Finance

Ministers Arrive in Baku to Tackle Finance Deadlock at COP29

Ministers from countries including Germany, Australia, and South Africa have arrived in Baku to try to break the deadlock over global finance discussions at COP29. As the summit enters its final week, key talks on a new finance goal have stalled, with rich nations resisting calls from developing countries to raise the target from $100bn to $1tn. Additionally, progress on the transition away from fossil fuels and a shift to greener energy by 2050 has faltered.

The first week of COP29 has been overshadowed by political tensions, including Donald Trump’s election and the assertive stance of host President Ilham Aliyev. One G7 negotiator described the finance talks as “blocked,” calling for champions to step in and push for progress.

Colombia’s Environment Minister, Susana Muhamad, said this week’s ministerial talks would be a critical test for the UN climate process, urging negotiators to push forward despite the challenges.

TECH

CFOs Push to Attract Tech Talent as Demand Reaches New Heights

Tech talent is in high demand across industries, not just in tech companies. Big banks, insurance firms, and retailers are aggressively competing for professionals with tech skills. At the AfroTech Conference in Houston last week, leaders discussed how the evolving digital landscape is reshaping finance. Maurice Kuykendoll, CFO at Prudential Financial, highlighted the need for professionals who can bridge tech and finance, given the rapid pace of innovation and the increasing volume of data. Similarly, Vince Adams, CFO at Everlane, emphasized the importance of using AI tools that create real value, while Erika Troutman, CFO at Wells Fargo, stressed the need for tech professionals to align AI investments with company goals and effectively communicate their impact on financial performance.

CRYPTO

Fed's Sudden Shift: The Impact of a $3 Trillion Bitcoin and Crypto Price Surge

The price of Bitcoin is nearing $100,000 per coin, soaring amid a "perfect storm" that has propelled the total cryptocurrency market back above $3 trillion for the first time since 2021.

In a surprising turn, as Tesla billionaire and Trump advisor Elon Musk issues a dire U.S. "bankruptcy" warning, a senior Federal Reserve official has notably softened his stance on Bitcoin and cryptocurrencies.