Finance organisation – Hot Bag Sale UK http://hotbagsaleuk.com/ Fri, 23 Sep 2022 08:06:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://hotbagsaleuk.com/wp-content/uploads/2021/06/icon-55-150x150.png Finance organisation – Hot Bag Sale UK http://hotbagsaleuk.com/ 32 32 Launch of the Open Finance Association to boost open finance across Europe https://hotbagsaleuk.com/launch-of-the-open-finance-association-to-boost-open-finance-across-europe/ Fri, 23 Sep 2022 08:01:08 +0000 https://hotbagsaleuk.com/launch-of-the-open-finance-association-to-boost-open-finance-across-europe/ Fintechs are launching the Open Finance Association (OFA) to further open financial data and payments for consumers and businesses through API (application programming interfaces) technology. Members include: Armalytix, Crezco, endAPI, GoCardless, nuapay, Order, Plaid, Token, TrueLayer, Volt.io, Worldline, Worldpay, Yapy. With the introduction of legislation in 2016 (the Payment Services Directive [PSD2]) consumers and businesses […]]]>

Fintechs are launching the Open Finance Association (OFA) to further open financial data and payments for consumers and businesses through API (application programming interfaces) technology.

Members include: Armalytix, Crezco, endAPI, GoCardless, nuapay, Order, Plaid, Token, TrueLayer, Volt.io, Worldline, Worldpay, Yapy.

With the introduction of legislation in 2016 (the Payment Services Directive [PSD2]) consumers and businesses have for the first time obtained the right to access their payment accounts via trusted third-party providers (open banking).

Open finance is the next step in the evolution of open banking. By bringing the benefits of open banking to a wider range of financial products, open finance will give consumers and businesses greater control and visibility over their economic life.

OFA brings together fintechs to contribute to the transition to open finance across Europe and believes that open and secure APIs are essential for competition and innovation in this space.

The OFA also welcomes Nilixa Devlukia as president of the organization. Devlukia, who previously held leadership positions at Financial Conduct Authoritythe Open Banking Implementing Entityand the European Banking Authoritylaunch comments:

“Now is the time for industry, policymakers and regulators to come together and make open finance a reality. Through the promotion of an API-focused agenda in payments and data, OFA aims to promote a healthy and sustainable FinTech ecosystem, in which consumers and businesses all benefit from improved and innovative services. I am thrilled to work with our members, who are true leaders and innovators, and look forward to engaging with stakeholders at all levels to realize OFA’s vision.

OFA Priorities
  • Enable consumers and businesses to access and use their data across all of their financial accounts through trusted third-party providers.
  • Develop and promote the adoption of a competitive and convenient instant payment method based on open payments.
  • Promote a sustainable and successful open finance ecosystem by creating the right balance of requirements and incentives for all participants.

The OFA operates in both Brussels and London, helping to shape important open finance policy developments in both jurisdictions.

  • Francis Bignel

    Francis is a journalist with a bachelor’s degree in classical civilization, he is particularly interested in North and South America.

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Education – A driving force for greater sustainability https://hotbagsaleuk.com/education-a-driving-force-for-greater-sustainability/ Wed, 21 Sep 2022 15:47:11 +0000 https://hotbagsaleuk.com/education-a-driving-force-for-greater-sustainability/ London business school Ioannis Ioannou was recently invited to give a keynote address on the role of education in sustainable development at an event organized by CSR HELLAS. Titled “Education 4 Sustainability”, Dr Ioannou framed his speech around what he described as the “shadow” of Bill and Melinda Gates’ sixth annual goalkeeping report, Dr Ioannou […]]]>

London business school Ioannis Ioannou was recently invited to give a keynote address on the role of education in sustainable development at an event organized by CSR HELLAS.

Titled “Education 4 Sustainability”, Dr Ioannou framed his speech around what he described as the “shadow” of Bill and Melinda Gates’ sixth annual goalkeeping report, Dr Ioannou noted that almost all indicators of the United Nations Sustainable Development Goals are halfway to achieving its stated goals by 2030.

Sustainability as a positive force of disruption and the role education can play in driving sustainability


Businesses are facing unprecedented pressure for a new model of corporate leadership, Dr. Ioannou acknowledged in this lecture. “Companies face pressures and expectations to integrate environmental and social impacts, as well as broader sustainability considerations into everything they do. For example, customers are demanding more environmentally and socially responsible products and services, investors are integrating ESG considerations into their investment decisions, employees are attracted to companies with which they align in terms of purpose and values, civil society and NGOs are increasing their level of engagement. corporate activism as governments and regulators adopt and implement more laws and regulations related to environmental and social issues. On top of all this, science tells us that we have already passed a number of tipping points and that the stability of the planetary ecosystem is under threat.

“Becoming sustainable is easier said than done,” said Dr Ioannou. “Most companies currently lack the knowledge, skills, experience and often the human capital they need to successfully meet all of these demands and expectations. In other words, businesses face a huge disruption to the status quo. Disruptions are usually very difficult to manage. This is precisely why the corporate graveyard is full of once-iconic brands that have failed to weather such disruptions. Sears, Polaroid, Kodak, Blockbuster, to name a few.

Transformation and adaptation


One could describe sustainability as primarily a challenge of transformation and adaptation to a rapidly changing competitive landscape. And, observes Dr Ioannou, this is a very fundamental transformation because every aspect of an organization must change, from finance to strategy and from the vision and mission of the organization to its operations, every aspect must be aligned. Transformation requires new capabilities, knowledge and innovative business models at the enterprise level. In addition to changes in the industry, changes at the systems level through new ways to engage in co-creation with supply chain partners could be considered. All of this is extremely difficult to achieve. “We’ve only seen a handful of companies succeed, and even those are far from being considered fully sustainable,” says Dr Ioannou.

Disruption Creates Opportunity


There are different reasons for companies to engage in activities aimed at a more sustainable economy. The requirements of laws and regulations will of course be a driver, but many companies have identified promising business growth opportunities and are looking to exploit them for business advantage.

The disruption in sustainability also creates opportunities for new market entries. Dr. Ioannou gives the examples of Tesla in the automobile industry, Beyond Meat and Impossible Foods in the meat industry, and Oatly in the field of alternative milks. “All of these and more are young, entrepreneurial-led companies who understand changing customer preferences, who understand the underlying sustainability problem that needed to be solved, and who have innovated new products, services or even business models to seize and rapidly scale the opportunity. As a result, large companies not only face the challenge of becoming sustainable themselves, but they also increasingly face stiffer competition from of start-ups that are “born” sustainable.

Navigating the “Sustainability Disruption”


So what does it take to navigate the sustainability disruption? For businesses, as well as societies, to achieve the required level of transformation, address the challenges and take advantage of the opportunities that arise due to the disruption of sustainability, the role of education is absolutely fundamental. Why? There are several main reasons:

  • Education on frameworks and initiatives such as the Sustainable Development Goals (SDGs), Planetary Boundaries, Environment, Social and Governance (ESG), to name a few, increases take global awareness of the depth and breadth of the problems we collectively face today. They underline the urgency of the crisis. But also, awareness is important to inspire and motivate people to act, to innovate, and it empowers them to aspire to have a positive impact on the world through their lives, their lifestyles, their career choices. and their electoral behavior.
  • Education builds a common ground and a common understanding of the challenges we face. In a deeply polarized world, establishing common ground is crucial. Think about what is happening in the United States right now. Consider how a corrupt Republican Party and the political right are viciously attacking ESG mainstreaming as “wokes” and how they have historically undermined climate science by promoting climate change denial. Also consider how some irresponsible and dangerous Republican governors, like those in Texas and Florida, are attacking financial institutions for considering ESG risks and, in doing so, harming retirees in those states via a higher cost of capital. Education can play a huge role against the politicization of these issues and it establishes a solid, scientific and apolitical common ground to begin to address them.
  • Education provides the skills, knowledge and frameworks people need to develop a systematic, rigorous and effective approach to meeting challenges. This does not mean that we already have all the answers, far from it. However, as educators, we can offer a structured way to approach sustainability challenges, a systematic way to analyze them, and as a result, we can increase the quality and speed of decisions that leaders make and, in an ideal world, we can help redirect their purpose towards more socially and ecologically responsible results.

Dr Ioannou concluded by mentioning some of the activities we pursue at London Business School:

“We aspire to integrate sustainability issues into our core courses and across disciplines, and we are developing and offering elective courses on these issues. We also pursue collaborations with other business schools and institutions (this is mainly our Wheeler Institute climate initiative and its leadership role with Business School’s for Climate Leadership), we support and encourage our students, through their student clubs and aim to serve as a platform that brings together managers, regulators, future and current business leaders and NGOs, and in doing so foster broader collaborations. Finally, as scholars, through our research, we bring rigor and evidence to inform policy and practice on sustainability issues.

“Ultimately, we too have an important responsibility: to educate and inspire future captains of industry to lead organizations with purpose, to lead successful organizations capable of positively impacting society as a whole. And that, I think, is a terrific goal for any business school.

About Ioannis Ioannou


Through his award-winning academic work, advisory roles, teaching, and interactions with leaders, Dr. Ioannou is dedicated to understanding if, how, and to what extent business and financial markets can lead the way to a sustainable future. Based on his ongoing research and engagement with practice, his keynote addresses focus on the challenges and opportunities that a transition to sustainability leadership generates for businesses and investors.

Dr. Ioannou is Co-Chair of the Sustainability Advisory Board of Merck, KGaA, member of the ESG Advisory Board of DWS Group, one of the world’s leading asset managers with approximately $900 billion in assets under management, member of the Advisory Board of the Sustainable Risk Assessment Framework (SRAF), Board of Directors of the Alliance for Corporate Sustainability Research (ARCS) and he is an advisor to TreeApp. He is also a member of the World Economic Forum’s Expert Network with expertise in the field of sustainability and a member of the expert network of KKS Advisors, a leading sustainability consulting firm.

CSR HELLAS

Founded in 2000, CSR HELLAS was established with the promotion and implementation of Corporate Social Responsibility (CSR) in corporate strategies and operations.

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Mercury CX faces imminent shutdown https://hotbagsaleuk.com/mercury-cx-faces-imminent-shutdown/ Mon, 19 Sep 2022 23:40:18 +0000 https://hotbagsaleuk.com/mercury-cx-faces-imminent-shutdown/ South Australia’s Mercury CX reports that it will close within the next three months unless it secures $700,000 in funding through government or philanthropic means. The not-for-profit organization, established in 1974 (formerly the Media Resource Centre) runs the National Screen Makers Conference, the South Australian Screen Awards and around 15 development programs for emerging talent. […]]]>

South Australia’s Mercury CX reports that it will close within the next three months unless it secures $700,000 in funding through government or philanthropic means.

The not-for-profit organization, established in 1974 (formerly the Media Resource Centre) runs the National Screen Makers Conference, the South Australian Screen Awards and around 15 development programs for emerging talent. He held an extraordinary general meeting at the end of last week to inform stakeholders, industry and the public of the position he finds himself in.

Mercury CX had made a bid to the state government in May for annual operational funding of $700,000 to $1.2 million, which was rejected. The organization had hoped that this funding would allow it not only to offer its industrial programs, but also to develop a business side to become more self-sufficient.

Karena Slaninka, CEO of Mercury CX says IF the organization’s current operational costs are approximately $1.2-1.4 million, with a current shortfall of $700,000.

Through the government, Mercury CX receives $240,000 through the South Australian Film Corporation (SAFC) ($170,000 to deliver industry programs and $70,000 to fund the production of short films) and $50,000 from the government of the state to organize the Screen Makers Conference. Along with other one-time program grants, revenue comes from the Mercury Cinema, with Slaninka noting that this was severely hampered by COVID as the cinema was closed/operating at restricted capacity.

The organization has received no core operational funding from government sources since 2015, when Screen Australia stopped funding screening resource organisations.

This Screen Australia funding also supported Metro Screen in New South Wales, Open Channel in Victoria, QPix in Queensland and the Film and Television Institute (FTI) in Western Australia; all of which have also closed their doors. Slaninka, a former Screen Tasmania executive who also worked as an executive at Screen NSW and the Film Finance Corporation, said the only reason Mercury CX survived the cut was because of its connection with Mercury Cinema.

Last September, the former South Australian state government provided the Mercury CX with $300,000 in emergency funding to support its operations. It also commissioned an external independent review of the organization in terms of its role within South Australia’s screen industry.

Although not made public, Slaninka said the report concluded that the Mercury CX business model was “unsustainable”, but acknowledged that it played an important role in the ecosystem of screens of the State.

“It’s a pivotal moment in time,” she said.

“If we believe that [Mercury CX] has a role to play in the future of the screen industry, so now is the time to transform its model into something more sustainable and provide it with ongoing operational support that will allow it to capitalize on this funding to grow.

It is Slaninka’s ambition that if Mercury CX can be saved, it will become a “National Center of Excellence”, playing a pivotal role in developing emerging and diverse filmmakers and stories that will resonate in the global marketplace.

Speaking to IF, a spokesperson for South Australia’s Minister for the Arts, Andrea Michaels, noted the funding Mercury CX receives through the SAFC and towards the Screen Makers Conference.

“As an independent organization, it is up to Mercury CX’s Board of Directors to manage its business sustainably,” they said.

“Advice to the Minister is that support for emerging filmmakers can still be provided within current funding levels and if this is not done by Mercury CX, the Minister is committed to ensuring support continues..

The Mercury CX Board of Directors has asked people to write to the government to help them understand the importance of the organization.

Additionally, he organizes a philanthropic fundraising campaign, although Slaninka notes that it would likely require ongoing support rather than one-time support to help the organization in the future. It also calls for federal intervention.

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Plantation Human Development Trust celebrates 30 years https://hotbagsaleuk.com/plantation-human-development-trust-celebrates-30-years/ Sat, 17 Sep 2022 19:36:30 +0000 https://hotbagsaleuk.com/plantation-human-development-trust-celebrates-30-years/ Plantation Human Development Trust (PHDT) is a tripartite organization that was established and incorporated on September 18, 1992 to facilitate the improvement of the livelihoods of the plantation community through social welfare programs. The three parties are the government, the regional plantation companies and some of the main unions in the plantation sector. The government […]]]>

Plantation Human Development Trust (PHDT) is a tripartite organization that was established and incorporated on September 18, 1992 to facilitate the improvement of the livelihoods of the plantation community through social welfare programs.

The three parties are the government, the regional plantation companies and some of the main unions in the plantation sector. The government is represented by the Ministries of Plantations, Finance, Health and the Ministry of State for Housing and Community Empowerment. The PHDT, as the main provider of services to the plantation worker community, has also expanded its services through various specialized sectors to improve and provide these services in a more professional manner.

PHDT’s vision was to be the leading human development organization recognized for excellence, providing sustainable development programs to continuously improve the quality of life on plantations. Believing that employees are their most valuable asset by striving to develop capacity and productivity at all levels, they always strive to conduct their business in a responsible and ethically sustainable manner by adopting best practices and processes that ensure long-term economic, social and environmental sustainability benefits.

animation agency

Over the past 30 years, the PHDT has been an iconic facilitating agency and has a reputation for strength, stability, integrity and resilience. The PHDT serves the country’s most disadvantaged sector, the plantation community, by maintaining the highest standards of governance and transparency, innovating with the latest digital technologies, and investing in sustainable programs and projects.

Over the past 30 years, their commitment to implement hardware and software programs maintaining its sustainability despite many challenges and obstacles to ensure the upliftment of the plantation community, they have continued steadfastly to maintain the confidence that the workers have granted them even in the past two years with the Covid19 pandemic.

The PHDT has acted strategically and systematically to expand its operations by streamlining and implementing a series of effective projects that meet the needs and demands of the plantation community by providing the estate’s workforce with greater opportunities and adequate tools to assiduously build their dreams.

The PHDT has always kept in mind that the plantation community has pursued a series of successful projects over these 30 years. Over the years, the PHDT has identified and responded to the needs of the plantation community.

PHDT has been recognized for its financial transparency, accountability, good governance and best accounting practices by the Institute of Chartered Accountants of Sri Lanka and the South Asian Federation of Accountants.

The PHDT has a talented team that is unique and unlike any other capital within the organization that plays a more complicated role in supplying and serving the plantation community. They provide a wide range of services to the plantation worker community with improvements to housing and infrastructure, water and sanitation, health and childcare, social mobilization and communautary development.

The PHDT, as the main provider of services to the plantation worker community, has also expanded its services through various other specialized sectors to improve and provide these services in a more professional manner.

Health programs

The PHDT in its project activities mainly focusing on improving the infrastructure facilities of the working community. Since forming PHDT, he has reached out to workers and their families through numerous health programs, to prevent disease, promote health and healthy living.

Some of these programs are: maternal care, child development, child protection, early childhood development and care activities, health education, nutrition awareness and cooking demonstrations, empowerment of women, training programs for estate health staff, sensitization on specific activities for estate managers, some of their main activities organized and carried out by their health division to increase the contribution to the productivity and sustainability of the industry.

The regional plantation societies provide wholehearted support to plantation workers that host cooperative societies in terms of capacity building and resource mobilization. In addition to providing loans for various other projects. The Water Supply and Sanitation Project (WASSIP) is the latest project financed by the World Bank.

This project focused on the plantation sector in many areas. So far, WASSIP has spent more rupees. 835 million to provide drinking water to nearly 5,000 households and approximately 250,000 beneficiaries.

Their World Bank-funded ECD project, implemented under the Ministry of Women and Children and Social Empowerment, was launched in 2016 with a total investment of $10 million. As part of this program, children were safely placed in modest child development centers under the direction of a child development worker. These centers have been provided with a play area with furniture and play equipment, spending nearly US$8.29 million on children for their recreational activities.

Community kitchens

The PHDT has reached the second half of the third round of vaccination against Covid 19 covering almost 97% of the real estate community. Through the regional PHDT staff, they organized vaccination awareness programs to educate the plantation community.

To overcome malnutrition in the plantation sector, with the collaboration of Palm Foundation, they launched 10 community kitchens.

Several other measures are underway to further improve and strengthen the EWHCS units in the country, including the automation of their financial records for greater discipline and accountability. EWHCS has become a leading community organization in the country and many units are located at RPCS Estates.

We believe it is a laudable achievement for an organization to reach its 30th anniversary in its journey as a plantation industry pioneer and dedicated corporate citizen, PHDT commemorates this day with humility. Their journey has always been difficult, but inspiring. today, the PHDT is strongly positioned, financially and in terms of expertise, experience and other resources, to fuel economic development.

The Plantations Human Development Trust (PHDT) understood the urgent need and secured approval from the Planters Association and the Ministry of Industry to enter into discussions with the Sri Lanka Social Security Board to launch the scheme. voluntary retirement scheme for plantation employees. recognition by all who are interested in the survival and sustainable growth of this major foreign exchange earner. May the PHDT maintain its services to Planters with greater commitment and motivate all Planters to turn to professionalism in the service of the plantation sector and the country.

Let us look to the future with the inspiring strength and vigor of the past and rise up to meet the needs of working people.

We congratulate the General Manager Lal Perera, his efficient assistant, the staff and also all those who have contributed over the past 30 years for their achievements in the service of the betterment of the plantation sector and its community.

The author is the General Secretary of the Ceylon Planters’ Society

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Mismanagement of funds: the Senate will investigate the mining company Kogi https://hotbagsaleuk.com/mismanagement-of-funds-the-senate-will-investigate-the-mining-company-kogi/ Thu, 15 Sep 2022 19:45:55 +0000 https://hotbagsaleuk.com/mismanagement-of-funds-the-senate-will-investigate-the-mining-company-kogi/ The Senate Finance Committee headed by Senator for Lagos West, Olamilekan Adeola, has set up a committee to investigate the Nigerian Iron Ore Mining Company, Itake, Kogi State, for non-performance and mismanagement of funds . According to the committee, the company has received funds from the federal government since 2008, but has not produced iron […]]]>

The Senate Finance Committee headed by Senator for Lagos West, Olamilekan Adeola, has set up a committee to investigate the Nigerian Iron Ore Mining Company, Itake, Kogi State, for non-performance and mismanagement of funds .

According to the committee, the company has received funds from the federal government since 2008, but has not produced iron or steel or generated revenue despite receiving annual allowances.

The resolution to investigate the organization was moved by Senator Opeyemi Bamidele, following a motion passed by members of the Senate Finance Committee on Day 3 of the interactive session with MDAs on Thursday.

The panel would be led by Sani Musa as chairman, while members would include Opeyemi Bamidele, James Manager, Michael Nnachi and Sadik Suleiman.

The committee is due to investigate the organisation’s budget which includes recurring capital and overhead costs from 2008 to date and is expected to report back in two weeks.

Earlier, the committee chairman said the agency was a major waste of public funds, following its moribund nature since 2008.

He said the agency has been inactive for 14 years despite funding allocations for capital, recurring expenses and overhead.

Adeola said 1.8 billion naira had been released as capital funds, while 2.5 billion naira from the approved budget of 3.45 billion naira had been cumulatively disbursed to the organization in July 2022.

Adeola said it was worrying that a fund for capital, recurring costs and overheads had been poured into the agency since 2004 with no performance to show.

He said there was no reason for the government to continue funding an agency that has not been functioning since 2008.

“The organization is deserted. Who do you pay salaries to? What project did you do? Adeola asked rhetorically.

Bamidele said: “It is a very scary situation and we will finance our budget by borrowing. And we have an agency that is supposed to develop our steel sector and they haven’t done anything since 2008.”

Furthermore, Senator Jubril Isah accused the agency’s leadership of abandoning its mandate to some perceived social responsibility outside of the mandate.

He urged the management to drop other construction projects not covered by its mandate and deal with the production of irons and steels and other projects entrusted to the organization.

In response, the Sole Administrator of NIOMCO, Mr. Augustus NKechika, said that the agency had been mandated to stop its activities since 2008, following the organization’s planned concession, which resulted in litigation.

He did, however, reveal that efforts had been made to resolve the issue by the federal government.

He also revealed that the organization has 700 employees in its payroll, saying that IPPIS was responsible for paying staff salaries.

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Covid, the challenges of financing | Local company https://hotbagsaleuk.com/covid-the-challenges-of-financing-local-company/ Tue, 13 Sep 2022 23:17:00 +0000 https://hotbagsaleuk.com/covid-the-challenges-of-financing-local-company/ Outstanding financial reports, questionable purchases and an inability to retain staff are some of the issues identified by the Public Accounts Committee (PAC) report on the East Port of Spain Development Company Ltd (EPOS). The PAC was chaired by Wade Mark and included Vice President Rushton Paray, Amrita Deonarine, Renuka Sagramsingh-Sooklal, Fitzgerald Hinds, Laurel Lezama-Lee […]]]>

Outstanding financial reports, questionable purchases and an inability to retain staff are some of the issues identified by the Public Accounts Committee (PAC) report on the East Port of Spain Development Company Ltd (EPOS).

The PAC was chaired by Wade Mark and included Vice President Rushton Paray, Amrita Deonarine, Renuka Sagramsingh-Sooklal, Fitzgerald Hinds, Laurel Lezama-Lee Sing, Keith Scotland and Stephen McClashie.

The PAC report was tabled in Parliament on Friday 9 September.

Interestingly, the deadline given by the PAC to EPOS and its parent ministry – the Ministry of Housing and Urban Development as well as the Ministry of Finance to respond to concerns and recommendations was 9 September, the same day of its writing.

The report reviewed the company’s audited accounts, balance sheets and other financial statements for fiscal years 2012 and 2013.

She noted that public companies are required to submit audited financial statements to the finance minister within four months of the end of their financial year.

“These reports must be tabled in Parliament and then submitted to the Public and (Company) Accounts Committee for review. Based on parliamentary records, the latest audited financial statements submitted to parliament were for the year 2013,” the report said.

As it stands, the report notes that EPOS officials said final audited financial statements for 2014 to 2017 have been received from the company’s auditors and submitted to the Ministry of Finance.

“The first draft of the 2018 and 2019 audited financial statements were received from the Company’s auditors on May 22, 2021 and February 15, 2022, respectively; and the auditors planned to begin fieldwork for the 2020 audit in April 2022 and 2021 will follow thereafter,” the report states.

According to the report, the Ministry of Finance should submit an update on the status of submission of audited financial statements for 2014 to 2017 to Parliament no later than September 09, 2022 and that EPOS should submit an update of status and an action plan to reduce risk. further delay in submitting the 2018 to 2021 audited financial statements to Parliament no later than September 9, 2022.

Express Business was unable to verify by press time whether the Ministry of Finance had complied with this recommendation.

The report noted that the position of internal auditor is not a position in the organizational structure of EPOS, therefore, EPOS does not have an internal auditor.

The internal audit function, he said, was outsourced to PricewaterhouseCoopers at an annual cost of $295,000 as of December 31, 2019.

The company’s decision to select a single consultant to develop a strategic plan came under scrutiny by the PAC.

EPOS hired a consultant, Definitive Management Solutions, at a cost of $192,900, to help update its strategic plan for the 2021-2023 period.

“The CEO of EPOS (Deborah Austin) said this was the first time the company had outsourced the preparation of a strategic plan for the company. Prior to the engagement with Definitive Management Solutions, EPOS’ previous strategic plan was developed internally,” the report states.

He noted that Definitive Management Solutions, a company incorporated on June 20, 2018, was engaged after a proprietary tender process.

PAC noted that according to Ministry of Finance tendering policies, there must be proper justification for a single tender.

“The Managing Director of EPOS informed the committee that after learning about Definitive Management Solutions’ work regarding the Balanced

Scorecard Methodology, the company submitted a proposal which EPOS accepted,” the report states.

The PAC recommended that EPOS provide an explanation as to why single tendering was the preferred procurement process used to select Definitive Management Solutions as the hired consultant for a critical document such as the company’s strategic plan. the company, given that the Balanced Scorecard methodology is not unique to the company selected before September 09, 2022.

“In the future, if the need arises to outsource consultants using a single tender process, EPOS should check with the OPR for the conditions necessary to justify/satisfy a single tender process until the special manual and guidelines from EPOS are finalized with the OPR. EPOS should provide an update to Parliament by September 9, 2022 on steps to be taken to address delays in preparing the strategic plan going forward,” the report said.

Challenges in Retaining and Recruiting Staff

The report notes that the inability to retain and recruit competent staff has disrupted EPOS’s ability to effectively run its operations.

“EPOS has been challenged by its inability to fill key technical and professional positions due to uncompetitive compensation packages and the current terms offered were not comparable to similar sized organizations. It was stated that this issue has compromised the company’s ability to recruit and retain the best staff, it was also pointed out that EPOS is constantly losing staff to better salaries offered at other companies, making it difficult to replace them then that many interviewees expect to be offered competitive compensation,” he observed.

He noted that although a new organizational structure for EPOS was approved by the Board of Directors (BoD) in November 2020, remuneration was to be reviewed by the Human Resources Advisory Committee (HRAC), a sub-committee of the Cabinet responsible for monitoring wage negotiations in the public sector for approval.

According to the report, the organizational structure of EPOS requires 44 people, but at the time of the public hearing, only 23 positions were filled.

Critical positions such as Internal Auditor and Technical Director cannot be advertised and filled without HRAC approval.

Among the recommendations of the PAC, we note that:

1. The Department of Housing and Urban Development and EPOS should request a progress update including the reasons for any delays from the HRAC in its decision to approve the revised organizational structure of the ‘EPOS and the compensation packages offered. Once received, MHUD and EPOS must submit a status report to Parliament by September 9, 2022;

1. EPOS should provide a plan to assist EPOS in establishing an appropriate staff mix over the next six (6) months to address staffing shortages pending a response from the HRAC; and

2. EPOS should develop a succession plan to keep company services running smoothly as experienced employees move on to new opportunities and submit an update to Parliament by September 9, 2022.

Covid-19 on development projects

The report notes that the most significant issue the company faced after the onset of the Covid-19 pandemic was rising development project costs.

“The Managing Director explained accordingly that the pandemic has led to an increase in the price of construction materials, which has affected contractors’ supply chains and their ability to deliver their projects on time and within budget. EPOS, having been incorporated as project manager to lead the redevelopment of East Port of Spain, was now being approached by some of its contractors to absorb the additional costs,” the PAC report noted.

The PAC noted that EPOS should submit an update on initiatives implemented by the company to ensure that each development project affected by the rising cost of raw materials is completed on time and within budget. in Parliament by September 9, 2022; and it should develop future lessons learned guidelines to document all information that reflects both positive and negative project experiences with aligned countermeasures in the event a similar event occurs.

Funding Challenges for Development Programs

He noted that untimely disbursement of funds to execute Infrastructure Development Fund projects has caused significant delays and stoppages.

“The Managing Director of EPOS said that one of the challenges facing the company is the disbursement of funds to execute the business development programs. It was explained that the small contractors hired by EPOS could not bear the financial burden of the projects while waiting for the funds to be released. The company’s ability to deliver its social and economic programs for East Port of Spain was also affected.

“The General Manager indicated that the funding received for its social and economic programs was insufficient to fund the human development, capacity building and vocational training programs carried out in the East Port of Spain region. With the reduced allocation for fiscal year 2022, EPOS has engaged other state agencies, the private sector, and NGOs to assist in the implementation of these programs,” the report states.

The PAC recommended that the department and state entity submit an update to Parliament by September 9, 2022 on whether the challenges related to the lack of funding have been resolved and provide a progress report on the company’s ability to carry out its projects.

The report noted that while there have been notable improvements in EPOS operations, some key areas require further improvement.

He observed that the advent of the Covid-19 pandemic has resulted in stalled progress of development program projects in East POS, increased construction costs and critical human resource challenges.

“While all of the issues covered in this report are important, none is perhaps more fundamental than those of the timely submission of financial statements and approval of the strategic plan which, as previously stated, the organization does not “is not fully equipped to pursue its key objectives. . Accordingly, the Committee awaits the submission of responses to the recommendations contained in its report in the audited accounts of EPOS,” the report concludes.

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Okoya appointed Chairperson of Women in Finance Nigeria’s Women’s Empowerment Commission https://hotbagsaleuk.com/okoya-appointed-chairperson-of-women-in-finance-nigerias-womens-empowerment-commission/ Mon, 12 Sep 2022 07:58:18 +0000 https://hotbagsaleuk.com/okoya-appointed-chairperson-of-women-in-finance-nigerias-womens-empowerment-commission/ MMs. Funke Okoya, Executive Director of NOVA Merchant Bank, has been appointed Chairperson of the Women in Finance Nigeria (WIFNG) Women’s Empowerment Commission. Okoya’s appointment was announced along with four other new executives at a recent signing of the International Partnership/Affiliate with Women Working for Change. The Women Working for Change is an organ of […]]]>

MMs. Funke Okoya, Executive Director of NOVA Merchant Bank, has been appointed Chairperson of the Women in Finance Nigeria (WIFNG) Women’s Empowerment Commission.

Okoya’s appointment was announced along with four other new executives at a recent signing of the International Partnership/Affiliate with Women Working for Change.

The Women Working for Change is an organ of the African CEO Forum, the largest international forum for the African private sector.

The newly appointed members of the Exco were selected from the organization’s committed senior staff and given the specific task of chairing the Association’s five new Commissions.

The appointment of Ms. Okoya as President is a major boost for women’s empowerment in Nigeria and is expected to spur initiatives that advance the cause of women, the pursuit of financial education and women’s inclusion while promoting gender parity.

Speaking at the event, Chairwoman of Women in Finance Nigeria, Ms. Toyin Sanni said, “We are very pleased with the launch of these important commissions under the leadership of these dynamic senior executives as well as the election of our new national secretary. of which served honourably, over time at WIFNG.

Funke Okoya, who expressed her enthusiasm at the appointment, said, “This appointment is designed to respond to the aspirations of women in Nigeria and further enrich the conversation on capacity building, provide access to finance, expand the achievement of value, add relevance, recognition and network for women. .”

She added that the expanded executive committee demonstrates the association’s commitment to supporting women across the country by providing leadership and sustainable professional development to women, through creative coalition and partnerships with international organizations of women like Women Working for Change.

Funke is Executive Director, Investment Banking and Subsidiaries at NOVA Merchant Bank, and has led key initiatives that are transforming the Bank into a leadership position.

While congratulating Ms. Okoya on her appointment, NOVA Merchant Bank Chairman Mr. Phillips Oduoza said Funke was at the forefront of gender diversity, sustainability and female inclusion, adding “As a board of directors, we are pleased with the recognition that will elevate the commission to the next level under his chairmanship.

NOVA Merchant Bank is a leading merchant bank in Nigeria that offers an integrated suite of financial solutions spanning financial intermediation, wholesale and investment banking, asset and wealth management, business services, transaction banking, cash management and digital banking.

WIFNG is a non-profit organization registered in 2016 to provide policy advocacy for greater representation of women in the financial sector and in financial roles in public and private sector organizations. WIFNG advocates for positive economic policies and is a platform for women in financial roles to collectively address labor and societal challenges that affect women.

WIFNG also provides opportunities for capacity building, networking and economic empowerment. In 2019, she set up and registered her UK chapter, WIFNG UK, a vibrant organization for African women working in the financial services industry in the UK.

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Energy bill warning: Which appliances are costing you the most? Check now | Personal finance | Finance https://hotbagsaleuk.com/energy-bill-warning-which-appliances-are-costing-you-the-most-check-now-personal-finance-finance/ Sat, 10 Sep 2022 15:32:31 +0000 https://hotbagsaleuk.com/energy-bill-warning-which-appliances-are-costing-you-the-most-check-now-personal-finance-finance/ In the fight against soaring energy bills, Britons may want to identify which appliances are consuming the most energy. Individuals are unlikely to be able to completely stop using certain devices, as they are essential to our daily lives. However, knowing which devices use the most power could help make small changes. Even appliances that […]]]>

In the fight against soaring energy bills, Britons may want to identify which appliances are consuming the most energy. Individuals are unlikely to be able to completely stop using certain devices, as they are essential to our daily lives.

However, knowing which devices use the most power could help make small changes.

Even appliances that consume a relatively small amount of electricity can affect the energy bill.

This can happen especially if the device is left on or put to sleep.

In fact, the Energy Savings Trust estimates that the average UK household will spend £55 a year to power appliances that are on or left in standby mode.

LEARN MORE: Get 3.5% on your savings NOW – difference between £15 and £350 a year

Respectively, these devices cost £85 and £60 per year respectively for typical use.

The dishwasher consumes 1.44 kWh per use at 65 degrees Celsius.

With the Energy Savings Trust estimating the average Briton will use it around 135 times a year, this could create an annual cost of £55.

Finally, the kettle uses surprising amounts of energy – but people are expected to boil it for a cup of tea or coffee around 1,542 times a year.

At an electricity consumption of 0.11 kWh per use, based on heating one liter of water, the cost per year is estimated at £48.

Amid rising energy costs this winter, experts have urged Britons to act.

Alice Haine, personal finance analyst at BestInvest, said households should always strive to reduce their energy consumption.

She said: ‘Maybe it’s time to think about more practical levels like investing in warming aids for the home such as cozy blankets, hot water bottles, faux fur lined slippers, thermal underwear and warm clothes that can be layered.

“Even simple measures such as closing the curtains at night to act as an extra level of insulation to help keep the heat in, moving your furniture around so it doesn’t block the heat coming out of the radiator, and making your clean dog socks around doors, windows, or cracks in the floor can help.

“Clogging an unused fireplace, putting rugs on wood or tile floors are other simple heat retention measures. Now is the time to think smart about keeping the house warm with every worthwhile DIY tactic.

“In addition to conserving heat, households should strive to reduce their energy consumption where they can. Air-drying clothes instead of using a dryer, taking shorter showers, and turning off lights and appliances not in use are all simple tactics that can help cut costs.

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Global Climate Leaders to Participate in Egypt-ICF to Address Climate Change in Africa https://hotbagsaleuk.com/global-climate-leaders-to-participate-in-egypt-icf-to-address-climate-change-in-africa/ Tue, 06 Sep 2022 06:00:15 +0000 https://hotbagsaleuk.com/global-climate-leaders-to-participate-in-egypt-icf-to-address-climate-change-in-africa/ Egypt – High-level climate leaders from around the world are expected to participate in the second edition of the Egypt-International Cooperation Forum (Egypt-ICF) and the meeting of African Ministers of Economy, Finance and Environment which will take place will be held under the auspices of President Abdel Fattah Al-Sisi from September 7 to 9. The […]]]>

Egypt – High-level climate leaders from around the world are expected to participate in the second edition of the Egypt-International Cooperation Forum (Egypt-ICF) and the meeting of African Ministers of Economy, Finance and Environment which will take place will be held under the auspices of President Abdel Fattah Al-Sisi from September 7 to 9.

The event is organized by the Ministry of International Cooperation in partnership with the Ministries of Foreign Affairs, Finance and Environment and will see the high-level participation of heads of international and regional financial institutions, as well as heads of United Nations to urge the international community to deepen its partnership with Africa and forge a common path.

High-level leaders expected to attend the event are Amina J. Mohammed, UN Deputy Secretary-General and Chair of the UN Sustainable Development Group; John Kerry, US climate envoy; Mark Carney, UN Special Envoy for Climate Action and Finance; and Odile Renaud Basso, President of the European Bank for Reconstruction and Development.

Egypt capitalizes on its rich history of international cooperation to strengthen solidarity and cooperation between Africa and the world and continues to promote the building of a global community with a shared future.

The second edition of the Egypt-ICF Forum is being held ahead of the United Nations Conference of the Parties on Climate Change (COP27) under the theme of moving from promises to implementation.

The overall objective of the event is to ensure the coherence of African positions on climate finance with needs, to prioritize actions that can be taken by African countries with targeted support to increase climate finance available for the implementation implemented, showcasing successful development practices and advocating for feasible new initiatives and policies. on climate change mitigation and adaptation.

The event is also organized in partnership with the United Nations Economic Commission for Africa, Afrexim Bank, African Development Bank Group, World Bank, Climate Investment Fund, BADEA Bank, Islamic Society International Trade Finance Corporation, International Finance Corporation, European Investment Bank, Banque Misr and National Bank of Egypt.

Other high-level participants are Benedict Okey Oramah, President and Chairman of the Board of the African Export-Import Bank; Mathias Cormann, Secretary General of the Organization for Economic Co-operation and Development; Khalida Bouzar, Assistant Secretary-General and Director of the United Nations Development Program Regional Bureau for Arab States; Vera Songwe, Under-Secretary-General of the United Nations; Mari Pangestu, Managing Director of Development Policy and Partnerships, World Bank; Mokhtar Diop, Executive Director and Vice President of the International Finance Corporation; Mahmoud Mohieldin, Egypt’s top UN climate champion; Ghada Fathy Ismail Waly, Executive Director of the United Nations Office on Drugs and Crime and Director-General of the United Nations Office at Vienna; and Nigel Topping, Britain’s top climate action champion.

Several African ministers will also attend, including Barbara Creecy, Minister of Forestry and Fisheries and Environmental Affairs of the Republic of South Africa; Zainab Shamsuna Ahmed, Minister of Finance, Budget and National Planning of Nigeria; Alamine Ousmane, Minister of Economy, Planning and Regional Development of Cameroon; Ukur Yatan, Cabinet Secretary for National Treasury and Planning in Kenya; Dier Tong Ngor, Minister of Finance and Economic Planning of South Sudan; Garama Saratou Rabiou Inoussa, Minister of the Environment and the Fight against Desertification of Niger; Romuald Wadagni, Minister of Economy and Finance of Benin; José Didier Tonato, Minister of Living Environment and Sustainable Development of Benin; Dennis K. Vandi, Minister of Finance of Sierra Leone; Arlette Soudan-Nonault, Minister of Environment and Sustainable Development of the Democratic Republic of Congo; Mohamed Abdoulkader Moussa, Minister of Environment and Sustainable Development of Guinea; Abdou Karim Sall, Minister of Environment and Sustainable Development of Senegal; Seglaro Abel Somé, Minister of Economy and Finance of Burkina Faso; Samila Ouedrago, Minister of Ecological Transition and Environment of Burkina Faso; Guy Loando Mboyo, Minister of Territorial Development of the Democratic Republic of Congo; Francisca Eneme Efua, Minister of Agriculture, Livestock, Forests and Environment of Guinea; Christian Mwando, Minister of Planning of the Democratic Republic of Congo; Kavydass Ramano, Minister of Environment, Solid Waste Management and Climate Change of Mauritius; and David Wonou Oladokoun, Minister of Environment, Sustainable Development and Nature Protection of Togo.

© 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
Daily News Egypt

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Cyrus Mistry: from the SP group to the Tata group, and beyond – A look at his journey https://hotbagsaleuk.com/cyrus-mistry-from-the-sp-group-to-the-tata-group-and-beyond-a-look-at-his-journey/ Sun, 04 Sep 2022 14:28:00 +0000 https://hotbagsaleuk.com/cyrus-mistry-from-the-sp-group-to-the-tata-group-and-beyond-a-look-at-his-journey/ Cyrus Mistry, a high profile Irish businessman of Indian origin and former Chairman of Tata Group, died in a road accident on September 4, 2022 in Palghar district, Maharashtra. Leaders from across the political and business spectrum hailed Mistry’s passing. Prime Minister Narendra Modi said the businessman’s untimely death was a great loss for the […]]]>

Cyrus Mistry, a high profile Irish businessman of Indian origin and former Chairman of Tata Group, died in a road accident on September 4, 2022 in Palghar district, Maharashtra. Leaders from across the political and business spectrum hailed Mistry’s passing. Prime Minister Narendra Modi said the businessman’s untimely death was a great loss for the world of commerce and industry. Mistry is survived by two sons and his wife Rohiqa Chagla.

The first non-Indian citizen to lead the Tata Group, Cyrus Mistry was the Indian conglomerate’s sixth and youngest chairman. He took over after Ratan Tata retired in December 2012.

Let’s take a look at some facets of the life of the industrialist who had decades of varied experience running businesses ranging from construction and entertainment to energy and finance.


ALSO READ: Former Tata Group chairman Cyrus Mistry, 54, dies in car accident


Who was Cyrus Mistry?


life and education

Cyrus Mistry was born in 1968 into a Parsi family of billionaire group patriarch Shapoorji Pallonji Pallonji Mistry and Patsy Perin Dubash. He studied at Cathedral & John Connon School in South Mumbai. He graduated in commerce from the University of Mumbai, then studied civil engineering at Imperial College London. He then continued with a Masters in Management from the London Business School.

Later, Mistry obtained an International Masters in Management from the University of London in 1996.


Career

Cyrus Mistry joined the family business in 1991 and became director of Shapoorji Pallonji & Co Ltd. Three years later, he was appointed group general manager. Under his leadership, revenue for Shapoorji Pallonji’s construction business grew from $20 million to nearly $1.5 billion. Mistry also oversaw the company’s diversification from construction to the design and construction of complex projects in the marine, oil and gas, and rail sectors.

Mistry was also a Non-Executive Director at Forbes Gokak Ltd and was associated with Convergence Media Pvt Ltd as Senior Vice President of Operations and Planning, and UTV Toons India.

In the 1930s, Mistry’s grandfather Shapoorji Mistry first acquired a stake in Tata Sons. Cyrus Mistry joined the Tata Sons board in September 2006, a year after his father retired from the organization.


ALSO READ: Cyrus Mistry: A reclusive Scion who fought for honor after being fired

Known to love golf, the late business mogul was seen as a studious behind-the-scenes executive with a quick wit.


The Economist called Cyrus Mistry in a 2013 article “the most important industrialist in India and Britain”.

Cyrus Mistry became Vice Chairman of the Tata Group in 2011, then succeeded Ratan Tata as Chairman of Tata Sons to much fanfare in December 2012. A year later, he took over as chairman of Tata Sons.

Regarding the selection of his successor, Ratan Tata said he was impressed with the “quality and caliber” of Mistry’s participation on the board of Tata Sons and praised his “astute observations and humility”.

“Be your own man, you should take your own calls and you should decide what you want,” Ratan Tata said in an interview when asked what he would like to advise if Mistry asked.

Apart from his responsibilities with the Shapoorji Pallonji Group, he has also served as Chairman of all major Tata companies including Tata Industries, Tata Steel, Tata Consultancy Services, Tata Motors, Tata Chemicals, Tata Power, Tata Teleservices, Tata Global Beverages and Hotels. indians.

However, in October 2016, he was ousted from his post following a coup in the boardroom. A lengthy legal battle ensued.

The Mistry family is the largest shareholder of Tata Sons with a stake of over 18% in Tata Sons. During his tenure at the helm of the Tata Group, Mistry worked with a specially formed Group Executive Council (GEC) comprising hand-picked executives within the Tata Group, industry executives and also academics to effectively steer the operations.

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