Stock Markets
Exclusive-Syria retains 26 tons of gold reserves after Assad’s fall – sources
By Timour Azhari
DAMASCUS (Reuters) – The vault of Syria’s central bank holds nearly 26 tons of gold, the same amount it had at the start of its bloody civil war in 2011, even after the chaotic fall of Bashar al-Assad’s despotic regime, four people familiar with the situation told Reuters.
But the country has only a small amount of foreign currency reserves in cash, the same people said.
Syria’s gold reserves stood at 25.8 tons in June 2011, according to the World Gold Council, which cites the Central Bank of Syria as its data source. That is worth $2.2 billion at current market prices, according to Reuters calculations.
The central bank’s foreign exchange reserves amount, however, to just around $200 million in cash, one of the sources told Reuters, while another said the U.S. dollar reserves were “in the hundreds of millions”.
While not all reserves would be held in cash, the drop is substantial compared with before the war. At the end of 2011, Syria’s central bank reported $14 billion in foreign reserves, according to the International Monetary Fund. In 2010, the IMF had estimated Syria’s foreign reserves to stand at $18.5 billion.
The dollar reserves have been nearly depleted because the regime increasingly used them to fund food, fuel and Assad’s war effort, current and former Syrian officials have told Reuters.
Media representatives for Syria’s new ruling administration and for the Central Bank of Syria did not respond to Reuters requests for comment regarding the size of the central bank’s reserves.
Syria stopped sharing financial information with the IMF, the World Bank and other international organisations soon after the Assad regime put down pro-democracy protests in 2011 in a crackdown that spiralled into civil war.
Syria’s new government, led by former rebels, is still taking stock of the country’s assets after Assad fled to Russia on Dec. 8. Looters briefly accessed parts of the central bank, taking Syrian pounds with them, but did not breach the main vault, Reuters reported.
Some of what was stolen was then returned by Syria’s new rulers, Syrian officials told Reuters.
The vault is bomb-proof and requires three keys, each held by a different person, and a combination code to be opened, said one of the sources.
The vault was inspected by members of Syria’s new administration last week, two sources said, days after the rebels took control of the Syrian capital Damascus in a lightning offensive that ended more than 50 years of rule by the Assad family.
Led by the Hayat Tahrir al-Sham group, a former Al Qaeda affiliate that has long-since disavowed those ties, the new administration has quickly set up a government and is consolidating control of state institutions.
Reuters could not access the central bank vaults.
BACK AT WORK
The central bank’s headquarters, a broad white building in central Damascus, fully reopened on Sunday, the first day of the working week in Syria.
It was teeming with employees as well as people looking to access dollars, while others were carrying out sacks full of Syrian pounds.
Besides its meagre U.S. dollar reserves, the Syrian central bank can currently count on several hundred million dollars’ worth of Syrian pounds in its reserves, one source said.
New foreign currency inflows dwindled because Syria lost its main source of foreign income, , when Kurdish fighters and other armed groups seized the fields in the east of the country during the course of the war.
Syria has also been targeted by strict Western sanctions and the United States has sanctioned the central bank itself and blacklisted several of its governors.
But the sources familiar with the situation told Reuters the gold was never liquidated in order to keep sufficient collateral for the Syrian pounds circulating in the market.
The Syrian local currency has depreciated from around 50 pounds per dollar before the war to around 12,500 as of Monday.
Syria’s new administration has demanded the lifting of international sanctions to revitalize the economy, rebuild the country from years of war and encourage millions of Syrian refugees to return.
But U.S. and European officials have said they will have to wait and see what kind of administration the country’s new Islamist rulers put in place.
Stock Markets
Coupa Named a Leader in IDC MarketScape for Worldwide SaaS and Cloud-Enabled Direct Spend
With Coupa’s total spend management platform, companies can optimize supplier sourcing, manage direct and indirect spend and future proof operations in one unified platform
FOSTER CITY, Calif., Dec. 18, 2024 /PRNewswire/ — Coupa, the margin multiplier company, has been named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Direct Spend 2024 Vendor Assessment (Doc #US52734424, December 2024).
In the first report of its kind from IDC covering the direct spend market landscape, the IDC MarketScape for Direct Spend, cited the benefits of Coupa’s unified platform as a key strength. The report states, “Coupa offers a holistic platform for optimized direct spend, leveraging a robust platform that fosters supply chain collaboration, mitigates risk, facilitates ease of supply chain design and planning, and is seamlessly integrated with the full S2P suite to drive ease of contracting, purchasing, and invoice management.”
“The need for an integrated spend management approach has never been more critical, as businesses face external factors impacting revenue, like volatile interest rates and supply chain disruptions, all while managing outdated sourcing processes and fragmented systems,” said Salvatore Lombardo, Chief Product and Technology Officer. “Coupa’s AI-driven total spend management platform provides businesses with a holistic view that helps them grow margins, streamline processes, and mitigate risks, through data-driven decision-making. Our community-generated AI gets smarter by the minute, informed by our $7T in global spend data and network of buyers and suppliers. Using Coupa AI, our customers are creating more resilient and adaptive supply chains, identifying new strategic suppliers, and discovering opportunities to manage their business spend more effectively and efficiently.”
“We are building a network that will sit at the center of global trade. In the future, supply and demand will be matched autonomously, in real time, allowing buyers and suppliers to connect seamlessly and creating a self-sustaining loop that saves everyone money while constantly learning and adapting,” added Lombardo.
Coupa provides the most comprehensive, connected, and agile solution covering the full direct spend process in one unified platform. Coupa’s unmatched direct spend capabilities include:
- Supplier Sourcing Optimization: Find the best suppliers, negotiate better contracts, and drive savings, all while optimizing sourcing strategies to meet business goals.
- Supply Chain Design & Planning: Monitor your physical supply chain in near-real time and run what-if scenarios to enhance decision-making across cost, service, and sustainability.
- Supply Chain Collaboration: Enhance communication with suppliers in real-time and improve order fulfillment and ensure supply continuity with better visibility and collaboration.
- Third Party Risk Management: Assess and manage supplier risks by quickly identifying threats, while strengthening compliance to build supplier resiliency.
- Contract Lifecycle Management: Streamline the contract management process by parsing documents and integrating contracts with sourcing and procurement workflows.
- Invoicing, Payments & Treasury: Automate invoice and PO matching to reduce errors and accelerate payments and ensure tax compliance and liquidity.
For a complimentary excerpt copy of the report, click here.
Additional Information
- Read the report blog
- Learn more about Coupa Supply Chain Collaboration
About Coupa
Coupa makes margins multiply through its community-generated AI and industry leading total spend management platform for businesses large and small. Coupa AI is informed by trillions of dollars of direct and indirect spend data across a global network of 10M+ buyers and suppliers. We empower you with the ability to predict, prescribe, and automate smarter, more profitable business decisions to improve operating margins. Coupa is the margin multiplier company™. Learn more at coupa.com and follow us on LinkedIn and X (Twitter).
About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
“IDC, MarketScape: Worldwide SaaS and Cloud-Enabled Direct Spend 2024 Vendor Assessment, Doc #US52734424, December 2024”
Investing.com — US stocks climbed Wednesday, as investors awaited the Federal Reserve rate decision.
At 12:53 ET (17:53 GMT), the climbed 0.4%, or 160 points, the rose 0.2% and the added 0.2%.
Fed set to cut rates, but eyes on projections
The Fed is widely expected to cut rates when it announced its monetary policy decision at 2:00 p.m. ET.
Market focus will be squarely on the Fed’s economic projections including rate cuts for the next year, and comments from Chair Jerome Powell.
Investors expect the Fed to indicate a slower pace of rate cuts in 2025, as persistent inflation and a strong labor market—two key challenges for the Fed—continue to pose concerns.
On Tuesday, data showed that retail sales rose by 0.7% in November, above the 0.5% forecast.
Stronger-than-expected retail sales data signals that the economy remains strong and consumer spending remains robust, despite challenges like inflation and high interest rates.
This strength was driven by a solid labor market and steady household finances.
Tech cuts intraday losses as Nvidia rebounds
NVIDIA Corporation (NASDAQ:) rebounded as investors bought the recent dip in the chipmaker, helping the broader tech sector recovery.The move higher in the chipmaker comes a day after it fell deeper into correction territory following its 10% plunge from a recent peak.
Apple Inc (NASDAQ:) rose 0.1%, while Alphabet (NASDAQ:) added 0.1%.
Jabil Circuit Inc (NYSE:) was also in rally mode, surging 9% after reporting stronger-than-expected fiscal first quarter results and guidance.
Elsewhere on the earnings front, Birkenstock Holding ltd (NYSE:) reported Q4 results that topped Wall Street estimates, sending its shares more than 6% higher.
General Mills Inc (NYSE:) stumbled after cutting its annual outlook on earnings as ramp up in promotional activity dented margins.
Stock Markets
American Water Charitable Foundation Donated Over $5 Million in 2024 to Support and Strengthen Communities
CAMDEN, N.J.–(BUSINESS WIRE)–The American Water (NYSE:) Charitable Foundation, a 501(c)(3) organization established by American Water (NYSE: AWK), the largest regulated water and wastewater utility company in the U.S., announced today it awarded a combined total of $5.4 million to organizations across the U.S., supporting communities served by American Water in 2024.
Through the American Water Charitable Foundation’s Keep Communities Flowing Grant Program, $4.7 million was awarded to over 400 eligible non-profit organizations across the country. Additionally, over 4,000 employees participated in the Foundation’s Employee Matching Gift and Rewards Programs with over $700,000 donated to more than 2,200 charities. 2024 giving will be finalized in mid-January.
Following are a few examples of how the American Water Charitable Foundation is making a difference nationwide:
- As extreme weather events increase in frequency and intensity, we continue to count on forward-thinking Disaster Responder members like the American Water Charitable Foundation to help power our preparedness and relief efforts, said Anne McKeough, Chief Development Officer, American Red Cross. We are so thankful for the American Water Charitable Foundation’s donation, which underscores their commitment to compassion in advance of disasters big and small.
- We really appreciate the partnership with the American Water Charitable Foundation and California American Water for their commitment to Monterey Peninsula College students, said Beccie Michael, MPC Foundation Executive Director. Funds provided by the Foundation will create valuable opportunities for our students as they work towards earning STEM degrees and ultimately becoming STEM professionals. This grant is a prime example of working together to ensure a well-educated, well-prepared future workforce to meet our community’s needs.
- We are deeply grateful for the American Water Charitable Foundation’s support through the 2024 Water and Environment grant, said Kelly Knutson, Director for the Coalition for the Delaware River Watershed. Clarity around tap water processes is essential, as it fosters public trust in the safety and quality of our drinking water, benefiting every individual and safeguarding the health of our watershed community. Thank you to the American Water Charitable Foundation for their commitment to our collective mission of a healthy and protected watershed.”
- We are thankful for the American Water Charitable Foundation’s continued support of our mission to end veteran suicide, said Lindsay (NYSE:) Grayson, Chief Revenue Officer, K9s For Warriors. K9s For Warriors has paired more than 1,000 veterans with a service dog. With the American Water Charitable Foundation’s help, we can continue to provide these life-changing animals to veterans in need, helping them regain their independence and improve their quality of life.
Since 2012, the American Water Charitable Foundation has invested nearly $21 million in funding through grants and matching gifts that are important to American Water’s employees and positively impact the communities where they live and work.
Grants provided by the American Water Charitable Foundation support impactful initiatives and programs throughout American Water’s national footprint. Our charitable focus to Keep Communities Flowing empowers our community partners to make meaningful long-term differences in the lives of those they serve,” said Carrie Williams, President, American Water Charitable Foundation. Additionally, the Foundation is proud to support American Water employees in their own charitable endeavors through matching gifts and rewards.
Learn more about the American Water Charitable Foundation here.
About American Water
American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886, We Keep Life Flowing ® by providing safe, clean, reliable and affordable drinking water and wastewater services to more than 14 million people with regulated operations in 14 states and on 18 military installations. American Water’s 6,500 talented professionals leverage their significant expertise and the company’s national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders.
For more information, visit amwater.com and join American Water on LinkedIn, Facebook (NASDAQ:), X and Instagram.
About American Water Charitable Foundation
The American Water Charitable Foundation is a 501(c)(3) nonprofit organization that provides a formal way to demonstrate the company’s ongoing commitment to be a good neighbor, citizen, and contributor to the communities where American Water and its employees live, work and operate. For more information, visit amwater.com/awcf.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241218463998/en/
Media Contact
Alicia Barbieri
Director, Communications & External Affairs
American Water
(856) 676-8103
alicia.barbieri@amwater.com
Source: American Water
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