This document summarizes a panel discussion on the role of reporting in transitioning to a sustainable economy. The panel consisted of experts from accounting, business, and ethics organizations.
The discussion focused on the progress made by the integrated reporting movement in engaging companies, investors, and other stakeholders. However, more needs to be done to engage political leaders and demonstrate how sustainability reporting relates to financial stability and long-term economic growth. Adopting global reporting standards will require political will from international groups like the G20.
The panel suggested developing a narrative around how short-termism, valuation issues, and lack of long-term risk information contribute to market volatility. This could help integrated reporting gain priority at influential bodies like
LEADERSHIP FACTORS AND GOOD CORPORATE GOVERNANCE: KEY TO NATIONAL GROWTH AND ...Kayode Fayemi
Paper by His Excellency
J. ’Kayode FAYEMI
Former Governor of Ekiti State, Nigeria
at the 2015 Edition of the
Akintola Williams Distinguished Lecture Series
Muson Centre, Onikan, Lagos, Nigeria
Thursday, October 22, 2015
LEADERSHIP FACTORS AND GOOD CORPORATE GOVERNANCE: KEY TO NATIONAL GROWTH AND ...Kayode Fayemi
Paper by His Excellency
J. ’Kayode FAYEMI
Former Governor of Ekiti State, Nigeria
at the 2015 Edition of the
Akintola Williams Distinguished Lecture Series
Muson Centre, Onikan, Lagos, Nigeria
Thursday, October 22, 2015
Superlatives sound commonplace in the financial industry, but foreign exchange earns them year in and year out. It is by a wide margin the world’s largest, most liquid marketplace. Yet, surprisingly, FX, the world’s largest and most active marketplace, often lacks for the attention its size merits. This report, sponsored by INTL FCStone, explores the risks, challenges and opportunities of the FX market and highlights strategies experts use to manage this large and complex market.
International Monetary System: The International Financial System - Reform of International Monetary Affairs
- The Bretton Wood System and the International Monetary Fund, Controversy over Regulation of International
Finance, Developing Countries' Concerns, Exchange Rate Policy of Developing Economies.
Meltdown presentation atca full master Mike HaywardEd Dodds
Mike Hayward: With the help of DK, I have redrafted my Meltdown presentation to be suitable for an International Audience and it is attached below. I have already given this talk at several UK universities with more to come. It is designed multidisciplinary audiences so it is not too technical and is richly illustrated. Please feel free to use and adapt the presentation to suit your own needs and viewpoint. My name is not mentioned in the presentation. The subject is too important to claim authorship or credit.
Summary...... The global debt mountain, peak oil, population growth, resource depletion, population growth, the pension time bomb and climate change are all interconnected.
Meltdown did not occur in October 2008, but we were within 4 hours of it happening. It has only been deferred. Remember, only 3 dozen economists correctly predicted the 2008 global financial crisis, out of a profession of 20,000 members. Not one of the World politicians and Central Bankers saw the crisis coming, but all of them claim to know the remedy. The reasons for the 2008 crash have not gone away. The US housing market is still in freefall and US and European Banks are becoming increasingly insolvent, although they won't admit it. Economic growth will be stifled by rising oil prices. The bailouts are not working. World Politicians, Bankers and Economists are trying to maintain the status quo but they are losing control. Fundamentally, the real systemic causes of the crisis are rarely discussed with transparency and have not been addressed. Fractional Reserve Banking and universal public ignorance of banking practices are the cause of all the our global problems.
The collapse will happen within the next couple of years. The Eurozone or USA will most probably be the epicentre. The interconnectivity of the financial system means we will all be affected. What happens next after the collapse is impossible to predict. History is replete with examples but not on a Global scale. Massive political unrest will prevail. There will be a rise in popularity of extreme left and right political parties.
Contemporary issues and Challenges in Global Economic Environment - Indian perspective: Globalization and
its Advocacy, Globalization and its Impact on India, Fair Globalization and the Need for Policy Framework,
Globalization in Reverse Gear-The Threatened Re-emergence of Protectionism. Euro zone Crisis and its impact
on India, Issues in Brexit, World recession, inflationary trends, impact of fluctuating prices of crude oil, gold
etc.
Will China continue to drive the rally in GEM Equities?Emad Mostaque
Analyses whether the current Chinese equity boom is sustainable with reference to underlying fundamental factors, particularly focusing on the stock market in Shanghai and Shenzen as well as the real economy
Contemporary issues and Challenges in Global Economic Environment - Indian perspective: Globalization and
its Advocacy, Globalization and its Impact on India, Fair Globalization and the Need for Policy Framework,
Globalization in Reverse Gear-The Threatened Re-emergence of Protectionism. Euro zone Crisis and its impact
on India, Issues in Brexit, World recession, inflationary trends, impact of fluctuating prices of crude oil, gold
etc.
The purpose of this paper is to begin the process of clarifying global asset value especially as may be affected by the sustainability (or lack thereof) of financial systems, and not just that which is represented by institutional assets under management. This paper, therefore, will answer this question of what is the actual total value of all global asset classes individually and in aggregate, towards helping inform money flows as they relate to this overall global stock, and how do they or can they influence total value, as well as how should these stocks and flows shift to enable the financial system to become truly sustainable and how to measure for that.
International Monetary System: The International Financial System - Reform of International Monetary Affairs
- The Bretton Wood System and the International Monetary Fund, Controversy over Regulation of International
Finance, Developing Countries' Concerns, Exchange Rate Policy of Developing Economies.
By 2018 China had created a $25 trillion capital market with $13 trillion in equity market capitalization on the Hong Kong, Shanghai and Shenzhen stock exchanges and $12 trillion in various fixed income instruments traded in the interbank markets.
China´s asset management industry is beginning to rival that of the US. This report looks at the industry by tracking its past, looking at the present, and predicting its future. April 2019.
Superlatives sound commonplace in the financial industry, but foreign exchange earns them year in and year out. It is by a wide margin the world’s largest, most liquid marketplace. Yet, surprisingly, FX, the world’s largest and most active marketplace, often lacks for the attention its size merits. This report, sponsored by INTL FCStone, explores the risks, challenges and opportunities of the FX market and highlights strategies experts use to manage this large and complex market.
International Monetary System: The International Financial System - Reform of International Monetary Affairs
- The Bretton Wood System and the International Monetary Fund, Controversy over Regulation of International
Finance, Developing Countries' Concerns, Exchange Rate Policy of Developing Economies.
Meltdown presentation atca full master Mike HaywardEd Dodds
Mike Hayward: With the help of DK, I have redrafted my Meltdown presentation to be suitable for an International Audience and it is attached below. I have already given this talk at several UK universities with more to come. It is designed multidisciplinary audiences so it is not too technical and is richly illustrated. Please feel free to use and adapt the presentation to suit your own needs and viewpoint. My name is not mentioned in the presentation. The subject is too important to claim authorship or credit.
Summary...... The global debt mountain, peak oil, population growth, resource depletion, population growth, the pension time bomb and climate change are all interconnected.
Meltdown did not occur in October 2008, but we were within 4 hours of it happening. It has only been deferred. Remember, only 3 dozen economists correctly predicted the 2008 global financial crisis, out of a profession of 20,000 members. Not one of the World politicians and Central Bankers saw the crisis coming, but all of them claim to know the remedy. The reasons for the 2008 crash have not gone away. The US housing market is still in freefall and US and European Banks are becoming increasingly insolvent, although they won't admit it. Economic growth will be stifled by rising oil prices. The bailouts are not working. World Politicians, Bankers and Economists are trying to maintain the status quo but they are losing control. Fundamentally, the real systemic causes of the crisis are rarely discussed with transparency and have not been addressed. Fractional Reserve Banking and universal public ignorance of banking practices are the cause of all the our global problems.
The collapse will happen within the next couple of years. The Eurozone or USA will most probably be the epicentre. The interconnectivity of the financial system means we will all be affected. What happens next after the collapse is impossible to predict. History is replete with examples but not on a Global scale. Massive political unrest will prevail. There will be a rise in popularity of extreme left and right political parties.
Contemporary issues and Challenges in Global Economic Environment - Indian perspective: Globalization and
its Advocacy, Globalization and its Impact on India, Fair Globalization and the Need for Policy Framework,
Globalization in Reverse Gear-The Threatened Re-emergence of Protectionism. Euro zone Crisis and its impact
on India, Issues in Brexit, World recession, inflationary trends, impact of fluctuating prices of crude oil, gold
etc.
Will China continue to drive the rally in GEM Equities?Emad Mostaque
Analyses whether the current Chinese equity boom is sustainable with reference to underlying fundamental factors, particularly focusing on the stock market in Shanghai and Shenzen as well as the real economy
Contemporary issues and Challenges in Global Economic Environment - Indian perspective: Globalization and
its Advocacy, Globalization and its Impact on India, Fair Globalization and the Need for Policy Framework,
Globalization in Reverse Gear-The Threatened Re-emergence of Protectionism. Euro zone Crisis and its impact
on India, Issues in Brexit, World recession, inflationary trends, impact of fluctuating prices of crude oil, gold
etc.
The purpose of this paper is to begin the process of clarifying global asset value especially as may be affected by the sustainability (or lack thereof) of financial systems, and not just that which is represented by institutional assets under management. This paper, therefore, will answer this question of what is the actual total value of all global asset classes individually and in aggregate, towards helping inform money flows as they relate to this overall global stock, and how do they or can they influence total value, as well as how should these stocks and flows shift to enable the financial system to become truly sustainable and how to measure for that.
International Monetary System: The International Financial System - Reform of International Monetary Affairs
- The Bretton Wood System and the International Monetary Fund, Controversy over Regulation of International
Finance, Developing Countries' Concerns, Exchange Rate Policy of Developing Economies.
By 2018 China had created a $25 trillion capital market with $13 trillion in equity market capitalization on the Hong Kong, Shanghai and Shenzhen stock exchanges and $12 trillion in various fixed income instruments traded in the interbank markets.
China´s asset management industry is beginning to rival that of the US. This report looks at the industry by tracking its past, looking at the present, and predicting its future. April 2019.
I need a 125 word reply to each of the four following forum postings.docxtroutmanboris
I need a 125 word reply to each of the four following forum postings in a finance class (500 words total) You are responding to comments made by other students in the class. MUST BE ORIGINAL!
Forum #1
When an organization decides to engage in international financing activities, they also take on additional risk as well as opportunities. The main risks that are associated with businesses engaging in international finance include foreign exchange risk and political risk. These risks may sometimes make it difficult to maintain constant and reliable revenue. When an organization decides to engage in international financing activities, they also take on additional risk as well as opportunities. The main risks that are associated with businesses engaging in international finance include foreign exchange risk and political risk. These risks may sometimes make it difficult to maintain constant and reliable revenue. Foreign exchange risk occurs when the value of investment fluctuates due to changes in a currency's exchange rate. When a domestic currency appreciates against a foreign currency, profit or returns earned in the foreign country will decrease after being exchanged back to the domestic currency. Political risk transpires when a country's government unexpectedly changes its policies, which now negatively affect the foreign company. These policy changes can include such things as trade barriers, which serve to limit or prevent international trade. “Since 2010, one in ten of the countries surveyed have experienced a significant increase in the level of short-term political risk. These risks include governments asserting control over natural resources, regimes being ousted by popular uprisings and the expropriation of foreign investors' assets” (Brown, Sophle. 2013).
References
Brown, Sophle. Political instability on the rise. Dec 11, 2013. Retrieved from web:
http://www.cnn.com/2013/12/11/business/maplecroft-political-risk/
Forum #2
Multinational companies seem to be the standard for future business. They are typically more productive and pay their workers more than comparable locally owned businesses (Eun & Renick, 2015). With the many advantages that are available to multinationals it is no surprise that companies are shifting in this direction. However, all of the advantages do not come risk free as you may have expected. Two of the significant risks associated with multinationals and international financial management are foreign exchange risk and political risks.
Foreign exchange risk is what would likely be the first thing you would consider when thinking about international finance. Exchange rates fluctuate on a regular basis and can be somewhat unpredictable at times. This has been the case since the early 1970s when fixed exchange rates were abandoned (Eun & Renick, 2015). Exchange risk is the difference between the exchange rate at the moment a business deal is closed for a given amount and the exchange rate at the moment when .
Eton College Forum on the Global Financial Crisistutor2u
The title of this event is ‘No More Business As Usual: How to Avoid Another Financial Crash.’ The 2008 crisis marked a sea-change point.It was a fa ilure on three counts: 1. A failure of oversight from Governments and Central Banks alike, 2. A failure of modeling in not being able to predict the crash and 3. A failure of ideology. Underpinning the crisis was the fundamentally flawed neo-liberal ideologue which has dominated main-stream economic thinking.
DealMarket Digest Issue130 - 28 February 2014Urs Haeusler
SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 130 - February 28th, 2014:
- PE Shuns Pricey Buyouts; Seeks Alternative Strategies
- Southern Europe Back on the PE Radar
- Non-bank Lenders to Boost Buyout M&A Activity
- PE Execs Making Top Dollar on Wall Street
- Global IPOs Float Private Equity’s Boat
- Quote of the Week: IMF Chief Gives Her Savvy View on Tech Impact
What Is Global Economy and Its Importance.pdfAiblogtech
What Is Global Economy and Its Importance? A Quick Overview
The term "global economy" is frequently used in discussions, news reports, and political speeches. But what exactly is the global economy, and why is it so crucial to our lives? In this article, we will delve into the global economy's nuts and bolts in simple and understandable language, exploring its various facets and emphasizing its profound significance.
Understanding the Global Economy
Defining the Global Economy
The global economy, at its core, refers to the complex web of interconnected economic activities that take place around the world. It includes the global production, exchange, and consumption of goods and services. Everything from your smartphone to the coffee you drink in the morning has a global footprint. The global economy is analogous to a massive puzzle, with each piece representing a different country or region and all intricately interconnected.
The Building Blocks of the Global Economy
To understand the significance of the global economy, we must first break it down into its basic components:
1. International Trade: The exchange of goods and services between different countries is known as international trade. It provides nations with access to products that they cannot produce locally, promoting economic growth and diversity.
2. Global Finance: The flow of money, investments, and capital across borders is referred to as global finance. It helps businesses, governments, and individuals achieve their economic objectives.
3. Multinational Corporations: These are large corporations that have operations in several countries. They are important players in the global economy because they manufacture products in one country, sell them in another, and invest in various locations around the world.
4. Currency Exchange: Each country has its own currency. Exchange rates have an impact on international trade and financial transactions.
5. International Organizations: Organizations such as the World Trade Organization (WTO) and the International Monetary Fund (IMF) play an important role in regulating and facilitating global economic interactions.
6. Global Supply Chains: Products frequently go through a number of manufacturing and distribution stages in different countries. This linked network is known as a global supply chain.
Let's look at the global economy's significance now that we've dissected it.
The Significance of the Global Economy
Economic Growth and Prosperity
Economic growth is one of the most obvious benefits of a thriving global economy. Countries that engage in international trade have access to a larger consumer base. This leads to increased sales, higher profits, and a more prosperous economy in the long run. A strong global economy promotes job creation, higher living standards, and a higher quality of life for people all over the world.
Access to Diverse Goods and Services
Consider a world in which each country only produced what it required.
Global Investment Returns Yearbook 2014Credit Suisse
Published: 1/2014
The recovery in developed world economies now appears to be well under way, with the Federal Reserve beginning to reduce its third program of quantitative easing. In particular, European financial markets and economies are in much better health than this time last year. However, with the business cycle upturn manifest in countries like the USA and UK, there are concerns that some emerging countries will find that higher interest rates create a more challenging market environment. In this context, the Credit Suisse Global Investment Returns Yearbook 2014 examines the relationship between GDP growth, stock returns and the long-run performance of emerging markets.
- Download the Global Investment Returns Yearbook 2014 (PDF): http://bit.ly/1pbjE7U
- Order the print version of the Global Investment Returns Yearbook 2014 http://bit.ly/1j8o2mg
Visit the Credit Suisse Research Institute website: http://bit.ly/18Cxa0p
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
@GRIAusConf_Plenary Panel: The Role of Reporting In The Transition To A Sustainable Economy - Jane Diplock
1. Plenary Panel: The Role of Reporting in the
Transition to a Sustainable Economy
Prof. Ian Ball CEO, International Federation of Accountants
Jane Diplock Director, Singapore Exchange; Former Chair of the New Zealand
Securities Commission; Former Chair of the Executive Committee,
International Organisation of Securities Commissions
Damien Walsh Managing Director, bankmecu
Simon Longstaff Executive Director, St James Ethic Centre
2. INTEGRATED REPORTING AND CHALLENGES
GRI CONFERENCE
Melbourne March 2012
Ladies and Gentlemen
Before I start I would like to acknowledge the Wurunderjeri (Wa-run-
jeri) people of the Kulin nation, the traditional owners of this land
and pay my respects to their elders past and present.
Please let me say how delighted I am to be here this morning and
to join such illustrious speakers on the panels at this Conference. I
believe we are at a crucial moment in the history of Integrated
Reporting and would like to suggest some strategies for the next
critical steps in the journey to the vision of global integrated
reporting standards universally implemented.
If you ask any thoughtful 20 plus year old what we in our generation
need to answer for, they could say we stood by while one cohort of
managers of financial institutions, stole or lost their pension funds
and therefore their futures, They would probably say we have
stuffed the planet and stuffed the global financial system. Both need
to be fixed. It is my view that these two issues are closely
interrelated.
3. I would just like to take a few moments to recap on the wonderful
success that the Integrated Reporting movement has achieved.
From being a glint in the eyes of a number of great thought leaders,
HRH The Prince of Wales in his wonderful elegant and thoughtful
publication Harmony, the legendary work of the truly amazing
Mervyn King whose Report King 3, transformed reporting in one of
the most rapidly growing new economies in the world, South Africa,
and has had great influence world wide, profound academic
thinking led by Bob Eccles and Michael Krzus in their landmark One
Report, in a period of less than 5 years ,combined with the work of
the International Integrated Reporting Committee now Council, a
stellar collection of influential people and its extremely able CEO
Paul Druckman with his very able staff huge progress has been
made!
Other stakeholders such as GRI and civil society have contributed
hugely. Activities are happening all around the world. Recently a
coalition of investors NGOs and universities urged the Bank of
England to investigate how exposures to polluting and
environmentally damaging investments might pose a systemic risk
to the UK financial system and long term growth.
The investor community has also demonstrated increasing interest,
and activity by investors, has increased markedly the signatories to
the UN Principles of Responsible Investment. Since the global
4. financial crisis these principles have being increasingly embraced
until entities holding many trillion assets under management are
signed up, approximately 20% of the worlds capital.
Companies are also on board. Last December I heard a fascinating
and revealing presentation given by the Chairman of Puma on the
work they are doing as a member of the very exciting pilot program
engaging numerous companies around the world. The list of
companies engaged is very impressive.
Therefore you could say the right players are engaged and active
and scanning through the responses to the recent IIRC Discussion
Paper there is a growing and impressive consensus building. But it
is my contention this morning that there is more to be done.
We need to engage the worlds political decision makers and to
demonstrate that the economic well being of the global financial
system and their countries is dependent on this initiative going
forward.
It is my experience that global standards rarely gain solid global
traction without strong political will. The IOSCO experience is
instructive. A set of global standards was agreed in 2000. They
were voluntary and adoption was piecemeal around the world until
the corporate scandals of Enron and Worldcom plus the horrors of
5. 9/11 convinced many policy makers that the seamless exchange of
information between regulators was vital and so the first compulsory
adoption framework was formed with the development of the
Multilateral Memorandum of Understanding. Eventually by 2010
every jurisdiction had signed or committed to doing so.
However it was not until the Global Financial Crisis of 2008 that the
realisation dawned that financial stability of the worlds economies
did not rely merely on good prudential regulation of banks, but that
good regulation of capital markets was also important. Only then did
the political will emerged to ensure the full implementation of global
security market standards. This view of the "virtuous twins" of
financial stability was essential to the focus of the Financial Stability
Board and its masters the G20, mandating global compliance with
the IOSCO standards.
Underpinning the adoption lay academic work on the network
theory of markets by such thinkers as Andrew Haldane, Deputy
governor of the Bank of England, but unfortunately it took the near
death experience of the global financial system to gain the G20
attention in this way as many of the prevailing theoreticians still
endorsed unbridled freedom of markets and the full belief in the
efficient market hypothesis.
6. Part of the problem for capital market regulation lay in the bright line
between the regulated and unregulated markets. Banks were
largely regulated unless they had an investment banking arm, off
balance sheet vehicles or securitisation products, which along with
their valuation mechanism, credit rating agencies, were
unregulated. The unregulated shadow banking system was so large
that Clara Furse then CEO of the London stock exchange said she
felt like she was holding a torchlight in a darkened football field
when the real game went on around her. This was a perimeter or
boundary problem. Despite all the talk of Principals based
regulation, a bright line was there and actively gamed by the
finance profession.
I believe we have a similar perimeter problem in corporate
reporting. Investors are left like Clara Furse shining their torchlights
on the rear view mirror of one year in the annual report or 3 months
in the quarterly report, while the real game of environmental, social
and governance risks the corporation, public sector entity or even
sovereign, faces is playing out in the darkness around them.
It is my proposition that this has very distorting effect on market
behavior and leads to short term investment decisions which add to
volatility and fragility in the global capital markets. It undermines
financial stability in a critical way.
7. Could it be financial stability is in fact a three legged stool with
integrated reporting as a third leg supporting and balancing the
other two? Our global markets are based on the concept of full
disclosure and information symmetry. How can that be achieved in
both the prudentially regulated context or the capital markets
sphere without global implementation of integrated reporting? I will
come back to these questions, but first let's look at short termism.
Short termism is of concern to to many trying to build the business
case for sustainable investment. Al Gore and David Blood have
recently suggested that the short term perspective is "driving our
economies and our planet into liquidation". If this is so, why is it
happening? Is short termism greater now than it used to be?
A fascinating article by Andrew Haldane Deputy Governor of the
Bank of England ( Short Termism: An Impatient Market is not a
Happy market 3rd Sept 2010) sheds light on this.
He points out that markets are about matching saving to investment
while realising the benefits of patience and the growth associated
with this. He points out that investors tend to excessively discount
future outcomes. He quote Pigou's "defective telescope facility"
which shows that discounting is not only myopic but increases
through time, leading to hyperbolic discounting.
8. Peoples preferences alter as distant outcomes become closer to
the present, the long term investor can become the short term
speculator if assets can be cashed. In the 1940s he points out the
mean duration of US equity holders was around 7 years. For the
next 30 years up until 1970 little changed .
But in the subsequent 35 years the average holding has fallen
spectacularly. By the 1987 crash the holding period had fallen to
under 2 years and by the turn of this century it had fallen to below a
year and by 2007 it was 7 months. Impatience is mounting.
Trends internationally are much the same. Why is this so? Some
structural factors have assisted this. Some of them are positive.
Transaction costs in equities have fallen, other trends such as high
frequency trading may have directed the mean duration the other
way.
Future cash flows are also undervalued by investors. According to
Haldane cash flows for 4 years ahead are discounted at rates more
appropriate for 6 to 10 years ahead. Future cash flows according to
Haldane are severely undervalued by investors and this trend
seems to have grown in the 20th century.
As Andrew Haldane points out excess volatility in markets is a
distorting tax on long duration instruments and policy measures
9. may be needed to offset this distortion. In other words we need to
mandate some way of addressing this. He suggests providing
incentives for long duration asset holdings, or disincentives for short
term behavior eg holding period levies on financial instruments, or
to use governance measures ,voting rights or appointment of board
members linked to duration of equity holdings. All of these may be
useful to limit short termism.
However today I would like to venture into an area Andrew Haldane
probably wisely doesn't develop. What has actually caused the
retreat to short termism he so lucidly outlines?
Is this discounting merely the reduction of friction of transaction
costs lowering or could it also be the short term focus encouraged
by the current reporting regulatory frame work? What influence has
the introduction of quarterly reporting had ? In a world of increasing
information accessibility, has the reporting and assurance
framework fallen far behind?
Has the investing community found the limited risk framework
available to them under the current mandated reporting under IFRS
and US GAAP inadequate to accurately assess the value of those
cash flows going forward and have therefore chosen to heavily
discount the future cash flows of an enterprise because the
10. information they have access to, while voluminous, is manifestly
inadequate to assess the future risk profile adequately?
The answer may be to provide a much more holistic information
offering to investors to enable them to make more realistic
assessments of those future cash flows through Integrated
Reporting. Andrew Haldane suggests that it is important finance
sticks to the patient evolutionary path. To do so, he says the fidgety
fingers of the invisible hand may need a steadying arm.
What better steadying arm than the greater transparency of
integrated reporting?
Strategically what should we do from here? How can we "up the
ante" or raise the consciousness of those we hope will assist in the
global standards adoption process? Perhaps our strategies should
be both top down and bottom up.
I consider we need a narrative which clearly articulates the urgency
and importance of the issue of integrated reporting to the global
economy and to financial stability, outlined in the language and
arguments central bankers will find compelling and persuasive.
We need a call to action which will pull this issue onto the agenda
of the G20 and the Financial Stability Board. Such action would
then gain the attention and priority setting of the international
11. standard setters who have long list of strategic projects before them
and may quite reasonably resist the imposition of yet another call to
their time and energies.
I have a couple of suggestions to assist this process. Firstly the
construction of the narrative itself is very important to ensure it is
compelling and I do believe that is part way there, but the
relationship to short termism,volatility,future valuation and financial
stability issues needs to be further developed. Perhaps we could
approach some thoughtful academics to do further work on this. We
could then approach the FSB with a well argued proposition for
action.
At the same time, refinement of a set of draft standards, tested by
the current pilot process, and formulated by the very able
supporters of Integrated Reporting who have standard setting
experience could assist international standard setters. This would
hopefully shorten the process of developing global standards
implementable world wide.
Secondly I wonder whether we could use social networking to
encourage those thoughtful 20 year olds I mentioned earlier to be
come engaged in this movement and to militate for the changes we
all consider so important. Here too we need a narrative which they
will understand and relate to and advocacy which will galvanize
12. them to call for change. The recent social network activity world
wide and its results in the Arab Spring, the use of crowd sourcing
and the changing way political communication is occurring
reinforces our need to embrace this phenomena which is clearly
the way of the future.
Recently I went to a presentation where we were exhorted to
"unleash the inner Lady Gaga in all of us". I am not sure whether
Lady Gaga is the right person to relay an Integrated Reporting
message but many of her 47 million followers would agree and
understand that the fixing of the planet and the global financial
system are vital to their future prosperity.