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Financial services missing ‘window of opportunity’ to support women’s progress

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women gender equality

Financial services (FS) is falling behind other sectors when it comes to supporting women’s progress into senior positions, according to a global report from PwC.

The report has found that 54% of women working in FS believe that their diversity status is a barrier to career progression in their organisation, compared to 45% in other industries. Nearly half (43%) of women working worldwide in FS have experienced inappropriate language, insults and bullying, compared to an average of 34% in other sectors.

The report also raises concerns about the impact of workplace policies intended to support working mothers. Nearly 60% of new mothers in FS believe they’ve been overlooked for career-advancing opportunities since returning to work. More than half think that while policies such as flexible working exist in their workplace, they are not readily available in practice (52%) or would have negative impacts if taken advantage of (51%).

Seeing Is Believing: clearing the barriers to women’s progress in financial services surveyed 290 professional women ages 28 to 40 who are working in FS globally. The FS sample forms part of a survey of 3,627 professional women from across all sectors worldwide

The report has also found encouraging signs of progress within the sector. More than 60% say they have negotiated a promotion in the past two years, compared to less than half of the participants of all industries. More than 80% of women working in FS are confident about their ability to lead and to fulfil their career ambitions.

Seeing Is Believing focuses on three key areas for business leaders to look at:

  1. The importance of transparency, dialogue and trust in convincing women they can succeed in an organisation, and helping them understand what they need to do to progress.
  2. The need for active management support to identify future leaders and ensure they acquire the necessary experience and access to networks to enhance their development.
  3. Creating an environment that enables women to balance their personal and professional aspirations in a culture that embraces rather than simply accepts flexible working.

Jon Terry, Global FS HR Consulting Leader at PwC, says,

‘This report emphasises that financial services globally is facing a watershed moment in terms of supporting gender diversity. Organisations are confronting a generational cohort who are more confident and ambitious regarding their leadership abilities than ever before.

‘Yet the perception is that many employers are failing to adapt to the challenge and take pro-active steps to reduce the barriers. While the earnings gap between men and women is relatively small until their late 20s, it starts to widen significantly by their forties. It is therefore vital to understand the needs and concerns of this group in particular so that organisations can take practical steps to address this shortcoming.

‘This generational change should be seen as a window of opportunity for gender equality in financial services: a chance to boost diversity and inclusion and reap the benefits. Yet if this window is not seized there could be serious challenges for the sector when it comes to attracting and retaining talent in the future.’

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Astana hosts 18th Iran-Kazakhstan Joint Economic Committee meeting

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Photo: Iranian Agriculture Minister Javad Sadati-Nejad (R) and Kazakh Prime Minister Alikhan Smailov sign MOU documents in Astana on Thursday.

The 18th meeting of Iran-Kazakhstan Joint Economic Committee meeting was held on Thursday in Kazakhstan’s capital Astana, at the end of which the two sides signed a comprehensive document to expand cooperation in numerous areas including trade, agriculture, environment, tourism, science, and technology, education and sports.

As IRIB reported, the two countries’ Joint Economic Committee meeting was co-chaired by Iranian Agriculture Minister Javad Sadati-Nejad and Prime Minister of Kazakhstan Alikhan Smailov.

Sadati-Nejad and Smailov held talks before the two countries’ joint meeting to discuss major areas that should be agreed upon in the event’s concluding document.

Speaking to the press after the joint committee meeting, Sadati-Nejad said that according to the signed memorandum of understanding (MOU), 30 percent of the trade between the two countries will be in the field of agricultural products.

According to the agriculture minister, the two countries are also going to establish a commercial-agricultural joint venture in order to develop trade in the Persian Gulf countries, Central Asia, and West Asia.

In this meeting, Amir Yousefi, the vice-chairman of the Agriculture Committee of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) also said that Kazakhstan is a good option for extraterritorial cultivation due to the good water conditions and the quality of soil, which should be considered by Iranian investors.

Reaching $3b of annual trade on agenda

Speaking on the sidelines of the meeting, Sadati-Nejad announced that the two countries have put an annual trade of three billion dollars on the agenda, expressing hope that signing the comprehensive MOU would pave the way for achieving this target.

“The presidents of the two countries have aimed to increase the level of trade to three billion dollars; currently this number is around 500 million dollars,” the minister said.

Mentioning the developments in the two countries’ banking relations, the official said that the expansion of relations in the agriculture sector is of special importance for both sides.

He further noted that a joint committee will be formed in the next month to pursue this goal, saying: “Kazakhstan has requested Iran’s engineering services in modern irrigation and desalination areas, and we have expressed our readiness to provide them with the mentioned services.”

Iranian trade center to be opened in Almaty

During the meeting of the two countries’ expert committees which was held prior to the main event on Wednesday, Amir Abedi, the head of the Iran-Kazakhstan Joint Chamber of Commerce, announced that the business office of Iran-Kazakhstan joint chamber will soon be opened in Almaty.

Pointing to the capacities of Iran and Kazakhstan for the development of economic relations, Abedi considered Kazakhstan’s market as a strategic destination for Iranian businessmen.

The 17th Iran-Kazakhstan joint economic committee meeting was held about a year ago in Tehran.

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The importance of Iran’s membership in the SCO

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The members of Majlis (the Parliament) have approved the emergency of the plan of Iran’s commitments to achieve the position of a member state in the Shanghai Cooperation Organization (SCO), – informs IRNA from Tehran.

The  emergency plan was endorsed with 161 votes in favor, two against, and three abstentions.

Ali Adyani, the deputy vice president for parliamentary affairs, said that the plan was proposed by the Ministry of Foreign Affairs, which was endorsed by the cabinet members, and sent to parliament to become law.

According to the official, Iran’s membership in the SCO is of great importance in terms of economic, social, and international affairs particularly because the opportunity would help the Islamic Republic get rid of illegal sanctions and enhance economic diplomacy.

Iran has been an observer of the SCO since 2005. Then, President Ebrahim Raisi called for full membership of the Islamic country in the organization in its last summer summit in Tajikistan.

The legislators have accepted to speed up scrutinizing the plan. Earlier, the Iranian parliament had endorsed the plan of accession of the Islamic Republic to the SCO.

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Sabah: ‘The Americans have deceived themselves, the Europeans and Ukraine’

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The US is repeating the same mistakes as in Iraq, Afghanistan, Libya and Syria. Now – in Ukraine. So it seems inevitable that Washington will face another setback as a result of its ideological obsession, – writes prominent Turkish observer Bercan Tutar at “Sabah” newspaper.

Having suffered a complete failure in the Middle East wars, the Americans sent to Ukraine not only their ineffective weapons, but also their inadequate thoughts and strategies. But no matter what they do, their chances of defeating Russia are very slim.

The 330th day of the war, which began on February 24, 2022, has already been completed. After a short retreat, Russia began redeployment. However, the fact that Russia abandoned the siege of Kyiv and focused on control over Russian-speaking regions led Ukrainian leader Volodymyr Zelensky and the United States to false conclusions.

Encouraged by Russia’s cautious military actions, the United States applied its strategy in the war on terrorism in Ukraine and. According to American experts, the current US administration is following the deadly tracks of previous military propaganda in Ukraine, which proved unsuccessful in Afghanistan and Iraq.

While Russia is pursuing a military strategy that prioritizes its political goals, we see that the US is lacking in both military and political leadership. As soon as the war in Ukraine began, the first goal of the US was to rally its NATO allies against the Russian invasion. It was a smart strategy and it worked.

However, when the US reached the first target, a further one only increased its expectations. Russia was asked to leave not only Donetsk and Lugansk (Donbass), but also Crimea. Even further, the United States began to voice maximalist demands, such as regime change in Moscow. But it is absolutely clear that these demands can arise only in conditions of a total world war.

As a result, American fantasies lead Washington to attempt strategic suicide. The Americans have deceived themselves, the Europeans and Ukraine.

Russian leader Putin said on the occasion of the 80th anniversary of the breaking of the blockade of Leningrad: “We tolerated it for a long time and tried to come to an agreement. As it has recently turned out, they were messing around with us; they were lying to us. This was not the first time this has happened to us. Yet we did everything in our power to settle the problem peacefully. It has become obvious now that it was an inherently impossible mission; the enemy was only preparing to bring this conflict to the hot phase. As I have said, there was no other way than to do what we are doing now.”

In short, some geopolitical officials in the US have dragged Zelensky into a ‘no-win war’ against a nuclear-armed Russia.

Now the world is focused on two options:

– either the US and its allies will perform a ‘miracle’ in Ukraine;

– or the Russians will crush Ukraine and then break the back of the NATO alliance.

Thus, the US strategic position in Europe will come to an end and a new world order will be born, perhaps with several centers of power outside of America.

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