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Extreme weather most prominent risk, says World Economic Forum

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New Delhi, Jan 17 (IANS) Extreme weather events have been seen as the single most prominent risk to the global economy by business leaders and policymakers, the World Economic Forum said on Wednesday.

Its annual Global Risks Report says that in 2017, the environment was by far the greatest concern raised by experts.

The report was made public just a week ahead of the World Economic Forum’s 48th annual meeting that will take place on January 23-26 in Switzerland.

This year Indian Prime Minister Narendra Modi will open the forum, while US President Donald Trump will close it, according to organisers.

The report says among the 30 global risks the experts were asked to prioritise in terms of likelihood and impact, all five environmental risks — extreme weather; biodiversity loss and ecosystem collapse; major natural disasters; man-made environmental disasters; and failure of climate-change mitigation and adaptation — were ranked highly on both dimensions.

The report has a message: the prospect of strong economic growth presents leaders with a golden opportunity to address signs of severe weakness in many of the complex systems that underpin the world, such as societies, economies, international relations and the environment.

The report, which every January shares the perspectives of global experts and decision-makers on the most significant risks that face the world, cautions that “we are struggling to keep up with the accelerating pace of change”.

It highlights numerous areas where “we are pushing systems to the brink, from extinction-level rates of biodiversity loss to mounting concerns about the possibility of new wars”.

The annual Global Risks Perception Survey (GRPS) suggests that experts are preparing for another year of heightened risk.

“When we asked nearly 1,000 respondents for their views about the trajectory of risks in 2018, 59 per cent of their answers pointed to an intensification of risks, compared with seven per cent pointing to declining risks,” said the World Economic Forum.

A deteriorating geopolitical landscape is partly to blame for the pessimistic outlook in 2018, with 93 per cent of respondents saying they expect political or economic confrontations between major powers to worsen, and nearly 80 per cent expecting an increase in risks associated with war involving major powers.

John Drzik, President – Global Risk and Digital at Marsh & McLennan insurance group, said: “Geopolitical friction is contributing to a surge in the scale and sophistication of cyber attacks. At the same time, cyber exposure is growing as firms are becoming more dependent on technology.”

“While cyber risk management is improving, business and government need to invest far more in resilience efforts if we are to prevent the same bulging ‘protection’ gap between economic and insured losses that we see for natural catastrophes.”

Economic risks, on the other hand, feature less prominently this year, leading some experts to worry that the improvement in global GDP growth rates could lead to complacency about persistent structural risks in the global economic and financial systems.

Even so, inequality is ranked third among the underlying risk drivers, and the most frequently cited interconnection of risks is between adverse consequences of technological advances and high structural unemployment or under-employment.

Steve Waygood, Chief Responsible Investment Officer with Aviva Investors, said: “It is important that the World Economic Forum is once again recognising the risk that the unchecked climate change poses to global prosperity.”

“As a global insurer, we recognise that a world that warms by four degrees would pose an existential threat to our sector.”

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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