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Australia orders $5.1 mln fine on Kraken crypto exchange operator
Australia’s Federal Court has fined Kraken’s local operator, Bit Trade, A$8 million ($5.1 million) for unlawfully issuing a credit facility to over 1,100 customers. The Australian Securities and Investments Commission (ASIC) stated that Bit Trade failed to assess the suitability of customers for a margin trading product, leading to losses exceeding $5 million. The product, which allowed margin extensions in digital assets or currencies, was deemed a credit facility by the Federal Court in August, requiring a target market determination. ASIC Chair Joe Longo stressed the importance of such determinations to protect investors.
Read the original article here: https://www.reuters.com/business/finance/australia-orders-51-mln-fine-kraken-crypto-exchange-operator-2024-12-12/
AfDB’s AFAWA partners for $50 million financing for Nigerian SMEs
The African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) programme is backing a new $50 million financing agreement to support women-led enterprises in Nigeria. Signed at the Africa Investment Forum in Rabat on 5 December, the deal between the African Guarantee Fund and the Bank of Industry will provide financial and business support through the AFAWA Guarantee for Growth programme.
The loan portfolio guarantee, phased over ten years, will boost lending to small and medium enterprises (SMEs), particularly those led by women. It includes risk-sharing mechanisms focused on women-owned, youth-led, and “green” businesses. The agreement aims to address the financing gap for women entrepreneurs and supports Nigeria’s economic transformation under President Bola Tinubu’s agenda.
The initiative is part of AFAWA’s broader effort to reduce the financing gap for African women entrepreneurs, with over $2.4 billion in loans approved for women-led SMEs across 44 African countries.
Read the original article here: https://afdb.africa-newsroom.com/press/african-development-banks-affirmative-finance-action-for-women-in-africa-afawa-initiative-teams-with-african-guarantee-fund-bank-of-industry-for-50-million-financing-agreement-targeting-nigerian-small-and-medium-enterprises?lang=en
World Bank approves US$47.7M to improve Gambia’s public sector
The World Bank has approved a $47.7 million grant from the International Development Association (IDA) for The Gambia’s Public Administration Modernisation for Citizen-Centric Service Delivery (PAMP). The first five-year programme in The Gambia aims to strengthen the public sector by improving domestic resource mobilisation, financial reporting, human resource management, and citizen engagement, focusing on education and health.
The programme will help optimise public revenue, enhance financial transparency, and improve tax and payroll management. It also aims to promote gender equality and climate-resilient development. Successful outcomes will provide additional fiscal space for the government to improve service delivery while strengthening expenditure controls.
Franklin Mutahakana, World Bank Group Resident Representative, praised The Gambia’s commitment to reforms, which will enhance public sector efficiency and transparency. Yousif Mubarak Elmahdi, Task Team Leader, added that the programme will bolster the operational capacity of government institutions. The Ministry of Finance and Economic Affairs will lead the programme’s implementation.
Read the original article here: https://thepoint.gm/africa/gambia/headlines/world-bank-approves-us47-7m-to-improve-gambias-public-sector
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Webinar Recording | Across the Commonwealth and the Lobe: How Neurotechnology is Shaping the Future
Neurotechnology is a fast growing field of technological innovation focussing on interfacing human nervous systems with electronic instruments to monitor, enhance and modulate our neural activity.
Across the Commonwealth and the Lobe: How Neurotech is Shaping the Future
The Commonwealth Chamber of Commerce is delighted to invite you to join our upcoming and exciting new webinar on the rise of and development of Neurotechnology in the Commonwealth context.
Webinar | Celebrating Commonwealth Women in Business feat. Pooja Lamba Monga and Zhaomian Zhao
In celebration of Women’s History Month, the Commonwealth Chamber of Commerce invited two trailblazing women entrepreneurs and CEOs, Pooja Lamba Monga of the PLM Ecosystem and Zhaomian Zhao of Project Waitless on a special guest panel edition of the Commonwealth Chamber Webinar Series.