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

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.

As used in this document, "Deloitte" means Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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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Survey: Africans See China as Positive Force

A new global public opinion survey of people in 25 countries has revealed steep declines in support for China, although Beijing still is seen favorably by many in Africa, where it is vying for influence with Washington.

The survey by the Britain-based YouGov-Cambridge Globalism Project was carried out between August and September this year, polling about 1,000 people in each country, including in three large African states: Nigeria, Kenya and South Africa. The survey asked people about their opinions on China, the United States and Taiwan.

The data showed that in the West, support for China has dropped considerably in the past four years. One reason for that could be the pandemic. When respondents were asked about where it originated, most people placed blame for the outbreak of COVID-19 squarely on China.

Asked if China had a “generally positive or negative effect on world affairs” only 17% of respondents in France said it was positive, down from 36% in the first survey in 2019. In Germany that figure was even lower, at 13%, down from 30% four years ago.

Many other Western countries mirrored this trend, but the story is slightly different in Africa, where China is the continent’s largest trading partner. Although its ranking also dropped slightly over the four-year-period in Nigeria and South Africa, across the continent, China was still widely seen as a force for good.

In South Africa 61% of respondents saw China’s influence in the world as positive, in Kenya the support for China was higher at 82% and, in Nigeria, it was highest out of the three, standing at 83%.

Still, despite Beijing’s no-strings loans and large infrastructure projects as part of President Xi Jinping’s Belt and Road Initiative, African support for the U.S. remained slightly higher.

In South Africa, 69% of people interviewed saw the U.S. as a generally positive force, and in both Kenya and Nigeria that number was at 88%.

Preferred superpower

On a separate question about which country, China or the U.S., respondents would prefer to have as the global superpower, 20 of the 25 countries polled chose the U.S., including all four Africa nations by a huge margin.

Seventy-seven percent of Nigerians chose the U.S. as the preferred superpower, as did 80% of Kenyans, and to a lesser extent 59% of South Africans.

“Results from the African countries in this study stand out for how they reflect such positive views toward both America and China as actors on the world stage,” Joel Rogers de Waal, academic director at YouGov, told VOA.

“At the same time, however, they show an obvious preference for having America, rather than China, as the reigning superpower, which perhaps raises some interesting questions about the progress of Chinese soft power in these parts of Africa.”

On other, more specific questions, the U.S. fared less favorably. For example, asked which country had engaged in “bullying” behavior globally, Washington trumped Beijing in all three African nations.

Likewise on the question of which country has “given military support to one side or another in a foreign civil war, in ways that do more harm than good to the people of that country.” Africans blamed the U.S. for this more than China. And in terms of being suspected of interference in other countries’ national elections, the U.S. again fared worse than China.

And although Washington increasingly warns Africa and the world of the threat of Chinese spying and surveillance, respondents in both South Africa and Nigeria placed more blame for international cyberattacks on the U.S.

Question of Taiwan

While China was more popular among African and many other global South countries surveyed than it was in the West, that support was not unconditional.

The survey was conducted around the time Taiwan was in the news amid the controversial visit by U.S. House Speaker Nancy Pelosi to the contested island. Since then, Washington has warned that China could move to annex Taiwan sooner than expected.

In Beijing, at the Chinese Communist Party’s congress, President Xi Jinping said he reserved the option of taking “all measures necessary” on the issue of Taiwan.

While the vast majority of African governments do not have diplomatic relations with Taipei and back Beijing—which regards the self-governing island as part of greater China—the survey indicates ordinary Africans differ with their political leaders on the issue.

“If China used force against Taiwan … do you think other countries should provide help?” the poll asked. Some 60% of Nigerians thought help should be provided to Taiwan, while 63% of Kenyans agreed, as did 47% of South Africans.

Those numbers were higher even than in some Western countries, with only 38% of French people surveyed saying help should be provided to Taiwan, and just 52% of respondents in the U.S. agreeing.

The data indicates that global politics are not as binary as some believe, with ordinary people in Africa able to see China as a generally positive force in the world, while also expressing concerns about some of its policies. as well as support for the defense of Taiwan.

 

 

 

Source: Voice of America

Russia Resumes Blockade of Ukraine’s Grain Exports, Reigniting Concerns Over Food Crisis

Russia resumed its military blockade of Ukrainian ports on October 30, halting the supply of grain supplies largely headed to low-income nations and reigniting fears of a spiral in global food prices.

The United States immediately criticized Russia’s actions, accusing it of “weaponizing food” to gain leverage in its failing invasion of Ukraine.

Russia announced a day earlier it would suspend its participation in a UN-brokered deal that allowed Ukraine, one of the world’s breadbaskets, to export grain after accusing Kyiv of staging a drone attack against its Black Sea Fleet. Ukraine has rejected the accusations.

UN Secretary-General Antonio Guterres said on October 30 that he was “deeply concerned” about Russia’s decision to halt its participation in the July deal, which helped reverse skyrocketing food prices that threatened to put millions at risk of starvation.

Guterres said he would delay his departure for the Arab League summit in Algiers by one day to work on saving the grain deal.

Ukraine’s Infrastructure Ministry reported on October 30 that 218 ships involved in grain exports are currently blocked — 22 loaded and stuck at ports, 95 loaded and departed from ports, and 101 awaiting inspections.

Ukraine’s grain exports are a key revenue source for the country, whose economy has been decimated by Russia’s eight-month war. They are also a critical source of food for countries in Africa and Asia.

Earlier in the day, U.S. Secretary of State Antony Blinken urged Russia to resume its participation in the deal, warning it was “exacerbating” an already dire food crisis impacting largely poor countries.

“Any act by Russia to disrupt these critical grain exports is essentially a statement that people and families around the world should pay more for food or go hungry. In suspending this arrangement, Russia is again weaponizing food in the war it started,” he said.

 

In a post on Twitter, European Union foreign affairs chief Josep Borrell also urged Russia to revert its decision.

The July deal allowed Ukraine to resume exports of grain, other foodstuffs, and fertilizer, including ammonia, through a safe maritime humanitarian corridor from three of its Black Sea ports.

To implement the deal, Russia, Ukraine, Turkey, and the UN set up a Joint Coordination Center (JCC) to inspect vessels headed to and from Ukraine traveling along the corridor. Turkey played a major role in brokering the agreement.

Russia on October 30 announced it was suspending its participation in the JCC, including inspecting ships off Istanbul. Earlier in the day, Turkey said the JCC would continue inspecting ships on October 30 and 31.

The JCC had inspected 11 shipments on October 30 with more than 100 waiting for clearance.

 

Analysts have been warning for the past two months that Russian President Vladimir Putin would look for an excuse to pull out of the deal to pressure the West over its continued military aid to Ukraine.

Kyiv has used that military aid with effectiveness, driving the Russians back in the northeast, east, and southeast since launching a counteroffensive in September.

“Given Ukraine’s successful counterattack, the fighting there isn’t going Russia’s way. Putin, who is used to engaging in dialogue from a position of strength, finds he does not have so many ways of putting pressure on the West at his disposal. Threatening to torpedo the grain deal is one of his few remaining options,” Aleksandra Prokopenko, an independent analyst, wrote in a September 16 note posted on the website of Washington-based think tank Carnegie Endowment for International Peace.

In a video address after Russia’s announcement, Ukrainian President Volodymyr Zelenskiy called the move “a completely transparent attempt by Russia to return to the threat of large-scale famine for Africa and Asia.” Zelenskiy called for Russia to be expelled from the Group of 20 leading global economies (G20).

U.S. President Joe Biden called Moscow’s decision “purely outrageous.”

The July 22 grain deal was intended to last 120 days with the option for renewal on November 19 “if no party objects,” the UN said on October 28.

Moscow has asked the UN Security Council to meet on October 31 to discuss the reported attack on its Black Sea Fleet at the Crimean port city of Sevastopol in the early hours of October 29.

Russia’s Defense Ministry said drones were used in the attack and that one Russian ship, a minesweeper, was damaged.

Ukraine’s Infrastructure Ministry said Kyiv would try to continue using the Black Sea shipping corridor as long as possible.

Russian Agriculture Minister Dmitry Patrushev said on Russian state television that Moscow was prepared to “supply up to 500,000 tons of grain to the poorest countries free of charge in the next four months.”

 

 

Copyright (c) 2015. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave NW, Ste 400, Washington DC 20036.

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:

Contact us: experts@customertimes.com

Follow us on LinkedIn: https://www.linkedin.com/company/customertimes

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