London must unite to beat coronavirus, for the sake of our city and our NHS

first_imgAndrew Boff is a Conservative London Assembly Member. Unless every single Londoner follows the government’s advice, we face losing thousands of our family, friends, and colleagues to this virus. It seems that too many Londoners do not understand that the measures taken by the government are not just to protect them, but everyone else as well. It can take 14 days before you start exhibiting symptoms; in that time you can encounter hundreds of people either on the Tube, at your workplace, or the pub after work. That’s why you must work from home, avoid public transport, and practise social distancing. Commuters packed on the Tube despite coronavirus Above all, you must wash your hands often for at least 20 seconds, sneeze and cough into your elbow or tissue, and avoid touching your face, eyes and mouth. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Tuesday 24 March 2020 12:01 am whatsapp (Getty Images) Also Read: London must unite to beat coronavirus, for the sake of our city and our NHS This may be a global crisis, but in the UK at least, London is at the epicentre. The capital has nearly 40 per cent of the country’s coronavirus cases. London is sadly racing ahead towards the dreaded peak that we are desperate to avoid.  Last week, one of our city’s hospitals, Northwick Park, declared a critical incident and became the first hospital in the country to be overwhelmed by coronavirus patients. This is what the experts fear — if we don’t slow the rise in cases, our precious NHS will collapse under the weight of the crisis, and thousands more lives will be lost.  City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. While some Londoners shun the government’s stay home save lives message, many more are doing the right thing, and heroes are emerging. Across our city, communities are uniting by helping elderly neighbours collect their shopping, phoning their vulnerable loved ones who now must shield themselves for 12 weeks, and thousands of Londoners volunteering to help in any which way they can. The scenes on the Tube this Monday were incredibly disheartening. Despite warnings from Downing Street, and a reduced service from Transport for London, too many Londoners piled in for their usual commute.  Show Comments ▼ In coronavirus, London is facing an unprecedented challenge. The actions we take today will decide who lives and dies, and whether our National Health Service will survive.  London is, without a doubt, the greatest city in the world because it is united — and that’s why we have always overcome enormous challenges. There is no doubt in my mind that this great city can lead the country’s efforts to turn the tide on coronavirus. To do this, every Londoner must abide by the government’s advice. Londoners must work from home, avoid public transport, and stay two metres apart from everyone. If you develop a high temperature or a new continuous cough, self-isolate for seven days, and if you live in a shared household, everyone must self-isolate for 14 days.  London must unite to beat coronavirus, for the sake of our city and our NHS Andrew BoffAndrew Boff is a Conservative London Assembly Member. If you will not do this for yourself, do it for London’s NHS heroes who need all of us to do our bit.  Share Opinion (Getty Images) Also Read: London must unite to beat coronavirus, for the sake of our city and our NHS (Getty Images) Not only do they risk spreading the virus, but they are also endangering those critical NHS workers who are still commuting to work to save lives. We need every employer to stop forcing their workers to travel into the city and every Londoner to avoid unnecessary travel. whatsapp Tags: Coronavirus NHS Transport for Londonlast_img read more

Gene Tagaban leads Dillingham training on stopping cycle of violence

first_imgAlaska Native Arts & Culture | Alcohol & Substance Abuse | Arts & Culture | Family | Health | Mental Health | Sexual Abuse & Domestic Violence | SpiritGene Tagaban leads Dillingham training on stopping cycle of violenceMarch 23, 2016 by Molly Dischner, KDLG Share:Gene Tagaban helped conduct the Compass training in Dillingham in mid-March. (Photo courtesy of Gene Tagaban)The Alaska Network on Domestic Violence and Sexual Assault helped organize the training, which was taught by Gene Tagaban, a Tacoma, Washington resident originally from Juneau.Tagaban said the class is meant to help stop the cycles of violence that are prevalent in many Alaska communities.“It’s about teaching men to be mentors, and getting men involved to stop the violence, domestic abuse, the suicides, the hurts, the pain,” he said. “For so many years, women have been at the forefront of this movement, of wellness, of health. And as men, we need to be standing right beside the women together, to stop the violence, to stop this epidemic that’s going through Alaska.”Compass is part of the Alaska Men Choose Respect effort. Participants talked about how to start conversations and lead healthy lives, both in their own homes and in the community.Tagaban said the group discussed several topics, including respect for self and others, communication and conflict resolution.“Ultimately, what does it mean to become a man, but even higher than that: what does it mean to become a human being,” he said. “… it’s about learning how to express ourselves in that way and share our stories, tell our stories, learning about where our stories came from. And learning about even, not only our empowerment but the pains, the hurts, the trauma and healing from that. It is about healing. But it’s about men working together to bring that healing together.”Throughout the gathering, participants shared their own stories and learned how to facilitate those sorts of discussions. After the training, Tagaban hopes they’ll take what they’ve learned back out into the community, whether that’s doing presentations in schools or living a good life and leading by example.“And I hope that they’ll go out and live a good life, a life of awareness, a life of empowerment, so that in their circles that they can influence those in a good way,” he said. “And maybe some of them will use it to start making presentations, talking about these things, and starting the conversations… that they’ll maybe go to schools and start talking about things, or just in the neighborhoods, in the stores that people would just see them living that powerful life that good life, and then passing it on in their own families, and teaching in their own families, or the schools.”Share this story:last_img read more

EToro raises $27m from Chinese and Russian investment funds

first_imgTuesday 9 December 2014 8:48 pm Share EToro raises $27m from Chinese and Russian investment funds Oliver Smith SOCIAL investment network EToro yesterday closed a $27m (£17.2m) funding round led by the venture capital arm of China’s largest financial services group Ping An Insurance and SBT Venture Capital which is partnered with Russia’s largest bank Sberbank.Israeli startup EToro, which has offices in Canary Wharf’s Level39, has 4m users across 140 countries who invest through its transparent network that allows traders to see each other’s investments.“We’re very excited to have two of the largest financial institutions in the world join our company as partners,” said EToro chief executive Yoni Assia. “We look forward to leveraging their deep industry knowledge and expertise with our disruptive vision and product.”The funds will be used to accelerate EToro’s growth with a planned expansion into China and Russia on the company’s roadmap. whatsapp More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child whatsapp Show Comments ▼ Tags: NULLlast_img read more

News / Warning for shippers: overland rates in North America look set to rocket next year

first_img Forwarders have warned shippers that rates for overland services in North America are expected to “sky rocket” next year as capacity tightens further.Speaking at the FIATA World Congress in Istanbul last week, US and Canadian forwarder associations outlined several significant trends that would force up prices.“We have seen a 10-12% increase in rates this year, and I wouldn’t be surprised to see another 10-15% rise next year,” said one delegate from the US.“It’s good for intermediaries, but we are working with shippers’ associations to try to find a solution.”One of the main challenges appears to be a driver shortage and changes to trucking regulations.“We are experiencing an incredible capacity shortage, along with insufficient investment in infrastructure and rail equipment,” said another US representative. “Along with the driver shortage, it’s going to get worse.”He warned that new regulations for driver monitoring devices which meant “drivers can’t fudge at all”, leading to fewer drivers on the road which “could reduce trucking capacity by 10%”.He said combined with new insurance rules, which could quadruple the liability insurance on trucks, capacity was expected to decline –  just as there has been severe tightening of rail capacity and the economy is improving.“We are at 98% of available trucking capacity, so the heating-up of the economy could mean freight left at the docks. Rates are going to go up significantly in 2015 and 2016,” warned the delegate.Canada is not faring much better, said Ruth Snowden, executive director of the Canadian International Freight Forwarders’s Association (CIFFA).“It’s been a nightmare on the west coast. There was a local trucker strike in Vancouver in March, and the LA labour situation meant a number of shippers shipped early, and north.”In addition, she noted, the government had ordered the railroads to ship a minimum of 500,000 tonnes of grain each week, following a record harvest. Canadian Pacific expected to carry 20% more grain in 2014 than it did in 2013, while the rail-car order backlog topped 60,000 in March this year. Canadian National said it would see a 68% rise in grain shipments.The problem has been compounded by inefficiencies at the ports, said CIFFA’s Marc Bibeau.“Last month we had discussions on whether the west coast ports work. We were looking at schedule integrity from the shipping lines. The domino effect from that creates a shortage of railroad capacity, compounded by truck capacity problems. It will take all stakeholders to come together to find a solution.”The US delegates agreed that port problems, including slow sailings that had stretched supply chains, had exacerbated the overland challenges, but issues such as “the chassis shortage problem” in LA had “really hindered the evacuation of the ports and added costs for shippers”.Over the past few years, lines have been selling their chassis to equipment leasing companies – and this year they divested at the two main gateways.One delegate said: “Drivers went to Congress to make the owner of the chassis responsible for maintenance and now no one wants to own them. It’s a serious problem.“The draymen get paid by the dray. They are not making enough to own the trucks, which have doubled in price, following the clean air requirements. Everyone is trying to find a solution.”He added that the anti-coersion regulation proposal would exacerbate the problems.“It essentially says that no shippers, receiver or third-party can encourage a driver to break the law or lose economic gain. But it’s a Catch-22, a rule by itself that creates a problem. If a driver says he can’t take a truck from A to B because of his hours, you can’t just call another driver. You just have to sit and wait for the first to become available.“Every government does stupid things, so it’s up to companies to tell them it’s stupid.” By Alex Lennane in Istanbul 22/10/2014last_img read more

Regeneron is buying back $1 billion in stock, but hell has not yet frozen over

first_img What is it? Regeneron is buying back $1 billion in stock, but hell has not yet frozen over National Biotech Reporter Damian covers biotech, is a co-writer of The Readout newsletter, and a co-host of “The Readout LOUD” podcast. [email protected] STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. GET STARTED What’s included? Len Schleifer, founder of Regeneron. Mike Groll/AP Biotech center_img Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED @damiangarde About the Author Reprints Log In | Learn More By Damian Garde Nov. 6, 2019 Reprints A version of this story appeared in STAT’s biotech newsletter, The Readout. Sign up here.Regeneron Pharmaceuticals yesterday announced it would spend $1 billion buying its own stock, a move that was both unremarkable and remarkable at the same time. Damian Garde Tags biotechnologySTAT+last_img read more

WATCH LIVE: Tracking Santa Claus across the globe

first_imgZoom Santas are cashing in during a Christmas season unlike any other December 8, 2020 RELATEDTOPICS Santa Claus granted Animal Movement Permit by Florida Agriculture commissioner December 28, 2020 Santa pays a visit to NICU babies at Golisano Children’s Hospital December 21, 2020 Hang gliding Santa gets tangled up in power lines December 22, 2020 The North American Aerospace Defense Command (NORAD) is tracking Santa Claus LIVE as he travels around the world. Claus will be busy Christmas eve night into early Christmas morning delivering gifts around the globe with the help of his eight reindeer -Dasher, Dancer, Prancer, Vixen, Comet, Cupid, Donner, Blitzen and Rudolph at the helm .NORAD will be tracking Santa’s path throughout Christmas Eve night into early Christmas morning. WATCH NOW: Advertisement AdvertisementTags: Santa ClausSanta tracker AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 commentsDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 commentslast_img read more

“No hay ningún tipo de medidas para enfrentarse al duro invierno”

first_img RELATED ARTICLESMORE FROM AUTHOR AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] DNK: Pareciera que las posibilidades desufrir accidentes al remodelar las casas para usar carbón son altas.“Muchas personas inhalan los gases emitidosen la combustión del carbón. Hemos oído de al menos una persona que ha muertoen cada pueblo debido a esto. Usualmente, las oficinas de administración de lasciudades tenían la responsabilidad del mantenimiento de estas, pero hace tiempoque esto ya no sucede.  News Los apartamentos de Pyongyang utilizan elagua caliente de las plantas termoeléctricas. Sin embargo, son numerosos loscasos en los que el suministro de agua caliente se detiene. En estos casos, enlos que el agua no pasa por las tuberías (las cuales terminan congelándose yrompiéndose), no queda otro remedio que usar agua fría, lo que aumenta el frío.Las personas que viven en las plantas más altas de los edificios se quejan detener que “enfriar las casas durante las olas de frío’”.  News He escuchado que recientemente estánllegando esterillas eléctricas de fabricación china. También hay casos en losque las personas mantienen encendida una bombilla eléctrica de 100W. Sinembargo, esto es inútil, ya que el suministro eléctrico es irregular. Por otrolado, estos días ha aumentado el número de casas que disponen de panelessolares. No es sorprendente que la gente diga que ‘siconfiamos en que el estado nos provea electricidad, nos moriremos congelados’”.  Los desertores también señalaron que estánapareciendo cada vez más casos de muertes por asfixia debido al humo producidoal usar carbón, ya que las instalaciones de ventilación no funcionandebidamente en las casas de la gente común y corriente. En estascircunstancias, sin embargo, las autoridades no han tomado ningún tipo demedida especial ni se han entregado instrucciones para prepararse para elinvierno, pese a que se ha pronosticado una ola de frío en el país, según eltestimonio de los desertores entrevistados.  North Korea tries to accelerate building of walls and fences along border with China “No hay ningún tipo de medidas para enfrentarse al duro invierno” News Resulta que, no obstante, ya casi no quedanárboles que cortar en las montañas norcoreanas, y con los recientes planes dereforestación, la tala de árboles está restringida. Asimismo, como el carbónextraído está destinado principalmente a la exportación para la ganancia dedivisas extranjeras, su precio en el mercado doméstico es elevado. El preciosube a medida que el tiempo se hace más frío, por lo que comprar carbón no esfácil.  Ordinary Pyongyang residents have not received government rations since mid-April En estas circunstancias, las personas estánbuscando por cuenta propia maneras de sobrevivir. Se deben reparar laschimeneas, para que el humo salga fácilmente a través de estas. La gente estátomando medidas al respecto, y algunas personas salen a realizar trabajos dereparaciones en cada casa, a cambio de dinero. By Daily NK – 2014.12.08 9:49am center_img DNK: Entonces, el Estado no estáimplementando ningún tipo de medida, incluso cuando hay gente que podría morirde frío. “Ni siquiera se ha instado a la precaución.Algunos funcionarios del Ministerio de la Seguridad de las Personas ordenaron alos inminban (unidades vecinales en Corea del Norte) organizarse en grupos ypatrullar, pero después no hacen nada. Estos grupos hacen rondas de vigilanciahasta las 2 de la mañana, para asegurarse de que el humo sale de las casas delos vecinos.  DNK: Entonces, ¿cómola gente en Corea del Norte resiste las olas de frío? “Para ganarle al frío, las personas enPyongyang están utilizando en secreto fogones en sus hogares. Incluso algunaspersonas usan láminas de plástico al interior de las casas, como se hace en losinvernaderos.  Si las autoridades decidieran mejorar elestado de las chimeneas, tendrían que ofrecer precios estatales en lugar de losprecios del mercado. Pero ¿haría esto el Estado, que hacortado las raciones? Las personas ven que el problema pasa simplemente por laindiferencia del Estado, pero no pueden quedarse de brazos cruzados”.  DNK: Si vosotros usáis principalmentecarbón, mantener los apartamentos calefaccionados no parece tarea fácil.“Usualmente los apartamentos en las áreasde provincia tienen chimeneas. De esta manera, es posible calefaccionar loshogares usando carbón. Llevar el carbón a la parte más alta de los apartamentoses una tarea ardua y realizada de manera rutinaria por los niños.  News DNK: Se ha dicho que los apartamentos enPyongyang han sido renovados. ¿Significa esto que losmiembros del Partido no confían en la calefacción central (i.e. estatal)?  “Los miembros del Partido residen en elárea central, por lo que no tienen un lugar para ir a buscar madera. Como debenutilizar carbón para la calefacción, deben realizar los ajustes necesarios enla estructura de las casas. Los miembros del Partido tienen mucho dinero, asíque pueden costear sin problemas carbón que cuesta 60 dólares la tonelada. Porel contrario, los ciudadanos comunes y corrientes mueren de frío si no hacennada, por lo que deben ir a las regiones provinciales exportadoras de carbón,para conseguir un poco y poder sobrevivir”.  Image: Yonhap SHARE Facebook Twitter Daily NK conversó con Kim Yeong Mi (unpseudónimo, 47 años), quien llegó a Corea del Sur en 2012, para conocer sobrelos preparativos que la gente en Corea del Norte está realizando paraenfrentarse al frío.  El invierno llega mucho más rápido a Coreadel Norte (la “tierra congelada”, como le llaman) que a Corea del Sur. Los preparativos para latemporada fría comienzan usualmente en los días a fines del verano e inicio delotoño en el sur, sin embargo, en el norte empiezan uno o dos meses antes. A diferencia del Corea del Sur, Corea delNorte no está bien equipado con instalaciones de calefacción, por lo que lagente comienza a prepararse seriamente para la época fría apenas llega elotoño, de acuerdo a lo señalado por desertores norcoreanos. Solo Pyongyang, la “capital de la revolución”, proveecalefacción central, a los apartamentos del distrito central. La gente delresto de las regiones del país debe arreglárselas por cuenta propia paraconseguir madera y carbón, dos materias indispensables para el invierno.  Daily NK [DNK]: ¿Quées lo más importante para los norcoreanos a la hora de prepararse para lallegada del invierno?“Sin lugar a dudas, lo más importante es elcombustible. En general, las personas de las regiones del norte del paíspreparan madera (para quemar), mientras que la gente de las regiones centralesutilizan principalmente carbón. Por otra parte, escuché que hacia el sur seutiliza paja de arroz. En el área en la que yo solía vivir, en la regióncentral, antiguamente las autoridades distribuían carbón, pero ahora no haynada, así que hay que comprarlo. Por lo general, el tiempo se siente más fríohacia el 15 de agosto, y a partir del mes de septiembre el precio del carbóncomienza poco a poco a subir en el mercado”.   Hamhung man arrested for corruption while working at a state-run department storelast_img read more

AMF issues warning on two FX companies

Retail trading surge on regulators’ radar, Vingoe says The Autorité des marchés financiers is warning investors about dealing with a couple of unregistered companies that are apparently offering foreign exchange trading. The AMF says that and Bforex Ltd. are not authorized to carry on activities in Quebec, but that the companies have recently solicited Quebeckers to invest in the currency market. The regulator notes that, as these companies are not registered with the AMF, the solicitations they make to Quebec investors may violate the law, specifically the Derivatives Act. Share this article and your comments with peers on social media Facebook LinkedIn Twitter Although, the regulator hasn’t made any formal allegations and nothing has been proven, the AMF notes that it already issued a warning, back in October 2010, regarding solicitations made through four websites related to a company called Safecap Investments Limited, which it says is the same firm that owns It notes that neither SafeCap nor, which is an investment firm based in Cyprus, is registered with the AMF. Bforex is incorporated in the British Virgin Islands, and it is not registered with the AMF and therefore cannot solicit investors in Quebec either, the AMF says. “The currency market is complex and volatile. It is intended for investors who have the knowledge, time and resources necessary to monitor market fluctuations. Investors who do not have the knowledge and time needed to trade in this market could incur significant losses,” the AMF warns. And, it also reminds investors about the importance of being vigilant before investing their savings generally, regardless of the location of the companies and individuals offering the investments. Investors should ensure that the companies and individuals offering to act for them are properly registered. Related news NASAA approves model act for establishing restitution funds James Langton OSC finalizes DSC ban Keywords Foreign exchange,  Investor protectionCompanies Autorité des marchés financiers read more

MFDA approves new directors

first_img Keywords AppointmentsCompanies Mutual Fund Dealers Association OSC adds vice chair, commissioner Steven Glover, chief financial officer, Clearview Resources Ltd., Canmore, Alta., Christopher Nicholls, Stephen Dattels chairman in corporate finance law, Western University, London, Ont. and Ross Stringer, corporate director, Vancouver, were approved as public directors, each to hold office for a three-year term or until their successors have been appointed. They join existing public directors Lea Hansen, consultant, Toronto, Roderick McLeod, corporate director, Markham, Ont. and Dawn Russell, president and vice chancellor, St. Thomas University, Fredericton. Rick Annaert, president & CEO, Manulife Securities Investment Services Inc., Toronto, Steven Donald, president, Assante Wealth Management (Canada) Ltd., Toronto, and Tuula Jalasjaa, managing director & head, HollisWealth, Scotiabank Wealth Management, Toronto, were approved as industry directors, each to hold office for a two-year term or until their successors have been appointed. They join existing industry directors Frank Laferriere, senior vice president & chief operating officer, Mandeville Wealth Services Inc., Toronto, David Losier, vice president & CFO, Fédération des caisse populaire acadiennes ltée and General Manager, Acadia Financial Services Inc. and Acadia Life, Caraquet, N.B., and Vince Valenti, consultant, Manotick, Ont. MFDA members also approved the appointment of Deloitte LLP as auditors. The MFDA will hold its 2015 AGM on Dec. 2, 2015 at the St. Andrew’s Club and Conference Centre in Toronto. Share this article and your comments with peers on social media IE Staff OSC vice-chair’s position extended to 2022center_img Related news The MFDA held its 2014 Annual General and Special Meeting of Members (“AGM”) on December 3, 2014. The Mutual Fund Dealers Association of Canada approved the appointment of several new directors at its 2014 annual general and special meeting on Dec. 3. Facebook LinkedIn Twitter SEC names new top coplast_img read more

Governance is the biggest ESG risk for financial firms, Fitch reports

first_img Climate tide turns against oil companies: Moody’s Related news Sovereign defaults hit record level in 2020: Fitch Governance risks outweigh environmental and social risks when it comes to the credit ratings of global financial institutions, according to Fitch Ratings.In a new report published today, the rating agency introduces environmental, social and governance (ESG) scores for financial firms. Fitch says that while ESG factors have a relatively low impact on firms’ credit ratings overall, nearly one-fifth of ratings for global financial institutions are influenced by governance risk. Share this article and your comments with peers on social media The size of that influence means corporate governance, management strategy and financial transparency are important considerations in the credit rating process for financial institutions, Fitch says.Environmental risks currently have a “minimal impact” on financial institutions’ credit ratings, it says, given that firms’ exposure to these risks is generally secondary, not a direct impact on their businesses.“Where environmental risk appears in the sector, it is typically associated with insurance company issuers who have high exposure to a variety of catastrophic risks,” it says.Firms also face a variety of social risks, Fitch notes, “ranging from social or political disapproval of high interest rate lending, through customer welfare concerns caused by aggressive debt collection practices to exposure to the economic and social crises in places such as Venezuela.”While governance issues are the top concern for banks, and insurers are most impacted by environmental issues, Fitch says non-bank financial institutions see impacts from both governance and social risks.The report also points out that in developed markets, governance issues that impact ratings generally involve a firm’s structural complexity, key person risk and transparency; in emerging markets, these risks usually relate to management strategy.Kevin Duignan, managing director and global head of financial institutions at Fitch, said some of the most visible credit rating actions recently have focused on governance or conduct issues, including heightened regulatory focus on anti-money laundering efforts. Unsurprisingly, he said, the affected institutions saw higher governance relevance scores in Fitch’s new ESG analysis. High debt levels threaten banks’ strong results: Fitch Business People Meeting Discussion in a boardroom concept rawpixel/123RF Keywords Credit ratings James Langton Facebook LinkedIn Twitterlast_img read more