Category: Business Financial News

World Bank seeks grants, new capital to fight global crises

MANILA, May 23 (Reuters) – The World Bank will press for more grants and new capital from member countries, even as it leverages its balance sheet to scale up lending for responses to climate change and other global crises, its managing director of operations said on Tuesday.

The lender will rally donor support for a newly established crisis facility for the world’s poorest countries that face overlapping global crises, including severe climate events, Anna Bjerde said in an interview.

“We hope to be able to really conclude and have a very strong interest in funding this by the end of the year,” Bjerde said, adding that multiple billions of dollars were needed for the crisis facility.

That facility sits within the International Development Association (IDA) fund, the World Bank’s fund for the poorest countries. The last replenishment was fast depleted by the pandemic.

COVID-19 pushed many poor countries into debt distress as they were expected to continue servicing their obligations in spite of the massive shock to their finances.

Bjerde is hoping for major progress in courting interest in the facility at the annual meetings of the International Monetary Fund (IMF) and World Bank in Morocco in October.

“We need to really get grants from developed and higher income countries, rich countries, to provide resource transfers to the lower income countries,” she said.

The World Bank, whose 25-member executive board on May 3 elected a new president, wants to increase lending to ensure it can better tackle issues such as climate change, pandemics and conflict.

“We need to continuously work on what we call under the evolution roadmap – a

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Companies In The Iron Ore Market are Focusing on Developing Innovative Technologies To Stay Relevant In The Market

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, May 15, 2023 /PRNewswire/ — As per The Business Research Company’s iron ore market forecast, the global iron ore market size is expected to grow from $405.1 billion in 2022 to $447 billion in 2023 at a compound annual growth rate (CAGR) of more than 10%. The iron ore market size is then expected to grow from $657.7 billion in 2027 at a CAGR of more than 10%. Going forward, the increasing urbanization, the rising healthcare expenditure and the growing residential sector will drive the growth.

The global iron ore mining market is concentrated, with a few large players in the market. Vale S.A. was the largest competitor with 12.9% iron ore market share, followed by Rio Tinto, BHP, Fortescue Metals Group Ltd. (FMG), Anglo American Plc, National Mineral Development Corporation, Metinvest, Angang Steel Company Limited, Ferrexpo and Atlas Iron.

Learn More On The Iron Ore Market Report – 

Companies in the iron ore market are developing innovative technological tools and using advanced technologies to grow in the market, as per the iron ore market outlook. Furthermore, in September 2021, Metso Outotec, a Finland-based technology and service provider for minerals processing and metals refining industries, developed a set of solutions that will increase process efficiency, production capability, and product quality while lowering energy use, environmental impact, and maintenance and operating expenses. Some of the latest digital solutions that enhance preventive maintenance planning and execution include the Metso Outotec Optimizing Control System OCS-4D, the Planet Positive Optimus advanced process control system, the VisioPellet pellet size-control system, and the Pallet Car Condition Monitoring System. An innovative operator training program is also

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A Rise In Health Conscious Consumers Will Drive Companies In The Fats And Oils Industry To Focus On Innovation In Plant-Based Foods

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, May 11, 2023 /PRNewswire/ — According to The Business Research Company’s Fats And Oils Global Market Report 2023, during the forecast period, the increase in demand from health-conscious consumers will drive the fats and oils market. Demand for healthier foods is driving demand for fats and oils, particularly those with specific flavours and dietary benefits. Processing of specialty oils in ways that preserve their flavor and nutrients has become more sophisticated in recent years. For example, according to a report by Avendus Capital, the investment banking arm of Avendus Group, in 2020, health-focused foods and beverages were 11% of the $88 billion packaged foods and beverages market in India. This share is expected to move up to 16% or $30 billion by 2026. Meanwhile, the number of health-conscious consumers is expected to rise to 176 million in 2026 from 108 million in 2020.  Therefore, the increase in demand from health-conscious consumers will support the growth of the market.

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As per the fats and oils market report, the global fats and oils market will grow from $181.6 billion in 2022 to $195.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 7%. The fats and oils market is then expected to grow to $251.3 billion in 2027 at a CAGR of more than 6%.


Learn More On The Fats And Oils Market Report –


The global fats and oils market is fairly fragmented, with number of players in the market. Bunge Limited was the largest competitor with 5.6% of the market, followed by Wilmar International Limited, Archer Daniels Midland Company (ADM), Mewah International

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Russian PM to attend business forum in China as bilateral trade rises

Russia’s prime minister Mikhail Mishustin is to head a high-profile delegation to a business forum in China next week as Moscow’s economic dependency on Beijing grows, more than a year into its full-scale invasion of Ukraine.

Mishustin and Russia’s top energy official Alexander Novak, who are under western sanctions over the invasion, will be the most prominent Russian figures at the Russia-China Business Forum in Shanghai on May 23rd, according to people familiar with the matter. A spokesperson for Mishustin did not respond to a request for comment.

Top state company officials including Sberbank’s Herman Gref and Rostelecom’s Mikhail Oseevsky, who are also sanctioned, plan to attend, they added, as does a group of businessmen from Russian industrial companies.

A list of people applying for visas to attend the forum includes figures such as agricultural billionaires Andrei Guryev Jnr and Vadim Moshkovich, who are sanctioned, as well as Russia’s richest woman, the ecommerce billionaire Tatiana Bakalchuk, who is not. They did not immediately respond to requests for comment.

The event is expected to underscore China’s growing support for president Vladimir Putin after western nations passed sweeping sanctions in response to the invasion that cut Russia off from global markets and crucial supply chains.

A draft programme for the forum, seen by the Financial Times, outlines Russian and Chinese plans to increase economic co-operation in areas from agriculture and transport to energy, industry, and tech.

Russia’s bilateral trade with China hit $190bn in 2022, a new record, and grew 39 per cent year on year to $54bn in the first quarter of this year. The renminbi has also taken on an increasing role in Russia’s payments after western sanctions left it largely unable to use the dollar.

China’s leader, Xi Jinping, made a state visit to Moscow in March just

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Nomura hires two bankers for clean transport technology deals

NEW YORK, May 16 (Reuters) – Japanese investment bank Nomura (8604.T) has hired two investment bankers to lead its coverage of mobility and automotive clients in Europe and the United States through its sustainability-focused Greentech division.

Former self-driving truck company executive Richard Hawwa started in San Francisco last week, and Alex Bleck will move to lead the bank’s team in Frankfurt from his previous role at Deutsche Bank AG (DBKGn.DE) in July, a spokesman said.

Nomura hopes to capitalise on consolidation among incumbent vehicle and equipment makers and new companies that have proliferated in recent years, some of them funded by special purpose acquisition companies (SPACs) which took Wall Street by storm in 2021.

“You saw in the “de-SPAC” furore a lot of standalone young electric vehicle companies raise capital. The reality is the path to success and scale … is dramatically complex,” Duncan Williams, global co-head of Nomura Greentech, told Reuters.

“I think we are increasingly likely to see those companies … being acquired by bigger businesses or potentially merging with one another,” Williams added.

Williams pointed to tyre group Bridgestone Corp’s (5108.T) $391 million purchase of software firm Azuga Holdings as an example of a deal he expects to see more of as industry suppliers look to control more of the value chain.

Tesla (TSLA.O) has branched out even further and now offers home and commercial energy systems.

Producers of low-emission vehicles and equipment are due a boost from hefty subsidies in many countries, but EV startups such as luxury sedan maker Lucid (LCID.O) and truck maker Nikola (NKLA.O) face a cash crunch as higher borrowing costs and fears of a recession sour consumer sentiment.

Traditional automakers have launched lower-priced electric models and Tesla has discounted sharply, sparking a price war in the industry.

Investment banks in Europe

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Major Plywood Market Trends: Companies In The Market Are Adopting Sustainable Manufacturing Processes To Reduce Environmental Impact

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, May 17, 2023 /PRNewswire/ — As per The Business Research Company’s Plywood Global Market Report 2023, the global plywood market size is expected to grow from $54.7 billion in 2022 to $59.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 8%. The plywood market size is then expected to grow to $85.2 billion in 2027 at a compound annual growth rate (CAGR) of more than 9%. Going forward, the government support, the rising renovation activities, the rising urbanization and an increasing demand for wooden furniture will drive the plywood wholesale market.



The global plywood market is highly fragmented, with a large number of small players operating in the market. UPM-Kymmene Oyj, Inc. was the largest competitor with a 0.47% share of the market, followed by Boise Cascade Company, Metsä Group, West Fraser Timber Co. Ltd., Weyerhaeuser Company, Potlatch Deltic Corporation, Georgia-Pacific LLC., Greenply Industries Limited, Sveza-Les LLC., and Austal Plywoods Private Limited.

Learn More On The Plywood Industry Report –

According to TBRC’s plywood market research, manufacturers operating in the plywood global market are focusing on developing zero-emission plywood to minimize the environmental impact and increase their market share. Zero-emission plywood refers to a type of plywood that comes with an anti-bacterial coating to ensure the health and safety of every home.  For instance, in January 2020, Greenply Industries Limited, an India-based interior infrastructure company, launched its first-of-a-kind zero-emission plywood, named Green Club Plus Seven Hundred, in India. The emission-free plywood used for making furniture, partitions, paneling, false ceilings and other interior applications conforms to E0 grade emission standards, one of

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Egypt’s exchange rate uncertainty stifling business, say entrepreneurs

Egyptian entrepreneurs have warned that uncertainty over the exchange rate is suffocating business and impeding their ability to plan and invest, as the country endures its worst foreign currency crisis in years.

A series of devaluations since March last year has halved the value of the Egyptian pound against the dollar but failed to boost foreign exchange inflows. A new devaluation is expected, economists and business leaders say. Meanwhile, the dollar shortage has led to a black market in foreign currency.

The crisis began when foreign bond investors pulled about $20bn out of Egyptian debt following Russia’s February 2022 invasion of Ukraine, in a flight to havens.

Gulf states stepped in with $13bn in deposits and another $3.3bn in asset purchases, but portfolio investors have mostly stayed away and the private sector has struggled to fund imports.

Adham Nadim, who heads his family’s company Nadim Group, which makes furniture for hotels and corporate clients, said he was having problems importing crucial inputs such as hinges, accessories and paints.

“Everyone gives me speculative prices based on what they think the price of the dollar on the black market will be if I plan to purchase in two months,” he said. “It is a bigger problem if the project extends to six or 10 months.”

Line chart of Egyptian pounds per $ showing The Egyptian pound has halved in value against the dollar since the start of last year

Samih Sawiris, a leading Egyptian tourism and real estate investor, told Saudi Arabia’s Al Arabiya television this month that the foreign exchange situation had deterred him from further investments in Egypt.

“Everyone is waiting for clarity on the exchange rate,” he said, describing the issue as “hurdle number one, two and three” for investors. “How can I know if a project would make profits or losses?” he said. “Which rate should I use — the international [forward] rate, the black market rate or the official rate?”


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Why Accounting Is the Backbone of Your Business’s Financial Health

Why Accounting Is the Backbone of Your Business's Financial Health

Do you want to maximize the financial health of your business? It all starts with accounting. Accounting is more than just crunching numbers—it’s a vital part of maximizing the success and stability of any business. Without proper tracking, analyzing, and reporting of your finances, it can be difficult to make informed decisions or find potential areas for improvement. 

That’s why having an in-depth understanding of accounting principles is essential when it comes to managing your company’s resources effectively. In this blog post, we’ll explore how knowledge and use of sound accounting concepts are beneficial in order to ensure long-term sustainability for businesses everywhere.

Defining the Role of Accounting in Your Business’s Finances 

Achieving financial success in business requires an understanding of the role that accounting plays in managing the finances of an organization. Accounting is more than just keeping track of the amount of money coming in and going out; it is a vital strategic tool in helping businesses make informed decisions about investing, budgeting, and forecasting. 

Defining the role of accounting in your business’s finances means identifying the areas where your business can benefit from accounting principles and practices. By developing a comprehensive accounting strategy, your business can gain a competitive advantage and become more financially stable. 

Also, have in mind that if you cannot keep track of the finances of your business yourself, there are always professionals you can hire to help you out. Moreover, whether you need Adelaide tax and accounting practitioners for instance, or professionals in any other city, just look for some online. Accounting is the backbone of any successful business, and a clear understanding of its role is essential for any entrepreneur looking to build a long-lasting and profitable enterprise.

Understanding the Benefits of Accurate Bookkeeping of your business matters

Accurate bookkeeping is paramount

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What Is a Competitive Analysis?

  • With a competitive analysis, you can discover where your business is doing well, where you need to improve, and which trends you need to get ahead of.
  • Complete a competitive analysis when your company isn’t moving forward as fast as you want or when competitors are securing orders from your ideal customers.
  • A competitive analysis should examine your competitors’ features, market share, pricing, marketing, differentiators, strengths, weaknesses, geography, culture and customer reviews.
  • This article is for new and established small business owners who want to analyze their competition to improve their products or services.

Your company chases roughly the same customers as its competitors. You offer comparable products or services to each other. But you’re not entirely sure why you win some orders but lose others. A competitive analysis can provide you with the road map needed to capture a greater share of the market and better understand the future trends that will affect your sector.

How to complete a competitive analysis

Josh Rovner, business consultant and bestselling author of Unbreak the System: Diagnosing and Curing the Ten Critical Flaws in Your Company (Lioncrest Publishing, 2020), shared with us nine steps for completing a competitive analysis.

1. Identify the products or services you want to evaluate.

For most analyses, they will be the products or services that generate the highest revenues or demonstrate the most significant potential for growth.

2. Seek direct competitors.

These companies compete for roughly the same market with comparable products or services. For example, accountants competing against other accountants.

3. Pinpoint indirect competitors.

These companies target the same market but with different products or services. For example, accountants competing against bookkeepers.

4. Examine replacement competitors.

These companies offer a different product or service, but address the same issue as your products or services (for example, apps

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Bread Financial Releases 2022 ESG Report, Showcases Progress Amid Multi-Year Business Transformation

  • Tenth annual report highlights progress within environmental, social and governance initiatives, while supporting long-term financial and reputational goals

  • 2022 report commemorates first year of aligning to Task Force on Climate-related Financial Disclosures (TCFD) in its reporting and disclosures

COLUMBUS, Ohio, May 16, 2023–(BUSINESS WIRE)–Bread Financial (NYSE: BFH), a tech-forward financial services company providing simple, personalized payment, lending and saving solutions, today released its 2022 Environmental, Social and Governance (ESG) Performance Report, highlighting the significant progress made against Bread Financial’s recently enhanced ESG strategy and framework. In its 10th year of public ESG reporting, the Company’s 2022 report represents a significant milestone for Bread Financial, marking a decade of increased transparency and accountability regarding its responsible business practices.

This press release features multimedia. View the full release here:

Integrating ESG criteria into our overall governance, risk management, business strategy and priorities (Graphic: Business Wire)

The report showcases Bread Financial’s ESG performance across five key areas: managing business responsibly, empowering customers, engaging associates, protecting the planet and creating possibilities for communities. Building on its strong foundation, in 2022 the Company made advancements by deepening cross-functional internal engagement and further embedding environmental and social criteria throughout its business model.

“I am extremely proud of the progress Bread Financial has made to advance our ESG initiatives, as illustrated in our 2022 report,” said Ralph Andretta, president and chief executive officer, Bread Financial. “By integrating environmental stewardship, social responsibility and good governance practices into our business strategy, we are not only driving financial performance, but also creating a more resilient, competitive organization that benefits all of our stakeholders. As we continue to evolve as a purpose-driven financial services company, our well-established ESG practices enable us to reduce risks, deliver responsible growth, and ensures we hold ourselves

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