Latest news with #FSM
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Business Standard
2 days ago
- Business
- Business Standard
Singapore court rejects restructuring plan of WazirX parent Zettai
In a major blow to crypto traders on exchange platform WazirX, the Singapore High Court on Wednesday rejected the proposed restructuring plan of WazirX's parent company, nearly a year after an alleged cyber heist resulted in a loss of $235 million in virtual digital assets. The dismissal of parent firm Zettai's scheme of arrangement comes weeks after the company incorporated a subsidiary, Zensui Corporation, in Panama. The court's action was prompted by the company's failure to disclose these incorporation details during the restructuring process, according to people familiar with the matter. Zensui was incorporated on 10 March this year, according to an affidavit submitted to the Singapore Court and reviewed by Business Standard. In addition, the company said Zettai did not intend to obtain a digital token service provider (DTSP) licence in Singapore. It added that the parent or its Panama subsidiary did not intend to apply for registration with India's Financial Intelligence Unit (FIU-IND). The crypto exchange may appeal against the latest order issued by the Singapore Court, a person close to the development said, requesting anonymity. According to Singaporean laws, digital token service providers (DTSPs), subject to a licensing requirement in the country, are required to suspend or cease such business outside the island nation by 30 June 2025. The setback to the company may further stretch the timeline on the distribution of available assets to its creditors. 'Zettai also failed to disclose the incorporation of its subsidiary, Zensui, which was incorporated on 10 March, and an agreement to transfer cryptocurrency assets to Zensui—both of which were not communicated to users or the Court,' said Navodaya Singh Rajpurohit, legal partner, Coinque Consulting and founder, Pravadati Legal. He added that Zettai revealed it does not intend to register with the Financial Intelligence Unit – India, a prerequisite for lawfully distributing cryptocurrency in India. 'These omissions and regulatory non-compliances made the scheme unviable and lacking in transparency,' he said. In the affidavit, the company said the Financial Services and Markets Act 2022 (FSM) did not present any legal or practical impediment to Zettai effecting the first distribution or allowing withdrawals in accordance with the scheme of arrangement—one of the reasons it did not intend to apply for the DTSP licence. 'The Panama subsidiary was the custody of the crypto related to redistribution since the holding was with Singapore. It was an interim since the firm wanted to go to a jurisdiction where it could follow a framework and regulation after 30 June,' a person close to the company said. In April, Zettai said that 93.1 per cent of eligible voting creditors, representing 94.6 per cent in value of claims, voted in favour of the scheme, months after the company proposed restructuring in the Singapore High Court. In total, 1,41,476 scheme creditors, representing $195.65 million in approved claims, cast a vote. Out of the total creditor base, 1,31,659 investors representing $184.99 million voted in favour of the scheme.
RNZ News
4 days ago
- Business
- RNZ News
Pacific news in brief for 3 June
A police landcruiser patrols the streets of the Papua New Guinea capital Port Moresby. Photo: RNZ Pacific/ Koroi Hawkins Twenty people on a bus in Port Moresby were rescued by police officers after their bus was attacked at a roadblock. The PNG National reported the passengers were chased off the bus and the attackers stole valuable items. One passenger said someone stoned the bus and the driver lost control, and then others who were hiding in the bushes came out and robbed them. Acting assistant police commissioner, National Capital District and Central, Benjamin Turi said police had already issued warnings for people to take precautions when traveling up and down the highway. The Governor of the Northern Marianas has laid out his administration's economic recovery plans, urging for unity as the CNMI navigates a challenging but improving fiscal landscape. Governor Arnold Palacios also highlighted key accomplishments during his first State of the Commonwealth Address. He said while the CNMI continues to face challenges, its also seeing signs of growth and resilience. Governor Palacios noted that the new 300 business registrations are signs of recovery and confidence. In the past 12 months, a number of big businesses have closed shop or left the CNMI, and a number of Asian airlines have stopped flying there. Access to reliable electricity across the Federated States of Micronesia (FSM) is now on the cards. The FSM has some of the lowest electricity access rates in the Pacific, particularly in Chuuk State, where two-thirds of households lack power. A new project to be implemented by the government, with financing and technical support from the World Bank, will mean thousands of families will benefit from better, more reliable electricity. The US$42 million project will increase access to electricity for over 3,500 people in remote outer islands, while improving the reliability of existing power supply and supporting the increase in renewable energy across FSM's four states: Chuuk, Kosrae, Pohnpei and Yap. Fifty new projects have been announced under the Solomon Islands - Australia Community Partnerships. The Australian High Commission said the projects represent more than 11 million Solomon Islander dollars (US$1.9 million) in direct funding to businesses and communities. The projects include the installation of solar powered streetlights, the construction of new classrooms, upgrades to rural health clinics, and the provision of community water tanks. The Australian High Commissioner to Solomon Islands Rod Hilton said the initiatives will deliver practical benefits to communities, while also supporting local businesses and jobs. Fiji Airways managing director and chief executive officer, Andre Viljoen, is stepping down in October this year. Fiji Airways chairperson, Nalin Patel said Viljoen has accepted the position of CEO at Air Mauritius and will be returning home after a decade of exceptional leadership in Fiji. Patel said under his stewardship, Fiji Airways' annual revenue has grown significantly, from FJ$815.3 million in 2015 to $1.9 billion in 2024. He said Viljoen will remain on the board of directors after his transition. Samoa has marked its 63rd independence day celebrating achieving sovereignty in 1962. Festivities commenced on Sunday with a thanksgiving service at the Catholic cathedral in Mulivai. On Monday, Prime Minister Fiame Naomi Mataafa raised the national flag outside the government building in Apia. Additional celebrations are taking place throughout the week.
Yahoo
4 days ago
- Business
- Yahoo
3 Reasons Growth Investors Will Love Fortuna (FSM)
Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. But finding a great growth stock is not easy at all. In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end. However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects. Fortuna Mining (FSM) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank. Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better. Here are three of the most important factors that make the stock of this silver and gold miner a great growth pick right now. Earnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration. While the historical EPS growth rate for Fortuna is 19.6%, investors should actually focus on the projected growth. The company's EPS is expected to grow 52.2% this year, crushing the industry average, which calls for EPS growth of 37.6%. Cash is the lifeblood of any business, but higher-than-average cash flow growth is more beneficial and important for growth-oriented companies than for mature companies. That's because, high cash accumulation enables these companies to undertake new projects without raising expensive outside funds. Right now, year-over-year cash flow growth for Fortuna is 31.4%, which is higher than many of its peers. In fact, the rate compares to the industry average of -2.4%. While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 38% over the past 3-5 years versus the industry average of 5.7%. Superiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements. The current-year earnings estimates for Fortuna have been revising upward. The Zacks Consensus Estimate for the current year has surged 6.1% over the past month. While the overall earnings estimate revisions have made Fortuna a Zacks Rank #2 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. This combination positions Fortuna well for outperformance, so growth investors may want to bet on it. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fortuna Mining Corp. (FSM) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mirror
28-05-2025
- Health
- Daily Mirror
Children missing school over uniform and trips costs, miserable study shows
Some 16% of pupils aged 11-18 have missed school at least once because their parents couldn't afford something they needed to attend, such as branded uniform or kit Some 16% of pupils aged 11-18 have missed school at least once because their parents couldn't afford something they needed to attend, polling shows. This rises to 26% among pupils who receive free lunches, according to the Child Poverty Action Group's (CPAG) poll. Almost half (47%) of young people who missed school said they did not have the correct uniform or kit. More than a quarter (26%) skipped school because they couldn't afford transport to get to school, while 27% didn't turn up because of a lack of money for going on trips. Children who receive free school meals (FSM) were more than twice as likely to be sent home from school for not having the right uniform or kit as their peers (8% compared to 3% of all pupils). More than one in five (21%) young people in receipt of FSM have missed school because of mental health challenges, such as feeling anxious or depressed, compared to 17% in families who aren't eligible. One secondary school staff member told CPAG they sometimes receive calls from parents to say a pupil can't come in because they 'only have one uniform and that's in the washing and it's not dry'. And a student told the charity: 'A lot of people lose confidence over their financial embarrassed about how they're poor, they tend to be quieter.' Another pupil said: 'I sometimes have to buy my friends their food because they don't have any money in their accounts.' And one student added: 'All the trips are too expensive and a lot of parents can't afford them even when they work, especially if they have more than one child attending school.' More than two-thirds (68%) of secondary pupils in the UK attend schools that still require branded uniforms, although this varies across the nations, according to CPAG. The government is bringing in legislation in England to restrict the number of branded items to three in secondary schools or four if one item is a tie. It comes as Keir Starmer comes under mounting pressure to reverse the two-child benefit limit, which could lift thousands of kids out of poverty. Bridget Phillipson on Tuesday said scrapping the controversial two-child benefit limit is "on the table". CPAG demanded the Tory-era policy be ditched and also called for an expansion of free school meals. The Mirror is campaigning for free school meals for all primary school children. Kate Anstey, head of education at CPAG, said: 'Children in poverty aren't getting the real deal at school because they don't have money to participate – or even get to the school gates. From not being able to afford meals or uniform to poor mental health, lack of money at home means young people are missing school – effectively priced out of the system. 'Government must do more to support living standards for families so kids aren't locked out of learning – including scrapping the two-child limit and expanding eligibility for free school meals.' A government spokesperson said: 'We are determined to reduce child poverty through wide-ranging action as part of our Child Poverty Taskforce, breaking the unfair link between background and opportunity. 'This government has inherited a system with baked-in inequalities. 'Through our Children's Wellbeing and Schools Bill, we are also changing the law to limit the number of branded items schools can require, which alongside free breakfast clubs could put £500 a year back into working parents' pockets.' ::: Survation surveyed 1,701 state secondary school students aged 11-18 living in the UK between April 17 and May 1.
Yahoo
21-05-2025
- Business
- Yahoo
Coalition Files Landmark Petition to African Commission Demanding Climate Reparations and Justice for Future Generations
TUCSON, AZ / / May 21, 2025 / In a powerful and far-reaching interview, a group of Fair Start Movement (FSM) activists sits down with Xraised to confront how current global systems undermine true justice, ignore the most vulnerable populations-especially in Africa and other marginalized regions-and perpetuate ecological destruction. FSM activists are now filing a pivotal petition to the African Commission on Human and Peoples' Rights (ACHPR), urging it to take decisive rights-based action to address corporate fraud and maximize accurate climate reparations, environmental justice, and intergenerational equity specifically for African communities. It highlights the systemic harms caused by current global standards that undervalue the lives of children of color, particularly in the Global South, and seeks binding accountability from corporations perpetuating environmental and social injustices. Inequity by Design: Suffering and Injustice is Increasing Exponentially It has been normalized that companies and other entities deliberately externalize ethical and legal costs of social and ecological harm as part of a business strategy and model - called "permissible harm thresholds." Companies discount the value of others' lives, rights, or futures when they calculate that externalizing harm is more profitable than internalizing responsibility. This functions as a shadow discount rate - applied not to money, but to the moral and legal weight of harm. Litigation risk, reputational damage, or regulatory capture are factored in as acceptable trade-offs. These choices are often guided by assessments of enforceability, public pressure, and regulatory weakness, not actual ethical standards. For example, a vertically integrated dairy conglomerate may not pay for the water pollution it causes, leaving costs to fall on public health systems and local governments. It may not price in the antibiotic resistance its practices accelerate, deferring costs onto future public health infrastructure, and uses subsidies that disadvantage small producers, harming fair market competition. These factors are treated as legal risk mitigation rather than moral failure, shaping business models as much as any Discounted Cash Flow projection. A Deliberate, Systemic Moral Failure Business models that include "permissive harm," "discount rates," and similar engineered adjustments constitute equity, reparations, and impact fraud. They conceal responsibility for climate and related crises, infant mortality, and the violation of children's fundamental rights - including the systemic devaluation of children of color and the harm done to their life chances and legal protections. Impacted rights can include democratic voting rights or the right to ensure governance derives from empowerment of constituents. A New Standard of Legitimacy: Starting at Birth The activists argue that the root of systemic injustice lies in what Carter Dillard, a leading FSM voice, terms the "widely contested standard" or "equity fraud" - a framework that justifies entitlements and government authority without first securing the birthrights of children. Rather than measuring justice from high levels of permissible harm that protect elite interests, FSM proposes an equity-based metric that starts from zero, evaluating the harm inflicted on the most vulnerable - particularly infants and nonhuman animals - from the moment they enter the world. "Legitimacy and equity start with fully measuring the harm," says Dillard. "This is not charity or investment, but reparations. It's about telling the truth from the beginning - from birth." Exposing Flaws in Power Structures The interview highlights how unjust standards are embedded in laws, definitions of fraud, enforcement methods, and misleading cost-benefit analyses - all of which FSM argues are preempted by international law. As Dillard explains in his essay for CounterPunch, global systems often sidestep the real source of power - the act of constituting authority through relational equity at birth. This insight is not just philosophical; it is a practical blueprint for justice that challenges governments, academics, and philanthropists to shift from performative reforms to structural accountability. If cost/benefit assessments do not start from zero, elevating infants and animals above the threshold of intergenerational justice, they risk engaging in performative work rather than meaningful change. From Charity to Reparations: Empowering Through Birth FSM's approach conditions all forms of authority and wealth on measurable empowerment of children at birth. This involves building systems where entitlements are derived not from exploitation, but from ensuring fertility delay, parental readiness, fair resource distribution, and geographic justice. This vision moves beyond traditional social justice models and calls for a transformative restructuring of how legitimacy is defined. "We're not just talking about improving a broken system," Dillard notes. "We're talking about legitimizing the very foundations of society." The Fair Start Movement offers a proactive disclosure and compensation framework that places children's sovereignty at the center of national sovereignty. Linking Animal Rights, Racial Justice, and Ecological Survival FSM insists that true animal liberation and racial justice cannot exist independently. Most activists, they argue, unintentionally perpetuate injustice by working downstream - addressing symptoms rather than root causes. Using flawed standards undermines both animal and human rights and often benefits elites at the expense of those activists claim to protect. "Most animal rights activists didn't choose animals over racial justice," the FSM team explains. "They were misled into serving neither." This critique urges advocates to align methods with moral goals, moving beyond token campaigns to build truly equitable systems. Taking Action Against Corporate Abuse FSM's commitment to action is exemplified in its call for accountability from corporations like Coca-Cola and Fairlife. In response to revelations of cruelty and exploitation, FSM demands that these companies provide transparency about their impacts - not only on animals but on future generations and the climate. As outlined in their public statement, FSM believes that exposing and correcting these abuses is central to building a just and legitimate society. This direct advocacy challenges government, philanthropy, and corporate actors to adopt transparent, equitable, and future-focused practices. Fair Start: A Tool for Measuring Real Impact The Fair Start framework is a tool that allows governments, organizations, and individuals to recalibrate their impact based on whether they measurably empower children as they enter the world. This baseline of equity, FSM argues, is the only way to ensure we're building just systems rather than perpetuating harm under new names. "The act of telling the truth about our starting point - admitting the use of flawed standards - is what legitimates future relations," says Dillard. "Without that, we're just rearranging power for our benefit." Foundations Must Confront Their Role in Climate Injustice FSM also critiques philanthropic foundations for enabling environmental harm under the guise of charity. Many uphold systems of inherited privilege while claiming to support justice and sustainability. By failing to acknowledge their contributions to ecological degradation and intergenerational inequity, they perpetuate climate injustice. Real equity requires redistributing not just wealth but power, beginning by prioritizing future generations and the planet over profit and legacy. Foundations are called upon to reevaluate their legitimacy by asking: Are we empowering future generations or simply preserving our influence? Without a true fair start, FSM contends, no philanthropic effort can be sustainable. Empowering Children Through Birthright Equity FSM's insight into the intersection of climate justice and birthright equity emphasizes rethinking the global standard of freedom and its impact on vulnerable populations. They advocate for empowering individuals from birth, asserting that legitimacy of societal structures should stem from equitable treatment of all children, regardless of race or socio-economic status. The current economic model discounts future lives, perpetuating systemic inequities that benefit the wealthy few at the cost of marginalized groups. Addressing these foundational disparities aims to foster a world where individual and political autonomy is recognized and protected from birth. Rethinking Birthright Wealth and Systemic Exploitation FSM points out that many today's environmental and social issues, including the climate crisis, can be traced back to disregard for the rights of infants and animals. The absence of a rights-based framework centered on birthrights has allowed unchecked exploitation of natural resources and human capital, deeply tied to birthright wealth and privilege. FSM urges governments, activists, and philanthropists to adopt a more inclusive, rights-based approach to policy-making, ensuring every child is born with opportunities for self-determination and political empowerment. The Fork in the Road: Legitimacy or Collapse The conversation concludes with a call to action: one path preserves wealth created through flawed standards, further fueling climate breakdown and social instability; the other reorients that wealth to constitute just, legitimate nations. "Children should be born as democratic ends, not economic means," FSM emphasizes. Next Moves: Mobilizing Legal Action for Climate Justice Filing a Landmark Petition with the African CommissionFair Start Movement activists are taking a bold step by filing a pivotal petition with the African Commission on Human and Peoples' Rights (ACHPR). This legal action demands that the Commission address corporate fraud, enforce accurate climate reparations, and uphold environmental justice and intergenerational equity throughout Africa. Connecting Corporate Accountability and Climate ReparationsThis petition complements a U.S. federal class action lawsuit against Fairlife, a Coca-Cola-owned dairy brand accused of false sustainability claims. The coalition highlights how deceptive standards allow corporations to evade liability for climate-related harms, disproportionately affecting children of color in the Global South. Challenging the "Permissible Harm" ModelThe activists argue that the current global economic model of "permissible harm" is rooted in systemic inequities-particularly white supremacy and economic exploitation-that undervalue African lives and children worldwide. These flawed standards enable corporate greenwashing and perpetuate environmental and social injustice. Calling for Binding Accountability and Child Equity RecognitionThe coalition urges the ACHPR to adopt binding accountability mechanisms and legally recognize child equity as a foundation for environmental dignity and survival. This framework prioritizes protecting African generations now and into the future. Voices from the Movement: A Call for Justice"We are the echoes of ancestors who dreamed of freedom despite enduring historic injustices," said Zahara Nabakooza, Fair Start Movement Children's Rights Lead. "Equality isn't kindness-it's a debt long overdue, paid only when every Black soul walks this earth unafraid, unburdened, and fully seen." To follow the full interview and explore more, visit the Fair Start Movement and listen to the full podcast on Spotify. Media Contact: Cecilia CastilleroSenior interviews@ SOURCE: Xraised View the original press release on ACCESS Newswire Sign in to access your portfolio
