Latest news with #financialsustainability
Malay Mail
8 hours ago
- Business
- Malay Mail
Now relegated to Ligue 2, Lyon secure Uefa backing for Europe spot if demotion overturned
LYON, June 28 — Lyon have agreed a financial sustainability procedure with UEFA which will allow them to play in Europe next season if they win their appeal against relegation to the French second division, the club said on yesterday. On Tuesday, French football's financial watchdog (DNCG) demoted the club. Lyon, who finished sixth in Ligue 1 last season and qualified for the Europa League, said at once they would appeal. On Friday, they said that UEFA was prepared to accept them into continental competition. 'Olympique Lyonnais completed the financial sustainability procedure and signed an agreement with the UEFA Club financial control body,' the club said on their website. 'The club could therefore participate in next season's Europa League, subject to a favourable outcome of the appeal of the DNCG decision.' A source close to the discussions between the club and the governing body of European football added that Lyon would be subject to a 12.5-million-euro ($14.6 million) fine with a suspended amount of 37.5 million euros, to be lifted if the club achieves its financial targets. After the DNCG initially ruled in November that Lyon would be relegated at the the end of the season, UEFA began monitoring the club. On May 5, UEFA fined Lyon 200,000 euros ($234,400) for unpaid bills to other clubs, to employees, and to the tax and social security authorities. After the DNCG ruling confirmed its initial decision, the club said they had met 'all of its demands'. While they were unable to convince the French watchdog, UEFA has ruled Lyon could play in Europe. Lyon will have seven days to appeal from the date they are officially notified of the DNCG's ruling. The club said Friday they had not yet received the notification. — AFP
Zawya
2 days ago
- Business
- Zawya
Public Works Entities Must Create Income-Generating Initiatives and Not Rely on Government Funding
The Portfolio Committee on Public Works and Infrastructure has called on entities within the Department of Public Works and Infrastructure portfolio to explore innovative solutions to improve their financial sustainability, rather than relying solely on the parent department for funding and bailouts. The committee today received a briefing from four public works entities on their 2025/26 annual performance plans and budget allocations. The entities include the Independent Development Trust (IDT), Agrément South Africa (ASA), the Construction Industry Development Board (CIDB), and the Council for the Built Environment (CBE). The committee expressed concerns over the absence of both the Minister and Deputy Minister of Public Works and Infrastructure from the meeting. Members of the committee were not pleased with the Minister's backlog in oral and written questions. In addition, the committee also raised alarm over the continued lack of transparency regarding the costs associated with the Minister's overseas travel, which remain undisclosed. Regarding the IDT, the committee raised serious concerns about the entity's continued financial dependence on the department. Members of the committee questioned whether the entity has any concrete plans to improve its revenue-generating capacity and reduce its reliance on bailouts. The committee also urged the entity to promote inclusivity for categories of previously disadvantaged people, women, youth, and the people with disabilities. The committee further expressed concern over the high legal costs incurred by the IDT and recommended that the entity strengthens its internal capacity to mitigate litigation risks, especially during ongoing projects. The committee called on ASA to identify alternative revenue streams, as continued dependence on government funding is unsustainable. It criticised the weak transformation and job creation targets presented and called for bolder, measurable commitments. ASA's ICT systems were also flagged and the committee encouraged the entity to work collaboratively with departments such as Human Settlements to broaden its impact. T The committee further urged ASA to establish testing sites and laboratories to ensure compliance with technical standards, noting that current operations do not adequately support this function. Committee Chairperson, Ms Caril Phiri, expressed concern over irregularities in contractor grading by the CIDB. She highlighted reports of contractors receiving higher grades without completing corresponding project scopes and urged CIDB to address and dispel public perceptions that grading statuses are being bought. The committee also raised alarm over the CIDB's claim that contractors involved in the recent collapsed building in George were not registered with them, but rather with the National Home Builders Registration Council. The committee called for greater regulatory alignment and oversight between these entities, the national and provincial departments of human settlements, and all municipal councils to prevent such tragedies. Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
Zawya
13-06-2025
- Business
- Zawya
MoF organises workshop on Cabinet Resolutions related to outsourcing and instalment of debt collection from Federal Entities
Workshop aims to enhance collection efficiency and support financial sustainability across federal entities Dubai, In a step aimed at enhancing the efficiency of debt collection and supporting financial sustainability across federal entities, the Ministry of Finance (MoF) organised a specialised workshop in Dubai to discuss the provisions of Cabinet Resolution No. (14) and Cabinet Resolution No. (15) of 2025, concerning the outsourcing and instalment of the collection of debts owed to federal entities. The workshop was attended by directors of financial and legal affairs from various federal entities, as well as representatives from the Ministry's Government Revenue and Legal Affairs departments. The session comes as part of the Ministry's ongoing commitment to supporting federal entities in their capacity as creditors and parties responsible for the collection of dues, and to familiarise them with the mechanisms and procedures that allow for greater flexibility in implementing these resolutions. This, in turn, contributes to improving the efficiency of financial collections and raising levels of compliance, in line with Federal Decree-Law No. (15) of 2024. H.E. Saeed Rashid Al Yateem, Assistant Undersecretary for the Government Budget and Revenue Sector at the Ministry of Finance said: 'This workshop reflects the Ministry of Finance's commitment to enhancing transparency and efficiency in managing federal financial resources by empowering entities to implement the Cabinet resolutions on debt collection in a flexible and financially governed manner. Implementing outsourcing and instalment mechanisms is an important step toward advancing the federal financial system and ensuring financial sustainability. At the Ministry, we are keen to provide full support to federal entities and equip them with the tools and mechanisms needed to ensure the swift and effective implementation of these resolutions, thereby strengthening confidence in the federal financial system.' The workshop featured a detailed explanation of the legal and regulatory frameworks related to the Cabinet Resolutions, in addition to discussions around proposed execution models for outsourcing and instalment. The session also addressed how to integrate these mechanisms into the financial systems and procedures of federal entities. Furthermore, it provided a platform to respond to participants' queries and facilitated knowledge exchange among the various concerned parties.
Zawya
12-06-2025
- Business
- Zawya
Ministry of Finance Graduates Emirati Cadres specialised programmes in financial sustainability and accounting
100 federal government employees earn specialised certifications in 2025 The initiative marks a key milestone in the federal project to build financial and accounting capabilities The Ministry of Finance has organised a graduation ceremony for a group of federal government employees who successfully completed a series of specialised programmes and diplomas in financial sustainability and government accounting as part of the Financial Sustainability and Accounting Capacity Building Programme. The programmes and diplomas aimed to enhance the participants' readiness for the future and promote best practices in financial management across federal entities. The ceremony was attended by Her Excellency Mariam Mohammed Hassan Al Amiri, Assistant Undersecretary of Government Finance Management at the Ministry of Finance, Dr. Kyle Long, President of the American University in Duba and Lucia Real Martin GAICD, Executive Director, ACCA, as well as several department directors from the federal entities and representatives from international academic and professional institutions. Develping government competencies H.E. Mariam Mohammed Hassan Al Amiri stressed that the graduation of a distinguished group of federal government employees from specialised financial programmes and diplomas represents a significant milestone in the Ministry of Finance's journey to prepare qualified Emirati talent to lead the future of public financial management. 'This achievement reflects the Ministry's ongoing commitment to developing human capital and equipping them with the tools and knowledge necessary to keep pace with the rapid development in accounting and public finance, in line with international best practices and standards,' she stated. Her Excellency added: 'We are committed to providing an exceptional learning environment, in partnership with leading academic and professional institutions, to ensure the preparation of financial leaders capable of anticipating future trends and addressing challenges with efficiency and professionalism.' She further emphasised that these specialised programmes constitute a fundamental pillar in enhancing the financial governance framework, reinforcing the principles of accountability and sustainable digital transformation, and supporting the strategic objectives of the UAE Government in the field of public financial management. Meanwhile, Dr. Kyle Long stressed that the successful completion of the Executive Diploma Programme in Government Financial Policy Sustainability by federal government employees is indeed a significant milestone in their professional journey. He added that this achievement reflects their strong dedication to driving the UAE's vision of a sustainable government financial system. Dr. Long also noted that the university is committed to strengthening its partnership with the Ministry of Finance to further support national talent in areas such as artificial intelligence, financial technology, and sustainable policy development. He further said: 'The Executive Diploma Programme exemplifies precisely how universities like ours can meaningfully collaborate with government to build capacity, enhance skills, and ensure sustainability. It aligns with the UAE government's objectives of empowering national talent, enhancing financial efficiency, and advancing digital transformation and AI.' For his part, Lucia Real Marti, Executive Director, Relationships for ACCA, said: 'ACCA is proud to partner with the UAE Ministry of Finance to honour public sector professionals who represent the future of public finance leadership in the UAE. Through ACCA's programme, participants have gained insights into financial management, governance, sustainability, and digital transformation, providing lifelong learning which is vital to staying ahead in a rapidly changing world.' 'We believe that every finance professional has a key role to play in driving public value and innovation. Together, we are equipping finance professionals with the tools to navigate today's complex economic, regulatory, and technological environments, making them not only technically proficient but also future-ready,' Sarieddine added. Strategic partnerships The acheivment is part of a comprehensive initiative launched by the Ministry of Finance to strengthen the financial and accounting sustainability capabilities of federal government employees. This initiative is implemented in strategic partnerships with leading academic institutions, both local and international, including the American University in Dubai, which hosts the Executive Diploma Programme in Government Financial Policy Sustainability, and the Association of Chartered Certified Accountants (ACCA), which delivers globally recognised certifications such as the Certificate in International Public Sector Accounting Standards, Certificate in Public Finance and the Certificate in Sustainability for Finance. The project is based on benchmark studies and international best practices, ensuring that all programmes meet the highest global standards. It is designed to cultivate a more efficient, future-ready federal financial system, driven by financial analysis, strategic planning, and the integration of digital transformation and artificial intelligence tools. The ceremony concluded with the honouring of graduates, celebrating their dedication and achievements and recognising their successful journey in acquiring specialised knowledge and practical skills. The event highlighted the Ministry of Finance's commitment to developing national talent, capable of advancing the UAE's government financial system and embedding global excellence in public financial management.
Associated Press
11-06-2025
- Business
- Associated Press
Can schools like St. Bonaventure and FIU thrive in college athletics without the big bucks?
ORLANDO, Fla. (AP) — As schools prepare to begin sharing millions with their athletes, there is no avoiding the reality that if you're not a Power Four school, you're at a disadvantage. With major conferences running the show, St. Bonaventure and Florida International don't even have a seat at the table. FIU and St. Bonaventure aren't necessarily worried about a head-to-head fight over top players with deeper-pocketed schools. The priority has become survival and finding a balance between athletics ambition and financial sustainability. Adrian Wojnarowski spoke candidly about the challenges he faced during his inaugural season as the general manager of the St. Bonaventure men's basketball team. Solidifying a recruiting class that would improve the team and embrace the school culture was not easy. After July 1, when lucrative paychecks will pretty much become mandatory for blue-chip prospects, it's not going to get any easier. With some 2,000 undergraduate students, the Bonnies are outnumbered in resources and revenue when competing even against other Atlantic 10 teams like VCU, Dayton, and Saint Louis. Wojnarowski, ESPN's former lead NBA reporter, thinks he has identified a formula for locating the ideal prospect. To him, St. Bonaventure is a landing spot for international players adjusting to a new culture and college life, transfers who may have fallen short at a high major and need development, or those looking to move up to a mid-major. He admits the school upstate New York could be a pit stop on a player's journey. 'I want them to see that our environment, our coaching staff, our small school, especially for international players coming over, what I really try to sell is your adjustment to American college life,' he said at the National Association of Collegiate Directors of Athletics and Affiliates Convention this week. 'I think for a lot of kids, it's easier in a school with 1,900 students than a school with 19,000. And you'll come to have two great years with us, and then you'll probably end up at schools with 19,000 or 29,000,' he said. 'And so you're selling, for us, we're your first step on the way to somewhere else, or the other one to me is we're the place to come when you've got to get the basketball right.' If the plan goes awry and a recruit slips away, one thing the former NBA insider refuses to do is blame the money. 'Fundraising is hard, creating new revenue streams is hard, but the one thing that I try to stay away from with us is not saying, 'Oh, we didn't get him because they offered more money,' and using that as a crutch all the time. I really examine when we lost a player,' Wojnarowski said. 'Are we being honest with ourselves in saying that we did everything outside the economics to make our case to this person?' FIU has more than 40,000 undergraduates, but the athletic department is using a similar philosophy, pinpointing advantages and opportunities to come from the settlement instead of the negatives. Similar to St. Bonaventure, FIU doesn't expect to come close to the $20.5 million revenue-sharing cap available over the next year. For a competitive edge, unlocking new revenue streams is fundamental. 'To compete, from a revenue standpoint, you have to think outside the box of your conventional fundraising and targeting donors,' senior associate athletic director Joseph Corey said. 'That's why you're looking at concerts being held at different venues, different festivals to generate extra revenue to bring in, different revenue streams, and not just fundraising going after the same donors. You've got to go beyond that in order to be able to compete.' Being based in Miami has its perks. Proximity to celebrities is one of them. In August, FIU secured a 10-year partnership with Pitbull, the singer and rapper who coins himself 'Mr. 305.' 'We did the partnership with Pitbull – Pitbull Stadium. He's on tour, but part of the deal was that he would be collaborating with us and doing events for us from a fundraising standpoint,' Corey said. 'You've got to think outside the box. Especially in a city like Miami, it's about the experience too.' Schools unlocking creative revenue streams is something that can be expected. FIU competes in Conference USA alongside teams like Liberty, Louisiana Tech, UTEP, Kennesaw State and Jacksonville State. The football team went 3-5 in 2024, finishing sixth in the conference. The men's basketball team finished last with a 3-15 conference record. It's hard to sell donors on losing teams. 'Let's call it what it is, FIU's not going to be able to keep up with the Alabama's of the world, the Georgia's, Michigan, or Texas, but what can we do? We can be the best in our conference. That is our goal,' Corey said. 'Let's be the best in our conference and really compete there because once you're at the top of your conference, that means more revenue in other areas. Everyone wants to donate to a winner.' ___ AP college sports:
