CFI Forms Exclusive Partnership with Grant Thornton Ethiopia to Empower Finance and Banking Professionals, Prepare for Capital Markets

VANCOUVER, British Columbia, June 22, 2023 (GLOBE NEWSWIRE) — Corporate Finance Institute (CFI), a leading provider of practical learning and productivity tools for finance and banking professionals, today announced it has partnered with Grant Thornton Ethiopia as an exclusive agent of CFI's online programs and certifications in Ethiopia.

The partnership is designed to train new workforces, bridge existing skill gaps, and enable finance professionals to embrace the opportunities presented by the formal introduction of capital markets in Ethiopia expected to begin in 2024.

"We're excited to work with Grant Thornton Ethiopia to make our internationally recognized programs available for the Ethiopian market," said CFI CEO Anna Talerico. "This partnership really emphasizes the core of our mission at CFI "" to deliver high–quality, skills–oriented training that's self–paced and can be consumed from anywhere with an internet connection.

Embracing digital transformation that's disrupting traditional classroom–style learning doesn't only improve access to education, Talerico added "" it also allows CFI to regularly update its catalog to keep pace with industry changes and rapidly deliver that value to members.

CFI's programs feature a collection of accredited certifications and specializations "" including the company's flagship Financial Modeling & Valuation Analyst (FMVA) certification "" each of which offers the knowledge and hands–on skills needed to thrive in dozens of corporate finance and banking career paths.

"Grant Thornton Ethiopia is pleased to collaborate with Corporate Finance Institute," said Melaku Abeje, Managing Partner at Grant Thornton Ethiopia. "CFI's hands–on certification and specialization programs have huge potential to fill the skill gap among banking and finance professionals in the realm of capital market operation."

With more than 150 on–demand courses containing more than 5,000 lessons, CFI's expert–led programs are delivered through a single platform that enables learners to work at their own pace while honing in on the skills that are most relevant to their daily roles.

"I recently completed the FMVA courses provided by CFI and it was truly a game–changer for my career in corporate finance," said Samrawit Minilik, Associate, Transaction Advisory Services at Grant Thornton Ethiopia. "The content was incredibly helpful and relevant to my day–to–day responsibilities "" especially areas related to financial modeling and Excel skills. I would highly recommend it to anyone looking to advance their career in finance."

CFI has trained millions of finance and banking professionals in more than 170 countries. To learn more about the company's certifications and training programs, visit www.corporatefinanceinstitute.com.

About CFI
CFI is a world–leading provider of practical learning and productivity tools for finance and banking professionals. Featuring expert instructors, hands–on lessons, and practical skills training, CFI delivers the certifications, CPE credits, and resources to help anyone "" from beginners to seasoned professionals "" drive their finance career.

About Grant Thornton Ethiopia
Grant Thornton Ethiopia, a member of Grant Thornton International established 100 years ago, is Ethiopia's leading Advisory, Assurance and Tax service provider dedicated to serving the needs of privately held businesses and public interest entities. We have got scale, combined with over 40 years of local experience and hands–on exposure to the local market and business ecosystem. GTE has significant experience in advising clients on IPO readiness assessment, business valuation, capacity building, talent acquisition, trading system deployment, M&A, investment banking and brokerage arm establishment, corporate governance, and many other services in capital market space.


GLOBENEWSWIRE (Distribution ID 8862274)

New Study: Failing Global Debt System Costs Lives

New York, June 22, 2023 (GLOBE NEWSWIRE) — New research supported by the Open Society Foundations shows that increasing delays in resolving sovereign debt crises in some of the world's poorest countries are significantly adding to the human cost of defaults""cutting economic growth, reducing life–expectancy, and worsening child mortality rates.

The analysis, The Human Costs of the Failing Global Debt System, builds on research published last year that showed how going into default leads to economic and human damage that worsens over subsequent years.

Sovereign debt defaults occur when countries fail to pay their debts on time. This can be interest or principal payments to domestic or international creditors. This typically forces a renegotiation of lending terms. The research looked at data from 131 sovereign debt defaults around the world since 1900.

The new paper's authors, economists Clemens Graf von Luckner and Juan P. Farah–Yacoub, conclude that, in addition, the longer it takes a country to reach a new agreement with its creditors, the greater the increase in human costs:

  • When a country's debt crisis is resolved in less than three years, infant mortality ten years after a default is declared as 2.2 percentage points higher than would have been expected. But when the default continues for more than three years, the difference rises to a staggering 11.4 percentage points higher.
  • For the countries studied, on average, life expectancy ten years after default drops by more than one year relative to where it would have been without the default.
  • In addition, the shortfall in the rate of increase in real economic output per capita (against what it could have been without default), jumps by 2.5 percentage points in the first year of default, against what it would have been had there been no default. It then continues to grow by 1.5 percentage point on average each year thereafter. Over a decade the gap grows to roughly 14.5 percentage points.

The findings underline the grave damage being caused by the failure of the existing global financial system to deliver prompt resolution to countries in default due in part to the involvement of an increasingly complex mix of creditors""including international financial institutions such as development banks, commercial banks, sovereign lenders including China, and private commercial creditors.

The report also highlights the case of Zambia, which defaulted on its external debt in November 2020 under the economic strains of the Covid pandemic. It has yet to secure a comprehensive debt agreement among all of its public and private creditors and the International Monetary Fund, with its total debt now estimated at over $18 billion.

The authors of this new report calculated that, based on a calculation using Zambia's birth rates in 2016, the country's current debt default would result in an additional 3,079 annual deaths of infants before their first birthdays by the year 2030, if the default is prolonged further.

Mark Malloch–Brown, president of the Open Society Foundations, said: "The findings here starkly illustrate how a dysfunctional global financial system is causing tragic but entirely avoidable human suffering. The leaders meeting in Paris need to commit to the urgent reforms the world needs to face both deepening poverty and the worsening climate crisis."

The Open Society Foundations, together with a broad range of civil society groups, are pushing for the leaders gathered at the Summit for a New Global Financing Pact in Paris to commit to policies that will significantly reform the international debt restructuring process to allow for a just and sustainable resolution to a country's default delivered in a timely manner. These steps include:

  1. States establishing a clear process with firm timetables for getting agreement to "cure" defaults""no more three years in limbo like Zambia.
  2. The IMF must more aggressively use its authority to "lend into arrears"""which means they can launch their funding support program to indebted countries even if some creditors refuse to accept new debt relief terms. These hold out creditors loans would not get paid, but everyone else participating does.
  3. Private creditors (including sovereign bond holders) should not be allowed to refuse to accept debt settlements that creditor countries agree to, and then expect to be paid with the benefits of that relief, or to use the courts to get full repayment. In the United States, the New York State legislature has before it legislation that would end this practice.
  4. The International Financial Institutions need significantly more funding from the Global North to give them the resources needed to properly fund recovery from defaults and allow the economic growth needed to avoid defaults in the future.


GLOBENEWSWIRE (Distribution ID 8862959)

FreedomPay Partners with Visa to Offer Global Omnichannel Network Tokenization

Philadelphia, Pennsylvania, June 22, 2023 (GLOBE NEWSWIRE) — FreedomPay, a global leader in Next Level Commerce, announces a partnership with Visa to integrate Visa's network tokenization capabilities within FreedomPay's global identity and tokenization framework. The true omnichannel global tokenization product will provide network tokens across card brands, helping to keep merchants compliant with cross–border and in–region data and privacy regulations, while helping merchants qualify for lower interchange rates for certain Visa network tokenized transactions.

"With the growing number of connected devices, changing consumer behaviors and shifting privacy regulations, the benefits of utilizing network tokens are many. Using the Visa Acceptance Platform, Visa has the scale and flexibility to seamlessly provision them for FreedomPay's clients around the globe, helping to improve customer experience, improve authorization rates and reduce fraud," said Bill Dobbins, SVP, Head of Acquiring and Enablement at Visa.

Network tokenization will also help streamline the customer journey, providing a seamless experience across borders and merchant locations. The new capabilities will be integrated into FreedomPay's larger identity suite, offering a 360–degree view of the customer to the merchant, creating a more personalized checkout experience through data–driven loyalty and incentives.

"FreedomPay is trusted by the largest brands across hospitality, retail, F&B and more to provide repeatable and scalable next level solutions for security, data management and compliance, and to create a personalized and seamless customer journey around the globe," said David Knowlton, CTO at FreedomPay. "By partnering with Visa for network tokenization, FreedomPay will provide merchants with more flexibility and geographic coverage, including in harder–to–access regions, when managing customer and card data."

Additional features will also be supported without any changes to the merchant's systems such as supporting card on file use cases with digital wallet taps as well as token life cycle management.

About FreedomPay

FreedomPay's Next Level Commerce platform transforms existing payment systems and processes from legacy to leading edge and enables merchants to unleash the power of pay. As the premier choice for many of the largest companies across the globe in retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare and financial services, FreedomPay's technology has been purposely built to deliver rock solid performance in the highly complex environment of global commerce.

The company maintains a world–class security environment and was first to earn the coveted validation by the PCI Security Standards Council against Point–to–Point Encryption (P2PE/EMV) standard in North America. FreedomPay's robust solutions across payments, security, identity, and data analytics are available in–store, online and on–mobile and are supported by rapid API adoption. The award winning FreedomPay Commerce Platform operates on a single, unified technology stack across multiple continents allowing enterprises to deliver an innovative Next Level experience on a global scale. www.freedompay.com


GLOBENEWSWIRE (Distribution ID 8862332)

Extremist Ideology Spreading Like an Oil Spill in Europe

Santiago Abascal, leader of Spain’s far-right Vox party. The party could soon be in government, after the 23 July 2023 general elections. Credit: Shutterstock

Santiago Abascal, leader of Spain’s far-right Vox party. The party could soon be in government, after the 23 July 2023 general elections. Credit: Shutterstock

By Baher Kamal
MADRID, Jun 22 2023 – The abuse of human rights has sharply increased with the steady rise of the right and far-right parties in the wealthy industrialised countries, whose extremist ideology is now spreading faster than ever in Europe.

Indeed, most of the European Union 27 member countries are now either formally ruled by or strongly influenced and supported by extremists and populist parties, which publicly negate basic human rights, while masking their policies of suppressing public services like health, education, pensions, and protection of workers.

 

Life of citizens to be handled by private corporations

Let alone, their negation of the existing deadly gender violence, the right of women to equal opportunities, and the devastating climate catastrophes which impact the very same Europe, let alone all international laws regulating the rights of migrants, refugees and asylum seekers.

It’s like a ladder of incremental extremism – You start at the bottom with a stereotype, move on to emojis and memes that lead to harmful speech. Harmful speech leads to hate speech, a torrent of hate builds up, and results in the incitement of violence. And then you have actual violence

And they are active in most European countries, from Scandinavian and Baltic States, to Italy and Greece, through Hungary, Poland, Czechia, France and Austria, let alone the United Kingdom.

Spain is one of very few European countries still ruled by a progressive Government, although it is feared that the right and far-right parties will take over after the 23 July 2023 general elections.

 

The myth of white supremacy

Their trend to further promote the myth of ‘white supremacy’ is not new, but rather a reflection of what is being done by European descendents in the United States, Canada, and Australia.

Such a myth goes against what they call ‘minorities,’ e.g., anybody who is not White and Christian.

They call it “the defence of our national identity.”

In short, the spread of hate speech, stigmatisation and racial discrimination is now being widely “institutionalised” in European countries, those whose governments signed –and their Parliaments ratified– all international, legally-binding declarations, treaties and laws defending the protection of human rights.

For such purposes, they further spread hate speech, which reinforces “discrimination and stigma and is most often aimed at women, refugees and migrants, and minorities,” as described by the United Nations on the occasion of this year’s International Day for Countering Hate Speech (18 June).

With hate “spreading lightning fast on social media and mega spreaders using divisive rhetoric to inspire thousands, hate speech “lays the ground for conflicts and tensions, wide scale human rights violations.”

 

‘Dark age of intolerance’

On this, Mita Hosali, Deputy Director of the UN Department of Global Communication (DGC), said young people are often seen today as vectors of such toxic trends as online hate speech.

“Increasingly, we are entering this dark age of intolerance, fueled by polarisation and mis- and disinformation, and there are all kinds of ‘facts’ swirling out there,” she cautioned.

It’s like a ladder of incremental extremism,” Hosali said.

“You start at the bottom with a stereotype, move on to emojis and memes that lead to harmful speech. Harmful speech leads to hate speech, a torrent of hate builds up, and results in the incitement of violence. And then you have actual violence.”

Tech companies must now show effective leadership and responsibility around moderation to set up guard rails for respectful online discourse, she said.

“It really boils down to leaders, whether they are political, business, faith, or community leaders,” she said, emphasising that such efforts must also start within the family and ripple across all circles of influence so that ordinary people fight back against hate speech.

According to the world’s largest multilateral body –the UN–, the devastating effect of hatred is sadly nothing new.

However, “its scale and impact are amplified today by new technologies of communication, so much so that hate speech has become one of the most frequent methods for spreading divisive rhetoric and ideologies on a global scale.”

 

Social exclusion fuels terrorism

The consequences of such a growing social exclusion spreading in Europe and elsewhere are dire.

On this, the UN Secretary-General, António Guterres, on 19 June 2023 stressed at the UN’s Third Counter-Terrorism week that terrorism affects every region of the world, while preying on local and national vulnerabilities.

“Poverty, inequalities and social exclusion give terrorism fuel. Prejudice and discrimination targeting specific groups, cultures, religions and ethnicities give it flame.”

 

No one is born to hate

Hatred, conspiracy theories and prejudice infiltrate our societies and affect all of us. We are flooded by information – and disinformation – more than ever before both on- and offline. “But no one is born to hate.”

Nevertheless, ‘toxic and destructive’ hate speech has now grown much faster and wider than anytime before.

 

Migrants, the easiest victims

In the right and far-right campaigns in defence of what they call “our freedom,” “our Western civilisation,” “our democracy,” “our values,” and “our Christian faith,” they turn migrants, now more than ever before, into the easiest prey to chase.

In fact, like the United States, the United Kingdom and Australia, among other Western wealthy powers, the 27 members of the European Union on 8 June adopted a strongly criticised by major human rights organisations, which further restricts the basic human rights of migrants, refugees and asylum seekers.

 

Death of migrants, ‘normalised’

The number of migrants who died and are still hopelessly missing as a consequence of the 14 June shipwreck off Greece coast of a fishing vessel carrying between 450- and 750 migrants, is still unknown.

Anyway, it just adds to a long series of migrant deaths in only one sea: the Mediterranean.

Although the number of dead migrants in the Mediterranean is far from being credibly counted, the International Organization for Migration (IOM)’s Missing Migrants Project documented 441 migrant deaths in the Central Mediterranean in the first quarter of 2023, “the deadliest first quarter on record since 2017.”

 

The most dangerous maritime crossing

The increasing loss of lives on the “world’s most dangerous maritime crossing” comes amidst reports of delays in State-led rescue responses and hindrance to the operations of humanitarian non-governmental organisations’ search and rescue (SaR) vessels in the central Mediterranean.

Not only that: Italy, like other South European States, still argues that the non-governmental, voluntary humanitarian vessels dedicated to search and rescue migrants in the Mediterranean, are involved in… human trafficking.

Pesticide Exposure Drives Environmental Injustice: Latino Farmworkers and People Living Near Farming Communities At High Risk of Developing Parkinson’s

Paraquat is currently banned in over 67 countries, including China, the EU, and Brazil. In the US, it's labelled as a restricted-use substance, meaning that farmworkers are still allowed to spray it on crops as long as they receive proper EPA training and certification. Credit: Atraxia Law

Paraquat is currently banned in over 67 countries, including China, the EU, and Brazil. In the US, it’s labelled as a restricted-use substance, meaning that farmworkers are still allowed to spray it on crops as long as they receive proper EPA training and certification. Credit: Atraxia Law

By Miguel Leyva
San Diego, California, US, Jun 22 2023 – The US agricultural industry has been one of the key sectors driving our country’s continuous demographic and economic growth. Unfortunately, farmworkers are one of the least protected professional groups, with minority and migrant agricultural laborers suffering disproportionately higher health risks due to deeply-entrenched discriminatory policies and practices.

Although acknowledged as essential workers during the height of the covid pandemic, minority farmworkers still have to contend with inadequate working conditions and insufficient social protections that leave them and their communities vulnerable to the enduring effects of toxic agrochemicals.

 

Rooted in Environmental Racism

Due to its high potency and increasing medical evidence indicating its links to life-threatening conditions, paraquat is currently banned in over 67 countries, including China, the EU, and Brazil. According to data from the US Geologic Survey, more than 17 million pounds of paraquat are used in US agriculture every year, with states like California, Texas, Illinois, and Mississippi spraying over 1 million pounds on crops annually

Throughout the 20th century, redlining kept low-income ethnic communities segregated in areas with substandard living conditions. At the same time, racist lending practices enabled white Americans to operate and own 94 to 98 percent of US farmland, further preventing the social mobility of marginalized groups and their capacity to amass generational wealth.

The disproportionate health burdens minorities endure due to systemic prejudice is better described as “environmental racism.” Notably, approximately 83% of the US agricultural labor force is Hispanic. In rural areas where agriculture is the primary source of employment, this phenomenon is propagated by the excessive use of synthetic pesticides.

As the main ingredient in popular products like Gramoxone and Parazone, paraquat (paraquat dichloride) is an extremely effective herbicide used to combat weed species that have developed resistance to conventional pest-control chemicals. In the US, it’s labeled as a restricted-use substance, meaning that farmworkers are still allowed to spray it on crops as long as they receive proper EPA training and certification.

However, due to its high potency and increasing medical evidence indicating its links to life-threatening conditions, paraquat is currently banned in over 67 countries, including China, the EU, and Brazil.

 

Farmworker’s Toxic Exposure Risks

According to data from the US Geologic Survey, more than 17 million pounds of paraquat are used in US agriculture every year, with states like California, Texas, Illinois, and Mississippi spraying over 1 million pounds on crops annually. Other states where annual paraquat applications exceed 500,000 pounds/year include Tennessee, Oklahoma, Ohio, Arkansas, Louisiana, North Carolina, Missouri, South Dakota, Iowa, and Washington.

In California’s mainly-Hispanic counties, minority farmworkers and agricultural communities endure disproportionate levels of pesticide exposure. Although not exclusive to the Golden State, with similarly high rates documented in Florida, North Carolina, Idaho, and Washington, clinical studies carried out in the Central Valley illustrate the toxic burdens plaguing Latino and migrant workers.

Chronic exposure to paraquat has been linked to breast and thyroid cancer, as well as fetal and pregnancy-related toxicity. Even more concerning, a recent UCLA study found that long-term paraquat exposure is associated with higher Parkinson’s disease prevalence, building on evidence uncovered over a decade ago. Even though correlation doesn’t imply causation, it’s worth noting that California also has the highest number of Parkinson’s diagnoses in the US (106,701).

The steep health toll minority farmworkers and their families pay is punctuated not only by the lacking occupational protections that current pesticide regulations provide but also by farm owners’ disregard for EPA-mandated worker protection standards. While owners are obliged to provide safety training, personal protective equipment, and prevent workers’ access to fields until exposure risks subside, they rarely follow regulations given the low chance of penalties and insufficient institutional enforcement.

Additionally, the linguistic barriers migrant and minority farmworkers encounter make it less likely that they will fully understand safety guidelines or seek medical help when pesticide poisoning occurs. At the same time, non-English speakers who aren’t aware of their rights are far more susceptible to unscrupulous employers’ exploitative practices.

 

Combating Social Injustice in the Agricultural Sector

Despite the risks, ethnic farmworkers put up with unsafe working conditions and hesitate voicing their discontent since doing so may endanger their employment status and prevent them from earning the income their families rely on.

Faced with a plethora of socio-economic and occupational hazards, vulnerable minority workers and their communities rely on state and federal institutions to create a legal framework that provides adequate protection against toxic environmental exposure. However, the EPA controversially approved paraquat’s relicensing until 2035, discounting mounting evidence of the herbicide’s potential for enduring harm.

Several environmental, public health, and farmworkers’ rights organizations contested the EPA’s decision, determining the Agency to reconsider paraquat’s relicensing for agricultural purposes, with a final decision expected later this year. Such actions are vital and embolden disenfranchised minority groups who often lack the resources or political influence to confront industry interest groups who oppose pesticide policy reform.

Moving forward, Congress could help reduce exposure risks in the agricultural industry by restoring partial or complete jurisdiction over pesticide regulations to the Occupational Safety and Health Administration (OSHA), enabling better coordination with the EPA on regulatory and enforcement issues. Meanwhile, more attention should be afforded to legislative proposals such as Sen. Corry Booker’s Protect America’s Children from Toxic Pesticides Act (PACTPA), which seeks to ban dangerous pesticides like paraquat, impose more stringent penalties on uncompliant farm owners, and mandate bilingual labeling for pesticides.

Farmworkers who have worked with Paraquat pesticide either as a sprayer, chemical mixter, tank filler and have been diagnosed witth Parkinsons’ should file a Paraquat claim to obtain rightful compensation. People living near farming communities where Paraquat was sprayed and were diagnosed with Parkinson’s are also eligible for a claim.

 

Miguel Leyva is a case manager with Atraxia Law and helps agricultural workers harmed by Paraquat exposure compile the documentation and medical records needed to file a toxic exposure claim.

 

Projet philanthropique de Deriv : Favoriser le changement social grâce au parrainage du 4L Trophy

PARIS, 22 juin 2023 (GLOBE NEWSWIRE) — Deriv, l'un des principaux brokers en ligne, a activement particip aux initiatives humanitaires en harmonie avec ses principales valeurs que sont la fiabilit, l'quit, la transparence et la responsabilit. Un peu plus tt cette anne, Deriv a parrain une quipe de deux jeunes professionnels ayant remport avec brio le 4L Trophy, une course de rallye humanitaire organise annuellement pour collecter des fonds en faveur d'enfants dfavoriss d'Afrique.

Le rallye 4L Trophy a dmarr en France et s'est achev au Maroc, couvrant ainsi une distance de 6 000 km pendant 10 jours. Les diffrents participants ont d roul sur des des terrains hostiles en franchissant divers points de contrle. Un long trajet pour une noble cause, trajet tout au long duquel ont t distribus de la papeterie et des manuels scolaires des enfants dfavoriss.

Course humanitaire de Deriv dans le dsert marocain.

Rouler en terre inconnue, camper au milieu de nulle part pour franchir la ligne d'arrive au final taient la fois passionnants et gratifiants , a affirm Clement David, l'un des pilotes parrains par Deriv. Mais pouvoir par–dessus tout amliorer les vies d'enfants en leur apportant des fournitures scolaires indispensables a rendu l'exprience encore plus spciale.

Pour Jean–Yves Sireau, fondateur et PDG de Deriv : En participant au rallye 4L Trophy, Deriv affirme notre engagement influencer positivement les communauts que nous servons. Nous croyons qu'il est important de soutenir les initiatives qui permettent aux individus et aux communauts de s'panouir, ce qui passe essentiellement par l'ducation.

Nous pensons galement que les entreprises ont une responsabilit envers la socit a ajout Sireau. Nos efforts philanthropiques visent pousser d'autres organisations apporter leur pierre l'difice pour rendre le monde meilleur.

Deriv soutient la course humanitaire au Maroc pendant le rallye 4L Trophy.

Le rallye 4L Trophy n'est qu'un exemple parmi d'autres de l'engagement de Deriv dans les causes humanitaires. Au dbut de cette anne, Deriv a galement fait don de 11 botes de vtements la Fundacion Unidos por Cristo Asuncion au Paraguay, un foyer rsidentiel fournissant des soins complets des enfants et adolescents risque.

Pour en savoir plus sur Deriv et ses initiatives humanitaires, suivez–nous sur Derivlife et sur le compte Instagram de l'entreprise.

propos de Deriv

Deriv a commenc son priple en 1999. Depuis lors, sa mission a consist rendre le trading en ligne accessible tous et partout. Les produits de Deriv comprennent des plateformes de trading intuitives, plus de 200 actifs trader (sur des marchs comme celui des devises, des actions et des crypto–monnaies), des types de transactions uniques, etc. Deriv s'engage envers les communauts en hissant ses initiatives humanitaires de nouveaux standards dans l'ensemble de son rseau constitu de 20 bureaux rpartis dans 16 pays.

CONTACT PRESSE
Aleksandra Zuzic
aleksandra@deriv.com

Des photos accompagnant ce communiqu sont disponibles aux adresses suivantes :
https://www.globenewswire.com/NewsRoom/AttachmentNg/84da82a4–68fe–4100–b936–f179348cbb9e/fr
https://www.globenewswire.com/NewsRoom/AttachmentNg/61b1b768–e495–4845–aaaa–b96adda137a6/fr


GLOBENEWSWIRE (Distribution ID 1000826503)

O projeto filantrópico da Deriv: Promover a mudança social através do patrocínio do Troféu 4L

PARIS, June 22, 2023 (GLOBE NEWSWIRE) — A Deriv, uma das principais corretoras online, tem participado ativamente de esforos humanitrios que esto alinhados com os seus principais valores, que se referem a ser confivel, justa, transparente e responsvel. No incio deste ano, a Deriv patrocinou uma equipe de dois jovens profissionais que completaram com sucesso a corrida do Trofu 4L, um rally humanitrio anual de carros que arrecada fundos com o intuito de ajudar crianas carenciadas na frica.

O rally do Trofu 4L comeou na Frana e terminou em Marrocos, percorrendo um trajeto de 6.000 km em 10 dias. Os participantes tiveram de pilotar em terrenos desafiantes, passando por vrios pontos de controlo. Uma longa viagem por uma causa nobre: entregar artigos de papelaria e livros escolares a crianas carenciadas ao longo do percurso.

Viagem humanitria da Deriv pelo deserto de Marrocos.

“Os desafios de atravessar terrenos desconhecidos, acampar no meio do nada e cruzar a linha de chegada foram emocionantes e gratificantes”, afirmou Clement David, um dos pilotos patrocinados pela Deriv. “Mas o que tornou a experincia verdadeiramente especial foi a oportunidade de fazer a diferena na vida das crianas ao entregar o material escolar to necessrio.”

Jean–Yves Sireau, fundador e CEO da Deriv, declarou: “A participao da Deriv no rally do Trofu 4L uma prova do nosso compromisso de gerar um impacto positivo nas comunidades que atuamos. Acreditamos no apoio a causas que capacitam indivduos e comunidades a prosperar, e a educao um elemento fundamental neste processo.”

“Acreditamos que as empresas tm a responsabilidade de retribuir sociedade”, acrescentou Sireau. “Atravs das nossas aes filantrpicas, esperamos inspirar outras organizaes a fazerem a sua parte para tornar o mundo um lugar melhor.”

A Deriv apoia uma ao humanitria em Marrocos durante o rally do Trofu 4L.

O rally do Trofu 4L apenas um exemplo do envolvimento da Deriv em iniciativas humanitrias. No incio deste ano, a empresa tambm doou 11 caixas de roupas para a “Fundacin Unidos por Cristo” (em Assuno, no Paraguai), uma residncia que oferece atendimento integral para crianas e adolescentes em situao de risco.

Para saber mais sobre a Deriv e suas iniciativas humanitrias, siga a Derivlife e o perfil oficial da empresa no Instagram.

Sobre a Deriv

A Deriv iniciou a sua trajetria em 1999. Desde ento, a sua misso tem sido tornar a negociao online acessvel a qualquer pessoa, em qualquer lugar. A oferta de produtos da Deriv inclui plataformas de negociao intuitivas, mais de 200 ativos negociveis (em mercados como forex, aes e criptomoedas), tipos de negociao exclusivos e muito mais. A Deriv abraa o seu compromisso com a comunidade, impulsionando as suas iniciativas humanitrias a novos patamares atravs da sua rede de 20 escritrios em 16 pases.

CONTACTO COM A IMPRENSA
Aleksandra Zuzic
aleksandra@deriv.com

Fotos deste comunicado podem ser encontradas em:
https://www.globenewswire.com/NewsRoom/AttachmentNg/84da82a4–68fe–4100–b936–f179348cbb9e/pt
https://www.globenewswire.com/NewsRoom/AttachmentNg/61b1b768–e495–4845–aaaa–b96adda137a6/pt


GLOBENEWSWIRE (Distribution ID 1000826503)

Deriv’s philanthropic venture: Driving social change through sponsorship of 4L Trophy

PARIS, June 22, 2023 (GLOBE NEWSWIRE) — Deriv, one of the leading online brokers, has been actively participating in humanitarian efforts that are aligned with its core values of being reliable, fair, transparent, and responsible. Earlier this year, Deriv sponsored a team of two young professionals who successfully completed the 4L Trophy rally, an annual humanitarian car rally that raises funds for the cause of underprivileged children in Africa.

The 4L Trophy rally started in France and ended in Morocco, covering a 6,000 km journey over 10 days. It required participants to drive through challenging terrain, navigating their way through various checkpoints. A long journey for a noble cause: deliver stationery and textbooks for underprivileged children along the way.

Deriv humanitarian ride through the desert in Morocco.

"The challenges of navigating unfamiliar terrain, camping in the middle of nowhere, and crossing the finish line were thrilling and rewarding," Clement David, one of the drivers sponsored by Deriv, said. "But what made the experience truly special was the opportunity to make a difference in children's lives by delivering much–needed school supplies."

Jean–Yves Sireau, founder and CEO of Deriv, said: “Deriv's participation in the 4L Trophy rally is a testament to our commitment to making a positive impact on the communities we serve. We believe in supporting causes that empower individuals and communities to thrive, and education is a critical component of that."

"We believe that businesses have a responsibility to give back to society," added Sireau. "Through our philanthropic efforts, we hope to inspire other organisations to do their part in making the world a better place."

Deriv supports humanitarian drive in Morocco during the 4L Trophy rally.

The 4L Trophy rally is just one example of Deriv's involvement in humanitarian initiatives. Earlier this year, the company had also donated 11 boxes of clothes to Fundacion Unidos por Cristo (Asuncin, Paraguay), a residential home that provides comprehensive care to children and adolescents at risk.

To learn more about Deriv and its humanitarian initiatives, follow Derivlife and the company's Instagram account.

About Deriv

Deriv started its journey in 1999. Its mission since has been to make online trading accessible to anyone, anywhere. Deriv's product offering includes intuitive trading platforms, over 200 tradable assets (in markets such as forex, stocks, and cryptocurrencies), unique trade types, and more. Deriv embraces its commitment to the community, elevating its humanitarian initiatives to new heights across its network of 20 offices spanning 16 countries.

PRESS CONTACT
Aleksandra Zuzic
aleksandra@deriv.com

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/84da82a4–68fe–4100–b936–f179348cbb9e
https://www.globenewswire.com/NewsRoom/AttachmentNg/61b1b768–e495–4845–aaaa–b96adda137a6


GLOBENEWSWIRE (Distribution ID 1000826460)

SAP Fioneer launches tailored SME banking offering

WALLDORF, Germany, June 22, 2023 (GLOBE NEWSWIRE) — SAP Fioneer, a leading global provider of financial services software solutions and platforms, has announced the launch of its Fioneer SME Banking Edition. The solution will enable banks and neobanks to offer banking capabilities in a digital–first and data–driven approach, tailored to the financial needs of small and medium–sized enterprises (SMEs) "" a historically underserved market segment.

The SME sector is a vital component of the global economy, accounting for 99% of UK and EU businesses and employing approximately 16.4 million and 84 million people respectively.* Despite making up a significant proportion of GDP and the workforce, SMEs have traditionally struggled to access financial services that meet their unique needs, as the perceived risks and costs associated are deemed too high.

Fioneer SME Banking Edition addresses these challenges by connecting banks to external data sources such as Open Banking, central company registry, e–commerce and Enterprise Resource Planning (ERP) data, to form actionable insights that significantly help SMEs to stay ahead. This will give SMEs clear transparency about cashflow and provide insight to the banks and enable e.g. smart funding options, offering more variety and increasing the number of businesses banks can serve.

As a unique end–to–end solution, Fioneer SME Banking Edition covers front–to–back capabilities and seamlessly integrates with any core banking system. It enables banks to offer services that go beyond traditional banking products such as loans and deposits. Banks will be able to broaden their offering with embedded services and stronger financial advice directly for SMEs. The solution can also be easily integrated and connect to ecosystems via pre–configured APIs.

Charlie Platt, Managing Director of Banking at SAP Fioneer, comments on the launch: "SMEs represent the lifeblood of the economy, and it is critical that they are able to access the financial services they deserve. Through our SME Banking Edition, banks will be able to create commercially viable, unique and better banking experiences for SMEs that will help them to stay ahead in a challenging economic environment."

"The introduction of our Fioneer SME Banking Edition significantly strengthens how banks interact with SMEs. Utilizing our proven technology, we're facilitating banks to better serve SMEs in a dynamic economic landscape. Drawing inspiration from the B2C market, we're empowering banks to elevate their service offerings for SMEs," adds Dirk Kruse, CEO of SAP Fioneer.

*Business population estimates for the UK and regions 2022 (UK Government), Statista 2022

About SAP Fioneer

SAP Fioneer was launched in 2021 as a joint venture between global technology leader SAP and entrepreneurial investor Dediq to become the world's leading provider of financial services software solutions and platforms. With a broad ecosystem of partners, over 800 financial services customers and more than 1,000 employees, SAP Fioneer is a global business present in 17 countries across Europe, North and Latin America, Middle East and Asia–Pacific.

By combining the speed and agility of a start–up with the proven capabilities of a best–in–class software company, SAP Fioneer enables banks, insurance companies and challengers to run, transform and grow while meeting their need for speed, scalability, and cost–efficiency through digital business innovation, cloud technology, and solutions that cover banking and insurance processes end–to–end.

For more information, visit www.sapfioneer.com. Follow SAP Fioneer on Twitter and on LinkedIn.

Press enquiries:
press@sapfioneer.com


GLOBENEWSWIRE (Distribution ID 1000826504)

The Rotenberg Files: A Guide on How Russian Oligarchs Dodge Sanctions

By Matti Kohonen
LONDON, Jun 22 2023 – The sanctions against Russian oligarchs who hold billions of dollars have mostly failed to have a real impact beyond freezing a few yachts and properties. So, what went wrong? Now we know.

The “Rotenberg Files”, a mass leak of over 42,000 emails and documents, has showed how Russian oligarchs Boris and Arkady Rotenberg hid their assets and those of Vladimir Putin, using trusts and private equity investment funds, taking advantage of the lack of public beneficial ownership registries.

Since the Russian invasion of Ukraine in 2014 and especially since 2022, sanctions on Russian oligarchs and legal entities linked to the Russian invasion of Ukraine include 12,900 designations against Russia. Some estimates say that Russian oligarch offshore wealth is over US$1 trillion, but sanctions so far have only frozen US$58 billion, due to difficulty in establishing ownership.

Sanctions vary but have been mainly implemented by G7 countries and the European Union. Their effectiveness depends on setting up beneficial ownership registries that cover all possible legal vehicles, and the obligation to cross-check beneficial owners against sanctions regimes by a wide variety of professional enablers for due diligence purposes.

This has largely not happened. Despite progress in establishing centralised beneficial ownership registries, a commitment made by nearly 100 countries, very few of them are open to public access and are ridden with loopholes. In reality, global South countries are now leading the way in establishing effective BO registries after the European Court of Justice ended public access to EU-wide BO registries in November 2022.

This has allowed trusts to become the legal vehicle of choice by Russian oligarchs to hide their wealth. They are also very hard to detect as the presence of a trust deed can be kept at a lawyer’s office if there is no requirement to register the trust in a beneficial ownership registry. Many BO registries do require declaring trusts, but there are loopholes that allow for setting up trusts in jurisdictions that do not require registration of trusts or have loopholes regarding thresholds or exemptions. Only 65 countries require some form of registration of trusts.

Eight of the 18 BVI companies mentioned in the Rotenberg leaks were ultimately dissolved, and two relocated to Cyprus. This implies that Cyprus has become a key location to use trusts and other instruments to conceal ownership. As a European Union member, Cyprus was obliged to create a central register of beneficial ownership in line with the EU’s fifth Anti-Money Laundering Directive. Trusts based in Cyprus do come under this requirement, but the Rotenbergs used a loophole in the BO laws to conceal ultimate ownership that goes around the existing EU 5th Anti-Money Laundering Directive.

They effectively created a complex ownership structure around different entities in order to be below the trigger points for reporting beneficial ownership (in most cases 25 percent of control), yet still retaining control through power through potential voting coalitions in the complex structure that were concealed elsewhere. The structure used by the Rotenbergs involved a US entity that is owned by entities elsewhere, including Italy, the UK, Luxembourg, Cyprus, Bahamas (four entities), the British Virgin Islands and Cayman Islands,

Along with trusts, private equity firms have been revealed as another preferred vehicle to dodge sanctions. Investment vehicles called “closed mutual funds,” in Russian abbreviated as “ZPIFs,” held these assets. They are not considered legal entities under Russian law, and thus are not under obligations to reveal their shareholders to the authorities. The leaked files show that 13 ZPIFs were linked to the Rotenbergs.

To evade questions about the true nature of the beneficial owners, the leaked files show that “there is a practice where the General Director of the Management Company is recognized as the ultimate beneficiary”. The ZPIF’s invested in Russian companies, Monaco real estate, and other assets where beneficial ownership checks do not take place. Companies where they owned minority stakes could do business relatively normally.

Private equity and mutual funds are a global concern. According to a recent report, “Private Investments, Public Harm”, there are nearly 13,000 investment advisers in an $11 trillion industry with little or no anti-money laundering due diligence responsibilities in the USA, with the real possibility that sanctioned oligarchs use such vehicles to conceal their ownership. The US Enablers Act seeks to remove the exemption from due diligence checks from investment managers but the bill did not pass last December.

Art is another way to conceal ownership, as art dealers are not under any reporting requirements for money laundering purposes. A July 2020 report by a U.S. Senate subcommittee detailed an elaborate scheme in which the Rotenberg brothers spent more than US$18 million on art purchases in the months after they were sanctioned by the U.S. in March 2014. They acquired several artworks, including a US$7.5 million René Magritte, through a web of offshore companies based in Cyprus and the British Virgin Islands.

The tools to hide wealth used by Russian oligarchs to evade sanctions are exactly the same than the ones used by those behind natural resource crimes such as illegal, unregulated and unreported fishing, or indeed wealthy billionaires abusing laws to pay less than what they should in taxes. One cannot create a regime to just catch Russian billionaires. An overhaul of ownership transparency, from companies and trusts to art, vessels, aircraft and among other asset classes, including private equity and hedge funds, is required. Otherwise Russian oligarchs and kleptocrats around the world will continue dodging controls, keeping their shady money safely hidden.

IPS UN Bureau

 


!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?’http’:’https’;if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+’://platform.twitter.com/widgets.js’;fjs.parentNode.insertBefore(js,fjs);}}(document, ‘script’, ‘twitter-wjs’);  

Excerpt:

The author is Executive Director of Financial Transparency Coalition