Annan calls on young people to remind Governments of their development goal

Mr. Annan’s message was delivered at the opening of the UN European Youth Leadership Summit in Vienna, which runs for three days and brings together young people from 27 European countries to discuss ways to accelerate the achievement of the Millennium Development Goals (MDGs) through sport, culture and peace.“Governments need to be reminded of the pledges they have made to translate the Millennium Development Goals into reality. That is where young people like you come in. Your voice can hold leaders to those pledges. I know you will not resign yourselves to a world where others die of hunger, remain illiterate and lack human dignity,” Mr. Annan said.“That is why this Leadership Summit is right to focus on sport and culture as tools to accelerate progress towards reaching the Goals. As the massive following of the FIFA World Cup currently shows us, sport has an exceptional power to mobilize, motivate and unite people from every continent, race and religion in a common cause. The same is true of culture in all its forms – from music to poetry and art.”The Summit is being organized by the UN New York Office of Sport for Development and Peace and is hosted by the Government of Austria in its capacity as the current holder of the European Union (EU) Presidency, according to the UN.The Director of the New York Office of Sport for Development and Peace, Djibril Diallo, pointed out that the young participants were the first generation of the 21st century, gathered to discuss the future of Europe and how to be leaders.At the end of the conference on 21 June, a torch – symbolising youth, cooperation and sport – will be passed on to a youth leader from the United States, and the regional summits will end in a global summit at UN Headquarters in New York on 30 October 2006. read more

Theresa May in Saudi talks for London to host worlds biggest share

first_imgThere has been speculation, however, that New York may be problematic, because US Securities and Exchange Commission rules would almost certainly require Aramco to divulge information about Saudi oil reserves that the kingdom regards as a matter of national security.London’s main problem would be the weak value of sterling, though the value of the pound could shift by 2019 once the Brexit deal is finalised.The Aramco IPO is part of a larger Saudi strategic plan called Vision2030, aimed at diversifying the country’s economy and reducing its economic dependence on oil and gas.The proceeds of the IPO will be used by the Saudi government’s Public Investment Fund and Mrs May hopes a chunk of that money will be invested in post-Brexit Britain. Theresa May attends a meeting at the Saudi Stock ExchangeCredit:Simon Dawson/Bloomberg The Prime Minister will end her visit to Saudi Arabia on Wednesday by having a working lunch with King Salman.Mrs May hopes Britain will gain from the Aramco Initial Public Offering (IPO) twice over – by persuading the Saudis to hold it in London, and by encouraging them to invest the proceeds of the share sale in Britain. Theresa May attends a meeting at the Saudi Stock Exchange Theresa May is in talks with Saudi Arabia’s state-owned oil company to use the London Stock Exchange for the biggest share flotation in history.Saudi Aramco is expected to be valued at £1.6 trillion when it sells five per cent of its shares on the open market.The flotation will be hugely lucrative to the city that hosts it, when shares worth millions of pounds will change hands.On Tuesday evening, Mrs May held a meeting with the Aramco chairman Khalid Al-Falih, who is also Saudi Arabia’s energy minister.Significantly, she was accompanied by Sir Xavier Rolet, chief executive of the London Stock Exchange, the only British businessman in the room during any of the meetings Mrs May has held in the kingdom. Downing Street said the Prime Minister had “set out the advantages of listing in London”, such as the “depth of expertise” in financial services, accountancy and the law.Sir Xavier also attended a second meeting this morning with executives from Saudi Arabia’s Public Investment Fund – the world’s largest sovereign wealth fund – which will be the beneficiary of the Aramco flotation, which is expected to happen in 2019. New York, Hong Kong, Tokyo, Singapore and Toronto are all rivals for the IPO but New York and London are seen as the strongest contenders.center_img During her meeting with representatives of the fund, including its managing director Yasir al-Rumayyan, Mrs May discussed investment opportunities in British science and research projects, education and infrastructure.Aramco is an acronym for Arabian American Oil Company, as the company was founded by Standard Oil (now Chevron) after the US firm was given a concession to explore for oil in the 1930s. In the 1970s the Saudi government began buying up shares in the company until it owned it outright by 1980. It currently has capacity to produce 12 million barrels of oil per day, with rights to at least 260 billion barrels of recoverable oil owned by Saudi Arabia. Saudi Arabia’s state-owned oil company is being urged to use the London Stock Exchange for the huge share flotationCredit:TOBY MELVILLE/Reuters London Stock Exchange Show more Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings.last_img read more