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US Navy’s climate plan aims to reduce emissions, move to lower carbon fuels

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WASHINGTON - The U.S. Navy on Tuesday unveiled a climate strategy aimed at making energy more resilient to changes such as rising sea levels and coastal erosion, and moving faster toward low-carbon fuels and hybrid engines for ships and aircraft.

Climate Action 2030 Plan https://www.navy.mil/Portals/1/Documents/Department%20of%20the%20Navy%20Climate%20Action%202030.pdf?ver=ScwuxX5mGr9jXT1ewRvlxd%36%36%363 36% 35300% Biden administration's larger goal is to decarbonize the economy by 2050.

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"By building a climate-ready force, our sailors and marines will be able to fight and conquer anywhere in the world in any situation," Meredith Burger, the Navy's assistant secretary of energy, installation and environment, told reporters.

Among the naval bases in Norfolk, Virginia and San Diego, California, and the Marine Corps Recruit Depot in South Carolina, Paris Island Hall are the most vulnerable to fires due to rising sea, high temperatures, flooding and climate change. I

The plan offers little detail on how to reduce emissions or switch to alternative fuels. It did, however, encourage officials to report to Secretary of the Navy Carlos del Toro within 90 days on ways to strengthen infrastructure, adapt to the climate, and reduce emissions and fuel costs.

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Berger points to the USS Makin Island, an amphibious assault ship deployed in 2009 that uses GE hybrid systems, including electric and natural gas or diesel-powered turbines, to enhance efficiency as an example of ways to reduce fuel dependence.

"Hybridization is something with which we've seen some good results, but there's also a lot of improvement in technology," Burger said.

The plan comes at a time of growing energy costs for the military, the largest consumer of energy in the United States. The Pentagon's controller said in a congressional hearing last month that the cost of fuel for the armed forces would be $ 3 billion more than planned for this fiscal year.

As an example of efficiency, the plan mentions the Marine Corps Logistics Base in Albany, Georgia, the first Department of Defense base to generate more energy than it costs, thanks to the use of nearby landfills and methane, a fuel produced by steam. From an industrial factory, and solar and geothermal energy.

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The Navy has had mixed success with moving to alternative fuels. In 2009 the service announced a Great Green Fleet with the goal of getting half the energy and power from fossil fuel alternatives such as advanced biofuels by 2020, but the plan was very low.

Meredith said the Navy is working with the energy industry at a "survey stage" to understand what types of alternative fuels are available but the driving force always ensures that the Navy and Marine Corps "create missions."

There was no estimate of how much the plan would cost. The Navy's FY 2023 budget includes $ 718 million to fight climate change.

Switching to alternative fuels can save money over time, Meredith says.

"Not only are we going to reduce our costs, we are also going to reduce our dependence, we will have energy sources that are more reliable," he said. (Reporting by Timothy Gardner Editing Margurita Choice)

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In the Fed’s fight against inflation, Bostick wants to avoid ‘recklessness’

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As the Federal Reserve intensifies its fight against 40-year high inflation, which is expected to be a string of major interest rate hikes, a US central banker has injected a cautionary note, warning that head-raising rate hikes "create significant economic displacement." Can ""

In an article published on Tuesday, Rafael Bostick, president of the Atlanta Fed, said he supports a rapid return to monetary policy to reduce inflation to a more "neutral" position, which is currently more than three times the Fed's 2% target.

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In doing so, he said, "I plan to move forward with purpose and recklessly."

He writes that monetary policymakers must be "aware" of the uncertain effects of the epidemic, the war in Ukraine and the economic constraints on supply, and "proceed with caution in tightening policy."

Earlier this month, the Fed raised its target for the overnight bank-to-bank lending rate by half a percentage point to 0.75% -1%, and Fed Chair Jerome Powell said most policymakers supported two more such rate hikes in June. And July.

Fed policymakers underestimate Bostick's comments as they think about their next steps in the face of rising global recession risks and how workers and families will react to the growing global recession risk, including how to deal with workers and families in an economy permanently affected by the epidemic. .

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On Monday, Bostick said he wanted to stop further rate hikes at the Fed's September meeting to give it time to assess the impact of austerity measures on the economy and inflation.

Wednesday's release of the minutes of the Fed's May meeting could show just how widely that approach has been conducted and what other options are under consideration.

Since the May meeting, several Fed policymakers have said they would seek to slow the pace of inflation after the initial eruption of austerity, until inflation shows signs of cooling.

Meanwhile, Loretta Mester, president of the Cleveland Fed, said she would be more aggressive at the time if inflation did not co-operate.

At least one policymaker, James Bullard, president of the St. Louis Fed, wants to raise interest rates to 3.5% by the end of the year, which would require a half-point increase in the remaining five Fed meetings this year.

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Krishna Guha of Everco's ISI says the best possible Fed policy guide is Powell himself, who said earlier this month that he wants to "push" the rate hike until there is a "clear and credible" reduction in inflation. "The high results-oriented benchmarks are unlikely to be met in September, with the economy missing a sharp downturn, although that meeting could be significant enough to allow the Fed to rise from 50bp to 25bp," Guha, a former New York Fed communications chief, wrote.

The real estate market may already be providing a signal. Data from the Commerce Department on Tuesday showed that sales of new U.S. single-family homes fell to a two-year low in April, as higher mortgage rates beat demand compared to a nearly 20% -year-per-year home price increase that failed. Stem

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Although the Fed has raised interest rates by only 0.75 percentage points since March, policymakers have spoken of tougher policies since last fall, with lenders raising home loan rates by about 2 percentage points this year in anticipation of the Fed's move.

Fed policymakers want to see similar coolness in more parts of the economy, even as they hope to avoid the kind of sharp recession that could trigger a recession.

Bostick says other changes could happen on the train as well. The participation of the labor force, which fell during the epidemic, has increased, limiting what might otherwise be inflationary wages. Families sitting on trillions of extra savings are starting to save less and use more credit cards, a potential early sign of spending cuts ahead.

But in a world where supply constraints predominate, as Kansas City Fed President Ether George noted on Monday, policymakers aren't sure how fast borrowing costs will bite demand. And it is certain that there could be a debate up front which would tell how high and how far the rate of increase goes in the end. (Reporting by Ann Safi; Editing by Leslie Adler)

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The United States is preparing to renew Chevron’s Venezuelan license without elaborate conditions

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HOUSTON / WASHINGTON - The U.S. Treasury Department is preparing to renew Chevron Corporation's license to operate in Venezuela in the coming days, but possibly without extensively expanded terms, according to four people close to the talks.

Venezuela's latest U.S. power producer, in March, asked President Joe Biden's government for a license that would allow it to speak louder in a joint venture with Venezuela's state-run PDVSA, the first step in reviving output and controlling where oil is shipped.

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Contrary to earlier expectations for a broader approval, however, the license is now expected to be renewed or returned in some conditions, such as 2020, which did not limit Chevron's drilling, processing or shipping oil from Venezuela. , According to man. A final decision in this regard has not been made yet, said a concerned person.

Washington last week gave Chevron a "narrow" approval to engage in talks with President Nicolas Maduro's government in November on future activities. U.S. officials are now waiting for Venezuela to set a date for the resumption of political dialogue with government opponents, people say, a potential determinant in the creation of the Chevron license.

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Political talks in Mexico have not yet been formally transformed, with the two sides arguing over which country to oversee, as Norway did last year, two other people familiar with the matter said. Chevron's license is set to expire on June 1.

"We are no longer talking about other issues," said a source close to the talks, referring to Chevron's joint venture taking an operating role and pursuing authorities to bring Venezuelan oil to the United States.

Too much pressure

As President Biden's administration seeks to encourage political dialogue, it has faced criticism from Republicans as well as some of his fellow Democrats who do not want to make any concessions to Maduro.

At the same time, the US government is concerned about rising fuel prices and fears of a shortage of domestic supplies.

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According to Washington sources, congressional opposition to any of the measures seen as easing sanctions has reduced the likelihood that Chevron will be given the green light for any control over production or trade at this time.

U.S. Senator Bob Menendez, the Democratic chair of the Foreign Relations Committee, said last week that giving Maduro a "handful of unsolicited handouts" so that his government would promise to sit at the negotiating table is a "strategy to fail."

In recent years, Chevron, Annie of Italy and Repsol of Spain have sought US approval to take Venezuelan oil cargo to pay off past debts, arguing that these conditions would not pay Venezuela cash.

Between 2019 and 2020, Chevron was allowed by then-President Donald Trump's government to trade unpaid goods produced by his Venezuelan joint venture in order to pay off dividends and debts owed by PDVSA. Special privileges have been revoked as part of Trump's pressure campaign against Maduro.

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"We are hopeful that General License 8 will be renewed so that we can continue our presence in the country in the long run," said Ray Foher, a spokesman for Chevron. "We are committed to the safety and well-being of our employees and their families, the integrity of our joint venture assets and the company's social and humanitarian program."

The US Treasury declined to comment. PDVSA did not respond to a request for comment

In March, Washington surprisingly resumed diplomatic engagement with Venezuela to replace Russia's crude oil and fuel, which would be banned weeks later.

But since that high-level meeting, U.S. officials have repeatedly said that any sanctions for Venezuela would be tied to Maduro's "concrete steps," highlighting the difficulties for each side in getting at least a fraction of the demands on the table.

The United States recognizes opposition leader Juan Guido as the rightful interim president of Venezuela and considers Maduro's 2018 re-election a sham. But the socialist president remains in power.

Energy Secretary Jennifer Granhome told a congressional hearing last week that the United States would "not import any oil from Iran or Venezuela."

(Reporting by Mariana Paraga in Houston and Matt Spatalnick in Washington; Additional reports by Diego Ore in Mexico City and Timothy Gardner in Washington; edited by Chris Rees)

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NY Fed 3-year balance sheet stands at 9 5.9 trillion, missing MBS decline

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WASHINGTON - Stocks of Fed Treasury bonds and mortgage-backed securities will shrink by about $ 2.5 trillion to about 5.9 trillion by mid-2025, when the central bank is expected to close to maintain adequate asset levels. Bank Reserve, New York Fed said Tuesday.

But the most controversial part of that run-off Fed's portfolio, the $ 2.7 trillion mortgage-backed securities that it currently holds, will hardly be cut. The New York Fed estimates that the share of assets held in MBS will remain fairly stable until 2025, with the central bank still holding about $ 1 trillion of those securities by 2030.

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The Fed wants to completely shift its holdings out of the mortgage market, and the expected slowdown in MBS has prompted some policymakers to call for direct sale of those securities.

The New York Fed's annual report on open market activity provides a glimpse into how the Fed's asset holdings, which rose to about $ 9 trillion during the epidemic as it bought assets to stabilize key financial markets, will now evolve as the Fed approves. Shrink the balance sheet.

The New York Fed estimates that by 2024 the monthly fall will be about $ 80 billion.

This fall will last for almost three years, the New York Fed said, at which time the Fed's holdings could be kept stable, at an estimated 22% of GDP, then increase again in proportion to the economy.

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The reserves required for the banking system are included in the amount, which the New York Fed estimates at about 8% of GDP.

The report also highlighted the risks surrounding the Fed's transition to a smaller balance sheet as interest rates rise. One of the Fed's tools to raise short-term market interest rates is to pay more for the bank's reserve deposit in the Fed. As those costs rise, the Fed's own holding roll-off means it will earn less on interest payments from its Treasury bonds and mortgage securities.

Under current estimates, the Fed has projected a "significant decline in net income," the New York Fed said, meaning small profits would be returned to the US Treasury.

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If the rate rises too fast, the Fed could operate at a loss for at least some time, effectively forcing it to print money to pay its bills, and completely stop sending money to the Treasury. In 2021, Fed remittances were over $ 100 billion.

As the market value of securities declines when yields rise, higher interest rates mean the market value of the Fed's portfolio has fallen, and could be about $ 300 billion less than its face value on paper in the coming year.

Fed officials have acknowledged that if they choose to sell MBS in an environment of high interest rates, they may lose out. However, their treasury investments will be kept until maturity, when the full face value is paid.

(Reporting by Chizu Nomiyama and Nick Jiminsky edited by Howard Snyder)

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Deutsche Bank Mexico – City in talks to buy Bloomberg law

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Citigroup Inc. is weighing a deal to buy Deutsche Bank AG's Mexican bank, Bloomberg Law reported on Tuesday, citing people familiar with the matter.

Citi plans to set up a new local unit in the country, and the agreement will help it avoid the lengthy approval process for a new license, according to the report. (Https://bit.ly/3lGT9f4)

Negotiations are at an early stage and may result in no agreement, the report added. Any sale would require regulatory approval and Deutsche Bank would keep the brokerage back in the country earlier this year, Bloomberg Law reported.

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"Citi has been operating in Mexico for more than a century and the country will remain one of Citi's top institutional markets outside the United States," a bank spokesman said.

"As we have said, we want to continue our locally licensed banking business in Mexico through our Institutional Client Group (ICG) and our private banking franchise," the spokesman added.

The ICG unit serves corporations, financial institutions and governments, while the private banking segment caters to wealthy individuals and families.

Deutsche Bank declined to comment

Citi said earlier this year that it would exit its Citibanamex consumer banking business in Mexico, ending its 20-year retail presence in the country that was the last of its overseas consumer business. (Reporting by Niket Nishant in Bangalore; Editing by Anil D'Silva and Maju Samuel)

Business

Flying Fish Partners expands its presence in Alberta and protects investments from it

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The presence in the region strengthens the venture firm's focus on AI and ML investments across Western Canada.

EDMONTON, Alberta - Today, Flying Fish Partners ("Flying Fish") announced its expansion into Alberta with the addition of its new team member, Tiffany Link-Boyko, who is serving as principal overseer of Flying Fish's Canadian operations. The venture capital firm welcomes Alberta Enterprise Corporation's (AEC) বিনিয়োগ 7.5 million investment in the recently closed Flying Fish Fund II.

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Flying Fish invests in the fast-growing Artificial Intelligence (AI) and Machine Learning (ML) sectors, primarily software and mixed hardware and software companies that use AI or ML as their business base, providing AI and ML products and services to others, or AI. And provide equipment to ML practitioners. The firm invests across the United States and Canada and has a special focus in Pacific Northwest and western Canada.

Geoff Harris, co-founder and managing director of Flying Fish, said: "The province of Alberta is well-known for its entrepreneurial talents and industrial and agricultural energy, but not for the profound AI and ML skills we've discovered." "We've enjoyed the flow of impressive deals and we look forward to capitalizing on the excellent AI and ML talent we have to find outside of Silicon Valley."

"When we started to find the talent base here, we were excited to learn more about the deep history of AI and ML research," said Frank Chang, co-founder and managing director of Flying Fish. "In light of what we've unveiled, it makes sense to base our Canadian activities in Alberta."

"We hope that our partnership with Flying Fish will help Alberta's most innovative companies accelerate their growth and provide the capital they need to compete globally," said Christina Williams, CEO of Alberta Enterprise Corporation. "We are delighted that investors like Flying Fish have recognized the foundation of our AI and ML talent in Alberta. We see their expertise and network in the AI ​​and ML sectors as a major benefit for the Alberta Tech ecosystem. "

"Alberta is a world leader in AI and ML," said Doug Schweitzer, Alberta's Minister of Jobs, Economy and Innovation. "The Alberta government is proud to support businesses that help diversify our economy and create jobs today and in the future. The AEC's partnership with Flying Fish and their presence in Alberta will be another significant part of seeing that happen. "

The Flying Fish team comes from a strong technical and operational background. The firm's three founders, Frank Chang and Geoff Harris, worked together for ten years to solve basic AI and ML problems, including natural language processing, before starting the firm. Heather Redman, also a founder, and Adrian Brown, the firm's fourth managing director, have long careers in the C-suit industry. The firm's venture partners, Vanessa Pegueros and Lisa Nelson, have considerable experience in cybersecurity and investment, respectively.

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"The new addition to our team, Tiffany Linke-Boyko, has built a strong network in Canada, and more specifically Alberta, which we believe will help grow our portfolio," Redman said. "As we enter this sector early, we see that we are seeing the flow of contracts across the United States and Canada, but when you find a lot of talent there is no substitute for boots on the ground."

As CEO of startup Edmonton and an online training company, Tiffany has led the tech community for more than a decade.

"I am excited to join Flying Fish because of the deep skills they bring and the commitment to roll up their sleeves and help companies succeed," said Link-Boyco. "The last decade has been incredible to see the Alberta tech community grow, and I'm excited to be able to contribute to that direction."

About Flying Fish Partners: Flying Fish Partners, a Seattle-based startup, focuses on providing capital and value-added support to fast-growing, high-potential AI and ML technology companies in the United States and Canada. The firm invests capital, skills and relationships in startups with a very big idea and makes initial investments at the seed and pre-seed stage.

About Alberta Enterprise Corporation: www.alberta-enterprise.ca

Alberta Enterprise Corporation promotes the development of the venture capital industry by investing in venture capital funds that finance technology companies. We focus on funds that have a strong commitment to Alberta - including presence in the province. In addition to capital, we support the Alberta Venture Capital ecosystem by connecting with investors, entrepreneurs and experienced technology executives who share our passion for building a brighter, more innovative Alberta. Since our inception, we have committed C $ 269 million to invest in twenty-five VC funds, covering a wide range of multifaceted industries, including information technology, industrial technology and life sciences.

For additional information on Flying Fish Partners, please visit www.flyingfish.vc or contact us at [email protected] or 206-605-2251.

For additional information on Alberta Enterprise Corporation, please visit www.alberta-enterprise.ca or contact us at [email protected] or 587-402-6601.

See the source version at businesswire.com: https://www.businesswire.com/news/home/20220524005466/en/

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Colin Muffit
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206-282-4923 ext. 113

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RevoluGROUP Canada Inc. Corporate Update, Card Issuer, DFSA, DCE, DA Forex

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Vancouver, BC, May 24, 2022 (Globe Newswire) - RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) ("Company") is pleased to announce a corporate update.

  • Top level card issuer Approval
  • DFSA
    4M
    Financial license
  • Cryptocurrency trading registration
  • And - Prominent Canadian Online Foreign Exchange
  • MD&A Clarification

Top level card issuer approval

Shareholders were informed on April 1, 2022 that the company expected that affiliate membership status would be granted soon. Following the release of the news, the company and the card issuer have resolved all the pending issues and may suggest today that the approved membership status is expected to be granted in the coming days. Shareholders will be closely informed when the final status will be approved through the upcoming news release. The partner is one of the top 4 global card issuers, accounting for more than 50% of all credit cards in circulation in the United States and over 50% in Europe.

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Dubai Financial Services Authority (DFSA) Financial license

Company Pursuit 4M International Financial License, shareholders were informed on 1 April 2022 that the application to the Dubai Financial Services Authority (DFSA) was on the way to fruition. On the 30thM In March 2022, the UAE authorities received answers to two small questions. The company received another recommendation from the DFSA which led to the submission of the final revised license petition on the 23rd.rd May 2022. The company is awaiting the final approval of the UAE Payment Service Provider (“PSP”) license. The underlying licensing benefits will allow the company to launch its consumer finance subsidiary RevoluFIN Inc. Other notable aspects include the geographically favorable hub in the MEASA region as an outline of shareholders at the Dubai International Financial Center ("DIFC"). 4M Of December 2020.

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Central Bank Cryptocurrency Trading Registration

According to a news release dated April 1, 2022, the company has briefly replied to two additional (2) points of the Central Bank's supplementary petition on March 25, 2022. On the 18th, external legal advice reached the central bankM May 2022 for a progress report. As a result of this call, the legal advisor informed management, based on the legal response time, that the final response from the central bank should be received on or before the 25th.M June 2022. Following the central bank's approval, the company expects to quickly launch its white-label advanced RevoluEX-powered platform for DCE ("Digital Currency Exchange") partners, according to a 14-day press release.M December 2020.

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DA - Prominent Canadian Online Foreign Exchange

Following the news release on April 1, 2022, the company agreed on the 23rdrd Expected to sign two final issues related to real-time transaction screening and immediate underlying DA from May 2022. Following the signing of the DA, the planned integration includes financial licensing and cross-use of technology to ultimately simplify banking regulations in North America through the adoption of the Open Banking Act. The company hopes to sign the final DA soon, which will allow RevoluTRANSFER to launch faster and other significant functionality for RevoluPAY app users in North America and support external transactions entering the region.

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MD&A
Clarification

The company informed shareholders that it had clarified two (2) terms on April 29M2022, MD&A has published and republished the same.

Page 5, paragraph title - Uninterrupted operation of RevoluVIP

April 29, 2022, word choice: timeThe current quarter"

May 24, 2022, word choice: timeThe second quarter ended November 30, 2021"

Links used in this news release.

About DIFC https://www.difc.ae/about/

3D License Dubai https://shortly.cc/O7Ztt

AAbout RevoluPAY®

The company's flagship neobanking technology is RevoluPAY®, Apple and the Android multinational payment app. Fully internal concept, owned by RevoluPAY, contains sector-specific technologies that make the source code the intellectual property of the company. RevoluPAY's built-in features include remittance payments, forex, crypto-to-fiat exchanges, retail and hospitality payments, real estate payments, pay-as-you-go phone top-ups, gift cards and online credit, UTI Retirement payment, travel payment etc. RevoluPAY employs blockchain protocols and aims at the multi-billion dollar open banking sector worldwide and the + $ 595 billion domestic remittance market. RevoluPAY® is operated by RevoluPAY EP SL, a European wholly owned subsidiary based in Barcelona. RevoluPAY is a licensed United States MSB, Canadian FINTRAC, and European PSD2 payment institution sponsored by EU Guidelines 6900 EU Guidelines 2015/2366 with EU Passport. RevoluGROUP Canada Inc. Controls five wholly owned subsidiaries across four continents.

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Related RevoluGROUP Canada Inc.:

RevoluGROUP Canada Inc. Hall is a multi-asset, multidisciplinary publicly traded Canadian company that incorporates advanced technology; Banking, Mobile Apps, Money Remittance, Mobile Phone Top-ups, Egaming, Healthcare Payments, Sports, Invoice Factoring, Online Travel, Vacation Resort, Blockchain Systems and Fintech App Sector. Click here to read more.

RevoluGROUP Canada Inc. For more information about (TSX-V: REVO), visit the company's website at www.RevoluGROUP.com. The company has about 186,969,692 shares issued and outstanding.

Revolugroup Canada, Inc.

"Steve Marshall"

___________________________
Steve Marshall
CEO

For more information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Email: [email protected]

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Neither the TSX Venture Exchange nor its regulatory service providers (as defined in the TSX Venture Exchange Policy) accept responsibility for the acquisition.

This release contains certain statements that may be considered "advance statements". All statements in this release, except statements of historical information, which address events or developments that the company's management expects, are farsighted statements. Although management believes that the expectations expressed in such far-sighted statements are based on reasonable assumptions, such statements are not a guarantee of future performance, and actual results or developments may differ materially from those of earlier statements. The Company assumes no obligation to update this advance statement in the event of a change in management's beliefs, assumptions or opinions, or other reasons. Issues that may materially differ from the actual statements in the actual results include market value, research and development success, continued availability of capital and financing, and general economic, market, or business conditions. Please see the company's public filing www.sedar.com For more information.

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Global energy and financing examines climate commitment

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DAVOS - Six months after the United States agreed to a bold, new goal in Glasgow with a new climate agreement, political and business leaders are grappling with an energy crisis, volatile markets and an economic downturn to reduce carbon emissions.

Amid rising oil and gas prices following Russia's aggression in Ukraine on February 24, some countries are turning to other fuels, including coal, to meet their energy needs.

Meanwhile, financial market problems have complicated plans to raise the trillions of dollars needed to shift energy away from fossil fuels.

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US Climate Ambassador John Kerry stressed at the World Economic Forum (WEF) in Davos, Switzerland, that the energy crisis caused by the Ukraine war would not deepen the world's dependence on fossil fuels for climate warming.

"If we make the right choices here, we can win all these wars: we can do what we need to do about Ukraine, we can do what we need to do about the climate crisis," Kerry told those in attendance. Summit

He warned against increasing investment in fossil fuel infrastructure: "We cannot be persuaded to believe that this is an open door to return suddenly and do what we were doing that created the crisis in the first place."

At the COP26 UN climate conference in Glasgow, Scotland in November, nearly 200 countries agreed to increase their national commitments this year to align global warming with the goal of capturing 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial levels.

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To meet that goal, countries need to reduce their carbon dioxide emissions by at least 45% from 2010 levels by 2030. To date, annual global emissions have only ever increased.

“The schedule is questionable now. There's a lot of debate about how many years we're lagging behind, "Jay Collins, Citigroup's vice chairman of banking, capital markets and advisory, told Reuters Global Markets Forum in Davos.

So far, none of the 20 developed economies group responsible for about 75% of greenhouse gas emissions has updated its CO2-cutting commitments this year, according to a report this week from the World Resources Institute, E3G and Energy. And the Climate Intelligence Unit.

More than 100 countries have pledged to reduce methane emissions by 30% by 2030, another major greenhouse gas, but most of them have yet to say how they will meet that deadline.

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"There is a short-term crisis going on right now, and I think it will ultimately accelerate the medium-term goals, but it may not seem like it," said Carl Carrande, KPMG's chief global adviser.

'Staying the course'

At a time when countries are struggling to jump on the bandwagon, companies facing investor pressure for climate action are sticking to their commitment to sustainability, according to several business leaders in Davos.

"We're on course," said Alan Jopp, chief executive of Unilever, during the WEF panel discussion.

As the cost of fossil fuels rises and the cost of installing renewable energy decreases, "the economic benefits of investing in climate solutions are becoming clearer," the COP26 progress report said.

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"When a company is committed to customers, employees, shareholders, (it) can't just say, 'Oh, it's inconvenient now.' These commitments are long-term, "Bank of America chief executive Brian Moynihan said during the panel discussion.

But for Amin Nasser, head of oil-producing Saudi Aramco, part of the problem is the lack of dialogue between the oil industry and policymakers on energy transfers.

"I do not think there is much constructive dialogue going on. Certain areas are not brought to our table. We were not invited to the COP in Glasgow, "he told Reuters on Monday.

Nasser said investors feared leaving so-called stuck assets, mainly due to the Ukraine conflict and the erosion of old fields around the world, prevented companies from investing in fossil fuels to fill supply gaps.

"We need more constructive dialogue. They say we don’t need you by 2030, so why would you create a project that takes 6-7 years? Your shareholders will not let you do that, "said Nasser.

At Shell's annual shareholder meeting on Tuesday, investor support for goals consistent with the Paris Climate Agreement fell from 30% in 2021 to 20%, while votes against the company's own climate plan doubled from 11% in 2021 to 20%. (Reporting by Dmitry Jdannikov, Divya Chowdhury, Jessica Dinapoli, and Leila de Kreetser, edited by Alexander Smith, Katie Diegel, and Mark Potter)

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Austria first sells green bonds

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Austria became the last government to enter the green bond market by selling 4 billion euros ($ 4.3 billion) of debt on Tuesday.

The bond, due to mature on May 23, 2049, is priced at 1.876% yield and holds 250 million euros to issue the Austrian Treasury, it says.

The bond attracted 25 billion euros in investor demand, according to a memo from one of the top managers seen by Reuters.

European governments have shown strong interest in the green bond issue, which finances eco-friendly projects, as investor demand has increased in recent years.

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Price bonds, including a "Greenium" - offer slightly lower yield green bonds than conventional loans due to higher demand - 2.5 basis points, said Marcus Sticks, managing director of the Austrian Treasury.

"Because of this Greenwich, the yield achieved (Austrian bond) was less than the maturity of October 2040, despite today's maturity being more than nine years," he added.

In addition to long-term green bonds, which will finance most of the country's green fund demand, Austria is also the first government to include short-term debt instruments such as treasury bills and commercial paper in its green loan program, the Treasury said in a statement. Presentation before issue.

It will attract short-term based investors such as central banks, money market funds and bank treasuries, it said.

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Following Tuesday's release, Austria plans to raise another 1 billion euros this year from the issuance of short-term green loans, said Austrian Treasury official Christian Schreix.

Austria has earmarked just over বিল 5 billion to fund each of its green bond programs for 2021 and 2022, the presentation showed, with nearly three-quarters of that being in clean transport.

The green bond issue has slowed this year, but activity has picked up, with France hiring banks on Tuesday to sell a green, inflation-linked bond.

Countries such as Germany, the Netherlands and Britain are also planning to top up their existing green bonds.

Greece is also expected to launch its first issue in the second half of this year.

(1 = 0.9338 euros) (Reporting by York Bahseli; Editing by Jason Neely, Mark Potter and Jan Harvey)

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Business

The food crisis raises fears of a growing security deficit

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Davos - Business leaders and policymakers at the World Economic Forum say a growing global food crisis is prompting countries to take protective measures that could complicate matters and lead to a larger trade war.

As a sign of mounting pressure on food supplies and rising prices, an official source told Reuters that India could restrict sugar exports for the first time in six years to stem the rise in domestic prices.

Meanwhile, Indonesia, the world's largest exporter of palm oil, will withdraw subsidies on bulk cooking oil and replace local refineries with raw material price caps.

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"This is a major problem, and to be honest I think the problem is bigger in front of us than behind us," Gita Gopinath, the first deputy managing director of the International Monetary Fund, told Reuters about growing food security concerns.

Security is gaining momentum in Davos, urging urgent talks to avoid a full-blown trade war.

"It's important for world leaders to sit quietly at the table and talk about how we manage trade and food and investment," Jay Collins, vice chairman of banking, capital markets and advisory at Citigroup, told Reuters Global Markets. Forum in Davos.

"There's actually been a lot of conversation with the G7 here in the last 48 hours," Collins said.

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Hoardings

For residents of sub-Saharan African countries, for example, 40% of their expenditure is spent on food, Gopinath said. As well as a “huge blow to the cost of living”, the rise in prices has given rise to hoarding by the government.

"We have more than 20 countries that have imposed restrictions on food and fertilizer exports and this could only complicate the problem and make the situation worse," he said on Monday.

Russia's invasion of Ukraine, which Moscow has described as a "special military operation", has led to a crisis that is already closed.

"Before Ukraine, we were facing an extraordinary food crisis, food costs, commodity prices, shipping costs have already doubled, tripled, quadrupled," said David Bisle, executive director of the UN World Food Program.

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In an interview with Reuters in Davos, Basley said the number of people "starving" has risen from 80 million to 276 million in the last four to five years.

"Closing ports in Ukraine as the harvest season approaches in July and August means a declaration of war on global food supplies," he said.

Many companies in Davos have been contacted about how they can work to tackle the food crisis, Bisle added.

'Not sustainable'

"Agriculture must be part of the solution to climate change and tackle food security," said Eric Firewald, CEO of Syngenta Group, during a panel discussion on Monday.

Firewald said Syngenta has an exhibition farm that shows how farming practices such as not cultivating soil and covering crops in winter to prevent soil erosion are good for soil, food security and climate change.

Another possible solution to the food crisis is tackling waste, Gilberto Tomazoni, CEO of JBS SA, the world's largest meat processor, told a WEF panel on Tuesday.

"Humanity is facing two major emergencies at the same time, we need to face climate change and we need to produce more to feed our growing population," Tomazoni said.

"And the way we produce today is not sustainable. This is our big, big challenge. Food waste, we have to take this situation, "Tomazoni added. (Reporting by Jessica Dinapoli, Dan Burns and Divya Chowdhury; Edited by Alexander Smith)

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