20 Jun
Financing for Development/UN SDG's

Momentum for Climate Change Discusses NDCs, Sustainable Recovery

Among other sessions, the committee to facilitate implementation and promote compliance under the Paris Agreement held its first meeting, and lead reviewers of biennial reports and national communications met to share experiences. Speakers highlighted the importance of action in 2020, including for countries to submit their enhanced NDCs by the end of the year. The UNFCCC convened a series of virtual events in early June 2020 to maintain momentum for climate action. The events allowed for an exchange of...

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19 Jun
Chapter News

OECD Secretary-General Angel Gurría has reacted to recent statements and exchanges regarding the ongoing negotiations to address the tax challenges of the digitalisation of the economy

“Addressing the tax challenges arising from the digitalisation of the economy is long overdue,” said OECD Secretary-General Angel Gurría. “All members of the Inclusive Framework should remain engaged in the negotiation towards the goal of reaching a global solution by year end, drawing on all the technical work that has been done during the last three years, including throughout the COVID-19 crisis. Absent a multilateral solution, more countries will take unilateral measures and those that have them already may...

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19 Jun
Financing for Development/UN SDG's

Why We Need a “New Normal” for Production and Consumption

People are consuming more than ever. Our choices are having an unprecedented impact on the environment. The jeans, skirts or suits we wear, the pharmaceuticals and cosmetics we use, the food and drink we consume – all of these products have an impact, to varying degrees, on the environment. We need to think carefully about how we can meet our daily needs more efficiently and we need to provide the answers quickly. We all depend to some extent on trees,...

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19 Jun
Member News

Vulcan Insight: EU Leaders Seek Budget and Recovery Deal

For the first time since the European Commission’s €1.85 billion budget and Recovery Fund proposal, EU Heads of State and Government met on Friday (19 June) to seek an agreement on its substance. Considering the deep divisions between countries and different political alliances, Friday’s EU leaders’ summit was never expected to result in a breakthrough. Rather, most Heads of State and Government considered their online get together as an initial exchange of views and positions, as German Chancellor Angela...

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19 Jun
Member News

Federal Reserve to Expand Main Street Lending Program to Nonprofits

On June 15, the Federal Reserve Board released proposed term sheets to expand the Main Street Lending Program to nonprofit entities in sound financial condition before the onset of the COVID-19 pandemic. The announcement seeks public comment on the new proposal which grants small and medium-sized nonprofits access to additional liquidity. The Main Street Lending Program was established by the Federal Reserve Board with the Secretary of the Treasury under the CARES Act. The Federal Reserve Bank of Boston will...

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19 Jun
COVID-19 News, Member News

ThompsonHine: Country-by-Country Guide: Government Measures Taken in Response to COVID-19

Last Update on June 17 | In collaboration with Thompson Hine's foreign law firm partners, they continue to update their chart of COVID-19 measures taken by governments around the world. The government measures in the chart include economic, labor and employment, health and safety, and export and import measures. Below is a list of the updated countries and a summary of the changes they are seeing. View/Download the Country Guide: Government Measures in Response to COVID-19 Today’s update includes new information as...

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19 Jun
Chapter News

Commission adopts White Paper on foreign subsidies in the Single Market

The European Commission has adopted a White Paper dealing with the distortive effects caused by foreign subsidies in the Single Market. The Commission now seeks views and input from all stakeholders on the options set out in the White Paper. The public consultation, which will be open until 23 September 2020, will help the Commission to prepare for appropriate legislative proposals in this area. Executive Vice-President Margrethe Vestager, in charge of competition policy and  responsible for the cluster Europe Fit for the Digital Age,...

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19 Jun
Member News

Steven van Rijswijk to succeed Ralph Hamers as CEO of ING

ING announced today that Steven van Rijswijk, currently member of the Executive Board and chief risk officer of ING, will succeed Ralph Hamers as CEO and chairman of the Executive Board. The Supervisory Board has appointed Steven van Rijswijk effective 1 July 2020. As announced earlier, Ralph Hamers will leave ING to join UBS, where he will become CEO later in the year. Hans Wijers, chairman of the Supervisory Board of ING said: “We are very pleased to appoint Steven,...

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18 Jun
Chapter News

EACCNY #COVID19 Impact Stories from Our Members – USAM Group

Together with our members we are creating a Video series of first-hand accounts of the Pandemic’s impact, both personally & professionally. We invite you to join us today for a first-hand look at the impact of the global shutdown following the Coronavirus (COVID-19) outbreak – Today we are featuring Feargal O’Sullivan, CEO, USAM Group a Member of the EACCNY. The questions we asked our members for this series are: 1) What are some challenges you, personally and your organization have faced? 2) What...

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18 Jun
Chapter News

Working group on euro risk-free rates recommends voluntary compensation for legacy swaption contracts affected by the discounting transition to the €STR

Working group recommends voluntary compensation for legacy swaption contracts Market participants advised to contact swaption counterparties to discuss and decide on voluntary compensation No single preferred option for implementing voluntary compensation, but several potential modalities identified. The private sector working group on euro risk-free rates has today endorsed a recommendation that counterparties voluntarily exchange compensation for legacy swaption contracts affected by the transition of central counterparty discounting from the euro overnight index average (EONIA) to the euro short-term rate (€STR), which...

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