Category Archives: Resource Based Economy

The devastating impact of Covid-19 on Cambodias economy lies in the countrys growth generating process.

Prior to the pandemic, Cambodia was a world leader in economic growth and poverty reduction. It sustained an average growth rate of 7.7 percent between 1995 and 2019, raising its per capita income from US$323 in 1995 to US$1,621 in 2019, and graduated to a lower-middle-income economy in 2015. The poverty rate fell from 47.8 percent in 2007 to 13.5 percent in 2014.

Cambodias growth slowdown in 2020 due to the Covid-19 pandemic was among the most pronounced in the East Asia region. Growth fell by an estimated 10.1 percentage points from its pre-pandemic average growth rate.

This dramatic slowdown in growth can be attributed to dependence on a narrow range of products, markets, and factor inputs. In recent years, five products have in recent years accounted for 80 percent of total exports; two markets have accounted for 69 percent of merchandise exports; and foreign capital accounted for 72 percent of total capital investments in 2018.

The diversification problem is rooted in low and declining productivity; low quality and weak export linkages; and high foreign direct investment (FDI) but low domestic investment.

Cambodias inability to grow the product basket is explained by low labor productivity, or output per worker, which lags behind most countries globally when at Cambodias development level. Low labor productivity, at least in part, reflects low human capital. But the largest contributor is low and declining total factor productivity (TFP).

Low competitiveness and limited integration within global value chains (GVCs) have led to concentrated markets and trade. Constraints to diversifying and upgrading Cambodias trade are quality of FDI, low firm and worker capability, costly trade-related regulatory barriers (particularly affecting agricultural products), insufficient trade-related infrastructure, and nascent use of regional trade agreements to support greater market access for exporters.

The countrys low private savings rate, and as a result low domestic investment, has led to reliance on external financing sources. Rather than how many households save, how much households save and more important how households save appear to be key factors impeding greater domestic investment.

Three transformations can strengthen the recovery and help the country return to sustained economic growth.

A focus on firms and their workers is key to unleashing productivity. Policy reform in target areas can help the country meet its potential, including: investing in human capital through health and education; supporting more efficient resource allocation through improved market institutions and PIM; easing the regulatory burden for firms thereby reducing informality and its negative impact; and improving the performance of key services inputs to strengthen domestic linkages.

Diversification of exports can continue driving growth during the recovery from COVID-19. A cross-cutting and medium-term policy agenda to diversify Cambodias trade is structured on upgrading in manufacturing GVCs, creating value addition in agriculture, and increasing competitiveness to export modern services.

Harnessing domestic investment can help finance the next phase of growth. Policy areas include promoting FDI into productive and export sectors; promoting higher domestic savings rates; improving financial inclusion through greater access to savings institutions; supporting digital access through digital technologies; lowering the costs of savings accounts; and supporting financial sector stability and development more broadly.

Urgent action is needed to support Cambodias economic recovery from Covid-19 in a way that addresses the diversification problem to build back even stronger.

An ambitious reform agenda is neededone that focuses on improving capabilities, strengthening regulations, and investing in infrastructure.

The CEM findings are based on in-depth analysis and extensive consultation with a broad range of stakeholders.

The CEM is a World Bank report prepared in consultation with stakeholders. It revisits Cambodias growth model, with the objective to identify constraints and opportunities for sustained economic growth and proposing policy options to address them.

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Main Findings of the Cambodia Country Economic Memorandum (CEM) - World Bank Group

Sustainability and impact were not hot topics when Ron Gonen, founder and CEO of Closed Loop Partners, was in high school, but he knew that was the field he wanted to be in. He feels grateful to have been able to turn his dream into a career path that includes founding two companies and serving as deputy commissioner of sanitation, recycling, and sustainability for New York City. Gonen recommends everyone spend some time in public office because it is rewarding. His current firm invests in a variety of solutions to creating a more circular economy. Gonen explains that a circular economy is one that continually reuses materials, which is much more efficient. He shares that people are the most important part of business and he spends a lot of his time on recruiting and culture. Gonen believes the best impact a company can have is providing good jobs for employees.

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You were a consultant with Deloitte, then an entrepreneur running a company, and then worked for the Bloomberg administration in sanitation, recycling, and sustainability. Now youre the founder and CEO of Closed Loop Partners. Did you know you were going to be dealing with the circular economy and sustainability from a young age?

The inspiration was always to be doing this. In high school, I would talk about my interest in sustainability and impact. I feel very fortunate to be somebody that has really been able to fulfill their aspiration. There's been a number of ups and downs, but the trajectory has always been something that I've hoped for.

Today, if you're running a sustainability company, everybody claps for you and theres different funds for you. I don't think that was the case in 2004 when you ran RecycleBank. What was that experience like?

I went back to business school at Columbia Business School in 2002. Previous to that, I'd been in management consulting at Deloitte. It gave me a really important foundation. But my real passion was in sustainability and the intersection between social impact and targeting great financial returns.

My first day at Columbia Business School, everyone was asked, "What do you want to do when you graduate?" There were a bunch of responses regarding investment banks, strategy consulting, and hedge funds. Then I communicated my interest around building a company at this intersection between sustainable business practices and maximizing returns. People literally thought that I had come to the wrong meeting.

While I was at business school, I co-founded my first company, RecycleBank. Columbia Business School actually became the seed investor in the company.

You moved then from business school, the entrepreneurship scene, to public policy with Michael Bloomberg's administration from 2012 to 2014. What was that like?

The deputy mayor recognized that the sanitation could be managed in New York City in a more advanced and financially efficient way and created this new position called Deputy Commissioner for Sanitation, Recycling and Sustainability. I was recruited to build out the next iteration of what the sanitation department should look like, the next generation way to manage resources in the city.

Was that an easy transition for you? How did that personally feel?

I think joining the Bloomberg administration was a once in a lifetime experience. I encourage everybody to pursue a public office in some capacity sometime in their life. It's very rewarding to be able to serve your community.

I was able to supplement my business skills with things that you have to learn in government, like how to build consensus. Developing that skillset and then bringing it back to business, I found to be very rewarding.

You've been working on Closed Loop Partners and the circular economy over the last several years. What's happening to our world today in your perspective? Where are you personally pushing us to move forward in this circular economy type of world?

What we've been presented with in the Western world is that we live in a capitalist system that promotes a meritocracy. But the way our economy has actually been structured over the past 75 years is not a meritocracy. It's not a system where the person that works the hardest or has the best product ends up winning.

We've actually created a system that is designed for the financial benefit of certain industries. The result is that we have a manufacturing system that's based on a linear economy. You extract the natural resource. You use it for a product designed to be used essentially once and then disposed of in a landfill.

A true capitalist would build a system in which you optimize for efficiency, where you develop advanced products where you don't have to extract natural resources. You would design systems where you can continually recycle and continually reuse materials so you don't have to pay for landfills.

That was a recognition that I and a number of other people had: the most effective and efficient economy that we should be operating under is one that is circular. That was really the genesis behind launching Closed Loop Partners.

What was the rationale behind performing that out of multiple investment arms that have unique expertise in their own domains?

I was interested in designing a firm that would be able to invest anywhere along the growth trajectory of a solution. We look at the supply chains from A to Z in several industries, identify where the bottlenecks are, identify where there are solutions.

If it's an early-stage solution, we have a venture fund that can apply capital. If it's an infrastructure solution that requires project financing or debt, we have our infrastructure fund. If it's an opportunity to acquire a company and scale it, we have our private equity fund. If there isnt a solution in the market, we have an innovation center that will help develop a solution and commercialize it.

What was that like building it from the ground up?

After I exited my first company, I started teaching a course on entrepreneurship and social impact. One of the key lessons I tried to communicate to the students was that the three most important things I've learned in business are: people, people, people.

The development of Closed Loop Partners was a combination of this group of people that really have been with me for most of my career and then others that have either approached me or I've recruited. But the most important piece of this is I've learned to invest an enormous amount of my time in recruiting people and developing culture.

I want to have a positive impact on the world and participate in the circular economy when I start my own company. What are some things that I should be keeping in mind to build the right vision?

The best impact you could have, I believe, is providing somebody with a good job. We shouldn't get too flowery about sustainability and that impact is starting a company that's going to change the world. It's actually much more basic and achievable.

The best impact you can have is by providing somebody a good job in which they feel challenged intellectually and they're respected for whatever they're doing. And there's transparency in how decisions are made. If you're just doing that, you're actually having a really important impact on the world.

Beyond that, I would look at what my company is doing that's making some person's life, a community, or part of our environment better.

How early did you know this was your calling?

Very early. I grew up with a single mom in Philadelphia in the 1980s. For fourth grade, I had to go to one of the worst public schools in Philadelphia.

I recognized that this message that in America, it's all about pulling yourself up by the bootstraps was a complete fallacy. I looked around at that school and thought, "There's no way anyone's making it out of here and becoming some type of great success."

From there, I got to move to a good public school and one of the best private schools in the US. It further emphasized for me what actually was going on in America. It was not capitalism. That's not optimizing for economics or for your economy. You can agree with it socially or not. It's just not capitalism. That's probably the first instance in my life of recognizing that the system can be further optimized and the world can be a better place.

Michael Matias, Forbes 30 Under 30, is the author of Age is Only an Int: Lessons I Learned as a Young Entrepreneur. He studies Artificial Intelligence at Stanford University, is a Venture Partner at J-Ventures and was an engineer at Hippo Insurance. Matias previously served as an officer in the 8200 unit. 20MinuteLeaders is a tech entrepreneurship interview series featuring one-on-one interviews with fascinating founders, innovators and thought leaders sharing their journeys and experiences.

Contributing editors: Michael Matias, Megan Ryan

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The most efficient economy is a circular one where you're continually reusing materials. | Ctech - CTech

THE higher 5.7 per cent 2020-21 growth rate will make it a tad harder for Finance Minister Shaukat Tarin and his team to convince the people of their performance by the end of the ongoing fiscal in case there is a major dip in the GDP rate.

Some economists and development partners are already projecting a lower growth rate which might actually go further down post rebasing. Experts are divided on the impact of a higher growth rate on investment. They dont see the ruling party gaining much political capital from the exercise.

Business circles either do not understand the national accounting practices or are reluctant to make their stance public, preferring to focus on the future and how the government intends to comfort them and calm their anxieties.

Sudden and abrupt policy changes hurt business confidence more than anything. The withdrawal of tax breaks, amnesties, concessions and duty revisions shook the ground under our feet and disturbed our plans. Instead of focussing on core businesses, we have ended up contemplating the mood and moves of the government.

It will not be the government but the private sector that will deliver the future in Pakistan by investing, broadening the base of the economy and through job creation. We need sureties regarding policy continuity and improvement in the business environment for problem-free transactions. We dont care for some academic data exercises or its impact on the past, a business magnet commented off the record, bitterly hinting at recent IMF-induced measures.

The designation of FY16 as the base year might throw the proverbial spanner in many a work

The experts supported the governments move to carry out the long-delayed exercise of updating the base year but resented its politicisation.

All the song and dance about the higher GDP growth last fiscal, attained by updating the base year from FY06 to FY16 may end when the government reports the assessment of the current fiscal in five months before the budget in June, said an economist, who vouches for the prime ministers noble intentions. He wished not to be named though.

Noting repeated citations of higher growth data by the PTI leaders, he said: More than anything, it reflects the governments desperation to hang on to anything positive to turn the public narrative in their favour. The peoples verdict in the local body elections in KP and the opposition parties plans of street protest have together unnerved the PTI government, he said.

Dr Ali Cheema, an economist associated with the Lahore University of Management Sciences and the Centre for Economic Research in Pakistan, commenting on the prospects of higher investment after the revision of GDP growth rate, said: The issue is not the growth rate; it is macro stability. He advised not to read too much in growth rate revision, arguing that the GDP is not a measure of the effectiveness of government programmes. He did not see higher GDP boosting the governments fortunes, reminding that inflation is the economic measure with political consequences.

Dr Rashid Amjad, former vice-chancellor of the Pakistan Institute of Development Economics (PIDE) and a member of the governments economic advisory group, sounded optimistic and talked of a spike in investment while advising one and all to avoid paying heed to speculations of the naysayer.

Rebasing was long overdue and though new sectors, like IT and food delivery, have been added, it still underestimates the real size of the national economy which to my mind is at least 25-30pc larger.

That said, a $335 billion economy is a bigger and more attractive market for investors than the one that is worth $275bn if the security situation and, more importantly, the perception of foreign investors also change.

It helps to identify new emerging sectors. The government needs to build on these new estimates of growth (which was already much higher at 5.4pc than the earlier estimate of 3.95pc even without rebasing and which now stands at 5.7pc) and ignore the pessimistic portrayal of the economy by the media and the opposition.

A negative impact of rebasing is that it will show a lower growth this year due to a higher base, but the change in GDP composition with a larger share of agriculture and services may still ensure a 5pc growth this year, he concluded.

Also feeling positive was Dr Ishrat Hussain, a former governor of the State Bank and dean of the Institute of Business Administration who was an advisor to the prime minister on institutional reforms until recently.

Rebasing is a routine exercise carried out every five years. We have delayed it by 15 years and that is why our data was sub-standard. Rebasing improves the quality as it is based on actual surveys carried out in 2015-16.

It is more reflective of the reality as it includes new activities and excludes the dead ones. We should now carry out livestock and agriculture censuses which would enable us to draw samples from the surveys of these sectors to incorporate in the next rebasing exercise.

Professor Abdul Jalil, an economist at PIDE, mentioned the impact of rebasing on GDP ratios in terms of export, education and health that deteriorated further after rebasing. The size of the economy grew, but the key ratios reflecting the performance of the external sector, resource mobilisation and social services deteriorated. The tax-to-GDP ratio dropped to 9.5pc from 11.1pc and the exports-to-GDP ratio sunk to 7.4pc from 8.6pc. I dont see how will it help improve the countrys perception

Experts believe that rebasing has generated space for local and foreign borrowing for the resource-starved government by revising down debt-to-GDP ratio by a good 12pc to 72pc from 84pc of the GDP. The one per cent reduction in fiscal deficit as a ratio of the GDP will provide room for new sovereign guarantees pegged on the economys size.

Rebasing of national accounts is a practice to change the reference year for individual price and volume indices and perform aggregation to obtain national account aggregates.

It seems that political rather than economic considerations guided the decision in this regard.

Instead of regular equal intervals of five or 10 years, there have been lapses of 15 and 20 years between rebasing exercises in Pakistan. Over the past 75 years, it has been done seven times; 1949-50, 1959-60, 1980-81, 1996-96, 1999-2000, 2005-06 and the current decision to designate 2015-16 as the base year.

Published in Dawn, The Business and Finance Weekly, January 31st, 2022

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Is politics calling the economic shots? - DAWN.com

Ive been thinking a lot about resilience what are the factors that contribute to resiliency and where does Michigan rank?

An experience that sparked my interest occurred several years ago when my husband Jim and I attended the Urban Land Institutes annual conference in Vancouver, British Columbia. One of the sessions we attended was by the Grosvenor Group, a 340-year-old global property management company with $36.7 billion in assets under management, headquartered in London, U.K.

They presented a report that ranked the overall resilience of the worlds top 50 cities. Perhaps not entirely coincidental, the top three-ranked cities named were Toronto, Vancouver and Calgary.

But what surprised us was that our flagship city, Detroit, ranked 15th in the world, ahead of London (18) and was 8th in the U.S., between New York City and San Francisco.

This led us to think about the attributes that contribute to Detroit and Michigans resiliency and the implications for our future.

As our planet warms and weather-related events like rising sea levels, violent storms, fires and droughts put communities and industries in peril, will northerly locations and natural resources be more resilient?

Could Michigan have strategic advantages in an era of climate change that put us in a sweet spot based on quality of life and economic opportunity?

According to Parag Khanna in his latest book, Move: The Forces Uprooting Us, the answer is yes.

Khanna examines how climate change is already triggering global migration, particularly from areas most affected by extreme drought and rising sea levels to areas that are more habitable (primarily in northern regions or higher elevations; i.e. where its cooler!)

He asserts the regions that gain population as a result of climate migration will experience new job creation and economic growth.

Why are we a good candidate to attract climate migrants who can help fill our talent pipeline and drive economic growth?

It starts with geography. We are located in the northern midsection of North America, defined by two beautiful peninsulas and surrounded by 20% of the worlds fresh water.

Visionaries like Traverse City environmental attorney Jim Olson have long advocated for protection of our fresh water, recognizing that it will become an ever-more precious resource as many regions literally dry up. Traverse City-based FLOW (For the Love of Water), led by Liz Kirkwood, champions protection and stewardship of the Great Lakes Basin waters as a common and highly valued resource.

We have the longest freshwater coast line in the U.S. (3,288 miles) and, though some fluctuation in the lakes levels occur, significant sea level change is not expected to be a major risk. Being surrounded by the Great Lakes also helps to moderate our climate from extreme cold and heat.

We have abundant land-based natural resources, including forests covering 50% of our land, and agriculture, with the nations second-most diverse crop base. As the planet warms, agricultural yields may increase, thanks to longer growing seasons, and further diversification of our crop base.

Michigan is a multi-modal international transportation and distribution hub, and is enhancing that advantage with investments such as modernization of the Soo Locks and construction of the Gordie Howe International Bridge.

We are a maker state with advanced technology, testing and manufacturing capacity, particularly in the mobility innovation space. Two recently enacted programs the Strategic Site Readiness Program and the Critical Industry Program provide important economic tools aimed at increasing the number of advanced mobility manufacturing and supply chain sector jobs in Michigan.

Strong STEM programs offered by Michigans universities give us a knowledge-based strategic advantage.

Locally, Traverse Connect sponsors the Creative Coast, a talent attraction initiative that showcases our region as a place to live and pursue a career; incubator 20Fathoms helps healthcare and technology business start-ups.

Another important resource-based asset that contributes to our resiliency is a diverse, four-season portfolio of healthy lifestyle outdoor recreation options. Think snow sports, water sports, boating, golfing, hiking and biking trails, camping, fishing, hunting, ice climbing and winter surfing weve got it all!

These resources and places, like Crystal Mountain, contribute not only to quality of life, but also to our economy, with a $9.5 billion economic impact and support for more than 108,000 jobs.

But the relevance of our magnificent outdoor playground extends beyond economic impact. It has the power to help people reimagine Michigan from being a Rust Belt, old technology place to one with the cool factor, including access to year-round outdoor recreation.

It also is an opportunity to combine our history of innovation and manufacturing to lead in the exploding outdoor recreation industry.

Despite these attributes, including prestigious educational institutions offering knowledge-based degrees, Michigans stats for attracting and retaining talent are not great.

During the last 10 years, the total U.S. population increased at a rate three times that of Michigan (7.4% nationally versus Michigan at 2%), which resulted in the loss of a Congressional seat.

Our population is aging: 30% of Michiganders are older than 55; we rank sixth in the nation in outbound migration of high school and college graduates.

If we consider resilience as a three-legged stool, two of our three legs natural resources and geography are strong. But our third leg successfully competing for global talent is weak.

Developing, attracting and retaining talent is a key to filling the high-wage, knowledge-based jobs that drive economic growth. According to New York City Mayor Michael Bloomberg talent attracts capital far more effectively and consistently than capital attracts talent.

So are we in the sweet spot? Perhaps the answer is: We CAN be.

We have many of the basic ingredients: geography, resources and we are both innovators and makers.

But to thrive we need to reverse the talent drain. We need a laser-focused strategy for developing, attracting and retaining talent with knowledge-based skills that will support investment and drive job-creating innovations, including critical areas like clean energy deployment and mobility electrification.

We need to send a message that Michigan has the cool factor, is safe and welcoming, and has best-in-class social and physical infrastructure to support healthy lifestyles and healthy communities.

Michigan is poised to be in the sweet spot. But we have some work to do to seize this opportunity.

Chris MacInnes is president of Crystal Mountain. In 1985, she and her husband Jim moved from California to join this business and together have led its evolution. She is also active in state, local and industry organizations.

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People Power: Resilience is the quality that will attract talent to Michigan - Traverse City Business News

The University of Dayton School of Business Administration was named one of the top 50 business schools in the nation for undergraduates by Poets & Quants for Undergrads, a news outlet and resource for students.

Our ranking as 49th best in the country is based on the quality of our students, the meaningful experiences they have here, and their success after graduation, said Dean Trevor Collier. We are on the national map in all these areas thanks to our well-rounded and driven students, our dedicated faculty and staff, the strong experiential learning programs, and partnerships, including our newly opened space in downtown Dayton, The Hub Powered by PNC Bank, where students learn alongside entrepreneurs.

UD students are encouraged to apply what they learn in and out of the classroom to build resilient communities and economies. The Hub provides space for students, faculty and staff to interact with the local Dayton economy through innovation and entrepreneurship. Other opportunities available to receive hands-on experiences preparing them for the job market include participating in any of the 26 organizations and programs affiliated with the School of Business Administration.

Two of these programs include the largest student-run fund of $64.6 million at the Davis Center for Portfolio Management, and Flyer Enterprises, the sixth-largest student-run business in the nation where students can rise in ranks from barista to CEO.

The data used by Poets & Quants to determine the rankings include admissions, alumni experience and career outcomes data and results. This is the first time the University of Dayton School of Business Administration received a ranking from Poets & Quants.

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School of Business Administration ranks among best business schools in nation - University of Dayton - News Home

NEW YORK--(BUSINESS WIRE)--Payoneer (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, today issued the fourth edition of its Freelancer Income Report. The report is based on a survey of 2,000 freelancers from over 100 countries and provides insight into how they have fared since the start of the COVID-19 pandemic. While global unemployment reached historic highs triggered by the pandemic, freelancers have weathered the disruption relatively well. More than 30% of respondents reported higher demand for their services since the pandemic began, while 45% reported that demand stayed constant without slowing. The fields of programming, marketing, and finance showed the strongest growth.

The reports findings include:

Significant Increase in Global Hourly Freelance RateCompared with the previous report two years ago, there has been an increase in the average global hourly freelancing rate. Findings show the global average hourly freelance rate is now $28, significantly higher than the $21 average hourly rate reported in the 2020 Global Freelancer Income Report. With 40% of freelancers reporting that they are now charging more for their services than they did at the start of the pandemic, and demand continuing to rise, the opportunity for freelancers to succeed has never been greater. Younger freelancers were the biggest benefactors, reporting both an increase in hourly rates, and in demand.

Gender Pay Gap Persists, with a Silver LiningThe report highlights that the gender wage gap has unfortunately widened slightly since 2020. While there has been an increased number of women entering the world of freelancing, women freelancers pay remains behind their male counterparts, with that gap growing over the past two years. The gender pay gap amongst survey respondents is most pronounced in North America, with women reporting earnings of $37 per hour on average, compared to men who reported an average of $52 per hour. Indeed, women reported earning less than men in every region of the 100 countries surveyed apart from South America, where women out-earn their male counterparts by $4/hour, likely influenced by the higher paid industries that are more in demand in these regions.

Freelancing Offers Greater Opportunities for WomenAs confirmed by research from the World Economic Forum, the pandemic has set back womens progress in the global workforce overall, in regard to both earnings and employment opportunities. However, one of the more optimistic findings from Payoneers report is that womens participation in the freelance workforce continued to gain momentum and increased from 24% in the 2020 Global Freelancer Report to 29% in the 2022 report. Indeed, a less promising employment market may have opened the door for more women to enter the digital freelancing economy. In addition, women reported higher levels of satisfaction than their male counterparts, revealing the ongoing potential for freelancing to offer women an attractive alternative to the traditional workforce.

As the nature of the workforce becomes more fluid, more businesses are realizing the value of a flexible resource they can call upon when needed, said Robert Clarkson, Chief Revenue Officer at Payoneer. At the same time, more workers are realizing that freelancing is a career path which pays well, offers greater flexibility and is open to skilled professions including finance, marketing and programming. The freelance economy empowers individuals from anywhere in the world to set their own hours, rate, and work in roles that best suit their skill set, while taking advantage of a variety of opportunities. Were thrilled to partner with these small businesses that are the backbone of the global economy, and help them access the resources and tools they need to realize their potential.

For the full report, please download: The 2022 Freelancer Income Report.

About PayoneerPayoneer (NASDAQ: PAYO) is the worlds go-to partner for digital commerce, everywhere. From borderless payments to boundless growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy.

Since 2005, Payoneer has been imagining and engineering a truly global ecosystem so the entire world can realize its potential. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the worlds leading digital brands like Airbnb, Amazon, Google, Upwork and Walmart, Payoneer offers a universe of opportunities, open to you.

http://www.payoneer.com

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks, uncertainties (some of which are beyond Payoneers Control), and other assumptions which could cause actual results or performance to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to those factors described in our filings with the Securities and Exchange Commission, including those under Risk Factors therein. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Payoneer does not undertakes any duty to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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Payoneer Study Finds Freelance Workers Benefited from Surge in Demand and Increased Pay Amidst Ongoing Pandemic - Business Wire

Brussels, 26 January 2022 The Hydrogen Council, a global CEO-led coalition working to accelerate the energy transition through hydrogen, announced today eleven joining members. The organisation now counts 134 companies from across the globe representing the entire hydrogen value chain and working towards the development of hydrogen solutions to foster the decarbonisation of our economies.

The Hydrogen Council brings together companies from a variety of sectors including the automotive industry, chemicals producers, energy companies, engineers, investors and pension funds committed to the development and implementation of hydrogen solutions that will play a fundamental role in building a clean and diversified energy system.

Hydrogen Council co-chairs, Tom Linebarger, Chairman and CEO of Cummins, and Benot Potier, Chairman and CEO of Air Liquide, welcome these new members and their contributions to the Councils vision.

The Hydrogen Council now includes one new steering member: OCI NV; nine new supporting members:Eberspcher Gruppe, Fuel Cell Energy, Haldor Topsoe, Matrix Service Company, PJSC Cryogenmash, Southern Company, Subsea 7, The Anschutz Corporation, Westport Fuel Systems; and one new investor:Temasek.

The Hydrogen Council has welcomed its first Danish member represented by Haldor Topsoe, specialised in solid oxide electrolysis cell solutions and green fuels and chemicals production from hydrogen. PJSC Cryogenmash, specialising in air separation, liquefied natural gas (LNG) and hydrogen technologies is the first Russian company to join the Council.

With those new companies joining the Hydrogen Council, our sectoral and geographical diversity illustrates the central role of hydrogen in the transition to a decarbonised economy. Hydrogen Council members are working together to bring concrete solutions to life and act now for the transition to a clean energy future.

I am incredibly encouraged by the growth weve seen on the Hydrogen Council over the past year. It is a clear demonstration of hydrogens momentum in the race to global decarbonisation. The Councils ever-diversifying membership, including the companies joining us today, reflects the breadth of industries and geographies in which hydrogen can play a vital role. Tom Linebarger, Chairman and CEO, Cummins Inc., and Co-chair of the Hydrogen Council.

-ENDS-

About the Hydrogen Council:

The Hydrogen Council is a global CEO-led initiative that brings together leading companies with a united vision and long-term ambition for hydrogen to foster the clean energy transition. The Council believes that hydrogen has a key role to play in reaching our global decarbonisation goals by helping to diversify energy sources worldwide, foster business and technological innovation as drivers for long-term economic growth, and decarbonise hard-to-abate sectors. Using its global reach to promote collaboration between governments, industry and investors, the Council provides guidance on accelerating the deployment of hydrogen solutions around the world. It also acts as a business marketplace, bringing together a diverse group of 130+ companies based in 20+ countries and across the entire hydrogen value chain, including large multinationals, innovative SMEs, and investors. The Hydrogen Council also serves as a resource for safety standards and an interlocutor for the investment community, while identifying opportunities for regulatory advocacy in key geographies. To find out more visitwww.hydrogencouncil.comand follow us on Twitter@HydrogenCouncilandLinkedIn.

Download the PDF version of this press releasehere.

Hydrogen Council Press Office

For any questions, please contact secretariat@hydrogencouncil.com

About our new members:

Steering Members:

OCI NV: OCI N.V. (Euronext: OCI) is a leading global producer and distributor of hydrogen-based products providing low carbon fertilisers, fuels, and feedstock to agricultural, transportation, and industrial customers around the world. OCIs production capacity spans four continents and comprises approximately 16.2 million metric tons per year of hydrogen-based products including nitrogen fertilisers, methanol, biofuels, diesel exhaust fluid, melamine, and other products. OCI has more than 3,600 employees, is headquartered in the Netherlands and listed on Euronext in Amsterdam.

Supporting Members:

Eberspcher: With approximately 10,000 employees at 80 locations worldwide, the Eberspcher Group is one of the automotive industrys leading system developers and suppliers. The family business, headquartered in Esslingen am Neckar, stands for innovative solutions in exhaust technology, automotive electronics and thermal management for a broad range of vehicle types. In combustion or hybrid engines and in e-mobility, the components and systems from Eberspcher ensure greater comfort, higher safety and a clean environment. Eberspcher is paving the way for future technologies such as mobile and stationary fuel cell applications, synthetic fuels as well as the use of hydrogen as an energy carrier. In 2020, the Group generated revenue of more than 4.9 billion euros.

FuelCell Energy: FuelCell Energy is a global leader in decarbonising power and producing hydrogen through our proprietary fuel cell technologies. Our mission is to enable a world powered by clean energy. As an innovator and manufacturer of fuel cell clean power platforms, FuelCell Energy has the only technologies in the world capable of capturing carbon from an external source, producing power, and hydrogen at the same time. In addition, we offer the only technology in the world capable of producing hydrogen, power, and water simultaneously.

Haldor Topsoe: Topsoe is a global leader in solid-oxide electrolysis cell (SOEC) technology that produces green hydrogen from water and renewable power. A technology that is consistently more energy-efficient than todays standard technologies. Building on decades of experience in technologies to produce chemicals and fuels, Topsoe is able to connect proven technologies with highly efficient SOEC electrolysis to produce essential green chemicals and fuels such as green ammonia, eMethanol, and eFuels in the shape of sustainable gasoline, diesel, and jet fuel from non-fossil feedstocks including captured carbon, biomass, waste, and renewable electricity. We are headquartered in Denmark and serve customers all around the globe. In 2020, our revenue was approximately USD 1 billion, and we employ around 2,100 employees.

Matrix Service Company: Matrix Service Companys subsidiaries provide engineering, procurement, fabrication, construction (EPFC), maintenance and products to the energy and industrial markets. They bring extensive experience in cryogenic and specialty storage vessels, terminals, and related balance of plant facilities that complement their clients transition to carbonless energy. They work in partnership with technology providers such as Chart Industries to develop and integrate standardised hydrogen solutions in the Americas, including hydrogen liquefaction plants, marine bunkering, fueling stations, plant expansions, storage expansion, spaceship fueling and other hydrogen related facilities.

PJSC Cryogenmash: Cryogenmash is Russias largest company in the development of air separation technologies, LNG and Hydrogen technologies based on scientific discoveries made by Piotr Kapitsa, a Russian Nobel Prize laureate in Physics. Throughout its history, Cryogenmash continuously pursued scientific studies of Hydrogen properties and their impact on a range of materials. Since 1960 Cryogenmash has been designing and constructing liquid hydrogen storage and transportation tanks, purification systems, cryogenic pipelines and fittings, as well as hydrogen liquefiers. The company is proud to be a reliable supplier of high-tech hydrogen equipment to leading Russian customers and abroad. The Company sees its mission in contributing to sustainable economic development by offering a complete scope of services: design, manufacturing, erection, commissioning, after-sales service, and on-site operations of cryogenic facilities. Having strong and proven references, Cryogenmash has set an ambitious goal to become a national Center of Competence focused on Hydrogen storage and transportation.

Southern Company: Southern Company is a leading U.S. energy company serving 9 million customers. The company provides clean, safe, reliable, affordable energy through electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company serving wholesale customers, a distributed energy infrastructure company, fiber optics network and telecommunications services. For over a century, we have been building the future of energy and developing the full portfolio of energy resources. Through a commitment to innovation and a net-zero future, Southern Company and its subsidiaries develop the energy solutions our customers and communities require to drive growth and prosperity. Southern Companys industry-leading research and development organisation explores a full spectrum of technologies to address the worlds greatest energy challenges.

Subsea 7: Subsea 7 is a global leader in the delivery of offshore projects and services for the evolving energy industry. We create sustainable value by being the industrys partner and employer of choice in delivering the efficient offshore solutions the world needs. Our offshore operations span five decades and we have successfully completed over 1000+ projects. Working in all water depths across all energy hubs, our engineering expertise, alliances and specialist technologies enable us to engage early so that our multi-disciplinary teams can design and deliver the solutions that our clients want. We have a strong track record of safe and reliable delivery. Our reputation as a collaborative service provider in long-lasting client relationships makes us one of the most trusted contractors in our market which includes oil and gas and renewable energy.

The Anschutz Corporation: Founded more than 75 years ago, The Anschutz Corporation is a privately held company that owns and operates a diverse portfolio of investments, including those in the natural and renewable resource industries. The company is constructing the nations largest wind power project in Carbon County, Wyoming, and developing the Wests largest high-voltage interregional electric transmission system. The wind and transmission projects are at the heart of an expanded initiative that the company is planning called the Wyoming Clean Power Center (WCPC). The centre is being designed as a fully integrated green energy hub for the giga-scale production and transportation of clean, renewable electricity and associated clean power-produced products, such as green hydrogen and ammonia.

Westport Fuel Systems: Westport Fuel Systems is driving innovation to power a cleaner tomorrow. The company is a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, hydrogen and propane to the global automotive industry. Westport Fuel Systems technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. The companys ongoing work with hydrogen is proving a solution that can provide up to a 100% Well to Wheel net-zero carbon resolution while offering a compelling lower total cost of ownership for high load applications in the global automotive industry. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America and South America, the company serves customers in more than 70 countries with leading global transportation brands.

Investors:

Temasek: Temasek is a global investment company with a net portfolio value of S$381 billion (US$283b) as at 31 March 2021. Headquartered in Singapore, it has 13 offices in 9 countries around the world. The Temasek Charter defines Temaseks three roles as an Investor, Institution and Steward, which shape its ethos to do well, do right, and do good. As a provider of catalytic capital, it seeks to enable solutions to key global challenges. With sustainability at the core of all Temasek does, it actively seeks sustainable solutions to address present and future challenges, as it captures investible opportunities to bring about a sustainable future for all.

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Hydrogen Council membership grows to more than 130 members, with eleven new companies committing to foster development of the hydrogen economy -...

VANCOUVER, BC, Jan. 31, 2022 /CNW/ - Foran Mining Corporation (TSXV: FOM) (OTCQX: FMCXF) ("Foran" or the "Company") is pleased to announce the appointment of Mr. Brad Wall to its Advisory Board.

Brad Wall has over 20 years of political experience and served as the 14th Premier of Saskatchewan from November 2007 to February 2018. During his 10-year tenure as Premier, Mr. Wall guided the province through a period of strong economic growth, record infrastructure investment, export expansion, and population growth, in addition to helping the province earn its first ever AAA credit rating in 2014. Mr. Wall is a special advisor at Osler, Hoskin & Harcourt LLP and serves on the Boards of Whitecap Resources Inc., Maxim Power Corp. and NexGen Energy Ltd.

Dan Myerson, Executive Chairman and CEO, commented, "On behalf of the Board and Management, we are delighted and honoured to welcome Brad Wall to our Advisory Board. Under Brad's leadership, the province of Saskatchewan achieved its true economic resource potential, making the province a top commodity jurisdiction globally. Mr. Wall is a champion for sustainable economic development, and his experience will be a great contribution to Foran as we look to transform the Hanson Lake District into the next prolific mining camp in Canada, all while benefitting local economies and its people."

"I am looking forward to contributing in whatever way I can to Foran's team as they work to create an important mining project that will create jobs and significant economic benefits for Saskatchewan. Mining projects supplying green metals like copper are critical for today's economy and it is important to develop these assets sustainably, with a focus on the environment and local communities. The McIlvenna Bay deposit is an exciting opportunity to further enhance Saskatchewan's global profile, and I look forward to supporting its ongoing advancement." Brad Wall commented.

Concurrent with the appointment and in accordance with the Company's Long-Term Performance Incentive Plan, the Company's Board has granted 200,000 incentive stock options to Mr. Wall. The stock options are exercisable, subject to vesting provisions, over a period of five years at an exercise price of C$2.22 per share.

About Foran Mining

Foran Mining is a copper-zinc-gold-silver exploration and development company, committed to supporting a greener future, empowering communities and creating circular economies which create value for all our stakeholders, while also safeguarding the environment.

Our goal is to build the first carbon neutral copper mine in Canada by design. We are in the feasibility stage of development for our flagship McIlvenna Bay project in eastern Saskatchewan. The project is located entirely within the traditional territory of the Peter Ballantyne Cree Nation. The company also owns the Bigstone project, a resource-development stage deposit located 25km southwest of its McIlvenna Bay project.

McIlvenna Bay is a copper-zinc-gold-silver rich VHMS deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. McIlvenna Bay sits just 65km from Flin Flon, Manitoba and is part of the world class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran's ground in eastern Saskatchewan, a distance of over 225km.

McIlvenna Bay is the largest undeveloped VHMS deposit in the region. The Company filed a NI 43-101 Technical Report for the updated resource estimate for the McIlvenna Bay deposit on November 25, 2021, wherein the Indicated Resources increased to 39.1 million tonnes, a 70% increase compared to the previous resource estimate from 2019. Foran's copper-zinc Bigstone Deposit could potentially serve as additional feed for the mill at McIlvenna Bay. The Company filed a NI 43-101 Technical Report for the Bigstone Deposit's first resource estimate on January 21, 2021.

Foran trades on the TSX.V under the symbol "FOM" and on the OTCQX under the symbol "FMCXF".

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This news release contains "forward-looking information" (also referred to as "forward looking statements"), which relate to future events or future performance and reflect management's current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "hopes", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: complete the feasibility study in a timely manner, and the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, payback period, process capacity, average annual metal production, average process recoveries, anticipated mining and processing methods, proposed PFS production schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact studies, future financial or operating performance of the Company, subsidiaries and its projects, estimation of mineral resources, exploration results, opportunities for exploration, development and expansion of the McIlvenna Bay Project, its potential mineralization, the future price of metals, the realization of mineral reserve estimates, costs and timing of future exploration, the timing of the development of new deposits, requirements for additional capital, foreign exchange risk, government regulation of mining and exploration operations, environmental risks, reclamation expenses, title disputes or claims, insurance coverage and regulatory matters. In addition, these statements involve assumptions made with regard to the Company's ability to develop the McIlvenna Bay Project and to achieve the results outlined in the PFS, and the ability to raise capital to fund construction and development of the McIlvenna Bay Project.

These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our mineral reserve and resource estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; success of the Company's projects, including the McIlvenna Bay Project; prices for zinc, copper, gold and silver remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects; capital decommissioning and reclamation estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the projected and actual effects of the COVID-19 coronavirus on the factors relevant to the business of the Corporation, including the effect on supply chains, labour market, currency and commodity prices and global and Canadian capital markets, fluctuations in zinc, copper, gold and silver prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structure formations, cave-ins, flooding and severe weather); inadequate insurance, or the inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in Canada, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at http://www.sedar.com). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information.

These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information.

SOURCE Foran Mining Corporation

For further information: please contact: Jonathan French, CFA, Director, Investor Relations, 409 Granville Street, Suite 904, Vancouver, BC, Canada, V6C 1T2, Email: [emailprotected]; Media Enquiries: SEC Newgate, George Esmond/ Peter Tulupman, Email: [emailprotected]

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Foran Announces the Appointment of Former Premier of Saskatchewan, the Honourable Brad Wall, to its Advisory Board - Canada NewsWire

Access to finance continues to remain one of the most pressing issues for micro, small and medium enterprises (MSMEs). For the 63 million MSMEs in India that contribute approximately 45% to the countrys manufacturing output and 40% to exports, making finance more accessible is key to creating a more amenable ecosystem.

The World Bank pegs the current MSME credit gap in India at a whopping $380 billion. What can Budget 2022 do to ease the financial woes of the sector that act as a deterrent to its true potential?

Sudarshan Chari, Head-Business Banking, DBS Bank India, lists an increase in the budgetary outlay for the sector, simplifying taxation and focused schemes as some of the key expectations from the Budget. The finance minister may consider establishing a capital access fund with nodal agencies like SIDBI, which will allow for equity participation in new capex projects. We can expect an announcement about extending the Emergency Credit Line Guarantee Scheme (ECLGS) beyond March 31, 2022, to address rising cash flow challenges in the operating cycle and prolonged lead times due to supply chain bottlenecks, he says.

The sector has always felt resource crunch. The situation worsened because of the pandemic. Lockdowns forced units to down shutters though the promoters still had to pay a number of fixed expenses. This wreaked havoc on small businesses.

Akash Gehani, COO & Co-founder, Instamojo, says a complete halt in business activity made it difficult for the MSMEs to service their obligations. Many had to close shop permanently. A LocalCircles survey last year had stated that at least 59% of startups and small companies were likely to shut, scale down or be sold due to the harsh impact of the Covid-19 pandemic.

In the Budget, Gehani says, the government should consider addressing the credit gap challenge through GST rationalisation and by reducing compliance burden for ease of doing business. The government should introduce initiatives to manage existing credit by regulatory sandboxes, compliance burden reductions and also introducing more incubation programmes, he adds.

Industry experts are of the view that the Budget should address the challenges by improving the sources of financing available for the sector.

Pallavi Shrivastava, Co-Founder & Director of Progcap, which offers financing solutions for SMBs, says the immediate requirement is to provide a lower cost of capital to fund MSMEs business continuity needs. Increasing the ambit of priority sector lending network to cover trading MSMEs, helping them borrow at a competitive rate; rationalisation of tax liabilities to enable more capital inflow in helping them improve the business process, geographical expansion; and extending credit guarantee schemes for the trading MSMEs thus far excluded from policies/incentive schemes will be the need of the hour, she says.

At least 30% of the financial inclusion budget should be allocated to the MSME sector, given that it accounts for roughly the same contribution to GDP, Shrivastava says. Impetus through innovative credit schemes and an R&D input credit scheme to boost innovation among them are some of the other measures she suggests for upliftment of the small businesses.

But not just financial incentives, the sector also needs to be cushioned from the impact of such a crisis in the times to come. Long-term measures and policies that can build resilience for such enterprises will prove crucial to their survival and sustenance.

Ram Iyer, Founder and CEO, Vayana Network, outlines some aspects that can foster an environment that is comfortable and enabling for each stakeholder. Ease of doing business should be put into practice with uniform laws across states. Besides this, simplifying GST rules, undertaking initiatives to enable cluster-based access to affordable credit and fortifying state-based MSME support facilitation centres will all be steps in the right direction for the sector, he says.

Iyer adds that while these may be outside the immediate scope of a Budget statement, such measures can be the guiding force of the policy to protect small businesses from external factors threatening its survival.

Indias success and growth as an economy will depend a lot on how its MSMEs prosper. No lofty economic goal can be achieved if small enterprises the proverbial backbone of the Indian economy are left to fend for themselves.

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Industry wants Budget to bring better credit schemes, GST rationalisation and lower cost of capital for MS - Economic Times

The Unity Fiji partys alternative budget was not focused on cutting the governments total expenses, said party leader Savenaca Narube.

He said the alternative budget was directed towards easing peoples suffering, fighting the virus, and promoting a resource-based economy.

Mr Narube said this in response to what Mr Aiyaz Sayed-Khaiyum said during a recent news conference.

Mr Sayed-Khaiyum said it would have been a disaster if the Unity Fiji partys alternative budget was implemented.

Ill tell you why, because he basically recommended a large budget cut, he said.

He said Mr Narube had recommended a huge salary reduction for civil servants and if it was done, the economy wouldve shrunk.

And when the economy shrinks you have less money in the economy, then, of course, there is no economic activity.

As it is, people are unemployed because of tourism, because of borders closing down, which had a spillover effect on all the other sectors of the economy.

Mr Sayed-Khaiyum said Mr Narube had proposed for the government to reduce its expenditure.

So no $360, no $90, no GP excess, no market stall fees payment, none of that to be done, civil servants to have their pay cut, all of he was proposing that we should do.

In response, Mr Narube said his partys alternative budget would have given three times more to the people than what the government was doing with its token $360.

We think that tourism will take five years to recover, the minister, as always, thinks that it will recover much faster.

Mr Narube said Mr Sayed-Khaiyums interpretation of the partys budget was absolutely wrong.

We did not cut total expenses but redirected them to ease the peoples suffering, fight the virus and promote the resource-based economy.

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The Fiji Times Party's alternative budget - Fiji Times