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Key Takeaways ADB’s fourth Southeast Asia Development Symposium (SEADS) will bring together decision-makers, innovators, and climate leaders from government, industry, academia, and the development sector to discuss practical ways to achieve carbon neutrality by 2050. SEADS 2023’s plenary panel discussion, “Financing Net Zero,” will explore measures to bridge the gap in climate financing, and enable countries in ASEAN to attain net-zero and the Sustainable Development Goals. SEADS 2023 will launch a new ADB report, ASEAN and Global Value Chains: Locking in Resilience and Sustainabliity, which provides actionable insights for strengthening ASEAN’s value chain resilience against the impacts of climate change. ADB SEADS 2023 will be a low-carbon event, with less than 10% of participants travelling to the sustainable venue, and with carbon offsets for every attendee. In response, countries in Southeast Asia have committed to decarbonization, with eight out of 10 member … [Read more...] about ADB SEADS 2023: Imagining a Net-Zero ASEAN

FILE PHOTO: Finance Secretary Carlos Dominguez III MANILA, Philippines — Saying that emerging financial technology players — firms that use digital technologies to deliver financial services — are prone to fraud, the government is ramping up surveillance not only of their registration with regulators but also their tax payments. “All the regulators and the tax authorities are focusing now on the digital space, because there’s a very big danger of fraud, of violations of the laws in the digital space,” said Finance Secretary Carlos Dominguez III. Dominguez said the Bangko Sentral ng Pilipinas (BSP), the Department of Finance (DOF), the Bureau of Internal Revenue (BIR) and the Securities and Exchange Commission (SEC) had been closely monitoring these fintech firms’ registration and tax payments. As digital transactions surged in the country because of COVID-19 lockdowns, the BSP stopped the operation of social media payment platform Lyka in July because of registration and tax … [Read more...] about Gov’t ramps up surveillance of fintech firms’ operations

Share to Twitter Share to Linkedin Martha Amram is CEO of GLYNT.AI, which produces enterprise-grade sustainability data for finance and sustainability teams around the globe. 2023 is a transitional year for sustainability data. IFRS, the global accounting standards body, has been remarkably clear: By January 2024, companies should be using accounting-based standards to report sustainability data. This enables the key wins investors want: reliable sustainability data, ready for comparisons over time and across companies. In a previous article, I focused on " The Three A's Of Investor-Grade Emissions Data ." These are qualities of sustainability data that investors demand: accurate, actual and audit-ready. Investors are frustrated with current practices—the use of estimates instead of actual data, the lack of third-party reviews and the incredible variety of company reporting practices. But the quality gap in sustainability data cannot be … [Read more...] about The Trifecta Of Trust For Sustainability Data: Assertions, Assurance Reports And Audits

Share to Twitter Share to Linkedin Topline The Manhattan district attorney is reportedly toying with what experts have called an untested legal theory in potentially bringing charges against former President Donald Trump—adding to the unprecedented nature of a case that could mark the first-ever indictment of a former president. Key Facts The primary charge prosecutors are considering is whether Trump falsified business records when the Trump Organization reimbursed his former lawyer and fixer Michael Cohen for payments made to adult film star Stormy Daniels during his 2016 campaign for the presidency in exchange for her silence about her alleged 2006 affair with Trump, according to multiple reports . Prosecutors must prove that Trump orchestrated the payments, but legal experts have said his lawyers could argue that Cohen made the deal on Trump’s behalf and without his knowledge (though Cohen has explicitly, and repeatedly, said he did so … [Read more...] about Breaking Down The Case Against Trump: New York Prosecutors Must Prove Complex Legal Theory—And It Could Be Risky

Accounting and bookkeeping can be daunting and time-consuming for small business owners. It is not just about counting the pennies; keeping track of finances can quickly become overwhelming without a professional’s help. This is why more and more small business owners are hiring outsourced bookkeeping and accounting services. This approach has several advantages and can help save time, money, and effort in the long run. In this post, we will explore why small business owners should consider outsourced accounting and bookkeeping services for their business operations. Meaning of outsourced accounting and bookkeeping services The term “outsourced accounting and bookkeeping services” refers to hired help from an outside third party to manage your accounting and finances instead of leaving this responsibility with the in-house accounting department. Typically, these services encompass any and all tasks related to the financial management of a business, from bookkeeping and … [Read more...] about Why Should Small Businesses Consider Outsourced Accounting And Bookkeeping Services

Share to Twitter Share to Linkedin When you unshackle 1.4 billion consumers who have been penned up at home for three years, it’s reasonable to expect some fireworks. For the residents of Mainland China, life under “zero COVID” policies was a dreary round of rolling travel restrictions and lockdowns – as if the United States was permanently stuck on a skipping record of the Spring of 2020. While most of the population was able to find a way to get back to work eventually, the everyday routines of travel, dining out, and visiting friends and family were severely curtailed. Wallets stayed snapped shut. Since China executed its “COVID pivot” in late December 2022, economists have been scrutinizing the data to see if the country will be able to achieve its goal of 5% growth in 2023. If achieved, China will serve as an engine to help developed economies avoid tipping into recession. This is particularly relevant in the new era of higher interest rates, … [Read more...] about Why China’s COVID Comeback Is Still In The Early Innings, With Upside Ahead

Share to Twitter Share to Linkedin China Evergrande Group has unveiled its plan to restructure about $19 billion of offshore debt, buying more time for its billionaire founder Hui Ka Yan to resume operations and generate much-needed cash. But analysts say the plan lacks details and offers less-than-favorable terms for creditors. Holders of offshore debt in the Hong Kong-listed company are to receive a basket of options, according to a late Wednesday filing to the city’s stock exchange. The bondholders can either swap their debt for new notes with maturities of 10-12 years, or they can convert them into new notes with repayment terms of five to nine years combined with equity-linked instruments. The instruments will be tied to the shares of Evergrande itself, its property management business or its Hong Kong-listed electric car unit. “The proposed restructuring will alleviate the company’s pressure of offshore indebtedness and facilitate the company’s … [Read more...] about Evergrande’s Restructuring Plan For Offshore Debt Still Carries Considerable Risks For Creditors

MANILA  -The Anti-Red Tape Authority (Arta) rejected the request of social media-based payments LYKA Philippines Solutions Inc. to be granted automatic approval for company registration with the Securities and Exchange Commission (SEC). The SEC said in a statement that LYKA had failed to submit complete documentary requirements and was also under investigation for alleged money laundering. “Considering the foregoing, the requirements laid down under Section 10 of RA (Republic Act) 9485, as amended, and its Implementing Rules and Regulations for Automatic Approval have not been met. Thus, Automatic Approval is not warranted in the instant application for registration of company submitted by LYKA with the SEC,” said the SEC, which cited the Arta notice of denial last March 6. Under investigation According to the corporate regulator, LYKA president Michael Bryant Lim sought Arta’s help to be granted automatic registration after citing delays on the part of the SEC. “The Arta, … [Read more...] about Lyka plea for automatic registration approval rejected

Share to Twitter Share to Linkedin Topline The Manhattan grand jury that will decide whether to indict former President Donald Trump called off a planned meeting for Wednesday, according to multiple reports , delaying any potential charges against Trump for his ties to an alleged hush money scheme at least one more day. Key Facts It’s unclear why the grand jury—which holds secret proceedings—will not meet as planned Wednesday afternoon, the New York Times reported , citing anonymous sources who said the jury could hear from at least one more witness before voting whether to indict Trump. The 23-member jury, which previously met on Monday, could vote in its next scheduled meeting Thursday, though the Times notes that scheduling conflicts are not unusual in grand jury proceedings. The delay comes after Trump claimed without evidence on Saturday that he would be arrested on Tuesday. Law enforcement in New York City and … [Read more...] about N.Y. Grand Jury Weighing Trump Charges Reportedly Calls Off Wednesday Meeting—Delaying Possible Indictment

Like clockwork, the United Nations is out with yet another climate report, and the usual suspects are already blaring the global warming alarm sirens. The New York Times warned the planet is on track “to cross a critical threshold for global warming within the next decade” and the only way to “hold global warming to relatively safe levels” would “require global cooperation, billions of dollars and big changes.” The Associated Press declared the world is on “thin ice” due to warming. The BBC characterized the UN report as a “survival guide” — if we don’t follow it, we’ll see “the worst effects of climate change.” The alarmist frenzy was joined by prominent scientists, eco-activists, Democratic politicians and even the UN chief himself, who called the report a “how-to guide to defuse the climate time-bomb. In other words, the media, elites and the scientific establishment want you to take this report very, very seriously. The problem is no one who actually cares about … [Read more...] about BASTASCH: The UN’s Newest Climate Report Is A Woke Dumpster Fire Masquerading As Science