October 31, 2022

EMGA Secures US$ 20M Debt Finance for Costa Rica’s Banco Improsa

LONDON, Oct. 31, 2022 (GLOBE NEWSWIRE) — Emerging Markets Global Advisory LLP (EMGA) for the second time working with Banco Improsa, secures this US$20M facility from the Spanish Agency for International Development Cooperation (AECID) – AECID (advised by COFIDES).

Commenting on the transaction, Felix Alpizar, General Manager of BANCO IMPROSA, said: “Banco Improsa is very honored to be recognized by AECID and COFIDES for both its track record and programs to finance and support Costa Rican micro, small and medium-sized enterprises (MSMEs). With this credit we will continue our contribution to the economic and social development of the country.”

EMGA’s Head of Investment Banking Sajeev Chakkalakal said, “A pleasure again to facilitate Banco Improsa’s continued vision of supporting SMEs within Costa Rica and complete this funding solution with AECID (advised by COFIDES).”

José Luis Curbelo, chairman and CEO of COFIDES, stated that “we are pleased to support AECID in its first impact project with EMGA and IMPROSA in the Central American region. The transaction will be used to finance small and medium enterprises in Costa Rica, which will contribute to the creation and maintenance of quality jobs and reducing inequalities. We look forward to continuing these strategic partnerships, which enhance economic growth in developing countries by strengthening the private sector through sound financial support.”

Carlos Jiménez Aguirre, General Manager of FONPRODE and Head AECID’s Financial Cooperation Department expressed that “the formalization of this transaction reflects Spanish Cooperation’s aims to contribute to expand the financial support for Costa Rican micro, small and medium-sized enterprises (MSMEs), as MSMEs play a key role in creating and maintaining decent jobs and reducing inequalities. Our intention is to expand this kind of support to other Central American countries in providing access to finance to MSMEs, with a special focus on mainstreaming gender and climate change strategies in private sector activities.”

Emerging Markets Global Advisory LLP, based in London, helps emerging market based financial institutions and corporates seeking new debt or equity capital.

Banco Improsa was founded in 1995 and is a niche bank with a specialization in providing financial solutions and services to MSMEs, which account for most of its portfolio. It has an extensive track record in providing support and advisory services to MSMEs. Banco Improsa’s key success factor lies in its commitment to high standards of personalized, agile, and flexible service, which, together with customized financial solutions, have enabled it to achieve a solid position in these segments. Banco Improsa is part of Grupo Financiero Improsa (GFI).

Fund for the Promotion of Development (FONPRODE), managed by Spanish Agency for International Development Cooperation (AECID) with the support of COFIDES (Spanish Development Finance Institution). AECID is the main management body of Spanish Cooperation and is oriented towards the fight against poverty and the promotion of sustainable development. COFIDES provides support management for FONPRODE with reimbursable financing operations that promote social and economic development of partner countries through investments or transfers of economic resources with a reimbursable nature. FONPRODE may finance non-reimbursable and reimbursable debt and equity. Examples of refundable financing offered by FONPRODE are loans to financial service providers aimed at financial inclusion.

COFIDES, a state-owned company engaging in the management of State and third-party as well as its own funds, pursues several aims; internationalization of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).

Jeremy Dobson

info@emergingmarketsglobaladvisory.com

GlobeNewswire Distribution ID 1000753987

October 31, 2022

Deloitte Global Selects Joe Ucuzoglu as Next Global CEO; Deloitte Global CEO Punit Renjen Announces Retirement After Record Growth

NEW YORK, Oct. 31, 2022 /PRNewswire/ — The Deloitte Touche Tohmatsu Limited (Deloitte Global) Board today announced the selection of Joe Ucuzoglu as Deloitte Global CEO, subject to a ratification vote by Deloitte member firm partners. Ucuzoglu has been the CEO of Deloitte US since 2019. Deloitte operates in 150 countries with more than 415,000 professionals and revenue in our latest fiscal year of $59.3 billion.

Ucuzoglu will succeed Punit Renjen, who has served as the Deloitte Global CEO since 2015. Upon retirement, Renjen will become Global CEO Emeritus. As Deloitte Global CEO, Renjen developed and executed a global strategy that resulted in Deloitte revenue growing from $35 billion to more than $59 billion in just seven years. Today, Deloitte is the leading professional services organization in the world, recognized as the strongest and most valuable commercial services brand, a leader in audit quality, and one of the world’s best places to work.

Under Renjen’s leadership, Deloitte launched WorldClass—a global effort to prepare 100 million underprivileged people for a world of opportunity—based on the belief that when society thrives, business thrives. Renjen also spearheaded Deloitte’s WorldClimate initiative, which includes near-term (2030) greenhouse gas reduction goals which have been validated by the Science Based Targets initiative (SBTi) as 1.5°C-aligned, science-based targets.

“The Deloitte Global Board and I want to thank Punit for leading Deloitte to extraordinary growth and meaningful societal impact, and for his decades of commitment to the organization,” said Sharon Thorne, Deloitte Global Board Chair.

Speaking of his successor, Renjen said, “Joe is an exceptional leader. We have worked together side by side for many years, and I believe he is an excellent choice to serve as the next Deloitte Global CEO. He has been a member of the Deloitte Global Executive team for the last several years, and I am confident that, under his leadership, Deloitte will continue to deliver outstanding results for our people, clients, and the communities in which we live and work.”

In response to his nomination, Joe Ucuzoglu, Deloitte US CEO and the next Deloitte Global CEO said, “It is my great honor to be chosen to lead this extraordinary organization. I believe deeply in Deloitte’s responsibility to lead through the unprecedented pace of change the world is experiencing, and to meet the rapidly expanding needs of our stakeholders. I want to thank Punit for his excellent leadership of Deloitte.”

“It has truly been an honor and privilege to lead Deloitte over the past several years,” said Renjen. “More important than any commercial outcome, I am proud of the incredible societal impact we have been able to make as a purpose-driven enterprise. And I am looking forward to some exciting endeavors, including dedicating time to several societal causes about which I am deeply passionate, including sustainability and climate.”

Deloitte Global’s rigorous and comprehensive nomination, selection and member firm partner ratification process occurs every four years and includes all Deloitte member firms. The member firm partner vote to ratify Ucuzoglu will take place throughout the month of November, and he will assume the Deloitte Global CEO role upon Renjen’s retirement on 31 December 2022.

As Ucuzoglu prepares to assume his new Deloitte Global responsibilities, the Deloitte US firm’s well-established succession process occurs every four years and is underway.

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 people worldwide make an impact that matters at www.deloitte.com.

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October 31, 2022November 1, 2022

Satellites Shed Light on Dictators’ Lies About Economic Growth

Authoritarian regimes are significantly overstating their GDP (gross domestic product) growth, according to new research that uses satellite images of countries at night as a proxy for economic activity.

The report estimates that autocracies exaggerate yearly GDP growth by about 35% relative to democracies.

Rosier picture

The research starts from a central premise: that all leaders, whether in democracies or dictatorships, want to boast of a booming economy.

“Everyone would always want to paint a rosier picture,” report author Luis Martinez of the University of Chicago told VOA. “The crucial difference is that in a democracy you have a whole network of checks and balances that restrains this behavior somewhat.

“For instance, you have the media scrutinizing the numbers. You have the opposition in the legislature also asking questions. Nowadays, in many settings we have freedom of information requests. The underlying hypothesis is that when we start looking at undemocratic regimes, these checks and balances start to become largely absent,” Martinez told VOA.

Night lights

So how to measure economic growth when you can’t trust the government numbers? Research indicates that satellite images showing the intensity of electric lights at night are a close proxy for economic activity.

A common example is the nighttime satellite view of the Korean peninsula. Much of South Korea, a democracy, is lit up brightly. North Korea – whose economy under dictator Kim Jong-un is around 60 times smaller than that of its southern neighbor – is mostly black, the frontier clearly visible by the change in luminosity.

“As an economy develops, things get built, like infrastructure, streetlights, homes, industries,” Martinez said.

Martinez used the “Freedom in the World” index produced by the non-governmental organization Freedom House as a measure of a nation’s democracy. He then compared official GDP figures to the economic growth implied by the satellite images of nighttime luminosity.

“What I find is that, say, you take two countries and in these two countries the nighttime lights grow by the same amount. And it happens that one of them is more democratic than the other. It turns out that that same amount of growth in lights translates into lower reported GDP growth in the more democratic country,” Martinez said.

Economic exaggeration

His study observed GDP figures and satellite data for 184 countries over 20 years, up to 2013.

The research looked at whether the type of economic activity taking place, such as agriculture or hydrocarbon extraction, would impact the intensity of nighttime lights. Martinez also investigated whether poorer data collection and reporting in autocracies could skew the results.

Even controlling for such factors, Martinez said the pattern was clear: Dictatorships overstate their GDP growth.

“When we compare the more stable, credible democracies to the more authoritarian regimes, we’re talking about something in the range of 30% to 35%. What that means for instance, is that if the true growth rate is 1%, the authoritarian regime will report the growth rate of 1.3%,” Martinez told VOA.

Foreign aid

Martinez said foreign aid programs also appear to influence a country’s willingness to overstate its GDP, according to his satellite analysis.

“Many of the poorest countries in the world receive a lot of foreign aid. But once they reach a certain level of income – once they become rich enough – they graduate out of that program, they become ineligible.

“And so of course you can imagine that when you have a lot of money coming in because the country’s relatively poor, you don’t have a strong incentive to overstate growth, and to say that you’re doing really well. So indeed I find that it’s only once poor countries graduate and become ineligible for foreign aid, that these (patterns) start to appear,” Martinez told VOA.

China

China’s authoritarian leader Xi Jinping was sworn in for another five-year term last week. Martinez’s model suggests Beijing may have overstated GDP growth by a third over the past two decades, making its economy far smaller than claimed.

A report published by the Brookings Institution in 2019 suggested that China had been overstating its economic growth by about 2% every year, making its economy 12% smaller than official figures then claimed.

China denies manipulating economic data.

Beijing delayed the release of its 2022 third quarter growth figures without explanation, coinciding with the Communist Party congress. The figures were eventually released in late October, claiming year-on-year quarterly growth of 3.9%, exceeding analysts’ forecasts.

Source: Voice of America

October 31, 2022November 1, 2022

Ardern in a Flap as Wren Rocks N. Zealand’s Bird Beauty Contest

A tiny mountain-dwelling wren was the surprise winner Monday of New Zealand’s controversial bird of the year competition, which even had Prime Minister Jacinda Ardern in a flap.

The piwauwau rock wren punched above its 20-gram weight, flying under the radar to win the annual contest ahead of popular fellow native contenders, the little penguin and the kea.

Fans of the wren set up a Facebook page to help the outsider soar up the final rankings when the fortnight-long poll closed Monday.

“It’s not the size, it’s the underbird you vote for that counts,” wrote one supporter.

The annual competition ruffled voters’ feathers in years past after a native bat was allowed to enter, then won, the 2021 title.

There was also outcry this year after the flightless kakapo — a twice previous winner dubbed the world’s fattest parrot — was barred from running to give others a chance.

The annual avian beauty contest run by environmental group Forest and Bird is popular with New Zealanders, including the country’s top politicians.

The leader of the opposition, Christopher Luxon, took to Twitter — where else? — over the weekend to endorse the wrybill, a river bird with a distinctive bent beak.

On Monday, New Zealand’s prime minister was momentarily ruffled live on air when asked if she had voted for her favorite bird.

“No I haven’t yet — you can’t just chuck a controversial question at me without a warning!,” Ardern said with a smile.

New Zealand’s leader revealed she will “always and forever” be loyal to the black petrel, which only breeds on the North Island but can fly as far as Ecuador, and she hopes the 2023 competition “will be its year”.

Source: Voice of America

October 31, 2022

Pawel Lopatka Joins Customertimes as Strategic Portfolio Leader

NEW YORK, Oct. 31, 2022 /PRNewswire/ — Customertimes, an international leader in digital solutions and a global Salesforce integration and implementation partner, announced today that veteran IT executive Pawel Lopatka has joined the company as Strategic Portfolio Leader.

Mr. Lopatka brings a broad suite of skills and strategic expertise to his new role. He is regarded as one of the most effective, innovative managers working in Poland’s IT sector, with deep experience in financial technology, retail, media, digital transformation, outsourcing, the Metaverse, and mergers & acquisitions.

Recognized by the Pro Progressio Foundation as Manager of the Year in 2018 and as a Business Tiger from 2017 to 2022, Mr. Lopatka has spearheaded European initiatives for a range of global companies. He is a former Board Member of the Polish Chapter of the Project Management Institute and Poland’s Association of Business Service Leaders.

Customertimes COO Brian Borack said Mr. Lopatka is central to the company’s plans for accelerated European growth.

“Pawel is widely regarded for his strategic and operational acumen,” said Mr. Borack. “We’re scaling dramatically, and Pawel’s vision and insight will be a key ingredient to blaze the trail for our clients, team, and organization.”

Mr. Lopatka considers Customertimes an ideal fit for his skills and personal ethos.

“Customertimes’ primary mission is implicit in the company’s name – serving the customer above all else,” said Mr. Lopatka. “That’s a commitment I share. I’m devoted to driving customer success, ensuring quality delivery, and helping the company scale its client portfolio. Customertimes has a stellar reputation for top talent and delivering cutting-edge solutions on deadline. That’s why it’s growing rapidly, and why I’m proud to join the leadership team.”

To learn more:

About Customertimes:

Customertimes Corp. is a global consulting and software firm dedicated to making top IT technologies accessible to customers. With more than 4,000 projects completed by 1,600+ highly skilled experts, our solutions are engineered to help clients realize true business transformation and achieve maximum value from their technology investments. An early entrant into the Salesforce consulting and implementation space in Eastern Europe and an award-winning product development organization, Customertimes Corp. has headquarters in New York City, with regional offices in London, Paris, Toronto, Kyiv, Poznan, Riga, and Podgorica. For more information, visit www.customertimes.com.

Media Contact:

Meriel Sikora

Customertimes

212-520-0059

meriel.sikora@customertimes.com

October 31, 2022

Conagen’s fermentation platform expands on promising novel forms of vitamin K2

Bedford, Mass., Oct. 31, 2022 (GLOBE NEWSWIRE) — Biotech innovator, Conagen announced the development of its fermentation-derived vitamin K2 – a high-purity all-trans menaquinone-7 (MK-7). This is the first molecule from a proprietary platform for producing novel, pure, long-chain menaquinone forms of the vitamin. The platform enables low-cost manufacturing and yields high-quality products, making it attractive to health brands.

“Conagen’s MK-7 technology produces a clean profile of the vitamin without other similar molecules, such as ubiquinone,” said Casey Lippmeier, Ph.D., senior vice president of innovation at Conagen. “Our process allows us to make pure forms of any long-chain menaquinone, be it 6, 7, 8, 9, and these can be consumed in various combinations with other vitamins or with each other to make the most effective supplement possible. As the clinical evidence evolves, so can the supplement.”

Vitamin K2 helps to regulate calcium mobility in bones and restricts calcium buildup in blood vessels, leading to stroke and heart disease. MK-7 is the more bioavailable form of K2 on the market; the other major form is MK-4, which both have taken a strong position in the markets for bone and cardiovascular health.

The biological activity of MK-7 is strictly linked to its all-trans configuration, which is naturally found in fermented superfoods such as natto. Cis-analogues are considered biologically inactive. Synthetic versions of MK-7 contain some amount of the cis-isomer form. Low-quality sources containing cis forms affect the efficacy of the vitamin.

Other long-chain forms of vitamin K2, such as MK-8 and MK-9, exist naturally in cheeses. Research on the health benefits of these other K2 forms has only begun to emerge.

Personalized nutrition is popular with consumers looking for technological breakthroughs in functional foods and nutrition. Conagen’s cost-effective fermentation-derived MK-7 provides new opportunities for brands to develop products to meet the demand of the growing aging population.

“We’re demonstrating our capabilities with innovative technologies that expand market choices in nutrition,” said Lippmeier. “Our fermentation and bioconversion platforms have also produced the clean nutrient ergothioneine and the antioxidant taxifolin, further demonstrating the versatility of our platform technologies.”

Conagen’s research into the MK-7 production process was done in part as a 3-year collaboration with the lab of Prof. Anthony Sinskey at the Massachusetts Institute of Technology.

Health brands interested in non-GMO, vegan vitamin K2 MK-4 and MK-7 and special ingredients, such as ErgoActive® L-Ergothioneine® and Taxifolin BC DHQ® for nutrition and food and beverage preservation, respectively, can contact Blue California, a pipeline partner of Conagen. To inquire more about Conagen’s products or partnerships, please visit www.conagen.com.

About Conagen

Conagen is a product-focused, synthetic biology R&D company with large-scale manufacturing service capabilities. Our scientists and engineers use the latest synthetic biology tools to develop high-quality, sustainable, nature-based products by precision fermentation and enzymatic bioconversion. We focus on the bioproduction of high-value ingredients for food, nutrition, flavors and fragrances, pharmaceutical, and renewable materials industries.

Attachments

Ana Arakelian, Head of Public Relations and Communications
Conagen
+1.949.750.6812
ana.arakelian@conagen.com

GlobeNewswire Distribution ID 8685378