News & Events
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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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Bangladesh’s Fashion Startup Evolution
Join us for an exciting webinar that will take you on a journey through the world of Fabraex – a budding Bangladeshi fashion brand with a fresh perspective on blending cultural heritage with contemporary style. Founded by the visionary Fahim Khandkar and driven by the leadership of CEO Saklain bin Salim, Fabraex is a young startup on a mission to empower individuals to embrace their authentic identities through fashion.
Fireside chat with Dr Indrajit Coomaraswamy: Lessons to be learnt from Sri Lanka’s recent economic crisis | Webinar Recording
The ongoing economic crisis in Sri Lanka offers important lessons for policymakers globally. In a thought-provoking fireside chat, Julia Charlton chair of the Commonwealth Chamber of Commerce speaks with Dr. Indrajit Coomaraswamy, former Governor of Sri Lanka’s Central Bank, to analyse the origins and impacts of the crisis, along with Sri Lanka’s path to recovery.
Fireside chat with Dr Indrajit Coomaraswamy: Lessons to be learnt from Sri Lanka’s recent economic crisis
Join us for an enlightening fireside chat with Dr. Indrajit Coomaraswamy on Sri Lanka’s Economic Road to Recovery in collaboration with RCS Sri Lanka. Dr. Coomaraswamy will provide crucial insights into Sri Lanka’s current economic standing and potential paths to recovery, drawing on his extensive experience as a former Governor of the Central Bank of Sri Lanka.
Commonwealth Secretariat Strategic Plan 2021/22 – 2024/25
The Commonwealth Secretariat Strategic Plan 2021/22-2024/5 is a collaborative results framework publication drafted by the Commonwealth Secretariat. It is based on the principles of the Commonwealth Charter, the previous Strategic Plan (2017/18-2020/21), notes and recommendations from the Executive Committee and Board of Governors, internal and external documents such as the Forum of Small States, and mandates drafted during the Commonwealth Heads of Government meetings in the past decade.
Commonwealth Plasticity
The world can not recover from the impact of COVID-19 without an effective rules-based trading system that is both inclusive and sustainable. It will require members of the World Trade Organisation (WTO) to work in conjunction towards galvanizing multilateral trade to equip the Commonwealth states, as well as the rest of the world should they wish to partake, for any trade issues that may arise.
The Decentralised Commonwealth Dominance
Undoubtedly, trade is an essential element of sustainable economic development which has alleviated millions of individuals out of poverty worldwide. The importance of global trade to universal prosperity is showcased in the WTO’s membership which, over the 25 years since its establishment in the 1994 Marrakesh Agreement, has increased to 164 members, including 50 Commonwealth states, collectively constituting 96 per cent of global GDP.
How the presence of untrustworthy websites leads to consumer distrust
Tajdin Hassan, Chief Marketing Officer at Daraz Bangladesh, on the future of e-commerce platforms in Bangladesh: “The presence of untrustworthy websites that lead to consumer distrust remains a major issue for us”
Digital Services Tax: An Uncertain Future
In the midst of a raging pandemic as well as in its aftermath, the world has been gripped by digitalisation. Most companies have now transformed into digital entities, and most have a digital presence in almost all parts of the world.
Barrister Rashna Imam on the factors preventing women from entering the legal profession in Bangladesh
Barrister Rashna Imam is an Oxford scholar, an advocate of the Supreme Court of Bangladesh (both Divisions), and the Managing Partner of Akhtar Imam & Associates. Before joining Akhtar Imam & Associates, Rashna gained expertise as a corporate associate at Baker & McKenzie (London Office) through advising global giants like Arcelor Mittal and Schneider Electric on M&A and post-acquisition integration.