Latest news with #GSS
The Star
4 days ago
- General
- The Star
S'ban gurdwara honours three Sikhs for service to faith, community
Dr Parim (left) and Arjan (right) with the recipients (from second left) Manmohan, Saran and Amar. THREE Sikhs were honoured for their decades of service to the community by Gurdwara Sahib Seremban (GSS) in Negri Sembilan. The octogenarians were each given a robe and letter of honour, as well as a memento by GSS president Arjan Singh. 'Their unwavering dedication and tireless efforts in preserving Sikh history and heritage are commendable, as they have helped our small community keep in touch with our roots. 'We salute them for their commitment and dedication,' he said of the three, who were recognised at a special ceremony at GSS. They were 83-year-old planter Manmohan Singh, retired government servant Saran Singh Sidhu, 80, and housewife Amar Kaur, 81. Present to do the honours was GSS trustee and former president Datuk Dr Parim Singh. Arjan said that apart from spending some RM3mil to build a gurdwara complex on his land in Kuala Klawang in Jelebu, Manmohan had also set up a gallery displaying many historical and traditional items related to the community, such as cooking utensils and musical instruments. 'Manmohan had been running a smaller gurdwara adjacent to his house for decades but decided to build a bigger one a short distance away, so Sikhs could carry out their religious obligations in a more conducive environment,' Arjan explained. Manmohan, he said, also has in his possession a over-a-century-old Sri Guru Granth Sahib Ji, the Sikh holy book, which they consider as their living guru. Saran authored a book on Sant Baba Sohan Singh, a Sikh who spent many years as a granthi (priest) in Gurdwara Sahib Melaka. Saran has also written an illustrated history of Sikh gurdwaras in Malaysia and Singapore. He has additionally penned numerous articles and books on coins and paper currency. He is a foundation fellow of the Malaysia Numismatic Society and a fellow of London's Royal Numismatic Society. Arjan said Amar was honoured for teaching the Gurmukhi script to children and adults alike by holding classes at her home for almost 50 years. 'She first started holding classes in 1972. Through her efforts, many members of the community are able to read the Sri Guru Granth Sahib Ji. 'Aunty Amar, as she is popularly known, is also instrumental in helping students prepare for the Punjabi language paper in public examinations, including SPM,' he said, adding that she had also contributed to Sikh youths in other ways. The trio's contributions, Arjan said, were exemplary and served as shining examples to present and future generations. 'Though no reward could truly match your selfless service to the Sikh community, please know that your works have created a positive and long-lasting impact,' he told them.
Business Insider
29-05-2025
- Business Insider
One in six Ghanaians paid bribes to access public services in 2024
One in six Ghanaians who interacted with public officials in 2024 admitted to paying a bribe to access public services, the Ghana Statistical Service (GSS) has disclosed. 18.4% of Ghanaians who interacted with public officials in 2024 reported paying bribes, with cash being the most common form. The survey, which involved 7,248 participants nationwide, identified urban regions and the ages 35–49 as hotspots for bribery incidences. Among those paying bribes, individuals with higher education levels and employment status were prominent contributors. According to the newly launched Governance Series Wave 1 Report, 18.4% of respondents who dealt with public officials during the year reported giving bribes—most commonly in cash. The report forms part of Ghana's ongoing efforts to track progress on Sustainable Development Goal (SDG) Indicator 16.5.1, which measures the proportion of the population who paid or were asked to pay a bribe to a public official. The nationwide survey, conducted through Computer-Assisted Telephone Interviewing (CATI), sampled 7,248 individuals across all 16 regions. Over half of the participants (55.7%) confirmed they had interacted with at least one public official from January to December 2024. Bribery patterns by gender, age, and location The study identified stark disparities in bribery trends. Men accounted for a staggering 77.4% of those who paid bribes, while women made up only 22.6%. Urban areas also emerged as bribery hotspots, with 61.9% of bribery cases recorded in cities compared to 38.1% in rural areas. The most affected age group was 35–49 years, representing approximately 43% of all bribes paid. Individuals with tertiary and junior high school (JHS)/middle-level education recorded the highest rates of bribe payments, and employed persons made up the bulk of those involved (75.6%). Surprisingly, 22.4% of unemployed individuals reported paying bribes exceeding GH¢1,000, underlining the steep economic burden corruption places on jobseekers and vulnerable populations. Among persons living with disabilities, about 21% reported engaging in bribery, with the highest rates observed among those with physical (40.1%) and visual (32.5%) impairments. Police top the list of most corrupt institutions The Ghana Police Service's Motor Traffic and Transport Department (MTTD) emerged as the most corrupt institution, with six out of ten individuals who interacted with the MTTD admitting to paying bribes. Other top-ranking institutions included: General duties police officers – 46.7% Criminal Investigations Department (CID) – 37.9% City guards – 34.4% At the other end of the spectrum, the Minerals Commission recorded zero bribery incidents, while only 2.6% of respondents cited bribe-related encounters with foreign embassies or consulates. Regionally, Greater Accra (22%) and Ashanti (18.1%) recorded the highest levels of bribery. In contrast, Savannah (1%) and North East (1.1%) regions reported the lowest incidences. What bribes look Like: cash still dominates Cash remained the most common form of bribe, accounting for 85.2% of all reported gifts. Other bribe forms included: Food, drinks, animals – 9% Exchange of services – 4.4% Bribe amounts varied, with: One-third paying between GH¢101 and GH¢500 14% paying over GH¢1,000 More men (15.6%) than women (10.8%) reported paying bribes above GH¢1,000. Urban dwellers paid more frequently and in higher amounts than rural residents, with Greater Accra leading in high-value bribes. How bribes were Initiated – and why they go unreported Public officials were responsible for initiating 74.9% of bribes—either directly or through intermediaries. Another 17.3% of individuals gave bribes voluntarily, either to speed up processes or as a show of gratitude. However, only 14.5% of bribery incidents were reported to the appropriate authorities. Urban residents were more likely to report than their rural counterparts, reflecting both access and confidence in anti-corruption channels. A call to action for reforms Government Statistician Dr Alhassan Iddrisu described the findings as a 'call to action', urging decision-makers to develop policies grounded in data. 'This evidence must be used to drive reforms, empower citizens and ultimately reduce corruption in public service delivery,' he stated. The Governance Series, which will be conducted bi-annually, aims to monitor changes in governance experiences. These findings will also support Ghana's third Voluntary National Review (VNR) of the SDGs, scheduled for July 2025.
Mid East Info
15-05-2025
- Business
- Mid East Info
Emirates NBD announces collaboration with RegTech GSS to adopt its solution and explore strategic alignment
Emirates NBD have commenced a phased implementation to adopt GSS's network-driven sanctions screening solution for its domestic and cross-border payment and trade transactions. • Emirates NBD is also evaluating GSS for a potential strategic investment, to enhance a multi-year collaboration with the company and leading financial institutions to deliver best in class sanctions screening. • Strategic collaboration demonstrates Emirates NBD's commitment to compliance, addressing demands for safer, faster payments and continued support for partnerships and technologies that enhance risk management capabilities, drive operational efficiency and demonstrate digital leadership in the region Dubai, UAE,May 2025: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa, and Türkiye) region, announced a strategic collaboration with Global Screening Services (GSS), the industry's first network-driven sanctions screening provider, to deliver transaction screening capabilities across the region. The announcement was made at the Dubai FinTech Summit by Victor Matafonov, Group Chief Compliance Officer of Emirates NBD, Tom Scampion, Chief Executive Officer and Co-Founder of GSS and John Cusack, Co-Founder of GSS. This strategic collaboration marks a major milestone in a multi-year collaboration between Emirates NBD, GSS, and more than 30 global financial institutions, focused on designing and delivering the industry's first sanctions screening platform. Built from the industry, for the industry, GSS provides a network-driven model that enhances sanctions screening effectiveness, improves operational efficiency, and reduces unnecessary customer friction. The GSS platform, built on global industry standards, shared intelligence, and dynamic tuning, enables banks to detect risks more accurately, adapt more quickly to regulatory changes, and deliver safer, faster payments. GSS's model strengthens operational resilience, supports compliance with emerging frameworks like ISO 20022, improving transparency across the payments ecosystem. This strategic collaboration demonstrates Emirates NBD's ongoing commitment to proactive risk management, digital innovation, and addressing evolving market demands. It reinforces the Bank's leadership in setting new benchmarks for sanctions compliance, operational excellence, and customer trust throughout the MENAT region and beyond. Victor Matafonov, Group Chief Compliance Officer at Emirates NBD, said: 'At Emirates NBD, we actively seek partnerships that enhance our compliance framework, boost efficiency, and reinforce our role as digital leaders. GSS's innovative approach aligns closely with our objectives of continually elevating our risk management and operational effectiveness. We look forward to collaborating closely with GSS to advance sanctions compliance practices across the MENAT region.' Neeraj Makin, Group Head of Strategy, Analytics and Venture Capital, Emirates NBD: 'The Emirates NBD – GSS partnership is targeting to transform our compliance ecosystem and unlock untapped efficiencies in our sanctions screening operations. The Emirates NBD Innovation Fund was created to invest in companies with strategic relevance to the Group and are shaping the future of finance. GSS' innovative RegTech network approach is strongly aligned with our investment mandate. We are currently evaluating strategic equity into the business'. Tom Scampion, Chief Executive Officer of GSS, commented: 'We're proud to partner with Emirates NBD, a leader known for innovation and commitment to excellence. This collaboration highlights the power of GSS's network-driven model, developed from the industry, for the industry. Together, we aim to set new benchmarks for sanctions screening, delivering greater efficiency, higher accuracy, and a streamlined experience for banks and their customers across MENAT and beyond' About GSS: GSS brings global financial institutions together to deliver higher standards in compliance, providing a trusted platform to enhance and exchange information. The first service delivers sanctions transaction screening, built on industry standards and improved processes. Services under GSS are easily accessible to everyone, delivering greater effectiveness, improved efficiency, and the reduction of friction. About Emirates NBD: Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As of 31st March 2025, total assets were AED 1 trillion, (equivalent to approx. USD 272 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 839 branches and 4,539 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
Zawya
15-05-2025
- Business
- Zawya
Emirates NBD announces collaboration with RegTech GSS to adopt its solution and explore strategic alignment
Emirates NBD is also evaluating GSS for a potential strategic investment, to enhance a multi-year collaboration with the company and leading financial institutions to deliver best in class sanctions screening. Strategic collaboration demonstrates Emirates NBD's commitment to compliance, addressing demands for safer, faster payments and continued support for partnerships and technologies that enhance risk management capabilities, drive operational efficiency and demonstrate digital leadership in the region Dubai, UAE: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa, and Türkiye) region, announced a strategic collaboration with Global Screening Services (GSS), the industry's first network-driven sanctions screening provider, to deliver transaction screening capabilities across the region. The announcement was made at the Dubai FinTech Summit by Victor Matafonov, Group Chief Compliance Officer of Emirates NBD, Tom Scampion, Chief Executive Officer and Co-Founder of GSS and John Cusack, Co-Founder of GSS. This strategic collaboration marks a major milestone in a multi-year collaboration between Emirates NBD, GSS, and more than 30 global financial institutions, focused on designing and delivering the industry's first sanctions screening platform. Built from the industry, for the industry, GSS provides a network-driven model that enhances sanctions screening effectiveness, improves operational efficiency, and reduces unnecessary customer friction. The GSS platform, built on global industry standards, shared intelligence, and dynamic tuning, enables banks to detect risks more accurately, adapt more quickly to regulatory changes, and deliver safer, faster payments. GSS's model strengthens operational resilience, supports compliance with emerging frameworks like ISO 20022, improving transparency across the payments ecosystem. This strategic collaboration demonstrates Emirates NBD's ongoing commitment to proactive risk management, digital innovation, and addressing evolving market demands. It reinforces the Bank's leadership in setting new benchmarks for sanctions compliance, operational excellence, and customer trust throughout the MENAT region and beyond. Victor Matafonov, Group Chief Compliance Officer at Emirates NBD, said: 'At Emirates NBD, we actively seek partnerships that enhance our compliance framework, boost efficiency, and reinforce our role as digital leaders. GSS's innovative approach aligns closely with our objectives of continually elevating our risk management and operational effectiveness. We look forward to collaborating closely with GSS to advance sanctions compliance practices across the MENAT region.' Neeraj Makin, Group Head of Strategy, Analytics and Venture Capital, Emirates NBD: 'The Emirates NBD - GSS partnership is targeting to transform our compliance ecosystem and unlock untapped efficiencies in our sanctions screening operations. The Emirates NBD Innovation Fund was created to invest in companies with strategic relevance to the Group and are shaping the future of finance. GSS' innovative RegTech network approach is strongly aligned with our investment mandate. We are currently evaluating strategic equity into the business'. Tom Scampion, Chief Executive Officer of GSS, commented: 'We're proud to partner with Emirates NBD, a leader known for innovation and commitment to excellence. This collaboration highlights the power of GSS's network-driven model, developed from the industry, for the industry. Together, we aim to set new benchmarks for sanctions screening, delivering greater efficiency, higher accuracy, and a streamlined experience for banks and their customers across MENAT and beyond' About GSS GSS brings global financial institutions together to deliver higher standards in compliance, providing a trusted platform to enhance and exchange information. The first service delivers sanctions transaction screening, built on industry standards and improved processes. Services under GSS are easily accessible to everyone, delivering greater effectiveness, improved efficiency, and the reduction of friction. For more information, visit or follow GSS on LinkedIn. About Emirates NBD Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As of 31st March 2025, total assets were AED 1 trillion, (equivalent to approx. USD 272 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 839 branches and 4,539 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water. For further information on Emirates NBD, please contact: Ibrahim Sowaidan Senior Vice President Head - Group Corporate Affairs Emirates NBD e-mail: ibrahims@ Burson Dubai, UAE Email: emiratesnbd@
Economic Times
13-05-2025
- Business
- Economic Times
De Beers secretly sells discounted diamonds to selected traders
Reuters FILE: Diamonds are displayed during a visit to the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana. De Beers has been quietly selling rough diamonds at sharply marked-down prices to a small handful of customers, in a highly unusual move that's fueling tensions across an industry already mired in secret deals appear aimed at reducing De Beers's ballooning inventories without openly cutting prices — something the company typically tries to avoid, but which has led to a big gap between its official pricing and valuations in the wider diamond market. De Beers usually holds 10 sales in Botswana each year for its roughly 70 registered buyers, where prices are recent months, De Beers has sold hundreds of millions of dollars of rough diamonds through side deals with a small number of its customers, according to buyers who asked not to be identified discussing private information. The company has been selling the stones at a 10% to 20% discount to its set prices, the people about the sales are adding to tensions among De Beers's buyers who weren't selected for the special deals, and are still expected to pay the company's official rate at its set-piece sales. The deals show the dilemma De Beers faces as it comes under pressure from owner Anglo American Plc to boost sales, while it's also seeking to support the global market by avoiding across-the-board price cuts. The almost unprecedented move by De Beers comes at a pivotal time for the company that invented the modern diamond industry. The diamond market has finally started showing signs of stabilizing after a prolonged demand crisis that sent global prices plunging, although President Donald Trump's trade war has created fresh turmoil, with the diamond industry scrambling to avoid proposed levies. De Beers itself is under pressure from Anglo to reduce costs and stem losses. The larger miner is seeking to sell the diamond business as part of its own turnaround strategy announced last year. While a sale may take some time, De Beers's management is under strict instructions to stop building stockpiles of unsold stones. De Beers has also been drastically cutting costs, including shuttering its lab-grown Lightbox unit last week.A spokesperson for De Beers declined to Beers wields considerable power in the rough-diamond market because of its role as the biggest supplier of new its normal sales, De Beers sets the prices and tells its customers – known in the industry as 'sightholders' — how much they are expected to purchase. While buyers can refuse, doing so can jeopardize their access to supplies in the Beers typically tries to avoid price cuts because its outsize influence means such a move can have a devastating impact on sentiment. Recent signs that the market is starting to recover mean that now would be a particularly bad time to officially lower the situation has grown increasingly fraught over the past year, as De Beers's reluctance to make significant cuts has left its official rates far higher than plunging valuations in the wider market. Bloomberg reported previously that many of its customers had stopped buying, and some had stopped showing up at the sales at to the tensions, De Beers told its clients late last year that it's likely to reduce their number in buyers who haven't been tapped for discounted deals are complaining there's a lack of transparency about which customers have been selected and why. Some customers also risk being undercut by rivals when it comes to selling polished stones to unusual move by De Beers comes as the battered diamond market grapples with the implications of Trump's import tariffs. The US is the world's biggest diamond market but doesn't mine any gems itself. Roughly 90% of diamonds are manufactured in India's giant cutting and polishing diamond imports to the US are currently subject to a 10% tariff, and face further levies when the 90-day pause on reciprocal tariffs comes to an end. Traders have already poured large volumes of stones into the US market to get ahead of tariffs, but fear a slump in demand if US consumers are forced to pay more because of the levies. Purchases have slowed as companies responsible for cutting and polishing worry about being stuck with inventory that is no longer profitable to sell to the US. The industry is lobbying for an exemption from tariffs.
