Tag: Africa

EBC Financial Group and Oxford University’s Department of Economics dissect the barriers to climate progress, exploring carbon taxes, subsidy reforms, and the role of finance in driving sustainable economic growth globally

OXFORD, United Kingdom, Dec. 05, 2024 (GLOBE NEWSWIRE) — In a world increasingly shaped by the dual crises of climate change and economic instability, the Oxford Department of Economics, in collaboration with EBC Financial Group (EBC), hosted a pivotal session in the “What Economists Really Do?” (WERD) series. The event brought together leading minds from academia and finance to explore actionable strategies for aligning economic systems with environmental sustainability while addressing pressing societal concerns.

The event, titled “Macroeconomics and Climate,” featured a keynote lecture by Associate Professor Andrea Chiavari and a panel discussion titled “Sustaining Sustainability: Balancing Economic Growth and Climate Resilience,” moderated by Associate Professor Banu Demir Pakel. Panellists included Dr. Nicola Ranger, Director of the Global Finance Group of the Environmental Change Institute and Senior Research Fellow at Oxford, and David Barrett, CEO of EBC Financial Group (UK) Ltd. Together, they dissected the intersection of policy, finance, and human impact, offering practical insights and recommendations that extend beyond theoretical discourse.

Panellists from left to right: Dr. Nicola Ranger, Professor Andrea Chiavari, David Barrett, and Professor Banu Demir Pakel

From left to right: Dr. Nicola Ranger (Director of the Global Finance Group of the Environmental Change Institute and Senior Research Fellow), Associate Professor Andrea Chiavari (Department of Economics), David Barrett (CEO of EBC Financial Group (UK) Ltd), and Associate Professor Banu Demir Pakel (Department of Economics)

EBC Financial Group: Empowering Responsible Trading and Sustainable Innovation
EBC Financial Group, a growing presence in the global financial markets, connects clients worldwide to opportunities for trading in forex, commodities, indices, and more through its comprehensive brokerage solutions. Operating across major financial hubs and emerging markets, EBC equips traders with innovative tools and fosters collaboration to address the evolving challenges of global finance. As the official Foreign Exchange Partner of FC Barcelona and a partner of the United Nations’ United to Beat Malaria campaign, EBC is committed to shaping a future defined by sustainability, equity, and responsible trading practices.

EBC’s participation in WERD reflects the growing urgency of bridging financial markets and academic research to address climate and economic challenges. By contributing to a shared dialogue on actionable strategies, EBC joined a community of thought leaders in highlighting practical steps to align financial systems with sustainable development goals.

Can We Grow the Economy and Save the Planet?
At the core of the discussions was the recognition that financial and environmental security are universally shared concerns. Dr. Chiavari delivered an eye-opening keynote on the economic costs of climate change. He illustrated the dramatic growth of global GDP since the industrial revolution, juxtaposing this with the environmental toll of fossil fuel consumption and rising CO2 emissions. Chiavari highlighted the critical importance of the social cost of carbon in shaping effective policies.

Prof Andrea Chiavari delivering a keynote lecture at Oxford’s WERD Series, addressing the economic impacts of climate change and carbon taxation

Central to his message was the concept of the social cost of carbon, which quantifies the broader societal costs of emissions. “Carbon taxation is not just an environmental necessity but also an economic one,” he asserted. Dr. Chiavari explained how such measures could create the economic incentives needed to steer both corporations and individuals toward sustainable choices. “Well, think again yourself,” Chiavari added. “Turning on the radiator, your benefit is the same as before—having a warmer room. But now your cost is much higher than before.”

Expanding on this point, Dr. Chiavari emphasised that carbon taxation is designed to target carbon emissions rather than energy consumption itself. “Carbon taxation taxes carbon, it doesn’t tax energy,” he explained. “So it creates huge incentives for the private sector, for people, for you, for us, for me, to move from fossil fuels to alternative sources of energy. It’s not just about reducing energy or output; it creates huge incentives to switch towards alternative energy sources.”

Building on this foundation, the panel discussion delved deeper into the practicalities of aligning economic growth with climate resilience, moderated by Dr. Banu Demir Pakel.

Bridging Policy, Finance, and Action Through a Panel of Perspectives
The panel discussion explored the complex interplay between economic growth and climate resilience. Each panellist brought distinct expertise to the conversation, offering fresh perspectives on how global systems can adapt to these twin imperatives.

Panelists discuss sustainable finance, climate resilience, and economic growth at Oxford and EBC’s WERD Series event

Dr. Chiavari emphasised the global nature of addressing climate change, highlighting that emissions transcend borders and require a coordinated international response. He discussed the risks of carbon leakage, where stringent climate policies in one country could lead to emissions being displaced to regions with weaker regulations, ultimately undermining global progress. To mitigate this, Chiavari advocated for policies that foster international collaboration and innovation, ensuring that transitions to sustainable practices are both equitable and comprehensive.

Dr. Ranger highlighted the economic opportunities that can emerge from climate action, stating, “This is not just about costs, it’s about opportunities.” Articulating the potential to create jobs and stimulate economic growth while addressing climate risks, Dr. Ranger also stressed the importance of reshaping public narratives. She underscored that effective climate action can foster innovation and progress without imposing a significant financial burden. She also advocates for redirecting fossil fuel and other environmentally damaging subsidies, which globally amount to up to $7 trillion annually, towards green investments, such as renewable energy.

Dr. Nicola Ranger and David Barrett addressing climate finance solutions and policy reforms at Oxford’s WERD Series event

Leveraging his extensive experience in financial markets, Barrett emphasised the importance of aligning market incentives with sustainability goals. He shared a frank assessment of the sector’s challenges in embracing sustainability, underscoring the profit-driven nature of financial institutions: “The financial market is driven by the need to make money—whether that’s for its shareholders or investors.” Barrett highlighted the critical need for governments to create enforceable regulatory frameworks, noting that this alignment is essential to channel the sector’s influence towards meaningful climate action.

On the topic of Environmental, Social, and Governance (ESG) frameworks, Barrett expressed concern over their current implementation, noting, “ESG has become a tick-box exercise.” He called for stronger policies that ensure accountability and deliver measurable impact, rather than simply meeting superficial compliance standards.

During a discussion on climate “clubs”, Barrett highlighted the risks of fragmented global efforts. He cautioned, “For these initiatives to succeed, they need to include all major players. Otherwise, the emissions reductions achieved in some regions could be offset by increased emissions elsewhere.” This, he warned, could undermine the collective progress necessary to address climate challenges.

What Practical Steps Should Governments, Businesses, and Individuals Take to Build a Sustainable Economic Future That Feels Attainable and Secure for Everyone?

Separately, the moderator and panellists were interviewed to expand on this crucial question, providing diverse perspectives on the collaborative roles of governments, businesses, and individuals in addressing climate challenges.

The Role of Governments: Policies and Planning
Dr. Demir Pakel emphasised the importance of education and awareness in addressing climate change, particularly the role of governments in driving change. “The government’s role is to start with increasing awareness,” she explained, stressing the need for early education about the consequences of climate change. She highlighted the need for policies that not only incentivise the private sector but also guide consumer behaviour, noting, “It’s a complex network where governments hold the primary responsibility for planning and guiding action at every level.”

“The private sector needs incentives to be able to take action because they will definitely look shorter-term compared to the government. Therefore, their behaviour needs to be changed, and the government has another role: implementing policies to change the behaviour of both the private sector and consumers,” she added.

Market Incentives and Carbon Taxation
Dr. Chiavari reinforced the need for government-led interventions, particularly through carbon taxation, as a means to correct market failures. He explained that by incorporating the societal cost of emissions into energy prices, governments can encourage more responsible consumption and investment decisions.

Changing the Narrative: A Positive Transition
Dr. Ranger reflected on the current challenges in climate action, echoing that a significant part of the problem lies in awareness. “At the moment, something is going wrong, and I think a lot of that is about the awareness side,” she noted. “Governments play a role, but the government fundamentally does what the public will vote for. And a lack of awareness of the immediate benefits of a green energy transition—for energy security and public health—is a key problem at the moment.”

Ranger criticised that the narrative surrounding climate change has failed in recent years by framing it as a costly and burdensome challenge. “Particularly the narrative is this is going to cost a lot of money to deal with. I don’t agree with that view and it is not supported by the evidence. You know, we have to make hard decisions, but what we know is that right now the way we are approaching this is making it harder—specifically, a lack of certainty from government on its policies stalls investment and increases the costs. All the evidence shows that if we get the right policies in place and set a clear path for investors, a just transition is both the lowest cost and more beneficial pathway,” she said.

Pointing to fossil fuel subsidies, she highlighted how their redirection could catalyse a positive transition. “Globally, we pump so much money into fossil fuel subsidies—estimates range from five to seven trillion dollars a year. If you stopped that and put it into clean technologies, we would have solved the problem.”

To address this, Ranger called for a shift in public discourse to emphasise the economic opportunities inherent in climate action. She stressed the role of academics and experts in reshaping the narrative, saying, “We need to make sure people understand this is a positive transition. Through good government policy, the impact on individuals will not be significant and would actually boost job growth and innovation.”

Ranger concluded by urging governments to take the lead in changing this narrative, saying, “What I’d really like to see is governments getting behind this and saying, ‘Look, this is what’s going to happen. It’s going to benefit you. Here is the pathway. This is what both investors and the public need.’”

The Role of Businesses and Individuals: Accountability and Innovation
Barrett provided a candid perspective on the role of businesses and individuals in climate action. He highlighted the financial sector’s profit-driven nature, cautioning that it would not lead sustainability efforts without clear regulatory frameworks. “Financial markets will not do it on their own. They need to be incentivised to act,” he stated. “Once the financial sector is pointed in a direction and gets enthusiastic about a topic, it can accomplish incredible things, but it requires clear policy and incentives to get there.”

Barrett also reflected on the role of individuals as voters and consumers, stressing that their choices can significantly influence policy and corporate behaviour. “Policy needs to be much better at educating the voter about what it wants and how it should expect that to come about,” he remarked. By prioritising sustainable practices and holding policymakers accountable, individuals can drive systemic change.

While critical of superficial measures such as “tick-box” ESG frameworks, Barrett maintained an optimistic outlook on the potential of finance. “Finance can be incredibly innovative,” he noted. “It can move mountains and solve real problems, but it needs the right incentives and honest conversations about what’s at stake.” He called for a shift from short-term political cycles to forward-looking strategies, urging all stakeholders to embrace the long-term effort required to address the climate crisis effectively.

To watch the full session of WERD’s “Macroeconomics and Climate” episode, including the keynote and panel discussion, please visit https://youtu.be/MD5vaMjQdkc.

About EBC Financial Group
Founded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. EBC has quickly established its position as a global brokerage firm, with an extensive presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, Sydney, the Cayman Islands, and across emerging markets in Latin America, Southeast Asia, Africa, and India. EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.

Recognised by multiple awards, EBC prides itself on adhering to the leading levels of ethical standards and international regulation. EBC Financial Group’s subsidiaries are regulated and licensed in their local jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA), EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA), EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).

At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.

EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue.

https://www.ebc.com/

About the Department of Economics
The Oxford Department of Economics is a globally recognised centre of excellence, housing one of the world’s largest communities of academic economists. Known for the depth and diversity of its research, which significantly influences policy, the Department is also celebrated for its dynamic community of early-career scholars and its highly regarded undergraduate and graduate programs. In 2024, the Department of Economics was ranked first in the United Kingdom by The Guardian for undergraduate teaching. The ranking reflects the Department’s ongoing commitment to excellence in teaching and research, solidifying its position as one of the leading Economics departments in the world. Beyond the achievements in teaching, the Department’s aim is to produce transformative and innovative economic research; to have a sustained impact on economic policy outside academia; and to develop and train the next generation of researchers and research leaders.

About What Economists Really Do (WERD)
WERD is run as an outreach programme by the Department of Economics, Oxford University to inspire the study of economics and share ‘What Economists Really Do’. On topics ranging from the climate crisis to labour market discrimination, Oxford economists are working with governments and businesses around the world to improve policy and make the economy work better for everyone. Find out how economics can be used to shed light on some of the biggest issues facing society today in this successful public webinar series, returning for the fourth successful series in 2024-25.

Media Contact:
Savitha Ravindran
Global Public Relations Manager (EMEA, LATAM)
savitha.ravindran@ebc.com

Chyna Elvina
Global Public Relations Manager (APAC, LATAM)
chyna.elvina@ebc.com

Douglas Chew
Global Public Relations Lead
douglas.chew@ebc.com

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GlobeNewswire Distribution ID 9314671

iCap and LEXI roll out to CME’s six Central and Eastern European stations

LONDON, Dec. 04, 2024 (GLOBE NEWSWIRE) — AI-Media, a global leader in live and recorded AI captioning and language technology, is delighted to announce a strategic 5-year agreement with Central European Media Enterprises (CME), its first major Central and Eastern European broadcast customer win.

AI-Media will deliver live captioning services via its state-of-the-art LEXI solution, powered by its SDI encoder network, across CME’s six flagship television stations located in Croatia, Slovenia, Bulgaria, Romania, Czechia, and Slovakia.

Under this multi-year agreement AI-Media will provide AI-generated, live captions for each station, catering to CME’s goal of advancing accessibility and meeting its Environmental, Social, and Governance (ESG) objectives.

“This partnership with CME is an exciting milestone, representing our first major broadcaster in Eastern Europe and results in millions of CME viewers receiving increased access to content via our LEXI captioning solution in six distinct languages,” said John Peck, Vice President of International Sales at AI-Media. “CME’s commitment to accessibility is aligned with AI-Media’s vision, and we’re proud to support their goals with our industry-leading captioning technology. We look forward to supporting CME as they drive accessibility across Central and Eastern Europe.”

CME’s decision to implement live closed captioning is motivated by both strategic and legislative priorities. By adopting live captioning, CME is setting a new standard for accessibility in regions with limited access to human captioning resources. The initiative is part of CME’s broader commitment to more equitable society, aiming to enhance inclusivity and reach a wider audience for its programming.

“Our research indicates that over 10% of viewers in our markets have some form of hearing difficulty. By addressing the needs of people with impairments, CME ensures equal access to information and entertainment for all, regardless of ability,” explains Hana de Goeij, CME Head of Social Purpose and Sustainability.

With the flexibility to scale across additional content in CME’s portfolio, AI-Media’s future-proofed products empower CME to expand its accessibility offerings over time. Together, AI-Media and CME are setting a new benchmark for inclusivity in broadcasting, making a lasting impact on millions of viewers across the region.

For more information about AI-Media’s LEXI captioning solutions, visit www.ai-media.tv.

About AI-Media
Founded in Australia in 2003, AI-Media is a pioneering technology company specialising in AI language and captioning workflow solutions.

As a global leader, AI-Media provides high-quality AI-powered live and recorded captioning and translation technology and solutions to a diverse range of customers and markets worldwide.

For the first time in February 2024, AI-Media unveiled groundbreaking data showcasing the superiority of its AI captioning product, LEXI, over traditional more expensive human workflows.

With deep industry experience and sophisticated AI technology to create solutions which streamline and simplify processes, AI-Media empowers leading broadcasters, enterprises and government agencies globally to ensure seamless accessibility and inclusivity of their content.

AI-Media (ASX: AIM) commenced trading on the ASX on 15 September 2020.

For more information about AI-Media’s solutions, visit www.ai-media.tv.

About Central European Media Enterprise (CME)

CME operates television stations in Bulgaria, Croatia, the Czech Republic, Romania and Moldova, Slovakia and Slovenia, and is one of the leading media and entertainment companies in Central and Eastern Europe. CME broadcasts 46 television channels, both free-to-air and paid, and reaches a total of 49 million viewers. CME also owns the SVOD platform VOYO.

For more information about CME go to the website

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/98258ea6-4b0b-44dd-90ea-4fc9c2da7726

Media Contact:
Fiona Habben
Head of Global Marketing
Fiona.habben@ai-media.tv

GlobeNewswire Distribution ID 9313535

Two-day event will preview Mavenir’s strategic initiatives and forward-looking roadmap to invited international audience of analysts, customers and partners

RICHARDSON, Texas, Dec. 04, 2024 (GLOBE NEWSWIRE) — Mavenir, the cloud-native network infrastructure provider building the future of networks, will hold its annual analyst event from December 11 – 12, 2024 to discuss the company’s ongoing work to drive the Mobile Network digital transformation and reinforce its presence within the telco industry as the cloud-native, software-driven infrastructure provider focused on building open, disaggregated and AI-enabled networks of the future. During the event, Mavenir will present its cutting-edge advancements, strategic initiatives and go-forward strategy to global analysts, customers and partners.

The highlight of the event will be analyst-moderated fireside chats with Mavenir’s senior leadership team that will touch upon the company’s entire solution portfolio, including Open RAN (radio and vRAN) and Mobile Core technologies (IMS, Packet Core, Digital Enablement, Messaging, Security). Senior leaders will also discuss the company’s promising momentum, including its recent recognition at the 2024 Global Telecoms Awards, where its Network Intelligence as a Service won the Advancing Artificial Intelligence Award. Several Mavenir customers and partners will also present on recent technological innovations and successful deployments enabled by Mavenir technology around the world.

Session highlights include:

• Comprehensive Portfolio Updates: Showcasing Mavenir’s robust portfolio tailored to meet operator needs for network monetization and cost efficiency.
• Learnings and Future Strategy: Key insights which will help us further accelerate Open RAN brownfield deployments through differentiation and innovation.
• Continued Investments in IMS Core Portfolio: Plans on how Mavenir is strengthening its IMS Core Portfolio, building on its existing foundation that supports hundreds of millions of subscribers across various services, including mobile, fixed, residential, and enterprise. The growth plan focuses on capitalizing on the incumbent base, targeting opportunities to replace incumbent vendors and expand Mavenir’s growing portfolio.
• Capitalizing on High Growth Packet Core Portfolio: Mavenir’s converged packet core is experiencing rapid growth in the 5G segment, driven by increasing demand for use cases such as FWA, satellite communications, private networks, edge computing, and the rising tide of IoT/connected device traffic. As the only cloud-native, ground-up, full-suite offering of packet core network functions, we will cover how Mavenir is uniquely positioned to capitalize on the industry’s shift towards automation, AI/ML, energy efficiency, and other key use cases.
• Growth and Customer Acquisition: Plans to leverage Mavenir’s comprehensive end-to-end (E2E) portfolio and capture promising 5G monetization opportunities with cloud-native solutions.
• Sustainability: How Mavenir’s commitment to energy-efficient, sustainable solutions is bolstering operational excellence across E2E networks.
• Operator Challenges: Addressing network service assurance challenges faced by Communication Service Providers (CSPs) using AI/ML-powered Network Intelligence as a Service, paving the way for Level 4 automation.
• Innovation Through Partnerships: Insight into third-party collaboration focused on fostering innovation across diverse domains.

Mavenir President & CEO Pardeep Kohli, who will open the two-day event by presenting the company’s go-forward strategy, said: “Mavenir is not just an equipment vendor – we are playing an active role in redefining the Network of the Future, built on our unrivalled technical innovation and unique understanding of the strategic possibilities open to Communication Service Providers through network transformation. We look forward to meeting with the global telco analyst community and allowing them to hear first-hand from Mavenir’s experienced team about our technology advancements, strategic partnerships and ongoing commitment to sustainability.”

Notes to Editors

Mavenir Global Analyst Event Overview: December 11^th – 12^th 2024

This two-day Global Analyst Event will highlight Mavenir’s Open-RAN readiness, featuring customer success stories that demonstrate performance and scalability, as well as strategic collaborations with innovators driving advancements across diverse domains. Mavenir will outline its strategies to accelerate Open RAN brownfield deployments, focusing on differentiation and innovation, and unveil plans to drive business growth by leveraging its comprehensive end-to-end portfolio and capturing new 5G monetization opportunities through cloud-native solutions. Sustainability will also take center stage, with a focus on energy-efficient solutions ensuring operational excellence, while Mavenir’s AI/ML-powered Network Intelligence as a Service will address pressing operator challenges in Network Service Assurance. By showcasing its robust portfolio, Mavenir will reinforce its role as a visionary in advancing innovative and sustainable telecommunications solutions, paving the way for a new era in network transformation. Please contact AR@mavenir.com for more information.

About Mavenir

Mavenir is building the future of networks today with cloud-native, AI-enabled solutions which are green by design, empowering operators to realize the benefits of 5G and achieve intelligent, automated, programmable networks. As the pioneer of Open RAN and a proven industry disruptor, Mavenir’s award-winning solutions are delivering automation and monetization across mobile networks globally, accelerating software network transformation for 300+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. For more information, please visit www.mavenir.com

Media Contacts

Mavenir PR Contacts:
Emmanuela Spiteri
PR@mavenir.com

GlobeNewswire Distribution ID 9314016

New initiative pairs agents with in-country Local Sponsors to enhance market-specific expertise and support

The program addresses the need for in country support by pairing eXp agents with experienced Local Sponsors in their respective markets. These Local Sponsors provide hands-on guidance to ensure agents successfully implement eXp Realty’s cutting-edge tools and thrive in their local real estate landscapes.

“Through the Local Sponsor Partnership Program, we’re empowering our agents with the resources and mentorship they need to succeed in their local markets while growing globally,” said Glenn Sanford, Founder, Chairman and CEO, eXp World Holdings. “This program represents the essence of eXp Realty’s commitment to agent success by providing a collaborative framework that drives innovation, growth and local expertise.”

For agents with an international sponsor, the Local Sponsor Partnership Program ensures they receive personalized, in-country support to navigate their markets effectively. The program also opens opportunities for experienced eXp agents to become Local Sponsors, enabling them to lead locally and earn level-one revenue share earnings from their sponsee’s transactions.

“This is more than a program; it’s a movement toward empowering agents with the tools and mentorship they need to lead locally and achieve unparalleled success globally,” Sanford added.

With this new initiative, eXp Realty agents can now benefit from a robust support system that strengthens local leadership and fosters collaboration across global markets.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty^®, FrameVR.io and SUCCESS^® Enterprises.

eXp Realty is the largest independent real estate company in the world with more than 85,000 agents in the United States, Canada, the United Kingdom, Australia, France, India, Mexico, Portugal, South Africa, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, the Dominican Republic, Greece, New Zealand, Chile, Poland and Dubai and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including an innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by FrameVR.io technology, offering immersive 3D platforms that are deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS^® Enterprises, anchored by SUCCESS^® magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.

For more information, visit https://expworldholdings.com.

Safe Harbor Statement

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. These statements include, but are not limited to, statements about future program availability, improvements in technology and related cost efficiencies. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in program availability, changes in technology offerings, and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

Media Relations Contact:
eXp World Holdings, Inc.
mediarelations@expworldholdings.com

Investor Relations Contact:
Denise Garcia
investors@expworldholdings.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/89757d05-33ae-4c89-97a1-98158a5c984c

GlobeNewswire Distribution ID 9312616

LONDON, Dec. 01, 2024 (GLOBE NEWSWIRE) — Emerging Markets Global Advisory LLP (EMGA) announces they have completed their first transaction in Uzbekistan securing US$ 30M from the OPEC Fund for International Development (OPEC Fund).

Commenting on the transaction, Ipak Yuli’s Chairman Mr.Saydakhmedov Saidabror said, “We are pleased to be the first private bank in Uzbekistan to sign an agreement with the OPEC Fund. This is an important step in supporting the development of the Micro, Small, and Medium-Sized Business (MSME) sector in our country. We share common values with the OPEC Fund in fostering entrepreneurship and are confident that this partnership will lay the foundation for expanding our cooperation in the future, contributing to the further development of the economy and creating new opportunities for businesses.”

EMGA’s Head of Investment Banking and Managing Director Sajeev Chakkalakal said, “In spite of a challenging global macroeconomic environment, we are pleased to structure this transaction and facilitate Ipak Yuli’s continued vision to supporting SMEs in Uzbekistan, as well simultaneously help expand the presence of OPEC Fund’s on-going operations in the region.”

EMGA’s Head of Operations and Managing Director Jeremy Dobson added, “EMGA is delighted to have secured this financing for Ipak Yuli, the operation will further diversify their funding base and bodes well for the future.”

OPEC Fund President Abdulhamid Alkhalifa said: “Our partnership with Ipak Yuli Bank reflects our targeted approach to support Uzbekistan’s private sector transformation. By facilitating access to finance for businesses, including those led by women, we are helping unlock their potential to contribute to the country’s sustainable economic growth. This partnership is not just about financing—it is about supporting a more dynamic and inclusive private sector that fosters economic opportunities and enhances the well-being of communities across Uzbekistan.”

Ipak Yuli is a joint-stock commercial-innovation bank in Uzbekistan. It was established in December 1990 and provides banking services to individual entrepreneurs, small and medium-sized businesses, state organizations and institutions, and to corporate customers. In addition to a wide range of banking services and credit operations, the bank carries out leasing, factoring and project financing operations, operations with cash and non-cash currency funds, operations on the stock market on behalf of clients

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 and has committed over US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.

Emerging Markets Global Advisory LLP (EMGA), with offices in London and New York, helps financial institutions and corporates seeking new debt or equity capital. EMGA’s multi-national team combine the decades of experience necessary to complete transactions on behalf of their clients within the world’s emerging markets and frontier economies, including Uzbekistan which remains a key market. With a proven track record in capital formation and strategic advisory throughout diverse economic cycles, EMGA continues expanding its geographic reach and service offering, solidifying its place in the market as one of the industries pre-eminent emerging markets focused niche investment banks.

Contact info@emergingmarketsglobaladvisory.com

GlobeNewswire Distribution ID 1001026097

LONDON, Nov. 28, 2024 (GLOBE NEWSWIRE) — The Hon. Mohamed Nasheed, a pioneering human rights activist and advocate for climate action, former President of the Maldives and the current Secretary-General of the Climate Vulnerable Forum, has been announced as the recipient of the 2024 Global Citizen Award. This annual tribute, presented by leading international residence and citizenship advisory firm Henley & Partners in partnership with the Swiss non-profit humanitarian organization Andan Foundation, recognizes his impactful leadership in advancing human rights and climate resilience on a global scale.

The prestigious award, which honors an individual who shows exceptional courage and commitment towards improving and supporting the global community, was presented at a gala reception during the 18^th annual Global Citizenship Conference in Singapore, which brought together presidents and prime ministers, other senior government ministers and officials, and leading academics, as well as top-tier private client advisors and wealth management professionals.

President Nasheed received the Global Citizen Award for his unwavering commitment to environmental sustainability and humanitarian causes, particularly championing climate resilience for vulnerable countries. Since his tenure as the first democratically elected president of the Maldives, he has been instrumental in addressing the global climate crisis. In his current role as Secretary General of the Climate Vulnerable Forum, representing 70 countries, he leads broad advocacy efforts. He has championed renewable energy and led climate resilience projects in the Maldives and internationally. His initiatives have significantly shaped global climate policy, particularly for vulnerable nations most at risk from the impacts of climate change, improving lives worldwide.

Chairman of Henley & Partners and Founder of the Andan Foundation, Dr. Christian H. Kaelin, remarked on Nasheed’s deserving recognition. “President Nasheed’s dedication to humanitarian work and climate action for vulnerable communities is truly extraordinary. As a steadfast advocate for our planet and its most at-risk populations, he has elevated the urgent call for climate resilience and social equity worldwide. Nasheed embodies the spirit of global citizenship, bridging divides and championing a sustainable future for those most vulnerable. We are honored to recognize a leader whose vision resonates across borders and generations.”

The Global Citizen Award selection process is based on a majority decision of the Global Citizen Award Committee. The award itself consists of a bespoke sculptural medal designed by leading Italian artist Antonio Nocera, an award certificate signed by the Chairman of the Global Citizen Award Committee, and a monetary prize of USD 20,000, which goes towards supporting the awardee’s humanitarian efforts. In addition, Henley & Partners commits to working closely with the awardee for a period of one year, raising awareness of their work and supporting through the firm’s network of more than 60 offices worldwide.

Since its inception, the Global Citizen Award has honored many remarkable individuals. The first laureate was German entrepreneur Harald Höppner, who set up the refugee humanitarian aid project Sea-Watch. Other previous recipients are Dr. Imtiaz Sooliman, Founder of the Gift of the Givers Foundation, Africa’s largest disaster relief organization, and Monique Morrow, Co-Founder of The Humanized Internet, a digital identity project that aims to bring hope to the estimated 1.1 billion individuals in the world who cannot prove their legal identity. Diep Vuong, Co-Founder and President of the Pacific Links Foundation, was awarded for her work in Southeast Asia, campaigning for the rights of those enslaved by human trafficking, and Prof. Dr. Padraig O’Malley received his Global Citizen Award in recognition of his efforts around conflict resolution and reconciliation in Iraq, Northern Ireland, and South Africa. Last year the award went to humanitarian, philanthropist, and Founder of the Future Prowess Foundation School for orphans and less privileged children, Zannah Bukar Mustapha for his critical role in mediating the release of over 100 of the Chibok schoolgirls who were kidnapped by Islamic insurgency group Boko Haram in Nigeria in April 2014, giving rise to the international #BringBackOurGirls campaign.

Thanking Henley & Partners and the Andan Foundation for their recognition of his work, Nasheed said, “I am deeply honored to accept this award, which underscores our collective commitment to addressing the climate crisis and protecting those most at risk. Real change begins with unity, and together, our shared humanity can overcome the challenges that shape our future.”

Media Contact:

Sarah Nicklin
Group Head of PR
sarah.nicklin@henleyglobal.com
+27 72 464 8965

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6656c0dc-fc12-4ebd-b19d-841562a91067

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