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Global Peace Index reveals highest number of countries engaged in conflict since Second World War

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LONDON, June 11, 2024 /PRNewswire/ — Today marks the launch of the 18th edition of the Global Peace Index (GPI) from international think-tank, the Institute for Economics & Peace (IEP), revealing that the world is at a crossroads. Without concerted effort, there is a risk of a surge in major conflicts.

Key results

  • 97 countries deteriorated in peacefulness, more than any year since the inception of the Global Peace Index in 2008.
  • Conflicts in Gaza and Ukraine were the primary drivers of the global fall in peacefulness, as battle deaths reached 162,000 in 2023.
  • 92 countries are currently involved in conflicts beyond their borders, more than at any time since the inception of the GPI.
  • First of its kind military scoring system suggests that US military capabilities are up to three times higher than China.
  • The global economic impact of violence increased to $19.1 trillion in 2023, representing 13.5% of global GDP. Exposure to conflict poses a significant supply chain risk for governments and businesses.
  • Militarisation recorded its largest yearly deterioration since the inception of the GPI, with 108 countries becoming more militarised.
  • 110 million people are either refugees or internally displaced due to violent conflict, with 16 countries now hosting more than half a million refugees.
  • North America saw the largest regional deterioration, driven by increases in violent crime and fear of violence.

There are currently 56 conflicts, the most since World War II. They have become more international with 92 countries involved in conflicts outside their borders, the most since the GPI’s inception. The rising number of minor conflicts increases the likelihood of more major conflicts in the future. For example, in 2019, Ethiopia, Ukraine, and Gaza were all identified as minor conflicts. 

Last year recorded 162,000 conflict related deaths. This was the second highest toll in the past 30 years, with the conflicts in Ukraine and Gaza accounting for nearly three-quarters of deaths. Ukraine represented more than half, recording 83,000 conflict deaths, with estimates of at least 33,000 for Palestine up to April 2024. In the first four months of 2024, conflict related deaths globally amounted to 47,000. If the same rate continues for the rest of this year, it would be the highest number of conflict deaths since the Rwandan genocide in 1994.

The global economic impact of violence in 2023 was $19.1 trillion or $2,380 per person. This is an increase of $158 billion, driven largely by a 20% increase in GDP losses from conflict. Expenditure on peacebuilding and peacekeeping totalled $49.6 billion, representing less than 0.6% of total military spending.

Iceland remains the most peaceful country, a position it has held since 2008, followed by Ireland, Austria, New Zealand, and Singapore – a new entrant in the top five. Yemen has replaced Afghanistan as the least peaceful country in the world. It is followed by Sudan, South Sudan, Afghanistan, and Ukraine.

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The Middle East and North Africa (MENA) remains the least peaceful region. It is home to four of the ten least peaceful countries in the world and the two least peaceful, Sudan and Yemen. Despite this, the UAE recorded the largest improvement in peacefulness in the region – rising 31 places to 53rd in 2024.

Although most indicators of peacefulness deteriorated over the past 18 years, there was an improvement in the homicide rate which fell in 112 countries, while perceptions of criminality improved in 96 countries.

Steve Killelea, Founder & Executive Chairman of IEP, said: Over the past decade, peacefulness has declined in nine out of the ten years. We are witnessing a record number of conflicts, a rise in militarisation, and heightened international strategic competition. Conflict negatively affects the global economy, and business risk from conflict has never been higher, compounding the current global economic vulnerabilities.

“It is imperative for governments and businesses worldwide to intensify their efforts to resolve the many minor conflicts before they escalate into larger crises. It’s been 80 years since the end of WWII, and the current crises underscore the urgency for world leaders to commit to investing in resolving these conflicts.”  

Changing nature of conflicts

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As conflicts become more widespread and more internationalised, increasing complexity reduces the likelihood of achieving lasting solutions. Ukraine and Gaza are examples of ongoing historical grievances or ‘forever wars’ without clear resolutions. The number of conflicts resulting in a decisive victory for either side has fallen from 49% in the 1970s, to less than 9% in the 2010s. Over the same period, the number of conflicts that ended through peace agreements fell from 23% to just over 4%.

Another key factor reshaping conflict is the impact of asymmetric warfare technology, making it much easier for non-state groups, as well as smaller or less powerful states, to compete in conflicts with larger states or governments. The number of states using drones rose from 16 to 40, a 150% increase between 2018 and 2023. Over the same period, the number of non-state groups which committed at least one drone attack rose from 6 to 91, an increase of over 1,400%.

Middle East tensions

Due to the Gaza war, Israel’s ranking fell to an all-time low of 155th, the largest deterioration in peacefulness in the 2024 GPI. However, over the past decade Palestine has witnessed the largest deterioration, slipping to 145th. Highlighting the growing tensions, Israeli media stories with a negative sentiment towards Palestinians increased from just over 30% in 1999 to 92% in early 2023, while stories with negative sentiment by Palestinian media towards Israelis increased from just under 30% in 1999 to 85% in early 2023.

The conflict has also thrown the entire Middle East region into crisis, involving Syria, Iran, Lebanon and Yemen, with the economic consequences mounting and a high risk of open warfare. A further broadening of the conflict would severely impact the global economy, potentially triggering a worldwide recession. Highlighting the point, Syria’s economy shrunk by more than 85% after the start of the civil war in 2011, and the Ukrainian economy shrunk by 29% in the year after the onset of the conflict in 2022. 

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Global military capability

Since the start of the Ukraine war, militarisation has increased in 91 countries, reversing the trend of the prior 15 years. Given the forward commitments of many countries to military spending, it is unlikely to improve in the coming years.

Changes in the dynamics of warfare have seen troop numbers decrease while technological sophistication has increased. Over the last decade, 100 countries reduced their armed forces personnel, while global military capability increased by over 10%.

First of its kind research by IEP calculates the military capability of countries by combining military sophistication, technology, and combat readiness. It reveals that the US has substantially higher military capability than China, which is closely followed by Russia.  Traditional approaches to measuring military capability generally count the number of military assets only.

Regional highlights

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  • Europe remains the most peaceful region, however, it recorded its largest year on year increase in military expenditure since the GPI’s inception.
  • North America recorded the largest regional deterioration in peacefulness with a drop of just under 5%. Both the US and Canada saw significant falls, primarily driven by increases in violent crime and fear of violence.
  • Sub-Saharan Africa is now the second least peaceful region behind MENA as it faces several security crises – most notably increasing political unrest and terrorism in the Central Sahel.
  • Asia-Pacific remains the second most peaceful region with a slight decline in peacefulness. Papua New Guinea recorded the worst deterioration in the region, caused by intensified tribal violence from disputes over territory and land ownership.
  • Central America and the Caribbean experienced a minor decline in peacefulness, as countries like Haiti battled high levels of organised crime and civil unrest. Despite this, El Salvador recorded the world’s most significant peace improvement.
  • South America experienced the second largest fall in peacefulness with a deterioration of 3.6%. The largest changes occurred for the Homicide Rate, Political Terror Scale, and Intensity of Internal Conflict indicators.

NOTES TO EDITORS

For more information and to download the Global Peace Index 2024, visit visionofhumanity.org and economicsandpeace.org. The full GPI report, articles and interactive maps are available at: visionofhumanity.org  

X: @globpeaceindex

Facebook: facebook.com/globalpeaceindex

Instagram: instagram.com/globalpeaceindex

About the Global Peace Index (GPI)

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Produced by the international think-tank the Institute for Economics & Peace (IEP), the GPI report presents the most comprehensive data-driven analysis to date on peace, its economic value, trends, and how to develop peaceful societies. The report covers 99.7% of the world’s population and uses 23 qualitative and quantitative indicators from highly respected sources to compile the Index. These indicators are grouped into three key domains: Ongoing Conflict, Safety and Security, and Militarisation.

About the Institute for Economics & Peace (IEP)

IEP is an international and independent think tank dedicated to shifting the world’s focus to peace as a positive, achievable and tangible measure of human well-being and progress. It has offices in Sydney, Brussels, New York, The Hague, Mexico City and Nairobi.

Logo – https://mma.prnewswire.com/media/792052/4102581/IEP_Logo.jpg

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Regulators Issue Joint Warning on Bank-Fintech Risks

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Regulators have issued a joint warning highlighting the risks associated with partnerships between banks and fintech companies. This warning underscores the need for careful management of these relationships to ensure regulatory compliance and mitigate potential risks.

Overview of the Joint Warning

The joint warning, issued by a coalition of financial regulators, emphasizes the importance of robust risk management practices when banks partner with fintech companies. These partnerships, while beneficial in driving innovation and enhancing customer services, also introduce new risks that must be addressed.

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Key Points of the Warning:

  • Regulatory Compliance: Banks must ensure that fintech partners comply with all relevant regulations and standards.
  • Risk Management: Robust risk management frameworks must be in place to identify, assess, and mitigate risks associated with fintech partnerships.
  • Data Security: Ensuring the security and privacy of customer data is paramount, particularly given the increasing prevalence of cyber threats.
  • Operational Resilience: Banks must ensure that fintech partnerships do not compromise their operational resilience and ability to deliver critical services.

Benefits of Bank-Fintech Partnerships

Despite the risks, partnerships between banks and fintech companies offer significant benefits, driving innovation and enhancing the customer experience.

Key Benefits:

  • Innovation: Fintech companies bring innovative technologies and solutions that can enhance banking services and products.
  • Customer Experience: Partnerships with fintechs can improve the customer experience by offering faster, more efficient, and personalized services.
  • Cost Efficiency: Fintech solutions can help banks reduce costs and improve operational efficiency through automation and digitalization.

Risks Associated with Bank-Fintech Partnerships

The joint warning highlights several risks associated with bank-fintech partnerships that must be carefully managed.

Key Risks:

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  • Regulatory Risk: Ensuring compliance with complex and evolving regulatory requirements is a significant challenge.
  • Cybersecurity Risk: Fintech partnerships can introduce cybersecurity vulnerabilities, making it essential to implement robust security measures.
  • Operational Risk: The integration of fintech solutions into banking operations can pose operational risks, particularly if not managed effectively.
  • Reputational Risk: Any issues or failures in fintech partnerships can damage the bank’s reputation and customer trust.

Strategies for Managing Risks

To mitigate the risks associated with fintech partnerships, banks must adopt comprehensive risk management strategies and ensure rigorous oversight.

Key Strategies:

  • Due Diligence: Conducting thorough due diligence on fintech partners to assess their regulatory compliance, security practices, and financial stability.
  • Contractual Safeguards: Including robust contractual safeguards in partnership agreements to outline responsibilities, expectations, and compliance requirements.
  • Continuous Monitoring: Implementing continuous monitoring and assessment of fintech partnerships to identify and address emerging risks.
  • Collaboration with Regulators:: Engaging with regulators to ensure that partnerships comply with regulatory requirements and to stay informed of any changes in the regulatory landscape.

The Role of Technology

Technology plays a crucial role in managing the risks associated with bank-fintech partnerships, offering tools and solutions that enhance oversight and compliance.

Key Technologies:

  • RegTech Solutions: Regulatory technology (RegTech) solutions can automate compliance processes, ensuring that fintech partnerships adhere to regulatory requirements.
  • Cybersecurity Tools: Advanced cybersecurity tools and solutions can enhance the security of fintech partnerships, protecting against cyber threats.
  • Risk Management Platforms: Integrated risk management platforms can provide real-time visibility into partnership risks and support proactive risk mitigation.

Conclusion

The joint warning issued by regulators highlights the need for careful management of bank-fintech partnerships to ensure regulatory compliance and mitigate potential risks. While these partnerships offer significant benefits, including innovation and enhanced customer experience, they also introduce new risks that must be addressed through robust risk management strategies. By leveraging technology and engaging with regulators, banks can effectively manage these risks and capitalize on the opportunities presented by fintech partnerships.

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Source of the news: American Banker

The post Regulators Issue Joint Warning on Bank-Fintech Risks appeared first on HIPTHER Alerts.

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Nasdaq Profit Beats Estimates as Fintech Sales Soar

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Nasdaq Inc. has reported earnings that exceeded analysts’ expectations, driven by a surge in fintech sales. This strong performance underscores the growing importance of fintech solutions in driving financial market innovation and growth.

Overview of Nasdaq’s Financial Performance

Nasdaq’s latest earnings report reveals impressive financial performance, with profits surpassing estimates due to robust growth in its fintech segment.

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Key Financial Highlights:

  • Revenue Growth: Nasdaq reported a significant increase in revenue, primarily driven by its fintech sales.
  • Earnings Beat: The company’s earnings per share (EPS) exceeded analysts’ expectations, highlighting its strong financial performance.
  • Fintech Segment: The fintech segment emerged as a key growth driver, contributing significantly to the overall revenue increase.

The Role of Fintech in Nasdaq’s Growth

Nasdaq’s fintech solutions have played a pivotal role in its recent financial success, offering innovative technologies that enhance market operations and customer services.

Key Fintech Solutions:

  • Market Technology: Nasdaq’s market technology solutions provide advanced trading, clearing, and market surveillance capabilities to financial institutions and exchanges.
  • Data and Analytics: The company’s data and analytics solutions offer valuable insights and support informed decision-making for market participants.
  • Corporate Solutions: Nasdaq’s corporate solutions include governance, risk management, and compliance tools that help companies navigate complex regulatory environments.

Factors Driving Fintech Sales Growth

Several factors have contributed to the surge in Nasdaq’s fintech sales, reflecting broader trends in the financial technology sector.

Key Drivers:

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  • Digital Transformation: The ongoing digital transformation in the financial industry has increased demand for advanced fintech solutions.
  • Regulatory Compliance: Growing regulatory requirements have driven demand for compliance and risk management solutions.
  • Market Volatility: Increased market volatility has highlighted the need for robust trading and market surveillance technologies.

Strategic Initiatives

Nasdaq has undertaken several strategic initiatives to capitalize on the growing demand for fintech solutions and drive long-term growth.

Strategic Focus Areas:

  • Innovation: Continuously investing in innovation to develop cutting-edge fintech solutions that address the evolving needs of the financial industry.
  • Partnerships: Forming strategic partnerships with other technology providers and financial institutions to enhance its product offerings and expand market reach.
  • Global Expansion: Expanding its presence in key markets around the world to capture new growth opportunities and serve a broader client base.

Future Prospects

Nasdaq’s strong financial performance and strategic initiatives position the company for continued growth in the fintech sector. The company plans to leverage its technological capabilities and market expertise to drive further innovation and expand its fintech offerings.

Growth Opportunities:

  • Product Development: Developing new fintech products and features to meet emerging market needs and regulatory requirements.
  • Mergers and Acquisitions: Exploring potential mergers and acquisitions to enhance its technology portfolio and market position.
  • Customer Engagement: Enhancing customer engagement through personalized solutions and services that address specific client needs.

Conclusion

Nasdaq’s impressive financial performance, driven by a surge in fintech sales, underscores the growing importance of fintech solutions in the financial market. The company’s strategic focus on innovation, partnerships, and global expansion positions it for continued growth and success. As Nasdaq continues to leverage its fintech capabilities, it is well-positioned to drive financial market innovation and deliver value to its clients and shareholders.

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Source of the news: Reuters

The post Nasdaq Profit Beats Estimates as Fintech Sales Soar appeared first on HIPTHER Alerts.

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K1 Issues MariaDB Compulsory Acquisition Notices

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MANHATTAN BEACH, Calif., July 26, 2024 /PRNewswire/ — Meridian BidCo LLC (“Bidco“), an affiliate of K1 Investment Management, LLC (“K1“), announced earlier this week that its tender offer to acquire the entire issued and to be issued share capital of MariaDB plc (“MariaDB“) for $0.55 per share (the “Offer“) had expired. The Offer was settled in accordance with its terms on July 25, 2024. Bidco now owns 61,263,283 MariaDB ordinary shares, representing 88.70% of the issued share capital of MariaDB as of July 22, 2024.

As previously announced, Bidco now intends to apply the provisions of Sections 456 to 460 of the Companies Act of 2014 of Ireland to acquire compulsorily, on the same terms as the Offer, any outstanding ordinary shares of MariaDB not acquired or agreed to be acquired pursuant to the Offer. 

On July 26, 2024, Bidco sent compulsory acquisition notices (the “Notices“) to those MariaDB shareholders who did not accept the Offer (the “Non-Assenting Shareholders“). Following the expiration of 30 calendar days from the date of the Notices, which is expected to be August 25, 2024 (the “Expiration Time“), unless a Non-Assenting Shareholder has applied to the Irish High Court and the Irish High Court orders otherwise, the shares of MariaDB held by Non-Assenting Shareholders will be acquired compulsorily by Bidco (without any action on the part of such shareholders) on the same terms as the Offer, on or about August 26, 2024. The cash consideration payable will be settled no later than three business days after the Expiration Time. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.

Following the compulsory acquisition process, Bidco intends to cause the ordinary shares of MariaDB to be delisted from the New York Stock Exchange and terminate the registration of the MariaDB ordinary shares under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act“), and suspend MariaDB’s reporting obligations under the Exchange Act as promptly as possible.

Enquiries

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Lazard (Financial Advisor to K1 and Bidco)
Adrian Duchini, Keiran Wilson, Charles White

                              Tel: +44 20 7187 2000

Haven Tower Group (Public Relations Advisor to K1)

Donald Cutler, Brandon Blackwell

                                                 Tel: +1 424 317 4850

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Important Notices

The K1 Responsible Persons (being the investment committee of K1), the Bidco officers and the Meridian TopCo LLC Officers accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the K1 Responsible Persons, the Bidco Officers, the Topco Officers, (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement for which they have accepted responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.

Lazard Frères & Co. LLC, together with its affiliate Lazard & Co., Limited (which is authorised and regulated in the United Kingdom by the Financial Conduct Authority) (“Lazard“), is acting exclusively as financial adviser to K1 and Bidco and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than K1 and Bidco for providing the protections afforded to clients of Lazard nor for providing advice in relation to the matters referred to in this announcement or any other matters referred to in this announcement. Neither Lazard nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lazard in connection with this announcement, any statement contained herein or otherwise.

Forward Looking Statements

This announcement (including any information incorporated by reference in this announcement), oral statements made regarding the Offer, and other information published by MariaDB, Bidco, K1 or any member of the K1 Group (as defined below) contain statements which are, or may be deemed to be, “forward looking statements.” Such forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which any member of the K1 Group (including, after closing of the Offer, any of MariaDB and its subsidiaries and subsidiary undertakings (the “MariaDB Group“)) shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. The forward looking statements contained in this announcement relate to K1, any member of the K1 Group’s (including any member of the MariaDB Group) future prospects, developments and business strategies, the progress of the compulsory acquisition process, the outcome of legal proceedings that may be instituted against the K1 Group and/or others relating to the Offer, potential adverse reactions or changes to business relationships resulting from the completion of the Offer, significant or unexpected costs, charges or expenses resulting from the Offer, negative effects of this announcement or the consummation of the Offer on the market price of MariaDB’s Shares, and potential failure to realize the expected benefits of the Offer and other statements other than historical facts. In some cases, these forward looking statements can be identified by the use of forward looking terminology, including the terms “believes,” “estimates,” “will look to,” “would look to,” “plans,” “prepares,” “anticipates,” “expects,” “is expected to,” “is subject to,” “intends,” “may,” “will,” “shall” or “should” or their negatives or other variations or comparable terminology. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that shall occur in the future. These events and circumstances include changes in global, political, economic, business, competitive, and market conditions and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or disposals. If any one or more of these risks or uncertainties materializes or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward looking statements should therefore be construed in the light of such factors. Neither K1, Bidco nor any member of the K1 Group, nor any of their respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward looking statements in this announcement shall actually occur. The forward looking statements speak only as of the date of this announcement. All subsequent oral or written forward looking statements attributable to any of K1 and all of its affiliates, including K5 Private Investors, L.P. (the “K1 Group“), or any of their respective associates, directors, officers, employees or advisers, are expressly qualified in their entirety by the cautionary statement above. K1 and the K1 Group expressly disclaim any obligation to update such statements other than as required by law or by the rules of any competent regulatory authority, whether as a result of new information, future events or otherwise.

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Further Information

This announcement is for information purposes only and is not intended to, and does not, constitute an offer to sell or invitation to purchase any securities, or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In particular, this announcement is not an offer of securities for sale into the United States. No offer of securities shall be made in the United States absent registration under the Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

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