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{ "@context": "https://schema.org", "@type": "NewsArticle", "dateCreated": "2024-12-02T21:28:26+02:00", "datePublished": "2024-12-02T21:28:26+02:00", "dateModified": "2024-12-03T12:15:34+02:00", "url": "https://www.newtimes.co.rw/article/22295/news/featured/press-release-equitys-mwangi-appointed-to-wb-group-advisory-council-on-jobs", "headline": "PRESS RELEASE: Equity’s Mwangi appointed to WB Group advisory council on jobs", "description": "The Council will be co-chaired by Tharman Shanmugaratnam, President of Singapore and Former Deputy Prime Minister and Coordinating Minister for...", "keywords": "Dr James Mwangi,Equity Group,World Bank", "inLanguage": "en", "mainEntityOfPage":{ "@type": "WebPage", "@id": "https://www.newtimes.co.rw/article/22295/news/featured/press-release-equitys-mwangi-appointed-to-wb-group-advisory-council-on-jobs" }, "thumbnailUrl": "https://www.newtimes.co.rw/thenewtimes/uploads/images/2024/12/03/65425.jpg", "image": { "@type": "ImageObject", "url": "https://www.newtimes.co.rw/thenewtimes/uploads/images/2024/12/03/65425.jpg" }, "articleBody": "The Council will be co-chaired by Tharman Shanmugaratnam, President of Singapore and Former Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, and Michelle Bachelet, Former President of Chile, and Head of Government for two terms. The council brings together the experience and knowledge of fourteen leading policymakers, business leaders, academics, and civil society pioneers. Job creation is a center piece of Equity's Africa Recovery and Resilience Plan. Washington, DC USA – December 2, 2024 – The World Bank Group under its work on poverty, has established a High-Level Advisory Council on Jobs that gathers a global cross-section of eminent individuals to offer thought leadership and actionable, scalable policy and program recommendations for the Bank to explore, test and scale. The High-Level Advisory Council on Jobs was launched during the 2024 World Bank Group-IMF Annual Meeting, in October 2024 in Washington, DC, with the ethic that creating jobs is central to combating poverty, growing prosperity, and enhancing dignity. Having a job is one of the most meaningful yardsticks of success for individuals everywhere since with a job comes self-sufficiency, sustainability, and the ability to provide for yourself and family, offering a sense of belonging in society. Despite this fact, job creation remains an elusive goal in many countries around the globe, most especially for younger generations and women. The World Bank is sharpening its focus on job creation through the High-Level Advisory Council as it is estimated that over the next 10 years, an unprecedented 1.2 billion people in the Global South will become working age adults. Yet there will only be approximately 420 million jobs available for these same young people – leaving nearly 800 million without a clear path to prosperity. The Council will focus on youth and female employment opportunities in emerging and developing economies to help nations turn the challenge into an opportunity that powers the future. “Because this issue is so fundamental to our collective future, the established High-Level Advisory Council on Jobs will be co-chaired by an international panel of experienced practitioners who have demonstrated job creation in their own countries. Tharman Shanmugaratnam, President of Singapore and Former Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, and Michelle Bachelet, Former President of Chile, and Head of Government for two terms will co-chair the council. The panel brings together the experience and knowledge of fourteen leading policymakers, business leaders, academics, and civil society pioneers,” noted Mr. Ajay Banga, President, World Bank Group. “We would be immensely grateful to benefit from your deep expertise, experience and unique perspectives as a member of the Council,” said Therman, Michelle and Ajay in Dr. Mwangi’s appointment letter. Dr. James Mwangi, the Managing Director and CEO of Equity Group Holdings is among the fourteen global leaders that have joined the World Bank Group High-Level Advisory Council on Jobs, recognizing his dedication and contributions to society that extend beyond the banking sector. Over the next decade the world is expected to experience significant demographic shift with one in four people on the planet being African, and more than a third of the world's young people residing in Africa, said Dr. Mwangi. These global demographic shifts are the result of progress on the African continent including life expectancy, per capita income, health, education and improving nutritional levels. An outcome of these developments has been rapid population growth. Effectively leveraging the demographic dividend in Africa could account for up to 15% of GDP growth and a 17% reduction in poverty by 2030. The Council will meet every two months for an initial period of up to two years and will interact directly with senior management of the World Bank Group, ensuring that the Council’s ideas are taken forward. I'm honored to have been asked to serve on the World Bank Global Jobs Council, in order to support the creation of jobs for the young people of Africa, said Dr. Mwangi. Young people are our future and the key to sustainable development for the continent. Equity's Africa Recovery and Resilience Plan seeks to create 50 million jobs in the region by 2030 and my intention is to utilize the learnings of the council to maximize this initiative. Other members of the council include Guy Ryder, Under Secretary General for Policy at the United Nations; Patrick Achi, the former Prime Minister of Cote d'Ivoire; Sebastien Bazin, Group Chairman and CEO of Accor Group; Nonkululeko Nyembezi, Chairman of Standard Bank Group; Preetha Reddy, Executive Vice President of Apollo Hospitals Enterprise Limited; Mostafa Terrab, Chairman and CEO of OCP Group; Marianne Bertrand, Distinguished Professor of Economics at the University of Chicago Booth School of Business; Madhav Chavan, co-founder and President of Pratham, the largest and most successful education organizations in India; Marcela Eslava, Professor of Economics at Universidad de Los Andes, Bogota, Colombia; Fang Cai, Chief Expert at the National Think Tank at the Chinese Academy of Social Sciences; Nicola Galombik, Head of Yellowoods Group; Roxana Maurizio, researcher and professor at the University of Buenos Aires Institute of Economics; Denis Minev, an angel investor in Amazon projects; and Rohini Pande, the Henry j. Heinz II Professor of Economics and Director of the Economic Growth Center at Yale University. About Dr. James Mwangi, CBS Dr. James Mwangi is a career banker acclaimed for his strong commitment to inclusive finance. He is the Group Managing Director and Chief Executive Officer of Equity Group Holdings Plc and Executive Chairman, Equity Group Foundation. He is one of Africa’s most renowned thought leaders, a visionary, a disruptive entrepreneur, and philanthropist. As a champion of sustainable social economic transformation, Dr. Mwangi believes that individuals and societies have the potential to solve their socio-economic challenges if they are given the opportunity and access to resources. Dr. Mwangi is credited with providing the leadership that saw a small and technically insolvent Building Society transform to Equity Group Holdings, one of the largest and most successful inclusive and integrated financial institutions in the world. Today, Equity Bank is known as the Strongest Banking Brand on the continent and the Second Strongest Banking Brand in the World by Brand Finance. Dr. Mwangi took over the leadership of the Bank when it was ranked last in the industry with an asset base of US$280,000, US$220,000 in deposits, US$120,000 in loans and accumulated losses of US$ 330,000. He introduced a revolutionary business model anchored on affordability, flexibility, and accessibility of financial services. Presently, Equity Group is the largest integrated financial services firm in the region with a market capitalization of USD 1.4 Billion. The Group has an asset base of USD 14 Billion, customer base of 22 million supported by a footprint of 397 branches, 82,936 Agents, over 1.1 million Pay with Equity (PWE) merchants, 44,794 Point-of-Sale (POS) Merchants, 889 ATMs and an extensive adoption of digital banking channel. The Group’s strong brand recognition, solid liquidity buffers and resilient funding profile, established domestic franchise and extensive adoption of digital and alternative distribution channels have earned it the honor of being the Second Strongest Financial Brand on Earth in 2024 by Brand Finance. It has also been recognized as the strongest financial brand in Africa by Brand Africa in 2024 and the most valuable brand in the region. Dr. James Mwangi was awarded the 2012 Ernst & Young World Entrepreneur of the Year, becoming the first business leader from Sub-Saharan Africa to win this prestigious award. He was also among the finalists who were inducted to the Entrepreneur of The Year Hall of Fame and the World Entrepreneurship Academy. While presenting the award, Jim Turley, Global Chairman and CEO of Ernst & Young, said, “Over the past 26 years, entrepreneurs have done more than any other group to stimulate innovation, job creation and prosperity during both periods of growth and in challenging economic conditions. James epitomizes the vision and determination that set entrepreneurs apart and is very worthy of the title Ernst & Young World Entrepreneur of The Year 2012.” He was also named among the Top 50 Emerging Market Business Leaders and the 20 most influential people in Africa in 2011; named the 2012 Forbes Africa Person of the Year by Forbes Africa magazine and was recently named in the Bloomberg 50 list of people who defined 2019 globally. He is an honoree of the 2020 Oslo Business for Peace Award, also described as the ‘Nobel Prize for Business’. He currently serves on several international bodies as a Chair or co-Chair and as an advisor and was appointed to the Nairobi Advisory Board of Columbia Global Centres. He is a member of the continent-wide PACT initiative, a Board member of the Economic Advisory Board of the International Finance Corporation (IFC), the Mastercard MEA Advisory Board, the Africa Leadership Academy in South Africa, the Global Alliance for Food Security and Nutrition. He is also a guest lecturer at Stanford, Columbia, MIT, Harvard, IESE and Lagos Business School. More than 40 case studies have been written about the Equity Bank Tri-Engine Business Model globally.is a case study. Locally, he served as the founding Chancellor Meru University of Science and Technology and the Chairman of the Health Committee of Kenya COVID-19 Fund Board. He is the Chancellor of Open University of Kenya.", "author": { "@type": "Person", "name": "The New Times" }, "publisher": { "@type": "Organization", "name": "The New Times", "url": "https://www.newtimes.co.rw/", "sameAs": ["https://www.facebook.com/TheNewTimesRwanda/","https://twitter.com/NewTimesRwanda","https://www.youtube.com/channel/UCuZbZj6DF9zWXpdZVceDZkg"], "logo": { "@type": "ImageObject", "url": "/theme_newtimes/images/logo.png", "width": 270, "height": 57 } }, "copyrightHolder": { "@type": "Organization", "name": "The New Times", "url": "https://www.newtimes.co.rw/" } }, /PRNewswire/ -- NASA Administrator will fly in aircraft manufacturer Electra's EL2 Goldfinch experimental prototype aircraft on . Members of the media are invited to speak with Nelson and Electra leaders just prior to the flight at at Manassas Regional Airport in . Electra designed the experimental aircraft with the goals of reducing emissions and noise and connecting new locations for regional air travel, including underserved communities. Media will be able to view and film the flight, which is set to feature ultra-short takeoffs and landings with as few as 150 feet of ground roll. The flight also is set to include a battery-only landing. Media interested in participating must RSVP to at . NASA's aeronautics research works to develop new generations of sustainable aviation technologies that will create new options for both U.S. passengers and cargo. Agency-supported research aims to provide industry providers like Electra, and others, data that can help inform the designs of innovative, greener aircraft with reduced operating costs. NASA investments have included projects that explore electrified aircraft technologies, and work that helped refine the electric short-takeoff and landing concept. The agency's work with private sector aviation providers helps NASA in its effort to bring sustainable solutions to the American public. In November, NASA selected Electra as one of five recipients of its awards, through which they will develop design studies and explore key technologies to push the boundaries of possibility for next-generation sustainable commercial aircraft. These new studies will help the agency identify and select promising aircraft concepts and technologies for further investigations. View original content to download multimedia: SOURCE NASA
The ongoing Russia-Ukraine conflict marks possibly the first truly AI war, with both sides having come to rely on small drones to conduct reconnaissance, identify targets, and even drop lethal bombs over enemy lines. This new type of warfare allows commanders to survey an area from a safe distance and has highlighted the importance of lightweight aerial weapons that can conduct precise strikes instead of much more expensive fighter jets. One drone that costs $15,000 can take down a F-16 that costs tens of millions. Reuters has a look at how Ukraine has been collecting vast sums of video footage from drones to improve the effectiveness of its drone battalions. The story includes an interview with Oleksandr Dmitriev, founder of OCHI, a non-profit Ukrainian system that centralizes and analyzes video from over 15,000 drones on the frontlines. Dmitriev told Reuters that the system has collected more than two million hours of battlefield video since 2022. “This is food for the AI: If you want to teach an AI, you give it 2 million hours (of video), it will become something supernatural,” he said. The OCHI system was originally built to give the military access to drone footage from all nearby crew on one screen, but the group running it realized that the video could be used for training AI. For an AI system to be effective at identifying what it is seeing, it needs to review a lot of footage; Ukraine probably did not have a lot of battlefield footage before 2022. Now, more than six terabytes of data is being added to the system per day, on average. Ukraine’s defense ministry has said that another system called Avengers, which centralizes footage from drones, has been able to spot 12,000 Russian pieces of equipment a week using AI identification. It is not just local Ukrainian companies that are building new AI technology for the battlefield. There is big money to be made in the defense industry, and a slew of Silicon Valley players including Anduril and Palantir, as well as Eric Schmidt’s startup White Stork, have begun offering up drone and AI technology to support Ukraine’s fight. Of course, the biggest concern of skeptics is that these technologies automate a lot of the fighting and make it somewhat abstract; a military could be apt to allow the drone to strike more indiscriminately when they are at a safe distance and not fearful of return fire. Schmidt has emphasized that the drones offered to Ukraine by his company maintain a “human-in-the-loop,” meaning a person is always making the final decision. In a recent interview , Anduril’s Palmer Luckey was asked about the use of AI in weapons systems. “There is a shadow campaign being waged in the United Nations by many of our adversaries to trick Western countries that fancy themselves morally aligned into not applying AI for weapons or defense,” he said. “What is the moral victory in being forced to use larger bombs with more collateral damage because we are not allowed to use systems that can penetrate past Russian or Chinese jamming systems and strike precisely.” Jamming systems are able to scramble GPS and telecommunications used to direct precision-guided weapons, but AI-powered drones can operate unmanned and identify targets without an operator giving an order. Recent reports have suggested that the U.S. has fallen behind adversaries including Russia and China in its ability to remotely disable enemy weapons using jamming technology. Russia has repeatedly disabled precision-guided weapons the U.S. has given Ukraine using more advanced jamming technology than the U.S. has. The U.S. could respond by investing more in evading GPS jamming so that it does not have to use more indiscriminate, automated drones. Or it could try and jam the Russians back. Luckey pointedly called out critics who say a robot should never decide who lives and who dies. “And my point to them is, where’s the moral high ground in a landmine that can’t tell the difference between a school bus full of kids and a Russian tank,” he asked. It seems unlikely a school bus would be driving through a battlefield unless it was a booby trap, but whatever. The war has been a slow grind, with both sides making little advance in recent months. Drones have assisted Ukraine, but are clearly not a panacea with both sides having access to them.Listing extends the reach of MOR to over 1.5 million customers in India, one of the fastest-growing crypto markets Austin, TX, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Morpheus , the leading platform to launch Smart Agents, has announced that its native utility token MOR has been listed on Unocoin , one of India's leading crypto trading platforms. The listing signals Unocoin's intent to tap into the burgeoning AI space, amid growing interest among the country's investor base for quality AI-driven crypto projects, which have exploded in popularity over the course of 2024. The listing extends the reach of MOR to one of the world's largest and fastest-growing markets for crypto and digital innovation, driven by an increasingly tech-savvy population. Founded in July 2013, Unocoin emerged as India's first bonafide crypto exchange, and has gone on to serve over 1.5 million customers - playing a pivotal role in driving adoption of bitcoin and crypto in the country. The announcement comes just weeks after Morpheus Open Source developers made $20 million MOR rewards available for AI Compute Providers, following its recent mainnet launch . What Ethereum did for Smart Contracts, Morpheus is now doing for Smart Agents. The platform is built on four types of contributions: Code, Capital, Compute and Builders. Compute providers receive the Morpheus native token, MOR, based on hosting AI LLMs. MOR currently has over 5,000 holders and is available for trading on Aerodrome, Uniswap and CoinEx. Morpheus offers a unique model where MOR holders are entitled to receive a share of the entire network's compute on a daily basis. The Morpheus fair launch tokenomics structure ensures the sustained development, deployment, and operation of Decentralized AI applications deployed on the Morpheus platform. Fostering a balanced and self-sustaining ecosystem where all participants - be it capital providers, compute providers, coders, or builders - are fairly compensated in MOR. This structure drives a global community of contributors and builders to collaborate on an ever-expanding scale. As AI agents increasingly dominate economic activity, Morpheus will stand at the forefront, serving as the driving force behind the evolution of Free AI. "The intersection of AI and blockchain technology is a powder keg of innovation, and India continues to provide fertile ground for AI-centric Web3 projects to thrive,” said Open Source Contributor to Morpheus, David Johnston. "We are very excited to broaden our community in the region as we segway into 2025, which will be a banner year for our platform.” The Morpheus Decentralized AI network more efficiently allocates AI compute power and enables users to engage in a ChatGPT-like interface that includes decentralized AI data routing, permissionless and censorship-resistant access to personal AIs, crypto payments for AIs, an AI marketplace, and AI images with multiple LLMs. The Morpheus community has been built through the support of a community of hundreds of open-source developers and partners such as Lumerin. For more information, visit https://mor.org/ About Morpheus Morpheus is a decentralized network of personal general-purpose AIs called Smart Agents. These agents execute smart contracts, connecting to users' Web3 wallets, DApps, and smart contracts. Morpheus incorporates a large language model, the SmartContractRank algorithm, and long-term memory to enhance user interactions and decision-making. The Morpheus community has been built through the support of a community of hundreds of open-source developers and allied projects. For more information on the Morpheus Ecosystem, visit: https://www.mor.builders/ *Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended that you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. CONTACT: Contact: morpheus(at)transformgroup.com
Buccaneers are back to .500 and in position to control their playoff hopes down the stretchA study of hot spots for collisions between ships and whales around the world, including Canadian waters, offers a map for measures to prevent the deadly strikes that could drive some species to extinction, one of the British Columbia-based authors says. Chloe Robinson said reported strikes represent a fraction of their true extent, and a lack of protection measures leaves whales vulnerable as global shipping expands. The study found shipping takes place across 92 per cent of the ranges for humpback, blue, fin and sperm whales worldwide, but measures to reduce vessel strikes have been implemented in less than seven per cent of high-risk areas. "That could really spell, you know, potential extinction for some of these species," said Robinson, director of whales for Ocean Wise, a B.C.-based organization that provided data for the paper published in the peer-reviewed journal Science. "A recent study estimated anything up to 20,000 whales are killed a year through ship strikes, globally, and that's just an estimate, a best-case estimate." Robinson said she was surprised to see Swiftsure Bank, off the west coast of Vancouver Island, emerge as a risk hot spot for strikes of fin, blue and humpback whales. The area is a "migration highway" for humpbacks, she noted. The study also identified a hot spot for the same three species in the Gulf of St. Lawrence between Quebec, New Brunswick and Newfoundland. "This is something that Ocean Wise has been looking into because a lot of the management measures occur offshore and not sort of within the Gulf of St. Lawrence itself and even the St. Lawrence Seaway, (which) leads down to the Great Lakes," she said. "That was a huge hot spot, which was really interesting for me." Robinson said there have been smaller studies on the risk of ship strikes in different regions, but the study published Thursday is the first to map the distribution of the four whale species, using a variety of data sources, then compare it with the Automatic Identification System, a tool used for tracking vessels worldwide. "This was really the first of its kind to map these two on top of each other," she said. The researchers found the highest levels of risk in the Indian, western North Pacific and Mediterranean, while it also identified high-risk areas in the eastern North Pacific, North and South Atlantic Ocean along with the South China Sea. The Southern Ocean was the only region that did not contain any ship-strike hot spots due to low levels of shipping, despite high use by whales, the study found. Robinson said the findings support a strong case for maritime authorities to adopt measures such as whale alert systems, speed limits and no-go zones. "We know where there are areas where there are lots of whales and lots of ships, so this is where we need to target for management," she said in an interview. Robinson said Canada is home to many "eyes on the water" and researchers exploring innovative techniques for monitoring whales. But the country lacks mandatory mitigation measures, and it's not alone. "Next to none of the measures globally are mandatory. So, having voluntary measures (is) great, provided people comply," Robinson said. Ocean Wise launched an alert system in 2018 that notifies large vessels of the presence of whales in Pacific Northwest waters, and Robinson said about 80 per cent of mariners from Washington state up to Alaska have signed up. The WhaleReport alert system mainly functions in what she describes as "inshore" waters around busy ports in Seattle, Vancouver and Prince Rupert. The Port of Vancouver has also seen a high rate of compliance for its ECHO program, Robinson noted. The program encourages vessels to take voluntary steps, such as slowing down or staying farther away from whales, in order to reduce underwater noise and the potential for strikes in busy shipping areas. Robinson favours a multi-pronged approach to reducing ship strikes, but she said one single measure she believes could have a big impact would be equipping vessels with an infrared camera to detect whales within several kilometres. "Maybe some mariners ... respond better to knowing there 100 per cent is a whale 200 metres in front of your vessel, versus, 'slow down, there might be a whale here.'" Robinson said such cameras can cost between US$50,000 and $75,000. But the cost was a "drop in the bucket" of major companies' profits, she said. The cameras also present a public-relations opportunity for businesses to advertise themselves as operating in a more whale-friendly manner, Robinson said. "I know people who have had to go and have therapy after killing a humpback whilst at the helm," she added. "I think there's a lot to be said (for) the long-term benefits of this kind of technology." The study also found areas with lower traffic that could provide refuge for whales, especially with added protections. It shows the Arctic Ocean, for example, has very few high-risk areas for vessel strikes, and Robinson said some researchers view it as potential sanctuary. But without protections, Robinson said Arctic waters could become the next high-risk hot spot as sea ice melts with climate change, opening up shipping routes. "Knowing the plans to expand shipping routes into these areas to cut shipping time, make things faster, right through prime whale habitat, I think this is a really good opportunity to get ahead of the issue before it becomes an issue," she said. Whales play crucial roles in their ecosystems, including cycling nutrients that support other species, and they're a boon for tourism, Robinson said. They're also "magical" creatures that people feel connected to, she said, and they remain vulnerable after many species were hunted to the brink of extinction. This report by The Canadian Press was first published Nov. 22, 2024.
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Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average. The S&P 500 rose 0.3% Friday. The Dow added 1%, and the Nasdaq composite tacked on 0.2%. Retailers had some of the biggest gains. Gap soared after reporting quarterly results that easily beat analysts’ estimates. EchoStar fell after DirecTV called off its purchase of that company’s Dish Network unit. European markets closed mostly higher and Asian markets ended mixed. Treasury yields held relatively steady in the bond market. Crude oil prices gained ground. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Stocks rose on Wall Street in afternoon trading Friday, keeping the market on track for its fifth straight gain. The S&P 500 was up 0.2% and was solidly on track for a weekly gain that will erase most of last week's loss. The Dow Jones Industrial Average climbed 333 points, or 0.8%, and the Nasdaq composite was essentially flat with a gain of less than 0.1% as of 3:07 p.m. Eastern. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump's victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. “Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 10.8% after handily beating analysts' third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 1.5% after raising its earnings forecast for the year. EchoStar fell 2.4% after DirecTV called off its purchase of that company's Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.8%. A majority of stocks in the S&P 500 were gaining ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.3%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 5.6%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.8% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. European markets closed mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41% from 4.42% late Thursday. In the crypto market, Bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation's largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts' expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan's consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It's still up from 70.5 in October. The survey also showed that consumers' inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed's preferred measure of inflation and this will be the last PCE reading prior to the central bank's meeting in December.Meta platforms' chief legal officer sells $538,475 in stock
Students at the Portland-based Buff Bay Primary School were exposed to innovation and careers in agriculture at an agri-expo held recently at the institution. Under the theme: ‘Youth in Agriculture: Shaping the New FACE of Food,’ the event featured displays by entities highlighting various professions in the sector and how technology is being used to boost production and productivity to ensure food security. Vice Principal at the school, Keisha Braimbridge, who addressed the session, said that students can make a positive impact on the agricultural sector by becoming creators and innovators of technologies that can enhance stainability. “You can help your country to become more food secure by setting up more agriculture businesses and to innovate through climate smart technology for export expansion,” she said. “The hope is that you will become interested in the field of agriculture and discover new ways of farming,” she added. Miss Braimbridge said that agriculture is now about research to improve soil quality and plant productivity. “It is about developing businesses, and we definitely want to improve the amount of goods that are exported from Jamaica so that we can grow our economy,” the Vice Principal said. Portland 4-H Clubs Parish Manager, Alain Cox, in his remarks, said the agency is seeking to inspire youth to embrace agriculture as a profession. “It is important to note that the industry is no longer a bush thing where you are seeing a man walking with a cutlass. We are so advanced in utilising technology and this industry is full of young, brilliant and vibrant persons,” he noted. With support from the Jamaica 4-H Clubs, Buff Bay Primary is using farming technologies to generate the interest of students in agriculture and to boost food production for their canteen and for the open market. The Jamaica 4-H Clubs is the leading youth training organisation with more than 105,000 members across Jamaica. It provides various training opportunities to young persons between the ages of five and 35 years. Clubs are found in schools, churches, communities, and special youth facilities.
( MENAFN - Daily News Egypt) Three leading Egyptian banks-the National bank of Egypt (NBE), Banque Misr, and QNB AlAhli-have extended joint financing worth EGP 4.235bn to Al-Zahi Group. This financing aims to support key development projects, with NBE serving as the lead arranger, financing marketer, financing agent, and document bank within the alliance. Banque Misr acts as an initial main arranger, financing marketer, and account bank, while QNB AlAhli fulfills the role of an initial main arranger. The funding will be directed toward various projects, including facility design, land reclamation, infrastructure development, agricultural land leveling, establishing irrigation and drainage systems, and executing electrical and mechanical works. The signing ceremony was attended by prominent banking and business leaders, including Yehia Abou El-Fotouh, Deputy CEO of NBE; Sherif Riad, CEO of Corporate Banking Credit and Syndicated Loans at NBE; Mohamed Khairat, Head of Corporate Credit and Syndicated Loans at Banque Misr; Abdel Rahman Talaat, Head of Corporate Finance and Investment at QNB AlAhli; and Ahmed El Zahi, Chairman of Al-Zahi Group. Yehia Abou El-Fotouh highlighted that the financing aligns with NBE's strategy to support vital economic sectors, fostering growth across industries and value chains. He commended the efforts of the bank's team in conducting comprehensive studies and facilitating cooperation that culminated in this financing deal. Sherif Riad emphasized NBE's commitment to backing large-scale development projects in Egypt, particularly those that enhance food security and contribute to economic stability. He underscored the importance of expanding agricultural land and production, which reduces imports, improves trade balances, and creates job opportunities by leveraging modern technological methods. Mohamed Khairat reiterated Banque Misr's dedication to financing vital projects across diverse sectors to stimulate economic growth and enhance Egypt's competitiveness. He noted that this partnership reflects the bank's strategic goals of supporting the national economy, aligning with Egypt's Vision 2030 for sustainable development. Khairat also praised the collaboration among the participating banks, highlighting the shared commitment to advancing the national economy. QNB's Abdel Rahman Talaat stressed the importance of the banking sector's role in financing projects with significant economic and social impacts. He emphasized QNB Egypt's focus on supporting agricultural development to achieve food security, create thousands of jobs, and contribute to sustainable development goals. Talaat also noted QNB Egypt's growing influence in fostering major national projects through its strong relationships with international financial institutions. Ahmed El Zahi expressed gratitude for the collaboration with Egypt's leading banks, underscoring the importance of such partnerships in driving the nation's development. He highlighted Al-Zahi Group's diverse expertise in integrated general contracting, including river works, sidewalk construction, dredging, thermal and hydropower stations, roads and bridges, dams, and water and sewage networks. The company also specializes in complementary activities such as ready-mix concrete production, insulation, and polyethylene works. This joint financing underscores the critical role of Egypt's banking sector in fostering economic growth and supporting sustainable development across the nation. MENAFN23122024000153011029ID1109025660 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
The Prime Minister, Narendra Modi, is set to visit Kuwait on December 21-22 . The visit will be the first by an Indian Prime Minister in 43 years, the last being the visit by Prime Minister Indira Gandhi in 1981. Mr. Modi was scheduled to visit Kuwait in January 2022, but the visit was postponed due to concerns about COVID-19. The visit holds great significance not only for the bilateral ties but also the region, which is going through a very difficult phase of conflict and transition. Mr. Modi has visited all the other countries in the Gulf Cooperation Council (GCC) over the past 10 years, some more than once, and not having visited Kuwait was seen as a gap in India’s West Asia engagement. This visit aims to not only plug this gap but also give a boost to the rather stagnant ties between the two countries which, otherwise, have much potential for a strong engagement. A country with strategic significance Why Is Kuwait important? Despite being one of the smallest countries in the region, it holds significant strategic importance. Located at the north-east end of the Persian Gulf, it shares borders with Iraq and Saudi Arabia and hosts important American military bases. It is the only monarchy in the region which has experimented successfully with democracy. On regional issues, it has generally maintained a neutral stance and has often been the interlocutor in resolving disputes. Related Stories Indians in Kuwait and Gulf countries: A look at numbers EAM Jaishankar calls on Kuwaiti PM, Crown Prince to discuss bilateral ties Day-long State mourning in India after demise of Kuwaiti Emir Its wealth is owed primarily to its vast oil reserves, which are sixth-largest globally. It is also one of the founding members of the Organization of the Petroleum Exporting Countries (OPEC). It also has one of the largest basket sovereign wealth funds. These funds, managed by the Kuwait Investment Authority (KIA), have grown at an impressive rate and are currently estimated to be $924 billion (in March 2024), the fourth largest in the world after Norway, China and the United Arab Emirates (UAE). Untapped potential, existing links India and Kuwait have always enjoyed friendly ties, built on a strong foundation of history and cultural bonds. India was one of the first countries to establish diplomatic relations with Kuwait following its independence from the British Protectorate in 1961. In fact, the Indian rupee was a legal tender in Kuwait till 1961. Trade and people-to-people ties have traditionally been the main anchors of the bilateral ties. India has consistently been among the top trading partners of Kuwait, with the total bilateral trade with Kuwait during FY 2023-24 being $ 10.47 billion. During FY2023-24, Kuwait was the sixth largest crude supplier catering to about 3.0 % of India’s total energy needs. The KIA has invested indirectly in India with estimated investments of more than US$10 billion. During the COVID-19 pandemic too, India and Kuwait demonstrated a strong sense of brotherhood. India provided two lakh vaccine doses. During the second wave of COVID-19 in May 2021, Kuwait provided 282 oxygen cylinders, 60 oxygen concentrators, ventilators and many other medical supplies to India. People-to-people ties form the other firm anchor. Out of a population of almost 4.9 million, around 1 million Indians not only form the largest expatriate group in Kuwait but are also among the most trusted. As a special gesture, a ‘Festival of India’ was organised in Kuwait in March 2023. A weekly Hindi radio programme, ‘Namaste Kuwait has been started by Kuwait National Radio since April 2024. And, 26 schools in Kuwait with over 60,000 students, follow the Central Board of Secondary Education curriculum of India. When tragedy struck on June 12, in the form of a fire in a residential building in Kuwait killing over 40 Indians, Kuwait rendered help and repatriated their mortal remains quickly. Areas to elevate ties Despite enjoying mutual trust and goodwill, India’s ties with Kuwait — like with many others in the Gulf region — have not been able to transcend to the next level. Mr. Modi’s visit, therefore, offers the perfect opportunity to set things moving. The signing of a comprehensive strategic partnership agreement with Kuwait could be the ideal start. An agreement on defence cooperation could be signed too. India has invited Kuwait to join the International Solar Alliance (ISA) and the Coalition for Disaster Resilient Infrastructure, which Kuwait is likely to accept. An agreement between KIA and the National Investment and Infrastructure Fund (NIIF) in India could be mutually beneficial and give impetus to growth in India. Like the UAE, Kuwait could become an important partner for storing strategic oil reserves in India. From India, helping Kuwait in building its infrastructure under Kuwait’s ‘Vision 2035’ could be a good initiative. Setting up institutes of higher education, such as the Indian Institute of Technology and the Indian Institute of Management, and modern hospitals in Kuwait could boost people-to-people ties. Kuwait’s request for additional seats for its airlines from India (in addition to 12,000 seats per week allotted), could be considered as a special exemption, despite Kuwait not fulfilling the required quota. Cooperation in space programmes including launching satellites for Kuwait would make good headlines too. The scope for Kuwait-India ties is huge and the wish list endless. Hopefully, this visit will provide the perfect platform to kick-start a golden era in this very important bilateral relationship. Rajeev Agarwal, retired colonel, is a former Director in the Ministry of External Affairs, a former Director in Military Intelligence (International Relations) and a former Research Fellow, Manohar Parrikar Institute for Defence Studies and Analyses, New Delhi (IDSA), New Delhi. Published - December 21, 2024 12:08 am IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit Kuwait / India / diplomacy / Prime Minister Narendra Modi / democracy / finance (general) / China / United Arab Emirates / Iraq / Saudi Arabia / USA / armed Forces / history books / trade policy / investments / Coronavirus / population / education / school / radio / culture (general) / fire / defence / oil and gas - upstream activities / higher education / air transport / space programme
Boxing Day travellers are being urged to reconsider their plans, with much of Victoria facing extreme and unpredictable bushfire risks and other states bracing for outbreaks. or signup to continue reading Catastrophic conditions are forecast in Victoria on Thursday and Friday, with temperatures likely to reach 40C. "Our state will have all areas ... in extreme fire danger rating, except for East Gippsland on Thursday," Emergency Management Commissioner Rick Nugent said on Monday. "Please only travel through these areas if you have to." Across the country millions of people are being warned to stay alert as the risk of Christmas-week outbreaks intensify. Several states are battling dangerous blazes or warning of potential threats, with a significant part of NSW on high fire alert. South Australia's Country Fire Service issued a Leave Now alert with an out-of-control blaze burning at Onkaparinga Hills near Woodcroft in the southern Mount Lofty Ranges on Monday evening. Regional areas in the state are expecting hot conditions on Boxing Day, with Adelaide facing a peak of 36C after a predicted 37C on Christmas Day. High to extreme fire danger remains across parts of WA but conditions are forecast to east slightly in coming days. The most concern is in Victoria, where strong, dry winds of up to 100km/h are forecast to filter throughout from the northwest, extending danger into Friday. "These conditions will make it far easier for fires to start and to spread and for existing fires to race off in the direction of the wind," Mr Nugent said. Country Fire Authority chief executive Jason Heffernan warned single-digit moisture levels in the air mixed with the bone-dry bush were a recipe for disaster. "It is ready to burn," he said. Heavy rain in Melbourne has done little to quell major fires burning across 41,000 hectares in the Grampians in Victoria's west which is being tackled by 18 aircraft and about 300 firefighters. "It's a lot of fire in the landscape and when that weather changes on body, that fire is going to move and it's going to move rapidly," Forest Fire Management Victoria chief fire officer Chris Hardman said. Another blaze in Bullengarook, northwest of Melbourne, has burned more than 144 hectares and is out of control with the potential to spread into Ballarat's northern suburbs on Thursday. Several sheds and outbuildings have been destroyed in another fire at the Gurdies in western Gippsland, with Mr Hardman warning it had "enormous potential" to grow on Boxing Day because of strong winds. "Be very clear of where you are in proximity to those fires," Mr Hardman said. Deputy Premier Ben Carroll urged people to continue to heed warnings. "This is the beginning of what will be a long, hot and dangerous bush fire season," he said. Ballarat will transform into base camp for about 200 firefighters as 100 personnel from NSW, the ACT, Queensland and Tasmania arrive to help. Mr Heffernan urged those who needed to travel to have the VicEmergency app, a plan on where they were going and up-to-date information. "If you are thinking of travelling for the Christmas break and you can avoid doing so and it is safe to do so, then perhaps that is a consideration you should give," he said. The federal government is working on activating disaster recovery payments. DAILY Today's top stories curated by our news team. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily!Coreline Soft Receives Innovation Award in Bio-Medical Technology at Seoul R&D Sharing Event
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