NoneSrinagar, Nov 23: The Awami Ittehad Party (AIP) on Saturday urged Members of Parliament (MPs) to support their demand for the immediate release of their party chief, Er Rashid who is also an MP from the Baramulla constituency. AIP leaders appealed here that he be allowed to attend the upcoming parliamentary session starting November 25. During a press conference here, AIP leaders, including Advocate Shaheen, appealed to parliamentarians across political parties to raise their voices for Er Rashid’s release. They pointed out that he has been in jail for six years on charges that have not been proven. “We have already reached out to several MPs from various parties to gain their support,” Advocate Shaheen said. He also said that the party has hired experienced lawyers in Delhi and Srinagar to work on Er Rashid’s case, “This is not just about Er Rashid; this situation could happen to any leader in the future.” The party appealed to MPs, stating that Er Rashid has been unfairly detained since August 5, 2019, the day Article 370 was abrogated. Despite being in custody, they said, he won the Baramulla parliamentary seat with a strong mandate. However, he has not been allowed to attend a single session of the Lok Sabha since then. The appeal said that Baramulla, which Er Rashid represents, is a large constituency with 18 assembly segments and nearly 40% of Jammu and Kashmir’s population. The leaders said that his prolonged detention denies the people of Baramulla their rightful representation in Parliament. The AIP leaders urged MPs from all parties, including the National Conference and Congress, to set aside political differences and support democratic principles by demanding Er Rashid’s release. They said that silencing an elected representative undermines democracy and sets a dangerous precedent.

VICTORIA — British Columbia Premier David Eby says his fellow premiers and the federal government have hatched a game plan to fight U.S. tariffs, with conservative premiers lobbying Republican counterparts, left-leaning provincial leaders courting the Democrats, and Ottawa focusing on president-elect Donald Trump. The premiers and Prime Minister Justin Trudeau talked about using their political diversity and connections to thwart the prospect of Trump’s proposed 25 per cent tariffs on imports from Canada and Mexico, Eby said Thursday in a year-end interview. He said it was discussed that conservative premiers Danielle Smith in Alberta, Doug Ford in Ontario and Nova Scotia’s Tim Houston are well-placed to lobby Republican governors and business leaders. Eby said as a New Democrat he will likely have more in common with Democrat governors and business leaders from the West Coast states. “I can easily have conversations with governors and businesses down the West Coast of the U.S., where we have close relationships and our politics are very similar,” he said. “Premier Smith can have conversations with Republican governors. That would be more challenging for me, and (she) would have more connections potentially with the Trump administration than an NDP administration in B.C. would.” He said a meeting last week between the premiers and Trudeau discussed Canada’s diversity of representation, and how it could bring leverage and advantages in tariff talks. “It’s interesting, there was a lot of talk about what unity means in terms of Canada’s response to the tariffs,” he said. “There’s obviously a diversity of views around the Council of the Federation table of all the premiers. Certainly, mine is not the same as Premier Smith’s or Premier Ford’s or Premier Houston’s, and that diversity of views is actually potentially a significant strength for us as we enter into these discussions.” Eby also said he was prepared to appear on American’s right-leaning Fox News TV network, as did premiers Ford and Smith. “Anything that I can do to support the national effort to protect the families in Canada from the impact of tariffs and also families in the U.S. from those unjustified tariffs,” he said. “Absolutely, if I thought it was helpful.” This report by The Canadian Press was first published Dec. 5, 2024. Dirk Meissner, The Canadian PressThe battle for control of Bamburi Cement has reached fever pitch, with shareholders racing against time to cast their votes by December 5. At stake is the future of Kenya's leading cement maker, as two formidable bidders vie for supremacy. In one corner is Savanna Clinker, a Kenyan powerhouse led by Benson Sande Ndeta, upping their offer from Sh70 per share in August to Sh76.55 —totaling Sh27.8 billion. In the other is Tanzania’s Amsons Group, headed by CEO Edha Nahdi, equally determined to clinch the deal. Bamburi Cement is expected to reveal the most popular offer by December 20, paving the way for share transfers. Payments to shareholders are slated for February 28, 2025, barring any changes from the Capital Markets Authority (CMA). Under market regulations, bidders retain the right to adjust their offers up to 10 days before the deadline, keeping tensions high as the clock ticks down. According to Ndeta, the offer comes from a patriotic Kenyan who has the best interests of Kenyan companies at heart. He is relying on the backing of Faida Investment Bank which in a statement said that they have sufficient resources to satisfy the maximum amount of cash payable under the offer. “We further confirm that the competing offer will not fail due to insufficient financial capacity of the competing offeror and that every Bamburi shareholder that opts to accept the competing offer shall be paid in full,” said its Managing Director Lucas Otieno in an October 18, 2024, letter to CMA. In the statement, the bank said that they had received a letter from the Global Infrastructure Finance and Development Authority (GIFDA) attesting its commitment to finance the competing offeror’s acquisition of Bamburi cement. “GIFDA, the financier, had made sufficient funding arrangements and has confirmed that the funds are free and unencumbered and are available to Savannah Clinker Limited,” read the statement. “Additionally, Faida has received a statement showing the assets held by GIFDA in Fidelity Investments.” Amsons bid is backed by the Kenya Commercial Bank (KCB) and they have offered to pay Sh65 per share or Sh23.59 billion for a 100 per cent stake in Bamburi through its Kenyan subsidiary and investment vehicle, Amsons Industries (K) Ltd. “According to the offeror’s statement, KCB Investment Bank Ltd, being the transaction advisor and sponsoring stockbroker of Amsons has confirmed that Amsons has sufficient financial resources at its disposal to satisfy the consideration for all shares in Bamburi pursuant to a full acceptance of the offer,” said Bamburi after the Amsons offer. Stay informed. Subscribe to our newsletter Amsons bid recently got regulatory approval from Common Market for Eastern and Southern Africa’s (Comesa) Competition Commission. “The approval is a significant boost to our offer as we continue to engage investors of Bamburi Cement and remain confident that our acquisition bid will be successful as it presents a win-win scenario for the investors and our two countries,” said CEO Nahdi. CMA has already given the green light to shareholders to consider and pick the deal that serves their interests between the two. Asked why they never upped their offer, Ahmed Abdallah from Amsons said that the Sh65 was made after consideration of Bamburi’s market value. “We continue to be very confident that our legitimate offer, which represents a 42 per cent premium on the closing market price of Bamburi Shares at 45.65 KSHs per share, is the best and most competitive offer for Bamburi shareholders.” They promised to pump in Sh51.8 billion to modernise the company’s grinding and clinker plants to ensure its continued growth. Amsons remains confident that shareholders will choose them despite their offer per share being more than Sh11 lower than Savanna’s. On their website, Amsons Group says that since 2000 they have established themselves as a leader in Tanzania, with diversified investments across key sectors including construction, transportation, cement, flour and inland container depots. “We proudly employ over 10,000 Tanzanians, reflecting our dedication to fostering local talent and economic growth.” They also have interests in the oil and gas sector with an over 215 million litres capacity depot. “Our ongoing commitment is to create sustainable employment opportunities and contribute significantly to the nation’s progress.” The company has an annual turnover of Sh130 billion. In the cement world, they run a 6,000-tonne-per-day facility and they recently acquired one of their competitors Mbeya Cement. They also have companies in Malawi, Mozambique, DRC, Zambia and Burundi. In June, Bamburi’s major shareholder Holcim agreed to sell their shares to Amsons but revoked it on October 2 after Savanna’s offer. This came as good news to Savanna as this agreement had locked them out of the race since one needs the backing of at least 60 per cent of total shares to complete the sale. Holcim owns 58.6 per cent of Bamburi through Fincem Holding Ltd (29.3 per cent) and Kencem Holding Ltd (29.3 per cent), which opens the door for them to sell to Savanna. The two are registered in Jersey Island and also share the same address. The remaining is owned by Standard Chartered nominees (15.68 per cent, 0.72 per cent and 2.80 per cent), Aksaya Investment Holdings (11.12 per cent) and SIB (1.11 per cent). Kestrel Capital nominees (0.85 per cent and 0.34 per cent) and APA Insurance Limited (0.29 per cent) while other 4,599 shareholders own 8.48 per cent. Bamburi Cement Ltd Trucks collects cement from a Silo, a storage facility in Industrial area, Nairobi. [Stafford Ondego, Standard] Before the Bamburi offer, Ndeta last year secured Sh65 billion for the construction of a clinker factory in Kitui County Betting on the construction boom that is in the country, Ndeta said that he raised the money through a privately placed debt arrangement and the bond to be regulated at the international exchange. He told the media at the time that he was proud of getting funding from people he said shared his vision and beliefs to deliver growth and development in the construction sector. Ndeta joined billionaire Narendra Raval as a major player seeking to pocket some Sh6.3 billion that factories without grinders pay to import clinker, which is crucial in the manufacturing of cement. Interestingly, Savanna Cement which went under in more than Sh18 billion debt does not have a clinker factory and Ndeta once served as its chairperson. For a man who loves golf which is considered a slow sport and law tennis which is quite a fast-paced game, Ndeta has been in the cement sector for more than 20 years. He started as the Chairman of the now struggling East African Portland Cement Limited in June 2003 when he was appointed by the then Trade Minister Mukhisa Kituyi, serving until June 2008. Ndeta was the majority shareholder of Savanna Cement Limited until November 18, 2022, when his shares were taken over by the banks. The company went into administration on July 21, 2023, under PKF Consulting Kenya partner Peter Kahi after making a net loss of Sh2.5 billion in 2022 and Sh1.07 billion in 2020. By the time it went under, Savanna Cement had made a cumulative loss of Sh7.86 billion. In August 2024, the sale of its assets which were valued at Sh10.9 billion in October 2022, commenced to help compensate some of its creditors. KCB Bank is owed Sh8.89 billion, while Absa Bank is owed Sh5.23 billion. Ndeta said that he has no intentions of delisting Bamburi from the Nairobi Stock Exchange (NSE). On the other hand, Amsons say that if they acquire at least 75 per cent but fewer than 90 per cent of Bamburi shares they may take steps to delist its shares from NSE, subject to corporate and regulatory approvals.

South Dakota scores with 12 seconds left to beat FCS top-ranked North Dakota State 29-28IUCN Representative Office opens in Tashkent

None

The Small and Medium Enterprise (SME) sector in Pakistan plays a pivotal role in the national economy, contributing approximately 40% to GDP and providing employment to millions. Despite its significance, the sector faces numerous challenges that hinder its growth and development. Key barriers include limited access to finance, complex documentation requirements, low adoption of technology, and restricted market access. According to a World Bank report, only 7 percent of SMEs in Pakistan have access to formal financing, which severely limits their potential to grow. Traditional banking systems have often fallen short of addressing the specific needs of SMEs, relying heavily on high collateral requirements and offering limited tailored financial products. These obstacles, coupled with cumbersome processes, leave many SMEs unable to modernize, scale, or compete effectively, forcing them to operate in isolation and under significant constraints. Revitalizing Pakistan’s SME market: BoP’s transformative role To combat this persistent challenge, the Bank of Punjab (BOP) has embarked upon a transformative journey, reshaping the financing landscape for SMEs in Pakistan. In a span of only 3 years, the bank’s SME book has grown 3 times. Similarly, BOP’s SME customers’ base has grown 6 times from where it was in Jan 2021. These accomplishments were achieved despite an era marked by historically high interest rates and challenging economic conditions that strained business revenues and escalated the financial cost of SMEs. The road to this success was not easy. The bank started off with the agenda of making SMEs a Priority Sector, and a Sub Committee of the Board of Directors was formed to oversee the Priority Sectors’ Lending. The bank adopted a holistic 360-degree approach “BOP SME ASAAN”, focusing on both Financial Inclusion and Non-Financial Advisory. By understanding the unique needs of Small and Medium-sized Businesses, BOP has developed innovative and customer-centric solutions, empowering entrepreneurs help promote sustainable growth across the sector. BoP’s digital transformation has been at the core of its strategy to revolutionize banking for SMEs, leveraging advanced technologies like Open Banking, AI-driven models, and end-to-end (E2E) digital lending products. Central to this transformation is a state-of-the-art Loan Origination System, paired with proxies, predefined feasibility studies and real-time document collection, which ensures a seamless experience for SMEs. BoP has also integrated AI-based models and regression-based statistical scorecards into its loan approval processes, allowing for precise and tailored financial solutions. These innovations, including hybrid application scoring models, reducing traditional reliance on collateral, enable SMEs to access quicker and tailored financial support. BOP’s eBusiness Qarza, Pakistan’s first fully digital, collateral-free commercial Banking product, is a testament to this shift, offering flexible and fast financial solutions. Since its recent launch, SMEs have received more than Rs. 1 billion loans, showcasing the product’s success in providing accessible capital for SMEs through End-to-End (E2E) Digital means. In another pioneering step, BOP established a Digital Branch at the National Aerospace and Technology Park (NASTP), supporting Tech SMEs. Tailored Cash Management and Payroll solutions have been devised to enhance operational efficiency. The BOP Biz Platform revolutionizes business operations with seamless funds transfers, payroll management, allowing effortless disbursements at the click of a button. Complementing this, BoP’s tailored collection services optimize cash flow for diverse business needs. Designed to enhance financial efficiency and operational performance, the platform empowers SMEs to excel in a competitive market. The bank has processed over 100,000 transactions in 2023, which stand as a testament to its effectiveness and growing adoption. By delegating credit approval, BOP has empowered teams to make quicker decisions, reducing wait times for SMEs. This approach streamlines the loan process, ensuring faster disbursement and improving customer satisfaction, while allowing the bank to better address the unique needs of SMEs across different geographies. BoP had introduced a Hub-and-Spoke model for the SME segment, strategically placing resources closer to entrepreneurs. This network of specialized hubs enhances accessibility, allowing SMEs to tap into localized support and expertise. By bringing services to the entrepreneurs’ doorstep, BoP has increased responsiveness and better address the specific challenges faced by businesses in different areas. BOP’s commitment to sustainability is evident in its Green Banking Initiatives. The bank has financed the conversion of hazardous brick kilns in Punjab to more environmentally friendly Zig-Zag technology. Such efforts reflect BoP’s dedication to eco-friendly financing solutions within the SME space. Strategic partnerships: catalysts for growth Strategic partnerships have been a catalyst for BoP’s SME growth strategy, driving innovation and expanding access to specialized financial solutions. The bank’s involvement in the globally renowned SME Finance Forum, managed by the International Finance Corporation (IFC), has given it access to international best practices, risk mitigation tools, and cutting-edge financial solutions. Partnerships with organizations like Circle, CARE Pakistan, Google Cloud, and various chambers have allowed BOP to champion innovation, promote digital solutions, and mentor women entrepreneurs. By connecting SMEs with such global networks, BOP ensures that they have the tools to compete at both local and international levels. The Bank of Punjab (BoP) has solidified its position in journey of excellence, earning consecutive wins as the Best Bank for Small & Medium Businesses in 2022 and 2023 by the Pakistan Banking Awards (PBA). Building on this momentum, BOP was named The Best SME Bank in Pakistan in 2024 by The Digital Banker, The Best Domestic SME Bank 2024 by Asian Banking and Finance and Pakistan’s Best Bank 2024 for SMEs by Euromoney. On the global stage, BOP secured a coveted spot among the Top 100 Banks at the Global SME Finance Forum Awards 2024 as “SME Financier of the Year.” With these remarkable achievements, The Bank of Punjab stands tall as a proud leader, setting new benchmarks in SME banking excellence both locally and internationally. Financial literacy has been another focal point of BOP’s strategy. Awarded the Financial Literacy Champion Bank Award, the bank has led impactful financial education initiatives under the National Financial Literacy Program for Adults (NFLP-A). MSMEs Week 2024 highlighted BOP’s unwavering commitment to micro, small, and medium enterprises through a range of financial and non-financial services. At the DigiBAP Summit 2024, BOP’s CEO led conversations on digital supply chain finance, fintech innovations, and financial inclusion strategies, reinforcing BOP’s leadership role in these critical areas. BoP’s Non-Financial Advisory Services (NFAS) programme has guided about 7,000 enterprises, enhancing their strategic and operational capabilities. BOP’s SME Business Facilitation Window has further supported start-ups with pre-feasibility studies, tax registration, and business projections. WhatsApp Banking has been introduced to offer real-time customer support and convenience, further solidifying BOP’s commitment to customer-centric service delivery. In an era where SMEs are the backbone of economic growth, BOP has emerged as a transformative force, redefining how financial institutions engage with this vital sector. By integrating innovative technology, forging strategic partnerships, and championing financial inclusion, BOP is not just supporting businesses but empowering them to thrive in a competitive landscape. Its holistic approach, embedded with financial and non-financial services, demonstrates a deep understanding of SME challenges and aspirations. As Pakistan’s SMEs grow, the future promises a more inclusive and robust economy—where Small and Medium Enterprises truly lead the way to national prosperity, and BOP remains fully committed to play its due role in this inspiring journey. Copyright Business Recorder, 2024SAN DIEGO , Dec. 5, 2024 /PRNewswire/ -- Sempra (NYSE: SRE) (BMV: SRE) today announced it has been recognized by Newsweek as one of "America's Most Responsible Companies" for 2025, earning this distinction for the sixth consecutive year. The annual list ranks companies based on their commitment to corporate responsibility in the areas of corporate governance and responsible social and environmental practices. Sempra has been included since the list's inception. "At Sempra, we believe our responsible business practices improve the value of our franchise. By strengthening governance and risk management and improving the safety and resiliency of our business operations, it allows us to better meet the needs and expectations of our customers, while also adding scale to our business," said Lisa Larroque Alexander , senior vice president of corporate affairs and chief sustainability officer for Sempra. "We will continue to approach global energy challenges with an entrepreneurial mindset, steadfast optimism and confidence in our vision of delivering energy with purpose." Newsweek's recognition of Sempra as one of "America's Most Responsible Companies" is based on publicly available key performance indicators derived from the company's Corporate Sustainability Report and an independent survey that asked U.S. citizens about their perception of Sempra's commitment to corporate social responsibility. Details of Sempra's approach to responsible stakeholder engagement and corporate governance can be found in the company's most recent Corporate Sustainability Report, which is available here . In addition to being recognized on Newsweek's America's Most Responsible Companies list, Sempra is included in the FTSE4Good Index and JUST 100 list, has been named one of TIME Magazine's World's Best Companies and one of Fortune Magazine's World's Most Admired Companies , and earned a perfect score on the CPA-Zicklin Index of Corporate Political Disclosure and Accountability , among other accolades. About Sempra Sempra (NYSE: SRE ) is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including California , Texas , Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in the Dow Jones Sustainability Index North America and in The Wall Street Journal's Best Managed Companies. More information about Sempra is available at sempra.com and on social media @Sempra . View original content to download multimedia: https://www.prnewswire.com/news-releases/sempra-named-among-newsweeks-most-responsible-companies-302324298.html SOURCE Sempra