Source: Hong Kong Government special administrative region
Office of Licensing Authority of Home Affairs Department steps up enforcement actions against unlicensed guesthouses before National Day Holidays (with photo) Office of Licensing Authority of Home Affairs Department steps up enforcement actions against unlicensed guesthouses before National Day Holidays (with photo) ******************************************************************************************
Before the National Day holidays, the Office of the Licensing Authority (OLA) of the Home Affairs Department has stepped up enforcement actions against unlicensed guesthouses and conducted an operation at Yau Tsim Mong District from September 24 to 26, inspecting premises which were suspected of operating unlicensed guesthouses, to ensure the safety of the lodgers as well as the general public. A spokesman for the OLA said, “During the operation, the OLA carried out surprise inspections on seven premises which were suspected of operating an unlicensed guesthouse. The OLA will follow up on these cases and initiate prosecution on cases with sufficient evidence after completion of the investigation.” The spokesman stressed, “Operating unlicensed hotels/guesthouses is a criminal offence and such an offence leads to a criminal record upon conviction. According to the Hotel and Guesthouse Accommodation Ordinance, an offender is liable to three years’ imprisonment and a maximum fine of $500,000. A fine of $20,000 for each day can also be imposed during which the offence continues. A six-month closure order may also be issued for an hotel/guesthouse involved in a repeated offence.” Apart from conducting special operations during festive seasons, the OLA also steps up efforts to combat unlicensed guesthouses via online platforms. The OLA has strengthened its intelligence collection by forming a dedicated team to browse webpages, mobile applications, social media, discussion forums, etc, to search for information and intelligence on suspected unlicensed hotels/guesthouses. The OLA’s law enforcement officers will initiate follow-up investigations when information on unlicensed hotels/guesthouses advertised via online platforms is found. The OLA also conducts publicity work on Internet search engines outside Hong Kong to enable tourists’ access to the information provided by the OLA in the course of planning their trips to Hong Kong. Tourists and members of the public can make use of the search functions on the OLA’s website to check whether the hotel/guesthouse concerned is licensed or not. Any suspected unlicensed hotel/guesthouse should be reported to the OLA by the hotline (Tel: 2881 7498), by email (hadlaenq@had.gov.hk), by fax (2504 5805), or through the mobile application “Hong Kong Licensed Hotels and Guesthouses”.
Ends/Monday, September 30, 2024Issued at HKT 14:16
The latest issues, decisions and proposed changes impacting business and workplace risk5 min read
Fair Work Act changes have now commenced
By: Tarsha Gavin, Lawrence Mai, Ruby Evans
Time to review contractual arrangements and processes
As foreshadowed in our August Insight, the second tranche of changes introduced by the Closing Loopholes amendments commenced on 26 August 2024. Some of the key changes that are now in force include:
The right to disconnect
The new right permits an employee to refuse to respond to contact (or attempted contact) from their employer or third parties when that contact is made outside of their working hours, unless the employee’s refusal is unreasonable.
Changes to the definition of employment
The new definition of an employment relationship requires an assessment of the ‘real substance, practical reality and true nature of the working relationship’ (now known as the ‘whole of relationship’ test).
Rights for independent contractors
Contractors who earn above the contractor high income threshold of $175,000 are now eligible to voluntarily opt out of the new definition of an employment relationship (if it would otherwise apply to them). Those who opt out of the ‘whole of relationship’ test will instead be governed by the ‘start of relationship test’, which assesses what the parties agreed about the nature of their relationship.
Casual employment changes
A new definition of a ‘casual employee’ has been introduced, and a new ’employee choice’ process for conversion to permanent employment has also come into effect.
Key takeaway
As the latest tranche of legislative changes impact permanent employees, casual employees and contractors, it is important that employers review contractual arrangements and processes across their workforce to ensure they are compliant with the recent changes.
Implementing a key Closing Loopholes amendment, all modern awards now include a workplace delegates’ rights clause.1 Newly made enterprise agreements must now also include an equivalent or more favourable clause.
Key takeaways
From 1 July 2024, all modern awards contain a term that sets out the rights of workplace delegates (being workers elected or appointed by their union to represent the interests of union members and employees eligible to be union members) in a workplace.
Any enterprise agreements put to a vote post-1 July 2024 must contain a delegates’ rights term. If an enterprise agreement does not contain a delegates’ rights term or the proposed term is less favourable than the modern award term, the more favourable modern award term is taken to form part of the agreement.
What does the new delegates’ rights clause say?
In summary, the new delegates’ rights clause provides workplace delegates with the following rights:
Category of right
What does the clause say?
Representation
Workplace delegates may represent the interests of eligible employees who wish to be represented in matters including:
consultation about major workplace changes and changes to rosters or hours of work;
resolution of disputes and disciplinary processes;
enterprise bargaining; and
any process or procedure that eligible employees are entitled to be represented for under an award, enterprise agreement or workplace policy.
Reasonable communication
Workplace delegates may communicate with eligible employees for the purpose of representing their industrial interests, including by discussing union membership and representation. Workplace delegates may communicate with eligible employees during working hours or work breaks, or before or after work.
Reasonable access to the workplace and workplace facilities
Workplace delegates must be provided with access to, or use of, an appropriate room or area to hold discussions with eligible employees, a physical or electronic noticeboard, an electronic means of communication to communicate with eligible employees (including access to WiFi), a secure document storage area and various office facilities and equipment.
Reasonable access to training
Subject to various conditions set out in the clause, employers must provide workplace delegates with access to up to five days of paid time during normal working hours to attend initial training related to the representation of industrial interests of eligible employees. Each subsequent year, the employer must provide at least one day of paid training time.
How does this affect you?
We expect that the new delegates’ rights term will result in increased union activity and involvement in a wide variety of workplace matters.
To ensure your organisation is prepared for the changes, we recommend:
if your organisation is bargaining for a new enterprise agreement, reviewing the model delegates’ rights clause and considering whether it is appropriate to adopt the modern award term or bargain for a different term (noting that any term must be at least as favourable as the modern award term);
notifying employees and managers of the rights available to workplace delegates; and
reviewing current practices and considering whether to introduce a protocol to support consistent, reasonable and appropriate management of workplace delegates.
Fair Work Commission alters flexible working arrangement
By: Tegan Ayling, Anastasia Hatzisarantinos
Decision highlights the importance of articulating reasonable business grounds
In a recent decision, the Fair Work Commission (FWC) ordered an employee to work in the office one day per week, at the same time highlighting the importance of adequately explaining reasonable business grounds if an employer refuses a request.
Key takeaway
Employers should clearly outline their reasonable business grounds for refusing flexible working requests. This involves not only explaining the benefits to the employer’s proposed working arrangement, but also explaining how the approval of the working arrangement requested by the employee would be detrimental to the employer’s business.
Background
FedEx gradually introduced hybrid arrangements that involved employees working back in the office post COVID-19. From July 2023, employees were required to work in the office three days per week.
FedEx refused an employee’s request to work from home three days per week to care for his two teenage children who have an intellectual disability and autism, and his wife who suffers a debilitating illness. However, it agreed that the employee could continue his existing arrangement to work in the office two days per week and two days from home. While that arrangement was in place, the employee was in practice working in the office one day per week, taking leave one day per week and working two days from home.
In January 2024, the employee made another request to work entirely from home. FedEx sought further information from the employee and suggested alternative arrangements, but no agreement was reached. FedEx subsequently rejected the employee’s request, and he lodged a dispute with the FWC.
Following conciliation, FedEx agreed to trial three days at home and one day in the office, but the employee never returned to the office.
Decision
Since the matter could not be resolved between the parties, the FWC ultimately ordered the employee to work in the office one day per week and allowed FedEx to also direct him to work in the office in specific circumstances. This included if the employee did not attend the office for two consecutive weeks, there were performance concerns or there were genuine operational requirements that required his attendance.
In its decision, the FWC emphasised the importance of following proper process when responding to a request for flexible working arrangements. In particular, the FWC criticised FedEx for failing to sufficiently articulate its reasonable business grounds in rejecting the employee’s request. The grounds FedEx relied on during the proceeding had not been clearly articulated to the employee in FedEx’s refusal of his request.
The FWC also took into account that the employee had not followed FedEx’s lawful and reasonable direction to return to the office, noting that employees are not entitled to a flexible working arrangement without an approved request. The employee’s actions to ‘avoid working in the office at all costs‘ before the flexibility request was decided was a factor in the FWC decision to permit FedEx to direct the employee to work in the office, including in the specific circumstances outlined above.
Employer not required to produce investigation report under terms of enterprise agreement
By: Tarsha Gavin, Sayomi Ariyawansa and Steve Hatzipavlis
Confidentiality does not automatically prohibit provision of documents
The Full Bench of the FWC ruled that Aurizon Operations Limited (Aurizon) was not required under the terms of its enterprise agreement to produce an investigation report to an employee following an investigation into their alleged misconduct.2
Key takeaways
The FWC will consider the process set out in the relevant enterprise agreement when determining the requirements of natural justice and due process in relation to an investigation, and any subsequent process relating to the determination of a disciplinary outcome.
Even if an investigation is confidential, the requirements of procedural fairness include informing an employee of the substance of the adverse material against them so the employee can provide a response before findings are made.
A clause stating that an investigation is confidential does not necessarily prohibit an employer from providing a copy of an investigation report to the employee.
Decision
Following an investigation by Aurizon into allegations of misconduct by an employee, an investigation report was prepared outlining the substantiated conduct, and the employee was provided with an opportunity to put forward their submissions on the appropriate disciplinary outcome. The Rail Tram and Bus Union (RTBU) on behalf of the employee requested a copy of the investigation report for the purposes of making these submissions. This request was refused.
The RTBU brought an application in the FWC claiming that Aurizon’s failure to provide the report breached the applicable enterprise agreement which relevantly provided the following terms:
Process: any investigation that may lead to the disciplinary action against an employee must apply the principles of natural justice and due process, including the employee being made fully aware of allegations subject to an investigation and being provided with sufficient information to provide an informed response.
Confidentiality: disciplinary inquiries and investigations shall be confidential.
Disciplinary outcomes: following the investigation procedure, the employee may be subject to various disciplinary outcomes, following a process that includes providing the employee with a reasonable opportunity to provide reasons regarding what the appropriate disciplinary outcome should be.
The RTBU alleged that the principles of procedural fairness, as set out in (a), required Aurizon to provide the investigation report to the employee to assist with the employee’s response in (c) concerning the disciplinary outcome. The RBTU also alleged there was no utility in keeping the investigation confidential as the employee was already aware of the complainant’s identity and allegations. Aurizon claimed that because of the confidentiality requirements, the Full Bench of the FWC could not order Aurizon to produce the report.
The Full Bench of the FWC found that:
the confidentiality clause did not prevent Aurizon from providing a copy of the investigation report to a worker. If this were the case, Aurizon would be unable to provide information to the employee subject to the investigation as required by (a) and it would make the disciplinary regime unworkable. Rather, the confidentiality clause prohibited workers from disclosing information obtained during the investigation and prohibited Aurizon from disclosing investigation information to any person not involved during the inquiry.
at the point the RTBU sought the investigation report, the investigation process was complete, and Aurizon was at the stage of assessing the appropriate disciplinary outcome. At this point of the disciplinary process, there was no requirement in the enterprise agreement for Aurizon to apply the general principles of natural justice and due process outlined in (a), as these did not apply in the assessment of disciplinary outcomes outlined in (c). As such, Aurizon was not required to produce the investigation report.
natural justice and due process had not been afforded to the employee under (a), as the substance of the adverse material in the report was not put to the employee for their response during the investigation process. The Full Bench recommended that it would be prudent for Aurizon to re-open the investigation to put the substance of the report findings to the employee, but did not make an order to this effect as the grounds of appeal in the matter were limited to dealing with the production of the completed report.
Employees retain redundancy pay because of move to ‘dusty, noisy and malodorous’ office
By: Sarah Lunny and Bella Busby
Connection between redundancy pay and alternative employment
After accepting that an employer had obtained ‘acceptable alternative employment’ for two former employees, the FWC allowed the two employees to keep 30% of their redundancy pay because of the inferior quality of their new office space.3
Key takeaways
Employers can apply to the FWC to vary the amount of redundancy pay that would otherwise be payable to an employee under the Fair Work Act 2009 (Cth) (FW Act) if the employer obtains other acceptable employment for the employee. The FWC has a broad discretion to vary redundancy pay to an amount it considers appropriate, including reducing the amount payable to zero.
Even if an employer has arranged a new role for a former employee, the FWC may determine that the employee is entitled to receive part of their redundancy pay entitlement if there is a difference in working conditions between the employee’s previous role and the new one.
Background
An employer in the recycling industry made an application to the FWC to reduce the redundancy pay entitlements of two administrative employees after the employer arranged comparable roles with another recycling business. Both office-based employees had been made redundant after the original employer’s business suffered a significant downturn, resulting in 100 employees being laid off.
Both employees argued that their redundancy pay entitlements should not be reduced because the new roles the employer had arranged for them did not constitute acceptable alternative employment, including because:
the new employer had a less professional, more ‘blue collar’ work culture than the previous workplace; and
the new office was noisier and dirtier than their previous workplace, as it was physically attached to the recycling facility, where trucks would enter and unload rubbish several times a day.
After comparing each employee’s role with the new employer to their role with the old employer, the FWC decided that both employees had been provided with ‘other acceptable employment’ because the work and conditions were sufficiently similar to those of their previous employment, even if there were some factors that made the new jobs less attractive to the employees.
In considering whether to reduce the employees’ redundancy pay, the FWC weighed the ‘significant effort’ the employer had made to obtain other acceptable employment for the employees against ‘the disadvantage of the quite different work environment’ at the new employer. The FWC ultimately decided to reduce each employee’s redundancy pay by 70%, allowing each employee to keep 30% of their redundancy pay in consideration of the ‘marked difference’ between performing their administrative work in an office attached to a recycling warehouse compared to previously working in an office removed from the actual process of recycling.
Resurrecting the dead: breathing life into a zombie agreement
By: Andrew Wydmanski and Samuel Jackson
Extensions remain viable during ongoing bargaining of enterprise agreements
The Full Bench of the FWC has extended the default period of a ‘zombie agreement’, for a second time, rejecting the employer’s request to transition employees onto the Social, Community, Home Care and Disability Services Industry Award 2010 (SCHADS Award) while bargaining for a new agreement was ongoing.4
Key takeaways
The FWC is open to extending the life of zombie agreements during enterprise bargaining if it considers that extending the agreement would ‘minimise disruptions or changes to terms and conditions’ and where it might be expected that ‘a replacement agreement will be reached in the near future’.
Employers covered by a zombie agreement that has been extended by the FWC should prepare for the possibility that the FWC may grant further extensions if bargaining for a new enterprise agreement is ongoing.
Background
A ‘zombie agreement’ is an old industrial workplace agreement made before the commencement of the FW Act. Under the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 (Cth), all zombie agreements were set to automatically end on the ‘default period’ of 7 December 2023, unless an application was made to the Commission to extend it.
In September 2023, the Health Service Union (HSU) made an extension application in respect of the Kirinari Community Services Ltd Hume Riverina Branch Certified Agreement 2006-2008 (Agreement). The Full Bench of the FWC decided it was reasonable to extend the operation of the Agreement to 6 April 2024.
The HSU again applied under the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 (Cth) (Transitional Act) to extend the default period of the Agreement, this time until 6 December 2024.
The employer, Kirinari Community Services Ltd (Kirinari), opposed the HSU’s application on the basis that:
from an administrative and payroll perspective, it would be more efficient and fairer for all of its employees to be covered by the SCHADS Award;
the terms of the SCHADS Award would provide employees with greater flexibility should they wish to work in Kirinari’s operations outside of the Hume Riverina region; and
given that bargaining for the new enterprise agreement was based on the SCHADS Award, transitioning remaining employees to the SCHADS Award would mean all employees would be familiar with rostering arrangements and other terms and conditions of the SCHADS Award.
The Commission rejected Kirinari’s arguments, finding that moving employees from the Agreement to the SCHADS Award at a time when a replacement agreement was expected to be reached in the near future could disturb current bargaining.
The Commission considered that more progress should have been made since its decision in September last year. It also noted that the parties had not sought the Commission’s assistance to finalise the replacement enterprise agreement. As a result, the Commission was satisfied that it was appropriate to extend the default period for a further four months.
Former manager awarded $1.5 million following unlawful summary dismissal
By: Anthony Hallal and Matt Stark
Penalties can be severe for breaches of the general protections regime
The Federal Circuit and Family Court of Australia (FCFCA) recently ordered an employer to pay a former manager over $1.5 million after summarily dismissing him in breach of the general protections regime in the FW Act and their employment contract.
Key takeaway
This case is a recent example of the substantial damages that can be awarded under the general protections regime where employees have been found to be unlawfully terminated.
Background
An employee of Laing O’Rourke Australia Management Services Pty Ltd (LOA), Mr Haley worked for LOA and other companies in LOA’s group for over 15 years. From 2018 he was the Commercial Team Leader in charge of cleaning up bushfire-damaged properties from the previous Christmas period (Bushfire Project).
In early July 2020, Mr Haley and other LOA employees invited their colleagues to a property LOA was leasing while working on the Bushfire Project for a social event. Following noise complaints from neighbours, the owners of the property attended twice, which culminated in a verbal altercation between the LOA employees and the owners (the Incident).
LOA subsequently conducted an investigation into the Incident, following which Mr Haley had a show cause meeting with LOA. Later in July 2020, Mr Haley was summarily dismissed by LOA on the basis that he had engaged in serious misconduct. Specifically, LOA alleged that Mr Haley had lied in the course of the investigation, and that Mr Haley’s conduct during the Incident breached LOA’s policies in a manner that ’caused imminent and serious risk to the reputation of [LOA]’.5
The FCFCA decided that LOA had not established it was entitled to summarily dismiss Mr Haley from his employment. Further, LOA had taken adverse action by summarily dismissing Mr Haley in circumstances where it could not establish Mr Hayley’s complaints and inquiries in relation to his employment were not a reason for his dismissal.6
Decision on damages
Following this finding that Mr Haley had been unlawfully terminated, the most recent decision7 of the FCFCA concerned the assessment of damages to which Mr Haley was entitled.
LOA was ordered to pay Mr Haley a sum of more than $1.5 million in respect of the summary dismissal, accounting for Mr Haley’s:
loss of income up to the date of judgment;
present value of Mr Haley’s loss of future income until March 2025 (accounting for likely promotions/pay increases throughout this period);
relocation costs back to the UK after the termination of his employment;
break fees for car rental and lease agreements; and
an amount of $50,000 for Mr Haley’s hurt, distress and humiliation.
As referred to in the Company Announcement 05/2024, Interim Financial Report Q2 2024 on August 26, NNIT was close to signing a large important strategic contract. NNIT has entered into a contract with ATP (Udbetaling Danmark) for the delivery of their critical SAP Debtor system. Udbetaling Danmark is the authority responsible for the collection, disbursement, and control of a number of public benefits. – e.g., state pension and housing benefits.
The contract will initially run for six years with the possibility to extend twice for a two-year period. The contract was tendered by ATP at an estimated value of DKK 240 million incl. options, ad hoc solutions made to order and infrastructure operations to be delivered by a subcontractor.
Kasper Søndergaard Andersen, Senior Vice President of Region Denmark, says “We are exceedingly pleased to have won the project for the delivery of ATP’s Debtor system. Public digitalization is a strategic focus area in NNIT, and we are energized by the significant task of ensuring the continued welfare in Denmark. With this Debtor delivery, we are building on our long-standing relationship with ATP, and we will also have the opportunity to bring our recently fortified SAP business to the table and begin the substantial task of modernizing SAP”.
The contract has no implications for NNIT’s financial guidance for the full-year of 2024.
Media Relations Tina Joanne Hindsbo Media Relations Manager Tel: +45 3077 9578 tnjh@nnit.com
ABOUT NNIT
NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and private sectors in Denmark.
We focus on high complexity industries and thrive in environments where regulatory demands and complexity are high.
We advise on and build sustainable digital solutions that work for the patients, citizens, employees, end users or customers.
We strive to build unmatched excellence in the industries we serve, and we use our domain expertise to represent a business first approach – strongly supported by a selection of partner technologies, but always driven by business needs rather than technology.
NNIT consists of group company NNIT A/S and subsidiaries SCALES, Excellis Health Solutions and SL Controls. Together, these companies employ more than 1,700 people in Europe, Asia and USA. Read more at http://www.nnit.com.
Source: Switzerland – Canton Government of Grisons in Italian
On the occasion of the anniversary of “500 years of the Three Leagues Free State”, the Office for Popular Education and Sports has developed a learning concept for the new teaching medium “Grisons at a Glance”. The learning concept entitled “In the Footsteps of the Three Leagues” promotes historical awareness among pupils and is available in digital format in all eight languages of schooling.
History surrounds us and the past leaves traces that reach the present. For the Canton of Grisons, it is very important to pass on its history and culture. Before Grisons became part of the Helvetic Republic, the Three Leagues laid the foundations for today’s Canton with its borders, culture and linguistic diversity.
In collaboration with the publishing house «Schulverlag plus», the Office for Popular Education and Sports has designed and developed a digital learning approach on the Free State of the Three Leagues. This learning approach is available to teachers as well as pupils in the form of entertaining and informative teaching units. Starting with the 500th anniversary celebrations, pupils engage with the history of the Canton of Graubünden and follow in the footsteps of the Three Leagues, exploring various questions about the origin and development of the Canton. Among other things, they discuss what happened in 1524, why there is talk of a Free State and why this alliance was signed. With the fictional story of Maurizio, Bertilla and Jovin address historical questions about the origins of the Canton, analysing various sources.
In digital format and in eight school languages«Colpo d’occhio Grigioni» is a digital teaching aid for the subject nature, human beings, society (NEUS) for the second cycle and takes into account the specific regional requirements of the Study Plan 21 Grigioni. Both the teaching aid and the learning approach «In the footsteps of the Three Leagues» have been published in the eight school languages: German, Sursilvan, Sutsilvan, Surmiran, Puter, Vallader, Rumantsch Grischun and Italian.
Further jubilee activities and projectsThe numerous projects and activities in all language regions can be found at https://500.gr.ch.
Questions about the 500th anniversary celebrations:
Prime Minister Dr. Jon Domenic Parolini, Director of the Department of Education, Culture and Environmental Protection, Tel. 41 81 257 27 01, e-mailJondomenic.Parolini@ekud.gr.ch Daniel Camenisch, project manager “500 years of the Three Leagues Free State”, tel. 41 78 659 63 60 (reachable between 10:00 and 12:00), e-mailcamenisch@vinavant.ch
Questions about learning setup:
Josy Marie Künzler, Project Manager, Teaching Materials Service, Office for Popular Education and Sports, Tel. 41 81 257 22 61 (reachable from 10:00 to 12:00), e-mailJosy.Kuenzler@avs.gr.ch
Competent body: Department of Education, Culture and Environmental Protection
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.
MILES AXLE Translation. Region: Russian Federation –
Source: State University of Management – Official website of the State –
From September 23 to 27, employees of the State University of Management – technician of the Reverse Engineering Laboratory Dmitry Taldykin and specialist of the Business Incubator Artem Podgorny – completed an internship in the Krasnodar cluster of the largest agricultural holding in Russia “STEPPE” as part of the flagship educational project of the Charitable Foundation “Sistema” “Lift to the Future”.
The internship allowed young specialists to immerse themselves in the production processes of the agricultural holding, become familiar with advanced technologies in the field of agricultural mechanization and collect the necessary theoretical and methodological base for conducting scientific research.
The GUU employees studied the design of modern harvesting combines and took part in the harvesting of agricultural crops, gaining practical experience working with high-tech equipment. In addition, young scientists tested and adjusted a self-propelled sprayer, studying the operating principles of modern precision tillage systems.
Special attention was paid to the processes of mechanized harvesting, sorting, packaging and storage conditions of products, including temperature and humidity control to ensure long-term preservation of freshness of vegetables and fruits. In addition, the university representatives visited the machine and tractor station for technical maintenance and repair of equipment and the central warehouse of spare parts, which allowed them to assess the scale of the agroholding’s activities and see with their own eyes the process of technical maintenance of the machine and tractor fleet.
On the final day of the internship, the young scientists visited the head office of the STEPPE agroholding in Rostov-on-Don, where they were told about the work of unmanned aerial vehicles used for spot irrigation of gardens. The GUU employees studied the methods of setting up UAV geolocation and got acquainted with the software used to automate the irrigation process in order to save water resources in the conditions of intensive gardening.
The head and curator of the practice was the head of the service station of the agroholding “STEPPE” Ivan Bulgakov. With his active participation, demonstration tests were organized, during which young scientists of the State University of Management not only got acquainted with the advanced equipment of the agroholding, but also had the opportunity to see the work of the latest agricultural machinery in real conditions.
The State University of Management expresses gratitude to the Sistema Charitable Foundation and personally to the President of the Foundation Larisa Pastukhova for organizing the internship at the STEPPE agroholding. The theoretical and practical knowledge gained in the field of agricultural mechanization will help young specialists of the State University of Management in their future professional and scientific activities.
Subscribe to the TG channel “Our GUU” Date of publication: 09/30/2024
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.
Source: Hong Kong Government special administrative region
Missing woman in Sheung Shui located Missing woman in Sheung Shui located ************************************
A woman who went missing in Sheung Shui has been located. Cheung Ching-man, aged 35, went missing after she was last seen at Luen Wo Hui on September 9 morning. Staff of a caring home made a report to Police on the next day (September 10). The woman was located near Kwai Foo Road, Kwai Chung, this afternoon (September 30). She sustained no injuries and no suspicious circumstances were detected.
Ends/Monday, September 30, 2024Issued at HKT 14:44
Press release Nokia deployments with majority of world’s largest IXPs reflect push for scale, reliability and automation
Six of the world’s 10 largest IXPs have deployed Nokia networking infrastructure and cumulatively carry close to 45 Tbps of traffic during peak times
Performance at scale, security and AI-enhanced operations of Nokia IP, optical and DDoS solutions support buildouts of massive cloud networks
Stunning growth of regional clouds driven by unprecedented latency, security and bandwidth pressures as global digital economy flourishes
30 Sept 2024 Espoo, Finland: Nokia today reaffirmed its leadership and commitment to the global Internet Exchange market as it continues to work with more than 20 Internet Exchange Providers (IXPs), including six of the world’s 10 largest based on both peak traffic and number of members. As the local interconnection points for more than 5,000 member organizations, these six IXPs cumulatively transport close to 45 Tbps of traffic during peak times – a figure that’s set to grow as the Equinix Global Interconnection Index (GXI) 2024 predicts a stunning 34% five-year CAGR in interconnection bandwidth.
The expanding digital economy, proliferation of edge compute, and anticipated move of latency-sensitive AI models to regional clouds for local consumption are contributing to the need for what the GXI calls an Interconnection Oriented Architecture® (IOA). According to the GXI 2024 report, “The economics of data, density, velocity and experience demand localized exchange to move the highest volumes of data with the lowest latency to dense clusters of participants and population centers.”
Built to handle these current and future pressures, the characteristics of the Nokia IP, optical and security solutions align to those identified in the IOA and are central to why the Nokia portfolio has increasingly become the dominant choice of leading IXPs.
The Nokia FP5 800GE technology, deployed by leading European IXPs including Germany’s DE-CIX and the Netherlands’ NL-ix , provides the fastest possible performance in the industry and is realizing dramatic sustainability gains. Since deploying this technology, NL-ix has shown a reduction in power consumption from 0.8 watts to 0.1 watts per gigabit in parts of its network.
Thomas King, CTO at DE-CIX, said: “Nokia’s 800GE technology gives us the considerable runway needed to address future traffic growth in a cost- and energy-efficient way. 800GE optics consume the least amount of space and power per bit, and at the same time it provides the most headroom for traffic peaks of the future.”
Nokia has also played a leadership role in the standardization of Ethernet Virtual Private Networks (EVPNs). With industry-leading functionality and scalability, the SROS implementation of EVPN provides IXPs an ideal toolset to manage the increase in traffic. When Telehouse America selected Nokia to upgrade its NYIIX peering exchange infrastructure in the US, it deployed the Nokia EVPN solution to resolve multiple technical challenges.
Akio Sugeno, Vice President of Telehouse and founder ofNYIIX, said: “EVPN is a game changer for us. It is a next-generation VPN solution that provides a unified architecture, in both the control and data planes, and solved many of our requirements. With our new EVPN implementation from Nokia we police and control broadcast, unknown-unicast and multicast traffic entering our network while also rate-limiting ARP requests, so they do not flood our network. With this same protocol, we are also able to implement load balancing techniques between our edge and the customer’s network to increase resiliency and network availability. Finally, with EVPN’s auto-configuration capabilities we can simplify operational complexity across the entire lifecycle of our VPNs.”
Additionally, the virulent rise in cybercrime has made anti-DDoS solutions critical. Nokia partnered with NL-ix for an industry-first deployment of an anti-DDoS solution that performs mitigation directly on the router, avoiding dedicated scrubbing centers that would push up transport costs and impact latency. Nokia’s AI-enhanced Deepfield Defender actively detects DDoS attacks and then instructs Nokia’s FP5 silicon to block those packet flows without any impact on other router traffic.
Jan Hoogenboom, Founder and Chief Vision Officer at NL-ix, said: “With this innovative anti-DDoS solution from Nokia we can provide our customers with security across their entire area of operations as we pursue our goal of zero enterprise downtime. We are now a one-stop-shop for Europe-wide connectivity and security, saving our customers the hassle of working with multiple parties or making complex arrangements to be protected by a third party.”
Vach Kompella, Senior Vice President and General Manager of IP Networks business at Nokia, said: “As the nerve centers of the Internet, the world’s largest IXPs are host to every type of traffic and customer, and in response they have reset expectations around networking innovation – driving the highest levels of uptime, reliability and security with Nokia solutions. We are proud to be the leading provider of networking infrastructure solutions for these critical organizations.”
About Nokia At Nokia, we create technology that helps the world act together.
As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.
With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
Internet exchange giant NIC.br selects Nokia to boost internet connectivity in Brazil
Largest Internet Exchange Provider (IXP) in the world upgrading network to manage skyrocketing internet and traffic growth over next five years
NIC.br to scale network capacity, improve resiliency and increase automation, resulting in more advanced services for customers
Nokia to deploy IP routing technology, designed to handle world’s most demanding traffic environments, supporting Ethernet VPN (EVPN) services and 400/800G interfaces
30 September 2024
Espoo, Finland – Nokia announced it has been selected by the Brazilian Network Information Center (NIC.br), the largest IXP operator in the world, to increase the performance and reliability of Brazil’s internet infrastructure. Nokia’s cutting-edge IP routing solutions will support NIC.br’s mission of interconnecting the Brazilian Internet ecosystem and enable its expansion and reliability. The network upgrade comes as the country faces massive internet data traffic growth that is expected to reach 218.5 million users and over 50 terabits per second (Tb/s) in the next five years.
NIC.br is responsible for, among several initiatives, registering and maintaining .br domain, as well as operating the Brazilian Internet Exchange (IX.br), which connects more than 3,500 Autonomous Systems (AS) and facilitates data traffic among internet service providers, content providers, hosting services, hyperscalers and other network operators. With Nokia’s IP routing technology, NIC.br is able to scale up its network capacity, improve its resiliency and availability, and vastly improve automation, resulting in a better customer experience.
NIC.br will replace part of its existing technology with the Nokia 7250 Interconnect Router (IXR) and 7750 Service Router (SR) which support EVPN services and 400/800G interfaces. Nokia is an industry leader in standardizing and expanding the EVPN protocol. EVPN is a next-gen VPN solution that provides a unified architecture, in both the control and data planes, and supports a broad range of carrier and business VPN services and network infrastructures. EVPN delivers a variety of benefits to service providers and their customers, including greater network efficiency, reliability, scalability, and simplifies infrastructures with advanced automation.
Julio Sirota, IX.br Infrastructure Manager at NIC.br, said: “Nokia is a trusted and strategic partner for us, as they have proven their ability to deliver state-of-the-art network solutions that match our needs and expectations. By upgrading our network infrastructure with Nokia’s routing platforms, we will be able to provide faster and more reliable internet connectivity for our customers and partners, as well as foster the development of new applications and services that will benefit the entire Brazilian society.”
Vach Kompella, Senior Vice President and General Manager of IP Networks business at Nokia, said: “Internet exchange giants like IX.br from NIC.br are on the front lines for managing unrelenting internet and data traffic growth spurred by hyperscalers, ISPs, content providers and network operators. Keeping up with Brazil’s skyrocketing growth means increases in network capacity, reliability, and automation are critical to NIC.br’s network upgrade. Nokia’s routing solutions are designed to handle the world’s most demanding traffic environments and enable the delivery of high-quality services, like EVPN. We are delighted to work with NIC.br to help them scale, connect and empower the Brazilian internet ecosystem.”
About Nokia At Nokia, we create technology that helps the world act together.
As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.
With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
About the Brazilian Network Information Center – NIC.br
The Brazilian Network Information Center – NIC.br (https://nic.br/) is a non-profit entity that is in charge of the operations related to the .br domain, as well as the allocation of IP numbers and the registration of autonomous systems in the country. NIC.br has been implementing decisions and projects of the Brazilian Internet Steering Committee – CGI.br since 2005. All the funds that are collected come from its entirely private activities. It takes actions and conducts projects that are of benefit to the infrastructure of the Internet in Brazil. Also part of NIC.br are: Registro.br (https://registro.br), CERT.br (https://cert.br/), Ceptro.br (https://ceptro.br/), Cetic.br (https://cetic.br/), IX.br (https://ix.br/), and Ceweb.br (https://ceweb.br), in addition to projects like Internetsegura.br (https://internetsegura.br) and the portal Best Practices for the Internet in Brazil (https://bcp.nic.br/). It also houses the office of the W3C Chapter São Paulo (https://w3c.br/).
Source: Organization for Security and Co-operation in Europe – OSCE
Headline: Third Meeting of the Interagency Steering Committee on Combating Cybercrime in Kazakhstan
Third Meeting of the Interagency Steering Committee on Combating Cybercrime in Kazakhstan, Astana, 18 September 2024 (OSCE/Akbota Sarzhanova) Photo details
On 18 September 2024, the OSCE Programme Office in Astana held the third and final meeting of the Interagency Steering Committee on the development of Kazakhstan’s first Comprehensive Action Plan to Counter Cybercrimes and Crimes using Information and Communication Technologies for 2025-2029 (hereinafter, Action Plan). The initiative is part of the extrabudgetary project “Supporting the Republic of Kazakhstan in the Development of Effective Policies to Counter Cybercrimes (Phase I)”, implemented by the Office in co-operation with the Ministry of Interior of Kazakhstan, and with the support of the Presidential Administration of Kazakhstan.
The meeting brought together over 80 representatives from law enforcement and government agencies, including representatives from 20 police departments, leading national and international experts in combating cybercrime, as well as representatives from the private sector. Discussions focused on finalizing the draft of the Action Plan, refining the plan’s activities, and determining the methods and timelines for implementation.
Dr. Volker Frobarth, Head of the OSCE Programme Office in Astana, addressed the meeting, stating, “I would like to extend my gratitude to our key partner, the Ministry of Interior. Your staff are on the front lines of the daily fight against cybercrime. We recognize the significant challenges they face in investigating these crimes and bringing offenders to justice. Rest assured, both as an organization and as the Office, we are committed to providing full support to your Ministry in advancing initiatives aimed at combating cybercrime.”
This expert-level meeting builds on the progress made during the first and second meetings in this format, where participants reviewed key findings and recommendations for improving the country’s ability to combat cybercrime, based on the analysis of the current situation in Kazakhstan and the international experience of OSCE and OECD countries in effectively combating cybercrime. Special attention was paid to discussing mechanisms and methods to increase the effectiveness of countering new challenges and threats, improving the cybercrime prevention system, and ensuring respect for human rights and freedoms throughout the project’s implementation.
Deputy Minister of the Interior, Aidos Rysbaev, noted the importance of this collaborative effort, stating, “Since last year, we have launched a joint initiative with the OSCE Programme Office in Astana and other government agencies to develop effective policies for combating cybercrime. The Interagency Steering Committee has been established under the Ministry of Interior, and a draft Action Plan is already in place.”
A key outcome of the meeting was the recognition of the need to strengthen and expand international co-operation, establish mechanisms for interagency interaction, and enhance partnerships within a “whole-of-society” approach, thereby improving the effectiveness of identifying, investigating, preventing, and mitigating cybercrimes.
The extrabudgetary project is supported by the governments of the Federal Republic of Germany and the Kingdom of Norway, and aligns with Kazakhstan’s ongoing efforts to join the Budapest Convention on Cybercrime. As Kazakhstan advances its cybercrime policies, the Action Plan will serve as a vital roadmap, ensuring the country is well-equipped to navigate the escalating challenges of the digital age.
At the end of 2023, Germany’s net external assets totalled €2,964 billion, thus amounting to just over 70% of Germany’s nominal gross domestic product (GDP). Overall, both assets and liabilities vis-à-vis non-residents rose further in 2023. This was especially true of claims and liabilities from cross-border portfolio investment. However, corporate ties resulting from direct investment by German investors also continued to expand in 2023. By contrast, both assets and liabilities from other investment declined. These include loans and trade credits (where these do not constitute direct investment) as well as currency and deposits. However, as German liabilities in this segment fell even more sharply than claims in 2023, the other investment balance also rose. In net terms, Germany’s net external assets at the end of 2023 were €206 billion higher than at the end of 2022. This increase was attributable in large part to the surplus on the German current account and the resulting net capital exports. Net external assets rise on the year once again At the end of 2023, Germany’s net external assets stood at €2,964 billion. This was slightly more than 70 % of nominal gross domestic product and meant that this ratio remained virtually unchanged on the year. In 2023, the German net external asset position rose by around €206 billion in absolute terms. Claims on non-residents were up on the year by €381 billion (or 3.1 %) to €12,579 billion; liabilities rose by €175 billion (or 1.9%) to €9,616 billion. Claims mainly reflected transaction-related changes, i.e. asset purchases, as well as positive market price effects. The exchange rate effect, meanwhile, was negative: as the euro effectively appreciated against the currencies of its most important trading partners over the course of the year,[1] the value, in euro terms, of German assets abroad tended to drop where they were reported in a foreign currency. Other non-transaction-related adjustments had a positive impact on Germany’s external assets.[2] The rise in German foreign liabilities was mainly attributable to market price effects, which predominantly occurred around year-end, driven by a more favourable inflation outlook and expectations of falling key interest rates. The cross-border transactions recorded in the financial account resulted in net capital exports of €250 billion last year, in line with Germany’s current account surplus. Non-transaction-related changes reduced the increase by €44 billion, however. On balance, negative market price and exchange rate effects were contributory factors. Other adjustments made a positive overall contribution to Germany’s external position. Surplus in portfolio investment slightly higher than in 2022 At €807 billion, the portfolio investment balance at the end of 2023 was around €23 billion higher than in the previous year. Securities claims on non-residents slightly outpaced the corresponding liabilities.[3] At the end of 2023, resident investors held foreign securities totalling €4,004 billion, up by €392 billion (or 10.9 %) on the previous year. The rise was mainly the result of net purchases of foreign bonds and positive market price effects. The relative strength of the euro, meanwhile, caused mostly negative exchange rate effects on the assets side. Alongside foreign bonds, resident investors also bought foreign investment fund shares and money market papers. However, they sold foreign shares – in small amounts. At the end of 2023, non-resident investors held German securities to the tune of €3,197 billion in their portfolios, which was €369 billion (or 13.1 %) more than at the end of 2022. This was mainly the result of positive market price effects, especially in relation to shares and long-term debt securities. Transactions recorded in the financial account also contributed to the build-up of holdings. On balance, non-resident investors almost exclusively bought German long-term debt securities, as well as, to a lesser extent, short-term debt securities. By contrast, they were net sellers of German shares and investment fund shares. Drop in the positive balance for financial derivatives At the end of 2023, holdings of financial derivatives and employee stock options registered a positive balance of €27 billion. This was, however, only slightly more than half the size of the previous year’s balance. In 2022, Russia’s war of aggression against Ukraine had triggered severe disruptions in the energy markets and caused considerable net capital exports in forward and futures contracts relating to electricity and gas. Further expansion in direct investment Cross-border corporate ties involving German firms continued to expand in 2023. German outward direct investment was up on the year by a total of €85 billion (3.0 %) to €2,929 billion, an increase that was, on balance, exclusively attributable to transactions. In particular, German investors boosted their equity capital in enterprises abroad, but also issued additional loans to affiliated group entities. The effective appreciation of the euro meant that exchange rate effects had a negative impact on Germany’s outward foreign direct investment stocks. These valuation losses were, however, largely offset by positive other adjustments and slightly positive market price effects. Non-resident enterprises increased their direct investment in Germany by €26 billion (1.3 %) to €1,995 billion in 2023, with transactions accounting for just over two-thirds of this total. Non-resident investors augmented their equity capital in German enterprises but reduced their intra-group lending to domestic enterprises. On balance, Germany’s direct investment balance at the end of 2023 amounted to around €933 billion and was therefore €59 billion higher than at year-end 2022. Other investment: net claims higher In other investment, comprising loans and trade credits (where these do not constitute direct investment) as well as currency and deposits amongst others, Germany’s positive net asset position rose by €133 billion on the year, bringing it up to €905 billion at the end of 2023. The Bundesbank’s external claims in this segment fell by €174 billion, which was, on balance, exclusively attributable to the Bundesbank’s lower TARGET balance vis-à-vis the ECB.[4] At the same time, the Bundesbank’s external liabilities in other investment declined, as non-euro area counterparties reduced their deposits with the Bank. On balance, the Bundesbank’s net external position in other investment sank by €33 billion. Monetary financial institutions (excluding the central bank) granted additional loans to non-residents and expanded their holdings of currency and deposits. In both segments, negative valuation effects as a result of exchange rate changes reduced the overall effect on outstanding claims, which rose by €19 billion on balance. Non-residents’ deposits with German monetary financial institutions (excluding the Bundesbank) came down by €65 billion. Overall, the balance of monetary financial institutions (excluding the central bank) in other investment rose by €84 billion last year. General government also recorded a rise in its net claims, by €9 billion, in 2023. By contrast, other investment by enterprises and households swelled by €73 billion on balance. At the end of 2023, claims on non-residents arising from other investment had dropped by €17 billion, or 0.4 %, to €3,867 billion across all sectors. External liabilities fell even more sharply; they stood at €2,963 billion at year-end 2023, down €150 billion, or 4.8 %, on the year. Increase in reserve assets The Bundesbank’s reserve assets amounted to €292 billion at the end of 2023 and were therefore up by €16 billion on the previous year. They grew only marginally by €1 billion as a result of transactions. Reserve asset holdings increased on the back of positive market price effects, in particular (€18 billion), with the rise in the price of gold dominating. Taken in isolation, the appreciation of the euro against the US dollar and other important currencies brought the value of reserve assets down by €3 billion. uncollectable credit claims, changes in sector classifications, changes in the functional category of a financing instrument, as well as statistical discrepancies between the international investment position and the balance of payments due to differing data sources, for example. Footnotes: The fact that the Eurosystem raised key interest rates was also a factor. Non-transaction-related changes include valuation effects as a result of exchange rate or market price movements and other adjustments. Other adjustments include, for instance, write-downs on uncollectable credit claims, changes in sector classifications, changes in the functional category of a financing instrument, as well as statistical discrepancies between the international investment position and the balance of payments due to differing data sources, for example. For more information on transactions in portfolio investment, see Deutsche Bundesbank, German balance of payments in 2023, Monthly Report, March 2024. The Bundesbank’s TARGET claims on the ECB dropped by €176 billion in 2023. That was attributable, amongst other things, to the fact that payments from maturing securities under the asset purchase programme (APP) were no longer being reinvested in full. Reinvestments under the APP were discontinued as of July 2023. See Deutsche Bundesbank, German balance of payments in 2023, Monthly Report, March 2024.
The People’s Bank of China Shanghai Head Office and branches of provinces, autonomous regions, municipalities directly under the Central Government, and cities specifically designated in the state plan; local offices of the National Financial Regulatory Administration; state-owned commercial banks, the Postal Savings Bank of China, and joint-stock commercial banks:
To implement the decisions and arrangements made by the Communist Party of China Central Committee and the State Council, support the rigid housing demand of urban and rural residents as well as their diverse needs to improve living conditions, and promote stable and sound development of the property market, the People’s Bank of China and the National Financial Regulatory Administration hereby issue the notice on the following matters concerning the personal housing loan policy：
For households that borrow loans to buy homes, the minimum down payment ratios for commercial personal mortgage loans shall no longer be distinguished between first-home and second-home loans, but rather be set uniformly at no less than 15 percent.
Based on the national policy on minimum down payment ratios, the provincial-level branches of the People’s Bank of China and the local offices of the National Financial Regulatory Administration shall adopt city-specific approaches. In line with the regulatory requirements of the local governments, they shall decide on their own whether to apply the policy on minimum down payment ratios on a differentiated basis in the cities within their respective jurisdictions, and they shall set for the cities the floor ratios of minimum down payment.
To China Development Bank, policy banks, state-owned commercial banks, Postal Savings Bank of China, and joint-stock commercial banks,
To support local state-owned enterprises in purchasing completed yet unsold housing at reasonable prices and in turning them into affordable housing, and to further enhance market-based incentives for financial institutions and acquiring entities, the People’s Bank of China (PBOC) has decided to adjust and improve relevant policies for central bank lending for affordable housing. For eligible loans issued by financial institutions, central bank lending issued by the PBOC to financial institutions will be increased from 60 percent of the loan principal to 100 percent.
In the case of any inconsistency between previous policies and this notice, this notice shall prevail. Other matters, operational procedures, and work requirements for central bank lending for affordable housing will continue to follow relevant provisions of the “Notice of the People’s Bank of China on Launching Central Bank Lending for Affordable Housing” (Yinfa No. 110 [2024]) and the “Notice of the People’s Bank of China and the National Financial Regulatory Administration on Implementing Central Bank Lending for Affordable Housing” (Yinfa No. 135 [2024]).
General Administration Department of the People’s Bank of China
At the end of 2023, Germany’s net external assets totalled €2,964 billion, thus amounting to just over 70% of Germany’s nominal gross domestic product (GDP). Overall, both assets and liabilities vis-à-vis non-residents rose further in 2023. This was especially true of claims and liabilities from cross-border portfolio investment. However, corporate ties resulting from direct investment by German investors also continued to expand in 2023. By contrast, both assets and liabilities from other investment declined. These include loans and trade credits (where these do not constitute direct investment) as well as currency and deposits. However, as German liabilities in this segment fell even more sharply than claims in 2023, the other investment balance also rose. In net terms, Germany’s net external assets at the end of 2023 were €206 billion higher than at the end of 2022. This increase was attributable in large part to the surplus on the German current account and the resulting net capital exports.
Net external assets rise on the year once again
At the end of 2023, Germany’s net external assets stood at €2,964 billion. This was slightly more than 70 % of nominal gross domestic product and meant that this ratio remained virtually unchanged on the year. In 2023, the German net external asset position rose by around €206 billion in absolute terms. Claims on non-residents were up on the year by €381 billion (or 3.1 %) to €12,579 billion; liabilities rose by €175 billion (or 1.9%) to €9,616 billion. Claims mainly reflected transaction-related changes, i.e. asset purchases, as well as positive market price effects. The exchange rate effect, meanwhile, was negative: as the euro effectively appreciated against the currencies of its most important trading partners over the course of the year,[1] the value, in euro terms, of German assets abroad tended to drop where they were reported in a foreign currency. Other non-transaction-related adjustments had a positive impact on Germany’s external assets.[2] The rise in German foreign liabilities was mainly attributable to market price effects, which predominantly occurred around year-end, driven by a more favourable inflation outlook and expectations of falling key interest rates.
The cross-border transactions recorded in the financial account resulted in net capital exports of €250 billion last year, in line with Germany’s current account surplus. Non-transaction-related changes reduced the increase by €44 billion, however. On balance, negative market price and exchange rate effects were contributory factors. Other adjustments made a positive overall contribution to Germany’s external position.
Surplus in portfolio investment slightly higher than in 2022
At €807 billion, the portfolio investment balance at the end of 2023 was around €23 billion higher than in the previous year. Securities claims on non-residents slightly outpaced the corresponding liabilities.[3]
At the end of 2023, resident investors held foreign securities totalling €4,004 billion, up by €392 billion (or 10.9 %) on the previous year. The rise was mainly the result of net purchases of foreign bonds and positive market price effects. The relative strength of the euro, meanwhile, caused mostly negative exchange rate effects on the assets side. Alongside foreign bonds, resident investors also bought foreign investment fund shares and money market papers. However, they sold foreign shares – in small amounts.
At the end of 2023, non-resident investors held German securities to the tune of €3,197 billion in their portfolios, which was €369 billion (or 13.1 %) more than at the end of 2022. This was mainly the result of positive market price effects, especially in relation to shares and long-term debt securities. Transactions recorded in the financial account also contributed to the build-up of holdings. On balance, non-resident investors almost exclusively bought German long-term debt securities, as well as, to a lesser extent, short-term debt securities. By contrast, they were net sellers of German shares and investment fund shares.
Drop in the positive balance for financial derivatives
At the end of 2023, holdings of financial derivatives and employee stock options registered a positive balance of €27 billion. This was, however, only slightly more than half the size of the previous year’s balance. In 2022, Russia’s war of aggression against Ukraine had triggered severe disruptions in the energy markets and caused considerable net capital exports in forward and futures contracts relating to electricity and gas.
Further expansion in direct investment
Cross-border corporate ties involving German firms continued to expand in 2023. German outward direct investment was up on the year by a total of €85 billion (3.0 %) to €2,929 billion, an increase that was, on balance, exclusively attributable to transactions. In particular, German investors boosted their equity capital in enterprises abroad, but also issued additional loans to affiliated group entities. The effective appreciation of the euro meant that exchange rate effects had a negative impact on Germany’s outward foreign direct investment stocks. These valuation losses were, however, largely offset by positive other adjustments and slightly positive market price effects.
Non-resident enterprises increased their direct investment in Germany by €26 billion (1.3 %) to €1,995 billion in 2023, with transactions accounting for just over two-thirds of this total. Non-resident investors augmented their equity capital in German enterprises but reduced their intra-group lending to domestic enterprises.
On balance, Germany’s direct investment balance at the end of 2023 amounted to around €933 billion and was therefore €59 billion higher than at year-end 2022.
Other investment: net claims higher
In other investment, comprising loans and trade credits (where these do not constitute direct investment) as well as currency and deposits amongst others, Germany’s positive net asset position rose by €133 billion on the year, bringing it up to €905 billion at the end of 2023. The Bundesbank’s external claims in this segment fell by €174 billion, which was, on balance, exclusively attributable to the Bundesbank’s lower TARGET balance vis-à-vis the ECB.[4] At the same time, the Bundesbank’s external liabilities in other investment declined, as non-euro area counterparties reduced their deposits with the Bank. On balance, the Bundesbank’s net external position in other investment sank by €33 billion. Monetary financial institutions (excluding the central bank) granted additional loans to non-residents and expanded their holdings of currency and deposits. In both segments, negative valuation effects as a result of exchange rate changes reduced the overall effect on outstanding claims, which rose by €19 billion on balance. Non-residents’ deposits with German monetary financial institutions (excluding the Bundesbank) came down by €65 billion. Overall, the balance of monetary financial institutions (excluding the central bank) in other investment rose by €84 billion last year. General government also recorded a rise in its net claims, by €9 billion, in 2023. By contrast, other investment by enterprises and households swelled by €73 billion on balance. At the end of 2023, claims on non-residents arising from other investment had dropped by €17 billion, or 0.4 %, to €3,867 billion across all sectors. External liabilities fell even more sharply; they stood at €2,963 billion at year-end 2023, down €150 billion, or 4.8 %, on the year.
Increase in reserve assets
The Bundesbank’s reserve assets amounted to €292 billion at the end of 2023 and were therefore up by €16 billion on the previous year. They grew only marginally by €1 billion as a result of transactions. Reserve asset holdings increased on the back of positive market price effects, in particular (€18 billion), with the rise in the price of gold dominating. Taken in isolation, the appreciation of the euro against the US dollar and other important currencies brought the value of reserve assets down by €3 billion.
uncollectable credit claims, changes in sector classifications, changes in the functional category of a financing instrument, as well as statistical discrepancies between the international investment position and the balance of payments due to differing data sources, for example.
Footnotes:
The fact that the Eurosystem raised key interest rates was also a factor.
Non-transaction-related changes include valuation effects as a result of exchange rate or market price movements and other adjustments. Other adjustments include, for instance, write-downs on uncollectable credit claims, changes in sector classifications, changes in the functional category of a financing instrument, as well as statistical discrepancies between the international investment position and the balance of payments due to differing data sources, for example.
For more information on transactions in portfolio investment, see Deutsche Bundesbank, German balance of payments in 2023, Monthly Report, March 2024.
The Bundesbank’s TARGET claims on the ECB dropped by €176 billion in 2023. That was attributable, amongst other things, to the fact that payments from maturing securities under the asset purchase programme (APP) were no longer being reinvested in full. Reinvestments under the APP were discontinued as of July 2023. See Deutsche Bundesbank, German balance of payments in 2023, Monthly Report, March 2024.
In August 2024, drawdowns of student loans totalled EUR 165 million – almost the same as in the corresponding month last year. However, the volume of student loan drawdowns was affected by opposing forces.
At the beginning of August 2024, the amount of student loan available for drawdown per month was raised by up to 30%.[1] As a result of an amendment to the Act on Financial Aid for Students, persons over 18 years studying in Finland have been able to draw down EUR 850 per month of government-guaranteed loan, instead of the previous EUR 650. The previous raise to the government-guaranteed amount of student loan was made in August 2017.
Another change affecting the monthly drawdown volume was that students in secondary education now have more frequent student loan disbursements than before.[2] From now on, there are four disbursement dates in an academic year, regardless of the duration of studies. The change of the number of disbursements reduces the drawdowns in August and January and correspondingly increases them in March and November. According to Kela’s statistics, students in secondary education drew down approximately 19% of all student loans in the academic year 2022/2023.
The rise in level of interest rates has reduced the volume of student loan drawdowns. However, interest rates on student loans have declined in 2024. In August 2024, the average interest rate on new student loans drawn down declined further, to stand at 4.07% in August. The average interest rate was slightly lower than at the same time a year earlier. 89% of the student loans drawn down were linked to Euribor rates and 11% to banks’ own reference rates.
The reduced drawdown volume has contributed to the slowdown in the growth rate of the student loan stock in recent years.[3] However, the annual rate of growth of the student loan stock (4.2% in August) has picked up somewhat in recent months, and the increase of the government guarantee and lower interest rates may accelerate it further going forward. In August 2024, the stock of student loans (EUR 6.3 billion) was the largest ever.
Loans
In August 2024, Finnish households drew down EUR 1.1 billion of new housing loans, which is EUR 40 million less than in the same period a year earlier. Buy-to-let mortgage loans accounted for EUR 110 million of the new housing loan drawdowns. The average interest rate on new housing loans decreased from July, to stand at 3.93% in August. At the end of August 2024, the housing loan stock totalled EUR 105.9 billion, and its year-on-year change amounted to -0.7%. Buy-to-let mortgages accounted for EUR 8.7 billion of the housing loan stock. At the end of August, Finnish households’ loan stock included EUR 17.9 billion of consumer credit and EUR 17.6 billion of other loans.
Drawdowns of new loans by Finnish non-financial corporations in August totalled EUR 1.5 billion, including EUR 440 million of loans to housing corporations. The average interest rate on new corporate-loan drawdowns rose from July, to stand at 5.36 %. At the end of August, the stock of loans granted to Finnish non-financial corporations was EUR 107.7 billion, whereof housing corporations accounted for EUR 44.8 billion.
Deposits
At the end of August 2024, the total stock of Finnish households’ deposits was EUR 110.6 billion, and the average interest rate on these deposits was 1.35%. Overnight deposits accounted for EUR 67.1 billion and deposits with an agreed maturity for EUR 14.6 billion of the total deposit stock. In August, Finnish households made new deposit agreements with an agreed maturity in the amount of EUR 1.1 billion. The average interest rate on these new term deposits was 3.39%.
Loans and deposits to Finland, preliminary data*
June, EUR million
July, EUR million
August, EUR million
August, 12-month change1, %
Average interest rate, %
Loans to households, stock
141,421
141,223
141,425
-0.4
4.53
– of which housing loans
106,032
105,861
105,914
-0.7
3.95
– of which buy-to-let mortgages
8,682
8,680
8,708
4.14
Loans to non-financial corporations2, stock
108,10
107,497
107,747
1.1
4.62
Deposits by households, stock
110,784
109,951
110,644
1.2
1.35
Households’ new drawdowns of housing loans
1,096
1,049
1,104
3.93
– of which buy-to-let mortgages
96
96
111
4.06
* Includes loans and deposits in all currencies to residents in Finland. The statistical releases of the Bank of Finland up to January 2021, as well as those of the ECB, present loans and deposits in euro to euro area residents and also include non-profit institutions serving households. For these reasons, the figures in this table differ from those in the aforementioned releases. 1 Rate of change has been calculated from monthly differences in levels adjusted for classification and other revaluation changes. 2 Non-financial corporations also include housing corporations.
For further information, please contact:
Markus Aaltonen, tel. +358 9 831 2395, email: markus.aaltonen(at)bof.fi,
Ville Tolkki, tel. +358 9 183 2420, email: ville.tolkki(at)bof.fi.
The next news release on money and banking statistics will be published at 10:00 on 28 October 2024.
Source: Switzerland – Department of Defence, Civil Protection and Sport
National Cyber Security Centre
Bern, 30.09.2024 – Artificial intelligence (AI) is increasingly being used in cyberattacks, particularly social engineering attacks. For this year’s European Cyber Security Month (ECSM), the National Cyber Security Centre (NCSC) will be raising public awareness of this cyberthreat. The ECSM takes place every October and is organised by the European Union Agency for Cybersecurity (ENISA) together with the European member states.
The use of AI is becoming increasingly important – even in the world of cybercrime. In particular, we are seeing a trend in social engineering attacks where AI is being used by criminals to impersonate someone else. For example, AI can easily be used to write authentic-looking emails, mimic voices or fake images. These fake identities give the cybercriminals more credibility and make it easier for them to gain the trust of their victims. In light of these developments, the NCSC is focusing on the influence of artificial intelligence in social engineering attacks as part of this year’s ECSM.
A spotlight on deepfake videos
From 1 October, the NCSC will run a campaign to raise public awareness of the risks of social engineering attacks using deepfake technology. Together with Youth and Media and Ralph Landolt, partner of Seniorweb.ch, the NCSC has developed targeted content for young people, professionals and seniors. The campaign includes a short video that shows how easy it is for cyber criminals to use AI to create deepfake videos. There will also be an online lunch meeting to discuss the issue, an explanatory video for older people and more information on the NCSC website. The campaign will run until 31 October.
The European Cyber Security Month
The ECSM is organised by ENISA together with the European member states. As a cooperation partner of ENISA, the NCSC plays an active role in the campaign. Social engineering was already the focus of ECSM 2023: the NCSC’s campaign was built around a dance video, which generated a lot of interest from the public. Because it is still so relevant today, the 2024 campaign will once again address the issue of social engineering in the context of cyberattacks.
This article contains minor spoilers for episode one of Joan.
The new six-part ITV crime series, Joan, opens with The Pretenders’ rebellious rock anthem Brass in Pocket. It’s a fitting choice that immediately sets the tone for the series. As Chrissie Hynde’s vocals kick in, we’re introduced to our protagonist – a woman who, like the song, will soon exude self-assurance and a touch of defiance, even in the face of overwhelming adversity.
Sophie Turner stars as Joan Hannington, whose journey from impoverished victim to notorious jewel thief unfolds in 1980s London. Based on true events, the series chronicles Hannington’s transformation into “the godmother” – the most infamous woman in the city’s criminal underworld.
The first episode establishes Hannington’s dire circumstances and the spark that ignites her criminal career. She is trapped in an abusive marriage to a violent man who physically abuses her and neglects their six-year-old daughter, Kelly. When he goes on the run, Hannington seizes the opportunity to escape, but not before facing the harsh realities of her situation – from being assaulted by gangsters to whom her husband owes money, to being pressured by undercover police to inform on him.
Circumstances force Hannington to place Kelly with an emergency foster family. This decision is made all the more poignant by the revelation of Joan’s own childhood in care, which explains her fierce determination to provide a better life for her daughter. Their relationship forms the first episode’s emotional core. It is why Joan takes her first tentative steps into illegality, beginning with stealing a car to visit Kelly at her new home.
The trailer for Joan.
This initial transgression evolves into more sophisticated cons. Her method of learning about jewellery by eavesdropping on wealthy women before landing a job at a jeweller’s offers a pointed commentary on class barriers. Hannington’s ability to mimic the accents and mannerisms of the affluent underscores the performative nature of social class and foreshadows her future success in high-end theft.
Joan doesn’t shy away from the darker aspects of its world, where the threat of male violence is a constant shadow. From her husband’s brutal abuse to the unwelcome advances of her new boss at the jewellers, the series portrays a reality where Hannington’s safety is perpetually at risk.
Yet these very threats fuel her determination to carve out a safer life for herself and Kelly. We watch as she takes increasingly bold steps, culminating in a scene where she swallows several diamonds to smuggle them out of the store. This moment marks a turning point for Hannington, signalling her commitment to her new life of crime.
Anti-heroines in British crime drama
Joan takes its place in a rich tradition of anti-heroines in British crime TV, a lineage that has been slowly but steadily growing since the turn of the millennium.
As noted by professor of television studies, Milly Buonanno in Television Antiheroines: Women Behaving Badly in Crime and Prison Drama (2017), it wasn’t until the noughties that “the rule of male prominence and power [was] challenged by a wave of anti-heroines who have made inroads into the criminal underworlds and have provided evidence of women’s capacity to be ‘good at being bad’ against the myth of female innocence”.
Hannington joins this pantheon of complex female characters, trail-blazed in the 90s by Jane Tennison (Helen Mirren) from Prime Suspect (1991). As TV critic Rebecca Nicholson has observed, Tennison’s influence “looms larger than is often acknowledged within modern television”. More recent additions to this lineage include characters such as Alice (Ruth Wilson) in Luther (2010) and Villanelle (Jodie Comer) in Killing Eve (2018) – each pushing the boundaries of how female characters are portrayed in British crime dramas.
Speaking about bringing Hannington to life on screen, Turner has said that she “was captivated by the character of Joan, she’s such a complex and extraordinary woman, both vulnerable and strong. She makes some terrible choices, unfortunately, but I think someone that a lot of people can relate to, and I just wanted to read more and more about her.”
Turner’s words encapsulate the hallmarks of the anti-heroine archetype – moral ambiguity, inner conflict, and a strange magnetism that draws viewers in despite (or perhaps because of) the character’s flaws. Her emphasis on Hannington’s relatability – even in the face of “terrible choices” – speaks to the human core of these anti-heroine stories.
But it’s crucial to approach these characters with a sense of discernment. As Buaonanno cautions, we should refrain from “uncritically celebrating characters of women in the business of crime”. The mere presence of criminal anti-heroines doesn’t equate to feminist achievement. But Joan does offer an opportunity for a nuanced exploration of themes such as gender, class and morality.
Whether Hannington’s journey will serve as a cautionary tale or a celebration of resilience remains to be seen. One thing is certain: Joan will challenge audiences to grapple with moral ambiguities as it explores the story of a working-class woman who forges her own path in the ruthless world of organised crime.
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Laura Minor 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.
The Food Partnership is a cross-sector partnership, with members and representatives from the statutory, VCSE, and private sectors.
Organisations across Stoke-on-Trent are joining forces to help drive forward an “equitable, resilient, and environmentally sustainable food network that supports the health, wellbeing and prosperity of our communities”.
Fronted by the YMCA North Staffordshire and VAST the partnership has three overarching priorities; 1. Food availability 2. Food affordability 3. Food sustainability
The Food Partnership is a cross-sector partnership, with members and representatives from the statutory, VCSE, and private sectors. Its clear aim is to ensure representation and influence from a range of expertise, and specialisms.
Councillor Sarah Jane Colclough, cabinet member for education and anti-poverty, said: “Collaboration work is vital to ensuring all residents are represented and supported. We know the Cost-of-Living crisis impacted people harder than we could ever imagine. Support is out there and I urge anyone struggling to reach out. We want to help communities to come together to support each other.”
Daniel Flynn, Chief Executive Officer at YMCA North Staffordshire advised: “We collectively believe that every person in the city should have access to healthy, tasty, affordable food. We recognise that food is at the heart of some of our city’s most pressing social, economic and environmental problems; however, we also see good food as part of the solution to our communities’ challenges.”
Over the last couple of years, Stoke-on-Trent City Council, alongside voluntary sector partner, VAST pulled together an essential directory to help families all year round, signposting support services, including information for those facing food poverty, financial issues and support with household energy.
The Help is at Hand campaign has been coordinated by the city council in partnership with a range of community and voluntary organisations across the city. The city council has committed to ensuring every resident has access to a financial MoT and is now focusing on ensuring everyone has the nutritional, healthy, affordable food they need.
Information on the range of advice, support and information on offer as part of the Help is at Hand campaign is available at http://www.stoke.gov.uk/helpisathand.
Interested organisations can find out about upcoming Food Partnership meetings at vast.org.uk/events or email support@vast.org.uk
VAST currently provides city-wide support to communities in Stoke-on-Trent and North Staffordshire and supports the voluntary, community, and social enterprise sectors.
Source: United Kingdom – Executive Government & Departments
Mobilisation of climate finance set to be boosted across East Africa through new UK-backed company as investors put pen to paper to begin operations.
Investors back Dhamana Guarantee Company’s work to transform East Africa’s financial landscape.
Tackling climate change given another boost in Kenya as, for second time in a week, a UK-Government backed investor in green finance solutions puts pen to paper.
Monday 30 September 2024 – Dhamana Guarantee Company Ltd (Dhamana) has reached a major milestone, marked at an event in Nairobi today.
Investors in the new company put pen to paper at a signing ceremony, which will allow the company to kick-start operations.
Dhamana aims to mobilise private sector finance to support the development of sustainable businesses. It will do so by issuing guarantees to commercially viable projects, businesses, and institutions that tackle the climate crisis and make progress towards the Sustainable Development Goals (SDGs).
The design and creation of the company was supported by the UK-Government backed investor the Private Infrastructure Development Group (PIDG) through InfraCo Africa. With its anchor investment, PIDG kick-started Dhamana, attracting further equity investment from the African Development Bank (AfDB) and CPF Group, with support provided by Cardano Development and FSD Africa.
Dhamana is a new limited liability company based in Kenya with a mandate to deliver for the East African region – including – Kenya, Tanzania, Uganda and Rwanda. It will provide credit guarantees on debt capital market instruments, to boost the credit rating of such instruments and crowd in investment from pension funds, insurance companies and sovereign wealth funds to support sustainable infrastructure and business development in East Africa.
Dhamana will target businesses that add value to people’s lives, improving the day-to-day life of Kenyans and of people across the region. The increase in affordable finance for Kenyan businesses will mean projects will require less capital to get off the ground, make money, and generate growth. Dhamana will also enable investors to diversify their portfolios, acting as a catalyst to transform East Africa’s financing landscape.
This is the second time in a week that an investor in climate solutions backed by the UK Government has achieved a milestone. Last week, MOBILIST signed a partnership with the Nairobi Securities Exchange which aims to drive the listing of new investment products in the Kenyan market and increase the amount of private sector capital available for development and climate projects in Kenya and drive growth.
Dhamana CEO, Christopher Olobo, said:
With the support of our investors and supporters, we have worked to develop Dhamana as an important catalyst for long-term sustainable finance in the region. Dhamana’s local currency guarantees will connect pools of untapped capital with East Africa’s real economy, making a tangible difference to people’s lives and offering local investors the opportunity to invest in Paris-aligned initiatives.
Deputy High Commissioner and Development Director, British High Commission Nairobi, Leigh Stubblefield, said:
For the second time in a week I am proud to say that the UK has supported a climate finance solution in Kenya – an example of our long-term commitment to long-term investment and growth. This is a great pan-Africa partnership that will improve the lives of East Africans for the better, and as the saying goes, we go far when we go together.
Representing PIDG, InfraCo Africa CEO, Gilles Vaes, added:
Building on the success of other PIDG-supported credit enhancement facilities in Nigeria and Pakistan, Dhamana will demonstrate the value of such a facility in the East African market, opening up opportunities for investors and clients alike. Crucially, Dhamana will engage new partners and investors in our efforts to urgently address the climate crisis and accelerate delivery of the UN sustainable development goals.
In his remarks at the launch event, Solomon Quaynor, African Development Bank Vice President for Private Sector, Infrastructure & Industrialisation, said:
The African Development Bank’s equity investment in Dhamana reinforces the catalytic role and potential of credit enhancement companies in leveraging opportunities for infrastructure financing in local currency and supporting debt capital markets deepening in our regional member countries. We intend to replicate this business model in appropriate markets across Africa with partners such as the Private Infrastructure Development Group (PIDG) and others. The first example of this type of credit enhancement company was InfraCredit in Nigeria which has had demonstrated success, and now Dhamana in East Africa. The investment in Dhamana aligns with the Bank’s priority to mobilise financing through innovative vehicles from African institutional funds including pension funds, sovereign wealth funds and insurance companies for infrastructure development in Africa.
On his part, Dr. Hosea Kili, OGW – CPF Group Managing Director/CEO – said:
We are proud to be part of this transformative initiative through Dhamana Guarantee Company. We believe in the power of innovative financial solutions to drive sustainable growth. By leveraging local currency guarantees, Dhamana will unlock critical capital for critical infrastructure projects, advancing economic development. This partnership aligns with our commitment to investing in initiatives that improve the lives of people’s lives and our economy while contributing to a more sustainable future.
Joost Zuidberg, CEO of Cardano Development concluded:
Dhamana’s true strength lies in its capacity to attract significant investments from East Africa’s institutional capital, laying a strong foundation for future scaling up according to its sizeable potential and thus meaningfully contribute to sustained economic growth in the region. Part of our core work is to incubate guarantee solutions for emerging and frontier markets, and we are thrilled to formalise this partnership today, as we collectively provide Dhamana with the crucial support and capital needed to fulfil this vital objective.
Dhamana Guarantee Company (Dhamana): Dhamana is working to catalyse the development of domestic capital markets in East Africa. It does this by connecting significant under-utilised sources of domestic institutional capital with the real economy, such as new green infrastructure, and providers of credit to businesses. This increases access and the affordability of local capital, providing new low-risk opportunities for local investors. Dhamana will also serve to provide a portfolio of businesses with access to the local currency capital needed to deliver bankable projects, meeting the high demand for new affordable housing, transportation, water, and energy infrastructure, and promoting long term economic development. http://www.dhamana.com
About PIDG
The Private Infrastructure Development Group (PIDG) is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east Asia. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs). PIDG delivers its ambition in line with its values of pioneering, partnership, safety, inclusivity, and urgency. PIDG offers Technical Assistance for upstream, early-stage activities and concessional capital; its project development arm – which includes InfraCo Africa and InfraCo Asia – invests in early-stage project development and project and corporate equity. PIDG credit solutions include EAIF (the Emerging Africa Infrastructure Fund), one of the first and more successful blended debt funds in low-income markets; GuarantCo, its guarantee arm that provides credit enhancement and local currency solutions to de-risk projects; and a growing portfolio of local credit enhancement facilities, which unlocks domestic institutional capital for infrastructure financing. Since 2002, PIDG has supported 233 infrastructure projects to financial close, which provided an estimated 228 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Global Affairs Canada, Germany, and the IFC. http://www.pidg.org
About the African Development Bank (AfDB)
The African Development Bank (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. http://www.afdb.org
About the CPF Group
The CPF Group offers a comprehensive range of services through its various subsidiaries including CPF Financial Services which administers both private and public pension funds; notably – the Public Service Superannuation Scheme (PSSS); The Local Authorities Pensions Trust (LAPTRUST); the Taifa Pension Fund; the County Pension Fund and CPF Individual Pension Plan. The funds under our administration have a total membership of just over 500,000 members.
Other subsidiaries include Laser Infrastructure & Technology Solutions (LITES); Laser Property Services; Rukisha Advances payment platform; CPF Asset Managers; CPF Capital & Advisory; and Laser Insurance Brokers (LIB). The Group offers a wide range of services in ICT & renewable energy solutions, Property Services, Insurance Brokerage, Smart Money platform, fund management, Transaction Advisory, Trust fund services, training & consultancy, and Corporate Trustee Services. Derived from uncompromised commitment to fulfilling lives, the CPF Group prioritises new models and approaches in engineering turnkey solutions for clients across the region. http://www.cpfgroup.or.ke
About Cardano Development
Cardano Development (CD), established in 2007, incubates new companies, and creates and manages fund managers. Through careful risk-management analysis in data poor settings, CD identifies scalable solutions that can help to make frontier financial markets more inclusive, investible, and sustainable to unlock lasting economic value. CD creates scalable solutions for currency, credit, and liquidity risks in these markets. With over USD 6 billion assets and USD 3.1 billion capital under management, CD supports scale-up ventures (TCX, GuarantCo, Frontclear, BIX Capital, ILX Fund, AGRI3 Fund), and a number of new start-ups, with ongoing management support services and corporate governance oversight. http://www.cardanodevelopment.com.
The Announcement No. 16 [2019] of the People’s Bank of China has played an important role in advancing the market-based interest rate reform and promoting the stable and healthy development of the real estate market since its release. In order to implement the decisions and arrangements of the CPC Central Committee and the State Council, respond to new changes in the supply and demand of the real estate market, meet new expectations of the people for high-quality housing, deepen the market-oriented reform of interest rates, better play the role of market mechanisms, and safeguard the legitimate rights and interests of both borrowers and lenders, relevant matters regarding improving the pricing mechanism for commercial personal housing loans are hereby announced as follows:
1. The borrower, when applying for commercial personal housing loans, can choose fixed or floating interest rate as the pricing methods for the loan contract. If the contract specifies a fixed interest rate, the interest rate shall remain unchanged during the contract period. If the contract specifies a floating interest rate, the interest rate shall be formed by adding spread to the latest Loan Prime Rate (LPR), and the spread, which can be positive or negative, shall reflect factors such as market supply and demand and risk premium of the borrower.
2. The borrower of a fixed-rate commercial personal housing loan, after negotiating with the banking institution, can obtain a new floating-rate commercial personal housing loan to replace the existing one. The interest rate in the replacement is formed by adding spread to the latest LPR, and spread equals the difference between the interest rate of the original contract and the latest LPR.
3. From November 1, 2024 onwards, the borrower of a commercial personal housing loan may negotiate with the banking institution for a different fixing period, if the contract specifies a floating interest rate. On the fixing date, the benchmark for repricing should be reset to the latest LPR. The fixing period and the way for adjustments shall be specified in the loan contract.
4. From November 1, 2024 onwards, the borrower of a floating-rate personal housing loan may negotiate with the banking institution when the interest rate on the loan deviates to a certain extent from that on the newly issued personal housing loans nationwide. The banking institution shall then grant a new floating-rate personal housing loan to replace the existing one based on the negotiation. The newly agreed spread added to LPR shall reflect changes in factors such as the market supply and demand, and the risk premium of the borrower. The new spread shall not be lower than the floor set by the city where the replacement is made, if the floor exists.
5. All provincial branches of the PBOC shall provide guidance to the self-regulatory pricing mechanism for market interest rates at their corresponding levels. The latter shall guide the financial institutions within their jurisdictions to implement the requirements effectively, regulate market competition, and maintain market order, according to the development of the real estate market in the cities within their jurisdictions and regulations of local governments.
6. Banking institutions shall effectively disseminate and explain the policies and provide consultations. They shall safeguard the rights of the borrowers granted by the contract, and protect the legitimate rights and interests of consumers according to laws and regulations, to ensure that relevant work is carried out in a smooth and orderly manner.
This announcement shall come into force on the date of its issuance, while the Announcement No. 16 [2019] of the People’s Bank of China shall be repealed at the same time. Where the previous relevant regulations are inconsistent with this announcement, this announcement shall prevail.
Water and Sanitation Minister, David Mahlobo, has called on residents across the country to safeguard water infrastructure in areas where they reside as a measure to assist government to ensure water security through the implementation of water projects.
Mahlobo made these remarks at a community engagement session on Friday in Alice in the Eastern Cape, where he joined the Minister of Higher Education and Training, Dr Nobuhle Nkabane, to hand over the R130 million Alice Water Treatment and the University of Fort Hare’s Wastewater Treatment Works Expansion Projects.
The University of Fort Hare initiated the upgrade of the Alice Water Treatment Works (WTWs) and the flow rate increase from an average of 6.5 megalitres per day to 12 megalitres day. This resulted in the total water storage capacity increasing from 11.28 megalitres to 17.48 megalitres.
“The initiative was sparked by the treatment and storage capacity of the Wastewater Treatment Works, which far exceeded the demand, which had significant negative impact on both the Alice town and the university,” the Department of Water and Sanitation (DWS) said.
The university then approached the Amathole District Municipality, as the Water Services Authority, to solicit its plans to address the unreliable supply in the area, and to also meet its additional requirement as additional student residential accommodation was needed.
The Amathole District Municipality advised the university that the upgrade of the Alice Water Treatment Works was set to start in the 2024/25 budget cycle due to over commitments in its Infrastructure Capital Programmes.
This then prompted the university to approach the Department of Higher Education and Training to bridge the upgrades of both the Alice Water Treatment Works and the Wastewater Treatment Works in order to unlock further development of student accommodation.
The request was endorsed by former Minister Blade Nzimande, and it culminated into the signing of a Memorandum of Understanding (MoU) between Fort Hare University and Amathole District Municipality.
The MoU set the wheels in motion, which resulted in the two projects effectively implemented and handed over by the current Minister of Higher Education and Training, and Deputy Minister Mahlobo.
Mahlobo has endorsed the university’s initiative and praised the swift response by the Department of Higher Education and Training.
“As the Ministry of Water and Sanitation, we fully encourage and support such initiatives, as undertaken by the university and our sister department. Water is a source of life and all of us should work together to ensure that we safeguard this precious resource. Any initiative that strives to ensure water security will always get the support of the Ministry of Water and Sanitation.
“While we welcome collaborative work, we also call on community members to play their significant role in ensuring that they safeguard water infrastructure. It cannot be correct that the vandalism of water infrastructure still happens in communities,” Mahlobo said.
The two projects are aimed at addressing water treatment and wastewater management at the university, and are collaborative initiatives of the University of Fort Hare, Amathole District Municipality and Raymond Mhlaba Local Municipality. –SANews.gov.za
MILES AXLE Translation. Region: Russian Federation –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
The draft law on the federal budget for 2025 and for the planning period of 2026 and 2027 has been submitted to the State Duma for consideration. The order to submit it was signed by Prime Minister Mikhail Mishustin.
Document
Order dated September 28, 2024 No. 2693-r
When drafting the new three-year budget, the Government proceeded from the need to fulfill social obligations to citizens and solve priority tasks outlined by the President.
Thus, one of the main priorities is targeted support for pregnant women and families with children.
Submission to the State Duma of the draft federal law developed by the Ministry of Finance “On the federal budget for 2025 and for the planning period of 2026 and 2027”
12 hours ago
In particular, over 4 trillion rubles have been allocated for monthly benefits in connection with the birth and upbringing of a child for 2025–2027. Over 1.7 trillion rubles have been planned for the provision of maternity capital, and over 12 billion rubles over three years for subsidies for housing for young families.
Dmitry Grigorenko on the introduction to the State Duma of the draft federal law developed by the Ministry of Finance “On the federal budget for 2025 and for the planning period of 2026 and 2027”
12 hours ago
It is proposed to allocate approximately 37.5 billion rubles to support regional demographic programs aimed at increasing the birth rate.
The necessary funds have also been allocated for such important areas as hot meals for schoolchildren, payments to class teachers, major repairs and construction of new educational institutions, provision of medicines for beneficiaries, increasing the level of pension provision and resuming indexation of pensions for working pensioners.
The draft budget allocates over 130 billion rubles to help citizens who find themselves in difficult life situations under the social contract program.
More than 80 billion rubles are planned for the development of a long-term care system for the elderly and disabled who need such assistance.
The Government’s priority tasks include the implementation of national projects. A total of more than 18 trillion rubles have been allocated for their financing (19 projects) over three years. Over 40 trillion rubles have been allocated from the federal budget over six years. Compared to the national projects in effect in 2019–2024, funding from the federal budget has been almost doubled.
An equally important area is financial support for the regions. It is planned to allocate 3.3 trillion rubles annually for these purposes.
The draft of the new three-year federal budget is based on the basic version of the socio-economic development forecast. It implies that in 2025–2027, economic dynamics will be on a moderate trajectory of 2.5–2.8% of GDP.
Budget revenues in 2025 will amount to 40.3 trillion rubles, in 2026 – 41.8 trillion rubles, in 2027 – 43.2 trillion rubles.
Expenditures in 2025 are planned at 41.5 trillion rubles, 44 trillion rubles in 2026, and 45.9 trillion rubles in 2027.
The execution of the new three-year federal budget is expected with a deficit of 0.5% of GDP in 2025, 0.9% of GDP in 2026 and 1.1% in 2027. During this period, the non-oil and gas deficit will be reduced to 5% of GDP in 2027 (by 2.5 percentage points compared to 2024).
The main sources of deficit financing in 2025–2027 will be government borrowing. The volume of government debt will remain at a safe level.
Along with the draft of the new three-year budget, the Government also sent draft budgets of extra-budgetary funds and a number of other bills of decisive importance for public finances to the lower house of parliament.
This year, the budget package was submitted entirely via electronic communication channels for the first time. This was the result of systematic work to improve the interaction between the Government Office and the State Duma.
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.
Osnabrueck, Mexico City, September 30, 2024. Global logistics service provider Hellmann Worldwide Logistics announces a contract logistics partnership with the iconic fashion-sport brand Lacoste in Mexico.
As part of the cooperation, Hellmann, who was recently recognized as an outstanding employer (“Super Empresa”) by Mexican Expansion magazine, is managing a dedicated, full-service distribution center for Lacoste Mexico.
Operating out of a state-of-the-art 11,000 square meter warehouse in Mexico City, Hellmann manages the supply of 45 retail locations and direct to consumer shipments across Mexico. The array of services provided by Hellmann includes receiving, inventory management, as well as pick, pack and ship operations for outgoing B2B and e-commerce orders.
Since Hellmann established its fashion logistics division over two decades ago, the freight forwarder has evolved into a leading provider of end-to-end logistics from production facilities to point of sale for several players in the fashion and retail sector. In addition to contract logistics services, a network of regional teams of experts situated in major markets provide flexible omni-channel concepts, e-commerce, fulfillment and logistics solutions around the globe.
“Thanks to our very successful track record, we are pleased to strengthen our market position in fashion and lifestyle logistics in the Americas by partnering with Lacoste in Mexico. As a company with a strong focus on providing tailor-made solutions to fashion and retail companies, we are delighted to support Lacoste in their expansion in the Mexican market,” says Volker Sauerborn, Chief Operating Officer Contract Logistics, Hellmann Worldwide Logistics.
About Hellmann
Since its foundation over 150 years ago, Hellmann Worldwide Logistics has developed into one of the largest international logistics providers in the world. With more than 12,000 employees, the company is active in 57 countries and generated sales of EUR 3.5 billion in 2023.The range of services includes classic forwarding services by road, rail, air- and seafreight, as well as a comprehensive range of CEP services, contract logistics, industry and IT solutions.
Beirut (Agenzia Fides) – “The assassination of Sayyed Hassan Nasrallah has opened a wound in the hearts of the Lebanese”. But “the incessant martyrdom of Christian and Muslim leaders who believed in the cause of truth, justice and the defense of the weak strengthens the unity of the Lebanese, a unity of blood, belonging and destiny”, said Maronite Patriarch Béchara Boutros Raï on the death of the leader of the Shiite Hezbollah movement, killed by the Israeli army in Beirut on Friday evening. He did so during the homily during Sunday Mass on September 29 at the Patriarch’s summer residence in Dimane. A Mass – said the Lebanese Cardinal – celebrated to implore repose for the souls of the victims of these days and to ask for peace.”Martyrdom for the common homeland,” continued the Maronite Patriarch, “is the martyrdom chosen by believers of all Lebanese components who have united in it and left us an invitation to loyalty and fidelity to their sacrifice for a homeland they loved, even if they had different ideas about how to manage it and how to conduct politics.””The blood shed by those who sacrificed themselves for the Lebanese homeland,” continued Cardinal Raï, referring to the political-institutional crisis that has paralyzed the country for years, “calls us to defend Lebanon against any aggression and to elect a President of the Republic who will give Lebanon back its place among the nations.” The post of Head of State, which in the Lebanese institutional system belongs to a Maronite Christian, has been vacant for almost two years due to cross-party and sectarian vetoes.In his homily, the Lebanese Cardinal – who in the recent past had also been critical of the strategies of the Hezbollah militias – affirmed that “the international community is called to take serious measures to stop the cycle of war, death and destruction here and to prepare the ground for a just peace that guarantees the rights of all peoples and components of the region”. “It is time”, added the Maronite Patriarch, “for all Lebanese to understand that they have no one to help and support them except themselves, united and in solidarity with each other, committed to managing the affairs of the Lebanese home in the spirit of the National Pact, in a state of law and institutions”. (GV) (Agenzia Fides, 29/9/2024)
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Cutting value-chain emissions could be key to reducing carbon footprints to net zero, ITU-WBA report shows.
Geneva, 30 September 2024 – The carbon footprint of the digital technology sector is growing to keep pace with global demand for hardware, network services, data storage and emerging technologies, according to a report co-authored by the International Telecommunication Union (ITU) and the World Benchmarking Alliance (WBA).
Alongside commitments expressed across industry to embrace both digital growth and environmental sustainability, the report reveals an overall decline in progress towards climate goals. Greenhouse gas (GHG) emissions and energy consumption in the global tech sector have increased, while transparency and accountability remain a challenge.
Greening Digital Companies 2024 offers insights and best practices to help tech companies worldwide accelerate their emissions reductions, achieve low-carbon operations, and improve climate reporting.
“An effective green transition needs digital companies to drive progress and lead by example,” said ITU Secretary-General Doreen Bogdan-Martin. “This report is an important tool for understanding where to focus efforts to maximize digital technology’s immense potential to advance sustainability in the face of climate change for the digital future we want. The report’s findings formulate a clear call for action for leaders gathering at the Green Digital Action meeting at COP29’s landmark Digitalisation Day.”
Balancing benefits and costs
Digital technologies offer numerous socio-economic benefits and can accelerate progress on the UN’s Sustainable Development Goals (SDGs).
Tech can enhance weather predictions and climate-change monitoring, optimize energy use, and help integrate low-emission technologies.
But to advance sustainable development, industry must monitor and address its own environmental challenges, including carbon emissions, energy and water consumption, e-waste, and raw-material depletion.
Greening Digital Companies 2024 evaluates the greenhouse gas emissions and energy use of 200 leading digital companies around the world.
Of the 200 companies covered in the report, 148 reported electricity consumption totaling 518 terawatt-hours (TWh) in 2022, about 1.9 per cent of the world total. The 10 companies with the highest consumption levels – all headquartered in East Asia or the United States – consumed 51 per cent of this total, 9 per cent higher than in 2021.
Assessing the corporate value chain
The report’s 2024 edition provides the first comprehensive overview of corporate value-chain emissions. Often referred to as “Scope 3,” these make up most of the emission footprints of digital companies.
Scope 3 emissions include everything from material suppliers and outsourced device production to the use of a company’s end-products by consumers. Such end-products range from cell phones and computers to search engines and AI chatbots.
On average, these emissions are six times greater than the combined Scope 1 and Scope 2 emissions that a company produces itself or is responsible for indirectly, according to the report.
Many companies struggle to accurately calculate and attribute their Scope 3 emissions, with common challenges including lack of data from suppliers, double counting, and inconsistent application of emission-allocation principles.
“Digital companies need to do their part in the fight against climate change,” said Lourdes O. Montenegro, Director of Research and Digitisation at the World Benchmarking Alliance. “This report uniquely offers evidence-based insights on the sector’s state of play. We are bringing these data and insights to the attention of the international community to help ensure that the impact on people and planet is consequential to success in business.”
Managing emissions from emerging technologies
The rapid growth of artificial intelligence (AI) technologies will further strain energy resources and keep adding to emissions, the report makes clear.
The report also notes the contributions that AI and other transformative technologies can make to support sustainable development.
To help digital companies meet sustainability goals, Greening Digital Companies 2024 underscores the role of governments in implementing monitoring frameworks and accelerating the availability of green energy.
“From the development point of view, it is increasingly important for industry players to more closely monitor their own greenhouse gas emissions and act to reduce emissions and energy use,” said Cosmas Zavazava, Director of the ITU’s Telecommunication Development Bureau.
“GHG impacts can be devastating and include extreme and changing weather patterns and rising sea levels. If left unchecked, climate change will undo part of the development progress of the past. Governments can support the tech industry’s efforts to balance innovation with sustainability, fostering a twin transition towards digital growth and environmental responsibility.”
Liberalizing energy markets, reducing red tape for permitting, modernizing power grids, and investing in energy storage are all ways that governments can support industry sustainability efforts. Renewable energy investment is also critical.
Research and analysis to support green digital action
Greening Digital Companies 2024 reflects ITU’s wider push for effective climate action across the global tech industry.
ITU, the UN Agency for Digital Technologies, urges the industry to take responsibility for its own emissions; helps develop and promote technical standards to cut emissions in line with global climate goals; and encourages industry partners worldwide to support ITU’s Green Digital Action, aiming to strengthen the contribution of digital technologies to climate and environmental action.
Notes:
Advance interviews under the embargo are available.
The report will be launched Monday 30 September during the ITU-WBA webinar: “Greening Digital Companies 2024: Monitoring emissions and climate commitments,” taking place in two sessions to accommodate different world regions:
Session One: 9:00 – 10:15 CEST / Session Two: 18:00 – 19:15 CEST
The upcoming UN Climate Conference in Baku, Azerbaijan (COP29) will host the first Digitalisation Day at a COP, shining a spotlight on the growing opportunities and challenges posed by increasing digitalisation. This will include the inaugural high-level meeting on digitalisation at a COP.
Resources and background information:
Virtual launch event of the Greening Digital Companies 2024 report, 30 September 2024
Greening Digital Companies 2024: Monitoring Emissions and Climate Commitments
Greening Digital Companies 2023: Monitoring Emissions and Climate Commitments
Greening Digital Companies 2022: Monitoring Emissions and Climate Commitments.
International Telecommunication Union (ITU)
About ITU
The International Telecommunication Union (ITU) is the United Nations specialized agency for information and communication technologies (ICTs), driving innovation in ICTs together with 194 Member States and a membership of over 1,000 companies, universities, and international and regional organizations. Established in 1865, it is the intergovernmental body responsible for coordinating the shared global use of the radio spectrum, promoting international cooperation in assigning satellite orbits, improving communication infrastructure in the developing world, and establishing the worldwide standards that foster seamless interconnection of a vast range of communications systems. From broadband networks to cutting-edge wireless technologies, aeronautical and maritime navigation, radio astronomy, oceanographic and satellite-based earth monitoring as well as converging fixed-mobile phone, Internet and broadcasting technologies, ITU is committed to connecting the world.
The World Benchmarking Alliance (WBA) is a non-profit organization that assesses and ranks the performance of the world’s most influential companies on the United Nations Sustainable Development Goals. Data in this report were collected as part of the WBA Digital Inclusion Benchmark, which assesses the world’s leading technology companies on their performance in enhancing access to digital technologies, improving digital skills, fostering trustworthy use, and innovating openly, inclusively and ethically. In addition, WBA produces the Climate and Energy Benchmark, which measures corporate progress against the Paris Agreement and covers 450 of the world’s most influential companies in high-emitting sectors such as the automotive, utilities, oil, gas and transport industries.
Greening Digital Companies 2024 report: a focus on Scope 3 emissions
The Greening Digital Companies 2024 report provides the first comprehensive overview of corporate supply chain, or Scope 3, emissions, which are roughly six times Scope 1 and 2 emissions combined.
Scope 3 emissions are indirect emissions from a company’s upstream and downstream activities, such as outsourced suppliers in information and communication technologies (ICTs) manufacturing and emissions from the use of products like computers and smartphones.
By definition, Scope 3 emissions are outside the company’s direct control. But firms can exert important influence through their choice of suppliers, on the one hand, and the energy efficiency of their products and services, on the other.
Scope 3 reporting, however, is beset by a lack of data from suppliers and transparency. A total of 75 of the 200 companies provide relevant data across all 15 categories, ranging from purchased goods/services, upstream transportation and distribution, waste generated in operations, to business travel, use of sold products, and downstream leased assets. But most fall short in their reporting.
“Despite an abundance of guidance, the majority of digital companies do not calculate a full Scope 3 emissions inventory,” said the report. “This makes it impossible to assess progress in reducing emissions across their value chain.
While 103 digital companies covered in this report have submitted an emissions reduction target to SBTi, only 73, just over one-third, have a Scope 3 target.
By the numbers:
ASSESSMENT: DISCLOSURE, TARGETS, PERFORMANCE
• The Greening Digital Companies report assesses companies on their data disclosure, targets and performance.
• Only three of 200 digital companies scored 90% or higher (Apple, Logitech, Telefonica).
• 26 companies scored 75% or higher (see figure below), up four from the assessment in the 2023 edition of the report.
• Only 70 companies had at least a “passing grade” of 50%, and 27 scored zero.
• The top 26 performers are all headquartered in Europe or the US
SCOPE 1 & 2: OPERATIONAL EMISSIONS
● 166 companies reported emissions totaling 293 million tCO2e in 2022, amounting to 0.8% of global emissions from energy use and 12% more than in 2021.
● Top 10 emitting companies – all in the US or East Asia – accounted for 55%of the total, with all but one reporting increased operational emissions in 2022.
● The Science Based Target initiative (SBTi) has not validated the emissions reduction target of any top ten emitters as aligned with the Paris Agreement 1.5°C target.
ELECTRICITY & RENEWABLE ENERGY
● 2022 electricity consumption for the 148 companies providing data topped 500 terawatt-hours (TWh), 1.9% of the global total.
● The top ten – all headquartered in East Asia and the US – consumed 51% of the total, 9% more than in 2021.
● The top four corporate purchasers of renewable energy globally in 2022 were digital companies: Amazon, Meta, Alphabet and Microsoft (see figure below).
● Sixteen companies reported sourcing 100% renewable electricity (see figure below). Four of which – Alphabet, Amazon, Microsoft and Deutsche Telekom – highlight that despite purchasing renewable electricity, it is not always available where their data centres are located or the electricity grid was not always supplying them.
● Four top ten companies consuming electricity in 2022– Alphabet, Amazon, Microsoft and Deutsche Telekom – purchased 100% renewable energy, but it has not always been available where needed.
● Samsung and TSMC have committed to 100% renewable electricity, but not before 2050 and 2040 respectively.
● None of the three Chinese telecom operators in the top ten electricity consumers have made commitments towards 100% renewable electricity.
TARGETS VALIDATED BY THE SCIENCE BASED TARGETS INITIATIVE (SBTi)
● 104 (out of 200) digital companies have submitted Scope 1 & 2 emissions reduction targets to the SBTi, of which 69 have been validated.
● Of the 69 validated targets: 45 companies are on track, 13 are not on track, and 11 have seen emissions rise.
● Validated targets account for 19% of the 200 companies’ total emissions (56 million tCO2e).
● 81% of the 294 million tCO2e of total operational emissions are not covered by an SBTi target.
SCOPE 3: CORPORATE VALUE CHAIN EMISSIONS
● Among companies that report all relevant Scope 3 emissions, Scope 1 accounts for 4%, Scope 2 for 15% and Scope 3 for 81%. Scope 3 emissions are on average 6 times greater than Scope 1 and 2 combined (see figure below).
● Only 75 of 200 companies provided a complete Scope 3 inventory despite it accounting for most digital company emissions.
AI & DATA CENTERS
• Generating responses to Chatbot queries (“inference”) accounts for up to 90% of total machine learning cloud computing costs according to research by Amazon Web Services.
• A ChatGPT inquiry needs almost ten times as much electricity to process as a standard web search.
• Data centers consumed about 460 TWh of electricity in 2022, a figure which is projected to increase 35% to 100% by 2026. At the upper end of this range, this demand is roughly equivalent to the electricity consumption in Japan.
• Large cloud providers are experiencing rapid growth in energy use and consequent emissions. Alphabet, Amazon and Microsoft operational GHG emissions are up 62% from 2020 reaching 47 million metric tons in 2023 (see figure below). Electricity use has grown even faster, up 78% over the same period and standing at just over 100 TWh in 2023, around what the entire country of the Philippines uses in a year. The trio have made huge investments to decarbonize their operations: they all procure 100% renewable electricity and they were three of the top four corporate purchasers of green energy in 2022.
• Given the uncertainty surrounding the climate impacts of AI, it will be important for energy usage and GHG emissions to be included as key metrics when evaluating AI models.
ADDITIONAL NUMBERS
● The number of global Internet users has doubled since 2010, and data traffic has expanded 25-fold
● E-waste increased 82% from 2010 to 2022, and on current trends will reach 82 million metric tonnes by 2030, equivalent to nearly 8 kg of e-waste per person every year according to the Global E-waste Monitor 2024.
Audience with members of the “Custodi del Bello” (“Guardians of Beauty”) Project, 30.09.2024
This morning, in the Vatican Apostolic Palace, the Holy Father Francis received in audience the participants in the “Guardians of Beauty” Project promoted by the Italian Episcopal Conference.
The following is the address delivered by the Pope to those present:
Address of the Holy Father
Address of the Holy Father
Dear brothers and sisters, good morning and welcome!
I am pleased to meet you. I greet Bishop Giuseppe Baturi, secretary general of the Italian Episcopal Conference, and Bishop Carlo Redaelli, president of Caritas Italia. I thank all of you for being here and for what you do for our cities.
Being Guardians of Beauty is a great responsibility, besides being an important message for the ecclesial community and for society as a whole. I would therefore like to reflect with you precisely on the name of your project, which is not a simple slogan, but indicates a way of being, a style, a life decision orientated towards two major purposes: to guard and beauty.
To safeguard means to protect, to conserve, to watch over, to defend. It is a multi-form action which requires attention and care, because it sets out from the awareness of the value of whom or what is entrusted to us. It therefore does not permit distraction or idleness. Those who guard keep their eyes wide open, they are not afraid to spend time, to get involved, to take responsibility. And all this, in a context that often invites us not to “get our hands dirty”, to delegate, is prophetic, because it calls for personal and community commitment. Everyone, with his or her own abilities and skills, with intelligence and heart, can do something to look after things, others, the common home, from a perspective of integral care for creation.
Saint Paul tells us that “creation has been groaning in travail” (Rom 8:22); its cry joins that of so many of the earth’s poor, who urgently call for serious and effective decisions to promote the good of all, from a perspective that therefore cannot only be environmental, but must become ecological in a broader, integral sense.
Many people today find themselves at the margins, rejected, forgotten in an increasingly efficiency-based, ruthless society: the poor, migrants, the elderly and the disabled who are alone, the chronically ill. And yet everyone is precious in the eyes of the Lord (cf. Is 43:1-4). Therefore I urge you, in your work of requalification of many places left to neglect and degradation, always to keep as your primary objective the care of the people who live in and frequent them. Only in this way can creation be restored to its beauty.
And this is indeed the other value: together with guardianship, beauty. Today we talk about it a great deal, to the point of making it an obsession. Often, however, we consider it in a distorted way, confusing it with ephemeral and standardizing aesthetic models, more linked to hedonistic, commercial and advertising criteria than the integral development of people. An approach of this type is deleterious, because it does not help the best in each person to flourish, but rather leads to the degradation of humankind and of nature. If, indeed, “someone has not learned to stop and admire something beautiful, we should not be surprised if he or she treats everything as an object to be used and abused without scruple” (Encyclical Letter Laudato si’, 215).
Instead, it is a question of learning to cultivate beauty as something unique and sacred for every creature, conceived, loved and celebrated by God ever since the origins of the world (cf. Gen 1:4), as an inseparable unity of grace and goodness, of aesthetic and moral perfection.
This is your mission; and I encourage you, as cooperators in the Creator’s great design, not to tire of transforming ugliness into beauty, degradation into opportunity, disorder into harmony.
May Saint Joseph, the humble and silent guardian of the “fairest of the sons of men” (cf. Ps 45:2), of the Word incarnate in which all things were created and exist (cf. Col 1:16-17), accompany you and be a model for your work. With his discreet and industrious fidelity, Saint Joseph contributed to restoring beauty to the world.
Thank you for the great deal of good you do! I bless you and pray for you. And I ask you, please, to pray for me.
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. 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’s Executive Board for discussion and decision.
The Cambodian economy is projected to grow by 5½ percent in 2024, faster than in 2023, but performance is uneven across sectors. Garment and agricultural exports are strong, and tourism is recovering while real estate and construction are undergoing a correction.
Fiscal policy needs to rebuild buffers, while supporting a durable and inclusive recovery of the economy. Raising revenues for growth-enhancing spending on education, health, and infrastructure is important. The risk of debt distress remains low.
Monetary and financial measures need to focus on safeguarding financial stability against the backdrop of slowing credit growth and rising non-performing loans (NPLs).
Structural reforms to enhance human capital, make the business environment more competitive, and strengthen institutions and governance would promote inclusive and sustainable economic development.
Phnom Penh,Cambodia: An International Monetary Fund (IMF) team, led by Kenichiro Kashiwase, visited Cambodia during September 17-30 to hold discussions for the 2024 Article IV consultation. At the end of the mission, Mr. Kashiwase issued the following statement:
“Cambodia’s economic growth has strengthened, but the recovery remains uneven. Real GDP growth is estimated at 5 percent in 2023, a similar pace as in 2022. For 2024, the economy is projected to expand by 5½ percent driven by a strong rebound in garment and agricultural exports and the ongoing recovery in tourism. However, the construction and real estate sectors are going through a correction, following rapid growth in prior years.
“Inflation has moderated to an average of 1.6 percent (y/y) in the first half of 2024, down from 2.1 percent in 2023, reflecting global commodity price trends and weak domestic demand growth. For the full year, inflation is projected to reach around 1.5 percent before converging towards the long-term trend of 3 percent.
“The current account (CA) balance is expected to swing back to a deficit of around 1¾ percent of GDP this year as strong imports are expected to outpace robust export growth. International reserves improved and coverage remains broadly adequate.
“Fiscal deficit in 2023 is estimated at 2.8 percent of GDP with tax revenues falling due to softening of economic growth momentum and rising tax exemptions. Capital expenditure was also lower than planned due to delays in infrastructure execution. The fiscal deficit is projected at around 3 percent of GDP in 2024 and decline gradually over the medium term. Public debt to GDP is projected to increase moderately during the next decade, though the risk of debt distress remains low.
“Credit growth has sharply slowed amidst deteriorating asset quality and high private sector debt. In 2024Q1, NPLs rose to 6 percent of total loans, reflecting emerging vulnerabilities with the temporary roll-back of the COVID-19 forbearance measures.
“Risks to the outlook have shifted to the downside, notably due to weaker-than-projected demand from advanced economies and China, geoeconomic fragmentation, and high domestic private debt. Rising NPLs in the tourism and real estate sectors also pose risks to growth and financial stability. On the upside, a continued loosening of global financial conditions would support the recovery.
“Turning to policies, fiscal policy needs to rebuild the buffers diminished by the pandemic, while accommodating a durable and inclusive recovery of the economy. In case of adverse shocks to the economy, fiscal policy should react with a focus on priority spending measures aligned with development goals and well-targeted social protection for the vulnerable. Strengthening revenues is important to create space for growth enhancing spending on education, health, and infrastructure. Tax exemptions and incentives should be reviewed and rationalized to reduce tax base erosion. Other measures to strengthen revenues include implementing the personal income tax and improving tax compliance and administration efficiency. Improving the targeting of social assistance programs and strengthening public investment management are also priorities. As Cambodia approaches graduation from the least developed country status, continuing to strengthen policy frameworks alongside enhancements to public financial management practices, improved fiscal transparency and governance, and the development of the domestic government bond market would be critical.
“Monetary policy normalization should resume at a pace calibrated to the economic recovery and banking sector liquidity conditions. Important progress has been made in modernizing monetary policy and FX operations. Further efforts in this direction will be needed to enhance monetary policy transmission and support de-dollarization. Priorities include promoting an active KHR interbank market, developing a liquidity forecasting framework, further strengthening market determination of exchange rates, and improving the operational efficiency of monetary policy.
“Financial sector policies should focus on maintaining financial stability. Forbearance measures should be phased out to alleviate capital misallocation and address risks of debt overhang. The authorities should ensure proper reporting of loans subject to forbearance and foster the preservation of banks’ liquidity and capital buffers. Provision of credit by real estate developers to homebuyers should be monitored closely and subject to stringent prudential requirements to avoid regulatory arbitrage. Intensified supervision efforts are warranted in the current environment. In the medium term, a comprehensive macroprudential policy strategy should be implemented, and a crisis resolution framework and deposit insurance scheme established.
“Structural reforms are needed to diversify growth drivers and improve productivity. Enhancing skills and education is essential to reap the demographic dividend, foster technology adoption, and facilitate the transition to climate-resilient, higher-productivity industries. The government’s efforts to promote quality investment in higher-value-added activities and capture more of the value chain in agriculture are commendable. Further efforts to improve financial inclusion, advance digitalization, and enhance climate change resilience will also be needed for inclusive and sustainable development.
“Continued efforts to strengthen institutions and governance, and to improve quality and transparency of public service deliveries would bolster long-term sustainable growth. Priorities include approval of the law on Whistleblower Protection, the draft law on Transparency, and the draft law on Access to Information. The National Audit Authority’s independence and resources should be strengthened along with improvements in the asset declaration regime and inter-agency cooperation. Addressing data limitations and improving macroeconomic data quality would benefit monitoring of the economy and policymaking. The IMF will continue to provide technical assistance to help improve statistics, and in other areas of capacity development.
“The IMF team held discussions with senior officials of the Royal Government of Cambodia, the National Bank of Cambodia, and other public agencies, as well as a wide range of stakeholders, including representatives of the business and banking sectors, and development partners. The team wishes to express its deep appreciation to the authorities and other interlocutors for open and constructive discussions.”
SALT LAKE CITY, Sept. 30, 2024 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKP), an FDIC-insured bank specializing in consumer loans for the purchase of recreational vehicles, boats, and home improvements, as well as loan products and services offered through fintech strategic partners, today announced a strategic partnership with Kashable, a leading fintech company dedicated to providing socially responsible credit and financial wellness solutions. This collaboration builds on Medallion Bank’s existing nationwide financing footprint while expanding Kashable’s services to a broader audience, offering working Americans access to affordable personal loans.
“Adding Kashable to our growing strategic partnership program expands Medallion Bank’s consumer finance reach while supporting Kashable’s mission to improve the financial well-being of its customers” stated Donald Poulton, President and Chief Executive Officer of Medallion Bank. “Medallion Bank is proud to leverage our expertise in lending and partnerships to help extend Kashable’s services to a broader audience of working Americans.”
Medallion Bank will originate personal loans on the Kashable platform, enhancing Kashable’s ability to introduce its services to employers, benefit administration platforms, marketplaces, and industry brokers, further solidifying its leadership in the financial wellness industry.
“Our relationship with Medallion Bank provides Kashable with a strong financial partner that will support us on our journey to expand financial wellness into new communities, employers, and their employees. This partnership enables us to leverage our patented proprietary system and demonstrate an unparalleled ability to look beyond credit scores alone to reward long-term, stable employees,” added Einat Steklov, Co-Founder and Co-CEO of Kashable. “The opportunities this partnership unlocks advance our mission of providing access to affordable credit with the convenience of automated repayments through deep integrations with HRIS and payroll systems.”
About Medallion Bank
Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
Kashable is a financial technology company that provides access to Socially Responsible Credit™ and financial wellness solutions for employees, offered as an employer-sponsored voluntary benefit. By partnering with hundreds of employers, Kashable helps to provide access to financial health and wellness tools to millions of employees.
Founded in 2013, Kashable deploys innovative technology to improve the financial well-being of working Americans with a commitment to both reliability and affordability. Offering a smart, economical, and fast alternative for employees who may otherwise be driven to borrow from retirement plans, high-rate credit cards, or other high-cost loans to bridge short-term gaps in their finances, Kashable focuses on providing a path to financial security.
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remain,” “anticipate” or the negative version of this word or other comparable words or phrases of a future or forward-looking nature, such as “look forward.” These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2023, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.
DUBLIN, Ohio, Sept. 30, 2024 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (“reAlpha”) (Nasdaq: AIRE), a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies, today announced the selection of Xmore AI as the first company to secure investment from its newly launched reAlpha AI Labs, reAlpha’s research and development initiative.
Xmore AI, co-founded by Dr. Benjamin Yan and Adrian Self, leverages over a decade of research in AI-driven cybersecurity and has developed a platform that consolidates multiple cybersecurity tools into a seamless, AI-driven solution, ensuring that enterprises can operate securely in a rapidly evolving digital environment. Dr. Yan is a Professor of Computer Science and Engineering at Michigan State University. Adrian Self, a cybersecurity professional with extensive experience in blockchain security and embedded systems, complements Dr. Yan’s expertise with his hands-on approach to security assessments and technology integration. This investment marks a strategic milestone for reAlpha AI Labs to accelerate the development of AI technologies and advance technology innovation in the real estate industry.
Mike Logozzo, President and Chief Operating Officer of reAlpha, emphasized the broader impact of Xmore AI’s technology: “At reAlpha AI Labs, we aim to create an environment where innovative AI startups can thrive. Xmore AI’s focus on cybersecurity aligns with our vision and we believe Xmore AI’s technology will enhance the security and scalability across our AI homebuying platform and our recently acquired portfolio companies.” reAlpha’s recently acquired portfolio companies include Naamche, Hyperfast, Be My Neighbor, and AiChat.
“Xmore AI represents the next generation of forward-thinking innovation we envisioned to collaborate with when we launched reAlpha AI Labs,” said Vinayak Grover, Associate Vice President of AI Labs at reAlpha. “Their expertise in cybersecurity, particularly for AI operations, will be critical as AI becomes more integrated into enterprise systems.”
In addition to enhancing reAlpha’s AI homebuying platform through its AI-cybersecurity expertise, Xmore AI is developing a software that will consolidate multiple cybersecurity tools to provide AI-cybersecurity solutions to enterprises in multiple industries. At the core of Xmore AI’s innovation is its ability to address the unique vulnerabilities created by the rapid expansion of AI across industries. We believe Xmore AI is well-positioned to address critical challenges like data privacy, compliance, and risk management, by providing innovative solutions designed to meet the evolving needs of the cybersecurity landscape.
“With AI becoming more integrated into how businesses operate, it is essential that cybersecurity evolves alongside it,” said Dr. Yan, co-founder and Chief Executive Officer of Xmore AI. “Through our partnership with reAlpha AI Labs, we believe we are in a position to deliver scalable, cutting-edge security solutions that protect enterprises from the emerging risks of AI integration.”
Launched earlier this year, reAlpha AI Labs is designed to support innovative AI startups with funding, technical resources, and strategic partnerships. By providing early-stage funding along with access to reAlpha’s extensive network, the program is committed to accelerating the growth and efficacy of AI-driven solutions.
The incubation of Xmore AI not only highlights reAlpha AI Labs’ commitment to cybersecurity, but it also marks reAlpha AI Labs’ broader mission to drive AI advancements across sectors like real estate, fintech, and enterprise technology.
About reAlpha Tech Corp.
reAlpha Tech Corp. (Nasdaq: AIRE) is a real estate technology company developing an end-to-end commission-free homebuying platform. Utilizing the power of AI and an acquisition-led growth strategy, reAlpha’s goal is to offer a more affordable, streamlined experience for those on the journey to homeownership. For more information, visit https://www.realpha.com/.
About Xmore AI
Xmore AI is developing a software that will offer innovative AI-driven cybersecurity solutions by consolidating multiple cybersecurity tools into a single platform, which will provide real-time risk analysis, vulnerability detection, and IT operations management, all while ensuring privacy by keeping data within the enterprise.
About the reAlpha Platform
reAlpha (previously called “Claire”), announced on April 24, 2024, is reAlpha’s generative AI-powered, commission-free, homebuying platform. The tagline: No fees. Just keys.™ – reflects reAlpha’s dedication to eliminating traditional barriers and making homebuying more accessible and transparent.
reAlpha’s introduction aligns with major shifts in the real estate sector after the National Association of Realtors agreed to settle certain lawsuits upon being found to have violated antitrust laws, resulting in inflated fees paid to buy-side agents. This development is expected to result in the end of the standard six percent sales commission, which equates to approximately $100 billion in realtor fees paid annually. The reAlpha platform offers a cost-free alternative for homebuyers by utilizing an AI-driven workflow that assists them through the homebuying process.
Homebuyers using the reAlpha platform’s conversational interface will be able to interact with Claire, reAlpha’s AI buyer’s agent, to guide them through every step of their homebuying journey, from property search to closing the deal. By offering support 24/7, Claire is poised to make the homebuying process more efficient, enjoyable, and cost-efficient. Claire matches buyers with their dream homes using over 400 data attributes and provides insights into market trends and property values. Additionally, Claire can assist with questions, booking property tours, submitting offers, and negotiations.
Currently, the reAlpha platform is under limited availability for homebuyers located in 20 counties in Florida, but reAlpha is actively seeking new MLS and brokerage licenses that will enable expansion into more U.S. states.
Forward-Looking Statements
The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about Xmore AI’s technology and the reAlpha AI Labs initiative; the anticipated benefits of Xmore AI’s technology and the reAlpha AI Labs initiative; reAlpha’s ability to anticipate the future needs of the short-term rental market; future trends in the real estate, technology and artificial intelligence industries, generally; and reAlpha’s future growth strategy and growth rate. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; reAlpha’s ability to commercialize its developing AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; reAlpha’s ability to leverage Xmore AI’s technology and the reAlpha AI Labs initiative into its existing business and the anticipated demand for reAlpha AI Labs collaborations and partnerships; Xmore AI’s ability to develop its software to consolidate cybersecurity tools to provide AI-cybersecurity solutions to enterprises and the anticipated demand for such software; the inability to maintain and strengthen reAlpha’s brand and reputation; the inability to accurately forecast demand for short-term rentals and AI-based real estate focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s U.S. Securities and Exchange Commission (“SEC”) filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Media irlabs on behalf of reAlpha Fatema Bhabrawala fatema@irlabs.ca
Singapore, 30September 2024 — Singapore and Ghana have set out the processes for authorising carbon credit projects under their Implementation Agreement on carbon credits cooperation, in accordance with Article 6 of the Paris Agreement. Applications may be submitted through Singapore’s Carbon Markets Cooperation website, at http://www.carbonmarkets-cooperation.gov.sg.
2 The carbon credit projects authorised under the Implementation Agreement will channel financing towards emissions reduction or removal projects in Ghana. These projects can promote sustainable development and generate benefits for local communities, including job creation, clean water access, improvements to energy security, and reducing environmental pollution (See Annex A for potential project types).
3 Authorised projects can generate carbon credits aligned with Article 6 of the Paris Agreement. Under Singapore’s International Carbon Credit (ICC) Framework, these credits may be eligible for use by Singapore-based carbon tax-liable companies to offset up to 5% of their taxable emissions.
4 From 30 September 2024, interested parties may submit applications for their carbon credit projects in Ghana to be authorised. Applications submitted will be reviewed by Singapore and Ghana governments on a rolling basis as they are received.
Application and Authorisation Process
5 The application and authorisation process comprises four stages, each corresponding to a different stage of implementation for the carbon credit project (See Annex B). The first three stages require applicants to submit details on the design and implementation plan for the carbon credit project in the lead-up to project authorisation. The final stage is for corresponding adjustments to be applied to the carbon credits generated from the authorised project, in accordance with Article 6 of the Paris Agreement.
6 Singapore and Ghana will assess applications against each country’s respective requirements. For Singapore, these projects must meet Singapore’s Eligibility Criteria for International Carbon Credits. The Eligibility Criteria, and the list of eligible carbon crediting programmes and methodologies under the Singapore-Ghana Implementation Agreement, are at Annex C, and on the Carbon Markets Cooperation website. The list will be reviewed regularly to maintain relevance and uphold environmental integrity.
Annex A
Potential Carbon Credit Project Types for Applications
Project Type
Description
Clean Water Supply
Rural communities are provided with water purification technologies (e.g. UV-based disinfection systems). This empowers communities with an alternate source of clean and safe drinking water without relying on the conventional method of using firewood to boil water. This reduces carbon emissions from burning firewood and associated deforestation activities, and carbon credits are issued based on the emissions reduced.
Local communities can also benefit from improved water safety and security.
Efficient and Clean Cookstoves
In rural areas where households use firewood for their cooking and heating needs, the switch to efficient and clean cookstoves (e.g. cookstoves that use renewable fuel like biogas or solar energy) enables households to meet their cooking and heating needs more efficiently and cleanly. This reduces the burning of firewood and resulting carbon emissions from deforestation. Carbon credits are issued based on the emissions reduced.
Co-benefits are also delivered to local communities, including cleaner air quality through the reduction of firewood burning.
Green Mobility
As Electric Vehicles (EVs) replace fossil fuel-powered vehicles for transportation needs, there are emissions reductions as EVs are more efficient and potentially powered by green energy. Carbon credits are issued based on the emissions reduced.
There are also sustainable development benefits for local communities. Skilled jobs are created for the maintenance of EV infrastructure, and improves air quality from reduced reliance on fossil fuel-powered vehicles.
Annex B
Flowchart of Application and Authorisation Process
Joint Committee
The Joint Committee is a coordination body that oversees the administration of the Implementation Agreement. The Joint Committee under the Singapore-Ghana Implementation Agreement is co-chaired by the Director-General of Climate Change at the National Climate Change Secretariat of Singapore, and the Director of Environment, Ministry of Environment, Science, Technology and Innovation of Ghana.
Stage A: Project Application
Applicants are to submit a concept note on the intended project, indicating the programme and methodology that the project will be developed under, and broadly how the project will be implemented to uphold environmental integrity (e.g. explanations on how the project will demonstrate additionality).
Stage B: Project Design
As the project concept is further developed, applicants are to submit a project design document (PDD) on the intended project. The PDD should contain the detailed implementation plan (e.g. how the baseline emissions will be determined, how the project will address permanence and leakage concerns).
Stage C: Project Authorisation
Under this stage, applicants are to submit a validation report from a third-party auditor determining that the project design meets all the rules and requirements of the intended methodology and carbon crediting programme. After receiving Letters of Authorisation from both Singapore and Ghana, the project should proceed to be registered under the intended carbon crediting programme, and proceed to implementation.
Stage D: Corresponding Adjustment Application
As the authorised project is implemented and the emission reductions and removals have been verified by a third-party auditor, the carbon crediting programme will issue carbon credits to the project. Applicants are to submit a Proof of Issuance from the carbon crediting programme accompanied with the verification report from the third-party auditor, to be considered for corresponding adjustments to be applied to the issued carbon credits, in accordance with Article 6 of the Paris Agreement.
Annex C
Singapore’s Eligibility Criteria and the Eligibility List under theSingapore-Ghana Implementation Agreement
Eligibility Criteria
1 The Eligibility Criteria requires ICCs to represent emissions reductions or removals that occur within the timeframe specified under Article 6 of the Paris Agreement, and meet seven principles to demonstrate environmental integrity (see Table C-1 below).
Table C-1: Eligibility Criteria for ICCs
Principle
Definition
To comply with Article 6 of the Paris Agreement, the certified emissions reductions or removals must have occurred between 1 January 2021 and 31 December 2030.
Not double-counted
The certified emissions reductions or removals must not be counted more than once in contravention of the Paris Agreement.
Additional
The certified emissions reductions or removals must exceed any emissions reduction or removals required by any law or regulatory requirement of the host country, and that would otherwise have occurred in a conservative, business-as-usual scenario.
Real
The certified emissions reductions or removals must have been quantified based on a realistic, defensible, and conservative estimate of the amount of emissions that would have occurred in a business-as-usual scenario, assuming the project or programme that generated the certified emission reductions or removals had not been carried out.
Quantified and verified
The certified emissions reductions or removals must have been calculated in a manner that is conservative and transparent, and must have been measured and verified by an accredited and independent third-party verification entity before the ICC was issued.
Permanent
The certified emissions reductions or removals must not be reversible, or if there is a risk that the certified emissions reductions or removals may be reversible, there must be measures in place to monitor, mitigate and compensate any material reversal of the certified emissions reductions or removals.
No net harm
The project or programme that generated the certified emissions reductions or removals must not violate any applicable laws, regulatory requirements, or international obligations of the host country.
No leakage
The project or programme that generated the certified emissions reductions or removals must not result in a material increase in emissions elsewhere, or if there is a risk of a material increase in emissions elsewhere, there must be measures in place to monitor, mitigate and compensate any such material increase in emissions.
Eligibility List under the Singapore-Ghana Implementation Agreement
2 The Eligibility List of carbon crediting programmes and methodologies in Table C-2 adhere to the Eligibility Criteria and meet the requirements of both Singapore and Ghana. The carbon crediting programmes and methodologies that are eligible may be different for each host country, as host countries also have their own criteria.
Table C-2: Eligibility List under the Singapore-Ghana Implementation Agreement
Carbon Crediting Programmes
Methodologies
Gold Standard for the Global Goals (GS4GG)
All active methodologies published before 31 March 2023, except those under the “Land Use and Forestry & Agriculture” category of GS4GG
Verified Carbon Standard (VCS)
All active methodologies published before 31 March 2023, except those that are under the “Sectoral Scope 14” category of VCS, with these allowable exceptions: · Scenario 2a and 3 of VCS Jurisdictional and Nested REDD+ (JNR) framework · VM0012 · VM0017 · VM0021 · VM0022 · VM0024 · VM0026 (and VMD0040) · VM0032 · VM0033 · VM0036 · VM0041 · VM0042
Where any VCS methodology is used, the project participant will be required to demonstrate the Sustainable Development contributions or co-benefits of the relevant mitigation activity by submitting to the Joint Committee its verification report under the Climate, Community and Biodiversity Standards (CCB Standards), the Sustainable Development Verified Impact Standard (SD VISta) or another standard recognised by VCS for such purpose.
Annex D
Information on the Singapore-Ghana Implementation Agreement
1 Singapore and Ghana signed an Implementation Agreement on carbon credits cooperation under Article 6 of the Paris Agreement on 27 May 2024. Since the signing, Singapore has been working with Ghana to operationalise the Implementation Agreement.
2 As an additional contribution to mitigation of global emissions, Singapore has committed to having 2% of the correspondingly adjusted carbon credits authorised under this Implementation Agreement cancelled at first issuance. These carbon credits cannot be sold, traded, or counted towards any country’s emission targets, and will instead contribute towards a net reduction in global emissions.
3 Singapore has committed to channelling the value from 5% of the correspondingly adjusted carbon credits authorised under this Implementation Agreement towards adaptation measures such as heat resilience measures and coastal protection in Ghana.
4 This is the second Implementation Agreement for Singapore, after the first with Papua New Guinea which was signed in December 2023. Singapore signed MOUs / Letters of Intent on carbon credits collaboration with countries such as Bhutan, Cambodia, Chile, Colombia, Dominican Republic, Fiji, Indonesia, Kenya, Laos, Mongolia, Morocco, Peru, the Philippines, Vietnam, Rwanda, Senegal, and Sri Lanka, with the aim of inking similar Implementation Agreements.
5 Effective international cooperation, such as through carbon markets, is an important part of Singapore’s efforts to achieve net zero emissions by 2050, given Singapore’s national circumstances as an alternative-energy disadvantaged country with limited domestic mitigation potential.
