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Centre releases Rs 488 crore for State Disaster Mitigation Fund for 2021-22

Centre releases Rs 488 crore for State Disaster Mitigation Fund for 2021-22

New Delhi: Union home minister Amit Shah on Friday approved the release of Rs 488 crore to Uttar Pradesh, Punjab and Goa as central share of the State Disaster Mitigation Fund (SDMF) for 2021-22.

Based on the recommendations of the 15th Finance Commission, the Centre has allocated Rs 32,031 crore to the SDMF and Rs 13,693 crore to the National Disaster Mitigation Fund (NDMF) for 2021-22 to 2025-26, according to an official release.

These mitigation funds are meant to be used for undertaking mitigation activities, involving local level and community-based interventions, which will reduce the risks from disasters and promote environment-friendly settlements and livelihood practices.



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Ukraine Latest: Putin Says Annex of Four Regions Is ‘Forever’

Ukraine Latest: Putin Says Annex of Four Regions Is ‘Forever’

(Bloomberg) -- President Vladimir Putin on Friday said that Russia is annexing four occupied regions in Ukraine “forever” and repeated warnings that Moscow will use all available means to defend the territories.

Most Read from Bloomberg

The US and European Union members denounced the move, with President Joe Biden calling it a “flagrant violation of the UN Charter and the basic principles of sovereignty and territorial integrity.” The US sanctioned hundreds of Russians, including central bank head Elvira Nabiullina and Deputy Prime Minister Alexander Novak, a key figure in Russian dealings with OPEC.

Biden also said that damage to the Nord Stream gas pipelines was a “deliberate act of sabotage.”

(See RSAN on the Bloomberg Terminal for the Russian Sanctions Dashboard.)

Key Developments

  • Putin Vows Annexation of Occupied Ukraine Lands Is ‘Forever’

  • US Sanctions Russia’s Central Bank Chief, Top Oil Official

  • Putin’s Boasts Ring Hollow in Ukraine Port Bombarded for Months

  • Ukraine Says Dozens Killed or Injured in Russian Missile Strike

  • Wheat Prices Buoyed by Worries Over Ukraine’s Export Corridor

  • Putin’s Draft Order Sends 200,000 Russians Fleeing to the Border

On the Ground

Over the past day, Russia has launched give missile and 11 air strikes, as well as more than 100 rocket attacks at almost 50 Ukrainian settlements, Ukraine’s General Staff said. Moscow’s troops shelled the southern cities of Mykolaiv and Odesa on Thursday night. Kyiv’s troops have likely nearly completed the encirclement of the Russian grouping in Lyman and cut critical ground lines of communication that support Russian troops in the Drobysheve-Lyman area, the US-based Institute for the Study of War said in an update. Seven months into the conflict, Belarus remains highly unlikely to become directly involved in the war in Ukraine on behalf of Russia, according to ISW.

All times CET:

Biden Calls Pipeline Damage ‘Deliberate Act of Sabotage’ (8:17 p.m.)

While calling damage to the Nord Stream gas pipelines a “deliberate act of sabotage,” Biden didn’t offer evidence for that conclusion and didn’t blame Russia by name.

“We’re working with our allies to get to the bottom exactly what precisely happened and at my direction have already begun to help our allies enhance the protection of this critical infrastructure,” Biden told reporters Friday at the White House.

Biden said the US planned to send divers to examine the pipeline and “find out exactly what happened.” He said “the Russians are pumping out disinformation and lies,” an apparent reference to suggestions the US was behind the damage.

Ukraine to Seek $1.3 Billion From IMF in October (8:11 p.m.)

Ukraine plans to ask the International Monetary Fund for $1.3 billion under the IMF’s food aid program, National Bank Governor Kyrylo Shevchenko said.

“We also hope to start working on a new full IMF program for Ukraine as soon as possible,” Shevchenko says in a statement online. “We are ready to implement such a program, regardless of uncertainties caused by military acts.”

NATO Chief Says Allies Collecting Data on Pipeline Disruptions (6:46 p.m.)

NATO allies have ships and planes in the Baltic Sea and North Sea to help prevent any more disruption to energy infrastructure after the Nord Stream incidents, according to Jens Stoltenberg, secretary general of the military alliance.

The presence sends a message of “readiness to protect and defend each other, also critical infrastructure,” Stoltenberg told reporters in Brussels. “These allies, these capabilities, these planes, these ships are also collecting information, data which can be helpful both for the ongoing investigation but also to monitor these critical energy infrastructures.”

US Sanctions 57 Entities Over Invasion (5:45 p.m.)

American firms will be prohibited from doing business with the entities without first obtaining a US government license.

A notice from the US Commerce Department’s Bureau of Industry and Security says 56 of the entities are listed under Russia and one under the Crimea region of Ukraine.

Ukraine Vows to Keep ‘Liberating’ Land (5:30 p.m.)

UK Sanctions Russia Central Bank Chief Elvira Nabiullina (4:45 p.m.)

The UK government added Nabiullina to its sanctions list on Friday, according to a government statement.

“Nabiullina is obtaining a benefit from or supporting the Government of Russia through working for the Government of Russia as Governor of the Central Bank of the Russian Federation,” it said.

Italy’s Meloni Condemns Russian Annexation (4:30 p.m.)

Giorgia Meloni -- whose right-wing bloc won recent elections and is likely Italy’s next prime minister -- said the move “had no juridical or political validity.” Meloni has vowed to maintain Prime Minister Mario Draghi’s policy of support for Ukraine, despite the past pro-Russia stances of some of her coalition allies, such as Matteo Salvini.

Ukraine Applying for Fast-Track NATO Entry (4:20 p.m.)

Zelenskiy announced the bid in a video address to the nation. Ukraine has already made its “path towards NATO,” demonstrating “compatibility with the alliance’s standards,” he said. “We trust each other, help each other and defend each other. We know it is possible.”

All 30 members of NATO would have to unanimously agree to invite Ukraine to join, and the process can take years.

Read More: Ukraine Bids to Join NATO Despite Long Odds Against Wartime Move

EU Presents Tougher Security Rules for Visas for Russians (3:35 p.m.)

The European Commission cited “an escalation of the security threat” by Moscow including alleged war crimes, partial mobilization and plans to annex Russian-occupied areas in Ukraine.

Commissioner Ylva Johansson told reporters the updated guidelines include more thorough security assessments of applicants, and refusing visas to citizens who could stay longer than 90 days in the EU. She said about 190,000 Russians had entered bloc in September, around 10,000 to 20,000 more than usual for that month.

The EU earlier this month adopted higher fees, the need for more documents, an increased processing time, and more restrictive rules for multiple-entry visas for Russians.

Putin Says Russia Annexing Ukrainian Regions ‘Forever’ (3:00 p.m.)

In a speech to officials at a Kremlin ceremony, Putin also called on Ukraine to halt fighting and begin negotiations.

Ukraine has rejected negotiations until Russian forces have been pushed back at least to positions they held before the Feb. 24 invasion. Russia doesn’t control the territories in full that it’s seeking to absorb. The United Nations has condemned Russia’s seizure of the Ukrainian regions as illegal. Putin cited the UN Charter in his speech seeking to justify the annexation.

EU Members Reject Russian Annexation (2:55 p.m.)

“We do not and will never recognise the illegal ‘referenda’ that Russia has engineered as a pretext for this further violation of Ukraine’s independence, sovereignty and territorial integrity, nor their falsified and illegal results,” the EU said in a statement. “These decisions are null and void and cannot produce any legal effect whatsoever.”

Work Continues on New EU Sanctions Package (1:55 p.m.)

Negotiations among European Union ambassadors continues on the EU’s proposed eighth package, with talks expected to stretch into next week, according to people familiar with the matter.

Read more: EU Plans Russia Import Bans, Tech Curbs Over Putin Land Grab

Norway Tightens Controls Along Border With Russia (1:50 p.m.)

A police helicopter equipped with sensors will be used to help detect any illegal crossings of the 19 kilometer-long border, the government said on Friday. The conscription of Russian troops and a possible travel ban for Russian citizens has increased the risk of illegal border crossing, it said.

The government also said it is ready to shut border crossings to Russian tourists, like Finland has done, but will hold off on doing that for now. “We will close the border quickly if it becomes necessary, and changes can come at short notice,” Justice and Public Security Minister Emilie Enger Mehl said.

There have been few arrivals in Norway compared to Finland.

Ukraine Defense Minister Sees ‘Good News’ Coming After US Call (12:24 p.m.)

Oleksii Reznikov, Ukraine’s defense minister, spoke by phone with US counterpart Lloyd Austin, he said on Twitter, adding that “good news” would be announced soon.

Kremlin Says Ukraine Attack on Annexed Lands Would Be Act of ‘Aggression’ (11:29 a.m.)

The Kremlin said Ukrainian efforts to recapture areas annexed by Russia will be classified as act of aggressions against the Russian state.

Still, Kremlin spokesman Dmitry Peskov, called talk of nuclear escalation “irresponsible” on a conference call with reporters on Friday, and declined to say whether attacks on the territories may meet the standard for using the weapons set out in Russia’s military doctrine.

Peskov said he wasn’t able to say whether Russia plans to annex the entire Kherson and Zaporizhzhia regions or just areas now held by its troops. He said the agreements Friday will cover all of the Donetsk and Luhansk regions, though Ukraine still controls parts of those.

‘Moment of Peril’ as Putin to Formalize Annexation (10:47 a.m.)

Vladimir Putin on Friday will sign accession documents formalizing the Kremlin’s annexation of four occupied regions in Ukraine, including some of the nation’s key agricultural and industrial centers.

The United Nations has denounced the land grab as illegal and many countries have already condemned it. Ukrainian President Volodymyr Zelenskiy said Thursday Russia would “annex itself to the catastrophe that it has brought to the occupied territory of our country.”

The Russian president will address legislators and other officials after the signing ceremony at the Kremlin.

Zaporizhzhia Atomic Workers Told to Apply at Rosatom to Keep Jobs (9:36 a.m.)

Ukraine said its workers at the Russian-occupied Zaporizhzhia nuclear power plant were told they’ll need to re-apply to Kremlin-controlled Rosatom to keep their jobs.

Moscow’s plan to recognize the Zaporizhzhia region, including the site of the atomic plant, as part of Russian territory are overshadowing attempts to de-escalate fighting around the facility. Kyiv’s ambassador told a meeting of the International Atomic Energy Agency that Rosatom has sent in more officials to enforce a change in ownership once the territorial acquisition is completed.

“Representatives of Rosatom stated that at that moment, the Zaporizhzhia nuclear power plant will belong to Rosatom,” Yevhenii Tsymbaliuk said. Allowing Russia to claim ownership of Zaporizhzhia would represent the biggest nuclear heist in history; the plant has a replacement value of about $40 billion and produces a fifth of Ukraine’s electricity. Russian forces seized the facility during the first week of the invasion.

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Don’t miss FHFA Director Sandra Thompson at HW Annual

Don’t miss FHFA Director Sandra Thompson at HW Annual

Taking the main stage on Oct. 5 at HW Annual, Federal Housing Finance Agency Director Sandra Thompson will sit down for a fireside chat with HousingWire’s Sarah Wheeler. The highly anticipated conversation will share updates on the agency’s latest initiatives, some of the latest collaboration and oversight moves from the agency and more.

“A lot has happened and shifted in the housing market over the last few years, especially considering the impact of the COVID-19 pandemic, the rise and drop in the refinance market and the current Fed-driven housing recession. These changes create a lot of questions, which is why we’re honored to have FHFA Director Sandra Thompson as a keynote speaker at HW Annual this year,” said Brena Nath, HW Media’s director of HW+ and events, in anticipation of the event. 

After first bring nominated by President Joe Biden to permanently fill the position of FHFA director in December last year, Thompson was officially confirmed and named to the position in May.

Prior to her time at the FHFA, Thompson served at the Federal Deposit Insurance Corporation for 23 years. There, Thompson led the agency’s examination and enforcement program for risk management and consumer protection at the height of the financial crisis. She also led the FDIC’s outreach initiatives in response to a crisis of consumer confidence in the banking system. She has truly dedicated her professional life to the housing industry. 

“From the biggest challenges in housing right now to the latest updates around fair housing, there are many issues that attendees care about that this fireside chat will address,” said Nath.

HW Annual will be held in Scottsdale, Arizona this year and feature housing leaders from all corners of the industry, including real estate, mortgage and closings. Catch these and many more amazing panels to reignite your passion for the industry amongst your peers and colleagues. Don’t miss a chance to hear from today’s top leaders and enjoy networking events with like-minded professionals. As a reminder, HW+ members get exclusive pricing and receive 50% off the ticket price. Go here to register if you’re an HW+ member or to sign-up for HW+ to get access to that pricing.


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Hong Kong Charges 13 in a Pump-and-Dump Scheme Crack Down

Hong Kong Charges 13 in a Pump-and-Dump Scheme Crack Down

Hong Kong police and Securities and Futures Commission (SFC) have charged 13 suspects, a syndicate, of a sophisticated 'ramp-and-dump' scheme, otherwise known as pump-and-dump scheme , due to having committed several offences.

The charges came after a joint investigation by law enforcement and the financial market watchdog against the fraudulent stock investment schemes. The syndicate members allegedly violated regulations around market manipulation and money laundering within the schemes.

Announced on Friday, five of the suspects are facing charges of conspiracy to defraud and have conspired to create a scheme with the intention of defrauding the securities market participants. Two of them, along with the other eight, are also facing money laundering charges.

They are now out on bail, with bail bonds ranging from HK$50,000 to HK$1 million. However, they cannot leave Hong Kong and were required to submit all travel documents.

The official announcement detailed that the suspects allegedly organized and executed the 'ramp-and-dump' schemes in the shares of the two Hong Kong-listed companies. They promoted the stocks on social media and manipulated the trading of a large volume of the stocks using a number of nominee accounts.

Allegedly, the five primary suspects conspired with the other individuals between October 2018 and May 2019 to corner the stocks of the targeted companies. Then they started social media campaigns to convince investors to purchase those stocks.

Once the prices of the stocks were ramped or pumped, the suspects sold their holdings in the two companies making massive profits. In addition, it resulted in the collapse of the price of the stocks once demand dried up.

Rampant Frauds

Pump-and-dump schemes are rampant around the globe and regulators are actively cracking down on them. Earlier, Australia’s ASIC infiltrated Telegram groups coordinating such fraudulent schemes.

Last April, the US SEC busted a penny stock pump-and-dump scheme and charged 16 individuals that generated more than $194 million in illicit proceeds globally.

Hong Kong police and Securities and Futures Commission (SFC) have charged 13 suspects, a syndicate, of a sophisticated 'ramp-and-dump' scheme, otherwise known as pump-and-dump scheme , due to having committed several offences.

The charges came after a joint investigation by law enforcement and the financial market watchdog against the fraudulent stock investment schemes. The syndicate members allegedly violated regulations around market manipulation and money laundering within the schemes.

Announced on Friday, five of the suspects are facing charges of conspiracy to defraud and have conspired to create a scheme with the intention of defrauding the securities market participants. Two of them, along with the other eight, are also facing money laundering charges.

They are now out on bail, with bail bonds ranging from HK$50,000 to HK$1 million. However, they cannot leave Hong Kong and were required to submit all travel documents.

The official announcement detailed that the suspects allegedly organized and executed the 'ramp-and-dump' schemes in the shares of the two Hong Kong-listed companies. They promoted the stocks on social media and manipulated the trading of a large volume of the stocks using a number of nominee accounts.

Allegedly, the five primary suspects conspired with the other individuals between October 2018 and May 2019 to corner the stocks of the targeted companies. Then they started social media campaigns to convince investors to purchase those stocks.

Once the prices of the stocks were ramped or pumped, the suspects sold their holdings in the two companies making massive profits. In addition, it resulted in the collapse of the price of the stocks once demand dried up.

Rampant Frauds

Pump-and-dump schemes are rampant around the globe and regulators are actively cracking down on them. Earlier, Australia’s ASIC infiltrated Telegram groups coordinating such fraudulent schemes.

Last April, the US SEC busted a penny stock pump-and-dump scheme and charged 16 individuals that generated more than $194 million in illicit proceeds globally.


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OvalX (Previously ETX Capital) Turns Loss in 2021, Client Count Jumps

OvalX (Previously ETX Capital) Turns Loss in 2021, Client Count Jumps

Moncor (London) Limited, which is operating as OvalX (previously ETX Capital), ended the financial year 2021, ending on December 31, with a pre-tax loss of £9.2 million due to staggering investments and macroeconomic events.

After a tax credit, the net loss for the year came in at £6.8 million. In the previous year, the retail forex and CFDs broker brought in £428,000 in net profits.

The broker already revealed that its trading revenue dropped to £24.1 million from £31.7 million in the previous year. Its spread revenues were down 45 percent year-over-year but only declined 10 percent from the pre-pandemic levels. Its funding revenues, on the other hand, increased 39 percent boosted by its professional client base. In addition, its corporate broking revenue increased by 37 percent, from £1.1 million to £1.5 million.

The trading revenue of the broker took a hit mostly from the impact of Brexit . The London-based broker migrated its European operations and clients to a sister entity in the EU last year.

Increased Expenses

According to the latest Companies House filing, it ended the year with a net operating income of £17.3 million, which is down from last year’s £21.2 million.

After considering the administrative expenses, the broker turned an operating loss of £9.2 million, compared to a profit of £595,000 in fiscal 2020.

On top of that, the administrative expenses of the company increased by more than 30 percent last year. It was driven by a significant investment phase in technology and infrastructure.

Furthermore, the broker increased its headcount by 28 percent last year and was affected by a 27 percent increase in amortization costs of its fixed assets and intangibles. Further, it invested in a team of quantitative analysts for optimizing its hedging strategies.

Meanwhile, the number of registered clients on the platform increased 16 percent last year, from 14,354 to 16,582.

“The outlook for 2022 continues to be focused on investment in the firm’s technology, infrastructure, and brand,” the filing stated.

Earlier today, Finance Magnates reported on Luca Merolla replacing Philip Adler as the Chief Executive Officer at Oval Money, which covers the London-based broker as well. Adler has now taken up the role of Chief Business Development Officer in the company.

Moncor (London) Limited, which is operating as OvalX (previously ETX Capital), ended the financial year 2021, ending on December 31, with a pre-tax loss of £9.2 million due to staggering investments and macroeconomic events.

After a tax credit, the net loss for the year came in at £6.8 million. In the previous year, the retail forex and CFDs broker brought in £428,000 in net profits.

The broker already revealed that its trading revenue dropped to £24.1 million from £31.7 million in the previous year. Its spread revenues were down 45 percent year-over-year but only declined 10 percent from the pre-pandemic levels. Its funding revenues, on the other hand, increased 39 percent boosted by its professional client base. In addition, its corporate broking revenue increased by 37 percent, from £1.1 million to £1.5 million.

The trading revenue of the broker took a hit mostly from the impact of Brexit . The London-based broker migrated its European operations and clients to a sister entity in the EU last year.

Increased Expenses

According to the latest Companies House filing, it ended the year with a net operating income of £17.3 million, which is down from last year’s £21.2 million.

After considering the administrative expenses, the broker turned an operating loss of £9.2 million, compared to a profit of £595,000 in fiscal 2020.

On top of that, the administrative expenses of the company increased by more than 30 percent last year. It was driven by a significant investment phase in technology and infrastructure.

Furthermore, the broker increased its headcount by 28 percent last year and was affected by a 27 percent increase in amortization costs of its fixed assets and intangibles. Further, it invested in a team of quantitative analysts for optimizing its hedging strategies.

Meanwhile, the number of registered clients on the platform increased 16 percent last year, from 14,354 to 16,582.

“The outlook for 2022 continues to be focused on investment in the firm’s technology, infrastructure, and brand,” the filing stated.

Earlier today, Finance Magnates reported on Luca Merolla replacing Philip Adler as the Chief Executive Officer at Oval Money, which covers the London-based broker as well. Adler has now taken up the role of Chief Business Development Officer in the company.


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ASIC Approves 578 New Licenses in Fiscal 2022

ASIC Approves 578 New Licenses in Fiscal 2022

The Australian Securities & Investments Commission (ASIC) released its annual licensing report on Friday, revealing that it has approved 578 new licenses between July 2021 and June 2022, which is an increase of 26 percent from the prior year.

The regulator received a total of 1,469 applications for the Australian Financial Services (AFS) license and Australian Credit License in the period. Additionally, the finalized application figure went up 35 percent to 1,859.

Furthermore, ASIC approved 867 license variation applications from the existing license, which is a jump of 61 percent from the previous year.

Meanwhile, the Aussie regulator withdrew or rejected 416 license applications for lodgement. Another, 558 licenses were cancelled, while 12 were suspended. On top of that, it withdrew 21 professional registration applications and refused 11.

“The report outlines our important license assessment work and gatekeeping role to maintain high standards in the financial services and credit industries,” said ASIC’s Commissioner Danielle Press.

“Our gatekeeping role is highlighted by our assessment of debt management firm license applications. Fourteen debt management firm applicants withdrew their applications following questions and concerns raised by ASIC during [the] assessment. This was at a rate nearly three times higher than a typical credit licensing application.”

A Reputed Supervisor

ASIC supervises the financial markets in Australia. Thus it licenses and oversees all financial services companies operating in the country, including FX and CFDs brokers, which are operating in the country with an AFS license.

The retail brokerage industry in the country has been rattled in recent years by the large-scale failure of USGFX and ForexCT. However, ASIC is still handing out licenses to retail FX and CFDs brokers: Moneta Markets received an AFS license earlier this year.

In its four-year corporate plan revealed earlier, ASIC highlighted that its focus will be on technical risks of trading platforms. Earlier this week, it warned market intermediaries, including brokers, against the possibilities of identity theft and fraud amid the Optus data breach.

The Australian Securities & Investments Commission (ASIC) released its annual licensing report on Friday, revealing that it has approved 578 new licenses between July 2021 and June 2022, which is an increase of 26 percent from the prior year.

The regulator received a total of 1,469 applications for the Australian Financial Services (AFS) license and Australian Credit License in the period. Additionally, the finalized application figure went up 35 percent to 1,859.

Furthermore, ASIC approved 867 license variation applications from the existing license, which is a jump of 61 percent from the previous year.

Meanwhile, the Aussie regulator withdrew or rejected 416 license applications for lodgement. Another, 558 licenses were cancelled, while 12 were suspended. On top of that, it withdrew 21 professional registration applications and refused 11.

“The report outlines our important license assessment work and gatekeeping role to maintain high standards in the financial services and credit industries,” said ASIC’s Commissioner Danielle Press.

“Our gatekeeping role is highlighted by our assessment of debt management firm license applications. Fourteen debt management firm applicants withdrew their applications following questions and concerns raised by ASIC during [the] assessment. This was at a rate nearly three times higher than a typical credit licensing application.”

A Reputed Supervisor

ASIC supervises the financial markets in Australia. Thus it licenses and oversees all financial services companies operating in the country, including FX and CFDs brokers, which are operating in the country with an AFS license.

The retail brokerage industry in the country has been rattled in recent years by the large-scale failure of USGFX and ForexCT. However, ASIC is still handing out licenses to retail FX and CFDs brokers: Moneta Markets received an AFS license earlier this year.

In its four-year corporate plan revealed earlier, ASIC highlighted that its focus will be on technical risks of trading platforms. Earlier this week, it warned market intermediaries, including brokers, against the possibilities of identity theft and fraud amid the Optus data breach.


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Luca Merolla Replaces Philip Adler as Oval Money CEO

Luca Merolla Replaces Philip Adler as Oval Money CEO

Oval Money has appointed Luca Merolla as the new Chief Executive Officer. He has been a part of the company since October 2020 as a Non-Executive Director.

Two brands operate under the Oval Money umbrella: one is the fintech Oval and the other is the forex and CFDs brokerage brand, OvalX, previously known as ETX Capital. Merolla will head both brands.

Merolla is replacing Philip Adler who held the apex position in the company even before its rebranding. He first took over as the CEO of ETX Capital (now OvalX) in July 2020 and was the Co-CEO of the broker before.

Despite stepping down as the CEO, Adler will remain within Oval Money as the Chief Business Development Officer.

“I have been very proud to lead our teams through ownership changes and the rebranding to OvalX. I am now incredibly excited to grow our existing business lines and to develop new revenue opportunities,” Adler said in a statement.

A Capable Head

Merolla's initial appointment at ETX Capital (now OvalX) came with the acquisition of the brand by the Swiss private equity firm, Guru Capital where he was a Managing Partner.

He has a solid background in computer science and has been working in the financial service industry for more than a decade. He entered the industry with a software-centric role at Swissquote. He parted with the broker after four years as the Vice Director of Forex Manager.

“I’m looking forward to a bright future, which will continue to be our major focus on investment in Oval Money’s technology, infrastructure, and brand,” Merolla said.

“With full support from our shareholders, who have invested significant capital to drive the business’s strategic initiative, we can push through this continued phase of growth and development with the aim of transforming into a more diverse financial services company.”

Numbers

Meanwhile, the official press release revealed that Oval Money’s UK entity Monecor (London) ended 2021 with total revenue of £24.2 million. The figure declined by almost 24 percent year-over-year, but profits and other metrics are not known yet.

The migration of the UK broker's European operations and clients to another EU entity following Brexit has impacted the revenue.

Oval Money has appointed Luca Merolla as the new Chief Executive Officer. He has been a part of the company since October 2020 as a Non-Executive Director.

Two brands operate under the Oval Money umbrella: one is the fintech Oval and the other is the forex and CFDs brokerage brand, OvalX, previously known as ETX Capital. Merolla will head both brands.

Merolla is replacing Philip Adler who held the apex position in the company even before its rebranding. He first took over as the CEO of ETX Capital (now OvalX) in July 2020 and was the Co-CEO of the broker before.

Despite stepping down as the CEO, Adler will remain within Oval Money as the Chief Business Development Officer.

“I have been very proud to lead our teams through ownership changes and the rebranding to OvalX. I am now incredibly excited to grow our existing business lines and to develop new revenue opportunities,” Adler said in a statement.

A Capable Head

Merolla's initial appointment at ETX Capital (now OvalX) came with the acquisition of the brand by the Swiss private equity firm, Guru Capital where he was a Managing Partner.

He has a solid background in computer science and has been working in the financial service industry for more than a decade. He entered the industry with a software-centric role at Swissquote. He parted with the broker after four years as the Vice Director of Forex Manager.

“I’m looking forward to a bright future, which will continue to be our major focus on investment in Oval Money’s technology, infrastructure, and brand,” Merolla said.

“With full support from our shareholders, who have invested significant capital to drive the business’s strategic initiative, we can push through this continued phase of growth and development with the aim of transforming into a more diverse financial services company.”

Numbers

Meanwhile, the official press release revealed that Oval Money’s UK entity Monecor (London) ended 2021 with total revenue of £24.2 million. The figure declined by almost 24 percent year-over-year, but profits and other metrics are not known yet.

The migration of the UK broker's European operations and clients to another EU entity following Brexit has impacted the revenue.


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Network Rail chief takes finance reins at Skanska

Network Rail chief takes finance reins at Skanska

Meliha joins Skanska from Network Rail, where she was Finance Director for the eastern region running from London to Scotland, its largest regional business with 10,000 employees.

At Network Rail she oversaw investment in multi-billion-pound programmes and projects. Prior to this, Meliha served as Managing Director for the Anglia Route, leading multifunctional teams responsible for infrastructure management and service delivery for some of the most intensely operated rail routes into London.

Before joining Network Rail in 2012, Meliha worked for a diverse range of organisations including Serco and Huntsworth.

Gregor Craig, President and CEO of Skanska UK said, “I am delighted to welcome Meliha to Skanska UK, bringing her broad experience across a variety of sectors.”


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Threshold Brands Finances Franchise Fee

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Borno government promises transparency in state finances

Borno government promises transparency in state finances

Friday, September 30, 2022

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The Borno government says it is committed to the Open Government Partnership (OGP) to strengthen accountability, transparency, and citizens’ participation in governance.

Bum Munguno, the Agency for Coordination of Sustainable Development and Humanitarian Response executive secretary, disclosed this on Thursday.

Mr Munguno, who led the Borno delegation on a learning visit to Kaduna, said subscribing to the OGP was crucial for rebuilding the state after years of Boko Haram insurgency.

“Signing onto the OGP is very critical for us because you cannot preach and practice good governance without the voice of the people. However, the voice of the people can only be captured when you have open governance,” explained the Borno official. “We have seen OGP in practice in Kaduna state, and we want to key in to change our approach to governance.”

The OGP principle of co-creation and co-implementation of programmes by the government and the citizens would “significantly catch the aspiration and voices of the people in Borno,” he stressed.

“This will entrench the needed citizens’ participation in the governance process in the state,” added Mr Monguno.

(NAN)

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