Climate change has emerged as a significant risk to sovereign debt sustainability, impacting fiscal stability and growth prospects. For example, extreme weather events such as cyclones and floods lead to infrastructure destruction, reduced agricultural output and displacement, necessitating increased public expenditure for recovery. For instance, Pakistan's floods in 2022 caused damages exceeding $30 billion. In Bangladesh, Cyclone Sidr (2007) caused damages of approximately $1.7 billion. The European Central Bank warns that climate inaction could exacerbate sovereign risks due to materialised liabilities and financial instability. Their report highlights the growing impact of climate change on sovereign debt and financial stability, emphasising the urgency for integrating climate risks into fiscal planning. It outlines how climate-related hazards, including extreme weather and long-term environmental changes, can directly harm public finances through increased recovery costs and indirectly disrupt economies, reducing tax revenues and raising borrowing costs. The report stresses that inaction on climate risks could lead to higher sovereign risk premiums and deteriorating credit ratings, especially for vulnerable countries. It recommends that governments and financial institutions adopt proactive measures, such as incorporating climate risks into debt sustainability analyses, enhancing transparency, and mobilising green investments to mitigate these challenges. Developing countries face a compounded crisis of rising sovereign debt and heightened vulnerability to climate change. For instance, countries like Mozambique, Bangladesh, etc. face acute fiscal constraints that limit their ability to finance climate resilience projects. This nexus creates a vicious cycle: climate events damage economies, increase debt burdens, and reduce fiscal capacity to address future risks. New financing mechanisms aim to alleviate fiscal constraints while driving climate action, with nations restructuring or forgiving parts of their debt in exchange for investments in conservation or renewable energy. Green bonds offer investors the opportunity to align their portfolios with environmental objectives while earning returns. Bangladesh has begun exploring creative solutions to address climate finance challenges. Some key examples include sovereign green bonds. Bangladesh's first sustainability-linked bond (SLB) was issued by Pran Agro Limited. The bond, arranged by Standard Chartered Bank, is a significant milestone in Bangladesh's sustainable finance sector. It links financial incentives to achieving specific sustainability targets, such as reducing greenhouse gas emissions and enhancing resource efficiency. This innovative financing approach aligns with global environmental and social priorities while supporting the country's economic development. Partnerships with the private sector could help reduce public financing burdens. Also, clean energy from rooftop solar installations in garment factories can reduce operational costs while meeting international buyers' renewable energy requirements. The success of factories in Gazipur demonstrates the viability of this approach. The BGMEA has identified rooftop solar as a significant opportunity to reduce energy costs and carbon footprints in the garments sector. However, high initial costs deter private investments in renewable energy projects. Besides, the aging infrastructure of Bangladesh's national grid limits its ability to incorporate renewable energy. So, credit rating agencies and multilateral development banks should include climate risk factors in their analyses to facilitate climate-resilient investments. Developing countries need access to debt-for-climate swaps or concessional loans, coupled with technical support to implement climate projects. Simplified processes for accessing funds under frameworks like the Green Climate Fund are essential to empower vulnerable nations. Additionally, developed nations must enhance contributions to climate funds, ensuring fair and adequate financial support for adaptation and mitigation. The writer is chairman of Financial Excellence Ltd. This piece is based on his discussion points at COP29 in Baku, Azerbaijan.Citigroup Inc. Reduces Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)ANN ARBOR, Mich. (AP) — Michigan gave athletic director Warde Manuel a five-year contract extension Thursday on the heels of the Wolverines' upset over rival Ohio State and a strong start to the basketball season. Manuel, who has held the position since 2016, signed through June 30, 2030, the school announced. Manuel is also chairman of the College Football Playoff selection committee. “During Warde’s tenure as director, Athletics has put a structure in place where our student-athletes compete for Big Ten and national championships, excel in the classroom, and proudly graduate with their University of Michigan degrees,” university President Santa J. Ono said in the announcement. Michigan had a disappointing football season, finishing 7-5 (5-4 Big Ten), but a 13-10 win over then-No. 2 Ohio State took some pressure off of the program. The Buckeyes were favored by 21 points, the widest point spread for the rivalry since 1978, according to ESPN Stats and Info. The Wolverines won the national championship last year in their final season led by coach Jim Harbaugh, whose tenure at the school involved multiple NCAA investigations for recruiting and sign-stealing allegations. Manuel supported Harbaugh through those processes. In basketball, the women's team made its season debut (No. 23) in the AP Top 25 this week. The men are 7-1 a season after firing coach Juwan Howard, who lost a school-record 24 games in 2023-24 as Michigan plummeted to a last-place finish in the Big Ten for the first time since 1967. Michigan has won 52 Big Ten championships since 2020. “Every day, I am thankful to work at this great institution and to represent Michigan Athletics," Manuel said in a statement. "I especially want to thank the student-athletes, coaches and staff who compete for each of our teams and who have helped us achieve unparalleled success athletically and academically. I am excited to continue giving back to a university that has provided me with so much over my career.” Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-footballSouth Korea lifts president's martial law decree after lawmakers reject military ruletank fish 。

SM Supermalls, DTI champion MSMEs through national trade fairsZelensky demands response from allies as Putin threatens West with new missileBryce Thompson scores 17 points and Oklahoma State beats Miami 80-74 in the Charleston ClassicNEW YORK , Dec. 5, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global electric vehicle supply equipment (EVSE) market size is estimated to grow by USD 92.31 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 30.8% during the forecast period. Favorable government policies and subsidies is driving market growth, with a trend towards deployment of smart grids for EVS. However, lack of standardization of ev charging poses a challenge. Key market players include ABB Ltd., Alfen NV, Blink Charging Co., BP Plc, ChargePoint Holdings Inc., Chroma ATE Inc., Comeca Group, Delta Electronics Inc., Eaton Corp. Plc, Efacec Power Solutions SGPS SA, Enphase Energy Inc., E.ON SE, Leviton Manufacturing Co. Inc., LS Power Development LLC, Phihong USA Corp., Schneider Electric SE, Shell plc, Siemens AG, Webasto SE, and ZF Friedrichshafen AG. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF Electric Vehicle Supply Equipment (Evse) Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 30.8% Market growth 2024-2028 USD 92309 million Market structure Fragmented YoY growth 2022-2023 (%) 29.01 Regional analysis APAC, North America, Europe, South America, and Middle East and Africa Performing market contribution APAC at 46% Key countries China, US, France, Germany, and The Netherlands Key companies profiled ABB Ltd., Alfen NV, Blink Charging Co., BP Plc, ChargePoint Holdings Inc., Chroma ATE Inc., Comeca Group, Delta Electronics Inc., Eaton Corp. Plc, Efacec Power Solutions SGPS SA, Enphase Energy Inc., E.ON SE, Leviton Manufacturing Co. Inc., LS Power Development LLC, Phihong USA Corp., Schneider Electric SE, Shell plc, Siemens AG, Webasto SE, and ZF Friedrichshafen AG Market Driver The Electric Vehicle Supply Equipment (EVSE) market is experiencing significant growth as the shift towards electric vehicles (EVs) continues. Charging stations and docks are essential for EVs, requiring electrical conductors and related equipment to transfer electric power to the vehicle's batteries. EVSE systems adhere to various communications protocols, such as DC Fast Chargers, and are used by major stakeholders like auto manufacturers, electric utilities, commercial fleets, public transit, retail establishments, seaports, airports, bus depots, hotels, parks, highways, corporate offices, homes, and more. NEMA Members are involved in the development of codes, rating systems, and standards for EVSE infrastructure. Contractors and installers require training programs to ensure proper installation. Incentives like tax benefits and subsidies encourage EV adoption. IEA reports show electric car sales increasing, with passenger car sales from automobile manufacturers being impacted by the shutdown of operations due to liquidity issues and carbon emission concerns. Smart cities aim to reduce reliance on non-renewable sources like crude oil and CO2 emission, leading to the growth of the EVSE market. Charging station finance, types like normal charging, supercharging, and inductive charging, and installation types like fixed chargers and portable chargers, are key areas of focus. The novel coronavirus pandemic has affected import-export and the workforce, leading to a supply-demand gap. Future estimations indicate investment pockets in EVSE market, especially in charging infrastructure development. The Electric Vehicle Supply Equipment (EVSE) market is witnessing significant growth due to the increasing adoption of electric vehicles (EVs) and the deployment of advanced charging infrastructure, specifically smart grids. Smart grids enable real-time communication between EV charging stations and the power grid, providing crucial information on load requirements and power quality. This data supports the integration of variable generation technologies and serves as a foundation for Vehicle-to-Grid (V2G) infrastructure, which includes grid applications like smart energy meters, SCADA systems, IT, and communication networks. The implementation of smart grids is expanding rapidly in countries such as China , the US, India , Spain , Germany , and France . For instance, in August 2021 , Singapore Power initiated a V2G pilot project to explore the potential of EVs as small energy storage systems, addressing renewable energy's intermittency. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! Market Challenges Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This electric vehicle supply equipment (evse) market report extensively covers market segmentation by 1.1 Level 2- Level 2 charging refers to the electric vehicle supply equipment that delivers power at a higher voltage (240 volts, AC) and amperage than a standard household power outlet. This infrastructure caters to both residential and commercial applications, providing a convenient and reliable charging solution for electric vehicle owners. Level 2 charging stations are commonly found in parking garages, workplaces, public locations like shopping centers, universities, and hotels. These charging stations offer faster and more efficient charging, enabling EV owners to charge their vehicles while they park, work, or engage in daily activities. Companies and parking garage operators recognize the growing demand for EV charging and are installing level 2 charging stations to accommodate their customers and employees. Homeowners can also install level 2 charging stations in their garages or driveways for a convenient and fast charging solution. The increasing popularity of level 2 charging infrastructure is expected to fuel the growth of the level 2 segment in the global electric vehicle supply equipment market. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics Research Analysis The Electric Vehicle Supply Equipment (EVSE) market refers to the infrastructure required to charge electric vehicles (EVs), including charging stations, charging docks, and related equipment. These systems facilitate the transfer of electric power from the grid to the vehicle's batteries. EVSE systems consist of electrical conductors and other necessary components. EVSE is essential for various sectors such as Bus depots, Hotels, Parks, Highways, Corporate offices, Homes, and more. Batteries are an integral part of the EV ecosystem, and EVSE plays a crucial role in their charging. Governments and organizations offer incentives like tax benefits to promote the adoption of EVs and EVSE. EVSE includes different charging technologies like Supercharging, Inductive charging, Fixed chargers, and Portable chargers. The EVSE market has been impacted by the Novel Coronavirus pandemic, with import-export and non-essential items facing disruptions. The workforce involved in EVSE manufacturing and installation has also been affected. Market Research Overview The Electric Vehicle Supply Equipment (EVSE) market refers to the infrastructure required to charge electric vehicles (EVs), including charging stations, charging docks, and related equipment. EVSE systems utilize electrical conductors and communications protocols to transfer electric power from the grid to the vehicle's batteries. DC Fast Chargers are a popular type of EVSE, providing quick charging solutions for long-distance travel. NEMA Members and major stakeholders, such as auto manufacturers, electric utilities, commercial fleets, public transit, retail establishments, seaports, airports, bus depots, hotels, parks, highways, corporate offices, homes, and batteries, are major players in the EVSE infrastructure development. Incentives like tax benefits, subsidies, and codes and rating systems are crucial for the growth of the EVSE market. EVSE standards and training programs for contractors and installers ensure safe and efficient installation and maintenance. Major challenges include the supply-demand gap, liquidity issues, and the shift from ICE vehicles to EVs. The COVID-19 pandemic has impacted the EVSE market, affecting import-export and non-essential items. The future of the EVSE market depends on the continued growth of electric car sales, the transition away from non-renewable sources like crude oil, and the development of smart cities. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia: https://www.prnewswire.com/news-releases/electric-vehicle-supply-equipment-evse-market-to-grow-by-usd-92-31-billion-from-2024-2028--driven-by-favorable-government-policies-and-ai-powered-market-evolution---technavio-302322433.html SOURCE Technavio

It's Christmas Eve and you are probably wondering if you are on track to put out cookies and milk for Santa Claus to pay a visit to your house and determine whether you are on the naughty or nice list. Keeping up with their decades-long tradition, the North American Aerospace Command or NORAD is set to track Santa's journey to deliver presents to children ahead of Christmas 2024 . Responsible for monitoring and defending airspace in North America, the NORAD map has tracked Santa's journey from the North Pole diligently since 1985, succeeding the Continental Air Defense Command who handled this very important task for nearly three years before NORAD took over. NORAD updates its map in real-time to indicate Santa's location as his reindeer lugs his sleigh across the world from the North Pole. The live map on NORAD's website as well as the agency's social media pages, including Facebook , X , Instagram , and YouTube gives updates. While the map cannot predict when he will arrive at a particular household, it shows different points on his route. "Only Santa knows his route, which means we cannot predict where and when he will arrive at your house," NORAD said on its website. "We do, however, know from history that it appears he arrives only when children are asleep!" Usually, he arrives between 9 p.m. and midnight on Christmas Eve. As of 10:40 a.m. ET, he was last seen in Jakarta, Indonesia, making way toward Natuna Besar in Indonesia. The NORAD tracker relies on satellites and radar tech to track Santa's whereabouts. Called the North American Warning System with 47 different checkpoints across Alaska and northern Canada, the same tech is used to protect North American skies. "NORAD makes a point of checking the radar closely for indications of Santa Claus leaving the North Pole every holiday season," its website explained. As soon as the radar indicates that Santa has begun his journey, NORAD begins to use the same technology that is used "in providing air warning of possible missile launches aimed at North America," they said. Households can also sign up for phone updates from the NORAD Tracks Santa Operations Center. They can call 1-877-HI-NORAD (1-877-446-6723) to talk to a NORAD operator who knows Santa's exact location. Lines are operational between 6 a.m. and midnight Eastern Time on Dec. 24. More than 1,250 uniformed personnel from the US and Canada volunteer to answer calls and emails as Santa Tracker is live, including the president and first lady. Last year, outgoing president Joe Biden and his wife, Jill Biden , spoke to some "excited young Americans" about Santa's journey. Historically, Santa has begun his journey by visiting areas in the South Pacific before traveling to New Zealand, Australia, Asia, Africa, Europe, North America, Central America, and South America. Weather can affect Santa's route, making it "unpredictable," NORAD said, adding that Santa's Elf Launch Staff coordinates with them to "confirm his launch time, but from that point on, Santa calls the shots."

2 years into process, DEEM says financing ready to start Bader Field developmentA graffiti attack has been condemned as the latest hate crime designed to strike fear into Jewish communities, as leaders worry about how the attacks could escalate. Login or signup to continue reading The overnight incident in Sydney's eastern suburbs is an "abhorrent anti-Semitic hate crime" following similar incidents across the country, the prime minister says. Graffiti including 'Kill Israiel' (sic) was sprayed on buildings and footpaths in Woollahra, a suburb known for its Jewish community, in the early hours of Wednesday. A car, believed to be stolen, which the perpetrators drove to the scene was set on fire on Magney Street, NSW police said. Resources have been increased as officers follow all leads, Commissioner Karen Webb told reporters. "What happened last night is disgusting, and there's no place for hate of this nature in Sydney or anywhere in Australia," she said. Premier Chris Minns said it was a hate crime. "A violent act of destruction, clearly anti-Semitic, designed to strike fear into the community that lives in this part of Sydney," he told reporters. The perpetrators, believed to be two males of slim build, aged between 15 and 20, wore face coverings and dark clothing. Prime Minister Anthony Albanese said it was an "anti-Semitic attack". "This isn't an attack on a government, this is an attack on people because they happen to be Jewish," he told ABC radio. "This is a hate crime, it's as simple as that." Mr Albanese said the perpetrators committed "abhorrent criminal behaviour". "This does not change anything that is occurring on the ground in the Middle East," he said. "This is an attack against their fellow Australians." Foreign Minister Penny Wong said acts of hate had no place in Australia and anti-Semitism was condemned wherever it occurred. "Australian Jewish communities have a right to be and feel safe," she said on social media. The attack comes after the Adass Israel Synagogue at Ripponlea in Melbourne's southeast was set alight in a pre-dawn attack on Friday while a number of people were inside. Australian Federal Police have set up a special operation in response to the "likely" act of terrorism, which will investigate threats, violence and hatred towards the Jewish community and parliamentarians. It will also investigate Wednesday's attack, the second recent incident in Woollahra after buildings and vehicles were targeted in November. A ute was set on fire, and multiple cars, a restaurant and other buildings were graffitied with anti-Israel messages. Two men are in custody, charged over that attack. Executive Council of Australian Jewry co-chief executive Alex Ryvchin said it was designed to terrorise Jewish Australians. "The Jewish community again wakes to scenes of terror and devastation," he said. "How long will this continue and with what horrors will it end?" Australian Associated Press DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Get the latest property and development news here. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. WEEKLY Follow the Newcastle Knights in the NRL? Don't miss your weekly Knights update. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily!

ANN ARBOR, Mich. (AP) — Michigan gave athletic director Warde Manuel a five-year contract extension Thursday on the heels of the Wolverines' upset over rival Ohio State and a strong start to the basketball season. Manuel, who has held the position since 2016, signed through June 30, 2030, the school announced. Manuel is also chairman of the College Football Playoff selection committee. “During Warde’s tenure as director, Athletics has put a structure in place where our student-athletes compete for Big Ten and national championships, excel in the classroom, and proudly graduate with their University of Michigan degrees,” university President Santa J. Ono said in the announcement. Michigan had a disappointing football season, finishing 7-5 (5-4 Big Ten), but a 13-10 win over then-No. 2 Ohio State took some pressure off of the program. The Buckeyes were favored by 21 points, the widest point spread for the rivalry since 1978, according to ESPN Stats and Info. The Wolverines won the national championship last year in their final season led by coach Jim Harbaugh, whose tenure at the school involved multiple NCAA investigations for recruiting and sign-stealing allegations. Manuel supported Harbaugh through those processes. In basketball, the women's team made its season debut (No. 23) in the AP Top 25 this week. The men are 7-1 a season after firing coach Juwan Howard, who lost a school-record 24 games in 2023-24 as Michigan plummeted to a last-place finish in the Big Ten for the first time since 1967. Michigan has won 52 Big Ten championships since 2020. “Every day, I am thankful to work at this great institution and to represent Michigan Athletics," Manuel said in a statement. "I especially want to thank the student-athletes, coaches and staff who compete for each of our teams and who have helped us achieve unparalleled success athletically and academically. I am excited to continue giving back to a university that has provided me with so much over my career.” Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-footballMichigan athletic director Warde Manuel gets 5-year contract extension

By CHRISTOPHER RUGABER WASHINGTON (AP) — President-elect Donald Trump on Tuesday named Andrew Ferguson as the next chair of the Federal Trade Commission . He will replace Lina Khan, who became a lightning rod for Wall Street and Silicon Valley by blocking billions of dollars’ worth of corporate acquisitions and suing Amazon and Meta while alleging anticompetitive behavior . Ferguson is already one of the FTC’s five commissioners, which is currently made up of three Democrats and two Republicans. “Andrew has a proven record of standing up to Big Tech censorship, and protecting Freedom of Speech in our Great Country,” Trump wrote on Truth Social, adding, “Andrew will be the most America First, and pro-innovation FTC Chair in our Country’s History.” Related Articles National Politics | Biden issues veto threat on bill expanding federal judiciary as partisan split emerges National Politics | Trump lawyers and aide hit with 10 additional felony charges in Wisconsin over 2020 fake electors National Politics | After withdrawing as attorney general nominee, Matt Gaetz lands a talk show on OANN television National Politics | What will happen to Social Security under Trump’s tax plan? National Politics | Republican-led states are rolling out plans that could aid Trump’s mass deportation effort The replacement of Khan likely means that the FTC will operate with a lighter touch when it comes to antitrust enforcement. The new chair is expected to appoint new directors of the FTC’s antitrust and consumer protection divisions. “These changes likely will make the FTC more favorable to business than it has been in recent years, though the extent to which is to be determined,” wrote Anthony DiResta, a consumer protection attorney at Holland & Knight, in a recent analysis . Deals that were blocked by the Biden administration could find new life with Trump in command. For example, the new leadership could be more open to a proposed merger between the country’s two biggest supermarket chains, Kroger and Albertsons, which forged a $24.6 billion deal to combine in 2022. Two judges halted the merger Tuesday night. The FTC had filed a lawsuit in federal court earlier this year to block the merger, claiming the deal would eliminate competition, leading to higher prices and lower wages for workers. The two companies say a merger would help them lower prices and compete against bigger rivals like Walmart. One of the judges said the FTC had shown it was likely to prevail in the administrative hearing. Yet given the widespread public concern over high grocery prices, the Trump administration may not fully abandon the FTC’s efforts to block the deal, some experts have said. And the FTC may continue to scrutinize Big Tech firms for any anticompetitive behavior. Many Republican politicians have accused firms such as Meta of censoring conservative views, and some officials in Trump’s orbit, most notably Vice President-elect JD Vance, have previously expressed support for Khan’s scrutiny of Big Tech firms. In addition to Fergson, Trump also announced Tuesday that he had selected Jacob Helberg as the next undersecretary of state for economic growth, energy and the environment.

Netflix fans are losing it over new Christmas movie's 'downright insane' sceneBRUSSELS , Dec. 24, 2024 /PRNewswire/ -- In an upcoming EU Reporter interview , M. Shigeo Katsu , Founding President of Nazarbayev University (NU) and a key architect of Kazakhstan's education reforms, will address the escalating scandal surrounding financial mismanagement at the country's flagship higher education institution. The crisis gained public attention following the announcement of the state audit results of Nazarbayev University. The revelations have sparked widespread concerns about transparency and oversight at one of Central Asia's most prestigious universities. Adding to the controversy are allegations of financial mismanagement involving the New Generation Foundation, the Jusan Group — entities originally established to ensure the long-term financial sustainability of NU and Nazarbayev Intellectual Schools (NIS). Questions have also been raised about the state of affairs at NU's Social Development Fund. Reports suggest that funds may have been misappropriated, triggering outrage from students, educators, and civil society. In response, a student initiative group from Nazarbayev University issued an open letter demanding the release of both the state audit and NU's internal audit of the Social Development Fund. The letter also calls for greater accountability, enhanced transparency, and the protection of students' rights. This appeal reflects mounting frustration with the university's leadership and a growing demand for immediate corrective action. Shigeo Katsu's interview will shed light on these unfolding developments. As a former leader of NU, Katsu is uniquely positioned to analyze the root causes of the crisis, critique the university's response, and discuss the broader implications for Kazakhstan's education sector. The full interview can be found here: https://www.eureporter.co/kazakhstan-2/2024/12/23/the-battle-for-nazarbayev-universitys-future-shigeo-katsu-on-financial-mismanagement-and-accountability/ The Battle for Nazarbayev University's Future: Shigeo Katsu on Financial Mismanagement and Accountability In light of recent controversies surrounding the financial governance of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS), an open letter from concerned students has surfaced, addressing the troubling mismanagement of funds and alleged conflicts of interest. The letter highlights a series of financial decisions that led to the unraveling of key institutions meant to ensure the long-term stability of NU and NIS. The students are particularly concerned about the fate of the Jusan Group and the Nazarbayev Fund (NGF), which were once positioned to secure the financial future of these two leading educational institutions. Instead, they allege that significant funds were misappropriated and whole organizations lost, leading to the collapse of what was once a promising financial structure. In response, Shigeo Katsu , the Founding President of Nazarbayev University, has also written an open letter , received by EU Reporter, addressing the ongoing crisis and providing his perspective on the unfolding situation. In his letter, Katsu outlines the rationale of engagement in the financial sector and the erosion of the initial vision for NU, highlighting the role of key financial institutions like Jusan Bank and the NGF in securing a stable future for the university and NIS. He draws attention to the series of decisions that led to the loss of the former and calls for urgent remedial actions to prevent further damage to the institutions' credibility and financial stability . In this exclusive interview with EU Reporter , Shigeo Katsu , the Founding President of Nazarbayev University, sheds light on these pressing issues. He discusses the audit findings, the role of Jusan Bank , and what must be done to restore trust and secure the future of NU and NIS. Bio: Mr. Shigeo Katsu is the Founding President of Nazarbayev University. He held the position of President from December 2010 until June 2023 . He was Chair of the Board of Trustees of an affiliated secondary school system, the Nazarbayev Intellectual Schools, and of the University's hospital system. Prior to the assignments in Kazakhstan , over the course of a 30-year career at the World Bank, Mr. Shigeo Katsu held various positions including leading financial sector reform support for China , Director for Cote d'Ivoire , and Vice President for Europe and Central Asia . After his retirement from the World Bank, he served for a few years on the US board of a youth-oriented international development NGO. Between 2011 and 2015 he was an Advisory Panel member of the ASEAN+3 Macroeconomic Research Office (AMRO). Questions: - We have exclusively published your open letter and anticipate that it will generate a significant response. What drove you to write it, particularly in light of the misuse of funds intended to ensure the long-term financial stability of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS)? The decision to write the open letter was not made lightly. It was driven by a profound sense of responsibility to the students, faculty, and broader community of Nazarbayev University (NU) and Nazarbayev Intellectual Schools (NIS). These institutions were established with a vision to create world-class educational hubs in Kazakhstan and establish a center of excellence for academic research. Ensuring their financial independence and long-term stability is a core requirement to achieve the two institutions' mission. However, recent developments revealed through state and internal audits have exposed serious breaches of trust. The misuse of funds from entities like the University's Social Development Fund, New Generation Foundation, and Jusan Group directly threatens the sustainability of NU and NIS. These funds were meant to build up and guarantee the financial security of the institutions. Instead, we now see signs of embezzlement, mismanagement, and a concerning lack of accountability. The role played by key figures like the directors and executives of NGF, of Aslan Sarinzhipov (Executive Vice President of NU, a former Minister of Education) and Kadisha Dairova (Vice President for Student Affairs and International Cooperation, Nazarbayev University) only adds to the gravity of the situation. By writing the letter, my goal was to bring transparency to the issue and to mobilize public attention and international scrutiny. NU and NIS were founded on principles of meritocracy, transparency, and academic freedom. If we allow these values to be compromised, we risk undoing more than a decade of progress. The letter serves as a call for accountability, reform, and most importantly, protection of the future of Kazakhstan's youth. - Many students and alumni of NU have expressed their concern over the lowering of admission standards and the shift away from international standards. How do you assess these changes, and do you see them as diverging from the original vision for NU? NU was conceived as a model of excellence , designed to meet international standards in research, teaching, and governance. One of its founding principles was merit-based admission , which ensured that students were selected solely based on their ability and potential. This meritocratic foundation was not only an academic principle but a reflection of NU's mission to transform Kazakhstan's education system. Students, alumni, faculty and staff have worked hard to build NU's name. Now students, alumni and parents are rightly concerned that the lowering of admission standards undermines this mission and risks eroding the university's reputation both domestically and internationally. Such changes create the perception that NU is moving away from its original vision of being a world-class institution. To restore confidence, NU must reaffirm its commitment to international standards, transparency, and academic rigor. Reverting to merit-based admissions and prioritizing excellence will send a clear message that the institution remains steadfast in its mission. In the Open Letter, I stated that in theory, a policy of opening the entry door wider, but then be resolutely strict in terms of progression and graduation based on academic integrity and merit could work. There are some cases globally. However, it can only work if there is a full commitment to integrity and merit, openness and transparency, and NU's original values are upheld. But unfortunately, what I have observed and heard about recent developments at NU does not make me optimistic. While administration is supposedly in a belt-tightening mode, new senior positions were created and filled with scant regard for a proper hiring process and qualification. Conflict of interest and restrictions on hiring family members have been discarded. These are just a few of the institutional changes that will inevitably bleed over into the academic fabric as well. Is this the example that senior management wants to present to our students? - Do you believe the current situation, where the financial foundations like the Social Development Fund and New Generation Foundation were mismanaged, reflects a broader crisis within Kazakhstan's governance and democracy? Absolutely, but to be fair, this corporate governance crisis is not just limited to Kazakhstan . The findings of the internal audit conducted by NU on the Social Development Fund (SDF) reveal a systemic absence of check and balances and accountability that extends beyond these institutions. Mismanagement and theft, such as those involving Aslan Sarinzhipov , have not only undermined NU and NIS but also shaken public trust in Kazakhstan's leadership. The financial institutions linked to NU and NIS—Nazarbayev Fund, New Generation Foundation, and Jusan Group — were designed to guarantee long-term financial stability for education in Kazakhstan , securing the futures of NU and NIS for decades. However, NGF and Jusan Group's systematic depletion and dismantling highlight the country's struggle with accountability and the need for deep structural reform. This mismanagement reflects broader governance failings—particularly a lack of oversight, transparency, and mechanisms to prevent conflicts of interest. I cannot pronounce myself on the current status of the NF, but I would not be surprised if one discovers similar shortcomings there as well. I had called for an audit for some time until my departure but was not successful. The impact extends beyond education, affecting the economic and social fabric of Kazakhstan . Addressing these issues requires not just reforms within these organizations but also a renewed commitment to governance, accountability, and emphasis on establishing the rule of law. - With the financial stability once promised by entities like the NGF now in jeopardy, how do you envision NU's future without those foundational guarantees? The original intent of the Nazarbayev Fund, New Generation Foundation, and Jusan Group was to provide NU and NIS with long-term financial stability. These entities were carefully designed to ensure that Kazakhstan's leading educational institutions could eventually operate in a manner less affected by state budget fluctuations. However, as the audits reveal, these institutions have been systematically mismanaged and looted, jeopardizing the financial future of NU and NIS. NU's survival and success now depend on a bold and transparent strategy. The first step is to rebuild trust with the public, students, and alumni by publishing the findings of both the state audit of NU and the internal audit of SDF. Then, those responsible are held accountable. Financially, NU must re-establish a diversified funding model. This includes rebuilding its endowments and enhancing additional revenue streams, such as a logical and sound tuition policy, executive education and collaboration with industry and business in the form of contract research. Transparency and governance reform will be key to attract donors and investors who believe in NU's mission and potential. - The Supreme Audit Chamber of Kazakhstan , in its state audit, reported the mismanagement of 73.5 billion tenge at Nazarbayev University , as well as allegations of half a billion tenge being used illegally. What is your opinion on this, and how should the university address governance and corruption issues? I have not had the opportunity to access the state audit report, thus it is difficult to comment. If the cited amount in mismanagement of 73.5 billion tenge over six years is true, it is scandalous. However, we do not know what the auditors' definition and criteria of mismanagement is. So, let's first find out what the report actually says. What is clear, however, is the outcome of a 2023 internal audit of NU's Social Development Fund (SDF) , and it is sobering. This SDF audit reveals a blatant disregard of corporate governance principles, where individuals entrusted with university resources prioritized personal gain over the mission of NU. The audit revealed that SDF management led by current NU Executive Vice President Aslan Sarinzhipov constructed an intricate web of subsidiary entities, including abroad, to systematically evade the oversight and control of the University. Funds ( over 14 billion tenge ) meant to assist students and faculty were used for personal gains of Aslan Sarinzhipov and questionable deals. Unfortunately, NU senior officials such as Vice President Kadisha Dairova participated in such schemes. When I voiced my concern earlier over the developments at NU, it is largely because of the track record of senior officials there. For NU to move forward, it must adopt zero-tolerance policies for corruption, demand accountability from those responsible, and reform its governance structures to ensure transparency. - Why do some claim there is a lack of funds for NU and NIS, despite the promises of financial stability from their endowment funds? The claim of a lack of funds is a direct consequence of the systematic looting of resources from the New Generation Foundation and Jusan Group. These entities were explicitly designed to contribute to NU and NIS' long-term financial sustainability against the backdrop of reduced state funding. However, as I described in my Open Letter, these innovative financial structures have been undermined by mismanagement, and outright theft. For instance: Rebuilding financial stability will require recovering stolen assets, reforming governance structures, and restoring public trust through full transparency and accountability. - Given the scale of financial mismanagement, what steps are necessary to ensure accountability for those involved, including senior officials? Accountability must begin with transparency. First, all findings from the audits should be made public, and independent investigations should be conducted to identify those responsible. No individual, regardless of rank or influence, should be above scrutiny. Second, legal consequences must follow where wrongdoing is found. Kazakhstan's legal system must demonstrate its independence and commitment to justice by prosecuting those who exploited these funds. Finally, governance reforms are essential. NU and its associated entities must implement stricter checks and balances, including external audits, whistleblower protections, and oversight committees with independent members. These steps are not just about rectifying past mistakes—they're about ensuring a future where such mismanagement cannot happen again. - The audit findings were just the beginning of uncovering deeper issues. Is there more information you can share about how these financial foundations were exploited and what this means for the future of NU and NIS? The patterns that have emerged—opaque transactions, conflicts of interest, and questionable settlements—are deeply troubling. For instance, the transfer of assets to private hands under unclear terms raises red flags about the intentions behind such decisions. This exploitation puts the futures of NU and NIS at risk. These institutions were designed to be financially independent, insulated from political and economic volatility. The weakening of their financial foundations erodes their ability to deliver on their missions and betrays the trust of the Kazakhstani people, who have invested in these institutions through their taxes. The way forward requires not just recovering lost assets but rebuilding the governance systems that allowed this exploitation to occur. - Nazarbayev University was founded with a mission to serve as a model for higher education in Kazakhstan , supported by funds like those from the Nazarbayev Fund and New Generation Foundation. What was your original vision for the university, and how did these funds play a critical role in realizing that vision? The vision for NU was bold: to create an institution that could compete with the best universities in the world while serving as a model for higher education reform in Kazakhstan . From day one, we envisioned NU as a hub for innovation, research, and leadership development—a place where the brightest minds could come together to solve the challenges of tomorrow. However, one should not forget that universities, in particular research universities, are a long-term endeavor. They are meant to educate and develop generations upon generations of leaders and professionals in a broad range of sectors, and thus contribute to the scientific, economic, and societal wealth of countries. Building a strong institution that can meet the test of time requires long-term and unwavering commitments to foundational values such as integrity, meritocracy, excellence, openness and transparency. But of course, strong financial support from government and other stakeholders is needed, especially in the first decades. Thus, it was understood that NU would be dependent on state funding (through education grants and capital investments) for the initial decades of its existence, while in the meantime it would develop other sources of financing such as through endowment funds, tuition, and contract research. The Nazarbayev Fund, NGF and the Jusan Group were integral parts of this vision. This overall construct allowed us to recruit world-class faculty, develop state-of-the-art facilities, and provide scholarships to talented students, many from underprivileged backgrounds. These resources weren't just financial—they were a vote of confidence in NU's mission and a recognition of the transformative power of education. The loss of these resources is a significant setback, but I do hope that NU can recover. The university must focus on rebuilding trust with its stakeholders—students, faculty, alumni, and the public. This starts with transparency in financial management and governance. Diversifying funding sources will be crucial. This includes rebuilding its endowments, engaging with the philanthropic community, and developing innovative revenue streams. But most importantly, NU must stay true to its mission and values. Financial stability is important, but it must never come at the cost of compromising the university's integrity or academic excellence. Restoring NU's credibility begins with transparency. For instance, the university must share the audit report with stakeholders, and openly address any major shortcomings highlighted in the audit, including financial mismanagement and governance failures. An independent investigation, followed by public disclosure of findings, will demonstrate a commitment to accountability. Next, an affirmation of NU's commitment to its foundational values and principles is needed. Next, institutional reforms are essential. This includes introducing stronger oversight mechanisms for financial and administrative processes, ensuring that governance boards are staffed with individuals of the highest integrity and independence, and that management, faculty and staff are recruited on the basis of transparency and merit. Fourth, NU must recommit itself to its founding mission of academic excellence. This means maintaining rigorous admission standards, prioritizing high-quality faculty recruitment, and fostering research that addresses national and global challenges. And finally, engaging the NU community—students, faculty, alumni, and parents—in shaping the university's path forward is critical. A transparent, inclusive process will rebuild trust and reaffirm NU's position as a leader in higher education. Educational reform is not just critical—it is foundational to Kazakhstan's economic recovery and long-term stability. The pandemic exposed vulnerabilities in education systems worldwide, but it also underscored the importance of adaptability, innovation, and resilience. For Kazakhstan , investing in education means investing in the future. A well-educated population is essential for diversifying the economy, attracting foreign investment, and fostering innovation. Institutions like NU and NIS must lead the way by setting benchmarks for quality and demonstrating the value of education in driving economic progress. Moreover, reform must focus on equity. Expanding access to high-quality education for students from socially vulnerable backgrounds will ensure that economic recovery benefits all segments of society, not just the privileged few. - How do you see the role of institutions like NU and NIS in not only providing quality education but also contributing to economic growth in Kazakhstan , especially when financial stability is threatened? NU and NIS are more than educational institutions—they are catalysts for economic growth and social development. By equipping students with critical thinking skills, technical expertise, and a global perspective, they prepare the workforce needed to diversify Kazakhstan's economy. Their impact extends beyond classrooms. NU's research contributes to solving national challenges in areas like energy, healthcare, and technology. Meanwhile, NIS fosters innovation and leadership at the secondary education level, creating a pipeline of talent that benefits universities and industries alike. To sustain this role, NU and NIS must secure their financial stability. This includes strengthening governance, diversifying funding sources, and forging partnerships with the private sector and international organizations. These institutions are vital to Kazakhstan's future, and their success is intertwined with the country's broader economic ambitions. - Could the model used by NU and supported by the Nazarbayev Fund be applied in other countries, or does it require a uniquely Kazakh approach to work effectively? The NU model is innovative, but its core principles—integrity, meritocracy, autonomy, and a focus on global best practices—are universally applicable. Many countries could benefit from establishing institutions that prioritize excellence and align with international standards. That said, successful implementation depends on adapting the model to local contexts. Kazakhstan's approach benefited from strong initial financial and political backing, and a vision that emphasized independence from political and state bureaucratic interference. Replicating this requires careful consideration of governance structures, funding mechanisms, autonomy and other values, and cultural factors. In countries where philanthropic traditions or financial resources are limited, the model may need to rely more on public-private partnerships or international collaborations. Ultimately, the NU experience demonstrates that ambitious goals in education are achievable with the right vision, leadership, and long-term commitment support. - What lessons do you hope others will learn from the experience of the NGF, Jusan Bank , and the financial turmoil at NU? The story of NU and its financial affiliates offers a critical lesson: no institution, no matter how noble its mission, is immune to mismanagement and corruption without strong governance. NU and NIS' financial pillars, namely the Nazarbayev Fund, NGF, Jusan Group, but also the SDF and NIS' Corporate Development Fund were designed to guarantee long-term financial sustainability, yet their exploitation demonstrates how quickly trust can be eroded when transparency and accountability are neglected. For any endowment fund or financial institution, the following lessons are clear: NU's experience is a cautionary tale but also an opportunity. By addressing these failures head-on, NU can emerge as a model for how institutions can learn from adversity and rebuild stronger than before. View original content to download multimedia: https://www.prnewswire.com/news-releases/nazarbayev-university-crisis-shigeo-katsu-demands-audit-transparency-302338886.html SOURCE EU Reporter

Wall Street topped off a global share rally in thin trade on Thursday as markets prepared for early Christmas Eve closes, while the dollar was buoyed by firmer Treasury yields and speculation that the Federal Reserve would slow its easing in 2025. The Dow Jones Industrial Average was 0.47% higher in late morning trade, the S&P 500 rose 0.73% and the Nasdaq Composite rose 0.99%. U.S. stock trading wraps up at 1:00 p.m. EDT/1800 GMT, and the bond market closes at 2:00 p.m. Most financial centers around the world are closed on Wednesday for Christmas. The U.S. reopens on Thursday, while many financial centers have a second day off. "Meagre news and data flow should keep the focus on a more hawkish Fed," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. MSCI's gauge of stocks across the globe went up more than half a percent. The pan-European STOXX 600 index rose 0.18%. Britain's FTSE 100 rose 0.19% and France's CAC 40 rose 0.14%. German stocks were closed for the Christmas holiday. In Asia, Chinese stocks rose after sources told Reuters that Beijing planned to issue a record amount of special treasury bonds next year as it ramps up fiscal stimulus to revive a faltering economy. The CSI300 blue-chip index and Shanghai Composite Index both ended 1.3% higher. Hong Kong's Hang Seng Index advanced 1.1%. The news came shortly after China's finance ministry said authorities would ramp up fiscal support for consumption next year by raising pensions and medical insurance subsidies for residents, as well as expanding consumer goods trade-ins. Still, investors remain cautious on the outlook for the world's second-largest economy, particularly as it faces the threat of hefty tariffs from U.S. President-elect Donald Trump. Elsewhere, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.37%. FED FOCUS Investors are taking direction from last week's 25 basis point Fed interest rate cut, its signals on the strength of the economy and its slow progress bringing inflation down to its 2% target. Markets are now pricing in about 35 basis points of easing for 2025, implying one quarter-point rate cut and around a 40% chance of a second. U.S. Treasury yields pared gains after the Treasury saw solid demand for a $70 billion sale of five-year notes, but remained higher on the day. The two-year Treasury yield , which is sensitive to changes in Fed rate expectations, was up 0.9 bp at 4.359%, while the benchmark 10-year yield rose 2.6 bp to 4.625%, reaching a seven-month high at 4.629%. "Like markets, the Fed will need to consider U.S. policies on tariffs and immigration in its inflation and growth outlook. We believe the subtle slowing in the U.S. labor market will still be the Fed's paramount concern," said analysts at Citi Wealth. "While always uncertain, our base case expectation for a 3.75% policy rate is unchanged. It's a far cry from the 1.7% U.S. policy rate average of the past 20 years." The Fed's cut was the third one this cycle, taking the Fed funds rate to 4.25%-4.5%. Ahead of Trump's return to the White House in January, global central banks have urged caution over their rate paths due to uncertainty on how his planned tariffs, lower taxes and immigration curbs might affect policy. Data on Monday showed U.S. consumer confidence unexpectedly weakened in December as the post-election euphoria fizzled and concerns about future business conditions emerged. In currencies, the dollar index rose 0.14% hovering near a two-year high hit Monday, having climbed more than 2% in December so far. The euro eased 0.15% to $1.0389, while the yen languished near last week's five-month low, trading at 157.35 per dollar. Japan's Finance Minister Katsunobu Kato on Tuesday reiterated Tokyo's discomfort with excessive foreign exchange moves and put speculators on notice that authorities are ready to act to stabilise a faltering yen. Spot gold rose 0.13% to $2,616.26 an ounce, having risen about 27% this year, heading for its biggest yearly gain since 2010. U.S. crude rose 1.56% to $70.32 a barrel and Brent rose to $73.73 per barrel, up 1.51% on the day. (This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)Detroit Mercy defeats Purdue Fort Wayne 79-78