Latest news with #regulatoryreform
Zawya
a day ago
- Business
- Zawya
Senegal and Kenya Top African Development Bank's Electricity Regulatory Index, as Regulators Drive Tangible Reforms
Kenya and Senegal have claimed the top spots in the African Development Bank's 2024 Electricity Regulatory Index (ERI) ( demonstrating exceptional progress in power sector governance and regulatory outcomes. The comprehensive assessment, officially unveiled today at the Africa Energy Forum in Cape Town, evaluates regulatory frameworks across 43 African countries. Uganda, Liberia and Niger round out the top five performers, with Niger registering one of the biggest gains, underlining the strong impact of sustained reforms and political commitment to power sector development. The ERI evaluates three dimensions—Regulatory Governance, Regulatory Substance, and Regulatory Outcomes (ROI). Notably, the ROI, which tracks service delivery and utility performance, recorded the most substantial improvement across the continent. Key findings from the 2024 ERI: Kenya and Senegal led with a score of 0.892, reflecting standout progress in tariff reform, regulatory outcomes, and utility performance. A remarkable 41 out of 43 participating countries achieved RGI scores above 0.5, representing a significant increase from 24 countries in 2022. Countries scoring below 0.500 reduced significantly from 19 in 2022 to just 6 in 2024. Even the lowest-performing country tripled its score—from about 0.10 to 0.33. The ROI surged from roughly 0.40 in 2022 to 0.62 in 2024, showing that reforms are delivering tangible service improvements on the ground. Now in its seventh edition, the ERI shows strong momentum toward more effective, transparent, and impactful regulation, with real-world results beginning to emerge. 'The 2024 ERI shows that Africa's regulators are stepping up. We are now seeing stronger institutions delivering real results for utilities and consumers. This shift is critical if we are to achieve Mission 300 and connect 300 million people to electricity by 2030,' says Dr. Kevin Kariuki, AfDB Vice President for Power, Energy, Climate and Green Growth. For the first time, the 2024 ERI also assessed regional regulatory bodies, recognizing their growing role in harmonizing technical standards and enabling cross-border electricity trade. As the backbone of Mission 300, ERI continues to inform the design and implementation of national energy compacts—currently active in 12 countries, with another 20 in development. Bridging the Gap – Addressing Ongoing Challenges While celebrating regulatory progress, the report calls for greater focus on regulatory independence, the financial viability of utilities, and the integration of off-grid and mini-grid systems into national frameworks. The ERI underscores that regulation must translate into better access, affordability, and reliability, especially for underserved rural populations. The report outlines priority areas for enhancing regulatory effectiveness: Strengthening regulatory independence Enhancing accountability mechanisms Promoting transparency and predictability Improving stakeholder participation Deepening economic regulation and advancing cost-reflective tariff methodologies. 'The ERI 2024 tells a hopeful story. African countries are not just passing laws—they are implementing them. Regulators are transforming from administrative bodies into strategic institutions with measurable influence. However, challenges related to independence, financing, and enforcement persist,' said Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulation at the Bank Group. Launched in 2018, the ERI is a diagnostic and policy tool used by governments, regulators, and development partners to identify gaps, track progress, and prioritize reform efforts. The 2024 edition incorporates extensive feedback from utilities, regulators, and regional energy bodies. The full ERI 2024 report will be available here ( Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media Contact: Gertrude Kitongo Communication and External Relations Department Technical Contact: Callixte Kambanda Manager, Energy Policy, Regulations, and Statistics email: About the African Development Bank Group: The African Development Bank Group (AfDB) is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.
Zawya
11-06-2025
- Business
- Zawya
ICAEW panel highlights GCC's regulatory gains as global investor confidence grows
Dubai, UAE: As global markets face rising uncertainty, the UAE is gaining ground as a trusted destination for long-term investment. Its transparent regulatory environment, backed by consistent legal reform and a clear economic vision, is reinforcing the country's credibility with global investors. These developments were the focus of a recent panel discussion hosted by the Institute of Chartered Accountants in England and Wales (ICAEW) Corporate Finance Faculty in Dubai. The event brought together economists, senior policymakers and finance professionals to examine how regulatory transformation across the GCC is helping shape a more resilient and investable regional economy. The panellists included: H.E. Dr. Tariq Bin Hendi, CEO and Board Member, Astra Tech and CEO, Botim Simon Williams, Chief Economist for Central and Eastern Europe, Middle East and Africa, HSBC Raed Safadi, Partner and Chief Economist, Whiteshield and Salmaan Khawaja, Partner and Head of Financial Advisory at Grant Thornton, who moderated the discussion. Panellists discussed how recent updates to company law, residency frameworks and broader legal policies have created a more accessible and predictable investment climate. These changes, combined with large-scale infrastructure investment, are drawing capital into priority sectors such as technology, clean energy and healthcare. Speakers also explored the region's strategic investment in digital infrastructure, from high-capacity data centres to AI platforms. These initiatives are supported by regulatory models that encourage innovation while maintaining national oversight, reinforcing the UAE's position as a strategic bridge between East and West. Hanadi Khalife, Head of ICAEW Middle East, said: ' At a time of global uncertainty, the UAE and wider GCC are entering a golden moment. A clear and well-structured regulatory environment has significantly raised the region's global credibility. It is continuing to draw inward investment while putting in place the financial foundations required for sustainable, region-wide growth. ICAEW is proud to support finance professionals who are helping to shape this next chapter.' The forum emphasised the growing demand for financial professionals who can support regional growth through effective governance, risk management and capital deployment. It also reaffirmed ICAEW's commitment to strengthening the financial profession and contributing to the development of future-ready financial systems. Media enquiries: Layth Kamal, Mojo PR, email icaew@ About ICAEW Chartered accountants are talented, ethical and committed professionals. ICAEW represents more than 208,000 members and students around the world. Founded in 1880, ICAEW has a long history of serving the public interest and we continue to work with governments, regulators and business leaders globally. And, as a world-leading improvement regulator, we supervise and monitor over 12,000 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct. We promote inclusivity, diversity and fairness and we give talented professionals the skills and values they need to build resilient businesses, economies and societies, while ensuring our planet's resources are managed sustainably. ICAEW is the first major professional body to be carbon neutral, demonstrating our commitment to tackle climate change and supporting UN Sustainable Development Goal 13. ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family that connects over 1.8m chartered accountants and students in more than 190 countries. Together, we support, develop and promote the role of chartered accountants as trusted business leaders, difference makers and advisers. We believe that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding we can help to create sustainable economies and a better future for all.
Globe and Mail
09-06-2025
- Business
- Globe and Mail
Canada has ‘ambition deficit' and regulations that are scaring away investment, Sabia says
Michael Sabia, former head of Quebec's powerful pension fund and current chief executive officer of Hydro‑Québec, warns Canada has long lacked the willpower and grandiose thinking needed to spur national projects, and he believes this must change fast in order to transform the country's economy. 'We have an ambition deficit,' he said on stage Monday at Globe and Mail's conference designed to foster conversation around building a stronger Canada. Fixing the economy, he argued, will involve shrinking layers of regulation that discourage foreign investment and changing how businesses and governments partner with Indigenous communities. 'We've got a lot to fix on the regulatory side', Mr. Sabia said, arguing that many rules, such as regulations around energy emissions, were likely implemented with good intentions, but they've piled on top of each other like 'a stack of pancakes.' Because there are now so many, they can be tough to navigate and can discourage private capital from making investments, he said. 'We need to stand back and say, 'There's got to be a simpler, better way,'' he said. As for relationships with Indigenous communities, Mr. Sabia said there needs to be a new approach to partnerships – something that is starting to materialize. In his role as Hydro‑Québec's CEO, he's spent a lot of time visiting with Indigenous communities in the province and he now appreciates even more that it is crucial for leaders to show up in person when trying to negotiate business partnerships. 'There is no substitute when working on these transactions for human presence,' he said. 'Human presence leads to trust. And we don't have a lot of that right now.' Because there hasn't been much trust, 'First Nations understandably have become very good at taking projects and governments to court,' he said. 'What happens in court? You lose decades.' 'If we keep doing things the old ways, it's not going to work,' he added. Mr. Sabia also stressed that Canada must reconsider how it will finance national resource and power projects. For so long, the hope has been that major pension funds such as Canada Pension Plan Investment Board and the Caisse de dépôt et placement du Québec, which Mr. Sabia ran, will help fund new developments. But he said there's a major mismatch between what these funds require to meet their investment criteria and what these projects will deliver in their early years. 'Big institutional investors, they think about infrastructure as a set of financial characteristics,' he said, such as stable healthy cash flows for decades. Early-stage infrastructure projects, however, are extremely risky because of variables such as cost overruns. 'Asking that source of capital to take all sorts of risk? That's a crazy question,' he said. 'It doesn't work.' Instead, he said Canada needs to think about a form of bridge capital that comes in early, takes some risk, and then once the projects have operating cash flows, major investors such as pension funds can be brought in.
Japan Times
29-05-2025
- Business
- Japan Times
Japan may allow bus and railway firms to enter ride-hailing business
A government panel proposed Wednesday that bus and railway operators be considered for entry into Japan's ride-hailing industry. The proposal was made by the Regulatory Reform Promotion Council, chaired by Tetsuro Tomita, adviser to East Japan Railway. At a meeting of the council on the day, Prime Minister Shigeru Ishiba said: "Regulatory reforms are extremely important to overcome challenges caused by the population decline, realize 'regional revitalization 2.0' and shift to a value-adding economy. My cabinet will promptly approve a regulatory reform implementation plan." The Japanese approach to ride-hailing services, which began in April 2024, allows individual drivers to use their private vehicles to offer paid rides under the supervision of taxi companies. Bus and taxi operators have not been permitted to undertake this supervisory role. The council called for promoting ride-hailing services to address the nationwide transportation shortage and suggested a trial for bus and railway operators to identify potential safety and other issues. It also proposed system revisions to relax and clarify requirements for bus and railway operators to obtain taxi business licenses.
CBS News
28-05-2025
- Business
- CBS News
Keller: Healey cutting some red tape for businesses but people on both sides want more
The opinions expressed below are Jon Keller's, not those of WBZ, CBS News or Paramount Global. Gov. Maura Healey is cutting red tape for businesses in Massachusetts, saying it will keep the state competitive but people from across the political spectrum want her to do more. The time and expense of dealing with bureaucratic red tape is a nightmare for many businesses. Eliminates old business regulations And on Wednesday, Healey fed a batch of state regulations to a paper shredder, saying it will help keep the state competitive. "Who doesn't love the striped pole outside a barbershop?" she said. "State law required a barbershop to actually hang a frickin' pole right outside the thing." No longer. Just one of scores of archaic business regulations being discarded by the Healey administration. The message: "These changes are going to save businesses time, they're going to save businesses money, and you know who's gonna benefit? Customers," said the governor. The shredding drew praise from some business leaders. "Your two predecessors - one Democrat [Deval Patrick], one Republican [Charlie Baker] - also announced regulatory reform efforts at the beginning of their terms. Sixteen years later nothing had occurred," recounted Jon Hurst, head of the Massachusetts Retailers Association. Groups want Healey to do more But to Chris Anderson, CEO of the Massachusetts High Technology Council, Healey's shredding party is "a good news story, however it's really marginal at best." He says it's far more important that Healey ease unemployment insurance costs and the burden on taxpayers of rising state spending. "What the governor should be leading right now with the support of many of those who care a lot about Massachusetts is to rein in the rate of growth on state spending to a rate that is more equivalent to what taxpayers are seeing their paychecks do from year to year," said Anderson. By contrast, Viviana Abreu-Hernandez, head of the Massachusetts Budget and Policy Center, wants Healey, who backed the so-called Millionaire's Tax, to support economic growth with a new tax on foreign corporations doing business here. "If we have seen progressive taxation to bring enough revenue to the state to make significant investments in transportation and education, why are we not promoting more progressive taxation at the corporate level?" she asked. As she did when she ran the first time, Healey wants to find the middle ground that made Baker so popular, supporting some tax cuts and cutting red tape while also backing other tax hikes and expanding the budget. She hasn't said yet if she supports that new corporate tax, but with all sorts of red lights flashing on the state's fiscal dashboard, that will likely be an election-year moment of truth.
