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G7 will discuss proposed Russian oil price cap on Friday -White House

G7 will discuss proposed Russian oil price cap on Friday -White House

A view shows a local oil refinery in Omsk, Russia June 6, 2022. Picture taken June 6, 2022. REUTERS/Alexey Malgavko

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WASHINGTON, Aug 31 (Reuters) - Finance ministers from the Group of Seven club of wealthy nations will discuss the Biden administration's proposed price cap on Russian oil when they meet on Friday, the White House said.

"This is the most effective way, we believe, to hit hard at Putin's revenue and doing so will result in not only a drop in Putin's oil revenue, but also global energy prices as well," said White House spokesperson Karine Jean-Pierre at a briefing for reporters on Wednesday.

"It will be discussed further this week at the G7 finance ministers meeting ... happening on Friday."

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G7 leaders are discussing how to craft such a price cap and have considered other alternatives, including blocking the transportation of Russian oil. read more

The G7 is made up of Britain, Canada, France, Germany, Italy, Japan, and the United States.

Many countries have imposed sanctions on Russia following its invasion of Ukraine, which Moscow calls a "special military operation," but key oil consumers China and India have stepped up imports of discounted Russian barrels to record levels. read more

Despite Russia's oil exports hitting their lowest levels since last August, its export revenue in June increased by $700 million month on month due to higher prices, 40% above last year's average, the International Energy Agency said last month.

Western leaders have proposed addressing that through an oil price cap to limit how much refiners and traders can pay for Russian crude - a move Moscow says it will not abide by and can thwart by shipping oil to states not obeying the price ceiling. read more

Some traders and oil market analysts have expressed doubts a price cap would work as Russia has found ways to ship its oil to Asia without the use of Western ship insurance. Moscow could also stop exports of some oil altogether, leading to a further spike in energy prices.

G7 members have scrambled to find ways to plug energy shortages and tackle soaring prices while sticking to their climate commitments amid the tensions with Russia. read more

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Reporting by Jeff Mason and Trevor Hunnicutt; Editing by Mark Porter and Andrea Ricci

Our Standards: The Thomson Reuters Trust Principles.


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Nic Cage, A24 Have A “Dream Scenario”

Nic Cage, A24 Have A “Dream Scenario”

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Money expert explains how to boost your finances ‘by £1,000s’ with 10-minute check

Money expert explains how to boost your finances ‘by £1,000s’ with 10-minute check

Timi Merriman-Johnson, founder of Mr MoneyJar , is urging Brits to reassess their money ahead of a difficult winter - we share his top six tips and financial help

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Mr Money Guy outlines tips to help with cost of living crisis

As bills continue to skyrocket, one money expert has explained six ways to boost your finances.

Timi Merriman-Johnson, founder of Mr MoneyJar, is urging Brits to reassess their finances ahead of a difficult winter.

It comes as national charity Turn2Us has warned that the cost of living crisis will continue to push more families into hardship.

Research from Turn2us found almost half of people using its service (47%) say they have nothing to live on each week after paying housing, council tax and utility bills.

There are 14.5 million people living in poverty in the UK right now.

Our Cost of Living team of experts are here to help YOU through a very difficult year.

They'll be bringing you the latest money news stories and also providing specialist advice.

Whether it's rocketing energy bills, the cost of the weekly shop or increased taxes, our team will be with you all the way.

Every Thursday at 1pm they will take part in a Facebook Live event to answer your questions and offer their advice. Visit facebook.com/dailymirror/live to watch. You can read more about our team of experts here.

If you have a question - or want to share your story - please get in touch by emailing webnews@mirror.co.uk.

1. Use a benefits calculator

Check what benefits you might be entitled to using the Turn2us calculator - it only takes ten minutes to use.

You'll need to answer questions about your household living situation, income and employment status to get an accurate result.

Once you've found out if you're entitled to any benefits, you'll then need to apply for them through Gov.uk.

The amount you could be eligible for depends on your circumstances - but it could be in the thousands.

On the flip side, you might not be entitled to anything at all - but it doesn't cost a penny to check.

"A lot of people who are facing the daily stress of money struggles, don’t realise that they may be entitled to benefits – especially if they are in full time work," said Timi.

"There might be extra benefits you can claim and it could just give you that extra financial support you urgently need."

Timi Merriman-Johnson is the founder of Mr MoneyJar (

Image:

Mr MoneyJar)
He shares his top six tips with Turn2Us (

Image:

Mr MoneyJar)

2. Keep a closer eye on your money

Keep an eye on your bank account so you know exactly what you're spending each week.

You should also make a note of all your bills and direct debits, so you know when money is due to leave your account.

"Check your budget more frequently - daily or weekly instead of monthly," said Timi.

"And use cash if this helps you to control your spending."

3. Review your bills and subscriptions

"Review your monthly bills and subscriptions and cancel what you're not using," said Timi.

For example, are there streaming services that you no longer use? Or are you still paying for a gym membership?

Be ruthless and check if anyone in your household also has the same streaming services as you - you might be able to save money by sharing the same service.

"Also ask your utility providers if they have any schemes to help those struggling with their bills," added Timi.

4. Sell, donate, discard

Donate unused items to the charity shop and sell any items you don't need.

Unlike eBay, local Facebook groups and Facebook Marketplace don’t charge a fee when you sell your unwanted items, so are great for pocketing some extra cash

"Discard any clutter, sell items you don't need. Books, old tech, and clothing all count!" said Timi.

5. Use petrol price comparison sites

The price of petrol reached 191.53p for petrol and 199.07p for diesel in July.

Although prices have slowly started to drop, they're still expensive compared to where we were last year.

"Find the cheapest petrol in your area by using comparison sites," said Timi.

"Confused.com has a great tool, as does GoCompare."

6 . Use your council

"You might be able to get further cost of living support through your local council," said Timi.

Search the name of your local council and "cost of living" to see what support may be available for you.

Councils have been awarded another £500million from the Government to put toward the Household Support Fund.

Some of the help that is offered through the Household Support Fund includes cash or credit towards your bills and supermarket vouchers.

But the support available is decided by each individual council, as well as the eligibility criteria - which means you may face a postcode lottery.

  • Mr MoneyJar has partnered up with Turn2Us as part of its “How Many More” campaign - visit turn2us.org.uk/howmanymore for more information

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Karl Spoerri, Viviana Vezzani & Tobias Gutzwiller Launch Label Zurich Avenue With Venice Title ‘Dreamin’ Wild’ Among Slate

Karl Spoerri, Viviana Vezzani & Tobias Gutzwiller Launch Label Zurich Avenue With Venice Title ‘Dreamin’ Wild’ Among Slate

EXCLUSIVE: Karl Spoerri, Viviana Vezzani and Tobias Gutzwiller are officially launching production label Zurich Avenue, which will sit under the banner of their finance company SPG3.

Based in Zurich and LA, the production-specific label will focus on film and TV and currently has ten English and German-language projects in different stages of production.

Among the slate is Bill Pohlad’s Venice Film Festival title Dreamin’ Wild, which stars Casey Affleck, Zooey Deschanel, Walton Goggins, Chris Messina, Noah Jupe, Jack Dylan Grazer and Beau Bridges, and tells the true story of musicians Donnie and Joe Emerson.

Pic was produced in partnership with River Road Entertainment and Innisfree Pictures while SPG3 co-financed with River Road. Kim Roth, Bill Pohlad, Jim Burke, Karl Spoerri and Viviana Vezzani served as producers.

Currently in production are Greatest Days and Nyad. Coky Giederoic directs the former, the big screen adaptation of UK comedy musical The Band, inspired by UK pop group Take That. Aisling Bea stars in the film, which is produced in partnership with Elysian Films Group’s Danny Perkins, Kate Solomon and Jane Hooks and co-financed by SPG3. The movie shot in London and Athens earlier this year and is expected to release in 2023.

Zurich Avenue have also co-developed the biopic Nyad in association with producers Teddy Schwarzman of Black Bear Pictures and Andrew Lazar. The film about marathon swimmer Diana Nyad is directed by Free Solo duo Jimmy Chin and Elizabeth Chai Vasarhelyi and stars Annette Bening and Jodie Foster. Pic is currently in post-production and will launch on Netflix.

“As we diversify and further ramp up the Zurich Avenue slate, our strong focus remains on identifying unique content originating out of our home territories and building long-term partnerships with filmmakers and like-minded producers on both sides of the pond” the Zurich Avenue partners said today.

They added: “We collaborate on projects from scratch, green light them for development, and we have the financing company behind us to be a one-stop shop. At the same time being very open to develop and produce with outside partners and financiers such as streamers or studios.”

SPG3 was launched in 2020 by Spoerri with Urs Wietlisbach and Alfred Gantner, founders of the private equity house Partners Group, and the finance vehicle is run by Spoerri (CEO), Vezzani (COO), and Gutzwiller (CFO).

Previously, Spoerri co-founded the Zurich Film Festival and with Vezzani shaped it into a vibrant stop for Hollywood and arthouse movies. After selling the festival to NZZ Media AG in 2016, Spoerri and Vezzani both stepped down from their  roles in 2019.

The duo went on to be executive producers on Roland Emmerich’s Moonfall. Spoerri also served as executive producer on David Cronenberg’s A Dangerous Method (2011), Julian Schnabel’s At Eternity’s Gate (2018), David Lowery’s The Old Man and the Gun (2018), and Harmony Korine’s The Beach Bum (2018).


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Most popular personal finance advice contradicts economic theory

Most popular personal finance advice contradicts economic theory

Avoid credit-card debt. Start an emergency fund. Begin saving for retirement when you’re young. And never, ever underestimate the importance of compound interest.

Personal finance experts tend to agree on these kinds of basic principles. But a new working paper highlights the surprising disconnect between popular personal finance books and economic theory.

The paper’s author James J. Choi, a finance professor at Yale, first combed through the 50 most popular personal finance books according to Goodreads as of 2019. That list includes well-known tomes like Robert Kiyosaki’s Rich Dad Poor Dad, Jesse Mecham’s You Need a Budget, and Ramit Sethi’s I Will Teach You to Be Rich, as well as multiple books by leading finance gurus like Suze Orman and Dave Ramsey. Then he compared the most common takeaways from personal finance books with the assumptions and principles of mainstream economic theory.

The paper, posted by the National Bureau of Economic Research, has not yet been peer-reviewed.

Choi finds that personal finance experts deviate from economists on the best approaches to saving, managing your financial portfolio, paying back debt, and home ownership. But while personal finance experts may be wrong about some things, Choi says their advice has two advantages over economic theory: It is easy for laypeople to understand, and they approach money matters with human constraints (such as the difficulty of sticking to a budget) in mind.

The psychology of personal finance

The table below offers a quick summary of how personal finance and economic advice differs, according to Choi’s paper. Across five subject areas, the only matter on which the two parties entirely agree is actively managed mutual funds. The consensus: It’s hard to beat the market. Choose index funds instead.

Why does personal finance advice so frequently depart from economic theory? The paper suggests the former group tends to take psychology into account, while the latter is operating in a purely rational world.

For example, many personal finance experts want people to establish the habit of saving a certain portion of their income even when they’re young and broke, so it will be easier for them to continue setting more and more money aside as their income grows. By contrast, economists tend to think it makes sense that people might save little (or even go into some debt) while they’re starting out in their careers, then vastly accelerate saving as they start making more money.

Similarly, Choi finds that nine personal finance books advocate for what Dave Ramsey calls the “snowball method” of paying down credit-card debt, in which people pay off their lowest balances first regardless of the interest rates on various cards. That flies in the face of economists’ very practical assumption that it’s best to prioritize getting rid of debt with the highest interest rates. But he notes that Ramsey and his ilk offer the snowball method as a way to help people stay motivated in becoming debt-free—operating under the theory that people will be more likely to stay on track if they get small wins along the way.

The best way to save, according to personal finance books

The paper also contains some interesting insights about the most common advice gleaned from personal finance books. For example, of the 25 books that had specific advice on the size of the ideal emergency fund, the majority recommended socking away at least three months’ worth of living expenses.

Choi notes that economists tend to think of saving quite differently from personal finance experts. They consider factors like opportunity cost—for example, the tradeoff that building up a robust savings account might prevent you from investing that money in the stock market, or from buying a new car to replace the one that will eventually cost you thousands of dollars in repairs. And in the big picture, academics are attuned to the ways that excessive saving can hurt the economy, which depends on people spending money on various goods and services.

Personal finance experts don’t have to worry about these kinds of knock-on effects. Their focus is just that: Personal.


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EljaBoom, Okse Co-Founder and CMO Brings You a Complete Decentralized Finance Experience

EljaBoom, Okse Co-Founder and CMO Brings You a Complete Decentralized Finance Experience

West Bay Rd, Cayman Islands, 30th August 2022, ZEXPRWIRE, Blockchain Influencer, EljaBoom ventures into new project Okse, taking on the Co-Founder and CMO position. He has assisted many projects with their plans, enabling them to capitalize on the industry’s full potential and continue to expand their market reach despite competition. Okse is his main focus now.

Okse has benefited from EljaBoom’s knowledge by streamlining its business plans in accordance with market trends and demands. Eljaboom spends a lot of his day holding meetings with users and clients to assist them to onboard with Okse. 

“Partnership building is one of the key successes for Okse. I have lined up partners globally to bring them onto the Okse platform. Onboarding those onto our platform would also mean that we are bringing more clients to our partners’ businesses too. This is a win-win proposition for all of us.” EljaBoom commented.

OKSE is the first non-custodial wallet directly with a Visa card. It is made available to more than 170 countries, all transactions are on chain and we enable payment with crypto in more than 60 million merchants worldwide. 

Okse card functions like a debit card backed by a very strong belief in a decentralized financial system. The only option to access the Okse Card Smart Contract is via the decentralized Okse Wallet where KYC is needed. When KYC is approved, the Okse Card menu can be accessed while signing in with your KYC-verified wallet. The login allows you to upload different pre-selected and also governance-selected cryptocurrencies. 

Funds have only two options after being deposited into the Debit Smart Contract. Firstly, the funds will be transferred with user confirmation to the master wallet from the integrated Signer Wallet, which pays the Debit Card Provider instantly when a payment is made. The pre-selected payment currency will be immediately converted into USDC ot BUSD to keep the value near to the USD. 

Secondly, you can withdraw the funds into your Okse Wallet from which you made the deposit, which works like a multisig: the Signer Wallet and your Wallet needs to sign the transaction. 

Only the owner of your KYC Verified and Debit Card Contract assigned wallet can interact with the debit card. Your identity and funds are secured with your private keys and passphrase. Lastly, I want to emphasize that all the transactions and approvals are documented on the blockchain. 

In a Forbes article, Eljaboom mentioned that he is a part of a project that helps in building technological schools for underprivileged children in Nigeria. He wants Okse to play a part in doing good using crypto. 

“I am looking a few steps forward. Sending funds into Nigeria is not easy. I hope crypto can play a part to ease the whole process. I also hope to bring new technology into Nigeria and use it to help the economy. Okse can be that connector.” Eljaboom added.

Eljaboom has been consistent in everything he has been a part of, and his future goal is to create an ecosystem in which cryptocurrency is widely accepted for its immense potential. He believes Okse has the potential to change the future of decentralized finance.

Media Contacts

Company: OKSE

Contact Name: Cain B.

Email: [email protected]

Website: https://okse.io/


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H&H Group delivers first half business growth in 2022 Interim Results led by strong revenue across 3 product segments

H&H Group delivers first half business growth in 2022 Interim Results led by strong revenue across 3 product segments

  • Group revenue grew 9.8% on a reported basis to RMB5,955.4 million in the first half of 2022
  • Adjusted EBITDA declined 1.0% with a stable 17.7% adjusted EBITDA margin
  • Adjusted net profit declined 26.9% due to higher finance costs from incremental debt stemming from the Group’s Zesty Paws acquisition and net profit on a reported basis declined 5.2%
  • The Group successfully drew down a 3-year term loan facility, refinancing all existing loan facilities to improve its capital structure and liquidity position
  • Interim dividend payout ratio of 30% of adjusted net profit announced
  • The Group stabilised its market position in the infant milk formula business with a 5.7% share, and achieved sales turnaround in probiotic supplements, in Baby Nutrition & Care (BNC), a segment which contributed the largest portion of the Group’s total revenue at 53.4%
  • Adult Nutrition & Care (ANC) delivered solid revenue growth of 14.9% on a like-for-like (“LFL”) basis and Pet Nutrition & Care (PNC), bolstered by last year’s acquisition of Zesty Paws, saw 35.4% growth on an LFL basis as both segments retain momentum in core major markets whilst expanding into new markets in Asia and the US
  • Revenue from mainland China returned to a growth trend, achieving growth of 3.4% on an LFL basis and accounting for 73.8% of total Group revenue
  • Revenue from Australia and New Zealand (ANZ) grew 24.0% year-on-year on an LFL basis, with robust revenue growth in all channels
  • The Group made purposeful strides in its sustainability progress, including maintaining its MSCI ESG Research rating of ‘A’ whilst moving closer to achieving B-Corp certification

Global family nutrition and wellness provider, Health and Happiness (H&H) International Holdings Limited (“H&H Group” HKSE: 1112), has today announced its interim results for the six months ended 30 June 2022, delivering profitable growth for the first half of the year.

During the Interim Period, total Group revenue grew 9.8% year-on-year (YoY) on a reported basis to RMB5,955.4 million whilst net profit declined 5.2% on a reported basis to RMB475.1 million. The Group saw positive revenue growth across its two business segments – Adult Nutrition and Care (“ANC”), and Pet Nutrition and Care (“PNC”) whilst seeing recovery in some parts of the Baby Nutrition and Care (“BNC”) segment despite facing challenging conditions, including rising inflation, supply chain issues, and industrial challenges.

Office image, H&H London

Office image, H&H London

H&H Group’s Chief Executive Officer and Executive Director, Laetitia Albertini, said the business was pleased to deliver positive results, fostered by a combination of brand strength and product innovation, along with proactive efforts to expand the Group’s reach to new and existing markets.

“These interim results have placed the Group on a strong trajectory for the remainder of 2022. Across our three business segments, we have built momentum that is paving the way to accelerated profitable growth despite encountering various challenges and impacts. This speaks volumes to the resiliency of H&H’s brands, our product quality, and our consumer-led approach to innovation and marketing within our product portfolios,” Mrs Albertini said.

The Group’s BNC segment is recovering, reporting a 3.5% decline, as it continues to grapple with long-term structural challenges it is facing in mainland China, particularly in the infant milk formula (IMF) category. Whilst the IMF category saw a 3.1% decrease YoY, revenue from probiotic supplements increased 6.4% to compensate. Despite the obstacles the industry is grappling with, at 53.4% the BNC segment is the Group’s largest contributor to overall revenue.

“We cannot overlook the challenges our BNC segment is encountering in mainland China, from declining birth rates to increasing competition and rising inflation. These are industry-wide issues that we have navigated well through prioritising a channel expansion strategy, as well as branding initiatives and focused investment in consumer education. We have also continued to gain market share in the super premium cow milk IMF and goat milk IMF markets, both of which represent a major part of our IMF business. We have stayed at the forefront of this segment of our business, attentive to changing consumer needs whilst capitalising on new opportunities for growth,” Mrs Albertini said.

The ANC business segment saw its revenue grow 14.9% on a YoY LFL basis to make up 34.4% of the Group’s overall revenue in H1. The Group continued its ANC expansion in Asia – over the past few years it has entered several new markets, including Hong Kong SAR, Singapore, Malaysia, Thailand, Indonesia, and India, and, most recently, Vietnam. Swisse continues to strengthen its No. 1 position in the beauty supplement brand category in Singapore.

Meanwhile, the Group has seen major success and strong revenue growth in its PNC segment, which saw a 35.4% increase YoY on a LFL basis. Pet supplements and nutrition brands, Solid Gold and Zesty Paws, acquired by the Group in 2021, contributed 12.2% to the Group’s overall revenue as they continued their online and offline expansions in both the US and mainland China markets. Zesty Paws maintained its leading position in both Amazon and Chewy platforms and has also entered Costco online stores in the US. Zesty Paws and Solid Gold are now present in more than 7,744 stores and 4,200 stores respectively across the country, including major chains, such as Walmart, Target, Petco, and PetSmart.

“Between our ANC expansion into Asia and strong double-digit revenue growth in PNC, we are setting the stage for growth with our range of premium brands. We are thrilled to see our core markets delivering gratifying sales performances whilst we are only at the start of our journey of introducing Swisse, Biostime, Zesty Paws, and Solid Gold into burgeoning markets around the world, where we are seeing promising growth potential for our brands,” Mrs Albertini said.

Regional Highlights

Mainland China accounted for 73.8% of total Group revenue, led by a 6.5% increase YoY in sales in Biostime branded probiotics, a 12.9% uptick in the ANC segment and a 108.6% increase in the PNC segment. In the BNC segment, there has also been an increasing appetite in mainland China for goat milk IMF – the Group reported 7.5% growth for this product category in H1.

Mainland China accounted for 61.1% of total ANC revenue, driven by robust normal trade sales in the region. The Group reported net sales of RMB167.9 million in the first half of 2022 in its PNC segment. Solid Gold is garnering momentum as it ranked No. 1 in the imported cat food category on the Tmall platform and No. 2 in the premium cat dry food category whilst the brand received seven new licenses to sell pet food products on offline channels in the country to propel its growth to over 5,000 pet stores and hospitals.

“Our H1 results reveal a steady turnaround for H&H Group in mainland China, where we continued to deliver healthy revenue growth in response to consumer demand for quality products for the whole family despite supply chain challenges. It is in this market that we have seen major returns for our strategic efforts in branding initiatives and investment in consumer education. We anticipate this payoff will continue well into the rest of 2022,” Mrs Albertini said.

Outside of mainland China, Biostime-branded business continued robust double-digit growth of 22.0% in France as it maintained its No. 1 ranking in the organic IMF and goat IMF categories in the pharmacy channel. Biostime, Dodie, and Good Goût were recognised as ‘Entreprise à Mission’ (purpose-led companies) in France.

In Australia and New Zealand, the Group achieved a 24.0% on an LFL basis increase in revenue YoY, with the growth supported by the rising demand for immunity-boosting products and the launch of innovative new products, including Swisse’s Nutra+ range and Swisse Collagen+ Hyaluronic Acid Tablets.

The US is now our third largest market, achieving 21.9% growth on a LFL basis for the first half of the year. This market, fuelled by Zesty Paws and Solid Gold sales, attributed 9.6% of the Group's total revenue.

Outlook for H2

Looking ahead for the remainder of the year, the Group is well-positioned to sustain the growth momentum it mapped out in H1. To manage rising inflation and supply chain issues, the Group has a mix of proactive initiatives, including product mix optimisation, increasing the price of selected SKUs, and enforcing improvements in sourcing and spending.

In the BNC category, the Group plans to shift its BNC segment into positive growth throughout the year, with the intention of stabilising its market position in the IMF business in mainland China, and continuing growth momentum in the probiotic category.

The Group is also projecting solid growth in core markets in its ANC business segment, from e-commerce and offline sales in mainland China, paired with steady domestic market sales in ANZ, and robust revenue growth in its burgeoning markets in Southeast Asia.

The US will continue to be the largest market with both online and offline sales in the PNC category, whilst the Group targets further growth in mainland China.

“Across the Group, we have plenty to look forward to in H2 as we stay committed to maintaining overall revenue growth for the full financial year. The outlook for us is incredibly promising – we expect to make solid progress across our three business segments as we continue our mission to make millions of people and their pets healthier and happier through our premium nutrition and personal care solutions,” Mrs Albertini said.

“Our expansion into Asia will be a key focus for us and, consequently, we are diversifying into more channels to further bolster this growth trajectory in Southeast Asia,” she said.

In addition, the Group drew down a 3-year term loan facility with an aggregate principal amount of US$1.125 billion in June 2022 to refinance all its existing loan facilities. This new loan facility is a sustainability-linked loan with three ESG (Environmental, Social, Governance) targets that will unlock interest savings when each target is met. This successful refinancing arrangement has greatly improved the Group’s capital structure and liquidity position.

Sustainability Progress

The Group maintained its MSCI ESG Research rating of ‘A’ as sustainability touched every aspect of the business in the first half of 2022, and across the Group’s four core sustainability impact areas: ‘Advancing the Story of Good Health’, ‘Reducing Our Footprint on the Planet’, ‘Honouring Human Rights and Fairness’, and ‘Supporting Good Governance’.

“As a business that prioritises sustainability, we have made purposeful decisions, based on science, to Reduce Our Footprint on the Planet. Our sustainability strategy includes recently completing our Group-wide global carbon footprint assessment whilst we are taking actionable steps to define our greenhouse gas emissions reduction targets, following the Science Based Targets initiative (SBTi) framework. We are also focused on Advancing the Story of Good Health, through both our product portfolio – launching an impressive 104 new products whilst winning 23 product awards – as well as investing in the community through the H&H Foundation. In the first half of the year, we donated US$1 million into community programmes, including support to the Red Cross in response to the Australian flooding crisis. Along with our mission to make people healthier and happier is our commitment to a long-term vision for growth that benefits society and the planet,” Mrs Albertini said.

In another important milestone, the Group has developed and approved company-wide Animal Welfare and Animal Testing policies and established an ESG committee to manage the Group’s sustainability strategy and to enhance the quality of disclosure.

The Group is also on track to achieve Group-wide B Corp certification by the end of 2025, which is a major milestone in its sustainability strategy. Teams in Australia, New Zealand and mainland China have submitted their B Corp applications, whilst the Group’s UK, France and US teams are in the application process.

FINANCIAL RESULTS

View the financial results table here: https://www.realwire.com/writeitfiles/H_H_Group-Results.jpg

For media inquiries, contact:

H&H Group

Carmen Chai

carmen.chai@hh.global

H&H Group

Annabel Jenkins

+44 7514535600

annabel.jenkins@hh.global

Think Alliance Group

Matthew Schultz

+852 3481 1161

matt.schultz@think-alliance.com


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Veteran Nick Spencer-Skeen Joins UAE-Based Trading Platform Provider

Veteran Nick Spencer-Skeen Joins UAE-Based Trading Platform Provider

Nick Spencer-Skeen, the former Chief of Staff, Europe, Middle East and Africa (EMEA), at StoneX Group, has joined Abu Dhabi, United Arab Emirates (UAE)-based APM Capital Limited as a Senior Executive Officer.

APM Capital Limited was established in May 2021 and provides order execution and trading platforms to industry actors.

Spencer-Skeen left StoneX Group, an institutional-grade financial services network, in December last year.

He joined the Group, which was previously known as INTL FCStone, in January 2011 and would spend almost 13 years in the organization before his departure.

“Helping to build an exciting new business in UAE,” Spencer-Skeen wrote on his LinkedIn profile.

APM Capital Limited is authorized and regulated by the Financial Services Regulatory Authority of the Abu Dhabi Global Market, one of the UAE’s international financial centres and free trade zones.

“We are continuously striving to provide our clients with an unparalleled trading experience that is always fair and transparent,” the newly-established firm described itself on LinkedIn.

“We are proud to provide immediate order execution and our trading platforms cater for many unique and innovative tools, all while ensuring the highest levels of security,” the company added.

A Long Career Experience

Spencer-Skeen has more than 30 years of experience running post-trade exchange-traded derivative operations from London to Asia across various derivative assets, from commodities to equities.

Before StoneX Group, he worked as the Chief of Operations at Banca IMI, the investment banking division of italian international banking group Intesa Sanpaolo Group.

He started working for Banca IMI in June 2000 when the company was still known as Banca Caboto.

At Banca IMI, he handled all post-trade operational activities within the firm’s London branch and focused majorly on the banking division’s exchange-traded derivatives brokerage business.

Spencer-Skeen also spent over two years at Rolfe & Nolan, supplier of software to the futures and options industry, serving as Director of Client Services.

Furthermore, he worked for over six years as the Head of Operations at ING Derivatives which is owned by Dutch banking group, ING.

Previously, he worked as the Head of Back Office Operations at ING Baring Futures Limited.

He also worked with the forex team at the Scandinavian Bank, a defunct Swedish bank founded in Gothenburg, Sweden, in 1864.

Nick Spencer-Skeen, the former Chief of Staff, Europe, Middle East and Africa (EMEA), at StoneX Group, has joined Abu Dhabi, United Arab Emirates (UAE)-based APM Capital Limited as a Senior Executive Officer.

APM Capital Limited was established in May 2021 and provides order execution and trading platforms to industry actors.

Spencer-Skeen left StoneX Group, an institutional-grade financial services network, in December last year.

He joined the Group, which was previously known as INTL FCStone, in January 2011 and would spend almost 13 years in the organization before his departure.

“Helping to build an exciting new business in UAE,” Spencer-Skeen wrote on his LinkedIn profile.

APM Capital Limited is authorized and regulated by the Financial Services Regulatory Authority of the Abu Dhabi Global Market, one of the UAE’s international financial centres and free trade zones.

“We are continuously striving to provide our clients with an unparalleled trading experience that is always fair and transparent,” the newly-established firm described itself on LinkedIn.

“We are proud to provide immediate order execution and our trading platforms cater for many unique and innovative tools, all while ensuring the highest levels of security,” the company added.

A Long Career Experience

Spencer-Skeen has more than 30 years of experience running post-trade exchange-traded derivative operations from London to Asia across various derivative assets, from commodities to equities.

Before StoneX Group, he worked as the Chief of Operations at Banca IMI, the investment banking division of italian international banking group Intesa Sanpaolo Group.

He started working for Banca IMI in June 2000 when the company was still known as Banca Caboto.

At Banca IMI, he handled all post-trade operational activities within the firm’s London branch and focused majorly on the banking division’s exchange-traded derivatives brokerage business.

Spencer-Skeen also spent over two years at Rolfe & Nolan, supplier of software to the futures and options industry, serving as Director of Client Services.

Furthermore, he worked for over six years as the Head of Operations at ING Derivatives which is owned by Dutch banking group, ING.

Previously, he worked as the Head of Back Office Operations at ING Baring Futures Limited.

He also worked with the forex team at the Scandinavian Bank, a defunct Swedish bank founded in Gothenburg, Sweden, in 1864.


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How Can Financial Institutions Prevent Breaches with Layered Security?

How Can Financial Institutions Prevent Breaches with Layered Security?

According to CSIS, financial institutions are the top targets of cybercriminals.

For many, this is not surprising. It’s not difficult to see what makes banks appealing to cybercriminals.

Besides direct monetary gain, threat actors can obtain the sensitive information of millions of people who trust their bank with their personal data.

Banks are already investing a lot in cybersecurity — especially as they add more convenient services such as mobile applications and online banking for their users.

So why are successful breaches of financial institutions still headlining in the news?

For starters, let’s take a look at the latest cybersecurity breaches to get a sense of how cybercriminals exploit weaknesses to breach financial institutions.

Recent Banking Breaches

What can we learn from the latest hacking of financial institutions? When we compare recent cyber incidents in the financial sector, clear patterns emerge:

● A successful cyberattack can set financial institutions back millions

● Hackers use versatile methods to obtain sensitive data or financially damage institutions

● Even major banks that already allocate a lot of resources towards cybersecurity can be breached

● Financial damage is not necessarily the hacker’s endgame

In April 2022, the platform Beanstalk Farms reported a loss of $180 million in Bean cryptocurrency. Hackers exploited voting rights to obtain the currency and caused a decrease in the value of the Bean.

In the last couple of months, researchers have uncovered different malware that has been used to target financial institutions.

For example, in South Korea, they spotted Fakecalls. This trojan called victims and impersonated banking officials, urging them to disclose banking information and make transfers.

Some of the major financial institutions that have recently fallen victim to cyberattacks include Block and Flagstar Bank.

Block compromised the information of as many as 8.2 million users and employees when a former employee improperly downloaded Cash App Investing reports containing customer data.

Flagstar Bank’s perpetrators leaked the social security numbers of 1.5 million users after a data breach.

Layered Security to Protect Finances

What kind of cybersecurity do financial institutions need to deploy on their premises to avoid such attacks?

Comprehensive and layered cybersecurity. This means having different tools, protocols, and systems that cover any possible weak spot within the infrastructure itself. Cybersecurity mesh can improve collaboration between various security solutions.

Instead of working in silos, the model integrates the architecture into a more flexible and collaborative one. Companies that adopt this approach can add more security tools as they grow, as well as adjust security functions based on their needs.

What’s more, to continually monitor movement within the infrastructure, CSMA utilizes the power of artificial intelligence. This delegates repetitive tasks to IA and frees up time for cyber analysts, enabling them to allocate more resources toward mitigating advanced threats.

Final Word

Financial institutions already invest a lot in their security because there’s a lot at stake.

Losses following an attack include people whose sensitive information has been stolen, different currencies (e.g., crypto), leaked portfolios, and lost life savings.

Recurring attacks can, and often do, lead to a lack of trust and therefore, loss of clients.

To protect users' personal information — which in the case of financial institutions can lead to data leaks and further attacks on different infrastructures — it’s necessary to deploy strong and layered security.

Recent major attacks on financial institutions have shown that institutions have to guard their assets against different types of attacks — even from those they can’t yet expect.

Cybersecurity Mesh Architecture encourages working smart instead of hard by uniting the tools a business would use in a single infrastructure.

According to CSIS, financial institutions are the top targets of cybercriminals.

For many, this is not surprising. It’s not difficult to see what makes banks appealing to cybercriminals.

Besides direct monetary gain, threat actors can obtain the sensitive information of millions of people who trust their bank with their personal data.

Banks are already investing a lot in cybersecurity — especially as they add more convenient services such as mobile applications and online banking for their users.

So why are successful breaches of financial institutions still headlining in the news?

For starters, let’s take a look at the latest cybersecurity breaches to get a sense of how cybercriminals exploit weaknesses to breach financial institutions.

Recent Banking Breaches

What can we learn from the latest hacking of financial institutions? When we compare recent cyber incidents in the financial sector, clear patterns emerge:

● A successful cyberattack can set financial institutions back millions

● Hackers use versatile methods to obtain sensitive data or financially damage institutions

● Even major banks that already allocate a lot of resources towards cybersecurity can be breached

● Financial damage is not necessarily the hacker’s endgame

In April 2022, the platform Beanstalk Farms reported a loss of $180 million in Bean cryptocurrency. Hackers exploited voting rights to obtain the currency and caused a decrease in the value of the Bean.

In the last couple of months, researchers have uncovered different malware that has been used to target financial institutions.

For example, in South Korea, they spotted Fakecalls. This trojan called victims and impersonated banking officials, urging them to disclose banking information and make transfers.

Some of the major financial institutions that have recently fallen victim to cyberattacks include Block and Flagstar Bank.

Block compromised the information of as many as 8.2 million users and employees when a former employee improperly downloaded Cash App Investing reports containing customer data.

Flagstar Bank’s perpetrators leaked the social security numbers of 1.5 million users after a data breach.

Layered Security to Protect Finances

What kind of cybersecurity do financial institutions need to deploy on their premises to avoid such attacks?

Comprehensive and layered cybersecurity. This means having different tools, protocols, and systems that cover any possible weak spot within the infrastructure itself. Cybersecurity mesh can improve collaboration between various security solutions.

Instead of working in silos, the model integrates the architecture into a more flexible and collaborative one. Companies that adopt this approach can add more security tools as they grow, as well as adjust security functions based on their needs.

What’s more, to continually monitor movement within the infrastructure, CSMA utilizes the power of artificial intelligence. This delegates repetitive tasks to IA and frees up time for cyber analysts, enabling them to allocate more resources toward mitigating advanced threats.

Final Word

Financial institutions already invest a lot in their security because there’s a lot at stake.

Losses following an attack include people whose sensitive information has been stolen, different currencies (e.g., crypto), leaked portfolios, and lost life savings.

Recurring attacks can, and often do, lead to a lack of trust and therefore, loss of clients.

To protect users' personal information — which in the case of financial institutions can lead to data leaks and further attacks on different infrastructures — it’s necessary to deploy strong and layered security.

Recent major attacks on financial institutions have shown that institutions have to guard their assets against different types of attacks — even from those they can’t yet expect.

Cybersecurity Mesh Architecture encourages working smart instead of hard by uniting the tools a business would use in a single infrastructure.


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FBI Offers Safety Tips to DeFi Users Following Recent Hacks

FBI Offers Safety Tips to DeFi Users Following Recent Hacks

The Federal Bureau of Investigation has issued a global alert warning Investors about the planned scams intending to steal users’ funds, including risks involved while using decentralized finance platforms.



In a statement released on Tuesday, the FBI had recommended that crypto investors conduct thorough research on DeFi platforms, smart contracts, and protocols before using them, to better understand the potential risks involved before investing. Among the things to look out for are platforms that have had their codes audited at least once according to the FBI

”Ensure the DeFi investment platform has conducted one or more code audits performed by independent auditors. A code audit typically involves a thorough review and analysis of the platform’s underlying code to identify vulnerabilities or weaknesses in the code that could negatively impact the platform’s performance,” The FBI said in its recommendations.

The FBI also stated they had monitored cybercriminals exploiting vulnerabilities in the smart contracts governing DeFi platforms, using an investment strategy or self-executing contracts with “an agreement between the buyer and seller written directly into lines of code that exist across a distributed decentralized blockchain network”. These exploits have generated profits for the criminals that victims can’t claim for now.

“The FBI encourages investors who suspect cybercriminals have stolen their crypto investments, to contact the FBI via the Internet Crime Complaint Center or their local FBI field office,” the agency said in its statement.

The rise of DeFi hacks

The FBI hastened to add that the scammers who have widely spammed the industry, are targeting investors using the complexity of cross-chain functionality and the open nature of DeFi platforms.

“Cybercriminals are exploiting security flaws in the smart contracts governing DeFi platforms to steal virtual currency and cause investors to lose money,” the agency said.



It is estimated that between January and March, criminals stole about 97% of the $1.3 billion in cryptocurrencies from DeFi platforms, an increase from 72% in 2021 and 30% in 2020. Cybercriminals have also tried to steal using flash loans. Causing a loss of $3 million in crypto.

FBI makes recommendations to DeFi platforms

DeFi users have been given an opportunity to borrow and lend assets in a similar manner to that of banks, but these assets are not backed by insurance and are more vulnerable to hacks and exploits due to the lack of government policies regulating them.

The agency recommended DeFi platforms implement analytics, monitoring, and testing of code to address potential vulnerabilities that could lead to contract exploitation. Over the past few years, several experts have advised companies that the most effective and sustainable approach is to implement security software that uses multifactor authentication or MFA, but platforms are yet to embrace it.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.


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