INGOT Brokers Obtains CMA License in Kenya Shortly After Attaining the FSCA License in South Africa

NAIROBI, Kenya, Nov. 24, 2022 (GLOBE NEWSWIRE) — via InvestorWire "" The Capital Markets Authority (CMA) in the Republic of Kenya issued a license to INGOT Africa Ltd (INGOT Brokers) on Tuesday, Nov. 1, 2022. The license will allow INGOT Brokers to operate as a Non–Dealing Online Foreign Exchange Broker under the Capital Markets Act (Cap 485 A of the laws of Kenya) and the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017.

The CMA license further cements INGOT Brokers' efforts to strengthen its presence in Africa and present premium trading services to all investors. Receipt of the CMA license follows the milestone achieved last September when INGOT RSA (PTY) LTD earned the official Financial Sector Conduct Authority (FSCA) license in South Africa.

INGOT Africa Ltd is dedicated to empowering youth in Kenya and surrounding countries in the cities and in rural areas by providing free education aimed at enhancing financial literacy through INGOT Academy, which is designed to teach and train young individuals on investing and trading financial markets. The academy is also focused on identifying, educating, and training Introducing Brokers (IBs) and affiliates to grow their online trading services and optimize their potential returns, where it grants them access to utilize INGOT Brokers' facilities, such as educational materials, webinars, seminars and personal training sessions.

About INGOT Africa Ltd

INGOT Africa Ltd is a premium multi–asset brokerage firm aiming to make financial markets available and accessible to all traders. The company has fostered and sustained a world–class trading environment with the highest quality of online financial services as it provides traders with an award–winning platform, excellent training conditions, great liquidity and accessibility to financial markets. It consistently delivers a unique trading experience. These cover a variety of financial derivatives and CFD instruments, including commodities, stocks, indices, ETFs and currencies. Additionally, the INGOT Brokers team goes the extra mile in supporting clients regardless of their experience level.

For more information, contact:
Sylvesters Munubi| Marketing Lead| INGOT Brokers Africa
s.munubi@IngotBrokers.com
Tel: 254707392645

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Was COP27 a Success or a Failure?

Egyptian Foreign Minister Sameh Shoukry, chair of COP27, reads the nine-page Sharm El Sheikh Implementation Plan, the document that concluded the climate summit on Sunday Nov. 20, to an exhausted audience after tough and lengthy negotiations that finally reached an agreement to create a fund for loss and damage, a demand of the global South. CREDIT: Kiara Worth/UN

Egyptian Foreign Minister Sameh Shoukry, chair of COP27, reads the nine-page Sharm El Sheikh Implementation Plan, the document that concluded the climate summit on Sunday Nov. 20, to an exhausted audience after tough and lengthy negotiations that finally reached an agreement to create a fund for loss and damage, a demand of the global South. CREDIT: Kiara Worth/UN

By Felix Dodds and Chris Spence
SHARM EL SHEIKH, Egypt, Nov 24 2022 – It’s finally over. After the anticipation and build-up to COP27, the biggest climate meeting of the year is now in our rear-view mirror. The crowds of delegates that thronged the Sharm el-Sheikh international convention center for two long weeks have all headed home to recover. Many will be fatigued from long hours and sleepless nights as negotiators tried to seal a deal that would move the world forwards. Did all this hard work pay off? In our opinion, COP 27 was both better and worse than we’d hoped.

 

Failing to Follow the Science

First, the bad news. COP 27 failed to deliver what the science tells us was needed. With the window of opportunity closing fast on our goal of limiting global temperature rise to 1.5C or less, COP 27 did far too little on the all-important issue of mitigation—that is, cutting emissions.

COP 27 failed to deliver what the science tells us was needed. With the window of opportunity closing fast on our goal of limiting global temperature rise to 1.5C or less, COP 27 did far too little on the all-important issue of mitigation—that is, cutting emissions

The case for urgent action keeps getting stronger. The latest reports from the Intergovernmental Panel on Climate Change (IPCC) make for grim reading about what to expect if we let temperatures rise too much. Nowadays, though, we just need to read the newspapers to catch a glimpse of the future.

The head of the key negotiating Group of 77 – 134 developing countries – was Pakistan which has been dealing with the worst floods in its history, leaving 1717 people dead and dealing an estimated $US40 billion in damage. In 2022 in the USA, there were 15 climate-related disasters which each exceeded $1 billion in costs.

Meanwhile, in Africa, according to Carbon Brief’s analysis of disaster records, “extreme weather events have killed at least 4,000 people and affected a further 19 million since the start of 2022.”

Since this COP was billed by some as the “Africa COP”, one could expect a strong response to such news.

The pressure was therefore on at COP 27 to respond to such disasters. Attending COP27 were 112 world leaders and over 300 government ministers: not as many as at COP 26, but still a good number. Something like 27,000 people from governments, intergovernmental, stakeholders, and journalists also attended the COP. This was to the backdrop of the UN Secretary General warning us that we needed to “cooperate or perish,” to take urgent action to take us off “a highway to climate hell”.

Messing up on mitigation: And yet progress on mitigation was modest, at best. While some delegations pushed hard for stronger commitments on cutting emissions, the appetite in some quarters just didn’t seem to be there. After being pressured to do more in Paris and Glasgow, China, India, and some of the oil-producing countries appeared reluctant to take much more in Sharm el-Sheikh.

They feel developed countries, which are historically responsible for the bulk of emissions, should be doing more themselves, rather than coercing others. The result was a negotiated outcome with little more on the table than we had in Glasgow. For instance, delegates could not agree to ramp up their language on fossil fuels, much to many people’s disappointment.

Finance: Likewise, there was not too much to report on the issue of climate finance. The $US100 billion annual support for developing countries initially promoted by Hilary Clinton at the 2009 Copenhagen COP and enshrined in the Paris COP in 2015 will be reviewed in 2024 with a new figure being hopefully agreed then for 2025 implementation.

The Global South has been talking of this new sum numbering in the trillions to help adapt and mitigate against climate change. And yet there were few signs of movement towards anything of that magnitude.

Given that the North has still not met its pledge of US$100 billion by 2020, it’s clear a lot of movement is needed in the next couple of years. Yet news from outside the conference, such as the US House of Representatives now having a Republican majority, does not bode well.

For a meeting billed as the “implementation COP” where climate action was taken to another level, the news on mitigation and finance was therefore disappointing.

Just prior to the start of COP27 the lead negotiator for Egypt Mohamed Nasr underscored: “science reports were telling us that yes, planning is not up to expectations, but it was implementation on the ground that was really lagging behind.”

 

For a meeting billed as the “implementation COP” where climate action was taken to another level, the news on mitigation and finance was disappointing. Credit: Shutterstock

 

Exceeding Expectations—the Loss and Damage Fund

There were some bright spots, however.

Perhaps most surprising was the agreement to create a ‘Loss and Damage’ fund to help the most vulnerable countries. This has been a key issue for almost 30 years, particularly for small island developing countries.

In Glasgow this looked very unlikely to be resolved in the Sharm COP, but with a late change of heart by the Europeans and eventually by the USA and others in the OECD, this is perhaps the most significant and surprising outcome from COP 27. Even as recently as October, the signs were that OECD countries were not on board with calls for a new fund. However, at COP 27 the “trickle” of earlier action in this area turned into a flood.

Interestingly, it was Scotland at COP 26 that started things off, with a modest, voluntary contribution. More recently, Denmark, Austria, New Zealand and Belgium had also financial commitments to loss and damage, now amounting to $US244.5 million. Mia Mottley Barbados’ Prime Minister has called for a 10% windfall tax on oil companies to fund loss and damage caused by climate change, which could raise around $US31 billion if it had been introduced for 2022. Still, the signs a fund would be agreed at COP 27 had not been good.

This makes the final outcome all the more welcome. The idea, the door is now open for the most vulnerable countries to receive more support. A goal has now been set to fully operationalize the fund at COP 28 in a year’s time. For the most vulnerable nations, this cannot come quickly enough.

Global Goal on Adaptation: Another positive development, albeit on a more modest scale, was in the area of the ‘Global Goal on Adaptation’. Here, delegates agreed to “initiate the development of a framework” to be available for adoption next year.

A lot of work will need to be done at the intersessional meeting of the UN Climate Convention’s subsidiary bodies in Bonn in June next year to prepare for this, including how to measure progress towards this Goal. An approach similar to the development of the Sustainable Development Goals in 2015 might be appropriate, perhaps?

Article 6: Another of the Glasgow breakthroughs was that on Article 6 of the Paris Agreement on carbon markets and international cooperation. COP 27 saw some solid work undertaken on how to operationalize this both in market and non-market approaches.

There are still a lot of sceptics on this will have a genuine impact and how to ensure not double counting or even that any offsets are real. An approach that is more ecosystem-based than just trees is gaining momentum. Such a change, if it happens, also offers a real chance to link the two major UN conventions on climate and biodiversity.

Agriculture: The work on the Koronivia Work Programme on Agriculture went down to the wire. The outcome was a four-year open-ended working group reporting at COP31 (2026). Some controversy on the term ‘food systems’ may see its first workshop address this issue.

It will also look at how we can better integrate the programme’s work into other constituted bodies such as the financial mechanisms of the convention. The Green Climate Fund has given only $US1.1 billion for adaptation on agriculture. It says one of the major reasons for this is the:

“Lack of integrated agricultural development planning and capacities that consider maladaptation risks and investment needs across the agricultural sector, climate information services and supply chains.”

While these outcomes on agriculture, adaptation and Article 6 may seem modest, they should be welcomed as steps in the right direction.

Coalitions of the Willing: One of the outcomes from the Glasgow COP was the launch of ‘Coalitions of the Willing’; groups of countries and stakeholders wanting to move quicker on an issue than they might under the official UN negotiations, which are consensus-driven and involve more than 190 countries. In Sharm el-Sheikh we saw a number of countries join the Methane Pledge, including Australia and Egypt. China joined the meeting on the Pledge and committed to its own national methane strategy.

In Glasgow, 137 countries had taken a landmark step forward by committing to halt and reverse forest loss and land degradation by 2030. With the imminent return to leadership in Brazil of President-elect Lula da Silva, there is renewed hope that real action on the Amazon forests is possible again. Lula committed Brazil to reaching zero deforestation and was hailed as a hero by many when he turned up at COP 27 during the second week.

Meanwhile, the Glasgow Financial Alliance for Net Zero (GFANZ)—the global coalition of leading financial institutions—committed to accelerating the decarbonization of the economy. GFANZ, which includes over 550 of the world’s leading financial institutions, has committed to reduce their financed emissions in line with 1.5 degrees C.

With $US150 trillion of combined balance sheets, the accountability mechanism announced of a new Net-Zero Data Public Utility is yet to prove if it is effective in holding the finance sector to their commitments. However, if it can deliver on its potential, this could be a game changer.

There was plenty more activity at COP 27 where the results are harder to measure. Most people at these large UN climate summits are not negotiators and COP 27 was full of “side events” and government and stakeholder pavilions each with its own set of events and agendas.

Country pavilions provided a venue to talk about their challenges, issue pavilions on oceans, food, water, health, education, and resilience highlighted their issues and how they fit into the climate agenda. These enable critical issues to be discussed in a more open way than could be undertaken in negotiations.

Ideas were shared, connections made, and partnerships for further action shared. The upshot of all of this activity is hard to measure, but probably considerable. The thematic days organized by the Egyptian Presidency also gave space to these issues and helped bring together ideas that may ultimately find their way into future UN decisions. In this respect, too, the quality of the side events and pavilions at COP 27 exceeded our expectations.

 

On to Dubai and COP28

Was COP27 a success or failure? When it comes to keeping up with the science, the answer can hardly be positive. The call to “keep 1.5 alive” hangs in the balance and is still on “life support”. In that sense, COP 27 had very little impact on our current trajectory, which is a likely warming of 2.4-2.8 C by the end of the century.

On the other hand, the promise of a loss and damage fund, as well as modest successes on adaptation, Article 6, agriculture, and actions outside the official negotiations, mean COP 27 delivered some bright spots of success.

Looking ahead to next year, COP 28 will be important as it marks the first “global stocktake” to judge where things now stand. We hope this will focus world leaders to increase their pledges (or “nationally determined contributions”) significantly. It will be interesting to see how the United Arab Emirates, as COP 28 host, performs. As a major oil producer, it faces some serious challenges in transitioning to a net zero world.

At COP 27, there were rumours the UAE was ramping up its team and bringing in additional external expertise ahead of next year. This is certainly a good sign if COP 28 is to deliver the kind of groundbreaking outcomes the science now demands.

 

Felix Dodds and Chris Spence are co-editors of the new book, Heroes of Environmental Diplomacy: Profiles in Courage (Routledge Press, 2022). It includes chapters on the climate negotiations held in Kyoto (1997), Copenhagen (2009) and Paris (2015).

 

Excerpt:

COP 27 was both better and worse than expected, say Prof. Felix Dodds and Chris Spence

Tusk Innovation Announces New Products 'Combo'

LONDON, Nov. 24, 2022 (GLOBE NEWSWIRE) — Tusk Inc. Limited (www.tusklimited.com) a company which started in 2012 as a capital management company in the United Kingdom and Kuala Lumpur with offices around the world, and now is one of the leading electrical solution companies which focus on producing for users of mining equipment, solar energy and adapters is announcing is k new products combo. The Product line is mainly for electrical purposes. For any miner bought, it comes with a solar panel, to reduce power consumption. See products here https://tusklimited.com/products

As one of the top Electrical solution companies, Tusk innovation has announced 30% discounts on its combo of mining equipment, which combines a solar panel with a bitcoin miner. With their recent movement from polycrystalline to photovoltaic materials, Tusk inc. has tested over time the efficiency of combining their solar products with cryptocurrency miners, and this has proven to be the most effective. Tusk inc. investors can now with ease, mine their coins without interruptions, lesser risks and maximum profit.

This is an effort to reduce the amount of electricity used when clients mine cryptocurrencies, and it was disclosed by the COO, John Walls, last week. According to Walls, “Reports going around made it evident that the quantity of electricity miners require may be too large to handle, therefore we obtained a plausible option.”

Mining Profits
Although it is admirable and highly profitable for many people to set up cryptocurrency mining farms, speculations are rife that they may incur significant costs, particularly in terms of electricity use. By providing you with a Solar Panel, which is unconnected to your electricity bills and a bitcoin mining device that can perform dual mining tasks, Tusk Inc. has created a long–lasting solution. You can simply mine your coins and not bother about the market's volatility, while also ignoring power consumption.

Tusk Inc. has distinguished itself from others, in that customers can get crypto wallet development services as well as graphics processing units from the company, which has offices on three continents. It also has extensive experience in Blockchain development and bitcoin mining solutions, among other areas.

About Tusk
Established in 2012 by team of management experts, and later joined by a team of technology experts, Tusk Inc. is now one of the leading electrical solution providers. They pride themselves also in their ability to manage risk effectively, since they have been in the business of managing risks for over a decade. And through several advancements in technology, they have incorporated less risky ventures into the Risk Management system, one of which is cryptocurrency mining, using photovoltaic materials.

John Walls
PR Manager
john@tusklimited.com
(+44)7451214344

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/94500cd7–ba35–4ad9–8179–1f5f89263358


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