Source: China State Council Information Office
The collective rise of the Global South is a clear sign of the great changes in the world, said Chinese President Xi Jinping on Thursday.
It is a great event in world history and an unprecedented feat in the process of human civilization that countries of the Global South jointly move towards modernization, Xi said.
Xi made the remarks while attending the BRICS Plus leaders’ dialogue.
Source: China State Council Information Office 3
Four people were killed and 14 others wounded on Wednesday in a terrorist attack at the production facility of Turkish Aerospace Industries Inc. (TUSAS) in Ankara, Interior Minister Ali Yerlikaya said.
Three of the injured were in critical condition, the minister told reporters on the site of the attack.
Yerlikaya noted that two terrorists, a man and a woman, had been “neutralized” by security forces immediately after the attack targeting the key defense complex in the outskirts of Ankara.
Turkish authorities often use the term “neutralize” in their statements to imply the alleged terrorists have either surrendered, been killed, or been captured.
“We’re working to identify the terrorists,” he said, adding the information of the terrorists would be revealed once they are identified.
“I condemn this heinous attack. Our fight will continue with determination until the last terrorist is neutralized,” the minister said.
According to footage published by the NTV, “several terrorists” came to the central gate of the complex on board a taxi and began shooting at the guards with machine guns.
Television images showed a damaged gate and a nearby clash in a parking lot.
The report said that security forces, firefighters, and paramedics were dispatched to the complex located in the Kahramankazan district of the capital, and the wounded have been transported to two different hospitals.
TUSAS is an important defense and aviation company in Türkiye. It produces KAAN, the country’s first national combat aircraft, among other defense projects.
The outlawed Kurdistan Workers’ Party (PKK) has claimed responsibility for similar actions in the past.
The PKK, listed as a terrorist organization by Türkiye, the United States, and the European Union, has rebelled against the Turkish government for more than three decades.
Source: China State Council Information Office 3
Hezbollah said it attacked on Wednesday night the Israel Military Industries Ltd., also referred to as Ta’a, in the suburbs of Tel Aviv with missiles.
Hezbollah, in a statement, said the strike “hit its targets accurately.”
The Israel Defense Forces (IDF) said earlier in the day that four projectiles were launched on Wednesday evening from Lebanon towards central Israel, adding two of them were intercepted and two others fell, with no casualties reported.
Meanwhile, Israel’s state-owned Kan TV news, citing Palestinian sources, reported that one projectile fell near Qalqilya city in the West Bank, slightly injuring a man and damaging a car.
Since Sept. 23, the Israeli army has been launching intensive airstrikes on Lebanon in a dangerous escalation with Hezbollah. In early October, Israel also launched a ground operation near the southern Lebanese border, allegedly to further cripple Hezbollah’s capabilities.
Source: China State Council Information Office 3
People fleeing from the northern Gaza Strip town of Beit Lahia are seen on a street in Gaza City, on Oct. 22, 2024. [Photo/Xinhua]
One year of the war between Israel and Hamas has set the Gaza Strip back to the early 1950s, the UN agency for Palestine refugees said on Wednesday.
The war has devastated the Palestinian economy and left nearly all of Gaza’s population in poverty, with life indicators like health and education regressing by 70 years, Philippe Lazzarini, commissioner-general of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) said on social media platform X, citing a latest UN study.
“The longer this goes on, the longer it takes to bring back hundreds of thousands of girls and boys to a learning environment, the more extreme the challenges will be to undo these huge losses,” he added.
Israel has been launching a large-scale offensive against Hamas in Gaza to retaliate against a Hamas rampage through the southern Israeli border on Oct. 7, 2023, during which about 1,200 people were killed and around 250 taken hostage.
The Palestinian death toll from ongoing Israeli attacks in the Gaza Strip has risen to 42,792, the Gaza-based health authorities said in a statement on Wednesday.
Source: China State Council Information Office 3
Israel launched airstrikes on the Syrian capital Damascus and a military site in the central province of Homs before daybreak Thursday, killing one soldier and wounding seven others, the Syrian Defense Ministry said.
The attacks, which occurred around 3:40 a.m. local time (0040 GMT), were launched from the direction of the occupied Golan Heights and northern Lebanon, hitting two sites in Damascus’ Kafr Sousa neighborhood and one military site in the countryside of Homs, the ministry said in a statement.
The strikes caused material damage, the statement added without elaborating.
Huge explosions were heard in Damascus earlier in the day.
Earlier reports said a residential building in Kafr Sousa was targeted.
Israel has been carrying out strikes against what it said were Iranian-linked targets in Syria for years. However, both Syrian and Iranian governments have denied the existence of Iranian military forces or base in Syria.
Israel has ramped up attacks on Syria with the escalation of Israel-Lebanon conflicts.
Source: China State Council Information Office 3
Leaders of BRICS countries pose for a group photo during the 16th BRICS Summit in Kazan, Russia, Oct. 23, 2024. The summit was hosted by Russian President Vladimir Putin, and attended by Chinese President Xi Jinping, Brazilian President Luiz Inacio Lula da Silva (via video conference), Egyptian President Abdel-Fattah al-Sisi, Ethiopian Prime Minister Abiy Ahmed, Indian Prime Minister Narendra Modi, Iranian President Masoud Pezeshkian, South African President Cyril Ramaphosa and President of the United Arab Emirates (UAE) Sheikh Mohamed bin Zayed Al Nahyan. [Photo/Xinhua]
BRICS leaders have issued a joint declaration covering a wide range of issues from the reform of the United Nations (UN) to ongoing global conflicts, following the association’s summit that took place on Wednesday in Kazan.
The declaration included 134 provisions in total, one of which addressed the reform of the UN.
“We reaffirm our support for a comprehensive reform of the UN, including its Security Council, with a view to making it more democratic, representative, effective and efficient,” the document read. This involves expanding the representation of developing countries to better respond to global challenges.
In addition, leaders reiterated their absolute condemnation of terrorism in all its forms and called for the prompt adoption of the Comprehensive Convention on International Terrorism within the UN.
Alongside essential reforms, BRICS members called for the UN to play an important role in the global governance of artificial intelligence.
The declaration also focused on global conflicts including those in the Middle East and Ukraine.
“We remain concerned about at the rise of violence and continuing armed conflicts in different parts of the world,” the declaration read. BRICS leaders reaffirmed their commitment to resolving dispute peacefully through diplomacy.
Leaders expressed deep concern about the ongoing tensions in the Gaza Strip and called for an immediate ceasefire and a cessation of all hostilities.
The leaders noted the importance of the establishment of a sovereign and independent State of Palestine within the internationally recognized borders of June 1967, and expressed support for Palestine’s full membership in the UN.
Member states also recalled national positions on the Ukrainian crisis, and “noted with appreciation relevant proposals” aimed at a peaceful settlement of the conflict through diplomacy.
The BRICS leaders further expressed grave concern over the harmful impact of illegal unilateral sanctions on the global economy, noting that they negatively affect economic growth, energy, food security, and exacerbate poverty.
BRICS members stressed the need to prevent an arms race in space and called for the creation of a document ensuring space security.
The provisions included various economic initiatives designed to strengthen the role of developing countries in the global economy and promote equitable conditions for all.
BRICS members called for the reform of the Bretton Woods institutions to increase the contribution of the developing countries to the global economy.
They welcomed the establishment of a new BRICS investment platform, which will use the existing institutional infrastructure of the New Development Bank to boost investment flows into BRICS countries and countries of the Global South.
They called for the reform of the current international financial architecture so it can “meet the global financial challenges” and become more inclusive and just.
Member countries also supported Russia’s proposal on the creation of a BRICS grain exchange, adding that the trading platform could later be expanded to include other agricultural sectors.
Source: Hong Kong Information Services
The Planning Department and the Lands Department today said that they accept the recommendations set out by the Ombudsman’s Office in an investigative report into their enforcement of regulations against unauthorised land developments.
The two departments will follow up on the recommendations to strengthen enforcement and enhance relevant procedures.
They said they were also pleased to note that the Ombudsman’s Office considered that they have tackled unauthorised development cases according to their purview and statutory powers.
The Planning Department said it will continue to curb unauthorised developments under the Town Planning Ordinance to meet public expectations regarding protection of the rural environment.
With the introduction of a “Regulated Area” designation following amendments to the Ordinance, the extent of land subject to enforcement by the Planning Department will likely expand, it added, stressing that it plans to streamline its enforcement procedures to better handle the increased workload.
Meanwhile, the Lands Department said it will step up enforcement against unlawful occupation of government land and breaches of leases on private land, and prioritise the handling of cases on the basis of risk.
It will also review existing guidelines and enhance staff training to facilitate timely follow-up on cases of non-compliance and lease breaches.
The two departments will also strengthen collaboration, which will include conducting joint enforcement operations against large-scale unauthorised developments through a pilot scheme, and establishing a high-level communication platform to reinforce their co-operation in enforcement work.
Source: Hong Kong Government special administrative region
The Transport and Logistics Bureau, jointly with the Civil Engineering and Development Department (CEDD), invited relevant system suppliers and operators to submit expression of interest (EOI) for the smart and green mass transit system (SGMTS) project in Kai Tak on August 29. The invitation of the EOI was closed today (October 24) at noon and a total of 30 submissions from local, Mainland and overseas companies have been received.
A spokesperson for the CEDD said, “We will immediately commence analysing the information from the EOI. Such information will serve as a reference for ascertaining the technical details, delivery mode and financial arrangements of the project. We target to invite tenders for the project next year with an aim to award the works contract in 2026.”
“As announced by the Chief Executive in his Policy Address this year, the Government will continue to take forward the SGMTS in Kai Tak project in full swing and, through innovative implementation modes and construction methods, compress the implementation programme. Our target is to complete the project three years ahead of the original target commissioning date,” the spokesperson added.
Source: Hong Kong Government special administrative region
The Housing Bureau (HB) and the Architectural Services Department (ArchSD) announced today (October 24) that the last design and construction contract for Light Public Housing (LPH), i.e. Public Works Contract no. SS N516, has been awarded to Yau Lee Construction Company Limited upon assessment. The contract comprises six projects including Hang Kwong Street, Ma On Shan, and the conversion of five vacant or to-be-vacant school premises, providing a total of around 1 500 units. The construction works are expected to commence in phases by November 2024 at the earliest.
The construction works of LPH have been proceeding at full speed, with a total of about 28 500 units in seven projects (i.e. Yau Pok Road, Yuen Long; Tuen Mun Area 3A; Choi Hing Road, Ngau Tau Kok; Olympic Avenue, Kai Tak; Lok On Pai, Siu Lam; Tuen Mun Area 54; and Sheung On Street/Sheung Ping Street, Chai Wan) already commenced since December 2023. Among them, the first LPH project at Yau Pok Road, Yuen Long, will be completed for intake in the first quarter of next year.
A spokesman for the HB said that the award of the last design and construction contract today marks the new stage towards the progressive completion and intake of LPH, which could truly improve the living conditions and quality of life of the people living in inadequate housing. The HB and the ArchSD will continue to press ahead with relevant works at full speed to achieve the Government’s target of providing about 30 000 LPH units by 2027-28.
Source: Hong Kong Government special administrative region
The Government announced today (October 24) that the Financial Secretary, under the authority delegated by the Chief Executive, has appointed the new Chairman and eight new members, and reappointed four incumbent members to the Process Review Panel (PRP) for the Securities and Futures Commission (SFC) for a term of two years from November 1, 2024.
The new Chairman of the PRP is Ms Miranda Kwok Pui-fong. The eight new members are Dr Chordio Chan Siu-ping, Ms Lorna Chen Xin, Mr Kenneth Chen Yung-ngai, Dr Bankee Kwan Pak-hoo, Mr David Lau Pak-wai, Ms Jasmine Lee Shun-yi, Ms Lian Shaodong and Ms Karen So Kwok-yan. Professor Chan Ka-lok, Ms Kerry Ching Kim-wai, Mr Charles Lin Xiaodong and Dr Levin Wang Lei have been reappointed.
A spokesman for the Financial Services and the Treasury Bureau said, “We are grateful to the PRP for the time and efforts devoted to conducting reviews. The valuable advice and suggestions provided to the SFC have helped enhance its internal procedures and operational guidelines. We are confident that, under the leadership of Ms Miranda Kwok as the new Chairman, the PRP will continue to play a vital role in assisting the SFC to exercise its regulatory power in a fair and efficient manner.
“We extend our heartfelt gratitude to the outgoing Chairman, Mr Lawrence Lee Kam-hung, for his exemplary leadership over the past six years. We would also like to thank Mr Jeffrey Chan Lap-tak, Ms Dilys Chau Suet-fung, Ms Ivy Chua Suk-lin, Mr Vincent Chui Yik-chiu, Ms Margaret Kwan Wing-han, Mr Henry Lai Hin-wing and Mr Brian David Li Man-bun, who will be completing their tenure, for their dedication and contribution.”
The PRP is an independent non-statutory panel established in November 2000 to review the operational procedures of the SFC and determine whether the SFC has followed its procedures in carrying out its work. This helps ensure that the SFC exercises its regulatory power in a fair and consistent manner.
The membership of the PRP with effect from November 1, 2024, is as follows:
Chairman
———–
Ms Miranda Kwok Pui-fong
Members
———-
Professor Chan Ka-lok
Dr Chordio Chan Siu-ping
Ms Lorna Chen Xin
Mr Kenneth Chen Yung-ngai
Ms Kerry Ching Kim-wai
Dr Bankee Kwan Pak-hoo
Mr David Lau Pak-wai
Ms Jasmine Lee Shun-yi
Ms Lian Shaodong
Mr Charles Lin Xiaodong
Ms Karen So Kwok-yan
Dr Levin Wang Lei
Ex-officio Members
———————
The Chairman of the SFC
The Secretary for Justice or his representative
Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)
MUSKOGEE, OKLAHOMA – The United States Attorney’s Office for the Eastern District of Oklahoma announced that Wesley Wayne Sutton, age 59, of Tahlequah, Oklahoma, entered a guilty plea to Arson in Indian Country.
The Indictment alleged that, on June 1, 2024, Sutton maliciously set fire to a dwelling. The crime occurred in Cherokee County, within the boundaries of the Cherokee Nation Reservation, in the Eastern District of Oklahoma.
The charge arose from an investigation by the Tahlequah Fire Department and the Bureau of Alcohol, Tobacco, Firearms and Explosives.
The Honorable Gerald L. Jackson, U.S. Magistrate Judge in the United States District Court for the Eastern District of Oklahoma, accepted the plea and ordered the completion of a presentence investigation report. Sutton will remain in the custody of the United States Marshal Service pending sentencing.
Assistant United States Attorney Kevin Gross represented the United States.
Source: Bank for International Settlements
It is both a privilege and an honour to stand before you today, as we gather for the official launch of a significant advancement in our financial regulatory landscape. The launch of the Banking Supervision Application (BSA) Version 5.0 today marks a milestone in our collective efforts to enhance the regulatory framework of our financial sector, strengthening the very foundation of data integrity, financial stability, and consumer protection.
Our journey with the Banking Supervision Application began in 1997, in partnership with various Central Banks across Africa. Since the launch of Version 1 in 2003, the BSA has continuously evolved, with significant improvements culminating in the release of Version 4.0 in 2018. Today, we are proud to unveil Version 5.0, a remarkable milestone for a system that now serves 21-member Central Banksacross Africa, Asia, and America, each actively contributing to the system’s continued growth and enhancement.
This upgraded version is not only more advanced than previousversions but also more agile, designed to meet the emerging complexities of modern banking. It reflects the dynamic nature of the financial landscape and our proactive approach to addressing and supporting innovation as well as the challenges faced by financial institutions.
As we all know, the banking sector is the backbone of our economy, and its soundness directly impacts our nation’s prosperity. As the world evolves, so too must our regulatory tools. We are living in an erawhere technology is reshaping the way banking services are delivered, and the need for data-driven supervisory oversighthas never been more critical. Thus, it is imperative that our regulatory tools remain robust, efficient, and adaptable to the continuously shifting financial landscape.
Version 5.0 is a testament to our dedication to technological innovationand regulatory excellence, in line with our vision “to be a centre of excellence and central bank of reference”. This Financial Regulatory Technology is equipped with several key features that enhance our supervisory capabilities, which include:
a. Responsive Design: The new version is compatible with various devices, allowing seamless access whether on a computer, tablet, or smartphone. Thisflexibility is essential for regulators and financial institutions operating in today’s fast-paced environment.
b. Postback Effects Elimination: The system has been designed to avoid postback effects when selecting elements within a screen, ensuring a smoother and more efficient user experience.
c. Customizable Dashboards: Users can now define their own dashboard layouts, allowing them to access the most relevant information at a glance. This feature enhances user experience and efficiency by tailoring theinterface to individual needs.
d. Enhanced User and Role Management: The new version allows for more granular management of users and roles, ensuring that the right people have access to the right information, enhancing security and operational efficiency.
e. Automated Programming Interface (API): The BSA now integrates with other financial applications, enabling near real-time data access, streamlining compliance, and automating reporting processes.
f. Consumer Protection Module (CPS): One of the standoutfeatures of Version 5.0 is the introduction of a Consumer Protection System that includes tools for managing complaints, monitoring compliance, analysing consumer data, and providing virtual assistance for frequently asked questions. This will significantly bolster our efforts to safeguard the interests of consumers, ensuring fair treatment across the financial sector.
This upgrade will benefit not only the Central Bank but also the broader financial sector, which plays a critical role in our financial ecosystem. By providing more streamlined compliance processes and faster data retrieval, the system will empower the financial institutions to make data-driven decisions, improving both the accuracy and efficiency of regulatory reporting.
This achievement would not have been possible without the dedication and hard work of many individuals. I will request that we give them a round of applause.
I would also like to extend my deepestgratitude to the CBE Team comprising of Financial Regulation and IT departmentsfor having worked tirelessly to ensure a seamless deployment process. My sincere gratitude to the entire project management team for your exceptional efforts in ensuring the successful delivery of this project.
In addition, I would like to acknowledge the cooperation and support of our external stakeholders, particularly the Bank Supervision Office in Mozambique and the member countries currently using BSA. Their feedback and collaboration have been instrumental in the successful rollout of Version 5.0.
The financial sector is dynamic, and while BSA Version 5.0 equips us with the tools to address current challenges, it is crucial that we continue to innovate and adapt our approaches, remaining vigilant and responsive to emerging trends. Our goal remains clear, to promote the safety and soundness of the financial sector while ensuring its stability, an environment where financial institutions can remain competitive and thrive.
In closing, let me reaffirm our commitment to excellence in regulation and supervision. The launch of Version 5.0 is a significant milestone in this journey. I am confident that this system will enhance our capabilities and guarantee that we continue to uphold the highest standards of financial oversight.
As we move forward, let us continue to work together to build a resilient and dynamic financial system that supports the economic growth and development of our beloved Kingdom of Eswatini.
To celebrate our achievement, I am excited to present avideo that summarizes the significant milestones we have accomplishedin the development and deployment of BSA Version 5.0. It reflects the hard work, collaborative efforts and innovation that have fueled this project’s success.
With those words, I thank you all Ladies and Gentlemen!
Source: Bank for International Settlements
On behalf of the Central Bank of Barbados, it is my great pleasure to welcome you to this peer-to-peer exchange seminar. I’d like to extend a special welcome to Dr. Petr Jakubik from CARTAC, whose initiative has brought us together for this important event.
This is not just another training seminar – it is a dynamic platform for the exchange of ideas, the sharing of expertise and the building of frameworks for future collaboration. In today’s rapidly evolving global landscape, where financial stability and economic resilience are increasingly intertwined with central bank regulation, peer exchanges like this are vital. They help us remain agile, informed and equip us with the latest knowledge and best practices to meet the challenges we face as central bankers and regulators.
It is therefore a pleasure to be here today to discuss this issue with you, which is at the heart of economic development in the Caribbean. We all know that at first glance, financial stability may seem like a dry, technical topic, but for us in the Caribbean, it is central to safeguarding our economic well-being. As the global financial system becomes more interconnected, our economies are exposed to a variety of risks – both natural and man-made. Today, I want to highlight why financial stability is crucial for our region, with particular emphasis on challenges such as climate change, external shocks, and the evolving financial landscape. I will also shed some light on the difficulties faced by Caribbean central banks and other regulators in preparing comprehensive Financial Stability Reports.
We all know that financial stability is about ensuring that various entities such as banks, insurance companies, financial markets, and payment systems operate smoothly without triggering major disruptions. When financial stability is maintained, businesses can secure credit, households can borrow and save, and governments can finance development. It is therefore the backbone of economic resilience.
For the Caribbean, the stakes are particularly high. We are a region of small, open economies that are highly dependent on external trade, tourism, and foreign investment. Our economic structure makes us extremely vulnerable to external shocks, whether they are related to global financial conditions, natural disasters, or geopolitical events. Any significant disruption to the financial system, whether from internal weaknesses or external shocks can therefore quickly lead to a financial crisis. The resulting economic hardship can take years, or even decades, from which to recover. A very good example of this phenomenon was seen during and after the Global Financial Crisis.
But let me start by addressing one of the major external risks to Caribbean economies, namely the climate crisis. Our region is one of the most vulnerable to the impact of climate change. Indeed, when we refer to climate vulnerable economies, Caribbean countries are always the highest ranked by any measure. Rising sea levels, more intense storms such as hurricane Beryl, which caused significant damage to a number of Caribbean islands in late June, prolonged droughts, and flooding have become our unfortunate reality. These climate-related risks have a direct bearing on financial stability, as these systems don’t just devastate homes and infrastructure, they can also have adverse effects on the financial system.
For example, the destruction of infrastructure can lead to loans becoming non-performing, as businesses and households may default on their debt. Banks and other large financial entities in turn, may face liquidity problems, which can trigger a systemic crisis. Furthermore, as governments attempt to rebuild after the event, this often leads to an increase in public debt, which puts further strain on their ability to finance essential services and infrastructure. Imagine the strain on our resources that would have occurred had any of our islands been hit by the back-to-back hurricanes that recently devastated Florida and other states along the US South coast.
Climate-related risks are particularly challenging to manage because of their unpredictable nature and the difficulty in quantifying their economic impact. Caribbean regulators must therefore continuously monitor these risks and implement forward-looking policies to mitigate their effects on the financial system.
In addition to climate change, external economic shocks pose another serious risk to financial stability in the Caribbean. Our economies are heavily reliant on global trade, tourism, and remittances. Any disturbance in the global economy such as a recessions in our major trading partners or sudden changes in commodity prices can ripple through our financial systems. Take, for instance, the fallout from the COVID-19 pandemic, which brought the world to a standstill in 2020. It was an economic shock of unprecedented proportions for the Caribbean. Indeed, our tourism sector, a lifeline for many economies, came to a grinding halt, leaving governments and businesses scrambling to stay afloat.
Central banks in the region had to take swift action to ensure liquidity in the financial system, lower interest rates, and support government stimulus efforts. But the pandemic highlighted an ongoing challenge: our financial systems are vulnerable to global crises, and the lack of diversified economies in the region makes recovery more difficult. Regulators must therefore constantly balance the need to maintain stability, while responding to these shocks in an agile and effective manner.
But this is not the only challenge facing us as regulators, as the financial landscape is also evolving rapidly. The rise of fintech, digital currencies, and shadow banking, has created new opportunities for financial inclusion and innovation. However, it also presents new risks. Digital currencies, while offering the potential for greater financial inclusion, bring concerns about regulatory oversight, cybersecurity, and monetary policy transmission. Caribbean countries have been the pioneers in developing digital currency frameworks, but it still requires careful consideration of the impact on financial stability.
Shadow banks – non-bank financial intermediaries that provide similar services as traditional banks – such as payday lenders or firms offering “buy now, pay later” options for buyers, are another concern. Given that these entities generally operate outside the regular regulatory framework, they are often opaque, and central banks may lack the tools to properly oversee their activities. They can, therefore, pose systemic risks without the safeguards that apply to the formal financial sector. If these institutions fail, the resulting financial contagion could spread quickly throughout the economy. Developing effective regulatory frameworks for shadow banks is therefore critical to ensuring financial stability in our region.
It is against this backdrop that Caribbean central banks face the herculean task of monitoring, assessing, and mitigating these risks. One of the key tools at their disposal is macroprudential policy, which is still in its initial stage of implementation in most Caribbean economies. However, central banks have made significant improvements in communicating the risks to the public via their Financial Stability Reports (FSR). These FSRs, as you all know, provide a comprehensive assessment of the financial system’s health and highlight any emerging vulnerabilities. However, preparing a comprehensive FSR is a very challenging exercise, especially in the Caribbean context.
One of the most significant challenges is the lack of comprehensive and timely data. Many countries in the region struggle with collecting and analysing the necessary data to fully assess financial risks. Without high-quality data, it is difficult for central banks to make accurate forecasts or take pre-emptive action. Improving data collection and our analytical capabilities must therefore be a priority for the region, if we are to produce meaningful and effective reports.
Moreover, we know that preparing a high-quality FSR requires specialised knowledge in areas such as macroprudential policy, risk modelling, and scenario analysis. Given the complexity of financial systems and the fast-paced evolution of risks, Caribbean regulators must therefore invest in training and development, to ensure that they have the expertise required to produce comprehensive reports.
In our context, the Financial Stability Report of Barbados has evolved over the years, reflecting the growing complexity of the financial landscape in the country. I’d like to highlight some of the key milestones that have shaped this journey, all of which have been implemented as a result of our partnership with our sister regulator, the Financial Services Commission (FSC) and our collaboration with CARTAC (Caribbean Regional Technical Assistance Centre).
A major accomplishment was the introduction of stress testing in 2016, as this allowed us to simulate how our banking sector would perform under adverse shocks. This tool gave the Bank, as a policymaker and regulator, a clearer understanding of the vulnerabilities that might emerge during a financial crisis, helping us better prepare for potential disruptions. This was a crucial step in ensuring that our banks and financial institutions remain resilient, even in the face of global uncertainties.
As our financial system grew more diverse, it became essential to extend our focus beyond traditional banks. In 2018, the FSR began to include a detailed analysis of non-bank financial institutions (NBFIs) such as insurance companies, pension funds, and credit unions, though our collaboration with the FSC. This was a key milestone because non-bank financial institutions are integral to our economy, and their health is equally as important as that of the banking sector. By broadening the scope of the FSR, we now have a more comprehensive picture of the overall financial system.
The next significant development occurred four years later in 2020, when we made an important breakthrough in acknowledging the significant risk that climate change poses to our financial system. With the inclusion of climate-related financial risk analysis, the Central Bank aligned Barbados with the global efforts to manage climate-related financial risks, underscoring our commitment to resilience.
The results of this work, led by Dr. Saida Teleu and her team, were incorporated in Barbados’ 2023 FSR. With the invaluable assistance of the Coastal Zone Management Unit, we’ve implemented a climate stress test, focusing on projecting damage to the accommodation sector, which is deeply intertwined with our tourism industry. This collaboration has allowed us to assess the potential impacts of climate-related risks on financial stability in a more data-driven and precise manner.
In the most recent FSR, the Bank has also successfully undertaken a significant revamp of its publication, with improvements that underscore our commitment to both innovation and comprehensive risk management. One of the key upgrades has been the introduction of a dynamic balance sheet approach to stress testing. Unlike traditional methods, this approach allows us to incorporate explicit macroeconomic scenarios and extend our stress testing over a longer horizon. This dynamic perspective offers us deeper insights into how our financial system would respond to shocks in a changing economic environment. Additionally, we’ve developed a non-performing loan satellite model, giving us a more accurate assessment of credit risk in our financial system.
We also recognised the growing importance of the real estate sector, and so we’ve enhanced our analysis of this sector. Real estate is not only a critical component of household wealth, but also a significant driver of lending and investment activity, making it essential to the stability of our financial system.
As the financial landscape changes, so too must our approach to assessing risks. In this regard, the 2023 FSR also incorporated the risks posed by digital financial services, fintech, and cybersecurity and issued a survey to the industry to gather vital data. This addition was particularly important given the rapid rise of cyber-crime and the increasing use of online financial services, and the recent publicised cyber-related breaches at the Barbados Revenue Authority and one of our credit unions give testament to this fact. As a country, we are keen to embrace innovation, but it is equally important that we understand and manage the risks that come with these technological advancements.
These most recent advancements significantly upgraded our report. Indeed, the Bank’s FSR has now become, in our humble opinion, the regional benchmark for integrating climate change into financial stability assessments. However, we are keen to share our insights with our regional colleagues and we thank CARTAC for sponsoring two peer-to-peer missions, including this one, which serve to further strengthen financial stability efforts throughout the Caribbean.
Each of these milestones reflects our Bank’s commitment to ensuring a resilient financial system. From stress testing and climate risk analysis to the inclusion of cyber risks and more robust data analytics, we are continuously improving the tools and strategies we use to safeguard financial stability.
But our work doesn’t end here. The financial system is always evolving, and we must stay ahead of the curve. By building on these achievements and addressing new challenges, we will continue to protect the financial well-being of Barbados, ensuring that we are resilient in the face of both local and global uncertainties.
I am honoured to also explore some of the significant milestones achieved by two of our regional counterparts – the Financial Services Commission of Turks and Caicos and the Central Bank of Aruba – in their efforts to enhance their financial stability reporting.
Let me begin with Turks and Caicos. Your financial system plays a vital role in your country’s economy, particularly in your banking and offshore sectors. In collaboration with CARTAC, the FSC made great strides in developing its stress testing framework, which is very similar to the one we recently implemented, as a multi-factor and multi-period macroeconomic-stress test that can account for both domestic economic shocks such as a downturn in tourism and external shocks like global financial market volatility. By extending the horizon and refining the scenarios, the FSC is now better equipped to gauge the potential vulnerabilities within its financial system.
We know that the Central Bank of Aruba does not currently publish a Financial Stability Report. However, the Bank does perform stress tests on its banking sector, the results of which are usually discussed with the banks individually via bilateral meetings. In 2023, the Bank conducted a stress test on the banking sector, with a key focus on concentration risk. This scenario analysis was driven by the developments in the US banking system that took place that year.
We will hear directly from these two institutions about their journey to enhance and assess financial stability in their respective jurisdictions. Over the next few days, you will participate in a diverse and robust line-up of sessions that promise to deepen our understanding and sharpen our capabilities.
I encourage all of you to actively participate in these discussions, as the true power of peer-to-peer learning lies in the collective wisdom and shared experiences of those in this room. Each of us brings a wealth of knowledge and experience, and together, we have the opportunity to generate innovative solutions that can strengthen the financial stability of our institutions and economies.
I commend CARTAC, and Petr specifically, for hosting these peer-to-peer exchanges, which provide unique value to our professional growth. While we are all experts in our respective areas, there is tremendous strength in collaboration. This seminar is therefore a perfect opportunity to foster connections, engage in thought-provoking discussions, and together, to drive the innovation and progress that our institutions and economies need to thrive.
I would like to take a moment to recognise and thank the organising team, especially the Financial Stability Unit led by Saida, who have worked tirelessly to put together this exceptional event, as well as Karen, who has done an excellent job in coordinating this event. Your dedication and efforts are deeply appreciated.
I would also like to extend a special thank you to our speakers, including those from our sister regulator, the FSC, and our colleagues from the Turks & Caicos and Aruba, who have prepared valuable content for us. We look forward to the knowledge and insights you will bring to the table.
In closing, I urge each of you to take full advantage of the opportunities this seminar provides. Whether through the formal sessions or during informal conversations during the coffee breaks, I encourage you to use this time to build stronger networks, exchange ideas, and learn from one another. Once again, thank you all for being here. I look forward to the meaningful discussions and practical takeaways that will undoubtedly emerge over the next few days and I wish everyone a productive and successful seminar.
Thank you.
Source: African Development Bank Group
“The importance of ESG disclosure for attracting finance for sustainable development in Africa cannot be overstated. It is no longer an optional add-on; it is a necessity if Africa is to thrive and not just survive in the 21st century,” stated Solomon Quaynor, African Development Bank Group Vice-President in opening the inaugural…
Source: African Development Bank Group
Further to an April 2024 pledge by the Presidents of the African Development Bank and the World Bank to bring electricity access to 300 million people in Africa by 2030, the Tanzanian port city of Dar es Salaam has been selected to host an Africa Heads of State Energy Summit on 28 January 2025.
Source: African Development Bank Group
Every October, the world unites in a vibrant global campaign aimed at eradicating breast cancer. Known as “Pink October”, this campaign is dedicated to raising awareness about breast cancer, promoting early detection, and supporting research for better treatment options. For the African Development Bank (the Bank), the month serves as a crucial reminder of the ongoing health challenges faced by people, particularly women, across the continent. Gender perspectives reveal that women encounter unique obstacles, be they social, cultural, economic, policy related. This makes Pink October an even more pressing call for action to improve health outcomes and the quality of life of the people of Africa.
Breast cancer is now the most common form of cancer among women globally, causing over 670,000 deaths in 2022[i]. In sub-Saharan Africa, an alarmingly, 60 percent to 70 percent of women are diagnosed with advanced stage disease presented at Stage 3 and 4. Accessible infrastructure, quality training, preventive care, and supportive policies are essential for timely and adequate treatment, which significantly impacts survival rates. Currently, only 50 percent of women in Sub-Saharan Africa survive five years post-diagnosis compared to over 90 percent in high-income countries with affordable health care[ii].
The Bank is making meaningful strides in addressing critical health challenges and empowering communities, particularly women in regional member countries. A few examples include the:
“By creating a pan-African blueprint for health tech innovations, we aim to address critical infrastructure needs and extend affordable services to underserved communities. This collaboration will empower innovators and enhance healthcare delivery for millions, ultimately improving outcomes for women and men affected by breast cancer,”
states Martha T.M. Phiri, Director of Human Capital, Youth and Skills Development.
Institutional Initiatives At an institutional level, the Bank launches several initiatives every year to raise awareness about breast cancer and support the staff. This year for instance, an inaugural conference will be held on October 25, featuring expert discussions on breast cancer awareness and prevention. Additionally, screenings will be provided on October 29-31, ensuring access to essential health services. Regional Directorate Generals (RDGs) will spearhead communication efforts in their areas, promoting the importance of prevention and screening. Furthermore, the Bank’s medical plan will cover 100 percent of periodic medical check-ups, including mammograms and breast ultrasounds conducted. To enhance support, the Bank will also assist with treatments, medical follow-ups, and psychological support for employees affected by breast cancer.
“Breast cancer awareness is not just a campaign; it’s a commitment to the health and well-being of our employees and their families. By promoting early detection and providing essential support, we aim to create a culture where health takes priority, and everyone feels empowered to take charge of their wellness.”
Ali Ramzi Mohammed, Director staff welfare services, compensation and employment policy.
As we observe Pink October, let us reaffirm our commitment to fighting breast cancer in Africa. The African Development Bank prioritizes internal efforts, fostering a supportive environment for its employees through awareness campaigns and health initiatives. By investing in health systems, supporting research, and advocating for universal access to care, we can reduce the burden of breast cancer and empower women everywhere.
As we highlight these initiatives, it is important to remember the real impact of our efforts through the voices of those directly affected. A colleague and cancer survivor shared her experience, emphasizing the critical role of awareness and support in the journey through breast cancer:
“Surviving breast cancer has shown me the power of community and the importance of early detection. I am grateful for the support around me including the Bank and hope my journey inspires others to prioritize their health and seek the care they deserve.”
Zeneb Touré, Manager of the Civil Society Engagement Division.
Let’s wear pink not just this October, but every day, as a symbol of hope, solidarity, and our shared commitment to fight breast cancer. Together, we can create a healthier future for women and men across Africa.
Asia Pacific Report
New Zealand’s opposition Labour Party has backed Christchurch City Council and called for other cities to block business with firms involved in Israel’s illegal settlements in the Occupied Palestine Territories.
“It is great that Christchurch is the first council in New Zealand to take up this cause. We hope others will follow this example,” Labour’s associate foreign affairs spokesperson Phil Twyford said.
“Christchurch City’s decision is in line with the recent International Court of Justice ruling on the illegal settlements, which said the international community should not ‘aid or assist’ the settlements.”
Christchurch is New Zealand’s third-largest city with a population of 408,000. The council vote yesterday was 10 for sanctions, two against and three abstentions.
Labour has called on the government to direct the Super Fund and the Accident Compensation Corporation (ACC) to divest from any companies on the United Nations list of companies complicit in building or maintaining the illegal settlements, and use its procurement rules to ban any future dealings with those firms.
“New Zealanders want to see an end to Israel’s slaughter in Gaza, and a political solution that allows the establishment of a Palestinian state,” Twyford said.
“Unfortunately, since the Oslo Accords in 1993, Israel has deliberately set out to colonise the Occupied West Bank with settlements housing more than 700,000 Israelis, designed to scuttle any hope of a two-state solution.
“It is time for the international community to take action against this breach of international law.”
Source: United Kingdom UK House of Lords (video statements)
Baroness Monckton of Dallington Forest, chair of Team Domenica, a charity supporting disabled people into work, will put forward the debate.
Watch live here on YouTube.
Find out more and see the list of members speaking https://www.parliament.uk/business/news/2024/october/contribution-special-needs-schools-to-the-education-sector-focus-of-lords-debate/
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Source: Republic of South Africa (video statements)
President Ramaphosa delivers the Country’s statement during the 24th BRICS summit open session in Kazan in the Russian Federation.
Source: GlobeNewswire (MIL-OSI)
The Company announces that the Annual General Meeting of the Shareholders (“AGM”) will be held at 10:30am on 14 November 2024 at its registered office First Floor, 10 Lefevre Street, St Peter Port, Guernsey GY1 2PE. A copy of the Notice of the AGM, Form of Proxy and Financial Statements are available on the Company’s website.
US Senate News:
Source: The White House
Today’s announcement is expected to reduce the lead exposure of up to 1.2 million people every year and represents one of over 100 actions taken by the Administration in 2024 to reduce lead poisoning
President Biden and Vice President Harris have been clear that all Americans deserve to live free from fear of toxic lead exposure. Since Day One, the Biden-Harris Administration has marshalled a whole of government effort to reduce all sources of lead exposure, issuing a comprehensive Lead Pipe and Paint Action Plan that guides federal action to achieve a lead-free future.
Today, as we continue to mark National Lead Poisoning Prevention Week, the Biden-Harris Administration is taking action to further reduce lead exposure by issuing a final Environmental Protection Agency (EPA) rule to strengthen requirements for the removal of lead paint dust in pre-1978 housing and child care facilities.
Lead is a neurotoxin that can irreversibly harm brain development in children, lower IQ, cause behavioral problems, and lead to life-long health effects. There is no safe level of lead exposure. Yet, due to decades of inequitable infrastructure development and underinvestment, lead poisoning disproportionately affects low-income communities and communities of color.
Today’s final rule sets new standards for lead abatement activities that will better protect children and communities from the harmful effects of exposure to dust generated from lead paint. The rule will help protect people in communities across the country from these harms, and is expected to reduce the lead exposures of up to nearly 1.2 million people every year, providing public health and economic benefits up to 30 times greater than the costs. Although the United States banned lead-based paint in residences in 1978, an estimated 31 million houses built before 1978 still contain lead-based paint, and 3.8 million are home to one or more child under the age of six, putting them at risk of lead exposure.
Since the announcement of the Biden-Harris Lead Pipe and Paint Action Plan, the Administration has taken hundreds of actions across more than 10 agencies to reduce the risk of lead poisoning in drinking water, paint, soil, food and household products, the workplace, and to combat lead exposure internationally – including more than 100 actions in the past year alone. Some of the actions since the latest Action Plan progress update in November 2023 include:
Reducing Exposure to Lead from Paint and Dust in the Home – Lead in household dust originates from indoor sources such as deteriorated, lead-based paint on surfaces. In the last year, the Administration has worked diligently to identify, help tackle, and eliminate these exposures in several ways:
Earlier this month, the Department of Housing and Urban Development (HUD) announced more than $420 million in awards to remove lead hazards from homes, including HUD-assisted homes, ensuring the safety of children, residents, and families. This includes $2 million to remove other housing-related hazards from homes in conjunction with weatherization efforts, and nearly $10 million to facilitate research on better identifying and controlling lead and other housing-related hazards. These awards are part of President Biden’s Justice40 Initiative, which seeks to ensure that 40 percent of the overall benefits of certain Federal climate, clean energy, affordable and sustainable housing, and other investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.
In August 2024, the Department of Health and Human Services (HHS) issued a new final rule updating the Head Start Program Performance Standards. This rule requires Head Start programs to protect children from exposure to lead in water and paint through regular testing and inspection and remediate lead in Head Start facilities where lead exists.
In 2024, EPA conducted approximately 1,400 compliance monitoring activities for lead-based paint in over 190 communities, more than a third of which were communities with environmental justice concerns. Additionally, EPA’s Federal Facilities Enforcement Office conducted compliance monitoring activities at 18 military installations in 2024. This work protects our service members and their families from exposure to lead-based paint in their homes at military bases.
Reducing Exposure to Lead from Drinking Water – Millions of buildings still receive their water through a lead pipe. The Biden-Harris Administration has taken historic steps to meet President Biden’s commitment to replace every lead pipe in the country within a decade:
Earlier this month President Biden traveled to Milwaukee, Wisconsin, to announce a final rule that requires drinking water systems nationwide to replace lead service lines within 10 years. This rule will protect children from brain damage, prevent up to 900,000 infants being born with low birth weight, and protect 1,100 adults from premature death from heart disease every year.
President Biden secured a historic $15 billion in funding through the Bipartisan Infrastructure Law specifically dedicated for replacing lead service lines, and provided an additional $2.6 billion from his Bipartisan Infrastructure Law for drinking water upgrades and lead pipe replacements, along with an additional $11.7 billion in general-purpose funding through the Drinking Water State Revolving Fund which can also be used for lead pipe replacement. To date, EPA has announced over $18 billion of this funding across every state. Nearly half of this funding is required to flow to disadvantaged communities, in the form of grants and zero-interest loans.
Thanks to the Biden-Harris Administration’s actions, cities across the country are already making progress in replacing lead pipes. Cities with some of the highest numbers of lead pipes, like Milwaukee, Detroit, Pittsburgh, St. Paul, and Denver, have received funding from the Administration and are now on track to replace all lead pipes within 10 years or less. Under this Administration, over 367,000 lead pipes have been replaced nationwide, benefitting nearly 1 million people.
Funding from the American Rescue Plan’s $350 billion State and Local Fiscal Recovery Fund can be used by states and communities to replace lead service lines and remediate lead paint. To date, well over $20 billion nationwide has been invested in water infrastructure projects.
During this Administration, the EPA has also used its Water Infrastructure Finance and Innovation Act (WIFIA) program to provide well over $350 million in financing to communities for lead pipe replacement.
Since launching in November 2023, EPA’s Get the Lead Out Initiative has provided technical assistance to public water systems nationwide to identify lead pipes and accelerate their replacement. Prioritizing disadvantaged and underserved communities, the initiative is providing assistance to a growing list of public water systems, including in Michigan, Ohio, and Illinois, and facilitates access to funding from the Bipartisan Infrastructure Law. This initiative builds on the partnership between EPA, the Department of Labor (DOL), and 40 underserved communities to support lead pipe replacement.
In January 2023, the White House Summit on Accelerating Lead Pipe Replacement hosted by Vice President Harris, announced new actions and progress to deliver clean drinking water, replace lead pipes, and remediate lead paint to protect children and communities across America, including the Biden-Harris Get the Lead Out Partnership comprised of state and local officials, water utilities, labor unions, and other nongovernmental organizations who committed to advance and accelerate lead pipe replacement. This White House Partnership spurred the creation of a the Great Lakes Lead Pipes Partnership, a first-of-its kind, mayor-led effort to accelerate lead pipe replacement in cities with the heaviest lead burdens.
In August 2024, EPA announced $26 million in grant funding to protect children from lead in drinking water at schools and childcare facilities across the country. These grants will be used by 55 States and territories to reduce lead exposure where children learn and play.
The Department of the Interior conducted more than 330 water system assessments at all Indian Affairs-owned sites, including schools, offices and detention centers, among others. Beyond service lines, assessments collected lead/copper samples to identify lead sources in water distribution systems and where lead levels affected drinking points DOI coordinated immediate remediation strategies and implemented actions including alternative water sourcing and confirmatory sampling.
Reducing Exposure to Lead from Air – Major sources of lead in the air include emissions from manufacturing, waste and metals processing, and aircraft operating on leaded aviation fuel. To tackle these emissions, the Biden-Harris Administration has taken the following actions:
In January 2024, EPA released the Integrated Science Assessment for Lead as part of its review of the lead National Ambient Air Quality Standards. This technical document, along with additional technical and policy assessments, will provide the scientific foundation for EPA’s decisions as it regulates air lead exposure.
In October 2023, EPA issued a final determination that emissions of lead from aircraft engines that operate on leaded fuel cause or contribute to air pollution which may reasonably be anticipated to endanger public health and welfare. With this final determination, EPA and Federal Aviation Administration (FAA) have begun work to consider regulatory options to address lead emissions from aircrafts.
Reducing Exposure to Lead from Soil – Lead contamination at legacy pollution sites from past industrial operations, like lead mining and smelting, can accumulate in soil and poses a threat to human health and the environment. Reducing lead levels in soils can reduce exposure risks.
The Bipartisan Infrastructure Law invests $5 billion to clean up legacy pollution, including lead contamination, at Superfund and Brownfields sites. In Fiscal Year 2024, EPA completed 63 Superfund cleanup projects that addressed lead contamination in soil to protect families and children from the harmful impacts of lead. In addition, lead is the environmental contaminant most commonly reported by EPA Brownfields cleanup grant recipients. In fiscal year 2024, Brownfields grant recipients completed 63 brownfields cleanups that addressed lead contamination.
In January 2024, after years of research and advanced understanding of the latest science on lead, EPA issued new guidance to improve screenings for lead in residential soils at Superfund and other contaminated sites. This new guidance cuts in half the recommended screening levels issued 30 years ago and takes into account the potential for cumulative impacts by recommending even more stringent levels in areas where there may be additional sources of lead exposure, such as lead in drinking water or lead paint in homes.
Reducing Exposure to Lead from Food and Household Products – Lead may be present in food when it is in the environment where foods are grown, raised, or processed. To reduce the risk to children of ingesting lead in food, the Administration is working to addressed lead hazards in processed foods.
In September 2024, the Food and Drug Administration (FDA) published a new study on dietary exposure from lead in infants and young children. This action is part of the agency’s Closer to Zero effort, which sets forth the FDA’s science-based approach to continually reduce exposure to lead, arsenic, cadmium, mercury and other contaminants to the lowest levels possible in foods eaten by babies and young children.
Protecting People from Lead Exposure in the Workplace – Workers can be exposed to lead as a result of the production, use, maintenance, recycling, and disposal of lead material and products. In 2024, the Administration sought to protect workers through a number of actions.
In April 2024, the National Institute for Occupational Safety and Health (NIOSH) released Trends in Workplace Lead Exposure, monitoring workplace lead exposure trends through the Adult Blood Lead Epidemiology and Surveillance program.
In March 2024, at the direction of President Biden, the Department of Veterans Affairs (VA) announced that all veterans exposed to toxins and other hazards during military service—including lead—are now eligible for VA health care.
Accelerating Innovations to Improve Blood Lead Testing – Testing blood is the best way to determine if a person has had lead exposure, as there are often no immediate symptoms when someone is exposed to lead. Based on blood lead test results, healthcare providers can recommend follow-up actions and care.
In March 2024, the Centers for Disease Control and Prevention (CDC) announced Phase 2 of the Lead Detect Prize on challenge.gov, inviting selected Phase 1 participants to develop their winning concepts into detailed designs. This challenge provides a $1 million prize pool to accelerate the development of next-generation point-of-care blood lead testing technology. National Aeronautics and Space Administration (NASA) and the FDA support the challenge, and it spotlights the urgent need to identify and foster new or existing breakthrough solutions and products for optimal lead testing in children.
Establishing Domestic Partnerships to Reduce All Lead Exposure – The Administration is engaging stakeholders in a number of ways to reduce community exposure to lead in the United States.
In July 2024, the President’s Task Force on Environmental Health Risks and Safety Risks to Children published the Progress Report on the Federal Lead Action Plan, a comprehensive update on the government’s progress since 2018 toward reducing childhood lead exposures. HUD, EPA, and HHS, as co-leading members of the Task Force’s Lead Subcommittee, are leading aggressive actions to combat lead exposure. The Federal Lead Action Plan promotes a vision that the United States will become a place where children, especially those in communities with environmental justice concerns, can live, learn and play and remain safe from lead exposure and its harmful effects.
In June 2024, the CDC published the Childhood Lead Poisoning Prevention National Classroom program. This program features multiple training methods and outreach strategies, including slide presentations, training videos, webinars, podcasts, and materials posted online to engage a broad range of audiences, including public health professionals, other physicians, general audiences, and high school students, through social media platforms and many other outlets.
In February 2024, the EPA in collaboration with HUD and CDC/ASTDR published A U.S. Lead Exposures Hotspot Analysis, which identifies states and counties with the highest potential lead exposure risk from old housing sources of lead. This analysis applied science-based methods based on available data, continuing the agencies’ commitment to advancing whole of government efforts to focus lead actions in disproportionately impacted locations.
EPA continues to establish and lead U.S. whole-of-government partnerships to develop and apply a science-based blueprint to identify communities with high lead exposures and improve their health outcomes in support of EPA’s Lead Strategy and priority activities of the President’s Task Force on Environmental Health Risks and Safety Risks to Children.
Spearheading an International Effort to Reduce Global Lead Exposure – Amidst historic actions taken domestically to combat lead exposure in the United States, the Administration has built an unprecedented global coalition to tackle lead exposure in low- and middle-income countries, where one in two children has elevated levels of lead in their blood.
In September 2024, the U.S. Agency for International Development (USAID) joined UNICEF and over 60 partners and 26 countries to launch the Partnership for a Lead-Free Future, the first-ever public-private partnership dedicated to tackling lead exposure in low- and middle-income countries. The Partnership committed $150 million toward this effort—at least 10 times the average estimated annual investment to combat lead exposure internationally over the past five years.
Earlier this year, USAID, through its Enterprises for Development, Growth, and Empowerment (EDGE) Fund, provided $5 million to the Lead Exposure Elimination Project (LEEP) to accelerate the global transition to lead-free paint. Spanning over 30 countries in Africa, Asia, Latin America, Central Asia, and Europe, the LEEP partnership will support governments in introducing lead paint regulations and demonstrate how the private sector can reduce lead exposure, saving lives and protecting communities.
Source: GlobeNewswire (MIL-OSI)
TOMS RIVER, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) — In a major leap forward for business owners and entrepreneurs, Lender Market has unveiled its cutting-edge AI financial advisor, designed to automate bookkeeping and financial management in record time. This advanced system is capable of processing multiple bank statements and categorizing financial data in just five seconds, a game- changing feature for businesses of all sizes.
A Breakthrough in Financial Efficiency
For many businesses, bookkeeping is often a time-consuming and complex task, requiring meticulous attention to detail to categorize income, expenses, and transactions. Lender Market’s new AI advisor changes this narrative by offering an unprecedented level of speed and accuracy. With the ability to instantly analyze bank statements across multiple accounts, the AI can efficiently categorize debits, credits, and expenditures into clear and actionable insights.
Unlike traditional bookkeeping methods, which can take hours or even days, this innovative tool delivers results in just five seconds. For businesses managing multiple accounts and transactions, this means saving valuable time and resources that can be reallocated to more strategic aspects of operations.
How It Works: An Intelligent Financial Advisor
The AI-powered financial advisor by Lender Market doesn’t just perform basic categorization. It intelligently reads statements and understands the context of transactions, ensuring accurate classification. By examining debits, credits, and transaction histories, it provides businesses with a holistic financial picture at a glance.
The tool can handle complex financial data from various sources, making it an essential asset for businesses that deal with multiple revenue streams or expenses. The AI automatically categorizes transactions into predefined categories or custom tags, enabling detailed financial tracking and reporting that can be tailored to specific business needs.
Empowering Businesses with Real-Time Insights
Beyond just bookkeeping, Lender Market’s AI offers deeper financial insights that help business owners make informed decisions. By analyzing patterns in financial data, it can identify potential cost savings, highlight areas for investment, and suggest ways to optimize cash flow. This empowers businesses to manage their finances with greater precision and foresight.
With these real-time insights, business owners can maintain tighter control over their financial health, identify growth opportunities, and avoid potential pitfalls. The AI can also be integrated with Lender Market’s lending platform, allowing businesses to receive personalized loan recommendations based on their financial performance.
A Game-Changer for SMBs
This innovative solution is particularly valuable for small and medium-sized businesses (SMBs), where time and financial resources are often stretched thin. SMB owners can now access the same level of financial intelligence as larger corporations, without the need for a full-fledged accounting team.
The AI advisor offers a user-friendly interface, ensuring that even those without financial expertise can benefit from its features. Business owners can simply upload their bank statements, and within seconds, they receive categorized financial reports that are easy to understand and act upon.
The Future of Financial Management
Lender Market’s AI financial advisor represents the future of financial management for businesses. By streamlining bookkeeping processes and offering real-time financial insights, it empowers businesses to focus on growth and innovation. As more companies turn to AI-powered solutions, Lender Market is at the forefront of this revolution, helping businesses navigate their financial landscapes with confidence and ease.
With this latest launch, Lender Market solidifies its position as a leader in financial technology, offering businesses the tools they need to succeed in an increasingly competitive market.
About Lender Market
Lender Market is a pioneering financial technology platform that leverages AI to provide businesses with tailored financial solutions, from bookkeeping and advisory services to lending recommendations. The platform’s goal is to empower businesses with smarter financial tools, enabling them to grow sustainably and efficiently.
Says Eli Ofel the CEO and founder of lender market. Also founder of leaa health and 02 market the price comparison platform.
For more information on how Lender Market’s AI financial advisor can transform your business’s financial management, visit Lender Market’s website.
PR Contact Information Media Contact:
Contact Person: Eli Ofel
Phone Number: 732.808.3305
Email: Eli@lender.market
Source: China State Council Information Office
Chinese President Xi Jinping said on Wednesday that the urgency of reforming the international financial architecture is becoming increasingly prominent in the current situation.
Xi made the remarks when addressing the 16th BRICS Summit.
He also called for strengthening the New Development Bank and urged BRICS countries to take the lead in promoting a better alignment of the international financial system with the changing dynamics of the global economy.
Source: Eastern Economic Forum
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Source: United Kingdom – Executive Government & Departments
The British High Commission will today (23 October) host the King’s Birthday Party, its annual celebration to mark the British Monarch’s birthday.
British High Commissioner to India, Lindy Cameron with P Kumaran, Secretary of Economic Relations and Development Partnership Administration, Ministry of External Affairs
The gala event pays tribute to His Majesty King Charles III as the UK’s Head of State.
In addition to his official and ceremonial duties in the UK and overseas, His Majesty has championed a wide range of causes relating to the environment and sustainable development, the arts, healthcare and education for decades.
A wide range of dignitaries from the Government of India, representatives from Commonwealth nations, business leaders, and eminent personalities from the fields of diplomacy, arts, education, research, business, and sports are expected to attend. The celebration will also highlight the vibrant business links that exist between our countries.
The event reflects the modern partnership between the UK and India with a specially designed food menu of British Indian cuisine from Ambassador for the GREAT Britain & Northern Ireland campaign Chef Vineet Bhatia MBE, music by DJ Lush Lata, and interactive displays from some of the UK’s leading businesses operating in India.
Lindy Cameron, British High Commissioner to India, said:
His Majesty The King has an enduring interest in promoting a modern partnership with India and its people. It is such a privilege to celebrate His Majesty’s birthday with friends in India who have been so generous to me since I arrived. I can think of no more interesting country to live in, no better time to be here.
I also extend my heartfelt thanks to everyone joining the celebration in Delhi; it is the people that make the UK-India partnership come to life, and the deep economic connections through companies like HSBC India that make it thrive.”
This year’s King’s Birthday Party celebrations in Delhi were made possible by the gracious support of HSBC India, Reliance Industries Ltd, OMA living – A Hero Motors Company, The Body Shop, bp, Airbus, BAE Systems, Shell India, British Airways, UK India Business Council, Aston Martin New Delhi, Truefitt & Hill, Diageo India, William Grant and Sons, Beam Suntory, Colliers Cheese and Fortune Gourmet Specialities, Nimkish Enterprises.
For media queries, contact:
David Russell, Head of Communications
Press and Communications, British High Commission,
Chanakyapuri, New Delhi 110021. Tel: 24192100
Media queries: BHCMediaDelhi@fcdo.gov.uk
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Source: City of Winchester
The installation of a new community 3G pitch in Winchester has been celebrated at an official opening event.
The high-quality pitch, which has replaced the current grass pitch at Hillier Way football ground, is a surface which can be used all year round.
The Hillier Way ground is the home venue of Winchester City FC, a committee-run members club which has a history dating back to 1884. The club’s first game on the new surface was an FA Cup qualifying game against Weymouth.
The facility is also used by Winchester City Flyers girls’ and ladies’ teams, and Winchester Youth FC.
The new pitch has been funded by: a grant from the Premier League, The FA and Government’s Football Foundation of £1,132,214; Winchester City Council Community Infrastructure Levy (CIL) funding of £300,000; and £16,000 from Winchester City FC.
It is also available for wider local community activity sessions and private hire, including use by schools, colleges and other clubs.
Robert Sullivan, Chief Executive of The Football Foundation, said: “The Football Foundation is working closely with our partners – the Premier League, The FA and Government – to transform the quality of grassroots facilities in England by delivering projects like this across the country.
“Good quality playing facilities have a transformative impact on physical and mental health and play an important role in bringing people together and strengthening local communities.
“We’re delighted that the local community in Winchester will now be able to enjoy all these benefits thanks to the new 3G pitch at The Hillier Way Football Ground.”
Winchester City Council’s Cabinet Member for Community and Engagement Cllr Kathleen Becker said: “We’re very pleased to celebrate the official opening of this fantastic new surface which cements existing opportunities for community sport. It opens up exciting new ones too, including increased opportunities for female coaches and players in the district.
“Already being well used by the local community, we also look forward to seeing this pitch benefit schools and other clubs for sessions, holiday activity and private hire.”
Winchester City FC Chairman Ken Raisbeck said: “The completion of the stadium development represents a significant moment in the history of the football club but also an opportunity for the community of Winchester.
“Football is a great vehicle to bring people together as well as encourage health and wellbeing. This facility creates a home for the club and from five-year-olds through to the first team, we now have an asset that can be used by everyone.
“I am delighted that the council supported the vision and through the football club we were able to bring investment to the city to provide this fantastic facility; it’s an exciting moment in the development of the club and our community partners.”
Source: Channel Islands – Jersey
Following productive discussions with Deputy David Warr, we have reached an agreement regarding the situation at the Lido. We can confirm that the current occupier will be able to remain on-site until the end of 2025.
As part of this arrangement, the occupier will be required to sign a formal contract and cover rent and a portion of utility bills from the end of October. A tender process for the future operation of the Lido will proceed as planned.
We have always recognised the significant community value of the Lido and we are committed to its future rejuvenation. The Government will continue with its planned maintenance works, which include vital improvements to the pool and surrounding facilities.
We want to extend our gratitude to the public for their constructive engagement throughout this process. Together, we are finding a positive way forward for this cherished public landmark, ensuring it remains a vibrant space for generations to come.
Source: Northern Ireland – City of Derry
24 October 2024
Strabane Health Improvement Project (SHIP) in the Ballycolman Estate is cooking up a Halloween experience that is sure to tantalise your tastebuds.
Running on Tuesday, 29th October from 10am-12pm SHIP is hosting the Witches Stew Brew, this is an afternoon cookery session which aims to show locals how to make a tasty meal using vegetables which can be grown locally.
Jarlath McNulty, SHIP project manager explained: “We were approached by Acorn Farm and Council to look at delivering a project based around cooking from local produce. When we had a think about it, we thought the Witches Brew Stew would be a great way to do it in the run up to Halloween.
“The event is due to run for about two hours and is all about encouraging people to think about eating healthier and using items they could ultimately grow themselves. Harvest is the perfect time of year to hold an event like this and we are really looking forward to it.”
Encouraging people to take part in the Witches Brew Stew, the Mayor of Derry City and Strabane District Council said: “The event hosted by Strabane Health Improvement Project is the perfect opportunity to learn how to introduce more vegetables into your diet in a fun and practical way. If you’re able to attend please do so, I’m sure you will pick up lots of useful cookery tips and of course come away with the recipe for a perfect Witches Brew Stew.”
Anyone interested should turn up at 10am on Tuesday, 29 October at Strabane Health Improvement Project in the Ballycolman Estate. Contact: 02871 383557 if you need further information.
For more information about any of the events taking place in the Strabane District this Halloween, go to www.strabanehalloween.com.
Source: Northern Ireland – City of Derry
24 October 2024
Ryanair, Europe’s No.1 airline, today (23 Oct) launched its Winter 2024 schedule for City of Derry Airport with 2 exciting routes – Birmingham & Manchester – giving Northern Irish citizens/visitors more choice and regular connections at the lowest fares in Europe this Winter.
Ryanair relaunched its Birmingham route from City of Derry Airport in Summer 2024, which the airline will now extend it into the Winter season. Ryanair has also added an extra return service on its popular Manchester route, which will now operate 6 weekly flights to/from City of Derry Airport for Winter 2024 (Mon, Fri, Sun).
Today’s launch comes as Ryanair carries 5 million passengers through City of Derry Airport. Ryanair has operated to/from City of Derry Airport for the past 24 years, supporting important regional development and growth, including the airline’s support of over 65 local jobs, and driving of year-round connectivity and tourism.
To celebrate the launch of Ryanair’s Winter 2024 schedule for City of Derry Airport, the airline has launched a limited-time seat sale with fares available from just £19.99 available only at www.ryanair.com.
Ryanair’s Head of Communications, Jade Kirwan, said:
“As Europe’s No.1 airline, Ryanair is pleased to announce our Winter 2024 schedule for City of Derry Airport with 2 routes – Birmingham & Manchester. As well as extending our new Birmingham route for the Winter season, we’re also adding extra flights on our popular Manchester route, providing Northern Ireland citizens/visitors with even more choice at the lowest fares in Europe.
Today’s announcement comes as Ryanair carries our 5 millionth passenger through City of Derry Airport – a significant milestone and reflection of our 24 years of operating to/from City of Derry Airport. This year, Ryanair’s City of Derry Airport traffic will grow +66%, demonstrating Ryanair’s long-term commitment to boost Northern Ireland’s air traffic, tourism, jobs, and economy.”
City of Derry Airport’s Managing Director, Steve Frazer said:
“We are thrilled to have Ryanair providing much needed air connectivity from the ‘Gateway of the Northwest’ and Birmingham and Manchester for travellers across the region this Winter.
Passengers will benefit from a new Ryanair Birmingham service on a Monday, in addition to the existing Saturday service. This will be ideal for business travellers departing at the start of the week and returning at the weekend, as well as students who regularly commute, whilst offering leisure passengers a convenient weekend break.
Ryanair’s Manchester will continue to operate on a Monday, Friday and Sunday, again ideal for both business and leisure travel, with additional services available across the Christmas holiday period to meet the needs of our local catchment area.
We are extremely proud to have reached the momentous milestone of 5 million Ryanair passengers at City of Derry Airport, and we look forward to growing the airline’s presence in the Northwest for years to come.”
Source: City of Lancaster
This year’s Remembrance Sunday falls on 10 November and a number of services have been arranged in the Lancaster district.
Everyone is welcome to attend and remember all who died for their country in the two World Wars and also those who served in more recent operations.
The Mayor of Lancaster, Councillor Abi Mills, said: “It’s tremendously important that we continue to remember the sacrifices made by so many during times of conflict.
“Remembrance Sunday allows us to come together as a nation, to honour those who have given so much, and to pay tribute to our armed forces, both past and present.”
Remembrance Sunday services will take place as follows:
Lancaster
This year there will be a service in the Priory Church at 9.15am followed by a procession through the city to Lancaster Town Hall starting at approximately 10.30am. The service in the Garden of Remembrance at the town hall will start at 10.50am.
Morecambe
A procession will form up at The Platform, leaving at approximately 10.40am, for a service and two minutes silence at the cenotaph on Marine Road.
Carnforth
The procession will leave the council offices on Market Street at approximately 10.25am and then proceed to the war memorial, via North Road and New Street for a remembrance service from 10.50am -11.30am. Market Street will be temporarily closed to traffic during the service.
To help people to pay their respects, Lancaster City Council has suspended parking charges on its Nelson Street car park in Lancaster and Bay Arena car park in Morecambe.
Last updated: 24 October 2024