CFI.co Summer 2024

FOLLOWING DOESN’T GET YOU THERE FIRST. ERLING HAALAND WEARS THE NAVITIMER.

MASERATI GRANTURISMO FOLGORE

THE OTHERS JUST TRAVEL

WATCHMAKING ONCE AGAIN FINDS BRITISH SHORES

The Limited Edition Bremont Longitude is a groundbreaking timepiece that not only looks back at our country’s legacy but also forward to an exciting future of British watchmaking. The watch’s case back incorporates brass from the original “Flamsteed Line,” in Greenwich, the very spot where the first Astronomer Royal made his celestial observations in pursuit of an aid to navigation.

It has long been the goal of Bremont to bring watch manufacturing back to Britain. The Longitude represents a milestone in that journey, a homecoming of sorts, and proof that, to get where you’re going, you need to know where you came from.

First Thoughts

The sun beats down on a bleak landscape of jagged rock formations. Twisted metal skeletons litter the ground, relics of a once-booming industry. This is Nauru, a small Pacific island nation that has been stripped naked, raped, and disfigured.

The sad remains of the island are a clear reminder of the dangers of unfettered exploitation, and a disturbing glimpse of what the future may hold for the planet as a whole. Nauru, desperate and desiccated, is now looking to the depths of the surrounding ocean in a desperate bid for survival.

Nauru's nightmare began as a fairytale. In 1900, a prospector discovered abundant deposits of phosphate, a mineral in demand as a fertilizer. Almost overnight, Nauru went from an insignificant blip in the ocean to a tiny, but thriving, nation. The phosphate boom generated enormous wealth, and for a short time, the residents had one of the highest living standards in the world.

But Australia was behind the phosphate plunder, and under its rule, the mineral was harvested at an unsustainable rate; no consideration was given to the environmental implications. The once-lush island was gradually stripped of its topsoil, leaving behind a bleak lunar landscape. The wealth that came from the unexpected windfall was mismanaged, splurged on luxuries and worthless ventures, and embezzled by corrupt officials. When the phosphate reserves were spent, Nauru was left with a depleted trust fund — and an utterly destroyed environment.

The devastation has had a significant impact on the health and wellbeing of the population. The island has sky-high rates of obesity, nicotine addiction, diabetes and a variety of non-communicable, and preventable, diseases — all connected to the loss of agricultural land. The people have virtually no employment, no way of producing crops, and total reliance on imported drinking water and processed foods. These factors, along with the absence of jobs and the dire economic prospects, have inevitably led to poverty, despair, depression, and disease.

Nauru's ancient way of life, which was inextricably linked to the land and the water, has been disrupted. Many citizens fled their homeland in search of better prospects, leaving behind a fractured community that is battling to retain any sense of national identity.

With few options to choose from, Nauru is now focusing on a new — and controversial — venture: deepsea mining. The island nation has collaborated with international corporations looking to recover mineral nodules resting on the seafloor.

These nodules are as valuable today as the phosphate was yesteryear; they contain metals such as cobalt, nickel, and manganese — all needed for the

manufacture of batteries and other high-tech products. Proponents of deep-sea mining claim that this may finally bring some economic relief for Nauru.

They argue that “appropriate regulation” may reduce the environmental damage environmentalists warn against. The potential advantages outweigh the dangers, say the would-be miners.

Sceptics and experts say that seabed mining will have catastrophic effects on marine ecosystems. The extraction process will harm fragile environments, upset food chains, and could even lead to the extinction of species yet to be discovered by science.

Nauru's grim narrative to date should serve as a cautionary tale — and one with global implications. Responsible resource extraction, the value of environmental stewardship, the critical necessity for responsible economic development: these are lessons which have yet to be learned in many countries larger and more resilient than this tiny island.

This harsh reminder of hard facts should be heeded: short-term gains can have long-term ramifications. Nauru highlights the fragility of island ecology, without even venturing into the choppy debate about climate change and rising sea levels. These isolated nations are on the front lines of a looming environmental tragedy, and they have fewer resources to take up the fight, or even adapt to the consequences.

Nauru's future hangs in the balance. The deep-sea gamble could lead to economic revival, but it could equally go the way of past plunders and blunders. It’s critical that whatever happens next, great care and forethought should be focused on it.

This is the story of yet another lost paradise, a nation's wealth plundered and squandered, and an ecosystem sacrificed on the altar of greed. There is, too, a more positive story of tenacity: that of people holding onto hope in the face of insurmountable difficulties. But don’t hope too hard on their behalf; the dice are loaded.

Nauru's tale is a cautionary one, a warning about the perils of unsustainable resource management, the vulnerability of island ecosystems, and the urgent need for a fresh, and more wholesome, approach to economic development.

As residents of a finite, troubled, polluted and wartorn planet, we must demand change. More prudent resource management, strict environmental safeguards, and an equal sharing of benefits, for a start. We must invest in sustainable development that prioritises the health of people and environment.

We must heed the lessons that Nauru has been forced to learn the hard way: Decisions made today influence the future, often in ways we cannot imagine — and we, as a species, cannot survive without caring for Nature.

Nauru: Sunrise at Anibare Beach

Correspondence

“ “ “

I write this with a heavy heart, burdened by the constant stream of wrongdoings by the UK Post Office, methodically uncovered by the recent enquiry. Each new disclosure undermines the trust we had in what was once a pillar of our communities.

It is depressing to see the depth of the malfeasance, from the miscarriage of justice against innocent sub-postmasters to the manipulation of financial records and flagrant disregard for transparency.

The enquiry's conclusions reveal an organisation riddled with deception, dishonesty, and misconduct. Profit and self-interest took precedence over a fundamental duty: to serve the British public. The breach of trust has caused financial and emotional misery and ruined the public’s opinion of a vital — and previously effective — service.

Those responsible must face the consequences of their disgraceful conduct. We, the people, should expect, and must demand, full transparency and accountability. We need comprehensive reforms to ensure that such a debacle never happens again.

The Post Office must be rebuilt, reconstructed on the principles of integrity, impartiality, and commitment to serving the public interest.

ENID DEVONSHIRE (Amersham, UK)

Julian Assange's “plea day” — despite his consequent liberty — was a sad moment for journalistic freedom. Assange's unwavering pursuit of the truth, which exposed war crimes and government corruption, enraged some powerful figures.

He personifies the critical function journalism plays in a modern “democratic” society. His indictment set a dangerous precedent, stifling investigative reporting and punishing whistleblowers with the public interest at heart. We must lend support to Assange — not as a hero, but as a symbol of the public's right to know.

His freedom, or lack of it, is ours.

LUCAS RODRIGUEZ (Montevideo, Uruguay)

While Julian Assange's admirers hail him as a champion of freedom, let’s not forget that he is also a criminal. His reckless acts may have harmed lives and jeopardised America’s national security. Leaking classified material is not journalism; it’s a crime.

Assange's brief day in an obscure court should serve as a reminder that even those who profess to work in the public interest are not above the law. The lenient treatment he received is an insult to those who uphold standards put in place for good reason: to keep our country’s secrets.

True justice would have meant a tougher punishment. That would at least discourage further security breaches in the name of “journalism”.

ASHLEY BORDEN (Austin TX, USA)

I'm writing to express my concern over rising property and rental prices in holiday destinations around Spain, which are a direct result of the booming tourism business.

“While I recognise the general economic benefits that tourism brings to my country, it’s sad to see how we local residents sometimes suffer for them.

The seasonal influx of holidaymakers, largely catered-for by Airbnb profiteers, puts pressure on available accommodation, causes a hike in property prices, and sends rental costs soaring. This has made it more difficult for local people, particularly those on low or moderate wages, to find affordable housing — even in their own neighbourhoods.

Many have been priced out of the market, forced to migrate to less desirable places to make ends meet and keep a roof over their heads.

A balance must be struck between supporting sustainable tourism and ensuring the wellbeing of local populations. Measures must be put in place to slow rising house prices and curb extortionate rental costs. This could involve putting restrictions on short-term rentals, promoting affordable housing initiatives, or offering financial aid to those who are struggling.

Tourism is important to GDP for many countries, especially smaller ones such as island nations, but that should not jeopardise local citizens' ability to live and thrive. This issue must be addressed in a logical and compassionate way to benefit visitors and locals alike.

JUAN ACOSTA (Malaga, Spain)

'm writing in strong support of the Spring issue's article, Lights,Camera...Safety?This insightful piece was as a crucial reminder of the very real risks that lie behind the cinematic magic we routinely enjoy.

“The tragic incident / accident on the set of the western movie Rust is a stark illustration of the risks inherent in increasingly dramatic and violent productions. As the article rightly points out, this is not an entirely isolated event, but part of a broader pattern of on-set mishaps.

It's time to acknowledge the need for some sort of reform. Stronger safety protocols, mandatory training, and a renewed emphasis on risk assessment are essential steps.

The article's call for a collaborative effort among cinematographers, unions, and regulatory bodies is spot-on. A united front is needed to ensure that the pursuit of artistic excellence never comes at the cost of human life.

Safety on sets is not just an ethical issue; it's also a practical one. Accidents not only cause suffering, they are costly — to individuals, to the industry, and to society.

I commend CFI.co for shedding light on this critical issue. Let's hope your article sparks a long overdue conversation about creating a safer, and more responsible, movie industry.

SUSAN JONES (La Jolla CA, US)

Editorial Team

Sarah Worthington

George Kingsley

Tony Lennox

Brendan Filipovski

John Marinus

Ellen Langford

Helen Lynn Stone

Naomi Snelling

Columnists

Otaviano Canuto

Lord Waverley

Production Director

Jackie Chapman

Distribution Manager

William Adam

Subscriptions

Maggie Arts

Commercial Director

John Mann

Director, Operations

Marten Mark

Publisher Anthony Michael

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COVER STORIES

UNCDF

Historic Green Bond for Water Infrastructure (14 – 15)

Cover Story

Mexico’s First Woman President is Rock Steady (26 – 31)

AccountAbility

Building Better Boards (18 – 20)

Accenture

The Evolving Role of CEOs (111)

Kellogg Insight

Inequality & Morality (144 – 145)

Asian Development Bank

How Fintech Can Help SMEs in Asia and the Pacific (146)

Women's Brain Foundation

Mental & Physical Health (149)

UNCDF Otaviano Canuto AccountAbility

Sunil (Sunny) A Misser Vincent A Forlenza Dr Shivaram Rajgopal

Nouriel Roubini

Mohamed A El-Erian

Scottish Friendly Stephen McGee Île-de-France

Valérie Pécresse Norvestor Fredrik Franke

ARTICO Equity Team at Serafin Asset Management Dr Gabriel Herrera

GKSD Investment Holding Kamel Ghribi Eurofer Pension Fund

Elsa Placanica The Access Bank UK Ltd Jamie Simmonds

Loita Capital Partners N Justin Chinyanta Ghana Investment Promotion Centre Yofi Grant Bank One Thavin Audit

Bashar

Mitsuko

Asian

José

UNCDF: Tanga UWASA Issues a Historic Green Bond for Water Infrastructure

The bond represents an important capital market transaction for the city of Tanga—andthewholeofTanzania.

The Tanga Urban Water Supply and Sanitation Authority (Tanga UWASA) has issued a 10-year water infrastructure green revenue bond valued at TZS53.12bn ($19.6bn).

The bond will raise funding to expand water production, treatment, and distribution capacity from 45,000 cubic meters per day to 60,000, improving access to clean water for some 6,000 households. The proceeds will fund environmental conservation activities and protect the Zigi river and surrounds.

The Subnational Water Green Bond transaction is the first of its kind in East Africa, and aims to assist Tanga UWASA, an autonomous subnational public entity, to attract capital for infrastructure improvements and new investments.

Philip Isdor Mpango, the vice-president of the United Republic of Tanzania, thanked UNCDF for its technical and financial support.

“We’re not merely financing infrastructure and development initiatives,” said Zlatan Milisic, UN Resident Coordinator for Tanzania, “… (but) setting a global benchmark for sustainable investment vehicles.

Nicodemus Mkama, CEO of the Capital Markets and Securities Authority, said:"This innovative contract has elements that affect public institutions; it also lays a solid foundation to show how institutions and local government authorities can get project funding to finance projects with the ability to operate themselves through the capital markets.”

Peter Malika, chief technical advisor for UNCDF in Tanzania, acknowledged the support, collaboration, and guidance from the National Municipal Taskforce, comprised of members from the Ministry of Finance, Ministry of Water, Ministry of Local Government (PO-RALG), Capital Market and Securities Authority (CMSA), Dar es Salaam Stock Exchange, Bank of Tanzania, the office of the Treasury Registrar, and representatives from Zanzibar.

With the prospectus issuance and publication, the Tanga water bond is open to international

and domestic investors. The Dar es Salaam stock exchange lists the Tanga water bond.

This transaction serves as a replicable model for municipalities and sub-national government entities to follow to gain access domestic capital markets and finance income-generating local projects. This avoids the need for sovereign guarantees, and reduces the national debt pressure on governments.

Financial tools like green bonds lower investment risks. A-rated third-party guarantee facilities help local and regional governments get the money they need for sustainable national development priorities. The UN Capital Development Fund, together with United Cities and Local

Governments, leads the Malaga Coalition to create a financial ecosystem. The Tanga Bond is a positive example of the kind.

The Tanzanian government says the bond aligns with international standards, the government's Alternative Project Financing Strategy (APF), the Five-Year Development Plan slated to end in 2026, the Dar es Salaam Stock Exchange Green Bond Listing Rules, and the International Capital Markets Association's (ICMA) Green Bond Principles 2021 (GBP).

The government is committed to achieving this objective, including directions from President Samia Suluhu Hassan. The National Municipal Task Force is one example. The Ministry of

Finance and Ministry of Local Governments chair the task force, which includes key institutions such as the central bank, capital markets regulator, Treasury registrar, and Dar es Salaam Stock Exchange.

All regulatory bodies, including the Ministry of Water, the Ministry of Finance, and the Capital Market and Securities Authority (CMSA), have approved the Tanga water bond.

In the transaction, the UN Capital Development Fund (UNCDF) played a critical role as the lead technical and financial partner to Tanga UWASA. UNCDF, with its unique investment mandate, provides capital deployment in the form of commercial and concessional capital, guarantee facilities, technical expertise, policy influence, capacity building, sensitization, awareness, and investment advisory to its government partners.

It is a demonstration of its capacities to support governments to mobilise local resources to finance sustainable development in line with national agenda and international commitments, including Agenda 2023, SDGs — Addis Ababa Action Agenda, Paris Agreement, and Africa 2043. i

ABOUT UNCDF

The United Nations Capital Development Fund (UNCDF) is the United Nations' flagship catalytic financing entity for the world’s 45 least developed countries (LDCs). With its unique capital mandate and focus on the LDCs, UNCDF works to invest and catalyse capital to support these countries in achieving the sustainable growth and inclusiveness envisioned by the 2030 Agenda for Sustainable Development and the Doha Programme of Action for the least developed countries, 2022–2031.

Otaviano Canuto

Politics and Climate Change Make Awkward Bedfellows in the Race to Tackle a Truly Fearsome Foe

The earth’s average surface temperature this May was higher than any other May on record…whatcan,andshould,governmentsbedoing?

According to the European Union’s Copernicus Climate Change Service, May’s temperature was 1.52 degrees Celsius above the pre-industrial average.

It’s part of a pattern; temperatures over the past 12 months have averaged 1.63°C above (Figure 1). Global sea surface temperatures have also set records over the past 14 months.

The pushback on policy to limit climate change is mentioned in June’s JPMorgan’s Global Data Watch (with data from Copernicus Climate Change Service).

Consider the extreme weather event of the floods in Rio Grande do Sul, Brazil, in April and May. A World Weather Attribution study estimates that the likelihood of this happening has more than doubled thanks to climate change and the El Niño weather pattern, the intensity of which has increased — by six percent — to reach nine percent.

Scientists point out that actions taken in this decade will be crucial to achieving the goal of the 2015 Paris Agreement: to limit humancaused climate change to below 2°C, with the hope of not exceeding 1.5°C. In the wake of the COP26 Climate Change Conference in Glasgow in 2021, the International Energy Agency updated its CO2 emissions scenarios in its World Energy Outlook (IEA, 2021), taking into account the country pledges to date. Despite a decline in emissions, the world remains far from the ambitious net-zero scenario by 2050 (Figure 2).

Whatever happens in the next few years will have consequences on the progress that can be made in terms of climate change (Canuto, 2021).

As reported by Malcolm Barr in a JP Morgan Global Data Watch report from June this year, the assessment of last year’s COP28 was that the world was not on track to meet these goals. There are doubts about whether countries’ nationally determined contributions (NDCs) will deliver sufficient reductions in greenhouse gas emissions to limit global warming. Doubts, too, as to whether countries will individually take the necessary actions to implement their individual plans.

There is more uncertainty about whether financial flows from developed countries to developing economies will be enough to help the transition to green energy and cleaner production methods.

COP30, to be held in 2025 in Belém, Brazil, is expected to bring a new set of NDCs, covering the period up to 2035. Nothing similar is scheduled for COP29 in November this year, in Baku, Azerbaijan. The proof that COPs are helping to deliver more effective commitments — if countries cut their emissions faster, and if more resources are secured for developing countries.

Recent political developments have signalled that risks and delays are likely. Popular support has risen for right-wing politicians in Europe. Although the EU has long positioned itself as a leader in efforts to tackle climate change, it has become common for right-wing parties to question the the environmental policy. This has already led to the dilution of parts of the EU’s European Green Deal package.

This is not uniform. In the UK, the latest election ousted the Conservative Party, which had diluted climate commitments in favour of the more

Figure 1: Global Surface Temperature Increase Over Pre-industrial Temperatures. Source: Malcolm Barr (2024).

Figure 2: CO2 Emissions Scenarios Over Time, 2000-2050. Source: IEA (2021).

carbon-neutrality-committed Labour Party. The gains of the political right in recent European parliamentary elections, as well as in France, may hamper manoeuvre on environmental policy.

In the US, the possibility of a Trump return does not bode well for the emissions reduction agenda. During his previous term, Trump withdrew from the Paris Agreement, a move reversed by his successor, Biden. Trump’s climate-change scepticism was evident during his first term, but the candidate has nonetheless referenced his disagreement with Democrats’ commitment to US climate policy.

Trade tensions over electric vehicles (EVs) aren’t helping. China has prioritised industries associated with the green transition as part of its multi-year strategic policy, addressing structural growth challenges. It has taken market leadership positions in EVS and battery production and development.

The EU recently announced tariffs on EV imports from Chinese manufacturers, arguing that they have benefited from unfair state support compared to European producers. In the US, the Inflation Reduction Act has subsidies and incentives for a green transition primarily tied to value added domestically. Ensuring that jobs and activities within their own borders are prioritised make this more costly — and probably less effective.

The damage from climate change has already arrived, and will increase. The situation will only get worse if the world fails to reduce carbon emissions — which will depend on countries establishing and fulfilling appropriate NDCs. Recent political developments in countries with significant influence on this trajectory do not seem promising. We can only hope that this evolution does not bring greater consequences for the Road to Decarbonisation. i

A version of this article was published by Policy Centre for the New South.

ABOUT THE AUTHOR

Otaviano Canuto, based in Washington, D.C, is a former vice president and a former executive director at the World Bank, a former executive director at the International Monetary Fund, and a former vice president at the Inter-American Development Bank. He is also a former deputy minister for international affairs at Brazil’s Ministry of Finance and a former professor of economics at the University of São Paulo and the University of Campinas, Brazil. Currently, he is a senior fellow at the Policy Center for the New South, a professorial lecturer of international affairs at the Elliott School of International Affairs - George Washington University, a nonresident senior fellow at Brookings Institution, a professor affiliate at UM6P, and principal at Center for Macroeconomics and Development. Otaviano has been a regular columnist for CFI.co for the past 12 years. X: @ocanuto

B AccountAbility: Building Better Boards

By

uilding a strong and effective board of directors can be a daunting challenge in today’s world. High-profile board failures, the rise in activist investing, and innovative market disruptions are just the tip of an iceberg highlighting the imminent need to rethink effective board governance.

Most boards often wrestle with their core mission – which is providing clear oversight and strong strategic support for management’s efforts to create long-term value for the organisation Management and directors around the world face similar pressures on how to deliver short-term financial results and tackling an underemphasis on long-term value creation.

Company Boards have long been expected to set a “tone at the top” for organisational culture, modeling company values and sound business practices. Each director, therefore, serves as a “link” in the chain between the company’s core values and its ultimate business performance. Boards can play a critical role in helping companies navigate a complex business landscape by guiding the appropriate choices in strategy, risks, and economic return.

As the mandate of the board shifts, directors must ensure that they demonstrate competencies that fit not just the present but also future needs.

The fundamental question at large is – “How do we build an effective future-focused board that is fit to confront the challenges of the 21st century?”.

1.

UNDERSTAND THE INDUSTRY DYNAMICS

The challenge for independent directors is to stay fully informed about the companies on whose boards they serve, as well as the ecosystems in which the company operates. Too much time is spent reviewing company financials, plans and engaging in “check-the-box” exercises. Relatively few directors feel they have a clear and complete understanding of the industry dynamics of their companies, the ecosystems that they operate in, or, specifically, how their companies create value.

To remedy this problem, boards need to invest dedicated time to better understand the structure, dynamics, and value-creation potential of their business. Creating a forward-looking committee (or even designating a couple of board members) to focus on “what’s next” and setting time aside from Board meetings and Management discussions will enable a proactive

point of view on strategic issues and help to challenge management biases and established doctrines of thought.

2. CHALLENGE COMPANY STRATEGY

Developing company strategy can become complex and multi-faceted, especially with a board’s active engagement. Armed with a foundational view, based on a clearer understanding of industry and the company’s economics, boards are better positioned to have the kinds of informed dialogue needed to improve and advance company strategy.

But the ability to have such dialogues with candor and trust depends on the board’s ability to develop a culture of constructive challenge – both, amongst members, and with senior management.

Institutionalising a culture of healthy debate and questioning can help to avoid the pitfalls of “group-think” in favor of improved scenario planning and enhanced value creation. Designating an “assigned dissenter” on a rotational basis, for example, can empower individuals to question the consensus view without fear of retaliation or retribution.

The board's perspectives and expertise can also create positive tension and influence management teams to work together to find better answers. Management needs to:

A. involve the board early in the development process (before the strategy is fully designed); B. approach the board with multiple strategic options and implications for consideration; and, C. seek input and ideas, not just approval.

Board members need to approach these discussions with an owner’s mindset and with

Future-Focused Boards. Source:AccountAbilityInternational,2023

Sunil (Sunny) A Misser, Vincent A Forlenza & Dr Shivaram Rajgopal

the goal of helping management broaden its thinking by considering new – even unexpected – perspectives. If managed correctly, the process can be run very efficiently, especially if the strategic planning process with the board identifies issues early, giving the board and management time to develop robust strategic options.

3. BUILD GEOPOLITICAL RESILIENCE

In a post-globalisation environment, geopolitical risks and uncertainties have assumed center stage. New powers have emerged where different countries and models of government are competing for control and influence. In this multi-polar environment, boards have a key role in building the foresight, response, and adaptation capabilities needed to navigate the changing landscape and manage future shocks.

Global business is already being shaped by the new “national security economy” and is transforming companies into unwitting geopolitical actors. Recognition of the interrelatedness of these challenges is a first step towards instituting a more holistic decisionmaking approach, hiring the necessary expertise, and deploying an effective analysis of business opportunities that centers a geopolitical lens.

Boards regularly need to assess geopolitical risks through a trifocal lens - short, medium, and long term - and ensure that executive management incorporates geopolitical risks into strategic planning. Simultaneously, they must upgrade their capabilities to develop the expertise and knowledge to make informed decisions about managing geopolitical risk.

4. THINK TECHNOLOGY

While few can challenge the importance of technology and its impact on almost every sector of the business environment - technological complexity and the speed of change can make it difficult for the board to effectively apply technology as a strategic lever of change to provide a competitive advantage. Technological transformations aren’t just about efficiencies, quality, and cost savings – they are about creating value. Boards don’t need to memorise the bits and bytes of technology but must seek a clear sense of the impact and implications of the technology transformation they seek to achieve.

Boards should not just rely on management to help them with this. It’s important that board members bring in external perspectives, as management has incentives to exploit existing technology as opposed to preparing for coming threats. Chasing every new technology opportunity is dangerous, and the situation must be approached in a balanced manner. Equally important is providing boards with a balanced set of metrics that cover the basis of speed, quality, costs, and overall impact – basically an aggregated form of ROI.

5. RETHINK ROLES AND COMPOSITION

When it comes to board roles, composition, and structure, organisations can exercise three key governance levers:

A. the disciplined enforcement of term limits B. regular capacity and capability reviews C. relevant training and development

Appropriate committees, such as the Nominating and Governance Committee, are expected to ensure that the board's capabilities align with the company’s evolving strategy, identify the new skills the board will require, and develop a plan to obtain them.

AccountAbility’s D.I.R.E. Framework (Diversity, Independence, Refreshment, and Expertise) can be effectively applied to assist in the composition of a balanced and effective board. Focusing on building a board that comprises a diversity of thought and perspectives (cognitive diversity), one that is committed to the company, and is experienced in a wide array of industries and business functions – can help instill the necessary capabilities to face the challenges of the future.

6. DEVELOP AN AUTHENTIC PURPOSE

Today’s business leaders are often under pressure to articulate and communicate a statement of corporate purpose. Purpose isn’t about shareholder value or profit maximisation. It’s the reason why the organisation exists. Increasing stakeholder expectations and an intensifying scrutiny of corporate behavior and actions are the norm today. In this heightened environment, it is imperative for boards to engage with management to shape and articulate a clear and authentic purpose for the company’s existence.

Purpose can be a potential source of competitive advantage, but it needs to be genuine and infused in the organisation’s business model. Directors can steer the management team in sculpting and giving voice to the company’s purpose and embedding it in the organisation. The effective application of purpose can range the spectrum from a litmus test to a filter for board engagement - on governance, strategy, people, investments, risk, stakeholders, and performancemanagement.

While every company could benefit from a purpose, not every purpose can take the form of a rallying social cause. Alternatively, defining your purpose as an embodiment of the organisation’s culture can result in being, both, authentic and effective. Improving ESG performance is critical for business - but it cannot become the purpose of the business.

LOOKING AHEAD

Directors still continue to spend a majority of their time on Financial Reports, Risk & Compliance Reviews, and People Plans instead of strategic matters crucial to the future value and direction of the business. The board agenda of the future will need to explicitly focus on future value-generating activities and ensure that directors get sufficient time to address them.

In an environment of low trust and high expectations, there is increasing scrutiny on corporate actions further intensified by amplified stakeholder expectations. Consumers and society, as a whole, are expecting more (and different) from business. This is compounded by a pace of change that can be dizzying, and sometimes confusing.

For a majority of businesses, board governance remains a less discussed area of vulnerability, in part because it involves internal processes, systems, and controls, which in many cases are less visible to stakeholders and the broader public. Yet, there is immense potential to advance the Board agenda with a careful consideration of focus, re-balance and engaged action.

The future is now – and this may well be the moment when boards and leadership teams justifytheirvalue. i

ABOUT THE AUTHORS

CEO of AccountAbility: Mr Sunil “Sunny” A Misser Sunny Misser is the CEO of AccountAbility, a global consulting and standards firm that works with clients to innovate and advance the global sustainability/ESG agenda, by improving the practices, performance and impact of organisations.

Prior to joining AccountAbility, Sunny Misser was global managing partner of Sustainability Advisory Business at PricewaterhouseCoopers (PwC). Before that, he was global strategy Leader for PwC’s Assurance and Business Advisory Services — the firm’s accounting, risk-management, and consulting operation.

He also served as the New York Metro leader for the Governance, Risk, and Compliance practice. During his career, Misser has been a strategic business advisor to chief and senior executives and boards at Fortune 500 companies and multilateral organisations (MLOs).

Misser has extensive experience in working with global clients, developing and implementing solutions in the areas of strategy, structure, process, people, and systems. He tackles challenges such as improving the efficiency and effectiveness of global value chains, designing and implementing enterprise-wide performance improvement solutions, and managing complex business transformations.

His clients have included Abbott Laboratories, Merck, Pfizer, Bayer, Nestle, Anheuser Busch, UBS, Citigroup, ING, National Commercial Bank (NCB), Saudi Investment Bank, Credit Suisse, Saudi Arabian General Investment Authority, ConocoPhillips, Cinergy Duke, Saudi Aramco, Kodak, Seagram, Microsoft, Mobily, Walmart, Zain, National Institute of Standards and Technology, King Khalid Foundation, World Economic Forum, International Monetary Fund (IMF), and the UN.

Sunny Misser has also worked in industry operations and advanced manufacturing, with Mars Inc and Honeywell. He holds a Master of Science in Management from the famed Massachusetts Institute of Technology (MIT) – Sloan School of Management (Sloan Fellows Programme). He majored in International Business and Technology. That MSc isn’t the only one he has earned; he has another in Industrial Engineering from Lehigh

University. He also holds a Bachelor of Science in Mechanical Engineering from MS University.

Misser serves on the Dean’s Advisory Board of Lehigh University’s College of Engineering and Applied Science. He was on the advisory boards of E-Business @ MIT and for Innovation and Corporate Responsibility at MIT/Sloan. He served as an advisor on strategy and consulting at the MIT/Sloan School of Management, as well as the advisory board of Industrial and Systems Engineering at Lehigh.

During his career at PwC, Misser led the team that published the book Corporate Responsibility — Strategy, Management, and Value. He was a member of the Council on Foreign Relations, and is frequently quoted in Fortune, The Financial Times,TheEconomist,NewYorkTimes,NewYork Stock Exchange Quarterly, Forbes, Dow Jones Interactive, Capital Finance, Global Finance, and InternalAuditor’sMagazine.

Sunny Misser was honoured as the 2017 Distinguished Alumni for Excellence in Industry by Lehigh University, ISE. In 2020, he was appointed to serve on the Dean’s Advisory Council at Lehigh University.

Corporation:

Mr Vincent A Forlenza, Jr

Vince Forlenza is the retired executive chairman of the board of directors of Becton, Dickinson and Co (BD), a global medical technology company headquartered in Franklin Lakes, New Jersey.

Serving as its CEO, Forlenza led the company’s transformation from a manufacturer of medical supplies to a “Top-Five” firm dealing in medical devices, diagnostics, and life-science.

During his 40-year career with BD, Forlenza has held global executive leadership positions in the US and Europe. He was named president of BD in January 2009, assumed additional responsibility as chief operating officer in July 2010. He became chief executive officer in October 2011, and chairman of the board in July 2012. His previous appointments include serving as senior vice-president of technology, strategy and development, presidency of BD Biosciences, and a stint as executive vice-president and president of BD Diagnostics. Forlenza retired from the chief executive’s role in January 2020, and as chair of the board in May 2021.

Vince Forlenza served as chairman of the board of directors at the Advanced Medical Technology Association (AdvaMed) from 2015 to 2017. In that role, he drove the association’s innovation agenda, collaborating with policymakers and industry partners to reinvigorate the ecosystem and promote the value of medical technology. He is the past chair of the association’s Board Committee on Technology and Regulation, and served as chair of AdvaMed’s Legal Committee.

He also served as chairman of the board for AdvaMedDx, a division of AdvaMed focused on the unique needs and issues facing diagnostics manufacturers.

Forlenza is chair of Moody’s Corporation board of directors. He chaired of The Valley Health Systems board of trustees in Ridgewood, and is currently chair of the board of trustees of Lehigh University. He is a past member of the advisory board for the PC Rossin College of Engineering and Applied Sciences at Lehigh. He now serves as advisor to the new College of Health, and is on the boards of three medical device start-ups.

He earned a Bachelor’s degree in Chemical Engineering from Lehigh University in 1975, and a Master’s in Business Administration from Wharton Graduate School at the University of Pennsylvania.

Kester and Byrnes professor at the Columbia Business School (CBS): Doctor Shiva Rajgopal

Shiva Rajgopal is a world-renowned expert on ESG, financial reporting issues, fraud avoidance, executive compensation, corporate culture, and corporate governance.

Rajgopal has been internationally recognised for his academic excellence, and was awarded the prestigious American Accounting Association (AAA) Notable Contribution to the Literature Award — not once, but three times.

He twice won the Graham and Dodd Scroll Prize given by the Financial Analysts Journal, and the Glen McLaughlin Award for Research in Accounting Ethics — again three times. Shiva Rajgopal is passionate about bridging academic theory with policy setting and corporate practice. He writes a regular column for Forbes and has published op-eds in many major outlets. He advises think-tanks, asset-management and advisory firms, and several professional and trade associations.

Chariman of Moody’s

Mr Sunil "Sunny" A Misser

Doctor Shiva Rajgopal

Mr Vincent A Forlenza, Jr

MASERATI GRANTURISMO FOLGORE

THE OTHERS JUST TRAVEL

The first full-electric Maserati ever.

Nouriel Roubini:

ollowing a trip to Paris in late 2022, I wrote a controversial research note pushing back against the conventional wisdom of the time. Following his re-election earlier that year, French President Emmanuel Macron, I argued, would continue to rule like Napoleon, hubristically enacting prudent but unpopular reforms by decree, rather than by securing parliamentary majorities. I predicted that by the time of the

next European elections, his party would have fallen fully out of favor, allowing Marine Le Pen’s far-right National Rally to win in a landslide.

In this scenario, Macron would be left to govern with an even weaker minority government, and investors, fearful of a Le Pen victory in the 2027 presidential election, would impose market discipline: higher interest-rate premiums and lower stock prices. But this would become a self-

fulfilling prophecy, because the market would be forcing Macron to push through even more unpopular austerity measures by decree.

Unfortunately, this slow-motion train wreck has proceeded as I expected. Following his party’s rout in the European elections last month, Macron unwisely dissolved the National Assembly and called a snap election. At best, he will be left with a hung parliament and a minority government too

weak to withstand a no-confidence vote. But the more likely scenario is that National Rally will win the election and run the next government in an emasculating “cohabitation” arrangement with Macron’s administration.

If National Rally were to secure an absolute majority in the second round, would it pursue its dangerous far-right vision of reckless fiscal expansion and anti-EU unilateralism, putting

it on a collision course with the European Commission? Or would it moderate and present itself as a more traditional party in the way that Italian Prime Minister Giorgia Meloni’s Brothers of Italy has done?

Full “Melonisation” is unlikely for multiple reasons. For starters, Le Pen’s campaign program and stated views are much further to the right than Meloni’s. Second, Italy’s rightwing government played nice because it stood to unlock nearly €200 billion ($217 billion) in EU funds (grants and low-cost loans) under the postpandemic recovery plan. France, by contrast, is a net contributor to the EU budget.

Third, Meloni started with less anti-EU baggage and a more pro-NATO, pro-Ukraine tilt, whereas Le Pen’s party is historically Euroskeptic and has benefited from Russian financing in the past. And whereas former Prime Minister Mario Draghi, a widely respected technocrat, provided “parental guidance” to an initially naive Meloni, Le Pen might be on her own.

Still, there are several reasons to think that Le Pen and her deputy, Jordan Bardella (as prime minister), would be partly Melonised. First, most parties do moderate once in power, simply because the task of governing imposes demands above and beyond what any opposition party needs to worry about. Second, if Le Pen wants to become president in 2027, she must prove that National Rally can govern competently, and this may require a coalition with more moderate forces.

Moreover, both the European Union and the European Central Bank can influence French policy positions through various carrots and sticks. France is already subject to a European Commission procedure that requires it to reduce – and certainly not increase – its deficit; and the ECB can provide conditional or even unconditional support to reasonably wellbehaving countries whose sovereign interest-rate spreads have widened excessively. Indeed, some have suggested that if ECB President Christine Lagarde, a former French finance minister, proves accommodating to Le Pen, there could be some “parental guidance” after all.

If all else failed, market discipline – in the form of a widening sovereign spread and a sharply declining stock market, or even a rating downgrade – could still prevent overly reckless fiscal policies, or at least force a reversal of such policies after the fact. Bond vigilantes remain the foremost binding constraint on economic recklessness in most countries. They are why Liz Truss’s government in the United Kingdom lasted just 44 days.

If National Rally is smart, it will moderate its fiscal program and placate its base – a la

Meloni – by emphasising security, law and order, and immigration restrictions. If it suffered any economic or social policy setbacks, it could simply blame Macron, the EU, and “evil” investors, bolstering its argument that it should be handed the presidency, too.

That said, a National Rally-led government would face serious risks and challenges in the form of civil disobedience, bureaucratic (“deep state”) resistance, labor strikes (organised by the far-left leader Jean-Luc Mélenchon), protests by students and teachers, and potentially the kind of violence that exploded last year in the predominantly Muslim banlieues (low-income suburbs) following the police killing of a young French Muslim. If France, a country famous for mass demonstrations and revolutions – even when more moderate regimes are in power – is governed by a far-right party, and the secondlargest parliamentary grouping is from the far left, constant turmoil, and potentially violent chaos, could become the norm.

Cohabitation with Macron would make the situation only more complicated. The president, who once compared himself to Jupiter, would become a lame duck, and he might even decide to resign, thus triggering a presidential election before 2027. Even if the current election leads to a hung parliament, Macron’s government could be toppled by a no-confidence vote, leading to a lame-duck caretaker government that few of the president’s remaining allies would want to stick around for. Thus, Macron may still resign even in the hung parliament scenario.

In either scenario, the establishment would be even further discredited, and Le Pen would be well positioned to build on her current support. There are no obvious, charismatic politicians who could challenge her in the presidential election. Unless she and Bardella self-destruct, they will come to power sooner or later. But when they do, they may be Melonised sufficiently to alleviate many observers’ worst fears. That is the hope, anyway. i

ABOUT THE AUTHOR

Nouriel Roubini, Professor Emeritus of Economics at New York University’s Stern School of Business, is Chief Economist at Atlas Capital Team, CEO of Roubini Macro Associates, CoFounder of TheBoomBust.com, and author of the forthcoming MegaThreats:TenDangerousTrends ThatImperilOurFuture, and How to Survive Them (Little, Brown and Company, October 2022). He is a former senior economist for international affairs in the White House’s Council of Economic Advisers during the Clinton Administration and has worked for the International Monetary Fund, the US Federal Reserve, and the World Bank. His website is NourielRoubini.com, and he is the host of NourielToday.com.

Marine Le Pen

Mohamed A El-Erian: The Factors Behind US Investor Confidence

nvestors in US markets over the past year have shown a remarkable ability to brush off domestic and external risks to the economy’s well-being, as well as to the functioning of the global economic, financial, and trading system. This decoupling of risk from market sentiment has been driven by three factors: faith in the “sky-is-the-limit” prospects of certain technology firms, widespread confidence in American economic exceptionalism, and enduring faith in the US Federal Reserve to support financial assets. But two of these factors have lately come

under pressure, leaving the durability of any positive outlook more dependent on the third.

A number of developments over the past year would normally have led to volatility, and a downward overall trend, in stock markets. The Hamas-Israel war – and the agonising images of the large-scale loss of innocent civilian lives and massive destruction of livelihoods and physical infrastructure – has increased the probability of a region-wide conflict that could further disrupt shipping and trade, and drive up oil prices.

Moreover, the Sino-American relationship has grown only tenser. With the United States imposing yet more restrictions on technologyrelated exports to China, other countries are forced to navigate an increasingly complex field of secondary sanctions. The US presidential campaign has reminded everyone that new waves of tariffs against allies and adversaries could come as soon as next year. Meanwhile, domestic and regional elections have weakened moderate center-left and center-right parties in key European countries.

Investors’ ability to look past these developments cannot simply be attributed to the old mantra that “markets are not the economy, and the economy is not the markets.” Instead, markets have been insulated by the three factors mentioned above.

The first – ever-greater confidence in certain tech companies – reflects the impact of, and high hopes for, the artificial-intelligence revolution, a historic technological shock that is still gaining momentum. The direct effect is reflected in the US stock market’s impressive gains. But these

have been driven mostly by just a handful of tech firms that are immediately connected to new generative and predictive AI models and their supporting infrastructure and hardware.

These firms have experienced eye-popping surges in their market valuations. The leading example, of course, is Nvidia, the market capitalisation of which has exploded from under $300 billion in late 2022 to over $3 trillion this past June. Other winners include already dominant tech firms like Alphabet (Google) and Microsoft.

The market’s infatuation with these companies is not only understandable, but also warranted. They are at the forefront of a technological breakthrough that will fundamentally reshape much of what we do and how we do it. The products and services they are rolling out promise to drive widespread productivity gains that could improve the outlook not just for some companies, but for entire economies.

But while the reasons for optimism in these companies remain strong, the sharp increase in their stock prices has triggered a debate about whether a pause may be needed. After all, such unbridled enthusiasm could culminate in a costly bubble, the fallout from which would not necessarily be confined to one sector or economy.

Confidence about America’s continued economic exceptionalism is also coming under pressure. While overall consumer spending remains robust for now, lower-income households are already under considerable strain, as are small businesses. Much therefore depends on the US labor market, given its centrality to incomes, spending, and financial security. And here, the data are mixed, with some metrics – such as the overall unemployment rate – starting to flash yellow.

These developments make the Fed’s monetary policy even more important. The general assumption among investors is that “the Fed has our back.” This “Fed put” usually translates into expectations that any economic slowdown or bout of excessive market volatility will trigger a swift loosening of monetary policy. The Fed’s reactions to crises over the past two decades – from the 2008 crash to the COVID-19 pandemic – have reinforced this behavioral dynamic in US markets, as has its response to smaller episodes of market tumult, such as in the fourth quarter of 2018.

Does continued confidence in the Fed put remain warranted? Yes, but only if the Fed can look beyond its stated desire to get inflation down to its 2% target as soon as possible. That will mean cutting interest rates in the next two months to avoid an overly restrictive monetary policy, which in turn could cause undue damage to employment and the economy. Indeed, too tight of a policy could further weaken the first two factors, making it a lot harder for markets to continue to brush off the ever-expanding sources of domestic and international uncertainty. i

ABOUT THE AUTHOR

Mohamed A El-Erian, President of Queens’ College at the University of Cambridge, is a professor at the Wharton School of the University of Pennsylvania and the author of The Only Game inTown:CentralBanks,Instability,andAvoiding theNextCollapse(Random House, 2016) and a co-author (with Gordon Brown, Michael Spence, and Reid Lidow) of Permacrisis: A Plan to Fix a Fractured World (Simon & Schuster, 2023).

Long-Term Strategy and Dedication to Lifelong Values:

MEXICO’S FIRST WOMAN PRESIDENT IS ROCK STEADY

Claudia Sheinbaum Pardo’s ascent from academia to the National

When Claudia Sheinbaum Pardo assumes high office as President of Mexico on October 1, she will be the first woman to take on the role.

She was elected in June, her ascent reflecting Mexico's changing political, environmental and social terrain. Sheinbaum, a scientist, environmentalist and senior political figure, has crossed the gap between academia and public administration. She’s expected to bring a datadriven, technocratic approach to bear on her nation’s challenges.

Claudia Sheinbaum Pardo was born in Mexico City on June 24, 1962. The sprawling metropolis has acted as both backdrop and stage for much of her life. She grew up in an intellectually stimulating environment. Her father, Carlos Sheinbaum Yoselevitz, was an engineer; her mother, Annie Pardo Cemo, a biologist. The household atmosphere, rich in scientific and technical discourse, had a great impact on the young Sheinbaum.

Her Jewish upbringing also helped shape her world views. While not overtly religious, her family's cultural and ethical ideals instilled in her a sense of social responsibility and a dedication to justice. Those principles serve as the foundation for her political philosophy.

Sheinbaum attended the prestigious National Autonomous University of Mexico (UNAM), which has produced many of the country’s intellectual and political luminaries. She chose to study physics — an unusual decision at the time for a woman in Mexico, but one that underscored her academic drive and fascination with science.

BRIDGING SCIENCE AND PUBLIC POLICY

Sheinbaum went on to earn a Master's and a PhD in Energy Engineering. Her focus was on energy efficiency and sustainable technology, both of which were receiving global attention as climate change and environmental degradation became prominent.

Sheinbaum's academic work was distinguished by an emphasis on the practical implications of her study. She wasn’t satisfied with the theoretical limits of academia; she aimed to apply her findings to real-world situations.

This prompted her to work with international organisations, most notably the Intergovernmental Panel on Climate Change (IPCC). Her contributions were recognised when the team she was part of (along with Al Gore) received the Nobel Peace Prize in 2007.

Throughout her academic career, Sheinbaum focused on subjects that were scientifically and socially meaningful. For her, renewable energy and energy conservation were inextricably linked to the larger issues of social fairness and environmental justice: the keys to her political platform.

ENVIRONMENTAL ADVOCACY

Sheinbaum's move from academia to public service was motivated by her awareness that science-led policy was needed to combat Mexico's environmental issues. In the late 1990s, she became more involved in advocacy, arguing for laws to tackle the country's dismal air quality and encourage sustainable urban development.

Sitting president Andrés Manuel López Obrador, Mexico City's mayor at the time, quickly became

aware of her expertise in the energy and environmental fields. In 2000, AMLO, as López Obrador is commonly known, selected her to be Mexico City's Secretary of the Environment. She oversaw some ambitious projects, including the expansion of eco-friendly transport.

The rapid-transit Metrobus system provided an efficient and sustainable alternative to the outdated public transport infrastructure of the day. It served as a model for other cities, in Mexico and abroad. Its success highlighted Sheinbaum's ability to turn science into meaningful public policy — and established her as an innovative leader.

She incorporated her dedication to social equity in her role as Secretary of the Environment, aware that disadvantaged people often suffer most from environmental problems. Her programmes addressed social disparity as well as environmental outcomes. This was consistent with López Obrador's own emphasis on social justice and inclusion.

POLITICAL ASCENT

Sheinbaum's political career took off. In 2015, she was elected Head of Government for Tlalpan, Mexico City's largest borough. Over 80 percent of Tlalpan is under conservation as an ecologically sensitive area; the northern edge has been urban since the mid-20th Century. The post allowed her to hone her leadership skills and implement initiatives at a local level.

During her time in Tlalpan, Sheinbaum prioritised public safety, education, and urban development. She was committed to transparency and accountability in local government, and

implemented measures to combat corruption and improve public service delivery. Her tenure was not without its obstacles, including the aftermath of the 2017 earthquake in Puebla, to the south of Mexico City. Her handling of that crisis, providing immediate relief as well as longterm recovery plans, was widely praised, although some criticised it.

Sheinbaum hit a new high in 2018 when she was elected mayor of Mexico City — another first for a woman. Her election was viewed as a huge success for López Obrador's National Regeneration Movement (MORENA) party, with which she has been closely associated throughout her political career.

Being mayor of Mexico City is a daunting task; it’s one of the world's largest and most complex metropolises. With a population of more than nine million, it battles severe air pollution and traffic congestion, crime, and glaring social disparities. Sheinbaum took the role in her stride, remaining true to her values of sustainability and social justice. She campaigned for policies addressing social inequality, education, and healthcare access in the city's poorest neighbourhoods.

She adopted a comprehensive plan to lower the carbon footprint of the city and improve its air quality. The strategy included improvements to public transit, the enhanced use of renewable energy, and the promotion of energy efficiency in buildings and industries.

TRICKY BALANCING ACT

Claudia Sheinbaum's leadership style is generally described as technocratic, reflecting her scientific background and inclination to

data-driven decision-making. This emphasis on evidence-based policymaking and dedication to transparency has earned her accolades — and created some tension in a highly charged political atmosphere. Navigating this required political acumen as well as technical competence.

Sheinbaum has had to strike compromises to form coalitions and manage sometimes conflicting demands. This balancing act has been most visible in her handling of problems of public safety, reconciling the need for strict law enforcement with concerns about human rights and social fairness.

Her close relationship with López Obrador, affectionately known as AMLO, has influenced her career. Their shared commitment to social fairness and environmental issues has been a source of strength — and a target for attack from the opposition. Sheinbaum has distinguished herself by maintaining her principles and leadership identity.

CHALLENGES AND CRITICISM

Claudia Sheinbaum, like any leader, has seen her share of trials and tribulations. She was criticised for her handling of the Covid-19 pandemic, which hit the city hard. As mayor, she was in charge of co-ordinating a reaction, managing healthcare resources and assisting economic recovery efforts. Lockdowns were part of the strategy, and had a negative economic impact, particularly on small enterprises and informal workers.

Sheinbaum's approach was seen as aggressive, especially in the early stages of the crisis. The lockdowns were unpopular, and balancing public health concerns with the need to sustain the

economy was a sensitive undertaking. Sheinbaum’s decisions came in for some close scrutiny.

Another bone of contention has been public security. Mexico City has high rates of crime and violence, and Sheinbaum increased police presence and enhanced communication across levels of law enforcement — but progress has been slow. Critics say her administration failed to address the underlying causes of crime, such as poverty and lack of opportunities. Others advocate for yet more muscular law enforcement measures.

LOOKING AHEAD

Claudia Sheinbaum’s legacy has begun to take shape. Her approach to sustainability, social justice, the environment and governance reveals a leader who prioritises long-term, systemic change. Her scientific background, technocratic approach and dedication to social equality are consistent aspects of her political identity. Sheinbaum's ability to govern while remaining focused on evidence-based decision-making is a virtue in a world in which sustainability, social inequality and economic progress are increasingly linked.

Claudia Sheinbaum Pardo's path has been one of consistent advance, from the lecture halls of UNAM to the mayor's office and now the National Palace. Her career exemplifies the emerging trend of incorporating scientific expertise into politics. Her story is one of resilience, inventiveness, and dedication to taking on the most serious issues of our time.

Her work at the helm of the country will be an intriguing intersection of science, policy, and governance — and the world will watch with interest. i

Tlatizapan de Zapata, Morelos, Mexico: President-elect Claudia Sheinbaum Pardo and current President Andres Manuel Lopez Obrador

> Sustainability, Transparency and Inclusivity:

Central Parts of Mexico City’s Mayoral Duty

exican president-elect Claudia Sheinbaum Pardo became Mexico City's mayor in 2018. By sticking to her priorities of sustainability, social fairness and innovation, she emerged as a political figure to be reckoned with.

Her policy agenda reflected her experience as a scientist and environmentalist, as well as her determination to address the many and complex issues one of the world's most populous and diverse cities.

Sheinbaum's focus on environmental sustainability has remained steady throughout her career; understandable, given her background in energy engineering and environmental science. One of her signature efforts was the Plan de Acción Climática (Climate Action Plan) to reduce the metropolis’s carbon emissions and improve air quality. The aim was transitioning to greener energy sources, boosting the use of renewable energy in public buildings, promoting energy efficiency across businesses, and encouraging the adoption of

electric vehicles. It included incentives for infrastructure development, and emphasised the importance of reforestation and maintenance of green areas. The planting of millions of trees aims to boost urban biodiversity and serve as a natural carbon sink.

Sheinbaum's programme included a major overhaul of the public transport system, a robust bid to reduce the city's dependency on fossil fuels, and to ease the constant traffic congestion. She also confronted problems of

waste management, with trash separation at the source, reduced landfills, and increased rates of recycling.

Water management was another major issue, and Scheinbaum introduced regulations to boost water capture, reduce leakage in the distribution system, and encourage the adoption of treated wastewater for non-potable uses. These projects were part of a bid to position Mexico City as a leader in urban sustainability.

"Tourism is an area of significant interest for Mexico City, and Sheinbaum aimed to expand its offerings to attract a wider spectrum of visitors."

ADDRESSING INEQUALITY

Claudia Sheinbaum's policy agenda emphasises social equity and inclusiveness. Acknowledging Mexico City's profound challenges, she initiated programmes to improve access to education, healthcare, and social services, especially for the poorest sections of the population.

One of the measures was the Mi Beca para Empezar (My Scholarship to Start) programme, giving financial assistance to public school students. The aim was to minimise the financial hurdles that had prevented many from continuing their education. Sheinbaum addressed one of the main causes of inequality — and created the opportunity for social mobility.

The Mexico City native implemented major reforms in healthcare, including improved access for those in impoverished boroughs. There was a boost in the number of healthcare institutions, enhanced quality of care, and a guarantee that all citizens would have access to medications.

The pandemic highlighted the vital nature of a resilient healthcare system, and Sheinbaum prioritised increasing the city's capacity to respond to public health emergencies.

In Mexico City, rapid urbanisation has resulted in a lack of affordable housing and the spread of slums and improvised shelters. Sheinbaum's administration improved living conditions for the poorest people: affordable housing, the regulation of informal settlements, and incentives for upgrades.

DEVELOPMENT AND INNOVATION

Sheinbaum's agenda prioritised environmental sustainability and social fairness, but she recognised the necessity of economic development and long-term prosperity. Her administration was committed to building an inclusive economy to benefit all city residents.

One of the primary initiatives was the promotion of Industria 4.0 technology, including automation, AI and the Internet of Things. Sheinbaum set out to position Mexico City as a digital-economy leader by promoting the growth of high-tech enterprises.

This involved investment in infrastructure to help tech companies, incentivising the adoption of new technology, and forming public-private partnerships to encourage innovation.

Sheinbaum is passionate about assisting SMEs, which she sees as the foundation of Mexico’s

economy. Her administration implemented programmes to empower small companies with loans, training, and market opportunities. These programmes aimed to boost local economic activity and create jobs while reducing reliance on huge corporations.

Tourism is an area of significant interest for Mexico City, and Sheinbaum aimed to expand its offerings to attract a wider spectrum of visitors. Cultural and historical monuments were promoted, new tourist attractions created, and infrastructure upgraded. Sheinbaum hoped that establishing Mexico City as a world-class destination would boost the economy and create jobs in tourism and hospitality.

ESTABLISHING TRUST

Effective governance and transparency were (and remain) central to Sheinbaum's policy agenda. She prioritised efficiency and accountability in local government, recognising that earning public trust was of crucial importance.

One of the steps was the digitalisation of government services. Her administration's goal in bringing numerous services online was to minimise bureaucracy, increase accessibility, and combat corruption. It was part of a larger initiative to modernise the city's administrative systems and increase government responsiveness to citizens' needs.

Sheinbaum's administration put in place procedures to ensure transparency, and guarantee that public officials would be held accountable for their actions. This included publishing precise budgets, using open-data platforms, and establishing procedures for community oversight. The aim was to foster trust between the government and residents.

VISION FOR THE FUTURE

Claudia Sheinbaum Pardo's policy agenda was ambitious, and demonstrated her ability to tackle complex challenges. She established a framework for long-term and inclusive growth with her emphasis on environmental sustainability, social equality, economic innovation, and transparent governance.

Sheinbaum's approach was founded on pragmatism and expert knowledge of the issues at hand. As Mexico City evolved, Sheinbaum's initiatives lent it the potential to build a more resilient, equitable, and affluent urban environment, setting a precedent — and an example for other cities around the globe. i

Exploring Business Opportunities in Mexico: The Landscape of Potential

Thecountryhaslongbeenrecognisedforitseconomic promiseacrosssectors.

With its strategic geographic position, diverse economy and burgeoning middle class, Mexico makes an appealing destination for expansion and regional investment.

There are fundamental issues and elements driving business prospects, with an overall economic climate that has definite appeal. One of Mexico's most significant assets is its location, connecting North and South America. This alone establishes it as a vital trade hub, particularly with the United States, its main trading partner. The US-Mexico-Canada Agreement (USMCA), implemented in 2020, has strengthened Mexico's position with a framework to maintain stability and lower trade barriers.

The country's vast road network, modern ports and airports allow for effective logistics and supply chain management. Free-trade agreements with 50 nations optimise Mexico's status as a manufacturing and export base with access to global markets.

MANUFACTURING AND INDUSTRIAL GROWTH

Mexico's manufacturing industry is one of the most robust in Latin America, thanks to reasonable labour prices, a competent workforce, and a long history of industrial output. The automotive industry stands out as a vital component of the national economy. Mexico is the world's seventh-largest vehicle producer and fourth-largest exporter. Corporations including General Motors, Ford and Volkswagen own major operations in the country.

Another rapidly expanding sector is the aerospace industry. Mexico has emerged as a surprise destination, with companies such as Bombardier, Safran, and Honeywell establishing local plants. The sector benefits from Mexico's impressive engineering skills, low costs, and growing ecosystem of suppliers and service providers.

The country’s electronics and appliance manufacturing industries are also expanding; it’s a major producer of flat-screen televisions, smartphones and home appliances, with global businesses including Samsung, LG and Panasonic firmly established.

ENERGY AND RENEWABLE RESOURCES

The energy sector has promise in renewables.

Mexico's location again stands it in good stead, with solar, wind, and geothermal energy on tap. The government's aim to lower greenhouse gas emissions and shift to cleaner energy sources has attracted major investment.

Solar, in particular, has experienced remarkable growth. Sunny Mexico's potential is among the highest in the world, especially in the north. Reforms have prompted private investment in solar projects, and multinational businesses are setting up large-scale solar “farms”.

Literally putting wind in the sails of clean energy is the Isthmus of Tehuantepec, in the south of the country. It is one of the most promising areas for wind power generation.

The government's high renewable energy targets, combined with growing foreign interest, indicate expansion and significant opportunities.

TECHNOLOGY AND INNOVATION

Mexico's tech sector is becoming a major Latin American player, with a thriving ecosystem of start-ups and innovation centres. Mexico City, Guadalajara, and Monterrey have emerged as tech hubs, attracting global talent and investment.

The country's youthful population — median age 29 — represents a significant market for digital services and products. The broad use of smartphones and good internet access is fuelling demand for e-commerce, fintech, and digital services. Fintech, in particular, has seen rapid expansion; Mexico hosts more businesses than anywhere else in Latin America. These companies are capitalising on the country's underbanked population by providing financial services that meet the demands of individuals and enterprises.

Mexico's strong manufacturing base has fuelled growth in Industry 4.0 technologies, such as automation, AI, and the Internet of Things. Companies operating in these sectors have the potential to deliver productivity and efficiency solutions.

CONSUMER MARKET

Mexico's growing middle class and urbanisation tendencies have created a thriving consumer base. The country's population — more than 130 million people — includes a growing

proportion of young, digitally savvy customers. The retail sector is diverse and vibrant, combining traditional markets with modern models. International merchants including Walmart, Amazon and Carrefour have set up in the country, while local chains continue to grow. E-commerce is on a roll, fuelled by reliable internet access and shifting customer behaviours. The pandemic increased online purchases worldwide, and that is true for Mexico, too.

Opportunities exist in the food and beverages sector and fashion, where rising disposable

Mexico City: Palace of Fine Arts and the Latin American Tower

incomes and changing lifestyles drive demand. Companies that can adapt to local tastes and preferences, while exploiting digital platforms, will have a competitive edge.

ROOM TO ROAM — AND SETTLE

Mexico has enormous potential in the real estate and infrastructure sectors. Urbanisation, population growth and rising demand for housing and commercial space drive development. Mexico City, Monterrey and Guadalajara are among the centres witnessing growth, with significant investment in residential, commercial, and industrial properties.

The government's emphasis on infrastructure development creates opportunity for construction, engineering, and related services. Projects are varied and vast: new highways and railways mean constant demand for construction materials, equipment, and professional expertise.

NAVIGATING OPPORTUNITIES

Mexico’s broad and dynamic business landscape has potential in so many sectors, and its strategic location, competitive labour market and robust trade agreements form a solid platform for investment.

However, managing the Mexican market necessitates an awareness of the local business environment, legal structure, and cultural peculiarities. Political and economic stability, while generally favourable, can fluctuate, and incoming firms must be ready and able to adjust to sometimes fluid situations.

For corporations and investors, Mexico's promise is evident. The key is to discover the right opportunities, form local alliances, and leverage strategic advantages to generate long-term value. As the country evolves, it retains its appeal for businesses seeking to capitalise on its vitality. i

JulianAssangemaybethemostvisiblememberofabravecohort,butheisjust oneofmanyheroesandheroinesthatdemocracyhascometorelyon…

In June 2013, the world was jolted by a series of revelations in major newspapers that detailed extensive — or excessive — global surveillance activities by the US National Security Agency (NSA).

The man behind the expose was Edward Snowden, a former NSA contractor who decided he was morally bound to leak topsecret documents, sparking an international debate over privacy, security, and government transparency.

Snowden’s journey from computer nerd to whistleblower-in-exile was driven by a complicated amalgamation of conscience, profession, and opportunity. The ramifications of his actions, and details of his motivations, merit deeper examination.

EARLY LIFE AND CAREER

Edward Snowden was born in Elizabeth City, North Carolina, and raised in a family with a history of government service. His early fascination with technology led him to a career in IT; information security, specifically. By his mid-20s, Snowden was deep in the intelligence community, working for various contractors — and the CIA. He had access to some of the US government's most closely guarded secrets.

A BIG DECISION

Snowden's decision to leak secret documents was not the result of a sudden awakening, but the culmination of his growing disillusion with the government's surveillance practices. Personal freedoms were being infringed upon, he believed, and in 2013, while stationed in Hawaii as a contractor, he resolved to act.

Snowden began to meticulously gather documents outlining the depth and breadth of the NSA’s global surveillance activities.

GLOBAL IMPACT

The publication of the documents had immediate and far-reaching effects. It ignited international debate on the delicate balance between national security and individual privacy rights. Governments around the world had to address their involvement, and their stance, on surveillance. Some, like Brazil, initiated legislative changes to protect online privacy. In the US, there was public outcry, legal challenge, and a push to reform the US Freedom Act of 2015.

LEGAL AND ETHICAL CONSIDERATIONS

Snowden’s actions were polarising, drawing condemnation and praise. Some hailed him as a hero defending civil liberties, others branded him a traitor who had compromised national security — and the government soon charged him under the Espionage Act.

Snowden saw, and still sees, his actions as morally justified, and in the public interest. A complex debate over whistleblowing and its ethical implications was soon swirling.

LIFE IN EXILE

Snowden received asylum in Russia, where he still lives. Unsurprisingly, he remains a controversial figure. His life in exile has been marked by his continued advocacy for personal freedoms, privacy rights and surveillance reform. Through video appearances and social media platforms, he engages in discussion with experts, individuals and pundits, stubbornly maintaining a presence in the debates ignited by his actions.

And those actions were significant. He reshaped the public discourse around surveillance and privacy. Discussions still rage about how to balance security and freedom in the digital age, and Snowden’s part in the story is a crucial reference point. His journey from obscurity to international notoriety encapsulates the profound impact one person can have on global politics and ethical norms and standards. It also reminds us of of the ongoing tension between state power and citizens’ rights.

ECHOES OF ENRON

The name Sherron Watkins has become synonymous with one of the biggest corporate scandals in history — the collapse of Enron. Her internal memo warning of financial irregularities catalysed the unravelling of a company once hailed for its innovation.

Watkins’ role in exposing the scandal, and in the aftermath of Enron’s collapse, inspired lasting changes in corporate governance.

A native of Tomball, Texas, Sherron Watkins climbed up the ranks at Enron to become VP of corporate development. Known for her sharp analytical skills and ethical fortitude, Watkins was well-respected within the company. Her career was progressing smoothly until she encountered the accounting discrepancies that were to raise concerns.

THE WHISTLEBLOWING EVENT

In August 2001, Watkins wrote a fateful memo to Enron's then-CEO, Kenneth Lay, detailing her fears that the company could "implode in a wave of accounting scandals".

She exposed questionable practices and the use of complex financial structures to hide debt and artificially inflate profits. Her memo, intended as a confidential warning to Lay, became something of an “Exhibit A” in the public unravelling.

AFTERMATH AND LEGAL BATTLE

The collapse of Enron led to the loss of thousands of jobs, wiped out the life savings of many employees, and shook Wall Street to its core. The scandal precipitated the bankruptcy of one of America’s largest corporations, and brought intense scrutiny to accounting practices. Watkins testified before Congressional committees investigating Enron, swiftly becoming a central figure in the drama.

CORPORATE REFORMS

The Enron fallout drove significant changes in

Edward Snowden. Source: Wired (enhanced with AI)

regulatory oversight of corporate accounting. The Sarbanes-Oxley Act of 2002, often cited as the most important piece of corporate governance legislation since the US securities laws of the 1930s, was directly influenced by the events.

The Act tightened disclosure requirements and increased penalties for fraudulent financial activity, aiming to protect investors from corporate abuses.

WHERE IS SHE NOW…?

Watkins emerged from the catastrophe as a respected voice on ethical leadership and corporate accountability. She co-authored a book about her experiences, Power Failure: The Inside Story of the Collapse at Enron. She became a sought-after speaker on the lecture circuit, sharing the lessons learned from the debacle — and the importance of integrity in the business world.

Sherron Watkins stands tall as the personification of courage and ethical resilience in the face of corporate malfeasance. Her actions exposed one of the largest frauds in corporate America and helped to catalyse sweeping reforms that reshaped the governance landscape. Her legacy is a stronger set of safeguards to protect shareholders and employees, again underscoring the global impact that one individual can have. Through her commitment to transparency and integrity, Watkins continues to inspire a new generation of business leaders (and whistleblowers).

ELLSBERG AND THE VIETNAM WAR

Daniel Ellsberg, a former military analyst, became one of the most prominent whistleblowers in American history when he leaked the Pentagon Papers in 1971.

The top-secret documents detailed the US government's political and military involvement in Vietnam from 1945 to 1967. Ellsberg was transformed from government insider to public dissident whose actions profoundly influenced public opinion, policy, and the overall trajectory of the Vietnam War.

Ellsberg's career began, as those of so many whistleblowers do, with promise and patriotism. With a PhD in Economics from Harvard and a stint at the RAND Corporation under his belt, he was recognised as a devoted and competent analyst.

His work initially supported US policy in Vietnam, but his first-hand experiences in the war-torn country — and his access to top-secret documents — led him to question the morality and effectiveness of American foreign policy.

DECISION TO LEAK

Convinced that the public needed to know the truth about the government's deceit and the bloody war's futility, Ellsberg decided to act. He secretly photocopied thousands of pages of a Pentagon study, intending to leak them to the Press.

Sharron Watkins

Daniel Ellsberg

It was an audacious move, but one driven by what he saw as a moral imperative.

LEGAL CONSEQUENCES

Ellsberg used a calculated media strategy to ensure maximum impact. He first approached The New York Times, which began publishing the documents in June 1971. The Nixon administration quickly secured a federal court injunction, which led to a legal battle. When the smoke cleared, the Supreme Court made a landmark decision that upheld the right of the Press to publish the classified documents.

It wasn’t the only legal repercussion; Ellsberg was charged under the Espionage Act, facing a possible sentence of up to 115 years in prison.

IMPACT ON VIETNAM WAR POLICY

The release of the Pentagon Papers had a seismic impact. It galvanized anti-war sentiment, providing clear evidence that the government had consistently misled the American public, and Congress, about the war's progress and prospects.

The disclosure didn’t immediately alter US policy, but it contributed to growing public disillusion — and the added pressure eventually led the government to the end American involvement in Vietnam.

LATER LIFE AND ACTIVISM

Daniel Ellsberg’s eventual legal appearance ended in a mistrial due to “gross governmental misconduct” and illegal evidence-gathering. He embraced his role as a critic of government secrecy and an advocate for whistleblower protection.

He has since been involved in various peace and justice movements, and remains a pivotal figure in debates over freedom of information, and the ethical responsibilities of government employees.

Ellsberg's decision to release the Pentagon Papers marked a turning point in public awareness and government accountability. By exposing the depth of deception in America’s Vietnam policy, he helped to shift the narrative of the war, and sparked broader discussions on the limits of executive power and the essential role of a free Press in democratic society.

His example is a testament to the courage that acts of conscience often require. Daniel Ellsberg's story continues to resonate today, a reminder of the importance of truth in governance and the profound impact whistleblowing has had on history.

SHADOWY SOCIAL MEDIA

Frances Haugen, a former Facebook product

manager, disclosed a trove of internal company documents in 2021. They sparked concern about how Facebook (now Meta Platforms) managed misinformation, hate speech, and the effects its platforms were having on teenagers’ mental health.

Haugen embarked on a defiant journey which turned the spotlight on the ethical responsibilities of social media giants.

Haugen joined Facebook with a background in computer engineering and a commitment to improving the products she worked on. She was involved in Facebook’s civic integrity team, and grew increasingly worried about the company's approach to user safety and misinformation. Her disillusion peaked when she realised the company was prioritising growth over safety.

The documents Haugen leaked, later known as the Facebook Papers, provided evidence that executives were aware of the harms their platforms could cause. They also showed that Instagram, a Facebook-owned platform, negatively impacted the mental health of teenagers. Other files revealed how Facebook’s algorithms promoted divisive content to keep users engaged, potentially exacerbating social tensions.

Frances Haugen. Source:Wired/MattMcClain/TheWashingtonPost/Bloomberg/GettyImages

CONGRESSIONAL TESTIMONY

Haugen's testimony before Congress was a watershed moment. Articulate and composed, she argued that Facebook’s leadership knew how to make the platform safer — but chose not to because of financial incentives.

Her testimony sparked discussion in the US and Europe about the need for stricter regulations. Facebook came under intense scrutiny and faced public backlash — hence, say many, the rebranding as Meta Platforms. The revelations spurred a broader debate about the need for transparency, accountability, and regulatory oversight in the tech industry.

Lawmakers and regulators around the world are implementing, or at least considering, rules to curtail the dark side of social media. Haugen has continued to call for reform, engage with policymakers, participate in public speaking engagements, and support safety initiatives.

Her actions inspired other tech workers to speak out about unethical practices in the industry, and by exposing the inner workings of one of the world's most powerful companies she ignited a global conversation about social responsibility and the real-world impacts tech giants can have.

By bringing to light the hidden costs of business practices driven by algorithmic engagement, Haugen has challenged the global community

to rethink the governance of social media platforms. Her advocacy underscores the importance of ethical leadership and robust regulatory frameworks in the digital age.

‘DEEP

THROAT’ AND WATERGATE

Mark Felt, known for decades only as "Deep Throat", was the enigmatic insider who played a pivotal role in unravelling the Watergate scandal in 1972. His leaks to the Press exposed the level of corruption in the Nixon administration. His actions, too, have had a lasting impact.

Felt began his career at the FBI in 1942, rising through the ranks to become second-incommand as associate director. Known for his adherence to the rule of law and his devotion to the principles of the FBI, Felt was to find himself in a crisis of conscience.

Felt was goaded into action by a clash of professional and personal ethics. He was deeply troubled by the Nixon administration's attempts to obstruct the FBI's investigation of the Watergate break-in. He also felt slighted when he was passed over as J Edgar Hoover’s successor. Felt began leaking information about Watergate investigation to Washington Post reporters Bob Woodward and Carl Bernstein.

IMPACT OF THE LEAKS

The information Felt provided was central to investigations by the media and the authorities.

He kept the story alive when it was flagging, and added missing pieces to the puzzle of Nixon's involvement. Without his leaks, the extent of the administration's engagement in illegal activities might have remained hidden.

BEHIND THE MASK

For three decades, Felt's identity was one of Washington’s best-kept secrets. He revealed himself to be Deep Throat, his nom de guerre, in a 2005 Vanity Fair article. The move led to a belated evaluation of his motives. His family and some former FBI colleagues supported his decision; others felt betrayed.

Historians and political analysts have for years debated Felt's actions, weighing the ethical implications of leaking information against the need to expose government corruption. His role in the Watergate affair has been frequently reassessed, with many crediting him for the meaningful political reforms that followed.

Mark Felt's Deep Throat role involves a blend of secrecy, integrity, and personal conviction. His role in the scandal that ended a presidency has been celebrated for changing the landscape of American politics. It underscored the value of whistleblowers in maintaining transparency, and had a powerful effect of investigative journalism.

Felt’s actions were important steps in the tricky dance between power and principle, reminding us of the fragile nature of democracy — and the constant vigilance required to preserve it.

BIG TOBACCO

Jeffrey Wigand became one of the most notable figures in the history of public health when he exposed deceptive practices by the tobacco industry in the 1990s.

His revelations about Brown & Williamson (B&W), where he was a top executive, highlighted the industry's knowledge of the addictive and harmful effects of cigarettes. He faced intense battles in his bid to show the gaping holes in corporate accountability.

Wigand, who holds a PhD in biochemistry, was hired by B&W in the late 1980s. His role as VP of R&D involved overseeing healthrelated issues. His scientific expertise and understanding of nicotine's effects put him in a unique position. He saw at first-hand how the company manipulated design to increase an already devastating addiction.

DEEP EXHALE

Wigand's decision to come forward was, as so often, driven by conflicting moral and ethical dilemmas. Despite a lucrative career at B&W, he became increasingly disturbed by the company's practices — and its disregard for public health. The turning point came when he was fired, under contentious circumstances, in 1993.

Mark Felt

PUBLIC AND LEGAL REPERCUSSIONS

Wigand's most significant public disclosure came in a 1996 interview on CBS’s 60 Minutes. Despite intense pressure and legal threats from B&W, Wigand spoke out about the company's manipulation of tobacco blends and nicotine delivery systems, as well as their false statements about additives and health risks. His revelations contributed to legal actions against the tobacco industry.

Public and political pressure led to major changes. Wigand’s testimony was crucial in the landmark Master Settlement Agreement (MSA) in 1998, where major tobacco companies agreed to pay $206bn and adhere to marketing restrictions. This was a significant victory for public health advocacy, and marked a change in the way tobacco products were sold and regulated.

LIFE AFTER WHISTLEBLOWING

Wigand faced personal and professional challenges, including threats to his safety and personal attacks on his character. He remained committed to his principles, founding SmokeFree Kids Inc, a non-profit aimed at educating children about the dangers of tobacco. His life story was later dramatized in the 1999 movie The Insider

Jeffrey Wigand’s courageous stand has had a lasting effect on public health advocacy and corporate ethics. By choosing to reveal the truth, he faced enormous personal risks, but catalysed regulatory and cultural shifts.

GUARDIANS OF INTEGRITY

In an era marked by rapid information flow and increasingly complex corporate and government operations, whistleblowers play a crucial role in society.

Individuals like Edward Snowden, Sherron Watkins, Daniel Ellsberg, Frances Haugen, Mark Felt and Jeffrey Wigand have shown courage and integrity in their bids to expose misconduct. They exposed hidden abuses and initiated vital conversations about ethics, responsibility, and the public good.

Whistleblowers often serve as the first line of defence against corruption and malpractice. They contribute to regulatory oversight that might otherwise be evaded, and their disclosures have led to the development of new laws, the reformation of public policies, and the reshaping of political landscapes.

PROTECTING THE SOURCE

Steps have been taken by businesses, governments, and societies around the world to safeguard these individuals. Legal frameworks like the Whistleblower Protection Act in the US and similar statutes in other countries provide some legal shields for them. The introduction of the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform, and Consumer Protection Act

have strengthened those protections — and offer monetary incentives to speak out, with guaranteed anonymity in some cases.

Internal mechanisms and compliance programmes have been bolstered to ensure investigations can be conducted “without backlash”. Many companies have established more robust ethics and compliance departments, set up anonymous reporting channels, and increased training to foster a culture of openness and transparency.

SOCIETAL CHANGES

Society’s perception of whistleblowers has shifted over the years. Once viewed with

suspicion and stigmatised, today's truth-tellers are more likely to be seen as heroes. Media organisations and non-profits play a supportive role by providing platforms for these voices to be heard.

The ongoing development of legal and societal protections is not just about safeguarding individuals; it is rather about preserving the integrity of institutions, and the health of democracies. Through the actions of Snowden, Watkins, Ellsberg, Haugen, Felt, and Wigand, we’re reminded of the powerful impact of conscientious individuals when empowered and inspired to act in defence of collective values. i

Jeffrey Wigand

TheNetherlandsleadsthefieldwithascoreof9.01–or99.27percent ofresidents–regularlyusingtheInternet.

SEO agency Digital Climax analysed data from Eurostat to compare the percentages of individuals engaged in six categories of online activity.

The data were then used to create an overall “Online Activity Score” out of 10 for each European country. The categories included the percentage of individuals using the internet, those that use the internet weekly or more, those using it for e-commerce, finance or calls, and the percentage of households with internet access.

The Netherlands is switched-on in more ways than one, with over 84 percent of residents using the Internet for ecommerce, and 27.57 percent turning to the net for financial activity.

Bosnia and Herzegovina – a country with two autonomous entities – was found to have the lowest online activity score of 1.44, or just 84 percent of residents.

In the Netherlands, 99.27 percent of the population go online, with 98.92 percent doing so weekly or more often. The country also scored highly for ecommerce (84.2 percent) and making calls (84.7 percent). Its lowest score was for financial use, with just 27.57 percent of users – but that was still high compared with other countries.

Iceland ranks second with a score of 8.82; it also scored highest for the percentage of individuals using ecommerce – 84.35 percent – and came second for weekly Internet use with 99.45 percent. Its lowest percentage score was again for finance: just 20.52 percent.

Ireland comes in third, with a score of 8.74 out of 10. It had the second-highest score for financial use: 30.29 percent. The Emerald Isle scored 98.99 percent for the percentage of households with internet access, and ranked in the top five for ecommerce, with 82.84 percent of the population active.

Norway ranks fourth, scoring 8.45 out of 10. It has the highest percentage of individuals using the internet, with 99.81 percent, and ranked in the top five for internet access, at 99.01 percent of households connected. It fared worse for the Internet calls: 79.10 percent.

The UK found itself in fifth spot, with a score of 8.42 out of 10. It has the highest percentage of individuals using the internet weekly or more: 99.53 percent. The UK also came second for the total percentage of individuals using the internet, 99.55 percent.

Other countries in the top 10 include Switzerland, Denmark, Sweden, Luxembourg, and Finland. Bosnia and Herzegovina was least active online, with a score of just 1.44 out of 10. It had the lowest score for the percentage of individuals using the internet – 84.01 –and the

second-lowest overall rate for weekly individual use: 82.46 percent.

SEO specialist and founder of Digital Climax, Axl Van Steenacker, said that with so many essential services available online, it was “no surprise to see such high percentages for internet access across most European countries”.

Many of the top-ranking countries surpass the EU average of 90 percent for fast broadband (NGA) coverage; the Netherlands boasts

99 percent. “This makes it easier for their populations to get online and access these platforms,” he said.

The EU has Open Internet Access Regulation in place to ensure availability of online content and services without discrimination or interference. “It would be good to see these accessibility figures continue to increase over the next few years,” said Steenacker, “so users can take advantage of this worldwide connectivity and use services like online banking and global communication.” i

Table: European countries ranked by percentage of their population online. Legend:

1 % of individuals using internet

2 % of households with internet access

3 % of individuals using internet weekly or more

4 % of individuals using ecommerce

5 % of individuals using internet for finances

6 % of individuals using internet for calls

7 Online Activity Score /10

Hands-on, Dedicated to Excellence, Driven by Inclusion and Diversity: Meet the Head of Scottish Friendly

cottish Friendly chief executive Stephen McGee’s ambition is “to create a worldclass working environment” — one which is open, inclusive, collegiate, and productive.

“Scottish Friendly can serve its purpose by helping individuals and families achieve financial wellbeing through friendly products and customer care,” he says.

He was appointed to the Scottish Friendly Board in September 2021. Under his direction, Scottish Friendly has invested in its people, as well as optimising the customer experience. It targets growth and drives efficiencies that will add value for members. Its key mottos tell a story in themselves:

“We’re in this together”, “We care about our customers”, “We keep moving forward”.

The mutual’s unwavering commitment to its customers is the driving force, going the extra mile to exceed even the highest expectations. For McGee, it’s about more than that.

“Scottish Friendly is dedicated to creating a workplace where every individual is valued for their unique strengths and perspectives,” he says, “whether that’s in their current functions or venturing into new roles across the organisation.”

McGee is dedicated to creating a culture of continual learning, and believes the best way ahead is to listen to colleagues, take on feedback, and implement improvements. He helped to

introduce the UK’s Best 100 Companies survey as part of this strategy.

Stephen McGee is an advocate for inclusion and diversity, and supports a number of local charitable initiatives. He is a member of the risk, nomination, and investment committees. He is also director of Scottish Friendly Assurance Society Ltd’s subsidiaries: Scottish Friendly Asset Managers Ltd, Scottish Friendly Insurance Services Ltd, SFIS (Nominees) Ltd, M&GM Assurance (Trustees) Ltd, and SF Pension Managers & Trustees Ltd in April 2022. He was appointed CEO of Scottish Friendly in April 2022.

Stephen McGee is a fellow of the Institute and Faculty of Actuaries and has previously held CFO, chief actuary, and board roles in the sector. i

CEO: Stephen McGee

Friendly by Name, Supportive and Creative by Nature: This Mutual is True to its Mission and Core Values

ScottishFriendly’scommitmentremainsfirmlyonhelpingitscustomersachieve optimalfinancialoutcomes.

Scottish Friendly remains resolute in its commitment to serving and supporting its customers and their families, whatever the future holds. The organisations status as a mutual means that it is not driven by the needs of shareholders. Instead, they are focused on distributing profits to enhance the investment return of With-Profits policies, or to invest in generating future profits for their members. They firmly understand that their customers live busy lives, and they are doing the very best they can for their families. As a mutual, Scottish Friendly are here for them, delivering its purpose to help individuals and their families achieve financial wellbeing through friendly products and customer care.

During 2022, Scottish Friendly colleagues developed and launched a refreshed purpose statement. Scottish Friendly prides itself on providing products and services that cater for everyone, regardless of age, income, or of any previous financial experience. The purpose reflects the important role Scottish Friendly recognises it can play in the lives of UK households and encapsulates the passion and energy that colleagues bring to their work on a daily basis.

As a mutual, they care about helping local communities. They have increased their support for Action for Children and are providing vital funding for two Wellbeing Practitioner roles. These roles help improve the mental health and wellbeing of children in secondary schools in some of the most deprived areas in Glasgow. This targeted support aims to help young people manage and improve their mental health and wellbeing, as well as provide them with coping strategies and resilience for the future. In supporting the funding of the Wellbeing Practitioner roles, Scottish Friendly hope that they can improve the lives and outlook of young people in need, which can benefit the family unit and, in turn, help the wider community prosper.

The mutual is also delighted to continue to support the Scottish Friendly Children’s Book Tour in partnership with Scottish Book Trust. For over 25 years, the Scottish Friendly Children’s Book Tour has supported Scottish Book Trust on their mission to help improve children’s literacy. Touring throughout Scotland, both face to face in primary and secondary schools, as well as virtually, the programme visits a vast range of communities, including remote areas with top authors and

illustrators to help encourage a love for reading, writing and illustration.

Scottish Friendly has an ambition to be an excellent place to work and have again taken part in the ‘UK’s Best 100 Companies’ 2024 Survey. Scottish Friendly is proud to have been awarded ‘Very Good Company to Work For’ status. They now also hold position 31 in the ‘Top 50 Best Companies to Work for in Scotland’ and are ranked one of the ‘Top 50 Best Companies to Work For In the Financial Services Sector’. Their people work tirelessly to drive Scottish Friendly forward. In turn, Scottish Friendly is working tirelessly to continue to improve and become an excellent place to work.

Scottish Friendly has continued the development of its very successful early careers programme, which began in 2022 and recruits interns, apprentices, and graduates. The 2022 apprentices completed their programme in 2023, each gaining permanent roles within Scottish Friendly. This has a particular focus on trying to recruit young people from backgrounds that would not typically be drawn to financial services and has been supported by the Robertson Trust in filling placements that have turned into permanent roles. Through this partnership with ‘Developing The Young Workforce’, Scottish Friendly has been supporting Bannerman High School in Glasgow and has supported development initiatives with their students, including visits to the Scottish Friendly head office. In 2024, they continue to further support the students with mentoring, CV writing and will hire a new cohort of apprentices to continue this vitally important initiative.

Scottish Friendly reviewed its corporate strategy which confirmed the Boards confidence in its existing strategy. Additionally, this review helped to sharpen its focus going forward and helped identify where to build on existing strengths as they seek to further support its customers with a more comprehensive range of savings, investments, protection, and retirement solutions. Key to this is continuing to invest in improving the customer experience, providing career development opportunities for colleagues, and targeting further growth in new customers and the products and services they offer.

The encouraging headlines pointing to cost-ofliving pressures finally starting to ease should not obscure the fact that persistent economic headwinds have taken a toll on many UK household budgets and their ability to save, invest and protect themselves and their loved ones.

Looking ahead Scottish Friendly is confident that they will be resilient in the face of continued economic uncertainty and that the mutual model will continue to serve its customers’ interests well. Scottish Friendly’s commitment remains firmly on helping customers achieve the best possible financial outcomes. Scottish Friendly has an exciting future ahead thanks to the refreshed strategy and the unwavering commitment of colleagues to deliver for customers and the communities that they serve. i

Scottish Friendly Children's Book Tour 2023

2022-23 Apprentices

Paris-based Powerhouse Île-de-France: Leading the Way for Local Authorities

The region’s president, Valérie Pécresse, is gunning for nothing less than 100 percentwhenitcomestosustainabledebt.

le-de-France Region is one of Europe's leading local authorities, powered by economic dynamism and innovation.

With a GDP of €764bn in 2023, the Parisien region is a major economic and financial centre, boasting Europe’s highest concentration of head offices of the world's 500 largest companies.

For the past 12 years, the region has been focused on developing green and responsible finance for the benefit of its 12 million inhabitants. That comes via transport infrastructure, education facilities, and vocational training. The regional council, with a total of 10,300 staff members, is structured around 209 elected representatives, presided over since 2015 by Valérie Pécresse.

Since 2012, green financing has enabled the development of around 150 projects worth €6.5bn. Île-de-France is a leading presence in the field, committed to environmentally and socially responsible investment.

This focus is reinforced by the pursuit of innovative, responsible finance solutions. Île-deFrance Region plays a central role in promoting and harmonising sustainable practices across Europe, and is lead partner of the European Interreg GreenGov programme.

The overriding goal is to do no harm, and the programme aims to better that by improving the governance and financing of socially responsible investments.

A four-year inter-regional consultation will enable European regions to share knowledge on supranational regulations and, ultimately, ensure their local implementation. Two main systems are concerned: the DNSH of the European green taxonomy, already integrated into the region’s transport sector, and climate-proofing, which promotes and enhances infrastructure resilience.

“I am convinced that Île-de-France’s extraordinary success is due to the solid green, social and sustainable bond framework,” says Pécresse, “and our clear annual reports detailing the allocation and impacts of our socially responsible investments.”

The region’s strong financial ratios, with a projected debt-repayment ratio of six years and

President: Valérie Pécresse

"In January 2024, Île-de-France Region carried out its largestever bond issue, for €800m – under its green, social and sustainable framework, bien sur. With a yield of 3.2 percent over a 10-year maturity, this transaction underscores the region financial strength."

a gross savings forecast of 26 percent, reflect prudent financial management.

In January 2024, Île-de-France Region carried out its largest-ever bond issue, for €800m – under its green, social and sustainable framework, bien sur. With a yield of 3.2 percent over a 10-year maturity, this transaction underscores the region financial strength.

In 2023, 91 percent of the region's outstanding debt was sustainable. “The objective, before the end of my mandate,” says Pécresse, “is a 100 percent sustainable debt.”

As the next step, Île-de-France Region, in collaboration with an auditing firm, produced an ex-post impact report to assess the mediumand long-term effects of regional investments. The report enabled a new practice to be adopted by all issuers in the interests of transparency –and deliver positive results in the fight against climate change.

“Now, more than ever, is the time to evaluate public policies,” says Pécresse. “The region has a large scope of sustainable development responsibilities, as you can see in our bond issuance reporting.”

The allocation of the 2022 sustainable issue (most recent report - illustration on the left, middle).

The 2023 sustainable bond reporting will be published before the end of this year.

This high school project (bottom left illustration) aims to improve the quality of existing infrastructure and equipment for secondary education. It adheres to the highest standards of energy efficiency, reducing the environmental footprint, improving water-management, landscaping, and interior air quality.

The visual and acoustic comfort of users was improved by modelling of lighting and noise levels based on the materials used. i

More information on how loans are used: iledefrance.fr/decouvrir-le-fonctionnement-de-laregion/region-funding

High school project funded by regional sustainable issuance – Louise Michel and Langevin-Wallon (Champigny-sur-Marne).

Development of the Île-de-France region's outstanding green and responsible debt.

Team: Manuel Thomas, Loanah Derue, Paul Berard, Franck Lavergne.

Shifting Gears: Are Governments Prepared for the EV Revolution?

Petrolheads the world over are lamenting the imminentpassingoftheinternalcombustionengine –andauthoritiesmayhavesomeregrets,too…

As the sun sets on an era of burbling exhaust notes and contented tinkering by backyard mechanics, a new dawn approaches – the electric vehicle revolution is gaining traction.

There has been widespread support for change from governments and greenies around the world, motivated by the need to cut carbon emissions and reduce our reliance on polluting (and finite) fossil fuels.

This is a significant fork in the road for the automotive industry – and the new, greener age of motoring comes with hurdles to surmount. Not all of them have been fully considered by legislators and the powers-that-be.

The move from internal combustion engines (ICE) to electric vehicles (EVs) is more than just a technological progression. It’s a complex, multifaceted endeavour that affects everything from global oil markets to local economics, urban planning and air quality. As nations phase-out petrol and diesel engines, the practicalities of such a commitment is becoming clear.

Can current infrastructure support a rapid transition? Are the environmental benefits as significant as we thought? And how will this move affect the millions of people employed in the automobile industry?

Many are already questioning whether governments have given proper consideration to the possible ramifications and repercussions. Hop aboard as we take a tour of the EV landscape as it stands, investigating policies, technological challenges, economic implications, and environmental benefits.

THE GLOBAL PUSH

The first big question, obviously, is whether the world is actually ready to embrace this monumental change – in terms of personal preferences, charging infrastructure, range anxiety, and the knock-on effects on allied industries.

Governmental commitment to the decision is not (yet) faltering; it’s a prominent feature in

"Can current infrastructure support a rapid transition? Are the environmental benefits as significant as we thought?"

global environmental initiatives and narratives. From Europe's draconian emissions clampdowns to China's ambitious EV quotas and America’s belated dive into EV infrastructure, the international transition is under way. But this about more than just adopting new technology — it's about redefining the concept of personal transport.

POLICY OVERVIEW

Policy initiatives thus far appear to wholeheartedly promote EV adoption. Norway, a leader in the industry, offers tax breaks, toll-road waivers, and free parking. The EU has set – and is enforcing –ambitious targets for lower emissions. China has established customer incentives and producer mandates, making it a prominent producer and marketplace for EVs.

All these practical factors are influencing adoption rates, and some countries have emerged as pioneering converts. Norway’s roads are awash with EVs: they already accounted for 54 percent of all new car sales back in 2020 – last year that went up to 80 percent. Other nations may trail in Norway’s wake, but they, too, are adapting and adopting. There have been record EV sales in the UK and Germany, again thanks to government initiatives and increased public awareness of climate issues.

SUCCESS STORIES

Shenzhen, China, has totally electrified its public bus fleet. Amsterdam has been developing a comprehensive charging infrastructure – and intends to ban all petrol and diesel vehicles by 2030. These advances underscore the viability of large-scale transitions, as well as the need for public-private collaboration.

The global shift poses technological, economic, and even environmental questions. These considerations demand attention if the transition is to be sustainable.

INFRASTRUCTURE NEEDS

The availability and accessibility of charging points is a thorn in the nascent industry’s side, and an impediment to consumer uptake. A successful policy involves more than increasing sales; convenient, accessible charging stations are obviously vital. Urban areas may be able to adapt more easily, due to generally shorter travel distances and greater population density. Rural areas face bigger obstacles: longer

average journeys and fewer people to justify large-scale infrastructure investment.

ECONOMIC IMPACT

The economic ramifications of transitioning to EVs are significant, too. Traditional carmakers have had all their eggs in the ICE basket since Henry Ford’s heyday. They face a barrage of new costs, while newcomers unencumbered by legacy manufacture stand to benefit.

There are jobs to consider, as well. How well will traditionally trained, greasy-fingered mechanics transition to new roles in EV production and maintenance? There will have

to be extensive retraining programmes, and governments will have to keep a wary eye on the impact on oil-based income, particularly in regions that have for years relied – and thrived – on fossil fuel deposits hidden deep underground.

TECHNOLOGICAL LIMITATIONS

Current EV tech has limitations that stand in the way of rapid adoption. Batteries are obviously front and centre, but even as that technology improves, there are concerns about high costs, limited range, lengthy charging times – and, ironically, environmental challenges for battery production and disposal.

Some major manufacturers – Toyota, to name just one – are looking at alternative options, such as hydrogen fuel cells.

ENVIRONMENTAL CONCERNS

While EVs reduce exhaust emissions, their overall environmental impact is not nil. The batteries that power them include rare minerals like cobalt and lithium, raising environmental and ethical concerns about mining.

And, let’s not forget, electricity has to come from somewhere. If that “somewhere” is a coal-fired power plant… well, you can see the problem. To identify and minimise the many

potential impacts of the EV movement, an integrated approach is needed.

POLICY DEEP DIVE

As governments around the world accelerate their transition, the range of policy options is worthy of analysis. Different countries have developed their own methods to boost adoption and address practical considerations. Distinct policy frameworks have emerged that reflect individual countries’ economic, environmental, and social needs.

Governments provide inducements and incentives to guide motorists towards an electric future. Some nations have imposed mandatory sales targets and cut-off dates for ICE vehicles. These encourage manufacturers to innovate, and ensure the gradual phase-out of fossil fuel-based transport.

Public awareness campaigns educate ICE hardheads about the benefits of going electric –but that, too, is a hurdle.

CASE-STUDY

Norway demonstrates the kind of co-ordinated approach that other government would do well to follow. Its policies prioritise environmental sustainability over consumer preferences, and the generous subsidies, comprehensive charging infrastructure, and limits on ICE vehicles do a lot to further that. China’s approach is mainly state-driven, with the goal of lowering urban pollution. It also hopes to become a world leader in manufacture – and is already on the way to achieving that goal.

THE RIPPLE EFFECT

The transition to EVs represents more than just an environmental imperative; it foreshadows greater change. There is likely to be disruptive impact on various industries, broader economic ramifications for the oil and energy industries, and social justice concerns.

The automotive industry, traditionally dominated by the “good old” gas-guzzling ICE, is in upheaval. Major manufacturers have had to shift strategies, spend on EV tech, and invest in manufacturing capacity. The transition will not be painless; it

will require capital expenditure and retooling of manufacturing lines. Job losses are likely, but new opportunities in EV manufacture and battery technology could be a potential salve.

OIL AND ENERGY SECTORS

The overall shift has led to decreasing demand for petrol and diesel. That’s a real challenge to economies that rely on oil exports. As more EVs join to the grid, demand for energy services could increase. That creates potential for the expansion of renewable energy sources – but also means upgrades to grid infrastructure are needed to handle additional demand.

SOCIAL EQUITY

EVs are prohibitively expensive for many, expanding the divide between those who can afford to participate in the green economy and those who can’t. The spread of charging infrastructure favours urban over rural areas, exacerbating inequities. Governments and politicians must address these concerns to ensure that the potential advantages can reach all levels of society.

As the transition process accelerates, it’s critical to address long-term effects as well as immediate ones. These will determine the future of the transport sector. Upgraded technologies, policy recommendations, and international cooperation will be essential.

FUTURE TECH

Immediate challenges include overcoming current range limits and the general appeal of EVs. Performance hasn’t been overlooked, and some electric cars can outpace the gnarliest ICE sportsters. Solid-state batteries have the potential to revolutionise the market with shorter charging times, greater autonomy, and safer operation than current lithium-ion batteries. (Fire hazards have reportedly occurred with some models, and weight is a problem.)

Hydrogen fuel cells offer an alternative that could, in time, meet the demands of heavy transport and longer distances.

POLICY RECOMMENDATIONS

Given the difficulties of the transition, tailored

policy interventions are needed. Governments must encourage R&D in battery tech and alternative fuels (methanol and ethanol) to bridge the gap; with small modifications, ICE cars can run on these “alcohol” brews.

Strategic investment in charging infrastructure, especially in under-served areas, could increase practicality. Promoting the benefits of electric cars and expanding incentives could boost adoption rates as the market matures.

PULLING TOGETHER

The issues of climate change and sustainability are global, by definition – as the responses should be. International co-operation is crucial for the standardisation of rules, and sharing tech advances could help under-developed nations to join the party, meeting environmental goals and avoiding the creation of new dependencies.

The future holds promises and challenges for the sector. The intricacies of phasing-out fossil fuels is one of the latter. The shift will not be easy, but various governmental policies are encouraging adoption, and should help to avoid economic and societal hold-ups. Advances on the horizon hold the key to overcoming current problems, while policy changes may smooth the way ahead. The significance of global cooperation cannot be overstated: the transition to sustainable mobility is a communal task, without boundaries.

So, have governments adequately considered the implications of phasing out ICE vehicles? While great progress has been made, there are shortfalls that require consideration and action. Effective transition strategies must be flexible and inclusive, ensuring that no community is left behind.

The move to electric vehicles is about more than replacing power sources; it’s about redefining our relationship with personal transport to create a cleaner, more sustainable future. Proactive policymakers must negotiate these challenges with care.

The road ahead is long, but this transformation is history in the making. i

> Biggest Online Gambling Nations Around the World

BetyouBritain’sonthepodium…

The US tops the world rankings for online gambling, with an estimated revenue of £18.41bn, and the UK lies second, with £11.01bn.

Australia comes in third, with £8.11bn, according to a recent study by the Japanese Online Casino Guide. Editor-in-chief Emiko Matsuda says the overall global surge can be attributed to “a variety of factors”, including the pandemic. “Many bettors transitioned from wagering on sports to online gambling,” she said, “and the data suggest that this shift is permanent.”

The guide analysed data from Statista for 61 countries – and America is projected to make the most in 2024. Its $23.03bn in revenue equates to a 20.3 percent increase since 2023 – the second-highest in the world, behind Brazil. The global year-over-year revenue change is 12.9 percent.

Do the math, as the study did, and you’ll find that online gambling revenue in the US is growing about one-and-a-half times faster than anywhere else.

The UK’s projected revenue of £11.01bn for 2024 is linked to the fact that 27.9 percent of the population admit to having gambled online – despite having the fourth-lowest increase in revenue this year, at 7.4 percent. Britain is

anticipated to keep that pace, and position, until 2028.

1. United States 23,030,000,000

2. United Kingdom 13,780,000,000

3. Australia 10,140,000,000

4. Japan 6,190,000,000

5. Germany 5,650,000,000

6. Canada 4,190,000,000

7. France 4,120,000,000

8. Italy 3,210,000,000

9. India 2,900,000,000

10.Spain 1,970,000,000

Nipping at the UK’s heels is Australia, with 21.1 percent of the population having the occasional punt online. Revenue from the sector is expected to grow by 10.5 percent this year, and by a further 5.12 percent by 2028.

Japan takes fourth place in the stats, with a projected $6.19bn (£4.95bn) in revenue, a 12.7 percent increase year-over-year – 0.2 percent below the global average. Growth is projected to continue at an annual rate of 4.92 percent until 2028, and stay under the worldwide average of 6.51 percent. Estimates put the percentage of Japanese population who have gambled online at 7.9 percent – and 11.3 million individuals will have tried their luck by 2028.

Germany is projected to earn the fifth-highest amount this year, and 10.4 percent of the

population are expected to play – the 14thhighest percentage.

Languishing in sixth place is Canada, with an anticipated revenue of $4.19bn (£3.35bn). But it stands out in its own way: Canada has the highest number of online gamblers. More than 48 percent of the population are said to have had a go.

Seventh spot goes to France, with $4.12bn (£3.29bn) brought in from gambling. And with a projected revenue growth of 4.7 percent by 2028, les francais have the 10th-lowest growth rate.

Italy is in eighth place, with a projected tally of $3.21bn (£2.57bn) for 2024. The country is towards the lower end of the rankings for year-over-year percentage growth: 10.1 percent.

India finds itself in the penultimate spot, with $2.90bn (£2.32bn) in revenue projected for this year. Despite having one of the highest revenues, the country has one of the lowest userpercentages, just 0.7 percent.

Last, and least in these terms, comes Spain, with $1.97bn (£1.58bn) in revenue. But that is predicted to grow, too – by 11 percent by the end of 2024, and at a rate of 5.28 percent until 2028. i

Norvestor: Leading the Charge in Sustainable Private Equity Transformation

TheGreenTransitionisunstoppableandunavoidable; thisNordiccompanyembracesthechallenges.

Private equity firms are crucial to future-proofing SMEs and developing sustainable business models for the worthy Green Transition movement.

Nordic firm Norvestor has proven the worth of its innovative business model, and is turning its full attention to the planet’s urgent needs. Confronted by climate change, biodiversity loss, pollution, and social inequalities, businesses worldwide are increasingly driven to adopt responsible practices.

Private equity firms have an impressive position of influence and play a pivotal role in steering SMEs to greener pastures. Norvestor stands out in this landscape by emphasising sustainability as well as profitability via its partnerships with portfolio companies.

Norvestor has earned an enviable reputation over the past three decades, becoming a trusted partner in the quest for sustainable growth. The firm typically invests in medium-sized companies that leverage digitalisation and technology to enhance efficiency and societal value. With a strategic focus on buy-and-build,

digital leadership, and ESG integration, the firm helps companies to scale in the right way.

Financial performance bears out the success of this model. Norvestor Funds have made 93 platform buyouts and some 450 add-on acquisitions, achieving 61 successful exits — including 16 IPOs. The operating profits of portfolio companies have grown by an annual average of around 30 percent. Recent funds have shown strong internal rates of return. The most recent, Norvestor IX, closed at €1.5bn last October, reflecting robust investor confidence.

SUSTAINABILITY IN ACTION

Norvestor’s 2023 sustainability report highlights how the firm is driving positive environmental impacts.

It invested in Pinja, a digital transformation partner, in 2022. Pinja helps businesses to reduce energy use, minimize raw material demands and waste, and optimize transport options. These industryspecific solutions help clients meet reporting requirements and reduce their carbon footprints. Bio-energy pioneer company Helen uses Pinja's AI-powered solutions to meet the EU's Renewable Energy Directive III standards. Another company,

Colmec, a tyre service provider for the transport industry, joined Norvestor's portfolio in 2023. Facing up to environmental challenges with ingenuity, Colmec aims to have a leading position in the circular economy by 2027.

Fresh Servant, employs AI to enhance material and energy efficiency in food production. Pinja's impact underscores the critical role of digitalisation in the field of sustainability.

Head of Sustainability: Fredrik Franke

The company focuses on retreading tyres, significantly reducing the use of natural resources and cutting CO2 emissions. It sells new tyres and extends their life via retreading — and ultimately recycling end-of-life tyres.

Another Norvestor portfolio company, 4Service, boosts social sustainability by providing meaningful work for people with disabilities. Working via a Norwegian state-run programme,

tasks are tailored to individual abilities, enhancing personal growth as well as operational efficiency. Twelve part-time employees have fostered a diverse and inclusive workplace. 4Service is integrating this initiative into broader service offerings.

These efforts substantiate the positive correlation between ESG efforts and financial performance. A PwC survey found that 70

percent of private equity firms place valuecreation as a top driver of their ESG activities. Benefits include brand enhancement, risk mitigation, competitive differentiation, and client attraction. Bain & Company research, in partnership with EcoVadis, shows that robust ESG practices lead to improved revenue growth and EBITDA margins. Sustainability measures significantly enhance business outcomes, according to Bain.

"We support our portfolio companies in navigating ESG challenges and seizing opportunities. By doing so, we not only enhance their resilience, but also create long-term value for stakeholders."

GENERALIST YET IMPACTFUL

Norvestor has proved that innovative generalist private equity can drive substantial positive impact — without the need to become a niche impact fund. Norvestor’s success under a regular fund mandate (Article 8) demonstrates that such gains can be achieved across a broad investment portfolio.

This does not preclude Norvestor from setting up impact funds in the future but highlights the firm’s ability to effectively harness ESG for the greater good. As Fredrik Franke, Norvestor’s head of sustainability, states, "As we prepare our portfolio companies for upcoming ESG regulations, our focus is on future-proofing

business models for a low-carbon and equitable economy."

“We support our portfolio companies in navigating ESG challenges and seizing opportunities. By doing so, we not only enhance their resilience but also create long-term value for stakeholders.”

The vital role sustainability leaders play in private equity is more evident than ever in 2024. Companies that embrace this path are better positioned to thrive in a rapidly evolving regulatory landscape and meet the growing demands of conscious consumers and investors. Norvestor's strategic investments and partnerships prove

that private companies can be at the forefront of the move to a greener future.

Norvestor's success stories nicely illustrate how targeted investments and strategic guidance can transform companies. Private equity firms like Norvestor will continue to be pivotal in shaping an equitable business environment.

Norvestor's commitment to sustainability — along with its innovative partnership model — serves as a blueprint for private equity as a driver of the green transition. By future-proofing SMEs and fostering sustainable business practices, Norvestor makes a significant contribution to the global sustainability agenda. i

> Sustainable Investing Will Work — If the Performance is Right

Sustainability and ESG criteria have taken on new importance in the world of finance — but the ARTICO Equity Team at Serafin Asset Management has been ahead of that curve for some time.

Its corporate philosophy is that investments should do more than achieve financial ambitions. They should be designed in such a way that they will have a demonstrable, positive impact on society.

The Equity Team makes that happen with the systematic combination of traditional investment criteria and sustainability and decarbonisation objectives.

CFI.co: Could you start by explaining what Parisaligned investment products are?

Gabriel Herrera: Certainly. They feature an approach in-line with the goals of the Paris Climate Agreement. Investments are selected using environmental criteria: current CO2 emissions, and their targeted reduction, contribute to limiting global warming. The portfolio will be continuously decarbonised over coming years.

What made you decide to integrate ESG and decarbonisation?

The ARTICO Equity Team started in 2011. At that time, we had made no connection to decarbonisation. We were convinced that systematically investing in fundamentally “good” companies — that is, companies that were not over-valued, showed rapid growth and profitability, with healthy balance sheets — would probably perform well.

And that has proved to be true over the past 13 years. We added sustainability criteria in 2017, and supplemented that with an explicit decarbonisation strategy in 2021. It was important to us not to lose sight of the fundamental quality of the companies we invest in in the pursuit of sustainability and decarbonisation.

Does your investment strategy have direct positive impacts? Does it effect positive change?

Our investments are exclusively in listed companies, so the direct impact there is limited. Nevertheless, we daily see impacts triggered by the trend towards sustainability and decarbonisation. Hardly any listed company in 2024 can afford to ignore these issues; it would be penalised by the stock market. With our investment approach, we are doing our part to ensure that the economy is continuously decarbonised and made more sustainable — while remaining successful.

Good companies are characterised not only by their fundamental qualities, but also by their

efforts as pioneers in the areas of sustainability and decarbonisation. We believe that’s a good indication of whether a company is in good hands. It optimally complements our fundamental stock selection, and it’s central to all ARTICO strategies.

What sets ARTICO funds apart from other investment-product providers with a sustainable background?

Many focus too strongly on the so-called "ESG leaders", or on certain niche strategies. We believe that a one-dimensional approach is dangerous from an investment perspective.

Firstly, the sustainability and decarbonisation data themselves involve assumptions and uncertainties, making them unsuitable as sole investment criteria. Secondly, such approaches tend to neglect other fundamental factors important for performance. We’re the first active manager to combine all three objectives in one portfolio: classic, fundamental investment criteria applied as they should be by competent financial analysts. We complement that with clear sustainability and climate targets.

How do you see the interplay between responsible investing and performance?

Sustainable investing can only work if the

financial returns are right. Why would an investor interested in achieving sustainability choose to sacrifice performance? Investors, first and foremost, want to achieve an attractive target return. Our approach allows us to do that while consistently pursuing sustainability and decarbonisation goals.

Do sustainable investments really matter in the fight against climate change and the battle for social justice?

It’s very important, and it’s already having a major impact. Major companies have been paying attention to these issues in recent years so as not to lose favour with investors. It's not the individual investment that makes a difference or saves the world — it’s the change in behaviour at listed companies. Every investor, large or small, can make their own contribution.

How do you see the future for ESG integration and impact investing?

The world is constantly changing, but regulatory requirements, databases and political discussions will remain dynamic. In some American states, pension funds that make sustainable investments at the expense of investment performance are banned. I have a lot of sympathy for that.

But sustainability and decarbonisation are longterm trends; they’re here to stay. Investors need to find a way to achieve their goals and contribute to environmental and social protection. ARTICO funds offer a solution. i

About Serafin Asset Management

The family-owned company Serafin Asset Management Holding GmbH was founded in 2021 by Philipp Haindl and Silvio Halsig. The Serafin Asset Management Group, with offices in Germany and Switzerland, manages assets of around 800 million euros (as at March 31, 2024).

Serafin Asset Management GmbH is headquartered in Frankfurt am Main/Germany and brings together experts from the financial and tech sectors. The BaFin-regulated securities company offers specialized investment solutions for different market cycles that enable additional resilience and growth.

Serafin Asset Management AG, headquartered in Zug/Switzerland, has been managing investment funds since 2004. The investment focus of the funds is on the investment themes "Equity", "Equity Alternatives" and "Macro". Serafin Asset Management AG has 21 employees, including 11 portfolio managers and analysts, is licensed by FINMA as a "manager of collective assets" and has branches in Lugano, Nyon, and Zurich.

Dr Gabriel Herrera: Senior Partner of the ARTICO Equity Team at Serafin Asset Management

Innovating Healthcare: The Journey of GKSD Investment Holding Under a Watchful Eye

GrouppresidentKamelGhribi’spassionforexcellenceandindustriousnesshas transformedthesector.

Kamel Ghribi, president of GKSD Investment Holding and vice-president of Gruppo San Donato, is a bridge builder.

The executive has seamlessly merged the realms of finance and healthcare. His organisation has pioneered medical advances and expanded its reach across Europe and the Middle East. Ghribi’s remarkable ability to foresee the convergence of these sectors positions him as a trailblazer.

But Ghribi’s vision goes beyond mere business expansion. It’s about transforming healthcare delivery via strategic investments and innovative solutions. By integrating leading-edge technologies such as AI and big-data analytics with traditional healthcare practices, he set new benchmarks in patient care and operational efficiency.

“The integration of artificial intelligence and big-data analytics into traditional healthcare practices is not just a trend,” the group president notes. “It’s the future.”

Kamel Ghribi’s story is one of vision, innovation — and the relentless pursuit of excellence. His journey began in Sfax, Tunisia, where the seeds of his entrepreneurial spirit were sown — and nurtured. Growing up in a family that valued hard work and integrity, Ghribi was profoundly influenced by family. His father, the owner of a successful small business, and his mother, who instilled in him the importance of diligence and perseverance, played crucial roles in shaping his personal and professional character.

From an early age, Kamel was encouraged to spend his free time constructively, often assisting in his father's business. This early exposure to the world of commerce laid a solid foundation for his future endeavours.

The vibrant and industrious environment of Sfax also contributed something to those formative years. The city, known for its bustling trade and commerce sectors, provided a dynamic backdrop for a young mind eager to learn and grow. His education broadened his horizons, equipping him with the knowledge and skills needed to navigate the complexities of the business world.

President: Kamel Ghribi

Ghribi’s early experiences in Sfax instilled a strong work ethic in him, and fuelled his ambition to create a lasting impact on the world.

PROFESSIONAL REALM

This professional arc is marked by a series of strategic moves that showcase a remarkable ability to navigate challenges and excel in diverse

areas. After completing his education, he entered the oil industry as a trader, where he quickly ascended to leadership positions. His early career in oil trading was characterised by a keen sense of timing, and the ability to effectively leverage his network. These experiences honed his skills in negotiation, strategic planning, and management, laying the groundwork for his future ventures.

In the mid-1990s, equipped with his already extensive experience and a robust network, Ghribi took a bold step by founding GKSD Investment Holding. He says his vision for organisation was clear: to create a diversified investment holding company that could excel across various sectors, including healthcare, real estate, engineering, and energy. Under his leadership, GKSD has grown into a powerhouse renowned for its strategic partnerships — and its ability to deliver comprehensive solutions to private- and publicsector clients.

Ghribi’s role as VP of Gruppo San Donato (GSD), Italy’s largest private healthcare group, exemplifies his strategic acumen. He was instrumental in expanding the group’s reach and enhancing its capabilities. His leadership has been pivotal in integrating advanced technologies and innovative practices into GSD’s operations, ensuring the group’s position at the forefront of healthcare delivery and medical research.

GKSD INVESTMENT HOLDING

The establishment of GKSD Investment Holding marked a significant milestone in Kamel Ghribi’s career. Founded with the commitment to drive innovation and excellence, GKSD emerged as a leader in delivering turn-key solutions across a range of sectors. Ghribi’s strategic foresight has been the driving force behind the company’s success. He envisioned the creation of more than just an investment company, and succeeded in his aims. It is a platform for innovation, growth, and transformation.

One of the things that set GKSD apart from the pack is its comprehensive approach to project management and consultancy. The company’s diverse portfolio includes acute-care teaching hospitals, healthcare advisory services, real estate development, and energy efficiency projects. “By forging strategic alliances with prestigious institutions and leveraging its inhouse capabilities in design, engineering, and construction,” he says, “GKSD has consistently delivered sustainable solutions to meet the evolving needs of our clients.”

GKSD has expanded in terms of its geographical footprint as well as the scope of its services. The company’s impact is particularly evident in healthcare, where it has played a pivotal role in enhancing the quality and accessibility of services. Projects like the IRCCS Galeazzi San’Ambrogio Hospital in Milan exemplify GKSD’s commitment to excellence. Developed using environmentally efficient materials and pioneering design, the state-of-the-art facility stands as a benchmark for modern healthcare infrastructure.

LEADERSHIP AT GRUPPO SAN DONATO

Kamel Ghribi’s role at Gruppo San Donato has been instrumental in transforming the organisation into a global leader. GSD is now Italy’s largest private healthcare group, specialising in acute care, medical education, and research. Under Ghribi’s leadership, GSD has continually expanded its

operations, enhancing its service offerings, and established itself as a pioneer in the industry.

“Leadership is not just about achieving success,” he says. “It’s about creating a lasting impact that transcends individual accomplishments.”

One of the key contributions Ghribi made to GSD is his emphasis on integrating cuttingedge technologies into healthcare practices. By leveraging advancements in AI, big-data analytics, telemedicine and digital health solutions, GSD has improved patient care, diagnostics, and treatment outcomes. This technological integration has enhanced the quality of healthcare services, and increased operational efficiency.

But Kamel Ghribi’s vision for GSD extended beyond Italy. He played a crucial role in expanding GSD’s reach to international markets, particularly in Europe and the Middle East. Through strategic acquisitions, such as the American Heart of Poland and Scanmed, GSD strengthened its position in the field. In Italy, a partnership with Generali Insurance resulted in a network of 70 smart clinics all over the country to allow easy access to all.

These expansions allowed GSD to offer its worldclass healthcare services to a broader audience, improving global healthcare standards. A threepillar strategy of having healthcare supported by education and research has made the group one of the strongest in the sector.

STRATEGIC EXPANSIONS

Under Kamel Ghribi’s leadership, both GKSD

and innovation.

One of the most notable projects is the IRCCS Galeazzi San’Ambrogio Hospital in Milan. This state-of-the-art facility, developed by GKSD Engineering and GKSD Edile, stands as a testament to professionalism and creativity in modern healthcare infrastructure. Designed with energy efficiency and sustainability in mind, the hospital showcases the best solutions in terms of design, engineering, and construction.

Ghribi’s strategic vision now extends to the Middle East, notably Iraq, where GKSD has concessions to manage government hospitals. These projects are part of broader efforts to enhance healthcare capabilities in emerging markets. By providing advisory and consulting services, GKSD is helping to build robust infrastructure and improve healthcare delivery in these regions.

GKSD’s involvement in humanitarian initiatives, such as training programmes for doctors from emerging economies, underscores the group president’s commitment to social responsibility and global healthcare.

CHALLENGES AND STRATEGIES

Managing a large healthcare organisation such as Gruppo San Donato presents unique challenges, which Kamel Ghribi has adeptly navigated with a forward-thinking approach. One of the primary hurdles is ensuring the delivery of high-quality patient care while maintaining operational efficiency.

This entails optimising resource allocation, streamlining processes, and fostering a culture of continuous improvement.

To address this, Kamel Ghribi has implemented several key strategies. He prioritises patientcentric care by investing in state-of-the-art medical technologies and providing ongoing training and professional development for staff. This ensures that GSD retains its leading position in the field of medical advances, consistently providing exceptional services.

Collaboration and teamwork are central to Ghribi’s leadership philosophy. He fosters a supportive working environment where innovation and the sharing of best practices are encouraged. This collaborative approach helps to overcome operational challenges and drives the organisation towards its strategic goals. By emphasising the importance of teamwork and continual improvement, Ghribi has ensured that GSD remains adaptable and resilient in the face of evolving healthcare dynamics. “Balancing high-quality patient care with operational efficiency is our key strategy,” he says.

Ghribi highlights the importance of having a genuine passion for creating a positive impact. This motivates GKSD staff to “go the extra mile” and make meaningful contributions in their fields of expertise. By combining a solid educational background with key personal qualities and a commitment to making a difference, aspiring leaders can follow his example to position themselves for success — and create lasting value. i

Investment Holding and Gruppo San Donato have embarked on innovative projects and strategic expansions that highlight a commitment to excellence

>

There’s

More to Britain

than London: Focus on Regions, Advises Think-Tank

Low investment in the UK’s regional cities is hindering economic growth and the country’sG7status,reportwarns.

Alack of investment in regional British cities has hampered economic growth, resulting in lower living standards than in the US, France, or Germany.

That’s according to a report released ahead of the 50th G7 summit in Fasano, southern Italy. The Centre of Cities think-tank found that the primary difference between the UK and its peers was low productivity in cities such as Manchester, Birmingham, Glasgow, Sheffield and Nottingham.

Cities of a similar size outside Paris and Berlin fare far better when measured by output per worker, per hour. Investment is more evenly distributed across the US, too, where cities thrive thanks to targeted financial support and initiatives.

Lyon and Frankfurt rank higher than Birmingham and Manchester by these metrics , affecting the UK's standing among G7 economies. Britain

"Skills training should form part of retention strategies for local businesses, offering constant opportunities that lead towards career progression."

remains a “middle-ranking” country — but is still ahead of Canada, Italy, and Japan in terms of output per hour.

REACHING THE SUMMIT

The pre-G7 report said London is “no longer consistent” in terms of source-of-income and wealth for the rest of the country — increasing the vulnerability of regional areas. The British government has been urged to adopt a broader investment strategy to improve digital strengths.

Laura Lodwick, chief of hub operations for development organisation AND Digital said

regional investment was vital for national economic prosperity. “Technology, in particular, can open up new opportunities to help distribute wealth and help local communities to thrive,” she said. “A major contributor to the regional gap is that many digitally skilled people move away from their local communities to London to pursue a career. The incoming government, local councils, and regional businesses need a strategy to retain talent."

Digital skills in burgeoning areas such as generative AI play a crucial role in empowerment of citizens, says Lodwick. “Education and local training are important to reskill and upskill the regions. Skills training should form part of retention strategies for local businesses, offering constant opportunities that lead towards career progression.

"Technology has no boundaries, it's not just restricted to London. It's time to show off what the rest of the UK has to offer." i

Transformational ScottishPower Project Could Turn Tide for Rural Communities

Anillwindblowsnogood,buttheseseabreezes seemloadedwithpromiseforgreenelectricity generation.

An offshore windfarm north-west of Islay and west of Colonsay in Scotland could bring jobs and a local economic boost with it.

BiGGAR Economics studied the potential benefits of the MachairWind windfarm, ScottishPower Renewables’ first fixed-bottom powerplant. It found promise for rural and coastal communities in construction, operation, and maintenance.

No decision has been taken as yet on exactly where the facilities will be situated, but MachairWind will be located north-west of Islay in the southern Hebrides. With a generating capacity of up to 2GW, it could produce enough green electricity to power two million homes.

The study considered eight suitable locations for MachairWind, subject to further studies, including technical feasibility. It looked at the potential impacts of using the various ports for the construction period and/or the lifespan of its operations.

Islay and Oban are possible operations and maintenance bases, with construction ports at Campbeltown and Machrihanish on the Clyde Coast. Arnish, Belfast, Kishorn and Nigg are also under consideration as construction ports.

The conclusion is that MachairWind could create “transformational opportunities to address skills gaps, support sustainability efforts, enhance community wellbeing and stimulate growth” in economically-disadvantaged areas. Existing constraints in infrastructure, housing, labour availability, public services and island habitability were taken into account.

There is potential to diversify the economic base and reduce reliance on individual sectors or employers, the report found. Training and skills development, local infrastructure, attracting and retaining workers in rural communities and bolstering the local supply chain were seen as potential benefits in addition to supporting the journey towards net zero.

BiGGAR Economics MD Graeme Blackett admitted there were “lots of moving parts” to be considered, and varying possible impacts for each location. “What is crystal clear is the great potential … to create wide-ranging benefits for communities, both economic and social,” he said.

ScottishPower Renewables spokesperson Kiera Wilson, the MachairWind development lead, said that no port had yet been selected for construction and operations. “There’s a lot more work to be done around this,” she said, adding that the BiGGAR study would “inform our next steps”. It was important to make the right decision for the project, local people, and locations, she said.

"The study shows how important it is to consider all possible scenarios and impacts, and how vital communication and collaboration with communities will continue to be."

ScottishPower is part of Iberdrola, a global producer of wind power with more than 39GW of renewable projects operating around the world – and a pipeline of renewable projects capable of producing 100GW of power. It currently has 40 operational windfarm sites generating some 3GW of renewable energy.

ScottishPower Renewables is investing £3.7bn in offshore and onshore wind and solar generation until 2026. It has a positive track record of working with local communities and businesses across Argyll and Bute. “I’m confident MachairWind will live up to that and create a legacy for a cleaner, greener and more prosperous future,” Wilson said. i

"The study shows how important it is to consider all possible scenarios and impacts, and how vital communication and collaboration with communities will continue to be."

It’s All About Strategy — and Eurofer Has That Under Control

n today's dynamic financial environment, pension funds must optimise investment strategies to ensure sustainability and returns.

A key trend emerging is a shift towards alternative investments, particularly in private markets, as funds seek to diversify their portfolios and enhance risk-adjusted returns.

“The attraction of secondary private equity lies in its ability to offer rapid portfolio diversification through the acquisition of shares in existing private equity funds,” explains Elsa Placanica, general director at Eurofer Pension Fund.

Another significant development is the growing preference for direct investments in alternative investment funds (AIFs) over allocations to alternative investment fund managers (AIFMs). This brings several advantages: transparency, lower management fees, and greater flexibility in investment decisions.

Direct AIF investments allow pensions interests to be aligned with those of the fund, mitigating potential conflicts of interest and enabling more effective investment monitoring via timely, detailed reporting.

For pension funds new to private market investments, a strategic approach to portfolio construction is crucial. Many funds opt to begin with asset classes that offer stable cash flows and predictable returns — real estate, direct lending and infrastructure. This strategy allows funds to build a solid foundation in private markets while developing expertise and familiarity with these complex investment vehicles.

As funds gain experience and confidence in alternative investments, they may explore more sophisticated options to further diversify their portfolios. Secondary private equity investments have emerged as an attractive next step for many pension funds. This asset class offers significant diversification benefits, providing exposure to market dynamics and performance patterns that may not correlate with other portfolio holdings.

The appeal of secondary private equity lies in its ability to offer rapid diversification through

General Director: Elsa Placanica

the acquisition of stakes in existing funds. This benefits risk management, as funds can assess historical performance and underlying assets before committing. Secondary investments often target more mature companies, potentially offering more stable returns than primary private equity investments in early-stage or growthphase businesses.

But the transition into private markets is not without challenges. These investments typically come with higher costs than public market alternatives, including substantial management and performance fees, as well as administrative expenses.

"The 'value for money' concept becomes critical in assessing whether these additional costs are justified by potential benefits,” says Placanica, “such as higher returns and unique diversification opportunities not available in public markets."

As funds navigate this complex landscape, careful consideration is paid to fee structures during the AIF selection process. The potential for enhanced returns must be weighed against the impact of higher fees on long-term performance.

"The key lies in thoughtful portfolio construction, strategic asset allocation, and rigorous due diligence in manager selection and fee negotiation," says Placanica.

The evolving strategies reflect a broader shift towards more sophisticated and diversified portfolios. By balancing risk and reward, particularly in private markets, pension funds can meet their long-term obligations while maximising returns.

“The key lies in thoughtful portfolio construction, strategic asset allocation, and rigorous due diligence in manager selection and fee negotiation,” Placanica sums up. i

There's an App for That…

Is the universal digitalisation of services turning consumersintounpaidadminstaff?

With a mobile application available for almost every conceivable task, are our lives becoming easier by the day?

You might (unthinkingly) think so, if that isn’t a contradiction. But consider the apocryphal case of a young woman trying to rectify an inconsistency in her power bill. She anticipates a straightforward call with a customer-service rep, but finds herself lost in a labyrinthine array of options, FAQs and troubleshooting tips on the company app.

She ends up dedicating a considerable chunk of her day, resolving – by herself, for herself – a problem due to a company error. One that would traditionally have been taken care of by an upbeat professional with a good telephone manner.

This encapsulates a fundamental flaw in the drive to digitalisation. Despite the promised ease-of-use, our growing dependence on digital platforms puts the burden of admin on the shoulders of the user.

Essential service providers, such as banks and healthcare institutions, have undergone a rapid shift and now keep their customers at one remove. Although the tech is supposed to provide smoother customer experiences, we, the punters, are now required to troubleshoot, manage, and resolve difficulties for ourselves.

Is that fair…?

DIGITAL EVOLUTION

Look at the plethora of digital platforms and apps that have become available – or obligatory – over the past two decades. From the dinosaur days of analogue to the shift to digital in the early noughties, progress was driven by the advent of high-speed internet – and the sudden ubiquity of smartphones. Businesses promptly pushed the heap of personal-service queries back towards us. It simplified client interactions for them, and cut operating costs. Win-win. And to be fair, apps are capable of providing quick and easy access to a huge range of products and services.

This transformation allegedly revolved around a commitment to enhancing efficiency and tailoring solutions to customer needs. Online platforms now have direct access, with automated systems, chatbots, and self-service technologies lobbed to the burgeoning crowd of users struggling with some problem or other.

"Despite the promised ease-of-use, our growing dependence on digital platforms puts the burden of admin on the shoulders of the user."

This was a remarkable change in the way administrative duties are undertaken. Old-school customer support models gave way to digitalfirst solutions that put customers in the driving seat – and in charge of their own, sometimes complex, account issues. In-person assistance? Helplines? Forget about it. This is the age of digital interfaces, queries that must fit precise FAQ criteria, and countless chatbots languishing in the ether, available, but likely to confuse us still further.

Despite some indisputable advantages, this has had the general effect of putting strain on consumers. Elderly ones, especially, battle with sudden learning curves. They are forced to dedicate significant amounts of time confronting possible data-security threats and getting their heads around an ever-expanding range of technologies.

Senior citizens and people with disabilities were suddenly floundering in the churning waters of progress. Slick app use necessitates a degree of digital literacy that is not yet universal. Interfaces are not always user-friendly, and some access facilities can’t be operated with screen-readers.

Users will learn, each at their own pace, but configuring a new app, resolving a technical problem, or locating a certain functionality can result in hours of experimentation and guesswork. Customer surveys indicate widespread dissatisfaction with the system as it stands, and many respondents express frustration, or even anger.

The increased reliance on digital platforms places greater responsibility on users to manage their data, necessitating enhanced security and privacy measures. It also entails the ongoing nightmare of generating, safeguarding – and remembering

– reams of passwords containing a capital letter, a number and at least six characters. Then there is two-factor authentication, and the challenge of comprehending data-sharing protocols. Insufficient transparency here results in anxiety about how best to protect one’s information.

LACK OF CUSTOMER SUPPORT

Self-service tools frequently fall short in the bid to resolve even relatively simple problems. Users find themselves trapped in a repetitive flow of screens, none of which does what you need it to. Many platforms don’t even offer direct communication with a human. You can talk to the bot or invest still more time searching through the online-help resources that may or may not be relevant to you.

EFFECTS ON BUSINESS AND SOCIETY

User dissatisfaction has a negative effect on brand loyalty. The transfer of admin chores to customers has resulted in a growing discontent. Negative user experiences lead to higher rates of customer attrition. People are likely to cut ties with corporations that insist on intricate procedures that leave questions unanswered and challenges unresolved.

All this has widened the digital divide, restricting the lives of individuals who find themselves unable to adapt – with knock-on social and economic consequences. Individuals who battle with newfangled gadgets or lack Internet access

face substantial obstacles in reaching crucial services. They find themselves marginalised and unable to find stability in a morphing, digitalised world.

Mental and psychological strain can be exacerbated by the onerous tasks involved. Some people may feel overwhelmed by the ongoing challenge of staying up-to-date and navigating intricate systems.

SHIFTING THE BURDEN

From a corporate standpoint, transferring the administrative responsibility to users has obvious benefits. Cost efficiency is a no-brainer, and an automated customer support system means fewer employees. Companies can cut their labour expenses and prop-up customers’ online difficulties with a tiny skeleton staff.

DATA COLLECTION AND ANALYTICS

By motivating – or forcing – people to take charge of their own IT and admin tasks, organisations get the spin-off benefit of gaining vital data for marketing purposes. Analytics can uncover user preferences and behaviours, as well as areas of dissatisfaction.

Digital platforms make scalability and personalisation possible, and provide tailored recommendations for companies. This theoretically enables the accumulation of more customers via a “customised client experience”.

RESOLUTIONS AND PROSPECTS

So, what can be done to improve matters?

Employing user-centric design is a good start. Platforms should prioritise design appropriate for the needs and preferences of their users, with a focus on user-friendliness. Problem-solving can be expedited via online tutorials, multilayer customer assistance options, and straightforward navigation interfaces. Iterative testing and harnessing user input are crucial for future enhancement.

Hybrid service models combine the benefits of digital and traditional customer care. Models which integrate digital tools with human assistance go some way to guaranteeing appropriate support. Live chat can complement chatbot tech, but in-person or phone support should continue to be accessible.

Companies must implement transparency guidelines to confidently control, protect, and manage customers’ data. Explicit instructions on security measures and the customisation of privacy settings can mitigate apprehension for those who experience unease while doing online tasks.

Governments, corporations, and educational institutions should establish tech-literacy initiatives to help. Providing instruction in fundamental digital skills, optimal security

measures, and effective problem-solving techniques can empower users, and make them feel comfortable interacting with online services.

In a world where digital dominates, companies need to reconsider the thoroughly modern approach and ensure that there is still access to human assistance. Chatbots and FAQ pages should be backed-up by a staff of competent professionals.

The existing strategy imposes an overwhelming, and unfair, administrative load on us – the people, the customers, the clients, the general public. Having to operate complex systems and handle sensitive information can lead to anxiety and annoyance for those lacking IT fluency.

The advantages of transferring duties to users are clear from a business perspective, but it’s important not to disregard the potential longterm impacts. A smooth and comprehensive customer experience is attainable by integrating tech platforms with a friendly human voice.

With some lateral thought and compassion, firms and policymakers can pave a welcoming path to our digital future, where corporate convenience is not achieved at the expense of customer stress. It’s time for some innovation, and the allocation of resources to find solutions that will improve digital services – for everyone. i

Supporting African Businesses: A Focus on Sustainability and Close Customer Relationships

TheAccessBankUKLtdismakingsignificantstrideswith itsinternationalexpansion-andtherearegoodreasons forthat...

The Access Bank UK Ltd provides trade finance, commercial banking, private banking and asset management products and services for customers in OECD markets and supports companies in Africa, MENA, and Asian markets.

It is a wholly-owned subsidiary of Access Bank Plc, listed on the Nigerian Stock Exchange, authorised in the UK by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.

“Like our parent, we are committed to developing a sustainable business model for the environment in which we operate,” says CEO/MD Jamie Simmonds. “This is reflected in our moderate appetite for risk, our passion for customer service and our commitment to build long-term relationships with our customers.”

The Bank has a Dubai branch in the iconic Gate Building of Dubai International Financial Centre (DIFC), regulated by the Dubai Financial Services Authority. Its Paris Branch is regulated by the French Prudential Supervision and Resolution Authority.

The Access Bank UK Ltd plays a key role in the Group’s vision to be “the world’s most respected African bank”. As such, it refuses to chase unsustainable yields as a route to growth.

“We focus on building our business through the strength of our customer relationships,” says Simmonds.

The Access Bank UK Ltd provides services to support business activities in Africa — and across the world. It has been awarded Confirming Bank status by the International Finance Corporation as part of its Global Trade Finance Programme. “We were the first Nigerian Bank in the UK to be appointed as correspondent bank to the Central Bank of Nigeria,” notes Simmonds with pride, “to undertake infrastructure work on behalf of the Nigerian government.” The institution also issues letters-of-credit on behalf of the Nigerian government and Nigerian National Petroleum Corporation (NNPC).

The commercial banking team offers relationship-based services for corporate and individual clients, with a range of products, competitive rates, market-leading systems, and top-quality service.

The global private bank has been built around a passion for that last point: excellent service. “We deliver innovative solutions to clients who value trust, integrity, and accountability as well as investment performance,” the CEO/MD says. “We take a proactive approach to product and service delivery, and offer investment solutions tailored to our customers’ needs.”

The Dubai branch focuses its attention on customers with trade and investment interests in Nigeria, Africa, and the greater MENA region. It is committed to building enduring regional relationships in line with the approach that has proven so effective for the UK branch. “The combination of the Dubai branch and our presence in the UK and Nigeria delivers a wealth of expertise to benefit our customers.”

Its dedicated and experienced team is devoted to delivering superior financial solutions to companies and individuals. “Our staff have worked in international marketplaces, and offer a wealth of knowledge and in-depth experience,” says Simmonds. “We provide all employees with ongoing support and development opportunities. We are very proud that the Investors in People organisation once again accredited us with Platinum status in 2023.”

The Bank is committed to developing a sustainable business model in harmony with the environments in which it operates. This is apparent in its moderate appetite for risk, that passion for customer service, and a commitment to close client partnerships.

Last year was notable for the significant progress The Access Bank UK Ltd made in its mandate to expand its international operations. The French branch went fully operational at the end of last year, and is well placed to capture business flows between France and Francophone countries in Africa.

Asia is equally important to the Group, says Simmonds. “Our Hong Kong operation — the first West African bank to have a presence in the territory — was granted regulatory approval in the final quarter, and we are moving to be fully operational by Q3 this year.

“Opening in Hong Kong is a key development in our expansion strategy. With our growth across Africa, the dominance and size of the Nigerian economy, and historic trading links, Hong Kong is the perfect conduit for trade flows in and out of major Asian markets.”

A strong presence in Hong Kong allows the Bank to replicate its proven relationship-based model in Asia, as it has done in Dubai for MENA, and France for Francophone countries in Africa. The Access Bank UK Ltd has also applied for a banking licence in Malta.

The Annual Report and Financial Statements 2023 reveal that the Bank has met some impressive strategic milestones, highlighting adept execution and strategic vision.

Entitled Expanding Our International Footprint, the report highlights a strong operational

CEO/MD of The Access Bank UK Ltd: Jamie Simmonds

"The Access Bank UK Ltd plays a key role in the Group’s vision to be 'the world’s most respected African bank'. As such, it refuses to chase unsustainable yields as a route to growth."

performance by the main strategic business units, and continued growth in Europe and Asia. The Bank passed the $200m milestone for the first time last year, with 58 percent year-on-year growth taking it to $207.6m.

Trade finance continued to be the largest SBU, growing overall income by 69 percent year-onyear, from $62.6m in 2022 to $106.1m last year. Correspondent banks (parent excluded) contributed income of $54.9m, an increase of 68 percent on 2022. Access Group income amounted to $28.2m, a stunning 92 percent year-on-year increase.

The commercial banking department also posted substantial growth, reaching $78.9m from $49.7m in 2022 — a year-on-year increase of 59 percent. “The commitment to supporting customers is crucial for Nigeria’s economic emergence,” notes Simmonds. “Being flexible to market conditions is a key factor.”

The Bank’s direct membership of Sterling clearing, and of Euroclear, further consolidated its status as a safe haven for customer deposits, which reached $1.451bn, an increase of 16 percent last year.

Asset management continued to provide innovative solutions through discretionary strategies and a flexible, execution-only share portfolio. The sector grew its income to $10.4m, a 28 percent increase over 2022. Assets Under Management (AUM) grew by 37 percent to reach $458m.

Jamie Simmonds says the results underline the solidity of the Bank’s five-year plan. “With the progress we have made on growing our international footprint, we will continue to make a comprehensive and sustainable contribution to Access Group.

“Our investment in staff and infrastructure development is creating a more efficient and streamlined operation.”

David Charters, The Access Bank UK Ltd's Chairman and independent non-executive

Director, said 2023 had been notable for the significant progress made. “We opened a regulated branch in France in May, we were authorised to open a Restricted Licence branch in Hong Kong towards the end of the year, and we made further progress in growing our international bandwidth in Europe.”

Once approvals from the relevant financial and regulatory authorities are in place, The Access Bank UK Ltd will be making further announcements about its international ambitions. Its progress shows no sign of slowing. i

The Access Bank UK Paris Branch, located between Place de l’Opéra and the Bourse, was launched in 2023

The Access Bank UK DIFC/Dubai Branch situated in the iconic Gate Building of Dubai International Financial Centre

Cement Recycling: Breakthrough for More Sustainable Construction

Reuse and recycle — it makes sense, even in the mostbasicstepsofthebuildingtrade…

The global construction industry is a major contributor to carbon emissions, but it’s facing up to its responsibilities.

Recent British breakthroughs are revolutionising the industry, particularly the innovative solution of cement recycling, a process that aligns with the principles of a circular economy.

Concrete — to state the obvious — is the world's most widely used construction material. And like so many others, it comes with an environmental cost. Cement production accounts for a staggering eight percent of global carbon dioxide emissions, leaving aside the gathering of gravel, sand and other raw materials. One of them, limestone, is responsible for the serious degradation of natural ecosystems.

Enter the brainwave of cement recycling — reusing detritus from demolished buildings. The practice drastically cuts the demand for production, curbing greenhouse gas emissions.

The UK is at the forefront of the innovation, and is pioneering technologies to transform the industry. Carbon dioxide can be captured from waste gases and combined with concrete rubble to create building aggregate. That generates carbon credits and provides a financial incentive — always a good thing for new sustainable practices.

ELECTRIC ARC FURNACES

Another UK-led breakthrough is the adaptation of electric arc furnaces (EAFs) to recycle cement. Traditionally used in steelmaking, EAFs are being employed to process concrete rubble, melting scrap metal and recycled concrete. The

"Recent British breakthroughs are revolutionising the industry, particularly the innovative solution of cement recycling."

aggregates are separated, and the recovered paste can be used in new concrete mixes.

EAFs bring down carbon footprints, as they are more energy-efficient than traditional kilns. Air pollution is lower, too — and as a bonus, EAFs can recover valuable metals from scrap, further promoting a circular economy.

The furnaces are operationally flexible, allowing for smaller batches of cement to be made, and can churn out other recycled materials.

CHALLENGES

AHEAD…?

While the potential is immense, challenges to cement recycling exist. The development of standardised quality-control measures and the optimisation of processes are areas that require ongoing R&D.

But already, things look promising. Environmental awareness is a top priority for corporations, authorities and individuals, and government incentives are driving recycling. The integration of innovative technologies such as these is expected to accelerate the adoption of environmentally friendly processes.

Cement recycling seems to have a solid future ahead of it. i

"Carbon dioxide can be captured from waste gases and combined with concrete rubble to create building aggregate. That generates carbon credits and provides a financial incentive — always a good thing for new sustainable practices."

"Environmental

awareness is a top priority for corporations, authorities and individuals, and government incentives are driving recycling."

> Big Issue Invest Restaurant Project Brings Hope and Employment to People Sleeping Rough in London

six-figure investment from Big Issue Invest is helping to kick-start a social initiative giving homeless people employment at a fine-dining restaurant.

The staff at Home Kitchen, a new restaurant in Primrose Hill, north-west London, are all struggling with the scourge of homelessness — sleeping rough, sofa-surfing, or living in unstable accommodation. The scheme is a bid to tackle homelessness and hospitality staffing shortages in one dramatic swoop.

Big Issue Invest, the social investment arm of the Big Issue Group, has put £210,000 into the project, which will see the recruits working side-by-side with Michelin-starred executive chef Adam Simmonds.

The restaurant will open its doors in September, says Big Issue Invest CEO Danyal Sattar. The venture would “bring change through enterprise”, he said, and give underprivileged people a route into the hospitality industry.

Big Issue’s Blueprint To End Poverty is calling on the UK government to implement a range of policies, including investment in education and

"The recruits will also learn about fine and casual dining, marketing and advertising, catering, hospitality, and event management."

skills training, to support a back-to-work drive with “confidence-building approaches”. The overriding aim is to end rough sleeping by 2030.

“The solution that Home Kitchen has cooked up certainly has the ingredients to help achieve those goals,” quipped Simmonds, adding: “It will be an accelerant out of poverty for our recruits, and an incubator of untapped talent for the catering industry.

“The restaurant business is an ideal vehicle for our social impact. If you can change perceptions in this world, then you can do it in any other walk of life.”

Home Kitchen’s recruits will receive fulltime contracts at London Living Wage, travel expenses, and two tranches of training. After a 90-day probationary period at Home Kitchen, they will go on to Westminster Kingsway College. There, they will study for professional culinary skills certification in addition to the on-the-job training under the watchful eye of Simmonds.

The initial brigade will be 16 strong, supported by a head chef, general manager, assistant general manager, and a hands-on leadership team with wide experience in the “third sector” — the charities, social enterprises and community groups delivering essential services, improving individual wellbeing, and contributing to economic growth. The recruits will also learn about fine and casual dining, marketing and advertising, catering, hospitality, and event management.

Big Issue Invest, founded in 2005, offers loans and investments — ranging in size from £20,000 to £4m — to social enterprises and charities across Britain. A full 90 percent of that goes to organisations creating core solutions to end poverty. i

> The Long Arm of the Law and Myopia of the Justice System

“W Whenitcomestowhite-collarcrime,shouldthepenalty fittheoffense…ortheamountofmoneyinvolved?

hite-collar” crime, distinguished by deceit, concealment, or breach of trust, seldom involves violence; it is more usually the manipulation of financial and policy networks.

Offences include embezzlement, fraud, and insider trading, and they can be serious. They inflict financial damage, and erode public confidence in institutions. And, in recent months, they, and the penalties they command, have made headlines.

Consider, first of all, the high-profile case involving Sam Bankman-Fried, aka SBF, the unfortunate founder of the cryptocurrency exchange FTX. His amazing ascent and hellish fall from grace serve as a prime example of the complex characteristics of this legal area – and the far-reaching consequences for stakeholders, personnel, and the integrity of the market itself.

SBF’s case, and others like it, ignited a debate regarding the severity of penalties. Should justice be proportional to the dollar-amount involved? Should sentences be linked to monetary value? Or should the eventual sanction be determined by the degree of social misconduct?

There are intricacies and implications to be considered.

White-collar crimes frequently involve failed financial schemes, and can cause widespread economic and social disruption. White-collar offences pose distinct sentencing challenges due to their nebulous nature. Although different jurisdictions penalise these offences in a variety of ways, sentencing is usually influenced by some common factors.

PRESENT LEGISLATION

US federal sentencing guidelines take into account the number of victims, the amount of money lost or misappropriated, and whether or not the crime involved “sophisticated means”. Similar frameworks consider the magnitude and consequences of offences committed in the UK and Germany.

The assessment of appropriate penalties generally hinges on four pivotal factors:

• The overall monetary value implicated: The

higher the amount, the stricter the penalty.

• Quantity of victims: The more people involved, the more severe the sentence.

• The perpetrator's role and intent are also considered. Sentencing may be influenced by degree of involvement, and whether reparation efforts were made.

• Recidivism: A defendant's prior convictions, and likelihood of reoffending, constitute additional determinants.

The practical implementation of these principles in a courtroom may be subjective, contingent on the particularities of the case and the expertise of the legal teams on hand. This variability can spark debates around the perceived fairness of the penalty.

FTX AND SBF: A CASE STUDY

The demise of FTX, a formerly respected cryptocurrency exchange, and the conviction of its wild-haired founder, Sam Bankman-Fried, have reshaped the public discourse. The severity of his 25-year sentence has shaken the crypto community – almost as much as the industry vulnerabilities that were exposed.

In November 2022, FTX initiated bankruptcy proceedings after a liquidity crisis that mirrored the actions of a bank-run. Fraud, money trafficking, and the misappropriation of client funds were among the charges levied against Bankman-Fried. These were serious charges which seemed to belie the generally benign nature of the crypto sphere.

Bankman-Fried was eventually adjudged to have misappropriated funds from clients to compensate for losses at his hedge fund, Alameda Research – a pivotal participant in the financial dynamics surrounding FTX's demise.

The legal consequences for the young CEO were staggering: as well as that quarter-century in prison, he was ordered to forfeit $11bn. Where he’ll find that kind of money these days is moot. But these legal landmarks may establish precedents for similar offences in future.

PUBLIC AND LEGAL REACTION

The case incited a fresh evaluation of the regulatory structures surrounding digital assets, and put the spotlight on the management of crypto entities. A hunger for justice characterised

the general public response – especially, it need hardly be said, among those who suffered losses.

SBF’s case also had a global impact on legal discourse about the most effective means of regulating, penalising, and preventing such offences.

MONETARY-BASED SENTENCING

One commonly held metric for suitable sanctions, when it comes to white-collar offences, the amount involved. The sentence ought to be (many believe) proportional to the monetary value of the crime. The objective is to tackle justice and deterrence at a stroke.

Proportionality is a fundamental tenet of criminal justice: the punishment should fit the crime, in basic terms. When the crime causes only financial harm, a correlation between penalty and cash amount involved may establish the gravity of the offence, and its consequences. Fraud that affects thousands of investors and millions of dollars should, this thinking goes, elicit a more severe penalty.

Deterrence is a fundamental aim of criminal sentencing, scaring off would-be offenders by making an example of those caught and convicted. Harsh sanctions can act as a deterrent, communicating the potential repercussions of fraudulent endeavours. The expectation is that prospective ne’er-do-wells will reconsider before doing anything stupid.

Looking at previous cases, such as those of Enron and Bernie Madoff, it becomes evident that courts frequently impose more stringent sentences when higher amounts of money are at stake. These cases contribute to the “restoration of public confidence” in financial markets and regulatory systems.

MONETARY-PRESCRIBED SENTENCING

Although correlating financial amounts with the gravity of crimes may seem logical to some, it’s important to acknowledge some potential complexities and drawbacks.

Sometimes, the monetary value of an offence fails to correspond with its moral reprehensibility or societal injury. The commission of a financial

offence with minimal malice, for example, compared with a small-scale deception to exploit vulnerable communities while inflicting a disproportionate amount of damage. The assessment of a suitable penalties may be complicated, or mitigated, by the magnitude of financial harm caused.

UNINTENDED CONSEQUENCES

Strict adherence to monetary-based sentencing may result in disproportionately severe penalties for unsophisticated offenders who engage in high-value criminal activities. They may not have considered the ramifications or consequences of their conduct. On the other hand, astute offenders devise devious strategies to minimise possible sanctions.

There is the potential for monetary-based sentencing to favour defendants with greater financial resources, given their ability to retain legal representation, minimise financial repercussions, or downplay their involvement. This could result in a system in which defendants’ resources and legal expertise supersede the gravity of their offences when comes sentencing time.

And what about offences that entail physical assault or other social consequences, but carry shorter prison sentences? This gives rise to concerns regarding the justice system's impartiality and consistency.

OPINIONS AND ANALYSES

Let’s solicit the opinions of legal scholars, practitioners, and academics…

After consulting with experienced criminal defence attorneys and former prosecutors, a study has proposed that while financial metrics ought to be considered in sentencing, they should not overshadow crucial elements such as intent, the ethical transgression committed, and the broader societal ramifications of the offence. As one authority noted: "Justice is not simply a monetary value; it also involves restoring equilibrium and confidence."

COMPARATIVE STRUCTURE

Analysts examine various jurisdictions to understand how discrete legal systems approach comparable offences. Certain European nations

Fingering White Collars: Understanding a Crime

White-collar crime spans a broad spectrum of non-violent transgressions, perpetrated by governmental bodies, private enterprises, individuals, or organisations.

This glossary of terms, statistical data, and a chronology of prominent cases may help to broaden understanding of the phenomenon.

Glossary

• Embezzlement: The act of one or more individuals to whom the assets were entrusted withholding assets with the intent of converting them.

• Fraud: Deceitful or fraudulent conduct with the intent to acquire money or personal benefit.

• Insider Trading: The trading of stocks or other securities of a publicly traded company by individuals who have access to non-public information regarding the company.

• Money Laundering: The fraudulent concealment of the illicit origin of substantial sums of money acquired through criminal activity.

place significant emphasis on the offender's cooperation with authorities and efforts to make amends when determining sentences – regardless of the amount of money involved.

Criminal justice and economic-crimes specialists frequently contend that an inflexible emphasis on monetary values can result in sentencing irregularities. They propose a comprehensive strategy that considers the psychological and social harm inflicted on others – something more challenging to measure, but vitally important.

PRACTICAL CASE STUDIES

Courts do sometimes encounter difficulties in establishing consistent sentences. Disparities are frequently observed in cases of comparable monetary value, but which attract varying degrees of public interest or media scrutiny.

Whether sentences for white-collar offences ought to be tied to the monetary value is a complex matter, and an open question. Although financial loss serves as a concrete indicator of harm, and

Key Statistics

• The annual economic burden imposed by white-collar crime in the US is estimated to exceed $300bn.

• The most prevalent type of white-collar crime is fraud, with embezzlement and money laundering following suit in terms of percentage.

Significant Cases

• Enron (2001): A corporate scandal in which deceitful accounting practices precipitated the bankruptcy of the company and the subsequent dissolution of Arthur Andersen, a globally recognised audit-and-accountancy partnership ranked among the world’s five largest.

• Bernard Madoff (2008): The most extensive fraudulent scheme in recorded history, deceiving billions of dollars from thousands of investors.

• Sam Bankman-Fried (2022) was the founder of the FTX cryptocurrency exchange. He was implicated in various financial offences, such as money laundering and fraud, which brought attention to the challenges prevalent in the cryptocurrency industry.

offers a direct method for calculating penalties, this methodology is inadequate in scope to encompass ethical transgressions and broader societal repercussions.

In addition to financial ramifications, sentencing must consider ethical gravity, the number of victims involved, and the criminal's intent. In Sam Bankman-Fried’s case, light is shed on the significant disparities that arise between financial indicators and the ethical aspects of white-collar crimes. Should legal systems around the globe reassess and modify their sentencing principles in order to more faithfully account for these complex factors? If so, subsequent reforms ought to strive for equilibrium between punitive measures and moral culpability.

Through the iterative improvement of these principles, it is possible to enhance the efficacy of sanctions for white-collar offences – preventing unethical behaviour, reinstating public confidence, and upholding justice in accordance with the principles of fairness and responsibility. i

‘Deep-Tech’ Founders-TurnedInvestors Forge VC Powerhouse >

‘We’rebuildingtheVCfirmwewishwe’dhadastechnical founders’.

UK early-stage deep-tech VC firm SCVC focuses on tech start-ups coming from the UK's world-leading academic institutions.

Deep tech is a sector providing solutions to scientific or engineering challenges. The SCVC mission is to create global impact for people and planet, leveraging its expertise – and it has recently partnered with John Williams.

SCVC is the official venture arm of Science Creates, and Williams is best known for cofounding UK-Japanese billion-dollar tech company Kudan. It paved the way for augmented reality (AR) – and achieved unicorn status at its 2018 Tokyo IPO.

Williams will work alongside Harry Destecroix, SCVC’s managing partner and the founder of Ziylo, which topped the rankings of deep tech acquisitions when it was picked up by Novo Nordisk for up to $800m for its smart insulin technology.

SCVC focuses on deep-tech spin-outs: science and engineering discoveries that transition from research institutions into start-ups capable of delivering global impacts for healthcare and sustainability.

With Williams on the team, SCVC is poised to become the UK’s foremost early-stage, deep-tech investor. It backs some of the country’s most promising quantum and biotech newcomers, including Delta g, Scarlet Therapeutics, and Forefront RF. Last year, it announced the first close of its second deep-tech fund that had a $100m target.

SCVC’s foundations are similar to the founder-led VCs of Silicon Valley, such as a16z and Founders Fund, started by PayPal pioneer Peter Thiel and Netscape founder Marc Andreessen respectively.

Research shows that exited founder-led-VCs have higher success rates for investment than other VC categories. And successful founder-led VCs in Europe are rare. Only eight percent are said to have the relevant experience. This contrasts with the US, where the majority of VCs – 60 percent –previously operated a start-up.

There’s a significant difference between working in a start-up, founding one, and founding and

exiting one that returns money to investors. The majority of start-ups aren't built off a decade of advanced research, and most of the risk is technical, rather than market-related.

“The partnership of two exited founders in a UK company is rare,” said Williams, “but what is even more unusual – and, in our opinion, essential for any successful deep-tech VC –is that the partners themselves are original inventors of the technologies.

“At SCVC, we leverage our backgrounds to really understand the technology in its pure state, and work to identify the product that best leverages the technology’s strengths before even considering the market.

“This technology product-fit model is unique to SCVC.”

Williams believes there is an enormous opportunity afoot. While the UK has some of the best research in the world, it has just half the patenting rate, per capita, of the US – despite a higher publication rate. “This is compounded by a lower commercialisation rate,” he said, “demonstrating that most of our UK deep-tech opportunities are still trapped within academia.

“Because of this, we don’t have a zero-sum game mentality. We’re barely scratching the surface of how many more start-ups we could be making, and how much more investment is needed. The capital and investor base is rate-limiting. We believe in collaboration, and want to actively work with VCs of all backgrounds.”

Major scientific breakthroughs at universities can be problematic because research is often conducted in isolation without considering a commercial fit. “It’s presented as a hard-tounderstand technology with no real context, or worse, chasing a popular, but inappropriate market.”

It’s sad to see great technology die, either stuck in a university or in a start-up where it never really had a chance, laments Williams. “Too many VCs will wait until a later stage to provide capital, where there is more of a business plan and some traction that’s easier to analyse.

“But many don’t make it that far, or they alter the company’s strategy to bait investors into

believing it addresses current hype.” That’s why it’s advantageous for a VC with a technicalfounder background, he says. “They’ve lived and breathed the challenges of turning an idea into reality.

“It’s an untapped opportunity in the UK, so we encourage more founders to enter the VC space. As well as exited founders, it is also important to have more people with STEM backgrounds in VC. This is particularly true in deep tech, where the technological risk typically outweighs the market risk. ”

Williams, Destecroix and the SCVC team have expertise in biotech, quantum, semiconductors and AI – the key areas that the UK government has identified in its strategy to unleash the country’s full potential as a “science and technology superpower”.

Destecroix says the fund has a unique investment thesis: “Deep-tech start-ups are society's most effective economic vehicle to deliver innovation and global impact for the health of people and the health of our planet.

“In case you missed it, the Fourth Industrial Revolution is already here. This is powered not by a single breakthrough technology, but by the combinations of several at the right moment.”

This is thanks to the convergence of biotech, quantum and AI research, he says. “Biology and quantum-sensing are the biggest untapped data sources in the world, and recent advances in AI are beginning to unlock this massive potential.

“John was a visionary in AI and sensing, and our thesis has naturally grown out of hundreds

of hours of discussions where we’ve crossed over into each other’s areas of expertise.”

John Williams left school at 17 to grow tech firm Kudan with veteran Japanese businessman and friend Tomo Ohno. The goal was to continually push the state-of-the-art tech and capture the era’s most successful apps.

As AR became more mainstream, the company repurposed its core technology to create “artificial perception”, AI that allows self-driving cars, robots and drones to “understand” the world around them. It set Kudan up for its IPO on the Tokyo Stock Exchange; the first trading day resulted in the price soaring three-fold without a share being traded, exceeding its billion-dollar valuation.

Harry Destecroix was the founder of Science Creates, the ecosystem that pairs venture

funding with deep-tech incubators and startup accelerator programmes. The project was backed by government funding from UKRI and a charity which trains young tech entrepreneurs. He says Science Creates came “out of necessity” when Ziylo couldn’t find lab space to rent in Bristol.

Destecroix is an expert in deep-tech spinouts, and an adviser to the UK government. His Science Creates generates an annual GVA of more than £125m, and has supported some 100 start-ups. It is also home to UKRI’s national engineering biology accelerator programme.

Science Creates now has 26 full-time staff members – and SCVC is reckoned to be one of the most well-resourced early-stage deep-tech VCs for spin-outs in Europe. i

ANNOUNCING AWARDS 2024

SUMMER HIGHLIGHTS

Once again CFI.co brings you reports of individuals and organisations that our readers and the judging panel consider worthy of special recognition. We hope you find our short profiles interesting and informative.

All the winners announced below were nominated by CFI.co audiences and

then shortlisted for further consideration by the panel. Our research team gathered additional information to help reach a final decision. In many cases, senior members of nominee management teams provided the judges with a personal view of what sets their companies and institutions apart from the competition.

As world economies converge we are coming across many inspirational individuals and organisations from developing as well as developed markets - and everyone can learn something from them. If you have been particularly impressed by an individual or organisation’s performance please visit our award pages at www.cfi.co and nominate.

UNITED BANKERS PLC: EXCELLENCE IN ALTERNATIVE INVESTMENT STRATEGIES NORDICS 2024

United Bankers Plc is a distinguished financial institution headquartered in Finland, renowned for its innovative asset management solutions and expertise in alternative investment strategies. The company has built a solid reputation for managing a diverse array of assets, including forest and forest sector investments, real estate, private equity, and infrastructure. By employing a meticulous approach to market analysis and strategic asset allocation, United Bankers Plc consistently delivers good risk-return ratio for its clients. Its investment strategies are underpinned by a deep understanding of market

dynamics and a commitment to sustainability, ensuring that investments are both profitable and ethically sound. The firm emphasises responsible investment practices, recognising the importance of environmental, social, and governance (ESG) factors. This commitment has attracted investors seeking long-term value aligned with their ethical standards. United Bankers Plc leverages its expertise in real assets and the forestry sector as part of its wealth management for clients. An innovative approach ensures it remains at the forefront of the asset management industry in the Nordics.

BAWAG GROUP AG: BEST BANKING GROUP GOVERNANCE DACH 2024

BAWAG Group has reported 2023 net profit of 683 million euros, a ROTCE of 25 percent, and a cost-toincome ratio of 31.8 percent. Since its 2017 IPO, BAWAG has delivered a total shareholder return of 67 percent, outperforming major European bank indices by 31 percentage points (as of Q1 2024). Earnings per share have grown from 4.50 euros (2017) to 8.31 euros in 2023, with a CAGR of nine percent. BAWAG recently acquired an Idahobased community bank, marking a decade of collaboration with US banking. The group executed a €175 million share buyback in 2023 –since 2017, BAWAG Group distributed € 2.6 billion of

capital in the form of €1.7 billion of dividends, equivalent to €19.70 per share, and €900 million of buybacks, having reduced our total shares outstanding by over 21%. Dividend increased from 3.70 euros to five euros per share last year. In early 2024, BAWAG announced the signing of the acquisition of Knab, a bank in the Netherlands with a customer base of 400,000. BAWAG adheres to the Austrian Code of Corporate Governance and has a two-tier board of a diverse and experienced composition. The company is transparent in its operations and financial reporting. BAWAG ensures high standards of integrity and accountability. It

United Bankers Plc’s dedication to client satisfaction is evident in its personalised service and transparent communication, fostering strong and lasting relationships. The firm’s ability to adapt to changing market conditions and identify lucrative investment opportunities sets it apart from competitors. Its track record of success and commitment to excellence has established a leadership role in the Nordic asset management sector. The CFI.co Judging Panel congratulates United Bankers Plc on winning the 2024 award Excellence in Alternative Investment Strategies (Nordics).

is renowned for active community engagement, contributing over 3,700 volunteer hours in 2023. Initiatives include preparing and distributing more than 25,000 meals, disaster relief, and matching a one-million-euro donation from its management board. The bank promotes financial literacy for underprivileged children and environmental efforts such as riverbank clean-ups. BAWAG Group’s focus on governance delivers strong returns for stakeholders while contributing significantly to the community. The CFI.co Judging Panel congratulates BAWAG Group AG on the 2024 award Best Banking Group Governance (DACH).

PORTZAMPARC SOCIÉTÉ DE BOURSE: EXCELLENCE IN SME MARKET EQUITY RESEARCH FRANCE 2024

Portzamparc Société de Bourse, fully owned by BNP Paribas, is a leader in the French equity capital markets, with a focus on small and medium-sized enterprises (SMEs). Its expertise is demonstrated through extensive coverage of 130 stocks across industries including healthcare, technology, energy, and real estate, with dedicated analysts providing deep sectorspecific knowledge. The research department, staffed by experienced analysts, many of whom hold CFA charters, produces high-quality reports recognised and distributed via platforms like Bloomberg, Factset, Refinitiv, and S&P.

Portzamparc's research is frequently cited in leading financial publications, including BFM Business, Boursorama, Les Echos-Investir, and La Tribune. Robust equity research makes it a crucial player in the market, aiding IPOs of numerous SMEs. Over the past decade, Portzamparc has been instrumental in various initial public offerings, achieving the Euronext Best IPO Mid & Small Award on eight occasions. This success is supported by collaboration with over 200 asset managers across Europe, highlighting its role in raising capital for French SMEs. A commitment to responsible

investing and detailed market insights ensures it effectively supports and drives client growth. Portzamparc's unique approach includes proprietary ESG ratings integrated into the research process, underscoring dedication to sustainable investment practices. Its comprehensive analysis helps investors make informed decisions, reinforcing Portzamparc's reputation as a leader in the French equity markets. The CFI.co Judging Panel congratulates Portzamparc Société de Bourse on winning the 2024 award for Excellence in SME Market Equity Research (France).

FONDO PENSIONE EUROFER: OUTSTANDING PENSION FUND PERFORMANCE ITALY 2024

Fondo Pensione Eurofer, a prominent player in Italy's pension fund sector, has distinguished itself through a series of remarkable achievements. As a collectively agreed supplementary pension fund for railway sector employees, Eurofer provides a critical second pillar pension alongside the mandatory state pension. The fund’s strategic investment approach is noteworthy, encompassing three key segments: Garantito, Bilanciato, and Dinamico. Each segment is tailored to specific risk profiles, ranging from highly conservative to aggressively dynamic, ensuring members have the flexibility to align

their investments with their financial goals. The fund has consistently delivered impressive returns, outperforming other contractual pension funds in Italy. For instance, in 2023, the Dinamico segment achieved a return of 10.5 percent, significantly higher than the average for similar funds. Eurofer is lauded for its low management fees and high level of transparency, providing members with easy access to detailed investment information. The fund’s commitment to sustainability is evident in its significant investments in socially and environmentally responsible ventures. Furthermore, Eurofer

is proactive in educating members through extensive campaigns, reinforcing the importance of prudent financial planning. The fund's robust customer service framework, which includes a contact centre and face-to-face consultations, has been pivotal in maintaining high member satisfaction. With a membership exceeding 90,000, Eurofer continues to be a reliable and forward-thinking choice for Italian workers seeking secure and profitable pension solutions. The CFI.co Judging Panel congratulates Fondo Pensione Eurofer on winning the 2024 award for Outstanding Pension Fund Performance (Italy).

ALBEMARLE ASSET MANAGEMENT: LEADER IN VALUE-DRIVEN INVESTMENT STRATEGIES UK 2024

Albemarle Asset Management, a distinguished UKbased asset manager, has garnered recognition for its exceptional approach to value-driven investment strategies. The company's philosophy is rooted in a comprehensive understanding of the complex system in which it operates, acknowledging the inherent unpredictability of future market conditions. Albemarle's strategy is anchored on two fundamental pillars. The first pillar involves a pragmatic approach to navigating the multifaceted financial environment, leveraging simplicity, experience, and common sense to address the high interconnectivity of variables. The second pillar is a robust analytical framework,

emphasising an in-depth understanding of investment targets through meticulous company valuations, management meetings, and on-site visits. This dual approach ensures a profound comprehension of both qualitative and quantitative aspects of potential investments. Albemarle's commitment to sustainability is evident in its stringent selection criteria, avoiding companies in Oil & Gas, Coal and Construction sectors. The company's commitment to ESG (Environmental, Social, and Governance) principles are substantiated by best-in-class Morningstar Sustainability ratings, underscoring its adherence to responsible investment

practices and thought leadership in the industry. Its portfolios are concentrated, reflecting a "less is more" philosophy, with a focused selection of investments that have undergone rigorous scrutiny. Furthermore, Albemarle is planning to integrate artificial intelligence to enhance its investment decision-making processes, demonstrating a forward-looking vision in asset management. Albemarle’s plans reflect its truly innovative spirit and dedication to excellence. The CFI.co Judging Panel congratulates Albemarle Asset Management on winning the 2024 award for Leader in Value-Driven Investment Strategies (UK).

Oliver Libby, Co-Founder and Managing Partner of H/L Ventures has profoundly influenced impact investing. Since founding H/L Ventures in 2009, Oliver has been instrumental in championing high-growth entrepreneurs, often from underrepresented backgrounds, who aspire to create ventures that benefit both people and the planet. With a commitment to diversity, the executive teams of H/L Ventures' portfolio companies are among the most diverse in the venture capital industry, reflecting Oliver’s dedication to inclusive entrepreneurship. Under his leadership, H/L Ventures has developed a

distinctive approach of Daily Active Engagement, which involves providing continuous support to portfolio companies, facilitating business development, talent acquisition, and strategic advice. This hands-on methodology, supported by a core team of nearly 70 professionals and an expert network of approximately 300, has set a new standard in venture capital, fostering deep connections that enhance potential success and returns. Notable companies within H/L’s portfolio include Automotus, Group Black, and Sealed, each exemplifying the firm’s ethos of impactful and sustainable growth. Additionally,

Oliver co-founded The Resolution Project in 2007, a non-profit that has launched over 700 young social entrepreneurs across 85 countries. The project supports student entrepreneurs with initial funding and mentorship, contributing to a significant positive impact on over six million people globally. Furthermore, Oliver's foresight and commitment have made H/L Ventures a leader in the field of impact investing, continuously setting new benchmarks for socially responsible entrepreneurship. The CFI.co Judging Panel congratulates Oliver Libby on winning the 2024 award for Impact Investing Trailblazer.

> OLIVER LIBBY: IMPACT INVESTING TRAILBLAZER 2024

NORVESTOR: BEST SUSTAINABLE EQUITY INVESTOR NORDICS 2024

Norvestor is a leader in sustainable investing, underpinned by three cornerstone principles: integrating ESG into the investment process, promoting sustainable business practices, and investing in companies that offer innovative solutions to global challenges. Norvestor embeds ESG into every aspect of the investment process, identifying risks and opportunities. Its extensive due diligence process emphasises compliance, governance, and risk management. Norvestor’s new Head of Sustainability is committed to providing strategic direction, ensuring compliance, and collaborating closely with portfolio companies. Norvestor’s commitment to sustainability is evident in its achievements over the past year, including the implementation of a global ESG platform to manage sustainability data, its improvement in CO2 reporting, and support for all portfolio companies

to report full Scope 3 emissions. The firm consistently monitors KPIs, with 83 percent of boards now including female directors. Governance policies have been fully integrated into the requirements for all portfolio companies. Norvestor has delivered impressive results through Fund VIII, with an average gross multiple of 2.32x and an IRR of 42 percent (Q1 2024). The firm successfully closed Fund IX at EUR 1.5 bn, comfortably exceeding its target, and has already made four strategic acquisitions in leading enterprises. An ESG summit is planned to foster stronger CFO involvement, coaching, and mentoring. With a disciplined focus on ESG, Norvestor drives impactful change in its portfolio companies, ensuring that sustainable practices are fully integrated. The CFI.co Judging Panel congratulates Norvestor on winning the 2024 award Best Sustainable Equity Investor (Nordics).

BANCO BPI: EXCELLENCE IN SUSTAINABLE BANKING INITIATIVE PORTUGAL 2024

Banco BPI's dedication to sustainability is a beacon of proactive environmental and social responsibility. Beyond mere rhetoric, the bank's commitment is deeply ingrained in its operational DNA. By actively participating in environmental initiatives and spearheading industry-wide changes, Banco BPI sets a precedent for other financial institutions. One of the bank's standout initiatives is its unwavering support for small and mediumsized enterprises (SMEs), where sustainability education, collaboration, and investment converge. Not content with merely advising on mitigating environmental impact, Banco BPI takes a proactive role in driving societal awareness and promoting behavioural shifts towards sustainability. Its multifaceted approach spans various sectors, aiming to instigate fundamental changes in both corporate and community behaviours. Crucially,

Banco BPI's workforce is not just a passive bystander but an active participant in these initiatives. With 308 social inclusion initiatives, the bank's employees play a pivotal role in benefiting over 35,000 beneficiaries in 2023. Moreover, Banco BPI sets a commendable example in gender equality, with 44 percent of senior positions held by women, showcasing its dedication to fostering diversity and inclusion. These efforts are but part of a broader strategy to drive meaningful social transformation. By investing not only financially but also through advocacy and leadership, Banco BPI is instrumental in shaping a more inclusive and compassionate society. It's no surprise that the CFI.co Judging Panel recognises Banco BPI's exceptional contributions by awarding it the 2024 Excellence in Sustainable Banking Initiative (Portugal) accolade.

ECCELSA AVIATION: BEST PRIVATE AVIATION TERMINAL OPERATOR EUROPE 2024

Eccelsa Aviation, established in 2002, operates the sole Fixed Base Operation (FBO) in Olbia, Sardinia, and has distinguished itself through exemplary service to passengers and customers. The company has consistently invested in personnel and equipment to ensure the highest standards for all aircraft and passengers selecting Northern Sardinia as their destination. Eccelsa Aviation's dedicated terminal was meticulously designed to offer comfort, safety, security, and practicality, catering to the specific needs of its users. The team, comprising 55 highly trained professionals, provides round-the-clock service, ensuring that all requests are met, and that no arrival or departure is denied, even during peak periods when up to 200 private jet movements are experienced daily. This operational capability is unique within the Mediterranean and European regions, reflecting the company's

commitment to excellence. Eccelsa Aviation's ability to handle private aviation traffic without limitations or airport restrictions is testament to its superior management and service quality. The company's dedication to the highest service standards ensures a seamless and efficient experience for all, contributing to the region's attractiveness as a premier holiday destination. The team’s attention to detail and customerfocused approach extends to offering bespoke services such as a concierge service and luxury transportation. The team’s commitment to service excellence and operational efficiency has solidified Eccelsa Aviation's reputation as a leader in the private aviation industry, consistently surpassing expectations. The CFI.co Judging Panel congratulates Eccelsa Aviation on winning the 2024 award for Best Private Aviation Terminal Operator (Europe).

ARTICO EQUITY TEAM - SERAFIN ASSET MANAGEMENT:

Artico Equity Team, operating under Serafin Asset Management, has emerged as a leader in sustainable investment with its innovative approach integrating high fundamental quality, outstanding ESG scores, and Paris-aligned decarbonisation path within a single portfolio. Since 2021, Artico has ensured all its funds are classified as Article 9 under the Sustainable Finance Disclosure Regulation (SFDR), emphasising the reduction of greenhouse gas emissions. Artico’s strategy allows investors to transition from non-sustainable global equities to sustainable investments without sacrificing

returns. The firm’s systematic approach ensures higher impact by shifting asset allocations towards sustainability and decarbonisation while maintaining strong financial performance. Artico formed a strategic alliance with Serafin Asset Management, a family-owned business, in 2023. This partnership enables Artico to join a larger team and benefit from enhanced distribution effectiveness. The collaboration is expected to amplify Artico’s market reach as the funds transition to UCITS status, making them accessible to many more investors. This move should attract new business and strengthen

Artico’s position as a notable sustainable equity fund manager. Artico's unique proposition lies in combining high fundamental quality, exceptional ESG performance, and a Parisaligned decarbonisation pathway, ensuring robust performance is maintained. With the transition to UCITS and the partnership with Serafin, Artico is poised to expand its influence and drive growth in sustainable investing. The CFI.co Judging Panel congratulates Artico Equity Team - Serafin Asset Management on winning the 2024 award Best Sustainable Equity Fund Manager (Switzerland).

RAIFFEISEN BANK INTERNATIONAL: BEST STRUCTURED PRODUCTS BANK CEE 2024

Raiffeisen Bank International (RBI) has firmly established itself as a leader in Central and Eastern Europe (CEE), coordinated from its head office in Austria. RBI’s outstanding and broad market coverage has propelled the bank to a record year, marked by the highest volume in its history and a remarkable 36 percent increase. The bank excels not only in issuing structured bonds but also in providing comprehensive financial education, offering training for over 200 senior managers in local languages. This localised approach

ensures that RBI remains closely connected to its markets, allowing for swift and effective responses to change. RBI’s commitment is evident through its extensive capital protection initiatives on the Warsaw Stock Exchange and a broad range of offerings in Slovakia and the Czech Republic. In Poland, RBI’s integration with the Polish Stock Exchange, offering services in local currency, underscores adaptability and market-specific expertise. Additionally, the bank runs an extensive webinar programme,

further solidifying its role as thought leader and educator in the financial sector. RBI’s deep understanding of local languages and cultures across its operational regions enhances its ability to provide tailored financial solutions and maintain close relationships with its clientele. The bank’s proactive approach and innovation significantly contribute to its success. The CFI.co Judging Panel congratulates Raiffeisen Bank International on winning the 2024 award for Best Structured Products Bank (CEE).

> TGE POLISH POWER EXCHANGE: BEST COMMODITIES EXCHANGE ESG STRATEGY EUROPE 2024

The TGE Polish Power Exchange, as Poland's only commodities exchange, stands out for its pioneering efforts in integrating environmental, social, and governance (ESG) principles into its operations, positioning itself as a leader in sustainable commodities trading. The exchange's strategic focus on renewable energy sources such as biogas and hydrogen aligns with European and national goals to transition to a low-carbon economy, underscoring its commitment to environmental sustainability. TGE has not only expanded its trading portfolio to include renewable energy but has also developed

innovative indices that provide transparency and encourage investment in green energy markets. These efforts reflect a proactive approach to ESG that goes beyond regulatory compliance, embedding sustainability into the very fabric of the organisation. TGE's dedication to fostering a transparent and regulated trading environment is evident in its active participation in European regulatory discussions, advocating for market integrity and operational excellence. By engaging with regulatory bodies, TGE ensures that it remains at the forefront of market developments and sets a benchmark for best practices in

commodities trading. This commitment to ESG principles has not only strengthened TGE's market position but also serves as a model for other exchanges. The exchange's ability to balance environmental objectives with financial performance demonstrates a forward-thinking approach that supports long-term sustainability.

The CFI.co Judging Panel, recognising exemplary contributions to advancing sustainability in the commodities market, congratulates TGE Polish Power Exchange on winning the 2024 award Best Commodities Exchange ESG Strategy (Europe).

Globalturk Capital, founded in January 2011, has dedicated itself to assisting Turkish companies in their global expansion and foreign direct investors’ entry to Türkiye. This focused investment advisory firm differentiates itself from traditional mergers and acquisitions and private equity advisors through a holistic approach, promoting strategic growth with a long-term vision, like a merchant bank. The firm supports private equity investors who invest in companies it advises with a vested interest during the post-transaction period. As a gateway for private capital in Türkiye and environs, Globalturk Capital’s unique model fosters harmony between local companies and international direct investors. The firm’s strategic partnership with Global Private Capital Association – GPCA, based in New York (formerly Emerging Markets Private Equity Association – EMPEA) underscores its influential position in facilitating international investments. It actively engages in significant efforts to enhance global integration, hosting large events and roundtables in key financial hubs like London, Washington DC, New York and Istanbul since 2015 often featuring high-

AvaTrade is a distinguished online trading broker, offering a wide array of financial instruments including CFDs, stocks, FX, bonds, indices, ETFs, commodities, and cryptocurrencies. Since its inception in 2006, AvaTrade has expanded globally, establishing a significant presence in numerous countries. UK traders benefit from additional options such as spread betting. AvaTrade is committed to providing comprehensive support to traders of all levels through its various platforms, including WebTrader, MT4/5, DupliTrade, and AvaOptions, as well as mobile trading via the AvaOptions and AvaSocial apps. Renowned for being highly regulated, AvaTrade operates under the strict supervision of multiple top-tier financial authorities such as the Central Bank of Ireland, ASIC, and FSA. The company's innovative AvaTradeGO mobile app offers a seamless trading experience, featuring advanced yet user-friendly charts and

GKSD Investment Holding Group – Gruppo San Donato in Italy exemplifies a strategic focus on elevating advanced healthcare through investment in cutting-edge medical research, technology, and professional training. Under the leadership of Kamel Ghribi, the group prioritises making quality, compassionate healthcare accessible to all, not just the wealthy. Its integrated model includes education through Vita-Salute San Raffaele University, renowned for its master's and PhD programs, thereby addressing the global need for qualified healthcare professionals. The group’s pioneering work in gene and stem cell therapy, along with notable firsts in robotassisted operations, underscores a commitment to innovation. Additionally, the GKSD provides sustainable infrastructure solutions, highlighted by projects like the off-grid IRCSS Ospedale Galeazzi Hospital in Milan. The group’s strategic expansion is evident in its operations across Italy, Poland, Romania, and Iraq. A key partnership with Generali Insurance in Italy aims to establish 70

profile participants including top-level private capital executives, advisory service providers, corporates and Turkish and UK political leaders and ministers. Globalturk Capital also supports regional development by enhancing interaction and corporate collaboration, particularly in collaborating with GPCA, the London Stock Exchange Group and international financial corporations, and producing insightful reports on the investment and business landscape covering Türkiye and environs and broadcasts those reports to the global investment and business community. Globalturk Capital has been contributing to Türkiye’s economic development by promoting Türkiye as a unique investment destination to foreign capital via such global investor gatherings and report publications. The firm’s commitment to supporting Türkiye and environs in fostering private capital interaction is unparalleled, and its role as a key player in cross-border mergers and acquisitions is well-recognized. The CFI.co Judging Panel congratulates Globalturk Capital on winning the 2024 award for Excellence Facilitating International Expansion and Investments (Türkiye).

numerous indicators. AvaTrade also integrates the Trading Central tool, providing traders with expert market analysis and insights. The AvaProtect™ risk management tool ensures trades are shielded from losses within the protection period, enhancing trader confidence. Educational resources are a key focus, with the AvaTrade Academy offering courses and quizzes tailored to traders of all levels. The company's YouTube channel and daily market updates further support trader education. AvaTrade's partnership with Aston Martin Aramco Cognizant Formula One® Team underscores its dedication to excellence and innovation. AvaTrade’s Trading Signals feature, powered by Trading Central, identifies high-profit opportunities. AvaTrade’s multilingual help desk operates 24/7. The CFI.co Judging Panel heartily congratulates AvaTrade on winning the 2024 award for Outstanding Regulated Online Broker.

smart outpatient clinics, enhancing healthcare coverage nationwide. Significant mergers, such as acquiring The American Heart of Poland and ScanMed Group, further solidify its influence. Humanitarian efforts extend to Syria and Lebanon, while GKSD also manages hospital concessions in Iraq and is expanding organically in Romania. GKSD's commitment to sustainable healthcare incorporates state-of-the-art technology and continuous research investment. Its environmental initiatives include waste-to-energy projects and comprehensive waste and water treatment programmes. The 360-degree value chain created around the healthcare component, from services to educational and environmental initiatives, reflects core values of professionalism, integrity, teamwork, innovation, and dedication to a better future for humanity and the planet. The CFI.co Judging Panel congratulates GKSD Investment Holding Group - Gruppo San Donato on winning the 2024 award for Excellence in High-Growth Investment Strategies (EMEA).

> KUWAIT INTERNATIONAL BANK

BEST REAL ESTATE SOLUTIONS PROVIDER MENA 2024

Kuwait International Bank (KIB) has distinguished itself through its unmatched achievements and expertise in the real estate sector. With over 50 years of experience, KIB excels in real estate appraisals, financing, property management, and advisory services. The bank's pioneering initiatives include the launch of KIB Aqari, the first one-stop-shop real estate mobile application in the Kuwaiti market. This innovative platform has revolutionised real estate services by providing comprehensive solutions to customers, streamlining processes, and enhancing user experience.

KIB's unwavering commitment to excellence, innovation, and superior customer service has cemented its position as a leader in the industry. The bank’s strategic approach and customer-centric philosophy ensure that it meets the evolving needs of its clients, offering tailored solutions that address both individual and commercial real estate requirements. KIB's extensive portfolio and dedicated team of talented professionals exemplify its dedication to maintaining high standards in every aspect of its operations. The bank’s continuous efforts to enhance its service offerings and

BEST SHARIA-COMPLIANT BANK MENA 2024

Kuwait International Bank (KIB) has established itself as a leading institution in the realm of Shariacompliant banking, demonstrating a steadfast commitment to Islamic financial principles. With a rich history and a robust portfolio of products and services, KIB offers a comprehensive range of banking solutions that adhere to Sharia law, ensuring ethical and equitable financial transactions. The bank's innovative approach includes the development of tailored financial products that meet the unique needs of its customers, from personal banking and corporate finance to investment and real estate appraisal

BEST

services. KIB's dedication to excellence is evident in its strategic initiatives aimed at enhancing customer experience and operational efficiency.

The bank’s digital transformation journey, characterised by the introduction of cuttingedge online and mobile banking platforms, has significantly improved accessibility and convenience for its customers. Furthermore, KIB’s active participation in community development and charitable activities highlights its commitment to social responsibility and ethical banking practices. The bank's knowledgeable and experienced team ensures that all services comply with the highest

BANK IN FINANCIAL LITERACY PROGRAMME MENA 2024

Kuwait International Bank (KIB) has demonstrated exceptional leadership and innovation in promoting financial literacy across the MENA region. With a strong commitment to enhancing the financial acumen of individuals and communities, KIB has developed comprehensive educational programmes and initiatives aimed at improving financial literacy. The bank’s strategic approach includes workshops, seminars, and digital resources designed to empower individuals with the knowledge and skills needed to make informed financial decisions. By leveraging its expertise and resources, KIB has successfully engaged

diverse audiences, including students, professionals, and underserved communities, fostering a culture of financial responsibility and awareness. The bank's financial literacy programmes cover a wide range of topics, from basic budgeting and saving strategies to more complex subjects such as investment planning and risk management. KIB’s dedication to this cause is further exemplified by its collaborations with educational institutions and government agencies, ensuring a broad and impactful reach. The bank’s innovative use of technology in delivering these programmes, including interactive online platforms

adopt cutting-edge technologies have certainly set a benchmark in the real estate market. Moreover, KIB's active involvement in Proptech development projects and sustainable real estate practices further underscores its leadership and commitment to the region's growth. This recognition of achievement reflects KIB’s influential role in shaping the future of real estate services in the region, solidifying its reputation as a forward-thinking institution. The CFI.co Judging Panel congratulates Kuwait International Bank on winning the 2024 award for Best Real Estate Solutions Provider (MENA).

standards of Sharia governance, providing customers with trust and confidence in their financial dealings. The CFI.co judging panel points out that, “This accolade recognises KIB’s leadership in promoting and sustaining Shariacompliant banking and reflects its innovative spirit and unwavering adherence to Islamic principles.” The panel congratulates Kuwait International Bank on winning the 2024 award for Best Sharia-Compliant Bank (MENA), which underscores its vital role in the regional financial landscape and its ongoing dedication to customer satisfaction and innovation.

and mobile applications, has significantly enhanced accessibility and engagement. KIB’s efforts in promoting financial literacy not only contribute to individual empowerment but also support the broader economic development of the region. This recognition highlights KIB’s pivotal role in advancing financial education and underscores its commitment to social responsibility and community development.

The CFI.co Judging Panel congratulates Kuwait International Bank on winning the 2024 award Best Bank in Financial Literacy Programme (MENA), recognising exceptional contributions to financial education and empowerment.

BEST CAPITAL MARKET ESG STRATEGY GCC 2023

Boursa Kuwait is dedicated to advancing sustainable practices within the local capital market, fostering an investment climate that attracts and nurtures sustainable investments. Central to its Corporate Sustainability strategy are the two pillars of Community and Environment. The Community pillar highlights the company's commitment to social responsibility and ensures that all stakeholders are equipped with the essential knowledge and skills to make sound investment decisions while the Environment pillar focuses on minimizing the adverse impact of operations and promoting best practices for environmental preservation. Boursa Kuwait's initiatives include

the publication of comprehensive ESG reports and the development of an ESG Reporting Guide, which supports listed companies in transparent reporting aligned with global standards. By being a member of the United Nations-led Sustainable Stock Exchanges initiative, Boursa Kuwait promotes corporate sustainability and transparency. Boursa Kuwait’s commitment to these pillars is evident in its robust ESG strategies that align with the State of Kuwait’s national development plan and its “New Kuwait” vision. By fostering an investment environment that prioritises sustainability, Boursa Kuwait attracts a diverse range of participants and investments

OUTSTANDING CONTRIBUTION TO FINANCIAL INCLUSION GCC 2023

Boursa Kuwait has significantly contributed to enhancing financial inclusion within the GCC region through its strategic initiatives aimed at developing a robust and inclusive capital market. By providing access to a wide range of investment opportunities and promoting financial literacy, Boursa Kuwait ensures that a variety of participants, including smaller investors, can engage effectively in the Kuwaiti capital market. The company's focus on transparency and regulatory enhancements further supports investor confidence and market integrity. Boursa Kuwait's efforts are fully aligned with the State of Kuwait’s national development

plan and its “New Kuwait” vision, which aims to transform the country into an important financial hub. The company’s workshops and educational programs play a crucial role in empowering local and regional investors with the knowledge necessary for informed decision-making. Boursa Kuwait's proactive approach to financial inclusion demonstrates its commitment to building a more inclusive financial ecosystem. By facilitating access to financial markets and enhancing market participation, Boursa Kuwait is helping to bridge the gap between different economic segments. Its initiatives have not only increased

OUTSTANDING CONTRIBUTION TO FEMALE EMPOWERMENT MENA 2023

Boursa Kuwait is recognised for its exceptional contribution to female empowerment, reflecting its commitment to gender diversity and inclusion within capital markets. The company has implemented various initiatives aimed at supporting and promoting the role of women in the financial sector. These initiatives include targeted training programmes, mentorship opportunities, and policies that encourage female participation at all levels of the organization. Boursa Kuwait's efforts are part of a broader strategy to foster a more inclusive workplace and empower women to take on leadership roles. By advocating for

gender equality and providing platforms for women to excel, Boursa Kuwait contributes to the socio-economic development of the region. These initiatives are aligned with the global Sustainable Development Goals and support the State of Kuwait’s national development plan and its “New Kuwait” vision. Boursa Kuwait’s commitment to female empowerment is reflected in its strategic objectives, ensuring that women have equal opportunities to succeed and lead. The company’s focus on diversity and inclusion not only enhances corporate performance but also drives innovation and growth. Through

to the Kuwaiti capital market. Additionally, the company’s educational programs and community initiatives ensure that stakeholders are wellinformed and engaged in sustainable practices. These efforts have culminated in the recognition of Boursa Kuwait's exceptional contribution to the region's capital market sustainability, including its significant role in promoting environmental awareness and stewardship. Boursa Kuwait’s consistent efforts in these areas exemplify its leadership and vision for a sustainable future. The CFI.co Judging Panel congratulates Boursa Kuwait on winning the Best Capital Market ESG Strategy award for GCC (2023).

market accessibility but also ensured that financial products and services are more widely available to the underbanked and underserved communities.This comprehensive approach to financial inclusion has set a benchmark in the region, highlighting Boursa Kuwait’s leadership in driving financial inclusion. Boursa Kuwait’s continuous efforts in education, transparency, and accessibility exemplify its dedication to fostering an inclusive financial environment.

The CFI.co Judging Panel congratulates Boursa Kuwait on winning the Outstanding Contribution to Financial Inclusion award for GCC (2023).

partnerships, community engagements, and policy advocacy, Boursa Kuwait is creating a supportive environment for women in the financial industry. This comprehensive approach to empowerment has made significant strides in promoting gender equality in the workplace and beyond, underscoring Boursa Kuwait's leadership in this critical area. The company’s dedication to female empowerment serves as a model for others in the region. The CFI.co Judging Panel congratulates Boursa Kuwait on winning the Outstanding Contribution to Female Empowerment award for MENA (2023).

BEST FOREX BROKER ASIA 2024

XMTrading has emerged as a leader in the forex industry, earning a reputation for exceptional customer service, with a dedicated Customer Experience team of over 70 professionals who provide superb support to clients. The company provides support through a wide range of modern media channels, including live chat, and email. This support is localised to the needs of each country, as reflected by the multiple languages offered on their website (including Thai, Vietnamese,Japanese and South Korean)..

The company doesn't just solve problems; it also offers weekly educational webinars that provide valuable trading insights and a help center with over 300 frequently asked questions. XMTrading is dedicated to modernising its systems and improving turnaround times, with a commitment to providing the same level of service to every client, regardless of their background or experience. Their staff undergoes extensive training, ranging from three to six months — a unique practice in the industry. The company's

MOST RELIABLE BROKER GLOBAL 2024

XMTrading is renowned for its commitment to reliability and transparency in the global trading landscape. The company, established in 2015 and headquartered in Cyprus, has earned an outstanding reputation, and offers sterling services to more than two million clients worldwide. Its focus on ensuring that clients have clear and transparent information at their fingertips is at the core of its operations, from detailing fee structures to explaining its revenue-generating methods. The company’s robust financial resources and stringent risk management practices further solidify its

reputation for reliability. This is underpinned by maintaining the healthiest capital requirement ratios in the industry, a testament to XMTrading’s commitment to financial stability. The broker’s dedication to meeting and exceeding regulatory standards has contributed to its impressive client base and operational longevity. Beyond the numbers, XMTrading invests heavily in educational resources and customer support, ensuring that clients receive the guidance and assistance they need at every step of their trading journey.

The company’s considered, thoughtful, and

MOST TRANSPARENT BROKER GLOBAL 2024

XMTrading, a leading online forex and CFD broker, has established a commanding presence in the financial trading industry. Founded in 2015, XMTrading operates on a global scale, providing outstanding services to clients in over 100 countries. The company is headquartered in Cyprus, with additional offices in the key financial hubs around the world, ensuring a broad reach and a strong connection with its clients. XMTrading's commitment to transparency is reflected in its open communication with clients, providing

detailed information on fees, costs, and how the broker earns revenue. This level of openness extends to the company's risk management practices and financial stability. XMTrading's extensive client base, exceeding two million clients, gives clear evidence of the trust and confidence it has earned over the years. The company's robust capital requirement ratios ensure financial stability, further contributing to its reputation as a reliable broker. The broker's dedication to maintaining clear communication and financial integrity has positioned it as a

ethos is centred around helping clients rather than viewing them as mere revenue sources, a mindset that has led to a formidable and truly impressive presence in the forex market.. It also supports various base currencies and allows traders to have accounts in Japanese yen. There is a no-deposit bonus for new Asian customers and a minimum deposit of just $5. Clients have the security of working with a highly regulated broker. XMTrading deservedly wins the 2024 award Best Forex Broker (Asia).

intelligent approach fosters trust and longterm relationships with clients across diverse regions, contributing to well-earned status as a leading and responsible global broker. The judging panel, applauding XMTrading this year, comments that, “Its unwavering dedication to reliability and transparency in all its dealings is exemplary.” XMTrading's success in attracting a vast clientele while adhering to best practices and encouraging open and honest dialogue with clients has led to its recognition in 2024 as Most Reliable Broker (Global).

leader in the industry. XMTrading’s emphasis on transparency in all its dealings with clients is a key factor in its success. This approach not only strengthens its relationships with existing clients but also attracts new clients seeking a broker that prioritises honesty and reliability. According to the judging panel, XMTrading is a well-regulated broker that takes its responsibilities very seriously and deserves much praise. Its steadfast commitment to transparency has earned XMTrading the 2024 award Most Transparent Broker (Global).

> CRC CREDIT BUREAU LTD: BEST CREDIT BUREAU NIGERIA 2024

In 2023, CRC Credit Bureau Ltd embarked on numerous transformative initiatives to enhance its core infrastructure, service capabilities, and security measures. A key milestone was the implementation of advanced security protocols, including a Cloud Web Application Firewall, significantly bolstering data protection. The adoption of a hybrid cloud strategy, leveraging AWS Local Zone in Nigeria, enabled seamless scalability and improved performance. Continuous optimisation efforts of the core application SB2, in collaboration with Dun & Bradstreet, further elevated user experience. Additionally,

CRC introduced the CRC B-C-B API, facilitating secure credit data requests by third-party service providers, and launched CRC RaaS (Reseller as a Service), integrating CRC services into member institutions' applications. The relaunch of the CRC mobile app provided users with convenient access to their credit reports, promoting financial literacy and informed decision-making. The expansion of CRC's institutional network by approximately 200 new members highlighted the trust and confidence in CRC’s services. Educational webinars were conducted to foster credit awareness and responsible financial

KWAZULU-NATAL JOINT MUNICIPAL PENSION/PROVIDENT FUNDS

BEST PENSION FUND LEADERSHIP SOUTH AFRICA 2024

The KwaZulu-Natal Joint Municipal Pension/Provident Funds (NJMPF), established in 1942, is a pivotal institution providing financial security to municipal employees across KwaZulu-Natal. As a self-administered, non-profit entity, NJMPF oversees three funds: the Superannuation and Retirement defined benefit funds, and the Provident defined contribution fund, serving 30,000 members in 55 municipalities. NJMPF’s stellar short and long-term investment performance has consistently enhanced member and pensioner benefits. Under CEO Bongi Mkhize, NJMPF exemplifies strong governance, surpassing national treasury standards and maintaining pristine audits. NJMPF’s proactive stance on legislative changes, such as the 1 September 2024 law enabling pre-retirement emergency fund access, includes a partnership with the Financial Sector Conduct Authority to deliver financial literacy seminars, ensuring members make informed decisions.

NJMPF’s commitment to exemplary governance is further demonstrated through its robust member engagement and a dedicated team that works tirelessly to serve its members. Recognised as one of South Africa's awarded pension funds, NJMPF integrates best practices and robust member engagement, embodying the industry’s gold standard. The fund’s innovative approaches include the introduction of a low-cost living annuity product, tailored to provide affordable retirement income. This initiative, among others, underscores NJMPF’s dedication to improving retirement outcomes for members. NJMPF’s leadership in the pension fund sector is characterised by a democratic and participative management style, fostering a cohesive, co-operative work environment. The CFI.co Judging Panel congratulates KwaZulu-Natal Joint Municipal Pension/ Provident Funds on winning the 2024 award for Best Pension Fund Leadership (South Africa).

CHAMPION OF FINANCIAL LITERACY SOUTH AFRICA 2024

The KwaZulu-Natal Joint Municipal Pension/ Provident Funds (NJMPF) stands as a beacon of financial literacy, vital in a region as large and diverse as KwaZulu-Natal. NJMPF’s initiatives are crucial given the new law effective from 1 September 2024, allowing early access to retirement savings for emergencies. The fund has launched an extensive financial literacy campaign in collaboration with the Financial Sector Conduct Authority, delivering workshops across municipalities. These seminars cover the new regulations, tax impacts, and administrative fees, promoting wise financial management.

NJMPF’s support includes an information centre offering students a safe environment with access to books, internet, and homework assistance. This centre is essential in areas with limited educational infrastructure. Additionally, NJMPF partners with the National Credit Regulator to educate members on effective credit and debt management. These efforts ensure members are well-equipped to navigate their financial futures. NJMPF’s commitment to member education and innovative approaches underscores its outstanding leadership in financial literacy. NJMPF’s dedication to financial education is

behaviours. CRC received notable accolades, including the Best Credit Bureau in Nigeria and the Best Customer Service Award at the West Africa Innovation Awards. Surpassing over 100 million records in its database marked a significant achievement, enhancing CRC’s capacity to deliver actionable insights. Active participation in industry events underscored CRC's commitment to thought leadership and industry engagement. The CFI.co Judging Panel congratulates CRC Credit Bureau Ltd on winning the 2024 award for Best Credit Bureau (Nigeria) given these remarkable achievements.

evident in its outreach efforts, which include roadshows and interactive digital platforms. The fund’s initiatives empower members with the knowledge to make informed financial decisions, particularly in light of the new legislation. By fostering a culture of financial literacy, NJMPF helps members manage their finances more effectively, reducing dependency on high-interest loans and improving overall financial wellbeing. The CFI.co Judging Panel congratulates KwaZuluNatal Joint Municipal Pension/Provident Funds on winning the 2024 award for Champion of Financial Literacy (South Africa).

BANCO AZTECA: CHAMPION OF FINANCIAL LITERACY AND INCLUSION MEXICO 2024

Banco Azteca, a leading financial institution in Mexico, distinguishes itself through an unwavering commitment to promoting financial literacy and inclusion. Established to provide formal financial services to underserved populations, Banco Azteca has provided financial services to approximately 33 million Mexicans who previously lacked access to these services. Recognising the widespread lack of financial education in Mexico and Latin America, the bank has developed comprehensive programmes to educate individuals about essential financial concepts such as savings, credit, and investment. Its flagship educational

PARQUE INDUSTRIAL

DUARTE:

initiative, Aprender y Crecer (Learn and Grow), has reached over 36.5 million people, making complex financial topics accessible through a variety of media, including digital platforms and interactive stories. Banco Azteca's approach combines traditional and digital banking to meet the diverse needs of its clients, emphasising the importance of personal interaction and technological proficiency. The bank's efforts extend beyond financial services to include advocacy for integrating financial education into the national curriculum, recognising that early financial literacy can significantly impact

lifelong financial health. Banco Azteca's innovative use of technology, including artificial intelligence and digital platforms, enables it to tailor educational and financial services to meet the unique needs of customers, contributing to a more financially inclusive and secure society. The bank also addresses emerging challenges such as cybersecurity, ensuring that its clients are well-equipped to navigate the digital financial landscape safely. The CFI.co Judging Panel warmly congratulates Banco Azteca on winning the 2024 award for Champion of Financial Literacy and Inclusion (Mexico).

OUTSTANDING INDUSTRIAL PARK CARIBBEAN 2024

Parque Industrial Duarte stands as a testament to the foresight and innovation driving industrial growth in the Caribbean. Established in the 1990s by its founder who envisaged a dedicated industrial community free from the encroachment of residential developments, it has since blossomed into the largest industrial district in the Dominican Republic. With a sprawling 3.5 million square metres strategically located for optimal access to the US, Central America, and South America, the park plays a pivotal role in the region's economic landscape. It supports a diverse range of industries,

including food, pharmaceuticals, and logistics, which have flourished, particularly during the challenges posed by the COVID-19 pandemic. The park’s catchy slogan, "Present Value for Your Industrial Future," highlights its focus on enduring impact and client success. The park's wholehearted commitment to sustainability is exemplified by its ongoing transition to an eco-industrial zone in collaboration with the United Nations Industrial Development Organization (UNIDO). This initiative aims to balance economic growth with environmental stewardship, ensuring that all stakeholders

benefit equitably. The introduction of rental spaces has further diversified its offerings, attracting new clients who prefer leasing over purchasing. Parque Industrial Duarte also focuses on community engagement, reflecting its commitment to social responsibility. As it expands its footprint, including the development of a logistics park in Punta Cana, it remains a beacon of industrial progress and sustainable development. The CFI.co Judging Panel congratulates Parque Industrial Duarte on winning the 2024 award for Outstanding Industrial Park (Caribbean).

Banco Ficensa has consistently demonstrated a commitment to exceptional customer service, distinguishing itself as a leader in the banking sector. Under the recent leadership of Walter Mejia, the new CEO who was once a satisfied customer himself, the bank has intensified its focus on understanding and meeting the unique needs of clients. Mejia’s personal experience with Banco Ficensa's exemplary service— characterised by meticulous attention to detail and a willingness to go the extra mile—has only reinforced his dedication to maintaining these

high standards. The bank's philosophy centres on treating each client as an individual, providing a personal touch that sets it apart from competitors. This approach has cultivated a reputation for unparalleled customer satisfaction. Ficensa goes beyond standard banking services, striving to create a welcoming and supportive environment. The bank has implemented various initiatives to ensure that every interaction is personalised and meaningful, reflecting its commitment to fostering long-term relationships built on trust and mutual respect. Banco Ficensa's dedication

to service excellence is evident in its continuous efforts to innovate and adapt to the evolving needs of its clients. This proactive stance enhances customer satisfaction and positions the bank as a forward-thinking leader in the industry. Looking ahead, Banco Ficensa aims to leverage its strong customer centric foundation to further enhance its service offerings and achieve new heights of excellence in the banking industry. The CFI.co Judging Panel congratulates Banco Ficensa on winning the 2024 award Best Customer Centric Bank (Honduras).

> BANCO FICENSA: BEST CUSTOMER CENTRIC BANK HONDURAS 2024

Ascend Elements is a trailblazer in the battery industry, pivotal to the global energy transition. The company addresses a significant challenge in battery materials production: the high carbon footprint associated with traditional manufacturing methods. Ascend Elements has developed a proprietary technology that transforms spent lithiumion batteries into engineered cathode materials containing critical metals such as nickel, cobalt, and lithium. This innovation not only reduces the need for mining new resources but also lowers carbon emissions significantly. By efficiently harvesting and reprocessing these materials, Ascend Elements ensures a sustainable supply chain, contributing to a circular economy. The company, headquartered in Massachusetts, has operational facilities in Georgia and Kentucky, with plans to expand into Europe, starting with a facility in Poland. This expansion demonstrates

its commitment to global sustainability efforts and its capability to compete with the largest battery material companies worldwide. Ascend Elements’ process is poised to revolutionise the industry by providing a low-cost, environmentally friendly solution for battery production, crucial for the future of electric vehicles and renewable energy storage. The big benefit from its efficient process is the reduction of carbon emissions of battery materials by 49 percent today, with a target of 90 percent by 2030. This significant reduction underlines an innovative approach and environmental responsibility. Furthermore, a focus on creating a circular economy highlights potential for long-term environmental benefits and cost savings, making a lasting impact. The CFI.co Judging Panel congratulates Ascend Elements on winning the 2024 award for Sustainable Supply Chain Pioneer (Global).

IDFC FIRST Bank has revolutionised the banking landscape in India with its innovative and customer-centric mobile banking app. Designed to cater to a diverse range of banking needs, the app boasts an intuitive user interface and user experience (UI/UX), facilitating seamless transactions and financial management. The app allows users to aggregate balances from various accounts, make investments, and set up goal-based investment plans, offering personalised financial advice based on individual risk profiles. One standout feature is its ability to provide a single view of all accounts, enhancing convenience for users. Additionally, the app's security measures, including SIM binding and real-time security checks, ensure robust protection of user data and financial information. The app's performance is also optimised with a 'lazy

load' feature, enabling fast loading times and a smooth user experience. IDFC FIRST Bank's commitment to digital innovation is further evidenced by its top position in the issuance of FASTag, a product that uses RFID technology for toll payments. This achievement underscores the bank's capability to integrate cutting-edge technology with practical banking solutions. The app's comprehensive functionality extends to both the high-networth individuals and those at the bottom of the pyramid, ensuring world-class banking experiences across the spectrum. With over 70 percent of its customers actively using the app for most of their transactions, IDFC FIRST has set a high benchmark in digital banking. The CFI.co Judging Panel congratulates IDFC FIRST Bank on the 2024 award Best Mobile Banking App (India).

STOCK EXCHANGE OF THAILAND (SET): MOST INNOVATIVE SECURITIES EXCHANGE ASIA 2024

The Stock Exchange of Thailand (SET) has distinguished itself as a beacon of innovation in the Asian securities exchange landscape, embodying a commitment to progress, collaboration, and sustainability. SET's journey toward innovation was catalysed by a global gathering at the World Investment Forum in Geneva, where the absence of significant investment community representation underscored the need for a platform bridging financial multilaterals and investors. Recognising this gap, SET has not only facilitated transformative dialogues but also spearheaded initiatives like the Sustainable Stock Exchange initiative, aligning its vision with broader socio-economic objectives. By fostering partnerships with government entities, multilaterals, and the investment community, SET has emerged as a pivotal player in driving blended finance to address global challenges and advance sustainable development

goals. Moreover, SET's innovative approach extends beyond rhetoric to tangible actions, as evidenced by its robust infrastructure development, digital asset ecosystem, and commitment to financial literacy and ESG integration. The exchange's strategic foresight, exemplified by its focus on carbon credit exchange and regional integration, positions it as a trailblazer in reshaping the future of capital markets. Through its multifaceted endeavours, SET has not only elevated its own stature but has also propelled Thailand towards becoming a regional financial hub, creating growth and prosperity across borders. The judging panel applauds this company, commenting that, “SET's unwavering dedication to innovation, sustainability, and stakeholder collaboration underscores its richly deserved recognition as the 2024 award winner for Most Innovative Securities Exchange (Asia).”

BANK ONE LTD: BEST INTERNATIONAL BANKING SERVICES INDIAN OCEAN 2024

Bank One Ltd, operating from Mauritius, has substantially shaped the financial landscape of the region through innovative and responsible banking. With a deep commitment to sustainable development, it has become instrumental in promoting green financing and integrating Environmental, Social, and Governance (ESG) principles across operations. The bank’s strategic focus on impact financing directly aligns with the Sustainable Development Goals (SDGs), specifically targeting poverty alleviation and education. In 2023, Bank One managed significant financial transactions, facilitating

short-term funding between $50m and $100m, primarily focusing on Stanbic Bank in Nigeria and CRDB in Tanzania. These efforts were tightly linked to commodities that meet ESG criteria, fostering the advancement of the SDGs in critical sectors such as food, pharmaceuticals, solar energy, and consumer goods. Bank One has cemented its presence across many countries, including Nigeria, Ivory Coast, and South Africa, through strategic partnerships and extensive regional coverage. The bank's excellent products range from syndicated facilities and trade finance to cash management

BANK: BEST BANK MONGOLIA 2024

and treasury hedging products. Bank One has launched various sustainable finance products, such as Green Bonds and Social Impact Loans. According to the judging panel, “This winner’s ethical conduct and transparency are obvious.” All this has strengthened Bank One’s position as a leader in international banking and also as a champion of environmental stewardship and responsible banking. In recognition of its outstanding contribution to the sector Bank One Ltd is named 2024 winner of the award Best International Banking Services (Indian Ocean).

Established in 1995, Golomt Bank has emerged as a cornerstone of Mongolia’s financial landscape, serving over 1,000,000 customers with comprehensive array of banking solutions tailored to both individual and corporate needs. As Mongolia’s third-largest commercial bank, it boasts an extensive network of 100 branches across the nation, ensuring widespread accessibility and convenience. The bank has been a pioneer in digital banking in Mongolia, introducing a variety of online and mobile banking services that highlight its dedication to customer convenience and technological innovation. Its diverse product offerings include

conventional banking services alongside specialized financial solutions like loans to supports woman entrepreneurs, green loans, the first fintech service SocialPay digital wallet, and educated packages designed specifically for the youth, under the Junior brand. These initiatives are part of Golomt Bank’s broader commitment to sustainable banking, evident in its provision of environmentally friendly loans that support responsible financial growth. On the corporate side, the bank offers an array of services ranging from trade finance to bespoke digital product training, all tailored to enhance efficiency and security for business

operations. Golomt Bank has also expanded its footprint in international markets, facilitating seamless global transactions for Mongolian companies with reliable and secure payment solutions. The Bank’s recent publication of its unaudited financial results for the first quarter of 2024 further underscores its commitment to transparency and prudent financial management. The panel confirms that this steadfast dedication to innovation, client satisfaction, and sustainable banking practices firmly established Golomt Bank as the rightful recipient of the 2024 award Best Bank (Mongolia).

Solidarity Group Holding, a prominent entity in the Islamic insurance landscape, has continually demonstrated its commitment to enhancing and innovating within the industry. As a key player headquartered in Bahrain, the group has expanded its influence across the Middle East and North Africa, consolidating its reputation through strategic leadership and robust governance. With a business model that integrates Islamic principles with modern insurance practices, Solidarity has carved a niche for itself by offering products that not only comply with Shariah laws but also meet the diverse needs

of clients. Its approach to Islamic insurance is comprehensive, involving meticulous risk management, ethical investing, and communityfocused services which resonate deeply with Solidarity’s target markets. The company’s strategic initiatives, such as partnerships with technology firms to improve client service and operational efficiency, underscore its forwardthinking ethos. Furthermore, Solidarity’s dedication to corporate social responsibility is evident in its numerous outreach programmes that support various social causes, enhancing corporate image and stakeholder trust. The

group is financially robust, showing resilience and growth in competitive markets. Solidarity’s adept handling of market challenges and its continuous pursuit of excellence in service and product offerings are hallmarks that distinguish it in a complex industry landscape. Effective leadership strategies are evident as is the positive customer feedback. All aligns with its mission to lead and innovate responsibly in Islamic insurance. The CFI.co Judging Panel congratulates Solidarity Group Holding on the 2024 award for Best Strategic Leadership in Islamic Insurance (MENA).

GOLOMT

The first of its kind

Impact Investing in Africa:

The Vital Catalyst for Sustainable Development

In a world beset by social and environmental challenges, one areaisemergingasavehicletobringpositivechange—andfinancial gains…

While impact investing is acquiring global traction, it has special relevance for Africa, a continent teeming with untapped potential — and unique developmental challenges.

The investment concept combines demonstrable social and environmental benefits with financial gains, and it has the ability to reshape Africa's development landscape and future.

This is a continent of great contrasts, enormous difficulties, and extraordinary prospects. Some 400 million people live below the international poverty line. Widespread inequality doesn’t help, and there are added issues of drought, flooding, and other extreme weather events. Problems such as these jeopardise Africa's progress, and the wellbeing of its citizens.

On the plus side, the continent has a young and energetic population: more than 60 percent are under the age of 25. This means a lot for a continent so blessed with natural resources — minerals, oil, and gas — and can fuel economic development. Add to that the fact that Africa is going through a technological revolution, with fast-expanding mobile phone penetration and internet access.

Traditional international assistance and charity have played valid roles, but they have been insufficient. Aid has been fragmented, shortterm, and often driven by donor countries' political interests. Philanthropy has limited reach, but impact investing — which focuses on market-based solutions and sustainable business models — can bridge the funding gap and have an enduring impact.

By aligning financial returns with social and environmental effect, there will be more funds for development, and to establish a sustainable paradigm for addressing continent-wide concerns.

IMPACT-INVESTING CASE STUDIES

Komaza is a Kenyan forestry company that exemplifies the potential of impact investing. It combats deforestation and simultaneously supports local communities by developing sustainable and scalable commercial forestry.

Komaza works with an "out-grower” model, providing smallholder farmers with seedlings, training, and a guaranteed market for the trees they cultivate. This provides revenue for the farmers, and encourages reforestation and carbon sequestration initiatives. The innovative approach has attracted significant investment, allowing the company to expand its operations — and the positive impacts for environment and communities.

Kenyan firm M-Kopa is revolutionising electricity access in East Africa. The company offers offgrid families affordable solar home-systems using mobile technology and a pay-as-you-go finance strategy. This improves quality-of-life

"In Nigeria, Babban Gona addresses food insecurity and rural poverty via an agricultural franchise concept. It works with smallholder farmers, offering them training, inputs, and market access."

by providing safe and dependable electricity. It also has a positive impact on health, education, and economic prospects. M-Kopa's solar systems enable children to study at night, give families to access healthcare services, and allows companies to prosper. The company's success proves that market-based solutions may yet solve energy poverty.

Off-Grid Electric, also known as Zola Electric, is another pioneer. It offers solar generators and microgrids to communities by establishing a network of local entrepreneurs who sell and service the systems: two birds, one stone. Zola's innovative financing strategy has made clean energy available to millions, changing lives and driving sustainable development.

In Nigeria, Babban Gona addresses food insecurity and rural poverty via an agricultural franchise concept. It works with smallholder farmers, offering them training, inputs, and market access. Babban Gona also helps them to achieve economies-of-scale and negotiates higher prices for their produce by grouping them into cooperatives. The company's method has resulted in considerable gains in crop yields and incomes.

Impact investors are demonstrating that it’s feasible to earn financial returns and generate beneficial social impacts by backing creative firms and organisations.

KEY SECTORS

The potential for investment is enormous, encompassing several sectors. Agriculture, the backbone of many African economies, holds tremendous promise. Sustainable farming methods, irrigation systems, and post-harvest storage investments can boost productivity, minimise food waste, and improve livelihoods.

Renewable energy is another ideal target. Africa is not short of sunshine or wind, and has the potential to become a global leader in the field. Investing in solar, wind, and geothermal projects creates clean and affordable energy — while simultaneously creating jobs and stimulating the economy.

Better health outcomes are needed for true human development, and impact investments can be directed towards mother-and-child health, infectious disease-prevention, and access to affordable medications. Mobile health clinics and telemedicine are already changing lives in remote and underprivileged regions.

Education is another worthy sector for impact investing. It provides the skills and information

required for countries to prosper in the 21st Century. This goes all the way from early childhood through primary, secondary, vocational and post-secondary levels. Supporting innovative tech and techniques can improve learning results and increase access for marginalised groups.

Financial inclusion is another major issue for Africa, and again, impact investment can help. Individuals and businesses can be given a legup via access to savings accounts, credit, and insurance. This can stimulate entrepreneurship, job creation, and overall economic growth.

POLICY AND REGULATION

The success of impact investing in Africa is strongly dependent on a supportive legislative and regulatory framework. Governments play an important role in fostering a favourable climate with clear guidelines, tax breaks, and riskmitigation measures.

Streamlining investment processes and increasing transparency can attract new investment and bolster market confidence. Governments can develop and implement policies that promote sustainable development, from encouraging investment in renewable energy to backing sustainable agriculture. The potential for symbiotic relationships is always there.

CHALLENGES AND RISKS

While there is great potential in Africa, there are certain hurdles and concerns to consider. Political instability in some nations can create a level of uncertainty, and currency volatility can be a problem. A lack of infrastructure can impede corporate operations and drive up the cost of getting established. Investors seeking liquidity may be concerned about their limited exit opportunities.

These problems can be minimised by thorough research, diversification, and collaboration with local organisations. Investors can collaborate with governments and stakeholders to address broader concerns, such as infrastructure development and policy reform.

Impact investing is an effective instrument for unlocking Africa's potential. By investing in enterprises and organisations that have a positive social and environmental effect, a more prosperous, egalitarian, and sustainable future can be generated. Obstacles continue, but opportunities are abundant. With the right support and collaboration, impact investing has the potential to transform a continent — and make the world a better place for everyone. i

Loita Capital Partners: A Reach as Wide as the African Continent Itself, and Still Roaring with Ambition

Pan-African by nature and global in its sense of drive, Loita Capital Partnershasgarneredareputationforitspioneeringexploits.

Loita Capital Partners International, a subsidiary of the Loita Group, is a boutique institution offering pan-African investment banking services.

The group was incorporated in Mauritius in 1992 by four former Citibank officers, all with deep experience of the African continent. Loita, via the group, operates from 300 offices in nine countries: Ghana, Liberia, Malawi, Mauritius, Kenya, South Africa, Uganda, Zambia and Zimbabwe.

Loita’s strategic lines of business include investments and third-party management services for banks and other financial institutions. It offers structured trade and project finance advisory, capital market debt and equity advisory; as well as asset management and correspondent banking advisory services.

Thanks to its executives’ expertise and experience, Loita has earned an enviable reputation. It has advised on, structured, and placed transactions in African markets and global financial centres worth more than $9bn.

The transactions completed include developing a pre-shipment tobacco-export financing facility for the Reserve Bank of Malawi, for the securitisation of trade receivables of non-traditional exporters.

Also in Malawi, Loita invested in a $35m oil import facility, and performed a similar service — a $50m oil import facility — on behalf of the Reserve Bank of Zimbabwe.

It has assisted Bindura Nickel with mineral export proceeds, while on the Ivory Coast it provided RASCOM with a $20m long-term note-issuance facility to telecommunications equipment, against member country commitments.

In Nigeria, it set up a PPP project worth $100m “build-own-operate-transfer” (BOOT) structure for the Rivers State refinery. For the government of Kenya, Loita organised a £25m telecoms equipment financing facility and structured debt notes for the country’s Ministry of Finance. Loita also raised debt capital of more than $500m Million for exports in Zimbabwe, Malawi, and

Uganda, using a proprietary structure known as the Structured shipment Financing Facility (SPFF) for the PTA Bank.

Loita advised on, structured, and pioneered debt capital instruments for banks on the regional stock exchanges of Kenya and Uganda.

OTHER NOTABLE OPERATIONS

• East African Development Bank: Advised on, structured, and pioneered the raising of debt capital instruments on the regional exchanges of Kenya, Uganda and Tanzania for the EADB Bank;

• MTN Rwanda: Raised the first commercial paper programme in the Rwanda market for MTN’s capital requirements.

• Sheraton Hotel Nigeria: Created a $50m medium-term debt restructuring facility.

• African Potash PLC (a London-listed corporation): Developed a $50m short-term, revolving fertilizer import facility against COMESA offtake.

• Bank of Zambia: A $20m debt-for-debt swap transaction.

• Zambia Consolidated Copper Mines: A $20m revolving warehouse and investment discounting facility for the country’s copper-mining company (the only one at the time).

• Exports Fund of Zambia: A $100m export fund for SMEs involved in the agriculture and mining value-chains.

• Liberia: a $50m notes-discount facility for the National Social Welfare and Securities Corporation. i

N Justin Chinyanta: A Pan-African Plan Hatched Back in 1992, with a Dream

The Loita Group chair and co-founder had a clear ambition in mind from the wordgo…

NJustin Chinyanta, chair and cofounder of the Loita Group, set the foundations of the group in place back in 1992 with the aim of creating a leading African investment banking and fintech group.

The entrepreneur, banker and lawyer started with a suitably noble name: Loita. It is derived from Kenya’s Loita Naimina Enkio Forest, a diverse wild space preserved by the local Maasai community. Many of Kenya’s early independence struggles were launched from the forest, and it remains a symbol of a rich, emerging Africa.

Loita Group was founded in Kenya by a group of international bankers, and has since grown to deserve that “pan-African” status.

The headquarters are in the island of Mauritius, with a team of professionals from around the world. Justin Chinyanta serves as chief executive of its Mauritiusbased subsidiary Loita Capital Partners International.

He formerly held senior positions at the Africa regional offices of Citibank and HSBC Bank's Equator, which co-founded Loita as a then-special purpose vehicle.

Chinyanta serves on several boards outside the group, including the New York-based Global Centre on Co-operative Security, Australia-based Commonwealth Study Conference Leaders, and Nigeria- and South Africa-based Africa Business Roundtable.

He is the past chair of Zambia's National Housing Authority, a member of the Prince of Edinburgh's Commonwealth Study Conference Leaders Forum, a fellow at Harvard University's Weatherhead Centre for International Affairs, and an advocate of the High Court of Zambia.

He holds an LLB degree from the University of Zambia and a graduate degree in international business transactions and financial law from the Fletcher School at Tufts University in the United States. i

Chair and Co-founder: N Justin Chinyanta

The World: Sail Into a Life of Luxury and Adventure

Sound like a fantasy? Well, it’s reality for the well-heeled occupants of The World, the largest privately-owned residential yacht in existence.

The magnificent vessel redefines what it means to live with a blend of luxury, adventure, and community. The World was created in 2002 as a pioneering concept: to build a floating community that could circle the globe, treating its residents to views of the planet’s most exotic sights. At 644 feet long and with 165 residences, it provides a unique blend of individual ownership and social living. Residents can live permanently onboard, and over the years, The World has visited over 900 ports in 140 countries. It alters its itinerary according to owners’ preferences and global events. The concept is the very pinnacle of luxury.

Accommodation ranges from studios to threebedroom apartments, all with high-end finishes and full amenities. Prices vary, with some “homes” costing millions of dollars. Each is customisable, allowing occupants to express their individual styles and tastes.

The ship itself is equipped with six restaurants, several bars and lounges, a full-service spa, a fitness centre, swimming pools, a golf simulator, and a tennis court. Those aboard have access to pretty much everything their hearts desire.

One couple, after spending five years on The World, say their experience has been nothing short of miraculous. "We have everything we need right here,” they enthuse. “It's like living in a five-star hotel that takes us to the most incredible places on earth."

COMMUNITY AND LIFESTYLE

Residents come from disparate backgrounds, from businesspeople and retirees to artists and adventurers. The resulting diversity creates an atmosphere like no other.

The World has a full programme of social events and activities to cater for all tastes: wine tastings, cooking workshops, lecture series and cultural events. These activities entertain, educate, and inspire.

Susan, a former business executive, says living on The World is “like being a member of an extended family. We look out for one another, celebrate milestones together, and enjoy wonderful experiences".

This is a voyage, or lifestyle, unlike any other. The itinerary is planned to strike the ideal mix between popular stop-offs and lesser known and exotic locations. Residents can vote on destinations, making each trip a team effort.

The ship stays in each port for extended periods, allowing occupants to immerse themselves in local cultures. From the busy marketplaces of Marrakech to the pristine beaches of the Maldives, The World provides richness and diversity never seen before.

Shore excursions are one of the hallmarks of the cruises. Private trips, cultural immersions and adventurous activities form bespoke experiences. On a recent visit to Antarctica, travellers were able to take part in a trip usually limited to scientists and naturalists.

INVESTMENT PERSPECTIVES

Owning your part of The World takes a considerable financial commitment; prices start at about $2m, rising to $15 million for larger berths. In addition to the purchase price, residents must pay annual maintenance fees to cover running expenses.

Living on The World could be compared to residing in luxury real estate. While the initial and ongoing costs are significant, the unique lifestyle is difficult to quantify.

Demand for homes on The World remains high, and the resale market is healthy. Many owners see their property as an asset that will appreciate

over time. Financial advisors have equated it to owning a vacation home — without being stuck in one place.

SOCIAL RESPONSIBILITY

The giant ship uses cutting-edge technology: energy-efficient systems, trash-management protocols, and plastic-reduction. Fuel economy is maximised.

Beyond environmental sustainability, the unusual vessel allows residents to participate in philanthropic projects and community involvement. There is support for local schools and healthcare institutions and contributions to environmental conservation. These enrich the residents' experience — and no doubt reduce the “guilt factor”.

CHALLENGES AND CONSIDERATIONS

While the lifestyle is clearly appealing, it is not all plain sailing. First there is the cost; also, living in a floating, but insular, society necessitates a degree of adaptability and social openness.

Some residents find the continual travel and shifting of locations might be confusing, but those who love adventure and variety will be happy.

The World provides an unparalleled lifestyle for those who can afford it, and represents an ideal way to see the world — dynamic, fascinating, and infinitely rewarding. As the concept of residential cruising evolves, The World remains a tribute to human inventiveness — and the undying truth that money can, perhaps, buy you happiness. i

Investing in Africa? Here Are Six Reasons to Choose Ghana

The West African nation is on the rise in several vital areas,includingstabilityandeaseofdoingbusiness…

As the world shakes off the dust of the recent recession, the search is on for the next global commerce hotspot. Emerging markets in Africa, Latin America and the Middle East are all viewed as potential new engines of growth.

Amid hot debates and ponderings, the case for Africa is growing stronger by the day. It continues to show strong indications of a significant takeoff — soon.

Africa the world’s second-largest continent in terms of area and population, and has a wealth of untapped natural resources.

There is also great promise for sustainable agriculture, and the establishment of the Africa Continental Free Trade Area (AfCFTA).

The great continent now has the largest free market in the world — and the Ghana Investment Promotion Centre (GIPC) is ready to let that fact be known.

With the ongoing economic revival in Africa around it, Ghana has established itself as the nation to watch in terms of trade, investment,

and tourism. It combines a conducive business climate, transparent regulations and political stability as well as one of the continent’s most favourable economic environments for investors.

There are six good reasons why the country has taken centre-stage in investment discussions.

STABILITY AND SECURITY

Ghana is ranked as the most stable political environment in West Africa, with advanced democratic institutions and systems to ensure good governance and application of the rule of law. On the Global Peace Index, the country occupies first place in West Africa, and second in the whole of Africa.

Ghana's strong and transparent democratic institutions have made it a beacon of hope for the region — and the safest place to hone your investment skills.

STRONG RESOURCE POOL

Ghana is resource-rich, possessing an enormous pool of untapped raw materials that can be leveraged, especially now, amid its industrial revolution.

The country is the number one gold-producing country on the continent, and the second-largest cocoa producer in the world. It also has the thirdlargest bauxite reserve in Africa, with an estimated reserve base of 900 million tonnes valued at $50m in its raw state — and $400bn when refined.

Ghana has five million hectares of arable land, four million hectares of cultivable land, and 228,792 hectares of irrigable land. This is in addition to

more than 189,000 barrels of oil produced daily and eight trillion cubic feet of natural gas reserves.

EASE OF DOING BUSINESS

Ghana has some progressive policies, including a vision to transform it into an industrialised nation by 2030. Those policies have created a business-friendly environment. Ghana is one of the best places in West Africa according to the Ease-of-Doing-Business reports. In 2023, the AT

Kearney Global Services Location Index adjudged Ghana the best destination for investment in West Africa, and the third-most attractive on the entire continent. Ghana is regarded as one of Africa’s most competitive economies by the World Economic Forum’s Global Competitiveness Index.

ACCESSIBILITY

With an average eight-hour flight time to and from Europe and the Americas, Ghana is geographically

the closest country to the centre of the earth, according to the World Population Review.

Investors looking to export, or access markets in regions like the Americas, Asia, and Europe, will find Ghana to be a prime location because of its location on the globe.

Investors have easy access to the rest of the world through Ghana's main airport, Kotoka

International — again, ranked as the best in West Africa, and the best in Africa for service. In addition, Ghana also has Tema Port, one of the largest in West Africa. An excellent network of trunk highways serves the port, making it easier to conduct business.

COMPETITIVE LABOUR FORCE

Businesses in Ghana have a huge available pool of skilled and trainable workers. The country has one of the highest literacy rates in West Africa, according to the World Bank Group, as well as the most competitive minimum wages in the sub-region. This is beneficial for businesses setting up in Ghana: it ensures low production costs and ease of obtaining, and retaining, a skilled workforce.

HEADQUARTERS OF AfCFTA

As an emerging economy playing a central role in Africa’s Free Trade Area Agreement (and hosting its Secretariat), Ghana is in pole position to work with investors. The go-ahead policies and dynamism of the country make it easy to access products and services from a continent-wide market of 1.3 billion people.

As the headquarters of AfCFTA, Ghana’s hospitality industry will receive a boost, as will

its services sector. The alliance will also generate increased international exposure. This greater visibility, along with increased investment, will further stimulate trade, creating opportunities for Ghanaian businesses as well as those seeking access to the African market.

Ghana is on the path to becoming a regional commercial powerhouse as it continually adopts policies that reduce the general cost of doing business to incentivise investors.

The country is not only the best place to do business in West Africa, it’s a hub

that connects investors to the vast African continent.

The government’s investment promotion wing, GIPC, plays a pivotal role in helping investors navigate Ghana’s business environment. It provides insights on opportunities and incentives, and follows-through with necessary guidelines and assistance to help investors manage risks.

These efforts have brought about the desired result: a positive business environment that enables local and international investors to capitalise on opportunities — and grow their businesses. i

Investing in Africa: What to Know About Impact Funding… and More

Thavin Audit, deputy head of corporate and investment banking at Bank One, explores how Mauritius and the Middle East could partner for deeper impact financing.

Bank One has gleaned — and shared — some exclusive insights from a meeting with the Gulf region's key financial-sector players.

The goal was to understand how Mauritius could form a league with financial institutions in the Middle East to fund impactful projects in subSaharan Africa.

At the meeting, Bank One explored the financial landscape in the Middle East, through expert eyes. This helped the bank’s leadership team to form a nuanced view of what this region means to us, while we’re keen to impart what we learned to other financial institutions interested in the region. We view collaboration with financial sector stakeholders as key to realising the potential of a Mauritius-Middle East partnership.

Taking into account the way the global macroeconomic environment is maturing, as well as the position Middle Eastern banks are taking to embrace the African journey, Bank One believes that the time is ripe. Mauritius is ready to explore deeper affiliations with institutions in the Middle East to see how best to leverage opportunities that will support sub-Saharan Africa.

THE SYNDICATION LANDSCAPE

The region has positive investor sentiment, as captured by London-based investment data company Preqin. Surveys by Preqin showed that 94 percent of global investors agreed that the macro-economic cycle was “starting to decline or near the bottom”. That’s in sharp contrast to the Middle Eastern investors’ viewpoint; just 19 percent agreed with that downbeat assessment in February 2023.

In Mauritius, the sentiment is significantly more optimistic: capital continues to flow, and a rising number of global investors are knocking on our door.

While Middle Eastern banks have traditionally offered Sharia-compliant products, the excess liquidity such banks are encountering has implications for involvement in syndication and trade finance deals. Emirati banks have recently been beating Wall Street at its own game, with a 10-year $3.25bn loan, syndicated by regional banks, to finance an education-sector deal for

Dubai’s GEMS World Academy, which focuses on the International Baccalaureate qualification.

When a consortium led by Canadian fund manager Brookfield was seeking funding for one of the largest private education centres on the planet, four Gulf banks confidently stepped up.

FERTILE GROUND FOR SYNDICATION

In Africa — the second-fastest-growing region in the world after Asia — massive deal-flows sustain economic growth. The African Development Bank (AfDB) Group highlighted this in its latest Macroeconomic Performance and Outlook report. The continent will account for 11 of the world’s 20 fastest-growing economies this year. The real GDP growth for Africa is expected to average 3.8 percent in 2024, and 4.2 percent next year. That far outstrips projected global averages of 2.9 percent and 3.2 percent, the report emphasised.

Bank One positions itself as a gateway to Africa, primarily enabled by our shareholders' footprint, with the I&M Group firmly rooted in East Africa. Our approach remains bullish, as we invest energy and resources to maintain our edge.

Along with other financial institutions in our syndicate and network, we arrange and set up mandates for selected banks, in the space of trade loans or factoring deals. We particularly look for syndication partners who are happy to come on-board because of the knowledge we have in, and of, Africa.

MUTUAL BENEFITS

The flourishing financial landscape of the Middle East holds the key to its appeal for Africa. Apart from the overall positive economic sentiment in the Middle East, it’s the world's fastest-growing regional market in terms of the banking and capital market sectors.

A PwC report notes that the region's financial services sector “is in the midst of a massive overhaul”, with diverse financial products and services accompanied by growing regulatory requirements for finer monitoring of processes and the development of secure financial systems. No wonder, then, that financial institutions across the Middle East are diligently investing to match or outstrip their international peers, with commercial banks developing apace and offering easy access to banking credit.

Reports abound that Gulf banks have more liquidity than many of their foreign peers, mainly due to the higher interest rates in Europe and further afield. They have a pressing need to match funding to projects and transactions that constitute economic and geographic diversification. However, Emirati banks looking at emerging economies — such as those in Africa — need to partner with institutions with the expertise, access, and knowledge of the “Hopeful Continent”.

Middle East: Dubai, UAE

FOCUS AREAS FOR MIDDLE EASTERN BANKS

When it comes to sectors of focus for Middle East forays into Africa, we note a concentration of deals in oil and gas, as well as infrastructure.

The oil and gas sector in Africa has immense potential, with gas reserves in 2021 estimated at 625.6 trillion cubic feet — which nearly matches the US. Once a major oil or gas discovery is made, the biggest challenge for African governments and their commercial partners is finding sources of finance to develop projects.

However, there is a ready domestic market for such output. The Gas-Exporting Countries Forum noted that the demand for energy in Africa is expected to rise 82 percent by 2050, with natural gas making up 30 percent of the mix.

If you look at the pace of infrastructure development on the continent based on rising deals in transport, energy, and telecommunications, there is huge demand for funding. The AfDB notes that the demand for adequate infrastructure — secure energy, efficient transport, reliable communication systems, resilient sanitation, and affordable housing — is prominent in Africa. When it

comes to infrastructure in Africa, bridging the financing gap is a major challenge, with the AfDB estimating that $130bn to $170bn will be required each year. This leaves a yawning gap of around $100bn and one that development finance institutions (DFIs) alone would struggle to fill.

THE WAY FORWARD

In February 2024, the UAE was removed from the “grey list” after two years on the FATF’s radar, underscoring its commitment to combatting money laundering and terrorist financing. This is likely to boost investor confidence in the UAE's regulatory framework, and will probably be accompanied by greater foreign capital inflows. There will also be reduced compliance costs and the costs of borrowing.

Bank One welcomes this development, and has seen Middle Eastern banks confidently looking to channel funding into Africa after our recent visits.

In terms of strategic partnerships, there are hopes that DFIs will join forces with financial institutions in the Middle East. Recently, the AfDB, European Investment Bank (EIB), and

the OPEC Fund for International Development (OFID) announced support for the African Capitalisation Fund. This new private equity fund will be created by the IFC’s Asset Management Company (AMC). The fund will seek to capitalise on systemically important, private-sector commercial banking institutions in Africa to spur an economic recovery and create jobs. In an encouraging development, the Abu Dhabi Fund for Development (ADFD) has announced that it, too, is considering commitment to the fund.

Lastly, systemic efforts are being made to stimulate investments from the Middle East to Africa. With a comprehensive economic partnership agreement between Mauritius and Dubai announced last December, the first of its kind between the Emirates and an African country, Bank One is keen to explore the full potential of this landmark agreement. It was widely reported at the time it would pave the way for increased trade, investment, and privatesector co-operation between the countries.

With the right partnerships, we at Bank One intend to explore how such economic cooperation can be realised on the ground — with a focused eye on Africa. i

Waterfront: Bank One

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Avoid the Sucker-Punch of Online Scammers — Keep Your Guard Up!

Expertsrevealhowbusinessesandsellerscanspotonline paymentfraud.

When it comes to e-commerce, shoppers aren’t the only ones vulnerable to scams. Businesses and sellers are targets, too — so know thy enemy, whoever you are.

Anyone involved with online sales and purchases should arm themselves as well as possible to avoid falling victim to the multitude of scams out there on the big, bad internet. Find out as much as you can about prevalent scams — and about what to do should your protections fail.

According to US news organisation Business Wire, there was a 71 percent increase in payment fraud attempts on American firms in 2023. That statistic alone should add weight to the cautions listed here.

Dennis Pederson, CEO of merchant account processor PayFasto, has compiled a list of common scams that online shoppers, traders or sellers should be aware of.

PHISHING SCAMS

Despite the spelling, this involves bait and a hook. Criminals try to trick people into sharing sensitive information, such as credit card details and passwords. They typically do this by sending fake texts or emails which redirect to a phony — but apparently legitimate — third-party website. Just click on the link, and your personal information is suddenly available to bad actors.

Phishing isn’t only aimed at customers; the privacy and security of businesses and stakeholders are equally open to compromise. Financial and data losses spark fear in the heart of the public, and trust in the company can be lost. A damaged reputation can be as harmful as any actual monetary loss.

Happily, there are some obvious red flags to look out for, and regular training can help employees to keep their guard up. Unexpected requests for personal information, spelling and grammar errors, unknown senders, and attempts to inject a sense of threat or urgency are all giveaways. Simple rule: avoid clicking any unfamiliar website and never download any unexpected attachments.

There are less obvious, more devious methods employed, and technical measures can help to reduce the risk: email filtering tools and thorough

assessment of third-party communications are a good start. It makes sense to limit access to sensitive data via multi-factor authentication — and to keep digital systems and software defences up-to-date.

CHARGEBACK FRAUD

Also known as friendly fraud, this is when an apparently legitimate customer makes a credit card purchase and then disputes the charge with their bank. They request a refund, claiming that they did not receive the item or that the payment was unauthorised.

True fraud, when transactions are made using stolen personal information, is a trickier business. The legitimate cardholder files a chargeback for the unauthorised purchase. These scams can be ruinous to vendors, who must pick up much of the loss should a bank side with the customer.

Good communication is key to preventing “friendly” fraud. It’s vital that online businesses include merchant names and transaction details in banking apps to avoid confusion. Ensure that email confirmations are promptly sent out after purchases are made.

Sellers should enable package-tracking and delivery updates to ensure proof that the goods have been received. Good customer service and transparency about any delays can nip problems in the bud. Two-factor authentication for payments, and the verification of any suspiciously large purchases, should be made before shipping.

SEND IT BACK…?

Return fraud occurs when a dodgy customer attempts to get a refund by manipulating the seller’s refund policy. This might involve returning a different item than the one received, claiming that it was defective or damaged. This, needless to say, is illegal. But it sometimes works…

Scammers might even use the ordered items — a high-end camera for use on holiday, or an expensive dress to wear to a wedding — then return them as “unused”, flouting the terms and conditions of the returns policy.

To lower the chances of this situation, vendors should develop clear, non-negotiable return policies — and abide by them. Items returned

in anything other than original condition — including all labels and documentation — should be flagged, and the refund refused. Strict checks should be implemented: Is it the correct item? Is it in perfect condition? Do delivery tracking records confirm claims that orders were lost? Transactions should be monitored for any unusual or suspicious patterns.

MERCHANTS OF MENACE

Merchant fraud is when scammers pose as genuine businesses to deceive online customers. They might go as far as creating fake websites and online “stores” offering goods at temptingly low prices. They may send out a counterfeit or low-quality product — or none at all. While customers are the direct victims, this can hurt the reputation of legitimate businesses.

Merchant fraud incurs financial losses and other liabilities. There can be legal consequences if it’s determined that proper prevention measures were not taken. If rates of merchant fraud in a particular industry are high, businesses can be hit by higher processing fees due to perceived risk.

FIGHTING BACK

Businesses and sellers can combat all this by taking some basic measures. Ensure that the company name, logo and transaction details appear on bank statements. This goes a long way to distinguishing legitimate purchases from fraudulent ones.

Clear terms and conditions, secure payment methods and multi-factor authentication remain

the best safeguards. It’s good practice to stay abreast of emerging fraud patterns, and to deploy top-notch software protection.

DOWN TO THE WIRE

Wire transfer fraud involves a fraudster deceiving someone into sending money via bank transfer. They may impersonate known and trusted individuals or organisations. Fake invoices urge prompt payment, often playing on emotions and exploiting the pressure workers may already be under. These scenarios, especially since the emergence of widely accessible AI technology, can be very convincing. In this case, money is transferred instantly — and getting it back can be a real challenge. Sellers should to contact their bank as soon as a problem is flagged — ideally before the transaction has been completed.

Prevention is better than cure, and as a general rule, it’s a bad idea to send money in an unplanned, unexpected manner. Transactions should always be approved by more than one person, as a failsafe.

Businesses and employees should avoid sharing private company information, and improving cybersecurity protocols is an effective countermeasure. As always, use strong passwords, closely guard banking details, and enforce multi-factor authentication when logging into a company’s network.

Sellers, shoppers and employees must remain on their guard, and remind themselves not to ignore any suspicious requests for money. If in doubt, get a second opinion and confirm the validity of a request before fulfilling it. i

Middle East

Speculations on Future of

Urban Transport:

Insights from Saudi Arabia's NEOM Project

Will technology, a mountain of money and endless gumption bringSaudi’slinearcitytoreality…andifso,whatwillthatmeanfor thefutureofurbanliving?

The 21st Century is set for a major upheaval in the field of urban transport and design. As cities battle with congestion, pollution, and inefficient infrastructure, the race to reimagine cities heats up.

Enter the NEOM Project, Saudi Arabia's grandiose goal to develop a futuristic, sustainable city that could transform how we live – and travel. With a focus on cutting-edge technology (some of which does not yet exist, flying taxis for instance) and sustainable design, the kingdom believes NEOM has the potential to revolutionise urban living and mobility.

Let’s start with an overview of NEOM Project, followed by a dive into its transport “advances” and a look at the project’s broader implications, criticisms and challenges. Could this wildly optimistic project be used as a model for future cities?

Located in north-west Saudi Arabia, NEOM aspires to be a $500bn "living laboratory" that combines innovation, sustainability, and innovative infrastructure. The project was due to span over 26,500 square kilometres, extending into Egypt and Jordan, but that has since been cut back. Originally, it was expected to house over a million people by 2030. That, too, is thought to have been amended.

NEOM's objective was to be a hub for tech experimentation and sustainable living – running on totally renewable energy.

At the centre of it all is "The Line", a daring – some say outrageous – idea for a linear metropolis. It aspires to reduce the need for automobiles by implementing self-driving public transport systems and pedestrian-friendly design. NEOM hopes to combine next-generation digital infrastructure with renewable energy to reduce carbon emissions and waste.

NEOM is led by Saudi Crown Prince Mohammed bin Salman himself, and sponsored by leading global corporations. It offers a glimpse into the possible future of urban living.

WALK THE LINE

The Line veers way off the route taken by standard urban planning. A city – 170 kilometres long, half-a-kilometre high and 200 metres wide – was planned to be car-free. High-speed rail, self-driving electric shuttles, and pedestrian walkways are the proposed solutions. The time taken to travel across The Line was estimated at 20 minutes – something experts are now reconsidering. If successful, this design would optimise land use while reducing infrastructural clutter, resulting in a connected, sustainable city.

SUSTAINABLE MOBILITY

Electric vehicles will be ubiquitous, but dependency on them will be lessened by

"Located in north-west Saudi Arabia, NEOM aspires to be a $500bn "living laboratory" that combines innovation, sustainability, and innovative infrastructure. The project was due to span over 26,500 square kilometres, extending into Egypt and Jordan, but that has since been cut back."

integrating public transit networks. Walkways, bike lanes, and self-driving shuttles will connect neighbourhoods, workplaces, and recreational areas. The entire system will be powered by renewable energy, resulting in zero-emission mobility with a low carbon footprint.

ADVANCED TECHNOLOGIES

NEOM's transport network will be digitally connected and data-driven. AI, the Internet of Things (IoT), and automation will serve as foundations. AI will optimise traffic flow and transit schedules, while IoT devices will improve predictive maintenance and security. With pervasive connection, commuters will receive real-time route updates and personalised travel options.

WIDER IMPLICATIONS

The project provides the opportunity to investigate how zero-emission mobility might be implemented on a broad scale. NEOM provides an example by looking to minimise the carbon footprint with fully electrified mobility systems and renewable energy. Governments can learn legislative and economic lessons from NEOM as it progresses with greener transport, improved public transit, and pedestrian-friendly architecture.

URBAN PLANNING

NEOM planners have embraced radical urban design. The linear emphasis is on walkability and local access to services. Other cities could adopt this concept, which has the potential to alter urban planning in positive ways.

TECHNOLOGICAL

DISRUPTION

As the world's cities expand, autonomous vehicles, drones, and even hyperloops emerge as solutions to emerging transport challenges. NEOM's dependence on AI and digital infrastructure could transform travel by lowering congestion and improving safety. However, concerns persist around cybersecurity, ethical issues, and the digital divide. As technology advances, equal access and data security will be critical.

SOCIO-ECONOMIC IMPACTS

NEOM envisions an integrated system that could help close socio-economic gaps by improving access to work, healthcare, and education. But

if systems are not carefully managed, they have the potential to make things worse. Cities must ensure that tech-driven mobility is inclusive and helps all socio-economic groups.

CRITICISMS AND CHALLENGES

The futuristic concept is enticing, but NEOM faces considerable practical challenges. Critics dispute the project's viability due to its exorbitant expenses and an overly ambitious schedule. Political stability in the region, combined with shifting oil prices, complicates the investment climate. Environmentalists express concern over the project's impact on vulnerable ecosystems, while human rights organisations warn of the harm in forcibly relocating people living in The Line’s path.

The ambitious plan is based on advances in AI, robotics, and renewable energy which have not yet been accomplished. Regulatory frameworks, cybersecurity dangers, and personal data protection issues may further impede implementation.

THE FUTURE

NEOM could serve as a blueprint for future smart cities, redefining urban transport via sustainability and technological integration. If successful, this concept may motivate governments and corporate developers to replicate similar initiatives around the world. Cities might some day have interconnected, zeroemission transit systems that prioritise public and pedestrian spaces, minimising dependency on cars.

To realise this, cities must embrace policy changes and innovation. Governments must invest in renewable energy infrastructure, increase internet connectivity, and create rules to promote sustainable and equitable mobility alternatives.

NEOM is a magnificent architectural project which may yet serve as a roadmap for the future of urban living. Its transport paradigm provides insights on the evolution of urban mobility.

While obstacles remain in The Line’s path, the project's innovative spirit and forward-thinking design offer hope, and a positive outlook for the future of cities. i

> CAIO, Amigo!

The Role of the Chief Artificial Intelligence Officer

By Bashar Kilani

The emergence of AI means organisations can accelerate their transformationjourneys—andoneperson’sroleisvital.

The chief artificial intelligence officer (CAIO) is a key player in steering his or her enterprise through the complexities of AI integration.

One of the primary responsibilities of the CAIO is fostering a culture that embraces AI, promoting continuous learning and adaptation. This cultural shift is essential for organisations aiming to become “AI-first”. A focus on people is crucial; employees must understand and leverage AI tools to enhance their productivity and creativity.

The CAIO should lead initiatives to reskill and upskill the workforce, aligning talent with AIdriven opportunities. This involves training programmes and creates an environment of innovation.

THE PATH TO PRODUCTIVITY

The CAIO is responsible for crafting and executing a robust AI strategy that aligns with organisational goals. This involves identifying processes for automation, areas where AI can augment human capabilities, and tasks AI can execute autonomously.

Strategic foresight is needed to select and prioritise AI projects that deliver the highest impact. Navigating emerging cost and value dynamics is a crucial aspect. A comprehensive understanding of the new cost structures introduced by AI technologies is needed.

The CAIO must develop and communicate value creation models that illustrate how AI investments lead to tangible business outcomes. Balancing cost-efficiency with strategic investments in AI will drive sustainable growth, ensuring the organisation stays competitive.

CHAMPIONING RESPONSIBLE AI

In the realm of AI, understanding and mitigating risks is paramount. The CAIO must oversee initiatives to ensure outputs are explainable, biasfree, and respectful of privacy and data policies. This involves rigorous oversight and adherence to ethical standards, aligned with human values. Awareness and compliance with responsible AI legal frameworks from the United Nations, EU, and various US bodies are crucial to maintaining regulatory alignment and public trust.

The CAIO must stay abreast of these regulations and ensure that AI initiatives comply.

Author: Bashar Kilani

A CATALYST FOR TRANSITION

The role of CAIOs is pivotal in an era marked by AI integration into all facets of business and society. They must balance tech advances with human values, ensuring AI augments human capabilities, and operates transparently. The CAIO is not just a technology leader, but key to

broader change, guiding organisations into new and exciting territory. i

ABOUT THE AUTHOR

Bashar Kilani is a digital economy advocate who founded AI360 Innovations, an advisory firm for the digital economy based in Dubai’s AI Campus.

Innovation at the Core: How KIB is Shaping Modern Banking

Kuwaitifinancialinstitutionembracesinnovation,butholdsfasttoIslamic rootsandtradition.

n a region where financial institutions often blend into the backdrop of economic activity, Kuwait International Bank (KIB) stands out as a beacon of innovation and adaptation.

KIB has spent the past 50 years serving the country’s financial needs and shaping its economic landscape. Today, KIB is more than just a bank; it's a dynamic partner in every aspect of its customers' lives.

KIB was established as Kuwait Real Estate Bank in 1973. At the time, the country was witnessing a surge in the real estate sector, opening the door for a financial institution able to cater to a burgeoning market. KIB rose to the occasion, financing projects that contributed to a national economic and architectural renaissance.

July 2007 was a watershed moment for the bank. Recognising the shifting dynamics of the industry and the regional economic climate, KIB transitioned from specialising in real estate to become a fully-fledged Islamic bank. This strategic shift was a pioneering move in the Middle East, aligning KIB’s operations with Islamic Shari’ah principles.

By 2018, KIB’s vision expanded under the revolutionary banner of becoming “a Bank for Life”. The focus was on delivering a holistic experience that extended beyond traditional services, integrating every aspect of daily life. This stance was driven by a deep understanding of customer needs — and a commitment to innovation.

From 2020 and onwards, the bank’s digital infrastructure has taken great strides, allowing it to offer an array of solutions: the ability to open accounts via the mobile app, the launch of KIB Aqari property management, and the establishment of the Digital Innovation Factory. These advances forced a rethink of the potential of digital banking — personalised, intuitive services that cater to contemporary lifestyles.

The recent inauguration of the KIB Mubader Centre and the founding of KIB Invest highlight the bank's commitment to supporting SMEs and diversifying its investment services. These initiatives contribute to the bank's growth, and bolster the broader economy.

KIB’s chairman, vice-chairman and CEO, board of directors and executive management collectively steer the organisation towards its strategic goals. Their combined expertise has been instrumental in driving the bank’s continuous evolution.

KIB’s innovation and relentless pursuit of excellence are reflected in its financial performance. For the first half 2024, KIB achieved KD12m ($39.28m) of net profit attributable to shareholders: 103 percent growth over the same period in 2023.

Such performance is evidence of an institution that ensures a stable yet progressive financial environment for its shareholders and customers alike.

Dedication to outstanding service has earned KIB numerous accolades over the years — including CFI.co awards for Best Sharia-Compliant Bank –MENA, Best Bank in Financial Literacy Program – MENA, and Best Real Estate Solutions Provider – MENA.

KIB remains unwaveringly committed to driving innovation and providing exceptional customer experiences. KIB is poised to continue its legacy of excellence, promising to meet the expectations of today’s customers — and anticipate the needs of tomorrow's. i

> Accenture: Leading the Battle The Evolving Role of CEOs in Mitigating Cybersecurity Threats

In 2023, a complex, fragmented global geopolitical backdrop prompted a boost in the cybersecurity economy.

It was propelled by the persistent threat of cyberattacks and a unanimous imperative to meet data-governance standards. This opened the divide between cyber-resilient businesses and those struggling to keep pace. This disparity was primarily driven by macro-economic trends and businesses’ varying capabilities in the adoption of transformative technologies.

The global cost of online criminal acts is expected to surge to $23.84tn by 2027. As it becomes a critical concern across the Middle East, the UAE and Saudi Arabia are investing heavily in infrastructure to combat threats. The UAE thwarted more than 50,000 daily cyberattacks in 2023 — and the country’s National Cybersecurity Strategy aims to upskill 40,000 professionals across all sectors. Saudi Arabia ranked second in the Global Cybersecurity Index in 2023.

Chief executives across the region are increasingly aware of how the global economy needs protection. As cyberthreats evolve in complexity and scale, it has become critical for CEOs to safeguard their organisations.

In 2023, Accenture's survey of 1,000 CEOs across 15 countries — representing 19 industries and organizations with revenues exceeding $1bn — provides insights into how CEOs navigate the challenges.

Chief executives today are acutely aware of the potential threats, identifying cybersecurity as a key business enabler. This sentiment is higher in the UAE (98 percent) and Saudi Arabia (100 percent) than in other countries. But only 33 percent of global CEOs expressed a deep knowledge of evolving cyberthreats. This figure drops to 23 percent in the UAE and 30 percent in Saudi Arabia, indicating a substantial gap between perception and understanding.

The survey identified several disruptive forces. Tech innovation tops the list, with 52 percent of CEOs ranking it as the highest risk. Emerging technologies such as generative and quantum computing are viewed as highly relevant by 86 percent of CEOs.

Supply chain disruptions also pose a significant risk, with 51 percent of CEOs ranking it the second-highest external threat. Environmental

By Ahmed Etman MD and Cybersecurity Lead for Accenture Middle East

Author: Ahmed Etman

vulnerabilities are of concern, with 90 percent of respondents acknowledging the link between fluctuations and cyber-risk.

Despite recognising the importance of cybersecurity, many CEOs adopt a reactive rather than proactive approach. Sixty percent admit that cybersecurity is not integrated into business strategies, services, or products. In the UAE and Saudi Arabia, this figure is 55 percent and 57 percent, respectively. And 44 percent of CEOs view cybersecurity as an episodic, technical issue rather than an ongoing strategic concern — with just 11 percent in the UAE and 37 percent in Saudi Arabia sharing this view.

A reactive mindset results in greater risks and higher costs. Fifty-four percent of CEOs believe that the cost of implementing cybersecurity measures is higher than that of an attack, with significant variations across regions (31 percent in the UAE and 44 percent in Saudi Arabia). This perception underscores the need for a strategic shift.

Compliance drives the cybersecurity strategy for 95 percent of CEOs. While this compliance-driven

approach is necessary, it is insufficient to achieve effective protection and resilience.

Amid these challenges, a small group of CEOs — five percent of respondents — stand out as leaders. These valiant few detect, contain, and remediate threats, with breach costs lower than their counterparts. They adopt a holistic view, considering sustainability, talent, technology innovation, and customer engagement.

Cyber-resilient CEOs consistently surpass their counterparts in generating value. Analysis identifies five key actions that leaders consistently take:

1. Embed cyber resilience into business strategies

Cyber-resilient CEOs outperform laggards by 41 percent. To use cybersecurity as a strategic enabler, senior executives consistently link cyber performance to executive outcomes, reducing organisational complexity.

2. Establish shared cybersecurity accountability

Cybersecurity-focused leaders foster a culture of shared accountability. They nurture security talent, and adopt cybersecurity-as-a-service (CaaS) models.

3. Bolster the fundamental elements

Outperforming others by 27 percent, cyberresilient CEOs prioritise security via a multifaceted approach throughout the lifecycle of a project, from design to deployment and beyond, championing a zero-trust approach.

4. Expand cyber resilience beyond the business

Collaboration with strategic partners and regulators is a key tactic to effectively mitigate potential threats and enhance organisational resilience by strengthening stakeholder relationships.

5. Enable continuous resilience

By adopting ongoing cyber resilience practices, CEOs outperformed others by 39 percent. This approach includes constantly redefining risk profiles and proactively seeking independent reviews. Cyber-resilient leaders harness AI technologies with the UAE National Strategy for a focus on cybersecurity. The strategy also focuses on integrating AI into protection strategies

The research emphasises the critical role that CEOs have to play. As cyberthreats evolve, confident and knowledgeable senior executives will be critical to reducing the cyber-resilience gap. i

The Stop Killing Games Campaign: Players Up in Arms About Loss of Online Support for Digital Worlds

Why are some companies cutting access to their online products,andcanthegamingcommunityfightback?

In 2023, online gaming generated $406bn in revenue worldwide — 18 percent more than the music and movie industries combined ($338bn).

But it’s an arena in which battles are fought not only with alien invaders and digital armies. The online gaming community is buzzing with defiance at publishers cutting support for certain games, rendering them unplayable.

The players united to unleash the Stop Killing Games Campaign, catalysed by Ubisoft’s decision to pull backing for The Crew. The move left players unable to access a game in which they had invested time, money and passion, and the backlash was instant and intense. Players swarmed over social media platforms and gaming forums like marauding buccaneers. It may have been the first incident to spark such rebellion, but it was not an isolated event — it was part of a broader trend.

When publishers pull their online support, the consequences are significant: players lose access to content which in their eyes had been bought and paid-for. For many, games are more than mere products; they are experiences, tied to personal memories and the online community.

The sudden loss felt to some like a personal and financial betrayal.

LEGAL AND ETHICAL CONSIDERATIONS

The Stop Killing Games Campaign raises some important legal and ethical questions. In the digital age, consumers often purchase licences, not physical copies of the games. This means that publishers can revoke access at their discretion, leaving players with little recourse.

The campaign calls for transparency and fairness in the management of these licences, invoking consumers' rights in the case of sudden discontinuation.

GOVERNMENTAL RESPONSE

In May 2022, the UK government initiated discussions on the issue, in a direct response to concerns about the sustainability of gaming and the rights of players. This involvement signalled a potential shift towards more robust protections for the gamers and other consumers in the digital marketplace.

WHY IT MATTERS

The campaign is more than a knee-jerk reaction to a single event; it’s a broader call for accountability and fairness in the sector. With games increasingly reliant on online services, the relationship between publishers and players must evolve, say its proponents.

They highlight the need for clearer policies and better communication between parties to ensure a fair and enjoyable experience.

GAMING EVOLUTION

Online gaming has revolutionised the industry, changing the way games are developed, played, and experienced.

It began in the early 1990s with simple, multiplayer escapades for which gamers could connect via local networks. As internet technology advanced, so did the games. The late 1990s and early 2000s saw the rise of “massively multiplayer online role-playing games”, abbreviated to MMORPGs. Titles like EverQuest and World of Warcraft created vast virtual worlds where thousands of players could interact simultaneously.

SHIFT TO LIVE-SERVICE

The industry shifted towards live-service models, where games are continuously updated with new content, events, and features. Titles like Fortnite, Apex Legends, and Destiny 2 offer ongoing experiences that keep players engaged for years. This model has proven lucrative for publishers, generating revenue through microtransactions, subscriptions, and in-game purchases.

But some key incidents reveal the vulnerabilities. Ubisoft’s decision to discontinue support for The Crew is just one example. The shutdown of online servers for Halo 2 and the closure of Sony's PlayStation Home sparked fierce debate about the longevity of games.

Technological advancements have played a crucial role in sector evolution. Boosts in internet speed, server infrastructure and Cloud computing enabled more complex and immersive experiences. The rise of Cloud services such as Google Stadia and Microsoft’s Xbox Cloud Gaming promise to revolutionise the industry with highquality games accessible on a variety of devices.

CHALLENGES AND OPPORTUNITIES

While online gaming offers obvious opportunities, it also faces challenges. The reliance on online connectivity makes it vulnerable to server outages and shutdowns. Maintaining online servers and providing continuous updates requires investment by publishers, who were forced to balance the cost-benefit equation. There were future concerns that needed to be addressed.

PULLING THE PLUG

When online support is withdrawn, the consequences can be significant.

Ubisoft’s The Crew, a popular racing game, relied heavily on its online features. When the firm pulled online support, players were unable to access key modes and features. This sparked outrage in the community — leading to the birth of the Stop Killing Games Campaign. Players felt betrayed, and made producers aware of the high emotional and financial toll of such decisions.

Halo 2 was a ground-breaking, first-person shooter adventure that set the bar for online multiplayer gaming. When Microsoft shut down the original Xbox Live service, Halo 2 players were devastated. This was the end of an era for many; a vibrant online community was abruptly disbanded.

Sony’s PlayStation Home was a virtual space where players could interact, play mini-games, and create their own virtual environments. Despite a dedicated user base, Sony also decided to pull back. The closure in 2015 left players adrift, without access to their created content and purchased items.

IMPACT ON PLAYERS

There were profound effects on player bases, financial and emotional. Games were rendered meaningless overnight, causing a rending of garments and gnashing of teeth in the community.

There are broader implications of cutting online support, and a need for transparency and communication between publishers and players. Questions about the rights of consumers in the digital were raised.

LEGAL AND ETHICAL IMPLICATIONS

In the old days, a video game was a physical copy that was purchased, and could be played at any time. Today, purchases are digital; players pay for access licences to the game, rather than owning it outright. Publishers can — and do — revoke that access. Players have no recourse.

The legal framework around game ownership is still evolving. In many cases, terms-ofservice agreements favour publishers, allowing them to make unilateral decisions. But there is growing recognition of the need for more balanced regulation. The UK government's response to initiate discussion was a step in that direction.

ETHICAL CONSIDERATIONS

Cutting support for games raises several concerns. Players invest emotional energy as well as money when they take the plunge. A sudden loss of access feels to them like a classic breach of trust. Publishers have a responsibility to consider the impact of their decisions.

The debate over consumer rights in digital gaming centres on the balance between publisher control and player access. Advocates argue that players should have the right to access and enjoy the games they purchase — without fear of sudden discontinuation. There are calls for longer support periods, options for offline play, and greater transparency about terms of purchases.

PLAY ON

To address these issues, there is a need for industry-wide standards and clearer regulation. Potential solutions include mandatory

disclosures about the expected lifespan of online support, options for transferring licences, and legal protection.

The legal and ethical implications are many. A balance that respects the rights of consumers and business interests must be struck.

MARKET ANALYSIS AND KEY PLAYERS

The industry is a dynamic and rapidly growing one worth over $200bn, with projections indicating continued growth. Factors driving this include the growing popularity of mobile gaming, advances in technology, and the rise of e-sports and live-streaming platforms. The pandemic accelerated this expansion as people lost direct social connection.

Several major companies dominate the field, each employing diverse strategies.

• Ubisoft is known for franchises such as Assassin’s Creed, Far Cry, and The Crew. It focuses on immersive, open-world games and live-service models.

• Electronic Arts (EA) is famous for sports games like FIFA and Madden NFL, as well as franchises including The Sims and Battlefield. EA leverages its extensive portfolio to engage players across multiple platforms.

• Activision Blizzard is a powerhouse, with titles such as Call of Duty, World of Warcraft, and Overwatch. The company prides itself in creating long-lasting franchises and maintaining active player communities.

• Sony and Microsoft are the leading console manufacturers, and both companies play a crucial role in shaping the future. Sony's PlayStation and Microsoft's Xbox offer exclusive titles and subscription services that drive engagement and revenue.

The industry is characterised by a diverse range of genres.

• Action/adventure games like The Legend of Zelda and Uncharted have captivated players with rich storytelling and immersive scenes.

• First- and third-person shooters — think Call of Duty and Fortnite — dominate the market, thanks to competitive multiplayer modes.

• Role-Playing Games (RPGs) like FinalFantasy and The Witcher offer deep narratives and character customisation, appealing to players seeking long-term engagement.

• Games like FIFA, The Sims, and Animal Crossing provide realistic experiences that mimic real-life.

EMERGING TRENDS

There is a rise in cross-platform play, where players connect and compete using different devices. The growing popularity of virtual and augmented reality has led to even greater immersive experiences.

REVENUE MODELS

Online games utilise several revenue models. Microtransactions allow players to buy in-game

items, cosmetics, and upgrades — with real money. “Free-to-play” games like Fortnite and Apex Legends encourage continuous updates and fresh (but not free) content.

World of Warcraft and Final Fantasy XIV use subscription models, where players pay a recurring fee for access. Xbox Game Pass and PlayStation Now offer access to a library of games for a monthly fee.

Even in this unworldly sphere, ads are hard to avoid, and common in mobile games. Players who watch ads earn in-game rewards, or progress faster.

Many companies offer downloadable content (DLC) and expansions for additional gameplay, story content, and features; think The Sims 4 and Destiny2.

FINANCIAL IMPACT

Discontinuing online support has financial implications. For publishers, the decision is tied to the costs associated with maintaining servers and providing updates. But shutting down servers can lead to a loss of trust from players, and negatively impacts the firms’ reputation.

For players, the monetary impact is acute and direct. They lose access to content they purchased: a tangible financial hit. Hardly surprising that many are unwilling to invest in games from the offending publisher.

Continuous support requires investment in server infrastructure, development resources, and customer service. But maintaining a loyal player base means ongoing revenue; something for publishers to consider.

The economics are complex, involving various revenue models and financial considerations. The decision to cut online support has significant implications.

WHO PLAYS, AND WHY?

Once seen as a youth-sector industry, gaming is no longer confined to a specific age group. Studies have found that the average age of gamers is 34, with representation across demographics.

Some 21 percent of gamers are under 18, and the games often offer engaging, educational, and social experiences. Around 38 percent of gamers are between 18 and 34, while those aged 3554 represent about 26 percent of the gaming community. About 15 percent are aged 55 and over.

Gender distribution is fairly well balanced, with nearly 46 percent of gamers identifying as female. This reflects the industry's success in creating inclusive and diverse experiences.

GEOGRAPHIC DISTRIBUTION

Gaming is global, with significant concentrations of players in certain regions. The US and Canada are major markets for console and PC gamers.

In Europe, the UK, Germany, and France have notable gaming communities, while China, Japan, and South Korea are powerhouses leading for mobile and e-sports players. In Latin America, Brazil and Mexico are emerging as big hitters.

The Middle East and Africa are experiencing rapid growth, driven by a young population and expanding digital infrastructure.

WHY DO THEY PLAY?

Games provide immersive and interactive entertainment; an escape from reality and a chance to explore new worlds.

Socialisation is a factor, too. Players can connect with friends and meet new people, while many enjoy the excitement of competitive play. For others, gaming offers a way to unwind and relax.

Educational games, and “gamified learning” attract younger players, offering fun ways to acquire new skills and knowledge.

FROM NICHE TO MAINSTREAM

Video games influence popular culture. Many have inspired movies and TV shows; the most obvious examples are TombRaider,ResidentEvil, and The Witcher. These adaptations have brought game narratives to a broader audience, and demonstrate the storytelling potential of the medium.

Fashion and merchandising have also fallen under the gaming spell. Iconic characters and

logos have become popular motifs in clothing and accessories. Collaborations between developers and fashion brands, such as Fortnite and Nike, have led to the release of exclusive, limited-edition products.

The music world, too, has been influenced. Composers such as Nobuo Uematsu (Final Fantasy) and Koji Kondo (The Legend of Zelda) have won widespread acclaim for adding exciting soundtracks to digital adventure. Some are now performed in concert halls, moving the sector further from its original niche.

THE RISE OF E-SPORTS

E-sports have transformed gaming into a spectator attraction. Tournaments for games such as League of Legends, Dota 2, and Overwatchattract millions of viewers — and offer substantial prizes. This has led to the creation of professional teams, sponsorship deals, and dedicated arenas.

CONTENT CREATION

Platforms like Twitch and YouTube have given rise to game streaming. Influential streamers and content creators, such as PewDiePie and Ninja, have built massive followings by sharing their gaming experiences. This trend has created new opportunities for marketing, community engagement, and revenue generation.

The social impact is undeniable, with some games addressing inclusivity and other serious

themes. The Last of Us Part II and Life is Strange tackle identity, mental health and social justice, with the aim of fostering empathy and understanding.

These cultural impacts are a testament to the medium's power and potential.

INNOVATIONS

ON

THE HORIZON

Cloud gaming is poised to transform the industry. Services such as Google Stadia, Microsoft Xbox Cloud Gaming and NVIDIA GeForce Now allow players to stream games — without the need for powerful hardware. This promises to democratise gaming, enabling greater access.

Virtual reality (VR) and augmented reality (AR) offer a blend of digital and physical worlds. Oculus Quest, PlayStation VR and Microsoft HoloLens are pushing the boundaries of what is possible. VR games like Half-Life: Alyx, and AR experiences like Pokémon GO demonstrate the potential.

AI and machine learning play their part, too. AI can create realistic and adaptive non-player characters (NPCs), generate procedurally-created content, and optimise technical performance. Machine learning algorithms personalise the experience, adapting to player preferences and behaviours.

GRAPHICS AND PROCESSING

The ongoing evolution of graphics and processing technology is enabling more realistic and visually stunning games. The latest consoles, such as the PlayStation 5 and Xbox Series X, boast impressive hardware, including ray-tracing, high frame-rates, and ultra-fast load times. This is pushing the boundaries of the possible in design and visual storytelling.

CAN YOU FEEL IT?

Haptic feedback — physical sensations such as vibration or impacts — add to the sensory experience. PlayStation 5's DualSense controller offers advanced haptic feedback and adaptive triggers, tactile sensations that mirror ingame actions. “3D” audio tech adds spatial soundscapes for greater immersion and realism.

The future is brimming with possibilities that promise to revolutionise how games are created and played.

CHANGING BUSINESS MODELS

As the industry evolves, so do the business models.

Free-to-play (F2P) has become increasingly popular, particularly in mobile and online games. Fortnite, League of Legends, and Genshin Impact offer free access to the core game — but generate revenue via microtransactions, “battle passes”, and in-game purchases. This lowers the barrier to entry and attracts a broad audience, while continuous updates and live events keep the money coming in.

"Finding the sweet spot between business interests and consumer rights hinges on transparency and the right of access for players. Governments and regulatory bodies should implement legal frameworks to protect consumer rights and ensure fair practices."

Subscription services are reshaping access and consumption. Xbox Game Pass, PlayStation Now, and EA Play offer a library of games for a monthly fee. These encourage players to explore a variety of games (and again create steady revenue streams).

CROWDFUNDING AND EARLY ACCESS

Kickstarter and Indiegogo have enabled independent developers to fund their projects directly — via player support. Early-access programmes, where players can buy and play a game in its unfinished state, provide useful feedback and financial support for developers. Examples include games Minecraft, Hades, and Baldur’s Gate 3

IN-GAME ECONOMIES

The sale of virtual goods has become a significant revenue source. Counter-Strike: Global Offensive and Diablo III feature “marketplaces” where players can buy, sell, and trade virtual items. These economies boost engagement and revenue, but also raise concerns about regulation and fairness.

The industry is experiencing a shift towards models that prioritise accessibility, continuous engagement, and diverse revenue streams. All this is reshaping the landscape and offering new opportunities for players and developers.

GAMERS SPEAK OUT

Some personal stories highlight the emotional and financial toll of pulling the plug on online support.

Alex had been playing TheCrewsince its release, enjoying the game's expansive open world and competitive racing. When Ubisoft announced it was cutting online support, Alex felt a deep sense of loss. "I spent countless hours building my car collection and racing with friends,” he said. “It feels like a part of my life is gone."

Sarah was an avid Halo 2 player, spending many late nights battling virtual opponents. The game's passionate community formed a significant part of her teenage years. "When they shut down the servers, it was like losing a group of friends," Sarah said. The shutdown marked the end of an era for her, and left a void that was hard to fill.

Mark enjoyed exploring and creating virtual spaces in PlayStation Home. The platform allowed him to socialise and express his creativity. "I invested so much time and money into my virtual home,” he laments. “Losing it all felt like losing a piece of myself." The closure of PlayStation Home left him with a sense of disconnection.

These stories highlight the significant emotional and financial impact of server shutdowns. Players report a sense of personal betrayal.

INDUSTRY PERSPECTIVES

Balancing business interests and consumer rights can be a complex challenge.

An anonymous lead developer emphasises the importance of transparency and communication. "We strive to keep our community informed about the game's lifecycle and any potential changes,” she said. “It's crucial to build trust and maintain a positive relationship with our players." This developer advocates for clear terms of service and regular updates to keep players engaged and informed.

PUBLISHER’S PERSPECTIVE

A publisher, also choosing to remain unnamed, addresses the challenges of maintaining online support. "Running servers and providing continuous updates is costly and resource intensive,” he said. “We need to find a balance between sustainability and player satisfaction." He suggests exploring hybrid models that combine on- and offline play options to mitigate the impact of server shutdowns.

LEGAL EXPERT’S PERSPECTIVE

Digital consumer rights advocates highlight the need for stronger regulation to protect players. “Consumers should have clear rights when it comes to digital purchases,” says one. “We need legal frameworks that ensure fair access and compensation in case of discontinuation." Many experts agree with the implementation of mandatory disclosures about the expected lifespan of online support — and options for refunds when services are discontinued.

POTENTIAL SOLUTIONS

There are several ways out of the morass. Regular updates and clear communication head the list.

Hybrid models have promise, combining on- and offline play options to provide continuity. Legal frameworks to protect consumer rights and ensure fair access are also under consideration.

Community engagement, involving the gaming community in the decision-making process and considering feedback, could build trust and loyalty.

Balancing business interests and consumer rights requires collaboration and innovation. Insights from industry professionals offer interesting perspectives on the Stop Killing Games Campaign.

THE PATH AHEAD

The campaign raises some important questions for the future.

The shift towards digital game ownership raises legal and ethical questions about consumer rights and publisher responsibilities.

Technological advances are reshaping the industry and offering new opportunities, as are new revenue models that prioritise accessibility and continuous engagement.

Finding the sweet spot between business interests and consumer rights hinges on transparency and the right of access for players. Governments and regulatory bodies should implement legal frameworks to protect consumer rights and ensure fair practices.

Publishers must involve the gaming community in all aspects of continuity and game lifespan.

The Stop Killing Games Campaign highlights the need for this more balanced and equitable relationship. The industry is capable of building a sustainable and inclusive future — and, say the gamers, it should.

The campaign has brought to light some critical issues. The practice of discontinuing online support for games raises important legal and ethical issues about digital ownership. The shift to new business models offers exciting opportunities, but requires careful consideration before implementation.

Regulatory bodies are likely to implement stronger protections for players, possibly including mandatory disclosures at the time of purchase.

Publishers may well explore hybrid models, an approach that could help maintain player engagement while balancing maintenance costs.

VR, AR and AI will continue to reshape the industry, innovations likely to drive the development of yet more immersive experiences.

The industry finds itself at a pivotal moment, with the potential to create a more equitable future. By addressing the issues raised by the Stop Killing Games Campaign, and embracing new technologies and business models, it can build a brighter future.

The bottom line for players? Hold thumbs, be vocal about perceived injustices … and play on! i

Latin America: Why Latin American Support for Freed Assange Never Faltered for a Moment

Central and South America have seen enough overseas oppression to recognisethetruevalueofafreePress.

Julian Assange, now back in his native Australia after striking a plea deal with US prosecutors to avoid extradition, the journalist and whistleblower has a pronounced quasi-presence in street art around the globe.

From the streets of Buenos Aires to the halls of power in Mexico City, Assange has emerged as a hero in a region long vexed by political repression and interventionism from Washington DC. Assange was facing extradition to the US to face charges of espionage and conspiracy for releasing sensitive documents and video footage revealing war crimes and diplomatic wrongdoing.

His case ignited a global debate about journalistic freedom, whistleblower protection, and the alarming scope and scale of government secrecy. But nowhere has Assange's popularity been stronger or more enduring than in Latin America. His predicament struck a chord with those fearful of US imperialism, and with a long tradition of fighting for the freedom of expression.

A HISTORY OF RESISTANCE

This affection for Assange is closely related to the region’s turbulent history. It has seen political instability, the rise and fall of military dictatorships, and plenty of clandestine US meddling. From the CIA-backed overthrow of Guatemala's democratically elected government in 1954 to the US-backed military junta in Chile in the 1970s, Washington has dipped its fingers into many Latin American pies — often with disastrous regional repercussions.

In this context, investigative media have played a central role in uncovering abuses of power, and holding governments responsible for them. Figures such as Argentina’s Che Guevara, the renowned revolutionary who fought alongside Fidel Castro in Cuba, and Evo Morales, Bolivia's first Indigenous president — who nationalised the country's natural gas assets — have become icons of resistance.

Their battles, and those of many others, have helped to build an identity, if not an entity, that values independence, sovereignty, and the right to self-determination.

When WikiLeaks began disclosing confidential information in 2010, many Latin Americans noticed parallels to their own experiences of government corruption and human rights violations. The revelations regarding US military action in Iraq and Afghanistan, as well as diplomatic cables revealing the inner workings of US foreign policy, resounded in a region so routinely sceptical of Washington's intentions.

A POLITICAL AWAKENING

Latin America's political landscape has shifted dramatically in recent decades, with Leftwing movements and political parties gaining popularity. Leaders such as Andrés Manuel López Obrador in Mexico, Alberto Fernández in Argentina, and Luiz Inácio Lula da Silva in

"His case ignited a global debate about journalistic freedom, whistleblower protection, and the alarming scope and scale of government secrecy."

Brazil have all stated their support for Assange, presenting his case as a fight for press freedom and a challenge to US overreach.

These politicians found common ground in regional organisations such as the Bolivarian Alliance for the Peoples of Our America (ALBA) and the Community of Latin American and Caribbean States (CELAC). Both these bodies provided platforms for regional co-ordination on topics such as Assange's extradition.

These organisations established a sense of solidarity among the region’s neighbouring countries, allowing them to present a unified front.

And sympathy for Assange extended beyond Left-wing regimes. Even conservative politicians, such as El Salvador's Nayib Bukele, spoke out against his proposed extradition, claiming that it would establish “a terrible precedent” for journalists and whistleblowers worldwide. This cross-ideological support reflects a broader regional consensus on the significance of preserving free expression — and opposing Uncle Sam's supremacy.

A CULTURAL TAPESTRY

Beyond politics, Latin American support for Assange is firmly rooted in cultural traditions. Journalism and freedom of expression are deeply valued, and part of the region's cultural fabric. Writers, artists, and intellectuals used their platforms to criticise oppression and advocate for social justice. Latin American culture, ranging from Gabriel García Márquez's magical realism to Víctor Jara's protest songs, has historically been used to expose social wrongs and put a shoulder to the wheel of resistance.

Many characterised Assange's situation as a David vs Goliath conflict, pitting a lone journalist against the might of the US government. This is a cultural mindset that backs the underdog and champions whoever fights for justice.

THE LEGAL BATTLE

The legal arguments surrounding Assange's extradition were complex and nuanced. His supporters claimed that he was being punished for publishing material that was in the public interest. For them, his extradition would have violated international law and established a dangerous precedent. They also expressed concern about the conditions he would probably have faced in the notorious US prison system.

But not everyone was on Assange's side. His opponents contend that he isn’t even a journalist, rather a reckless hacker who jeopardised national

security by disclosing classified material without concern for the implications. They argue that he should have been held accountable on those grounds, and that his extradition would have preserved US interests and the rule of law.

International human rights organisations and legal experts were deeply concerned about the implications of extradition. Had it gone ahead, they say it would have had a chilling impact on investigative journalism, discouraging reporters from exposing wrongdoing for fear of legal repercussions.

They also pointed out that the charges against Assange are unduly wide and might have been used to prosecute others working with sensitive information.

THE GLOBAL RECKONING

Assange's case will have far-reaching ramifications, even after his release, for the future of journalism and free expression around the world. If extradited and convicted, he could have faced decades in prison, effectively silencing the most outspoken advocate for government transparency. His case may yet encourage other governments to crack down on such activists, undermining press freedom and the public's right to know.

Assange’s victory might equally represent a watershed moment for press freedom, sending a strong message to the governments of the world. Reporters have the right, and duty, to expose injustice — even if it involves sensitive information. It may also encourage other whistleblowers to come forward and drive constructive change.

Latin America has unusually high stakes in this game. The region's history of political repression and US meddling has made it acutely aware of the value of free and independent media. Assange's predicament had become a rallying cry for individuals who believe the media are critical to the notion of democracy, and that governments should be held accountable for their actions.

Latin America's steadfast support reflects the region's long-standing dedication to free expression and its rejection of American power. It reflects a common history of cultural and political struggle, and a belief in journalism's ability to expose injustice.

As Assange settles into his old / new life, he will doubtless remember Latin America’s enduring and vocal support for him during his darkest days. i

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Sustainable Development A Legacy of Innovation: CZFS's 50-Year Milestone

Under the dynamic leadership of Miguel Lama, a visionaryentrepreneur,Santiagoispoisedtobecomean internationalinvestmentdestination.

The Latin American firm, known as the Santiago Free Trade Zone Corporation (referred to as CZFS by its Spanish acronym), has refined its business model to coincide with a significant milestone: celebrating its 50th year of operations.

Throughout its first half-century, CZFS has cultivated a business and industrial ecosystem in Santiago de los Caballeros, Dominican Republic, emphasizing competitiveness, profitability, and a people-centric approach.

Managing an industrial park at full capacity is possible thanks to outstanding infrastructure focused on environmental sustainability. The corporation functions via a productive system of innovative production methods and industry specialization. Every development initiative in the city of Santiago – and the surrounding region – has been boosted by the economic and social programs promoted by the corporation.

It offers employment and recruitment-service units through CEGESTA, quality health care through MÉDICA, specialized education for the industry via CAPEX, and promotes a solidary economy with Cooperativa La Aurora; providing its members with financial services and education on how to manage their finances. It also boasts one of the largest solar panel farms in the region and has provided a firefighting substation and other public services.

The robust RSC plan features programs in health and wellness, environment, education, and entrepreneurship. “Progressive education has been a genuine commitment by our staff,” says founder and president Miguel Lama. “This allows us to move on to a second step: fostering a culture of ongoing progress and constant change to meet and adapt to increasingly sophisticated production styles."

The CZFS was founded in 1974, as a successful pioneer of public-private management, whose mission is to create and attract investments that generate jobs and potential economic and social development for the city of Santiago and the Northern Region.

The CZFS owns and manages the Víctor Espaillat Mera Industrial Park (PIVEM), one of the pioneers in the country and vastest free zone park in the country. Most of the origin of these investments corresponds to the United States, with a share of 65 percent over more than 80 companies installed, with a current population that already exceeds 22,000 people.

All this has provided the company with a sound and solid base to comfortably continue its expansion over the next 50 years.

CZFS highlights the specific benefits of Santiago as a Lat-Am investment hub, from the design of the first Smart City in the Dominican Republic to the free-trade zones model developed locally.

“We’re shaping the integration process of issues such as attracting talent and high-level professionals,” says Lama.

“The design of an urban system is in line with the expectations of professionals and investors for the next three decades. This new design harmonizes housing, environmental and recreational quality, with a modern offer of health, multilingual, technical, and specialised education.”

All this aligns with the introduction of electronics, robotics, digitalization, chemical research, and industry investments.

SANTIAGO BUSINESS MODEL

Evolving from traditional low-cost, light manufacturing to advanced assembly and development processes is seen as the way ahead for the next decade.

The Corporation is placing Santiago on the radar of new international investors and turning the city into the business hub for the Americas. The aim is to become the primary destination for manufacturing advanced technical goods such as microchips.

ECONOMIC TRENDS

Over the years, CZFS has shown flexibility while maintaining its mission and core values. Innovation has become part of its corporate

DNA, allowing it to adjust to economic and global shifts with agility and efficiency.

“Our 50 years of experience and adaptation are tested by our firm decision to take a quantum leap,” says Lama, “taking professionals, companies, and the city to an unprecedented level. This is not a simple process of organic growth. Santiago and the country must accelerate, to seize this great moment provided by a national and international favourable political and economic environment.”

Entrepreneurs, professionals, workers, politicians, and citizens “must play their part in upholding this commitment,” he says, “especially when they compare us with other economies that in recent years have been diminished due to threats to their democracies, and political, social and economic difficulties that have impoverished their countries”.

Lama, president of the Board of Directors of the CZFS, says there are plans to create an investment centre “of international reference in competitiveness, profitability, and technology transfer”. This, he adds, is based on “a culture of innovation and the respect for human values".

The Víctor Espaillat Mera Industrial Park has developed flexible, environmentally friendly buildings to meet the demands of an evolving and technologically demanding industry.

THE MAN AT THE TOP

Miguel Lama has an extensive record of community involvement, participating in social, educational, and environmental support organizations and in development and business institutions such as the American Chamber of Commerce of the Dominican Republic.

He is a member of the Board of Directors of the ISA University, the Association for Development (APEDI), Banfondesa, Grupo M (CODEVI), UNO Call Center, the National Free Zone Council (CNZFE), and Plan Sierra, Metropolitan Hospital of Santiago (HOMS).

He was the founder and the first president of the Strategic Development Council of the City of Santiago (CDES), preparing the Strategic Plan of Santiago. He was appointed as president of the Chamber of Commerce and Production of Santiago. Since 2010 he has been president of CZFS. i

President: Miguel Lama

> Recycling Plastic: Is It Working, and Are We Doing Enough…?

Millions of tonnes of plastic garbage are dumped into landfills and oceans each year, wreaking havoc on marine life and ecosystems.

We have a stop-gap solution for the nonbiodegradable detritus that doesn’t just get tossed into the nearest ravine, river, or road: Recycling. But does that work well enough to balance things out?

Recycling has for years been hailed as “the solution” to at least part of the problem. Households and companies are encouraged to separate their trash, towns establish complex and elaborate collection systems, and consumers are persuaded to opt for items manufactured from recycled materials where possible. The question remains: How effective is this global campaign?

The appeal is obvious. If we can reduce the demand for new plastics and limit production, we can – in theory, anyway – mitigate the material's detrimental impacts. The reality – surprise – is complicated, and plagued with challenges. The process involves more than just collecting and processing waste; it includes onerous processes, each of which influences the overall viability and efficiency. The factors that drive the success or failure of recycling programmes include participation by individuals and companies, the careful sorting of various types of plastic, complex technical processes at specialised facilities, and market demand for the recovered materials.

It will come as no surprise to learn that popular perceptions of the system’s efficacy can differ dramatically from its actual outcomes. While many of us dutifully throw plastic tubs, bags, boxes and other debris into marked, welldistributed containers in our towns and cities, others – probably the majority – don’t bother. And so, it ends up in landfills or, worse, just tossed out of car windows or over fences. These gaps in our efforts pose questions that must be considered. Are there any better ways to handle the issue?

Various issues plague the recycling sector, and alternatives exist. By integrating professional

perspectives, case studies and research, a slightly hopeful picture starts to emerge. Are our global recycling efforts genuinely making a difference, or do we need to reconsider our approach?

THE REALITIES

The industry is frequently touted as a beacon of hope, but the reality is more complex – and less positive – than this generic optimism suggests. To understand the true state and usefulness of recycling, it is critical to look at the mechanics of the process, the types of plastics used – not all can be recycled – and the overall economic and environmental implications.

Plastic is not a single substance; it’s a class of polymers of varying properties and applications. There is PET (polyethylene terephthalate), commonly used in water bottles, HDPE (highdensity polyethylene), used in detergent bottles, and PVC (polyvinyl chloride), which is used in just about everything, from plumbing pipes to garden furniture and children's toys. Each necessitates a different and distinct recycling method, complicating the process.

It all begins with the crucial step of collection, followed by sorting, either manually or via advanced tech. After this comes cleaning to remove contaminants, necessary and difficult due to food traces and other residue. The cleaned trash is then shredded, melted, and moulded into new items. But not all plastics make it through the process to the point where “new” plastic is created; many are “downcycled” into a lower-quality, less flexible, material.

ECONOMIC VIABILITY

Despite increasing infrastructure and the development of new equipment, global recycling rates remain frustratingly low. Only around nine percent of total plastic products are recycled, with the remaining 81 percent ending up in landfills, or the environment.

This has a number of causes, including a lack of uniform systems around the world, insufficient economic incentives, the higher cost of recycling compared to manufacturing new plastics – and public apathy.

Market dynamics make it less economically viable. Recycled plastics usually compete with “virgin” plastics, which are often less expensive to produce thanks to low petroleum costs and larger production volumes. Without significant subsidies or legislative reform, recycled materials fail to gain market share, discouraging investment in infrastructure.

SOME CHALLENGES

The sector faces major problems that reduce its efficiency. Contamination is a big one, as it can render large batches of plastic unsuitable for processing. Demand for specific types of plastics varies according to changes in consumer behaviour and regulation.

Technical constraints further limit the drive to reuse the millions of items that flood our society, our shops, and our countryside and waterways. And there is a limit to the number of times plastics can be recycled; eventually, the remaining, still durable mush has no potential for reuse. This fundamental constraint needs the ongoing supply of “raw” materials to

maintain usable quality, compromising longterm viability.

Such complexities and limitations demonstrate that while recycling is theoretically an important element in the solution, it is far from a cureall. The success of recycling programmes varies, depending on economic, technical, and behavioural factors. As we learn more about the sector and the processes involved, it becomes clear that a multidimensional approach is required if we hope to reduce consumption, advance technologies, and implement structural reforms.

This creates the need for ongoing debate about the global triumphs – and failings – of recycling systems, as well as an investigation of other tactics that could provide a more sustainable solution.

WINS AND LOSSES

To help us to properly understand the complexity of the issue, there are practical examples from around the world that must be evaluated and

examined. Case studies demonstrate possibilities and limitations, as well as highlighting elements that influence their success or failure.

Let’s look at three different cases: Japan's effective system, the US, beset by challenges, and Europe, where some creative alternatives have been found.

JAPAN’S MODEL

Japan stands tall as a leader in the field, with one of the world's highest recycling rates. The secret to its success is a thorough and wellintegrated waste-management system. Homes and companies are compelled to sort waste into numerous categories. This comprehensive siftingat-source significantly reduces contamination levels and streamlines the process.

The Japanese government gives aggressive support to recycling via education and stringent rules that push manufacturers and consumers to prioritise the reuse of products. The combination of community engagement and supportive legislation has resulted in a strong culture where

recycling is regarded as nothing less than a civic duty.

THE US: A FRAGMENTED SYSTEM

In comparison with Japan, America’s recycling system is a splintered mess, with substantial differences in programmes used in different states – and even localities. This has led to misunderstandings about what can be recycled, resulting in high contamination rates and low overall effectiveness.

And the US has extra obstacles due to economic issues. Shifts in global recycling markets, particularly China's ban on the import of foreign waste products in 2017, left many towns with an abundance of recyclables – but no cost-effective means to process them. The result? Growing landfills of potentially recyclable materials. This underlines the risks of relying on international markets.

EUROPE: PRODUCER RESPONSIBILITY

Europe has been at the forefront of the development of alternative systems, frequently

guided by the notion of extended producer responsibility (EPR). This requires manufacturers and producers to manage the disposal of products at the end of their useful lifecycles. Legislation has encouraged many companies to design products with recycling in mind during manufacture, resulting in increased recycling rates and advances in sustainable packaging.

Germany and Sweden have adopted modern technology for waste treatment, such as automated sorting facilities that use infrared sensors and AI to correctly identify and sort plastics. These breakthroughs, along with solid legislative frameworks and widespread public awareness, have positioned Europe as something of a pioneer.

These case studies demonstrate how the effectiveness of recycling is influenced by a variety of factors: public participation, government policy, economic incentives, and technological improvements. Japan demonstrates the importance of societal commitment and regulatory backing, while the troubles facing the US highlight the risks of taking a non-uniform approach and relying on volatile export markets. Europe's innovation demonstrates the potential of tech to find solutions, and the effectiveness of producer-responsibility.

These diverse experiences impart important lessons about the possibilities and limitations of the sector and its potential to reduce plastic waste. As we investigate alternatives to “traditional” recycling, these examples show the need for more holistic solutions that incorporate technology, consumer behaviour, and sound governmental frameworks.

RETHINKING THE ISSUE

While recycling is an important initiative in controlling what happens to society’s waste, its limitations highlight the need for more comprehensive, sustainable solutions. There are a few that could supplement, or even replace, traditional recycling: lessening plastic dependency and increasing sustainability, for a start.

REDUCTION PLANS

The best idea, of course, would be to eliminate the use of plastic. This would require changes in customer behaviour and shifts in industrial techniques. Consumers can choose reusable products over single-use ones, reducing demand. Companies could use less plastic in their designs, or replace it with sustainable materials such as glass, metal, or biodegradable composites.

Biodegradable Plastics

Biodegradable plastics are designed to degrade swiftly and safely, using elements derived from natural sources such as maize starch, potatoes, and cellulose. While biodegradable polymers are not a cure-all – they require specific circumstances to decompose properly – they are a step in the right direction.

Polyzme Tech, based in Spain, uses enzyme technology to break down polyethylene and other polyolefins used in agriculture in the soil. A proprietary process using peptide and enzyme technology “will completely biodegrade polymers, leaving no trace” when in contact with soil and waste streams, says chief executive Carl Schafer.

“Our enzymes are comprised of nine main ingredients, all derived from vegetable byproducts. When they’re infused into the plastic, the surface changes polarity – a catalyst for microbes to attach to the plastic. The result is natural biodegradation.”

The technology received funding from the EU’s Horizon 2020 and innovation programmes.

REUSE SYSTEMS

This could be an effective approach: products constructed for various uses, minimising the need for disposal. In some countries, initiatives such as domestic product refill stations and deposit-return schemes for beverage containers have gained support. These technologies not only reduce plastic trash, but also promote a transition in consumer culture towards a circular economy model.

Shabra Group is a recycling, plastic reprocessing, manufacturing and supply company based in Monaghan, Ireland – the only facility in the country that can upcycle post-consumer PET bottles. It recently invested €6m into a stateof-the-art hot-wash recycling line, enabling it to recycle over 20,000 tons of plastic per year.

Group president Rita Shah is a keen advocate of the circular economy, with the firm’s commitment

“demonstrated in our work with leading global brands”.

CORPORATE POLICIES

These alternatives require effective government policies and corporate behaviour. Policies that reward the reduction of plastic production and the use of biodegradable alternatives, and support the construction of reuse networks, can help to create a progressive environment. Firms have an important role in investing in the technology, incorporating sustainable materials into product design, and adhering to environmental legislation.

Recycling, as it stands, is an important tool in waste management, but it can never be the sole solution. Society and industry must lower plastic consumption, moving to biodegradable options, and improving reuse systems. This will address the constraints and provide proactive measures. Integrating these solutions with enhanced recycling technology will be necessary.

Tech developments are transforming the sector, with cutting-edge innovations to pave the way forward.

CHEMICAL RECYCLING

Chemical recycling breaks polymers down into their constituent monomers, which may then be repurposed to generate new plastics of the original quality. This solves some of mechanical recycling's major shortcomings. Companies such as Agilyx and Plastic Energy are creating chemical techniques to handle a broader range of materials, including some that were previously considered non-recyclable.

AI AND ROBOTICS

Advanced sorting systems employ artificial intelligence to identify and classify types of plastics with speed and precision. Companies like AMP Robotics and ZenRobotics are leading the way with machine-learning algorithms to enhance efficiency and accuracy.

ENZYMATIC BREAKDOWN

There exist enzymes specifically designed to degrade PET into its fundamental components. This enzymatic technique, pioneered by firms such as Carbios, is sustainable, because it uses lower temperatures and less energy than other recycling methods.

BLOCKCHAIN TRACEABILITY

Distributed-ledger tech can improve the traceability of recyclable materials. Blockchain has the ability to increase consumer confidence in recycled products while streamlining regulatory compliance.

The sector is on the verge of a long-awaited revolution, with developments that have the potential to reshape the very concept of recycling. They offer a ray of hope.

But recycling efficacy is governed by more than just technology or plastics' inherent qualities. It is influenced by government policy and consumer behaviour, both of which have a significant impact on outcomes.

INFLUENTIAL POLICIES

Government policies play an important role. Recycling rates can be greatly increased by enforcing regulations, levying garbage-disposal costs, and subsidising infrastructure. The EU's

waste management directives have established aggressive targets for member states.

Extended producer responsibility (EPR) is another policy measure with great potential. By holding producers accountable for the lifecycle of their products, EPR encourages the design of items that are easier to recycle, and to contribute financially to the process. Germany and Sweden have effectively implemented EPR systems.

CULTURAL SHIFTS

Consumer behaviour has a direct impact. Educating customers on the value of recycling, and how to recycle properly, can reduce contamination rates. Public awareness campaigns, unambiguous labelling, and community-based programmes can help.

Consumer demand for recycled products has the potential to influence transformation. When consumers prioritise sustainability, it generates economic incentives for businesses to invest in recycling technology. This demand-driven approach can boost the effectiveness of initiatives.

SYNERGY OF POLICIES AND ACTIONS

The most effective recycling systems are linked with sustainability objectives; South Korea combines stringent rules with public participation. This increases recycling rates and promotes a culture of responsibility.

Effective policies provide the necessary framework and incentives for systemic change, while conscientious consumer behaviour ensures the smooth running of these systems. Together, they convert recycling from a last option to a vital component of a circular economy.

THE OUTLOOK

The constraints facing the recycling sector, which range from technical restrictions to economic and behavioural concerns, underline the need for a holistic approach – and viable alternatives.

Innovations such as chemical recycling and AI sorting systems are promising, but they will require major investment and widespread implementation. Reducing plastic use, adopting biodegradable materials, and developing effective reuse systems provide feasible solutions.

CATALYSTS FOR CHANGE

Governments must continue to enact and enforce legislation. The fight against plastic pollution will require a diverse approach:

1. Continuous development of recycling technologies and materials science, with support for R&D.

2. Improved regulatory measures, such as global collaboration on waste-management standards, could provide uniformity and ensure compliance.

3. Cultural and behavioural shifts are needed for long-term advances. Making sustainability a priority is the way ahead.

4. Businesses must take greater responsibility by designing recyclable products and using alternative materials.

ALL TOGETHER NOW

To catalyse genuine change, all stakeholders must work towards a common objective: embracing innovation, implementing and expanding regulation, transforming cultural norms, and promoting corporate accountability.

The path to effective waste management is long, complex, and arduous. But it is well within our grasp. It is evident, however, that recycling alone is insufficient to address the problem. We need a move to biodegradable polymers, and improved reuse networks; a comprehensive approach to minimising our environmental impact.

THE ROLE OF POLICY

Government policies that promote recycling, penalise waste, and require producer responsibility are vital. Simultaneous education and encouragement can result in considerable change.

Harmonised worldwide legislation can boost recycling rates and promote greener alternatives, while local initiatives can address specific community requirements.

Creating a culture that prioritises sustainability over convenience is crucial for shifting consumer habits. Businesses must implement sustainable practices, from product design to end-of-life recovery.

To achieve long-term environmental change, all sectors of society must work together. Each actor is critical to crafting a sustainable future. i

The Future of North America: Navigating Knowns and Unknowns

Identifyingtheproblemsiseasy;findingsolutionsrequiresmorecreativity— andmoreindividualparticipation.

North America is at a crossroads: political polarisation, economic inequality, and the ever-present threat of climate change.

But a new era is emerging, marked by technical breakthroughs, shifting demographics, and transformational ideals. The future of the continent will be defined by the complex interplay of these forces — and there will be tempting opportunities as well as daunting challenges.

The Double-edged Sword

AI is transforming industries across the board. In healthcare, it’s improving diagnostics, driving drug discovery, and even assisting with surgery. Machine-learning algorithms can analyse medical photographs with impressive accuracy, detecting early indicators of diseases that human eyes may well miss.

In manufacturing, robots have for some decades been improving the efficiency and precision of assembly lines. Result? Higher-quality goods at lower prices. In finance, AI is detecting fraud, precisely analysing credit risk, and delivering personalised investment recommendations.

But job losses and ethical concerns about autonomous war machinery and decision-making algorithms cannot be overlooked.

As AI advances, human labour is being replaced, from truck driving to customer service. This could cause worsen inequalities. The deployment of artificial intelligence in military applications raises ethical questions about autonomous weaponry that can make life-or-death decisions.

In coming years, North America will have to balance those perils with potential benefits.

Biotechnology represents another innovation path. Gene-editing tools such as CRISPR-Cas9 can dispense with hereditary disorders and develop drought-resistant crops. Recent advances have fixed disease-causing mutations in human cells, heralding new treatments for sickle-cell anaemia, cystic fibrosis, and muscular dystrophy.

Regenerative medicine may some day allow us to repair damaged organs, while tailored treatments tackle specific genetic profiles. Scientists are using stem cells in lab conditions to make miniature “organs” to test new medications — or even become transplant options.

Personalised medicine is gaining momentum as researchers discover genetic markers that can predict patient responses to various therapies. The potential result is for more effective treatments with fewer adverse effects. But these advances pose ethical concerns about genetic engineering — and the risk of unforeseen effects. The ability to edit the human genome raises moral and ethical concerns: designer babies, anyone?

In agriculture, the same tech is being used to create crops more resistant to pests, diseases, and extreme weather conditions. Food security is a big one in this changing world — and we have yet more problems to confront.

The move to renewable energy sources — solar, wind, and hydro — offer environmentally friendly alternatives to fossil fuels. That cuts greenhouse gas emissions and combats climate change on a grand scale. In many parts of North America, solar and wind are cost-competitive with the fossil fuel alternatives.

As battery technology advances, energy-storage costs decrease, making it easier to integrate renewable energy into the grid. Hydropower, while not without its downsides, remains a dependable source of clean energy. But effective transformation necessitates considerable infrastructure investment, as well as the removal of political barriers.

Building transmission lines to connect green energy sources to population centres is a mammoth task — as is the updating of regulations and incentives. Overcoming political opposition from those who profit from fossil fuel production will be a major challenge.

DEMOGRAPHIC SHIFTS

North America's population is increasingly ageing, putting added pressure on healthcare and social security programmes. As baby boomers retire, fewer young people are entering the workforce. This is an added burden on systems already suffering from age-related disorders.

"North America can overcome many of the problems it faces by embracing technological breakthroughs, adapting to demographic shifts, addressing environmental concerns, and cultivating inclusivity."

Social security programmes find themselves under pressure; they weren’t designed to support an ever-growing population of senior citizens. Immigration can help to offset a declining workforce — but raises fresh concerns about cultural assimilation and social cohesion. Migrants can alleviate labour shortages and boost economic growth — if they have access to the resources to help them to integrate into their adoptive societies. Cultural and language differences can pose significant challenges.

One positive factor to consider is that this is a continent becoming increasingly cosmopolitan. Latino and Asian populations are enriching North America's cultural tapestry, as well as boosting economic growth. Peoples from Central and South America have brought with them a rich cultural history. The cultural contribution of Asian immigrants has been matched by advances in the fields of science, technology, and medicine.

But there are allied issues of concern: language, education standards, political representation. Having access to social services in various languages is vital. Investing in education and the creation of opportunities for civic involvement can improve community input to the democratic process.

Urbanisation, too, continues to transform the terrain. People tend to relocate to cities in the quest for work. Here lie the hubs for innovation, creativity, and engagement. Here, too, lie the challenges of affordable housing, increasing traffic congestion, and environmental burdens. New problems require novel solutions, and that means investing in public transport, encouraging mixed-use construction, and expanding green areas.

ENVIRONMENTAL CONCERNS

Climate change is seen as the most serious environmental issue of the 2020s. Rising sea levels endanger coastal areas, while extreme weather events wreak widespread, and unpredictable, devastation. Droughts and floods disrupt agriculture, worsening food insecurity. Coastal communities in Miami and New Orleans are already feeling the effects of sea-level rise, with more flooding and erosion. Recent hurricanes — Harvey, Irma, and Maria — wrought damage worth billions of dollars. Wildfires in California and other western states have grown in frequency and intensity.

Despite all these hurdles, there is cause for optimism. Endangered species in North America have seen their numbers bolstered, and fragile habitats have been restored. Carbon capture and storage are cutting emissions. The push for sustainable agriculture, green construction and responsible consumerism reflect growing concern for environmental issues.

National parks and wildlife refuges are boosting biodiversity. Technologies to absorb CO2 emissions from power stations and industrial sites — before they even enter the atmosphere — are emerging. Organic farming, sustainable building practices and smart waste reduction are becoming prevalent.

A SHIFTING PARADIGM

There are ongoing struggles for racial equality, LGBT rights, and gender parity. While undeniable progress has been made, fundamental inequalities exist — and they are priority issues. The Black Lives Matter movement raised awareness of racial inequity and systemic police violence. The LGBT community has made some progress, but discrimination and violence continue. The gender wage-gap hasn’t gone away, and women still encounter hurdles between them and leadership opportunities.

Political polarisation is a major barrier to progress. Disagreements over immigration, healthcare, and gun control stand in the way of effective policies. The power of social media has exacerbated divisions, resulting in echo chambers in which people are exposed only to material that validates their existing views. This makes constructive discourse, and viable solutions, difficult to achieve.

Attitudes towards work, family, and community are changing. The gig economy may be flexible, but it lacks the security and perks of full-time work. The quest for a healthy work-life balance hasn’t gone away either, with more people looking for remote working opportunities and flexible schedules.

There is a renewed interest in localism and community building, as people seek a sense of belonging. The pandemic magnified these tendencies, with more home offices — and more support for local companies and community organisations.

LOOKING AHEAD

The future is never clear, but it will always be full of possibilities. North America can overcome many of the problems it faces by embracing technological breakthroughs, adapting to demographic shifts, addressing environmental concerns, and cultivating inclusivity.

This will require bold leadership, creative thinking, and a willingness to address some uncomfortable truths. It will also demand the active participation of everyone as we create a more sustainable, just, and affluent society. i

Natrium: Taking a Nuclear Leap Towards A Low-Carbon Future

groundbreaking ceremony took place among the ghosts of America’s coalmining past in June, a watershed moment in the global drive for sustainable energy.

Kemmerer, Wyoming, was the unexpected venue to debut the Natrium reactor — a nuclear powerplant poised to transform the energy landscape.

The project was about more than replacing coal with nuclear; it was a paradigm shift for energy generation. The reactor's revolutionary design vaulted two barriers to the universal adoption of renewable energy: safety concerns about nuclear power, and the unpredictable nature of wind and sunshine.

At the heart of the Natrium concept is liquid sodium, a stable coolant even at high temperatures, which negates the need for the high-pressure systems used in nuclear plants of old. This improves safety and has streamlined reactor design to become more efficient and cost-effective.

Natrium uses molten salt for energy storage, something of a game-changer in the field of renewables. This "thermal battery" collects heat from the reactor and transforms it into energy, bridging the supply-demand gap. Wind and solar

"Natrium uses molten salt for energy storage, something of a gamechanger in the field of renewables."

farms, reliant on weather conditions, could now be linked to the grid, with their intermittent generation smoothed out by a dependable energy reserve.

The Natrium launch attracted a throng of scientists, engineers, policymakers, environmentalists, as well as interested Wyoming residents. While some remain sceptical about nuclear risks, TerraPower — a Bill Gates invention — has put Natrium's innovative safety features in the spotlight.

Emily Carter, TerraPower's CTO, describes the Natrium reactor as more than just another nuclear plant. “It’s the result of decades of research and creativity,” she says. “This technology has the potential to offer dependable, carbon-free energy that complements renewables while maintaining a stable power grid."

Natrium could pave the way for a new generation of nuclear plants capable of rapidly decarbonising

the power industry. Countries struggling to meet their climate targets might find solutions in the advanced reactor design, hastening the move away from fossil fuels.

But the Natrium reactor has its detractors and critics. Some environmental groups have raised concerns about the perennial problem of nuclear waste disposal — and the possibility of accidents, no matter how remote. Others questioned nuclear power's economic viability in light of the growing affordability of renewable energy.

TerraPower has acknowledged the perceived problems, and promises to participate in open communication with stakeholders. It emphasises the need for stringent safety measures, transparency, and continual innovation.

As the sun sank over the Kemmerer construction site on ground-breaking day, a cautious optimism permeated the atmosphere. The Natrium reactor is a daring experiment — and one that could create a direct path to a more sustainable future. That path may be strewn with uncertainties, but the stakes are high and the possibilities grand.

The initiative may yet shape global efforts to address climate change — and ensure a reliable energy source for the future.i

Molten chloride salts

Ah, the Caribbean Life! Asset Management Firm in Jamaica Earns International Recognition

Angus Young, CEO of NCB Capital Markets Ltd (NCBCM), is a happy man: his company has been recognised for providing the Best Investment Banking Solutions in the Caribbean for 2024.

The CFI.co award is a reflection of the prestige Jamaica’s NCBCM has achieved on the world stage. It is the wealth and asset-management arm of the NCB Group, offering investment and brokerage solutions for individual and corporate clients, as well as investment banking solutions.

Bagging the CFI.co award is a point of pride for Young. “The awards are renowned for selecting top financial institutions worldwide, across various categories. It’s a great honour for NCBCM to have been identified as a standout performer in Jamaica’s financial landscape.”

“This shows our teams’ relentless focus on originating and structuring financing and investment solutions for our clients is working as it should."

NCBCM is one of the major stockbrokers in the Caribbean country, dedicated to offering outstanding wealth advisory and asset management services. “Through the efficient geographical spread of activities, and depth of understanding of the region, we have developed capabilities to operate at every level of the capital markets,” Young said.

Its leading role in the vibrant region’s capital markets has brought greater sophistication, improved overall efficiency, and what the CFI.co judges noted as “commendable transparency”.

Young noted that the Caribbean region has proven to be economically resilient. “It is home to the fastest growing economy — the Republic of Guyana. NCBCM will be seeking to expand in the South and Central American regions as we continue our commitment to unlocking solutions to support businesses while providing investors seamless access to their wealth.”

This is not the first time NCBCM has won a CFI.co award; it took the trophy for Best Wealth Management Team Caribbean in 2018, and is proud to solidify its position on the global stage. i

CEO: Angus Young

Lego-like Building Blocks from Recycled Plastic: Click to Win?

Thisplayfulideacouldconceivablybeasolutiontoourwasteproblem.But therearehitches…

The global plastic epidemic has fed billions of tonnes of non-biodegradable trash into landfills and oceans over the decades — and we’re running out of options.

But one new idea, partly inspired by the children’s game Lego, shows some promise. It involves transforming the offending garbage into construction blocks — a two birds, one-stone solution which addresses pollution and housing shortages.

But, alas, experts believe this novel approach is not truly viable — yet — and there are obstacles to overcome.

Reusing plastic for packaging has proven problematic in many regards, and only a small percentage is ever recycled. According to the Environmental Protection Agency (EPA), this inefficiency is caused by variables including contamination, sorting problems, and cost. So what about creating building blocks, rather than food-grade plastic for reuse? It would have two obvious benefits: cutting pollution and providing inexpensive, lightweight building materials. Notable projects, such as those led by Oscar Mendez in Colombia, have proved the basic effectiveness of this scheme. Mendez's company, Conceptos Plásticos, converts trash into bricks for residential construction.

"Technological

advances could help in coming years; chemical recycling, for example, breaks plastics down into their constituent elements."

Recycling presents technical challenges due to diverse melting temperatures and characteristics of various materials. Combining incompatible plastics can reduce structural integrity. Contamination with food or other contaminants further complicates the process, making economic viability uncertain. Then there are high energy demands, and an as-yet restricted market to consider.

Plastics are combustible — incinerating them has been considered in the past — but not without the emission of toxic fumes. While it is notoriously long-lasting, using it to make bricks that are long-lasting and structurally sound is a way off yet.

Many polymers do eventually degrade, especially when exposed to UV light — but that very ray of hope might jeopardise the possibility of making homes with them. Building laws and regulations add extra hurdles; high safety and performance requirements must be met.

CASE STUDIES

Several projects have had a go, however. One Cameroon-based firm uses plastic to create paving stones, while in the Netherlands, there have even been attempts to turn it into roads. And therein lie both the promise and the limitations. While it works in principle, scalability and consistency are problematic.

Technological advances could help in coming years; chemical recycling, for example, breaks plastics down into their constituent elements. Additives may improve the safety and durability of plastic bricks, making them better suited for construction, but not many companies seem to be exploring this path. Continued research and investment are needed.

And that’s a shame, say conservationists, because the solution is a alluring one. Unfortunately, until a firm overcomes the technological, economic, and regulatory hurdles, landfill or inefficient recycling processes seem to be the only options.

Innovations may yet be ushered in as the world seeks long-term solutions — and necessity, as they say, is the mother of invention. Walls of cheap, lightweight plastic could some day be reality. But until a major corporation steps up to the plate, the problems of waste and unaffordable housing seem set to remain for some time yet. i

How the Covid-19 Pandemic Reshaped the Business World

Thecrisisrockedglobaleconomiesandupendeddaily businesslifeinaseriesofupheavalsandrevolutions.

Covid-19 impacted the global business landscape as much as it did daily life, bringing changes that no one could have predicted.

The crisis also accelerated, curtailed, or wildly altered existing trends in technology, workplace relationships, and commercial tactics. There were many facets to this sudden upheaval.

Some changes were radical and swift, others more subtle but decidedly disruptive. Many are still with us, and expected to continue for years to come. New patterns came in unexpected bursts. Take, for example, the 677 percent rise in active users for video-conferencing platform Zoom – in just one month, March of 2020.

Organisations around the world were forced to shift to remote work to limit the spread of the virus now widely believed to have escaped from a research institute in Wuhan, China. At the time, where it had come from was baffling – but less important than dealing with its immediate fallout.

DIGITAL TRANSFORMATION

In a matter of weeks, organisations converted entire workforces to a “virtual” model, relying largely on platforms such as Zoom, Microsoft Teams, and Slack.

This transition hastened the adoption of technology that brought out new work cultures, and provided resilience in time of need. Flexible working arrangements are now common, altering employee expectations and corporate rules on productivity, communication, and collaboration.

THE CLOUD AND CYBERSECURITY

As data storage and access became increasingly decentralised, Cloud computing became critical to continuity. This challenge presented firms with fresh cybersecurity threats and fears, from phishing scams to ransomware assaults. Businesses responded by tightening security protocols and investing in sophisticated defence systems to protect sensitive data.

E-COMMERCE GROWTH

As brick-and-mortar stores closed their doors, e-commerce was trundling down the runway. It took off big time, with platforms such as Amazon and Shopify surging to new highs. “Traditional”

"These transitions have taught us the value of adaptability, resilience and creativity, now seen as vital to prosperity."

business was caught up in a flurry of activity as companies rushed to increase their online presence and stay alive.

Many succeeded, and in their adaptation engendered a shift in customer behaviour: online shopping has never looked back.

SUPPLY CHAINS

What started as a health crisis exposed substantial weaknesses in many other areas: global supply chains, PPE shortages, and shipping delays. Businesses switched from a "just-in-time" approach to inventory to a "just-incase" strategy, acquiring materials from a variety of sources and moving operations closer to home to minimise delays.

TECHNOLOGICAL SOLUTIONS

AI and blockchain emerged as critical tools for managing supply chain breaks and risks. Companies began employing machine-learning and AI to forecast changes in demand, and avoid potential bottlenecks. Blockchain provided the transparent, tamper-proof tracking of items as they moved from producer to user, allowing businesses to respond with some confidence to the swirling cloud of disruption.

HEALTH AND SAFETY PROTOCOLS

Offices and other workplaces were reinvented, with physical locations now prioritising employee safety and wellbeing. Touchless systems, enhanced ventilation, and intelligent layout were new standards to be considered. "Hot-desking" became a thing, as did space-booking software to reduce density issues.

HYBRID WORK MODELS

Hybrid work models combining in-office and remote work quickly gained appeal – lasting appeal, it turns out. Organisations are still experimenting with staggered schedules to provide employees with options and a degree of insulation while allowing for some in-person

interaction. These trends altered how we view the workplace, and caused wild changes to overheads – and the commercial real estate industry as a whole.

CHANGES IN BUSINESS STRATEGY

In steady, creeping reaction to pandemicinduced uncertainty, corporations adopted more agile planning strategies. Long-term goals were supplemented by shorter, iterative cycles that allowed for swift responses to changing market conditions and consumer behaviours.

Covid-19 highlighted the importance of corporate social responsibility, with firms turning their focus to sustainability and healthcare. Most moved to a system of promoting employee wellbeing, indicating a broader trend towards healthier, purpose-driven business models.

RESKILLING AND UPSKILLING

The pandemic altered the labour market, too. There was a sudden increase in demand for tech-savvy professionals capable of taking the digital reins. Companies invested in training programmes to reskill and upskill employees, recognising the importance of continual learning in a period of fast technological change.

GIG ECONOMY

The epidemic also exposed the inherently unstable nature of the gig economy. As millions of freelancers and small-scale entrepreneurs lost their jobs, the calls for stronger labour safeguards became more insistent. Companies are still looking into new flexible work arrangements, hopefully increasing financial security for “nontraditional” workers.

BURNOUT AND STRESS MANAGEMENT

The blurring of work and home life, along with pandemic-related stress, took a human toll in the form of widespread burnout. In response, businesses extended wellness programmes and adopted flexible working hours. Empathetic leadership styles and mental-health support services became key to employee-retention and talent-attraction tactics.

COMPANY CULTURE

On the positive side, corporate cultures have developed to become more welcoming and helpful, emphasising empathy, communication, and a sense of belonging. This transformation in leadership style has put a renewed emphasis on staff engagement and loyalty.

The pandemic sparked radical transformation, worldwide, across the economic sector. Things that had not previously been considered – remote working, digital interfaces, supply chain resilience and mental health support – have become essential components of the New Normal.

These transitions have taught us the value of adaptability, resilience and creativity, now seen as vital to prosperity. While some uncertainties linger, one thing is certain: the post-Covid era delivered some positives.

The skills and lessons learned will reward organisations as they navigate the challenges and opportunities of an unpredictable world, and an integrated global economy. i

Asia Pacific: Exploring India's Rapid Economic Growth

The government's efforts on labour, tax, and financial inclusion havehastenedthecountry’seconomicrecovery

India's economic growth has emerged as a defining story of victory in the past decade.

It’s the world's fifth-largest economy, with a nominal GDP of around $3.5tn – and it’s still growing. With an average annual pace of six to seven percent, it’s attracting the interest of investors, businesses, and governments.

India's expanding middle-class, rapid urbanisation and massive investment in infrastructure have propelled the economy to new heights.

Even during the Covid-19 pandemic, India showed tremendous resilience. The government's efforts on labour, tax, and financial inclusion have hastened the recovery.

There are fundamental drivers, sectoral dynamics, and difficulties in India's story.

HISTORICAL CONTEXT

Since independence in 1947, India has seen substantial reforms. For the first four decades, the country had a socialist-inspired, centrallyplanned economic model. This prioritised selfsufficiency and state control over critical sectors, and resulted in stagnation and inefficiency.

The watershed came in 1991, when a balanceof-payments crisis drove the nation to economic liberalisation. Under the guidance of thenPrime Minister PV Narasimha Rao and finance minister Manmohan Singh, India implemented reforms that opened the economy to global markets, lowered trade barriers, and attracted foreign investment.

In the following decades, the country’s economy was market-driven. The changes of the early 2000s significantly liberalised the banking sector and encouraged private enterprise. Recent government initiatives, such as the promotion of local manufacturing, Digital India (aiming to strengthen digital infrastructure), and the Goods and Services Tax, have simplified rules.

These moves have created a framework for rapid growth, placing India as a major destination for foreign investment.

DEMOGRAPHIC DIVIDEND

With some 65 percent of the population under the age of 35, India has a young workforce. This, combined with expanding urbanisation, has resulted in a larger middle-class – with more spending power.

Digital Transformation

The digital economy has played an important role in all this. India has the world's secondhighest population of internet users, which has revolutionised business functions. Initiatives like Digital India, and rising smartphone penetration, have boosted the e-commerce, fintech, and online education sectors.

"While difficulties such as income disparity, regulatory barriers and environmental sustainability persist, India can capitalise on the size of its population and its digital expertise."

MANUFACTURING AND INFRASTRUCTURE

Manufacturing and infrastructure are crucial. The production-linked incentive programme has encouraged domestic and foreign manufacturers to expand operations in electronics, medicines, and vehicles. Expenditure on highways, ports, and urban growth have improved the business environment.

FINANCIAL REFORMS

India's financial system has undergone major reforms to increase financial inclusion and stability. Government programmes such as the Jan Dhan Yojana (banking access) and the Unified Payments Interface (UPI) have been transformational for the unbanked sector of the population, and have enabled digital payments in both rural and urban areas.

SECTORAL ANALYSIS: SERVICES SECTOR

The services sector – IT and business process management – has boosted India's global standing. The IT industry, which includes companies like TCS, Infosys, and Wipro, has become a major destination for outsourcing. Financial services and telecommunications have also seen a boom.

MANUFACTURING

Production has accelerated, thanks to policy assistance and investment. India is a major player in the auto sphere, pharmaceuticals, and in consumer electronics. The automotive industry is a world leader – and India is a major producer of generic medications.

THE AGRICULTURE FACTOR

Despite the obstacles, agriculture is a critical component of India's economy, employing a sizable proportion of the workforce. Efforts to modernise farming processes, diversify crops, and enhance supply systems are ongoing. The development of agri-tech is helping to improve production and distribution.

START-UP ECOSYSTEM

India’s new business environment is thriving, with more than 100 unicorns. Fintech, healthtech, and ed-tech are burgeoning sectors, thanks to venture-capital inflows and government support. Companies such as Flipkart, BYJU'S, and Paytm have earned global recognition.

India has historically relied on FDI, particularly in the IT sector, manufacturing, and telecommunications. But the country’s bilateral and multilateral trade agreements have

amplified its global presence. The "Act East" policy has expanded connections with South East Asia, while collaborations with countries such as the US and Japan have helped its economic position.

INCOME INEQUALITY

India suffers from substantial income differences between urban and rural areas. While cities thrive on innovation and employment, countryside areas face poverty and lack possibilities. The rural-urban divide is an impediment to inclusive progress.

Despite massive infrastructure investments, India continues to experience shortfalls in energy, transport, and infrastructure. The overloaded electrical grid, congested roadways, and lack of sustainability in urban design all impede economic advancement.

ENVIRONMENTAL CONCERNS

Rapid industrialisation has worsened pollution, deforestation, and water scarcity. Addressing environmental issues while pursuing economic growth is vital to sustainable development.

REGULATORY AND BUREAUCRATIC HURDLES

Although reforms have made doing business easier, red tape and regulations continue to pose challenges. Streamlining approval processes and minimising corruption are crucial for increasing investor confidence.

GLOBAL GEOPOLITICAL LANDSCAPE

Economic development is influenced by geopolitical strategy, too. India strikes a balance between partnerships with the US, Japan, and Australia (aka the Quad) and China. The ongoing border tensions and trade dynamics with China have had an influence on the global supply chain. India wants to lessen reliance on Chinese imports and strengthen ties with the US and the EU.

OUTLOOK AND FUTURE

India's economic trajectory is encouraging, with forecasts that the economy could exceed $5tn by 2027. Renewable energy, biotechnology and AI are promising areas for growth. The government's emphasis on digital infrastructure, industry incentives, and labour market reforms should bolster economic stability.

While difficulties such as income disparity, regulatory barriers and environmental sustainability persist, India can capitalise on the size of its population and its digital expertise.

This rapid economic growth is a sign of a nation on the move, aided by governmental changes, a young workforce, and vibrant digital innovation. The combination of technology, manufacturing, and global trade is creating a dynamic economy. But for India to reach its full potential, inclusive growth and sustainability must be addressed.

But this is a growing country, set to transform the global economic landscape. i

> Mitsuko Tottori: Flying High at Japan Airlines

Mitsuko Tottori, a name synonymous with resilience, dedication, and a groundbreaking ascent in the aviation industry, has become the first female CEO of Japan Airlines (JAL). Her appointment in April 2024 marks a pivotal moment for JAL and Japanese business culture, shattering glass ceilings and paving the way for a more inclusive future.

FROM CABIN CREW TO LEADERSHIP CHAIR

Tottori's remarkable journey began in 1985 as a flight attendant. This seemingly ordinary beginning was marked by a defining experience – JAL's worst accident just four months into her role. This tragedy instilled in her an unwavering focus on safety, a principle that would guide her future leadership decisions.

Over two decades, Tottori gained invaluable firsthand experience in customer service and the intricate workings of airline operations. Her dedication propelled her through the ranks, culminating in her promotion to Director of Cabin Service in 2015.

A UNIQUE PERSPECTIVE

Tottori's leadership style stood out from that of the traditional JAL executive. Unlike her predecessors with backgrounds in finance or operations, her strength stemmed from a deep understanding of the human element. She championed departments like cabin crew and customer service, fostering a company culture that looked first to passenger experience and employee well-being.

Her expertise in cabin safety further added to her reputation. As Director of Cabin Safety (20132015), her determined focus on safe operations became a cornerstone of her leadership philosophy.

LEADING THROUGH CRISIS: A COMPASSIONATE APPROACH

Tottori's strong leadership qualities were further tested during the unprecedented challenges of the COVID-19 pandemic. As Senior Vice President of the Cabin Attendants Division in 2020, she spearheaded initiatives to support JAL's cabin crew during a period of immense uncertainty. Her ability to motivate and guide her team through crisis, while focusing on safety and employee well-being, added to her reputation as a capable and compassionate leader.

STEERING JAL TOWARDS A NEW ERA

Tottori's appointment as CEO recognises her exceptional abilities and unwavering dedication to JAL. She inherits leadership at a crucial

juncture, with the airline industry still navigating the post-pandemic landscape. However, her diverse experience, from cabin crew to senior management, positions her exceptionally well to understand the multifaceted challenges JAL faces.

Looking ahead, Tottori's focus likely encompasses several key areas:

• Ensuring JAL's financial health postpandemic.

• Seeking out innovation and technological advancements to enhance the passenger experience and optimise operations.

• Maintaining a commitment to a positive and supportive work environment for JAL's employees.

A SYMBOL OF PROGRESS AND DIVERSITY

Tottori's historic appointment aligns with the Japanese government's ambitious target of

having women hold a third of leadership positions at major businesses by 2030. Her success story underscores the benefits of shattering glass ceilings – not just for individuals, but for companies as well. Research consistently shows that diverse leadership teams foster innovation, improve decision-making, and strengthen a company's overall performance.

BEYOND THE TITLE: AN INSPIRATION FOR ALL

Mitsuko Tottori is more than just the CEO of Japan Airlines. Her story is a testament to resilience, dedication, and a commitment to excellence. Her journey from cabin crew to the pinnacle of leadership at JAL is an inspiration for anyone who dares to dream big and strives to make a positive impact. With her extensive experience, unwavering focus on safety, and commitment to JAL's employees and customers, Mitsuko Tottori is poised to lead the airline into a new era of skyhigh success. i

CEO: Mitsuko Tottori

Building Trust and Transparency in CFD and Forex Trading: a How to…

It doesn’t have to be ‘all-or-nothing’ in the financialspace…

To many — traders and investors included — financial markets an intimidating space filled with risk, uncertainty, and fear.

That’s why many approach the market with a feast-or-famine mentality — hit it big, or wipe your account clean.

Some good news for you, reader: It doesn’t have to be that way: regulated online broker XMTrading is bringing a user-friendly trading experience to the masses.

Whether you’re an experienced trader or just starting out, XMTrading is sharing all the resources, tech, and capabilities to give you a fully-integrated experience — in one place.

A brand of Trading Point Group, XMTrading is based in Cyprus. Its services span the globe, with a special focus on the Asian region, where it provides market access. Based on trust and transparency, the firm offers trading in literally thousands of financial instruments.

Traders can take a deep dive into forex — currency trading — and CFDs (contracts for differences), which allow market participants to “bet” on price movements of assets… without owning them outright.

REGULATED ACCESS

There are some 1,400 financial instruments available for trading major, from forex pairs (such as the EURUSD, euro-dollar) to metals, energies, stocks and indices. The range of assets and classes allows traders to build and diversify a portfolio across instruments — correlated and uncorrelated. All products are regulated by multiple financial authorities, depending on the

region in which the service is provided.

Strict operating standards enable XMTrading to stay ahead of the curve when it comes to meeting industry compliance. The entities the company has established in various jurisdictions all meet local regulations to provide security and peaceof-mind to clients.

TRADING EXPERIENCE

Swift execution is a top priority in trading, especially around news releases and in times of high volatility. XMTrading takes pride in its execution speed, allowing traders to open and close positions, in real-time and without delays.

The trading platforms include the industry mainstays, MetaTrader 4 and 5. There’s also the company’s in-house trading platform, offered as an app for desktop and mobile to ensure seamless cross-device use.

Dedicated client support is available around-theclock to promptly address any user questions or comments. This commitment to customer satisfaction underscores XMTrading’s focus on building strong, enduring relationships.

The firm strives for broader inclusion, and education is at the forefront here. Knowledge is power — and this is why users can, and should, immerse themselves in these resources. Easyto-digest market analysis, learning materials and introductory pieces — regularly updated — appear on the XMTrading website.

ORDER FULFILLMENT MODEL

One of the firm’s distinctive features in the competitive field of brokerage is its “marketproof” execution model. Through its proprietary market execution system, orders for buying and

"The trading platforms include the industry mainstays, MetaTrader 4 and 5. There’s also the company’s in-house trading platform, offered as an app for desktop and mobile to ensure seamless cross-device use."

selling are filled at the optimum market price. The probability of having a trade rejected is brought to a minimum — regardless of the volatility of the market.

In contrast, the industry darling — the “instant execution” model — seeks to capture the entry price without factoring-in prevalent market conditions. This could lead to missed opportunities due to requotes, where the platform rejects your desired entry and asks if you want to enter at a new, requoted price — or cancel your order.

Market execution at XMTrading is backed by sophisticated tech and infrastructure that supports high-speed order processing. This minimises slippage, ensuring that traders receive prices close to their expected levels. The model is transparent, providing clarity on the exact price at the time orders are executed, crucial for maintaining client trust and satisfaction.

XMTrading’s market-execution model enhances efficiency and aligns with its commitment to providing a seamless trading experience. By minimising order-rejection risk and maximising

execution prices, XMTrading helps traders to navigate the complexities of financial markets.

AHEAD OF THE CURVE

XMTrading continuously invests in the latest technology, expanding its suite of trading tools. It regularly updates its platforms to incorporate emerging features and security measures, all the while promoting smooth and secure trading activities.

By fostering a culture of innovation, and staying ahead of industry trends, XMTrading manages

to meet the evolving needs of its global client base — and maintain a competitive edge in the industry.

A WORD FROM THE CEO

“Our commitment to trust and transparency is a foundational principle that shapes every aspect of our operations,” says XMTrading CEO Demetris Demetriou. “We know what modern traders need to be successful in the markets. That’s why we strive to equip them with the right tools and support to help them reach their financial goals.” i

Continued Improvement and Resilience – The Path to Banking Success and a Strong Reputation

Dedicationtostronggovernanceandaphilosophy

of

community support have stood Afghanistan

International

Bank (AIB) in good stead – and resultedinrecognitionintheformofawards.

Since 2004 AIB has been proudly providing essential financial services to Afghanistan, and has always committed to matching or exceeding international standards for governance and practice.

In a region where normal operations can be challenging, that focus on governance is vitally important for AIB and for the country’seconomy, with the bank committed to a mission of fostering growth and catalysing recovery and prosperity.

2023 marks ten consecutive years of AIB being awarded CFI’s Best Corporate Governance (Afghanistan) award, translating to a decade of strong performance and a win for every year the award has been contested.

AIB’s reputation for compliance and a strong governance culture has enabled it to maintain its external business relationships and clientele,

meaning it remains a channel for processing payments for crucial imports and transfers of humanitarian aid which make a positive impact on the country. AIB remainsthe only domestic bank with US dollar clearing through a recognised international bank.

Its focus on risk-management, money-laundering awareness, cybersecurity, financial crime compliance measures and Know-your-Customer (KYC) practices has made AIB an outstanding operation in the region.

In 2023, following previous advancements, risk and control culture across the Bank was further strengthened. AIB’s Compliance Department extended its Financial Crime Compliance Management System (FCCM) to cover transaction monitoring and know-your-customer practices, a significant achievement placing AIB at the forefront of compliance practices in Afghanistan.

Investment in technology was crucial to that success. AIB’s banking system is hosted on Oracle FLEXCUBE 14.5, making it one of the few banks — even in developed nations — to use the latest incarnation of the advanced software. And in the period, a new Regulatory Compliance Unit was introduced to stay at the forefront of domestic and international obligations.

On the cybersecurity front, AIB is the only bank in Afghanistan with two key certifications for cybersecurity: ISO 27001 and the Payment

Afghanistan: Kabul

Card Industry Data Security Standard (PCI) issued by the PCI Security Standards Council.

Cybersecurity systems were subject to multiple regular audits by multiple parties alongside these external tests: cybersecurity was audited by, external auditors approved by the central bank, and internally by AIB. Ultimately, AIB kept over 99% uptime of systems, and saw no downtime due to attacks.

AIB’s Learning Management System (LMS) continued to expand, allowing all employees

to access training on practices and governance from anywhere. 80% of AIB’s employee training has been moved to the LMS, and it remains a major upgrade to how AIB provides training.

Reviews from auditors including Deloitte & Touche Financial Advisory Services Singapore offices and Mazars ensured both a domestic and international perspective on AIB’s compliance to guarantee excellence.

Overall, improvements in the year continue to ensure AIB is the bank with the strongest

practices and compliance measures in Afghanistan, allowing AIB to serve Afghanistan while being involved with financial activity globally. i

> Kellogg Insight:

How Does the Inequality Around Us Shape Our Perceptions of Morality?

By Emily Ayshford. Based on research by Christopher To, Dylan Wiwad, and Maryam Kouchaki of the Kellogg Institute.

Over the course of several studies, Maryam Kouchaki and her co-authors have found that economic inequality — at national and local levels — makes people feel less in control of their lives.

And this creates a perception that immoral acts are somehow “acceptable”.

The concentration of wealth has been a defining trend of this century, with nearly half of the world’s countries experiencing increased economic inequality since 2000.

Greater gaps between rich and poor negatively affect life expectancy, rates of infant mortality, and general levels of happiness. At the societal level, inequality hurts economic growth and is associated with higher rates of crime — both financial and violent.

Inequality changes how we think about morality, and the greater the inequality is, the more accepting people are of unethical behaviour. “Inequality is closely linked to the perception of control,” says Maryam Kouchaki, professor of management and organisations at Kellogg. “Our study shows a causal impact of loss of control, making you judge transgressions more leniently.”

THE LINK

There’s an established link between the control we feel we have over our lives and how we judge ethical lapses. Those who lack a sense of control show less extreme reactions to stealing, cheating, and lying.

Kouchaki and her co-authors wondered how that might project on a bigger screen. Inequality objectively and subjectively decreases social mobility and creates feelings of relative deprivation. So could it also lead to a society where immoral behaviour is seen as more acceptable?

"The concentration of wealth has been a defining trend of this century, with nearly half of the world’s countries experiencing increased economic inequality since 2000."

The researchers combined three datasets to find out. One had measured country-level inequality for 196 countries since 1960, another focused on economic output and development for 182 countries since 1950, and a third studied responses from some 125,000 people, collected between 1981 and 2014.

Those canvassed were asked whether they were trusting of others, viewed the world as competitive, or believed that the rich achieve their status at the expense of the poor. Participants were also asked to rate the justifiability of certain behaviours: avoiding fares on public transit, cheating on taxes, and accepting bribes.

The results showed that those in unequal societies felt they had less control over their lives — and were more accepting of unethical behaviour. To the researchers’ surprise, there was no correlation between how competitive participants perceived the world to be, or their feelings about unethical behaviours. This suggests that inequality lends itself to such a justification.

The team conducted further experiments. More than 800 participants were shown images of ladders. Each had 10 rungs, and represented a decile of the population. The rungs were accompanied by money bags of differing sizes, representing the amount of wealth held by that decile.

Participants saw five ladders; in the most “unequal” example, most of the money bags were at the top. They were then asked to select the ladder that best represented the wealth distribution in their area. After this, the respondents were asked to rate the acceptability of certain behaviours — cheating on an exam, forging a friend’s signature, illegally downloading software. They also rated how much they felt others controlled such behaviour.

Inequality at the neighbourhood level was found to be important. People who rated their local area as unequal were more likely to report a lower sense of control, and a greater acceptability of unethical behaviour.

WHEN THINGS SEEM OK

There are downsides to relying on participants’ assessments of their own locale. For further verification, the team turned to the society of Bimboola (a fictional place used as a paradigm in similar experiments).

Bimboola citizens had differing income tiers; the participants were told they belonged to the middle one. Some were informed that Bimboola was a highly unequal society, while others were told the opposite. Then participants were asked to consider essential items or services such as housing or transport.

In the “unequal” society, the study found that selected items varied widely in perceived expense or quality: both mansions and small houses, for instance, and sports cars as well as junkers. In the more “equal” Bimboola, the range of options was narrower: a slightly larger house against a smaller one.

As predicted, the team found that people in a highly unequal society — even, in this case, a fictitious one — felt a lower sense of control. They were also more accepting of unethical behaviour, from others and from themselves.

"There’s an established link between the control we feel we have over our lives and how we judge ethical lapses. Those who lack a sense of control show less extreme reactions to stealing, cheating, and lying."

"The research could help to explain why crime rates may vary according to economic inequalities. It could show why student cheating is higher in states with greater levels of inequality."

INEQUALITY AND SOCIAL MOBILITY

Social mobility is the ability to change one’s socio-economic situation. Could this factor, or its absence, contribute to a feeling of helplessness?

Participants estimated inequality in their neighbourhood and rated their personal feelings of control, as well as their perceptions of unethical behaviour. They were asked to respond to statements such as: “There are many opportunities for me to move up in society.”

Lower social mobility among participants in “unequal” areas resulted in a reduced a sense of control. “Social mobility is relevant to what is happening here,” Kouchaki said. “If someone thinks that society is unequal, but they have the ability to move up, then they still feel a sense of control.

“But if you can’t move up, you lose that.”

A MORE EQUAL SOCIETY

The research could help to explain why crime rates may vary according to economic inequalities. It could show why student cheating is higher in states with greater levels of inequality. “It goes beyond crime and cheating,” Kouchaki said. “The loss of a sense of control is incredibly important in wellbeing.”

Kouchaki believes policymakers should adopt programmes that reduce inequality, create more affordable housing, raise the minimum wage, and opt for a progressive tax system. They could also encourage training and education to enhance social mobility.

“By making society more equal, we can help people feel more secure and stable in their lives, which would give them more of a sense of control,” she says. i

I Asian Development Bank

Your Questions Answered: How Fintech Can Help SMEs in Asia and the Pacific

By Lotte Schou-Zibell Advisor for the finance sector at

n many countries micro, small and mediumsized enterprises form the backbone of the economy.

They are important for people wanting to earn incomes, providing finance for their family’s education and healthcare. Despite these vital roles, many businesses face difficulties obtaining credit.

Addressing these financial barriers is crucial for fostering sustainable economic development.

THE CHALLENGES

There is a lack of collateral, insufficient credit history, and the complex problems of finding financial products that meet specific needs. A lack of information, stringent regulatory requirements, and the high costs for processing small loans further complicate matters.

The Pacific region's legal and regulatory frameworks are generally under-developed, posing additional hurdles. Traditionally, SMEs excel in wholesale, retail, agribusiness, food processing, and service-related industries. But they frequently encounter difficulties securing financing.

This limited access hampers the ability of SMEs in Asia and the Pacific to expand, enhance product offerings, or enter new markets — particularly if they have fluctuating revenue.

Inadequate funding prevents the embracement of innovation and new technology. It stunts growth and affects the region's economic health and progress. Job creation is adversely affected by insufficient financing. Expansion and scaling, often reliant on credit, are vital.

Fintech firms can enhance the growth and resilience of small businesses, especially in areas where traditional banking is less accessible. These companies can transform financing by prioritising cashflow-based over asset-backed lending.

Digital lending platforms accelerate the process of assessing creditworthiness using algorithms and data analytics, facilitating quicker loan approvals with more relaxed criteria. Fintech enables small businesses to participate in global and regional markets. This is supported by digital platforms that assist with business registration, market access, and integration into global value chains.

DIGITAL BANKING

The digitalisation of banking tools is transforming business sectors by making financial services

more accessible. Businesses increasingly use digital platforms for operations, transactions, and customer engagement.

In Cambodia, the Bakong system promotes financial inclusion among the unbanked and financially excluded businesses through a mobile payment and banking app that offers interoperability among e-wallets, mobile payments, online banking, and payment apps. This comprehensive payment platform integrates a vast network of local banks and financial institutions, facilitating peer-to-peer transfers and enabling companies to manage sales via electronic payments.

AI and cloud services play a central role in the growth of SMEs in Asia and the Pacific. They are increasingly being used by small businesses in Asia and the Pacific, enhancing customer service, risk management, and operational efficiency. The potential of these technologies is being harnessed to drive business efficiency, scalability, and innovation.

In the Philippines, Cantilan Bank has implemented Cloud-based technology to extend financial services to the unbanked and underserved in remote areas. This is the transformative impact Cloud services have in regions with limited banking infrastructure.

Fintech solutions can help SMEs in Asia and the Pacific at all stages of their evolution. There are benefits for the general economy through job creation and increased incomes. i

The views expressed are those of the author and do not necessarily reflect the views of the Asian Development Bank, its management, its board of directors,oritsmembers.

the Asian Development Bank

Author: Lotte Schou-Zibell

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> It’s Not All In the Mind — But Is It About the Sex and Gender, Too?

Groupupgradesitseffortstostudytherolethatgenderplaysinwomen’s mentalandphysicalhealth.

When the Women’s Brain Project transformed into the Women’s Brain Foundation in March, it morphed from its seven-year provisional status into the permanent structure it was always meant to be.

The WBF has expanded its outreach by creating new programmes, spreading its message via mixed media and conferences and publishing in a host of peer-reviewed journals.

The foundation’s mission is to advance research that focuses on how sex and gender factors into women's health. It provides an opportunity to redesign research, medicine and the healthcare system — with women in mind. The goal is to grow into a research institute that will nurture sex- and gender-based personalised therapies for all while incubating start up and innovation creating a dedicated fund for women’s health and brain health.

With fewer than 40 people — virtually all volunteers — the WBF has taken great strides recently.

In May, it launched a global fund-raising effort, the Women's Quota Campaign. The WBF is bringing attention to the unfortunate majority status of women with regard to neurologic and mental disease. The tag line is “Women don’t deserve this majority”; it highlights conditions, such as Alzheimer’s, MS, depression, anxiety, and migraine, that affect women more than men.

The funds will help into continuing their independent research . The public awareness initiative was created, pro bono, by Ogilvy Switzerland, and launched in Zurich.

Immediate goals are to shed light on women's unmet medical needs and close the brainresearch gender gap. The campaign has been translated into English, German, French, Italian, and Spanish, and the results will be discussed at the World Economic Forum 2025.

The WBF continues to spread its message in peerreviewed journals. In March, WBF contributed an opinion article in Frontiers Global Women's Health on the impact of informant-related characteristics on assessment of Alzheimer's symptoms and severity. Experts recommend a

multifaceted approach that integrates patient performance, caregiver information and selfreported data to properly assess patients with neurodegenerative diseases.

In April, the WBF and its fellow members of the advocacy consortium OneNeurology published national awareness campaigns for achieving global brain health in The Lancet Global Health. OneNeurology stresses urgent acceleration of the World Health Organisation’s plan to unite governmental policies and programmes that address epilepsy and other neurologic disorders.

In May, as part of the 16th ACM Web Science Conference, the WBF and others published Abortion and Miscarriage on Twitter: Sentiment and Polarity Analysis from a gendered perspective.

The WBF contributed editing support to a book, Innovating Health Against Future Pandemics (Elsevier 2024). It covers the key aspects which drive heterogeneity in an individual's response to Covid-19, including age, sex, genetic makeup, immune responses, comorbidities, and viral strains/loads.

WBF cofounder Antonella Santuccione Chadha received an Empowering Women Award for 2024. Of the 300 nominees, the league recognized Chadha’s pioneering efforts in gender medicine.

Chadha spoke in Amsterdam at HLTH Europe on redesigning healthcare with women in mind. The all-female panel included the gynaecologist Dame Lesley Regan, DBE, Imperial College London, and Paula Bellostas, from the global management consulting firm Kearney. i

WBF CEO & Co-Founder: Dr Antonella Santuccione Chadha

José Antonio Ocampo: What International Tax Negotiations Should Achieve

In recent decades, the availability of preferential tax regimes and tax havens has deprived governments worldwide of huge amounts of revenue. According to the EU Tax Observatory, multinational corporations shifted $1 trillion – the equivalent of 35% of all the profits booked outside their headquarter countries – to tax havens in 2022. Meanwhile, super-rich individuals faced very low effective tax rates, equivalent to just 0-0.5% of their total collective wealth.

The problem is that, rather than cooperating on taxation, countries have been competing to attract big corporations and wealthy people. Fortunately, steps are now being taken to change this.

The OECD and G20 agreed in 2021 on an Inclusive Framework on Base Erosion and Profit Shifting, aimed at limiting tax avoidance, ensuring the coherence of international tax rules, and establishing greater global tax transparency. But the agreement was far too limited in scope, requiring only very large multinationals to allocate a small share of their global profits to the countries where their customers are located. And the convention that would implement even this limited requirement has yet to be ratified, with the United States emerging as a key barrier to progress.

The Inclusive Framework also agreed a low minimum tax rates for multinationals, 15%, well below these countries’ current average corporate tax rate of 25%, and lower than the minimum rate proposed by the US, 21%. Yet another flaw in the framework is that signatories would be required to avoid unilateral measures, such as taxes on digital services. Overall, benefits to developing economies were minimal.

Today, however, two initiatives are underway that, while incomplete, represent important improvements on the Inclusive Framework. First, in Rio de Janeiro, G20 finance ministers agreed to work together to ensure that ultra-high-networth individuals are taxed more effectively.

Brazil made such an agreement – which was also supported by France, South Africa, Spain, and others – a top priority of its G20 presidency. While the details have yet to be decided, one possible approach – recommended by Gabriel Zucman of the University of California, Berkeley, and of the Independent Commission for the Reform of Corporate Taxation – would be to impose a 2% global wealth tax on the world’s billionaires (in US dollar terms). That is roughly 3,000 people.

The second promising initiative is a United Nations framework convention on international tax cooperation, negotiations for which are

"Most

developed economies – including the US, the United Kingdom, and many European countries – voted against the UN resolution to establish the tax convention."

now underway in New York. The resolution to negotiate such a convention – spearheaded by the African Union – was overwhelmingly approved by the UN General Assembly last November, with developing economies leading the way.

According to the “zero draft,” released in June, the convention should include commitments on a “fair allocation of taxing rights, including equitable taxation of multinational enterprises,” and “effective taxation of high net-worth individuals.” It should also ensure that tax measures contribute to addressing environmental challenges, guarantee “transparency and exchange of information for tax purposes,” and enable “effective prevention and resolution of tax disputes.”

How should the final document reflect these commitments? For starters, the convention should reallocate taxation rights fairly among all countries where multilateral firms do business, based on the concept of “significant economic presence”: if a company engages in substantial business activity in a country, it should have to pay taxes there.

The convention should also include a 25% global effective minimum tax on multinationals’ profits, as well as a tax on capital gains. And it should introduce minimum standards for the taxation of the richest people globally and each country’s wealthiest residents, including anti-avoidance instruments, such as a global minimum income tax. All countries should agree to tax both wealth and income appropriately.

The convention should also include coordinated mechanisms for digital-services taxes and clear criteria for taxing activities associated with the exploitation of natural resources. In addition,

it should require public, country-by-country reporting of multinationals’ economic activities, and enshrine common principles for ensuring the transparency of wealth ownership, including through the creation of a global asset register that identifies beneficial owners of financial and non-financial assets.

Finally, the UN convention should establish a system of governance for international tax cooperation. To this end, either the UN Committee of Experts on International Cooperation in Tax Matters could be transformed into an intergovernmental organ, or a new UN organisation could be created. Improved regional tax-cooperation processes – supported by a strengthened OECD mechanism for cooperation, African Tax Administration Forum, and Latin American and Caribbean Taxation Platform – are also needed.

By discouraging capital flight, enhancing fiscal and macroeconomic stability, and increasing the resources available to address poverty and inequality, improve public services, and advance climate mitigation and adaptation, such reforms would go a long way toward correcting the economic distortions generated by a handful of CEOs and ultra-wealthy individuals. But, while there is reason to hope that they will be implemented, the political barriers to progress must not be underestimated.

Most developed economies – including the US, the United Kingdom, and many European countries – voted against the UN resolution to establish the tax convention. One hopes that, both in the current negotiations and during next year’s UN Conference on Financing for Development, where international tax cooperation will also be on the agenda, these countries will come to their senses and recognise that effective international tax cooperation is in their best interest. i

ABOUT THE AUTHOR

José Antonio Ocampo, a former United Nations under-secretary-general and a former minister of finance and public credit of Colombia, is a professor at Columbia University, a member of the UN Committee for Development Policy, and a member of the Independent Commission for the Reform of International Corporate Taxation.

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