Latest news with #BCPs
Yahoo
24-05-2025
- Business
- Yahoo
Uncertain future for £200m port infrastructure after EU deal
Almost £200m worth of recently-built port infrastructure in Northern Ireland faces partial redundancy when this week's EU-UK deal is eventually implemented. Food products and plants being shipped from Great Britain currently have to pass through government-operated border control posts (BCPs) at Northern Ireland ports. That will no longer be necessary when an agrifood deal is implemented. In April, a government minister said new BCPs at Belfast, Larne, Foyle and Warrenpoint would be "operationally ready" by July. Baroness Hayman said the government had committed to "a maximum funding envelope of £192.3m" for the facilities, of which £71m had been spent by February this year. The BCPs are being paid for by the UK government but will be handed over to the Northern Ireland Executive when complete. After Brexit, Northern Ireland effectively stayed inside the EU's single market for goods while the rest of the UK left. The EU has strict rules on food, plants and animals entering its single market including the stipulation that they must pass through a BCP where they can be checked and paperwork inspected. Northern Ireland's ports already had limited BCPs for inspecting animals from Great Britain and food products from outside the EU. Under the terms of the UK's 2019 deal with the EU, the BCPs needed to be hugely expanded to deal with the volume of trade from Great Britain - for example the Larne BCP is being expanded to cover a 10-acre site. This was controversial among unionists as it was the most obvious physical manifestation of the "Irish Sea border" created by the 2019 deal. When the new deal is implemented, all of the UK will return to following EU agrifood rules. That means checks will no longer be required on Great British goods entering Northern Ireland, drastically reducing the volume of goods passing through BCPs. The facilities will not be entirely redundant as a small volume of non-EU goods being shipped directly to Northern Ireland will still require inspections and Larne will continue its pre-Brexit role in livestock inspections. On Tuesday, DUP MP Sammy Wilson asked the prime minister if construction could now stop at the Larne BCP, which is in his constituency. Sir Keir Starmer said: "I want to ensure that we have real improvement in the situation on the ground and do not go to unnecessary expense. "I genuinely believe that, for Northern Ireland, this was a big step in the right direction." The new deal also raises questions about the BCP at Holyhead in north Wales which is being built to inspect food products from the Republic of Ireland arriving into Great Britain. Regulatory inspections of EU food products arriving into Great Britain will also be scrapped when the deal is implemented. Last week the Welsh government said the majority of building work on the Holyhead site is '"now nearing completion" and is due to be finished by the end of the summer. The UK government is reportedly considering selling at least one of the BCP sites in Great Britain. It's understood Stormont's Department of Agriculture, Environment and Rural Affairs (DAERA) is at an early stage of assessing the future of the Northern Ireland BCPs. UK-EU deal moves us on from Brexit rows, Starmer says Work begins on Irish Sea post-Brexit border post Work begins on harbour post required under Brexit The new UK-EU deal at a glance
GMA Network
22-05-2025
- Business
- GMA Network
SM Supermalls empowers MSMEs' future through inclusive resilience
Micro, small, and medium enterprise (MSME) tenants and Department of Trade and Industry (DTI)-supported entrepreneurs gear up for resilience through SM Supermalls' nationwide Business Continuity Plan workshops. SM Supermalls champions resilience as a shared responsibility, empowering communities and micro, small, and medium enterprise (MSME) tenants nationwide. For SM Supermalls, resilience remains an essential pillar in its pursuit of sustainability. Without safe, secure, and prepared communities, the vision of sustainable development becomes difficult to achieve. This is why the company believes that promoting resilience is not only a matter of operational readiness but a responsibility to the communities and businesses that form the backbone of the economy. At the heart of this commitment are micro, small, and medium enterprises (MSMEs). These businesses are often the most vulnerable to disruptions brought about by natural and man-made hazards. Yet, they represent a critical force in the national economy---generating jobs, driving local commerce, and sustaining livelihoods. Recognizing their importance, SM Supermalls has made it a priority to help cultivate an MSME sector that is resilient. Across its network, close to 70 percent of SM Supermalls' tenants are currently MSMEs. These businesses operate under unique lessee contracts that acknowledge their specific needs and challenges. To support them, SM not only provides space but also promotes an environment that values preparedness and long-term continuity. Beyond providing retail spaces, SM Supermalls promotes micro, small, and medium enterprise (MSME) resilience through emergency drills and dedicated Business Continuity Planning (BCP) initiatives. SM Supermalls' most notable resilience initiative for its MSME tenants is a dedicated Business Continuity Planning (BCP) program launched in 2024. This capacity-building initiative enables businesses to develop tailored Business Continuity Plans and implement adaptive measures to reduce the impact of disruptions. SM's tenants are each provided with free access to 5GB of remote digital storage where they can securely store critical business documents such as their BCPs, permits, registrations, and insurance policies, among others. In the event of a disaster, access to these documents becomes seamless, allowing faster processing of insurance claims and a quicker return to operations. To further scale its impact, SM Supermalls established a public-private partnership with the Department of Trade and Industry (DTI), formalized through a Memorandum of Agreement in 2024. Together with ARISE Philippines, a United Nations Office for Disaster Risk Reduction (UNDRR)-affiliated private sector alliance for disaster resilience, the partnership aims to ensure that 6,000 MSMEs have robust BCPs by the end of 2027. Business continuity subject matter experts guide micro, small, and medium enterprises (MSMEs) in crafting their own Business Continuity Plans (BCPs) for their company. The Department of Trade and Industry (DTI) - Bureau of Small Medium Enterprise Development and SM Supermalls representatives join together in disaster risk resilience awareness and business continuity for micro, small and medium enterprises. This collaboration is led by DTI Regional Operations Group Undersecretary Blesila Lantayonaand Bureau of Small Medium Enterprise Development (BSMED) Director Emma Asusano, alongside SM Supermalls' Corporate Resilience Department. The shared goal is clear: to safeguard MSMEs nationwide through proactive preparedness. One key feature of the initiative is the SM-DTI Calamity Recovery (CARE) Booth, activated during times of calamity. Located in malls with communities impacted by disasters, the booth serves as an accessible touchpoint for MSMEs needing post-disaster support---providing a practical and timely response mechanism that bridges the gap between public resources and private needs. Additionally, SM Supermalls regularly hosts scheduled BCP workshops for MSMEs in collaboration with DTI. These workshops are conducted in centralized SM locations across various regions and are open to both SM tenants and DTI-assisted MSMEs. During these sessions, business owners are introduced to the various risks posed by different types of disasters and are guided step-by-step in developing their own BCPs. These plans are tailored to the unique nature and geographical location of their operations, and the sessions extend to the BCP testing and validation phase to ensure practical application and effectiveness. The participants are given one month to finalize their BCPs, which must be approved by their business management and submitted to DTI. Since the program's launch in September 2024, over 1,500 MSMEs have already undergone training, with more scheduled in the months ahead. 'Resilience is not built overnight, and requires education, commitment, and collaboration across different sectors. Knowing this, SM Supermalls continues to invest in long-term resilience not just for its business, but for the broader ecosystem of MSMEs it supports,' said SM Supermalls President Steven Tan. 'In doing so, we are reinforcing the fundamental truth that sustainable progress is only possible when communities and businesses are prepared to face the challenges of tomorrow.' The article above is a sponsored press release from SM Prime Holdings.
Time of India
09-05-2025
- Business
- Time of India
RBI asks banks and NBFCs to be on high alert for potential cyber attacks
The Reserve Bank of India (RBI) has sounded the alarm for leading banks and non-banking financial companies (NBFCs), urging them to remain on high alert amid intelligence reports of potential cyber attacks originating from Pakistan. According to multiple senior banking officials who spoke to ET, these attacks are suspected to be part of a larger campaign of economic disruption targeting India's financial infrastructure. #Operation Sindoor India-Pakistan Clash Live Updates| Missiles, shelling, and attacks — here's all that's happening Pakistani Air Force jet shot down in Pathankot by Indian Air Defence: Sources India on high alert: What's shut, who's on leave, and state-wise emergency measures The RBI issued its first advisory about a week ago, directing all major financial institutions to assess their cyber security frameworks and activate multi-layered surveillance systems capable of detecting and neutralizing any attempted intrusions. These measures, sources said, are being implemented in response to credible intelligence inputs received through national security agencies. Financial institutions have also been receiving technical details, including potential IP addresses and geolocations of suspected threat actors, from the Ministry of Home Affairs, the Indian Computer Emergency Response Team (CERT-In), and the Ministry of Information and Broadcasting. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Study Shows Surprising Link Between Aging & your Pillowcase Blissy Learn More Undo 'RBI has asked us to be on constant vigil against potential cyber attacks that could be targeted at large financial institutions,' a senior bank official told ET. 'These attacks could aim to cripple systems and paralyse banking operations across the country. There are growing concerns within the banking community that attempts may be made to compromise critical digital infrastructure, such as data centres, core banking systems, and payment infrastructure." RBI did not respond to a query seeking comment on the matter. Live Events In anticipation of such risks, banks have been asked to put in place 24/7 monitoring mechanisms at key operational hubs, including data centres and operations units. Banks and non banks have been asked to step up constant surveillance of network activity, strengthen intrusion detection systems (IDS), enhance threat detection protocols and step up anti-malware tools to protect against cyber threats. As part of the RBI's broader directive, banks and NBFCs have also been instructed to review and activate their Business Continuity Plans (BCPs). These are strategic frameworks designed to ensure the uninterrupted delivery of critical banking services during emergencies such as cyber attacks, natural disasters, or system outages. 'We have been asked to stress-test our systems, strengthen internal controls, and ensure data back-ups are in place to minimise any potential impact on customers,' said a compliance head at a private bank. Since the issuance of the advisory, banks, NBFCs, and even fintech firms have reported a noticeable increase in suspicious cyber activity . So far, all identified threats have been neutralised before any damage could be inflicted. 'We have seen a rise in suspicious traffic patterns aimed at probing our systems,' said another senior banker. 'Thanks to early warnings and upgraded defences, all attempts have been contained. Every incident has also been reported to the appropriate authorities for further investigation.'
