Source: United Kingdom – Executive Government & Departments
The United Kingdom announces a further funding to support the African Union Transition Mission in Somalia (ATMIS) to bolster Somalia’s security.
The United Kingdom has provided a further £7.5 million to the African Union Transition Mission in Somalia (ATMIS). This latest round of funding builds on earlier contributions and increases the total amount of financial support from the United Kingdom to both ATMIS and AMISOM since 2021 to £77 million. ATMIS plays a vital role in Somalia’s security, protecting key areas including population centres, supply routes and infrastructure. It continues to support the Somali National Army in joint operations, facilitating humanitarian aid, and safeguarding political processes including elections.
UK funds have enabled ATMIS to improve Somalia’s security by combatting al-Shabaab and reducing the group’s influence. ATMIS troops also provide protection for Somali civilians as they work to ensure a more stable and secure Somalia to the benefit of its people and the region. The new funding will fund military stipends for troops from the five troop-contributing countries (Burundi, Djibouti, Ethiopia, Kenya and Uganda), and will help ATMIS to complete its mandate of a phased handover of security responsibilities to the Somali Security Forces. The activities of ATMIS are crucial to Somalia’s journey towards security and stability, but these require consistent international support.
British Ambassador to Somalia, Mike Nithavrianakis, said of the new funding:
The UK is a close and longstanding partner of Somalia and a leading donor to ATMIS. By supporting ATMIS, we are not only investing in Somalia’s security today but also in its stability and prosperity tomorrow. I encourage traditional and non-traditional partners to financially support the successor mission to ATMIS to ensure a secure and stable future for all Somalis and the region.
Somalia’s Defence Minister, Abdikadir Mohamed Nur, welcomed UK support, noting:
This funding is critical in supporting the efforts of ATMIS and Somali security forces. We appreciate the UK’s continued partnership in rebuilding a safer and secure Somalia. The continued support of our partners will remain vital as we work towards a sustainable security environment in our country.
The African Union (AU) Commissioner for Political Affairs, Peace and Security (PAPS), H.E. Ambassador Bankole Adeoye also expressed gratitude for the UK’s contribution and emphasised the importance of continued international support:
I wish to sincerely thank the British Embassy for its continued support to the AU and for this generous and timely £7.5 million contribution to ATMIS. We urge other partners to follow the UK’s example and invest in Somalia’s security to ensure lasting peace and stability in Somalia and the wider region.
This latest contribution reinforces the UK’s continued commitment to Somalia’s security and stability for a safer and more prosperous future, while also ensuring regional stability.
Note to Editors
UN Security Council Resolution (2748) adopted on 16 August 2024 authorises African Union Member States to continue to deploy up to 12,626 uniformed personnel – inclusive of 1,040 police personnel, to ATMIS until 31 December 2024.
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.
Armenia is poised for a digital transformation with the development of its data center industry. This sector holds promise for the country’s digital economy.
Key opportunities such as regulatory considerations, financing strategies, and the need for technological advancements must be embraced to leverage this industry for economic growth and digital innovation.
Armenia’s strategic location, coupled with its growing tech-savvy population and vibrant ICT ecosystem, make it a candidate for becoming a regional data hub. However, the current infrastructure and regulatory environment need improvements to attract international investments and foster local innovation. Addressing these issues is important for Armenia to unlock its potential.
The development of Armenia’s data center industry presents a unique opportunity for the country to enhance its digital presence and drive economic growth.
To overcome these challenges, five steps can be taken:
Regulatory Reforms: Streamlining regulations to facilitate easier entry and operation for data center companies. Simplifying the process for obtaining necessary permits and licenses, as well as creating a more transparent and predictable regulatory framework, can create a more business-friendly environment that attracts both local and international investors.
Financial Incentives: Providing financial support and incentives to attract investments in the data center sector. This could involve infrastructure support and sustainability incentives to companies that invest in building and operating data centers in Armenia. Additionally, exploring the establishment of public-private partnerships to share the financial risks and rewards of developing this critical infrastructure is essential.
Technological Upgrades: Investing in advanced technologies to enhance the efficiency and sustainability of data centers. This includes adopting energy-efficient cooling systems, utilizing renewable energy sources, and implementing cutting-edge data management and security solutions. Staying at the forefront of technological advancements ensures that Armenia’s data centers are competitive and reliable on a global scale.
Public-Private Partnerships: Encouraging collaboration between the government and private sector can drive innovation and growth in Armenia’s data center industry. By leveraging the expertise and resources of both sectors, Armenia can accelerate development and build a more resilient digital economy. Successful examples of such partnerships can be seen in countries like the United Arab Emirates, Singapore, and India.
Capacity Building: Developing a skilled workforce to support the data center industry through training and education programs. Offering specialized courses and certifications in data center management, cybersecurity, and related fields ensures that Armenia has the talent needed to sustain and grow its data center industry over the long term.
The development of the data center industry in Armenia is not just a local issue; it has broader implications for the region.
Successful implementation of these recommendations could position Armenia as a digital hub in Central Asia, attracting international investments and fostering regional cooperation. The ongoing efforts to address these challenges are already showing promising results, with several key players expressing interest in the Armenian market.
Moreover, the growth of the data center industry in Armenia could have a positive ripple effect on other sectors of the economy. For example, the increased demand for high-speed internet and reliable power supply could spur investments in telecommunications and energy infrastructure.
Additionally, the development of data centers could create new opportunities for local MSMEs (such as construction companies, equipment suppliers, and service providers) which are important contributors to economic welfare.
Armenia has the potential to become a center for data-driven innovation and research. By attracting leading technology companies and research institutions, Armenia can foster a vibrant ecosystem of innovation that drives economic growth and improves the quality of life for its citizens. This could include initiatives such as smart city projects, digital health solutions, and advanced manufacturing technologies.
Armenia has a lot of untapped captive renewables that can be harnessed to power these data centers sustainably. By leveraging its abundant solar and wind resources, Armenia can ensure that the growth of its tech sector is both environmentally friendly and economically beneficial. This approach not only mitigates the environmental impact but also positions Armenia as a leader in green technology and sustainable development.
While there are many positive aspects to consider, it is also important to address the potential environmental impact of data centers and the importance of sustainable practices in their development.
Data centers are known for their high energy consumption and carbon footprint, so it is crucial to adopt green technologies and practices to minimize their environmental impact. This includes using renewable energy sources, implementing energy-efficient cooling systems, and adopting sustainable building practices.
Additionally, the role of cybersecurity in ensuring the safety and reliability of data centers is another critical area that needs attention. As data centers store and process vast amounts of sensitive information, they are prime targets for cyberattacks.
Therefore, it is essential to implement robust cybersecurity measures to protect against data breaches, hacking, and other cyber threats. This includes investing in advanced security technologies, conducting regular security audits, and providing cybersecurity training for employees.
Continuous innovation and adaptation are crucial for Armenia’s data center industry. To stay competitive, data centers must adopt the latest technologies, including artificial intelligence and machine learning to enhance efficiency, security, and scalability.
If Armenia successfully addresses these challenges, it could unlock significant economic benefits and position itself as a leader in the digital economy. The future of Armenia’s digital landscape depends on the actions taken today, making it imperative for stakeholders to collaborate and drive the necessary changes.
The development of the data center industry in Armenia presents a unique opportunity for the country to enhance its digital presence and drive economic growth. By addressing the key challenges and implementing the recommended solutions, Armenia can create a thriving data center industry that benefits not only the local economy but also the broader region.
Urbo bankas UAB (hereinafter – “the Bank”), company code 112027077, address: Konstitucijos pr.18B, Vilnius.
We hereby inform you that on 15 October 2024, a new version of the Articles of Association of the Bank was registered in the Register of Legal Entities. The new version of the Articles of Association was approved on 30 September 2024 by the Board ot the Bank.
In addition, we inform you that the reorganization of the Bank and UAB “Saugus Kreditas” was completed after the above-mentioned version of the Bank’s Articles of Association was registered. UAB “Saugus Kreditas” was merged with the Bank.
The reorganization of the Bank and UAB “Saugus Kreditas” was implemented in accordance with the procedure and deadlines established by the Law on Joint-Stock Companies of the Republic of Lithuania.
After the reorganization, the Bank took over all the rights and obligations and assets of UAB “Saugus Kreditas”, as well as rights and obligations under the transactions. They are included in the accounting records of the Bank.
After the reorganization, the authorized capital of the Bank, which continues its activities, the value of shares, their number, the goals and object of the company’s activities, the company’s bodies and their competence have not changed.
For more information please contact: Julius Ivaška, Head of Business Division, tel. +370 601 04 453, e-mail media@urbo.lt
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today issued an Opinion on the European Commission’s (EC)rejectionof the draft Implementing Technical Standards (ITS) on the registers of information under the Digital Operational Resilience Act (DORA). The ESAs raise concerns over the impacts and practicalities of the proposed EC changes to the draft ITS on the registers of information in relation to financial entities’ contractual arrangements with ICT third-party service providers.
The draft ITS proposed by the ESAs were rejected by the EC on the grounds that it is necessary to allow financial entities the choice of identifying their ICT third-party service providers registered in the EU either by using the Legal Entity Identifier (LEI) or by using the European Unique Identifier (EUID).
In the ESAs view, the EC’s proposal of adding an additional identifier, allowing EU-based companies to use the EUID, will cause unnecessary complexity and could have negative impacts on the implementation of DORA by financial entities, competent authorities and the ESAs.
The ESAs note that, although the EUID is available free of charge to EU-registered companies, its introduction in the registers of information would entail unforeseen implementation and maintenance efforts for the financial entities. In particular, it would limit the access to and the possibility for verification of the information by the financial entities and competent authorities. This would lead to a potential increase in the overall reporting burden for financial entities in the context of DORA. In addition, the coexistence of two identifiers could bring additional complexity that would negatively impact the quality of data used, and risk delays in the designation of critical ICT third-party service providers (CTPPs) by the ESAs.
If the EC decides to proceed with the introduction of the EUID, despite the above concerns, additional changes to the draft ITS will be necessary. The Opinion indicates how the draft ITS should be adapted further to cater for the use of the EUID. Without these changes, the ITS could not be practically applied for a proper identification of the ICT third-party service providers, which would negatively impact the designation of CTPPs. The ESAs also note that in the case of co-existence of both LEI and EUID, the financial entities should be given the preference for using LEI, especially where both identifiers are available to them, and for the case of groups, it is important to ensure homogeneity in the registered identification codes for all ICT third-party service providers.
The ESAs call for the final decision on the use of identifiers and the swift adoption of the draft ITS by the EC. This is particularly relevant for the ESAs, who will be designating CTPPs in 2025. Finally, leveraging on the experience of the dry run exercise, the ESAs call financial entities to increase their implementation efforts in order to be ready to submit their registers of information to the competent authorities in the first half of 2025.
Background and legal basis
Article 28(9) of DORA (Regulation (EU) 2022/2554) mandates the ESAs to develop draft ITS to establish the standard templates for the register of information referred to in Article 28(3) of DORA. The draft ITS was developed and submitted by the ESAs to the EU Commission on 17 January 2024.
The registers of information maintained by the financial entities serve as an important input for the ESAs’ work on the designation of CTPPs that will be subject to the oversight by the ESAs.
On 3 September 2024, the European Commission, acting in accordance with the procedure set out in the fourth subparagraph of Article 15(1) of the ESAs Regulations, notified the ESAs of the rejection of the ITS on the basis of the envisaged mandatory use of the LEI to identify ICT third-party service providers under Article 3(5) and (6) of the draft ITS.
Pursuant to Article 15(4) of the ESAs Regulation, the ESAs prepared this Opinion on the proposed amendments to the draft ITS by the EU Commission. In addition, the ESAs also suggested some other changes to the draft ITS based on the experience and feedback received from the industry during the ‘dry run’ exercise the ESAs carried out during 2024 to support the industry in the preparation for submission of the registers of information and to test the reporting process.
Josef Síkela (Mayors and Independents Party, STAN) affiliated to the European People’s Party (EPP), has served as the Czech minister for industry and trade since December 2021. In this position, his focus has been on reducing his country’s reliance on Russian gas, developing the use of renewable energy sources and securing stakes in German and Dutch liquefied natural gas (LNG). Síkela has served in various banks, notably as the head of the Slovak Savings Bank and as board member of the Austrian Erste Group Bank. Born in 1967 in Rokycany, Czechia, Síkela studied foreign trade economics at the Prague University of Economics and Business.
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
Key Messages
Activity is decelerating. Despite an expansionary fiscal stance, growth is slowing to around 1½ percent this year, due to binding capacity constraints and tight monetary policy. Continuing monetary restraint and slowing activity are expected to lower inflation to Banxico’s 3-percent target by 2025. The current account deficit is expected to widen slightly in 2024 as investment- and consumption-related imports outpace exports. Risks to growth are tilted to the downside while inflation risks remain on the upside. Weaker-than-expected growth in the U.S., an increase in global risk aversion, and unforeseen effects from recent institutional reforms could weigh on output. On the other hand, better-than-expected import demand from the U.S. or the ongoing reshaping of global value chains could boost activity and inward investment.
A medium-term fiscal strategy is needed to reduce deficits and debt, raise tax revenues, and create fiscal space for investments in human and physical capital. This would require putting in place a comprehensive tax reform early in the new administration, durably reducing the fiscal deficit while carefully prioritizing public spending, and reducing inequities in the pension system. Addressing the imbalances between the federal budget and Pemex, and enhancing corporate governance of the latter, are also important priorities.
The ongoing reshaping of global value chains offers the incoming administration an important opportunity to deepen the already-strong economic links with the U.S. Taking advantage of these prospects, however, requires a wide-ranging set of supply-side reforms to complement the well-established, very strong institutional framework for macroeconomic policies. Regulatory reforms, better-targeted public investment that further relieves infrastructure bottlenecks, broader access to financial services, and a more predictable supply of energy and water would all support private sector-led growth. Other priority measures include governance reforms that address corruption and tackle organized crime.
Recent judicial reforms create important uncertainties about the effectiveness of contract enforcement and the predictability of the rule of law. The replacement of judges at various levels of the judiciary in the coming year creates a new source of uncertainty that may impinge upon private investment decisions. It is critical that this reform be implemented in a clear and predictable way that ensures the independence and professionalism of the judiciary and strengthens the rule of law. Staff’s current baseline does not incorporate potential headwinds from these uncertainties.
Fiscal Policy
The authorities are committed to achieving their 2024 fiscal target. The overall deficit for the year is currently projected to be 5.9 percent of GDP, a fiscal impulse of around 2 percent of GDP that is expected to bring gross public sector debt close to 58 percent of GDP by end-2024. Increased spending on large infrastructure projects, wages, pensions, and social spending are all adding to fiscal support for the economy. There is, however, a risk that additional support for Pemex and/or greater-than-expected spending on infrastructure projects could lead to a modest fiscal overrun by end-year.
Mexico needs to put in place a credible medium-term fiscal consolidation underpinned by well-identified policy measures. The incoming authorities’ plan to initiate an important fiscal consolidation in 2025 that should lower the deficit to below 3 percent of GDP over the medium term, underscoring Mexico’s commitment to fiscal prudence. This will require the identification and implementation of additional fiscal measures, preferably including an overarching tax reform. In particular, the 2025 budget should focus on reducing tax expenditures and reassessing both tax rates and thresholds, particularly for the personal income tax. Further expenditure rationalization, including tax exceptions, and improved tax administration would contribute to this needed adjustment and help bolster market confidence.
A review of policies regarding support for Pemex, and the energy sector more generally, would enhance the credibility of the government’s fiscal plans. Federal government support for Pemex in the form of various tax reliefs, investments, and transfers have cost 1 percent of GDP in 2024. Further support should be conditioned on Pemex developing a viable business strategy and improving its corporate governance. This could include focusing Pemex activities on profitable fields, selling non-core assets, developing a new strategy for unprofitable refinery operations, and incentivizing public-private partnerships (including via equity participation). The strategy should also examine the implications for, and linkages with, the federal electricity company.
More is needed to address structural inequities in the pension system. Public pension spending has increased by 0.6 percent of GDP over the past three years and will continue to rise over the medium term. While the recent reform to raise the replacement rate,aimed to equalize treatment across workers, inequities remain between and within cohorts. A broader review is therefore needed of the benefit structure and the minimum contribution requirement.
Further deepening of financial intermediation would make growth more inclusive. The recent development of fintech products and digital payments have expanded access to financial products. In addition, financial regulations that lower loan-loss provisioning for female borrowers have increased women’s access to credit. These efforts could be complemented by expanding the adoption of digital payment systems and eliminating institutional barriers to entry for new products and entities that are deemed to be financially sound.
The IMF staff team would like to thank the Mexican authorities and other counterparts for their support, hospitality, and constructive discussions.
Table 1. Mexico: Selected Economic, Financial, and Social Indicators
I. Social and Demographic Indicators
GDP per capita (U.S. dollars, 2023)
13,643.3
Poverty headcount ratio (% of population, 2023) 1/
37.0
Population (millions, 2023)
131.1
Income share of highest 20 perc. / lowest 20 perc. (2022)
Unit labor costs: manufacturing (real terms, average)
10.4
4.4
11.8
-1.3
…
…
Total population 7/
0.8
0.6
0.8
0.9
0.9
0.8
Working-age population 7/
1.1
1.0
1.1
1.2
1.1
1.0
Money and credit
Financial system credit to non-financial private sector 8/
0.9
4.2
10.9
8.7
8.0
7.5
Broad money
13.4
9.5
7.3
11.0
7.8
7.3
Public sector finances (in percent of GDP) 9/
General government revenue
23.5
22.9
24.3
24.4
24.2
23.8
General government expenditure
27.8
26.6
28.6
28.7
30.1
27.3
Overall fiscal balance 10/
-4.3
-3.7
-4.3
-4.3
-5.9
-3.5
Structural primary balance 11/
0.6
1.2
0.9
1.1
-1.1
0.9
Fiscal impulse 12/
0.5
-0.5
0.2
-0.2
2.2
-2.0
Gross public sector debt
58.5
56.7
54.1
53.0
57.6
57.9
Memorandum items
Nominal GDP (billions of pesos)
24,087
26,690
29,473
31,772
34,313
36,766
Output gap (in percent of potential GDP)
-2.8
-2.0
0.0
1.2
0.6
-0.1
Sources: World Bank Development Indicators, CONEVAL, National Institute of Statistics and Geography, National Council of Population, Bank of Mexico, Secretariat of Finance and Public Credit, and Fund staff estimates.
1/ CONEVAL uses a multi-dimensional approach to measure poverty based on a “social deprivation index,” which takes into account the level of income; education; access to health services; to social security; to food; and quality, size, and access to basic services in the dwelling.
2/ Percent of population enrolled in primary school regardless of age as a share of the population of official primary education age.
3/ Contribution to growth. Excludes statistical discrepancy.
4/ Excludes goods procured in ports by carriers.
5/ Excludes reserve assets
6/ Based on IMF staff calculations.
7/ Based on CONAPO population projections.
8/ Includes domestic credit by banks, nonbank intermediaries, and social housing funds.
9/ Data exclude state and local governments and include state-owned enterprises and public development banks.
10/ The 2020 PSBR is adjusted for some statistical discrepancies between above-the-line and below-the-line numbers.
11/ Adjusting revenues for the economic and oil-price cycles and excluding one-off items, in percent of potential GDP.
12/ Negative of the change in the structural primary fiscal balance.
Source: The Conversation – Africa – By Seth Asare Okyere, PhD, Visiting lecturer, University of Pittsburg and Adjunct Associate Professor, Osaka University, University of Pittsburgh
Informal settlements in Africa are diverse. Across regions and even in the same city, socioeconomic and physical conditions vary. One thing is common though: upgrading them is a challenge.
Among the challenges are issues of including people, having enough funding and sustaining improvements. That’s why attention is shifting to community driven development. This concept refers to local interventions that are started or led by community groups with support from the local government, private or civil society organisations.
Community driven development has gained support from international agencies such as the World Bank. The World Bank Group is estimated to have invested about US$30 billion in projects like this across 94 countries.
These initiatives are considered more affordable, efficient and durable. Communities often contribute local resources and labour, and residents can learn skills from service providers which enable them to manage projects in the long term. When residents work together it can also strengthen bonds and build social capital. Social capital generally refers to the ties, bonds, relationships and trust found in a community. It is an important resource in informal settlements.
We are a group of urban and development planners who examined the role of social capital in community driven development in urban Ghana.
We conducted our study in the Abese Quarter (La township) and Old Tulaku communities, in the Greater Accra metropolitan area. These are both informal settlements but have different social characters.
Our findings highlight the need for local governments to tailor development to the social context of informal settlements. Development planning institutions should use the networks already present in communities, as well as providing external help and resources.
The research
Our analysis was based on questionnaire responses from 300 residents of informal settlements in Greater Accra. Abese Quarter is what we call an indigenous settlement. It it composed of residents from the local Ga ethnic group with similar cultural practices. Old Tulaku is a migrant settlement. It includes a mix of residents originally from other regions in Ghana who moved to Accra in search of economic opportunities.
We observed community water and sanitation projects planned and carried out by local residents.
In doing so, we considered the role of two types of social capital: bonding and bridging.
Bonding social capital deals with the personal relationships between individuals based on shared identity. It’s about family, close companionship, culture and ethnicity. Bridging social capital refers to the connection between people and external groups.
In the indigenous settlement, bonding social capital had a positive influence on community driven development. Bridging social capital showed a negative relationship with it. For example, the public toilet in the community was in a deplorable state. This seemed to be explained by an inability to build wider connections outside the community to get the support needed. We reason that socially homogeneous communities tend to generate inward-looking networks that limit access to resources from beyond the group. Overemphasis on social ties can impede long-term community development.
In the migrant informal settlement, our research revealed the opposite. Without shared identities (like ethnicity, language and social norms), migrant residents drew on shared challenges and goals. They organised and built connections to get support from businesses and donors for community projects.
Our research reinforces the argument that the relationship between social capital and community-driven development of informal settlements is not straightforward. The social character of the settlement, be it indigenous or migrant, produces different outcomes.
Bonding and bridging social capital
Informal settlements are often neglected by local government and planning authorities. In such poor conditions, social connections influence the local capacity to carry out improvement projects.
Typically, high levels of bonding social capital are seen to promote collective action in communities that share similar social and cultural norms and practices. However, the long term benefits of such projects may require building partnerships with external support organisations and service providers.
Bridging social capital goes beyond shared identities. It fosters connection between people and external organisations.
Generally, community-driven development success is greatest when both forms of social capital are high and used together. For instance, in the Ubungo Darajani informal settlement in Kinondoni Municipality in Dar es Salaam, Tanzania, landholders relied on both to secure land for community development.
What next?
Local government and community-based organisations should harness the different forms of social capital for development.
Policymakers can learn from the creative and innovative ways that informal communities solve problems. This could help improve informal settlements equitably and sustainably.
Beatrice Eyram Afi Ziorklui, a registered valuer and auditor at the Performance and Special Audit Department of the Ghana Audit Service, was part of the research team and contributed to this article.
Louis Kusi Frimpong receives funding from Social Science Research Council (SSRC) through the African Peacebuilding Network (APN) Individual Research Fellowship Program.
Matthew Abunyewah receives funding from the Foundation for Rural and Regional Renewal (FRRR) and Northern Western Australia and Northern Territory Drought Resilience Adoption and Innovation Hub (Northern Hubb)
Stephen Leonard Mensah receives funding from the Works, Inc. Memphis, Tennessee, USA for his PhD studies.
Seth Asare Okyere, PhD does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: Africa Press Organisation – English (2) – Report:
KIGALI, Rwanda, October 15, 2024/APO Group/ —
The African Development Bank (www.AfDB.org) has lent support to the Biashara Africa 2024 Business Forum or AfCFTA Business Forum, held from 9-11 October 2024 in Kigali, Rwanda.
The meeting, organized by the African Continental Free Trade Area (AfCFTA) (https://apo-opa.co/4h90Ciq), brought together industry leaders, policymakers and government representatives to promote African trade and foster economic growth on the continent. This year’s forum was themed “Dare to Invent the Future of the AfCFTA.”
As part of ongoing institutional support to the AfCFTA Secretariat, an African Development Bank delegation to the forum included Acting Director for the Bank’s Industrial and Trade Development department Ousmane Fall, Trade Policy Officer Abou Fall and Trade Facilitation Officer Rachael Nsubuga.
During the opening ceremony President Paul Kagame of Rwanda and AfCFTA champion emphasized connectivity across the continent in his remarks.
“How well we adapt as Africa to crisis depends on how strongly connected, we are,” Kagame said, urging governments to strengthen governance and institutions to prioritize implementation of AfCFTA protocols on trade in goods, services and movement of people for efficient trade.
Fall delivered a statement underscoring the Bank’s commitment to support African member countries through a comprehensive strategy to address investments tacking policy and regulation, corridors infrastructure, technology and connectivity constraints.
He noted that the African Development Bank has been very active in addressing access to trade finance as a major impediment to productivity. So far, the Bank has facilitated more than 3,000 trade transactions involving 170 financial institutions in all regional member countries for a cumulative trade value of over $12 billion since the inception of The Bank Trade Finance Program.
Africa accounts for only two percent of global production, although it is most integrated in global value chains, but in the less profitable segments of value chains, Fall said.
The Biashara 2024 Business Forum held business exhibitions and side events on diverse topics such as unlocking the trade potential of Africa; trade finance; value chains; partnerships for Africa’s trade; and business to business events.
The AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight regional economic communities. The overall mandate of the AfCFTA is to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately US$ 3.4 trillion.
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Distinguished panellists – Prof. Randall S. Kroszner, Professor, University of Chicago and Former Governor, Federal Reserve Board; Ms. Emmanuelle Assouan, Director General, Financial Stability and Operations, Banque de France; Ms. Sarah Breeden, Deputy Governor for Financial Stability, Bank of England; Dr. Sajjid Chinoy, Managing Director and Chief Economist India, JP Morgan; esteemed delegates and colleagues from the Reserve Bank. A very good afternoon to all of you.
It is an honour to open this discussion on this very important and pertinent topic in today’s financial world – “Central Banks and Financial Stability: Assessing Risks and Building Resilience.”
The financial sector is the backbone of the economy, enabling efficient allocation of resources, managing risks through various instruments, and ensuring smooth payments and settlements. It performs crucial functions that support investments and drives economic growth. Therefore, the financial sector becomes the cornerstone of a well-functioning economy.
The financial sector is vulnerable to risks-especially systemic ones that, which if left unchecked, can have far-reaching consequences. As you are aware these systemic risks manifest across two dimensions: time and interconnectedness. On the one hand, financial risks can build up over time, especially in periods of economic euphoria. On the other, the growing interconnections between financial institutions, markets, and the broader economy make the system more open to shocks.
In today’s world, challenges are more complex and unpredictable than ever. Traditional risks, like credit and liquidity risks, now have new and faster drivers. For example, bank runs that once unfolded over days, giving regulators time to respond, can now occur within hours due to the speed of internet and mobile banking. The increasing reliance on technology also introduces vulnerabilities, such as dependence on third-party service providers and heightened cybersecurity threats, all while customers expect uninterrupted services. Additionally, we face emerging risks, such as climate risk.
In this increasingly volatile environment, building resilience is crucial to maintaining financial stability. However, resilience is a balancing act-too much emphasis on safeguarding can stifle innovation and growth, while too little can expose the system to significant vulnerabilities. Finding that right balance so that we can have a robust financial system that can weather crises without constraining economic progress is one of the key challenges that we face today.
Indeed, central banks are much like wicketkeepers in cricket or goalkeepers in football-often unnoticed in success but always in the spotlight during failure. When everything works seamlessly, their efforts remain behind the scenes, often taken for granted. However, when a crisis occurs, they are asked as to how they could allow the ball to slip through their fingers! In addition, Central Bankers are also tasked with preventing further damage and restoring stability quickly.
Let me offer an analogy: imagine a person teetering on the edge of a cliff, seemingly about to fall, only to be pulled back just in time by a watchful observer. When central banks intervene in such a manner to prevent a potential crisis, those they protect may claim they didn’t need saving at all. This highlights a common paradox-while regulators work tirelessly to maintain stability and avert disasters, their successes often go unnoticed, and their actions are sometimes viewed as unnecessary, intrusive or excessive by those unaware of the risks. Yet it is precisely this proactive oversight that ensures the safety and soundness of the financial system, allowing it to function smoothly even in times of uncertainty.
Over the years, the role of central banks has significantly evolved. Initially seen as the lender of last resort, today, central banks are equipped with a broad range of tools-regulatory, supervisory, and monetary-to ensure the stability of the financial system. In some countries, central banks do not have supervisory roles, with the supervision being carried out by a separate agency, but a coordinated approach is essential. Governments, central banks, financial regulators, and the industry must all work together to ensure appropriate and timely action is taken to safeguard financial stability.
In India, the Financial Stability and Development Council (FSDC), chaired by the Union Finance Minister, along with its sub-committee led by the Governor of the Reserve Bank, has been effectively facilitating discussions and enhanced understanding of risks across the financial sector. Biannually, Reserve Bank publishes Financial Stability Reports that deliver a thorough risk assessment of India’s financial landscape. These reports utilise macro stress tests, sensitivity analyses, network and contagion assessments, and systemic risk surveys to provide valuable insights into potential vulnerabilities that affect the financial sector. Apart from inter-regulatory coordination, RBI also actively engages with the industry through regular engagements/ interactions including conferences with the Boards of supervised entities, periodic meetings with the MDs & CEOs, Heads of Assurance functions as well as interactions with auditors.
Having discussed the importance of domestic coordination, I would also like to emphasise the significance of global supervisory cooperation. Historically, crises have acted as catalysts for bringing supervisors together to address shared challenges. For instance, the Basel Committee on Banking Supervision was formed in the aftermath of the Herstatt Bank failure, highlighting the necessity for a coordinated response to systemic risks. However, we should not wait for crises to play out before strengthening international collaboration. Greater engagement for proactive horizon scanning of potential risks and vulnerabilities, along with discussions on strategies to mitigate and address these challenges, can enhance our collective resilience and crisis preparedness.
Indeed, as a part of our agenda for the next decade, RBI@100, the Reserve Bank intends to engage more with the central banks of the global south. The Reserve Bank also aims to establish a global model of risk-focused supervision by fostering a strong risk discovery and compliance culture, building a “through-the-cycle” risk assessment framework. Reserve Bank is working to create a comprehensive data analytics ecosystem to support its supervisory functions.
With these thoughts in mind, I look forward to a rich and insightful panel discussion on how central banks can continue to enhance financial stability and build a resilient global financial system. Thank you!
Over the past three and a half decades since the formal adoption of inflation targeting (IT), it has proliferated across continents, regardless of the position of host jurisdictions in the developmental ladder. By the turn of this century, it has been increasingly embraced by emerging market economies (EMEs) so much so that they now outnumber advanced economies (AEs) as practitioners. A unique feature of IT is its operationalisation even before the development of a formal theory. The journey of IT has been tumultuous, navigating as it has the Great Moderation and ‘once in a century’ shocks such as the global financial crisis (GFC), the COVID-19 pandemic, and persisting geopolitical conflicts that have had a direct bearing on both inflation’s evolution and on financial conditions. Yet, there is no evidence of any major country abandoning it. On the other hand, central banks have drawn lessons from these humungous challenges and innovated and refined their policy frameworks. The endogenous evolution of IT has rendered it the longest surviving monetary policy framework in modern times.
Three pillars of the framework – flexibility; transparency and, therefore, accountability; and credibility – have enabled IT to stand the test of time. Empirical evidence suggests that the post-pandemic price shocks have actually had relatively short-lived effects in comparison with the persistence of the price shocks of the 1970s on the wider acceptance that monetary policy will do whatever it takes. The effectiveness of inflation targeting is also found to be underpinned by its institutional quality,reinforcing pre-pandemic evidence pointing to IT being a better absorber of shocks than other regimes. The taming of the post-pandemic surge in inflation down to its last lap provides further validation of the framework. Everywhere, long-term inflation expectations remain broadly anchoredin spite of heightened uncertainty.
First year student of the Master’s program “Product approach and data analytics in HR management» Konstantin Balcat and his team of like-minded people have developed a system for predicting hard drive failures based on machine learning. With this project, they are among the best at the Digital Breakthrough hackathon for the second year in a row. Vyshka.Glavnoe talked to Konstantin about developing innovations and studying at the university.
About the project
— The system we propose allows companies providing cloud services and using their own hard drives to promptly manage stocks and equipment in data centers, as well as effectively plan purchases and optimize the warehouse. At the same time, the possibility of warranty service for purchased batches of equipment is preserved. All this is especially important for large cloud providers.
The idea for this solution arose from a case and problem proposed by the company “Sila”, which our project helps within the framework of the hackathon “Digital Breakthrough”. Based on historical data on the use and failure of disks, we can predict the moment of failure of a new disk in the future. At the same time, our system takes into account the features of each specific batch of equipment. This allows for more competent management of resources and prevention of failures in the operation of data centers.
About the team
— Our team won the regional hackathon “Digital Breakthrough” in Omsk last year with this project. In 2024, in the same hackathon, but at the federal level, we again entered the top, taking 4th place. We are currently negotiating with the company “Sila” about further development and implementation of our solution in the industry.
The team also includes Daniil Galimov, Alexander Serov, Alexander Kharlamov and Artem Tarasov. We met two years ago at the educational forums “I am a professional” in IT and specialized programs at Sirius. Since then, we have taken part in dozens of competitions, in some of which we won or took prizes. Now, under the grant “Code-AI” of the Foundation for Assistance to Innovations, we are developing a system for identifying marine mammals using aerial photographs. All participants work as IT specialists in Russian bigtech companies: Daniil Galimov and Alexander Kharlamov are specialists in backend and Python, Alexander Serov and I are machine learning engineers and project managers.
About HSE and studies
– This year I entered the Higher School of Economics Faculty of Computer Science. My program, “Product Approach and Data Analytics in HR Management,” is being implemented jointly with Alfa-Bank. Having a technical education, I considered it important to delve into the field of management and people management. At the same time, I did not want to stray too far from the technical side and artificial intelligence engineering. It was in the FCN program that I saw such an opportunity. Now I am developing a solution for analyzing interpersonal communications using large language models. It was important for me to have the opportunity to discuss, collaborate with Alfa-Bank, and receive feedback on my project during classes.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Transparency International extends its heartfelt congratulations to Daron Acemoglu, a distinguished member of our International Council, along with his co-laureates Simon Johnson and James A. Robinson, on being awarded the 2024 Nobel Prize in Economic Sciences. They have demonstrated the importance of societal institutions for a country’s prosperity with research that shows why societies with poor rule of law and exploitative institutions fail to generate growth or positive change.
Their findings resonate strongly with Transparency International’s mission to fight corruption and strengthen institutions worldwide. Transparency, accountability and inclusive institutions are essential to fostering economic equity and sustainable development – principles at the heart of both Acemoglu’s research and our global work.
Transparency International remains committed to advocating for institutional reforms that align with the laureates’ research on the transformative power of good governance.
Maíra Martini, Head of Policy & Advocacy (Interim), Transparency International, said:
“We are immensely proud to have Daron Acemoglu as a member of our International Council. The research conducted by Acemoglu, Johnson and Robinson not only deepens our understanding of economic development but also reinforces the significance of our collective work in promoting transparency and combating corruption.”
RANCHO CORDOVA, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), expects to report its financial results for the quarter ended September 30, 2024, after the stock market closes on Monday, October 28, 2024.
Management will host a live webcast for analysts and investors to review this information at 1:00 PM ET (10:00 AM PT) on October 29, 2024.
The live webcast will be accessible from the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. Please pre-register for the event using this link. The webcast will be archived on the Company’s website for a period of 90 days.
About Five Star Bancorp Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California. For more information, visit https://www.fivestarbank.com.
Investor Contact: Heather C. Luck, Chief Financial Officer Five Star Bancorp (916) 626-5008 hluck@fivestarbank.com
Media Contact: Shelley R. Wetton, Chief Marketing Officer Five Star Bancorp (916) 284-7827 swetton@fivestarbank.com
Crédit Agricole Personal Finance & Mobility takes a stake in GAC Leasing to support the growth of GAC Group sales in China
CA Personal Finance & Mobility announces the planned acquisition of 50% of the equity interests of GAC Finance Leasing Co. Ltd. (GAC Leasing), the leasing company of one of the largest Chinese manufacturers Guangzhou Automobile Group Co., Ltd. (GAC Group), via a reserved capital increase.
With this new joint venture, CA Personal Finance & Mobility is expected to offer financial and operational leasing solutions on the Chinese market in 2025 and will thus promote the deployment of electric vehicles in China.
This transaction will consolidate a partnership that has existed since 2009 between CA Personal Finance & Mobility and GAC Group with the creation of GAC-Sofinco AFC, a 50-50 joint venture. The latter operates throughout China and offers automotive financing and services to the GAC-Honda, GAC-Toyota, AION, HYPTEC and GAC Motor networks, serving more than 3,000 dealers.
CA Personal Finance & Mobility to become 50% shareholder of GAC Leasing
Following a reserved capital increase, CA Personal Finance & Mobility will hold 50% of the equity interests of GAC Leasing. The company has been operating on the Chinese market since 2004 and offers financial and operational leasing solutions to GAC customers and its dealer network.
Through this transaction, CA Personal Finance & Mobility and GAC group are strengthening the leasing offer proposed to Chinese customers, thereby stimulating the sale of electric vehicles, which already represents 60% of GAC Leasing’s leasing contracts on a portfolio of more than 200,000 vehicles.
The impact on the CET1 ratio of Crédit Agricole S.A. and that of the Crédit Agricole group will be very limited.
« This transaction reaffirms the importance of our long-standing partnership with GAC group. It will enable us to support together and over the long term the development of the particularly dynamic electric automobile market in China. » STEPHANE PRIAMI – CEO of Crédit Agricole Personal Finance & Mobility
Key figures:
In 2023, GAC group was the 4th largest automotive group in China
More than 2.5 million vehicles sold in 2023 worldwide
Crédit Agricole Personal Finance & Mobility is a leader in personal financing and a provider of access to all mobility solutions in Europe. It distributes directly, at the point of sale or on its partners’ e-commerce platforms, a wide range of financing solutions – amortizable credit, revolving credit, leasing and credit buyback – with associated services including insurance, split payment solutions and services dedicated to mobility, with the aim of meeting the challenges of energy transition in mobility, housing and consumption. Its financing solutions and services are offered in France via Sofinco, in Italy via Agos, in Germany via Creditplus, in Portugal via Credibom, in Spain via Sofinco Espana, in Morocco via Wafasalaf, and in China via GAC-Sofinco (automotive financing only). Crédit Agricole Personal Finance & Mobility aims to be the leader in electric mobility in Europe and offers a mobility continuum in the 22 countries where it is present (leasing, medium and short-term rental, subscription, car sharing, installation of charging stations, etc.). The company relies on Leasys, a joint venture equally owned by Stellantis, CA Auto Bank and Drivalia, the pan-European leader in automotive financing, rental and mobility, Crédit Agricole Mobility Services, a comprehensive service offering dedicated to mobility and the development of automotive financing in its universal subsidiaries in Europe and in Crédit Agricole Regional Banks and at LCL via Agilauto. CA Personal Finance & Mobility acts every day in the interest of its 17.2 million customers and society. As of December 31, 2023, CA Personal Finance & Mobility managed €113 billion in outstanding credit. More information: http://www.ca-personalfinancemobility.com
PALOS VERDES ESTATES, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) — Malaga Financial Corporation “Company” (OTCPink:MLGF), the parent company of Malaga Bank FSB, today reported that net income for the nine months ended September 30, 2024 was $17,339,000 ($1.93 basic and fully diluted earnings per share) compared to $17,198,000 ($1.92 basic and fully diluted earnings per share, as adjusted for the stock dividend declared on November 9, 2023) for the same period ended September 30, 2023, an increase of $141,000 or 1%. Net income for the quarter ended September 30, 2024, was $5,548,000 ($0.62 basic and fully diluted earnings per share), a decrease of $181,000 or 3% from net income of $5,729,000 ($0.64 basic and fully diluted earnings per share, as adjusted for the stock dividend declared on November 9, 2023) for the quarter ended September 30, 2023. For the first nine months of 2024, the Company’s annualized return on average equity was 11.39% and the annualized return on average assets was 1.61%.
Net interest income totaled $11,044,000 in the third quarter of 2024, a decrease of $381,000 or 3% from the same period in 2023. This resulted primarily from a decrease in average interest-earning assets of $142.3 million offset by an increase in the interest rate spread from 2.82% to 2.95%. The increase in the interest rate spread is primarily attributable to an increase of 0.34% in yield on average interest-earning assets offset by an increase of 0.21% in yield on average interest-bearing liabilities.
Other operating income increased $1,000 in the third quarter of 2024 to $217,000 from $216,000 for the same period in 2023.
Operating expenses decreased 3% in the third quarter of 2024 to $3,427,000 from $3,535,000 in the third quarter of 2023. The decrease is primarily attributed to decreases in compensation of $66,000, and general and administrative expenses of $49,000.
The Company had two delinquent consumer loans collateralized by certificates of deposit which were fully paid off in early October 2024. The Company had no foreclosed real estate owned at September 30, 2024. The Company’s allowance for loan losses was $3,719,000, or 0.30% of total loans, at September 30, 2024.
Randy C. Bowers, Chairman, President and CEO, commented, “As we strive to adapt to an uncertain and rapidly changing operating environment, we are pleased to report earnings for the first nine months of 2024 remain strong and stable with a modest increase over the prior year. While earnings continue to improve, asset quality remains excellent, capital levels are strong, and expenses are well controlled. We anticipate the remainder of 2024 and 2025 will be challenging, however are reasonably optimistic regarding our ability to continue to achieve favorable results.”
The Company’s total assets decreased by 10% to $1.404 billion at September 30, 2024, compared to $1.554 billion at September 30, 2023. The loan portfolio at September 30, 2024, was $1.232 billion, a decrease of $50.2 million or 4% from September 30, 2023. The Company originates loans principally for its own portfolio and not for sale.
The Company funds its assets with a mix of retail deposits, wholesale deposits and FHLB borrowings. Retail deposits totaled $731.3 million as of September 30, 2024, a $107.9 million decrease from $839.2 million at September 30, 2023. Wholesale deposits increased $14.8 million or 9% from $159.6 million at September 30, 2023, to $174.4 million at September 30, 2024. Wholesale deposits are primarily comprised of State of California certificates of deposit in the amount of $51.0 million and $123.4 million of long-term brokered certificates of deposits. FHLB borrowings decreased $70.0 million or 21% from $330.0 million at September 30, 2023, to $260.0 million at September 30, 2024. The decrease in FHLB borrowings is an interest rate risk management strategy related to the decrease in net loan growth.
As of September 30, 2024, Malaga Bank was in compliance with all applicable regulatory capital requirements and was deemed “well-capitalized” under applicable regulations. Core capital and risk-based capital ratios were 15.59% and 27.11%, respectively, significantly exceeding the minimum “well-capitalized” requirements of 5% and 10%, respectively.
Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. For over fifteen years Malaga Bank has been consistently recommended by one of the nation’s leading independent bank rating and research firms, Bauer Financial Inc. Malaga Bank was awarded Bauer’s premier Top 5-Star rating for the 67thconsecutive quarter as of June 2024. Since 1985 Malaga has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at http://www.malagabank.com.
Contact:
Randy Bowers
Chairman of the Board, President and Chief Executive Officer
The African Development Bank Group is pleased to announce the appointment of Dr. Kennedy K. Mbekeani as Director General for the East Africa Regional Development, Integration and Business Delivery Office, effective from 16th October 2024.
Dr. Kennedy K. Mbekeani, a citizen of Malawi brings over 25 years of senior level experience in development finance, project management, policy advisory services, and knowledge generation across country and regional levels. Prior to this appointment, he served as Deputy Director General for the Bank’s Southern Africa Regional Development, Integration and Business Delivery Office.
He holds a Bachelor of Social Science (Economics and Statistics) degree from the University of Malawi, an MPhil in Monetary Economics from the University of Glasgow, and both an MA and PhD in International Economics from the University of California. He has authored numerous publications focusing on trade, regional integration, and infrastructure development in Africa.
In his previous role as Deputy Director General for the Southern Africa Regional Development, Integration and Business Delivery Office, Dr. Mbekeani led the Bank’s business development and delivery for sovereign, non-sovereign investments and provided advisory services to South Africa, Lesotho, Botswana, Eswatini, Namibia and Mauritius. His efforts contributed to the Bank’s reputation as a trusted partner for high impact development projects in the region. He also managed relationships with key government and private sector, positioning the Bank for success.
Dr. Mbekeani joined the Bank in 2009 as Chief Trade and Regional Integration Officer. He has held various senior roles including Lead Regional Economist at the South African Resource Centre, Officer in Charge and Acting Regional Director of the Bank’s South African Resource Centre in South Africa, and Officer in Charge of the Bank’s Ghana Country Office. When he served Country Manager for Uganda, he successfully expanded the Bank’s portfolio to over $2 billion.
Before joining the Bank, Dr. Mbekeani worked for the United Nations Development Programme as a Trade, Debt and Globalisation Advisor for East and Southern Africa. He also served as Senior Research Fellow at the Botswana Institute for Development Policy Analysis, and Senior Economist at the National Institute for Economic Policy in South Africa.
Commenting his appointment, Dr. Mbekeani said: “I am grateful and feel honoured by the confidence President Adesina placed in me through this appointment, as Director General for the East Africa Regional Development, Integration and Business Delivery Office. I look forward to working with the President, the Board of Directors, Senior Management, our teams and stakeholders to enhance the Bank’s operational efficiency, effectiveness and drive impactful developmental outcomes across the region”.
Commenting the appointment, the President of the African Development Bank Group, Dr. Akinwumi Adesina said: “I am delighted to appoint Dr. Kennedy Mbekeani as Director General for the East Africa Regional Development, Integration and Business Delivery Office. Kennedy brings extensive experience in managing operations, policy dialogue, coupled with astute diplomacy and well-tested ability to work effectively with countries and development partners. He had previously worked in East Africa as the Country Manager for Uganda, before being promoted to the position of Deputy Director General of the Southern Africa Regional Development, Integration and Business Delivery Office. His knowledge of the Eastern Africa region and well-proven experience in delivering robust operations for the public and private sectors will strongly benefit the work and operations of the African Development Bank Group in East Africa and all countries in the region”.
SAN FRANCISCO, Oct. 15, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced today that it has awarded $7.3 million in economic development grants under the Access to Housing and Economic Assistance for Development (AHEAD) Program. The awards will support 84 nonprofit organizations dedicated to strengthening communities across Arizona, California, and Nevada. This funding represents an 82% increase over last year’s grant cycle and the previously announced allocation for 2024 of $4 million. The AHEAD Program, now in its 20th year, was designed to advance innovative economic and community development initiatives that empower underserved communities. Delivered in partnership with its member financial institutions, FHLBank San Francisco’s AHEAD Program has funded over $32 million in grants over the past two decades.
“As we celebrate 20 years of the AHEAD Program, we remain committed to investing in communities throughout our district and to funding organizations leading innovative and important economic development programs,” said Alanna McCargo, president and chief executive officer of FHLBank San Francisco. “The AHEAD Program provides funding that our member organizations use to make grants to local nonprofits for initiatives that directly address capacity building, jobs, and community needs. Together, we’re making a lasting difference and driving economic growth where it’s needed most.”
The AHEAD grant program encourages FHLBank San Francisco’s members to build strong relationships with nonprofit organizations that have specific economic and community development expertise. The 2024 grant cycle will distribute 84 grants through 60 different members, with 10 of those members engaged in the program for the first time. AHEAD Program grantees support a wide range of projects and beneficiaries, addressing diverse needs across various sectors and communities. The largest portions of 2024 grants have been allocated to the following key areas:
29% of grants for Entrepreneurial/Microenterprise projects
20% of grants for Capacity Building projects
14% of grants for Job Training projects
12% of grants for Economic Development projects
11% of grants for Social Services projects
Examples of the 2024 AHEAD grant recipients, include:
Phoenix, Arizona – Local First Arizona partnered with member Arizona Financial Credit Union to receive a $100,000 AHEAD grant to fund the Native Business incubator pilot project. The grant will enable the delivery of culturally relevant and professional business education for entrepreneurs – who are Tribal members – to help unlock new business opportunities and gain access to capital.
Aptos, California – California Farmlink, a community development financial institution (CDFI), partnered with member Bank of the Sierra to receive a $98,912 AHEAD grant to fund the Building Wealth and Resilience with California Farmers project. This grant will assist Hispanic farmers, ranchers, and fishers – who face acute barriers to accessing capital – by making business assistance programs available in Spanish to help these entrepreneurs scale their businesses and become more sustainable.
Las Vegas, Nevada – Nevada Hospitality Foundation partnered with member Employers Insurance Company of Nevada to receive a $100,000 AHEAD grant to fund a project that works to address industry workforce challenges, such as skill gaps, unemployment, or underemployment. This grant will focus on connecting ethnic minority and rural residents with an employer after developing technical skills they need to succeed in the hospitality labor trade.
The AHEAD grant program is just one example of the Bank’s commitment to fostering economic vitality, affordable homeownership, and wealth creation by contributing up to 15% of annual net profits to mission-aligned initiatives each year. Additional important community initiatives led by the Bank include the Affordable Housing Program (AHP) grants, Empowering Black Homeownership grants, the Tribal Nations Program, and Middle-Income Downpayment Assistance and Workforce Initiative Subsidy for Homeownership (WISH) matching grant programs that provide downpayment assistance to low- and middle-income first-time homebuyers.
The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.
Source: United States Senator for Tennessee Bill Hagerty
NEW YORK CITY – United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees, yesterday joined Kudlow on Fox Business to discuss the National Border Patrol Council endorsing President Trump, Kamala Harris and Chuck Schumer’s deceptive “border bill,” illegal migrant taxpayer-funded flights, apartment complexes being overrun by Venezuelan gangs, and a preview of a second Trump Administration in the Senate.
*Click the photo above or here to watch*
Partial Transcript
Hagerty on the National Border Patrol Council endorsing President Donald Trump: “Absolutely, they did. And the reason they did, is they know that he means what he says. This fake border bill that Kamala Harris and Chuck Schumer put forward was simply a ruse. It was an opportunity for them to actually put more resources into more people into this country more [easily]. That’s what it was looking to do […] It’s high time that we did [secure the border], and President Trump is the only one that can get it done.”
Hagerty on the taxpayer-funded illegal migrant flights: “It doesn’t make any sense, and talking about the ones that we fly in here: I brought this to the floor of the Senate, and every single Democrat voted to continue using taxpayer dollars to support flights from places like Haiti, Cuba, Nicaragua, Venezuela, directly into our country, bypassing the borders and bringing illegal migrants into our country, into the cities of their choice. Every single Democrat voted to continue using taxpayer funds to do this. Last year, 320,000 people came in this way. This year, right here, it’s over half a million so far.”
Hagerty on apartment complexes being run by illegal Venezuelan gangs: “The partisan media are so out of touch, Larry. That she [ABC’s Martha Raddatz] would even undertake that line of questioning with JD [Vance] just shows how out of touch they are, and they’re so focused on debunking talking points and “disinformation.” They’re not focused on the real problems here right now […] It shouldn’t be a single apartment complex [taken over] […] I can’t imagine that she thinks this would be acceptable if it were her apartment complex that had been taken over by Venezuelan gangs.”
Hagerty on a Republican Senate majority pushing a second Trump Agenda: “I’ve discussed with the number of people that are running for Senate leadership that the most important criteria from my perspective is their ability to get along with Donald Trump and lock arms in this agenda to make certain that the work that’s going to take place with Executive Orders and the Executive Branch side is paired up. And I hope we’ll be in a position to do reconciliation […] There are a number of people that have already announced that they’re going to run: [John] Thune, [John] Cornyn. You’ve got Rick Scott as well who has already announced, and there may be others. But I think one of the key criteria again, is going to be making certain that we take the greatest advantage of this first 100 days, first 200 days, to really make it matter. And on the Senate side, getting appointments through, getting our nominees appointed right away[…] The tax package is going to be right on the agenda as you know, and you worked so hard on this before. If you think about what President Trump was able to accomplish back in 2017 with the Tax Cuts and Jobs Act and with the deregulatory thrust that he undertook, we’re going to come back, and I hope see it on steroids this time and see our economy, you know, grow even stronger. Grow even better.”
Source: The Conversation (Au and NZ) – By Geoff Bertram, Visiting Scholar, School of History, Philosophy, Political Science and International Relations, Te Herenga Waka — Victoria University of Wellington
Getty Images
Economists working on macroeconomic policy – things like taxes and spending, interest rates and border controls on flows of trade and money – often refer to a set of key relationships governments can influence. In the textbooks, each of those relationships is drawn as a curve in a graph.
First is the IS (“investment–saving”) curve. This says that if everything else stays the same, the Reserve Bank can increase economic output and employment by lowering the interest rate. Or it can cause a recession by raising the interest rate. (For simplicity’s sake, the curves here are depicted as straight lines.)
Second comes the Phillips Curve, which is usually drawn sloping upwards to suggest that if everything else stays the same, inflation will rise during economic booms and fall in recessions. In other words, the Reserve Bank or the government can apparently bring inflation down by causing a recession.
Third comes the trade balance – the current account of the balance of payments (investment income and traded goods and services between New Zealand and the rest of the world).
If everything else stays the same here, as the exchange rate of the dollar falls, the current account strengthens by moving towards or expanding a surplus. If the exchange rate rises, the current account weakens: exports fall and imports increase.
However, it’s a mistake to suppose each of these relationships will stay where it is while the government and Reserve Bank each tinker with their own policy settings. So, what could go wrong?
The effect of austerity
Start with the IS curve – the way output and employment are affected by interest rates, assuming the government makes no big budgetary changes. But what if the government embarks on an austerity program, slashing its spending and cancelling projects, which shrinks the economy?
At any given interest rate, output and employment will be lower, shifting the whole curve “leftwards” towards lower economic activity (see above).
Even if the Reserve Bank lowers the interest rate, that won’t expand the economy because the government’s fiscal policy is killing off its expansionary effect. The recession created by the austerity program rolls on.
Along the way, it increases costs to government from unemployment, paying other benefits, and lower tax revenue. If the government responds with further austerity, we enter a downward self-reinforcing spiral.
Wages and inflation
Second, take the Phillips Curve and ask what happens if inflation isn’t, in fact, sensitive to how the economy is doing.
In this case, driving the economy into recession has no effect on the inflation rate. When the Reserve Bank changes the interest rate, inflation just stays where it is because the Phillips Curve is flat, not upward-sloping. Reducing inflation requires completely different policy interventions.
Back when the Phillips Curve was invented, it was reasonable to think inflation fell during recessions because workers could get higher wage increases in booms than in slumps.
Bringing on a recession would reduce the bargaining power of workers, result in slower wage growth, and thereby tame inflation (given that wages are an important part of the costs of production).
But workers today have lost the bargaining power they used to have when unions were strong and welfare-state thinking prevailed.
In a paper fellow economist Bill Rosenberg and I published this year, we show the bargaining power of labour was killed off in 1991 by the Employment Contracts Act and has not recovered since. Wages no longer drive inflation in contemporary New Zealand.
Interest rates and inflation
Could the Phillips Curve work because producers of goods and services push up prices and profits faster in booms and cut their margins in recessions?
It’s possible: there’s plenty of evidence of big companies using their market power to price-gouge consumers. But it’s not clear this exercise of market power is greater in booms and lesser in slumps.
In fact, the opposite could be true. Small businesses are most likely to be driven out of the market in recessions, leaving big companies with increased market share and less competitive pressure on their margins.
Forces both locally and in international markets have clearly been pushing the Phillips Curve down, producing lower inflation. Local forces include the current government’s abrupt cancellation of major construction activities, dismissal of public servants, the constant negative messaging on the state of the economy, and rising outward migration as a consequence of all these.
International markets, including falling prices for imports such as oil, have also clearly been pushing the Phillips Curve down. While the Reserve Bank will claim credit, it’s not at all clear the bank’s interest rate policy has made that much difference.
Finally, what about the international balance of payments? One thing the Reserve Bank can do by changing the interest rate is change the exchange rate between the New Zealand dollar and other currencies.
If New Zealand’s interest rates increase relative to elsewhere in the world, short-term money flows in to take advantage of the higher rates. This raises the exchange rate, and in turn weakens the external balance by cutting the return on exports and increasing the volume of cheaper imports.
Producers of goods and services that face international competition are squeezed. Meanwhile, what used to be called the “sheltered” or “non-tradeable” industries – including the big banks, insurance companies, electricity suppliers, supermarkets, consultancies – are unscathed.
Deeper recession
The Reserve Bank may not have much effect on inflation, but it can certainly affect the structure of the economy. Using the interest rate as the weapon against inflation squeezes manufacturers, tourism and farmers, but leaves non-tradables largely untouched.
Right now in New Zealand, the IS curve is remorselessly shifting left as the economy plunges into a deeper recession exacerbated by government austerity – an ideologically driven quest for instant fiscal surpluses, low public debt and a shrinking public sector relative to GDP.
Falling interest rates will struggle to make expansionary headway against that austerity.
Meanwhile, corporate profiteering and rising government charges continue to put upward pressure on the Phillips Curve, and the balance of payments is weakening. This means the country as a whole is piling up increasing debts to the rest of the world (largely through the Australian-owned banks).
The question is, does the current government understand where its policies are taking us?
Geoff Bertram does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
UAB “Orkela,” legal entity code 304099538, registered address at Jogailos St. 4, Vilnius, Republic of Lithuania (the Issuer), whose securities (the Bonds) are listed and admitted to trading on the Bond List of Nasdaq, also the Bonds are being publicly offered under the base prospectus approved by the Bank of Lithuania on 14 November 2023 including its first supplement approved on 24 November 2023 (the Prospectus).
The Issuer informs that the second supplement to the Prospectus has been approved by the Bank of Lithuania on 15 October 2024 (the Prospectus’ Supplement), that is attached. Before deciding to invest in the Bonds, please carefully read the Prospectus’ Supplement.
The Issuer would like to announce that pursuant to the Final Terms of the forth Tranche that were adopted on 15 October 2024 (the Final Terms) in accordance with the Issuer’s Base Prospectus approved by the Bank of Lithuania on 14 November 2023, including its first and second supplements (the Prospectus), Offering of the Bonds under the Final Terms in the total amount of EUR 5,432,000 will be carried out in the Republic of Lithuania, Latvia and Estonia under the following main terms (other terms applicable are detailed in the Final Terms):
Nominal Value of a Bond – EUR 1,000;
Issue Price of a Bond – EUR 1,014.1267
Final Maturity Date – 19 January 2025;
Interest Rate – 6% (fixed) annually;
Yield – 8% annually;
Subscription channels – Regular Subscription where the Subscription Orders shall be accepted:
(i) by the Issuer at the office at Jogailos st. 4, Vilnius, the Republic of Lithuania or by e-mail info@lordslb.lt;
(ii) by the Lead Manager at the office at Šeimyniškių st. 1A, Vilnius, the Republic of Lithuania or by e-mail broker@sb.lt;
(iii) by the Manager: UAB FMĮ “Evernord”, legal entity code 303198227, at the office at Konstitucijos ave. 15-90, Vilnius, the Republic of Lithuania or by e-mail vismante.sepetiene@evernord.com;
(iv) by the Manager: UAB “Gerovės valdymas”, legal entity code 302445450, at the office at Jogailos st. 3, Vilnius, the Republic of Lithuania or by e-mail gv@gerovesvaldymas.lt;
(v) by the Manager: Redgate Capital AS, legal entity code 11532616, at the office at Pärnu mnt 10, Tallinn 10148, Estonia or by e-mail bonds@redgatecapital.eu.
Subscription Period – 16 October 2024 – 6 November 2024;
Payment Date – 7 November 2024;
Issue Date – 8 November 2024.
Before deciding to invest in the Bonds, each Investor shall read the Prospectus and Final Terms with attached relevant language summary. All aforementioned documents are attached herein and published on the Issuer’s website at https://lordslb.lt/orkela_bonds/.
General Manager of UAB “Orkela” Anastasija Pocienė
The names of the winners will be announced at a ceremony on October 28. The organizer of the annual event is the Ministry of Education and Science of Russia.
“In the Decade of Science and Technology, announced by President Vladimir Putin, the popularization of research and development is of particular importance. The “For Loyalty to Science” award helps to encourage journalists, bloggers, and popularizers, who, among other things, help to raise the prestige of the scientific profession and attract new personnel to the field for the technological leadership of our country. This year, more than 1.8 thousand applications from 80 regions of Russia were submitted for the award – almost 1.5 times more than last year. The most popular nomination was “Science for Children”. It was held for the first time and accepted applications from projects for the youngest. The emergence of such nominations and topics is an important trend, since the development of the country and our common future depend on what the younger generation will be interested in, what knowledge and skills they will develop,” emphasized Deputy Prime Minister Dmitry Chernyshenko.
The winners of the award will receive a cash reward and special prizes from the competition partners: a trip on a nuclear icebreaker, a trip to one of the Russian cosmodromes, an excursion to one of the high-tech facilities of PJSC Gazprom, a tour of an aircraft manufacturing plant with the opportunity to test their strength on the MC-21 pilot training complex.
“In the last few years, our award has been breaking records in terms of the number of applications submitted. This year, the most popular nominations were: “Science for Children”, “Author of Digital Content”, “Recognition”, “Scientific Press Service of the Year”, “Work with Experience: Protecting Historical Truth”, “Russian Science for the World”. Such a wide range of applicants’ interests speaks of the great attention paid to the activities of scientists and researchers in completely different industries and spheres. Thanks to your work, dear participants, the number of people interested in Russian science is growing, especially among the younger generation, and this is especially valuable,” said Minister of Education and Science Valery Falkov.
The applications received were evaluated by journalists who widely cover scientific topics, scientists, representatives of government authorities, private foundations, companies, non-profit organizations, press services of universities, and research institutes. The laureates and diploma winners will be determined by the prize organizing committee.
The event’s partners are the Russian Academy of Sciences, the Kurchatov Institute National Research Center, and Lomonosov Moscow State University. For more than five years in a row, the award has been supported by the Art, Science, and Sport Charity Foundation. The award is held as part of the Decade of Science and Technology announced by Russian President Vladimir Putin.
The founders of special prizes are traditionally the state corporations Roscosmos, Rostec, and Rosatom. Since 2024, PJSC Gazprom and PJSC VTB Bank have become the new partners of the award.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
The problem is that countries with the highest levels of food insecurity often have the hardest time accessing financing. Among the biggest obstacles are high transaction costs, fragmented agriculture markets, insecure land rights, poor administrative capacity, weak governance, and political instability.
One of the keys to overcoming these hurdles is to pursue stronger international partnerships. That is why the EIB, the Food and Agriculture Organization of the United Nations, and other international organizations are working together closely to promote food security, environmental sustainability, and climate resilience. By pooling resources and experience, especially in Sub-Saharan Africa, we can overcome the chronic financing challenges.
For example, by drawing on the expertise and convening power of FAO, we can provide more funding for agrifood and bioeconomy activities. In 2023 alone, the FAO Investment Centre helped mobilize $6.6 billion in new investment by designing 38 public investment projects backed by financing partners in 26 countries. And this came on top of implementation support to ongoing projects, representing a total of around $46.7 billion.
But scaling up such financing requires the right kind of tools, not least financial products that reduce risk for the private sector. For example, blended finance – which combines public and private funds – and innovative financing mechanisms like climate bonds can make these investments more attractive to capital that is still sitting on the sidelines.
Feeding the world is not just a moral responsibility; it is a strategic imperative. Hunger is an immediate global crisis that demands massive investments. Fortunately, the potential rewards are well worth it. Sustainable agrifood systems do far more than simply reduce poverty and hunger. They also create jobs, promote economic growth, reduce gender inequality, improve health, and build stronger communities. The return is enormous, and the cost of doing nothing is even greater.
On 14 October 2024, the European Investment Bank (EIB) Group held an event for staff focused on tackling sexual violence in conflict zones.
Guests at the EIB’s Luxembourg headquarters included Her Royal Highness the Grand Duchess Maria Teresa of Luxembourg, who is president of the association Stand Speak Rise Up!, and Ms. Chékéba Hachemi, former first female Afghan diplomat, women’s rights activist and the co-founder of the association.
The event highlighted the association’s transformative work in advocating for and supporting survivors of sexual violence in fragile environments as well as children born of rape.
EIB President Nadia Calviño opened the discussion, saying that investing in women is key to building stronger communities worldwide. She stressed the EIB Group’s commitment to protecting women and empowering them economically, particularly in conflict areas.
The Grand Duchess and Ms. Hachemi presented projects led by Stand Speak Rise Up! aimed at increasing access to education, housing, health and justice and at driving economic independence for survivors and children born of rape. The presentations were followed by a lively exchange of views with EIB staff members.
The association provides a platform for victims to share their experiences and receive support. Since its creation in 2019, Stand Speak Rise Up! has offered direct help to over 6,000 women from 13 countries including Afghanistan, Bosnia and Herzegovina, the Democratic Republic of Congo, Uganda and Ukraine.
This EIB event offered a reminder of the shared responsibility to support victims of sexual violence, amplify their voices, advocate to end the use of rape as a weapon of war and strive for the universal protection of human rights.
China’s relentless economic growth used to be the marvel of the world. Oh, what a memory.
The past couple of years have seen China contend with an economic slowdown amid colliding crises, many of which make it internationally unique. Consumer prices have been approaching deflationary territory, there’s an oversupply of housing, and youth unemployment has soared.
Mounting pressure has forced the Chinese government to step in. Over the past month, Beijing has put forward a set of significant economic stimulus measures aimed at reviving China’s faltering economy.
According to a research note by Deutsche Bank, this stimulus could potentially become “the largest in history” in nominal terms. But there’s still a lot we don’t know. So what kinds of measures that are in this package so far, and has China been here before?
What’s in the package?
On September 24, Pan Gongsheng, governor of China’s central bank, unveiled the country’s boldest intervention to boost its economy since the pandemic.
The initiatives included reducing mortgage rates for existing homes and reducing the amount of cash commercial banks are required to hold in reserves. The latter is expected to inject about 1 trillion yuan (A$210 billion) into the financial market by letting the banks lend out more.
China has been grappling with an oversupply of housing and a property sector crisis. Charles Bowman/Shutterstock
On top of this, 800 billion yuan (A$168 billion) was announced to strengthen China’s capital market.
This comprised a new 500 billion yuan (A$105 billion) monetary policy facility to help institutions more easily access funds to buy stocks, and a 300 billion yuan (A$63 billion) re-lending facility to help speed up sales of unsold housing.
Further signs of economic revitalisation became evident at a Politburo meeting of China’s top government officials, two days after this announcement.
Chinese President Xi Jinping stressed the urgency of economic revival. Xi even encouraged officials to “go bold in helping the economy” without having to fear the consequences.
That same day, seven government departments released a joint policy package to stabilise China’s 500 billion yuan (A$105 billion) dairy industry, which has been severely impacted by declining milk and beef prices since 2023.
A market rollercoaster
Initially, the market’s response was overwhelmingly positive. Perhaps too positive. In the last week of September, stock markets in Shanghai, Shenzhen, and Hong Kong saw their biggest weekly rise in 16 years.
On October 8, following China’s National Day holiday, turnover on the Shanghai and Shenzhen stock exchanges hit an unprecedented 3.43 trillion yuan (A$718 billion). However, expectations for further stimulus measures were met with disappointment.
China’s National Development and Reform Commission brought forward 100 billion yuan (A$21 billion) in spending from the 2025 budget. That wasn’t enough to sustain market optimism. On October 9, Chinese stocks saw their most severe drop in 27 years.
This downturn only worsened a few days later, when China’s Ministry of Finance hinted there was “ample room” to raise debts but did not specify any new stimulus measures.
Still thin on the details
The market remains deeply uncertain about the future direction of China’s economic policies and what they might mean for the world. Hopes that more details might be released over the weekend were largely dashed.
Back in July, Chinese authorities asserted in their Third Plenary Session communique that China “must remain firmly committed” to achieving this year’s economic growth target of 5%. Compared to the country’s reform-era economic performance, that’s a modest goal.
But facing a persistently sluggish economic outlook, Xi later seemed to subtly shift the tone, changing the language from “remain firmly committed” to “strive to fulfill” in September.
Over the past decades, China has frequently employed massive-scale stimulus measures to revive its economy during downturns. These policies have been able to significantly rejuvenate the economy, though occasionally with some worrying side effects.
In response to the 2008 global financial crisis, China’s State Council released a 4 trillion yuan (A$837 billion) stimulus package. This successfully helped China stand firm through the crisis and was credited as a key stabiliser of the global economy.
But it also accumulated trillions of yuan in debt through local government financing and accelerated the rise of “shadow banking” – unregulated financial activities.
China also spent big on stimulating its economy in 2015, following stock market turbulence, and then again in the wake of the pandemic.
What should we expect?
What should we expect this time? How balanced or sustainable will any ensuing growth be?
We are still waiting on many of the details about the size and scope of the package, but any big increase in Chinese economic demand will likely have “spillover” effects.
As we’ve discussed, many of the measures announced to date will have their most immediate effect on borrowing, lending and liquidity in China’s stock markets.
That suggests we should watch for what’s called the “wealth effect” in economics. This is the theory that rising asset prices – such as for housing or shares – make people feel wealthier and therefore spend more.
If China’s big stimulus spend causes sustained increases in asset values, it could give rise to economic optimism. Chinese consumers – and investors – may become less anxious about the future.
From Australia’s point of view, that could see increases in demand in areas where our economies are interlinked – iron ore, tourism, education and manufactured food exports.
More broadly, Chinese demand could contribute to growth in other global economies, with a self-reinforcing effect on the world as a whole.
Beware financialisation
On the other hand, China’s shift to depending more on volatile asset price rises in its capital markets to sustain growth could have destabilising effects. Where asset price increases benefit those at the “top end of town,” they can breed inequities and imbalances of their own.
China’s “Black Monday” stock market crash in 2015 raised alarm in Beijing. Partly reflecting a wariness of excess financialisation, Xi cautioned at the time that “housing is for living in, not for speculation”.
So far, China is still navigating its path towards a more sustainable development model, striving to strike a balance between sustaining economic growth and stabilising its domestic markets and political landscape. As for the outcome, it remains a profound uncertainty for us all – perhaps China itself included.
Wesley Widmaier receives funding from the Australian Research Council.
Wenting He does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
MUNCIE, Ind., Oct. 15, 2024 (GLOBE NEWSWIRE) — First Merchants Corporation has declared a quarterly cash dividend of $46.88 per share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A, represented by depositary shares (NASDAQ: FRMEP) each representing a 1/100th interest in a share of the Series A preferred stock. Holders of depositary shares will receive $0.4688 per depositary share. The dividend will be payable on November 15, 2024, to stockholders of record on October 31, 2024.
About First Merchants Corporation:
First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).
First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Depositary shares representing a 1/100th interest in a share of First Merchants Corporation’s 7.50% Non-Cumulative Perpetual Preferred Stock, Series A are traded on the NASDAQ Global Select Market System under the symbol FRMEP. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).
FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.
For more information, contact: Nicole M. Weaver, Vice President and Director of Corporate Administration 765-521-7619 http://www.firstmerchants.com
Union Finance Minister Smt. Nirmala Sitharaman to leave tonight for an official visit to Mexico and USA from 17th to 26th October 2024 Union Finance Minister to attend Annual Meetings of the IMF-World Bank
FM will also take part in G20 Finance Ministers & Central Bank Governors meetings besides bilateral meetings with many countries and organisations
Smt. Sitharaman will engage in multilateral discussions on multiple fora and also showcase India’s attractiveness as an investment destination
Posted On: 15 OCT 2024 5:38PM by PIB Delhi
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman will embark on a visit to Mexico and USA on an official visit beginning 16th October, 2024.
During the official leg of her maiden visit to Mexico from 17th to 20th October 2024, the Union Finance Minister will lead an Indian delegation of officials from the Ministry of Finance, underscoring a positive trajectory of growing bilateral economic and trade relations between the two countries.
Beginning her visit in Guadalajara, Union Finance Minister Smt. Sitharaman will chair the Tech Leaders Roundtable that will bring together global technology leaders, including the major Indian IT giants present in Guadalajara. Later, Smt. Sitharaman will also visit the TCS headquarters in Guadalajara — a significant contributor to the Mexican IT ecosystem and known as the ‘Silicon Valley’ of Mexico with a significant presence of major global IT and tech companies.
Smt. Sitharaman will also hold a bilateral meeting with her counterpart H.E. Mr. Rogelio Ramirez de la O, Minister of Finance and Public Credit of Mexico. Besides, the Union Finance Minister will also hold discussions with several members of the Mexican Parliament to strengthen parliamentary cooperation and foster economic development.
In Mexico City, Smt. Sitharaman will deliver a keynote address at the India-Mexico Trade and Investment Summit with participation from key industry captains from both the countries. Separately, Smt. Sitharaman will also engage with leading business figures and industry representatives from Mexico. These meetings with leading business leaders and investors are aimed at highlighting India’s policy priorities, and deliberate on measures to facilitate foreign investment by showcasing India’s attractiveness as an investment destination.
In the last leg of her maiden visit to Mexico, the Union Finance Minister will participate in a community event, being hosted by the Indian diaspora.
During the official leg of her visit to the USA from 20th to 26th Oct. 2024, Smt. Sitharaman will participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the 4th G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, besides the G20 Joint Meeting of FMCBGs, Environment Ministers, and Foreign Ministers; and G7 – Africa Ministerial Roundtable.
In the course of her two-city visit to New York City and Washington D.C., the Union Finance Minister will participate in the Pension Funds Roundtable at New York Stock Exchange; interact with students and faculty at the Wharton School, University of Pennsylvania, and also at the Columbia University; and the Global Sovereign Debt Roundtable (GSDR) and take part in discussions organised by the Coalition for Disaster Resilient Infrastructure (CDRI) and Centre for Strategic and International Studies (CSIS) respectively.
The Union Finance Minister will take part in bilateral meetings with several countries, including United Kingdom, Switzerland, and Germany, besides holding one-on-one meetings with heads of World Bank (WB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), and CEOs of banking and financial institutions.
In a high-level event, the Union Finance Minister will participate in a World Bank Group discussion ‘From Idea to Implementation: New Financial Solutions to Accelerate Development’.
The Union Finance Minister will also share her thoughts during a discussion on Bretton Woods Institutions (BWI) with other panelists, Mr. Lawrence H. Summers; Mr. Carlos Cuerpo, Minister of Economy, Trade and Business, Spain; and Ms. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, Egypt. The event is organised by the Centre for Global Development (CGD).
CCI approves the proposed acquisition of 24.91% shareholding in Future Generali India Insurance by Central Bank of India Acquisition of 25.18% shareholding in Future Generali India Life Insurance by Central Bank of India also approved
Posted On: 15 OCT 2024 6:55PM by PIB Delhi
Competition Commission of India has approved the proposed acquisition of 24.91% shareholding in Future Generali India Insurance and 25.18% shareholding in Future Generali India Life Insurance by Central Bank of India. The proposed combination envisages acquisition by Central Bank of India of 24.91% equity stake in Future Generali India Insurance Company Limited (FGIICL) and 25.18% equity stake in Future Generali India Life Insurance Company Limited (FGILICL) through bid/resolution plan submitted by Central bank of India under Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Central Bank of India is a scheduled commercial bank.
FGIICL is a general insurance company. It provides personal insurance, commercial insurance, social & rural insurance etc.
FGILICL is a life insurance company. It provides savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans.
Department of Administrative Reforms and Public Grievances (DARPG) releases the 29th Monthly Report on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) of Central Ministries/ Departments Performance for the Month of September, 2024 Total of 1,24,879 Grievances Redressed by Central Ministries/Departments in September, 2024
For the 27th month in a row, the monthly disposal crossed 1 lakh cases in the Central Secretariat
Department of Revenue, Central Board of Indirect Taxes and Customs and Department of Posts topped in Group A category in the rankings released for the month of September, 2024
Department of Land Resources, Department of Investment and Public Asset Management and Department of Empowerment of Persons with Disabilities topped in Group B category in the rankings released for the month of September, 2024
Posted On: 15 OCT 2024 7:59PM by PIB Delhi
The Department of Administrative Reforms and Public Grievances (DARPG) released the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) monthly report for September, 2024, which provides a detailed analysis of types and categories of public grievances and the nature of disposal. This is the 29th report on Central Ministries/Departments published by DARPG.
The progress for September, 2024 indicates 1,24,879 Grievances Redressed by Central Ministries/Departments. The Average Grievance Disposal Time in the Central Ministries/Departments from 1st January to 30th September, 2024 is 13 days. These reports are part of the 10-step CPGRAMS reform process which was adopted by DARPG to improve the quality of disposal and reduce the timelines.
The report provides the data for new users registered through the CPGRAMS Portal in the month of September, 2024. A total of 50,393 new users registered in the month of September, 2024, with maximum registrations from Uttar Pradesh (8,281) registrations.
The said report also provides the Ministry/Department-wise analysis on the grievances registered through Common Service Centres in September, 2024. CPGRAMS has been integrated with the Common Service Centre (CSC) portal and is available at more than 5 lakh CSCs, associating with 2.5 lakh Village Level Entrepreneurs (VLEs). 8,017 grievances were registered through CSCs in the month of September, 2024. It also highlights the major issues/categories for which the maximum grievances were registered through CSCs.
In September, 2024, the Feedback Call Centre collected 84,224 feedbacks. Out of the total feedbacks collected, around 48% citizens expressed satisfaction with the resolution provided to their respective grievances. In September, 2024, 50,737 feedbacks were collected for Central Ministries/Departments by the Feedback Call Centre, out of which around 54% citizens expressed satisfaction with the resolution provided. The performance of Ministries/Departments in the last 9 months, with respect to the satisfaction percentage of citizens is also present in the said report.
The following are the Key Highlights of the DARPG’s monthly CPGRAMS report for September, 2024 for Central Ministries/ Departments:
Public Grievance Cases:
In September 2024, 1,15,813 PG cases were received on the CPGRAMS portal, 1,24,879 PG cases were redressed and there exists a pendency of 61,499 PG cases, as of 30th September, 2024.
Public Grievance Appeals:
In September, 2024, 19,876 appeals were received and 21,044 appeals were disposed
The Central Secretariat has a pendency of 23,016 PG Appeals at the end of September, 2024
Grievance Redressal Assessment and Index (GRAI) – September, 2024
Department of Revenue, Central Board of Indirect Taxes and Customs and Department of Posts are amongst the top performers in the Grievance Redressal Assessment & Index within the Group A (more than equal to 500 grievances) for September, 2024
Department of Land Resources, Department of Investment and Public Asset Management and Department of Empowerment of Persons with Disabilities are amongst the top performers in the Grievance Redressal Assessment & Index within the Group B (less than 500 grievances) for September, 2024.
The report also features 3 success stories of effective grievance resolution from Central Ministries/Departments:
Grievance of Shri Biswa Ranjan Samal – TDS Rectification and Demand Clearance
Shri Biswa Ranjan Samal filed his income tax return on time for the FY 2009-10. However, due to a delay by the Secretariat Administration Department, Assam Secretariat Civil, his TDS of ₹1,50,000 was not reflected in Form 26AS. After rigorous follow-ups, the TDS return was finally updated and reflected in his Form 26AS. Despite this, the citizen’s request to the IT department for reprocessing, so that the demand could be squared off, was not addressed. As a result, the concerned citizen filed a CPGRAMS grievance.
Within 16 days of filing the grievance, the JAO passed a rectification order under Section 154 for AY 2010-11, reducing the demand to nil.
Grievance of Shri. Vivek Singh –Account Freeze Due to Suspicious Transactions
Shri. Vivek, a small business owner, raised a grievance regarding the freezing of his Bank of Baroda account after making multiple transactions. The Bank froze his account due to the cyber fraud flagged against his account. Despite explaining the situation to the bank and undergoing verification (CPV), his account remained frozen and no concrete action was taken.
Concerned, he filed a CPGRAMS and within 8 days of filing the grievance, post due diligence by the bank, the account freeze was lifted.
Grievance of Shri. Anurag Jain –Pending Payment for Contract GEMC-511************
The complainant, Anurag Jain reported a pending payment of ₹21,000 for contract GEMC-511687741711265, where materials were delivered on time and the CRAC was generated on 24/06/2023. Despite several reminders to the ordering officer, payment was not received within the stipulated 21 days as per GEM policy.
Concerned, the citizen filed a CPGRAMS and as a result, the outstanding payment along with the interest was released to the citizen.
A more recent European Investment Bank deal is the €200 million loan in 2023 to the logistics company CTP to cover its buildings’ rooftops with solar panels.
This firm has 11 million square metres of rooftops in the Czech Republic, Slovakia, Hungary, Romania and the Netherlands. CTP hopes to create as much as 400 MWp of capacity by the end of 2026. MWp stands for “megawatt peak,” a measure of the output of power from sunshine. CTP estimates it could generate up to 10% of its profits from solar panels, if the company sells the electricity created from installations on the roofs of all its factories and fulfilment centres.
“Solar panels on rooftops do not use farmland,” says David González García, a lead engineer at the European Investment Bank. “This project creates a new use on top of something that’s already useful.”
For sheer size, it’s hard to beat the deal the European Investment Bank approved in 2023 with Solaria, the Spanish solar company. It’s €1.7 billion, to build more than 100 solar power plants in Spain, Italy and Portugal. The plants will be built over the next few years and produce an estimated 9.29 terawatt hours a year.
And even though Solaria’s parks won’t sit on rooftops like those of CTP, they won’t eat up all the land that could otherwise be used for farming. Solaria and other installation companies are developing parks that use unobtrusive cabling and mounting systems that sit higher off the ground to let livestock graze safely. This is important for countries like Italy, which has a lot of sun but whose state laws protect arable land.
“We have to evolve our types of solar installations and our locations to keep growing,” says Lopez, the Solaria general manager. “We have been very successful in Spain and Portugal, but we need to find ways to go to new places. We think Europe is the place to be because it has big goals for green power.”
Hemetsberger of SolarPower Europe encourages developers to promote “agri-solar” farming. Using 1% of arable land for solar parks in Europe would generate 900 gigawatts of electricity, while allowing farmers to use the same land, she says. The solar parks also can protect crops by shielding them from the harsh sun, reduce water evaporation, and give farmers an extra income.