Source: Reserve Bank of India
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On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on October 25, 2024, Friday, as under:
2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022. (Puneet Pancholy) Press Release: 2024-2025/1367 |
Source: ASEAN
The Eleventh ASEAN Ministers Responsible for Culture and Arts (AMCA) Meeting and the AMCA Meetings with Dialogue Partners, including the ASEAN Plus Three,China, Japan and the Republic of Korea, were held on 24 October 2024, in Melaka, Malaysia. Timor-Leste was in attendance as observer.The theme of the 11th AMCA was “Bridging Cultures, Building Futures: Unity in Diversity” underlined the pivotal role of culture and the arts in promoting sustainableand inclusive development towards strengthening ASEAN’s solidarity.
Download the full statement here.
The post Joint Media Statement The 11th Meeting of The ASEAN Ministers Responsible for Culture and Arts (AMCA) appeared first on ASEAN Main Portal.
Source: ASEAN – Association of SouthEast Asian Nations
The Eleventh ASEAN Ministers Responsible for Culture and Arts (AMCA) Meeting and the AMCA Meetings with Dialogue Partners, including the ASEAN Plus Three, China, Japan and the Republic of Korea, were held on 24 October 2024, in Melaka, Malaysia. Timor-Leste was in attendance as observer.The theme of the 11th AMCA was “Bridging Cultures, Building Futures: Unity in Diversity” underlined the pivotal role of culture and the arts in promoting sustainable and inclusive development towards strengthening ASEAN’s solidarity.
Download the full statement here.
The post Joint Media Statement of the 11th Meeting of the ASEAN Ministers Responsible for Culture and Arts (AMCA) appeared first on ASEAN Main Portal.
Source: GlobalData
UK startups secure $12 billion VC funding during Q1-Q3 2024, finds GlobalData
Posted in Business Fundamentals
The UK witnessed the announcement of a total of 877 venture capital (VC) funding deals during January to September (Q1-Q3) 2024, marking a year-on-year (YoY) decline of 15.1%. However, despite the decline in volume, the total disclosed funding value of these deals was up by 9.4% YoY to $12 billion, reveals GlobalData a leading data and analytics company.
An analysis of GlobalData’s Deals Database revealed that a total of 1,033 VC deals were announced in the UK during Q1-Q3 2023 while the disclosed funding value of these deals stood at $10.9 billion.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The improvement in the total funding value despite a fall in deal volume can be attributed to some big-ticket deals announced during the review period.”
Some of the notable VC funding deals announced in the UK during Q1-Q3 2024 included $1.05 billion worth of funding raised by Wayve Technologies, $1 billion raised by Abound, $431 million raised by Monzo, and $200 million worth funding raised by DNEG Group, among others.
Bose adds: “The UK, apart from being the top European market, continues to remain one of the top five global markets for VC funding activity both in terms of deal volume and value.”
The UK accounted for 7.2% share of the total number of VC deals announced globally during Q1-Q3 2024 while its share of the corresponding disclosed funding value stood at 6.5%.
Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.
Source: GlobalData
Citi and Jefferies top M&A financial advisers in oil & gas sector during Q1-Q3 2024, reveals GlobalData
Posted in Business Fundamentals
Citi and Jefferies were the top mergers and acquisitions (M&A) financial advisers in the oil & gas sector during Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Deals Database reveals that Citi achieved the top position in terms of value by advising on $53 billion worth of deals. Meanwhile, Jefferies led in terms of volume by advising on a total of 15 deals.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Both Citi and Jefferies registered improvement in the volume and value of deals advised by them, respectively, as well as their ranking during Q1-Q3 2024 compared to Q1-Q3 2023. Jefferies’ ranking by volume improved from 11th during Q1-Q3 2023 to the top position during Q1-Q3 2024. Meanwhile, Citi went ahead from occupying the eighth position by value during Q1-Q3 2023 to top the chart by this metric during Q1-Q3 2024.
“During Q1-Q3 2024, Citi advised on six billion-dollar deals* that also included two mega deals valued more than $10 billion. The involvement in these big-ticket deals helped Citi register a significant jump in terms of value.”
JP Morgan occupied the second position in terms of value, by advising on $48.9 billion worth of deals, followed by Goldman Sachs with $39.7 billion, Jefferies with $39.5 billion and Evercore with $38.3 billion.
Meanwhile, Evercore occupied the second position in terms of volume with 15 deals, followed by RBC Capital Markets with 12 deals, Barclays with 10 deals and Lazard with nine deals.
* ≥ $1 billion
Source: GlobalData
Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in oil & gas sector during Q1-Q3 2024, reveals GlobalData
Posted in Business Fundamentals
Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the oil & gas sector during Q1-Q3 2024 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, , a leading data and analytics company.
An analysis of GlobalData’s Deals Database reveals that Wachtell, Lipton, Rosen & Katz achieved the top position in terms of value by advising on $71.7 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 31 deals.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Interestingly, Kirkland & Ellis was the top adviser by both value and volume during Q1-Q3 2023. While it managed to retain the top position by volume during Q1-Q3 2024, it lost the top position in terms of value by a whisker to Wachtell, Lipton, Rosen & Katz.
“The total value of deals advised by Wachtell, Lipton, Rosen & Katz increased by close to 10 times and resultantly it witnessed a massive jump in its ranking by value from 17th position during Q1-Q3 2023 to the top position during Q1-Q3 2023. During the review period, Wachtell, Lipton, Rosen & Katz advised on six billion-dollar deals*, that also included two mega deals valued more than $10 billion. The involvement in these big-ticket deals helped Wachtell, Lipton, Rosen & Katz register a massive jump in terms of value.”
Kirkland & Ellis occupied the second position in terms of value, by advising on $70.3 billion worth of deals, followed by Vinson & Elkins with $59.2 billion, Latham & Watkins with $43.9 billion and Paul, Weiss, Rifkind, Wharton & Garrison with $35 billion.
Meanwhile, Vinson & Elkins occupied the second position in terms of volume with 22 deals, followed by Latham & Watkins with 21 deals, White & Case with 16 deals and Gibson, Dunn & Crutcher with 14 deals.
*≥ $1 billion
Source: GlobalData
South Korea insurance industry to surpass $191 billion by 2029, forecasts GlobalData
Posted in Insurance
South Korea’s insurance industry is forecast to grow at a compound annual growth rate (CAGR) of 3.4% from KRW 218.3 trillion ($167.1 billion) in 2025 to KRW 249.7 trillion ($191.2 billion) in 2029, in terms of direct written premiums (DWP), according to GlobalData, a leading data and analytics company.
GlobalData’s Insurance Database reveals that the insurance industry in South Korea is expected to grow by 1.2% in 2024, supported by changing demographics that will lead to an increase in demand for health and retirement pensions products.
Sneha Verma, Insurance Analyst at GlobalData, comments: “The South Korean insurance industry contracted by 7.5% in 2023 due to slower economic growth which impacted the demand for life insurance products. The growth is expected to bounce back in 2024, supported by a recovery in economy and increase in ageing population.”
Life insurance and pension is the leading segment in the South Korean insurance industry and is expected to account for an 84% share of the premiums in 2024. After declining by 9.3% in 2023, the life insurance segment is expected to grow by 0.5% in 2024, driven by changing demographic factors, which will drive the demand for health and annuity products. Life insurance and pension is expected to grow at CAGR of 3.1% during 2025-29.
South Korea is rapidly changing into a super-ageing society. Higher life expectancy and low fertility rates are adding significant pressure on the working age population. As per the Economic and Social Commission for Asia and the Pacific (ESCAP), the share of people aged 65 years and above reached 18.4% in 2023. It is expected to increase sharply and reach 39.4% by 2050, which will support the demand for life insurance.
Sneha adds: “Increased awareness about health and financial planning will also support life insurance growth in South Korea. The demand for health insurance is increasing due to rising cases of life-threatening diseases. According to the Central Dementia Center of the Ministry of Health and Welfare, the number of dementia cases have increased significantly, and one dementia patient is being identified every 12 minutes.”
General insurance will account for the remaining 16% share of the DWP in 2024. The segment is expected to grow by 4.9% in 2024 as compared to 4.1% growth in 2023, driven by compulsory lines and increased awareness for liability protection, leading to higher demand for liability insurance products.
Motor insurance, which is the leading line of business in the general insurance segment, is expected to witness a flat growth in 2024, due to declining vehicle sales. According to Korea Automobile Mobility Industry Association (KAMA), domestic sales decreased by 10.1% to 8,00,000 units in the first half of 2024 compared to 8,90,000 units during the same period in 2023. Weak consumer sentiment driven by economic slowdown and high interest rates have slowed down the sales for new vehicles.
South Korea is also prone to frequent natural-catastrophic (nat-cat) events, which will support the demand for policies covering fire and natural hazards. As per the National Fire Information System, South Korea has faced 30,316 incidents of fire accidents with a total loss of KRW589.9 billion ($456 million) till October 2024. General insurance is expected to grow at CAGR of 5.1% from 2025-29.
Sneha concludes: “The South Korean insurance industry is set to experience steady growth over the next five years, with demographic changes driving the demand for life and health insurance. Products catering to the growing needs of a rapidly aging population are expected to be a focus area for insurers over the coming years.”
Source: Reserve Bank of India
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In the underwriting auctions conducted on October 25, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:
Ajit Prasad Press Release: 2024-2025/1368 |
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Source: Toyota
Headline: TOYOTA GAZOO Racing to Exhibit Immersive Content at Super Taikyu Series 2024 Final Fuji
TOYOTA GAZOO Racing (TGR) announced today that it will exhibit Japan’s first outdoor-compatible mobile immersive dome tent in the event square at the ENEOS Super Taikyu Series 2024 Empowered by BRIDGESTONE Round7 (Round 7 Super Taikyu Final Fuji), to be held on Saturday, November 16 and Sunday, November 17, 2024. This initiative aims to communicate the appeal of motorsports and the Super Taikyu Series in a new way while conveying its fun and depth to as many people as possible, including children.
Source: Reserve Bank of India
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The Reserve Bank of India (RBI) conducted an Art Competition, as part of the commemoration of its 90th year, for fine art students in India. 71 undergraduate fine arts students from 71 colleges in the country participated in the competition. Eligible artworks focusing on themes associated with the Reserve Bank of India, received during the month of August and September 2024, were displayed and evaluated in an event organised by the Reserve Bank at its New Delhi Regional Office on October 22, 2024. Students and faculty members of participating colleges/ institutes from 25 states of India attended the event. The artworks, inspired by Indian art forms showcased the creative talents of undergraduate students at fine art institutes in the country. A panel of judges from the art world evaluated the artworks. 15 artworks out of the submissions received were awarded and felicitated. The event also included a panel discussion on evolution of Indian art, influence of social media on art, future of traditional painting forms with advent of digital tools and artificial intelligence, impact of globalisation, art fairs, biennales, etc. (Puneet Pancholy) Press Release: 2024-2025/1369 |
Source: Reserve Bank of India
Ajit Prasad Press Release: 2024-2025/1370 |
Source: Reserve Bank of India
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The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO):
Following the revocation of CoA, UAEEC cannot transact the business of cross border in-bound money transfer as ‘Overseas Principal’ under Master Direction on Money Transfer Service Scheme. (Puneet Pancholy) Press Release: 2024-2025/1371 |
Source: Danmarks Nationalbank
The growth in Danes’ housing debt has generally been slowing since 2022, when interest rates began to rise sharply. In addition to putting a natural dampener on loan demand when it becomes more expensive to borrow, the rising interest rates have also given many borrowers the opportunity to pay off their fixed-rate mortgages at a low rate and thereby reduce their residual debt. The repayment of their existing loans and taking on of new smaller loans have therefore overall contributed negatively to lending growth. However, rising interest rates also pull in the opposite direction, as an increase in interest rates typically means that the interest payments make up a larger part of the homeowner’s payment on their loan. This means that instalment payments become smaller. As a result, the debt is not reduced at the same rate as if interest rates were lower.
After a period of fairly stable interest rates for the majority of the first half of 2024, lending rates fell in the third quarter, which was also marked by Danmarks Nationalbank’s two interest rate cuts. Homeowners increased their housing debt by kr. 8.8 billion in the quarter. Compounded with the second quarter’s modest lending growth, this only just offsets the development in the first quarter of the year, where debt was reduced by almost kr. 11 billion. Despite the so far very limited total lending growth in 2024, there may be a prospect of the year ending in the positive. About a quarter of the banks and mortgage credit institutions that participate in Danmarks Nationalbank’s lending survey expect that the demand for loans will increase slightly in the fourth quarter.
The recent interest rate developments have also had an impact on Danes’ preferences for the length of the loan’s interest rate fixation period when they choose a new mortgage loan with a variable interest rate. In the third quarter, homeowners have increasingly taken out F5 loans, where the average interest rate incl. contributions on loans that were taken out in September was around 1.5 percentage points lower than on both short-term and fixed-rate loans. The F5 loan has thus gone from making up approximately 20 percent of all new mortgage loans with variable interest rates in the first half of the year to a total of 31 percent in the third quarter.
Source: Huawei
Headline: 2024 ICPC Challenge Championship Powered by Huawei Concludes in Shenzhen
Oct 25, 2024
[Shenzhen, China, October 25, 2024] ICPC Challenge Championship powered by Huawei (the Championship) just ended in Shenzhen, marking the second consecutive year the event was held in China. The Championship is jointly organized by Huawei and the International Collegiate Programming Contest (ICPC). It brings together top programmers from around the world to discuss solutions to real-world industry problems, as well as key technology trends and future challenges. This year’s event was attended by more than 90 coaches and contestants from 35 countries and regions.
After five hours of intense competition, Japan’s Hirotaka Yoneda won the Championship. Nine other contestants from China, Armenia, Poland and other countries shared second and third prizes.
At the opening ceremony, Zhou Hong, President of Huawei’s Institute of Strategic Research, said: “We will enter an intelligent world within the next 20 to 30 years. This is bringing about unprecedented opportunities, but also creating huge challenges that can only be solved through the joint efforts of bright minds from around the world. Huawei is committed to sharing real-world challenges currently and our hypotheses for the future, opening up our platforms, and working alongside academic and industrial experts and talent, in order to promote major breakthroughs in theoretical research of fundamental science, push the boundaries of application technology, and contribute to a prosperous world.”
Zhou Hong, President of Huawei’s Institute of Strategic Research, at the opening ceremony
The Championship is part of Huawei’s ongoing commitment to opening up research platforms in the device, computing, and connectivity fields. It provides next-generation problem-solvers an opportunity to showcase their talent. Since 2019, Huawei and ICPC jointly organized the ICPC Challenge, which has grown into a major event in the world of programming. In 2023, the first ICPC Challenge Championship powered by Huawei was held. The event is mostly for winners of previous ICPC Challenges as well as outstanding contestants from ICPC regional contests and world finals, providing a networking and competitive platform for top programming talent.
During the Championship competition, contestants had five hours to program a solution to the problem of optimal photo-story matching, which is closely linked to our daily lives. The Championship tested not only contestants’ programming and optimization skills, but also their modeling capabilities and innovative thinking.
A partial view of competitors during the Championship
During the Championship, a range of side activities were organized for participants. For instance, problem designers and contestants from previous competitions shared their experiences. At sessions called Tech Talks, senior Huawei technology leaders shared their insights into technology trends and challenges faced by industries, while encouraging young talent to hone their creativity and potential. Presenters included Huawei Fellow Chen Haibo; Chief Scientist of Huawei Consumer BG, Tian Qi; Media Algorithm Scientist of Huawei HiSilicon, Michael Bi Mi; and Director of Huawei Consumer BG Software Engineering Human Resource Dept., You Jin.
Huawei will continue supporting top international competitions. By designing problems and facilitating technical exchanges, Huawei will help coaches and contestants explore the latest industrial knowledge and challenges, encourage more talented people to engage in innovation, and drive the flow of knowledge and skills worldwide. Ultimately, this will promote global technology and industry development and improve social well-being.
Source: Huawei
Headline: 2024 ICPC Challenge Championship Powered by Huawei Concludes in Shenzhen
[Shenzhen, China, October 25, 2024] ICPC Challenge Championship powered by Huawei (the Championship) just ended in Shenzhen, marking the second consecutive year the event was held in China. The Championship is jointly organized by Huawei and the International Collegiate Programming Contest (ICPC). It brings together top programmers from around the world to discuss solutions to real-world industry problems, as well as key technology trends and future challenges. This year’s event was attended by more than 90 coaches and contestants from 35 countries and regions.
After five hours of intense competition, Japan’s Hirotaka Yoneda won the Championship. Nine other contestants from China, Armenia, Poland and other countries shared second and third prizes.
At the opening ceremony, Zhou Hong, President of Huawei’s Institute of Strategic Research, said: “We will enter an intelligent world within the next 20 to 30 years. This is bringing about unprecedented opportunities, but also creating huge challenges that can only be solved through the joint efforts of bright minds from around the world. Huawei is committed to sharing real-world challenges currently and our hypotheses for the future, opening up our platforms, and working alongside academic and industrial experts and talent, in order to promote major breakthroughs in theoretical research of fundamental science, push the boundaries of application technology, and contribute to a prosperous world.”
Zhou Hong, President of Huawei’s Institute of Strategic Research, at the opening ceremony
The Championship is part of Huawei’s ongoing commitment to opening up research platforms in the device, computing, and connectivity fields. It provides next-generation problem-solvers an opportunity to showcase their talent. Since 2019, Huawei and ICPC jointly organized the ICPC Challenge, which has grown into a major event in the world of programming. In 2023, the first ICPC Challenge Championship powered by Huawei was held. The event is mostly for winners of previous ICPC Challenges as well as outstanding contestants from ICPC regional contests and world finals, providing a networking and competitive platform for top programming talent.
During the Championship competition, contestants had five hours to program a solution to the problem of optimal photo-story matching, which is closely linked to our daily lives. The Championship tested not only contestants’ programming and optimization skills, but also their modeling capabilities and innovative thinking.
A partial view of competitors during the Championship
During the Championship, a range of side activities were organized for participants. For instance, problem designers and contestants from previous competitions shared their experiences. At sessions called Tech Talks, senior Huawei technology leaders shared their insights into technology trends and challenges faced by industries, while encouraging young talent to hone their creativity and potential. Presenters included Huawei Fellow Chen Haibo; Chief Scientist of Huawei Consumer BG, Tian Qi; Media Algorithm Scientist of Huawei HiSilicon, Michael Bi Mi; and Director of Huawei Consumer BG Software Engineering Human Resource Dept., You Jin.
Huawei will continue supporting top international competitions. By designing problems and facilitating technical exchanges, Huawei will help coaches and contestants explore the latest industrial knowledge and challenges, encourage more talented people to engage in innovation, and drive the flow of knowledge and skills worldwide. Ultimately, this will promote global technology and industry development and improve social well-being.
Source: Isle of Man
Notice is hereby given that Intercap Consulting Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 25/10/2024.
Source: Reserve Bank of India
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The Reserve Bank of India had issued Directions to The Karmala Urban Co-operative Bank Ltd., Solapur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive No. CO.DOS.SED.No.S2729/12-07-005/2022-2023 dated July 29, 2022 for a period of six months up to the close of business on January 29, 2023, which were last extended up to the close of business on October 29, 2024 vide Directive DOR.MON.D-38/12.22.130/2024-25 dated July 23, 2024. 2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond the close of business on October 29, 2024. 3. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from the close of business on October 29, 2024 to the close of business on January 29, 2025, subject to review. 4. All other terms and conditions of the Directive under reference shall remain unchanged. (Puneet Pancholy) Press Release: 2024-2025/1373 |
Source: Offshore Energy UK
Headline: OEUK news
New skills passport tool being delivered to support an integrated skills landscape
17 October 2024
A new scheme to help workers across the UK’s energy mix, including oil and gas, to find new roles in offshore wind will be launched in January by RenewableUK and Offshore Energies UK (OEUK), supported by the UK and Scottish Governments.
The Energy Skills Passport enables workers and employers to easily identify which qualifications and training standards, such as health and safety, are needed for specific roles in offshore wind. As part of the Energy Skills Passport, an interactive tool will provide clarity on which qualifications are mutually recognised across the sector to avoid any duplication of training courses, as well as mapping out potential career pathways. It will be managed jointly by OEUK and RenewableUK and will be available to a limited number of testers later this year before it is rolled out in full in the new year. The initial version focuses on the transition to offshore wind and future versions will include other parts of the energy sector.
The UK’s oil and gas sector supports over 200,000 jobs and the UK’s offshore wind industry already employs 32,000 people – that number is expected to rise to over 100,000 by 2030. Research commissioned by OEUK shows that 90% per cent of oil and gas industry workers have skills which can be transferred to future offshore jobs in renewable energy. Roles which may be suitable for workers to transfer into in offshore wind include maintenance technician, commissioning technician, high-voltage senior authorised person and troubleshooting technician.
RenewableUK’s Executive Director of Offshore Wind Jane Cooper said:
“The upsurge in offshore wind jobs over the course of this decade and beyond creates excellent opportunities for highly-skilled oil and gas workers to bring their valuable experience to the clean energy sector. We’re working closely with our colleagues at Offshore Energies UK, and the UK and Scottish Governments, to make that transition as smooth as possible across all parts of the energy industry. The Energy Skills Passport is a great example of what we can achieve together and we’ll continue to look for other potential areas of work that can further support the transition of workers between sectors.”
Offshore Energies UK’s Director of Supply Chain & People, Katy Heidenreich said:
“Collaboration is key to unlocking the full potential of the UK’s offshore energy sector so we are proud to be driving this initiative with RenewableUK. This industry and its people have proven excellence and a broad range of transferable skills from engineering and construction to legal and commercial expertise. This passport can help them succeed right across our diverse energy mix. This is one way the UK can back its workforce to build a homegrown energy transition that leaves no-one behind. It’s part of the toolkit this industry is assembling to partner with government to solve the challenges and seize the opportunities of our energy future.”
The Co-Chair of the Offshore Wind Industry Council Richard Sandford said:
“The Energy Skills Passport is a crucial step forward for workers to embrace opportunities in the offshore wind industry. It simplifies movement between essential offshore energy sectors, enabling workers to apply their knowledge to the energy transition. The milestone highlights effective collaboration between OEUK and RenewableUK, supported by the UK and Scottish Governments.”
(ends)
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Source: Isle of Man
Notice is hereby given that SK Bookkeeping Services Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 24/10/2024.
Source: European Central Bank
25 October 2024
The annual growth rate of the broad monetary aggregate M3 increased to 3.2% in September 2024 from 2.9% in August, averaging 2.8% in the three months up to September. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -1.2% in September, compared with ‑2.1% in August. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 9.7% in September from 10.4% in August. The annual growth rate of marketable instruments (M3-M2) decreased to 21.8% in September from 22.3% in August.
Monetary aggregates
(annual growth rates)
Data for monetary aggregates
Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed -0.8 percentage points (up from -1.4 percentage points in August), short-term deposits other than overnight deposits (M2-M1) contributed 2.8 percentage points (down from 2.9 percentage points) and marketable instruments (M3-M2) contributed 1.3 percentage points (as in the previous month).
Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households increased to 2.8% in September from 2.3% in August, while the annual growth rate of deposits placed by non-financial corporations decreased to 1.6% in September from 1.8% in August. Finally, the annual growth rate of deposits placed by investment funds other than money market funds increased to 11.9% in September from 11.7% in August.
The annual growth rate of M3 in September 2024, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: net external assets contributed 3.9 percentage points (down from 4.0 percentage points in August), claims on the private sector contributed 1.1 percentage points (as in the previous month), claims on general government contributed -0.5 percentage points (down from -0.4 percentage points), longer-term liabilities contributed -1.8 percentage points (as in the previous month), and the remaining counterparts of M3 contributed 0.5 percentage points (up from 0.0 percentage points).
Contribution of the M3 counterparts to the annual growth rate of M3
(percentage points)
Data for contribution of the M3 counterparts to the annual growth rate of M3
The annual growth rate of total claims on euro area residents stood at 0.5% in September 2024, unchanged from the previous month. The annual growth rate of claims on general government stood at -1.2% in September, compared with -1.1% in August, while the annual growth rate of claims on the private sector stood at 1.2% in September, unchanged from the previous month.
The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) stood at 1.6% in September, compared with 1.5% in August. Among the borrowing sectors, the annual growth rate of adjusted loans to households stood at 0.7% in September, compared with 0.6% in August, while the annual growth rate of adjusted loans to non-financial corporations increased to 1.1% in September from 0.8% in August.
Adjusted loans to the private sector
(annual growth rates)
Data for adjusted loans to the private sector
Source: Transparency International
Anti-Corruption Ministerial Declaration fails to even maintain previous pledges
Transparency International is disappointed that the G20 Anti-Corruption Ministerial Declaration, released yesterday, neglects the G20’s critical role and responsibility in marshalling efforts against cross-border corruption. This is despite the devastating impact of illicit financial flows on sustainable development and inequality reduction – this year’s G20 priorities – which they had previously recognised themselves.
The adoption of the declaration follows the efforts by the Brazilian and French co-chairs of the G20’s anti-corruption workstream this year to engage with a wide range of stakeholders, including civil society. Transparency International had contributed to the process, conveying our policy positions on how the G20 can best contribute to the fight against corruption while advancing sustainable development and supporting efforts to reduce inequalities.
Despite the preceding preparatory work, the declaration fails to achieve consensus on or offer the way forward on the most critical anti-corruption measures. Without these, any new efforts to advance sustainable development and reduce inequalities will suffer – including the Brazilian G20 Presidency’s proposed wealth tax for the ultra-rich.
The declaration text fails to recognise that the G20 countries themselves perpetuate corruption and illicit financial flows. Officials only name-checked issues on which they had previously issued detailed commitments, such as financial secrecy. Other key areas they had previously pledged to work on are entirely missing from the declaration, including the need to prevent professional service providers from enabling corruption. This issue has evidently been dropped from the G20’s agenda, despite the overwhelming evidence that loopholes in the regulation and oversight of such gatekeepers, including in many of the G20 countries, lead to the outflow of funds from low- and middle-income countries.
Maíra Martini, corrupt money flows expert and Head of Policy & Advocacy (interim) at Transparency International, said:
“If the G20 is unable to even maintain a consensus on previously well-established anti-corruption commitments, can we have confidence in them to take on issues as big as sustainable development and inequality? The G20 agenda is driven by leaders and it’s time for them to realise that there can be no sustainable development without coordinated, effective action on corruption. The G20 has one last opportunity this year to show that they are serious about addressing this enormous challenge, and we are looking to the Leaders’ Summit in Rio to rescue the G20 anti-corruption agenda.”
Note to editors
See also Transparency International’s feature article: Anti-corruption: The missing ingredient in the G20’s sustainable development push.
Source: ASEAN
The Eighth ASEAN India Ministerial Meeting on Agriculture and Forestry was held
virtually on 25 October 2024. The Meeting was co-chaired by Myanmar and India.The Meeting commended the significant progress made in the implementation of the Medium-Term Plan of Action for ASEAN-India Cooperation in Agriculture and Forestry (2021–2025). This plan aims to promote investment, develop human resources in the food, agriculture, forestry, and fisheries sub-sectors by providing opportunities for the youth of ASEAN, and enhance the resilience of natural systems while improving the adaptive capacities of human communities to cope with environmental hazards. The Meeting noted that various projects to support these initiatives have been implemented as part of a regional strategy focusing on sustainable and regenerative agriculture between ASEAN and India.
Download the full statement here.
The post Joint Press Statement of the Eight ASEAN-India Ministerial Meeting on Agriculture and Forestry (the 8th AIMMAF) appeared first on ASEAN Main Portal.
Source: ASEAN
The Twenty-Fourth Meeting of the ASEAN Ministers on Agriculture and Forestry Plus Three was held virtually on 25 October 2024 hosted and chaired by Myanmar.The Meeting focused on the accomplishments made in implementing the ASEAN Plus Three Cooperation Strategy (APTCS) for the period 2016-2025. This strategy focuses on several key areas, including sustainable agriculture, good agricultural practices, the integration and use of digital technologies, and strategies for adapting to and mitigating climate change. These priorities are vital for addressing regional challenges while fostering collaboration and strengthening ties between the ASEAN Member States and the Plus Three Countries. The discussions highlighted the importance of these areas in promoting sustainable development, improving food security, and ensuring ecological resilience, which are essential for the long-term prosperity and stability of the region.
Download the full statement here.
The post Joint Press Statement of the Twenty-Fourth Meeting of the ASEAN Ministers on Agriculture and Forestry and the Ministers of Agriculture of the People’s Republic of China, Japan and The Republic of Korea (24th AMAF Plus Three) appeared first on ASEAN Main Portal.
Source: ASEAN
The ASEAN Ministers on Agriculture and Forestry (AMAF) held its 46th Meeting on 24 October 2024 virtually, under the Chairmanship of Myanmar. The Meeting reaffirmed ASEAN’s commitment to promoting cooperation in the food, agriculture, and forestry sectors.Recognising the importance of sustainable agriculture, sustainable forest management, decarbonisation, and digitalisation in the ASEAN region, the Meeting urged all stakeholders, including academia, international organisations and the private sector to work with the ASEAN Member States, through the ASEAN Secretariat, the implementation of sustainable and circular food, agriculture and forestry policies, which have been adopted by ASEAN.
Download the full statement here.
The post Joint Press Statement of the Forty-Sixth Meeting of the ASEAN Ministers on Agriculture and Forestry (46th AMAF) appeared first on ASEAN Main Portal.
Source: Black Sea Trade and Development Bank
Enhancing Ukraine’s Agricultural Exports in Challenging Times
The Black Sea Trade and Development Bank (BSTDB) is providing up to USD 25 million to a pre-export finance facility for Kernel Group, a leading player in Ukraine’s agricultural sector and one of the world’s largest sunflower oil exporters. The BSTDB funds will help the company have the necessary working capital to procure, process, store, and transport oilseeds and vegoils, ensuring their export to global markets.
BSTDB’s financing is part of a USD 150 million syndicated facility, arranged by ING Bank NV and Coöperatieve Rabobank U.A.
“We are pleased to extend our continued and unwavering support for Kernel’s operations during this critical and challenging times. Agriculture remains an essential pillar of Ukraine’s economy despite the immense challenges posed by the conflict. By facilitating production and exports of vital agricultural goods, we are not only sustaining a vital industry that feeds millions, but we also actively contributing to the economic resilience and recovery of Ukraine. This partnership is a testament to our shared commitment to supporting the country’s long-term prosperity, even under the most testing circumstances”, said Dr. Serhat Köksal, BSTDB President.
“In spite of the challenging political and economic environment, Kernel repaid its 2024 Notes on time and continues to meet its financial commitments. The strong credit history allowed the Company to attract new financing even during current unprecedented times. We are thankful to our partners, including the Black Sea Trade and Development Bank, for their support and willingness to continue our long-term cooperation. The facility is aimed to finance our working capital for procurement of sunflower seeds and beans for further processing and exporting of the vegetable oils and meals to the international market thus making an important contribution to the world food safety.”, commented Sergiy Volkov, the CFO of Kernel.
Kernel is a leading vertically integrated Ukrainian agribusiness player with domestic and international operations. It is the largest oilseed crusher in Ukraine.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.
Contact:
Haroula Christodoulou
Phone: +30 2310 290533
: @BSTDB
Source: ASEAN
The 12th ASEAN Ministerial Meeting on Disaster Management (AMMDM) and the 13th Meeting of the Conference of Parties (COP) to the ASEAN Agreement on Disaster Management and Emergency Response (AADMER) were convened on 24 October 2024, in Bandar Seri Begawan, Brunei Darussalam. The Meeting was chaired by H.E. Dato Seri Setia Awang Haji Ahmaddin bin Haji Abdul Rahman, Minister of Home Affairs of Brunei Darussalam, as the Chair of AMMDM, and attended by Ministers in-charge of Disaster Management and representatives of ASEAN Member States, and Timor Leste as observer, as well as the ASEAN Secretariat and the ASEAN Coordinating Centre for Humanitarian Assistance on disaster management (AHA Centre).The Meeting appreciated the ASEAN Committee on Disaster Management (ACDM) in guiding and overseeing the implementation of the AADMER Work Programme 2021 2025, as well as the Governing Board of the AHA Centre in providing guidance on the operationalisation of the AHA Centre. Accomplishments in both policy and operational fronts are essential in achieving the aspirations of the ASEAN Agreement on Disaster Management and Emergency Response (AADMER), the ASEAN Declaration on One ASEAN, One Response: ASEAN Responding to Disasters as One in the Region and Outside the Region and the ASEAN Vision 2025 on Disaster Management; and in fulfilling the objectives of the ASEAN Socio-Cultural Community (ASCC) Blueprint 2025.
Download the full statement here.
The post Chairman’s Statement of the Twelfth ASEAN Miniterial Meeting on Disaster Management (AMMDM) and Thirteen Meeting of the Conference of the Parties (COP) to the ASEAN Agreement on Disaster Management and Emergency Response (AADMER) appeared first on ASEAN Main Portal.
Source: Isle of Man
Notice is hereby given that Suntera Escrow Services (IOM) Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 25/10/2024.
Source: Isle of Man
Changes are being implemented to update key elements of the Island’s anti-money laundering and countering the financing of terrorism (AML/CFT) framework.
The Isle of Man Financial Services Authority, in conjunction with the Department of Home Affairs and Treasury, has led a revision of the Proceeds of Crime Act 2008 (POCA) and the Designated Business (Registration and Oversight) Act 2015 (DBROA).
Those amendments take effect from today, Friday 25 October 2024, while the new Travel Rule (Transfer of Virtual Assets) Code 2024 comes into operation from Monday 28 October 2024.
The intention is to achieve consistency across the Island’s AML/CFT legislation and ensure greater alignment with international standards and the definitions and terminology set by the Financial Action Task Force (FATF), the organisation that leads global action to counter money laundering, terrorist financing and proliferation financing.
Further information will be published to explain the changes, with new guidance being produced to raise awareness of the obligations and expectations of the Travel Rule Code among firms in the Virtual Asset Service Provider (VASP) sector. This includes compliance with the requirement to transfer and retain certain customer information when conducting virtual asset transactions.
The legislative updates reflect feedback to two public consultations issued earlier this year and are being made through:
Ashley Whyte, Head of AML/CFT Supervision at the Authority, said: ‘We have worked in collaboration with the Department of Home Affairs and Treasury to modernise the Island’s AML/CFT framework and introduce the Travel Rule Code. Firms are encouraged to take note of the changes, which are aimed at keeping the Island in line with globally recognised standards. Guidance documents will be published shortly on the Authority’s website to provide additional support and clarity.’
The Authority will also be publishing a recorded webinar to provide an overview of the Travel Rule (Transfer of Virtual Assets) Code 2024, how it aligns with international standards and what it means for the VASP sector in the Island.
Notes:
Feedback statements on the two public consultations can be found at:
Source: ASEAN
BANDAR SERI BEGAWAN, 25 October 2024 — ASEAN, together with partners, reaffirmed the commitment to strengthen cooperation in enhancing disaster resilience in the region at the 12th ASEAN Ministerial Meeting on Disaster Management (AMMDM) and 13th Meeting of Conference of the Parties to the ASEAN Agreement on Disaster Management and Emergency Response (AADMER), and their related meetings.
The meetings took place on 24-25 October, hosted by Brunei Darussalam as the Chair of AMMDM in 2024, and chaired by H.E. Dato Seri Setia Awang Haji Ahmaddin bin Haji Abdul Rahman, Minister of Home Affairs of Brunei Darussalam, and vice-chaired by H.E. General Kun Kim, Senior Minister and First Vice President of the National Committee of Disaster Management of the Kingdom of Cambodia.
The ASEAN Commemorative Event of the 20th Anniversary of the Indian Ocean Tsunami in Brunei Darussalam, ASEAN Day on Disaster Management 2024 and the International Day for Disaster Risk Reduction were also held at the sidelines of the meetings.
Taking place as a joint session, the 12th AMMDM and 13th Meeting of COP to AADMER noted with satisfaction the progress in the implementation of the AADMER Work Programme 2021-2025. Under theme of Brunei Darussalam’s AMMDM Chairmanship “Building a Resilient ASEAN through Inclusive and Sustainable Disaster Recovery”, the Meeting launched the ASEAN Ministerial Declaration on Building a Resilient ASEAN through Inclusive and Sustainable Disaster Recovery. As 2024 marks the 20th Anniversary of the Indian Ocean Tsunami, the ASEAN Ministerial Statement on the Commemoration of the 20th Anniversary of Indian Ocean Tsunami was also issued.
The Meeting noted the achievements in 2024 across all Priority Programmes of the AADMER Work Programme (AWP) 2021-2025, such as the ASEAN Capacity Building Roadmap 2025-2030 on Disaster Management, the ASEAN Disaster Risk Communication Framework (ADRCF), the continued strengthening of the Disaster Emergency Logistics System for ASEAN (DELSA), the ASEAN Emergency Response and Assessment Team (ASEAN-ERAT) trainings, the AHA Centre Executive Leadership in Emergency and Disaster Management for ASEAN Programme (ACE-LEDMP) trainings, the ASEAN Strategic Policy Dialogue on Disaster Management (SPDDM) 2024, and the first ASEAN Standards and Certification for Experts in Disaster Management (ASCEND) Competency Assessment.
The Meetings exchanged views towards full and effective implementation of the AADMER Work Programme (AWP) 2021-2025, and advancing the implementation of the ASEAN Declaration on ‘One ASEAN, One Response’ particularly through the roles of the ASEAN Coordinating Centre for Humanitarian Assistance on disaster management (AHA Centre), and developing a new AWP 2026-2030.
The meetings with dialogue partners, i.e. the 4th AMMDM Plus China, 4th AMMDM Plus Japan and the 3rd AMMDM Plus Republic of Korea (ROK), were held on 24 October, reiterated commitment and resolve to intensify collaboration with ASEAN in building disaster resilience and advancing disaster risk reduction in the region.
The ministerial meetings were preceded by the 45th Meeting of ASEAN Committee on Disaster Management (ACDM), 20th Meeting of the Governing Board of the AHA Centre, 6th Meeting of ASEAN Disaster Resilience Platform (ADRP), 8th Meeting of the ACDM Plus China, 8th Meeting of the ACDM Plus Japan, 7th Meeting of the ACDM Plus ROK.
The next AMMDM and COP to AADMER Meeting will be hosted by Cambodia as the Chair of AMMDM in 2025.
***
More details:
The Chairman’s Statement for the 12th AMMDM and 13th COP to AADMER, here.The video of the ASEAN Commemoration of the 20th Year of Indian Ocean Tsunami, hereThe video for the ASEAN Magazine Special Issue No. 39–40, “20 Years Since the Indian Ocean Tsunami.” hereThe video of the Commemoration of the International Day for Disaster Risk Reduction (IDDR), here.The post ASEAN and partners enhance disaster resilience, commemorate 20th Anniversary of Indian Ocean Tsunami appeared first on ASEAN Main Portal.
Source: Agnico Eagle Mines
Stock Symbol: AEM (NYSE and TSX)
TORONTO, Oct. 25, 2024 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle”) announced today that it has agreed to subscribe for 33,869,939 units (“Units”) of ATEX Resources Inc. (TSXV: ATX) (“ATEX”) in a non-brokered private placement at a price of C$1.63 per Unit for total consideration of US$40,000,000 (approximately C$55,208,000). Each Unit is comprised of one common share of ATEX (a “Common Share”) and one-half of one common share purchase warrant of ATEX (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles the holder to acquire one Common Share at a price of C$2.50 for a period of five years following the closing date of the private placement, subject to acceleration in certain circumstances. Closing is expected to occur on or about October 30, 2024 and is subject to certain conditions.
The investment in ATEX is consistent with Agnico Eagle’s historical practice of strategic equity investments in projects with high geological potential. It provides Agnico Eagle with exposure to an early stage, copper-gold exploration project in Chile, an established mining jurisdiction. The Company continues to focus on its portfolio of high-quality internal growth projects, and complements its pipeline of projects with a strategy of acquiring strategic toehold positions in prospective opportunities.
Agnico Eagle does not currently own any Common Shares or Warrants. On closing of the private placement, and after giving effect to two other share issuance transactions to be completed by ATEX concurrently with the private placement, Agnico Eagle will own 33,869,939 Common Shares and 16,934,969 Warrants, representing approximately 13.21% of the issued and outstanding Common Shares on a non-diluted basis and approximately 18.59% of the Common Shares on a partially-diluted basis, assuming exercise of the Warrants held by Agnico Eagle.
On the closing of the private placement, Agnico Eagle and ATEX will enter into an investor rights agreement, pursuant to which Agnico Eagle will be granted certain rights, provided Agnico Eagle maintains certain ownership thresholds in ATEX, including: (a) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership in ATEX at the time of such financing or acquire up to a 19.99% ownership interest, on a partially-diluted basis, in ATEX; and (b) the right (which Agnico Eagle has no present intention of exercising) to nominate one person (and in the case of an increase in the size of the board of directors of ATEX to ten or more directors, two persons) to the board of directors of ATEX.
Agnico Eagle is acquiring the Common Shares and Warrants for investment purposes. Depending on market conditions and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares, common share purchase warrants or other securities of ATEX or dispose of some or all of the Common Shares, Warrants or other securities of ATEX that it owns at such time.
An early warning report will be filed by Agnico Eagle in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact:
Agnico Eagle Mines Limited
c/o Investor Relations
145 King Street East, Suite 400
Toronto, Ontario M5C 2Y7
Telephone: 416-947-1212
Email: investor.relations@agnicoeagle.com
Agnico Eagle’s head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. ATEX’s head office is located at 50 Richmond Street East, Toronto, Ontario M5C 1N7.
About Agnico Eagle
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Forward-Looking Statements
The information in this news release has been prepared as at October 25, 2024. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “may”, “will” or similar terms.
Forward-looking statements in this news release include, without limitation, statements relating to the expected closing date of the Transaction, Agnico Eagle’s ownership interest in ATEX upon closing of the private placement, Agnico Eagle’s acquisition or disposition of securities of ATEX in the future and the terms of the investor rights agreement.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.
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SOURCE Agnico Eagle Mines Limited