EMGA Secures US$ 20M Debt Finance for Costa Rica’s Banco Improsa

LONDON, Oct. 31, 2022 (GLOBE NEWSWIRE) — Emerging Markets Global Advisory LLP (EMGA) for the second time working with Banco Improsa, secures this US$20M facility from the Spanish Agency for International Development Cooperation (AECID) – AECID (advised by COFIDES).

Commenting on the transaction, Felix Alpizar, General Manager of BANCO IMPROSA, said: “Banco Improsa is very honored to be recognized by AECID and COFIDES for both its track record and programs to finance and support Costa Rican micro, small and medium-sized enterprises (MSMEs). With this credit we will continue our contribution to the economic and social development of the country.”

EMGA’s Head of Investment Banking Sajeev Chakkalakal said, “A pleasure again to facilitate Banco Improsa’s continued vision of supporting SMEs within Costa Rica and complete this funding solution with AECID (advised by COFIDES).”

José Luis Curbelo, chairman and CEO of COFIDES, stated that “we are pleased to support AECID in its first impact project with EMGA and IMPROSA in the Central American region. The transaction will be used to finance small and medium enterprises in Costa Rica, which will contribute to the creation and maintenance of quality jobs and reducing inequalities. We look forward to continuing these strategic partnerships, which enhance economic growth in developing countries by strengthening the private sector through sound financial support.”

Carlos Jiménez Aguirre, General Manager of FONPRODE and Head AECID’s Financial Cooperation Department expressed that “the formalization of this transaction reflects Spanish Cooperation’s aims to contribute to expand the financial support for Costa Rican micro, small and medium-sized enterprises (MSMEs), as MSMEs play a key role in creating and maintaining decent jobs and reducing inequalities. Our intention is to expand this kind of support to other Central American countries in providing access to finance to MSMEs, with a special focus on mainstreaming gender and climate change strategies in private sector activities.”

Emerging Markets Global Advisory LLP, based in London, helps emerging market based financial institutions and corporates seeking new debt or equity capital.

Banco Improsa was founded in 1995 and is a niche bank with a specialization in providing financial solutions and services to MSMEs, which account for most of its portfolio. It has an extensive track record in providing support and advisory services to MSMEs. Banco Improsa’s key success factor lies in its commitment to high standards of personalized, agile, and flexible service, which, together with customized financial solutions, have enabled it to achieve a solid position in these segments. Banco Improsa is part of Grupo Financiero Improsa (GFI).

Fund for the Promotion of Development (FONPRODE), managed by Spanish Agency for International Development Cooperation (AECID) with the support of COFIDES (Spanish Development Finance Institution). AECID is the main management body of Spanish Cooperation and is oriented towards the fight against poverty and the promotion of sustainable development. COFIDES provides support management for FONPRODE with reimbursable financing operations that promote social and economic development of partner countries through investments or transfers of economic resources with a reimbursable nature. FONPRODE may finance non-reimbursable and reimbursable debt and equity. Examples of refundable financing offered by FONPRODE are loans to financial service providers aimed at financial inclusion.

COFIDES, a state-owned company engaging in the management of State and third-party as well as its own funds, pursues several aims; internationalization of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).

Jeremy Dobson


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Deloitte Global Selects Joe Ucuzoglu as Next Global CEO; Deloitte Global CEO Punit Renjen Announces Retirement After Record Growth

NEW YORK, Oct. 31, 2022 /PRNewswire/ — The Deloitte Touche Tohmatsu Limited (Deloitte Global) Board today announced the selection of Joe Ucuzoglu as Deloitte Global CEO, subject to a ratification vote by Deloitte member firm partners. Ucuzoglu has been the CEO of Deloitte US since 2019. Deloitte operates in 150 countries with more than 415,000 professionals and revenue in our latest fiscal year of $59.3 billion.

As used in this document, "Deloitte" means Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

Ucuzoglu will succeed Punit Renjen, who has served as the Deloitte Global CEO since 2015. Upon retirement, Renjen will become Global CEO Emeritus. As Deloitte Global CEO, Renjen developed and executed a global strategy that resulted in Deloitte revenue growing from $35 billion to more than $59 billion in just seven years. Today, Deloitte is the leading professional services organization in the world, recognized as the strongest and most valuable commercial services brand, a leader in audit quality, and one of the world’s best places to work.

Under Renjen’s leadership, Deloitte launched WorldClass—a global effort to prepare 100 million underprivileged people for a world of opportunity—based on the belief that when society thrives, business thrives. Renjen also spearheaded Deloitte’s WorldClimate initiative, which includes near-term (2030) greenhouse gas reduction goals which have been validated by the Science Based Targets initiative (SBTi) as 1.5°C-aligned, science-based targets.

“The Deloitte Global Board and I want to thank Punit for leading Deloitte to extraordinary growth and meaningful societal impact, and for his decades of commitment to the organization,” said Sharon Thorne, Deloitte Global Board Chair.

Speaking of his successor, Renjen said, “Joe is an exceptional leader. We have worked together side by side for many years, and I believe he is an excellent choice to serve as the next Deloitte Global CEO. He has been a member of the Deloitte Global Executive team for the last several years, and I am confident that, under his leadership, Deloitte will continue to deliver outstanding results for our people, clients, and the communities in which we live and work.”

In response to his nomination, Joe Ucuzoglu, Deloitte US CEO and the next Deloitte Global CEO said, “It is my great honor to be chosen to lead this extraordinary organization. I believe deeply in Deloitte’s responsibility to lead through the unprecedented pace of change the world is experiencing, and to meet the rapidly expanding needs of our stakeholders. I want to thank Punit for his excellent leadership of Deloitte.”

“It has truly been an honor and privilege to lead Deloitte over the past several years,” said Renjen. “More important than any commercial outcome, I am proud of the incredible societal impact we have been able to make as a purpose-driven enterprise. And I am looking forward to some exciting endeavors, including dedicating time to several societal causes about which I am deeply passionate, including sustainability and climate.”

Deloitte Global’s rigorous and comprehensive nomination, selection and member firm partner ratification process occurs every four years and includes all Deloitte member firms. The member firm partner vote to ratify Ucuzoglu will take place throughout the month of November, and he will assume the Deloitte Global CEO role upon Renjen’s retirement on 31 December 2022.

As Ucuzoglu prepares to assume his new Deloitte Global responsibilities, the Deloitte US firm’s well-established succession process occurs every four years and is underway.

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 people worldwide make an impact that matters at www.deloitte.com.

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President Cyril Ramaphosa offers condolences to South Korea after Halloween tragedy

President Cyril Ramaphosa, has, on behalf of the government and the people of South Africa, sent his heartfelt condolences to the government and the people of South Korea following the tragic loss of life suffered in the capital, Seoul, during Halloween activities.

President Yoon Suk-yeol has declared a period for national mourning following the untimely demise of the more than 150 people in a stampede.

President Ramaphosa said the people of South Africa join the people of South Korea in mourning the lives lost in the tragic incident. President Ramaphosa wished all those injured speedy recoveries.

President Ramaphosa recalled the excellent bilateral political, economic, trade and people-to-people relations that exist between South Africa and South Korea.



Source: Government of South Africa

Suspects due in court for the possession of unlicensed firearms and ammunition

WESTERN CAPE – Police operations by our respective units to ensure that offenders are brought to book in this province, resulted in the arrest of two suspects on charges of possession of unlicensed firearms and ammunition.

Police members of the Provincial Extortion Task Team followed up on information on Saturday, 29 October 2022 in Lwandle. Upon arrival at the address in Majola Street at around 21:30, they found an unknown man at home, who admitted that he is in possession of a firearm which belongs to a relative. The police searched the premises and confiscated a 9 mm Norinco pistol with ammunition including one shotgun round found hidden in a crate. The man could not provide a valid licence to be in possession of the firearm and ammunition and refused to disclose the identity of his relative, whom he claimed to be the lawful owner of the firearm. The 46 years old man, who happened to be a member of the South African Police Service in Lwandle, was arrested and detained on charges of possession of an unlicensed firearm and ammunition, defeating the ends of justice and negligent safekeeping of a firearm.

In the early hours of Monday, 31 October 2022, police members of the Anti-Gang Unit deployed in Lost City, Mitchells Plain to combat the ongoing gang violence, responded to information indicating that a suspect with a firearm was hiding at a nearby address. The platoon proceeded to Mosterthoek Street. When they approached the residence, an unknown man fled the scene with police members in pursuit. They apprehended the man and confiscated a 9mm Pietro Beretta Pistol with ammunition. The 35 year old man was arrested and detained on a charge of possession of an unlicensed firearm and ammunition.

Once charged the suspects are expected to make their respective court appearances in the Strand and Mitchells Plain Magistrate courts on the mentioned charges.




Source: South African Police Service

Suspect linked to murder outside Graaff Reinet tavern arrested

GRAAFF REINET – A 26-year old man will appear in the Graaff-Reinet magistrate’s court on a charge of murder for his alleged involvement in the murder of a man outside a local tavern in Graaff Reinet on Sunday evening.

On Monday, 31 October 2022 around 00:30, police in Graaff Reinet were summoned to a local hospital where they were shown the body of a 25-year-old man with a stab wound in the upper body.  The identity of the deceased is being withheld until a formal identification process is concluded.

Immediately leads were followed, which resulted to the arrest of a 25-year old man.  The suspect was positively linked through a CCTV footage near a local tavern, and it is believed that was the crime scene.  A 25-year-old man is due to appear in the Graaff Reinet magistrate’s court on a charge of murder.  Police also seized a murder weapon.




Source: South African Police Service

Gauteng SAPS operations net over 1 000

South African Police Service (SAPS) operations have seen the arrest of over 1 750 suspects across Gauteng over the weekend.

Lieutenant Colonel Mavela Masondo said the suspects were arrested in all five districts during the tracing of wanted suspects, roadblocks, raiding of hotspots, and stops and searches.

He said police in Johannesburg District arrested 536 suspects for crimes ranging from murder, attempted murder, carjacking, business robbery, fraud, possession of suspected stolen property, including undocumented persons.

Meanwhile, 430 suspects were nabbed by the police in Tshwane for crimes that include business robbery, possession of an unlicensed firearm, driving under the influence of alcohol and dealing in drugs.

“Similar operations were conducted in Ekurhuleni District, where 397 suspects were arrested for murder, assault with intent to cause grievous bodily harm, possession of suspected stolen goods, armed robbery and undocumented foreign nationals,” said Masondo.

More than 390 suspects were arrested in the West Rand and Sedibeng Districts for crimes ranging from murder, rape, and possession of an unlicensed firearm, possession of drugs, assault and intimidation.

All arrested suspects will appear before different Magistrates’ Courts in Gauteng in due course.

Management of SAPS in Gauteng has urged the community to continue to help the police in the fight against crime by reporting criminal activities, by calling Crime Stop on 08600 10111.



Source: South African Government News Agency

Petrol price to increase

South Africans will be paying more at the pumps from Wednesday following the increase of all grades of fuel.

Illuminating paraffin and LP Gas prices are also expected to rise.

The increases are as follows:

  • All grades of petrol will increase by at least 51c
  • Diesel 0.05% sulphur will rise by some R1, 42
  • On the other hand, diesel 0.005% will go up by R1,43
  • Wholesale illuminating paraffin increases by 77c
  • The Single Maximum National Retail Price for illuminating paraffin will go up by R1,03
  • Maximum LP Gas Retail Price will increase by 98c


The adjustment means that a litre of 95 ULP, which currently costs 22.36 in Gauteng, will now cost R22.87 as of Wednesday.

In a statement, the Department of Mineral Resources and Energy (DMRE) explained that the prices are influenced by several local and international factors including importation costs and the cost of crude oil.

“The average Brent Crude oil price increased from $89.79 US Dollars (USD) per barrel to $92.41 USD per barrel during the period under review. The average international product prices of petrol, illuminating paraffin and diesel increased while LPG prices decreased during the period under review.

“The Rand depreciated on average against the USD, from R17.55 to R18.11 Rand per USD, during the period under review when compared to the previous one. The weaker Rand led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 37c per litre, 52c per litre and 48c per litre respectively,” the statement read.



Source: South African Government News Agency

President Ramaphosa appoints new Intelligence Inspector General

Imtiaz Fazel is expected to start his five year term as the new Inspector General of Intelligence on Tuesday, following his appointment by President Cyril Ramaphosa.

Fazel’s nomination for the position was approved by the National Assembly and he was appointed by the President in accordance with Section 210(b) of the Constitution, read in conjunction with Section 7(1) of the Intelligence Services Oversight Act of 1994.

According to a statement by the Presidency, the approval came after a 12 people were interviewed for the position by the Joint Standing Committee on Intelligence (JSCI).

“The Intelligence Services Oversight Act mandates the JSCI to recommend a candidate for approval by at least two thirds of National Assembly Members.

“Following National Assembly approval, the name of the candidate is submitted to the President to consider the nominee for appointment as Inspector General.

“The Inspector General monitors and reviews the operations of intelligence services, including the State Security Agency, the Defence Intelligence Division of the South African National Defence Force and the Crime Intelligence Division of the South African Police Service,” the statement read.

Some 25 people had applied for the job during a public process.

The Presidency said Fazel’s appointment is a “continuation of the attention President Ramaphosa is giving to strengthening the capability of the State, including the security sector”.

“Mr Fazel is a former Chief Operating Officer – at the level of Deputy Director General – in the Office of the Inspector General of Intelligence and a former Deputy Director General in the Office of the Director General of the State Security Agency.

“From 2015 to 2020, he served as Deputy Director General: Governance, Risk and Compliance in the Department of Public Works, following which he served as Acting Director General in the Department of Public Works and Infrastructure.

“Mr Fazel has obtained a Master’s Degree in Security Studies from the University of Pretoria and holds a Bachelor of Accounting Science Degree from the University of South Africa. He holds a Post-Graduate Diploma in Accounting from the University of the Western Cape and is a member of the South African Institute of Chartered Accountants, among other achievements.”

President Ramaphosa sent his well wishes to the new Inspector General.

“The President offers Mr Fazel his best wishes and support in his role as Inspector General of Intelligence, which is a critical function that contributes to making the country and the world a safer place, and advancing the country’s national interest,” the high office said.



Source: South African Government News Agency