Category: Pakistan

London, Dec. 27, 2022 (GLOBE NEWSWIRE) — The much-anticipated changes to St Kitts and Nevis’ Citizenship by Investment Programme have been announced today by the country’s recently appointed Citizenship by Investment Unit Head, Michael Martin. Setting a bold and new tone for the industry as a whole, St Kitts and Nevis is once again leading the way for the investment immigration industry – adding a new layer of integrity to truly accelerate the country’s economic diversification, empower and prosper local citizens while creating an enriching base for intelligent investors.

“Today, our progressive government brings to fruition these much-awaited and very important changes to our much-loved Citizenship by Investment Programme. Today marks a new era for the investment immigration industry as we boldly declare that a clear strategy will drive our Citizenship by Investment Programme with the sole purpose of benefiting our people and investors who want to see our nation flourish.”

“Today these changes show the international community that we place honesty and integrity above all else as we look to deliver a product that will bring us a positive reputation and send a clear message that we are open for business,” said Michael Martin.

Watch the full video announcement here.

The changes have been gazetted on 23 December 2022 and will take effect on 1 January 2023.

Since his election in August, the Prime Minister of St Kitts and Nevis, Dr Terrance Drew, has hinted at upcoming changes to the country’s Citizenship by Investment programme – reiterating multiple times that the revamped programme needs to be mutually beneficial to both Kittians and Nevisians and international investors.

The Prime Minister said at a recent event “While we navigate the complexities of managing a small island developing state in this unpredictable and highly globalized world, we have made it a priority to craft a solution to ensure that the evolution of our citizenship programme will be a sustainable model filled with integrity, transparency and accountability.”

The Programme will be underpinned by three fundamental principles that have guided the administration’s decision making with respect to the evolved version of the twin-island’s Citizenship by Investment Programme – sustainability, good governance and pragmatism.

“We have crafted a sustainable model that will continue to be the envy of the international community by injecting high levels of integrity that will come through administrative improvements. We have also structured our programme to allow for greater transparency and accountability, which make the hallmarks of a good governance framework that solidifies the foundation of any successful endeavour. Lastly, we have tailored our investment options to align with market realities while preserving the platinum brand our proud nation has developed and nurtured for four decades, operating the oldest Citizenship by Investment Programme in the world,” added the Prime Minister.

To achieve this, the most notable change to the programme will be the introduction of a Board of Governors and a Technical Committee.

Effective next year, a professional Citizenship by Investment Board of Governors will be responsible for high level supervisory matters such as providing general oversight of the operations the CBI Unit, developing and implementing policies and procedures for the CBI Unit, ensuring that application processing is completed as swiftly as possible within the time frames advertised without comprising the integrity of the programme and, continuously monitoring the global investor immigration industry to ensure that the country’s Citizenship by Investment regulations align with and adjust to, international market forces.

To further the Programme’s good governance agenda, a Citizenship by Investment Technical Committee will be charged with ensuring that all due diligence background checks are comprehensive and that all citizenship by investment applications are reviewed thoroughly. This committee will also be tasked with making recommendations to the Prime Minister in his capacity as Minister of National Security, Immigration and Citizenship.

The Technical Committee will be comprised of a chairperson, this role will be filled by the recently appointed Head of the CBI Unit, Michael Martin; a senior officer and a secretary – who will be a civil servant assigned by the Prime Minister.

 

Applicants can gain second citizenship in 60 days, but only for a limited time

St Kitts and Nevis is offering applicants a chance to gain second citizenship in as little as 60 days through its Sustainable Growth Fund – the revenue from the fund is aimed to facilitate economic development and social upliftment in the country. The Sustainable Growth Fund will be used to provide financial support to educational institutions, medical facilities, as well as provide additional funding for the construction of infrastructure, the development of local tourism, the preservation of local culture and heritage and support of sustainable growth initiatives in the twin-island nation.

The Sustainable Growth Fund remains the quickest and easiest route to second citizenship in St Kitts and Nevis and from 1 January to 30 June 2023, for a Limited Time Offer, a main applicant, following stringent background checks, can make a minimum investment of US$125,000 to the Fund and receive approval in principle within 60 days of submission of application.

Under the Limited Time Offer, investment options are as follows:

• Single applicant – US$ 125,000
• Main applicant and a spouse – US$150,000
• Main applicant, spouse and two dependants – US$170,000
• Each additional dependant under 18 – US$10,000
• Each additional dependant over 18 – US$25,000

From 1 July 2023 onwards, applicants investing through the Sustainable Growth Fund will be charged as follows and can expect approval in principle within 90 days of submission of application.

• Main applicant – US$150,000
• Main applicant and a spouse – US$175,000
• Main applicant, spouse and two dependants – US$195,000
• Each additional dependant under 18 – US$10,000
• Each additional dependant over 18 – US$25,000

These changes are part of the government’s tireless efforts to create conditions necessary for sustainable economic growth and diverse business opportunities.

“This is an exciting time because these policies will continue our progressive course in the global investor immigration industry and cement St Kitts and Nevis’ place as a leader in the Citizenship by Investment space. As we move toward a brand-new diversified economy, we remain committed to investing in tangible projects to uplift the country to achieve our goal of establishing a sustainable island state,” continued the Prime Minister.

It is important to note that these additional layers are not meant to hinder the application process but rather ensure multiple aspects including keeping processing to agreed timelines, all approved applicants are of the highest repute and most importantly, that projects meet the requirement of benefitting the local economy.

Another change is that the sustainable model of the Citizenship by Investment programme will now involve the implementation of an improved multi-faceted approved real estate application process, the removal of loopholes and the strict enforcement of escrow and project milestone requirements.

The evolved St Kitts and Nevis Citizenship by Investment Programme will invite bold and creative investors to facilitate the development of innovative industries in St Kitts and Nevis including construction of real estate developments pursuant to the new administration’s priority infrastructure list. “All projects must bring substantial benefit to the people of St Kitts and Nevis,” noted the Prime Minister.

The government will approve real estate projects to be developed and of these, a designated number of real estate units will be available to be sold to qualifying investors. Real estate projects will be constructed and completed according to a pre-defined schedule and a designated escrow drawdown process will also be implemented.

Only approved real estate developments will be eligible for the Citizenship by Investment option and most importantly, current “Approved Projects” will lose this designation once the new Citizenship by Investment regulations have been gazetted and approved, meaning stakeholders of these projects will need to apply afresh to become an “Approved Development”.

Minimum investment for approved real estate will remain at US$200,000 but there will be an introduction of penalties for the circumvention of minimum investment sums including:

• Fines of up to US$200,000 on summary conviction
• Revocation/suspension of Approved Development status
• Removal of Authorised Agent licence
• Blacklisting on the Citizenship by Investment website as a person or entity not authorised to submit a Citizenship b Investment application

A new Public Good Investment Option (PGIO) will replace the Alternative Investment Option (AIO) and will focus on effecting real transformation for the country by investing into areas that will benefit the citizens of St Kitts and Nevis – these projects must maximise local employment, transfer technological skills and increase capacity building. Investors of the PGIO must assume all financial risks associated with the projects and, if the investment results in the development of real estate on State land, investors must agree to transfer all real estate to the State on substantial completion. Investors looking to contribute to the PGIO will be required to apply to the Board of Governors to be designated as a Public Good Investor. To qualify under the PGIO, an applicant must contribute US$175,000, excluding relevant due diligence, processing and Government fees.

Investors can also apply for citizenship through the purchase of a qualified private home, for a minimum investment of US$400 000.00 for each main applicant. Unlike the preapproved real estate option, investing through a private home means a single-family home is sold as one unit and cannot be converted into apartments, condominiums or divided otherwise. The use of shares is also prohibited.

A private home that has been purchased through the Citizenship by Investment Programme cannot be sold for a period of five years after the granting of the citizenship and the property may never be eligible for use in a subsequent Citizenship by Investment application.

Having established the citizenship by investment industry 40 years ago, the progressive government of St Kitts and Nevis believes that these changes to its programme will once again set a much-needed positive tone and direction in the investor immigration industry.

St Kitts and Nevis has created a name for itself as a financial nexus with an attractive citizenship programme underpinned by a sound legal framework and robust multi-layered due diligence.

For nearly 40 years, St Kitts and Nevis has been the pioneer of the global investor immigration industry.

Watch the full video announcement here.

PR St Kitts and Nevis
Government of St. Kitts and Nevis
mildred.thabane@csglobalpartners.com

GlobeNewswire Distribution ID 8720436

Chartis also gave top ranking to Quantexa’s Entity Resolution solution – addressing key data management challenges that are costing financial institutions millions

LONDON, Dec. 22, 2022 (GLOBE NEWSWIRE) — Today Quantexa, a global leader in Decision Intelligence (DI) solutions for the public and private sectors, announced that their Decision Intelligence Platform has been recognized as a category leader in the Chartis RiskTech100 report for Trade-Based Anti-Money Laundering Solutions (TBAML). Quantexa’s Decision Intelligence Platform has also been recognized by Chartis as a category leader in the recently released Chartis Financial Crime Risk Management Systems, Entity Management and Analytics Quadrant report.

RiskTech 100: Trade-Based Anti-Money Laundering Solutions
The 2023 RiskTech100 report ranks the world’s major players in risk and compliance technology. In the Trade-based money laundering (TBML) category Quantexa was named as a category leader for data support of their enterprise solution. The Quantexa Trade AML Solution was also ranked for depth of typology coverage, breadth of analytical techniques and workflow.

Today’s Anti-money laundering efforts face many growing and unresolved challenges. In a digital and globalized world, criminals are using a wide range of strategies to be successful – making context a critical factor in the ability to accurately detect trade-based money laundering. By unifying internal and external data sources and scaling to understand billions of transactions, Quantexa’s Decision Intelligence Platform helps organizations create a holistic view of transactional, customer, and counterparty information. Quantexa’s approach to TBAML provides more accurate and efficient detection so organizations can reduce risk, assure compliance, and protect their reputation. Increased alert quality and automation, combined with reducing the volume of false positives helps organizations gain efficiencies and do more with the resources they already have.

Financial Crime Risk Management Systems: Entity Resolution
Quantexa’s dynamic Entity Resolution Solution capability that is a critical part of its industry leading Decision Intelligence Platform was recognized for coverage, scalability, data enrichment, depth and breadth of data sources supported.

Quantexa’s Entity Resolution Solution is an advanced data matching capability that connects disparate and ambiguous internal and external data at scale. Entity Resolution creates focused and complete views of people, organizations, places, and other data delivering game changing data quality and match rate accuracy. Quantexa also supports ‘dynamic entity resolution’, which gives unique flexibility across multiple use cases and informs granular and extensive security protocols.

Decision Intelligence Platform
Quantexa’s Decision Intelligence Platform gives enterprises the ability to unify their data by connecting siloed sources and systems, providing the context needed to visualize the complex relationships that enable previously hidden risk to be discovered. Quantexa’s unique entity resolution technology can connect the most disparate and ambiguous internal and external data at scale to create single, complete views of people, organizations, places, and other data with 99% accuracy, handling poor quality data with exceptional performance. The result is a single view of data that becomes their most trusted and reusable resource across the organization.

Chartis Chief Researcher Sidhartha Dash said:

“Quantexa’s increasingly mature solutions and their strong implementations in large financial institutions leveraging network-based concepts, drove their rise in the RiskTech 100 as well as their leadership in TBAML and Entity Management quadrants.”

Quantexa Chief Product Officer Dan Higgins added:

“Quantexa is delighted to be included in the RiskTech 100 report, positioned very strongly amongst an esteemed list of enterprise solution providers. At Quantexa, we are keenly aware that criminals are hiding in plain sight and that traditional monitoring systems and manual controls just can’t handle today’s complexity, scale of activity and the underlying regulatory shifts, in particular the focus on counterparty risk, as well as customers. The usage of contextual monitoring to detect and manage the holistic financial crime and fraud risks within International Trade, including the identification of prerequisites such as underlying collusion, the presence of shell companies and professional money laundering gatekeeps and enablers has been a defining factor in Quantexa’s success in this space.”

ABOUT QUANTEXA

Quantexa is a global data and analytics software company pioneering Contextual Decision Intelligence that empowers organizations to make trusted operational decisions by making data meaningful. Using the latest advancements in big data and AI, Quantexa’s platform uncovers hidden risk and new opportunities by providing a contextual, connected view of internal and external data in a single place. It solves major challenges across data management, KYC, customer intelligence, financial crime, risk, fraud, and security, throughout the customer lifecycle.

The Quantexa Decision Intelligence Platform enhances operational performance with over 90% more accuracy and 60 times faster analytical model resolution than traditional approaches. Founded in 2016, Quantexa now has more than 500 employees and thousands of users working with billions of transactions and data points across the world. The company has offices in London, New York, Boston, Washington DC, Brussels, Toronto, Singapore, Melbourne, and Sydney. For more information, contact Quantexa here or follow us on LinkedIn.

ABOUT CHARTIS

Chartis is a research and advisory firm that provides technology and business advice to the global risk management industry. Chartis provides independent market intelligence regarding market dynamics, regulatory trends, technology trends, best practices, competitive landscapes, market sizes, expenditure priorities, and mergers and acquisitions. Chartis’ RiskTech Quadrant reports are written by experienced analysts with hands-on experience of selecting, developing, and implementing risk management systems for a variety of international companies in a range of industries, including banking, insurance, capital markets, energy, and the public sector.

Media Inquiries:

C: Laurel Case, VP, Fight or Flight

T: +1 315 663 6780

E: Quantexa@fightflight.co.uk

C: Adam Jaffe, SVP of Corporate Marketing
T: +1 609 502 6889
E: adamjaffe@quantexa.com
– or –
RapidResponse@quantexa.com

GlobeNewswire Distribution ID 1000773686

Strengthening key power infrastructure in London while reducing carbon footprint

Zurich, Switzerland, Dec. 21, 2022 (GLOBE NEWSWIRE) — Hitachi Energy and Linxon are collaborating to strengthen London Power Tunnels (LPT), a key power infrastructure project that will ensure reliable, clean electricity supply for England’s capital city. To support National Grid in accelerating its net zero targets, Hitachi Energy will deliver EconiQ 420-kilovolt (kV) gas-insulated switchgear (GIS) and gas-insulated lines (GIL) containing no sulfur hexafluoride (SF₆).

As one of the world’s largest investor-owned transmission and distribution utilities, National Grid has the ambition to remove all SF₆ from its fleet by 2050. In 2020, it embarked on LPT project that will replace ageing high-voltage electricity cables and expand network capacity to meet the increasing electricity demand. Considered to be one of the city’s largest engineering projects since the 1960s, the LPT will span 32.5 kilometers via underground tunnels in South London.

Linxon is building Bengeworth Road substation for National Grid to develop the LPT infrastructure. To support National Grid in its transition to SF₆-free solutions, Hitachi Energy will deliver 7 bays of its EconiQ 420 kV GIS to enable the transmission of electricity over long distances while eliminating SF₆, in addition to EconiQ 420 kV GIL. The EconiQ high-voltage portfolio is 100 percent as reliable as the conventional solutions based on SF₆. The installation is expected to commence by 2023.

“We’re delighted that Bengeworth Road substation, at the heart of London Power Tunnels, will be SF₆-free,” said Onur Aydemir, National Grid Project Director for London Power Tunnels. “This key power project will deliver a secure energy supply to the capital, and by using sustainable technology we are minimizing the environmental impact of our operations to support the transition to Net Zero.”

“Following the successful collaboration with National Grid on the world’s first replacement of SF₆ in existing high-voltage equipment and award-winning project in Richborough, UK, we are proud to be supporting National Grid again in its transition to SF₆-free solutions,” said Markus Heimbach, Managing Director of the High Voltage Products business at Hitachi Energy. “The EconiQ GIS is based on our breakthrough SF₆-free 420 kV circuit-breaker that demonstrates the reliability and scalability of the technology for the lowest carbon footprint.”

“Linxon is building the infrastructure to power the world with carbon free energy. Thanks to strong collaboration with Hitachi Energy, Linxon is able to provide the pioneering EconiQ SF₆-free solution from Hitachi Energy for the Bengeworth substation, supporting our client to meet their sustainability targets”, said Stefan Reisacher, CEO of Linxon.

EconiQ is Hitachi Energy’s eco-efficient portfolio for sustainability, where products, services and solutions are proven to deliver exceptional environmental performance. Hitachi Energy has placed sustainability at the heart of its purpose and is advancing a sustainable energy future for all.

About Hitachi Energy

Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world’s energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 40,000 people in 90 countries and generate business volumes of approximately $10 billion USD.

https://www.hitachienergy.com
https://www.linkedin.com/company/hitachienergy
https://twitter.com/HitachiEnergy

About Hitachi, Ltd.

Hitachi drives Social Innovation Business, creating a sustainable society with data and technology. We will solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products, under the business structure of Digital Systems & Services, Green Energy & Mobility, Connective Industries and Automotive Systems. Driven by green, digital, and innovation, we aim for growth through collaboration with our customers. The company’s consolidated revenues for fiscal year 2021 (ended March 31, 2022) totaled 10,264.6 billion yen ($84,136 million USD), with 853 consolidated subsidiaries and approximately 370,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.

About Linxon

Linxon commenced operations on September 1, 2018, undertaking turnkey electrical alternating current substation projects related to renewable and conventional power generation, power transmission and transportation solutions. Substations enable the efficient and reliable transmission and distribution of electricity. Within the substation, switchgear controls and protects the network from power outages and facilitates reliable electricity supply. (https://linxon.com/)

Attachment

• London

Jocelyn Chang
Hitachi Energy
+41793847775
jocelyn.chang@hitachienergy.com

GlobeNewswire Distribution ID 8718382

SAN SEBASTIAN, Spain, Dec. 15, 2022 (GLOBE NEWSWIRE) — Graphenea S.A., a world-leading graphene producer, has launched a spin-off company. KIVORO is a specialty chemicals company that is focused on creating solutions for industrial challenges.

Let’s go faster! KIVORO’s tagline refers to the agility and speed when collaborating with the company and combined with their keep-it-simple approach they are breathing new life into the specialty chemicals sector. Jeremey Shipp, Sales Director at KIVORO notes, “We are working on complicated industrial challenges, but we’re uncomplicated to deal with. We understand our clients are looking for solutions, not problems, and we are a straight-forward, agile organisation.”

KIVORO goes beyond graphene, Jesús de la Fuente, CEO comments, “KIVORO was spun out to allow us to commercialise our current industrial solutions and move beyond graphene. We will naturally maintain our leading expertise in carbon and nanomaterials, but we are firmly focused on developing the right specialty chemicals for our clients’ industrial challenges to bring about operative efficiencies and emissions reduction.”

Quality Control

KIVORO works with many industries from construction, coatings, filtration, composites, and others. They have developed several high-performance additives ranging from their Cement Enhancer to Energy Storage, Composites, Adhesives, Rubber Latex, Coatings and beyond. One of their proudest achievements is their net zero status, Jesús de la Fuente, CEO commented, “We are relentless in our pursuit of improvements to achieve great results with a positive impact on performance and planet. All our products are carbon neutral and in most cases our products allow our customers to improve their carbon footprint saving money at the same time.”

Specialty Chemical Production

About Graphenea
Graphenea is a technology company created in 2010 specialised in the production of graphene, it has clients in more than 60 countries and offices in San Sebastián (Spain) and Boston (USA). Graphenea supports its customers by producing new forms of graphene from graphene field-effect transistors to graphene oxides, whilst maintaining its leadership in the expanding graphene production sector.

Kivoro Plant

About KIVORO
KIVORO is Graphenea’s corporate spin-off and is the culmination of many years working in the additives and nanotechnology sector where they have built up extensive cross industry know-how and expertise in specialty chemicals. KIVORO has been created to enhance and add value to clients’ products, by designing the best chemical additive for their application.

Contact Us
info@kivoro.com
www.kivoro.com

Photos accompanying this announcement are available at:
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Kivoro Plant

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Substantial modernization of a key transmission system in Canada will support the transfer of electricity between Montreal and New York.

Zurich, Switzerland, Dec. 15, 2022 (GLOBE NEWSWIRE) — Hitachi Energy, a global technology leader that is advancing a sustainable energy future for all, today announced that it has been selected by Hydro-Québec for its high-voltage direct current (HVDC) technology for the transmission of electricity, which will ensure the sustainability of the energy exchange between the Quebec network, in eastern Canada, and New York State in the northeastern United States.

Hydro-Québec, the largest hydroelectricity producer in Canada and one of the largest hydroelectricity producers in the world, is a public company that generates, transmits, and distributes reliable, clean and renewable electricity in Québec. Thanks to its surplus energy, it supplies the Canadian provinces and the northeastern United States.

The Châteauguay HVDC system will enable the transmission of up to 1,500 megawatts of electricity between the electrical networks of Quebec and the state of New York which will contribute to maintaining a low carbon footprint in the region. This new system will replace existing equipment which has been in operation since 1984^*1, increasing the efficiency and controllability, plus raising the power conversion capacity of the Châteauguay HVDC system^*2 by 50 percent.

*1 Châteauguay “back-to-back” HVDC converter station

*2 Subject to authorization by the Régie de l’énergie du Québec of the project to replace the converter units at Châteauguay substation.

“We are proud to be returning to the Chateauguay HVDC station, after helping to build it almost four decades ago,” said Niklas Persson, Managing Director of Hitachi Energy’s Grid Integration business. “This new system represents an important enhancement to the ability to transmit large-scale hydro power between Canada and the United States, which will support the shift away from fossil fuel.”

Hitachi Energy is supplying a “back-to-back” converter station, which converts AC power to DC then reconverts it to AC from DC enabling the interconnection of the 735 kilovolt Canadian and 765 kilovolt New York grids which are “out of phase” and cannot be connected directly via traditional AC systems.

Note to editors:

Hitachi Energy’s HVDC solution combines world-leading expertise in HVDC converter valves; the MACH digital control platform^*3, which enables renewables integration and manages voltage and frequency disturbances in the grid; converter power transformers and high-voltage switchgear; as well as system studies, design and engineering, supply, installation supervision and commissioning.

*³ Modular Advanced Control for HVDC (MACH)

HVDC Light^® is a voltage source converter technology developed by Hitachi Energy. It is the preferred technology for many grid applications, including interconnecting countries, integrating renewables and “power-from-shore” connections to offshore production facilities. HVDC Light’s defining features include uniquely compact converter stations and exceptionally low electrical losses.

Hitachi Energy pioneered commercial HVDC technology almost 70 years ago and has delivered more than half of the world’s HVDC projects.

HVDC website:

https://www.hitachienergy.com/offering/product-and-system/hvdc

About Hitachi Energy Ltd.

Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world’s energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 40,000 people in 90 countries and generate business volumes of approximately $10 billion USD.

https://www.hitachienergy.com

https://www.linkedin.com/company/hitachienergy

https://twitter.com/HitachiEnergy

About Hitachi, Ltd.

Hitachi drives Social Innovation Business, creating a sustainable society with data and technology. We will solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products, under the business structure of Digital Systems & Services, Green Energy & Mobility, Connective Industries and Automotive Systems. Driven by green, digital, and innovation, we aim for growth through collaboration with our customers. The company’s consolidated revenues for fiscal year 2021 (ended March 31, 2022) totaled 10,264.6 billion yen ($84,136 million USD), with 853 consolidated subsidiaries and approximately 370,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.

Attachments

• Chateauguay
• Map of Chateauguay

Jocelyn Chang
Hitachi Energy
+41793847775
jocelyn.chang@hitachienergy.com

GlobeNewswire Distribution ID 8715203