Billions pledged to halt Africa’s forest loss

Times of Malta | Mar 15, 2019 at 3:34 PM
  • With the world’s forests increasingly under threat from climate change and logging, leaders and top bank chiefs pledged billions on Thursday to help reverse the steep decline in Africa’s woodland areas.
  • The United Nations estimates that Africa will be home to 2.2 billion people by 2050, necessitating massive investment in infrastructure – a process historically ruinous for the environment.

United States

Allahabad Bank looking at raising capital next fiscal

Money Control | Mar 15, 2019 at 3:29 PM
  • City-based Allahabad Bank, which had recently come out from the prompt and corrective action (PCA) after RBI removed it from the weak bank watch list in February, is looking ways to raise capital in the next financial year.
  • The JV launched a co-branded health insurance product exclusively for Allahabad Bank customers.

United States

Boeing shares rise on report 737 Max fix could come sooner than expected

CNBC | Mar 15, 2019 at 3:16 PM
  • Shares of Boeing rebounded Friday after a report that the plane manufacturer plans to roll out a software upgrade for its 737 Max aircraft in the coming weeks.
  • The report from Agence France-Presse, citing sources, comes after the U.S. grounded all Boeing 737 Max jets this week.
  • Ethiopian Airlines Flight 302 crashed on Sunday, less than five months after the crash of Lion Air Boeing 737 Max 8 flight from Jakarta, Indonesia, killing all 189 people on board.


38-Year-Old Italian Billionaire Heir Finally Shifts From DJ to Banking

Bloomberg Quint | Mar 15, 2019 at 3:15 PM
  • Until a few years ago, Ernesto Von Furstenberg Fassio, a 38-year-old heir of the billionaire family that’s invested in industries from finance to fashion, maintained a laser-like focus on his career — as a DJ and music producer.
  • The holding, La Scogliera, controls listed Venice-based lender Banca IFIS SpA.
  • A grandson of Clara Agnelli, sister of Fiat family patriarch Giovanni Agnelli, Ernesto played on Italy’s national golf team with the Molinari brothers, both successful pros now.

United States

Cyprus’ finance minister to leave post by year’s end

Fox News | Mar 15, 2019 at 3:07 PM
  • Cyprus’ finance minister says he’ll leave the post he’s held since 2013 by the end of the year.
  • Georgiades was appointed finance minister in the immediate aftermath of a multibillion-euro rescue deal that Cyprus was forced to accept after a banking crisis nearly bankrupted the country.


Kenyan crash victims embody a country’s outward reach

Irish Times | Mar 15, 2019 at 3:04 PM
  • John Quindos wailed and hyperventilated so violently that officials rushed him to a first-aid station.
  • As a clamorous global alarm over air safety rings in the wake of the crash, causing Boeing 737 Max aircraft to be grounded across the world, a quieter reckoning is taking place in shattered homes across Kenya, the country that suffered the single largest toll.
  • In the same period, Ethiopia’s economy surged to $80 billion from less than $8 billion, while its population surged to 105 million from 64 million.


Litigation provisions of €75 million hurt BOV’s profits

Times of Malta | Mar 15, 2019 at 2:50 PM
  • Bank of Valletta announced on Friday that it would not be paying out a cash dividend this year and was setting aside €75 million as a litigation provision.
  • The bank saw an eight per cent increase in costs, mainly attributed to an increase in human resources.
  • BOV has recovered €5.6 million so far and is in the process of recovering a further €4.4 million.