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Professional services firm EY will add more than 1,000 jobs in Northern Ireland in the next five years, more than doubling its employment in the region as it trims jobs and pay elsewhere in the UK.
The jobs, announced as a UK government-sponsored investment summit in Belfast gets under way on Wednesday, will be a mixture of experienced, entry-level and school-leaving roles in cyber security, data analytics, cloud computing, artificial intelligence, risk, tax, auditing and consultancy.
EY said it would also create a hub in the north-west of the region, one of the poorest parts of Northern Ireland, that already underperforms much of the UK.
The UK Department of Business and Trade said the new jobs, in Belfast and in the north-west of the country, would contribute at least £33mn in annual salaries to Northern Ireland’s economy once in place.
EY last month told staff in the UK to expect less-generous pay rises than last year and is launching a small round of redundancies as it faces rising costs and a difficult economic outlook.
EY already employs 900 people in Northern Ireland. It said the hub was designed to attract talent from across the region, and it would work with Northern Ireland’s Department for the Economy (DfE) to run an Assured Skills Academy programme targeting those seeking to reskill, change or resume careers, as well as recent graduates.
Mel Chittock, interim chief executive of Invest NI, the region’s investment agency, said a hub outside Belfast would help create a “more regionally balanced economy” and provide opportunities for those not at work or seeking work in the region. The so-called economically inactive make up 27 per cent of Northern Ireland’s working-age population, official data shows.
The conference, which has attracted 200 delegates, including from the US, Europe, the Middle East and Asia-Pacific, is intended to showcase Northern Ireland as an investment destination with unique access to both the EU and UK markets for goods after Brexit.
The US is the largest source of foreign direct investment in Northern Ireland and the region landed 33 new FDI projects in 2022-23, creating 1,416 new jobs.
Kemi Badenoch, UK business and trade secretary, called the region “one of the most exciting places to invest in the world with its unique trading position and deep expertise in industries of the future”.
MAYNILAD Water Services, Inc. is setting aside at least P3 billion to upgrade 17 of its existing 22 sewage treatment plants (STPs) by 2027 to conform to water and wastewater quality guidelines.
In an e-mailed media release, the west zone water concessionaire said it would add treatment processes “to enhance nutrient-removal capability” that will meet the revised effluent standards set by the Department of Environment and Natural Resources (DENR).
Under a department administrative order (DAO) released in 2021, the DENR updated the water quality guidelines for selected parameters based on the current classification of water bodies and their beneficial use.
Effluent standards have also been updated for selected parameters based on the perceived impact on the activities in the area and on the environment.
“By 2027, all 22 existing wastewater treatment plants in the West Zone — which have a combined treatment capacity of around 684,707 cubic meters of wastewater per day — will be upgraded to conform to DAO 2021-19 standards,” the company said.
Maynilad said its Parañaque water reclamation facility — currently its biggest STP in terms of volume output — is already compliant with DAO 2021-19 standards.
The new STPs that the company plans to construct will already have the upgrades factored in their treatment capacity design, it said.
Maynilad said the investment is part of its P178-billion wastewater management spending plan from 2023 to 2046, which aims to expand sewer coverage and manage pollution loading in bodies of water.
The plan also includes the construction of 18 new STPs in different areas and the installation of around 360 kilometers of new sewer lines that will carry used water from households to STPs.
The company maintains and operates 20 STPs, two joint sewage and septage treatment plants, and one septage treatment plant that processes wastewater and sludge collected from customers before it is discharged to receiving bodies of water.
Maynilad serves Manila, except for portions of San Andres and Sta. Ana, and operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.
Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
Few stories in global development are as compelling as that of Singapore, a small city-state that moved “From Third World to First” within just a few decades. The strategic vision of its founding father, Lee Kuan Yew, combined with the country’s commitment to a robust business environment, education, and stringent anti-corruption measures, all contributed to this remarkable transition.
El Salvador, a country currently grappling with significant political and economic changes, is arguably on a parallel course. Its recent political developments, particularly the adoption of Bitcoin as legal tender under President Nayib Bukele, is a daring move that could either be a game-changer or an uncalculated risk. This article presents a comparative analysis of the political transitions in Singapore and El Salvador, with a particular focus on Bitcoin’s potential implications for El Salvador.
When Singapore gained independence in 1965, it faced significant challenges, including a lack of natural resources, racial tensions, and little capital. The People’s Action Party, under the leadership of Lee Kuan Yew, was instrumental in shaping Singapore’s developmental trajectory. Through pragmatic economic policies, stringent anti-corruption measures, and a relentless focus on public education, the small city-state transformed into a global economic powerhouse.
An export-oriented industrialization policy was the backbone of Singapore’s strategy. It attracted multinationals, positioning the country as a significant node in the global trade network. The Economic Development Board (EDB) was established to attract and facilitate foreign investment, thereby boosting industrialization and providing employment opportunities.
Singapore adopted a zero-tolerance policy towards corruption, fostering a transparent, predictable, and efficient business environment. Simultaneously, it built a robust education system geared towards equipping its citizens with the necessary skills to thrive in a knowledge-based economy.
El Salvador’s political landscape saw a significant shift with the election of Nayib Bukele in 2019. Known for his charismatic leadership and bold policies, Bukele aims to disrupt the status quo, primarily through technological innovation and attempts to root out corruption.
One of the most revolutionary developments under Bukele’s administration is the adoption of Bitcoin as legal tender, making El Salvador the first country to do so. The decision is hailed as an innovative move to attract foreign investment, bolster economic growth, and promote financial inclusion among the country’s unbanked population.
In a country where over 70% of the population doesn’t have access to traditional banking services, Bitcoin could potentially unlock economic opportunities. By enabling easier remittances, which form a significant part of the country’s GDP, Bitcoin could help streamline the transfer of money from abroad and reduce costs associated with these transactions.
However, adopting Bitcoin is not without its risks. Fluctuations in Bitcoin’s value can lead to financial instability, and critics argue that the move could further exacerbate economic inequality if the adoption primarily benefits the technologically literate and leaves behind those without access, or understanding of digital currencies.
The political trajectories of Singapore and El Salvador bear some similarities, particularly the leaders’ focus on economic growth, anti-corruption, and openness to unconventional policies. However, the contexts and challenges they face are distinct. Singapore had the advantage of a relatively peaceful social and political climate, which played a crucial role in its transformation. On the other hand, El Salvador grapples with high crime rates and political instability, making its development trajectory more complex.
Singapore’s experience demonstrates the importance of creating a business-friendly environment, having a strong, corruption-free administration, and investing heavily in education. Adopting these strategies could benefit El Salvador, particularly in facilitating the adoption and benefits of Bitcoin.
The decision to make Bitcoin legal tender is a bold move that echoes Singapore’s openness to risk-taking for economic advancement. However, to fully reap the potential benefits of Bitcoin, El Salvador will need to ensure widespread access to technology, digital literacy, and regulatory transparency.
While the political and socio-economic contexts of Singapore and El Salvador differ, Singapore’s success story offers valuable lessons. Anti-corruption measures, an open and regulated business environment, and investment in human capital are critical building blocks for any country aspiring to transition from third-world to first.
El Salvador’s Bitcoin experiment is a high-stakes bet that could potentially pay off in significant economic growth and increased financial inclusion. However, it also needs to navigate the risks associated with cryptocurrency, ensuring that it doesn’t exacerbate inequality or financial instability. As the world watches this intriguing experiment unfold, El Salvador’s journey serves as a reminder that the path from third world to first is often uncharted and requires boldness, innovation, and an unwavering commitment to equitable development.
iPhone 15 Pro, iPhone 15 Pro Max Price in India: Apple on Tuesday launched the iPhone 15 Pro and iPhone 15 Pro Max at its “Wonderlust” event that was held at its headquarters in Apple Park, Cupertino. These smartphones are designed with aerospace-grade titanium and the company claims that it is the lightest Pro models ever.
Apple iPhone 15 Pro, Pro Max: Display
The iPhone 15 Pro and iPhone 15 Pro Max come with 6.1-inch and 6.7-inch display sizes respectively. They will be available in black titanium, white titanium, blue titanium, and natural titanium finishes.
Apple iPhone 15 Pro, Pro Max: Price
iPhone 15 Pro will be available in 128GB, 256GB, 512GB, and 1TB storage capacities with the same starting price of $999. On the other hand, the price of the iPhone 15 Pro Max starts at $1,199 and will be available in 256GB, 512GB, and 1TB storage capacities.
The pre-orders for these devices begin on September 15, with availability beginning September 22.
Apple iPhone 15 Pro, Pro Max: Features
The devices come with a new Action button, powerful camera upgrades, and A17 Pro for next-level performance and mobile gaming. A17 Pro unlocks next-level gaming experiences and pro performance.
“This is the most pro lineup we have ever created, with a state-of-the-art titanium design, the best iPhone camera system yet that enables game-changing new workflows, and the A17 Pro chip, which ushers in a new chapter of performance and games never before seen on iPhone,” said Greg Joswiak, Apple’s senior vice president of Worldwide Marketing.
The customizable Action button allows users to personalise their iPhone experience.
Apple iPhone 15 Pro, Pro Max: Camera
Powerful camera upgrades enable the equivalent of seven pro lenses with incredible image quality, including a more advanced 48MP Main camera system that now supports the new super-high-resolution 24MP default, the next generation of portraits with Focus and Depth Control, improvements to Night mode and Smart HDR, and an all-new 5x Telephoto camera exclusively on iPhone 15 Pro Max, the company said.
The new USB‑C connector is supercharged with USB 3 speeds — up to 20x faster than USB 2 — and together with new video formats, enables powerful pro workflows that were not possible before. A17 Pro is the industry’s first 3-nanometer chip, bringing improvements to the entire chip, including the biggest GPU redesign in Apple’s history.
DENVER–(BUSINESS WIRE)–Gold Resource Corporation (NYSE American: GORO) (the “Company”, “we”, “our” or “GRC”) is pleased to provide an update on its ongoing 5 drill, 2023 expansion and infill diamond drill programs at the Don David Gold Mine (“DDGM”) which continues to return positive results that indicate the potential for easily accessed resources in three different areas of the underground mine: 1) the step-out drilling north-west of the Arista deposit and 2) the infill drilling in the central-north Switchback deposit, and 3) the definition drilling of new resources in the recently discovered Three Sisters and Gloria vein systems that is situated between Arista and Switchback.
“We are more encouraged each quarter, with this year’s drilling campaign at DDGM that continues to yield positive results and supports our long-term exploration investment strategy to increase the mine life by identifying resources that have the potential to be converted into reserves for our near- and mid-term mine plan,” stated Allen Palmiere, President and CEO for the Company.
Following are highlighted year-to-date Q3 2023 drill results, including Net Smelter Return1 (“NSR”) values and down-hole core lengths2. Additional favorable results are available in the body and tables of this release:
Hole No. 523035: Switchback Vein System
8.01 m with NSR value of $223/t
Includes: 1.11 mwith NSR value of $662/t
Hole No. 523037: Switchback Vein System
7.57 m with NSR value of $153/t
Includes: 1.05 m with NSR value of $570/t
3.87 m with NSR value of $231/t
Includes: 0.93 mwith NSR value of $381/t
Hole No. 523042: Gloria/Three Sisters Vein Systems
6.21 m with NSR value of $223/t
Includes: 0.76 m with NSR value of $486/t
Hole No. 523046: Switchback Vein System
4.08 m with NSR value of $290/t
Includes: 1.23 mwith NSR value of $473/t
Five underground diamond drill rigs are currently operating at DDGM where more than 100 drill holes and 25,000 meters of core has been drilled year-to-date in 2023. The program continues to advance our 2023 exploration objectives of identifying new mineralization and defining and upgrading additional mineral resources that were identified during the previous drilling campaign. These drill results will be incorporated into a 2023 resource estimate update. Preliminary calculations show a positive increase in tonnage with higher grades in both the Arista and Switchback vein deposits along with an increase to the inferred resources of the Gloria and Three Sisters vein systems.
Three Sisters and Gloria Vein Systems
Step-out expansion drilling with two rigs continues to explore and expand recently identified new veins immediately north of the Arista and Switchback deposits. Current expansion drill targets include the Three Sisters and Gloria vein systems as well as previously unrecognized north-west extensions of veins originating from the Arista vein system (i.e. Splay 31, Santa Cecilia, Marena North).
As a result of the ongoing expansion drilling program, significant mineralized intercepts continue to be drilled at Three Sisters and Gloria (north-west of current resource shells) where recent results and geologic interpretation have defined a robust mineralized horizon between approximately 650 and 750 mASL, where the Three Sisters and Gloria vein structures merge at depth. The Three Sisters vein system may be interpreted as a north-west trending negative flower structure sharing a basal terminus with the Gloria vein at depth.
Structurally, the Gloria vein is currently interpreted as an en-echelon, generally east-west trending, mineralized structure bridging the north-west trending, sub-parallel Switchback and Arista vein deposits. The Gloria vein may be an example of a mineralized en-echelon structure forming part of a regional relay ramp structural model.
The projected intersection of the western terminus of the Gloria vein with the north-west trending Arista vein system is also turning into an exciting future exploration target at DDGM. Both the Gloria and Three Sisters systems remain open to the north-west, up-dip and at depth and the positive results continue to guide the direction of the ongoing expansion drill program.
As part of the ongoing program, historic drill results continue to be re-evaluated and also leading to the definition of new targets and opportunities not previously recognized. This interpretive work continues to bear fruit with the recognition of several north-west vein extensions, close to surface (near Level 4; 840 mASL) and over 150 meters north-west along strike from the previous mined limits of the Arista system. Expansion drilling will continue to focus on this emerging north-west extension of Arista for the remainder of the 2023 program.
Highlights from Q3 2023 drill holes to date in the Three Sisters / Gloria vein systems are as follows:
Hole No. 523042
6.21 m with NSR value of $223/t – Sandy 1 vein
Includes: 0.76 mwith NSR value of $486/t
2.97 m with NSR value of $115/t – Sandy 2 vein
Includes: 0.69 mwith NSR value of $377/t
Hole No. 523049
2.32 m with NSR value of $82/t – Sandy HW vein
Includes: 0.35 mwith NSR value of $405/t
Hole No. 523051:
3.12 m with NSR value of $131/t – Sandy 1 vein
Includes: 0.96 m with NSR value of $233/t
Hole No. 523058:
6.59 m with NSR value of $95/t – Gloria vein
Includes: 0.85 m with NSR value of $172/t
Arista Vein System
Infill and step-out drilling from drill stations on Level 21 during Q1 and Q2 2023 in the Arista vein system successfully intercepted a series of closely spaced veins extending down-dip below and along strike to the north-west of the existing Arista mine workings demonstrating the presence of accessible high-grade gold mineralization immediately below and along strike from the lowest current productive level of Arista (Level 21).
Arista expansion drilling is also in progress from a drill station located approximately 150 meters north-west of the current mined limits of the Arista vein system. To date in Q3, four expansion holes (523056, 523065, 523074 and 523080) have been completed with down-hole vein intercepts ranging from 2.81 meters (523056) to 13.61 meters (523080) in length. Intercepts show visual mineralized continuity (along strike and at depth) in the projections of the north-west trending Arista veins (i.e. Splay 31, Santa Cecilia, Marena North) well north of areas previously modelled and outside the current resource shell. Assay results for three of the four holes are pending.
Highlights from Hole No. 523056 are as follows:
Hole No. 523056:
2.81 m with NSR value of $70/t – Marena North vein
Includes: 0.73 mwith NSR value of $202/t
Switchback Vein System
Infill and step-out drilling in Q3 2023 on Levels 27 and 28 in the central and north Switchback vein system continues to successfully confirm continuity and economic viability of the Susana North, Soledad North, Salamanca, and Sagrario veins along strike to the north-west and down-dip from the current Switchback deposit resource shell. This continued evidence of vein continuity down dip and along strike will provide for efficient and quick access to near-term mine production opportunities.
Veins drilled during the 2023 exploration program in the central and north Switchback vein system continue to show structural integrity at depth along with the continued presence of high-grade precious metals. Drilling during Q3 has shown the Susana North vein in particular to be strengthening with average true widths greater than 4 meters (up to 6.5 meters) as it begins to rotate, in plan view, from a north-west trend to a more east-west direction. Preliminary interpretations also suggest that the Susana North vein may be acting similarly to and traveling sub-parallel near the footwall of the Gloria vein.
Select highlights from the most recent drilling at the Switchback vein system are as follows:
Hole No. 523035:
8.01 m with NSR value of $223/t – Susana North vein
Includes: 1.11 mwith NSR value of $662/t
Hole No. 523037:
7.57 m with NSR value of $153/t – Sagrario vein
Includes: 1.05 mwith NSR value of $570/t
3.87 m with NSR value of $231/t – Soledad South vein
Includes: 0.93 m with NSR value of $381/t
Hole No. 523040:
4.52 m with NSR value of $199/t – Susana North vein
Includes: 1.34 mwith NSR value of $255/t
Hole No. 523045:
5.14 m with NSR value of $141/ – Susana North vein
Includes: 0.68 mwith NSR value of $239/t
Hole No. 523046:
6.02 m with NSR value of $84/t – Susana North vein
Includes: 1.06 mwith NSR value of $144/t
4.08 m with NSR value of $290/t – Soledad North vein
Includes: 1.23 m with NSR value of $473/t
Hole No. 523052:
7.49 m with NSR value of $121/t – Susana North vein
Includes: 2.10 mwith NSR value of $228/t
6.18 m with NSR value of $162/t – Salamanca vein
Includes: 1.23 mwith NSR value of $319/t
Hole No. 523060:
5.70 m with NSR value of $102/t – Susana North vein
Includes: 1.04 mwith NSR value of $130/t
Hole No. 523114:
5.22 m with NSR value of $97/t – Susana North HW vein
Includes: 1.19 mwith NSR value of $130/t
3.39 m with NSR value of $191/t – Susana North vein
Includes: 1.16 m with NSR value of $263/t
Summary Tables of Select Q3 2023 Drill Results3:
Select Expansion Drill Results – Arista, Three Sisters and Gloria Vein Systems 4, 5
( g/t )
( g/t )
( % )
( % )
( % )
Select Infill Drill Results – Switchback Vein System
( g/t )
( g/t )
( % )
( % )
( % )
Soledad North FW
Susana North HW
Gold Resource Corporation is a gold and silver producer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico its Back Forty gold-copper development Project in Michigan, USA. Under the direction of an experienced board and senior leadership team, the Company’s focus is to unlock the significant exploration upside of its mine and surrounding large land package to the benefit of its existing infrastructure. For more information, please visit GRC’s website, located at www.goldresourcecorp.com and read the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 for an understanding of the risk factors associated with its business.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this press release, the words “plan”, “target”, “anticipate,” “believe,” “estimate,” “intend” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding the potential for additional mineral resources in future mine plans and plans for further exploration drilling in 2023. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation as of the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company’s actual results could differ materially from those discussed in this press release. Also, there can be no assurance that production will continue at any specific rate. Forward-looking statements are subject to risks and uncertainties, including the possibility of lower than anticipated revenue or higher than anticipated costs at the Don David Gold Mine, volatility in commodity prices, and declines in general economic conditions. Additional risks related to the Company may be found in the periodic and current reports filed with the SEC by the Company, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which are available on the SEC’s website at www.sec.gov.
1 Net Smelter Return (“NSR”) is a calculated value of the estimated net revenues per tonne less transportation and refining costs and other miscellaneous payables. Revenue is calculated utilizing metal price estimates of $1,650/oz gold (“Au”), $20/oz silver (“Ag”), $3.40/pound copper (“Cu”), $0.90/pound lead (“Pb”) and $1.35/pound zinc (“Zn”). For more details on the approach utilized to calculate NSR and the metal prices utilized, please refer the Exhibit 96.1, Technical Report Summary for Don David Gold Mine dated December 31, 2022) to the Company’s Quarterly Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on March 2, 2023.
2 All listed drill intervals are down-hole core lengths. Holes are drilled at angles and azimuths to intersect targeted structures as nearly perpendicular as possible. Some drill holes and intercepts reported here did not cross mineralization perpendicularly and do not represent exact true widths. The ‘Summary Tables of Select Q3 2023 Drill Results’ presented at the end of this release have listed the Estimated True Widths (“ETW”) of each intercept. Refer to Footnote 3 for details on the ETW determination process.
3 Estimated True Width (ETW) for reported vein intercepts are based on 3D models of the individual veins. Estimates are determined in cross-section by measuring the modelled vein thickness perpendicular to the vein margins and through the midpoint of the drill hole intercept. Percentage based differences between individual ETW’s and downhole interval lengths will vary between drill holes depending on drill hole inclination, variations in vein strike and dip, and overall geometries of the different vein systems.
4 Gold equivalent (AuEq) g/t is calculated based on the gold grade plus silver grade converted to gold grade using an 82.5 ratio (determined by $1,650/ounce gold and $20/ounce silver metal prices).
5 Assays by ALS, Vancouver, BC Canada. The Company conducts a significant QA/QC program which includes the insertion of assay standards, blanks, and duplicates in the sample stream to ensure the assay lab results are within specified performance levels.
A Glen Head resident, and his paving and masonry company have been charged in what’s been described as a prevailing wage kickback scheme, officials said Tuesday.
Angelo Stanco and his company, Glen Cove-based American Paving & Masonry Corp., face grand larceny, failure to pay the prevailing wage, and forgery charges for allegedly demanding that employees kick-back restitution checks from the State Department of Labor, according to the Nassau County District Attorney’s Office.
The checks, totaling more than $42,000, was money that employees were entitled to because the company had not paid the prevailing wage on public work projects in Brookville and Sands Point, Nassau DA Anne Donnelly said.
Stanco, who pleaded not guilty, was released on his own recognizance. The corporation also pleaded not guilty.
“A prevailing wage ensures that employees on public work sites in our state are compensated fairly and appropriately for their hard work,” Donnelly said in a statement.
“This defendant and his company allegedly failed to abide by the law, underpaying employees their rightful wages, and then doubled down on this unlawful behavior by demanding kickbacks, threatening employees with termination if they did not comply, or stealing restitution checks outright. Some of the defendant’s employees were not aware they were due thousands of dollars in wages,” she added.
Vito Palmieri, Stanco’s attorney, told Newsday that his firm is “fully complying with the district attorney’s office to provide the background record.” He said that the 40-year-old company is a “good employer,” with staff members who have worked there for 25 years. “I believe what they’re going to find is there’s one or two disgruntled people who look to cause trouble,” Palmieri added.
Officials say that the DOL had issued 25 restitution checks for the underpayments and interest to 22 employees on Dec. 7, 2018. Stanco and American provided the employees’ address information to the DOL allowing the agency to mail the checks directly to the underpaid employees.
But between Dec. 13, 2018, and Jan. 3, 2019, Stanco allegedly demanded that several employees kick-back the DOL checks to Stanco and American as a condition of their future employment. Other employees allegedly never received their DOL restitution checks because they were mailed to places allegedly controlled by Stanco and American, including a U.S. Post Office Box and a Mail Store Box. Many of the kicked-back checks were allegedly fraudulently endorsed by the defendant or double-endorsed with the defendant’s name and deposited into accounts controlled by the defendant.
Seven employees were allegedly impacted, the DA’s office said.
Under the new provisions of the law, any employer who does not pay the proper minimum wage, overtime rate or promised wage, can be charged with a crime, and depending upon the amount of the wage theft, face a potential jail sentence of up to 25 years. The statute also permits prosecutors to aggregate the total amount of wages stolen from the entire workforce to determine the class of larceny to charge – from petit larceny for under $1,000 to a Class B felony for wage theft in excess of $1 million.
“This law is a great tool in the battle against wage theft and labor trafficking,” Donnelly said. “This is a tremendous win for Nassau County workers who are often underpaid, or even unpaid, by unscrupulous employers. Any worker in Nassau who believes they have been a victim of wage theft is encouraged to call our complaint and wage hotline at 516-571-2149.”
The defendants are due back in court on Oct. 11. If convicted, Stanco faces up to 2-1/3 years to 7 years in prison, as well as a five-year prohibition from bidding upon or working on public work contracts under the felony debarment provision in the New York State Labor Law.
CALGARY, Alberta, Sept. 12, 2023 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian based energy transition company is pleased to announce that Don Streu, the Company’s President and CEO, will present a technical paper at the 24th World Petroleum Congress (“WPC”) on Tuesday, September 19, 2023.
Titled, “Transitioning Kazakhstan’s Fuel Usage from Diesel to Localized LNG”, Don will present Kazakhstan’s intended use of Liquefied Natural Gas (“LNG”) as a transition fuel and Condor’s ongoing activities to construct the country’s first LNG facilities which will provide a material contribution to Kazakhstan’s de-carbonization and emission reduction targets. Other companies presenting in the WPC’s Forum 11 – Innovations in LNG & FLNG for the Energy Transition include China National Offshore Oil Company, Qatar Gas, and Kuwait Integrated Petroleum.
Condor continues to mature its Kazakhstan LNG initiatives to implement proven North American modular LNG technologies and processes to displace diesel fuel usage in the industrial, transportation and power generation sectors. The Company is currently in the process of securing long-term feed gas supply and a site for construction of Kazakhstan’s first modular LNG production facility.
Also in Kazakhstan, the Company continues to advance its recently acquired contiguous 37,300-hectare lithium brine mining license. Additional historical subsurface data is being obtained and analyzed to augment and enhance the project’s geologic model prior to drilling new wells. The Company’s development plan over the next twelve months includes drilling and testing two wells to verify deliverability rates, confirm the lateral extension and concentrations of lithium in the tested and untested intervals, conduct preliminary engineering for the production facilities and prepare a mineral resources or mineral reserves report in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Readers are invited to review the Company’s latest corporate presentation available on the Condor website at “condorenergies.ca”.
ABOUT CONDOR ENERGIES INC
Condor Energies is a TSX-listed energy transition developer focused on diverse initiatives in Central Asia and Turkey. With producing gas assets, an ongoing initiative to construct and operate Central Asia’s first LNG facility, a separate initiative to develop and produce lithium brine and another initiative focused on gas field redevelopments, the Company has built a strong foundation for reserves, production and cashflow growth while also striving to minimize its environmental footprint.
Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “anticipate”, “appear”, “believe”, “intend”, “expect”, “plan”, “estimate”, “budget”, “outlook”, “scheduled”, “may”, “will”, “should”, “could”, “would”, “in the process of” or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to construct Kazakhstan’s first LNG facilities; the timing and ability to provide a material contribution to Kazakhstan’s de-carbonization and emission reduction targets; the timing and ability to implement proven North American modular LNG technologies and processes to displace diesel fuel usage; the timing and ability to secure long-term feed gas supply and a site for construction of a LNG production facility; the timing and ability to obtain and analyze additional historical subsurface data; the timing and ability to fund, permit and complete the planned activities including drilling and testing up to two wells, conducting preliminary production facility engineering and preparing a National Instrument 43-101 compliant report; the timing and ability to increase reserves, production and cashflow; and the timing and ability to minimize the Company’s environmental footprint.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.
The Bank for International Settlements and the central banks of Hong Kong and Israel released the results of Project Sela on Sept. 12. The project was a public-private partnership that used private intermediaries to create a retail central bank digital currency (rCBDC) combining the desirable characteristics of cash and the advantages of digitalization.
The project leveraged the central banks’ diverse experience to incorporate a number of predefined policy, security, technology and legal features. The private participants were fintechs FIS and M10 Networks, which provided core products, Clifford Chance for legal analysis and Check Point Software Technologies for cyber security. The project was a proof-of-concept.
Project Sela proposes a new financial infrastructure, the Access Enabler, which facilitates customer-facing activities without ever holding users’ rCBDC. It removes complexity, costs + risks compared w current payment providers #BISInnovationHub @hkmagovhk https://t.co/znVp81gQol pic.twitter.com/hItQamQc0K
— Bank for International Settlements (@BIS_org) September 12, 2023
In the Sela ecosystem, the central bank that issues an rCBDC maintains the ledger for it with pseudo-anonymous end-user accounts and provides instantaneous settlement with a real-time gross settlement (RTGS) system. Funding institutions manage users’ accounts and convert the rCBDC into and out of bank deposits and cash. An intermediary called an access enabler handles all customer-facing services, including Know Your Customer compliance, endorsements and routing, while end users maintain control over their electronic wallets with cryptographic keys.
Related: Hong Kong regulator eyes tokenization for bond market improvement: Report
One advantage of the ecosystem is its accessibility for the private financial institutions that carry out the unbundled financial services, which will purportedly increase competition and lead to increased user access. Access enablers do not create accounts, manage records or control money, reducing the regulatory requirements placed on them:
“Lower entry barriers can enable wider participation in the provision of rCBDC services, compared with the existing payments market, to include, for example, SMEs [small- and medium-sized enterprises], civil society and charitable organisations, e-commerce providers, community centres and technology companies, among others.”
Financial institutions are understood in the traditional sense of banks, credit unions and similar organizations. Thus, it does not lead to disintermediation. Project Sela rCBDC users would not have to be account holders to use the services of those institutions to convert an rCBDC to or from cash. Payments are settled by the central banks, and users control their money the whole time. The central bank participants are assumed to be the operators of the distributed ledger system.
A system weak point noted in the report is RTGS systems, since they are usually not available around the clock and are not designed for frequent small transactions. Potential technical solutions are discussed.
Magazine: Ripple, Visa join HK CBDC pilot, Huobi accusations, GameFi token up 300%: Asia Express
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