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- Macquarie European Infrastructure Fund 7 reaches €8 billion of investor commitments
January 22, 2024. LONDON, UK Macquarie Asset Management has announced that over €8 billion has been committed to Macquarie European Infrastructure Fund 7 (MEIF7) upon the fund’s Final Close, making MEIF7 the industry’s largest-ever fund focused on European infrastructure.1 MEIF7 reached Final Close in December 2023, having attracted commitments from more than 100 pension funds, insurance companies, sovereign wealth funds, asset managers and fund of fund investors. Approximately 92 per cent of commitments came from investors who have previously invested with Macquarie Asset Management. The strategy also attracted commitments from 24 investors new to the Macquarie Asset Management platform. MEIF7 is the seventh vintage of Macquarie Asset Management’s successful European Infrastructure Fund series and was raised with a target size of €7-8 billion. The strategy aims to create a diversified portfolio targeting infrastructure companies aligned to the key investment themes of decarbonisation, digitalisation, the circular economy and demographic shifts. MEIF7 has already committed capital across three investments in the digital, transport and utilities sectors comprising of VIRTUS Data Centres, Best in Parking and Last Mile Infrastructure Group. Adam Lygoe, Head of Institutional and International Wealth Distribution at Macquarie Asset Management, said: “Despite an uncertain macroeconomic environment, we have continued to strengthen and broaden our relationships with clients by providing compelling solutions to help meet their investment objectives. We would like to thank our investment partners for the trust they have placed in us.” Martin Bradley, Head of Infrastructure for Macquarie Asset Management in EMEA, said: “Continual investment is needed to develop the infrastructure that provides essential services to communities. The closing of our seventh European infrastructure fund enables us to play a meaningful role in helping meet that need, as we seek to deliver positive impact across EMEA. We have a strong pipeline of investment opportunities and have already begun to establish a robust and diverse portfolio with three investments by the fund to date. We look forward to building on this strong foundation as we continue to deploy in the coming years.” MEIF7’s Final Close brings capital managed under the Macquarie European Infrastructure Fund series to approximately €30 billion. Since 2021, Macquarie Asset Management’s infrastructure equity strategies have globally raised an aggregate total of approximately €39 billion2. Macquarie Asset Management is the world’s largest infrastructure manager.3 It manages approximately €170 billion across its infrastructure, green investments, and natural assets platforms. Macquarie Asset Management’s Real Assets portfolio spans more than 170 companies and over 105 GW of green energy assets in construction, operations or development.4 Infralogic data (Dec 2023 /Jan 2024) Funds that reached Final Close or are currently fundraising IPE Real Assets (Sep / Oct 2023) The total capacity of green energy assets in development that Green Investment Group (GIG) has an equity investment in or that are included in funds using the GIG brand as at 31 March 2023. The GW figure includes 100 per cenrt of the potential generating capacity of each asset, not the proportion owned/managed by GIG or the fun. As at 31 March 2023 on our balance sheet or under Macquarie management. Excludes lending and private credit funds. GW of green energy assets reflect 100 per cent generating capacity of each asset, not the proportion owned/managed by Macquarie. Refer to the FY2023 Basis of Preparation for ESG Reporting for the definition of ‘green energy assets’. Media contacts Australia and New Zealand T: +61 2 8232 2336 Email regional contact Source Link: https://www.macquarie.com/au/en/about/news/2024/macquarie-european-infrastructure-fund-7-reaches-8-billion-of-investor-commitments.html
- The Apulia Summit
June 13-15, 2024. APULIA, Italy The G7 Summit will be held in Borgo Egnazia, in Apulia, on June 13-15, 2024. The event will bring together the Leaders of the seven member States, as well as the President of the European Council and the President of the European Commission representing the European Union. In line with previous G7 fora, representatives of a number of States and International Organizations will take part in the work, invited by the Nation that holds the Presidency. The location of the Summit G7 Leaders will gather in one of the most fascinating locations in the world, surrounded by the hospitality of the region of Apulia. An icon of Italian excellence for its natural and artistic beauty, Apulia has historically played a role as a bridge between the East and West of the world. Over the centuries, this land has welcomed different peoples, cultures and religions that have left a rich heritage. The historical role the region has played in promoting dialogue makes it an ideal place to bring together the Leaders of the G7, the invited Nations and International Organizations to address major global issues. Source Link: https://www.g7italy.it/en/summit/
- RevFin to utilise $14 million Series B fundraise for geographical expansion, product diversification
January 23, 2024. NEW DELHI, India. RevFin, a lender with a focus on electric vehicles, has successfully secured $14 million in its Series B funding round. The company, led by Founder and CEO Sameer Aggarwal, has concentrated on financing electric three-wheelers and has expanded into two-wheelers and four-wheelers in recent months. With a strong market presence in 23 states and dominance in five of them, RevFin plans to utilise the funds to extend its geographical reach across India. Sameer Aggarwal in an interview to CNBC-TV18 stated that the funding will also support rapid scaling in existing markets, including diversification into new segments such as charging infrastructure and batteries. Omidyar Network led the funding round with a substantial $5 million investment, accompanied by contributions from the Asian Development Bank, Companion Capital, and existing investors Green Frontiers Capital and LC Nueva. Founded in 2018, RevFin achieved profitability in 2022 and aims to finance two million electric vehicles within the next five years. This latest funding, marking Omidyar’s final investment in India, brings RevFin’s total capital raised through debt and equity to Rs 625 crore. In a separate development, digital lending SaaS platform Biz2X has announced ambitious plans to disburse Rs 1,000 crore through its AI-ML backed platform Maadhyam in the current financial year. Established in 2019 as a subsidiary of Biz2Credit, Biz2X, under the leadership of Co-Founder & CEO Rohit Arora, seeks to bridge the gap between lenders and SMEs. Arora shared in an interview with CNBC-TV18 that the company’s strategy to provide credit access to digital aggregators, addressing challenges related to monetisation and growth. Furthermore, Explorex, an experiential technology company supported by investors like Y-Combinator, Super Angels, FitBit, and Kevin Lin (COO of Twitch), claims to tackle long-standing challenges in inventory management, staff onboarding, and customer engagement for the restaurant ecosystem. Co-Founder & CEO Mainak Sarkar envisions expansion to 30 cities this year, emphasising how Explorex aids restaurants in digitising their operations. For a comprehensive discussion, refer to the accompanying video. Source Link: https://ventures.adb.org/revfin-to-utilise-14-million-series-b-fundraise-for-geographical-expansion-product-diversification/
- SIX Exchanges Figures December and Full Year 2023
January 3, 2024. ZURICH, Switzerland SIX publishes the monthly key figures of SIX Swiss Exchange and BME Exchange on trading and listing activities in Switzerland and Spain. Key Figures SIX Swiss Exchange Trading turnover full year 2023: CHF 1,046.3 billion (previous year: CHF 1,208.1 bn) with 46,094,349 transactions (60,810,665). Swiss blue chip index SMI® at 11,137.8 points (+3.8% versus the end of 2022) 10 companies completed successful listings 5 new product issuers and 1 trading participant joined In the year 2023, ten companies chose to issue and list equity securities on SIX Swiss Exchange – with an aggregated transaction volume of around CHF 2.2 billion equivalent. The highlight of the year was the listing of Sandoz, the spin-off from Novartis, with a market capitalization of around CHF 10.5 billion. As the novelty of the year, R&S Group can be named as the company listed at SIX Swiss Exchange via a business combination with VT5 Acquisition Company, the first SIX-listed Swiss Special Purpose Acquisition Company (SPAC). And in addition, [eight] Chinese issuers listed Global Depository Receipts (GDRs) raising around USD 2.4 billion. Equally important is the fact that companies that are already listed made active use of the Swiss capital market and were able to raise around CHF 8.3 billion via equity capital increases in the past year (CHF 7.0 billion in 2022). Around CHF 116 billion (CHF 114 billion in 2022) were raised by debt capital instruments (bonds and money market papers), out of which bonds raised an equivalent amount of CHF 116 billion (CHF 110 billion in 2022), exceeding the CHF 100 billion mark for the second time in a row. In total, the bond segment saw 436 new listings (393 in 2022), of which around 90% were denominated in Swiss Francs. In the product segments, five new issuers joined SIX Swiss Exchange over the course of the year: the ETF issuers AXA Investment Managers and First Trust, the ETP issuer CAT Financial Products as well as the two investment fund issuers Zurich Invest Ltd and Sustainable Real Estate AG, adding two more real estate funds to the existing offering of 46 actively managed investment funds. In 2023, the number of both ETFs and structured products available to investors reached new records, with 1,700 and 60,000 respectively. For the first time, the number of newly listed structured products in a year passed the 100,000 threshold, reaching 102,504 (2022: 95,207), while 150 new ETFs were listed. Key Figures BME Exchange The Spanish Exchange closed the year with 2.29 billion trades, 2.1% more than in 2022, and a capitalization of 1.2 trillion, up 16.8% on the previous year Fixed Income markets channeled EUR 405 billion of new funding, up 8.7%, boosted by the new Securities Markets Act New members and more functionalities in the MEFF Derivatives market The Spanish equities market closed the year with 2.29 million trades, 2.1% more than in December 2022. The cumulative effective volume traded through December was 301.2 billion euros. At December 31, the Spanish stock market had a capitalization of 1.2 trillion, up 16.8% on the previous year. The IBEX35® also followed this positive trend, rising by 22.8%. Including dividends distributed, the index's total return reached 28%. Capital increases amounted to 4,245 million euros (5,572 million in 2022). BME Growth added 10 new companies, 3 of which were SOCIMIS. Companies already listed on this market raised more than 540 million euros in capital increases. To continue supporting companies at all stages of their growth, BME launched BME Scaleup, a market aimed at companies in the early stages of development. BME's Fixed Income markets channeled more than €405 billion of new financing to the public and private sector, 8.7% more than in 2022. Particularly relevant for the AIAF Market was the entry into force in September of the new Securities Markets Law, which transferred to BME certain powers in admission to trading, facilitating issuance in the regulated market. Since then, new issues of bonds and promissory notes have been registered by Caixabank, Bankinter, Banco Santander, BBVA Global Markets, Abanca, Unicaja Banco, Banco Sabadell and Deutsche Bank. Meanwhile, the MARF, which celebrated its 10th anniversary in October, continued to grow with the debut of 12 new companies and more than 15 billion euros issued, 11.6% more than in 2022. The MEFF Derivatives market successfully implemented new functionalities in retail trading and introduced new features in options on the IBEX 35®. In addition, new members joined both the financial derivatives (TP ICAP Europe) and energy derivatives (Pavilion Energy Spain) segments, improving the overall diversity and competitiveness of the market. Detailed statistics on turnover and transaction volumes per segment compared with the previous month and previous year, on newly listed products and on the development of the most important indices can be found in the tables below. The website of SIX Swiss Exchange provides you with full access to our complete information offering. We provide you with the latest market data and comprehensive statistics for our entire securities universe. This includes order book information, prices, volumes and turnover figures as well as historical data and statistics. We also provide official notices of listed companies, management transactions and other relevant information to ensure safe and transparent trading. Discover more. About SIX SIX operates and develops infrastructure services for the Swiss and Spanish Stock Exchanges, for Post-Trade Services, Banking Services and Financial Information with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss and Spanish financial centers. The company is owned by its users (120 banks). With a workforce of 4,044 employees and a presence in 20 countries, it generated operating income of CHF 1.5 billion and Group net profit of CHF 185.0 million in 2022. www.six-group.com Source Link: https://www.six-group.com/en/newsroom/media-releases/2024/20240103-keyfigures-exchange-december-2023.html
- Wells Fargo Investment Institute Believes 2024 is a Pivotal Year for the Economy and Markets
December 7, 2023. SAN FRANCISCO, USA. Expected snap back from slowing economy likely in back half of next year With Wells Fargo Investment Institute’s (WFII’s) release of its “2024 Outlook: A pivotal year for the economy and markets,” the team offers its highest conviction ideas for investors to consider in the new year. WFII believes the 2024 economic story could be a tale of two halves for fixed income and equities. The first half will likely be more challenging as WFII expects instability during a moderate global economic slowdown (including in the U.S.), pivoting into a second half that develops into an improving, more opportunistic environment for investors. “More long-term opportunities to put money back to work across some markets and regions should come as 2024 develops,” said Darrell Cronk, chief investment officer for Wells Fargo Wealth & Investment Management. “WFII’s outlook for most of the past two years has been cautious and focused on selectivity and quality, with an eye toward a better year next year. That theme continues in our 2024 Outlook Report.” “The resilient U.S. economy has been supported by consumer spending, a strong labor market, and business capital spending. The journey, however, was more difficult for investors, with the Federal Reserve (Fed) raising interest rates and tightened monetary conditions,” added Cronk. “Investors following WFII advice during 2023’s slow-motion slowdown should be able to use accumulated fixed-income assets to invest later next year.” Once investors begin to look past the economic slowdown to a recovery, WFII expects opportunities in a broad early-cycle global recovery later in 2024. As is often the case, that time will likely come while the economy is still weak, the Fed is cutting interest rates, and markets are beginning to anticipate sustainable economic and earnings growth. Those equity sectors that tie most closely to the economy’s cyclical turn higher should benefit the most at that time. Highlights of WFII’s forecast include: Economic crosswinds will net to a moderate U.S. economic slowdown by the early part of 2024, in our view, lowering the full-year U.S. GDP (gross domestic product) target to 0.7% in 2024. The target for inflation in 2024 is 2.5%. Lagging effects to cool inflation in the U.S. will continue to make an impact, but the Fed’s 2% target will likely remain out of reach given the competing factors of underlying strength. Once investors begin to anticipate an economic and earnings recovery, WFII expects the S&P 500 Index to gain into year-end. The target range for 2024 is 4,600 – 4,800. WFII’s base scenario implies two quarter-point Fed rate cuts in 2024, causing the federal funds rate forecast in 2024 to decline toward 4.75% – 5.00%. The full report provides insights about the economy, equities, fixed income, real assets, and alternative investments. Also included are economic and market forecasts, where WFII sees opportunity, and five portfolio ideas. Please see the full report for detailed information. Investment and Insurance Products are: ● Not Insured by the FDIC or Any Federal Government Agency ● Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate ● Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested Risk Disclosure Forecasts and targets are based on certain assumptions and on our current views of market and economic conditions, which are subject to change. All investing involves risks, including the possible loss of principal. There can be no assurance that any investment strategy will be successful and meet its investment objectives. Investments fluctuate with changes in market and economic conditions and in different environments due to numerous factors, some of which may be unpredictable. Asset allocation and diversification do not guarantee investment returns or eliminate risk of loss. The information contained herein constitutes general information and is not directed to, designed for, or individually tailored to, any particular investor or potential investor. This report is not intended to be a client-specific suitability analysis or recommendation, an offer to participate in any investment, or a recommendation to buy, hold, or sell securities. Do not use this report as the primary basis for investment decisions. Consider all relevant information, including your existing portfolio, investment objectives, risk tolerance, liquidity needs, and investment time horizon. About Wells Fargo Investment Institute Wells Fargo Investment Institute, Inc. is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company. About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories. Additional information may be found at www.wellsfargo.com LinkedIn: https://www.linkedin.com/company/wellsfargo PM-05282025-6124942.1.1 News Release Category: WF-ERS Media Sarah Kerr, 917-588-5919 sarah.kerr@wellsfargo.com Source: Wells Fargo & Company Link: https://newsroom.wf.com/English/news-releases/news-release-details/2023/Wells-Fargo-Investment-Institute-Believes-2024-is-a-Pivotal-Year-for-the-Economy-and-Markets/default.aspx
- Carta Partners with Sequoia to Offer a Total Compensation Solution for VC-Backed Companies
September 27, 2023. SAN FRANCISCO, California Partnership brings together Carta’s market-leading salary and equity data with Sequoia’s Comp Advisory and Comp OS™. Sequoia, the pioneer in benefits and compensation, announced its partnership with Carta, a leading provider of private market salary and equity data, to provide VC-backed companies the expert guidance and robust market data needed for designing and implementing smart compensation strategy for today’s fast moving talent market. A well-informed compensation plan is foundational for attracting, motivating, and retaining top talent while managing burn rate responsibly. By adding Carta Total Compensation (CTC) data to Sequoia Comp OS, joint customers can build a comprehensive pay program for their modern workforce. With Sequoia’s Compensation Advisory practice, joint customers have the expert guidance needed to define a competitive, fair, and scalable compensation strategy. Joint customers of Sequoia and Carta can expect: Seamless data flow: Joint customers can access their equity information and CTC benchmarking data within the Sequoia People Platform, eliminating the need to switch between software providers when strategizing a compensation plan. End-to-end tech-enabled service experiences: Joint customers receive hands-on guidance from Sequoia’s Comp Advisors, providing the resources needed to create a tailored compensation strategy and a trusted partner to operationalize a compensation philosophy through a tech-enabled services platform. One source of truth: Sequoia’s Compensation Advisors can now leverage Carta’s comprehensive and real-time private company data to help VC-backed companies craft a compensation strategy that positions businesses for success, regardless of the economic landscape. Flexible services for every company stage: From startups making their first hires to booming enterprises looking to create competitive total rewards packages, Sequoia offers expert guidance to create a compensation program that attracts, motivates, and retains key talent. Sequoia is committed to helping businesses grow by providing strategic compensation support in areas such as total rewards philosophy, job architecture, cash structures, equity grant guidelines, annual incentive plan and executive compensation. Paired with Sequoia Comp OS™ on the Sequoia People Platform, companies are equipped with real-time visibility and heightened control over their organization’s global people spend that aligns to their goals. Josh Steinfeld, Carta’s Principal Product Strategist, said, “Compensating your employees fairly while managing burn responsibly is crucial, and next to impossible without the right data and expertise. By partnering with Sequoia, our customers have access to the data and expertise they need to create a compensation strategy that controls costs and maximizes retention.” Kyle Holm, Sequoia’s VP of Compensation Advisory, added, “Establishing a thoughtful total rewards strategy is the key to gaining a true people advantage. With this packaged solution, our team has the ability to provide strategic insights and bring the data to life, so we can help VC-backed companies, across any stage or economic conditions.” Sequoia clients can receive streamlined access to demos and more information here. To learn more about how Sequoia and Carta can help your business, start here. About Sequoia Sequoia is the leader in Total People Investment. We help companies create a people advantage through improving retention, attracting top talent, and increasing people-spend ROI. With expert advisory services across compensation and benefits and a powerful platform, we connect employee total comp programs with insightful people analytics so companies can manage their global people investment in real time to better meet the needs of their evolving workforce. Visit Sequoia.com or follow us on LinkedIn to learn more. About Carta Carta is a platform that helps people manage equity, build businesses, and invest in the companies of tomorrow. Our mission is to unlock the power of equity ownership for more people in more places. Carta manages nearly three trillion dollars in equity globally. The company is trusted by more than 40,000 companies, over 7,000 funds and SPVs, and over two billion equity holders to manage cap tables, compensation, valuations, liquidity, and more. For more information, visit carta.com. Media Contact: Michele Floriani Sequoia press@sequoia.com 650-544-4919 Source Link: https://www.sequoia.com/news/carta-partners-with-sequoia-to-offer-a-total-compensation-solution-for-vc-backed-companies/
- Indonesia Launches World’s First State-Backed Cryptocurrency Bourse
July 25, 2023. JAKARTA, Indonesia On July 20, 2023, Indonesia officially launched the world’s first state-backed cryptocurrency bourse. Written by Ayman Falak Medina On July 20, 2023, Indonesia officially launched the world’s first state-backed cryptocurrency bourse, supervised by the Commodities Futures Trading Supervisory Agency. Local company PT Kliring Berjangka Indonesia was appointed as the futures clearing house for the settlement of crypto assets while another local company, PT Tennet Depository Indonesia, was appointed as the crypto asset storage manager. The new bourse will list licensed cryptocurrency companies, such as Binance, Ripple, Ethereum, Tether, and Bitcoin. Through the bourse, the Indonesian government is aiming to strengthen the regulatory environment for the country’s booming cryptocurrency sector and develop a safe and fair crypto trading ecosystem. Although the government currently prohibits the use of cryptocurrencies as a payment medium, the government does allow investments in cryptocurrency. According to the Commodities Futures Trading Supervisory Agency, Indonesia has an estimated 17 million cryptocurrency users. Increasing cryptocurrency transaction volume Indonesia saw crypto trading reach US$56 billion in 2021, a significant increase from the US$4.6 billion recorded in 2020. This increase was attributed to Indonesian regulators permitting cryptocurrencies to be traded as commodities in 2019 as well as the investment boom during the height of the pandemic in 2021. The crypto volume traded in 2021 reached US$19 billion and US$4.42 billion during the first half of 2023. The dampening demand in crypto was influenced by rising interest rates in recent months. New regulatory changes to Indonesia’s cryptocurrency sector The Commodities Futures Trading Supervisory Agency issued Regulation 8/2022 in November 2022, under which businesses need to obtain a crypto exchange provider (CEP) license. The new requirements for a CEP enterprise are as follows: Have a minimum paid-up capital of 100 billion rupiah (US$6.6 million); Maintain equity of at least 50 billion (US$3.3 million); Possess an online trading platform that can facilitate the trading of crypto assets linked to futures clearing institutions and future exchanges; The company must have an organizational structure that includes the following divisions; Audit; Legal; IT; Customer service; Accounting and finance; and Must have at least one employee who is a Certified Information Systems Security Professional; A CEP holder can only own up to 20 percent of another CEP’s shares; Foreign ownership is only allowed for one CEP or prospective CEP; The CEP must have at least three board of Directors, of which two-thirds must be Indonesian citizens; The CEP must have at least three boards of Commissioners, of which two-thirds must be Indonesian citizens; and The CEP must submit periodic reports, business plan reports, and business achievement reports to the Commodities Futures Trading Supervisory Agency. Notably, the Commodities Futures Trading Supervisory Agency will not issue a license if the business does not establish a local entity in Indonesia. Opportunities in Indonesia’s financial technology sector Indonesia’s fintech industry is one of the most competitive and dynamic in Southeast Asia, having produced four unicorns and one decacorn so far. The fintech industry is one of the most funded sectors in the country — along with e-commerce — and is dominated by peer-to-peer (P2P) lending (50 percent) and e-payment (23 percent) platforms. Despite having hundreds of fintech companies operating in Indonesia, foreign investors will find the industry has yet to fulfill its potential. One of the factors is that 60 percent of the country’s workforce is in the informal sector, and many micro, small, and medium-sized enterprises (MSMEs) have little access to financing from banks, as they too are mostly operating in the informal sector. According to the e-Conomy South East Asia Report of 2022, Indonesia accounts for 40 percent of the total US$77 billion in digital transactions in Southeast Asia. P2P lending Many local MSMEs have business models that are not compatible with the characteristics of the banking sector’s financial products. That includes aspects such as payment terms for loan schemes, forms of collateral, and credit quality, among others. Foreign fintech firms can plug this gap through new financing models that have the potential to serve Indonesia’s 47 million underbanked and 92 million unbanked adults. As of 2020, P2P lending reached US$7.7 billion from over 102 fintech companies officially listed by the Financial Services Authority (OJK). This covered over 26 million borrowers throughout the country. E-wallets Electronic money transactions rose by 173 percent in 2020 and have become indispensable to Indonesian consumers. The country is predicted to be the next battleground for digital payment apps, with Indonesia possessing many of the key characteristics critical for adopting digital payment systems. Some 196 million people in Indonesia have access to the internet and the smartphone penetration rate is 60 percent; above the ASEAN region’s 51 percent. Moreover, the middle class now comprises 20 percent of the population, a key segment in the growth of the digital economy. For foreign investors in the e-wallet industry, it is essential that they deliver a customer-centric experience to allow customers to pay with the local payment method of their choice, ranging from mobile banking to payments via convenience stores. This is because while Indonesia has a high smartphone penetration rate, a sizeable portion of its population is unbanked. About Us ASEAN Briefing is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia and maintains offices throughout ASEAN, including in Singapore, Hanoi, Ho Chi Minh City, and Da Nang in Vietnam, in addition to Jakarta, in Indonesia. We also have partner firms in Malaysia, the Philippines, and Thailand as well as our practices in China and India. Please contact us at asean@dezshira.com or visit our website at www.dezshira.com. Source Link: https://editor.wix.com/html/editor/web/renderer/edit/73277921-95a4-431b-924e-2361893209e6?metaSiteId=214f5fcc-b98f-4f8b-b03f-59d8844a30d0
- LME enriches ESG data source in collaboration with global metals community
09 Oct 2023. LONDON The London Metal Exchange (LME) is collaborating with producers and standards bodies around the world on enriching its digital ESG data platform, LMEpassport. LMEpassport will provide the metals community with access to comparable, verified and wide-ranging sustainability credentials and data regarding global producers. Georgina Hallett, LME Chief Sustainability Officer, commented: “ESG data transparency and comparability are vital components in addressing industry level sustainability challenges. We’re delighted that already more than 50% of LME-listed brands are now sharing sustainability credentials on LMEpassport and we’ve recently added 12 new sets of certifications, metrics and standards against which producers are able to disclose. Galvanising our industry to advance the global sustainability agenda is a core part of the LME’s strategic focus and we look forward to further collaborating with our industry partners.” LMEpassport now lists a total of 466 disclosures from 219 brands (compared to just 22 when launched in 2021), with 54 available certifications, standards and metrics across the ESG spectrum. Additionally, producers are now able to show a broad range of sustainability-related targets and commitments and, importantly, track their progress against them. In response to increasing engagement and data, a new side-by-side viewing functionality has been introduced on LMEpassport, enabling users to compare up to five producers’ ESG disclosures simultaneously. The LME collaborated with the following producers and standards bodies on building out additional credentials, features and disclosures and will continue to work with them and all its listed brands on evolving ESG data transparency across the metals industry. • Boliden Sven Hjelmstedt, Director Sales: “The green transition begins with green metals and the LMEpassport provides us with a comprehensive picture of the sustainability performance directly linked to our LME brands. We are welcoming additional data transparency, enabling us to add commitments and targets as we aim to lead the industry’s transition. We're therefore excited to be part of this particular development.” • China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters (CCCMC) Sun Lihui, Director of Development Department: “We are pleased to participate in and witness the formulation and implementation of the London Metal Exchange's Responsible Sourcing Policy. We look forward to working together to promote responsible sourcing and sustainable development in the global metal industry. The Chinese Due Diligence Guidelines for Mineral Supply Chain (Second Edition), as LME-approved standard for track A, will continue to provide supply chain assessment services for metal industry enterprises, promote them to identify the supply chain risks and take appropriate mitigation measures, support them in strengthening supply chain due diligence management to meet LME’s requirements. We also encourage enterprises to actively disclose sustainable development information in environmental, social, and governance aspects through transparent communication and cooperation with industry chain partners, and are committed to establishing an inclusive, sustainable, and responsible global metal supply chain.” • Cobalt Institute Tom Fairlie, Senior Sustainability Manager: “Transparent communication and interpretation of Product Carbon Footprint (PCF) results is of critical importance for accurate reporting of greenhouse gas emissions. The Cobalt Institute’s PCF guidance provides all stakeholders involved in cobalt value chains with a standardised and robust approach to calculating the climate change impact of cobalt products and is aligned with current regulatory and industry initiatives.” • Codelco Nicole Porcile, Vice President of Corporate Affairs and Sustainability: “Codelco wants to become a pillar of sustainable development for Chile and the world. In the spirit of transparency and trust-building, we are proud to share our ESG Commitments on the LMEpassport platform. This platform provides us with an opportunity to voluntarily offer additional valuable information on a range of ESG issues, including Environmental Goals (carbon footprint, circular economy, etc.), Social Management, and other relevant topics.” • Extractives Industry Transparency Initiative (EITI) Mark Robinson, Executive Director: “The EITI’s inclusion in the governance pillar of the LMEpassport is an important step towards transparency in mineral supply chains. Project-level data is essential for companies reporting on the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas. National EITI multistakeholder groups can also serve as a forum where governance risks can be identified, and where civil society, government and companies can work together to address them.” • Freeport-McMoRan Andrea Vaccari, Director Responsible Production Frameworks & Sustainability: “We are encouraged by the uptake and continued development of LMEpassport. The expanding list of allowable disclosures and participating companies will support well-informed decision-making by downstream supply chain actors and also reinforce our industry’s commitment to responsible production.” • Global Reporting Initiative (GRI) Bastian Buck, Chief Standards Officer: “The inclusion of GRI Standards in the LMEpassport is a welcome development for reporters and information users alike. The GRI Standards are already widely used by companies in the sector, and the information reported allows stakeholders to comprehensively assess a company's impacts on sustainable development, including risks and opportunities related to those impacts. Robust reporting on how companies identify, cause, and manage their impacts is crucial for securing a license to operate and allows for meaningful engagement to improve performance.” • Responsible Minerals Initiative (RMI) Jennifer Peyser, Executive Director: “We are very pleased that facilities using the Risk Readiness Assessment (RRA) Criteria will be able to give visibility to their sustainability credentials via the LMEpassport. This aligns with the RMI vision of enabling supply chain actors to report on their performance through consistent and credible data and metrics. The upcoming Version 3.0 of the RRA takes a further step in that direction as it applies to the entire value chain and generates comparable data from mine through metal processors and manufacturers to recyclers.” Notes to editor For more information about LMEpassport and the LME’s sustainability strategy, please visit the website. Source Link: https://www.lme.com/en/News/Press-releases/2023/LME-enriches-ESG-data-source-in-collaboration-with-global-metals-community
- The Aramco and Aston Martin Racing strategic partnership
How can we accelerate innovation in a sport at the forefront of technology? How we're propelling motorsports forwards with the Aston Martin Formula One Team. Aramco and the Aston Martin Formula One™ Team join forces in Formula 1®. Aramco - Global Partner of Formula 1® The 2022 Formula 1® season launches a dynamic new collaboration in motor-sports as Aramco becomes a strategic partner of Aston Martin Racing (AMR). As global sponsors of Formula 1®, the sporting league adored by more than 1.56 billion people worldwide, we’ve been able to showcase our drive to push boundaries in fuel performance, and our commitment to produce better, cleaner and future-focused transport technology. Solutions geared not just towards sporting success but capable of tackling global environmental challenges. Now we are taking the next leap forward, integrating our resources and research with that of the innovative and ambitious Aston Martin Formula One™ Racing Team to take our technologies from the testing lab, out on to the track. Our coordinated R&D efforts will aim to reduce engine emissions and pollutants The aim – to produce cars powered entirely by sustainable fuels by 2025 and achieve net zero as a sport by 2030. Aramco is constantly developing technologies in advanced motor and vehicle technology and we are combining our skill and experience with the talented people at AMR to create cutting-edge advancements to meet this technological challenge. Our coordinated R&D efforts on fuel-engine technology and non-metallic materials performance, will aim to improve engine performance and reduce emissions - contributing to a lower carbon footprint in the sport, whilst enhancing safety and efficiency. “The partnership reflects Aramco’s efforts to reduce emissions in the global automotive and transport industries. Our ambition is to supply premium fuels and lubricants to the global automotive sector, and our tie-up with the Aston Martin team will help drive awareness of our high-quality products. It is an alliance that harnesses our shared commitment to engineering excellence and innovation, and has the potential to deliver winning results both on and off the track.” - Mohammed Al Qahtani, Senior Vice President Downstream at Aramco This long-term strategic partnership merges advanced research and development programs in next-generation transport technologies, launches a commercial partnership focused on fuels and lubricants, and forms the Aston Martin Aramco Cognizant Formula 1™ Team. Our engineers and chemists will focus on the production of ultra-efficient hybrid internal combustion engines and advanced fuels, including low carbon synthetic or E-Fuels, for deployment in motorsport. Development of this new engine will be a first for AMR. And this multi-year deal reflects our commitment to the vision, determination and capabilities of the Aston Martin Racing leadership to drive continued progress, success and results in Formula 1®. “We are very excited to collaborate with such a renowned name in the automotive industry to advance motorsports technology. With our combined expertise we have the potential to improve engine performance and reduce emissions, helping lower the carbon footprint of the sport and, eventually, the automotive industry.”- Ahmad Al Khowaiter, Chief Technology Officer at Aramco The partnership extends well beyond racing, with an ongoing commitment to advance sustainable transport technologies and drive innovation in the global automotive and transport industries. So, two pioneering brands, an ambitious young racing team and engineers pushing the boundaries of technical possibility. How do you accelerate innovation in a sport at the forefront of technology? Precision, power, performance - we’ve partnered with the Aston Martin Formula One Team, on a series of videos exploring how they develop the innovations engineered to propel modern motorsport into a brand-new gear. How can we build lighter in order to go faster? Building a fast car can come down to the smallest of margins. In this episode we take a look at how every gram of weight on a car can impact performance, and the technologies being used to maximize weight efficiency. How can we use aerodynamics to go faster? Aerodynamics have a huge impact on straight-line speed and cornering – fundamental to motorsport performance. In this episode we take a look at the data modeling, wind tunnel testing and track performance data which are analyzed to identify improvements. Read Full Story and Watch Videos on source link: https://www.aramco.com/en/creating-value/technology-development/aramco-and-aston-martin-strategic-partnership?gclid=Cj0KCQjwj5mpBhDJARIsAOVjBdqJJbX2LaNvxee9TWkCc55cic9ld_5076aWVzUBLw05MHih1f7N-toaApUOEALw_wcB
- Season 3,Ep. 27 – Improving software delivery with AI & Open Source,with Scott Sanchez, CMO, Harness
May 2, 2023. This week, Faith talks to the CMO at Harness, Scott Sanchez, about how Open Source and AI have helped to deliver a better CI/CD delivery system. If you are building a product for developers, but aren’t asking them for feedback via an open source option, you’re missing out on some reliable data. It can help to not only improve what you’re building, but also garner some goodwill among a community of people who are invested in what you’re doing. This week, Faith talks to the CMO at Harness, Scott Sanchez, about how Open Source and AI have helped to deliver a better CI/CD delivery system. https://www.harness.io/ Source Link: https://gun.io/frontier/2023/05/season-3-ep-27-improving-software-delivery-with-ai-and-open-source-with-scott-sanchez-cmo-harness/
- HH Sheikh Abdullah bin Khalifa Al Thani’s Al Doha secures UAE President Cup (Gr1 P/A)
August 20, 2023. DONCASTER, England. Carrying the colours of HH Sheikh Abdullah bin Khalifa Al Thani and under the care of trainer Thomas Fourcy, the talented filly put in a career best effort to land the 2,000m contest for 4YO purebred Arabians under a masterful ride from Olivier Peslier. Photo credits: Debbie Burt Taking on six runners, of which four were colts, the four-year-old purebred Arabian filly Al Doha (FR) (Al Mourtajez x Topaze Du Croate) secured the biggest success of her career to date when landing the Gr.1 (PA) UAE President Cup – UK Arabian Derby – at Doncaster on Saturday, 19th August, evening. Carrying the colours of HH Sheikh Abdullah bin Khalifa Al Thani and under the care of trainer Thomas Fourcy, the talented filly put in a career best effort to land the 2,000m contest for 4YO purebred Arabians under a masterful ride from Olivier Peslier. A debut winner at Mont de Marsan, France, Al Doha followed up with a runner-up finish in a Gr2 and a Gr2 victory at Toulouse, France, on her third and fourth career starts in April and May this year. She, then, headed to Chantilly, France, where she finished second in a Gr1 in June. Al Doha went on to capitalise on her second placed finish at Chantilly by landing one of Europe’s most prestigious races for the purebred Arabians, the Gr.1 UAE President Cup – UK Arabian Derby at Doncaster. Photo credits: Debbie Burt Al Doha crossed the line with a neck to spare over Al Shaqab Racing’s homebred Ghadah (FR) (Azadi), who completed the one-two for the winning trainer Thomas Fourcy and was ridden by Jean Bernard Eyquem. The Athbah Racing-owned and Phillip Collington-trained Thakeera Al Shahania (QA) (Al Mourtajez) completed the frame as she was a further length and a quarter behind in third under Joanna Mason. Al Doha left a powerful impression on her jockey, Olivier Peslier, who said after the race: “She finished second at Chantilly earlier this summer and ran a great race. She has followed up nicely here, which isn’t an easy thing to do against the colts. She’s tough, genuine, and still improving. I am very excited for what the future holds. I am delighted for Thomas Fourcy, who is such a talented trainer in every sphere and for his team at home”. Al Doha was bred at Haras du Berlais by Al Shaqab racing. Source Link: https://qrec.gov.qa/media-center/news/hh-sheikh-abdullah-bin-khalifa-al-thanis-al-doha-secures-uae-president-cup-gr1-p-a/
- Partindo Justicialista
Union of the Fatherland. The match The Justicialista Party is part of the Peronist Movement, a political current founded by Juan Domingo Perón and María Eva Duarte that includes unions, social movements, grassroots organizations and other groups. With the formation of various party alliances, Peronism triumphed in eight presidential elections. The first ones he ran for, with Juan Perón as a candidate, in 1946 and his subsequent re-election in 1952. After having been banned and exiled, he obtained the presidency for the third time in 1973 and died in office in 1974. Subsequently, the following were elected presidents by Peronism: Carlos Menem (1989 and 1995), Néstor Kirchner (2003) and Cristina Fernández ( 2007 and 2011). Peronism was only defeated in democratic elections three times: 1983 (Raúl Alfonsín), 1999 (Fernando De la Rúa) and 2015 (Mauricio Macri). They also held the presidency of the Nation: María Estela Martínez (in 1974 due to the death of Juan Perón), Adolfo Rodríguez Saá (in 2001 due to the resignation of Fernando De la Rúa) and Eduardo Duhalde (in 2002 due to the resignation of Rodríguez Saá). Two Peronist presidents were overthrown by military-led coups: Juan Perón in 1955 and María Estela Martínez in 1976. In both cases, all Peronist expressions were prohibited, and their leaders and militants were repressed, assassinated, and even disappeared. In the first stage of the ban, which lasted 18 years, Peronism organized itself into the "Peronist Resistance" taking refuge in the action of unions and grassroots organizations. At this stage he was denied participation in two presidential elections: 1958 (Arturo Frondizi) and 1963 (Arturo Illia). In the second stage, which began in 1976, the repression worsened and was extended to other non-Peronist political forces. With the restoration of democracy in 1983, Peronism lost a national election for the first time. But he quickly regained his predominance and maintained a majority in both chambers of the National Congress for long periods, especially in the Senate. In addition, he obtained victories in most of the provincial elections. Currently, 14 provinces are governed by Peronists and half (36) of the national senators and more than a third (91) of the national deputies identify with this political force. The governing bodies of the PJ are the National Council and the National Congress. The first is made up of a board of directors of 24 members, the president, five vice-presidents and 22 secretaries. Governors, presidents of provincial PJ and parliamentary blocs of the National Congress also participate. For its part, the National Congress is the "supreme body and directly represents party sovereignty," and is made up of congressmen from all over the country. These bodies are joined by a National Electoral Board, disciplinary courts and an Oversight Commission. Likewise, the PJ recognizes the basic units distributed throughout the Argentine territory as its "primary organism." Sometimes the Party forms specific commissions such as the current Political Action Commission, made up of political and union leaders from different internal sectors of Peronism and created to promote unity in the 2019 presidential elections. The ideas promoted by Peronism are summarized in three "flags": political sovereignty, economic independence and social justice. Peronist ideals also reflect, among other values: the centrality of work and production; the organization of workers to defend their rights and interests and solidarity in the financing of social protections; the equal dignity of all people without any distinction based on social class, ethnicity, gender, age or nationality; the promotion of the national industry; freedom and responsibility of people; the balance between the rights of individuals and the rights of society; the social function of private property, capital and economic activity; regional integration; concertation and planning of government action; the participation of the people in the political, social and economic organizations of the community; federalism and equity among the provinces; equity in access to public services, health, education, housing and tourism; the promotion of science, technology and national culture; protection of the rights of workers, families, children and the elderly; and more recently: environmental sustainability, human rights, and gender parity and diversity. housing and tourism; the promotion of science, technology and national culture; protection of the rights of workers, families, children and the elderly; and more recently: environmental sustainability, human rights, and gender parity and diversity. housing and tourism; the promotion of science, technology and national culture; protection of the rights of workers, families, children and the elderly; and more recently: environmental sustainability, human rights, and gender parity and diversity. Source Link: https://www.pj.org.ar/












