Latest news with #Responsible
Malaysian Reserve
7 hours ago
- Business
- Malaysian Reserve
Johor Plantations Group priced RM200m 2nd tranche of SRI Sukuk at 3.7% amid strong demand
Strong Sukuk demand signals market confidence in sustainability drive by TMR JOHOR Plantations Group Berhad (JPG) has issued its Series 2 Sukuk Wakalah-IMTN, amounting to RM200 million in nominal value (Sukuk Issuance) under its Islamic Medium Term Notes Programme (IMTN Programme). This Sukuk Issuance is part of the Sukuk Wakalah Programmes established by JPG in August 2024, comprising both an Islamic Commercial Papers Programme and the IMTN Programme, with a combined aggregate limit of up to RM3 billion. The programmes are based on the Shariah principle of Wakalah Bi Al-Istithmar. During the book-building process, strong demand was recorded for the issuance, achieving a final bid-to-cover ratio close to five times. The healthy demand enabled JPG to tighten the yield, closing at a final yield of 3.7%, which was more favourable than the initial price guidance. Proceeds from the Sukuk Issuance will be utilised to finance Shariah-compliant capital expenditure for the development of JPG's Integrated Sustainable Palm Oil Complex (iSPOC), a project identified as a green initiative under JPG's Sustainable Finance Framework. JPG MD Mohd Faris Adli Shukery said the positive reception to this issuance underscores investor confidence in JPG's long-term growth strategy. 'iSPOC is a key downstream expansion initiative that will enable us to diversify into higher-value specialty oils and fats production, strengthening our product portfolio and capturing greater value along the supply chain. 'By aligning this growth with our environmental stewardship initiative goals, we are not only creating new market opportunities but also ensuring that our business expansion supports responsible and sustainable practices,' he said in a statement. He added that the strong investor support affirms that JPG's vision to enhance downstream capabilities while advancing its sustainability commitments is well-aligned with market expectations and positions it for enduring growth. This issuance qualifies as a Sustainable and Responsible Investment (SRI) Sukuk under the Securities Commission Malaysia's SRI Sukuk Framework. It highlights JPG's strong emphasis on sustainability and its dedication to delivering positive and social impact through responsible practices. JPG's Tereh Mill and Biogas Plant in Kluang supports sales and crop processing gains in 1H25 (Pics source: Johor Plantations Group) JPG recorded a 51% year-on-year (YoY) increase in profit after tax (PAT) for the first half of 2025 (1H25), reaching RM150.64 million. Revenue in 1H2025 saw a 12.6% increase to RM738.72 million from the same period last year (1H2024). While production volumes were lower YoY, the group's performance was supported by higher selling prices for both crude palm oil (CPO) and palm kernel (PK), alongside stronger outside crop purchase (OCP) that helped sustain throughput and strengthen profitability. Following this strong performance, the Board declared a second interim dividend of 1.25 sen per share for the quarter, reflecting an EPS of 3.01 sen, rewarding its shareholders with a total dividend payout of RM31.25 million. For 2Q2025, the group posted revenue of RM398.29 million, up 10.4% from RM360.91 million in the corresponding quarter last year (2Q2024). PAT increased by 50% to RM75.37 million, compared to RM50.26 million in 2Q2024. CPO Sales: Revenue from CPO increased 4.8% YoY in 2Q2025 to RM323.39 million, with delivery volumes up 1.9% to 74,667 MT. PK Sales: PK revenue surged 46.1% YoY to RM73.07 million, supported by a 2.1% rise in delivery volumes to 19,546 MT. OCP: JPG saw an 11.9% increase YoY in external crop purchases, reflecting the effectiveness of its strategy to boost OCP. Mohd Faris says strong 1H25 results are driven by efficiency, cost control and commitment to sustainability JPG MD Mohd Faris Adli Shukery noted the strong performance was driven by disciplined efforts across the group's upstream segment and continued progress in expanding external crop sourcing. 'At the same time, we continue to enhance operational efficiency, optimise our inventory and manage costs proactively, all guided by our steadfast commitment to sustainability, which remains at the heart of our long-term value creation. 'Looking ahead, while we remain mindful of potential demand-supply imbalances in the CPO market, we are confident in our ability to navigate these conditions. Our focus remains on optimising price realisation, sustaining production growth, exercising rigorous cost control, increasing processing volume and advancing our downstream expansion,' he said in a statement. Sedenak biomethane facility advances JPG's sustainability commitment Moving into the second half of the year, JPG expects seasonal production growth and remains prudently optimistic in navigating market dynamics. With this, the group is well-positioned to sustain its growth trajectory and deliver long-term shareholder value. Aziah retires on Sept 1 after playing a key role in strengthening JPG's financial operations and delivering plantation industry's1st Sustainability-Linked Sukuk In addition, JPG announced a key leadership transition with the upcoming retirement of its CFO Aziah Ahmad, as of Sept 1, 2025. Aziah has been a vital member of the Kulim (Malaysia) Berhad and Johor Corporation (JCorp) group since 2014, holding senior finance leadership roles. She played a pivotal role in strengthening JPG's financial operations ahead of its IPO and in delivering the plantation industry's first Sustainability-Linked Sukuk in 2024. Zain Azrai, with over 27 years' finance experience, succeeds Aziah as CFO of JPG on Sept 1 Zain Azrai Zainal Abidin will succeed her as CFO as of Sept 1, 2025. A Certified Public Accountant with over 27 years of experience, including more than a decade as CFO in several leading companies, Zain brings deep expertise in finance, strategy, treasury, investment management, stakeholder engagement and audit. He joined the company in June as the Deputy CFO and has been working together with Aziah to ensure a seamless leadership transition. — TMR This article first appeared in The Malaysian Reserve weekly print edition
Cision Canada
3 days ago
- Business
- Cision Canada
Media Advisory: Minister Robertson delivers remarks at the Association of Municipalities of Ontario Conference Français
OTTAWA, ON, Aug. 15, 2025 /CNW/ - Members of the media are invited to a speech by the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister Responsible for Pacific Economic Development Canada, on infrastructure and housing at the 2025 Association of Municipalities of Ontario Annual Conference. Journalists attending the AMO Conference must register for a media badge at the Media Room, 201, on the first floor of the Rogers Centre, before attending any plenary programming or conference sessions. Follow us on X, Facebook, Instagram and LinkedIn Web: Housing, Infrastructure and Communities Canada SOURCE Department of Housing, Infrastructure and Communities
Yahoo
12-07-2025
- Business
- Yahoo
Pentagon provided $2.4tn to private arms firms to ‘fund war and weapons', report finds
A new study of defense department spending previewed exclusively to the Guardian shows that most of the Pentagon's discretionary spending from 2020 to 2024 has gone to outside military contractors, providing a $2.4tn boon in public funds to private firms in what was described as a 'continuing and massive transfer of wealth from taxpayers to fund war and weapons manufacturing'. The report from the Quincy Institute for Responsible Statecraft and Costs of War project at Brown University said that the Trump administration's new Pentagon budget will push annual US military spending past the $1tn mark. That will deliver a projected windfall of more than half a trillion dollars that will be shared among top arms firms such as Lockheed Martin and Raytheon as well as a growing military tech sector with close allies in the administration such as JD Vance, the report said. Related: Hegseth falsely cited weapon shortages in halting shipments to Ukraine, Democrats say The report is compiled of statistics of Pentagon spending and contracts from 2020 to 2024, during which time the top five Pentagon contractors (Lockheed Martin, Raytheon, Boeing, General Dynamics and Northrop Grumman) received $771bn in contract awards. Overall, private firms received approximately 54% of the department's discretionary spending of $4.4tn over that period. Taking into account supplemental funding for the Pentagon passed by Congress under Trump's 'One Big Beautiful Bill Act', the report said, the US military budget will have nearly doubled this century, increasing 99% since 2000. The rapid growth in military spending that began under the Bush administration's post-9/11 and the 'global war on terror' has now been continued on spending to counter China as the US's main rival in the 21st century, as well record foreign arms transfers to Israel and Ukraine. 'The US withdrawal from Afghanistan in September 2021 did not result in a peace dividend,' the authors of the report wrote. 'Instead, President Biden requested, and Congress authorized, even higher annual budgets for the Pentagon, and President Trump is continuing that same trajectory of escalating military budgets.' That contradicts early indications from Trump in February that he could cut military spending in half, adding that he would tell China and Russia that 'there's no reason for us to be spending almost $1tn on the military … and I'm going to say we can spend this on other things'. Instead, the spending bill pushed by Trump through Congress included a $157bn spending boost for the Pentagon. The growth in spending will increasingly benefit firms in the 'military tech' sector who represent tech companies like SpaceX, Palantir and Anduril, the report said, that are 'deeply embedded in the Trump administration, which should give it an upper hand in the budget battles to come'. 'High Pentagon budgets are often justified because the funds are 'for the troops',' said William D Hartung, senior research fellow at the Quincy Institute for Responsible Statecraft and an author of the report. 'But as this paper shows, the majority of the department's budget goes to corporations, money that has as much to do with special interest lobbying as it does with any rational defense planning. Much of this funding has been wasted on dysfunctional or overpriced weapons systems and extravagant compensation packages.' 'These figures represent a continuing and massive transfer of wealth from taxpayers to fund war and weapons manufacturing,' said Stephanie Savell, director of the Costs of War project. Calculated for inflation, the military spending dwarfs an approximate $356bn that Congress had appropriated for US diplomacy, development and humanitarian aid. The Trump administration has continued to slash money spent on aid. Last month, the Guardian revealed that a White House review of grants to the state department recommended a near total cut on democracy promotion programs. The Guardian has contacted the Pentagon for comment.
Hans India
19-06-2025
- Business
- Hans India
Sa-Dhan Launches Toll-Free Number to Strengthen Grievance Redressal in Microfinance Sector
Bengaluru: Amidst growing concern around borrower stress, delinquencies, and the evolving regulatory landscape, Sa-Dhan—the RBI-recognised Self-Regulatory Organisation (SRO) for the microfinance sector—hosted a national conclave today in Bengaluru titled 'Emerging Role of Microfinance in the Changing Financial Landscape.' The day-long event brought together senior leaders, institutional heads, and compliance experts to reflect on the state of microfinance, introduce practical tools for client protection, and engage with emerging challenges including recent policy developments in Karnataka. At the centre of the discussions was the launch of a toll-free grievance redressal number and the release of a Client Grievance Redressal Mechanism (CGRM) manual, developed with M2i Consulting. These steps mark a sector-wide push to improve transparency, client trust and institutional accountability. Delivering the keynote at the inaugural session, Jiji Mammen, Executive Director and CEO of Sa-Dhan, reinforced this view. 'Responsible lending and client protection are at the heart of financial inclusion,' he said. 'A robust grievance redressal mechanism is central to this effort — not just in form, but in spirit. It must be implemented meaningfully to ensure that clients feel heard and supported at every step.' The event brought together senior leaders and compliance heads from across the sector. The first panel reflected on microfinance's role in reaching underserved communities and its resilience through recent disruptions. While the sector comprises only 3% of India's total retail finance market, its impact is significant. Panellists spoke of the need for tailored, tech-enabled solutions that retain the human touch. The CGRM manual, launched by Deepak Alok of M2i, is designed to help especially smaller MFIs build effective internal systems. It includes process flows, escalation protocols and tools to support ongoing training and monitoring. A second panel explored how grievance redressal is becoming central to institutional strategy. Participants from Ujjivan SFB, IDF Financial Services, Spandana Sphoorty and Svamaan Financial Services shared evolving practices—from board-level oversight to mystery audits and gender-sensitive support structures. The new toll-free helpline is managed in-house and currently operates in Hindi and English, with plans to expand to ten regional languages. It serves as a second-level grievance platform—bridging the gap between the MFI and the RBI. Closing the event, Somesh Dayal, Deputy Director at Sa-Dhan, shared plans to roll out the manual across regions over the next six months, through webinars and in-person training sessions for grievance and compliance officers. As borrower protection gains ground in both policy and practice, the conclave underscored the sector's shared commitment: not just to meet regulations, but to strengthen trust and accountability where it matters most—at the client level.
Yahoo
12-06-2025
- Business
- Yahoo
New GOP bill would protect AI companies from lawsuits if they offer transparency
Sen. Cynthia Lummis, R-Wyo., is introducing legislation Thursday that would shield artificial intelligence developers from an array of civil liability lawsuits provided they meet certain disclosure requirements. Lummis' bill, the Responsible Innovation and Safe Expertise Act, seeks to clarify that doctors, lawyers, financial advisers, engineers and other professionals who use AI programs in their decision-making retain legal liability for any errors they make — so long as AI developers publicly disclose how their systems work. 'This legislation doesn't create blanket immunity for AI — in fact, it requires AI developers to publicly disclose model specifications so professionals can make informed decisions about the AI tools they choose to utilize,' Lummis, a member of the Commerce Committee, said in a statement first shared with NBC News. 'It also means that licensed professionals are ultimately responsible for the advice and decisions they make. This is smart policy for the digital age that protects innovation, demands transparency, and puts professionals and their clients first.' Lummis' office touted the bill as the first piece of federal legislation that offers clear guidelines for AI liability in a professional context. The measure would not govern liability for other AI elements, such as self-driving vehicles, and it would not provide immunity when AI developers act recklessly or willfully engage in misconduct. 'AI is transforming industries — medicine, law, engineering, finance — and becoming embedded in professional tools that shape critical decisions,' her office said in a release. 'But outdated liability rules discourage innovation, exposing developers to unbounded legal risk even when trained professionals are using these tools.' Exactly who is liable when AI is used in sensitive medical, legal or financial situations is a bit of a gray area, with some states seeking to enact their own standards. The House-passed 'One Big Beautiful Bill,' which is advancing through Congress and supported by President Donald Trump, includes a provision that would ban states from enacting any AI regulations for 10 years. Senate Republicans last week proposed changing the provision to instead block federal funding for broadband projects to states that regulate AI. Both Democratic and Republican state officials have criticized the effort to prohibit state-level regulations over the next decade, while AI executives have argued that varying state laws would stifle industry growth when the United States is in stiff competition with countries like China. This article was originally published on
