Latest news with #naturalResources
Khaleej Times
02-07-2025
- Business
- Khaleej Times
Diamonds enter the financial spotlight: A new era for Islamic finance and global trading
For centuries, diamonds have symbolised luxury and rarity. Now, a pioneering financial technology is transforming them into something far more significant: a regulated, tradable commodity with the potential to reshape Islamic finance and global investment. At the heart of this innovation lies a powerful realization. While gold and silver have long served as tangible assets for trading and wealth preservation, natural diamonds, despite representing a 1.2 trillion-dollar global resource, have remained largely inaccessible to investors due to their unique and varied characteristics. Unlike other commodities, each diamond is slightly different in quality and composition, preventing the creation of a transparent, universal pricing structure. 'Natural diamonds are the only major natural resource that global investors couldn't trade transparently,' explains Cormac Kinney, Founder and CEO of Diamond Standard. 'Each stone varies in carat, clarity and color, which has made standardization nearly impossible. But through computer science and quantitative trading, we developed a method to group diamonds into standardized, fungible units, all having the same value.' The result is a new form of investment-grade diamond bar, composed of stones carefully matched for value equivalence. These bars make it possible to trade diamonds in a manner similar to gold bullion, reliably, consistently and at scale. For Islamic finance in particular, the implications are substantial. Unlike metals such as copper, which are cumbersome and expensive to store and secure, diamond-based commodities are easier to custody and settle. This makes them an ideal asset for Murabaha-based financial instruments. Each diamond bar includes a wireless computer chip that allows custodians and financial institutions to verify the asset's presence and authenticity instantly. This chip issues a blockchain-based digital token that represents legal ownership of the physical commodity. The token itself is tradeable and can even be subdivided into micro-units called 'Carats,' each fully backed by the underlying diamonds. This system ensures a high level of flexibility, transparency and security in commodity trading. The launch of this innovation comes at a pivotal time. Recent regulatory changes in Islamic finance have restricted the use of derivatives such as options and warrants in Murabaha structures, pushing banks to seek new Shariah-compliant alternatives. 'All major Islamic banks are now looking for compliant substitutes for physical settlement,' says Kinney. 'We're not changing the process. We're simply offering a better, more cost-efficient commodity. That's why banks and service providers have responded with such strong interest.' Looking ahead, Kinney envisions a much larger role for diamonds in global finance. This includes their potential not only as a tradeable asset class but also as the foundation of a new digital currency. In a world increasingly interested in asset-backed digital systems, a diamond-backed currency could offer a Sharia-compliant and inflation-resistant alternative to cryptocurrencies. 'Many Islamic institutions reject speculative instruments like Bitcoin. But a digital currency backed by real, audited diamonds could provide stability and compliance in one package. It's a concept particularly attractive to BRICS countries and other diamond-producing nations,' adds Cormac Kinney. With global demand projected to reach 100 billion dollars across Islamic finance and digital currency applications, diamonds, once seen purely as symbols of wealth and luxury, may soon underpin a new chapter in financial history. No longer just ornamental, they could become a foundational asset in the evolving landscape of ethical, secure and innovative finance.
Zawya
30-06-2025
- Business
- Zawya
Ministry of Economy and Tourism signs MoU with WORKSTUDIO
Aiming to build an integrated circular economy project in the food and textile sectors in the country Bin Touq: The Ministry remains committed to advancing circular economy practices across the country. The new partnership is a strategic step towards consolidating the UAE's position as a leading hub for sustainable development. Abu Dhabi: The Ministry of Economy and Tourism signed a Memorandum of Understanding (MoU) with WORKSTUDIO CORPORATION, a Japanese company, to develop an integrated circular economy framework aligned with the UAE Circular Economy Agenda 2031. This strategic collaboration aims to enhance the sustainable management of natural resources, reduce carbon emissions, and strengthen the UAE's transition to a sustainable national economy. The MoU signing was held in Dubai in the presence of His Excellency Abdulla bin Touq Al Marri, Minister of Economy and Tourism and Chairman of the UAE Circular Economy Council, and was signed by H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry, and Kazuhiro Hara, CEO of WORKSTUDIO Corporation. H.E. bin Touq said: 'The Ministry remains committed to advancing circular economy methodologies and principles across critical sectors such as food, manufacturing, sustainable transportation and green infrastructure. Our goal is to raise awareness about the importance of preserving natural resources, drive transformation in environmental and financial practices, and promote sustainable production and consumption. We aim to foster investment in natural resources and apply successful economic tools, in line with the wise leadership's vision to accelerate the shift towards a circular economy model based on sustainability and competitiveness.' His Excellency added: 'This partnership represents a strategic step towards expanding the prospects of cooperation in developing national initiatives and innovative circular policies in the country. It paves the way to strengthen the diversity and resilience of the national economy while reinforcing the UAE's leadership in sustainable development and innovation on both regional and global stages. This memorandum also aligns with the goals of the Year of Community 2025 by encouraging sustainable practices in various vital fields and building a cohesive, prosperous, and sustainable society.' The MoU aims to launch a project that includes developing an integrated model for the circular economy in the country, based on WORKSTUDIO's innovative system, PANECO®︎, which was developed in Japan and specializes in recycling textile and food waste in accordance with international best practices. This project supports the efficient use of resources and cost reduction by transforming textile waste into valuable materials and converting food waste into organic fertilizers. In doing so, it helps protect the environment and advance sustainable development. By adopting these innovative waste recycling solutions, the project also reduces greenhouse gas emissions associated with burning waste - an improvement over traditional methods of disposing of unused clothing and food and aligns with the national policies that encourage the recycling of organic waste. The project will focus on developing recycling facilities in the country, training national cadres, and establishing a joint coordination committee to follow up on implementation and ensure the participation of both the government and private sectors. The new project seeks to build a collaborative system that brings together production companies, consumers, and manufacturers. It encourages eco-friendly manufacturing in the country, starting from waste collection and recycling all the way to treating it in innovative ways and transforming it into new usable products. The initiative aims to facilitate the participation of investors and stakeholders from the government and private sectors to support the stages of development and expansion across all seven emirates of the country, advancing circular economic solutions throughout the UAE. - Ends-
CTV News
19-06-2025
- Climate
- CTV News
‘Significant rainfall' warnings in effect for areas in Ontario and Quebec
Areas of Ontario and Quebec have rainfall warnings on June 19, 2025. (Pexels) Ontario and Quebec have rainfall warnings in effect on Thursday, with heavy precipitation and thunderstorms expected in some areas, according to Environment Canada. Environment Canada noted that rainfall warnings are issued when 'significant rainfall' is expected. In Ontario, the rainfall warnings cover communities north of the Toronto area and Orillia, as well as outside Ottawa. For instance, the area covering Parry Sound, Rosseau and Killbear Provincial Park is expected to see between 40 and 60 millimetres of rainfall that will continue through the afternoon. 'Rain, at times heavy, and possible embedded thunderstorms are expected to taper to showers later today,' reads the warning on Environment Canada's website as of 3:22 a.m. EDT Thursday. The government advises people to contact their local conservation authority or Ontario Ministry of Natural Resources office for information on potential flooding or visit the province's webpage on floods. 'Heavy downpours can cause flash floods and water pooling on roads. Localized flooding in low-lying areas is possible,' according to Environment Canada. 'If visibility is reduced while driving, slow down, watch for tail lights ahead and be prepared to stop.' In Quebec, numerous areas outside of Montreal and Quebec City have rainfall warnings. For instance, the municipality of Saint-Donat and the Mont-Tremblant Park area could receive between 40 and 60 mm of rainfall until Thursday night.
National Post
18-06-2025
- Politics
- National Post
'We have to get that balance right': Liberal MPs express worries about major projects bill
OTTAWA — More progressive Liberal MPs expressed cautious concerns about their government's decision to ram through the internal trade and major projects bill in a matter of days, with some of them saying it could lead to legal issues down the road. Article content Bill C-5 would give the federal government sweeping powers for five years to quickly approve natural resource and infrastructure projects once they are deemed to be in the national interest — sparking criticism from First Nations and environmental groups. Article content Article content Article content Those concerns have been heard loud and clear and, in some cases, have resonated with some Liberal MPs. The bill is being studied and will be amended in a parliamentary committee on Wednesday, before it makes its way back to the House of Commons for a final vote Friday. Article content Article content Earlier this week, Liberal MP Nathaniel Erskine-Smith said his government 'is proposing to shut down democratic debate, curtail committee scrutiny and jam the bill through the legislature,' all which he said would make former prime minister Stephen Harper 'blush.' Article content 'Liberals would rightly scream if a federal Conservative government attempted the same,' he said in a speech to the House on Monday. Article content B.C. MP Patrick Weiler also urged parliamentarians to consider how this bill 'could be used in bad faith by a future government' given those powers will be in place for five years. Article content A few Liberals expressed discomfort at the idea that some Indigenous groups said C-5 could potentially violate their treaty rights and that it does not clearly define the need for them to give free, prior and informed consent for projects taking place on their lands. Article content Article content 'There is a clear desire on the part of Canadians to be able to get big projects done in this country,' said Karina Gould, a former leadership contestant and current MP. 'But there is a duty and an obligation to ensure that Indigenous rights holders are part of this process.' Article content 'We have to get that balance right, because if you don't, the government will be facing court challenges,' she added. Article content The warning has been issued by First Nations groups, including Ontario Regional Chief Abram Benedict who represents 133 First Nations across the province and said he would support them however they see necessary, whether it be in the courts or with protests. Article content 'Obviously, we have to talk. We have to have those conversations, and we have to assure that Indigenous participation is included all the way through. And I think that will be the job ahead of us for the summer,' said Brendan Hanley, the Liberal MP for Yukon.
The National
13-06-2025
- Business
- The National
The longstanding Baghdad-Kurdistan feud is about more than just energy
In Iraq, the end of every parliamentary term brings with it an electoral campaign filled with populist posturing that undermines public policy, the national economy and any semblance of unity in the country. Iraq's next parliamentary election is due to take place in November, and predictably, the federal government in Baghdad and the Kurdistan Regional Government in Erbil have already started their ritual indictment of one another. Over the past few weeks, a two-year effort to settle an ongoing dispute on the management of oil and gas resources has fallen apart, with both sides rushing to rile up what is left of their respective bases. Last month, the KRG announced that it had entered into new contracts with international providers to increase the production of natural gas. Baghdad immediately rejected the arrangements and retaliated in part by cutting off financial transfers to the KRG, which effectively means that the latter will be unable to pay basic salaries for public sector employees. This is the third time that Baghdad has cut off the KRG over the past 20 years, which will have a lasting impact that will be difficult to overcome. The dispute over natural resources dates back to the drafting of the 2005 constitution. Despite the text being adopted in a referendum that was supported by 80 per cent of the population, its federal structure of government and the provisions on natural resources do not represent a real bargain between the country's main political forces, many of whom immediately denounced the federal system as soon as it entered into force in 2006. There are several arguments on how those provisions should be interpreted, but the reality is that the crushing majority of Baghdad's politicians do not agree with Kurdistan's way of reading the provisions and never have. Since then, the KRG has sought to build its own independent oil sector, despite Baghdad's insistence that all international contracts be signed by the federal ministry of oil. In 2013, the KRG even entered into an illegal agreement with the Turkish government by virtue of which it would use a pipeline that was jointly owned by Ankara and Baghdad to export its oil internationally (without Baghdad's approval). The federal government was enraged and brought a claim before an international tribunal, which ruled in its favour and ordered Turkey to co-ordinate all future exports with the oil ministry in Baghdad and to pay billions of dollars in reparations to Iraq. The reality is that these are technical problems to which solutions are available if there is sufficient political will to resolve them Since then, Ankara has insisted that the pipeline remain closed until Baghdad and the KRG agree on a joint oil policy, something that the two sides have been unable to do for the past two years. The dispute involves a number of complex issues that need to be resolved, including what should be done about outstanding debt that was incurred by the KRG. The reality, however, is that these are technical problems to which solutions are available if there is sufficient political will to resolve them. And that is what has been most lacking in this sorry saga. When the dispute first began back in 2005, the balance of forces was lopsided in favour of the KRG mainly as a result of civil conflict and dysfunction in Baghdad. The KRG had a golden opportunity to lock in a favourable agreement that would also have been acceptable to Baghdad. Instead, it overreached and pushed for an arrangement that Baghdad was never likely to accept in the long run. Two decades later, Baghdad is now economically and militarily far more powerful than the KRG. Many young Iraqi Kurds are now moving to Baghdad to seek economic opportunity, something that would have been unthinkable just a few years ago. The federal government now has the opportunity to use its newfound clout to negotiate a new arrangement that would be more in line with both sides' interests. Instead, the two sides are now moving further apart. Baghdad's longstanding policy is that it needs foreign investment to assist in the overall effort to rebuild fundamental infrastructure. Whether Baghdad likes it or not, the KRG remains influential internationally, to the extent that a successful resolution on the management of natural resources will go a long way to satisfying the federal government's economic aims, even on issues that are not directly connected to the KRG. US policy towards Iraq on this issue has been consistent across time and various administrations. Recently, Secretary of State Marco Rubio put the matter succinctly when he said that Kurdish autonomy is the 'lynchpin of our approach to Iraq', part of which involves giving the Iraqi Kurds 'the economic lifeline that allows them to prosper and succeed'. It would be wrong to underestimate how difficult it will be to reach a satisfactory resolution. For any agreement to be sustainable, it would have to be based on a new overarching political agreement on what federalism is for, and what its fundamental principles are. Federalism in Iraq for now remains undefined. There is no common agreement of what it is for, or how it should function. If there is one thing that Baghdad should do, it is to enter into a meaningful and sustained dialogue with the KRG to define federalism and its fundamental principles. That would require accepting that federalism must be based on a sense of solidarity between its peoples and regions and not on distrust and populism. If that simple principle is accepted, then the immediate corollary is that the federal government can never under any circumstance cut off federal transfers to the KRG or to any other part of the country. To do so is to punish the local population in the KRG for a political dispute over which they have no control, which causes immediate pain and suffering to citizens who should be entitled to equal rights to a decent life. Baghdad may have legitimate concerns in its dispute with the KRG, but it must find other means to apply pressure. And to be fair to Baghdad, it has been reluctant to invest heavily in its relationship with the KRG considering lingering suspicions that it will make another attempt to break away from the union at the next opportunity. That concern would also have to be addressed if a durable agreement is to be possible. Given the context, it would be unreasonable to expect any progress on this matter until after the next parliamentary election. But if we hope to have it resolved, all interested parties should proceed with an open mind, in good faith and on the right basis. If not, readers of this article can expect to encounter similar laments and pleas in these pages again in 2029, just before the next parliamentary election.
