News & Events

The Royal Commonwealth Society Hong Kong (RCS HK) recently hosted its annual Christmas party at the Helena May in Hong Kong. Attended by the Commonwealth Chamber Chairman Julia Charlton and many distinguished guests, the event served as an opportunity to celebrate the holiday season and strengthen Commonwealth ties.

The elegant Blue Room at the Helena May provided a fitting backdrop for the festive gathering. Guests mingled over drinks, reminisced over the year’s challenges and accomplishments, and shared optimism for the future. The evening featured an enjoyable dinner with RCS HK’s leadership including Vice Chairman Nicholas Tam, President Neville Shroff, Chairman Peter Mann and others. Joining them were special guests from Macau like Dr. Billy Chan, Chairman of Austcham Macau and Rafael Custodio Marques, Consul General of Mozambique.

The evening embodied the spirit of friendship and goodwill among the Commonwealth community. As we move into a new year, the connections fostered at events like this will be crucial in driving collaboration and growth across the Commonwealth network.

The Mozambican parliament approved the 2024 budget plan and spending estimates (PESOE), despite opposition complaints about last-minute changes.

The ruling Frelimo party’s 165 deputies voted in favour of the budget on its first reading, while all 37 opposition deputies from Renamo and the Mozambique Democratic Movement (MDM) voted against it. Opposition deputy Fernando Bismarque accused the government of suddenly altering the budget right before the vote, distributing a different document to deputies than what was originally proposed. He said the changes increased projected public spending significantly from the original 542.7 billion meticais (around $8.5 billion).

For example, the health budget jumped from 5.5% to over 14% of the total budget. The opposition argued deputies could not properly evaluate the revised budget before voting. The government defended the changes as necessary updates. Frelimo has enough seats to pass the budget without opposition support.

Read the original article here: https://clubofmozambique.com/news/mozambique-assembly-approves-budget-for-2024-aim-report-250437/

The government of Bermuda has announced plans to issue a blue bond and establish a new blue and green investment fund to support ocean conservation and decarbonization in the island nation. As one of the largest custodians of marine environments globally, responsible for over 460,000 square kilometres of ocean including the ecologically significant Sargasso Sea, Bermuda aims to position itself as a global hub for climate risk capital and insurance through these new financial mechanisms.

Blue bonds allow governments and organizations to raise funds for marine and ocean-based projects that have positive environmental, economic and climate benefits. The proceeds from Bermuda’s blue bond will likely support sustainable fisheries, restoration of coral reefs and mangroves, and the transition to clean energy and low-carbon transportation. The blue and green investment fund will provide further financing for these initiatives while generating returns for global investors.

Read the original article here: https://www.ifre.com/story/4264946/bermuda-planning-blue-bond-and-new-climate-fund-zjmx6nbtp9