As the end of 2014 draws near, Canadean forecasts the top trends which will influence consumer behaviour in 2015, and provides an insight into how manufacturers and marketers can target these evolving consumer needs to drive sales over the next year.

Today's consumers are much more likely to focus on changing their snacking habits in order to achieve weight loss success.

Craft beer has revolutionized the industry and is moving out of microbreweries and into the main market. According to the Brewers Association, there were over 3,200 brewers in the United States as of November 2014.

FSX 2025 is designed as a platform for knowledge-sharing, professional growth, and collaboration among key stakeholders in the food industry.

Japan's former vice minister of finance for international affairs, Masato Kanda was reported with comments on Wednesday ICYMI.

• currency market volatility had increased reflecting recent changes in monetary policies and political situations in major countries
• "There is no change to our stance that we will need to respond appropriately to excess movements on the currency market as excessive foreign exchange volatility is undesirable"

His comments have not slowed the yen decline:

***

Kanda is now a special adviser to Prime Minister Shigeru Ishiba and the finance ministry., said in an interview that currency market volatility had increased reflecting recent changes in monetary policies and political situations in major countries.

Noting this, report comes from Japan media (Sankei) via Reuters:

• Japanese government to compile a supplementary budget of about 13.5 trillion yen ($87 billion)
• to fund a stimulus package to help low-income households and offset rising prices
• government would provide 30,000 yen to low-income households that are exempt from residential taxes and 20,000 yen per child for households with families

There is just one to take note of, as highlighted in bold. But dollar domination is the name of the game now, so just be wary that the expiries aren't going to matter all too much.

The one highlighted is for EUR/USD at the 1.0550 level. However, it isn't one that holds any technical significance now that the pair has broken below the April low of 1.0601. The 1.0500 mark is next on the cards with the October 2023 lows beckoning below that closer to 1.0450.

The monthly chart for the pair highlights how we've been in a range between roughly 1.0500 to 1.1200 since the start of 2023. So, there is some key technical focus towards the downside support there and that's the more important level to pay attention to with the dollar continuing to push upwards.

For more information on how to use this data, you may refer to this post here.

The dollar continues to push higher in the post-election period and in the case of USD/JPY, that momentum is helped by higher yields as well. The pair has been on a tear since October trading, racing up from 143.00 all the way to touching 156.00 earlier today. The break above 155.00 yesterday is a crucial one, signifying another breach of a key technical/psychological level.

When it comes to USD/JPY, there's always something about big figure levels. And this is arguably no exception.

With buyers clearing the key daily moving averages and 150.00 mark last month, the focus has been drawn on the 155.00 mark since. And inevitably with Trump winning the election, we've finally gotten there today.

And having done so, we're into a bit of a pocket of space with little to no technical resistance all the way to 160.00 potentially.

It doesn't mean we'll get there overnight but it does present an attractive level for buyers to take aim at. Nonetheless, the pace of any further gains will of course be another thing to be mindful of though.

That might invite scrutiny from Japan officials to verbally intervene. As for any real intervention threat, it's going to be tough to fight the underlying market momentum in play currently. So, I wouldn't imagine Tokyo trying that out - at least for the time being.

The bond market is once again going to be a key driver to be mindful of when it comes to USD/JPY. But for now, the overall dollar bullishness is also helping to underpin the pair rather strongly. That especially when the greenback is starting to creep up on some key technical levels in the bigger picture, as seen here with EUR/USD.

The pullback in gold continues to play out since the post-election period. The precious metal is now down for a fifth straight day in what is already easily its worst weekly showing so far this year. It has more or less been a case of waiting for said pullback to reach some key technical levels on the charts. And we're just about there already in trading today.

The 100-day moving average (red line) is the key technical focus right now and that is seen at roughly $2,543. The last time gold actually had a brush against the key level was all the way back in February. And the last time that gold traded back below either that or its 200-day moving average (blue line) was all the way back in October last year.

That underscores the breathtaking momentum that has been in play for gold all through this year so far.

As such, this makes the 100-day moving average an even more important technical juncture now. A break there will not only signify a break in the bullish bias in gold. However, it could set off another wave of selling that leads to an even bigger pullback.

Traders love key levels like these and USD/JPY is a good example of that when it broke its own 100-day moving average back in late July as well. The drop there of course owed to a myriad of other factors but the technical consideration certainly exacerbated things. And it could also be the case for gold when we get there in the sessions ahead.

I'm still an advocate for gold in the bigger picture of things. However, I would say dip buyers will need to be patient to let this correction run its course before coming back in. From earlier this week: Gold pullback might prove to be timely for dip buyers

The US CPI report yesterday here provided some reason for a push and pull in markets but ultimately, the dollar settled higher as it continues its post-election momentum. It's tough to fight that especially with dollar bulls also seeking out key technical breaks on the charts. And the greenback is once again keeping a little firmer today:

EUR/USD is holding at its lowest levels this year after the break below the April low of 1.0601 overnight. Meanwhile, USD/JPY had a brief brush against 156.00 earlier as it eyes further gains alongside an uptick in Treasury yields.

Elsewhere, GBP/USD is closing in on its August low of 1.2665 while USD/CAD is up to its highest levels since 2020 in a push above 1.4000. It's all about the dollar as it rampages on in the post-election period.

Looking to the session ahead, there isn't anything on the agenda in Europe to shake up that sentiment. All eyes will once again fall on more US data later in the day to perhaps add to the mix. Otherwise, the euphoria from Trump trades is still very much permeating across broader markets with Bitcoin also hoping to firmly clear $90,000 since yesterday.

0800 GMT - Spain October final CPI figures1000 GMT - Eurozone Q3 GDP second estimate1000 GMT - Eurozone September industrial production

That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.

And that is thanks to Beijing disappointing markets once again with a failure to live up to stimulus announcements. It was the case right after the Golden Week holiday and it was the case again on Friday last week. With the drop today, the CSI 300 index closes down by 1.7% to post its lowest close this week.

It's been a rather back and forth last few days but the feeling is that there are hints of exhaustion when it comes to Chinese equities at the moment. That especially since Beijing has not followed up on the rallying momentum prior to the Golden Week holiday.

In the bigger picture, China is a very, very attractive opportunity as valuations are cheap and price levels are low at the moment. And that provides an alluring proposition for any investor, that is if you can ride this wave out. I'm definitely keeping an eye out but I'm not entirely convinced that this is where the turning point is, especially since local authorities have not delivered in recent weeks.

The technical breakout at the end of September is a good starting point but I fear that with a lack of convincing, China stocks might slip back into old habits and slide down again in the weeks ahead. The warning signs are definitely building to say the least: It's not a pretty picture in China

• Eurostoxx +0.6%
• Germany DAX +0.7%
• France CAC 40 +0.3%
• UK FTSE flat
• Spain IBEX +0.3%
• Italy FTSE MIB +0.4%

It's still early in the day but European indices are at least hoping to recover some poise after the fall earlier in the week. US futures are also seen flattish at the moment, after having been down earlier in the day. So, that's at least helping with the broader market mood. But again for Europe, the outlook remains challenging considering all the recent developments with regards to German politics and the US election result.

Fundamental Overview

The US CPI yesterday came in line with expectations leading to a bit of a “sell the fact” reaction in the US Dollar.

The bullish momentum picked up a bit later though as Fed’s Logan delivered a hawkish comment saying that “models show that Fed funds could be very close to neutral” basically implying a lot more cautious approach on rate cuts in 2025.

The market is viewing all of this in light of the recent US election as Trump’s policies are likely to spur growth and potentially keep inflation above target for longer, making the Fed’s job of bringing inflation back to target a bit harder.

USDJPY Technical Analysis – Daily Timeframe

On the daily chart, we can see that USDJPY finally extended the rally into new highs helped by a hawkish comment from Fed’s Logan. There’s no strong technical resistance now at least until the 160.00 handle.

If we get a pullback, the buyers will likely lean on the trendline with a defined risk below it to position for a rally into the 160.00 handle. The sellers, on the other hand, will want to see the price breaking lower to start targeting a drop back into the 152.00 support.

USDJPY Technical Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that we have a minor upward trendline defining the current bullish momentum. If we get a pullback, the buyers will likely lean on it to position for new highs, while the sellers will look for a break lower to target a break below the major trendline.

USDJPY Technical Analysis – 1 hour Timeframe

On the 1 hour chart, there’s not much else we can add as from a risk management perspective, the buyers will have a better setup around the trendline, while the sellers are better to wait for a technical break lower instead of trying to catch the top. The red lines define the average daily range for today.

Upcoming Catalysts

Today we have the US PPI and the US Jobless Claims figures. Tomorrow, we conclude the week with the US Retail Sales data.

See the video below

Valhalla, Floki’s PlayToEarn Massively Multiplayer Online Role-Playing Game (MMORPG) blockchain game is proud to announce a partnership in the United Arab Emirates (UAE).

On Nov. 13, Valhalla unveiled a partnership with Dubai's Mall of the Emirates, marking a milestone in its global outreach efforts.

The partnership will see Valhalla’s branding prominently displayed across 93 screens in the mall for a four-week campaign running from November 15 to December 12.

Mall of the Emirates, located in the heart of Dubai, is one of the world’s most prestigious shopping destinations. Since opening in 2005, it has become an iconic landmark, attracting millions of visitors each year. The mall sees daily traffic of approximately 111,500 people, making it a prime venue for Valhalla’s campaign to reach a diverse and international audience.

The mall’s strategic location on Sheikh Zayed Road, a prime area in Dubai, combined with its diverse visitor base, offers Valhalla an opportunity to engage both local and international audiences.

Spanning an area of 255,489 square meters, the multi-level mall boasts over 630 retail outlets, 80 luxury stores, and 250 flagship stores. It also features some of Dubai’s most popular attractions, including the indoor ski resort Ski Dubai, the Magic Planet entertainment center, and VOX Cinemas. The mall’s dining options, with over 100 restaurants and cafés, further enhance its appeal as a top destination for both residents and tourists.

The Campaign’s Goal

Valhalla is ramping up its presence in the UAE, a key market for crypto adoption.

Despite its smaller population, the UAE ranks as the third-largest crypto economy in the MENA region, with $34 billion in crypto transactions recorded between July 2023 and June 2024. This represents an impressive 42% year-on-year growth, far outpacing the MENA average of 11.73%, according to Chainalysis.

Dubai’s rapid evolution into a crypto hub has been fueled by initiatives like the Dubai International Financial Centre (DIFC) and Virtual Asset Regulatory Authority (VARA), which offer crypto-friendly regulatory frameworks. This has drawn major players and startups, solidifying Dubai’s status as a global crypto leader.

Valhalla’s campaign at Mall of the Emirates aligns perfectly with this momentum. By showcasing its brand in one of Dubai’s busiest and most iconic locations, Floki aims to boost awareness and adoption of its ecosystem.

This campaign follows Floki’s recent four-week marketing initiative at WAFI Mall in Dubai, running from November 8 to December 5, where its branding appears across 18 digital screens. Together, these efforts are part of Floki’s larger strategy to dominate the Dubai crypto scene.

About Valhalla

Valhalla (https://valhalla.game/) is a blockchain-based MMORPG inspired by Norse mythology, offering players the chance to discover, tame, and battle with creatures called Veras. The game features a player-driven economy and a hexagonal battlefield designed for dynamic combat. Users can learn more at Valhalla.game.

About Floki

Floki is the people’s cryptocurrency and utility token of the Floki Ecosystem. Focused on utility, community, philanthropy, and strategic marketing, Floki is working toward becoming the world’s most recognized and used cryptocurrency. With over 490,000 holders globally, Floki has already established a strong brand presence.

Fundamental Overview

The US CPI yesterday came in line with expectations leading to a bit of a “sell the fact” reaction in the US Dollar.

The bullish momentum picked up a bit later though as Fed’s Logan delivered a hawkish comment saying that “models show that Fed funds could be very close to neutral” basically implying a lot more cautious approach on rate cuts in 2025.

The market is viewing all of this in light of the recent US election as Trump’s policies are likely to spur growth and potentially keep inflation above target for longer, making the Fed’s job of bringing inflation back to target a bit harder.

AUDUSD Technical Analysis – Daily Timeframe

On the daily chart, we can see that AUDUSD broke through the recent low around the 0.6537 level and extended the drop into the 0.6460 level as the US Dollar restarted its run on stronger US data. The natural target should be around the 0.6362 level.

From a risk management perspective, the sellers will have a better risk to reward setup around the trendline. The buyers, on the other hand, will want to see the price breaking higher to start targeting a rally into the top of the yearly range around the 0.69 handle.

AUDUSD Technical Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that we have another minor downward trendline defining the current bearish momentum. If we were to get a pullback, the sellers will likely lean on the trendline with a defined risk above it to position for a drop into new lows. The buyers, on the other hand, will want to see the price breaking higher to start targeting a bigger pullback into the major trendline.

AUDUSD Technical Analysis – 1 hour Timeframe

On the 1 hour chart, there’s not much more we can add although we can see that we have a minor resistance zone around the 0.65 handle. If the price gets there, we can expect the sellers to pile in for move lower, while the buyers will look for a break higher. The red lines define the average daily range for today.

Upcoming Catalysts

Today we have the US PPI and the US Jobless Claims figures. Tomorrow, we conclude the week with the US Retail Sales data.

Rate cuts by year-end

• Fed: 20 bps (81% probability of rate cut at the upcoming meeting)

2025: 75 bps

• ECB: 34 bps (62% probability of 25 bps rate cut at the upcoming meeting)

2025: 145 bps

• BoE: 4 bps (85% probability of no change at the upcoming meeting)

2025: 56 bps

• BoC: 33 bps (67% probability of 25 bps rate cut at the upcoming meeting)

2025: 95 bps

• RBA: 2 bps (92% probability of no change at the upcoming meeting)

2025: 40 bps

• RBNZ: 55 bps (80% probability of 50 bps rate cut at the upcoming meeting/20% for a 75 bps cut)

2025: 170 bps

• SNB: 32 bps (72% probability of 25 bps rate cut at the upcoming meeting)

2025: 70 bps

Rate hikes by year-end

• BoJ: 13 bps (51% probability of 25 bps rate hike at the upcoming meeting)

2025: 44 bps

*where you see 25 bps rate cut, the rest of the probability is for a 50 bps cut

St. Louis Fed Pres. Musalem is scheduled to speak at the top of the hour. Musalem is a voting member in 2025. Back on October 7, Musalem spoke and said:

• More rate cuts likely given economic outlook.
• Won't predict timing or size of future Fed easings.
• Personal rate outlook is above Fed’s median view.
• Costs of easing too much outweigh easing too little.
• Supported Fed’s decision last month to cut rates by 50 basis points.
• Policy patience has served Fed well.
• Cooler job market still consistent with strong economy.
• Expects inflation pressures to continue to abate.
• Expects inflation to converge to 2% over next couple of quarters.
• Financial conditions remain supportive of growth.
• Some economic activity slowed by rate policy, election uncertainty.

That was over a month ago. So how he weighs in now will be interesting given the backup in yields and other economic and other developments since that time

• Risks to the jobs market have remain unchanged or have fallen
• Fed may be on the 'last mile' to price stability, inflation expected to converge to 2% over the medium term
• Monetary policy well posited, Fed can 'judiciously and patiently' judge income data to decide on further rate cuts
• Strong economy on track for a 'solid' fourth quarter
• Growth is broad-balanced and driven by consumption, income growth, productivity, supportive financial conditions and wealth effects
• Recent high productivity could prove durably structural but that remains uncertain
• Core inflation remain elevated
• Pressure in services industries slowly abating

This is the third Fed official who has floated some more-hawkish hints. It's hardly a signal of a pause in December but early 2025 is going to be interesting. There are meetings in January, March and May. Assuming a cut in Dec, there is one cut fully priced in for that period (and a smidge more).

That sounds about right based on the comments and data but that's going to swing based on the next set of numbers and beyond.

UBS remain upbeat on further Federal Reserve interest rate cuts to come. Analysts at the bank acknowledge heightened concerns about inflation in the market, and also trimmed market pricing for cuts ahead.

Ahead of Wednesday's CPI report (Forexlive Americas FX news wrap 13 Nov: US CPI comes out as expected. USD continues rise) UBS points:

• Economic data signals a stronger-than-expected economy. Concerns about inflation remain

• Market expectations lean towards a slower pace of Fed rate cuts

• Fed officials view the current rate as restrictive but are balancing employment and inflation goals. A major inflation surprise would be required to shift policy outlooks.

• The Fed is likely to continue rate cuts, with a potential 25 basis point cut in December and further easing expected in 2025.

And, the data result was not enough to dissuade analysts at UBS from expecting further cuts from the FOMC ahead, referring to the in line CPI print not changing the underlying fundamentals and economy narrative.

***

The latest from FedWatch shows a solid expectation for a 25bp cut on December 18:

Citi analysts suggest that while the USD/JPY may briefly surpass ¥155, any sustained rally in the dollar against the yen could be capped by potential intervention from the Japanese government and anticipated rate hikes by the Bank of Japan.

• USD/JPY breach of ¥155, Citi notes that the Bank of Japan may have a stronger incentive to raise rates to 0.5% in its upcoming December meeting to counterbalance yen weakness.

• Despite current dollar strength, Citi maintains a bearish outlook for the USD/JPY in the longer term, suggesting limited upside for the pair heading into next year.

Reserve Bank of Australia Governor Bullock

• bond markets pretty well behaved globally
• bond markets reflecting increasing government debt
• think we are restrictive enough, will stay there until confident on inflation

More:

• recent inflation had both supply- and deand-sdie components
• aim is to lower inflation
• prices not going back to pre-covid level, that would be deflation and not going to have that

USD/JPY is extending its gains.

So far no intervention type comments out of Japan - rapid, speculative, excess volatility .... blah, blah, blah. Nope, nothing. Yet at least. I thought we would haves seen some open mouths by now.

2100 GMT / 1600 US Eastern time on Thursday, November 14, 2024:

• Bank of England Governor Andrew Bailey will deliver a speech at the Annual Financial and Professional Services Dinner, Mansion House

We last heard from Bailey a week ago:

• BOE governor Bailey: I will not specify what gradual means for rate cuts
• BOE governor Bailey: We do not have a specific equilibrium level of interest rate in mind
• BOE governor Bailey: We still need to see services inflation to come down more broadly

Federal Reserve Chair Jerome Powell delivers a speech on his economic outlook, followed by a question and answer session.

• Powell participates in "Global Perspectives" conversation before event hosted by the Dallas Regional Chamber, World Affairs Council of DFW and the Federal Reserve Bank of Dallas
• @ 2000 GMT / 1500 US Eastern time

While the Fed seems committed to a December rate cut not all signs in the CPI data on Wednesday were encouraging.

0830 GMT / 0330 US Eastern time - Remarks by European Central Bank's vice president Luis de Guindos at 31 Encuentro del Sector Financiero organised by ABC and Deloitte in Madrid, Spain

1830 GMT / 1330 US Eastern time - Participation by ECB Board member Isabel Schnabel in policy panel "Reassessing Policy Tools for Current and Future Challenges" at 25th Jacques Polak Annual Research Conference "Rethinking the Policy Toolkit in a Turbulent Global Economy" in Washington, DC

1900 GMT / 1400 Remarks by ECB President Christine Lagarde at Choiseul Sovereignty Awards 2024 ceremony

I posted yesterday on the prospect of deeper than expected ECB rate cuts yet to come:

• ECB Interest Rate Forecast: Deutsche Bank's 7 reasons for projecting a lower terminal rate

Meanwhile, EUR is struggling near a one-year low:

Justin had the news from the People's Bank of China here on Monday:

• PBOC governor will maintain yuan exchange rate at a reasonable, balanced level

And on Wednesday we saw the Bank trying to support CNY at the reference rate setting:

• PBoC promised stronger damping to support CNY, and that's what are seeing

And again today:

• PBOC sets USD/ CNY reference rate for today at 7.1966 (vs. estimate at 7.2326)

Offshore yuan may have seen the memo but its not paying it much heed:

The PBoC supported the CNY through the last bout of USD/CNY super-strength. They'll be doing the same again this time around, wary of capital outflow if they let the yuan drift too much lower. They'll be hoping US inflation doesn't take off higher and the Fed pauses ... or reverses.

Mann spoke Wednesday:

• BOE's Mann: I describe myself as an 'activist' rather than a 'gradualist' on rates
• BOE's Mann: Inflation has definitely not been vanquished

Mann was the sole dissent at the previous BoE meeting, voting to keep the Bank rate on hold.

Speaking again at 1300 GMT / 0800 US Eastern time:

• at the Society of Professional Economists Annual Conference

Also on the speaker circuit is Governor Bailey:

• GBP traders heads up - Bank of England Governor Bailey is speaking late Thursday

Times below are GBT / US Eastern time:

1400 / 0900 Federal Reserve Bank of Richmond President Thomas Barkin speaks on the economy in fireside chat before the Real Estate Roundtable

1500 / 1000 Federal Reserve Board Governor Adriana Kugler speaks on "Central Bank Independence and Economic Outlook" before the Latin American and Caribbean Economic Association (LACEA) and the Latin American Chapter of the Econometric Society 2024 Meeting

2000 / 1500 Powell, as already noted

2115 / 1615 Federal Reserve Bank of New York President John Williams speaks before the "Intermediating Impact: Making Missing Markets" event hosted by the Federal Reserve Bank of New York

As head of the NY Fed Williams is vice chair of the Federal Open Market Committee (FOMC) and has a permanent vote at the table. .

Non policy-related comments.

Associations Plan Joint Effort to Advance Blockchain Technology for Accounting Profession

NEW YORK (Oct. 23, 2017) – The American Institute of CPAs (AICPA) and Wall Street Blockchain Alliance (WSBA), a leading nonprofit trade association promoting the comprehensive adoption of blockchain technology across global markets, today announced plans to work together to define the impact of blockchain technology for the accounting profession and advance the interests of both the public and profession in this area.

As part of this collaboration, the AICPA – through its technology arm, CPA.com – will administer the WSBA’s working group on tax and accounting, a focal point for advocacy and education on blockchain adoption within the profession. Other existing WSBA working groups include research and innovation, legal, and technology and product. The working group model is designed to provide a forum for experts to share information, guide advocacy and technical efforts and create broader educational opportunities—such as webcasts, roundtables and other content—to address issues arising from the adoption of blockchain, distributed ledgers and smart contract technologies.

“The accounting profession is built on confirmation and verification, and that’s what blockchain is all about,” said AICPA President and CEO Barry C. Melancon, CPA, CGMA. “This technology can have a profound impact on accounting and finance going forward, and it’s important we make sure that its adoption proceeds in a way that’s in the best interest of the public and our financial markets. Our working relationship with the WSBA, combined with our expanded global reach through the Association of International Certified Professional Accountants, will help further that goal.”

The collaboration was announced at the fall meeting of the AICPA’s governing Council in San Antonio, Tex.

“The WSBA is very pleased to be collaborating with the AICPA and CPA.com to guide the evolution of the global accounting profession in a future with blockchain technology,” said Ron Quaranta, chairman of the WSBA. “We look forward to working together to advance the world of accountancy and its use of blockchain, as accountants become integral participants in the adoption of this innovative technology for global markets.”

As a first step in collaboration, the AICPA will be part of an accounting-related panel at the WSBA’s Blockchain for Wall Street education day on Nov. 14, 2017.

“Blockchain is one of several innovations that are reshaping the accounting profession,” said Erik Asgeirsson, president and CEO of CPA.com, one of the participants in the upcoming panel. “Our role with the WSBA working group is to guide and speed the use of blockchain technology as it applies to the core areas of an accounting practice.”

About the Wall Street Blockchain Alliance

The Wall Street Blockchain Alliance (WSBA) is an industry leading 501(c)(6) non-profit trade association created for financial market professionals, by financial market professionals. Its mission is to guide and promote comprehensive adoption of blockchain and distributed ledger technology across global financial markets.

For information about the WSBA, including membership, visit www.wsba.co or email to info@wsba.co.

About the American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Media representatives are invited to visit the AICPA Press Center at www.aicpa.org/press.

About the Association of International Certified Professional Accountants

The Association of International Certified Professional Accountants (the Association) is the most influential body of professional accountants, combining the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 650,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. With broad reach, rigor and resources, the Association advances the reputation, employability and quality of CPAs, CGMAs and accounting and finance professionals globally.

Background

The Organization for Security and Co-operation in Europe (OSCE) is an international non-profit organization with its Secretariat in Vienna, Austria; detailed information about the work of the OSCE and its presence is available at www.osce.org

Risk Management at the OSCE

The Department of Management and Finance (DMF) provides services in the area of finance, budget, information and communication technology, procurement and assets management, as well as in maintaining the system of internal control and a supporting risk-based approach to management decision-making that facilitates achieving OSCE´s objectives. This is achieved through proactive identification, evaluation and control of major, security and operational risks across the OSCE.

In 2008, the OSCE implemented a web-based Enterprise Risk Management software that supports the collection of risks across the OSCE and reporting on them.

At present, the OSCE is satisfied with the current software solution but interested to learn about alternative products, their technical capabilities, and related pricing information.

Requirements

In view of the above, the OSCE is interested to receive feedback from the market on the following requirements:

1. Product name;
2. Service options - cloud based vs. on premises;
3. Functional capabilities including:
• Multiple browser;
• Enable the OSCE to manage risk in a structured way and assist with embedding the ownership, management, review and reporting of risks to stakeholders;
• Provide full mapping of risks, controls, ownership, risk status, control status;
• Access real-time interactive dashboards and reporting tools allowing to get to the data that is needed promptly for further analysis and/or decision-making;
• Customize reports and their format;
• Customize naming of the fields to be consistent with the OSCE naming convention;
• Operate two sets of naming for the fields to allow for differing terminology for security and operational risks;
• Create drop-down lists with standardized sets of risks and controls;
• Register cross-cutting risks;
• Possibility to include audit recommendations, tracking, compliance and other business functions.  Possibility to cross-link the data (e.g. audit recommendations to the new controls proposed).
4. Technical requirements;
5. Data migration from existing platform to a new solution;
4. Availability of technical support function and related cost. If initial support is provided for free, please specify the timeframe;
5. Possibility of data exchange (integration) with Oracle ERP;
6. Demo access;
7. Success stories (e.g., implementation and usage in the international organizations and agencies e.g., UN, World Bank, etc.;
8. Pricing and licensing information.

The feedback on the above requirements is required by the OSCE to evaluate the quality of current system and support the decision making process toward new system.

Request for Information procedure

Interested Vendors wishing to participate in the pre-qualification process are requested to submit relevant pre-qualification documentation by email to Yury Golovkov at yury.golovkov@osce.org by 28 August 2016 22:00HRS CET.

All responses will be rated against the mandatory requirements and pre-qualification criteria. At the end of the evaluation process, Vendor will be notified where its response rated as acceptable or not.

OSCE Disclaimer

The OSCE reserves the right to accept or reject any pre-qualification documentation, and to annul or to suspend the pre-qualification and subsequent tender process and reject all solicitations at any time and without reason prior to the date of Contract Award, without thereby incurring any liability or responsibility to affected participants of this pre-qualification or tender process.

END.

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TASHKENT, 20 May 2015 – A two-day workshop on cyber and ICT security issues began in Tashkent today. The event brought together some 40 participants, including 10 international experts from Austria, Estonia, France, Germany, Switzerland, UK, USA as well as representatives of the national parliament, judiciary, ministries for information technology, foreign affairs, academia and law enforcement agencies.

The event facilitated discussions among international and national experts on global, regional and bilateral efforts to enhance international Cyber Security. Best practice and lessons learned in investigations in the field of counter-narrative strategies to counter extremism online as well as countering the use of the Internet for terrorist purposes were also debated. Participants also discussed current threats in cybercrime, local legislations and strategies in use.

“Cybercrime is a new kind of threat that makes people vulnerable to cyber-criminals who can commit crimes against victims located thousands of kilometres away”, stated Deputy Head of Police Academy, Abror Otajonov, in his opening remarks. “This threat to our security can only be addressed by ensuring close international cooperation and adopting comprehensive national policies and developing relevant capacities”.

Ben Hiller, Cyber Security Officer of the OSCE Transnational Threats Department, said: ”With its comprehensive and inclusive approach the OSCE represents a bridge between different national and international approaches to tackling cyber/ICT threats and allows various stakeholders dealing with different cyber threats to move forward in a complementary manner.“

This event was organized in co-operation with the OSCE Transnational Threats Department, as part of the multi-year support provided by the OSCE Project Co-ordinator in Uzbekistan to the National Police Academy to improve the staff training system. 

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TASHKENT, 22 June 2015 – A two-day training course on improving judicial responses to human trafficking, organized by the OSCE Project Co-ordinator in Uzbekistan, in co-operation with the Lawyers’ Training Centre under the Uzbek Justice Ministry, was launched today in Tashkent.

Some 20 newly-appointed judges from all regions of Uzbekistan will discuss effective ways to use international and national legal tools in dealing with criminal cases on trafficking in human beings as well as relevant good judicial practices and challenges.

“The training course is designed to help the judges to assess the implementation of the non-punishment principle for victims while handling the criminal cases,” said Ambassador Gyorgy Szabo, Project Co-ordinator in Uzbekistan. “This kind of training course serves as a platform for the exchange of experience and professional expertise related to Human Rights Protection.”

Askar Gafurov, Director of the Lawyers’ Training Centre, said: “The training course is one of the commitments of Uzbekistan to improve the effectiveness of countering human trafficking and to develop a comprehensive victim-support system through expert advice and in service training activities.”

The training course is part of  the OSCE Project Co-ordinator’ s long-term project to assist Uzbekistan in combating trafficking in human beings.

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TASHKENT, 24 August 2015 – A two-day Regional Conference “On increasing potential of horticultural trade” jointly organised by the OSCE Project Co-ordinator in Uzbekistan, USAID, Uzbek Ministry of Agriculture and the Farmers’ Council of Uzbekistan, started today in Tashkent.

Representatives from the agricultural sector from a number of Central Asian countries will be able to acquaint themselves with technical standards and regulations in major export markets. This will include experts and regulators from states member of the European Union and the Eurasian Economic Union discussing norms regarding horticultural imports.

“This is an opportunity for representatives of the agricultural sector from all corners of Uzbekistan, and Central Asia, to get the information they need to be able to export to the most relevant markets,” said Nataša Rašić, PCU Senior Project Officer.

During the conference, the participants will learn about best practices regarding various developments relevant to the production and export of horticultural products such as Public Private Partnerships or Organic Agriculture.

The event was designed to bring together producers and importers from various countries of the region. While the sector plays a significant role in Central Asian economies, intra-regional trade in agriculture products remains limited. The participants will be able to establish business relationships with producers and importers from neighbouring countries.

“This is an opportunity for all to meet, interact, exchange, and build relationships that will form the basis for the enduring business ties of tomorrow,” said Rašić.

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TASHKENT, 21 September 2015 – An OSCE-organized week-long training course for Uzbek law enforcement bodies on identifying and tracing illegitimate assets and the various instruments of asset forfeiture and recovery began today in Tashkent.

Experts from the Basel Institute of Governance will share international best practices with senior representatives in charge of international legal co-operation and the fight against corruption and money laundering within the General Prosecutor’s Office, the Ministry of Interior and other law enforcement bodies.

“The ability to launder ill-acquired assets outside of the jurisdiction of their country of origin is one of the major enablers of corrupt behaviours,” said Ambassador Gyorgy Szabo, Project Co-ordinator in Uzbekistan. “This is why the OSCE regards the identification and recovery of illegitimate assets, no matter where they might be hidden, as a crucial element of the fight against corruption.”

The OSCE Project Co-ordinator in Uzbekistan organized the training course jointly with the Swiss Agency for Development and Co-operation, the Basel Institute of Governance and the General Prosecutor’s Office of Uzbekistan.

During the course, participants will also learn about the mechanisms of international mutual legal assistance and how they can be used during anti-corruption investigations.

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TASHKENT, 15 October 2015 – An OSCE-supported roundtable discussion introducing representatives of local law enforcement bodies to the methodology of a national assessment of money-laundering and terrorism-financing risks in Uzbekistan was held today in Tashkent.

International experts invited by the OSCE Project Co-ordinator in Uzbekistan presented the results of their work on devising a comprehensive and tailored methodology for conducting a national risk assessment in the country.

“The OSCE continues to support international efforts that have made national risk assessment the standard in the fight against money laundering and the financing of terrorism,” said the OSCE Project Co-ordinator in Uzbekistan Gyorgy Szabo. “We see this as an essential step on the road to eliminating money laundering and terrorism financing in Uzbekistan.”

The discussion is part of a wider process of consultations with representatives of Uzbek law-enforcement agencies and the private sector to implement a national risk assessment on money laundering and the financing of terrorism.

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TASHKENT, 5 November 2015 – Addressing and preventing human trafficking in the hospitality and tourism sector is the topic of a two-day OSCE-supported training course, launched today in Tashkent, for 25 representatives from Uzbekistan’s tourism infrastructure, airlines, airport services and police.

The course, organized by the OSCE Project Co-ordinator in Uzbekistan and the National Inter-agency Commission on Counteracting Human Trafficking, aims to contribute to preventing human trafficking through awareness raising and developing the anti-trafficking codes of conduct for personnel.

The OSCE Project Co-ordinator in Uzbekistan Gyorgy Szabo said the training course would help representatives from private businesses develop corporate responsibility for preventing human trafficking in the tourism infrastructure.  

Astrid Winkler, representative of the ECPAT International (End Child Prostitution, Child Pornography and Trafficking of Children for Sexual Purposes), said that “It is important that all stakeholders, including the tourism business, understand what human trafficking is and take a stance against it. Business can do a lot in terms of prevention.”

The training course is part of the OSCE Project Co-ordinator’s project to assist Uzbekistan in combating the trafficking in human beings.

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TASHKENT, 2 December 2015 - Effective criminal justice responses to terrorism, based on the rule of law, were the focus of a two-day seminar organized by the OSCE Secretariat’s Action against Terrorism Unit, in co-operation with the OSCE Project Co-ordinator in Uzbekistan, which concluded today in Tashkent.

The seminar gathered about 30 representatives of national agencies involved in counter-terrorism and focused on the Global Counterterrorism Forum’s (GCTF) Rabat Memorandum on Good Practices for Effective Counterterrorism Practice in the Criminal Justice Sector. Experts in the field of criminal justice presented good counter-terrorism practices developed in Bosnia and Herzegovina, Germany, the Netherlands, the United Kingdom and the United States, as well as the work the United Nations Office on Drugs and Crimes (UNODC) is pursuing in this area.

“This two-day seminar is a follow-up to an assessment visit by the United Nations Counter-Terrorism Committee Executive Directorate (UN CTED) in April this year, which the OSCE contributed to,” said the OSCE Project Co-ordinator in Uzbekistan Gyorgy Szabo in his opening remarks. “The seminar aims at promoting internationally recognized good practices that show how to balance rule of law concerns with effectively preventing and combating terrorism.”

Among other topics, the participants discussed the effective co-ordination between domestic government agencies and the importance of international co-operation, particularly when being confronted with terrorism. The seminar also highlighted the need to ensure the protection of sensitive intelligence and law enforcement information in terrorism cases, as well as for adopting incentives for suspects to co-operate with state authorities in the investigation and prosecution of terrorism offenses.

All OSCE participating States and Partners for Co-operation have committed to furthering international co-operative efforts in promoting effective and rule of law-based responses of their national criminal justice systems as part of a global strategy to counter terrorism.

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TASHKENT, 7 April 2016 – The implementation of traffic management and effective road safety measures were the focus of an OSCE-supported roundtable discussion for some 40 representatives of the Interior Ministry, Parliament, state agencies, media and civil society, and a two-day seminar for 25 traffic police officers, held in Tashkent from 5 to 7 April. 

The roundtable saw discussions focus on the measures Uzbekistan has been taking in implementing the state programme on traffic safety and ways to strengthen road traffic security. Three experts from Turkey and Serbia shared best practices on traffic management, public awareness campaigns and road safety measures implemented in their countries. Special emphasis was put on the importance of effective communication between different stakeholders with the overall aim of preventing traffic accidents and promoting good practices.

“It is important to maintain a constructive dialogue between different stakeholders involved in implementing newly-adopted regulations aimed at enhancing the efficiency of traffic-safety measures and raising awareness among the population about road-related risks,” said Nataša Rašić, Acting OSCE Project Co-ordinator in Uzbekistan.

Following the roundtable discussion, officers from the Interior Ministry’s Traffic Safety Police Department enhanced their knowledge during a seminar about best practices in enforcing traffic regulations. The experts from Turkey and Serbia provided a comprehensive overview of the road safety situation in their countries while highlighting the advantages of integrated road systems and new technologies in road safety, including the video control of roads.

The seminar’s participants also exchanged views on new methods of traffic police training and stressed the importance of improving driver education as well as the procedures for granting driver’s licences.

The events were organized in co-operation with the Interior Ministry as part of a joint project aimed at improving the efficiency of traffic safety measures in Uzbekistan.

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TASHKENT, 12 July 2016 – A three-day seminar for journalists to improve their skills in reporting on human trafficking, organized by the OSCE Project Co-ordinator in Uzbekistan and the Office of the Prosecutor General, began yesterday.

The seminar brings together 26 journalists from all the regions of Uzbekistan to discuss the challenges of reporting on human trafficking and effective ways to overcome them by drawing on international and national good practices. “For better coverage of human trafficking, it is important to both see it as a global phenomenon and understand its specifics in your own country,” said Anatoly Verbin, an international media expert, addressing the media specialists.  

Ambassador John MacGregor, the Project Co-ordinator in Uzbekistan, said that OSCE anti-trafficking commitments include the cultivation of partnership with journalists to enhance their knowledge and understanding of the complexity of the phenomenon, which is a composite of many serious crimes as well as denials of rights. “Prevention of human trafficking cannot be effective if the media do not join us in raising awareness of this crime. The trafficked persons need understanding and assistance in restoring their rights, not moral accusations, judgment or pity,’’ he noted.

Gyulnoza Rakhimova, the head of the press service of the Office of the Prosecutor General, stressed that the training will cover current legislative and law enforcement practices, how to make the information more interesting for readers and not to violate the rights of victims of trafficking.”

The training is part of the OSCE Project Co-ordinator’s project to assist Uzbekistan in combating trafficking in human beings and to develop a comprehensive victim-support system through expert advice and information.

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TASHKENT, 29 July 2016 - A central area of Tashkent is to be lit by 20 autonomous street light systems fully powered by solar energy as part of a pilot project officially launched today by the OSCE Project Co-ordinator in Uzbekistan.

The Co-ordinator is supporting the host country in the area of green economy policies, including the analysis of costs and benefits in using environmentally-friendly and sustainable systems in street lighting and urban planning.

Senior Project Officer at the OSCE Project Co-ordinator Hans-Ullrich Ihm said that urban street lighting powered by solar energy is one of many possibilities that contribute to preserving our environment by reducing the consumption of fossil fuel and emissions. He added that the Project Co-ordinator strives to support the government in implementing policies advocating for such technologies.

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Equal access to justice for women and men was the focus of an OSCE-supported forum on 9 June 2016 in Kyiv, which brought together over 80 representatives of the national justice system, legislative and executive authorities, the Ombudsman Office, regional and international organizations and NGOs.

The OSCE Project Co-ordinator in Ukraine organized the forum jointly with USAID’s Fair Justice project and the National Judicial Institute of Canada.

The participants discussed common barriers to access of women and men to justice, such as discriminatory laws, social and cultural patterns, gender bias in the justice system and lack of financial and other resources, and outlined the measures needed to gather gender- disaggregated statistical data in the judiciary. They also exchanged experiences and presented good practices for promoting equal access of women and men to justice and enhancing networking and partnerships among judiciary and civil society, and developed recommendations for improving gender mainstreaming in judicial reform.

During the forum, the OSCE Project Co-ordinator presented its new publication ‘Gender in Justice’, which provides recommendations for judges and lawyers on the implementation of gender equality in their work. The publication is based on the findings of a survey conducted among 400 judges and lawyers designed to uncover existing behavioural prejudices in their professional environment.

The event was organized as part of the OSCE Project Co-ordinator’s project on  safeguarding human rights through courts, implemented with financial support from the Government of Canada. 

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The OSCE Project Co-ordinator in Ukraine and the Supreme Court of Ukraine organized on 10 June 2016 in Kyiv a joint roundtable discussion on protection of property in times of conflict, bringing together over 60 representatives of Ukrainian legislative and executive powers, leading judicial and law schools, as well as judges and international and local experts.

The participants discussed the guarantees of exercising the right to property and the mechanisms of its protection under special circumstances, such as armed conflict, occupation, annexation of territories and anti-terrorist operations. They identified mechanisms of protection, which would be efficient in terms of practical implementation and useful for judicial practice, and produced recommendations to keep up with international standards in this field.

The participants shared visions about international standards and the European Court of Human Rights (ECtHR) case law regarding the protection of the right to peaceful enjoyment of possessions, and reviewed the experience of other states which faced similar circumstances, such as Bosnia and Herzegovina, Croatia, Georgia and Moldova. They also discussed problems of the judicial settlement of disputes related to the protection of property rights of individuals and legal entities in the conflict zone.

The event is part of the OSCE Project Co-ordinator’s project on safeguarding human rights through courts, which is implemented with financial support from the Government of Canada. The project also addresses the problem of property rights protection through development and piloting specialized courses for judges on the application of the ECtHR case law in the context of Article 1 of Protocol 1 to the European Convention on Human Rights.

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Thirty experts were trained to deliver specialized training courses for judges on how to review corruption–related disputes and prevent corruption in the judiciary during a two-day session, organized by the OSCE Project Co-ordinator in Ukraine and the National School of Judges on 5-6 July 2016 outside Kyiv.

The trainees, judges-lecturers of five regional branches of the School, enhanced their knowledge of anti-corruption legislation, including national regulations and relevant international conventions, major aspects of judges’ ethics, including the identification and prevention of real and potential conflicts of interest, and judicial review of corruption-related disputes. The purpose of the session was to create a pool of experts able to deliver training courses for their peers at the National School of Judges on a regular basis.

According to the Judicial Education Concept adopted by the School, the training methodology was based on interactive techniques and included discussions, case studies, mini-lectures, various exercises and role plays, and screenings of short simulation videos on the topic.

To ensure the sustainability of OSCE efforts, the training course on anti-corruption will be submitted for institutionalization at the National School of Judges by the end of the year. This course will form part of the School’s mandatory curriculum for every judge appointed to the post.

The training session was part of a project by the OSCE Project Co-ordinator in Ukraine to enhance the quality of judicial education and training.

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Twenty-five lecturers from law faculties at fifteen universities from around Ukraine, during a roundtable discussion supported by the OSCE Project Co-ordinator on 13 July 2016 in Kyiv, developed recommendations on teaching human rights within Master of Law university programmes.

The discussions focused on teaching the European Convention on Human Rights and the case-law of the European Court of Human Rights (ECtHR), with international experts from the Max Planck Institute Luxembourg for International, European and Regulatory Procedural Law, the Union University and the ECtHR highlighting ways of ensuring a human rights-based approach to legal education.

Participants exchanged syllabi, research materials and teaching methodologies and agreed to set up a platform to further develop the human rights law curricula. This community of practice will function on a permanent basis with further support from the OSCE Project Co-ordinator and with the participation of leading Ukrainian law schools.

The roundtable discussion was held as part of the Second Annual Inter-University Human Rights School on 11-15 July 2016, which was organized by the OSCE Project Co-ordinator in Ukraine in co-operation with the Lviv and Kyiv Universities.

The School was held as part of the OSCE Project Co-ordinator’s project on safeguarding Human Rights through the courts. The project is being implemented with the financial support of the Government of Canada, and follows on from the First Annual Inter-University School dedicated to the Right to Life held in 2015.

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KYIV, 15 July 2016 – The OSCE Project Co-ordinator in Ukraine today opened a new sphere of project assistance to Ukraine – improving democratic control of defence and security sectors – with a presentation of international experience and best practices at a conference in Kyiv.

The event, co-organized with the Parliament and the Ministry of Defence, brought together more than 120 parliamentarians, military and civilian representatives of various ministries, experts, and civil society activists to learn about the basic principles in this area, as well as practical examples from other countries.

During the conference, the OSCE Code of Conduct on Politico-Military Aspects of Security and the OSCE Security Sector Governance and Reform Guidelines were presented. Ukrainian translations of these documents can be found at www.osce.org/fsc/41355  and www.osce.org/uk/secretariat/253156, respectively.

The participants discussed in detail the national models of parliamentary and civic control over the defence sectors of Austria, Bulgaria, Denmark, Germany, and Norway.

“The ability of Parliament, and of society at large, to exercise control over its security services is a true litmus test for democracy and rule of law,” said Jeffrey Erlich, Senior Project Officer at the OSCE Project Co-ordinator’s Office. “Such oversight contributes to a much more effective security sector by rooting out corruption, and by strengthening the bond between society and the armed forces.”

Igor Dolgov, Deputy Minister of Defence, said: “For me there is no question of whether it is possible to simultaneously deal with current crisis and implement reforms in defense sectors, including strengthening mechanisms of democratic control over armed forces. It is needed and it is already happening.”

Until the end of the year, the OSCE Project Co-ordinator will provide expertise in developing a concept paper and implementation plan for democratic oversight; assist in promoting dialogue between the military, parliamentarians, experts and civic activists; and contribute to raising awareness among the public by publishing relevant online resources.  Further assistance efforts will continue after 2016.

In partnering with the Geneva Centre for the Democratic Control of the Armed Forces (DCAF), the project will also draw on their expertise.

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KHARKIV, Ukraine, 18 July 2016 – Today is the first working day for eighty-four cyber-police officers, trained by the OSCE Project Co-ordinator in Ukraine on the grounds of Kharkiv National University of Internal Affairs. 20 special agents and 64 inspectors make up one-third of the personnel of the new Cyber Police Department, which was created within the National Police of Ukraine as part of the wider law enforcement reforms in the country.

The Project Co-ordinator helped to organize the selection process by facilitating the integrity testing of over 500 candidates in 2015, developing the 760-hour training curricula and materials, and supporting four months of training for the selected officers.

“Cyber security is an important area of efforts for the National Police of Ukraine,” said Khatia Dekanoidze, chief of the country’s National Police. “It took us a lot of time to find good people for this job. They had to pass a difficult competitive selection, and the training was delivered not only by local, but also by international experts. And we are grateful to our partners, the OSCE for making this happen.”

Jeffrey Erlich, Senior Project Officer of the OSCE Project Co-ordinator, said: “As Ukraine moves into the new economy, crimes affecting e-governance, e-banking, e-commerce and other highly technological areas are shadowing this progress. This is a threat to people’s human rights, it hurts their economic wellbeing, some perpetrators may even threaten national and international security.”

The OSCE Project Co-ordinator has been building the capacity of Ukrainian law enforcers in their responses to cybercrime since 2011. The Project Co-ordinator has helped to equip a training room with modern equipment in two police education establishments and headquarters, and trained police staff with the support of international practitioners. 

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