Latest news with #FS
RTHK
19 hours ago
- Business
- RTHK
Govt to stay prudent amid China-US tariff talks: FS
Govt to stay prudent amid China-US tariff talks: FS The government has released a new report on the city's business environment. Photo: RTHK Financial Secretary Paul Chan on Wednesday said the government will remain prudent before making any policy changes amid ongoing trade tensions between China and the United States. His comment came as officials from the two major economies reached an agreement in talks in Sweden to seek an extension of their 90-day tariff truce. Speaking to reporters at a press conference, Chan said that while the discussions were a positive sign, Hong Kong officials are conscious of the 'tremendous uncertainty' that could lead to sudden changes. 'So in our work, number one, ensure financial stability, financial security, but on the other hand, stay on course, concentrate on what we have set out to be done, and be persistent in our effort, which is reinforcing our relationship with traditional markets – Europe, the US,' he said. 'But at the same time, open up new markets, new capital sources, such as the Middle East and Southeast Asia.' The finance chief also said the government does not have plans to change its economic growth target of 2 to 3 percent this year, despite seeing positive signs in the market in the first half. The GDP figure for the second quarter is due to be released on Thursday. 'The first half was pretty positive, first quarter 3.1 [percent], the second quarter maintaining the momentum. But given the geopolitics, there is tremendous uncertainty and volatility. At this stage, we think it would be more prudent to keep the current GDP estimate,' Chan said. He also said some sectors such as retail and catering are undergoing significant structural changes and said officials will 'keep an open mind' and monitor if there is a need to roll out further support measures. The government has also released a new report on the city's business environment, the first since 2021. 'Over the past few years, because of Covid, a lot of overseas travellers haven't come to Hong Kong. And also given the geopolitics, the perception about Hong Kong in the Western world is not entirely factually correct. There are some misperceptions,' Chan said. He added that the report illustrates the current situation in Hong Kong with factual data to provide investors with a better understanding of what is really happening on the ground.
The Print
20 hours ago
- Business
- The Print
From regulatory bodies to private banks, retired IAS officers dominate the Indian financial landscape
Seth, who retired as DEA secretary just last month, succeeded Debasish Panda, also a retired IAS officer, whose tenure ended in March this year. The former 1987-batch IAS officer's appointment ensures that the regulatory trinity—the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and IRDAI—continues to be helmed by three retired IAS officers. New Delhi: Last week, the government appointed the recently retired Department of Economic Affairs (DEA) secretary, Ajay Seth, as chairman of the Insurance Regulatory and Development Authority of India (IRDAI). The appointment followed a pattern. In December 2024, the Modi government sprung a surprise by naming then revenue secretary, Sanjay Malhotra—a 1990-batch IAS officer—as RBI governor three years before his retirement. His name was announced a day before the long tenure of his predecessor, another IAS officer, Shaktikanta Das, ended. Two months later, in February, the government announced the appointment of Tuhin Kanta Pandey, a 1987-batch officer serving as finance and revenue secretary, as SEBI chairman. The appointment of recently retired government officers in key regulatory positions has sparked some concern about regulatory independence. 'This is quite an unprecedented situation where finance secretaries, all of whom have retired very, very recently, are leading these organisations meant to perform the role of independent regulators,' said former finance secretary Subhash Garg told ThePrint. 'It is a dangerous situation because we are seeing regulators turn into government officers,' he added. Also Read: Indian banks have solid asset quality & profitability for now, but risks are emerging on both counts Not just the regulatory trinity It isn't just the RBI, SEBI and IRDAI. Across the board, many financial regulatory bodies, and even private banks, are headed by former civil servants, particularly, though not exclusively, those from the finance ministry. Consider the following. Last week, Nitin Gupta, a retired Indian Revenue Service (IRS) officer who served as chairman of the Central Board of Direct Taxes (CBDT) from June 2022 to June 2024, was appointed chairman of the National Financial Reporting Authority (NFRA). Set up after the 2018 IL&FS crisis, the NFRA keeps a close check on auditors and audit quality in India. Gupta succeeded Ajay Bhushan Pandey, a retired IAS officer of the 1984 batch, who served as finance secretary until February 2021. Immediately after his tenure as NFRA chairperson, Pandey joined the Asian Infrastructure Investment Bank (AIIB) as its vice-president in April 2025. India is the second-largest shareholder of the AIIB, a multilateral development bank and international financial institution. Meanwhile, the International Financial Services Centres Authority (IFSCA), the regulatory body for the country's special economic zones—including the GIFT International Financial Services Centre (GIFT IFSC), an SEZ in the GIFT city—is headed by K. Rajaraman, a retired 1989-batch IAS officer of the Tamil Nadu cadre. Rajaraman was appointed in July 2023 while he was still serving as secretary in the Department of Telecom (DoT). Before assuming the charge of DoT secretary, he was serving as additional secretary (Investments & Infrastructure) in the DEA. Then there is the Financial Services Institutions Bureau (FSIB) constituted in July 2022 to recommend persons for appointment as whole-time directors and non-executive chairpersons on the boards of financial services institutions, and to advice on personnel management in these institutions. One of the top bureau members of the FSIB is B.P. Sharma, a former 1981-batch IAS officer of the Bihar cadre, who served as the secretary, Department of Personnel and Training (DoPT), until 2017. The FSIB had replaced the Banks Board Bureau (BBB), which performed similar functions, and was headed by former Comptroller and Auditor General (CAG) and IAS officer Vinod Rai. Finally, the Competition Commission of India (CCI), formed in 2002 to keep a check on anti-competitive agreements and abuse of dominant positions by enterprises, is also headed by a former IAS officer. Ravneet Kaur, a 1988-batch Punjab cadre officer, has been the chairperson of the CCI since 2023. Two of the three members of the CCI – Anil Agrawal and Deepak Anurag – are retired officers of the Indian Police Service (IPS) and the Indian Accounts and Audit Service (IA&AS), respectively. Only one member, Sweta Kakkad, belongs to the private sector. Also Read: 'Corruption follows those in power like shadow'—HC rejects IAS officer's anticipatory bail in bribery case Private banks The trend of former civil servants heading financial bodies has spread to private banks as well. Atanu Chakraborty, a retired 1985-batch Gujarat cadre IAS officer, who served as finance secretary until April 2020, has held the position of part-time chairman and independent director of HDFC Bank since May 2021. While his first tenure ended in 2024, the RBI gave a nod for his reappointment for another three years last year. P.K. Sinha, who served as cabinet secretary and later as advisor to the prime minister until 2021, is the non-executive part-time chairman of ICICI Bank. Sinha, a 1977-batch Uttar Pradesh cadre IAS officer, served as cabinet secretary from June 2015 to August 2019. In 2019, the government amended a 60-year-old rule that capped a cabinet secretary's four years, including one extension, to give him a third extension that exceeded his tenure over the previously stipulated time. Meanwhile, C.S. Rajan, who retired as chief secretary of Rajasthan in 2016, is the Non-Executive Independent Part-time Chairman at Kotak. Hasmukh Adhia, who also served as finance secretary under the Modi government, was the non-executive chairman of the Bank of Baroda from March 2019 to February 2024. Months later, in July 2024, he was appointed chief principal secretary to the Gujarat chief minister. 'A dangerous trend' Most former civil servants agree that the trend speaks poorly of the independence of financial systems and banks in the country. 'In 1992, when all these regulatory bodies were formed, they were neither headed by former bureaucrats, nor was that envisaged,' said Garg. 'This is a dangerous trend that has crept in gradually.' 'The government is as much of a player in the financial markets as the private players. To have a barely retired government officer as a regulator raises stark questions on the independence of the regulator,' he added. To be sure, this trend is not entirely new. It was as early as 2010 that an article in the Economic and Political Weekly (EPW) argued, 'That the government's lackadaisical attitude towards regulatory institutions is entirely influenced by the selfish interests of bureaucracy is evident from the manning of those institutions, with all regulatory bodies now headed by retired or serving members of the civil services.' In fact, in 2010, the central government announced the constitution of the Financial Stability and Development Council (FSDC), which would oversee issues concerning 'financial stability, financial sector development, inter–regulatory coordination, financial literacy, financial inclusion and macro prudential supervision of the economy including the functioning of large financial conglomerates'. The Council was thus meant to be a super-regulator, with the finance minister as its chairman and the RBI, SEBI and IRDAI heads as its members. While this is not a new phenomenon, it does raise questions of whether there should be some distance between regulators and the government, says D.V. Subbarao, himself an IAS officer who later served as RBI governor. 'Some of these things really depend on the personality of the IAS officer,' said Subbarao. 'It is not a given that because one has just retired from the government as a finance bureaucrat, they would succumb to all instructions.' 'To be from the government can also have its benefits. The overview that a top job in the government gives you cannot be replicated from any other experience,' he said. 'Knowing the government culture, knowledge of people within the government are assets, but they have to be balanced,' he said. 'Someone like Raghuram Rajan, who was the Chief Economic Advisor before he was appointed RBI governor, had that balance.' As for the private banks, they are a symptom of a larger malaise, said Garg. 'Theoretically, private banks can choose to not have retired IAS officers. They do it because they are compelled to believe that they can have a better dialogue with the government if they have a retired government officer on their board.' 'It is a symptom of an unhealthy system where private sector banks feel they cannot exist independently from the government,' he added. A retired IAS officer currently posted in one of the bodies, however, said that the presence of a government official helps rein in recklessness in the system. 'If you see this trend has grown after the NPA (non-performing assets) crisis… If there is a need felt to have some oversight on financial systems after a crisis of that magnitude, it is within reason,' the officer said. (Edited by Sugita Katyal) Also Read: 'Mujhe EMI bharna hai'—how voice tech is bringing millions of Indians into banking system
STV News
2 days ago
- Automotive
- STV News
Would you travel on a self-driving bus around Glasgow?
Self-driving buses could be introduced in Glasgow to connect major parts of the city to meet the needs of locals. The Glasgow Automated Mobility Mass-transit Accelerator (GAMMA) is conducting a feasibility study over the introduction of the service across selected routes in the city centre and surrounding areas. The project will be tested on selected rural, peri-urban and urban routes designed to connect major points of interest, including employment hubs, healthcare services, recreation venues and key transport interchanges. These routes would include Glasgow Central and Queen Street, and Buchanan Bus Station. The project aims to design a 'commercially viable autonomous bus service that meets the real needs of the people of Glasgow'. The study has received funding and support from the UK Government through the £150m Connected and Automated Mobility CAM Pathfinder Feasibility Studies (FS) Competition. Ash Dowler, senior innovation and net zero consultant, DG Cities, said: 'This project is an exciting step towards understanding how autonomous buses can truly serve Glasgow's people and places. 'As a consultancy which has helped cities across the UK harness the potential of new technology and data to improve the lives of residents, we are keen to explore how we can work with our partners, including Glasgow City Council, to tackle some of the biggest social and environmental challenges facing those who live, visit and work in the city. 'It's fantastic to kick off this important work with such a great team.' The UK Government wants to create a £40bn CAM sector and over 6,500 jobs by 2040. Mark Cracknell, programme director at Zenzic, said: 'We are thrilled to announce the GAMMA project, spearheaded by DG Cities, ZF and Admiral Insurance, as one of the fourteen exciting CAM Pathfinder Feasibility Studies taking place across the UK. 'The deployment of Connected and Automated Mobility solutions in our towns and cities holds incredible promise – enhancing accessibility, reducing emissions, and fostering a transport network that is both reliable and inclusive. The GAMMA project will serve as a pivotal example in showcasing those benefits. 'We are looking forward to working with the project consortia as they further develop their business case, demonstrate the commercial readiness of the service, and provide vital insight into the opportunities presented by the deployment of CAM solutions in regions throughout the UK.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Bloomberg
17-07-2025
- Business
- Bloomberg
Trump Targets Brazil Ethanol Market That American Firms Helped Fuel
The Trump administration has blamed tariffs for a slump in ethanol shipments to Brazil. But the loss of what was once the biggest export market for US biofuel is, in part, a problem of America's own making. Brazil has drastically reduced its dependence on US biofuel imports by investing billions of dollars in corn-based ethanol, creating a domestic industry that it later moved to protect through tariffs. The push began in 2017, led by Iowa-based Summit Agricultural Group, whose FS unit installed Brazil's first corn ethanol plant.
Cision Canada
07-07-2025
- Business
- Cision Canada
FPX Nickel Receives Multi-Year Area-Based (MYAB) Permit and Commences 2025 Drilling Activities at Baptiste Nickel Project
VANCOUVER, BC, July 7, 2025 /CNW/ - FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX" or the " Company") is pleased to report that it has received a multi-year area-based (" MYAB") permit from the government of British Columbia to support the renewal of drilling activities at the Baptiste Nickel Project (" Baptiste" or " the Project") in 2025. This year's drilling program has commenced successfully, targeting the completion of geomechanical, hydrogeological, and condemnation holes to complement the Project dataset for the feasibility study and the Company's planned entry into the environmental assessment (" EA") process in the second half of 2025. Highlights Receipt of multi-year area-based permit covers all anticipated Baptiste field activities required for the feasibility study (" FS") and follows a robust engagement process with nearby First Nations communities before and throughout the permitting process Phase one FS engineering field investigations to be completed with drilling to occur over an approximate 8-week period beginning in early July Approximately 2,800 m of geomechanical, hydrogeological, and condemnation drilling is planned around the Project site for this first phase of the FS field program, with most of the meterage focused within the open-pit footprint, focused on long-lead data collection for the EA and FS Over 75% of fieldwork expenditures are anticipated to be disbursed under the terms of contracts awarded to First Nations-owned or -affiliated businesses operating in central British Columbia "We are pleased to have received the MYAB permit, which sets the stage for conducting all field activities required for the feasibility study and the commencement of the EA process," said Martin Turenne, FPX's President and CEO. "Throughout the permitting process, we have continued to benefit from our collaboration with the government of British Columbia's Critical Minerals Office, which has played an important role in ensuring a robust engagement process with all impacted First Nations. We continue to build on our inclusive relationships with the multiple First Nations communities connected to the Project, including the proposed mine site and associated off-site infrastructure such as the powerline and access road, and we are proud to support those communities in maximizing their economic participation in this year's program." Feasibility Study Field Work In connection with the environmental and cultural baseline study works ongoing at Baptiste since 2022, FPX has commenced the first phase of FS engineering field investigations. This year's program is focused on long-lead data collection that will support the EA process, as well as improved engineering definition within the open-pit footprint. Approximately 2,800 m of geomechanical drilling, hydrogeological drilling, and condemnation drilling is planned around the Project site in 2025, with most of the meterage focused within the open-pit footprint. The second phase of the FS engineering field investigation program is expected to be undertaken in 2026 and will include resource in-fill drilling, further geomechanical drilling, further hydrogeological drilling, and ex-pit geotechnical drilling. Following the completion of the second phase of engineering field investigations, the FS is expected to be completed in 2027. Cultural and Environmental Baseline Studies Cultural and environmental baseline studies have been ongoing for the Baptiste Nickel Project since early 2022 and include surface water hydrology and water quality, wildlife, vegetation, fisheries and aquatics, and archeology programs. Ongoing and expanded programs were completed in 2024 in preparation for the EA process. The 2025 program is continuing to study the Project area, and includes ongoing wildlife, climate, hydrology, water quality and hydrogeology work. The cultural and environmental studies for the Project are being conducted by local First Nations-owned and -affiliated businesses in the Project area. This approach targets the integration of First Nations perspectives into the scoping and execution of these studies and provides a strong collaborative basis for the EA process, which the Company plans to initiate in the second half of 2025. Daniel Apai, FPX's Vice President, Projects, FPX's Qualified Person under NI 43-101, has reviewed and approved the technical content of this news release. About the Baptiste Nickel Project The Company's Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni 3 Fe) hosted in an ultramafic/ophiolite complex. The absence of sulphur and our ability to connect to the BC Hydro grid means that Baptiste has the potential to be one of the lowest carbon-intensive nickel producers in the world and will produce a very high-grade product that does not require any intermediate smelting or complex refining. The Baptiste mineral claims cover an area of 453 km 2 west of Middle River and north of Trembleur Lake, in central British Columbia. In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit. Since 2010, approximately US$55 million has been spent on the exploration and development of Baptiste. FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders. In 2024, the Province of British Columbia identified the Baptiste Nickel Project as the first project to be included in the Province's new Critical Minerals Office (" CMO") concierge service initiative, a provincial strategy action to enable the prioritization of critical minerals projects in B.C. The CMO initiative is providing an excellent structure to proactively identify and address issues and opportunities ahead of the Project's entry into the environmental assessment process. About FPX Nickel Corp. FPX Nickel Corp. is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company's website at On behalf of FPX Nickel Corp. "Martin Turenne" Martin Turenne, President, CEO and Director Forward-Looking Statements Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. SOURCE FPX Nickel Corp.
