Source: United States House of Representatives – Congressman Adriano Espaillat (NY-13)
ESPAILLAT HIGHLIGHTS THE SIGNIFICANCE OF THE HISTORIC OPEN SKIES AGREEMENT IN STRENGTHENING BILATERAL RELATIONS, BOOSTING ECONOMIC AND TRAVEL OPPORTUNITIES
NEW YORK, NY – Today, Representative Adriano Espaillat (NY-13) presented the historic Cielos Abiertos (Open Skies) agreement between the United States and the Dominican Republic, at an event held at the Juan Pablo Duarte School in New York. The presentation, which was attended by President of the Dominican Republic, the Honorable Luis Abinader; New York City Mayor Eric Adams; U.S. Under Secretary of State for Economic Growth, Energy, and the Environment José W. Fernandez; ministers of the Dominican government; and numerous New York elected officials, underscored the landmark deal’s pivotal role in strengthening bilateral ties, spurring economic growth, and expanding travel opportunities between the two nations.
The Open Skies (Cielos Abiertos) agreement, signed on August 5, 2024, came after more than two decades of negotiations, with Representative Espaillat playing a crucial role in advocating for its finalization. During his speech at the event, Rep. Espaillat emphasized the transformative nature of the agreement, which will open up new air routes, increase competition among airlines, and significantly reduce flight costs for travelers between the U.S. and the Dominican Republic.
“Today’s Open Skies agreement marks a new chapter in U.S.-Dominican relations,” said Espaillat. “This agreement will have a profound impact on Dominican American families, businesses, and tourists, offering more flight options and making travel more affordable. By increasing competition, this deal ensures lower airline fares and more frequent travel opportunities for consumers between our two nations.”
For years, Dominican American families have faced limited flight options and exorbitant prices for travel to and from the Dominican Republic, particularly during peak travel seasons. Rep. Espaillat has long advocated for solutions to these challenges, and the Open Skies agreement addresses these concerns by providing more affordable and accessible air travel.
The agreement also promises to boost tourism and economic growth in both nations. By increasing flight availability and reducing costs, the deal is expected to drive job creation and enhance commercial ties between the United States and the Dominican Republic.
“Open Skies is not only about making air travel easier,” continued Espaillat. “It ensures stronger connections between our people, strengthening our economies, and reinforcing the deep, historic ties that unite our two great nations.”
The event was also attended by a number of high-profile leaders, including Dominican President Luis Abinader, New York City Mayor Eric Adams, and U.S. Under Secretary of State José W. Fernandez, who emphasized the significance of this agreement in the context of U.S. foreign policy.
Rep. Espaillat’s advocacy for the Open Skies agreement reflects his continued commitment representing the Dominican American community while fostering strong, mutually beneficial relations between the United States and the Dominican Republic.
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Representative Espaillat is the first Dominican American to serve in the U.S. House of Representatives and his congressional district includes Harlem, East Harlem, West Harlem, Hamilton Heights, Washington Heights, Inwood, Marble Hill and the north-west Bronx. First elected to Congress in 2016, Representative Espaillat is serving his fourth term in Congress. Representative Espaillat currently serves as a member of the influential U.S. House Committee on Appropriations responsible for funding the federal government’s vital activities and serves as Ranking Member of the Legislative Branch Subcommittee of the committee during the 118th Congress. He is also a member of the House Budget Committee and the Congressional Hispanic Caucus (CHC), where he serves in a leadership role as the Deputy Chair as well as Chair of the Congressional Hispanic Caucus Institute (CHCI). Rep. Espaillat is a member of the Congressional Progressive Caucus (CPC) and serves as a Senior Whip of the Democratic Caucus. To find out more about Rep. Espaillat, visit online at https://espaillat.house.gov/.
Media inquiries: Candace Person at Candace.Person@mail.house.gov
Boundaries Scotland is responsible for reviewing and making recommendations for:
constituencies and regions for the Scottish Parliament;
the number of councillors on each council in a local government area;
the number of wards for local government elections and their boundaries; and
the extent of council areas.
The Second Review of Scottish Parliament Boundaries commenced in September 2022. The Review is required by the Scotland Act 1998 and the report containing the recommendations by Boundaries Scotland must be submitted to Scottish Ministers by 1 May 2025. If subsequently approved by the Scottish Parliament, the new boundaries will be effective at the next Scottish Parliament election, expected in May 2026.
The rules state Boundaries Scotland must review and make recommendations for the boundaries of 73 constituencies and eight regions, with each region represented by seven MSP’s. The overall number of MSPs will remain at 129.
A further consultation has now started on the Provisional results for the Regions and further proposals for constituencies.
Summary Highland Council area – Constituencies
The boundary between the proposed: Inverness and Nairn; and Skye, Lochaber and Badenoch constituencies has been amended south of Inverness at Strathdearn to align with the ward boundary, as suggested during the consultation.
The constituency boundary for Caithness, Sutherland and Ross was retained and there were no changes to any of the 3 constituency names.
Summary Highland Council area – Region Highlands and Islands
There is no change in the name of the region and when compared to the existing boundaries there is a minor alignment of the ward boundary within the Moray Constituency.
The consultation period lasts for one month until 26 October 2024, during which comments concerning the proposals are invited.
Comments on the proposals can be made on the consultation site, where you can view the boundaries of our proposals and compare them with the existing boundaries, see consult.boundaries.scot. Comments can also be made by email to boundaries.scot@scottishboundaries.gov.uk, or by writing to Boundaries Scotland, Thistle House, 91 Haymarket Terrace, Edinburgh, EH12 5HD. All comments should be submitted no later than 26 October 2024 which is the end of the statutory consultation period.
Further information regarding the review is available on the Boundaries Scotland website https://boundaries.scot/
Oxford City Council is set to approve plans that would see more than 350 affordable rented homes in Barton Park become council housing.
At its next meeting on Wednesday 16 October, Cabinet is expected to agree the £33.4 million sale of 168 completed OX Place homes to the housing revenue account (HRA).
Cabinet is also expected to budget £39.7 million from 2024/25 to 2027/28 to buy another 184 affordable homes directly from developers to let as council housing.
Cabinet’s decision will need to be ratified at full Council on Monday 25 November.
Existing tenancies will then become secure council tenancies when they are transferred to the HRA on 2 December. The remaining 184 affordable homes will be let on secure council tenancies to people on the housing register when they are ready to live in.
Benefits for tenants
As a service level agreement with Landlord Services means the Council already manages the day-to-day running of OX Place tenancies, tenants are unlikely to notice any changes in the management of their tenancies.
OX Place homes were already let at social rent – the most affordable tenure, which typically works out at around 40% of private rents in Oxford – and this will not change.
When the existing residents become council tenants they will gain new rights to arrange a mutual exchange of their home or exercise the right to buy. Spouses, partners or close family members living with a tenant when they die will also gain the right to inherit (‘succeed’) their tenancy.
OX Place will gift any furniture or appliances rented through the furnished tenancy scheme so tenants own them outright.
Wider benefits
When work to build the first homes at Barton Park started in 2015, government finance restrictions meant councils could not use the HRA to fund the building of affordable council homes. Instead, the Council used low-cost borrowing to finance Barton Park’s affordable homes from its general fund. This meant they could not be council housing.
The lifting of borrowing restrictions in 2018 removed this need. Sale of OX Place homes to the HRA will allow the repayment of loans and allow the housing company to focus on its primary aim – delivering affordable council and shared ownership homes.
The HRA is a ring-fenced account which can only be spent on council housing. Its main source of income is rent and service charges. The addition of more than 350 homes will represent a significant boost to the HRA’s current asset base of around 7,800 council homes.
This will – over time – help the Council to do more to improve homes and estates, deliver affordable housing and satisfy other demands like retrofitting older homes to modern energy efficiency standards.
More immediate benefits include reducing the complexity of managing Barton Park, while agreeing to buy future homes directly into the HRA will reduce administrative costs and deliver savings on stamp duty land tax.
Comment
“Government borrowing restrictions back in 2015 meant we wouldn’t have been able to deliver Barton Park without putting the affordable homes in the care of our housing company, OX Place. This measure is no longer needed and it’s now time to formally bring the affordable homes in Barton Park under the Council’s direct ownership and control.
“This is a good thing for everyone. Tenants will still be paying social rent and get more rights. OX Place will be free to focus on building high-quality affordable homes. The HRA will gain more than 350 new homes and the rent their tenants pay will make a valuable contribution to our plans for delivering more council homes and improving our existing properties.”
Councillor Linda Smith, Cabinet Member for Housing and Communities
“We welcome the transfer of tenancies at Barton Park to the HRA. This will allow OX Place to focus on the development of new homes across Oxford.
We want OX Place to be Oxford’s developer of choice. It is committed to creating beautiful and varied homes in and around our city.”
Councillor Susan Brown, Leader of Oxford City Council and Shareholder of OX Place
Mayor announces further investment to counter hate crime and extremism as Middle East crisis deepens
New £875,000 investment by Mayor will empower grassroot groups to tackle hate, intolerance and extremism in their communities.
Mayor calls for Londoners to stand united and not let the appalling escalation in the conflict in Lebanon and Israel lead to an increase in hate crime here.
Action will work to counter steep rises in antisemitic and Islamophobic hate crime and the growth of far-right narratives online.
Latest funding forms part of the Mayor’s record £15million investment to tackle hate and extremism as new figures show record-breaking numbers of young people being arrested for terrorism offences.
The Mayor of London, Sadiq Khan, has today announced a further £875,000 investment for grassroots community projects to tackle hate, intolerance, extremism, radicalisation and terrorism in the capital.
The funding will empower grassroot groups across London to bring communities together and counter steep rises in antisemitic and Islamophobic hate crimes1 and the growth of far-right narratives online over the past year.
The action comes amid calls for unity from the Mayor who continues to work closely with the police and community leaders to ensure everyone in the capital feels safe and is safe amid the appalling escalation in the conflict in Lebanon, Israel, Gaza and the wider region.
The announcement forms part of the Mayor’s record £15million investment2– more than any other mayor – to support victims of hate crime and tackle hate and extremism in London’s communities. It comes as new Home Office figures show record-breaking numbers of young people aged below 17 are being arrested on suspicion of terrorism offences. 3
The funding will support 20 groups including The Anne Frank Trust UK to deliver workshops that challenge anti-Jewish and anti-Muslim hate; Stand Up! – an interfaith project which brings Jewish and Muslim educators into the classroom to facilitate informal conversations with young people and empower them to act against racism and discrimination with a specific focus on antisemitism and Islamophobia; and EXIT Hate UK which works with young people aged 14-18 to help them understand the dangers posed by extreme right-wing ideologies.
The Mayor’s Shared Endeavour Fund is working to empower Londoners of all ages to challenge hateful views in their communities, better protect those vulnerable to radicalisation and stop the spread of growing hateful ideologies including the far-right. Since the grassroots fund was launched in 2020, £4million has been invested in 95 completed projects which has included delivery in each London borough with more than 140,000 Londoners having benefited. A further 20 projects will be delivered over the next 6 months with more than 50,000 Londoners expected to benefit as a result of the Mayor’s latest investment which will deliver workshops, educational activities and interfaith community programmes.
The latest independent evaluation of the Shared Endeavour Fund found that the Mayor’s investment is working to build Londoners’ resilience to radicalisation and extremist recruitment as well as reducing racism, intolerance, hate and extremism in the capital. 4
The funding comes just ahead of the first anniversary of the horrific Hamas attacks on October 7th, actions of the IDF in Gaza, the devastating ensuing conflict and appalling humanitarian and hostage crisis which continues to impact so many Londoners – particularly those with family and friends in Israel, Gaza, Lebanon, the West Bank and the wider region.
It also follows recent disorder in the UK this July which was largely fuelled by misinformation, racism and extremism promoted by far-right groups online.
The latest action is part of a package of measures by the Mayor to tackle rising hate crime and misinformation and is being delivered alongside continued work with the Met Police and community leaders to ensure all of London’s communities feel safe and are safe.
The Mayor of London, Sadiq Khan, said: “We know that an escalation in conflict in the Middle East often leads to an increase in hate crime here in London. With the appalling further escalation of the conflict in Lebanon, Israel, Gaza and the region, I’m appealing to Londoners to continue to look out for their friends and neighbours whatever their faith and backgrounds and stand united against all forms of hate.
“We have seen an abhorrent and completely unacceptable rise in hate crime over the last year – particularly antisemitism and Islamophobia which has profoundly impacted our Jewish and Muslim communities in London. I’m determined to continue to work in partnership with community, faith and police leaders to ensure everyone in the capital feels safe and is safe.
“Hate crime comes in many forms and I’m determined to tackle it head on by investing in grassroots projects which empower our communities to stand up to hate and intolerance where they are, so that we can stop the spread of hateful narratives, reject extremist ideologies and do more to safeguard vulnerable young Londoners from radicalisation and misinformation online.
“At a time of rising tension and online hate, this scheme will continue to build bridges across communities, embrace what we have in common and help ensure Londoners of all backgrounds and faiths feel welcome, safe and can thrive.”
Met Assistant Commissioner, Matt Twist, said: “Nobody should feel unsafe or in fear going about their lives in this city, certainly not on the basis of their race or religion.
“Since October last year we have seen a really concerning rise in hate crime with both antisemitic and Islamophobic offences increasing significantly. For the past year we have had a dedicated policing operation tackling hate crime in communities, responding to significant protest, countering extremism and terrorism, and working to provide reassurance particularly in parts of London with significant Jewish and Muslim populations.
“As the situation in the Middle East becomes less certain once again, we know that fears and tensions will rise here at home too. Our work, which is underpinned by engagement with community representatives and with our key partners, will continue. Together, we are determined to demonstrate that there will be no tolerance for hate crime in London.”
Ruth Martin, Grants Team Manager at Groundwork London, said: “Groundwork London supports London’s diverse communities to ensure the capital is a vibrant, safe, and respectful place for everyone. We are proud to continue working with MOPAC to support the Shared Endeavour Fund, which is now in its fifth year. So far, the fund has supported over 90 initiatives across London, which has impacted over 140,000 Londoners. We look forward to working with new and returning grant recipients as they deliver their projects to counter hate, intolerance and radicalisation in their communities and reach those most in need.”
Zaynab Albadry, Project Manager, Stand Up Education Against Discrimination, said: “The Stand Up! Education Against Discrimination project has been awarded funding by the Mayor’s Shared Endeavour Fund for 5 consecutive years. Tens of thousands of young people have participated in free anti-discrimination workshops raising awareness about racism and prejudice and empowering them to act against hate, discrimination, antisemitism, and anti-Muslim hate.
“Our partners, the CST and Tell MAMA have warned of the growth in both anti-Muslim hate and antisemitism, with incidents targeting these communities worryingly becoming more aggressive. Thanks to this latest funding, even more young Londoners will meet our Jewish and Muslim facilitators to breakdown misconceptions and stereotypes targeting minority communities. Through this project participants will be assisted to navigate difficult climates and issues to feel empowered becoming the leaders of tomorrow, modelling a respective and welcoming environment for their communities and wider British Society.”
Tim Robertson, Chief Executive of The Anne Frank Trust UK, said: “Educating against prejudice is an urgent national priority, and we’re experts at it here at the Anne Frank Trust UK. But finding the necessary funding is really tough right now. So I’m massively grateful to the Mayor of London’s Shared Endeavour Fund for enabling us to bring our programme to thousands of young Londoners. This is totally the right initiative at exactly the right time.”
Nigel Bromage, Founder of EXIT Hate UK, said: “Funding from MOPAC’s Shared Endeavour Fund is crucial to combating hate, extremism and terrorism. Through the Mayor of London’s funding we have been able to deliver impactful projects year on year which challenge Far Right hate narratives and boost the capacity of frontline practitioners and family members to keep those vulnerable to radicalisation safe.
“This year’s delivery is more important than ever with the risk of Far Right extremism increasing in the aftermath of horrific recent disorder across parts of the country. We will be working with even more frontline practitioners and young Londoners to provide awareness raising on the dangers of Far Right radicalisation whilst also providing non-judgemental help and support to those that need it.”
While the macroprudential framework for the banking sector has been in place for several years, its equivalent for non-bank financial institutions is still emerging. This panel discussion on macroprudential policy beyond banking will be particularly relevant in light of the review of the macroprudential framework for non-banks that the European Commission is conducting in 2024.
Chair: Luis de Guindos, Vice-President, European Central Bank
Panellists:
Petra Hielkema, Chair, EIOPA
Steffen Kern, Chief Economist, ESMA
Javier Suarez, Professor, Centre for Monetary and Financial Studies, Member of the ESRB Advisory Scientific Committee
Dimitrios Tsomocos, Professor and Fellow by Special Election, University of Oxford
Krista Belén Rivas Gutiérrez, Regional Leader of the Tertiary Refugee Student Network (TRSN) in Latin America, explains how people on the move contribute to progress in society as a whole. A youth representative for the United Nations High Commissioner for Refugees (UNHCR), she says refugees joining forces with governments and other partners will benefit all.
Deputy Secretary-General of ASEAN for Economic Community, H.E. Satvinder Singh, received a courtesy call from the ASEAN Federation of Engineering Organisations (AFEO) today, at the ASEAN Headquarters/ASEAN Secretariat. They discussed possible avenues and collaborations to advance engineering integration and capabilities across ASEAN, such as through enhancing engineering standards, as well as sharing of engineering knowledge and business opportunities. AFEO is an accredited Civil Society Organisation (CSO) under Annex II of the ASEAN Charter.
The post Deputy Secretary-General of ASEAN Economic Community met with ASEAN Federation of Engineering Organisations (AFEO) to explore collaborative partnership to advance regional engineering practice appeared first on ASEAN Main Portal.
At Samsung, we believe in empowering every individual. Together, we create, we innovate and we grow. Our strength lies in our people, their stories, and their passion.
Watch our employees from Chennai Plant talk about their journey at Samsung:
At Samsung, we believe in empowering every individual. Together, we create, we innovate and we grow. Our strength lies in our people, their stories, and their passion.
Watch our employees from Chennai plant talk about their journey at Samsung.
Know More: https://t.co/snd7tgolxT… pic.twitter.com/GXUEU8DJAm
— SamsungNewsroomIN (@SamsungNewsIN) October 1, 2024
Kathmandu (Agenzia Fides) – “We have had three days of heavy rains and floods, which occurred from many small rivers and streams that overflowed. They are among the most intense that Nepal has ever seen in recent decades”, says to Agenzia Fides Fr. Silas Bogati, pro Apostolic Vicar of Nepal. “Now there is great suffering, thousands of people have lost their homes and everything they had at home, many do not know where to sleep. The situation is critical in Kathmandu and in many other areas of the country”, he notes. The pro-Vicar is located in the small village of Godavari, a few kilometers from the capital Kathmandu, where there is a Catholic Pastoral Center that carries out various activities. “Even some Catholic families who live here, near the river, are in conditions of poverty and penury. They have nothing. But there is already an effort of solidarity to help them”, he notes. The heavy rains that hit Nepal between 27 and 28 September caused widespread floods that affected thousands of families. According to initial estimates by government authorities, some 217 people, including 35 children, have lost their lives, while over 130 are injured and at least 26 are missing. Hundreds of homes have been damaged. Landslides, mud and debris have blocked major roads, both in the capital and in other districts, hindering relief efforts and access to essential services. In addition, 13 major hospitals have been damaged and water supplies are cut off in many areas, with damaging, sometimes life-threatening, consequences for health and nutrition. There are fears of an outbreak of waterborne (such as cholera) and vector-borne (such as dengue fever) epidemics. “The damage to 54 schools deprives more than 10,000 boys and girls of access to safe learning spaces,” UNICEF said. “Schools are closed and roads impassable, there is mud everywhere, here in Godavari and in the capital. Now Caritas Nepal is assessing the situation and will seek a prompt response to help the displaced, who have no food or clothing, nor a place to spend the night. Some volunteers from our parishes have already started working and are helping to clean the mud from the houses that are still habitable”, continues Fr. Silas Bogati. “In this situation of suffering and precariousness, we try to do our part, bringing aid and showing solidarity to all those in need. We will need help from abroad”, he concludes. Nepal is a country of about 30 million inhabitants with a Hindu majority (80%), while Christians of various confessions make up about 1% overall, including about 8 thousand Catholics. (PA) (Agenzia Fides 1/10/2024) Share:
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.
by Gianni ValenteUlaanbaatar (Agenzia Fides) – «There is a specificity of the first announcement of the Gospel. And when we reflect on the mission of the Church, I would like to speak out in favor of this specificity”, which “should not be evaporated in an overly generic discussion on the mission”. October begins, the month that the Church dedicates, in addition to the Rosary, also to the mission. And Cardinal Giorgio Marengo, Consolata missionary, Apostolic Prefect of Ulaanbaatar, takes advantage of the opportunity to share in a conversation with Agenzia Fides bright ideas full of apostolic passion for missionary work. This year too, as often happens , “Missionary October” is intertwined with the work in Rome of the Assembly of the Synod of Bishops, in which Cardinal Marengo also takes part. And that meeting is also called to deal with the missionary horizon of every authentic ecclesial work, as is clear from the title (“For a synodal Church: communion, participation and mission”). Cardinal Marengo, perhaps this cannot be insisted upon enough on the missionary nature of the Church and on the call of all the baptized to the mission? CARDINAL GIORGIO MARENGO: The rediscovery of the call to all be missionaries, inscribed in baptism, was in many ways providential. But now the specificity of the missionary vocation called “ad gentes” seems to have been somewhat lost sight of. It is as if, in the era of globalization and the apparent reduction of geographical distances, there was no longer any place for this horizon of missionary work. . which involves leaving and inserting oneself into human contexts different from one’s own. Instead, I believe, precisely in our time it is appropriate to recognize that there is a specificity of the first announcement of the Gospel, of the Gospel announced to those who don’t really know what it is. It is important that this specificity is not diluted, not evaporated in an overly generic discussion on the mission. In this time, precisely perceiving and always taking into account this specificity seems vital to me for all the work of the Church in the world, and for its journey in history. Because this specificity of the first announcement for you must not be removed and is crucial in the dynamism missionary of the Church?MARENGO: If belonging to the Church means walking together with Jesus and behind Jesus, the mission can be described and formulated as “making the encounter with Christ possible”. This encounter can always take place in ways unknown to us. But normally the impact with a human reality remains necessary. A human reality that facilitates and makes the encounter with Christ possible. Because this experience is always transmitted through attraction and contact. And this dynamism manifests itself and is clearly perceived especially where the real possibilities of coming into contact in some way with the person of Christ are objectively few. For example, in places where the Church does not exist or is in a nascent state of Church, as in the case of Mongolia. You belong to a missionary institute. And in recent decades there has been a clear numerical decline in the members of these Institutes. MARENGO: Perhaps there will no longer be a need for large numbers as there once was, and we should not be shocked that missionary Institutes are decreasing in number. But even with less impact, the perennial need to announce the Gospel which gave rise to the birth of those Institutes remains alive. The specificity of the “Missio ad gentes” you referred to evokes what were the “mission territories”, areas which now are defined as the “South of the world” or global South”. Is this identification still valid? MARENGO: Rather than slipping into the insidious terrain of socio-political formulas and definitions, those which for example refer to the “north” and “south” of the world, it is better to stick to purely ecclesial criteria. This specificity has to do with real exposure to the announcement of the Gospel. It is a question of seeing whether in different social contexts there is the possibility of real exposure to the Gospel, because in that given context the Gospel is in some way actually announced, or whether this does not happen. Always taking into account all the particular situations and their diversities. What diversities? MARENGO: It’s one thing to live in places where the Church is established with all the charisms and ministries, and it’s another to have a Church with only one native priest, like it happens here in Mongolia. It’s one thing to find yourself in societies that are extremely critical of Christianity, due to the weight of history. And a con is interacting with societies that are not in themselves against and hypercritical towards the Church, because their stories have never intertwined. In different contexts and situations, the mission of the first announcement is the one that in any case makes one experience the novelty of Christian faith. Both when this happens in contexts that have not historically dealt with it, and when it is rediscovered as a novelty in places where it has shaped previous generations, but has now somehow evaporated from the common horizon. What are the elementary and specific traits of mission of the first announcement? MARENGO: God our Father did not send a message, but became flesh by sending his only Son. God lowered himself to embrace the human condition. And by analogy, even the mission, since then, is called to submit to the laws of time and space, having Jesus as its model. If the message of Christ were a mere message, a teaching of life, there would have been no need to ask men and women to go to the ends of the world, as Jesus himself does in the Gospel. Jesus became part of a people and a defined culture. Thirty years of hidden life, three years of explicit activity and three days of passion, which lead to the resurrection. All those who follow him are called to let themselves be shaped by the Holy Spirit to live the same mystery. This is the mission. Submitting to the laws of space and time by following Jesus frees us to abstractions and embraces all the effort and patience of missionary work, which may appear “useless” and “fruitless”….MARENGO: Let’s think about the time spent on learn difficult and distant languages, to immerse yourself deeply and respectfully in the cultures of the people you live with. Everything presupposes understanding, friendly closeness to grow a relationship of trust. Much of the missionary effort is aimed precisely at identifying with the context and creating these conditions of mutual trust, in order to then share our treasure with others, what we hold most dear. This “patience” of the long times of the mission is not out of line with respect to the fast dynamics of the present time? MARENGO: Perhaps someone today might think that it is more effective to invest in communication to obtain measurable impacts on public opinion. But the Gospel is not communicated as an idea or as one of the options on a menu. This is marketing. Sometimes we have a tendency to make theories about the mission, or to organize strategies with social or humanitarian actions that we present as useful things for what we call “announcement”. Up to the illusion of a Church that is built “by project”. How do you perceive the current urgencies of the missionary work of the Church from your point of view in Ulaanbaatar? MARENGO: I am amazed by the growing interest of writers, journalists and scholars of the Church in the our small Church in Mongolia, in which they see a mission experience similar to that of the Acts of the Apostles. The Apostles bore witness to the Lord Jesus in conditions of absolute minority compared to the social and cultural contexts in which they moved. Their work had connotations of marginality and novelty. The experience of first contact with the Gospel on the part of people and social realities who had never encountered it until then occurs again in Mongolia. Those who are interested in our Church sometimes tell me that from associating with our poor and small experience, advantages and inspiration can also come for the situations experienced in post-Christian societies, where even a vague common reference to Christianity can no longer be given taken for granted, as it was in the past. Also in a recent conference at the Institut Catholique in Paris, you referred to the “register of discretion” which must always characterize missionary work. What are you referring to? MARENGO: What makes the encounter with Christ possible is always his Holy Spirit, and not our methodologies or precautions. But perhaps his work will find fewer obstacles if those who want to serve the Gospel become close to their brothers and sisters for who they are, announcing the resurrection of Christ with discretion. The Lazarist Father Giuseppe Gabet in 1840, after his first trip to Outer Mongolia, wrote to Propaganda Fide: «The first appearance of Europeans among the Mongols and Tibetans is a very delicate undertaking, and the success of preaching among these peoples will depend on long from the degree of discretion demonstrated”. You participated in the Plenary of the Dicastery for Evangelization (Section for the first evangelization and the new particular Churches) dedicated to the Pontifical Urbaniana University. How do you see the present and future of that University?MARENGO: During the mass in the Singapore Stadium, Pope Francis recalled a letter from Saint Francis Xavier to his first Jesuit companions, in which the great missionary spoke of his desire to go to all university of his time to “shout here and there like a madman” and shake up the intellectuals who engaged in endless discussions, to push them to become missionaries to serve the charity of Christ. In this time perhaps we also need a theological study of the mission, we need academic paths that help to recognize and re-propose the perennial urgency of announcing the Gospel, especially in situations of first evangelization. Who knows, perhaps through this very path the Pontifical University, with all its history, might be able to renew and realize the dream of Saint Francis Xavier today. (Agenzia Fides 1/10/2024)Share:
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.
MIL OSI Translation. Government of the Republic of France statements from French to English –
Source: Swiss Canton of Vaud – news in French
The Government thus guarantees the high level of benefits to the population, which it even strengthens in certain sectors, and implements the tax cuts in favor of the population announced in its Purchasing Power Plan.
The LIBE Committee held an exchange of views with the Executive Director of the EU Drugs Agency (EUDA), Alexis Goosdeel, on the latest developments in the drug situation in Europe and the work performed by the Agency to improve preparedness at the EU and national level.
Mr Ladislav Hamran, the President of the European Union Agency for Criminal Justice Cooperation since 2017, presented to LIBE Committee Members the Agency, its role and current activities.
This panel discussed systemic liquidity risk, highlighting how market and funding strains can affect the financial system, often necessitating intervention from central banks and authorities. The panel explored methods for detecting and addressing vulnerabilities proactively, and strategies for mitigating the impact if such risks materialise.
Chair: Stephen Cecchetti, Professor, Brandeis International Business School, Vice-Chair of the ESRB Advisory Scientific Committee
Panellists:
Linda Goldberg, Financial Research Adviser, Federal Reserve Bank of New York
Rafael Repullo, Professor, Centre for Monetary and Financial Studies
Hyun Song Shin, Economic Adviser, Bank for International Settlements
The ESRB’s Advisory Scientific Committee awards the Ieke van den Burg prize to recognise outstanding research conducted by young scholars on a topic related to the ESRB’s mission. Tsvetelina Nenova presented her paper “Global or Regional Safe Assets: Evidence from Bond Substitution Patterns”, which has won the 2024 Edition of the prize.
Chair: Loriana Pelizzon, Professor, SAFE/Goethe University, Vice-Chair of the ESRB Advisory Scientific Committee
Winner: Tsvetelina Nenova, Economist, Bank for International Settlements
This panel discussion aims to explore how AI is reshaping the landscape of financial stability and systemic risk, from the perspective of industry practitioners and academics. The panel addressED both opportunities and challenges that lie ahead in integrating advanced AI technologies within Europe’s financial system.
Chair: Andréa Maechler, Deputy General Manager, Bank for International Settlements
Panellists:
Zanna Iscenko, Principal Economist, Google
Sudeep Kesh, Chief Innovation Officer, S&P Global Ratings
Robin Lumsdaine, Professor, American University, Member of the ESRB Advisory Scientific Committee
Dirk Zetzsche, Professor, University of Luxembourg
Welcome address
Pablo Hernández de Cos, Chair of the Advisory Technical Committee, and former Governor of Banco de España.
Pablo Hernández de Cos, in his capacity as Chair of the ESRB Advisory Technical Committee, and former Governor of Banco de España, opened the second day of the conference (pre-recorded).
Keynote speech by Olli Rehn, ESRB First Vice-Chair, Governor of Suomen Pankki.
How do you cast Wuthering Heights, Emily Bronte’s 1847 novel about a child so brutalised by his adoptive family that he drives his pregnant love to death? Not, it would seem, like Emerald Fennell, the latest director to attempt it.
Fennell’s previous projects include the Oscar-winning A Promising Young Woman (2020) and Netflix hit Saltburn (2023), but she has been under fire for casting Jacob Elordi and Margot Robbie in the lead roles of Heathcliff and Catherine, two teenagers on the wild, 19th-century Yorkshire moors. As tanned Australian actors aged 27 and 34, best known for playing Elvis and Barbie, it is hard to imagine how they can pull this off.
But has anybody ever got Heathcliff and Catherine right?
Lawrence Olivier was nominated for an Oscar for playing Heathcliff in 1939, but his clipped, Royal Shakespeare Company gentlemanliness hardly befitted the “savage vehemence” of the role. Heathcliff is an orphan, probably picked up on the Liverpool docks, bullied for looking like “a dark-skinned gypsy”, “a little Lascar, or an American or Spanish castaway” (a lascar was a sailor or militiaman often from Asia). Among his many eventual crimes, he tortures puppies and beats children. But the Olivier movie staged the novel as a classic Hollywood romance.
Until very recently other directors followed suit, cutting the story’s more brutal elements (including most of its second half) and casting dashing (white) leads like Timothy Dalton (1970) and then-newcomer Ralph Fiennes (1992). In the latter film, Juliette Binoche’s Catherine had a notably French accent. (Maybe best not to mention Cliff Richard’s 1996 musical, in which, at 56, he was panned for playing a teenage Heathcliff as a pop idol.)
As the director of a 2011 BBC Radio Three adaptation put it, Wuthering Heights is not supposed to be “a Vaseline-lensed experience”. But it has been mostly sold that way.
Perhaps the only director to capture the nightmarishness of Bronte’s text is Andrea Arnold, who in 2011 cast untrained actors in the central roles, including a black actor, James Howson, as Heathcliff. At the time, some critics even found that decision controversial. But the casting was a turning point, and Arnold’s bleak, almost wordless, adaptation changed the game.
In 2024, audiences are more aware that casting a white actor like Elordi as Heathcliff is not only to undersell the novel as romance, but to wilfully ignore the imperialism in the text.
There is evidence to suggest that Heathcliff’s story was at least partly inspired by a local slave-owning family, the Sills, who, as well as making their money from sugar plantations in Jamaica, had 30 enslaved Africans working on their home estate in Yorkshire.
Also, as mentioned, characters speculate about Heathcliff’s race throughout. For instance, Nelly Dean, Cathy’s family’s servant, wonders whether “[his] father was Emperor of China, and [his] mother an Indian queen.” He is clearly not white.
Still, in going in the opposite direction to Arnold, Fennell’s film might offer us something new.
The novel is difficult to film not only because it depicts human beings at their most primal, but also because it is so strangely told. Bronte rarely shows us Catherine or Heathcliff firsthand. We learn their tale through an uninitiated southerner, Lockwood, who himself hears much of the story from a servant with unreliable passions of her own.
Key scenes in the novel have an emotional realism drawn not only from the rough-hewn Yorkshire rocks but also from gothic melodrama: Catherine’s ghost literally bleeds as it grasps Lockwood through a window; Heathcliff digs up Catherine’s grave just “to have her in my arms again”. If this is realism, it is so extreme it borders on the theatrical.
And this is where Fennell excels. Saltburn’s bathtub scene is infamous for body horror, but mostly it depicts an urgent need to consume and be consumed by another. Saltburn also has its own graveside scene, which clearly echoes Heathcliff’s necrophiliac desires in Wuthering Heights.
I would argue there can be no justification for casting a white actor as Heathcliff, and it is to be hoped that Fennell rethinks this decision. But perhaps there is also something to be gained from having a Heathcliff and Catherine with the glitzy theatricality of Elvis and Barbie. Fennell isn’t going to give us the Catherine and Heathcliff we have come to expect, but it is possible she will evoke the passion the characters deserve.
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Adelene Buckland does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
MILES AXLE Translation. Region: Russian Federation –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
The authors of more than 200 films are competing for the prizes of the Far East – Land of Adventures competition
October 1, 2024
The authors of more than 200 films are competing for the prizes of the Far East – Land of Adventures competition
October 1, 2024
The authors of more than 200 films are competing for prizes in the Far East – Land of Adventures competition
October 1, 2024
The authors of more than 200 films are competing for the prizes of the Far East – Land of Adventures competition
October 1, 2024
The authors of more than 200 films are competing for the prizes of the Far East – Land of Adventures competition
October 1, 2024
Previous news Next news
The authors of more than 200 films are competing for the prizes of the Far East – Land of Adventures competition
207 films have been admitted to the jury of the All-Russian competition “Far East – Land of Adventures”, as reported by the initiator of the project, Deputy Prime Minister – Plenipotentiary Representative of the President in the Far Eastern Federal District Yuri Trutnev.
“The Russian Far East is vast and beautiful. Any tourist or traveler can find a vacation to their taste here: from hiking to routes of varying difficulty, and all this in different climate zones. The “Far East – Land of Adventure” competition is important for making active tourism more popular. It brought together travelers and bloggers who made films about the macro-region, introducing millions of Russians to the unique places of the Far Eastern regions. This year, the jury of the competition is selecting the best trips for the second time. This is not an easy job. The authors of more than 200 films are competing for prizes. And I am sure that the jury, whose members are real professionals, will choose the best of the best,” said Yuri Trutnev.
The largest number of films are about travels in the Sakhalin Region and the Amur Region – 52 and 34 films. In addition, 31 films about adventures in the Khabarovsk Region, 26 materials about travels in the Primorsky Region, 18 – in the Jewish Autonomous Region, 13 – in the Kamchatka Region, 10 – in the Republic of Buryatia, 7 – in the Magadan Region, 6 – in the Republic of Sakha (Yakutia), 6 and 4 films were filmed in the Zabaikalsky Region and the Chukotka Autonomous Okrug.
Residents of Khabarovsk Krai, Sakhalin Oblast and Amur Oblast most often went on trips. However, residents of other regions also take part in the competition – for example, residents of Moscow and the Moscow Oblast, Altai Krai, Irkutsk, Kaluga, Kirov and Ryazan Oblasts sent films about their trips.
The travelers went on hikes of varying difficulty: some went on a one-day hike to Mount Lysaya via the Benevskiye waterfalls in Primorsky Krai, while more experienced tourists conquered the hard-to-reach Dusse-Alin ridge in Khabarovsk Krai over 15 days. The contest participants traveled both in the company of friends, close relatives, and alone.
Applications for participation in the second season of the all-Russian competition for the best trip to the Far East “Far East – Land of Adventures” are accepted until December 30. In order to take part, you need to make a short film up to 8 minutes long about your trip to the Far East and send it to the jury for evaluation on the website puteshestvendv.rf. Works from previous years are also accepted: the trip must have been made no earlier than September 1, 2022 and no later than December 30, 2024.
The main prize for the best video about a trip to the Far East is 3 million rubles, for winning one of the nominations you can get 1 million rubles, for second place in the nominations – 300 thousand rubles, third place in the nominations – 100 thousand rubles. Moreover, the governor of the Chukotka Autonomous Okrug Vladislav Kuznetsov introduced a separate prize of 1 million rubles, which will be raffled off among participants who have declared a trip to Chukotka.
It should be noted that not only experienced travelers, but also children accompanied by adults can take part in the competition. Among the winners of the first season were both professionally shot films and footage captured on a regular phone. Based on the results of the competition, the best works of the winners and prize-winners will be broadcast on the air broadcasting grid of regional TV channels, and the reporting information and videos will be added to the interactive map of tourist routes of the Far East regions.
The best video materials will be selected by the jury members, including: TV journalist, author and host of the TV show “Neputevye Zametki” Dmitry Krylov, Arctic traveler, video blogger Bogdan Bulychev, TV host Valdis Pelsh, head of the project “More than a Journey” Olesya Teterina, State Duma deputy, author and host of the TV show “How the World Works” Timofey Bazhenov, producer of the VK project “Places” Nikita Afinogenov and other experienced travelers. In addition, the winners of the first season of the competition will take part in the evaluation of the works: Elena Poddubnaya, Ernest Leonidov, Alisa Slyshchenko.
The competition is being held on the initiative of Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev with the support of the Office of the Presidential Plenipotentiary Representative in the Far Eastern Federal District, the Ministry for the Development of the Russian Far East, JSC Far East and Arctic Development Corporation, and the NGO Social Initiatives Development Fund.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Music and noise can evoke many responses in humans. Now Flinders University scientists are using soundwaves in soil to aid ecosystem recovery.
In their latest study, experts led by microbial ecologist Dr Jake Robinson, demonstrate the benefits of acoustic stimulation on the growth rate and sporulation of a plant growth-promoting fungus.
“In our experiments, we show that the acoustic stimulation resulted in increased fungal biomass and enhanced Trichoderma harzianum spore activity compared to controls,” says Dr Robinson in a new article in Biology Letters.
“We strive to find novel ways to speed up and improve levels of beneficial fungi and other microbes in degraded soils. It could have wide-ranging benefits for restoring degraded landscapes and farming land to feed the world.”
The researchers previously found a monotonous ‘white noise’ – set at 80 dB sound pressure level – also increased a similar response in soil bacteria E. Coli. “Think of the monotone sound an old-school radio makes in between channels,” explains Dr Robinson.
The fungus T. harzianum was selected for the latest study because of its known beneficial effects on plants, such as disease protection, plant growth and improved nutrient utilisation. In agriculture, it has been shown to parasitises other fungi which are often plant pathogens.
Dr Robinson says one of the next steps will be to study the benefits of various microbial growth on plant health, and then seek to scale up the experiment outside the lab.
“While still in its early stages, the next steps will involve studying the microbiome response mechanisms, the flow-on effect on plants and how to work out how to scale it up in the field.
“We also need to understand whether this approach could have any potential cascading or unintended consequences,” he adds.
In the absence of large-scale ecosystem restoration and effective monitoring strategies, 95% of the Earth’s land is projected to be degraded by 2050. The United Nations’ global initiative – the Decade of Ecosystem Restoration 2021-2030 – forecasts that 75% of the world’s soils described as degradation could increase to more than 90% by 2050.
Urbanisation, deforestation, overgrazing and other harmful practices has led us to this dire situation, which is now affecting human health and undermining food production and natural ecosystems, researchers say.
Coauthor of the new article, Associate Professor Martin Breed from the Restoration Ecology lab at Flinders University’s College of Science and Engineering, says the potential for this kind of approach is vital in a bid to head off biodiversity loss and speed up ecosystem restoration.
Sonic restoration: acoustic stimulation enhances plant growth-promoting fungi activity (2024) by Jake M Robinson, Amy Annells, Christian Cando-Dumancela and Martin F Breed will be published in Biology Letters (Royal Society Publishing) on 2 October 2024.
Funding: M Breed is funded by the Australian Research Council (grants DP210101932, LP190100051 and LP190100484) and the New Zealand Ministry of Business Innovation and Employment (grant UOWX2101).
Acknowledgements. We acknowledge that this research was conducted on the land of the Kaurna people in Tarntanya (Adelaide, South Australia).
There are few more pressing questions facing European governments than how to drive economic growth and make the region more competitive. And it’s clear that one of the most important ways to boost the EU’s competitiveness is by harnessing AI for growth.
A new report by Implement Consulting Group, commissioned by Google, estimates that generative AI could add €1.2-1.4 trillion to the EU’s GDP in ten years – the equivalent to an annual growth rate of 8%. The report also outlines how AI can significantly boost productivity across various sectors.
This ability of generative AI to boost economic growth and competitiveness is particularly significant for Europe. According to Mario Draghi’s new report, Europe’s competitiveness has nosedived over the past decades: the EU’s share of global GDP has shrunk from over a quarter in 1980 to just 17% today. US productivity has surpassed the EU’s by 20% in 2022.
But this report is about more than economic metrics — it’s about how AI can help people be more productive, fuel growth and support long term sustainable jobs of the future. 74% of workers in European countries see productivity-enhancing effects of generative AI, and 43% of workers in European countries expect AI to positively impact their job. Our new report estimates that the majority (61%) of jobs will be augmented by generative AI while around 7% face a long-term transition to automation. As with previous transitions, like the birth of commercial aviation or the worldwide web, new industries and careers will be made entirely possible by AI powered breakthroughs. This impact has the potential to be felt across society — from enhancing the quality and efficiency of public services to unlocking scientific breakthroughs and alleviating labor shortages by freeing up resources and boosting productivity.
Europe’s productivity gap is largely down to slower technological development, innovation and adoption. As Mario Draghi says, “with the world on the cusp of an AI revolution, Europe cannot afford to remain stuck in the ‘middle technologies and industries’ of the previous century”. To catch up, the EU must unlock its innovative potential.
A new agenda for AI backed growth
This is why today, in addition to our Economic report, we’re also releasing our AI Opportunity Agenda: a series of recommendations for governments to seize the full economic and societal potential of AI. The Agenda outlines the need to revisit Europe’s workforce strategy, as well as investment in AI infrastructure and research, adoption and accessibility.
1. Investing in research and development
For the EU to truly compete in AI, it needs to make research and development a shared priority, as well as making funding more accessible. Without the right incentives to develop and commercialise AI innovation, Europe is stifling its talent and its chances of launching more home-grown tech unicorns.
2. Building infrastructure to support innovation
AI breakthroughs are only possible with the right high-performance computing technologies and data centres — and the renewable energy to support them. To enable AI innovation at scale, the EU will need to allocate more funding to financing such infrastructure — as well as incentivising and enabling the private sector to do the same.
3. Improving skills and training programmes
Technological growth will not be effective if people are left behind. Given its diversity, the EU must make sure technology benefits every business, economy and person. To do this, it needs to accelerate digital skills transformation, putting AI skills and education at the centre of a revitalised European Skills Agenda — and adding it to school curriculums.
4. Promoting widespread adoption
We ultimately need to ensure that AI is applied and deployed in a universally accessible and useful way. For the private sector, EU policymakers and AI developers must work together to develop outreach strategies to traditional industries and small businesses who have much to gain from AI adoption. For the public sector, member states must double down on existing initiatives to increase the public procurement of AI and developing bolder AI adoption targets.
Taking action
Developing good policy and responsible AI will need close coordination between governments, the private sector, academia and civil society. Through our AI Opportunity Initiative and other partnerships we’re committed to working with others to get this right. But, as Mario Draghi highlighted, change is also needed in the regulatory environment. Since 2019, the EU has introduced over 100 pieces of legislation that impact the digital economy and society. It’s not just the sheer number of regulations that’s the challenge – it’s the complexity. Moving from the regulatory-first approach can help to unlock the opportunity of AI.
In many ways, Europe is well-positioned to seize this moment. AI has the potential to help us build a better, fairer, healthier society — and to support competitiveness and inclusive growth.
The MV Kathrin, a Portuguese-flagged vessel reportedly carrying explosives bound for Israel, is currently heading for Montenegro and Slovenia
Ship is believed to be carrying eight containers of components for aircraft bombs and missiles
‘The deadly cargo believed to be on board the MV Kathrin must not reach Israel’ – Nataša Posel
Slovenia and Montenegro must stop the Portuguese-flagged vessel MV Kathrin – believed to be carrying explosives bound for Israel – from docking at their ports given the clear risk that such cargo would contribute to the commission of war crimes in Gaza and Lebanon, Amnesty International said today.
According to the Namibian government and Portugal’s Foreign Minister, the MV Kathrin’s cargo includes explosives destined for Israel.
In August, the Namibian authorities refused to allow the vessel to enter its main harbour citing information from the ship’s operator that its cargo includes eight containers of RDX Hexogen explosives bound for Israel. Statements from the Slovenian Prime Minister’s office and the Portuguese Foreign Minister indicate that the ship is heading for Montenegro and also for Slovenia’s port of Koper, where it will offload its cargo. It is unclear how the cargo will then reach Israel.
On 31 August, Francesca Albanese, the United Nations Special Rapporteur on the Occupied Palestinian Territories, said that eight containers of explosives aboard MV Kathrin “are reportedly key components in the aircraft bombs and missiles” used by Israel against Palestinians. Albanese called on all countries to block the ship from docking at their harbours.
Countries which continue to transfer arms to Israel are acting in contravention of their obligations under Common Article 1 of the Geneva Conventions and must act to prevent all such transfers with urgency. Furthermore, as state parties to the international Arms Trade Treaty, Montenegro, Portugal and Slovenia have committed to establishing the highest possible common international standards for regulating the international trade in conventional arms for the purpose of reducing human suffering. As the flag state, Portugal must not use its vessel to transfer the explosives or must remove its flag so as not to assist in the transfer.
Amnesty has documented extensive evidence of war crimes committed by all parties to the most recent escalation of the conflict in Israel and the Occupied Palestinian Territory using a wide variety of arms. Amnesty research shows that the Israeli military has used explosive weapons to carry out direct attacks on civilians and civilian objects and indiscriminate attacks in Gaza, blocked humanitarian assistance and collectively punished Palestinians over the past year.
Nataša Posel, head of Amnesty International Slovenia, said:
“The deadly cargo believed to be on board the MV Kathrin must not reach Israel as there is a clear risk that such cargo would contribute to the commission of war crimes against Palestinian civilians.
“Namibia rightfully upheld its international obligations by ensuring that the MV Kathrin did not transit military cargo to Israel through its port.
“Now it is up to Slovenia, Montenegro and all other states to do the same and avoid facilitating an unlawful transfer.
“Amnesty International is calling for an immediate arms embargo on Israel and on Palestinian armed groups in Gaza due to their use of weapons to carry out war crimes and other serious violations.
“Any state that knowingly transfers arms to the parties in this ongoing conflict, including via transit of ships carrying arms and explosives, risks breaching their obligation not to encourage, aid or assist in violation of the Geneva Conventions. Portugal, Slovenia and Montenegro must not facilitate any such weapons transfer to Israel.”
Timeline
On 21 July, the MV Kathrin embarked with its cargo from Vietnam’s Hai Phong port.
On 24 August, the Namibian authorities revoked previously-granted permission for the MV Kathrin to enter Namibia’s main harbour, citing information from the ship’s operator that some of the explosives on board were destined for Israel. This decision was based on concerns of potential complicity in war crimes in Gaza. The MV Kathrin was scheduled to dock at Namibia’s Walvis Bay on 25 August.
Welcome address by Luis de Guindos, Vice-President of the ECB, at the 5th joint ECB, Bank of Canada and Federal Reserve Bank of New York Conference on expectations surveys, central banks and the economy
Frankfurt am Main, 1 October 2024
It is my pleasure to welcome you to this fifth joint conference on expectations surveys organised by the European Central Bank, the Bank of Canada and the Federal Reserve Bank of New York.
In my remarks today, I will delve into the fascinating world of expectations surveys and their relevance to central banks. I will review how useful expectations surveys have proven to be for central banks over the period since 2019, the year we held our first conference in this series. In addition, I will touch on the challenges facing central banks in using surveys. The fact that central banks generally operate under great uncertainty has come to the fore over the past five years. Today, too, we are facing huge uncertainty – not least in view of the many prevailing economic, financial and geopolitical risks. Yet, it is precisely in this unpredictable and highly complex landscape that surveys have come into their own.
The return of survey expectations
Over the past decade, central banks and other policymaking institutions have invested significantly in expectations surveys and have drawn increasingly on survey data for their policy analysis and research. These surveys cover consumers, firms, financial market participants and other experts, including professional forecasters. At the ECB, we can fortunately look to a wide array of such surveys covering diverse topics such as consumer expectations, household finance and consumption, access to finance of enterprises, the payment attitudes of consumers and bank lending. Since 2013, the ECB has also conducted a survey of wholesale market participants on credit terms and conditions, and it recently developed a new survey of monetary analysts to collect expert expectations about key monetary policy parameters and concepts. Finally, the ECB’s Survey of Professional Forecasters was launched back in 1999 at the start of Economic and Monetary Union. Its structured collection of data has supported a rich research programme investigating economic forecasts and expert expectations.[1]
All ECB surveys can provide insights into how different economic agents form and update their expectations. They can reveal the potential biases in these expectations and the extent to which expectations feed into economic decisions. Surveys were indeed quite central to the economic debate in the 1950s and the 1960s but their role became more marginal when rational expectations were incorporated into economic modelling in the 1970s. Over the past ten years, however, economists have seen survey expectations clearly returning to the mainstream.[2] One could describe the recent growth in survey-based research as a “counter-revolution” following the earlier “revolution” centred on rational expectations. Today, while models based on rational expectations still form a useful reference point in our analysis and research, they are no longer thought to provide a solid basis for understanding business cycles, for gauging the risks of financial crises or for designing effective economic policies. The central insight gained from this new line of survey-based research is that many economic agents may systematically form expectations by using partial sets of information or by following subjective narratives about how the economy functions – for example by applying simple rules of thumb.[3] It is important to understand such subjective expectations, because these beliefs often underlie the economic choices and financial decisions that drive the economy.[4]
Surveys have repeatedly proven their usefulness over the past five years. During the COVID-19 pandemic, they were especially useful in helping to track financial conditions for firms and households, as well as in estimating the labour market response to the pandemic shock. Online surveys were of great benefit during the pandemic as in-person survey interviews were hampered by lockdown restrictions. For example, the ECB’s Consumer Expectations Survey – an online survey which was fortuitously launched in early 2020 – helped us understand the severity of the pandemic-induced collapse in consumption and gauge the overall effectiveness of the major policy interventions by governments and other authorities at the time.[5]
Insights from surveys during the recent period of high inflation
More recently, the data collected in surveys strongly supported the analysis of the recent inflationary episode in the euro area.[6] During the early phase of the inflation surge in 2022, survey data helped to inform the central discussion on the likely persistence of the shock. For example, the observed increase in consumers’ medium-term expectations may have interacted with an increase in firms’ pricing power to make the original supply shocks more persistent than they would otherwise have been.[7]
Forces that would gradually help bring inflation back down to our target were also visible in more recent survey data. For example, we could see how the rise in inflation and inflation expectations was acting as a major constraint on demand and consumer spending owing to its impact on real incomes. In August 2023 respondents to the ECB’s Consumer Expectations Survey were asked what actions they were planning to take in light of their expectations about future inflation. The results clearly showed that a much higher share of consumers planned to reduce their spending in response to the expectations of higher prices.[8] In addition, consumers indicated that they would start to shop around more and buy cheaper varieties of goods and services than they normally would. In a context where the ECB was taking decisive monetary policy action aimed at restoring price stability, these behavioural responses to higher inflation expectations also contributed to the gradual unwinding of the inflationary pressures across the euro area economy.
Insights for financial stability analysis
In addition to monetary policy, expectations surveys are now increasingly being used for other central bank tasks as well. This includes financial stability analysis. Here, surveys can help identify potential sources of financial risk not only in financial markets and the banking system, but also in the household and non-financial corporate sectors.[9] Even when there is no discernible financial stress at the aggregate level, the disaggregated or individual-level data typically provided by surveys can help us to identify emerging risks across particular sectors or socio-demographic groups.
In financial stability analysis, the topic of financial literacy is receiving increased attention. In the first keynote lecture of the conference, Professor Annamaria Lusardi from Stanford University will talk about why financial literacy is relevant for central banks. One consideration for financial stability analysis is that less financially literate households may be less prepared to cope with adverse economic and financial shocks. Yet, these households tend to be the most exposed to such shocks and more heavily affected when they occur. Policies seeking to boost financial literacy may help borrowers to source loans that are cheaper to service, thus promoting more efficient and more sustainable debt management. These issues may be particularly relevant for real estate markets and housing, which will be the focus of the second keynote lecture of the conference, given by Professor Tarun Ramadorai from Imperial College London. Professor Ramadorai will discuss the importance of non-rational beliefs in the housing market and how household surveys can help inform policies that can address these frictions.
Sustaining the quality and representativeness of surveys
Our experiences with survey data also highlight the challenges that policymakers face when using these data. Survey data can be volatile and there is evidence of overreaction in both household and firm surveys of expectations. For this reason, surveys may provide a noisy signal for policymaking in practice, which complicates how these data should feed into the policy reaction function. In this respect, I hope the research presented at today’s conference can also help policymakers distinguish the signal from the noise that is always embedded in expectations data. These considerations underline the importance of the quality of the survey design, including the sampling and data collection methods. It is crucial that questions are designed to avoid the framing of responses and that the complexity of the questionnaires is managed appropriately to avoid survey fatigue, which may negatively affect data quality. As central banks are making increasing use of survey data, they need to continuously and carefully monitor these data to ensure responses remain representative of the underlying population’s beliefs and behaviour.
Conclusion
Let me conclude. Today, expectations surveys are an important part of the toolkit available to central banks for their policy analysis. These surveys reveal insights about the economy that would otherwise remain hidden from view. As a result, they can contribute to more robust policy decisions and better policy assessments.
I would like to finish by thanking the presenters and participants in advance for their contributions and the conference organisers for putting together such an impressive programme. I wish you all a productive and successful two days of lively debate and discussion. I am confident that the insights that will emerge from sharing our experiences of different surveys across many countries and institutions will ultimately enhance the way in which we use expectations surveys to help guide policy decisions.
Good morning and welcome to the Conference on Markets and Intermediaries, an event jointly organised by the Bundesbank and the Humboldt-Universität zu Berlin.
In my opening speech, I will take you on a helicopter tour of the programme and share some thoughts on the topics that will be covered over the next two days. The programme certainly does cover a wide range of topics. It addresses current challenges facing financial markets, financial intermediaries, and central banks.
Since the Great Financial Crisis, central banks worldwide have expanded their balance sheets, injected additional liquidity into the financial system, and broadened their collateral frameworks. In addition, financial regulation has been adapted to make the financial system more stable.
While these measures served useful purposes, they also had side effects, not least in money and capital markets. Policymakers and regulators are therefore well-advised to evaluate the effects of their measures.
2 Non-bank financial institutions
The first session is dedicated to non-bank financial institutions, or NBFIs.
This sector includes, amongst others, insurers, investment funds, and money market and hedge funds. It is strongly interconnected, both with other sectors and across countries. Its share of the global financial system, as measured by total financial assets, is almost one-half.
Clearly, it could be a source of systemic risks. But the risks presented by NBFIs often lie out of view. This makes them more difficult to monitor and assess. All the more important, then, to close data gaps and strengthen the resilience of the sector.
One particular source of vulnerability are fire sales of open-ended funds. These are the subject of a paper that Rüdiger Weber is presenting this morning.[1]
Open-ended funds are especially prone to fire sales because, during episodes of market stress, they often face significant pressure from investors who want to liquidate their holdings quickly. Fund managers may then be forced to offload fund assets at short notice. And if those assets are less liquid, they may have to sell them at lower prices. This may amplify price declines and liquidity shortages.
Effective liquidity management and regulation are very important here. A recently published Bundesbank paper shows that price-based liquidity management tools help keep the financial fragility of open-ended mutual funds in check.[2]
In times of stress, investors also try to protect their capital by shifting it into safer assets. However, this flight to safety can intensify the downward pressure on the prices of riskier assets as demand for the latter declines.
The Financial Stability Board is doing important work in this field. But it is currently focused on microprudential regulation. I think the FSB’s work on this front needs to be complemented by the development of macroprudential regulation for the NBFI sector.
In any case, we should not jeopardise what we have achieved in the banking regulation space by allowing stability risks to build up elsewhere in the financial system.
3 Central bank digital currencies
The second session is on central bank digital currencies (CBDC).
CBDC is an issue that is keeping almost all central banks very busy at the moment. The Eurosystem is hard at work preparing for the potential introduction of a digital euro.
As the world turns increasingly digital, the digital euro would provide a secure and efficient digital payment option that complements cash. It aims to strengthen Europe’s strategic autonomy by building on European infrastructures, and to promote innovation in the private sector.
However, introducing a CBDC could also have unintended side effects. If bank customers were allowed to hold it in large amounts, periods of banking distress could trigger large, sudden shifts out of deposits into CBDC. This could lead to financial instability.
And if CBDC were too attractive a substitute for deposits, commercial banks’ access to retail deposits could erode over time. Which could lead to structural disintermediation and call into question our proven two-tier banking system. It is therefore of the essence to design CBDC in a way that prevents these risks from materialising.
The challenge is to optimise the usability of CBDC as a means of payment while at the same time limiting its effects on the market for bank deposits. Two decisive factors in this regard are remuneration and holding limits. Let me say a few words on each of these.
Remuneration means the rate of interest on people’s holdings of CBDC. If that rate of interest were positive, holding CBDC would be more attractive. But at the same time, that would lead to outflows out of bank deposits.
Based on a welfare-maximising model setting, Pascal Paul will argue later this afternoon that central banks should allow for a positive interest rate.[3] This stands in contrast to the intention of the Governing Council not to remunerate digital euro holdings.[4]
Why are we not in favour of remuneration?
Because our aim is to make the digital euro a digital complement to cash, and there is no remuneration for holding cash. We neither want to compete with commercial banks for deposits, nor do we want to employ the digital euro as a monetary policy instrument.
The second, perhaps even more important, factor is holding limits. We intend to limit digital euro holdings to a certain amount, because we want to ensure the digital euro does not lead to large sudden shifts or disintermediation.
The limits currently under discussion range from €500 to €3,000.[5] A recent Bundesbank paper finds that an optimal holding limit would be in a range between €1,500 and €2,500.[6] On the Governing Council, we have not yet taken a decision on the exact amount. What is more, EU legislators might be involved here.
But as regards the practical usability of the digital euro, the exact limit does not play a major role anyway. This is because a reverse waterfall system, as it is called, would allow users to link their digital euro wallet to their bank account. They can then convert their bank deposits into digital euro automatically and instantly if their holdings are insufficient to make a payment.
4 Banking and deposit flows
Allowing users to convert an unlimited amount of deposits into CBDC would expose commercial banks to substantial run risk. In any case, zero or lower interest rates will not discourage them from doing that in times of crisis. However, digital bank runs can happen even without CBDC.
The failure of Silicon Valley Bank and other regional banks in March 2023 showed how quickly customers can withdraw their deposits these days. At Silicon Valley Bank alone, customers pulled out USD 42 billion within the space of a single day, which equated to around one-quarter of total deposits. And another USD 100 billion would have been withdrawn a day later.[7] The depositors on the run were apparently account holders with uninsured deposits.
Banking and deposit flows are the subject of Session 3. Dominic Cucic will present a paper showing that bank customers do indeed redistribute their deposits when deposit insurance limits change.[8] Credible and reliable deposit insurance helps to prevent bank runs and preserve financial stability.
In the euro area, we currently have deposit insurance at the national level. Adding a European layer in the form of a hybrid model would help prevent situations where large shocks overwhelm national deposit insurance systems and lead to cross-border contagion.
As a European layer should be risk-based, large exposures of banks to individual sovereigns are an issue. Currently, many banks hold a disproportionately large number of bonds issued by their domestic governments. If this were to continue, a common deposit insurance arrangement could lead to a redistribution of sovereign solvency risks.
In my view, the new EU legislative session provides a good opportunity to move forward on both issues: with a reduction in banks’ exposures to individual sovereigns, and a common European deposit insurance system.
5 Central bank interventions and market behaviour
Session 4 of this conference focuses on the impact of central bank interventions on market behaviour. Both papers in this session underline that such central bank measures need to be carefully designed.[9]
Central banks have taken a wide range of non-standard monetary policy measures to ensure sufficient monetary stimulus at the effective lower bound. But in the medium to long term, such policies may lead to inefficiencies. These could arise in financial markets themselves or in the allocation of resources affected by the boost to lending.
This makes it all the more important to evaluate the instruments used and the lessons learned. It is therefore very fitting that we are currently carrying out a strategy review in the Eurosystem. Amongst other things, this will provide an opportunity to critically review the quantitative easing policies we have seen in the past.
The extensive bond purchases contributed to price stability in an era of low inflation, but they were also associated with numerous side effects in financial markets. Without prejudging the outcome of the review, I think their use should be limited to exceptional circumstances.
6 Conclusion
Ladies and gentlemen,
The conference concludes with a panel discussion on the ECB’s new operational framework. As I have already expressed my views on this on a different occasion,[10] I will end my speech by expressing my gratitude.
Thanks to the organisers from the Bundesbank and Humboldt University for setting up this conference. Thanks to the presenters, discussants and panellists for sharing their insights. Thanks to all participants for their contributions. And special thanks to Annette Vissing-Jørgensen from the Federal Reserve Board, who will give a keynote on “Balance sheet policy above the effective lower bound”.[11]
Now I wish you all an exciting conference with valuable insights.
Thank you very much.
Footnotes:
Rzeźnik, A. and R. Weber (2022), Money in the Right Hands, mimeo.
Cucic, D. et al. (2024), Distortive Effects of Deposit Insurance: Administrative Evidence from Deposit and Loan Accounts, mimeo.
Eufinger, C. and Z. Ye (2024), Breaking Bagehot’s Rules: Loan Contracting with Advantageous Central Bank Funding, mimeo; Meisenzahl, R. R. and K. M. Pence, De-Limiting Arbitrage: Evidence from the Term Asset-Backed Securities Loan Facility, mimeo.
Anchorage Digital converted entire ~$38 million loan balance to common shares at a price of $16.395 per share
Strengthens Company’s financial position as it advances pipeline of AI and mining infrastructure opportunities
MIAMI, Oct. 01, 2024 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today announced the conversion of the entire ~$38 million outstanding balance of its subsidiary’s outstanding loan with Anchorage Lending CA, LLC, a subsidiary of Anchor Labs, Inc. d/b/a Anchorage Digital (“Anchorage Digital”), into common stock of the Company (the “Conversion”).
“Hut 8 stands out for its conviction to innovation — it’s a key reason that we originally backed them with a loan, and it’s the same reason we’ve now converted that debt to equity,” said Nathan McCauley, Co-Founder and CEO of Anchorage Digital. “In an evolving market, Hut 8 has proven that they can adapt to meet the moment and come out stronger — for the benefit of the company and the digital asset ecosystem at large. We value that kind of resilience on our balance sheet, and our new ownership stake makes that clear.”
“Our relationship with Anchorage Digital has been instrumental to our growth,” said Asher Genoot, CEO of Hut 8. “We are grateful for their continued support as we scale and diversify our business while maintaining an unwavering focus on disciplined and creative capital deployment.
“With a strengthened balance sheet and decreased leverage, we believe we are even better positioned to advance discussions with prospective counterparties and execute on the development of next-generation mining and AI data centers.”
Key Transaction Terms
Anchorage Digital has converted the ~$38 million outstanding balance of the loan at a price of $16.395 per share of common stock of Hut 8 pursuant to a Debt Repayment Agreement (the “Debt Repayment Agreement”). The share price represents a 51% premium to the 20-Day VWAP through September 26, 2024, the day prior to the signing of the Debt Repayment Agreement.
Upon completion of the Conversion, the outstanding loan and all other related obligations of the Company and its subsidiaries have been satisfied.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
Additional information, including the Debt Repayment Agreement, is available in the Form 8-K that the Company will file with the Securities and Exchange Commission.
Upcoming Conferences & Events
October 7–9, 2024: Yotta 2024
October 15, 2024: USC Marshall Energy Business Summit 2024
November 13–14, 2024: Cantor Fitzgerald Crypto, Digital Assets & AI Infrastructure Conference 2024
November 19, 2024: Craig-Hallum 15th Annual Alpha Select Conference
November 19, 2024: Benzinga Future of Digital Assets Conference 2024
About Hut 8
Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising twenty sites: ten Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one newly announced site in the Texas Panhandle. For more information, visit http://www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.
Cautionary Note Regarding Forward–Looking Information
This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the Company’s advancement of its AI and mining infrastructure pipeline and the Company’s ability to continue scaling and diversifying its business while maintaining an unwavering focus on disciplined and creative capital deployment.
Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at http://www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at http://www.sedarplus.ca and EDGAR profile at http://www.sec.gov.
Hut 8 Corp. Investor Relations Sue Ennis ir@hut8.com
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”)
(b)Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
N/A
(c)Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree
LEARNING TECHNOLOGIES GROUP PLC
(d)If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
N/A
(e)Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure
30 SEPTEMBER 2024
(f)In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”
N/A
2.POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a)Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security:
1p ORDINARY
Interests
Short positions
Number
%
Number
%
(1)Relevant securities owned and/or controlled:
10,263,593
1.2956
(2)Cash-settled derivatives:
(3)Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:
10,263,593
1.2956
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b)Rights to subscribe for new securities (including directors’ and other employee options)
Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:
3.DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a)Purchases and sales
Class of relevant security
Purchase/sale
Number of securities
Price per unit
0.375p ORDINARY
SELL
23,492
95.15p
0.375p ORDINARY
SELL
18,905
95.2502p
0.375p ORDINARY
SELL
15,000
95.6p
(b)Cash-settled derivative transactions
Class of relevant security
Product description e.g. CFD
Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position
(d)Other dealings (including subscribing for new securities)
Class of relevant security
Nature of dealing e.g. subscription, conversion
Details
Price per unit (if applicable)
NONE
4.OTHER INFORMATION
(a)Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
NONE
(b)Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i)the voting rights of any relevant securities under any option; or (ii)the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”
NONE
(c)Attachments
Is a Supplemental Form 8 (Open Positions) attached?
NO
Date of disclosure:
01 OCTOBER 2024
Contact name:
DAN SALISBURY
Telephone number:
01253 376532
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.
The Prime Minister, Giorgia Meloni, had a telephone conversation today with the Prime Minister of Lebanon, Najib Mikati.
In renewing Italy’s closeness to Lebanon and the Lebanese people and in recalling the first immediate aid to the civilian population allocated yesterday by the Government, the Prime Minister reiterated Italy’s commitment to a ceasefire and a diplomatic solution to the conflict that will allow the displaced to return to their homes. Italy, also as the rotating Presidency of the G7, will continue to work for a de-escalation at the regional level.
President Meloni finally recalled the crucial role of the Italian soldiers present in southern Lebanon within the UNIFIL mission, underlining the importance of their safety.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.
The President of the Council of Ministers, Giorgia Meloni, had a telephone conversation today with the Prime Minister of Lebanon, Najib Mikati.
President Meloni reaffirmed Italy’s closeness with Lebanon and the Lebanese people and recalled the initial emergency aid allocated yesterday by the Italian Government for the civilian population, reiterating Italy’s commitment to a ceasefire and a diplomatic solution to the conflict which would allow the displaced persons to return to their homes. Italy, also as current G7 President, will continue to work for a de-escalation at regional level.
Lastly, President Meloni recalled the crucial role of the Italian military personnel present in the south of Lebanon serving in the UNIFIL mission, stressing the importance of their safety.