is to create new communities of interest,” said Yoshida, referring to the opportunity to work with other companies outside the group.

The coronavirus pandemic has boosted the group’s sales as people spend more time playing games and using other entertainment services at home. PlayStation 5 has met robust demand since it was launched in November, and the Sony Group has set a second year revenue target of 14.80 million units worldwide, even with a global chip shortage.

Recurring revenue has fueled the growth of the Sony Group, which offers the PlayStation Plus subscription service and music streaming.

Last year Sony Corp. announced announced its plan to buy the operator of the US anime streaming service Crunchyroll, which has millions of registered users in over 200 countries and regions, for approximately 1.18 billion US dollars.

After a name change from Sony Corp. In April, the Sony Group takes over the Japanese conglomerate’s main functions, which include financial services, games, entertainment and electronics. The change represents a continued diversification from the electronics that popularized the brand name.

“Technology is important to both content creation and delivery (to consumers),” said Yoshida.

The Sony Group has achieved great success with its image sensors used in smartphones. To encourage longer-term growth, the company is placing more emphasis on mobility as a key area where its image sensors can contribute to the safety of cars.

It presented a prototype of an electric vehicle, the Vision-S, and carried out road tests.

“Our contribution to ensuring the safety (of cars) will help them evolve into a new sphere of entertainment,” said Yoshida.

During the online press conference, Yoshida refrained from commenting on a media report on a plan by the Sony Group and Taiwan Semiconductor Manufacturing Co. to build a plant in Kumamoto Prefecture.

But Yoshida said, “It is important to ensure a stable supply” of the semiconductors used in his image sensors.

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Philippines targets international funding with Singapore-style tax legislation

A new Singapore-inspired tax bill will lower corporate taxes and boost foreign investment in the Philippines, Treasury Secretary Carlos Dominguez told CNBC as the country seeks to accelerate its economic recovery.

The Philippines’s so-called Business Recovery and Business Tax Incentives Act (CREATE), which came into force last month, aims to provide financial relief to businesses in need while increasing the country’s competitiveness in the region, he told CNBC on Tuesday.

The law lowers the corporate tax rate – formerly the at 30% the highest among the Southeast Asian countries – up to 25% for large companies and 20% for small companies.

It also unifies the government’s inbound investment program, bringing it closer to financial centers like Singapore, and giving the president more powers to give non-tax incentives to businesses, Dominguez said.

“We have modeled our program on the Singaporean system,” he said, referring to his coordinated strategy of attracting foreign investment and creating incentives.

“In the past we had 13 independent investment promotion agencies in the country that were poorly coordinated,” he continued.

People wearing protective masks are seen walking on a busy street in Manila, Philippines on March 20, 2021.

Xinhua News Agency | Getty Images

“Now we’re coordinating them and making sure these agencies offer incentives that are transparent, time-bound, performance-driven and that attract the investments we actually want in this country.”

The reduced corporate tax is the latest in a series of tax reforms introduced by President Rodrigo Dutertes PDP Laban Party since taking office in 2016.

The finance secretary said the plans would return cash to distressed small and medium-sized businesses, which can then invest in jobs and economic growth again. However, critics have questioned the merits of reducing already stressed public finances as the country battles the coronavirus pandemic.

“We estimate the portion we are giving up will be around 1 trillion pesos ($ 20.65 billion) over a 10-year period. However, we believe this is a time to do so,” Dominguez said.

Businesses need fiscal incentives, number one. Second, that it will attract more investment into our country over a long period of time

Carlos Dominguez

Minister of Finance of the Philippine Government

“Companies need fiscal incentives, number one. And second, that they will attract more investment into our country over a long period of time,” he said.

The Philippines have so far retained its BBB credit rating from Fitch Ratings, BAA2 from Moody’sand BBB + from Japan Agency for rating and investment information (R&I). This is despite the global downturn and its disproportionate impact on emerging markets.

“Not just the rating agencies, but the people who actually put their money where their mouth is, have invested in the long-term profitability and prospects of the Philippines,” he said, citing the strong bond trading activity.

The Finance Secretary’s comments come as the Philippines faces a surge in cases in its capital, Manila. Dominguez said the country’s resources are currently “sufficient” to handle the surge, adding that by the end of this year it had ordered enough vaccines to vaccinate its 70 million adult population.

“This Covid contagion is just a slip-up in our history. We still have our solid fundamentals, which represent our very strong fiscal and monetary system in the Philippines,” said Dominguez.

“We have a very young and talented workforce and so far we have improved the infrastructure. So this CREATE (law) will only add to our ability to attract more investment into this country.”

Alaska Poll Measure Targets the ‘True Sources’ of Darkish Cash | Wiley Rein LLP

As previously reported in Election Law News, the Alaskans narrowly passed Election Measure 2 in the 2020 general election. This measure, along with other electoral reforms, carries out an open primary and ranked election in the state. The move also has a significant impact on the role of so-called “dark money” in the Alaskan election by introducing strict disclosure of contributions to companies that make independent spending to campaign for the election or defeat of a candidate. The disclosure system primarily focuses on identifying the “true source” of the contributions and any intermediaries.

Definitions. Alaska defines “dark money” as “any contribution whose source or sources, whether wages, capital gains, inheritances, or income from the sale of goods or services, are not made available to the public”. “True Source” means “the person or entity whose contribution is funded by wages, capital gains, inheritances, or income from the sale of goods or services.” However, “[a] Any person or entity who has received funds through contributions, donations, fees, or gifts is not the true source, but an intermediary for the true source. If a member organization receives dues or dues less than $ 2,000 per person per year, the organization itself is considered a “true source”.

Reporting. Election Action 2 aims to tackle the role of “dark money” through strict disclosure by imposing a 24-hour reporting requirement on both independent spending companies and their contributors.

Any individual or group who contributes more than $ 2,000 in total to a business that has made, is making, or is reasonably making independent expenses in a calendar year must report the contribution within 24 hours of crossing this cash threshold. The report must include the applicant’s name, address, main occupation and employer. the amount of the contribution; and the total amount of contributions the applicant made to that company during the calendar year. The applicant must also report and certify the “true source” of the contribution and any intermediaries. In addition, the contributors must “indicate the identity of the true source of the recipient of the contribution at the same time as the contribution itself is made available”.

Companies receiving Entries described above must report the Qualifying Entry and all subsequent entries within 24 hours of receipt.

Disclaimer of liability. The move also requires any group that receives more than 50% of its funding from outside of Alaska to include a disclaimer for all communications that reads, “A majority of contributions to the name of the (externally funded entity) came from outside the state Alaska.”

Wiley’s electoral law and government ethics practice will continue to monitor the implementation of this electoral measure.