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  • MIL-OSI USA: DLNR News Release – HAWAI‘I WILDFIRE LEADER RECOGNIZED NATIONALLY, Sept. 24, 2024

    Source: US State of Hawaii

    DLNR News Release – HAWAI‘I WILDFIRE LEADER RECOGNIZED NATIONALLY, Sept. 24, 2024

    Posted on Sep 24, 2024 in Latest Department News, Newsroom

     

     

    DEPARTMENT OF LAND AND NATURAL RESOURCES 

     

    JOSH GREEN, M.D. 
    GOVERNOR 

     

    DAWN CHANG 
    CHAIRPERSON 

     

    NEWS RELEASE 

     

     

    FOR IMMEDIATE RELEASE 

    Sept. 24, 2024

     

    CO-EXECUTIVE DIRECTOR OF HAWAI‘I WILDFIRE MANAGEMENT ORGANIZATION RECEIVES NATIONAL RECOGNITION

     

    (HILO, HAWAI‘I) – Elizabeth Pickett, the long-time co-executive director of the Hawai‘i Wildfire Management Organization (HWMO) was honored today at a ceremony in New York City, as one of the 2024 Grist 50. Grist bills itself as the only newsroom focused on finding solutions at the intersection of climate and justice.

    The ninth annual Grist 50 list honors leaders who are tackling the most pressing climate problems of today in innovative and exciting ways. The organization says this year’s list includes people who “found a unique way to apply their strengths, creativity, and time to tackle the biggest problem our planet faces. We call them Fixers: dynamic doers who aren’t afraid to challenge the status quo and dive headlong into building and championing better alternatives. The Grist 50 is both a look at what it takes to make change happen and a testament to the strength, diversity, and creativity of people doing just that.”

    In its description of Pickett’s award, Grist noted, “After the town of Lahaina went up in flames, killing 102 people in August last year, survivors and onlookers were left with enormous grief – and endless questions. How could such a horrific event have happened? What could be done to prevent another?”

    Hawai‘i Governor Josh Green M.D. commented, “The Hawai‘i Wildfire Management Organization plays a vital role in sharing wildfire information, coordinating efforts among agencies, and helping communities become better prepared and resilient. In the wake of last year’s devastating Maui wildfires, HWMO stepped up in incredible ways, and this recognition of Elizabeth Pickett reflects the hard work and dedication of the entire organization.”

    HWMO Board Chair Dan Dennison added, “On behalf of the entire board, we can’t think of anyone more deserving of this honor than Elizabeth. The Maui fires put enormous focus on our nonprofit as the clearinghouse for Hawaiʻi wildfire information and programs and has shown HWMO to be instrumental in responding to questions about wildfire science, resiliency, and action.”

    For answers, many turned to the HWMO, where Elizabeth Pickett had spent 16 years trying in vain to convince people to take wildfire risks seriously. She first became interested in wildfires after learning about their effects on coral reef sedimentation and went on to pursue a master’s degree in forestry research.”

    Since the Maui fires, Pickett and HWMO Co-executive Director Nani Barretto have fielded hundreds of citizen and media inquiries from local, national, and international news organizations. Pickett said, “We laid that groundwork strategically place-by-place, layer-by-layer over 20 years. We were able to meet the moment.” She says she hopes HWMO’s work will ensure the islands will be prepared for future wildfires, even as climate change increases their threat.

    Dave Smith, the DLNR Division of Forestry and Wildlife (DOFAW) Administrator said, “We are tremendously fortunate to have HWMO as the coordinating organization for so much of what is available in Hawaiʻi to address wildfire.”

    The number of HWMO positions has grown a lot over the past year, with additional staff now on all the major Hawaiian Islands. While the constant demand for wildfire information from many corners has continued unabated, the HWMO co-executive directors have managed to keep focused on the organization’s core strategy of being a trusted partner and a go-to place for wildfire-related information, expert advice and community action.

    Pickett said, “The Grist award is for our entire organization. By the time of the Lahaina fires, I’d become somewhat disillusioned with the state’s approach to and lack of investment in wildfire preparedness and risk reduction. Then the fire happened and suddenly the questions came pouring in.

    Hawai‘i teachers needed curricula to teach their students about wildfires. Land managers wanted to know what fire breaks to install. The Dept. of Health, Dept. of Hawaiian Homelands, the DLNR Division of State Parks, Dept. of Transportation and county planning offices; along with communities across the state all reached out for technical support and partnership toward the role they could play in getting more prepared for wildfire. There was interest and commitment I never imagined possible.”

    HWMO, in partnership with DLNR, leads the Firewise Communities program for neighborhood wildfire preparedness. Together with other firefighting organizations, they are currently in the ninth year of the Wildfire & Drought LOOKOUT! news media and public awareness campaign which shares fire prevention, water conservation and resiliency messages across social media and through the general news media.

    # # #

    RESOURCES 

    (All images/video courtesy: DLNR) 

     

    HD video – Wildfire & Drought LOOKOUT! news conference, Maui (June 4, 2024):

    [embedded content]

    Photographs – Elizabeth Pickett speaking at news conference (June 4, 2024):

    https://www.dropbox.com/scl/fo/5anop2w0io0kfgqr9ngam/AArwLpU2vBYgXWoSvgwn5cs?rlkey=upceq0blfi1zzxnrook37j38z&st=b04552je&dl=0

     

     

    Media Contact: 

    Ryan Aguilar

    Communications Specialist

    Hawai‘i Dept. of Land and Natural Resources

    808-587-0396 

    [email protected] 

    MIL OSI USA News –

  • MIL-OSI Translation: AMERICA/HAITI – Father Massimo Miraglio: “we continue with courage and determination our commitment alongside the people so that one day they may have a dignified life”

    MIL OSI Translation. Region: Italy –

    Source: The Holy See in Italian

    Wednesday, September 25, 2024

    MM

    by Antonella PrennaPourcine (Agenzia Fides) – “Although the international spotlight on Haiti has been turned off for some time now, newspapers and media no longer talk about it, the situation has absolutely not changed or improved”. Father Massimo Miraglio, a Camillian missionary, tells Fides the reality he found upon his return to Haiti after a long and forced Italian break. “Despite the intervention of the UN forces led by the Kenyan group, which arrived on the island last 25 June, and these days reinforced with additional Jamaican and Belizean forces, the context is always one of degradation. We can say that the presence of these forces in Haiti is almost inoperative. They complain about lack of material, fear of loss of human lives, and fairly restrictive rules of engagement – ​​the missionary remarks. In fact, the capital Port au Prince continues to be in the hands of armed gangs, sowing terror among the people. All activities continue to be almost paralyzed. The entrance to both the south and north of the capital are completely blocked, you can only pass after paying bribes to the various groups that stop along the way. However, this only applies to public transport and trucks which in many cases are seized instead of being allowed to pass. Even the exit that leads to Jeremie, 200 km south of the capital, is now totally closed, it is practically impossible to get there by land. And it is in this tragically sad context for the majority of the Haitian population that the school year will open on October 1st” explains Father Massimo, who has been on the island for almost twenty years. “We cannot hide the fact that the school year will open with many apprehensions and a thousand difficulties. Many children will not go to school and many schools will remain closed, especially in Port au Prince due to the presence of armed gangs. Many children will not be able to go to school because they do not have the money necessary to buy the minimum materials to be able to access teaching. Let us remember that in Haiti 80% of schools are private and costs increase more every year while families continue to fall into poverty.” Even in Jeremie – where the Camillians have a community – the situation is dramatic and many children will not be able to start the school year on time on October 1st. “Books, like all school supplies, are prohibitively expensive and arrive with difficulty from the capital. As well as the uniform and school bag for the students. Finding a decent pair of shoes to send them to school has become truly challenging and very expensive. In short, it promises to be a truly difficult school year for the children of Haiti” adds Fr. Miraglio. “In our parish of Our Lady of Help in Pourcine, in the mountainous hinterland of Jeremie, this year we will have 250 pupils enrolled in primary school and nursery school” explains Fr. Massimo who is the parish priest (see Fides 28/9/2023). We managed to build two small, very simple structures, with local wood, tents and sheet metal, where six primary school classes and two nursery school classes will be hosted. With equally great difficulty we managed to complete the teaching staff. They are all very young, the only ones who agree to come and teach in such distant places, despite the idea of ​​having a salary. It will be the second year that the ‘Our Lady of Perpetual Help’ school will open here in the Pic-Makaya mountains.” Among the various projects that the missionaries try to carry forward on the Caribbean island the Camillian emerges as the absolute priority of a clinic doctor. “We would like to create a small clinic in the parish to avoid the large movements to which those who become ill are subjected, our Foyer Saint Camille in Port au Prince is very far away. Furthermore, this week, with a group of Cuban doctors and the support of a local organization, we will organize a mobile clinic with which we can give an initial welcome to the sick in a mountain area and bring together people from two nearby valleys. This too is an arduous undertaking because to reach the place where we would like to take the clinic more than four hours are needed on foot and the same number to be able to return to the paths along the slopes which are very dangerous, especially in this period of rain.”“Following the charism of our Founder, San Camillo, we want to work in the area alongside groups of chronically ill people, children with nutritional problems, elderly people who are often abandoned and alone in their homes. We hope to be able to create a clinic by 2025, we are very grateful to the organization Madian Orizzonti, of the Camillian Missionaries of Turin, which supports us with great affection and we trust in the support of many other people who will meet us on our journey.”“In Unfortunately, at the moment the province is also not free from problems due to the enormous difficulties in communicating with the capital. Being able to receive goods of all kinds from Port au Prince is very complicated, as Haiti is a country where everything is very centralized and everything comes from the capital. In recent times, even transport from the province to the capital Jeremie is difficult due to the increase in the cost of diesel and petrol.” from the source to the center of the village. And it is very important not only because it will shorten the distances from the source to the valley, where most people live, but above all because we will be able to make the water drinkable and avoid/limit the continuous and frequent epidemics of cholera and intestinal diseases. Together with the aqueduct, work to support agriculture continues. In the next few months we hope to launch a coffee production nursery in the area which in the past had provided a certain prosperity. However, let us not lose hope and continue to fight to create better living conditions – concludes Father Miraglio. The aqueduct, the schools, the nursery, the mobile clinics, are all important aspects to revive the hope of the population and ensure that their living conditions can improve and keep people from abandoning these countryside locations to come and gather in metropolises or provincial towns which are already, like Jeremie, overloaded with people, where it is not possible to provide work or hope to these people who leave the countryside to go to the city. We continue our commitment with courage and determination alongside this peasant population, we try to support their faith, to accompany them so that one day they can achieve dignified living standards”. (Agenzia Fides 25/9/2024)MM

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    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Economics: Swaminathan J: Reaching the unreached – ensuring last mile connectivity of banking services

    Source: Bank for International Settlements

    Regional Director of RBI for Karnataka, Smt. Sonali Sen Gupta; Chief General Manager, NABARD, Shri KVSSLV Prasada Rao; Chief General Manager, Canara Bank and Convenor, SLBC Karnataka, Shri K.J. Shrikanth; Area Heads of Union Bank of India and Bank of Baroda, senior executives from banks; Lead District Managers (LDMs); District Development Managers (DDMs); LDOs and other officers of RBI, present here. Ellarigu Namaskara and a very good morning to all.

    Let me begin by complimenting Bengaluru Regional Office of the Reserve Bank of India for organising this conference with an apt theme – Reaching the Unreached – Ensuring Last Mile Connectivity of Banking Services. The theme reminds us that financial inclusion is an ongoing journey. While significant progress has been made in this journey, there is still some distance to be traversed. I must also thank the Bengaluru Regional Office for selecting this place, Hubballi, for this conference, a place where I served as a young officer of State Bank of India, some thirty years ago – which brings back lots of nostalgic memories of the basic banking that we used to do over three decades ago.

    India’s journey towards inclusive development after independence has been marked by several initiatives aimed at reducing poverty and improving living standards. Measures like expanding access to essential services such as education, healthcare and sanitation, and creating productive employment opportunities for all sections of the population have seen tremendous progress. Ensuring that the benefits of economic growth are shared by all segments of society, including marginalised groups has been the cornerstone of these initiatives. It has been a multifaceted journey with significant achievements in terms of economic growth, poverty alleviation, improvements in education and health care, etc.

    In the relatively early days of this journey, the Lead Bank Scheme was institutionalised in 1969 and since then the Scheme has served as an important tool in enhancing credit flow to the sectors that have been identified as national priority and to the underserved population of the country, boosting economic growth at all levels, e.g., block level, district level and state level.

    Over more than half a century since its inception, the Scheme has evolved in line with the development agenda for the country. The Lead Bank Scheme relies on a co-ordinated approach at all levels amongst banks, financial institutions and the government machinery for effective delivery of banking services to all sections of the economy. This co-ordinated approach has yielded significant results in terms of expanding banking access and improvement in the flow of priority sector credit.

    More recently it has also led to the expansion of digital payments with SLBCs taking the lead role in the objective of making every district in the country digitally enabled. I am happy to note that 354 districts are now digitally enabled. Ten states including Karnataka and six Union Territories have achieved 100 per cent coverage of districts under this initiative.

    Indeed, the Lead Bank Scheme can be a powerful tool to bring about transformative change. As LDMs, DDMs and LDOs, you are the very pillars on which this scheme rests, playing a crucial role in driving financial inclusion at grassroots level. Your efforts in extending banking services and credit access to underserved regions would undoubtedly bring immense satisfaction to all involved. Having served as the Convenor for the SLBC in Telangana, I can personally attest to the deep fulfilment that comes from making a tangible difference in people’s lives through the LBS fora.

    A common question we face is, are we doing enough? How much more remains to be done? In 2021, the Reserve Bank introduced the Financial Inclusion Index (FI-Index), which tracks progress across 97 indicators in three key dimensions: (i) Access (ii) Usage (iii) Quality. The Index which was at 53.9 in March 2021 now stands at 64.2 for March 2024 as a testimony to the efforts that has been put in by all of you.

    India has made significant strides in enhancing ‘access’ to banking and financial services, reaching even the most remote areas. However, there is still considerable ground to cover in deepening financial inclusion. This requires greater focus on promoting ‘usage’ and improving the ‘quality’ of services. In both these critical areas, the role of Lead District Managers from the banks and District Development Managers from NABARD is indispensable.

    In this context, I would like to outline a few key expectations.

    Know your district well

    Firstly, it is imperative that you cultivate a deep understanding of your respective districts-so, you should truly ‘Know Your Districts’ well. This knowledge will form a solid foundation for comprehensive district profiles, covering a wide range of critical data. Such profiles could include detailed demographic information, agricultural trends, banking penetration and activities, industrial profiles, and the various performance metrics under the Annual Credit Plans (ACP).

    Knowing your districts well, you can leverage upon data analytics and field surveys to gain insights into economic activities, local credit needs, and barriers to credit access. A holistic understanding of your district will enable you to identify gaps in financial inclusion, assess the credit needs of different sectors, and design targeted strategies for intervention. It will also help you to identify the root causes of the various issues observed in your districts. By staying attuned to your districts, you can provide invaluable feedback to the SLBCs, enabling the formulation of targeted and effective credit plans, and foster sustainable economic growth and development.

    Formulation of targeted and effective credit plans, a bottom up approach

    Secondly, building upon your strong understanding of your district, the formulation, monitoring, and implementation of Credit Plans must follow a granular bottom-up approach.

    The principal phase of credit planning is done by DDMs by preparing the Potential Linked Credit Plans (PLPs) for all the districts in the State by mapping credit potential under Priority Sector Lending (PSL). The preparation of PLPs involves assessment of block-wise and sector-wise potential. LDMs conceptualise the block credit plans at the grassroots level which aggregate into district credit plans, ultimately converging to shape the comprehensive state-level Annual Credit Plan. While doing so, target setting for credit disbursement needs to be aspirational while being realistic. LDMs must take into account the scope for lending indicated in the Potential Linked Plan as well as the past record of achievement in credit disbursement while formalising the credit plans for the blocks and districts under their charge.

    Address the gaps

    Thirdly, we need to address the remaining gaps. Although credit delivery to priority sectors has progressed over time, there is still significant work to be done especially with regard to Micro, Small and Medium Enterprises. Similarly, nearly half of Self-Help Groups (SHGs) are yet to be linked to formal credit, and a large proportion of small and marginal farmers still lack access to bank financing. Therefore, we must factor in the credit requirements of these segments in PLPs as well as in block and district-level credit strategies.

    MSMEs are crucial to India realising her demographic dividend. One of the key requirements in this regard is increasing the female labour participation rate. Various studies1 have shown that businesses with at least one women founder have a more inclusive work culture, employ more women than men and generate more revenue. However, less than 20 per cent of MSMEs are owned by women. Women entrepreneurs often encounter major hurdles, such as limited access to funding, societal barriers, and challenges in obtaining affordable finance.

    It is therefore crucial to bridge the gender gap. At the district level, this can be addressed by offering support to women-led enterprises through government-sponsored programmes and tailored banking schemes for women-owned businesses. Additionally, efforts must be made to raise awareness among potential women entrepreneurs about these opportunities and provide them with necessary guidance and support.

    Financial literacy

    Fourthly, we need to bolster financial literacy. Strengthening the supply-side is crucial, but holistic financial inclusion also necessitates demand-side initiatives. Financial literacy stands as a fundamental building block. It is not just about access, it is about empowering individuals to make informed choices. Financial literacy is the ability of people to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

    Members of public should be made aware of various financial products available to them, be it social security products such as insurance and pension schemes, which will cover their risks or loan products with significant subsidies that will enable them to undertake productive economic activities. A special focus needs to be given to Digital Financial Literacy for improving public confidence in undertaking digital transactions. This will enable banks to explore avenues for wider adoption of fintech, to provide seamless and frictionless credit.

    At the block level, financial literacy is being promoted through Centres for Financial Literacy (CFLs), established by NGOs with funding support from the RBI, NABARD, and banks. The reach of CFLs has expanded significantly, with 2,421 CFLs now operating across almost every block in the country. In Karnataka alone, 79 CFLs and 177 Financial Literacy Centres (FLCs) are spreading awareness of financial products at the grassroots level. LDMs must play a crucial role in ensuring that FLCs perform their functions effectively, supporting CFLs, participating in CFL camps, and facilitating the linkage of financial services while overseeing the proper conduct of these camps.

    In conclusion, I encourage you to give your best, set exemplary standards, and become pioneers in developmental activities, ensuring continued progress of your districts and the State of Karnataka.

    As you may be aware, the Reserve Bank of India is celebrating 90 years of its foundation this year. Looking ahead to the next decade, our journey towards RBI@100, we have formulated strategies aimed at positioning the Reserve Bank as a model central bank of the Global South. One of our key objectives is to deepen financial inclusion by enhancing the Accessibility, Availability, and Quality of financial services for all segments of society. I urge each of you to actively support us in realizing this vision by contributing to inclusive growth, ensuring that no one is left behind in accessing essential financial services, and fostering economic empowerment at the grassroots level.

    I would like to leave you with a quote from Rashtrakavi Kuvempu (an extract from his epic work “Malegaḷalli madumagaḷu”):

    ಇಲ್ಲಿಯಾರೂ ಮುಖ್ಯರಲ್ಲ
    Illi yaaroo mukhyaralla
    No one is precious here

    ಯಾರೂ ಅಮುಖ್ಯರಲ್ಲ
    Yaroo amukhyaralla
    No one is unimportant here

    ಇಲ್ಲಿ ಎಲ್ಲಕ್ಕೂ ಇದೆ ಅರ್ಥ
    Illi ellakkoo ide artha
    Everything has significance here

    ಯಾವುದೂ ಅಲ್ಲ ವ್ಯರ್ಥ
    Yavudoo alla vyartha
    Nothing is useless

    ನೀರೆಲ್ಲವೂ ತೀರ್ಥ!
    Neerellevoo theertha!
    All the water is holy!

    In the context of today’s gathering, it would mean: All groups of people are equally important and should be financially included; every effort taken for financial inclusion is meaningful and nothing goes wasted.

    With this I would like to end with my best wishes to each one of you. Thank you!

    MIL OSI Economics –

  • MIL-OSI Economics: Kazuo Ueda: Japan’s economy and monetary policy

    Source: Bank for International Settlements

    Introduction

    It is my great pleasure to have the opportunity today to exchange views with a distinguished gathering of business leaders in the Kansai region. I would like to take this chance to express my sincerest gratitude for your cooperation with the activities of the Bank of Japan’s branches in Osaka, Kobe, and Kyoto. I look forward to hearing your candid opinions, which will be useful in the Bank’s policy decisions and business operations.

    Before hearing from you, I would like to talk about developments in Japan’s economic activity and prices and explain the Bank’s thinking on the conduct of monetary policy.

    I. Economic Activity and Prices

    Current Situation of and Outlook for Economic Activity

    Let me start by talking about the current situation of and outlook for economic activity in Japan. As shown in Chart 1, real GDP for the April-June quarter of 2024 increased clearly. The Bank assesses that the economy has recovered moderately, although some weakness has been seen in part, and expects that it will continue to recover moderately.

    MIL OSI Economics –

  • MIL-OSI Economics: Michelle W Bowman: Recent views on monetary policy and the economic outlook

    Source: Bank for International Settlements

    Good morning. I would like to thank the Kentucky Bankers Association for the invitation to join you today for your annual convention.1 I appreciate the opportunity to share my views on the U.S. economy and monetary policy before we engage on community banking issues and other matters affecting the banking industry.

    In light of last week’s Federal Open Market Committee (FOMC) meeting, I will begin my remarks by providing some perspective on my vote and will then share my current views on the economy and monetary policy.

    Update on the Most Recent FOMC Meeting

    In order to address high inflation, for more than two years, the FOMC increased and held the federal funds rate at a restrictive level. At our September meeting, the FOMC voted to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent and to continue reducing the Federal Reserve’s securities holdings.

    As the post-meeting statement noted, I dissented from the FOMC’s decision, preferring instead to lower the target range for the federal funds rate by 1/4 percentage point to 5 to 5-1/4 percent. Last Friday, once our FOMC participant communications blackout period concluded, the Board of Governors released my statement explaining the decision to depart from the majority of the voting members. I agreed with the Committee’s assessment that, given the progress we have seen since the middle of 2023 on both lowering inflation and cooling the labor market, it was appropriate to reflect this progress by recalibrating the level of the federal funds rate and begin the process of moving toward a more neutral stance of policy. As my statement notes, I preferred a smaller initial cut in the policy rate while the U.S. economy remains strong and inflation remains a concern, despite recent progress.

    Economic Conditions and Outlook

    In recent months, we have seen some further progress on slowing the pace of inflation, with monthly readings lower than the elevated pace seen in the first three months of the year. The 12-month measure of core personal consumption expenditures (PCE) inflation, which provides a broader perspective than the more volatile higher-frequency readings, has moved down since April, although it came in at 2.6 percent in July, again remaining well above our 2 percent goal. In addition, the latest consumer and producer price index reports suggest that 12-month core PCE inflation in August was likely a touch above the July reading. The persistently high core inflation largely reflects pressures on housing prices, perhaps due in part to low inventories of affordable housing. The progress in lowering inflation since April is a welcome development, but core inflation is still uncomfortably above the Committee’s 2 percent goal.

    Prices remain much higher than before the pandemic, which continues to weigh on consumer sentiment. Higher prices have an outsized effect on lower- and moderate-income households, as these households devote a significantly larger share of income to food, energy, and housing. Prices for these spending categories have far outpaced overall inflation over the past few years.

    Economic growth moderated earlier this year after coming in stronger last year. Private domestic final purchases (PDFP) growth has been solid and slowed much less than gross domestic product (GDP), as the slowdown in GDP growth was partly driven by volatile categories including net exports, suggesting that underlying economic growth was stronger than GDP indicated. PDFP has continued to increase at a solid pace so far in the third quarter, despite some further weakening in housing activity, as retail sales have shown further robust gains in July and August.

    Although personal consumption has remained resilient, consumers appear to be pulling back on discretionary items and expenses, as evidenced in part by a decline in restaurant spending since late last year. Low- and moderate-income consumers no longer have extra savings to support this type of spending, and we have seen loan delinquency rates normalize from historically low levels during the pandemic.

    The most recent labor market report shows that payroll employment gains have slowed appreciably to a pace moderately above 100,000 per month over the three months ending in August. The unemployment rate edged down to 4.2 percent in August from 4.3 percent in July. While unemployment is notably higher than a year ago, it is still at a historically low level and below my and the Congressional Budget Office’s estimates of full employment.

    The labor market has loosened from the extremely tight conditions of the past few years. The ratio of job vacancies to unemployed workers has declined further to a touch below the historically elevated pre-pandemic level-a sign that the number of available workers and the number of available jobs have come into better balance. But there are still more available jobs than available workers, a condition that before 2018 has only occurred twice for a prolonged period since World War II, further signaling ongoing labor market strength despite the reported data.

    Although wage growth has slowed further in recent months, it remains indicative of a tight labor market. At just under 4 percent, as measured by both the employment cost index and average hourly earnings, wage gains are still above the pace consistent with our inflation goal given trend productivity growth.

    The rise in the unemployment rate this year largely reflects weaker hiring, as job seekers entering or re-entering the labor force are taking longer to find work, while layoffs remain low. In addition to some cooling in labor demand, there are other factors likely contributing the increased unemployment. A mismatch between the skills of the new workers and available jobs could further raise unemployment, suggesting that higher unemployment has been partly driven by the stronger supply of workers. It is also likely that some temporary factors contributed to the recent rise in the unemployment rate, as unemployment among working age teenagers sharply increased in August.

    Preference for a More Measured Recalibration of Policy

    The U.S. economy remains strong and core inflation remains uncomfortably above our 2 percent target. In light of these economic conditions, a few further considerations supported the case for a more measured approach in beginning the process to recalibrate our policy stance to remove restriction and move toward a more neutral setting.

    First, I was concerned that reducing the target range for the federal funds rate by 1/2 percentage point could be interpreted as a signal that the Committee sees some fragility or greater downside risks to the economy. In the current economic environment, with no clear signs of material weakening or fragility, in my view, beginning the rate-cutting cycle with a 1/4 percentage point move would have better reinforced the strength in economic conditions, while also confidently recognizing progress toward our goals. In my mind, a more measured approach would have avoided the risk of unintentionally signaling concerns about underlying economic conditions.

    Second, I was also concerned that reducing the policy rate by 1/2 percentage point could have led market participants to expect that the Committee would lower the target range by that same pace at future meetings until the policy rate approaches a neutral level. If this expectation had materialized, we could have seen an unwarranted decline in longer-term interest rates and broader financial conditions could become overly accommodative. This outcome could work against the Committee’s goal of returning inflation to our 2 percent target.

    I am pleased that Chair Powell directly addressed both of these concerns during the press conference following last week’s FOMC meeting.

    Third, there continues to be a considerable amount of pent-up demand and cash on the sidelines ready to be deployed as the path of interest rates moves down. Bringing the policy rate down too quickly carries the risk of unleashing that pent-up demand. A more measured approach would also avoid unnecessarily stoking demand and potentially reigniting inflationary pressures.

    Finally, in dialing back our restrictive stance of policy, we also need to be mindful of what the end point is likely to be. My estimate of the neutral rate is much higher than it was before the pandemic. Therefore, I think we are much closer to neutral than would have been the case under pre-pandemic conditions, and I did not see the peak stance of policy as restrictive to the same extent that my colleagues may have. With a higher estimate of neutral, for any given pace of rate reductions, we would arrive at our destination sooner.

    Ongoing Risks to the Outlook

    Turning to the risks to achieving our dual mandate, I continue to see greater risks to price stability, especially while the labor market continues to be near estimates of full employment. Although the labor market data have been showing signs of cooling in recent months, still-elevated wage growth, solid consumer spending, and resilient GDP growth are not consistent with a material economic weakening or fragility. My contacts also continue to mention that they are not planning layoffs and continue to have difficulty hiring. Therefore, I am taking less signal from the recent labor market data until there are clear trends indicating that both spending growth and the labor market have materially weakened. I suspect the recent immigration flows have and will continue to affect labor markets in ways that we do not yet fully understand and cannot yet accurately measure. In light of the dissonance created by conflicting economic signals, measurement challenges, and data revisions, I remain cautious about taking signal from only a limited set of real-time data releases.

    In my view, the upside risks to inflation remain prominent. Global supply chains continue to be susceptible to labor strikes and increased geopolitical tensions, which could result in inflationary effects on food, energy, and other commodity markets. Expansionary fiscal spending could also lead to inflationary risks, as could an increased demand for housing given the long-standing limited supply, especially of affordable housing. While it has not been my baseline outlook, I cannot rule out the risk that progress on inflation could continue to stall.

    Although it is important to recognize that there has been meaningful progress on lowering inflation, while core inflation remains around or above 2.5 percent, I see the risk that the Committee’s larger policy action could be interpreted as a premature declaration of victory on our price-stability mandate. Accomplishing our mission of returning to low and stable inflation at our 2 percent goal is necessary to foster a strong labor market and an economy that works for everyone in the longer term.

    In light of these considerations, I believe that, by moving at a measured pace toward a more neutral policy stance, we will be better positioned to achieve further progress in bringing inflation down to our 2 percent target, while closely watching the evolution of labor market conditions.

    The Path Forward

    Despite my dissent at the recent FOMC meeting, I respect and appreciate that my FOMC colleagues preferred to begin the reduction in the federal funds rate with a larger initial cut in the target range for the policy rate. I remain committed to working together with my colleagues to ensure that monetary policy is appropriately positioned to achieve our goals of attaining maximum employment and returning inflation to our 2 percent target.

    I will continue to monitor the incoming data and information as I assess the appropriate path of monetary policy, and I will remain cautious in my approach to adjusting the stance of policy going forward. It is important to note that monetary policy is not on a preset course. My colleagues and I will make our decisions at each FOMC meeting based on the incoming data and the implications for and risks to the outlook guided by the Fed’s dual-mandate goals of maximum employment and stable prices. We need to ensure that the public understands clearly how current and expected deviations of inflation and employment from our mandated goals inform our policy decisions.

    By the time of our next meeting in November, we will have received updated reports on inflation, employment, and economic activity. We may also have a better understanding of how developments in longer-term interest rates and broader financial conditions might influence the economic outlook.

    During the intermeeting period, I will continue to visit with a broad range of contacts to discuss economic conditions as I assess the appropriateness of our monetary policy stance. As I noted earlier, I continue to view inflation as a concern. In light of the upside risks that I just described, it remains necessary to pay close attention to the price-stability side of our mandate while being attentive to the risks of a material weakening in the labor market. My view continues to be that restoring price stability is essential for achieving maximum employment over the longer run. However, should the data evolve in a way that points to a material weakening in the labor market, I would support taking action and adjust monetary policy as needed while taking into account our inflation mandate.

    Closing Thoughts

    In closing, thank you again for welcoming me here today. It is a pleasure to join you and to have the opportunity to discuss my views on the economy and monetary policy. And given the recent FOMC meeting decision and my dissent, I appreciate being able to provide a more detailed explanation of the reasoning that led me to dissent in favor of a smaller reduction in the policy rate at last week’s FOMC meeting.

    I look forward to answering your questions and to engaging with your members on bank regulatory and supervisory matters.

    MIL OSI Economics –

  • MIL-OSI Economics: Tiff Macklem: Economic growth during uncertain times

    Source: Bank for International Settlements

    Good afternoon. I want to thank the Institute of International Finance and the Canadian Bankers Association for inviting me to take part in your 2024 Forum.

    Your focus on growth during uncertainty is timely. Uncertainty feels like the new reality: The uncertainty caused by war in Europe and in the Middle East. The uncertainties arising from geopolitical tensions and economic fragmentation. And the related uncertainties about supply chains, trading relationships and global investment risks.

    Rapid advances in new technologies, particularly artificial intelligence (AI) and its new offspring, Generative-AI, are disrupting business models and creating new uncertainties for firms and workers.

    Uncertainty surrounds the impacts of climate change and the policy frameworks to adapt to and mitigate it.

    There is political uncertainty. And fiscal uncertainty.

    As your theme implies, uncertainty and economic growth do not sit well together: uncertainty impedes growth.

    But with inspired policy, good business decisions and sound risk management, we can manage uncertainty and reduce its impact on households, businesses and growth. We have recent historical evidence.

    Sixteen years ago this month, Lehman Brothers failed, and the financial system froze because nobody knew which banks were safe. Today, the global financial system is much safer thanks to the implementation of sweeping global reforms to increase capital and liquidity buffers, and reduce leverage.

    With the rapid development of new vaccines and with exceptional fiscal and monetary policies, uncertainty about our health and the health of our economies has decreased dramatically since the depths of the COVID-19 pandemic.

    Thanks to decisive monetary policy action and the unblocking of supply chains, uncertainty about costs and inflation are much lower today than two years ago, when inflation peaked above 8% in Canada and was even higher in many other countries.

    In the past few weeks, I have given speeches on the shifting global trade landscape and the economic implications and risks of rapid advances in artificial intelligence. These are two key areas where we can reduce uncertainty through good policy and far-sighted business leadership.

    At the same time, we need to recognize that new uncertainties are a new reality, and we must be ready for the inevitable shocks in a more turbulent world. That puts a priority on risk management and investments in resilience.

    A key function of financial institutions is to help households and businesses manage the risks they face. Financial institutions also have a responsibility to manage their own risks prudently so that they do not themselves become a source of uncertainty and instability.

    As Canada’s central bank, we have a role to play in mitigating and managing risks and uncertainty. Our primary mandate is price stability-in other words, low, stable and predictable inflation. We also have mandates to foster a stable financial system and ensure safe and efficient payments.

    Let me say a few words on financial stability and payments. And then I’ll finish with some thoughts on monetary policy.

    Our financial stability focus is on risks that could lead to system-wide stress. And we publish these findings in our annual Financial Stability Report (FSR).1

    In our most recent FSR, published in May, we reported that Canadian mortgage holders had experienced a modest increase in levels of financial stress. Since then, we’ve observed that arrears on mortgages have continued to rise, although they remain below pre-pandemic levels. It also appears that these households have not leaned on revolving credit products such as lines of credit and credit cards to a greater degree than before the pandemic.

    But there is a notable increase in financial stress among borrowers without a mortgage, mainly renters. During the pandemic, for most credit products, the share of these borrowers missing payments reached historical lows. However, we’re now seeing a larger share of these borrowers lagging behind on credit card and auto loan payments. Over the past year the share of borrowers without a mortgage who carry a credit card balance of at least 90% of their credit limit has continued to climb. And this share is now above typical historical levels. This is concerning.

    Our responsibilities related to payments require us to adapt to increasing digitalization. Innovation in payments continues to accelerate.

    In 2021, the Bank assumed a new mandate for the supervision of retail payment service providers. Starting November 1st of this year, more than 3,000 service providers will need to register with the Bank and follow new rules aimed at safeguarding consumers and protecting the integrity of retail payments.  

    We are also looking at the bigger picture of payment innovation, both in Canada and around the world. As part of this work, in the past few years we’ve built an extensive body of knowledge about the framework and technology behind a possible central bank digital currency (CBDC), including the benefits and risks.

    But recognizing that there is not currently a compelling case to move forward with a CBDC in Canada, the Bank is scaling down its work on a retail central bank digital currency and shifting its focus to broader payments system research and policy development. The Bank will continue to monitor global retail CBDC developments. And the Bank will be ready to ensure Canadians always have a safe and secure supply of public money.

    Now, let me circle back to monetary policy.

    In June, we began lowering our policy interest rate. We cut the policy rate at our last three decisions, for a cumulative decline of 75 basis points to 4.25%.

    Our most recent decision on September 4th reflected two main considerations.

    First, we noted that headline and core inflation had continued to ease as expected. Second, we said that as inflation gets closer to target, we want to see economic growth pick up to absorb the slack in the economy.

    Since then, we’ve been pleased to see inflation come all the way back to the 2% target. It has been a long journey. Now we want to keep inflation close to the centre of the 1%–3% inflation-control band. We need to stick the landing.

    What does this mean for interest rates? With the continued progress we’ve seen on inflation, it is reasonable to expect further cuts in our policy rate. The timing and pace will be determined by incoming data and our assessment of what those data mean for future inflation.

    As always, we try to be as clear as we can about what we are watching as we chart the course for monetary policy.

    Economic growth picked up in the first half of this year, and we want to see it strengthen further so that inflation stays close to the 2% target. Some recent indicators suggest growth may not be as strong as we expected. We will be closely watching consumer spending, as well as business hiring and investment.

    We will also be looking for continued easing in core inflation, which is still a little above 2%. Shelter cost inflation remains elevated but has started to come down, and we are looking for it to moderate further.

    Our next decision is October 23rd. And we will have a revised economic outlook at that time.

    With those introductory thoughts, let’s get the discussion started.

    I would like to thank Russell Barnett, Claudia Godbout and Brian Peterson for their help in preparing these remarks.

    MIL OSI Economics –

  • MIL-OSI Economics: Alessandra Perrazzelli: Steering the transition to a quantum-safe world. An internationally coordinated approach

    Source: Bank for International Settlements

    Introduction

    Good morning and a very warm welcome to this important workshop on how to build a quantum-safe financial system.* I would like to start by thanking Prof. Cirac Sasturain and all the participants in the panel sessions for their insightful and thought-provoking contributions. Let me extend my gratitude to all the speakers, panellists, and attendees who have travelled from near and far to come here in Rome. Your presence and contributions are vital for the success of this workshop. I am confident that through our collective expertise and collaboration in the remainder of the workshop we will succeed in laying out actionable outcomes for steering the financial system’s transition towards a quantum-safe world.

    Quantum computing, as already noted by many speakers this morning, has the potential to revolutionize the financial system. Thanks to its unparalleled processing power and innovative capabilities, quantum computing can bring about a paradigm shift from the current ‘digital economy’ to a new era of ‘quantum economy’. Such shift encompasses unseen opportunities along with significant challenges for global financial markets, including – in particular – unbalanced access to technology and cybersecurity threats, which we must address with foresight and in a spirit of collaboration.

    As central banks and financial supervisors, we recognize the importance of striking a balance between steadfastly embracing technological changes on the one hand, and retaining a more cautious approach on the other, in light of the objective of safeguarding the stability, security, and integrity of our financial systems. It is part of our duty to promote and actively participate in the discussion on how to ensure the financial system’s transition to the quantum era in the safest possible way, considering the limitations of current technology.

    Quantum computing, while potentially threatening our system for secure communications, will also be instrumental in developing the solutions to restore resiliency in our financial system. In fact, quantum computing is bound to generate an unprecedented combination of opportunities, risks and uncertainties, which must be managed carefully in order to avoid market inertia and fragmentation, and to sustain an orderly and efficient transition to a quantum-safe world.

    With today’s workshop, we intend to launch a discussion on a possible path for steering the financial system’s migration to quantum resilience, within the framework of an internationally coordinated approach involving all the stakeholders: authorities, financial industry, technology providers and academia.

    1. The quantum financial system of the future: timeline, opportunities and risks

    The quantum revolution is already happening, although the exact timeline for its full deployment can hardly be predicted. Innovation in this field is characterized by pivotal and often unexpected transformative breakthroughs leading to sudden acceleration, and sustained by consistent and sizeable public and private investments. The explosion of artificial intelligence technologies, whose interplay with quantum computing holds the potential for both steering and accelerating the development of far-reaching solutions, is making this path even more unpredictable. Against this backdrop of high uncertainty, we expect that the quantum machine capacity necessary to give rise to a significant cybersecurity threat will be achieved in a foreseeable future.1

    The financial sector plays a dual role that enables it to look at the quantum phenomenon from two distinct perspectives: firstly, as a user, keen on embracing the capacity of quantum computing for innovation, and secondly, as a highly vulnerable target for quantum-powered cyberattacks.

    Although the use of quantum computing in the financial sector is still at an immature stage, experimental results already highlight its ability to improve key financial processes, such as risk and portfolio management, payment services and computationally intensive simulation-based tasks (e.g. analyses related to fraud detection and prevention, and anti-money laundering).

    Exploiting the benefits of quantum computing also presents unique challenges for financial institutions. Like other enabling technologies, quantum computing raises issues related to equitable access and market competitiveness; the full integration of this technology into legacy systems poses significant hurdles. Furthermore, the very nature of quantum computing entails a substantial paradigm shift in how financial services operate. Regulators must carefully navigate the new environment to support the smooth adoption and avoid misuse of these technologies from the private and public sectors.

    Quantum technologies also bring new risks for the financial sector. In particular, such technologies could be exploited to break the encryption algorithms currently underpinning the security of critical communication systems and digital assets.

    Critical financial infrastructures are among the main targets of cyberattacks based on quantum computing. They include the financial infrastructures of the future – which will support, for instance, central bank digital currencies and crypto-assets – as the two techniques of key encapsulation and digital signature currently used are both based on asymmetric encryption, which is vulnerable to the quantum threat. It will be of outmost importance to factor in the risks stemming from quantum computing when designing the central bank digital currencies.

    This risk is already on the table with the practice of ‘harvest now, decrypt later’ used by malicious actors. Information embedded in contracts currently in force needs to be kept secret for years to come. Even just the possibility that some of it will be exposed – as soon as the technology becomes available – is already a potential blow to trust.

    2. The state of the art: one problem, many potential technical approaches

    As we will see through the lunch session, some solutions to mitigate cyber issues are already available. The heart of cybersecurity lies in cryptography, which – from encrypting data to securing online transactions – is the guardian of our digital world.

    As the financial industry and governments prepare to protect against quantum threats, it is necessary that they become ‘crypto-agile’, adopting a multifaceted security strategy that incorporates a range of easily upgradable quantum-resistant solution. The showcase exercise that will be performed in this session will demonstrate that there are two different but complementary approaches that can be used in order to deal with quantum-safe cryptography.

    On the one hand, we can take advantage of quantum properties to establish secure communication channels between parties, where any attempt to eavesdrop or intercept the exchange of encryption keys is detected. On the other hand, considering that the cryptography involves the use of mathematical algorithms to transform readable data into encrypted data and vice versa, it is possible to replace the current algorithms (unbreakable now, but solvable with quantum computing) with others that are more difficult to solve, even for a quantum computer.

    Each one of these technologies – or a combination of them – will allow full end-to-end security in our digital communications. At the same time, however, these technologies are all extremely demanding in terms of time and resources. At the current state of the technology, embracing the quantum physics approach is estimated to impose costs of a higher order of magnitude, though it appears to provide a definitive solution to the quantum threat. The showcase exercise will demonstrate how some solutions already available to the market work, leveraging the points I have just mentioned.

    Clearly, this is not a technological dilemma that can be solved with a black-or-white answer, and what is optimal now may not be optimal in the medium or long term. Migrating the whole financial system toward a quantum-safe setup is a dynamic process requiring a multifaceted approach. Whatever strategy is chosen, though, we need to have interoperable solutions working at all times for the financial industry within a single jurisdiction and between different jurisdictions.

    3. Why authorities should act now

    Numerous public and private initiatives have been launched to develop what are known as ‘quantum-safe’ solutions. However, some key elements of uncertainty are hampering the market’s ability to effectively embrace the migration to quantum-resilient solutions.

    First, while the implementation timeline for the quantum threat is by no means certain, short-term risk mitigation costs are significant. Second, there is a lack of agreement on a sound migration approach and on suitable interoperable technical standards. Third, the regulatory and capability landscape is fragmented across jurisdictions. These are all obstacles to a timely and orderly transition.

    Despite growing awareness of the quantum threat, a comprehensive and widely shared action plan in this area remains elusive. The lack of harmonized regulations and of clear international guidelines and standards concerning the transition to a quantum-safe world may induce protracted inertia in the financial system’s migration efforts.

    The global nature of the financial system, the interconnectedness of intermediaries within the financial industry, and between them and the technology providers, call for public authorities to take a whole-of-government approach towards addressing the common threat posed by quantum technology. This includes fostering a dialogue between all relevant public and private stakeholders, aimed at establishing priority areas of intervention and ensuring a common path towards a quantum-safe economy through proactive cooperation and international coordination.

    A systematic approach involving all international stakeholders is particularly important for financial infrastructures, given their high interconnectedness. We need to protect all links of the chain, especially the weakest.

    4. A common path to a quantum-resilient financial system

    All these elements make the discussion on the migration strategy something that cannot be put off any longer. The importance of preparing the financial system for the transition to quantum computing is at the heart of this workshop. This is the right time to address the challenges of the transition to quantum computing, to agree on the respective roles of public authorities and of the private sector, and to take concrete action.

    To protect the financial system from the threats posed by quantum computing, the Bank of Italy is proposing – in the context of the ongoing work on risks from emerging technologies affecting the financial system that is being carried out in the G7 Finance Track – that G7 member countries jointly develop a ‘common roadmap for quantum resilience’, providing a unified policy framework for the actions needed to steer the transition to a quantum-safe financial system through an international cooperation approach.

    The roadmap should include all initiatives that are essential for a quantum-resilient financial system and could be implemented under the responsibility of different multinational organizations. The monitoring, coordination and governance of the overall roadmap should be undertaken at the highest political level. For example, a shared response at the level of G7 countries would provide a benchmark that could outline the way forward for other jurisdictions so as to cover, eventually, the global financial system.

    Whichever migration path we decide to adopt, it has to fulfil certain requirements. First, it needs to build on existing regulation in order to capitalize on best practices and, possibly, avoid over-regulation.

    Second, it will entail the standardization of the approaches taken to risk mitigation across jurisdictions, so as to enable synergies and speed up the transition, as the suppliers of technical solutions will work based on shared guidelines.

    Third, financial industry players as well as hardware and software providers must participate in the design of the strategy. Their involvement is necessary in order to devise a way forward that hinges on the best and most up-to-date technologies in a field where innovation is characterized by sudden accelerations.

    Fourth, preservation of interoperability and quality of services must remain the guiding principle of this transition process together with its gradual and safe implementation and with the principle of proportionality, to strike a balance between short-term fixes and long-term solutions. Continuous monitoring of the progress achieved and of the resources absorbed in this endeavour will be important: on this basis, the roadmap commitments can be reassessed along the way, including with respect to the timeline, by accelerating or delaying some milestones as needed.

    Finally, international coordination is a key aspect. The G7 Cyber Expert Group could be the right forum for operatively managing the quantum resilience migration roadmap, as well as for drafting policy guidelines. Other multinational institutions already involved in the adoption of quantum technologies in the financial system, such as the BIS and the standard setting bodies, could contribute proactively in defining guidelines and standards as cornerstones of the migration.

    Due to their critical role, financial markets and payment infrastructures, including those that will be supporting the central bank digital currencies, deserve particular attention. The CPMI-IOSCO could be the right organization to lead the work for the quantum resilience of these crucial nodes of the financial system.

    * * *

    Let me conclude by thanking you all for gathering today to discuss this extremely important topic. Hopefully, the discussion that we initiated today will continue in a fruitful way in the immediate future to deliver as quickly as possible a migration roadmap which can be embraced by all G7 members and possibly also shared with G20 and other countries for wider adoption.

    * I would like to thank Silvia Vori, Valerio Paolo Vacca, Giuseppe Bruno, Lorenzo Bencivelli, Mauro De Santis, Cristina Andriani, Sabina Marchetti, Antonio Castellucci and Giovanna Piantanida for their contributions to this speech.

    MIL OSI Economics –

  • MIL-OSI Economics: Frank Elderson: Energy performance data – a must-have for managing climate-related credit risk

    Source: Bank for International Settlements

    Good morning and a very warm welcome to all of you. It is a pleasure to see so many of you – bank representatives, journalists and supervisors – here in Frankfurt to discuss good practices for collecting and assessing climate-related data for the real estate sector.

    We have come a long way since 2019 when we first started to talk about climate-related and environmental risk management with you – the banks we supervise. Thanks to the tireless work of many dedicated climate risk experts in banks across Europe, jointly we have built up considerable expertise and made encouraging progress.

    Real estate lending represents a significant share of supervised banks’ banking books. The real estate sector is also a concrete example of how physical and transition risks affect traditional prudential risk categories, in this case credit risk. And just as we do for any other material risk, we expect banks to identify, measure and – most importantly – manage these risks.

    Good data are crucial for sound risk management

    In short, to manage your risks you need to know them. And to know your risks you need to have good data. The same holds true when integrating climate-related risk drivers into credit risk management.

    To manage credit risk in the real estate sector, we need data on buildings’ energy efficiency. This is crucial for collateral valuations or determining borrowers’ ability to pay back their loan, for example.

    With this in mind, back in 2021 ECB Banking Supervision started looking at energy performance data for the commercial and residential real estate sectors by conducting targeted reviews for a sample of banks that were most exposed to these sectors. Supervisors collected data from these banks and engaged with them on their practices. As expectations were not yet set on this specific topic, we let banks explain how they obtained energy performance data. We looked at new lending as well as existing loan stocks.

    Overall, our targeted review showed that more progress had been made for new lending, for which most data were based on real data from energy performance certificates. As a concrete outcome of our targeted review, we asked all banks in the sample to collect real energy performance data at loan origination. Our supervisory recommendation was well received by banks that were not yet doing it, showing banks’ willingness to integrate energy performance data into their credit risk management policies. This is good news.

    However, as supervisors, we are also concerned about the existing stock of loans. Most of the data on this are based on proxies, which makes it difficult for both banks and supervisors to design and implement proper risk management measures. Obtaining real data is admittedly challenging, yet many of the banks represented here today have made notable strides. You have found a way to collect energy performance data and use them effectively. And we invite all banks that have not yet advanced on collecting such data to learn from the good practices of those banks that have made critical leaps forward.

    Legislative changes will improve the availability of energy performance data

    Integrating climate-related data is also vitally important in view of impending legislative changes. The revised Energy Performance of Buildings Directive1, which includes common requirements for setting up national databases on the energy performance of buildings, is an important development that should help narrow the data gap. In the spirit of the Directive, further work is needed to ensure adequate data management and increase the reliability and consistency of climate-related real estate data across the European Union. Establishing a comprehensive European database of all buildings in the EU will take time. So banks cannot just sit back and wait. As supervisors we expect banks to manage all material risks. And this requirement is not conditional on the attainability of harmonised data.

    We therefore strongly encourage all efforts to improve data availability and welcome the successful strategies that some banks have implemented to address data gaps.

    Today’s agenda will focus on the collection of energy performance data for the commercial and residential real estate sectors. But this will not be the only topic. Properties in areas prone to hazard events such as floods, rising sea levels or wildfires are increasingly vulnerable and could see a decrease in their collateral value. Last week’s devastating floods in Austria, Czechia, Hungary, Italy, Poland, Romania and Slovakia were a stark reminder of that. Therefore, later in today’s programme we will discuss the challenges and potential solutions for monitoring physical risk. In the coming weeks, the ECB will publish an analytical paper focusing on whether residential mortgage rates in high climate risk areas are influenced by this risk. The paper finds evidence that climate-related risk is already priced into mortgages. In other words, we see that an average bank took climate-related risks into account as loans secured by real estate in high climate risk areas were more expensive than loans with the same characteristics but in safer regions. However, the effect we find is economically small, so it seems that the climate-related risk is still underpriced by the average bank.

    Let me conclude.

    Good, reliable data are a cornerstone of sound risk management. This also holds true for managing the risks stemming from climate change. Thanks to the ongoing dialogue between supervisors and banks, some major stumbling blocks have already been overcome. The good practices observed for collecting real data on energy performance show that, while the task is challenging, it is far from impossible. Sharing your practices with peers will help more banks to improve the availability of energy performance data. So we are all looking forward to hearing about your experiences and learning from what worked well.

    The ongoing climate and nature crises will inevitably render our economy more susceptible to shocks. From a risk-based perspective, let me reassure you that ECB Banking Supervision will continue to play our part in spurring on banks to prepare for these risks. To succeed in our common goal of making banks resilient to climate and nature-related risks, it is vital that we keep up this dialogue with you – the industry – and encourage the exchange of good practices in the years to come.

    I would like to thank you for coming to Frankfurt today to share your experiences.

    MIL OSI Economics –

  • MIL-OSI Economics: Nexomus GmbH: BaFin warns against website nexomus.com

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI Economics: Luigi Federico Signorini: Building a quantum-safe financial system – what role for authorities and for the private sector?

    Source: Bank for International Settlements

    Ladies and Gentlemen,

    It is my pleasure to open this seminar on the implications of quantum technology for the financial sector.

    Experts agree that we are on the eve of a very significant technological change: one that will redefine our approach to data and to the tools we use to process them, and may well revolutionise important, even critical, aspects of the way financial institutions operate.

    Like all significant technological advances, the quantum revolution comes with both promises and threats. Massively enhanced computational power, algorithms that are far more efficient than existing ones, and a much stronger base for artificial intelligence, are expected to offer opportunities for better and cheaper services, but they will also introduce new challenges, not least for financial stability.

    Central banks and financial institutions have often been early adopters of technological innovations. To preserve trust, institutions should continue to be bold and imaginative, but at the same time fully aware of the risks. Prudent supervisory guidance is needed to preserve the stability, security and integrity of the financial system. Our seminar will be an opportunity to go beyond generalities and explore the most likely concrete challenges and trade-offs we need to face in the quantum era.

    The Bank of Italy has a tradition of actively and rapidly adapting its policies to changes in the data management landscape. Drawing on our experience, we have long contributed to the action of the European System of Central Banks. We continue to work in partnership with academia and in cooperation with national and international institutions.

    The most immediate threat most of us currently perceive concerns the protection of the integrity and confidentiality of data. We feel that such a threat calls for a coordinated response, within the G7 and beyond. We shall take the opportunity of this workshop to share our experiences and ongoing work at the Bank of Italy and to present some real-life examples of useful and feasible cooperation at the national, European and global level. We encourage all participants to do the same.

    Since Peter Shor demonstrated, in 1994, that a quantum computer could theoretically solve problems much faster than traditional ones, he has inspired scientists all over the world to imagine the countless possibilities of this technology, and technologists to look for ways to actually build a functioning machine based on it. Thirty years on, while we still lack a fully functional and reliable quantum computer, we seem to be actually getting closer and closer.

    As the cybersecurity threat is serious but there are potential ways to fend it off, we cannot afford to wait. Implementing quantum-resistant cryptography tools before quantum computers become practically operational is crucial for data longevity. Sensitive data that are encrypted using today’s technology could be stored now by malicious agents and decrypted later, once quantum tools become available; upgrading cryptographic tools as soon as possible is therefore necessary to ensure long-term data security. This is especially relevant for financial institutions. Their core business is ultimately based on the ability to create, manage and use sensitive data, and it is not unlikely that the quantum revolution will hit the financial sector faster and more intensively than other industries.

    Awareness of the need to act is growing. In the spring of this year, the European Commission published a ‘Recommendation on a Coordinated Implementation Roadmap for the transition to Post-Quantum Cryptography’. In the US, the National Institute of Standards and Technology (NIST) officially released its first set of finalised post-quantum cryptography (PQC) algorithms last month. This is a major step forward.

    In the G7 Finance Track, the Italian presidency identified quantum computing as one of the key strategic cyber issues facing us. It may affect multiple policy areas, including national security, competitiveness, ethics, and skill development.

    While solutions to achieve quantum security are starting to become available, there are factors that can make market players reluctant to adopt them quickly. These include uncertainty about the actual urgency of the quantum threat, the fact that a common transition approach has not yet emerged, and the fragmentation of investments, responsibilities and regulatory frameworks across jurisdictions.

    The G7 has launched several technical initiatives to foster coordination among the main stakeholders. With today’s workshop, we aim to engage key experts in G7 countries, with a view to developing a shared understanding of the most urgent issues, a potential roadmap to address the transition to quantum resilience and, to the extent possible, an agreed policy agenda. We are fortunate today to have speakers and attendants from a wide range of backgrounds: academia, government institutions (including law-enforcement agencies), central banks, international organisations and the finance industry. This promises to be an ideal opportunity to exchange views, in that it brings together a set of distinguished experts with considerably diverse experience. I encourage all participants to be active, ask questions and share their insights.

    Ladies and gentlemen, we are also honoured to have Professor Juan Ignacio Cirac Sasturain with us today as a keynote speaker. As many of you will know, our speaker is one of the leading theorists in quantum computation. His contributions range from the physics of quantum computers to quantum algorithms and quantum information theory. Many here will be especially interested in his seminal work on quantum cryptography. Professor Cirac is the Director of the Theory Department at the Max Planck Institute of quantum optics in Garching bei München, Bavaria, and collaborates with many other academic institutions. He has received an impressive number of high-level awards, including the Prince of Asturias Award for Technical and Scientific Research (2006), the BBVA Frontiers of Knowledge Award (2008), the Benjamin Franklin Medal (2010), the Wolf Prize in Physics (2013), the Max Planck Medal (2018), and many others; more are sure to come. The subject of his talk is, very aptly, ‘opportunities and challenges of the next generation’s computers’. We are certain that his remarks on today’s central issue will set the stage for a very productive seminar.

    Please join me in welcoming Ignacio Cirac to the stage.

    MIL OSI Economics –

  • MIL-OSI Russia: More than 250 Moscow heating stations have been equipped with smart leak detection technology since the beginning of the year

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    This year, specialists from the city economy complex equipped more than 250 heating stations with smart leak detection technology. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

    “Events are ongoing to equip heating points with smart leak detection technology, which allows identifying possible unreliable sections and promptly repairing them, preventing emergency situations in heating networks and hot water supply networks. Since the beginning of the year, more than 250 heating points of PJSC MOEK have been equipped with this system. Thus, today smart technology is available at 7.2 thousand,” noted Petr Biryukov.

    Algorithms for identifying signs of hidden leaks in heat distribution networks based on the analysis of data from the automated Dispatching system were developed in 2020.

    The algorithms use information from about 10 different sensors from each heating point. The program analyzes insignificant changes in the most important parameters in real time during the night hours of equipment operation, when hot water consumption is minimal. Thanks to this, it is possible to determine heat losses as accurately as possible and identify a potentially unreliable section, to which a repair team is immediately sent.

    The system allows detecting even minor technological violations, which at the initial stage may not have external signs. This is, for example, a leak of the coolant or a deterioration in the parameters of the consumer.

    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.

    http://vvv.mos.ru/nevs/item/144451073/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Europe: Change in the senior management in the Council’s General Secretariat

    Source: Council of the European Union

    Today, the Secretary-General of the Council, Thérèse Blanchet, decided to entrust the management of the Directorate-General for Organisational Development and Services (DG ORG) to Cesare Onestini, the current Director-General for Agriculture, Fisheries, Social Affairs and Health in the Council’s General Secretariat. 

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Oil Street Art Space new exhibition showcases creative ceramic artworks (with photos)

    Source: Hong Kong Government special administrative region

    Oil Street Art Space new exhibition showcases creative ceramic artworks (with photos)
    Oil Street Art Space new exhibition showcases creative ceramic artworks (with photos)
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         ​The Oil Street Art Space (Oi!) launched the Archaic Curator Series in 2022 and has invited Chinese art historians and curators to collaborate on exhibitions that engage with traditional Chinese art through innovative forms of expression, bridging the old and the new. The third exhibition of the series, “Archaic Curator Series: The Charm of Colour – Travel with Ceramics through Time and Space”, will be held from tomorrow (September 26) until January 31 next year at Oi! Glassie to showcase creative ceramic artworks.     The guest curator and Associate Curator (Antiquities) of the Art Museum of the Chinese University of Hong Kong (CUHK), Dr Wang Guanyu, invited three artists from Jingdezhen and Hong Kong – Gu Yue, Fiona Wong and Caroline Cheng – to participate in the exhibition. Inspired by the CUHK Art Museum’s collection, the three artists infuse their own technical artistry and aesthetics into their works to showcase their personal understanding and interpretation of contemporary ceramic art.     Jingdezhen, also known as the millennium porcelain capital, is renowned for its rich ceramic heritage. Gu Yue, a graduate of Jingdezhen Ceramic University, draws inspiration from flowers and nature to express the vibrant spirit of the new generation of ceramic artists. His works skilfully blend traditional moulding and decorative techniques with contemporary aesthetics. Fiona Wong, who focuses on exploring soil and studying Hong Kong’s culture, draws inspiration from the stories surrounding Nam Koo Terrace, a century-old mansion in Wan Chai. Her artwork comprises a set of 3D-printed containers modelled on the patterned tiles of Nam Koo Terrace and an assembly of ceramic tiles recomposing a historical map of Wan Chai, to guide visitors to uncover the narratives behind contemporary urban development. Artist Caroline Cheng and her team have developed a method to upcycle ceramic waste into malleable clay, challenging the conventional perceptions of ceramics. Visitors to the exhibition can admire her latest works, crafted from this sustainable material.     There are different public engagement programmes in this exhibition. In the “A Tour to Travel with Ceramics through Time and Space” guided tour, docents will lead visitors to explore the two exhibitions at Oi! and the CUHK Art Museum. An education gallery will be set up at G/F Oi! Glassie. During the exhibition period, staff members will act as lab technicians and guide visitors to discover the secrets of ceramic production in a lively and interesting way. In addition, visitors can select a special ceramic colour in the Ceramic Colour Exploration Zone to create a personalised postcard to take home as a cherished souvenir.     During the exhibition period, the CUHK Art Museum will also showcase “Amazing Clay: Masterpieces from the Ceramic Collection of CUHK Art Museum” to enrich visitors’ appreciation of the beauty of traditional Chinese ceramics.     “Archaic Curator Series: The Charm of Colour – Travel with Ceramics through Time and Space” is presented by the Leisure and Cultural Services Department (LCSD) and the CUHK, and organised by Oi! and the Art Museum of CUHK. For more details about the exhibition and registration of programmes, please visit Oi! website at www.apo.hk/en/web/apo/oi_the_charm_of_colour.html, Facebook and Instagram or call 2512 3000. The exhibition is one of the activities under the Chinese Culture Promotion Series. The LCSD has long been promoting Chinese history and culture through organising an array of programmes and activities to enable the public to learn more about the broad and profound Chinese culture. For more information, please visit www.lcsd.gov.hk/en/ccpo/index.html.

     
    Ends/Wednesday, September 25, 2024Issued at HKT 18:40

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Final elector registers released

    Source: Hong Kong Information Services

    The 2024 final registers of electors for geographical constituencies (GCs), functional constituencies (FCs) and Election Committee subsectors (ECSSs) were released today, the Registration & Electoral Office announced.

    A total of 4,210,384 electors are carried in the final register for GCs, it added.

    The final register for FCs contains 190,016 individual electors and 8,141 corporate electors, comprising a total of 198,157.

    Meanwhile, the final register for ECSSs contains 3,267 individual voters and 5,389 corporate voters, adding up to a total of 8,656.

    Relevant statistics have been uploaded to the voter registration website.

    Notices on the inspection of the final registers of electors were gazetted today.

    According to law, a copy of registers containing entries relating to individuals may only be shown in accordance with the statutory requirements, and made available for inspection by specified persons only. 

    A copy of registers containing entries of corporate electors may be inspected by any member of the public. 

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SJ continues ASEAN visit in Vietnam to strengthen ties with legal and business sectors (with photos)

    Source: Hong Kong Government special administrative region

    SJ continues ASEAN visit in Vietnam to strengthen ties with legal and business sectors (with photos)
    SJ continues ASEAN visit in Vietnam to strengthen ties with legal and business sectors (with photos)
    ******************************************************************************************

         The Secretary for Justice, Mr Paul Lam, SC, today (September 25) continued his visit programme in the Association of Southeast Asian Nations (ASEAN) in Ho Chi Minh City, Vietnam, with a delegation comprising representatives from the Law Society of Hong Kong, the Hong Kong Bar Association and alternative dispute resolution (ADR) organisations.     In the morning, Mr Lam and his delegation met with the Chief Supervisor of the China Business Association Ho Chi Minh City Branch, Mr Sun Guo Qiang, to discuss and explore business opportunities in both places and learn about the demand for legal services in the local business sector. They then had lunch with Vice-Chairman of the Hong Kong Business Association Vietnam Mr Fred Burke to have a better understanding of the Vietnam business environment and their need for cross-jurisdictional legal services.     In the afternoon, Mr Lam and his delegation met with representatives from the Vietnam International Arbitration Center to exchange views on recent developments in the arbitration landscape in both places and explore ways to strengthen collaboration. They then had a meeting with representatives from the Ho Chi Minh City Bar Association to discuss the development of the legal profession and explore potential future collaborations in building stronger and closer ties.     In the evening, Mr Lam will have dinner with the Acting Consul General of the People’s Republic of China in Ho Chi Minh City, Mr Xu Zhou, to share with him the latest developments in Hong Kong’s legal and ADR sector.     Upon arriving in Ho Chi Minh City yesterday afternoon, Mr Lam and his delegation attended a forum titled “Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond”, followed by a networking dinner, organised by the Department of Justice, the Hong Kong Economic and Trade Office in Singapore and the Vietnam Chamber of Commerce and Industry to meet local legal and business sectors. Speakers from the Hong Kong delegation shared their views with the audience on various topics, including Hong Kong’s diversified legal and dispute resolution services, its unique advantages of enjoying strong support from the motherland while being closely connected to the world under “one country, two systems”, and the opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative. The event received an enthusiastic response with over 120 participants from the legal, business and other sectors of Vietnam.     Mr Lam and the delegation will conclude their visit to Ho Chi Minh City and depart for Kuala Lumpur, Malaysia, tomorrow (September 26) to attend a seminar to promote Hong Kong’s legal and dispute resolution services.

     
    Ends/Wednesday, September 25, 2024Issued at HKT 18:50

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: eHealth applicable at 3 GBA hospitals

    Source: Hong Kong Information Services

    The Health Bureau announced today that from September 30, the new functions of the “Cross-boundary Health Record” and “Personal Folder” in the eHealth mobile app will be applicable at three more hospitals under the Elderly Health Care Voucher Greater Bay Area Pilot Scheme.

    Such hospitals include the Nansha Division of The First Affiliated Hospital of Sun Yat-sen University, the Dongguan Tungwah Hospital, and the Shenzhen New Frontier United Family Hospital.

    The goal of the move is to enhance the continuity of medical care for Hong Kong citizens through facilitating their secure use of electronic health records (eHRs) across the boundary, the bureau explained.

    Starting next Monday, eligible senior citizens who use Elderly Health Care Vouchers at the three hospitals can apply for their eHRs deposited in eHealth over the past three years through the “Cross-boundary Health Record” function in advance.

    Upon verification, a “File QR Code” and a “Password QR Code” will be sent to the user via the eHealth app. Healthcare professionals can then access and browse the eHRs by scanning the two QR codes presented by the user at the time of consultation to assist in diagnoses and treatment.

    Following system enhancements, the time required for preparing eHRs has been reduced to no more than 24 hours, meaning that patients should submit their applications one day prior to consultation, the bureau advised.

    It added that patients can deposit medical-related records obtained during consultations received outside Hong Kong into their eHealth personal accounts.

    This is done through eHealth’s “Personal Folder” function, which can facilitate the storage and use of personal medical-related records obtained in and outside Hong Kong. Authorised healthcare providers in Hong Kong can access such records through eHealth during follow-up consultations.

    MIL OSI Asia Pacific News –

  • MIL-OSI Translation: 25/09/2024 Speech by Minister Radosław Sikorski during the UN Security Council debate

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    On Tuesday, September 24, Minister of Foreign Affairs Radosław Sikorski spoke during the UN Security Council debate. Madam Chairwoman! Ladies and Gentlemen! The Russian ambassador announced that this debate would consist of “platitudinous statements dictated by Brussels” – this is a lie. I assure you that what you are about to hear I wrote myself. The Russian ambassador claims that Russia does not bomb civilian targets – this is another lie. Two weeks ago I visited Lviv, a city in Ukraine, where a Russian Kalibr missile hit a tenement house. In front of a man’s eyes, his wife and three daughters were pulled out of the rubble – all dead. They were all civilians, all lived far from the front line, all were killed. The Russian ambassador spoke about the children’s cemetery in Gaza, which is indeed a tragic situation. Well, Ukrainian children are not only a target for bombs. Thousands of them have been kidnapped and taken deep into Russia, where they are brainwashed to strip them of their memories and national identity. Russia claims that these children are orphans left to fend for themselves in a war zone. And another lie. Many of them have been separated from their parents, either by accident during attacks or deliberately by the invading army. Independent reports have revealed that, quote: “officials are deporting Ukrainian children to Russia or to Russian-occupied territories without their consent, lying to them that their parents do not want them, using them for propaganda purposes, and placing them with Russian families and granting them Russian citizenship.” In special camps, the abducted children are given “patriotic education” and a hotline is set up to connect them with potential “foster families” who are promised money. In addition, Mr. Putin signed a decree introducing an accelerated procedure for granting Russian citizenship to stolen Ukrainian children. These are not accidental war losses. Para planificar, which was created before the war and is now being ruthlessly implemented. UN investigators have recognized these actions as war crimes. In October 2022, the International Criminal Court issued an arrest warrant for Vladimir Putin. Ambassador Nebenzia and Russian propagandists like to call the democratically elected Ukrainian rulers Nazis – as you have just heard. It so happens that in Poland I live three kilometers from Potulice, where a Nazi filtration camp was located during World War II. We know that thousands of children were imprisoned there – from Poland and from the Soviet Union, from the areas of Smolensk and Vitebsk. Up to 800 of them died in the camp, but thousands were transferred to the West to be Germanized there. Children with blond hair and blue eyes – Aryan – were considered racially appropriate. So I have a few questions for the Russian ambassador and his superiors: What is the difference between what you are doing to the kidnapped Ukrainian children and what the German Nazis did to your children and ours? How many Russian officials have adopted stolen Ukrainian children, following the example – as reported by the BBC – of Sergei Mironov, former chairman of the Russian Federation Council? When will you return the remaining thousands of stolen Ukrainian children to Ukraine? Do you know that stealing children from another country is tantamount to genocide, as recently confirmed by the Parliamentary Assembly of the Council of Europe? Do you remember that diplomats and propagandists of a genocidal regime are also criminals – as Soviet prosecutors argued at Nuremberg, referring to Ribbentrop and Streicher? The permanent members of the UN Security Council are supposed to be guardians of peace, not wage their own wars, using this is someone else’s children. The couple brings shame to Russia, which is neither forgiven nor forgotten. And by the way – since Embajador Nebenzia denies that the Soviets collaborated with the Nazis during the invasion of Poland in 1939, here is a photo from their joint parade. I am sure you recognize the Soviet uniforms. Thank you very much!

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Security: Grand Barachois  — Have you seen this stolen car?

    Source: Royal Canadian Mounted Police

    The Shediac RCMP is asking for the public’s help to locate a stolen car from Grand Barachois, N.B.

    The theft is believed to have occurred in the overnight hours of September 12, 2024, on Peat Moss Road in Grand Barachois.

    The vehicle is described as a white 2011 Honda Civic, with New Brunswick licence plate KCJ 643 and vehicle identification number 2HGFG1A6XBH001784.

    If you have seen the car since the evening of September 12, or if you have information that could help further the investigation, please contact the Shediac RCMP at 506-533-5151. Information can also be provided anonymously through Crime Stoppers at 1-800-222-TIPS (8477), by downloading the secure P3 Mobile App, or by Secure Web Tips at www.crimenb.ca .

    MIL Security OSI –

  • MIL-OSI Translation: 24.09.2024 Breslavia “Reconstruction plus” – investments for the safety of all of us

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    El primer ministro Donald Tusk took part in a meeting of the crisis staff in Wrocław. The Prime Minister announced investments in flood protection infrastructure under the “Reconstruction plus” program, which will help reduce the scale of possible damage in the future. The government will also strengthen the Territorial Defense Forces, which have proven to be of great support in recent days. Crisis staff meeting in WrocławEl Primer Minister Donald Tusk returned to Lower Silesia after the meeting of the Council of Ministers to take part in the crisis staff meeting in Wrocław. The head of government asked for information important for citizens to be provided in the most transparent way possible. “I appreciate the professional information very much, of course, but today we have the opportunity to explain in an understandable way whether and what may threaten people in the event of a flood wave in those towns where “it is working at the moment,” the Prime Minister said to the representatives of the services present at the meeting. The Head of Government thanked all residents and services for the effort they put into strengthening security and rebuilding the areas affected by the flood. “Reconstruction plus” – ready for bold investments Program ” “Reconstruction plus” means new and better infrastructure that will help protect us against further natural disasters. “Nature will not change, or rather it will change for the worse. We will not be able to prevent such phenomena from occurring, but we must be better prepared for it. And here we have a very serious job to do,” the Prime Minister announced. The state and local governments will have to, among others: quickly develop necessary solutions for the future through public consultations. The result of this work will be investments that may seem burdensome to some – such as the construction of further reservoirs – but it is about our common safety. “We know well what would happen without the reservoir in Racibórz,” noted the Prime Minister. The government will take responsibility for making the decision. regarding needed investments. However, the Prime Minister asked local government officials for support in dialogue with residents. “We want you to participate very actively in the conversation and in convincing people. Para bromear also affects the interests of those who live there today and work there, and who may be flooded again in a year, in five, in seven years. We will have to make optimal decisions together,” explained the Prime Minister. The government will provide financing for investments in infrastructure. “Wisdom and political responsibility always require us to use such crises and disasters to intensively repair the reality around us,” concluded Donald Tusk. Conversations with residents should be honest so that everyone understands why certain actions are necessary. The Territorial Defense Forces passed the test. The Council of Ministers today adopted – in addition to the special act helping flood victims – a draft law supporting entrepreneurs who employ soldiers of the Territorial Defense Forces and Active Reserve. “The state appreciates those employers who, as part of corporate social responsibility, employ soldiers of the Territorial Defense Forces,” emphasized Deputy Minister of National Defense Władysław Kosiniak-Kamysz. The head of the Ministry of Defense presented the main solutions introduced by these regulations, including tax relief for companies employing Territorial Defense Forces soldiers. “Para bromear en este momento, in which it must be said very clearly – the Territorial Defense Forces have proven themselves in a critical situation in an unequivocally positive way” – concluded Donald Tusk. The state will strive to develop the Territorial Defense Forces and increase their effectiveness. Plan for the coming days Donald Tusk asked local government officials for precise information regarding their needs not only in the fight against the element, but also with its effects, e.g. in terms of waste disposal and collection. . But if you need other types of help – human, organizational, technical – I would ask for as detailed information as possible. We will bend over backwards to help you, not only by financing these very demanding projects,” declared the head of government. Water levels are falling in many places, but the services are still carefully monitoring the embankments and flood protection infrastructure. According to forecasts, today at midnight, for the first time in many days, the water in Wrocław will be below the alarm level. “It is too early to announce the end of the flood threat in Wrocław. The pressure on the embankments is, of course, present, but it is certainly a turning point – at least here in Lower Silesia” – Donald Tusk commented on the forecasts. The next meeting of the crisis staff in the capital of the Lower Silesian Voivodeship will be held on Tuesday at 8:00. Afterwards, the Prime Minister will return to Warsaw, where the government will submit information to the Sejm regarding actions taken during the flood. On Saturday, the Council of Ministers will again consider the state budget for next year. “I am talking about the necessary expenses related to repairing the effects of the flood. We will also want to make the first presentation of losses and, above all, how to overcome this collapse in many places and what projects we are preparing,” announced the head of government. In the following days, visits to the Lubuskie and West Pomeranian Voivodeships, where the flood wave is passing, will be possible.

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Submissions: Economy – Earnings season, not central banks, will now drive markets – deVere Group

    Source: deVere Group

    September 25 2024 – With central banks beginning to lower interest rates, earnings season will be a primary driver of stock markets, affirms the CEO of one of the world’s largest independent financial advisory and asset management organizations.

    Nigel Green of deVere Group is weighing in ahead of the critical reporting season which moves up a gear next week and as US futures dipped on Wednesday morning as Wall Street seems on track to extend its impressive September gains.

    “As the Federal Reserve, and its global central bank peers, shift gears by lowering interest rates, the spotlight is turning to the broader economy, raising the stakes for the upcoming Q3 earnings season,” he says.

    “Investors are now eagerly awaiting company reports that will provide crucial insights into how key businesses are doing.

    “With the recent rate cuts signaling concerns about economic growth, corporate performance and guidance will play a critical role in shaping market sentiment and investment strategies in the coming months.”

    This move has shifted investor focus from the central bank’s actions to the overall health of the economy.

    “As interest rates drop, the effectiveness of this monetary easing in stimulating growth and sustaining corporate profitability becomes a key concern for market participants,” notes the deVere CEO.

    While the rate cut provides some relief from borrowing costs, it also indicates that the economic outlook may be less robust than previously thought.

    This has raised the importance of corporate earnings reports as investors seek tangible data on how companies are coping with challenges such as changing consumer demand.

    Nigel Green continues: “Beyond the top-line and bottom-line numbers, the commentary from corporate leaders will be particularly telling. Executives’ perspectives on demand trends, cost pressures, and strategic adjustments will provide deeper insights into the business climate and potential growth opportunities or pitfalls.”

    As the Q3 earnings season ramps up, it is likely to bring increased market volatility.

    “Unexpected earnings results or cautious forward guidance is going to trigger sharp market moves, particularly in sectors most sensitive to economic changes, consumer discretionary, financials, and industrials. Investors should be prepared for a period of heightened activity and adjust their strategies accordingly,” he confirms.

    Financials and consumer goods companies typically report early, followed by tech and industrial firms.

    The deVere Group CEO concludes: “This earnings season will be the true barometer of economic health.

    “As companies report their results, the narratives they share will carry more weight than any central bank policy change.

    “The earnings we see in the coming weeks will not only illuminate the resilience of businesses, but also provide crucial insights for investors facing this transitional phase.”

    deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $12bn under advisement.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Good Things Are in the Air in Oregon

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    Tuesday, September 24, 2024
    Two recent events in Oregon point to things looking up in the state. Last week I felt like I was walking on air when I took part in the tip-off of the WNBA awarding an expansion franchise to Portland. Last month, I was jazzed to see small, locally produced UAV businesses accelerate up in Pendleton. 
    Back in February 2023, a team of Oregonians passionate about women’s sports, gathered at my friend Jenny Nguyen’s “The Sports Bra” in Portland with WNBA Commissioner Cathy Engelbert. 
    At that roundtable with women athletes, women’s sports executives and coaches from all over the state, Oregon put on a world-class show of support for women’s sports.
    The question that night was not “whether” Portland would get a WNBA team, but “when.” We know now that our team will take the court in 2026 and I’m already hearing reports of Oregonians planning in Portland, huddling in Hermiston, meeting in McMinnville and brainstorming in Beaverton to discuss what the team’s name should be.    
    The fact that the WNBA chose Portland for its next team is a ‘nothing-but-net’ kind of endorsement and  is definitely one for the W column. Not only will the team generate positive economic impact for local  restaurants, hotels and shops, it will also create memorable experiences for families to build on their hoops dreams in Portland.   
    Chalking up another W for Oregon, last month I was delighted to see the good work of the UAS Accelerator in Pendleton and how it is helping small, local businesses take flight by producing and refining UAVs right here in Oregon.  
    It’s clear that UAVs can be literal lifesavers in emergencies like wildfires where the terrain can be treacherous and hard to reach. UAVs also help the environment by using precise spraying methods, which reduce the unintentional spread and needless overuse of herbicides and fertilizers, as well as conserving energy and water.  And potentially the application with the most impact is the security that comes with domestically-produced technology—the kind of technology we depend on in emergencies must be resistant to foreign interference.   
    That’s a W for crucial technology and another for generating meaningful jobs for Oregonians. 
    The potential to create good-paying jobs is always on my radar, and I was particularly struck with Phenix Solutions Inc. out of McMinnville. Its Ultra 2XL UAV model’s ability to haul heavy loads of water or equipment to aid with emergencies in difficult terrain has already earned it contracts with the U.S. Navy and U.S. Air Force, with potential for much more.
    Phenix Solutions is not only innovating with fire-fighting technology the West Coast so dearly needs in an escalating climate crisis, it’s also creating job opportunities for Oregonians, making it possible for them to buy homes and raise families outside of Portland. Phenix Solutions currently employs 20 people with an average salary of $123,000; it predicts that number of employees will increase by 50% in 2025.
    These high-flying successes for Oregon could not have been achieved alone, but rather could only be reached by Oregonians lifting each other up and engaging in the Oregon Way.
    Whether it’s working together to create meaningful experiences for Oregonians, creating domestic solutions to common challenges, or enhancing our local economy, when Oregonians work together we can reach stratospheric heights.  

    MIL OSI USA News –

  • MIL-OSI United Kingdom: GPs join University to train the next generation of doctors GPs from across the north-east are helping to support the next generation of doctors at the University of Aberdeen.

    Source: University of Aberdeen

    The GP tutorsGPs from across the north-east are helping to support the next generation of doctors at the University of Aberdeen.
    They have returned to the classroom as part-time tutors to provide interactive, immersive clinical training to students – roles taken on in addition to their commitments at their practices.
    To help deliver the increased GP teaching at the University, ten new GP tutors have joined the 12 already supporting students on the medicine degree course as student numbers have swelled. In the third-year cohort which undertakes training in General Practice, student numbers have risen from 217 two years ago to 279 for the current academic year.
    The tutors will support the delivery of a more experiential learning style as part of a new curriculum introduced in 2022 designed to support students in readiness for their clinical placements in Year 4.
    The teaching sessions involve active participation from students, including role play, case-based discussions, practicing writing referral letters or interpreting blood results, and video consulting with real patients.
    Feedback from medical students has been positive. One previous third-year student said: “It has been one of my favourite aspects of Y3 and given me a great insight to GP world, so much so that now it is a real consideration in my future career.” Another added: “GP teaching this year was amazing and it provided interactive, diverse teaching opportunities that catered to a variety of learners and I can only commend the team for their work. Truly amazing!”
    GP tutors have also indicated the benefits of taking on the role with a tutor who has taught since 2022 saying: “In order to facilitate training of GPs of the future – ones who actually want to be GPs – we need to expose students to teaching from those who have genuine, day-to-day experience of the clinical work.  It allows the sessions to be engaging and realistic, gives the students an idea of how things actually work in practice and gives us an opportunity to inspire future GPs.”
    Dr Naomi Dow, GP and Senior Clinical Lecturer at the University of Aberdeen said: “Despite the pressure on GPs locally and nationally, we have filled all positions, and now have a team of enthusiastic GPs ready to teach our large year group of 279 students.
    “Aberdeen medical students now have far more exposure to General Practice than they did even five years ago and we hope this will encourage more students into the field and provide them with a wider range of options when it comes to choosing their clinical specialisms.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: The Kremlin could never have envisaged how war in Ukraine is developing: UK statement to the OSCE

    Source: United Kingdom – Executive Government & Departments

    UK military advisor, Nicholas Aucott, says the military situation is markedly different to what many expected two and a half years ago and this is a testament to the bravery and fortitude of the Ukrainian people.

    Location:
    Vienna
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    Thank you, Mr Chair. The present situation in the ongoing conflict between Russia and Ukraine is one that the Kremlin could hardly have envisaged when it embarked on its devasting war of aggression.

    Russia boasted that Ukraine would be defeated in a three-day lightning war, yet today marks two years and 219 days of this conflict. Ukraine now controls Russian territory in the Kursk Oblast. This is the first time that Russian territory has been held since the Second World War. We should be clear: this is a direct consequence of Russia’s illegal invasion and entirely consistent with Ukraine’s right to self-defence. To try and tackle this situation of its own making, Russia has been launching 50% of its glide bombs at its own territory, and on the neighbouring Sumy region of Ukraine.

    Since we met last week, on the evening of 17-18 September Ukraine conducted a successful attack on the Toropets strategic ammunition depot. Renovated in 2018, this was one of Russia’s largest strategic ammunition depots supporting Russia’s operation in Ukraine and housing ammunition of varying calibres, including ammunition procured from the DPRK.

    The resulting explosion recorded 2.7 on the Richter scale, equivalent to a mild earthquake. It forced Russia to declare a state of emergency, with the resulting fires 6 km wide and detectable from space. This was followed on 21 September by additional successful strikes on depots again in Toropets, and in Tikhoretsk. These Ukrainian strikes mark significant strategic setbacks for the Kremlin. The level of losses accounts for months of Russian ammunition expenditure rates.

    Moreover, Russia continues its attacks on Ukrainian civilian and energy infrastructure in an attempt to try and break the will of the Ukrainian people. Strikes in Ukraine’s central region of Poltava cut power to 20 settlements, whilst in Zaporizhzhia Oblast, an attack on Monday killed at least one person and injured seven, amongst them a 13 year old girl and a 15 year old boy.

    The military situation is markedly different to what many expected two and a half years ago and this is a testament to the bravery and fortitude of the Ukrainian people. But it is also critical that Ukraine continues to receive the support of allies and partners, diplomatically and militarily. The Kremlin would like to portray such support as a western conspiracy. But the reality is that the Russian state isolated itself from the moment it instigated an unprovoked, premeditated and barbaric attack against a sovereign democratic state. Furthermore, Russia has contravened international law and misled this Forum completely.

    The United Kingdom’s support to Ukraine is ironclad. To date the UK’s total military, economic and humanitarian support for Ukraine amounts to £12.8 billion, which includes £7.8 billion in military support. £3 billion in military aid has been pledged to Ukraine in 2024-25, a £700 million increase on 2023-24.

    The gap between Russia’s expectation of a three-day operation and the 943-day reality continues to grow. The Russian state has a clear path to prevent this metric from diverging further. It must cease hostilities and withdraw from Ukraine’s internationally recognised borders.  The United Kingdom, alongside its partners, will continue in its enduring support for Ukraine’s independence, sovereignty and territorial integrity. Thank you.

    Updates to this page

    Published 25 September 2024

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Drive to Net Zero Wins Award

    Source: Scotland – City of Dundee

    Dundee City Council is celebrating more national success for its drive to net zero and use of electric vehicles.  

    Logistics UK recently announced the winners of its Van Awards 2024.   

    Dundee City Council won the Van Decarbonisation category against competition from industry giants like Aspire Defence, John Lewis Partnership, Reflex Vehicle Hire, Speedy Hire and the AA.   

    The award put a national spotlight on Dundee’s electrification and decarbonisation strategy  

    Simultaneously, Dundee City Council will now be shortlisted for the Van Business of the Year category at the prestigious Logistics Awards 2024 taking place in December.  

    Fair Work, Economic Growth and Infrastructure convener Cllr Steven Rome said: “This award represents more national recognition for the journey Dundee is undertaking.    

    “We have accomplished much, and we are working on actions set out in the Council’s Net Zero Transition Plan to become a more sustainable city and a more modern council.” 

    Kevin Green, Director of Policy & Communications at Logistics UK said: “The competition was fierce this year and being selected as a finalist is a great achievement itself.  Over three million people employed across industries ranging from engineering and construction to emergency and rescue services rely on a van for their job, so it is impossible to understate the contribution the sector makes to all our lives and the broader economy.”  

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Building climate resilience

    Source: Scottish Government

    Plan to help communities understand how climate change impacts their lives.  

    Communities and businesses across Scotland will be given support and tools to help tackle the unavoidable impacts of climate change as part of the Scottish Government’s new National Adaptation Plan.

    The Scottish National Adaptation Plan 2024-2029 (SNAP3) sets out a comprehensive suite of more than 200 actions and proposals for managing the current and future impacts of climate change in Scotland.

    Climate change means Scotland will experience more extreme weather. Flooding, water scarcity and hot weather can damage our environment, disrupt public transport and affect our supply of foods, vital goods and services. This means that households, communities, businesses and organisations across Scotland are having to consider the impacts of climate change more than ever. 

    It includes how sectors including agriculture, transport and health as well as businesses and communities will prepare for more extreme weather events, such as flooding, water scarcity and extreme periods of heat. These include:

    • £5.5 million of funding this year to complete a national network of Community Climate Action Hubs to drive locally-led climate action across Scotland
    • investing £400million investment to Scotland’s railway infrastructure to reduce weather-related disruption
    • facilitating peer-to-peer support to local governments and public services to prepare for the impacts of climate change for local populations
    • providing advice and support to businesses on how they can future proof their workplaces through practical check-lists on how to prepare for the impacts of climate change
    • ensuring the NHS Scotland estate is prepared and equipped to deal with extreme heat and flooding

    Launching the plan at a visit to the Restoring the River Leven project, First Minister John Swinney said: 

    “While we must ensure Scotland continues to play its part in addressing the causes of climate change, we must also be ready to deal with the impacts that are already locked in giving us wetter winters, drier summers and more weather-related disruption.

    “Our new Adaptation Plan is our most comprehensive response to protecting people’s lives and livelihoods against the risks of climate change – with over 200 actions to build climate resilience in our communities, businesses, public services and natural environment. 

    “I am proud to lead a Scotland that is driving forward the race to net zero, whilst ensuring that our country is ready for the impacts of climate change that we are already experiencing. This can be demonstrated through the Leven River Restoration Project, which has adapted the local landscape to help reduce the amount of flooding in the area, whilst restoring and encouraging wildlife and nature to flourish. It is a fantastic example of how collaborative working can use nature to adapt to the challenges we face at the same time as delivering benefit for the local community.” 

    Nicole Paterson, Chief Executive of the Scottish Environment protection Agency (SEPA), said:

    “Scotland’s natural environment is globally renowned and our water environment, as we can see in Leven today, is central to our environmental, economic and social success. Scotland’s water quality is at its highest level ever, with more than 87% of our water environment achieving good or high classification for water quality, with an ambition to go further.

    “Our climate is already changing and as Scotland’s environment agency, we’re at the forefront of working with partners to respond and adapt. The Water Environment Fund, including The Leven Project, is a very visible story for change and a great example of how public, private and community sector partners can successfully collaborate to improve water environments, boost flood resilience and deliver community benefits.

    “In Scotland’s Climate Week, it’s fitting that we hear directly from young people and community partner’s who’ve worked so hard locally and who’s future depends on the work that together we do today.”

    Fife Council Leader Councillor David Ross said:

    “Fife Council welcomes the Scottish Government’s new Climate Change Adaptation Plan, which marks an important step forward in the collective fight against climate change.

    “Much has changed since Fife Council declared a Climate Emergency in 2019 and, although we have made significant progress on a number of fronts, we are committed to helping our communities prepare for, and respond to, the effects of climate change.

    “The First Minister’s visit to the Restoring the River Leven project highlights the remarkable progress that can be achieved through strong partnership working, in this instance between Fife Council, SEPA, Fife Coast and Countryside Trust and local communities.

    “This close collaboration has also led to – and will lead to – additional benefits through the Levenmouth Connectivity Project, the Active Travel Network and River Park Routes as well as The River Park Project that sit alongside the restoration project as part of the wider Leven Programme.

    “Fife Council remains fully committed to leading the way in tackling climate change and we are proud to be part of initiatives that not only restore our natural environment but also build resilience for the future.”

    Jeremy Harris, CEO at Fife Coast and Countryside Trust, said: 

    “This project to restore the River Leven is a working example of different organisations coming together to deliver something that directly contributes to the outcomes laid out in the new Scottish National Adaptation Plan. The carefully considered interventions already under way will return the river to its more natural flowing state ensuring that nature connects through the Leven catchment and delivers direct benefits to the local communities.

    “Improved infrastructure with the river at its centre will serve the surrounding communities and enrich the lives of those who make use of it. At Fife Coast and Countryside Trust our mission is to connect environment and people and this river restoration project, running through the heart of Levenmouth, is a wonderful example of how to do just that. I look forward to seeing the natural world and local communities flourish thanks to this work for years to come.”

    Background  

    Scottish National Adaptation Plan 2024-2029 – gov.scot (www.gov.scot)

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: World Rivers Day 2024: Removing fish barriers across South West

    Source: United Kingdom – Executive Government & Departments

    Fish have been moving more freely thanks to joint efforts to remove manmade barriers blocking them from going home to spawn or reach vital habitats.

    Before and after a weir was removed from the River Camel Credit: Westcountry Rivers Trust

    World Rivers Day, which happens on the fourth Sunday of September, is a global event which celebrates rivers around the world – including the River Camel in Cornwall and River Tarrant in Dorset where the Environment Agency and partner organisations have worked hard to remove weirs in the past year.  Staff have also been investigating the River Teign to draw up a detailed map of 59 manmade structures and a further 79 obstacles to inform future action. 

    An Environment Agency spokesperson said:

    World Rivers Day is an excellent reminder to celebrate what we have and the vital work that is being undertaken to protect and improve our rivers   

    The cost of removing these legacy structures when demands on rivers were different are prohibitive. But thanks to partnership help from bodies like Westcountry Rivers Trust and Wessex Rivers Trust, we are overcoming these obstacles.  

    There are many pressures on fish including the iconic salmon which is seeing a global decline in numbers. Removing historic obstacles is one way to improve their future and enhance the environment that they live in.

    This weir on the River Camel was causing issues for fish Credit: Westcountry Rivers Trust

    How the River Camel looks now the weir has been removed Credit: Westcountry Rivers Trust

    Alongside removing obstacles in the river, initiatives like reducing the canopy of forested areas to let more light into habitats and slowing the flow of water with leaky dams have improved the environment for the wildlife dependent on both rivers.  

    Laurence Couldrick, Chief Executive Officer for Westcountry Rivers Trust, said:

    The two barrier removals on the upper River Camel have contributed to safeguarding this beautiful Cornish river and many of the protected species that rely on free-flowing rivers.   

    As well as removing barriers to fish passage this also provides numerous ecological benefits such as restoring natural flow regimes, improving sediment transport, improved water quality, enhanced biodiversity and improving climate resilience.

    A spokesperson for the National Trust said:

    Partnerships are a powerful tool to unlock benefits for our catchments and maximise the positive impacts of any project.   

    In priority rivers for Atlantic Salmon in the South West such as the Teign, Lemon and Plym we are working closely with the Environment Agency, Rivers Trusts and other partners to undertake monitoring, enhance habitats and remove or provide solutions to the presence of barriers, with wider benefits to local wildlife and communities.

    Background

    Read our World Rivers Day 2024 blog by our director of water about the biggest causes of river pollution.

    Updates to this page

    Published 25 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Polytechnic University Higher School of Engineering and Economics Wins BRICS Megagrant Competition

    MIL OSI Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    A team of researchers from the Higher School of Engineering and Economics (VIES) of the Institute of Industrial Management, Economics and Trade, together with colleagues from India and China, have won an international mega-grant from the BRICS framework program. Over the course of three years, the research team will analyze and evaluate the sustainable development of industrial and regional structures in the countries participating in the project.

    The project of the Higher School of Engineering and Economics, developed jointly with scientists from India and China, received funding under the BRICS STI Framework Programme Call 2023: Climate Change Adaptation and Mitigation.

    The BRICS Framework Programme for Scientific and Technological Integration (BRICS STI FP) is aimed at supporting advanced technical, economic, environmental and social solutions in priority areas for ensuring the progressive development of the Commonwealth countries and bringing a synergistic effect. The programme envisages an annual competition for mega-grants for the implementation of international research projects involving participants from BRICS member states jointly carrying out fundamental, applied and innovative research.

    A total of 104 applications were submitted for the competition in 2024. The project of the team of researchers from the Higher School of Engineering and Economics led by the director of VIES Dmitry Rodionov on the topic “Managing the sustainable development of industrial structures within the framework of the Water-Energy-Food concept” became one of 19 winning projects that were selected for financial support.

    The research project of the SPbPU team of scientists is based on the latest concept of “Water-Energy-Food”. The work will involve a comprehensive systemic study in three areas: analysis and assessment of the potential for sustainable development in the fuel and energy complex, mechanical engineering and the agro-industrial complex in Russia, India and China. The central link in the study is the economic and mathematical block “Systemic Modeling of Industrial and Regional Structure Development Management Processes” under the supervision of Doctor of Economics Andrey Zaitsev. The best mathematical models and tool developments will be implemented in decision-making systems in managing the sustainable development of industrial structures in Russia, China and India.

    The success of the project in the grant competition was largely determined by the scientific competencies and creative potential of the VIESH team, including both experienced scientists – doctors of science (D. G. Rodionov, N. G. Viktorova, I. A. Rudskaya, A. A. Zaitsev), and young researchers trained by the school, including those who received PhD degrees in the dissertation councils of the Polytechnic University (N. D. Dmitriev, A. S. Furtatova, D. D. Tutueva, D. A. Kryzhko). The team included researchers involved in the economics of energy, water resources, the agro-industrial complex, and the development of mathematical and statistical methods in economics.

    The project will be implemented with the support of industrial partner Neo Engineering LLC.

    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.

    https://vvv.spbstu.ru/media/nevs/achivments/higher-engineering-economics-school-polytechnic-winner-of-the-competition-for-a-mega-grant-bri/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Russia: Over six thousand Muscovites will begin resettlement under the renovation program in September and October

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    In September, residents of 12 buildings began moving into apartments under the renovation program. In the near future, city residents from another 13 old buildings will begin moving into new buildings. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    In September, 11 buildings built under the renovation program will be handed over for occupancy in the capital. More than six thousand Muscovites will move into them.

    “New buildings erected under the renovation program are located in six administrative districts. Thus, four residential complexes are located in the Eastern District, two new buildings are in the South-Eastern and Western Districts, and one building is in the Central, Southern and Northern administrative districts. More than 2.8 thousand apartments have been prepared for those moving,” Vladimir Efimov noted.

    Playgrounds, sports grounds and recreation areas are located near the houses. All residential complexes are designed taking into account the principle of a barrier-free environment, i.e. they are convenient for people with limited mobility and parents with baby carriages.

    The ground floors are non-residential premises. They are intended for commercial use – service facilities and other necessary infrastructure can be located there.

    “As part of the renovation program, 25 old houses will be resettled. City residents are moving within the boundaries of their district. For some, transport accessibility is improving. For example, future new residents in the Nagorny District are moving to a house in Elektrolitny Proyezd. It is located a three-minute walk from the Nagornaya metro station,” added the Minister of the Moscow Government, Head of the Department of Urban Development Policy

    Vladislav Ovchinsky.

    The move is being carried out in stages. The resettlement of residents of four old houses in the Nagorny district has now begun, two buildings are being vacated in the Voykovsky, Lyublino and Fili-Davydkovo districts. In addition, residents of one house in the Presnensky district and one in the Vostochny district are moving.

    As reported by the Minister of the Moscow Government, Head of the Department of City Property Maxim Gaman, offers of equivalent apartments have been sent to 1.9 thousand residents of old houses in six districts of the capital. They have already started to inspect the new housing. In addition, the mos.ru portal has a super service “Assistance with moving within the framework of the renovation program”Muscovites with a full account can choose the date and time for viewing the apartment online.

    Earlier Sergei Sobyanin reportedthat in September 11 houses will be handed over for settlement under the renovation program.

    Almost 20 thousand Muscovites have signed contracts for new apartments under the renovation program since the beginning of the year

    Renovation program housing was approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. In 2023 alone, 59 new buildings in the capital were handed over for settlement and the resettlement of over 47 thousand people was ensured. Earlier, Sergei Sobyanin ordered to increase the pace of implementation of the renovation program has doubled.

    Moscow is one of the leaders among regions in terms of speed and volume of construction. Over the past few years, within the framework of the federal project “Housing” of the national project “Housing and Urban Environment” the volume of construction and commissioning of residential buildings in the capital has doubled – from three million to five to seven million square meters per year. More information about this and other national projects being implemented in Moscow can be found Here.

    Since the start of the renovation program, the number of launch pads has tripled

    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.

    http://vvv.mos.ru/nevs/item/144420073/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Translation: ASIA/LEBANON – Middle East Council of Churches: “global aggression” against Lebanon. Father Zgheib: village hit a few kilometers from the Maronite Patriarchate

    MIL OSI Translation. Region: Italy –

    Source: The Holy See in Italian

    UNHCR

    Beirut (Agenzia Fides) – The ongoing military escalation in Lebanon has turned “into a global aggression against various Lebanese regions, with the consequent sacrifice of thousands of citizens and the displacement of hundreds of thousands of people” from the southern part of the country and the Bekaa Valley. These are “crimes” that “indicate the contempt of the forces of aggression for the principles of international law, the rules of the Geneva Conventions and all the conventions that regulate armed conflicts”. This was denounced by the Middle East Council of Churches (MECC), the ecumenical body based in Beirut, which in a statement released yesterday also asked “the international community to intervene as soon as possible and to express a clear position condemning war crimes against civilians with the launching of raids, the systematic destruction of property and the interruption of food and health supplies”. Faced with the tragic events underway in Lebanon, the MECC held an emergency meeting of the General Secretariat, chaired by the Secretary General, the Lebanese Orthodox Christian professor Michel Abs. The participants of the meeting prayed together for peace and discussed “urgent humanitarian issues and ways to support families”. In the statement, without naming the Israeli army, the MECC “strongly condemns the killing of innocent people, children, women, elderly people and other civilians, and deplores the attacks conducted by the aggression forces on densely populated areas that led to the death of about 500 people in a single day and the displacement of hundreds of thousands of citizens from their settlement areas”. The text also calls for “providing international protection to civilians so that organizations and associations can provide them with the materials necessary for a dignified life”. During the meeting, the participants also set up a working group responsible for coordinating initiatives on the ground aimed at supporting families displaced from their areas. “We all live in a condition in which anguish, pain, anger and fear are mixed” Maronite priest Rouphael Zgheib, Director of the Lebanese Pontifical Mission Societies, tells Agenzia Fides and professor at the Jesuit Saint Joseph University. “The uncertainty about what awaits us also weighs on everything. We cannot understand who can stop all this, and if the attacks are just the beginning”. The bombings of the Israeli army are aimed at targets identified as possible bases of the Shiite Hezbollah Party. A strategy that has also been hitting small enclaves and Shiite villages in areas predominantly inhabited by Christians for days. “This morning” Father Rouphael Zgheib told Fides “the small Shiite village of Maaysra, in the Keserwan area, a historic settlement area of Catholic communities, was bombed. It is a village that is a few kilometers from the seat of the Maronite Patriarchate, in Bkerké”. The bombings in central Lebanon have the effect of spreading fear throughout the population. Mistrust and suspicion are also growing, after having transformed even personal pagers and walkie talkies into deadly devices has made it potentially dangerous to even speak or be near people belonging to the Shiite community, directly or indirectly connected to Hezbollah. “This situation of uncertainty,” adds Father Zgheib, “also affects relief efforts for the displaced and the injured. Hospitals are collapsing, they were not prepared to treat the number of people injured in the face and eyes by pagers that have become devices. Churches and schools are opening to welcome the displaced, there are many individual initiatives of solidarity with Christians and Muslims fleeing from the south and other affected areas. But this spontaneous solidarity coexists with feelings of mistrust. The propaganda and political polarizations of recent years have insinuated suspicion and unleashed mutual attacks between the different Parties who accuse each other of ‘betraying Lebanon’ and of being a disaster for the country. The economic crisis has also limited the willingness to help those in need. And this leads many to help only the members of their own family network and their own confessional group”. (GV) (Agenzia Fides 25/9/2024) Share:

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Asia-Pac: Golden Week travel meeting held

    Source: Hong Kong Information Services

    The Security Bureau today held an interdepartmental meeting to co-ordinate the management of passenger and vehicular flows at land boundary control points (BCPs) during the Mainland’s National Day Golden Week holiday.

    To ensure smooth and orderly operation of the land BCPs during the holiday period, relevant departments will strengthen manpower, as well as co-ordination of transport and cross-boundary services, at these points. This will include strengthening crowd management and increasing transport frequency.

    Relevant departments have minimised leave for frontline officers to enable the flexible deployment and operation of extra clearance counters and kiosks. Additional security guards will also be deployed at individual BCPs to provide crowd management support.

    The Inter-departmental Joint Command Centre set up by customs, Police, the Immigration Department and other departments will be activated during the National Day Golden Week to facilitate monitoring of the situation at control points.

    The relevant departments will also maintain close liaison with the Culture, Sports & Tourism Bureau, and Mainland counterparts. They will take timely contingency actions to flexibly deploy manpower at the BCPs and open more e-Channels and counters to ease passenger and vehicular flows where necessary.

    The Transport Department’s Emergency Transport Co-ordination Centre will operate round the clock to monitor traffic and public transport services in different districts, including at BCPs and major stations. It will disseminate the latest traffic information via various channels and implement response measures where appropriate.

    Police will make appropriate traffic arrangements according to the circumstances. If necessary, this will include arranging for public transport to use the dedicated lane on San Sham Road to reach Lok Ma Chau/Huanggang Port.

    The public and visitors can check the estimated waiting times at each land BCP via the Immigration Department’s mobile application in order to plan their itineraries. The daily arrival figures for each control point will be uploaded onto a designated web page.

    Secretary for Security Tang Ping-keung, who chaired the interdepartmental meeting, said relevant departments will maintain close liaison and co-ordinate with one another to properly manage passenger and vehicular flows, providing an orderly and smooth experience for the public and visitors to Hong Kong.

    The bureau will activate its Emergency Monitoring & Support Centre in a timely manner to closely monitor and co-ordinate the public order situation at various BCPs and facilitate follow-up actions where necessary, he added.

    MIL OSI Asia Pacific News –