And now we're back to the regular volatility in the stock markets.

The short trading week is behind us, as are Thanksgiving and Black Friday.

And the first reading is that Buy Now, Pay Later (BNPL) was a strong winner as consumers chose the payment method to complete their Christmas shopping and gifts (over time). to buy and pay.

Affirm receives further confirmation for BNPL

Affirm shares rose 34.5% in the last five sessions. As the Wall Street Journal notedShares in Affirm surged on reports from Adobe that BNPL transactions drove $760 million in online spending through Black Friday weekend, a 20% increase from a year ago. And usage accelerated even more significantly on Cyber ​​Monday, according to Adobe data, which estimates BNPL usage in the US increased by 42%.

PYMNTS Intelligence reported that 41% of shoppers planned to rely more on installment plans, including BNPL, this holiday shopping season.

The FinTech IPO Index saw widespread gains, with many companies remaining bullish as they announced new partnerships and expansions – and even some declines in some select markets.

Shares of Upstart rose about 14%. The company announced this this week High Point Federal Credit Union, one of the largest credit unions in Western New York, has partnered with Upstart to provide personal loans, according to a report from Yahoo. High Point Federal Credit Union became a lending partner with the Upstart Referral Network last September. The companies said applicants would receive tailored offers as part of a High Point Federal Credit Union-branded experience.

SoFi shares rose 5.6%.

The company this week announced its exit from the crypto trading business after telling customers that they must either close their accounts or transfer their funds to crypto exchange Blockchain.com by December 19. As PYMNTS reported, SoFi received a banking license through the U.S. Office of the Comptroller of the Currency last year. However, this charter was contingent on the company agreeing to withdraw from the crypto trading space.

Nuvei shares rose 5.1%.

As we reported this week, Nuvei has launched its new product Card issuing solution in 30 markets worldwide.

This offering allows Nuvei customers to provide both physical and virtual white label cards to their customers, employees or contractors, the Canadian FinTech company said in an announcement. The service is currently available in 30 markets across the European Economic Area and Nuvei plans to expand it to the United Kingdom, United States and Latin America next year.

Businesses can use virtual cards to instantly access and utilize funds collected from their customers, thereby increasing their working capital.

Robin Hood announced an expansion this week to the UK and allows clients to trade 6,000 US-listed stocks.

Robinhood plans to provide ongoing access to its app in the following weeks and reach full availability early next year, the company said in its announcement detailing the expansion. UK residents can join the waiting list now and will be notified when they are able to sign up for early access.

Robinhood announced earlier this month that it also plans to launch crypto trading in the European Union following its debut in the United Kingdom

Robinhood shares were up 7% for the week.

For more information, see: Affirm, BNPL, Buy Now Pay Later, FinTech, Fintech Investments, FinTech IPO Index, ipo, News, Nuvei, PYMNTS News, Robinhood, SoFi, Stocks, Upstart

WEST LAFAYETTE, Ind. – Registration is open for Purdue University's annual Top Farmer Conference. This one-day conference will take place on Friday, January 5, 2024, from 9 a.m. to 4 p.m. ET at Purdue's Beck Agricultural Center in West Lafayette. When registering for the conference, individuals have the option to attend in person or join remotely.

Jim Bullard, renowned economist, dean of Purdue's Mitchell E. Daniels, Jr. School of Business and former president of the Federal Reserve Bank of St. Louis, will be a keynote speaker at the annual Top Farmer Conference on January 5. (Purdue University photo/Kelsey Lefever)

One of the keynote speakers is Jim Bullard – renowned economist and former president of the Federal Reserve Bank of St. Louis, now dean of the Mitchell E. Daniels, Jr. School of Business at Purdue – who offers insights into Federal Reserve policy and key factors influencing it the future of the US economy.

Also at this year's conference is Scott Irwin of the University of Illinois, a world-renowned expert in agricultural economics and author of several books on commodity futures markets. Irwin will discuss what the future looks like for biofuels and the likely impact it will have on soybean markets.

Agricultural producers and agribusiness professionals will hear about other important issues shaping the future of U.S. agriculture at this year's conference. Topics include an update on the development of the next farm bill, an assessment of farm agility in managing strategic risks, and insights into the long-term outlook for corn and soybean prices. The conference will conclude with a question-and-answer panel discussion.

Farm management experts and economists from Purdue, the University of Nebraska, Iowa State University and the University of Illinois will be available to help participants analyze financial challenges and explore opportunities for their operations.

“Agriculture is a dynamic and evolving industry,” said James Mintert, professor of agricultural economics at Purdue University and director of the Center for Commercial Agriculture. “The Purdue Top Farmer Conference was designed with this in mind. We want to provide producers and agricultural professionals with insight into the current economic climate and strategies to position their operations for future growth and success.”

Session topics and speakers:

• “Where is the US economy heading?”, James Bullard, Dr. Samuel R. Allen, dean of Purdue's Mitchell E. Daniels, Jr. School of Business.
• “Farm Bill Directions and Decisions,” Brad Lubben, associate professor of agricultural economics and agricultural policy specialist, University of Nebraska-Lincoln.
• “How agile is your farm,” Michael Langemeier, professor and associate director of Purdue's Center for Commercial Agriculture.
• “Biofuels and Soybeans – What Does the Future Look Like,” Scott Irwin, author, professor and Laurence J. Norton Chair in Agricultural Marketing, University of Illinois.
• “Thinking about the long-term outlook for corn and soybeans,” Chad Hart, professor of economics and crop marketing specialist at Iowa State University.

The conference will conclude with a question-and-answer panel discussion where participants can ask Irwin, Hart and Lubben questions about agricultural policy, biofuels and the outlook.

Registration costs $150. Full program details and how to register can be found at purdue.ag/topfarmer. Conference recordings and slide deck presentations are only available to registered participants.

The event is sponsored by Purdue University's Center for Commercial Agriculture and Farm Credit Mid-America. For more information, contact Sarah Zahn at smithse@purdue.edu or 765-494-7004.

About Purdue University Center for Commercial Agriculture

The Center for Commercial Agriculture was founded in 2011 to provide professional development and educational programs to farmers. Located in Purdue University's Department of Agricultural Economics, the Center's faculty and staff develop and conduct research and educational programs that address the diverse needs of management in today's business environment.

By Emilie Ruscoe (November 30, 2023, 9:12 p.m. EST) — Expense management software company Expensify Inc. and some of its officers and directors are facing a class action lawsuit proposed by investors alleging they were aware of the company’s vulnerability to “Structural and macroeconomic headwinds” were left out “in filings for its nearly $263 million initial public offering in 2021….

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Although President-elect Javier Milei appears to have abandoned his plan to dollarize the economy, at least for now, certain sectors are preparing for a sharp devaluation of the peso. Argentina’s central bank on Thursday suspended financial insurance designed to protect certain companies from the effects of devaluation after their total holdings rose to an estimated value of $6 billion in pesos last week.

The tools, known as LEDIV, could be used by certain importers, mass consumption companies that have signed up to the Fair Prices price control program and financial institutions that finance energy imports. LEDIVs paid in pesos were pegged to the official US dollar exchange rate (AR$360.53 at the time of writing), and the return is independent of the exchange rate at the time of bill collection.

“In recent days there has been an avalanche of subscriptions for this instrument because of expectations that the official exchange rate would be significantly adjusted,” Gustavo Quintana, analyst and broker at PR Corredores de Cambio, told the Herald. “It’s free exchange rate insurance – you don’t pay any interest rate.”

According to Quintana, the fact that LEDIV shares rose so much “certainly caused a stir,” forcing the central bank to cancel them. The move was announced via an official communiqué “A” 7898 issued on Thursday, although the financial firm had already published a regulation restricting access to LEDIVs on Monday.

A central bank source told the Herald that the LEDIVs were a temporary measure that had allowed the government to keep economic activity stable after a historic drought that slashed exports by almost $21 billion.

“Since the national government will end the current programs, the central bank considers it unnecessary to maintain this program,” the source said.

Pablo Repetto, head of research at brokerage Aurum Valores, told the Herald that LEDIV would be “a problem” for the next government. Most analysts believe a dramatic devaluation is on the way – one that could close the country’s wide exchange rate gap, known as the brecha. While the official rate is at AR$360.5, the informal “blue” dollar is at AR$905, while the financial MEP and blue chip swap rates on Thursday are at AR$858.8 and AR$836.8, respectively $ closed.

“We have to see how they deal with it – starting with default [LEDIV] Contracts are not a good sign and their implementation would be excessive [monetary] Emissions when they depreciate to improve the exchange rate,” Repetto said.

In a report on Wednesday, consulting firm 1816 calculated that if the official exchange rate rose to AR$800, President-elect Javier Milei’s government would have to print AR$4.1 trillion to repay LEDIV’s current shares – as future contracts in the December show.

The new dollar damper?

“Lediv” was even trending on X (formerly Twitter), with some analysts attributing this week’s relative stabilization and lower parallel exchange rates to these notes. The theory was that investors had used their MEP or blue-chip swap dollars, traditionally used as protection against the depreciation of the peso, to purchase LEDIV.

However, 1816 took a different view, saying that if they had any influence it was “minor”.

“Add [the] Last week and this Monday (latest available data), LEDIV shares rose by $327 million,” the 1816 report said. In comparison, exporters are liquidating $150 million a day on the blue-chip swap Market.

“If there is any government action that has the recent impact [financial dollar] Movement, it is the one that allows the settlement of 50% of exports in the blue chip swap rate, not in the LEDIV offer,” the report says, referring to the so-called “50/50 dollar”, which was introduced on November 20th. This allows exporters to divide their dollar sales between the official market and the financial market. The new system offers exporters a dollar exchange rate of nearly AR$650 and increases the greenback supply in financial markets, driving down the price.

1816 said there was another crucial factor in the “recent strengthening of the peso” – the market’s expectation that Milei would not dollarize the economy for the time being.

You may also be interested in: All Argentine Dollar exchange rates, explained

A 20-6 deficit in the first quarter was too much for the Lions to overcome on Thanksgiving, as they fell to the Packers 29-22, ending a three-game winning streak. Jared Goff finished 29 of 44 for 332 yards and two touchdowns, but failed a career-high three times. The loss dropped the NFC North-leading Lions to 8-3 and moved one spot to No. 3 in the NFC playoff picture. They will travel to New Orleans to take on the 5-6 Saints in Week 13. You can bookmark this page to follow our Detroit Lions odds tracker all season long and stay up to date with the latest Lions betting lines, futures and Super Bowl odds.

NFL Week 13: Lions Odds vs. Saints

Odds via BetMGM and current when published

Lions Super Bowl odds

The Lions and the words “Super Bowl contenders” don’t usually belong in the same sentence, but it’s a new era in Detroit, and the Lions odds are for both futures bettors and those making their weekly NFL picks , a popular choice.

Super Bowl betting sites have the Lions between +1200 and +1800 to win the Lombardi Trophy in February. This is in the top seven or eight on most sites.

Lions NFC Championship odds

The Lions’ odds of representing the NFC in the Super Bowl are in the +700 to +800 range in many cases Sports betting apps. The Lions (+2200) have the fourth-best odds to clinch the NFC’s No. 1 seed at BetMGM.

More future Detroit Lions odds

The NFL futures markets have plenty of Detroit Lions odds for Lions fans to bet on. The most popular Lions futures bet is that Dan Campbell will win the ` Coach of the Year award. Campbell is the +175 favorite at BetMGM, ahead of Houston’s Demeco Ryans (+400).

Aidan Hutchinson is +4,000 in ESPN BET’s NFL Defensive Player of the Year odds.

Where to bet on Detroit Lions odds

You can get the Detroit Lions betting odds and lines on all Michigan sports betting apps, and most of them offer NFL betting promotions and other welcome offers to entice you to get involved.

We’ve done the hard part for you and compiled a list of the best Detroit Lions betting promotions available for betting on Detroit Lions odds today:

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Gannett may earn revenue from sports betting operators for referring viewers to betting services. Sports betting providers have no influence on the newsrooms or reporting and are in no way dependent on these revenues. The General Terms and Conditions. The general terms and conditions can be found on the operator’s website. If you or someone you know has a gambling problem, help is available. Call the National Council on Problem Gambling 24 hours a day at 1-800-GAMBLER (NJ, OH), 1-800-522-4700 (CO), 1-800-BETS-OFF (IA), 1-800- 9- on. WITH-IT (IN). You must be at least 21 years old to play. Sports betting and gambling are not legal everywhere. Be sure to comply with the laws where you live.

Investing.com | Editor Rachael Rajan

Published November 30, 2023 at 12:44 pm ET

PHILIPPINES – Metro Pacific Tollways Corp. (MPTC) has announced the postponement of its initial public offering (IPO) to 2025 as the company engages in merger talks with the toll road division of San Miguel Corporation (SMC). This strategic move follows the recent delisting of MPTC’s parent company, Metro Pacific Investments (OTC:MPCIY) Corp. (MPIC), from the Philippine Stock Exchange following a P28.4 billion tender offer to buy out minority shareholders.

MPTC, which operates major expressways such as NLEX and SCTEX, had originally planned an initial public offering in the third quarter but has shifted its focus to possible consolidation with SMC’s expressway assets, which include TPLEX and STAR Tollway. The merger talks follow a P72 billion cooperation agreement signed in August 2023 to develop the Cavite-Batangas Expressway and another route south of Manila. These projects are expected to be crucial to the listing of the future joint venture.

The decision to postpone the IPO was announced today by MPTC President Rogelio Singson, who cited the need for a comprehensive financial review and third-party assessments, which are expected to take approximately two years. This reassessment is necessary to ensure the financial stability and strategic direction of the combined company prior to the IPO.

The collaboration between MPTC and SMC has already resulted in Ramon Ang, President of SMC, personally investing in MPIC and joining its board. This has further fueled discussions about integrating the two giants’ toll operations into a single, more robust entity.

This article was created with the assistance of AI and reviewed by an editor. More information can be found in our terms and conditions.

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• Consumer spending rises 0.2% in October
• Personal income rises 0.2%; Savings rate rises to 3.8%
• Core PCE Price Index Rises 0.2%; 3.5% more than last year
• Weekly jobless claims rise by 7,000 to 218,000
• Current claims increase by 86,000 to 1.927 million

WASHINGTON, Nov 30 (Reuters) – U.S. consumer spending rose moderately in October, while the annual rise in inflation was the smallest in more than two and a half years. Signs of slowing demand bolstered expectations for the Federal Reserve’s interest rate hike campaign.

Those hopes were bolstered on Thursday by other data showing a gradual easing in the labor market. More Americans applied for unemployment benefits last week, and the number of unemployed rose to its highest level in two years in mid-November.

Although the increase in so-called continuing claims was consistent with anecdotal evidence of slowing demand for workers, it also reflected the challenge of adjusting the data for seasonal fluctuations after an unprecedented surge in jobless claims early in the COVID-19 pandemic was recorded.

“This morning’s data provides more ammunition for (Fed Chairman Jerome) Powell and others at the Fed who are considering a prolonged suspension of monetary policy rather than an additional rate hike to curb inflationary pressures,” said Conrad DeQuadros, senior economic adviser at Brean Capital in New York. “There is evidence that recently laid-off people may take longer to find a new job.”

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.2% last month after rising flatly at 0.7% in September, the Commerce Department’s Bureau of Economic Analysis said. The increase was in line with economists’ expectations.

A 0.4% increase in spending on services, including health care, housing and utilities, and international travel, was partially offset by a 0.2% decline in spending on goods such as new light trucks, likely reflecting shortages , which were caused by the recently suspended United Auto workers strike.

The slowdown in consumer spending followed a strong pace of growth in the third quarter and reflected the impact of higher borrowing costs and the depletion of excess savings among low-income households. Although wages remain high, the pace of growth has slowed compared to the beginning of the year as labor market momentum weakens. Personal income rose 0.2% last month after rising 0.4% in September. Wages rose slightly by 0.1%, after rising 0.5% in September. Slower wage growth coupled with the resumption of student loan repayments last month means millions of Americans will have to curb spending next year.

Fears that the economy could slip into recession in early 2024 could lead households to hold back on spending and instead build up their savings. The savings rate rose to 3.8% from 3.7% in September. So far, the economy has defied recession forecasts, growing at a robust annual pace of 5.2% in the third quarter, the fastest in nearly two years.

Inflation-adjusted consumer spending rose 0.2% last month. Economists expect spending to slow to about 2% this quarter. Most expect the economy to enter a period of very slow growth and avoid an outright recession. The Atlanta Fed cut its fourth-quarter GDP growth estimate to 1.8% from 2.1%.

Stocks rose on Wall Street, with the Dow Jones Industrial Index (.DJI) hitting its highest level this year. The dollar gained against a basket of currencies. US Treasury bond prices fell.

ownconsumption

INFLATION COOLING

Inflation, as measured by the personal consumption expenditures (PCE) price index, remained unchanged in October after rising 0.4% in September. Food prices rose 0.2% and the cost of energy products fell 2.6%.

In the 12 months to October, the PCE price index rose 3.0%. That was the smallest year-on-year increase since March 2021 and followed a 3.4% rise in September.

Excluding the volatile food and energy components, the PCE price index rose 0.2% last month. The so-called core PCE price index rose 0.3% in September. Economists say monthly inflation readings of 0.2% on a sustained basis are needed to bring inflation back to the Federal Reserve’s 2% target.

The core PCE price index rose 3.5% year-on-year in October, the smallest increase since April 2021, after rising 3.7% in September.

The so-called super-core, which is PCE services excluding energy and housing, rose 0.1% after rising 0.4% the previous month. The super core rose 3.9% year-on-year in October, slowing from a 4.3% rise in September.

The Fed tracks PCE price indices for monetary policy. Policymakers are watching the super core PCE price index to gauge their progress in fighting inflation.

Slowing demand and inflation have raised optimism that the Fed will likely be done raising interest rates this cycle, with financial markets even expecting a rate cut in mid-2024.

Policymakers suggested Thursday that rate hikes were likely over, but pushed back on market expectations that rate cuts would come soon. Since March 2022, the Fed has raised its federal funds rate by 525 basis points to the current range of 5.25% to 5.50%.

A separate report from the Labor Department said initial claims for state unemployment benefits rose by 7,000 to a seasonally adjusted 218,000 in the week ended Nov. 25.

The number of people receiving benefits after an initial week of aid, an indicator of hiring, rose by 86,000 to 1.927 million in the week ended Nov. 18, the highest level since November 2021, the claims report showed. Some economists were skeptical about the rise in ongoing claims, pointing out that it was difficult to factor out seasonal fluctuations from the data.

Goldman Sachs estimated that seasonal distortions were responsible for the 269,000 increase in continuing claims since the beginning of September and expected that number to rise by another 125,000 by March next year.

“However, we should keep in mind that the seasonal adjustment process for current claims data looks unusual compared to previous comparable years, so the recent upward trend in claims may not be a reliable reflection of underlying labor market conditions,” said Daniel Silver, an economist at JPMorgan in New York.

Unemployment Claims

Nevertheless, the labor market is cooling down in parallel with overall demand in the economy. The Fed’s Beige Book report on Wednesday described labor demand as having “declined further” in the weeks ending in mid-November, with most counties reporting “flat to moderate gains in overall employment.”

Reporting by Lucia Mutikani; Edited by Chizu Nomiyama and Andrea Ricci

Our standards: The Thomson Reuters Trust Principles.

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Open interest in Bitcoin long futures held by asset managers on the Chicago Mercantile Exchange (CME) has reached an all-time high.

According to The Block’s Data Dashboard, open interest in CME Bitcoin long futures by asset managers increased from $1.04 billion at the end of October to a current value of $1.98 billion.

The current value of contracts held by asset managers exceeded the previous all-time high. When Bitcoin price hit an all-time high of $68,000 in November 2021, CME long Bitcoin futures held by asset managers at the time only amounted to $1.67 billion.

The increase in open futures contracts suggests that asset managers expect the price of Bitcoin to rise when current contracts expire on the last Friday of December.

Open interest from hedge funds taking long positions in Bitcoin futures on the CME is also at a peak. There are currently $680 million in open interest from hedge funds taking long positions, which is still below the all-time high of $960 million.

However, hedge funds are also responsible for the majority of open interest short positions for Bitcoin futures on the CME. Such hedge funds are responsible for more than $2 billion in open positions in this direction.

Overall, asset managers have a net long position of $1.97 billion, while hedge funds have a net short position of $1.36 billion, according to The Block’s data dashboard.

On November 10, CME Bitcoin futures flipped Binance’s BTC futures markets in terms of size, showing increased demand from institutional investors. According to data from Coinglass, total open interest on the Bitcoin futures CME is now $4.15 billion, compared to $4.08 billion in the Binance futures market.

Data from The Block’s data dashboard also shows an all-time high for large CME Bitcoin futures open interest holders, for both long and short positions. The increase in open interest for positions with at least 25 Bitcoin shows increased activity in the derivatives market by participants with large holdings. This would suggest that market activity is focused on trades from more sophisticated, experienced investors.

Disclaimer: The Block is an independent media company providing news, research and data. As of November 2023, Foresight Ventures has been the majority investor in The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The block continues to operate independently to provide objective, meaningful and timely information about the crypto industry. Here you will find our current financial reports.

© 2023 The Block. All rights reserved. This article is for informational purposes only. It is not offered or intended to constitute legal, tax, investment, financial or other advice.

The Deepak Chemtex IPO, which opened for subscription on Wednesday, November 29, 2023, closes on December 1, 2023. It is a book edition of ₹23.04 crores and it is entirely a fresh issue of shares worth 28.8 lakh.

On the second day at 6:00 pm, Deepak Chemtex’s IPO was subscribed 89.23 times. The public issue was subscribed 126.77 times in the retail category, 10.95 times in the QIB category and 106.03 times in the NII category as of November 30, 2023. as per Chittorgarh.com data.

The gray market premium or GMP for Deepak Chemtex’s IPO rose from ₹28 on November 28th to ₹32 on November 29, meaning the shares are trading at their premium of ₹32 on the gray market, according to investorgain.com

The Deepak Chemtex IPO is expected to see an SME listing on the stock exchanges. The provisional trading date is expected to be Monday, December 11, 2023.

Also read-

Established in 1997, Deepak Chemtex has its manufacturing capacity at Lote Parshuram Industrial Area, Lote in Ratnagiri district, midway from Mumbai to Goa.

Deepak Chemtex is primarily engaged in the manufacture of dyes used in food, pharmaceutical, cosmetics, detergent, agriculture and other industries.

Deepak Chemtex IPO – 10 Things You Should Know

Deepak Chemtex IPO Date – Deepak Chemtex IPO is open for subscription on November 29, 2023 and closes on December 1, 2023.

Deepak Chemtex IPO price range– The price range for Deepak Chemtex is at ₹76 to ₹80 per share.

Deepak Chemtex batch size for application– The minimum lot size for an application is 1600 shares. The minimum investment amount required by private investors is ₹128,000. The minimum investment size for HNI is 2 lots (3,200 shares) worth ₹256,000.

Deepak Chemtex IPO details -Deepak Chemtex is a book edition by ₹23.04 crores and it is entirely a fresh issue of shares worth 28.8 lakh.

Deepak Chemtex Anchor Investor IPO Date– The anchor section issue opens/closes on Tuesday, November 28, 2023.

Aim of Deepak Chemtex’s IPOe- Deepak Chemtex intends to use the net proceeds from the IPO to fund capital expenditure related to installation of plant and machinery at its existing premises. A portion of the proceeds may also be used for investment in subsidiary DCPL Specialty Chemicals Private Limited to finance its capital expenditure for installation of plant and machinery. Funding can also be used to meet working capital needs and for general corporate purposes.

Promoter of Deepak Chemtex IPO– Mr. Saurabh Deepak Arora and Ms. Trishla Baid are the founders of the company.

Deepak Chemtex IPO Lead Managers and Registrars– Hem Securities Limited is the book-running lead manager of the IPO of Deepak Chemtex while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Deepak Chemtex’s IPO is Hem Finlease.

Deepak Chemtex IPO reservation– Not more than 50.00% of the net offer in Deepak Chemtex IPO is reserved for Qualified Institutional Buyers (QIB), not less than 15% for Non-Institutional Investors (NII) and not less than 35% of the offer is for Qualified Institutional Buyer reserves private investors.

Deepak Chemtex IPO GMP– Deepak Chemtex IPO GMP today or gray market premium is +32 which means stocks are trading at their premium of ₹32 on the gray market, according to investorgain.com

Taking into account the upper end of the IPO price range and the current premium in the gray market, the estimated listing price of Deepak Chemtex share has been provided ₹112 per piece which is 40% higher than the IPO price of ₹80.

“Gray market premium” indicates investors’ willingness to pay more than the issue price.

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The Energy & Environment Alliance (EEA) today announced that it has joined the IFRS Sustainability Alliance. It joins a community of experts working on a global foundation for sustainability disclosures to meet the needs of capital markets in all industries around the world, including the hotel industry.

Sustainability-related disclosure standards developed by the International Sustainability Standards Board (ISSB), which operates under the supervision of the IFRS Foundation, are intended to be adopted by jurisdictions around the world. They impact all participants in capital markets, from regulators to investors.

The International Organization of Securities Commissions (IOSCO), the international body that brings together the world’s securities regulators and is considered the global standard setter for the securities sector, has officially endorsed the new IFRS standards for sustainability and climate-related disclosure, finding them appropriate , to serve as a global framework for capital markets to develop the use of sustainability-related financial information.

With its endorsement, IOSCO called on 130 global securities regulators, which together regulate more than 95% of global financial markets, to integrate the new standards into their regulatory frameworks.

Many governments are considering adopting the standards, including Australia, Brazil, Hong Kong, Japan, Singapore, South Africa and the United Kingdom. The European Commission responded by emphasizing a high level of interoperability in climate-related disclosures; It states: ESRS on climate change will report broadly the same information as companies that will use the ISSB standard for climate-related disclosures.

As the global economy and financial markets adopt mandatory sustainability and climate disclosures, access to capital will increasingly be determined by a company’s ESG credentials. As a result, we must ensure that global reporting standards are consistent, comparable and useful for hospitality investors and asset managers. In the future, many of the current sustainability ratings and green certification programs will no longer be sufficient to unlock capital. Audit-level ESG reporting will become the norm. By joining the IFRS Sustainability Alliance, the EUA is able to help shape the development of industry-specific standards and provide hotel industry executives with current and meaningful knowledge. Ufi Ibrahim, CEO of EUA The IFRS Foundation recognizes the EUA’s commitment and support to our mission by joining the IFRS Sustainability Alliance. Alliance members believe that building a global sustainability disclosure base for capital markets, developed by the Foundation’s International Sustainability Standards Board, is of great importance in enabling investors to incorporate sustainability-related risks and opportunities into their decisions to include. We look forward to working together. Rebecca Bar, Director of Membership at the IFRS Foundation

About the IFRS Sustainability Alliance

The IFRS Sustainability Alliance is a global membership program for sustainability standards, integrated reporting and integrated thinking. The alliance offers curated insights and educational programs as well as peer-to-peer networking.

Alliance members vary in size and scope and believe that building a global sustainability disclosure base can meet the needs of the capital market.

About the Energy & Environment Alliance (EEA)

Energy & Environment Alliance (EEA) is the global coalition of investors, developers, operators and asset managers from the hospitality and accommodation industry. We work to transition hospitality businesses to net zero carbon (NZC) and environmental, social and governance (ESG) leadership in a timely, science-based and commercially sustainable manner. We represent the industry to policymakers and international institutions and proactively provide information on regulation, global standards, ESG reporting and benchmarking.

We conduct ESG research and development for the industry with renowned experts. We offer knowledge sharing, training and educational services. We provide our members with insights, objective advice, strategic guidance and tools to mitigate risk, drive value creation and maximize business prospects.

Our findings are developed with input from leading experts and industry participants in the EEA’s nine active work areas:

• Technically
• Legal and regulatory compliance
• Social
• Capital markets
• Financial and non-financial reporting
• ESG leadership training
• Circularity
• Reliable data and benchmarking
• Advocacy

www.eea.international

Anja Spice
Energy & Environment Alliance Ltd