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Day 1, ADIPEC 2024: Global ministers and CEOs call for accelerated innovation and collaboration to fast-track energy transformation
- ADIPEC 2024 kicks off in Abu Dhabi with a powerful message from Dr. Sultan Al Jaber, rallying the energy industry to lead the world to the next phase of sustainable socioeconomic growth.
- Opening Ministerial and CEO panels confront urgent energy transition challenges and commit to collective action for a secure, equitable, sustainable energy future.
- Day 1 highlights include discussions on the intersection of energy and AI, driving investment in new technologies and fostering cross-border partnerships that can accelerate innovation.
ABU DHABI, UAE, Nov. 4, 2024 /PRNewswire/ — ADIPEC 2024 opened today, marking 40 years of energy stewardship by uniting world leaders under the theme of “Connecting Minds. Transforming Energy.”
His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, delivered the opening address and rallied the energy industry to lead the world to the next phase of sustainable socioeconomic growth. He called on the industry to capitalise on the opportunities of the global megatrends and said that harnessing the megatrends require unprecedented cross sectoral integration to accelerate sustainable growth.
“We stand at the dawn of a new era of hope and possibility, defined by three megatrends: first, the rise of the global south and emerging markets. Second, the transformation of energy systems, and third, the exponential growth of Artificial Intelligence. These three megatrends present mega opportunities that demand mega solutions. By 2050, 1.7 billion people will join our planet, mostly in the Global South. As a result, energy markets must shift and grow and energy systems must be transformed.”
Being held in Abu Dhabi from 4-7 November, ADIPEC 2024 is expected to gather over 184,000 attendees. More than 40 ministers and 200 global C-suite executives will be among the 1,800-plus speakers who will contribute to the 370-plus conference sessions.
These varied global perspectives will address key energy transition priorities, emphasising the need to embrace transformational solutions such as artificial intelligence to empower lives around the world and drive global sustainability and prosperity.
The event’s commitment to innovation and cross-border collaboration was further affirmed during ADIPEC’s first Ministerial Panel, titled ‘The new global leaders and the energy transition’, which addressed the role of policy and cross-border cooperation in shaping the energy transition and expanding access to groundbreaking climate technologies.
The session heard insights from His Excellency Suhail Mohamed Faraj Al Mazrouei, Minister of Energy and Infrastructure, United Arab Emirates; His Excellency Shri Hardeep S Puri, Minister of Petroleum and Natural Gas, India; Honourable Ruth Nankabirwa Ssentamu, Minister of Energy and Mineral Development, Republic of Uganda; and His Excellency Karim Badawi, Minister of Petroleum and Mineral Resources, Arab Republic of Egypt.
His Excellency Suhail Mohamed Faraj Al Mazrouei, Minister of Energy and Infrastructure, United Arab Emirates, said: “Our leaders in the UAE have always thought of the future, and we are committed to investing in more energy resources to ensure adequate supply. We are privileged to have leadership that cares about investment in energy, and our commitment to renewables, nuclear and conventional energy will continue.”
ADIPEC also featured insights from private sector leaders, as they explored the difficulties of balancing business priorities and rising energy consumption with the realities of climate change.
During a session titled ‘Meeting escalating global energy demand whilst transitioning to a low carbon energy system’, attendees heard from the energy industry’s top executives, including Murray Auchincloss, CEO, bp; Wael Sawan, CEO, Shell; Tengku Muhammad Taufik, President & Group CEO, PETRONAS; Claudio Descalzi, CEO, Eni; and Musabbeh Al Kaabi, Executive Director, Low Carbon Solutions & International Growth, ADNOC.
Wael Sawan, CEO, Shell, shared his company’s approach to the energy transition: “We fundamentally believe that the world needs much more energy, and specifically more diversified forms of energy. As a company, we must be very clear about where we can invest our capital. Decarbonising our existing assets is the first step, and the next step in this process is changing our operations.”
The world’s leading international energy organisations also made important contributions throughout day one, leveraging their unique experiences with global cooperation and energy diplomacy to outline the collective efforts required to accelerate wide-scale decarbonisation in every corner of the world.
Brian Sullivan, CEO, IPIECA, said “Our industry has the skills, expertise and experience to address the issues surrounding the energy transition, and we must bring together our drive to enhance the environmental and social performance of oil and gas, integrating energy transition with sustainable development.”
The new Finance and Investment Conference provided a platform for leaders from government, finance, and energy to discuss the disparity between capital flows and the investment necessary for a fair and equitable transition. This was summarised in a panel on “Bridging the gap: energy and financial cross-sector collaboration to advance new projects”, by Reinhard Florey, CFO, OMV:
“There are specific energy solutions for which we need capital. However, there is also an extended value system that we need capital support on. These extended networks, such as infrastructure, need to be built, and we encourage lenders to consider this opportunity. It takes a lot of specialist know-how to make the technology work, but it also takes the right infrastructure.”
AI remained a critical focus of ADIPEC 2024, as this year’s event featured the all-new AI Zone, where industry experts and business leaders showcased the technology’s power to revolutionise energy systems, enhance grid resilience and unlock new investment opportunities.
With AI set to play a critical role in our energy future, ADIPEC will serve a critical platform for accelerating investment and collaboration around this transformative solution, building on 40 years of fostering innovation and sustainable progress in the global energy transition.
About ADIPEC
Under the patronage of H.H. Sheikh Mohamed Bin Zayed Al Nahyan, President of the United Arab Emirates, and hosted by ADNOC in Abu Dhabi, UAE, on 4-7 November 2024, ADIPEC is the world’s largest energy conference and exhibition.
Building on 40 years of energy leadership, ADIPEC 2024 will enable innovation and accelerate action, exploring the intersection of energy and AI to drive the transition and deliver global impact.
The ADIPEC Conferences will comprise of 10 conferences and 370+ conference sessions, featuring 1,800+ speakers, including ministers, CEOs, academics, energy experts and youth. These diverse voices – united under this year’s theme “Connecting Minds. Transforming Energy.” – will be invited to consider how collaborative energy innovation can empower lives and drive global prosperity.
The ADIPEC Exhibition, spanning 16 halls, will feature 2,200+ exhibitors including 54 NOCs, IOCs, NECs and IECs, 30 country pavilions, and four specialised industry areas focused on decarbonisation, digitalisation, maritime and logistics, and AI. The exhibition will provide a platform for the energy world to demonstrate its game-changing solutions and forge the cross-sector partnerships needed to deliver secure, equitable and sustainable energy for all.
For more information, visit www.adipec.com
For media content, visit: https://mega.nz/folder/QcJThQpZ#ZCy9amQdWooIr2sCi6slXQ
To register as media, visit https://www.adipec.com/press-media/media-registration/
About ADNOC
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximise the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification. To find out more, visit: www.adnoc.ae
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Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore
SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.
Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.
Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”
The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.
Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.
The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.
For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.
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ROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR Q3 2024
OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.
“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint.
The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.
Financial and Operational Highlights
- The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase. These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.
- Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million).
Revenue from the Precious Metals business decreased to $217.6 million in 2024
(2023 – $328.4 million):- Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).
- Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.
- Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.
- Revenue from the Circulation business increased to $35.1 million in 2024
(2023 – $32.2 million):- Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.
- Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.
- Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.
Consolidated results and financial performance
(in millions)
13 weeks ended |
39 weeks ended |
|||||||||||
Change |
Change |
|||||||||||
September |
September |
$ |
% |
September |
September 30, 2023 |
$ |
% |
|||||
Revenue |
$ |
252.7 |
$ 360.6 |
(107.9) |
(30) |
$ 861.2 |
$ 1,841.8 |
(980.6) |
(53) |
|||
Profit (loss) for the period |
$ |
5.7 |
$ (5.8) |
11.5 |
(198) |
$ 24.1 |
$ 15.0 |
9.1 |
61 |
|||
Profit (loss) before |
$ |
1.4 |
$ (8.7) |
10.1 |
(116) |
$ 12.3 |
$ 23.4 |
(11.1) |
(47) |
|||
Profit (loss) before |
0.6 % |
(2.4) % |
1.4 % |
1.3 % |
(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report. |
(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items. |
As at |
||||||||||
September 28, 2024 |
December 31, 2023 |
$ Change |
% Change |
|||||||
Cash |
$ |
58.4 |
$ |
59.8 |
(1.4) |
(2) |
||||
Inventories |
$ |
71.5 |
$ |
68.8 |
2.7 |
4 |
||||
Capital assets |
$ |
174.2 |
$ |
173.0 |
1.2 |
1 |
||||
Total assets |
$ |
376.8 |
$ |
380.4 |
(3.6) |
(1) |
||||
Working capital |
$ |
99.2 |
$ |
97.8 |
1.4 |
1 |
||||
As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.
To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours. As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations.
For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedIn, Facebook and Instagram.
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES
This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.
This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities. Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.
For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, [email protected]
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OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers
MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.
The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures.
The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.
On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact.
The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries.
With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.
For more information: www.asharedpassion.com
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