Latest news with #ICMA
Yahoo
28-05-2025
- Business
- Yahoo
Albemarle City Manager to retire after 35 years of local service, 1 year with city
ALBEMARLE, N.C. () — Albemarle City Manager Todd Clark is announcing his intent to retire in August 2025. Clark became the city manager in August 2024. In total, he has served 35 years in local government, including two years as the town manager of Beaufort, fifteen years as the city manager of Newton, three years as the town manager of Maiden and four years as the town manager of Catawba. 'I'm deeply grateful for the opportunity to serve the City of Albemarle,' said Clark. 'I've truly enjoyed building relationships with the people of our community, City staff, and our elected officials. After 35 years in local government, I'm now looking forward to spending more time with my wife, Jane, who recently retired from her career as an educator. Albemarle and Stanly County will always hold a special place in our hearts.' Charlotte leader calls for probe into leaked information from council's closed session In this role, Clark has overseen the day-to-day operations of the City of Albemarle, including services like electric, water, wastewater, landfills and public housing as well as parks and recreation and the police and fire departments. During Clark's tenure, the City finished the infrastructure installation for the new Albemarle Business Center, began to develop a new Comprehensive Land Use Plan (Envision Albemarle 2045) and created a new Parks and Recreation Master Plan. Clark also continued the work on the City's award-winning Strategic Plan. Mayor Ronnie Michael said, 'On behalf of City Council and our citizens, I thank Todd for his leadership in our City. Todd has done a remarkable job balancing the immense responsibilities of City operations. His professionalism and vision for making local government the best it can be are deeply appreciated. We wish him the very best in his retirement.' Clark has been an active member of both the North Carolina City & County Management Association and the International City/County Management Association (ICMA). In 2020, Clark was recognized by the ICMA for 30 years of distinguished service in local government. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Recorder
24-05-2025
- Business
- Business Recorder
ICMA conducts SWOT analysis of Islamic banking sector
KARACHI: The Institute of Cost and Management Accountants of Pakistan (ICMA) has conducted a detailed SWOT analysis of Pakistan's Islamic banking sector, highlighting its rapid growth, key challenges, and future potential as the country moves toward full Shariah compliance by 2027. According to the State Bank of Pakistan (SBP) data for September 2024, Islamic banking assets grew by 17.4% year-on-year to Rs. 9,881 billion. Deposits increased by 23.3% to Rs. 7,596 billion, net financing rose by 7.5% to Rs. 3,252 billion, and investments grew by 22.3% to Rs. 4,803 billion. Islamic banking now represents 19% of the total banking industry's assets and 23.2% of deposits. Islamic banks have shown greater resilience during economic downturns due to their asset-backed financing model, which provides more stability compared to interest-based conventional banks. A landmark achievement was the Rs. 50 billion (USD 170 million) raised by Lucky Investments Limited in a single day through the IPO of its Lucky Islamic Money Market Fund — the largest Shariah-compliant mutual fund launch in Pakistan's history. Key Islamic banks such as Meezan Bank, Al Baraka Bank, Faysal Bank, and BankIslami are expanding their branch networks and customer base across the country. These banks enjoy strong public trust by offering a diverse range of Shariah-compliant financial products. Despite these strengths, the sector faces challenges including a shortage of trained Shariah scholars and Islamic finance professionals, limited public awareness and financial literacy, and gaps in legal and regulatory frameworks for full Shariah implementation. Additionally, product innovation and technology adoption lag behind conventional banks, and Islamic banking penetration remains low in rural areas and among small businesses. Looking forward, Pakistan's Islamic banking sector has strong growth opportunities. The government's goal of fully Islamizing the banking sector by 2027 will open new markets. Emerging areas such as Islamic fintech, Takaful (Islamic insurance), and Sukuk (Islamic bonds), combined with rising global demand for ethical finance, will support this growth. Strategic partnerships and investments from Gulf and Southeast Asian economies, along with government incentives for Islamic finance development, add further momentum. However, the sector must navigate threats such as competition from conventional banks offering Islamic windows, potential delays in legal reforms, macroeconomic instability, and global financial regulations that may not align with Islamic banking principles. There is also the risk of reputational damage if Shariah compliance or governance standards are not rigorously maintained. ICMA stresses that addressing these challenges through stronger regulation, enhanced public education, and faster technological innovation will help Pakistan's Islamic banking sector reach its target of a 30% market share by 2025. This growth is essential to promote financial inclusion and support Pakistan's overall economic development.
Yahoo
06-05-2025
- Business
- Yahoo
Boliden updates Green Finance Framework
STOCKHOLM, May 6, 2025 /PRNewswire/ -- Since the launch of Boliden's inaugural Green Finance Framework in May 2022, Boliden has raised its climate ambition throughout the value chain. For example, by being one of the first mining and metals companies in the world, to have its climate targets validated and approved by the Science Based Targets initiative (SBTi). The roadmap to 2030 which primarily focuses on initiatives related to electrification, transition to renewables, process improvements and an enhanced energy mix has been incorporated into the long-term financial plan. In addition, dedicated efforts have been made to expand the Green Transition Metals portfolio of low-carbon products where the climate impact is significantly lower than global averages. With this updated Framework Boliden aims to raise funds from investors to support green investment projects that enable Boliden to achieve its vision to become the most climate friendly and respected metal provider in the world. Key updates in this Framework version include: The International Capital Market Association's (ICMA) Green Bond Principles (GBP) categories now serve as the starting point for mapping eligible Green Projects. Furthermore, eligible Green Projects are grouped and mapped to the single most core ICMA GBP category (instead of several). That is: 'Energy efficiency' is deemed core as it reflects the main activities to achieve Boliden's climate targets by 2030 - main area going forward is expected to be refinancing of the expansion investment in the zinc smelter Odda where production of Low Carbon Zinc is set to increase. Former category for 'Pollution prevention & control' has been broadened and clarified and thus include two-categories; i) pollution prevention; ii) waste management. A new category for renewable energy production has been added. Swedbank acted as the Sustainability Coordinator on the Framework update and S&P Global were engaged to provide an independent second-party opinion. S&P Global has assessed the updated Framework and reconfirms 'Medium Green' shading. For further information, please contact: Klas Nilsson Director Group Communications +46 70 453 65 88 This information was brought to you by Cision The following files are available for download: Press release Cision View original content: SOURCE Boliden
Business Recorder
23-04-2025
- Business
- Business Recorder
ICMA calls for fast-track industrial solarisation to address power crisis
The Institute of Cost and Management Accountants (ICMA) Pakistan has urged the government and industry stakeholders to fast-track the adoption of solar energy in the country's industrial sector, calling it a vital step toward resolving Pakistan's growing energy crisis and restoring export competitiveness. In its policy note released on Wednesday, the ICMA presented a comprehensive policy roadmap advocating accelerated industrial solarisation. The note titled 'Should Pakistan Expand the Use of Solar Energy in Industries to Reduce Electricity Costs?' highlighted that electricity tariffs for industrial consumers have more than doubled over the past four years, with a 38 percent surge recorded in FY2023 alone. With power costs now exceeding Rs54 per unit for industries, Pakistan's manufacturing sector—particularly critical sectors such as textiles, cement, steel, and fertilizers—is under immense pressure, struggling to remain viable against global competition. In stark contrast, solar energy offers a significantly cheaper alternative at only Rs18 to Rs20 per unit. ICMA's policy framework outlined 30 actionable recommendations aimed at removing barriers to solar adoption and promoting a competitive energy environment. Chief among these is the removal of import duties and taxes on solar panels, inverters, batteries, and other components, which currently contribute to the high upfront costs of solar installations. The institute also recommends introducing green financing options through banks and development finance institutions at concessional rates and calls for prioritising industrial solar projects under the State Bank's refinancing scheme with streamlined procedures. The policy note underscores the need to upgrade the national grid and feeder-level infrastructure to facilitate efficient solar integration, while urging the government to standardise net metering policies across all power distribution companies (DISCOs) for transparent and consistent implementation proposes the development of a national hybrid energy policy, enabling industries to draw energy from a mix of grid supply, solar, and third-party sources to ensure reliability and cost optimization. From crisis to clean energy: Pakistan emerges as top solar market in 2024 To incentivize industrial investment in solar systems, ICMA calls for fiscal measures such as tax credits, rebates, and accelerated depreciation. It also emphasises the importance of establishing solar-ready clusters within Special Economic Zones, allowing industries to benefit from shared infrastructure and secure, lower-cost energy. The report also advocates for increased local manufacturing of solar equipment, which could reduce dependency on imports and spur domestic job creation. The institute encourages the promotion of energy service companies (ESCOs) that can offer solar systems on leasing or performance-based models, easing financial pressure on industrial users. The Policy Note also introduces forward-looking proposals such as the creation of a legal framework for carbon trading and third-party energy sales, enabling businesses to capitalise on surplus power generation and carbon credits. The country's leading accounting body further recommended the establishment of a centralised solar promotion cell under the Alternative Energy Development Board to coordinate implementation efforts, address regulatory bottlenecks, and ensure policy coherence. Pakistan's sugar maker to install 200KW solar power plant It also proposed simplification of licensing procedures, promotion of energy audits to assess solar viability, and the integration of solar initiatives into corporate ESG and CSR strategies. To support long-term industry needs, ICMA calls for partnerships with universities and technical institutions to build a skilled workforce for the solar energy sector. 'Investor confidence can be bolstered through the launch of solar insurance products and the creation of an Industrial Solarisation Fund. Additionally, green bonds issued through the capital markets could open new avenues for financing large-scale projects,' it noted. To encourage greater solar adoption, ICMA urged revision of industrial electricity tariffs to include time-of-use incentives, alongside the promotion of energy storage solutions to ensure round-the-clock power availability. The institute suggested making rooftop solar installations mandatory for new industrial constructions and updating building codes accordingly. 'Unused rooftop space across existing industrial infrastructure should be optimised for solar power generation, while peer-to-peer energy trading platforms based on blockchain technology could allow secure and efficient energy transactions between industrial users,' it stated. 'Subsidised financing for battery storage systems is also recommended to further enhance solar project feasibility.' Shift to renewables: Olympia Mills to install 500KW solar power plant Recognising the importance of awareness and behavioural change, the policy noted called for a nationwide campaign to educate industrial stakeholders on the economic and environmental benefits of solar energy. Lastly, the report urges the government to define clear sector-wise solar adoption targets aligned with the national renewable energy agenda, ensuring structured and measurable progress. 'These strategic measures, if implemented effectively, can significantly lower the cost of doing business, boost industrial productivity, reduce carbon emissions, and position Pakistan as a more competitive player in the global export market,' it added.
Express Tribune
22-03-2025
- Business
- Express Tribune
'Pakistan's agri-tax among highest in region'
Listen to article The Institute of Cost and Management Accountants of Pakistan (ICMA) has released a report in its latest issue of the ICMA Economic Intelligence, highlighting the significant challenges of enforcing the newly introduced agricultural income tax. The tax, implemented under the International Monetary Fund (IMF) conditions, has rates between 15% and 45%, with a 10% super tax on high-income landowners. This makes Pakistan's agricultural tax among the highest in the region, surpassing neighbouring countries like India, Bangladesh and Sri Lanka. The report emphasised the difficulties in enforcement due to outdated land records, fluctuating farm incomes, weak tax collection mechanisms and political resistance. Small farmers are particularly vulnerable, with the risk of higher product prices and inflation. ICMA suggested a gradual implementation, starting with large landowners, and called for modernising land records, enhancing digital tools and providing incentives to improve compliance.
