U.S. President-elect Donald Trump on Tuesday named Elon Musk to a role aimed at creating a more efficient government, handing even more influence to the world’s richest man who donated millions of dollars to helping Trump get elected. Pete Hegseth, a Fox News commentator and veteran has been picked for the post of secretary of state. […]

Foreign Minister Constantinos Kombos met his Azeri counterpart on the sidelines of COP29, the first such contact from the state. Kombos had a bilateral meeting with Azeri Foreign Minister Jeyhun Bayramov, in Baku, Government Spokesman Konstantinos Letymbiotis posted on X. Letymbiotis said the two ministers had discussed issues of mutual interest in a frank exchange […]

The United States stressed at the United Nations that “there must be no forcible displacement, nor policy of starvation in Gaza” by Israel, warning such policies would have grave implications under U.S. and international law. The remarks by U.S. Ambassador to the U.N. Linda Thomas-Greenfield came just hours after Washington said its ally Israel was […]

“Cyprus has gone from zero to over 330 licensed investment entities managing €9 billion in assets in just a decade,” according to Maria Panayiotou, president of the Cyprus Investment Fund Association (CIFA). Speaking at the 5th Fund and Asset Management Conference in Athens, Panayiotou attributed this growth to “relentless effort and strategic vision.” She added […]

Police on Wednesday are investigating the theft of a large number of gold items after a search at a Nicosia gold shop. The owner of the property, aged 78, has been arrested and taken into custody for questioning. According to the police, the search happened as part of an ongoing investigation into a spate of […]

The Asian Development Bank has launched a new country partnership strategy (CPS) to support the Philippines’ transformation in the next 6 years. It is designed to ensure sustainable, inclusive and resilient growth in the face of climate challenges.

Uncovering crucial gaps in climate change data systems reveals how these deficiencies hamper our understanding of climate impacts on vulnerable populations in developing Asia. How can we empower national statistical systems in collecting and analyzing data they need to effectively tackle climate change?

Remarks by Masatsugu Asakawa, President, Asian Development Bank, at the 21st Annual Meeting of the Independent Accountability Mechanisms of Multilateral Banks and International Financial Institutions, 1 October 2024, ADB headquarters, Manila, Philippines

The Mortgage Market Sector Development Program aims to transform the government’s housing financing approach to a market-based mortgage system that can provide long-term and affordable housing loans to low- and middle-income households, with specific consideration to home ownership by women.

Decision makers need to analyze, exchange, and disseminate statistical information effectively in today’s data-driven world. See how Statistical Data and Metadata eXchange (SDMX) standards are helping create robust data links across the globe.

A sovereign exposure exchange is a cost-effective risk management tool used by multilateral development banks (MDBs) to reduce sovereign portfolio concentration risks. It provides capital relief for MDBs by exchanging loan guarantees on credit exposure from borrowing countries where an MDB is highly concentrated for exposure to countries where the MBD’s exposure is lower or nonexistent.

Developing Asia’s outlook remains upbeat, with falling inflation and solid growth driven by strong domestic demand and exports. But risks remain, including geopolitical tensions and rising protectionism. How can the region remain resilient?

Mongolia's nomadic herders, reliant on fragile ecosystems, are facing increasing challenges from climate change. The Asian Development Bank is empowering these communities with small grants and targeted initiatives to build climate resilience.

Remarks by Masatsugu Asakawa, President, Asian Development Bank, at the 8th Greater Mekong Subregion Summit, Plenary Session, 7 November 2024

This infographic examines how extreme heat disproportionately impacts women in Asia and the Pacific, presenting data on health and economic vulnerabilities shaped by intersecting factors like age, hormonal influences, caregiving roles, and limited cooling access.

Remarks by Masatsugu Asakawa, President, Asian Development Bank, at the 8th Greater Mekong Subregion Summit, Leaders’ Retreat, 7 November 2024

Remarks by Masatsugu Asakawa, President, Asian Development Bank, at the 30 Years of Kazakhstan-ADB Anniversary Reception, 8 November 2024

Climate change is accelerating the melting of glaciers, threatening the essential services glaciers provide--such as water supply for drinking, hydropower, and agriculture--and increasing the risks of flooding and drought. As Asia and the Pacific's climate bank, ADB is working to protect ecosystems and communities, and enhance livelihoods and opportunities, amid accelerated glacial melt.

Keynote address by Masatsugu Asakawa, President, Asian Development Bank, at the 23rd Ministerial Conference of the Central Asia Regional Economic Cooperation Program, 8 November 2024

Bamboo value chain can be developed and scaled up to support climate action, create green jobs, resilient businesses, and financial health, especially for the region's rural communities.

Intervention by Masatsugu Asakawa, President, Asian Development Bank, on behalf of the multilateral development banks at COP29, World Leaders Summit, 12 November 2024

Remarks by Masatsugu Asakawa, President, Asian Development Bank, at the Innovative Finance Facility for Climate in Asia and the Pacific Kick-Off Event, 12 November 2024

The Federal Reserve’s monetary policy has become increasingly data-dependent, with inflation and employment figures driving the nascent easing cycle. What does this mean for Asia’s financial markets?

ADB has a vacancy for the position of Senior Compliance Review Officer in the Office of the Compliance Review Panel. The deadline for submitting applications is on 21-NOV-2024.

Public financial management systems in Asia and the Pacific face significant challenges, with many indicators falling short of international standards. Fixing these issues requires a strategic, transparent, and carefully timed approach to reform.

Public financial management systems in Asia and the Pacific face significant challenges, with many indicators falling short of international standards. Fixing these issues requires a strategic, transparent, and carefully timed approach to reform.

To support e-commerce, public-private collaboration must prioritize closing the digital divide, supporting small businesses, and promoting environmental sustainability. Strengthening data governance, competition, and tax frameworks are also key to resilient and equitable e-commerce.

In Maldives, youth disengagement and gang violence have emerged as a significant issue, driven by socio-economic factors and limited opportunities for employment and vocational education.

Armenia's data center industry offers significant opportunities for economic growth, with strategic reforms in regulation, financing, and technological innovation playing crucial roles. Addressing infrastructure challenges and fostering public-private partnerships will help position Armenia as a regional digital hub.

Building intellectual capacity and fostering learning partnerships enhance long-term capabilities in organizations and communities. Localized solutions rooted in indigenous knowledge and governance reforms empower societies to achieve resilient, sustainable development.

Lead exposure remains a significant public health threat in Asia and the Pacific, especially in low- and middle-income countries. The global effort to address lead poisoning must focus on stricter regulations, enhanced healthcare capacity, and coordinated international action to protect vulnerable populations.

Extreme heat is an invisible but increasingly tangible climate risk. It varies by time and place and has wide-reaching but unequal impacts, particularly to women and vulnerable people. As global temperatures rise, extreme heat events (heat waves) are becoming more frequent and severe.

Overcoming poor market depth and liquidity is crucial for Asia's capital markets to grow and remain attractive to investors. A coordinated approach addressing regulatory frameworks, market infrastructure, and risk management is essential for building resilient, diverse, and efficient markets.

Inclusive sports can empower women with disabilities, and foster accessibility, social integration, and gender equality in the Pacific. Recent Paralympic milestones and policy examples illustrate the ongoing need for supportive infrastructures and greater representation to create equitable opportunities in sports.

Asia and the Pacific is central to global climate change efforts, but robust capital markets are needed to mobilize private climate finance. Sustainable finance frameworks, transition finance, and carbon markets can build deeper markets that empower climate action.

This is the third presidential election in a row that the state's voters have rejected Trump -- after going in 2016 for Hillary Clinton, and in 2020 for President Joe Biden.

Even though the Colorado State football team has already checked a couple of boxes off its to-do list for this season, the stakes are still as high as ever for Friday night's Border War game against Wyoming.

Broncos assistant head coach Mike Westhoff, an instrumental figure in the team’s special teams success, is stepping down to monitor a potential health issue.

Case study on Singapore explains the country's resilience to swings in capital flows.

This paper examines the causes of export success in East and South East Asia and assesses the role of industrial policy.

What should the transitional economies of Southeast Asia do, if anything, to address their multiple currency situations?

In a case study on Korea, a VAR model is used to investigate the effects of capital flows on asset prices.

Different governance dimensions in Bangladesh are significantly and positively related to its economic development, however, the quality of governance has remained low.

To attract infrastructure investment to meet national goals for providing electricity to consumers, India needs continued macroeconomic stability as well as an improved policy and regulatory environment.

This paper examines enterprise performance in the North-East region of the People's Republic of China.

This paper examines the role of finance in development in the light of the experience of Township and Village Enterprises in the People's Republic of China.

India’s federal power minister on Tuesday asked the states that are away from coal resources to consider setting up nuclear-based power plants, besides identifying and listing the power utilities to meet investments to support growing power demand.

The Indian government in its federal budget this year had proposed to partner with private players to develop small nuclear reactors to increase the amount of electricity from sources that do not produce carbon dioxide emissions.

States should consider setting up nuclear power plants at the sites where coal-based thermal power plants have completed their life, Manohar Lal, the country’s power minister, told states as per a government statement.

India’s stringent nuclear compensation laws have hampered talks with foreign power plant builders such as General Electric GE.N and Westinghouse.

The country, which currently has about 8 gigawatts of nuclear capacity, aims to increase it to 20 GW by 2032.

The minister also asked the states to identify and list their power utilities in the country’s stock exchange to meet increasing investment demand in the power sector as well as improve the transmission system to add more renewable capacity.

India has pledged to achieve a net zero carbon emission target by 2070 and has a target of 500 GW of renewable energy by 2030.

Twenty-two people drowned, while one person was saved on Tuesday after a bus carrying them plunged into a river in Gilgit-Baltistan’s Diamer district on Tuesday, according to rescue officials.

“Sixteen dead bodies have been recovered from the river, while the search for the remaining persons continues,” Senior Superintendent of Police Diamer, Sher Khan, told Dawn.com.

He added that a woman, who was a bride, had sustained injuries and was receiving treatment at a hospital.

Sharing details of the accident earlier, Rescue 1122 spokesperson Shaukat Riaz told Dawn.com that a bus coming from Astore fell into the Indus River from Telchi bridge in the limits of Diamer district in Gilgit-Baltistan on Tuesday afternoon.

“The vehicle was part of a wedding procession heading towards Punjab’s Chakwal district,” he said.

He added the passengers who were onboard the bus had been identified and women were among the drowned.

“Nineteen of them belonged to Astore while four were from the Chakwal district of Punjab,” he said.

The district administration officials were also present on the spot and supervised the search operation in the river, Riaz added.

President Asif Ali Zardari expressed his grief and conveyed his condolences to the victims’ relatives.

Road accidents are frequent in KP and GB, exacerbated by harsh weather, rugged terrain, poorly maintained roads, overloaded vehicles, and minimal traffic regulations.

The narrow, winding routes and driver fatigue further elevate risk, making these regions especially accident-prone.

In October, two people were killed and 36 others were injured when a Rawalpindi-bound passenger bus fell into a ravine in Khyber Pakhtunkhwa’s Upper Kohistan area.

A suspect who was allegedly involved in the 2023 blast at Peshawar Police Lines mosque, that claimed 84 lives, was arrested a day earlier and has been identified as police constable Muhammad Wali, the Khyber Pakhtunkhwa Inspector General of Police (IG) Akhtar Hayat Khan Gandapur revealed in a press briefing on Tuesday.

On Jan 30, 2023, a powerful explosion ripped through a mosque in Peshawar’s Red Zone area where between 300 and 400 people — mostly police officers — had gathered for prayers.

The banned Tehreek-i-Taliban Pakistan (TTP) had claimed responsibility for the attack. It later distanced itself from the blast but sources earlier indicated that it might have been the handiwork of some local faction of the outlawed group.

Addressing the press conference in Peshawar today, IG Gandapur said the “remaining missing link” was related to who had facilitated Qari, the alleged suicide bomber.

“As a result of that effort, […] we arrested this person along with two suicide jackets from near Jameel Chowk on Peshawar’s Ring Road on 11/11, meaning yesterday,” the IG stated, referring to the facilitator.

“Based on the interrogation, it was deduced that the facilitator was our own policeman,” who he identified as Muhammad Wali.

“The suspect operated in line with the order of the banned organisation Jamaatul Ahrar and has received Rs200,000 through the hundi-hawala system,” KP IG said, adding that the policeman also received Rs40,000 to Rs50,000 from the banned group per month.

“He received Rs200,000 which cost the lives of hundreds of people who were martyred. He sold his [own] brothers for this,” the IG added.

The top cop further revealed that the suspect dropped off the suicide bomber at the Pir Zakori bridge.

“After the blast occurred, he contacted his handler named Junaid and informed him about the success of the operation via Telegram,” he stated.

While the police already knew that Jamaatul Ahrar was involved in the blast, the suspect was the “missing link” who acted as a local facilitator.

The police inspector general said that Muhammad Wali was also involved in other incidents.

In Feb 2024, the suspect handed a pistol to a person from Jamaatul Ahrar named Saifullah in Lahore to target a member of the Ahmadiyya community, the KP IG said.

He targeted a priest at Peshawar’s Jameel Chowk in Jan 2022, he added.

According to Gandapur, social media played a key role in such incidents, adding that “Fitna al Khawarij and other extremist organisations use social media to brainwash and radicalise people”.

In July, the government, through an official notification, designated the TTP as Fitna al Khawarij, while mandating all institutions to use the term khariji (outcast) when referring to the perpetrators of terrorist attacks on Pakistan.

Then-KP IG Moazzam Jah Ansari had said in February last year that the suicide bomber was “clad in a police uniform”. He had said that technical evidence and information collected suggested that the blast was the work of TTP’s Jamaatul Ahrar faction.

In March 2023, the KP Counter-Terrorism Department (CTD) said the mastermind and the handler of the suicide bomber had been traced, stating that both of them were Afghan nationals.

Then-CTD chief Shaukat Abbas said the suicide bomber was identified only by his alias “Qari” and his handler was identified as Ghaffar aka Salma. He had further confirmed that the attack was carried out by Jamaatul Ahrar.

Nations have begun setting carbon-cutting targets for the decade ahead, and how ambitious these pledges are could make or break global efforts to avoid dangerous levels of climate change.

Nearly 200 countries are supposed to publish updated climate plans by early February, but so far only three have done so.

On Wednesday, the UK became the latest, announcing during the COP29 climate summit in Azerbaijan that it would raise its target to cut greenhouse gas emissions.

All eyes will be on other big polluters like China, India, and the United States, though future US climate action is unclear following Donald Trump’s election.

Why do they matter?

The world has agreed to try and limit global warming to 1.5 degrees Celsius above pre-industrial levels, but is nowhere near on track.

Above this threshold, scientists say humanity risks disastrous consequences from volatile weather to major ecological “tipping points” at land and sea.

Last month, the United Nations warned that even if all existing plans are implemented in full, temperatures would rise 2.6°C by the century’s end, a catastrophic outcome.

The UN says the next round of climate plans must show a “quantum leap” in ambition to avert the worst.

The G20 — which accounts for 77 per cent of total greenhouse gas emissions — is under particular pressure to step up.

Early movers

Just before COP29 opened in Azerbaijan, the United Arab Emirates announced a 47pc reduction in emissions by 2035 compared with 2019 in its updated climate plan.

Observers said the roadmap failed to account for exported emissions —including those from its sales of crude oil abroad.

Next year’s UN climate host, Brazil, has partly unveiled its plan, increasing its emissions reduction target from a 59pc cut by 2035, from 2005 levels, to a 67pc reduction.

It is expected to unveil a more complete plan during COP29.

Plans from other major emitters, like the European Union and China, are not expected until next year.

And the current US government could soon outline Washington’s new pledge, despite questions over Trump following through once in office.

David Waskow, of the World Resources Institute, said it would help guide American cities, states and businesses wishing to continue climate action under Trump.

“It also sends an important signal internationally, a set of benchmarks for what the US ought to do,” he added.

What do countries need to do?

By signing the Paris accord, nearly 200 nations agreed to halt rising temperatures “well below 2°C” and strive for the safer goal of 1.5°C.

But it did not prescribe how to get there.

The deal left it up to countries to voluntarily chart their own plans and targets, known as Nationally Determined Contributions (NDCs).

These include emission reduction targets and measures to achieve them, such as rolling out renewable energy, electrifying transport, and ending deforestation.

There is no set template for countries to follow but richer countries —historically the largest emitters — have a responsibility to pledge the deepest emission cuts.

The plans must be reviewed every five years, with each update supposed to be more ambitious than the last. This time around countries are expected to improve their 2030 targets and outline economy-wide action they will take to 2035.

What’s the aim?

An agreement at last year’s COP28 climate summit “encouraged” countries to come forward with plans aligned with halting warming to 1.5°C.

To have a hope of meeting that goal, emissions must be slashed 42pc by 2030 and 57pc by 2035, the UN’s Environment Programme said last month.

Currently, however, emissions are continuing to rise.

Keeping 1.5°C on track would require a collective effort “only ever seen following a global conflict”, it added.

Without pulling together “on a scale and pace never seen before… the 1.5°C goal will soon be dead,” said UNEP executive director Inger Andersen.

The big moment for assessing progress towards the 1.5°C goal comes at a crunch COP30 climate summit in Brazil next year.

What about fossil fuels?

Scientists and the International Energy Agency have said that developing new fossil fuel projects is incompatible with halting warming to 1.5°C.

But many fossil fuel-producing countries argue that new oil and gas projects will be needed as the world transitions to net zero emissions.

Countries are under pressure to outline in their updated plans how they intend to reduce their reliance on fossil fuels, something all nations agreed on at last year’s COP.

Header image: This picture taken on November 12 shows a wind turbine at the lignite-fired power station operated by German energy giant RWE near Neurath, western Germany. — AFP