Sberβs revenues reached nearly $10.5 billion in the first eight months of the year
Russiaβs largest lender, Sber, has posted record earnings for January-August this year, the bankβs CEO, German Gref, told reporters at the Eastern Economic Forum (EEF) in Vladivostok on Monday.
Gref announced that the lender had earned 999 billion rubles ($10.5 billion) in the first eight months of the year, with a return on capital above 25%. He also noted that the over-the-top results βmean that we are on track to finish the year better than our previous forecasts in terms of the return on equity.β
The bankβs current return on equity (ROE) β a measure of financial performance calculated by dividing net income by shareholdersβ equity β is forecast at 22%.
The CEO also revealed that Sberβs loan portfolio had grown by nearly 18% since the beginning of the year.
AceBreakingNews – Indian firms could soon list in London, it has been announced as part of a package of plans unveiled today by the Chancellor Jeremy Hunt alongside Indian Finance Minister Nirmala Sitharaman, as they met in Delhi for face-to-face talks.
Jeremy Hunt, Chancellor of the Exchequer, today unveiled a series of shared economic and financial commitments with India, following talks with Indian Finance Minister Nirmala Sitharaman in Delhi
the Chancellor welcomed Indiaβs confirmation to explore London as a permitted jurisdiction for overseas direct listings of securities
agreements also include the launch of a partnership to boost cross-market investment by the insurance and pension sectors and an initiative to share expertise in structuring and financing major infrastructure projects
The news that India will explore potential London listings follows recent changes to Indian regulation to allow domestic companies to access global markets and underlines the UK capitalβs strength as a hub for international capital raising.
In addition, a new UK-India Pensions and Insurance Partnership will support the growth of the sector in both countries. The partnership will focus on knowledge sharing, growing bilateral investment and diversifying risk, including through pension fund trade missions to encourage increased bilateral investment.
The launch of a UK-India Infrastructure Financing Bridge was also announced today. Co-led by Indian public policy think tank NITI Aayog and the City of London Corporation, the initiative will focus on sharing expertise in structuring and financing major infrastructure projects.
The announcements are part of a series of commitments unveiled following high-level meetings as part of the 12th UK-India Economic and Financial Dialogue (EFD).
Jeremy Hunt, Chancellor of the Exchequer, said:
βIβm very proud of the progress weβve made through the UK-India EFD this time. Itβs a big step forward to hear India confirming that theyβll explore the London Stock Exchange as an international destination for the direct listing of Indian companies.
βI see India as Asiaβs Silicon Valley and the UK as Europeβs Silicon Valley, so thereβs a lot we can work on together.β
Total trade between the UK and India was worth Β£36.6 billion in the last financial year, up over 34% year on year, with an Β£82 million increase in UK-Indian financial services trade over last year. EFDs are a regular way of deepening ties to grow the economies of both countries.
Investment between the UK and India so far already supports over half a million jobs across both economies, and UK businesses sold goods and services worth around Β£15 billion to India in 2022.
Todayβs EFD was the first face to face meeting of its kind between a UK chancellor and Indian counterpart since 2017, with the most recent taking place virtually in 2021. India-UK trade has more than doubled since the first EFD in 2007.
Other major announcements as part of the EFD, include:
The signing of the UK guarantee to the World Bank to unlock an additional $1 billion of green financing in India. This will promote clean energy investment and support green growth targets, accelerating Indiaβs climate transition and ability to meet COP26 commitments. It is hoped that it will encourage other international partners to support India and shape the worldβs climate transition.
Agreement to explore new investment opportunities in areas of shared priority, including leveraging institutional capital to invest in climate adaptation and green businesses in India. This builds on the success of the Green Growth Equity Fund, Indiaβs first dedicated climate change fund backed by British International Investment.
Bill Winters, CBE, Group Chief Executive, Standard Chartered and UK Chair of the India-UK Financial Partnership (IUKFP), said:
The EFD follows Prime Minister Rishi Sunakβs visit to Delhi for the G20 leadersβ summit, where he announced that the UK will provide $2 billion to the Green Climate Fund β the biggest single funding commitment the UK has made to help the world tackle climate change, which will make a significant contribution towards the UKβs pledge to spend Β£11.6 billion on international climate finance, cementing our global climate leadership.
It also comes after the recently announced βAlive with Opportunityβ campaign from the UK government, designed to showcase the deep bond between Britain and India and build on the continuous exchange of people, ideas and culture. The campaign is part of the UKβs ambitions to double trade with India by 2030.
βI was delighted to lead a delegation of UK business leaders to accompany the Chancellor of the Exchequer to New Delhi and participate in the EFD. The IUKFP is a crucial platform for UK-India cooperation on issues of critical importance to our respective financial and related professional services industries.
βThis innovative public-private partnership has delivered real benefits for both our nations. We look forward to working with both governments to advance our shared goals, including deepening our bilateral trade and investment relationship, greening our financial systems, enhancing collaboration on financial innovation, and enabling cross-border data flows. India and the UK are natural partners, and there are valuable opportunities for us to learn from our respective successes and benefits to be gained by harnessing our full potential.β
Chris Hayward, Policy Chairman of the City of London Cooperation, said:
βI am delighted that the City of London Corporation is able to play a part in the Economic and Financial Dialogue (EFD) through the India-UK Financial Partnership and our co-sponsorship of the UK-India Infrastructure Financing Bridge (UKIIFB) with the National Institution for Transforming India (NITI Aayog). This new infrastructure initiative is aimed at leveraging the City of Londonβs expertise in structuring and phasing major projects to meet Indiaβs infrastructure needs β smoothing the path for long-term sustainable investment into India.
βThe EFD marks the strength of the partnership between UK and India and lays an excellent foundation for future ventures between our financial and professional services sectors.β
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AceBreakingNews – Several multi-million dollar mansions at a cliffside estate in Hong Kong are at risk of collapse after record rains last week eroded their foundations.
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Ace Press News From Cutting Room Floor: Published: Sept.11: 2023: By Derek Cai: BBC News, Singapore
Multi-million-dollar mansions along the cliffside enclave are at risk of collapsing from landslides caused by heavy rain last week.
The rains loosened the soil and carved the side of the cliff in the southern district of Tai Tam, an enclave of celebrities and tycoons.
Some residents at Redhill Peninsula evacuated Saturday due to landslides.
Three houses appeared to be at high risk of falling off the cliff, based on photographs.
Hong Kong is vulnerable to floods and landslides because many buildings and roads are built into steep slopes and such hazards have been heightened by climate change.
Authorities found that two basements had been dug into the ground in one of the homes and they suspect that this was done without approval from the Hong Kong Building Authority.
Another property was found to have illegally extended its terrace garden on the cliff. There was also “some breach of the leases and unlawful occupation”, authorities said.
Luxury homes in the neighbourhood can cost up to $23m (Β£18.3m). A 2,773-square-foot four-bedroom home sold for $11.4m (Β£9.1m) earlier this year, according to Mansion Global, a digital news site that covers the global real estate market.
Torrential rainfall flooded streets, shut schools businesses, and brought Hong Kong to a standstill last week
Officials are still evaluating the safety of the cliffside estate and residents have been asked to temporarily close their gardens and outdoor swimming pools pending further checks.
“But our primary focus at the present moment is to stabilise the slope to ensure public safety,” said Bernadette Linn, the city’s secretary for development.
The city will “proceed with the necessary enforcement against the relevant breaches” once the slope is stabilised, officials said.
Officials are investigating unauthorised construction found in some of the homes evacuated on Saturday
Officials shut down schools and offices last Friday after the downpour turned streets into raging rivers, and flooded subway stations and malls.
The unauthorised structures in multi-million-dollar homes in Hong Kong is a contentious subject, and critics have in the past accused government officials of turning a blind eye to the illegal works by wealthy businessmen.
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AceBreakingNews – Business and Trade Secretary Kemi Badenoch signs UK-Italy export and investment partnership boosting UK exports, help create jobs, increase wages and grow the economy.
Kemi Badenoch signs UK-Italy export and investment partnership on visit to Rome β the first such partnership between the UK and any EU country.
Partnership will strengthen our post-Brexit export and investment links with Italy and intends to boost a trade relationship worth more than Β£43 billion.
Business and Trade Secretary will also co-chair the first UK and Italy CEO Forum, bringing together businesspeople from the two countries to bang the drum for the UK as a top investment destination.
The UK and Italy have today (Wednesday 8 February) agreed a momentous trade partnership to boost UK exports, help create jobs, increase wages and grow the economy.
On her first overseas visit as the Business and Trade Secretary, Kemi Badenoch MP and Italyβs Minister for Foreign Affairs and International Cooperation and Deputy Prime Minister Antonio Tajani met in Rome today to sign the UK-Italy Export and Investment Promotion Dialogue β the first agreed between the UK and any EU country.
The partnership aims to strengthen exports in high-performing and growth sectors of the future, such as Life Sciences and Digital and Tech, as well as promoting inward investment, including low-carbon industries such as Offshore Wind and Carbon Capture Storage.
The agreement reinforces the UKβs position as a vital trade partner within Europe and the G7. It demonstrates how we can use our position as an independent trading nation to agree comprehensive trade deals with new markets, while also strengthening partnerships with EU members.
Business and Trade Secretary Kemi Badenoch MP said:
βThis partnership marks a significant milestone in the UKβs trading relationship with Europe and shows how an independent UK can benefit from striking ambitious trade deals with the world, while also reinforcing our already strong and prosperous trading relationship with EU members such as Italy.
βThis partnership will boost trade and investment between British and Italian businesses, ease the path for valuable investment, and will crucially grow UK exports as we aim for our target of selling Β£1 trillion of goods and services a year to the world by the end of the decade.β
Both the UK and Italy are in the top 10 global economies. Trade between the UK and Italy is worth more than Β£43 billion, making it the UKβs 11th largest trading partner.
The most popular UK exports to Italy include cars, worth Β£932.5 million and equivalent to 10.1% of all UK goods exported to Italy, and Β£507.7 million worth of mechanical power generators.
In 2020-21, Italy was also the 6th largest source of UK Foreign Direct Investment (FDI) projects globally.
During her visit, the Business and Trade Secretary will co-chair the first UK and Italy CEO Forum, alongside the Minister for Enterprises and Made in Italy Adolfo Urso. The meeting is the first of its kind and she will discuss her top trade priorities which include breaking down trade barriers, making the UK the undisputed top investment destination in Europe and attracting new investment helping to level-up the country.
She will also meet with the heads of major Italian investors in the UK including innovative wind turbine business ACT Blade, and Eni, world leading energy company.
Badenoch will also make the opening remarks at the 30th anniversary of the Pontignano Forum where she will discuss the importance of economic security and trade in turbulent times.
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ACE DAILY NEWSPAPER REPORTS ARE PUBLISHED @acenewsservi@Aacenewsservices @acenewsservices ces
Cold burning is used to protect mulga and sandalwood trees.(ABC Goldfields: Andrew Chounding)
At the edge of the Great Victoria Desert, the Aboriginal community of Cosmo Newbery is alive with activity.
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Ace Press News From Cutting Room Floor: Published: Sept.09: 2023: Watch ABC TV’s Landline at 12:30pm on Sundays or on ABC iview.
The community of less than 80 people lies over 1,000 kilometres north-east of Perth in Western Australia’s resource-rich Goldfields.
But it is not the prospect of finding gold that has the town abuzz.
For the first time, its Yilka Rangers are using a relatively new concept in land management known as heli-burning.
Mounting a specially designed incendiary device to the side of a helicopter, rangers can drop flaming pellets onto the ground below, burning off scrub in hard-to-reach places.
Burns that can take days on foot can be accomplished in a matter of hours from the air.(ABC Goldfields: Andrew Chounding)
But with more than 12,000 square kilometres of country thick with spinifex, mulga, and sandalwood trees, knowing what to burn requires an expert eye.
HJ, as he is known for cultural reasons, has lived and worked on Yilka country all his life and knows the land better than most β from any angle.
The senior ranger has been involved in ground burns for 20 years, but this year he has worked in the air as a navigator.
“Our aim at the moment for burning is trying to prevent wildfires,” he said.
“We’re trying to do slower, more controlled burns, burning scrub grass spinifex to try and protect the mulga country.”
HJ has been running burns on Yilka for 20 years.(ABC Goldfields: Andrew Chounding)
Bushfires on the rise
Burn-offs have taken place on Yilka country for generations, but the risk of wildfires damaging the region’s sandalwood trees was one reason the rangers turned to heli-burning.
A parasitic tree, sandalwood requires a host plant to reach maturity, which on Yilka is the Acacia aneura, also known as mulga.
Cold burning is used to protect mulga and sandalwood trees.(ABC Goldfields: Andrew Chounding)
Cosmo Newbery Aboriginal Corporation chairman HM, as he is known within the community, said bushfires in recent years had decimated thickets of mulga that, once damaged, take generations to recover.
“In mulga country, sandalwood only grows where the mulga is, so we need to protect the mulga and the sandalwood,” he said.
“We want to make sure we are on top of protecting them before wild bushfires in summer end up going through and burning them because once they get burned they are pretty much useless.”
HM said the heli-burning will help the rangers protect more parcels of sandalwood. (ABC Goldfields: Andrew Chounding)
The trees hold cultural significance to the Yilka people, but also provide a source of revenue for their ranger program.
HM said premium wood could sell for as much as $15,000 a tonne.
Sandalwood heartwood can sell for $15,000 a tonne. (ABC Goldfields: Andrew Chounding)
β It’s quite expensive and it’s sold in the perfume markets of France and New York, places like that,” he said.
“It’s worth a lot of money.”
Efficient job done fast
Rangers aboard the helicopter take off from Cosmo Newbery. (ABC Goldfields: Andrew Chounding)
Working with the rangers, Finn Blackhall has been flying helicopters for six years.
The pilot said the use of helicopters in land management was not new, but the number of people turning to heli-burning was on the rise.
“The helicopter is an ideal machine. You can get from A to B really quickly and get an efficient job done fast,” Mr Blackhall said.
“It’s very precise. With the right winds and the right drop rate you can get excellent burns where you want them, whenever you need them.”
Pilot Finn Blackhall says the number of people turninf to heli-burning is on the rise.(ABC Goldfields: Andrew Chounding)
Mr Blackhall, who works with rangers from across WA and South Australia, said a job that would take days on the ground could be accomplished from the air in a matter of hours.
“Flying time, we did about 120 miles yesterday to the north-east of here,” he said.
“If you had to cover that in vehicles you’re looking at a good day, two days.”
Rangers target spinifex to protect parcels of mulga.(ABC Goldfields: Andrew Chounding)
No substitute for tradition
The introduction of new technology does not mean the rangers have turned away from traditional methods.
While the helicopter creates firebreaks across a sea of spinifex, those on the ground conduct more precise cool burns close to parcels of mulga and sandalwood trees.
Ranger Kirk Sullivan burns along the side of Great Central Road. (ABC Goldfields: Andrew Chounding)
HM said the work done around these valuable sites was more surgical than the aerial burns taking place overhead.
“You can do helicopter burning in areas where it’s open spinifex country and there’s not much mulga around,” he said.
“In cases of protecting sandalwood we must do that on the ground by burning β not by helicopter.”
Cosmo Newbery has its own heli-pad and runway. (ABC Goldfields: Andrew Chounding)
But the work being done by the rangers both in the air and on the ground is not just to protect wild sandalwood.
On Yilka, seeds were traditionally spread by small native marsupials, known as boodies, who hoard and bury them like squirrels.
But with boodies numbers in decline HM said cultivation on Yilka was being done by hand.
“Every legal tree that we pull out, of sandalwood, we plant 20 seeds,” he said.
“We are actually doing it by human control, not by mammal control, and making sure that that tree will be replaced.”
Rangers sow 20 seeds for each tree they harvest. (ABC Goldfields: Andrew Chounding)
The government was also reviewing the law that regulates just how much wood can be removed from the land each year, with the finding to be released in 2025.
Bridie Hardy says the burns are need to protect young sandalwood trees .(ABC Goldfields: Andrew Chounding)
To ensure the rangers can sustainably harvest wild sandalwood, Yilkas manager of operations Bridie Hardy said the group was taking a long-term approach to its harvest and cultivation practice.
“The burnings are a really important part of our sustainable harvesting process,” she said.
“There’s a lot of area to the south that we’re not going to get to for a few years. We can burn around and protect those areas.
“[We need] to protect all our seedlings as well, to make sure those little seeds can grow up and they’re not burned by fire.”
Sandalwood trees are slow growing but can live for over 100 years. (ABC Goldfields: Andrew Chounding)
HM said the rangers were licensed to remove up to 60 tonnes of sandalwood from the land each year, but employed selective harvesting as part of its cultivation practice.
“We always skip one to make sure that you have elder sandalwood trees left to seed and to provide new growth for new sandalwood plants,” he said.
A sandalwood sapling planted by rangers.(ABC Goldfields: Andrew Chounding)
As young trees reach maturity, wild trees can be harvested, and the cycle repeated by future generations.
“That plot will be left for another 50 years and then we won’t go back until the trees have grown back up and the ones we planted β¦ are legal size.”
Watch ABC TV’s Landline at 12:30pm on Sundays or on ABC iview.
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HM said the heli-burning will help the rangers protect more parcels of sandalwood. (ABC Goldfields: Andrew Chounding)@acenewsservices
The 18th top-level G20 summit, chaired by India, is held in New Delhi on September 9-10. The leaders of the G20 countries and nine other states – Bangladesh, Egypt, Spain, Mauritius, Nigeria, the Netherlands, the UAE, Oman and Singapore – have been invited to attend.
The announcement came at the opening of the G20 summit, one that comes as growing global rifts and the absence of key players threatened to make reaching consensus on the thorniest issues elusive.
Dark black sludge recovered from the Camp Gully Creek in the Garawarra State Conservation Area near Helensburgh.(Supplied: James McCormack, Wild Magazine)none
AceBreakingNews – The New South Wales Environmental Protection Agency (EPA) is taking legal action against underground coal producer Metropolitan Collieries following two pollution incidents that impacted the waterways of Australia’s oldest national park.
Dark black sludge recovered from the Camp Gully Creek in the Garawarra State Conservation Area near Helensburgh.(Supplied: James McCormack, Wild Magazine)none
In September last year, conservationists reported seeing a “thick, black custard-like substance” in Camp Gully Creek, which flows into the Royal National Park’s Hacking River and part of the Sydney water catchment area.
The EPA alleges in September and October 2022, Metropolitan Collieries “failed to maintain surface water facilities at the mine site near Helensburgh, which meant they were unable to cope with additional rainfall resulting in two discharges of coal contaminated.”
Under the Protection of the Environment Operations Act 1997, these equate to four alleged offences.
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The EPA further alleged, in October 2022, the miner “breached the requirements of an EPA Prevention Notice when it failed to implement preventative actions around water management practices and monitoring, and more stringent water quality standards” β adding to a total of five offences.
In a statement, NSW EPA chief executive Tony Chappel said these incidents were disappointing.
“This pollution incident put both the environment and wildlife at risk not once but twice,” Mr Chappel said.
“The standards we set are critical to protecting the environment and we expect all industries to meet their obligations to ensure our ecosystems are protected for generations to come.
“No-one in NSW wants to see our pristine national parks at risk, especially the local communities that surround them.
Plans to reintroduce platypuses into the Royal National Park were delayed by the NSW government for another nine months due to concerns about water quality following the pollution events.
The normally pristine waters of the creek feeding into the Hacking River have turned an oily black colour.(Supplied: James McCormack, Wild Magazine)
‘Fines only act as a deterrent’
Greens MP Sue Higginson said she was not surprised to learn the state’s environment watchdog was taking legal action against Metropolitan Colliery and welcomed their pursuit for stricter punishment.
Sue Higginson says fines should be more than the profit from the crime.(Supplied: Sue Higginson)
β We need to do more than retrieve a small amount of money from this corporation”, Ms Higginson said.
“We are talking about a billion-dollar, multi-national corporation. What we know is that these types of corporations simply factor these penalties into their cost-benefit analysis.
“Fines only act as a deterrent if the cost of the fine is worth more than the profit generated by the crime.”
Locals back environment watchdog
Kaye Osborn from the Protect Our Water Alliance says given these pollution events occurred last year, she was not satisfied with the time it took for the EPA to pursue legal action.
“I’m not satisfied with the fines Metropolitan Colliery has previously been handed either,” Ms Osborn said.
“If mines can’t operate without contaminating local waterways, then they shouldn’t be operating at all.
Last weekend, the Protect Our Water Alliance visited Camp Gully Creek and noticed water discolouration.
“You can’t just reverse the impact of these pollution events. It takes a long time for the coal sediment to wash away completely and for those ecosystems to recover,” she said.
“Recent public outcry from even last month’s pollution event reflect that people really do care about these incidents, the Hacking River and, of course, the Royal National Park.
“Why does it even have to get to this point?”
Already restricted licence
Metropolitan Colliery’s owner, Peabody, declined to comment.(ABC Illawarra: Nick McLaren)
In May, the EPA imposed tougher conditions on the mine’s environment protection licence and issued two penalty notices totalling $30,000 for a separate water pollution incident in late November 2022.
Each of the five alleged offences dated to September and October last year carry a maximum penalty of $1 million.
The matter will be heard in the NSW Land and Environment Court next month.
Peabody, who owns Metropolitan Colliery, declined to comment, citing legal reasons.
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