Category: Americas

  • MIL-OSI: Reliable, Fast, Simple: NordFX Broker Introduces Automated Withdrawal System in Crypto

    Source: GlobeNewswire (MIL-OSI)

    GROS-ISLET, Saint Lucia, Sept. 26, 2024 (GLOBE NEWSWIRE) — Since mid-year, any NordFX broker client can take advantage of the automated withdrawal feature. This innovation, among many others, is aimed at further enhancing the quality of service and comfort for the company’s clients. Currently, 84% of withdrawal requests are processed automatically.

    The service is available 24/7 and is executed almost instantly after a request is submitted, allowing clients to access their funds faster and more easily than ever before. This feature supports most popular withdrawal methods, including bank transfers, e-wallets, and cryptocurrency payment systems.

    What does this mean for clients?

    – Speed: Instant withdrawals without delays.

    – Convenience: Access to funds at any time, without the need for approvals.

    – Transparency: Full information on all transactions is available in the trader’s personal account.

    “We are always looking for ways to improve the trading experience for our clients,” said Vanessa Polson, Marketing Manager at NordFX. “The introduction of automated withdrawals is a direct response to the growing demand for faster and more efficient fund management solutions. With this new feature, traders can now access their funds with ease, whether for reinvestment or personal use, without any delays.”

    The introduction of automated withdrawals is just one step toward NordFX’s main priority: to make trading on financial markets as comfortable and secure as possible for clients.

    About NordFX

    NordFX is a globally recognized multi-asset broker with over a decade of experience in the financial markets. Offering a wide range of trading instruments, including currencies, cryptocurrencies, precious metals, and more, NordFX is committed to providing its clients with the best possible trading conditions, innovative technology, and unparalleled customer service. With clients in over 100 countries, NordFX has built a reputation for trustworthiness and excellence in the trading industry.

    Contact

    Manager of Marketing Department

    Vanessa Polson

    NFX Capital VU Ltd

    marketing@nordfx.com

    The MIL Network

  • MIL-OSI: ibex Jamaica Holds Back-To-School Event to Support Children of Employees

    Source: GlobeNewswire (MIL-OSI)

    PORTMORE, Jamaica, Sept. 26, 2024 (GLOBE NEWSWIRE) — ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, recently hosted its Back-To-School with ibex event at the company’s Portmore location.

    Back-To-School with ibex helps school-aged children of ibex employees prepare for the new school year. Employees from departments across the company in all four Jamaica sites were eligible, including parents with little ones starting school for the first time and those with top performers at the primary and secondary levels. In addition, the Special Country Manager’s Award went to the two top CXC performers along with a new laptop for each.

    “Education is the foundation of success, and we are delighted to help support our employees’ children as they begin their next school year,” said ibex SVP of Operations and Jamaica Country Manager Tamara Ricketts-Brown. “ibex brings together the best talent, training, culture and technology in Jamaica to deliver amazing customer experiences for many of the world’s leading brands. By combining our AI-enabled technology, award-winning rewards and recognition programs, and exciting career development opportunities, we offer an engaging and rewarding employee experience that helps our agents grow and succeed.”

    In Jamaica, ibex has been recognized for its outstanding culture, employee experience, development opportunities and service, including Best Place to Work for Women in Central America and the Caribbean by Great Place to Work, Nearshore Company of the Year by Nearshore Americas, and Central America and Caribbean Company of the Year by Frost & Sullivan.

    ibex is hiring 1,300 new agents in Jamaica over the next two months for multiple client programs supporting top brands in exciting industries, such as retail, technology, health and beauty, and transportation logistics. 

    Join the winning team at ibex to realize your dream – apply here: https://www.ibex.co/join-us/jamaica/.

    About ibex

    ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of approximately 30 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.

    ibex leverages its diverse global team of over 30,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

    Media Contact:
    Dan Burris
    ibex
    Daniel.Burris@ibex.co

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fb4f7a9a-ab71-4854-87a1-cc53bfe36f61

    The MIL Network

  • MIL-OSI USA: UPDATED – BEAVER COUNTY – Lieutenant Governor Austin Davis and Local Leaders to Highlight Key Investments in Workforce Development, Expanded Job Training, and Vo-Tech Initiatives

    Source: US State of Pennsylvania

    September 26, 2024Monaca, PA

    ADVISORY – UPDATED – BEAVER COUNTY – Lieutenant Governor Austin Davis and Local Leaders to Highlight Key Investments in Workforce Development, Expanded Job Training, and Vo-Tech Initiatives

    Lieutenant Governor Austin Davis will visit Beaver County Career & Technology Center (BCCTC) to highlight the investments in workforce development, job training, and career and technical education (CTE) included in the bipartisan budget Governor Shapiro signed into law this year.

    In the 2024-25 budget, Governor Shapiro and Lieutenant Governor Davis secured key investments to help grow our workforce and give Pennsylvanians the freedom to chart their own course and the opportunity to succeed.

    WHO:
    Lieutenant Governor Austin Davis
    Laura DelVecchio, Administrative Director, BCCTC
    David Liptak, Carpentry Instructor, BCCTC
    Karleigh Matscherz, student, BCCTC
    Representative Robert Matzie
    Congressman Chris Deluzio

    *Governor Shapiro is no longer scheduled to attend this event.*

    WHEN
    Thursday, September 26, 2024, at 11:15 AM
    *Press conference to begin around 11:45 AM

    WHERE:
    Beaver County Career & Technology Center (BCCTC)
    145 Poplar Avenue
    Monaca, PA 15061

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News

  • MIL-OSI USA: Statement from CWA President Claude Cummings, Jr. on the Passing of Civil Rights and Labor Leader Bill Lucy

    Source: Communications Workers of America

    I’m deeply saddened by the passing of William “Bill” Lucy. He was a pillar of both the Civil Rights and Labor Movements, a pioneer, a mentor, and a visionary not just for social justice but for the nation as a whole. He inspired me to dedicate myself to building and strengthening connections between the Civil Rights and Labor Movements.

    Bill built his career on his willingness to help others and stood shoulder to shoulder with figures like civil rights pioneer Dr. Martin Luther King Jr. and freedom fighter Nelson Mandela. He was there in South Africa, after 20 years of fighting, to witness Mandela elected President. He spent four decades as the International Secretary-Treasurer of AFSCME and co-founded the Coalition of Black Trade Unionists (CBTU) where he served as its inaugural president.

    Just a few months ago, I presented Bill with the inaugural NAACP Legacy Award. for his service on the NAACP National Executive Board. I’m thankful that he got to “receive his flowers” while he was alive and enjoy the adoration and praise he so richly deserved.

    Bill will be remembered by millions for the impact he had on their lives. And, though I mourn his loss, I remain thankful for the opportunity to have experienced his wisdom, love for working people, and drive for a better future for all.

    # # #

    MIL OSI USA News

  • MIL-OSI: Redefining the “Health or Wealth” Dilemma through HealthFi with Dynachain

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, Sept. 27, 2024 (GLOBE NEWSWIRE) — Dynachain, a pioneer in the HealthFi space, is redefining the way we approach health and finance in daily lives, merging them into a single platform that motivates and incentivizes users for living healthier lives through exclusive financial rewards. With this innovative platform, Dynachain envisions a global community where personal wellness and financial prosperity are intertwined, allowing individuals to achieve both simultaneously. By emphasizing on improving well-being through actionable incentives, Dynachain is setting a new benchmark for aligning personal health goals with financial growth.

    At the heart of Dynachain’s platform lies its proprietary Proof of Wellness (PoW) economics, powering a range of innovative products within their ecosystem, including Drink2Earn, Sleep2Earn, and Wave2Earn, each designed to promote healthier behaviors while offering users financial incentives, creating a sustainable cycle of wellness and rewards. These products have gained significant traction over the past three years, with more than 20,000 devices sold globally, demonstrating the value these products bring to users by helping them achieve positive health outcomes alongside financial benefits.

    • Drink2Earn: Hydrate healthily and earn rewards with DC LIFE PROMAX, A Hydrogen Water Machine.
    • Sleep2Earn: Enhance your sleep quality with the DC REVIVE Smart Mattress , rewarding you for restful nights.
    • Wave2Earn: Rejuvenate and relax with the Ultra Long Wave Massage Device, DC WAVE, rewarding you for prioritizing wellness.

    Leading a New Era in Health with Dynachain

    Dynachain’s upcoming listing on MEXC slated for 28 September, is set to offer early participants an exclusive opportunity to secure tokens before the broader rollout. With only 2.1% of the total circulating supply available during TGE, token scarcity is expected to drive early demand for mass adoption as we progress towards the emerging HealthFi era. Early participants will gain access to Dynachain tokens, positioning themselves ahead of the curve as HealthFi continues to attract attention from both the health and finance sectors.

    Dynachain’s Power Boost Staking Program, with its staking period active from 29 September, 05:00:00 (UTC) to 4 October, 04:59:59 (UTC), offers a unique opportunity for users to maximize their returns through timely participation, especially since rewards are calculated by the second. To receive 100% of your potential staking rewards, staking must begin precisely at the start of the campaign. This five-day window is critical for participants looking to maximize their earnings, with daily rewards of 20% for early stakers.

    Stake Early to Join the HealthFi Movement

    To participate, users must first buy Dynachain tokens on MEXC and then access the staking platform via app.dynachain.io. The earlier you stake, the higher the rewards. For instance, staking 25 minutes after the campaign begins still allows users to earn 99.65% of the rewards, whereas waiting until 4 October significantly reduces the potential to 4.16%. With the campaign approaching a close, staked tokens will be made fully withdrawable, and accumulated rewards will follow a 600-day vesting schedule starting from 4 March 2025, encouraging long-term engagement amongst users with the Dynachain ecosystem.

    Don’t miss out on this rare opportunity to be part of a groundbreaking movement where “health or wealth” is no longer a dilemma. Secure your part in the rapidly expanding HealthFi ecosystem by participating early in Dynachain’s Power Boost Staking Program to make sure you get the most from your investment. Be part of the HealthFi future — stake with Dynachain today!

    For media inquiries or further information, please visit the following:

    X: https://twitter.com/Dynachain

    Facebook: https://www.facebook.com/dynachain.official

    Instagram: https://www.instagram.com/dynachain.io/

    Telegram Community: https://t.me/+wuP60V8ojkBmN2Vl

    Telegram Announcement Channel: https://t.me/dynachaindc

    Media Contact:

    Name: Rayz

    Email: zc.ooi@dynachain.io

    Disclaimer: This content is provided by “Dynachain”. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6823c2f5-737d-4b77-8338-eeeeeb304c44

    The MIL Network

  • MIL-OSI China: US chipmaking drive at risk with Intel’s mounting financial woes

    Source: China State Council Information Office 3

    Intel, once the biggest chipmaker in the United States by revenue, is facing mounting financial troubles that threaten to derail the U.S. government’s ambitious strategy to revitalize domestic chip manufacturing.

    Intel shares have taken a hard hit in recent months after the company reported a staggering net loss of 1.61 billion U.S. dollars in the second quarter and announced cutting about 15,000 jobs to save costs. This is viewed as an especially troubling sign when the company is expected to bolster the U.S. semiconductor workforce.

    Intel’s stock has plummeted by about a third since the release of its latest earnings report in August and nearly two-thirds this year.

    This fall has pushed Intel’s market value below 100 billion dollars for the first time in three decades, as the company struggled to compete with artificial intelligence (AI) chip designers while missing the growth opportunities from the AI-driven boom.

    Intel was reportedly considering a range of options to cut costs, including separating or selling its foundry business or building chips based on designs from other companies.

    The U.S. government bet big on Intel to boost domestic chip manufacturing. The company’s foundry business was viewed as crucial to achieving that goal.

    In a show of support, the U.S. Commerce Department announced in March that it would award Intel a nearly 20-billion-dollar incentive package, including 8.5 billion dollars in grants and 11 billion dollars in loans. This represents the largest award under the CHIPS and Science Act of 2022.

    The CHIPS Act, which allocated 39 billion dollars in grants to incentivize chip companies to build factories in the United States, aimed to reverse the decades-long shift of semiconductor production to Asia.

    According to the Commerce Department’s announcement in March, the government’s incentive was designed to support Intel’s efforts to produce cutting-edge semiconductors at large-scale plants in Arizona and Ohio. The money was also reported to help pay for research and development and advanced packaging projects at facilities in Oregon and New Mexico.

    Intel is currently constructing four chip factories in the United States, with two facilities each in Ohio and Arizona. The two factories in Licking County, Ohio, are part of a 20-billion-dollar project that could eventually accommodate up to eight factories and are expected to be completed in 2025.

    In Arizona, Intel is investing over 32 billion dollars to build two new leading-edge chip factories and modernize an existing facility at its Ocotillo campus, according to the company.

    Intel CEO Pat Gelsinger said earlier that building chip factories in the United States is economically uncompetitive compared with Asia, and he expected the government’s incentives to help redress that imbalance.

    However, despite these ambitious plans and the promise of government support, Intel has yet to receive any funds from the announced incentive package. Growing questions surround the timeline for Intel to access the nearly 20 billion dollars in CHIPS Act incentives, which are contingent on the company meeting specific milestones and requirements.

    According to a Bloomberg report this month, the Department of Commerce declined Intel’s request for funds, instead insisting that the company meet key milestones and conduct significant due diligence before it would consider releasing the money.

    The implications of Intel’s financial woes extended beyond U.S. borders. The company paused plans for new chip factories in Germany and Poland and delayed the opening of a new chip packaging plant in Malaysia following its dismal second-quarter financial results.

    Media reports suggest that Qualcomm had approached Intel to acquire parts of its business, though both companies declined to comment on the deal. Industry analysts, however, remained skeptical about the potential for such a deal to address the challenges facing U.S. chip manufacturing.

    Qualcomm, having never operated a chip factory before, may not be interested in buying Intel’s loss-making chip manufacturing unit, as it would be challenging to turn around or sell the unit, according to a Monday report by Reuters, citing industry analysts.

    MIL OSI China News

  • MIL-OSI China: SCIO Holds Press Conference on Providing Financial Support for High-quality Economic Development

    Source: Peoples Bank of China

    At the press conference held by the State Council Information Office (SCIO) at 9 a.m. on Tuesday, September 24, 2024, Pan Gongsheng, Governor of the People’s Bank of China (PBOC), Li Yunze, Minister of the National Financial Regulatory Administration (NFRA), and Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), briefed on the progress of providing financial support for high-quality economic development, and answered questions from the press. The transcript is as follows.

    Shou Xiaoli, Director-General of the Press Bureau of the SCIO and SCIO spokesperson: Good morning, ladies and gentlemen. Welcome to the SCIO press conference. Today we are glad to have PBOC Governor Pan Gongsheng, NFRA Minister Li Yunze, and CSRC Chairman Wu Qing at the conference. They will give introductions to their work on providing financial support for high-quality economic development and answer your questions. Now, I’ll give the floor to Mr. Pan Gongsheng.

    Pan Gongsheng, Governor of the PBOC: Thank you, Director-General Shou. Good morning, dear friends from the media! Glad to see you again. I want to thank you all for your long-standing attention and support regarding the financial sector reform and development and the work of the PBOC.

    Since the beginning of this year, the PBOC has been committed to the fundamental objective of providing financial services for the real economy, adhered to a supportive monetary policy stance and policy orientation, and made major monetary policy adjustments three times respectively in February, May, and July.

    In terms of the aggregates of monetary policy, the PBOC has adopted a variety of monetary policy tools, such as cutting the required reserve ratio (RRR) and policy rates, and bringing down the loan prime rate (LPR), to help create a favorable monetary and financial environment.

    Concerning the structure of monetary policy, the PBOC, with a focus on key links of high-quality development, has launched the central bank lending for sci-tech innovation and technological transformation in an effort to enhance financial support for sci-tech innovation and equipment upgrading and renovation. In addition, we have lowered the down payment ratio for housing mortgages, the mortgage rates, and the interest rates on personal housing provident fund loans. We have also set up the central bank lending facility for affordable housing to accelerate the destocking of housing inventory in a market-oriented manner.

    Regarding the transmission of monetary policy, we have improved the accounting method of the quarterly value-added of the financial sector, which has been adjusted from reckoning based on the growth of deposits and loans to an income-based approach. We have rectified the behavior of luring depositors with manual interest subsidy, reduced and prevented the idle circulation of funds within the financial system, activated existing financial resources that are inefficiently occupied, and enhanced the efficiency of fund use, thus improving the efficiency of monetary policy transmission.

    As for exchange rates, we let the market play a decisive role in the formation of exchange rates. We have maintained the flexibility of the exchange rate while strengthening guidance of expectations, and kept the RMB exchange rate basically stable at an adaptive and equilibrium level.

    The monetary policies have continuously delivered results. At end-August, the aggregate financing to the real economy (AFRE) registered a year-on-year growth of 8.1 percent, and RMB loans increased by 8.5 percent year on year, about 4 percentage points higher than the nominal GDP growth rate. Besides, financing costs were at historically low levels.

    In line with the decisions and arrangements made by the Communist Party of China (CPC) Central Committee and to further support stable economic growth, the PBOC will firmly adhere to a supportive monetary policy stance, intensify monetary policy adjustments, and implement more targeted adjustment measures, thereby fostering a favorable monetary and financial environment for the stable growth and high-quality development of the economy.

    At today’s press conference, I would like to announce several polices.

    The first is to lower the RRR and policy rates, and thus bring down the benchmark market rates. The second is to cut interest rates on existing home loans and unify the minimum down payment ratio. The third is to launch new monetary policy tools to support stable development of the stock market.

    First, we will cut the RRR and policy rates. We will lower the RRR by 0.5 percentage points, injecting approximately RMB1 trillion of long-term liquidity into the market in the days to come. We may further cut the RRR by 0.25 to 0.5 percentage points within the year, depending on liquidity conditions in the market. As for the central bank policy rates, we will lower the 7-day reverse repo rate by 0.2 percentage points from the current 1.7 percent to 1.5 percent. Meanwhile, we will bring down both the LPR and deposit rates, and thus keep net interest margins (NIMs) of commercial banks stable.

    Second, we will cut interest rates on existing home loans and unify the minimum down payment ratio for personal housing loans. To achieve that, we will guide commercial banks to lower the interest rate on existing home loans to a level close to that on newly issued loans, with an anticipated average decline of approximately 0.5 percentage points. We will unify the minimum down payment ratio for first- and second-home mortgages, with the nationwide minimum down payment ratio for second homes to be reduced from 25 percent to 15 percent. As for the RMB300 billion of central bank lending facility for affordable housing launched by the PBOC in May, the proportion of its funding support for banks and purchasing entities will be raised from the original 60 percent to 100 percent, so as to enhance market-oriented incentives for them. Together with the NFRA, we will extend the term of policies on commercial property loans and the “16-Point Plan”, which are set to expire by the end of this year, until the end of 2026.

    Third, we will launch new monetary policy tools to support stable development of the stock market. One is to establish a swap facility for securities, fund and insurance companies to support eligible institutions in obtaining liquidity from the central bank by pledging their assets. This facility will significantly enhance these institutions’ ability to raise funds and increase stock holdings. The other is to launch a special central bank lending to guide banks to provide loans to listed companies and their major shareholders for buying back shares and increasing stock holdings.

    For the above-mentioned policy measures, we will release policy documents or announcements item by item on the PBOC’s official website.

    This is my brief introduction. Next, I am glad to answer your questions together with Minister Li Yunze and Chairman Wu Qing. Thank you!

    CCTV: We know that so far this year, the PBOC has carried out three major adjustments of monetary policy. As Governor Pan just mentioned, there will be further reductions of the RRRs and the policy rates. People are widely concerned about the policies on aggregates as they will play an important role in stabilizing growth. So would you explain these policies in more detail? Thank you.

    Pan Gongsheng: Aggregates in monetary policy have been of great concern both to the public and in the market. As I have said on different occasions, the PBOC will adhere to a supportive monetary policy stance by stepping up monetary policy adjustments and enhancing their precision. We have used a mix of monetary policy tools to support stable growth of the real economy. While working on the adjustments to monetary policy tools, the PBOC has taken account of the following factors in particular. The first is to support the stable growth of the Chinese economy. The second is to push for a mild rebound in prices, an important factor to consider in developing monetary policy tools. The third is to strike a proper balance between providing support for the growth of the real economy and maintaining the soundness of the banking sector. The fourth has to do with the exchange rate, that is, to keep the RMB exchange rate basically stable at an adaptive and equilibrium level. In addition, we have attached importance to the coordination of monetary and fiscal policies so as to support the proactive fiscal policy playing its part more effectively.

    Regarding the specific adjustments to macro policies and the policies on monetary aggregates, which I talked about in my opening remarks, here are some more details.

    First, let’s look at RRR reductions. Having lowered the RRR by 0.5 percentage points this February, the PBOC is to carry out another RRR reduction of 0.5 percentage points, which will provide approximately RMB1 trillion of long-term liquidity to the financial market. Currently, the weighted average RRR for financial institutions stands at 7 percent. Following the adjustment, it will be lowered from 8.5 percent to 8 percent for large banks and from 6.5 percent to 6 percent for medium-sized banks, with the RRR for rural financial institutions remaining at 5 percent, which has been in place for some years. With the implementation of the RRR reduction policy, China’s average RRR for the banking sector will be around 6.6 percent, still having room compared with the central banks of the other major economies of the world. Since there are three months to go before the end of the year, it is likely we will further lower the RRR by 0.25-0.5 percentage points based on changing circumstances.

    Second, turning to policy rate cuts, in July, we lowered the 7-day reverse repo rate for open market operations (OMOs), the PBOC’s main policy rate, from 1.8 percent to 1.7 percent. This time, it will be reduced by 20 basis points from 1.7 percent to 1.5 percent. With the functioning of the market-oriented mechanism for interest rate regulation, the policy rate adjustment will lead to adjustments of benchmark market rates. As a result, the medium-term lending facility (MLF) rate is expected to go down by about 0.3 percentage points, while the LPR and deposit rates will decline by 0.2-0.25 percentage points.

    Overall, this interest rate adjustment will have a neutral influence on the NIMs of banks. Although cutting the interest rates on existing home loans will affect the interest revenue of banks, it will reduce the demand of customers for advance repayment of loans. An RRR cut by the central bank is equivalent to direct provision of low-cost, long-term funds for banks. MLF operations and OMOs are the main channels through which the PBOC provides commercial banks with short- and medium-term funds, so that interest rate cuts will also reduce the funding costs for banks. What’s more, as I mentioned just now, the LPR and deposit rates are also expected to see corresponding decreases. The re-pricing effect achieved through our previous efforts on guiding deposit rates downward via the self-regulatory mechanism for interest rates will materialize in a cumulative manner.

    In formulating the plan for the policy adjustment, the PBOC team has conducted several rounds of careful, quantitative analysis and assessment, which show this interest rate adjustment will have a neutral influence on bank profits and the NIMs of banks will remain basically stable. Thank you.

    Reuters: Despite the implementation of multiple policies aimed at attracting home buyers and alleviating the loan burdens of homeowners, housing prices in China continue to decline. In some cities, overall housing prices have experienced double-digit decreases. To this end, do China’s financial regulators believe that the time has come to introduce new monetary policies? Thank you.

    Pan Gongsheng: Thank you for your question. It’s a very good question and a prevalent concern of the society. We provide support in diminishing risks and fostering healthy development for the real estate market mainly from a financial standpoint, pursuant to our responsibilities. In recent years, the PBOC has refined macro-prudential financial policies for the real estate sector. We have adopted an integrated approach to address both the supply and demand. Key measures include reducing the minimum down payment ratio several times for personal housing loans, lowering lending rates, removing the policy floor for mortgage rates, and setting up a central bank lending facility for affordable housing to facilitate the purchase of existing residential properties. To implement the decisions and arrangements made by the CPC Central Committee on promoting the stable and sound development of the real estate market, the PBOC, in collaboration with the NFRA, is about to introduce five new policies regarding the real estate finance.

    The first policy is to encourage banks to reduce the interest rates on existing mortgage loans. In August last year, the PBOC urged commercial banks to implement these reductions in an orderly manner, yielding relatively positive results. Previously, mortgage loans were adjusted with reference to the LPR, with a uniform policy floor applied across the country. However, under the new mortgage policy launched on May 17 this year, the floor has been removed. As a result, the interest rates on new mortgage loans have been further reduced relative to the LPR. This significant decline has further widened the interest rate spreads between the new and the existing mortgage loans, particularly in major cities such as Beijing, Shanghai, Shenzhen, and Guangzhou. In this context, the PBOC will guide banks to conduct batch adjustments to the interest rate on existing mortgage loans, lowering it to a level close to the newly issued. We anticipate the average reduction to be approximately 0.5 percentage points. We use the term “average” because loans are issued during various time frames, and the interest rates on existing mortgage loans vary across issuing periods, regions, and banks. This is why I say the rate of decline is an average number.

    Banks reducing the interest rates on existing mortgage loans can significantly lower the interest expenses for borrowers. We anticipate that this policy will benefit approximately 50 million households and 150 million individuals, leading to an average annual decrease in interest expenses of around RMB150 billion for households. This reduction is expected to stimulate consumption and investment, while also contributing to the decrease in prepayment. Furthermore, it will help compress the space for illicit refinancing of existing mortgages, thereby safeguarding the legitimate rights and interests of financial consumers and contributing to the stable and healthy development of the real estate market.

    This document will be officially released soon. Given numerous borrowers involved, banks need some time to make necessary technical preparations. Moving forward, we are also considering guiding commercial banks to enhance the pricing mechanism for mortgage loans. This will allow both banks and customers to make dynamic adjustments through independent negotiations based on market-oriented principles.

    The second policy is that a minimum down payment ratio of 15 percent now applies to both first- and second-home loans. In order to better support the rigid demand for housing and the needs to improve living conditions of urban and rural residents, at the national level, second-home buyers will no longer be discriminated from first-home buyers when applying for residential housing loans, with the minimum down payment ratio of 15 percent applying to both types of buyers. On May 17, the minimum down payment ratio for first-home buyers was lowered to 15 percent, while that for second-home buyers stayed at 25 percent, and from now onwards, the two will share the same ratio of 15 percent. I would like to specifically mention two points. Firstly, the local authorities may adopt city-specific policies, independently choosing to differentiate or not the first- and second-home buyers, thus setting the minimum down payment ratio within their jurisdictions. Since China is a large country, the real estate markets of different cities and regions vary greatly, so local governments may adopt differential policies to determine the minimum down payment ratio within their jurisdictions based on the floor set at the national level. Secondly, commercial banks may negotiate the specific down payment ratio with their clients, according to the risk profile and willingness of the clients. Since 15 percent is the floor for the down payment ratio, commercial banks may ask for a higher down payment after evaluating the risk of the clients. Or the client may be wealthy enough to offer a 30 percent down payment on the house. It depends on the market-based negotiation between commercial banks and individuals.

    The third policy is to extend the period of two policy measures on real estate financing. Previously, the PBOC and NFRA launched together the “16-Point Plan” and policies on commercial property loans, which have played positive roles in promoting the stable and healthy development of the real estate market and in defusing risks in the market. Among them, some temporary measures, such as the rollover of outstanding loans of property developers and commercial property loans should expire on December 31, 2024, according to previous policy design. We have made the decision together with the NFRA this time to extend the two policies from December 31, 2024 to December 31, 2026.

    The fourth policy is to improve the central bank lending for affordable housing. On May 17, the PBOC launched the central bank lending for affordable housing with a size of RMB300 billion. We guided financial institutions to support local state-owned enterprises to purchase those completed yet unsold housing at a reasonable price based on market principles and the rule of law. The purchased properties shall then be resold or rented as affordable housing. It was an important measure to reduce the housing inventory. To further enhance market-based incentives for banks and the acquiring entities, we have increased the proportion of funds provided by the PBOC from 60 percent to 100 percent for the facility. For example, previously the PBOC was to provide RMB6 billion for a RMB10 billion loan granted by a commercial bank, whereas now the PBOC will provide low-cost funding in full amount, to speed up sales of commodity housing stock.

    The fifth policy is to support the purchase of property developers’ land inventory. Apart from spending the proceeds of some local government special bonds on buying the land reserves, we are studying on allowing policy banks and commercial banks to lend to qualified enterprises to acquire the land inventory of property developers based on market principles. It is to activate the inventory of land and ease financial strains of the property developers. When necessary, the PBOC may provide support through central bank lending. We are studying the policy together with the NFRA.

    Thank you!

    Market News International: Does the Federal Reserve’s 50 bps rate cut this month leave more room for further monetary policy easing in China? How does the PBOC evaluate the impact of the Fed’s rate cut on China’s foreign exchange market? Thank you.

    Pan Gongsheng: Thank you for your questions. Recently, major economies have adjusted their monetary policy stance. We can see that the depreciation pressure of RMB has significantly been alleviated, and RMB has turned to appreciation. On September 18, the Federal Reserve cut rates by 50 bps, which was the first cut after its rate hike in the past couple of years. Meanwhile, other central banks also kicked off their easing cycle. For example, the European Central Bank has lowered the rates twice since June this year by 50 bps in total. The Bank of England cut the bank rate by 25 bps in August. The Bank of Canada and the Sveriges Riksbank also turned to rate cut. Except for the Bank of Japan, most major economies have started to cut rates. The momentum of US dollar appreciation has weakened, with the US dollar Index retreated on the whole. Since the beginning of August, the US dollar Index fell by 3 percent, which is now hovering at around 101. With the convergence of domestic and overseas monetary policy cycles, the external pressure for the RMB exchange rate to remain basically stable has largely been reduced. On September 23, the RMB was trading roughly at 7.05 against the US dollar, appreciating 2.4 percent since August.

    Since the exchange rate is a relative value of one currency to another, it will be influenced by various factors, such as the economic growth, monetary policy, financial markets, geopolitics, unexpected risk events. All these factors may impact the exchange rate.

    From the external point of view, the external environment and the path of US dollar movement are still uncertain because of geopolitical movements like the diverging economic development of different countries and the US presidential election, as well as the volatile global financial market.

    Given the domestic developments, we believe there is a solid foundation for the RMB exchange rate to remain stable.

    First, from a macro perspective, the momentum of economic recovery will be further consolidated and strengthened. The strong monetary policies launched by the PBOC will help support the real economy, promote consumer spending, and boost market confidence.

    Second, the balance of payments remains broadly stable. In the first half of the year, the current account surplus was 1.1 percent of GDP, which remained within a reasonable range.

    Third, the PBOC and the State Administration of Foreign Exchange (SAFE) attach great importance to the development of the foreign exchange market. Market participants have become more mature, trading behaviors have been more rational, and market resilience has significantly improved. In the first half of this year, the proportion of import and export companies hedging exchange rate risks reached 27 percent, and the proportion of cross-border trade in goods settled in RMB registered 30 percent. These two figures do not overlap. Therefore, if we add the two figures, we can conclude that around 50 percent of companies are not that vulnerable to exchange rate risks in foreign trade. As the PBOC has communicated to the market on several occasions, in the context of two-way fluctuations in the RMB exchange rate, market participants should treat exchange rate volatility rationally, adopt the philosophy of risk neutrality, and refrain from “betting on exchange rate directions” or “betting on unilateral development”. Enterprises should focus on their main businesses, and financial institutions should continue to serve the real economy well.

    The PBOC’s stance on exchange rate policy is clear and transparent. The key points are as follows: first, we adhere to the decisive role of the market in exchange rate formation and maintain the elasticity of exchange rate; second, we need to strengthen expectation management to prevent the formation of a one-sided and self-fulfilling expectation in the foreign exchange market, guard against the risk of exchange rate overshooting, and keep the RMB exchange rate basically stable at an adaptive and equilibrium level.

    Thank you!

    CNBC Reporter: Analysts believe that the decline in Chinese government bond yields is partly due to market expectations of slower economic growth and an accommodative monetary policy stance. What is the PBOC’s response to this? What measures will be taken? Thank you.

    Pan Gongsheng: The discussion on this topic has cooled down recently, though there was a lot of hype earlier. The PBOC has communicated with the market in an appropriate manner for multiple times. The earlier decline in Chinese government bond yields was due to several factors. For instance, the PBOC guided market interest rates to move down through policy rates, and the .government bond issuance was relatively slow in the early period. Besides, small and medium-sized financial institutions lacked risk awareness and swarmed to the market, creating the effect of herd flock and exacerbating the situation. Driven by the market, China’s current long-term government bond yield hovers around 2.1 percent. The PBOC respects the role of the market. Undoubtedly, this has created a favorable monetary environment for China to implement proactive fiscal policy.

    However, it should be noted that interest rate risk is an important part of risk management of financial institutions. The case of Silicon Valley Bank in the United States is highly instructive as a risk event. As we are all aware, it reminds us that central banks need to observe and assess market risks from a macro-prudential management perspective and take appropriate measures to mitigate and prevent the accumulation of risks. This is an important mandate of central banks.

    Currently, as an important price signal, the government bond yield curve still has flaws such as insufficient long-end pricing and lack of stability. The PBOC has issued risk warnings regarding long-term government bond yields and has strengthened communication with the market to prevent the potential systemic risk of a one-sided decline in long-term government bond yields incurred by the effect of herd flock.

    Maintaining trading order in the bond market is also a mandate of central banks. Recently, the PBOC has identified violations in the bond market such as price manipulation, account lending, and tunneling. We will step up efforts to crack down on violations in the interbank bond market and keep the public updated on the developments. The National Association of Financial Market Institutional Investors (NAFMII) have already informed the public of several cases under investigation. Once the investigations are completed, we will make an announcement to the public.

    In recent years, as financial markets develop rapidly in China, the bond market have gradually expanded and deepened. The conditions for the central bank to purchase and sell government bonds as a way of injecting base money through the secondary market have been basically satisfied. I elaborated on our corresponding plan at the Lujiazui Forum on June 19. Currently, the PBOC has incorporated the purchasing and selling of government bonds into the monetary policy toolkit and begun to implement the instrument. Our operations are highly transparent, the information of which are available to the public on our official websites. We are also working with the Ministry of Finance to study on improving the issuance pace, maturity structure, and custody system of government bonds. The purchase and sale of government bonds by the PBOC in the secondary market will be progressive.

    Thank you!

    Financial News reporter: What are the main considerations for launching securities fund insurance swap facility and special central bank lending for listed companies and major shareholders to buy back shares and raise holdings? How will the PBOC conduct these operations? Thank you.

    Pan Gongsheng: Thank you for your questions. In order to maintain stability of China’s capital market and boost investor confidence, the PBOC, based on the international experiences and our own practices, has aligned with the CSRC and the NFRA and launched two structural monetary policy tools to support stable development of the capital market. This is also the first time that PBOC has innovated structural monetary policy tools to support the capital market.

    The first tool is a swap facility for securities, fund, and insurance companies. This facility supports eligible securities, fund and insurance companies, as determined by the CSRC and NFRA under specific regulations, in swapping their holdings of bonds, stock ETFs, and constituent stocks of the CSI 300 Index as collateral for high-liquidity assets like government bonds and central bank bills from the PBOC. Government bonds and central bank bills differ significantly from other assets held by market institutions in terms of credit rating and liquidity. Many assets held by institutions currently suffer from poor liquidity due to prevailing market conditions. By swapping these assets with the PBOC, market institutions can obtain higher-quality, more liquid assets, which will greatly improve their ability to raise funds and increase stock holdings. We plan to launch this swap facility at an initial scale of RMB500 billion, which may be expanded in the future based on market developments. As I said with Chairman Wu Qing, as long as the initial RMB500 billion works well, a second RMB500 billion could follow, and potentially even a third RMB500 billion. I believe this is possible, and our attitude remains open. The funds obtained under this facility can only be used for investing in the stock market.

    The second tool is central bank lending to support buybacks and holdings increase. This tool directs commercial banks to provide loans to listed companies and their major shareholders, specifically for buying back and raising holdings of the shares of the listed companies. In fact, it is a common practice in international capital markets for shareholders and listed companies to buy back shares and increase holdings. The PBOC will provide central bank lending to commercial banks in full amount, at an interest rate of 1.75 percent. The interest rate on loans provided by commercial banks to their customers is around 2.25 percent, which means a 0.5 percentage points increase. Given the current conditions, the 2.25 percent interest rate is also very low. The initial quota is RMB300 billion. If the tool works well, as I have discussed with Chairman Wu Qing, another RMB300 billion or even a third RMB300 billion could be provided. However, we need to assess the market conditions and make evaluations going forward. This tool is applicable to listed companies of different ownership, including state-owned enterprises, private enterprises, and mixed-ownership enterprises. We make no distinction between different ownership. The PBOC will closely cooperate with the CSRC and the NFRA, while cooperation from market institutions is also essential to successfully carry out this work.

    Thank you all!

    Shou Xiaoli: Thanks to our three speakers, and also thanks to our friends from the media for your participation. This is the end of today’s press conference.

    Date of last update Nov. 29 2018

    MIL OSI China News

  • MIL-OSI Security: AUKUS Collaboration Advancing Capabilities in Indo-Pacific Region, Austin Says

    Source: United States INDO PACIFIC COMMAND

    The trilateral security partnership among the U.S., United Kingdom and Australia, also known as AUKUS, offers a unique opportunity for these nations to enhance their military capabilities, deepen interoperability and strengthen deterrence in the Indo-Pacific, said Secretary of Defense Lloyd J. Austin III. 

    Austin met in London today with his AUKUS counterparts: British Defense Secretary John Healey and Australian Defense Minister Richard Marles, who also serves as his country’s deputy prime minister.  

    Progress has been made toward providing Australia with a conventionally armed, nuclear-powered submarine, Austin said, noting that over the past year, the number of Australian sailors attending U.S. and U.K. nuclear reactor schools has increased and a U.S. nuclear-powered submarine visited an Australian port. 

    “This was just the first step toward ensuring that Australia has a sovereign nuclear-powered submarine capability. We’re also making progress toward having a rotational presence of U.S. submarines by as early as 2027,” Austin said.

    The United States also remains committed to supporting Australia’s efforts to recruit and train the skilled workforce needed to build, maintain, sustain and operate a nuclear-powered submarine, Austin said. 

    The AUKUS partnership has two pillars. The first is to enable Australia’s acquisition of conventionally armed, nuclear-powered submarine capability as rapidly as possible, most likely in the early 2030s, the senior defense official said. 

    The second pillar is to accelerate emerging capabilities, the official said. 

    Areas of focus within the Pillar II include uncrewed maritime systems, artificial intelligence, autonomy, electronic warfare, quantum, cyber and hypersonics, the official said.

    Japan will be working on the maritime autonomy aspect. Conversations with Canada, South Korea and New Zealand are underway on how each can contribute to Pillar II, the official said. 

    Also, as part of Pillar II, Australia, the United Kingdom and the United States have committed to reducing export control restrictions to facilitate secure trade among AUKUS partners, including the sale of U.S. Virginia-class submarines to Australia, the official said. 

    Congress amended the International Traffic in Arms Regulations as part of the 2024 National Defense Authorization Act and implemented an export licensing exemption for Australia and the United Kingdom, the official said. 

    MIL Security OSI

  • MIL-OSI Video: Secretary Blinken meets with Kenyan President William Ruto – 3:00 PM

    Source: United States of America – Department of State (video statements)

    Secretary of State Antony J. Blinken meets with Kenyan President William Ruto in New York City, New York, on September 26, 2024.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at http://www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    Twitter: https://twitter.com/StateDept
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    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
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    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=hrD2fOy9GvA

    MIL OSI Video

  • MIL-OSI Africa: National Basketball Association (NBA) Africa Announces Four Prize-Winning Companies at First Startup Accelerator Demo Day

    Source: Africa Press Organisation – English (2) – Report:

    NEW YORK, United States of America, September 26, 2024/APO Group/ —

    Festival Coins (Nigeria), Salubata (Nigeria), HustleSasa (Kenya) and UBR VR (Egypt) Win Top Prizes, including Financial Support and Mentorship; Paystack Payments Ltd., Kuramo Capital Management and Nigerian University of Technology and Management Join Demo Day as NBA Africa Triple-Double Accelerator’s First Official Partners (www.NBA.com).

    NBA Deputy Commissioner and Chief Operating Officer Mark Tatum today announced the four prize-winning startup businesses from “NBA Africa Triple-Double Accelerator” (http://apo-opa.co/3ZLmNoC), which NBA Africa launched in April 2024 to support the continent’s technology ecosystem and the next generation of African entrepreneurs.  The four winning businesses – Festival Coins (Nigeria), Salubata (Nigeria), HustleSasa (Kenya) and UBR VR (Egypt) – will be awarded financial support and mentorship, including an opportunity to participate in workshops and development programs facilitated by NBA Africa or its partners. 

    The 10 finalists, shortlisted from more than 700 early-stage African startup businesses that applied to participate, pitched their products to a panel of international industry leaders at a Demo Day at the NBA headquarters in New York City yesterday. The judges included Accelerate Africa Co-Founder and CEO Iyinoluwa Aboyeji; NBA Assistant General Counsel, Technology, Software Licensing and Digital Platforms Franciscus Diaba; Managing Director, Centre for the Fourth Industrial Revolution Rwanda Crystal Rugege; Chegg Inc. Executive Chairman Dan Rosensweig; and Partner at Development Partners International Joanne Yoo.  NBA Commissioner Adam Silver also delivered opening remarks and met the 10 finalists.

    Below are the four winning businesses:

    1. Festival Coins (Nigeria), an event technology company that offers a customizable, no-code event registration and ticketing platform called Tix Africa for events in Nigeria and Ghana, won the first-place prize and $50,000. 
    2. Salubata (Nigeria), a company that creates modular shoes repurposed from plastic waste to reduce the global carbon footprint through its environmentally friendly products, won the second-place prize and $40,000. 
    3. HustleSasa (Kenya), which provides live event services that support payment processing, attendee check-in, merchandise sales, customer data management, influencer tracking, and more, won the third-place prize and $30,000.
    4. UBR VR (Egypt), which delivers state-of-the-art, fully immersive, in-person virtual reality (VR) experiences across Egypt, won the fourth-place prize and $20,000.

    The six other finalists each received a $10,000 prize. 

    The Demo Day was supported by three official partners: Paystack Payment Ltd. (http://apo-opa.co/3XHn75j), Kuramo Capital Management (http://apo-opa.co/3ZGroJ2) and Nigerian University of Technology and Management (NUTM) (http://apo-opa.co/3XHn1dX).  

    “Congratulations to all of the incredibly talented entrepreneurs who participated in this year’s program, with special recognition to the 10 finalists and four distinguished winners,” said NBA Africa CEO Clare Akamanzi.  “These outstanding companies have demonstrated the creativity, drive and determination to shape the future of sport in Africa and will help the continent take its rightful place on the world stage.  We look forward to following their successes for many years to come.”

    “NBA Africa Triple-Double Accelerator” is open to early-stage startups in Africa that develop solutions in event management and ticketing, youth development, AI, and digital marketing. 

    MIL OSI Africa

  • MIL-OSI Video: Secretary Blinken meets with Bangladeshi Chief Advisor Muhammad Yunus – 11:30 AM

    Source: United States of America – Department of State (video statements)

    Secretary of State Antony J. Binken meets with Bangladeshi Chief Advisor and Head of the Interim Government Muhammad Yunus in New York City, New York, on September 26, 2024.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at http://www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    Twitter: https://twitter.com/StateDept
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    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
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    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=WyQDWpAoU0U

    MIL OSI Video

  • MIL-OSI: Serabi Gold Plc to Present at the Battery and Precious Metals Virtual Investor Conference October 1st

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Sept. 26, 2024 (GLOBE NEWSWIRE) — Serabi Gold Plc (AIM: SRB, TSX:SBI, OTCQX:SRBIF), based in London with Brazilian operations, focused on gold mining and development, today announced that Mike Hodgson, Chief Executive Officer, will present live at the Battery and Precious Metals Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on October 1st 2024.

    DATE: October 1st
    TIME: 12:00 PM ET
    LINK: https://bit.ly/3z584tW
    Available for 1×1 meetings: October 1, 2, 3

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at http://www.virtualinvestorconferences.com.

    About Serabi Gold Plc

    Serabi Gold plc is a gold exploration and production company involved in the evaluation and development of gold deposits in Brazil. The company’s primary interests are its 100% owned Palito Mining Complex and the Coringa Gold Project, both located in the Tapajos region of northern Brazil. The Company has been producing gold since continuously since 2013 and planned production of 38,000-40,000 ounces for 2024 is projected to be expanded to an annual rate of over 60,000 ounces over the coming two years. The Tapajos region, which encompasses an area of about 100,000 square kilometres (350 km by 300 km) in southwest Para State, Brazil, is located approximately 1,300 km southwest from the state capital, Belem. Artisanal miners (“garimpeiros”) are understood to have extracted up to 30 million ounces of gold there since the 1970s, mostly from alluvial and surface weathered bedrock deposits representing generally only the top 20 to 30 metres. It is reported to be the world’s third largest alluvial gold field and the Company believes that the region, with significant mineral potential below the artisanal operation, is a major, under-explored mineral province.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    Serabi Gold
    Jonathan Paterson
    IR
    +1 475 477 9401
    Jonathan.Paterson@Harbor-Access.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network

  • MIL-OSI: Western Investment Company Announces Upsize in Private Placement to $25 Million

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Sept. 26, 2024 (GLOBE NEWSWIRE) — The Western Investment Company of Canada Limited (TSXV: WI) (“Western” or the “Corporation“), today announced that, further to Western’s August 30, 2024 news release, the Corporation has decided to increase the maximum offering for its proposed private placement of Units (the “Private Placement“) to $25 million, with an additional $5 million over-allotment at Western’s option, for potential aggregate gross proceeds of up to $30 million. The Private Placement will close at the conclusion of the rights offering that was outlined in Western’s August 30, 2024 news release, which is expected to occur in late November.

    “We have received substantially more interest than we expected and that we are able to allocate,” said Scott Tannas, President and CEO of Western. “As a result, we have decided to upsize the private placement from $10 million to $20 million ($25 million including Tevir’s $5 million commitment), with a potential additional $5 million over-allotment, to bring as many long-term shareholders into this opportunity as possible.”

    The Private Placement
    Western plans to raise up to $25 million through a private placement financing to accredited investors of up to 62,500,000 units (each a “Unit“) at a price of $0.40 per Unit. Each Unit will consist of one common share of the Corporation (“Common Share“) and one warrant to purchase a Common Share (“Warrant“), with each Warrant exercisable to purchase one additional Common Share for a period of five (5) years from the date of closing at an exercise price of $0.47. The Private Placement will also contain an over-allotment option for up to additional 12,500,000 Units issuable at $0.40 per Unit upon the same terms. Western may engage one or more brokers to act as agent for the Private Placement. The Private Placement is subject to approval of the TSXV.

    Use of Proceeds
    Further to Western’s August 30, 2024 news release, the Corporation plans to use the proceeds from the Private Placement to fund working capital and provide funds for acquisitions. A portion of the proceeds may be used to pay the cash portion for the purchase of additional shares in Fortress Insurance Company.

    Other Transactions
    Readers should refer to Western’s August 30, 2024 news release for details regarding additional transactions of Western, including a planned rights offering by Western to its shareholders.

    About The Western Investment Company of Canada Limited
    Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian businesspeople, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. Western’s shares are traded on the Exchange under the symbol WI.

    For more information on Western, please visit its website at http://www.winv.ca.

    To add yourself to our email news alert subscription please visit this link.

    CONTACT INFORMATION – The Western Investment Company of Canada Limited

    Scott Tannas President and Chief Executive Officer (403) 652-0408 or stannas@winv.ca  

    Advisories

    The TSXV has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this news release.

    This document contains forward-looking statements. More particularly, this document contains statements concerning: the completion of and the use of proceeds from the Private Placement. Readers are cautioned that the foregoing list of factors should not be construed as exhaustive.

    The forward-looking statements are based on certain key expectations and assumptions made by Western, including expectations and assumptions concerning the ability of Western to successfully implement its strategic plans and initiatives, the timing of receipt of required regulatory approvals (including TSXV approval) and third party consents and the satisfaction of other conditions to the completion of the Private Placement.

    Readers should also refer to the forward-looking statements and associated assumptions and risk factors contained in Western’s August 30, 2024 news release regarding the Private Placement and the other transactions referred to therein. The transactions referred to in Western’s August 30, 2024 news release (including the planned rights offering) remain subject to TSXV approval.

    Although Western believes that the expectations and assumptions on which the forward-looking statements made by Western are reasonable, undue reliance should not be placed on the forward-looking statements because no assurance can be provided that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that required TSXV, regulatory and third party approvals and consents are not obtained on terms satisfactory to the parties within the timelines provided for, or at all, and risks that other conditions to the completion of the Private Placement are not satisfied on the required timelines or at all, the ability of management to execute its business strategy, and the impact of general economic conditions in Canada and the United States. A description of additional assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Western’s disclosure documents on the SEDAR+ website at http://www.sedarplus.ca.

    The forward-looking statements contained in this news release are made as of the date hereof and Western undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

    This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Warrants and underlying Common Shares and the Common Shares being offered have not been, nor will they be, registered under the 1933 Act or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and applicable state securities laws.

    Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network

  • MIL-OSI USA: ICYMI: Commissioner LaTourette Marks Climate Week by Announcing Exhibits Spotlighting Major Impacts of Climate Change on New Jersey’s State Parks and Forests

    Source: US State of New Jersey

    A display with information about how sea-level rise in New Jersey is about twice the global average will be at coastal locations in Cape May Point State Park in Cape May County, Liberty State Park in Hudson County, Leonardo Marina and Twin Lights Historic Site in Monmouth County, and at Barnegat Lighthouse State Park and Island Beach State Park in Ocean County.

    Information about how climate change is extending wildfire seasons will be displayed at locations in the Pine Barrens, at Brendan T. Byrne State Forest in Burlington County, the Forest Resource Education Center and Double Trouble State Park in Ocean County, and Belleplain State Forest in Cape May County.

    The harmful algal blooms display will be at parks with water bodies that have been affected by blooms, namely the Round Valley and Spruce Run recreation areas in Hunterdon County, Hopatcong State Park in Morris County, Parvin State Park in Salem County and Swartswood State Park in Sussex County.

    Displays with information about extended wildfire seasons and ghost forests, large expanses of dead and dying trees caused by rising sea levels, will be at Wharton State Forest in Atlantic/Burlington/Camden counties, and at Bass River State Forest in Burlington/Ocean counties. The ghost forest display will also be at Cheesequake State Park in Middlesex County. The DEP plans to expand the exhibits to other state parks and forests and to include additional climate change impacts.

    In addition to the interactive exhibits, visitors may also take part in the MyCoast Photo Station Challenge through the end of October at six locations: two at Island Beach State Park and one each at Liberty State Park, Cheesequake State Park, Cape May Point State Park and the Margate City Fishing Pier. More information about the challenge may be found here. DEP launched climate change learning stations in four state parks a year ago at diverse locations along New Jersey’s coast, where shorelines are changing due to higher tides, more intense and frequent storms, and resulting erosion. Each station has a MyCoast photo station that encourages the public to document impacts to the shoreline over time. DEP is hosting the challenge in partnership with the Rutgers University Jacques Cousteau National Estuarine Research Reserve.

    To view a video about the exhibits, visit https://youtu.be/wgYzKwOOBTw

    For more information about New Jersey’s Parks, Forests & Historic Sites, visit njparksandforests.org

    Like New Jersey’s State Parks, Forests & Historic Sites page on Facebook at facebook.com/newjerseystateparks

    Follow the New Jersey State Park Service on Instagram @newjerseystateparks

    MIL OSI USA News

  • MIL-OSI USA: Mendez v. Westminster: How a Young Girl’s Courage Transformed Schools

    Source: United States Courts

    Main content

    Sylvia Mendez was just eight when she became part of a landmark school desegregation case that helped pave the way for the famous Brown v. Board ruling a decade later. The story of Mendez v. Westminster is told in a new Moments in History video.

    “You have to work hard for it, and you don’t let anybody stand in your way. You will live that American dream,” said Mendez. “I’m living that American dream, because I know that it’s true.”

    Mendez’s family moved to a farm in Orange County, California, in 1943, only to learn that Westminster schools would not admit Mexican American students into white schools, and that she would have to attend a school for Hispanic students. Her parents organized and paid for a class-action lawsuit. Five families, including Mendez’s, were plaintiffs.

    A federal court ruled in their favor, and that decision was upheld by the Ninth Circuit U.S. Court of Appeals in 1947. However, Mendez v. Westminster never reached the U.S. Supreme Court, because then-Gov. Earl Warren signed legislation that outlawed school segregation in California.

    Many of the arguments in Mendez were later used by Thurgood Marshall in Brown v. Board, but the Mendez case lapsed into obscurity for many years. At her mother’s urging, Mendez began speaking about the case, and in 2011, she received the presidential Medal of Freedom. In 2019, the city of Westminster opened a sculpture park honoring Mendez, her family, and the case they brought.

    An educational page and reenactment activity provide additional information about the historic case.

    Related Topics: Judicial History, Public Education

    MIL OSI USA News

  • MIL-OSI USA: Deputy Pentagon Press Secretary Sabrina Singh Holds a News Briefing

    Source: United States Department of Defense

    SABRINA SINGH:  All right. Good afternoon, everyone. Okay. Just a few things at the top and then happy to take your questions. This morning, Secretary Austin departed for London to attend the AUKUS defense ministerial meeting. The AUKUS DMM is the third of its kind, marking three years of enhanced security partnership and provides an opportunity for Secretary Austin to meet with his UK and Australian counterparts to review progress and outline steps for continued work under pillar one and pillar two of AUKUS.

    We’ll have more to share in the coming days, but under pillar one, you can expect the secretary to reaffirm the United States’ commitment to supporting Australia’s acquisition of a conventionally armed nuclear powered submarine capability. Under pillar two, Secretary Austin and his counterparts will discuss plans to further enhance collaboration and harmonize acquisition processes over the next two years to accelerate the delivery of advanced capabilities to our defense forces.

    AUKUS presents a unique opportunity for our nations to collectively enhance our military capabilities, improve interoperability and advance a shared vision for a free and open Indo-Pacific. The department looks forward to continuing to work with our UK and Australian partners to implement this important work. Earlier this week, the navy announced that USS Harry S. Truman carrier strike group departed naval station Norfolk, Virginia for a regularly scheduled deployment to the US naval forces Europe Africa US six fleet area of operations, demonstrating the commitment and power projection capability of the navy’s globally deployed force.

    The strike group will operate in the US European command area of responsibility in support of our maritime partners and NATO allies. Switching gears, the department continues to monitor tropical storm Helene, as it is forecasted to intensify into a hurricane as it approaches the northeastern Gulf coast on Thursday. Florida and Georgia have both declared states of emergency and the governor of Florida has activated more than 3,300 national guardsmen and 12 rotary wing aviation assets in state active duty status.

    These guardsmen are prepositioned around the state to provide responsive sustained support including high wheeled vehicle rescues, aerial support, route clearance and commodities distribution. Additionally, in the next 24 to 48 hours, the States of Georgia, Alabama and North Carolina are expected to activate the National Guard as well. For more information, I would encourage you to reach out to National Guard Bureau of Public Affairs.

    And to close, last night, the Senate confirmed more than 6000 of our highly qualified military nominees in the Air Force, Army Marine Corps, Navy and Space Force. These confirmations include Lieutenant General Nordhaus to be Chief of the National Guard Bureau, Vice Admiral Halsey to be Commander of US Southern Command. Lieutenant General Reed to be Commander of US Transportation Command and Lieutenant General Brunson to be Commander of US Forces Korea. We’re very glad that the Senate has confirmed these officers for critical positions during this time and for our national security and with that, I’d be happy to take your questions.

    Tara?

    Q:  Thanks, Sabrina. So later this week, we’re possibly expecting an agreement on the withdrawal or transition of US troops in Iraq. What still needs to be done in that agreement? It seems from the Iraqi perspective that this decision has been made and the details are set.

    SABRINA SINGH:  So thanks Tara, I appreciate the question. I think as you alluded to, we’ll probably have more details to share later this week. What we’ve said from the beginning is that we know that the global coalition and that international coalition is going to transition into a bilateral security relationship with the Iraqis. And this has been worked through the US Iraq Higher Military Commission working groups.

    So again, we should have more to share later this week, but at this time, I don’t want to get ahead of that process.

    Q:  Is it safe to assume that this means a reduction in the forces that are there from the 2,500?

    SABRINA SINGH:  I think we’ll have more to share this week.

    Q:  OK. Secondly, the status of the refueler that’s been damaged, and do you know anything else about what caused it to either run aground or run into something?

    SABRINA SINGH:  Sorry, I was just trying to find some more for you on that. The ship that you’re referring to was damaged when it was, I believe, in the fifth fleet AOR. Currently under investigation to what exactly caused that damage, but that oil tanker refueler has been towed to a port and there was no leakage from the ship. But in terms of impacts to operations, no impacts there. But for more information, I’d have to refer you to the navy.

    Q:  And so you don’t know what caused the damaged?

    SABRINA SINGH:  That’s right, we’re investigating the incident. Great. OK. Idrees and welcome back.

    Q:  Israel’s military chief, I think earlier today said that strikes in Lebanon would continue in order to not only destroy Hezbollah’s infrastructure but also prepare for a possible ground invasion. Just a general comment and do you see a ground invasion as likely or even imminent?

    SABRINA SINGH:  So in terms of a ground incursion or a ground invasion, that’s really for the Israelis to speak to. We certainly don’t want to see any action taken that could lead to further escalation in the region. We still believe that there is time and space for diplomacy. We want to see a diplomatic resolution and a solution to prevent an all-out war. But in terms of the Israeli operations, I’d have to refer to them to speak to that.

    Q:  And just to follow up, last week, I think the secretary had near daily calls with his Israeli counterpart, he hasn’t spoken with them since the 22nd. Is there any reason for that? And should we expect any conversations between the two of them in the coming days?

    SABRINA SINGH:  I think you can expect them to continue to engage. Just because they haven’t spoken every day, doesn’t mean that our teams haven’t been in communication. Again, he engages with Minister Gallant on a pretty regular basis and when we have more to share on when the next call happens, we’ll certainly read it out. But just because he hasn’t had one every single day this week doesn’t mean that we’re not engaging with the Israelis.

    You’ve seen, maybe not from this building, but other agencies part of this administration engaging their Israeli counterparts, so we’re continuing that dialogue. Fadi?

    Q:  Thank you, Sabrina. Is there any support that the Pentagon is providing to the Israeli military in the current situation in Lebanon?

    SABRINA SINGH: In terms of any like ground support or air support?

    Q:  Any support, even in terms of intelligence?

    SABRINA SINGH:  No, no support.

    Q:  Not even intelligence sharing?

    SABRINA SINGH:  No.

    Q:  So up until, I guess unless there’s some changes, you’ve been describing what’s happening as defensive operations. I believe in the first day, almost 500 civilians were killed, including women and Children in Lebanon. Civilian infrastructure has been damaged severely, almost 1,300 airstrikes. Today, up until 3:00 pm Beirut time, more than 50,000 villages have been hit by Israelis.

    International organizations are describing what happened the first day as the highest death toll in Lebanon since the end of the Civil War. So I’m just curious, what criteria are you using to describe what’s happening as defensive operations?

    SABRINA SINGH: 

    Well, Fadi, I think I’d have to point you back to October 8th when Lebanese Hezbollah attacked Israel following the brutal attack that Hamas launched on October 7th. So these are still defensive operations. We understand the threat that Israel faces.

    We are not supporting their operations when it comes to Lebanon. The support that you’re seeing or what you’re seeing when it comes to US forces in the region is for our own force protection. And should we need to come to the defense of Israel like saw from that large scale attack from Iran, we’ve positioned forces to do that. But when it comes to Lebanon, the US military has no involvement in Israel’s operation. So I just want to lay that flat.

    In terms of some of what you just referenced, this is exactly why we’re pushing for a diplomatic solution. We don’t want to see innocent civilians lose their lives. We want to see a deescalating happen. And you’re seeing engagement from all parts of this administration, including at UNGA right now. We’re calling for a deescalated and we believe that a diplomatic off ramp is the best way to resolve what’s happening on that northern border.

    Q:  And last question, did any official in the Pentagon communicate any concerns about the high death toll among Lebanese civilians? I mean, I know, and we know in Gaza that was a constant conversation. Has anyone raised that issue in relation to Lebanon?

    SABRINA SINGH:  Without getting into more details of the secretary’s calls with Minister Gallant, we are of course always concerned of civilian casualties. We’re seeing some of these strikes take place in areas where there are civilians. We’re also seeing Israel notify populations to clear those areas. Our focus, and you’re seeing a full court press here from the United States government and this administration, we want to see a diplomatic solution and we want to see it urgently.

    And that’s why you’re seeing engagement, whether it be at UNGA, or in calls that the secretary is doing with Minister Gallant, and not just at his level, but at other levels as well, we don’t want to see any action taken on either side that would lead to further escalation. We want to see this deescalate and the best off ramp for that to prevent an all-out war is through diplomatic means.

    Q:  Thank you.

    SABRINA SINGH:  Tom?

    Q:  Thanks, Sabrina.

    SABRINA SINGH:  Yeah.

    Q:  How confident are you that you can achieve a diplomatic offramp, especially given the past nearly 12 months where the US has been unable to broker any kind of sustained ceasefire in Gaza. So, for the situation with Hezbollah and Israel, how confident are you that we’re not going to see a full scale conflict?

    SABRINA SINGH:  Well, I’d, you know, push back on that respectfully. You know, we have seen periods where there has been a ceasefire put in place, and we have seen, you know, the ability to get — we were talking, you know, months earlier about humanitarian aid being able to get in. That was something that this administration brokered to make sure that we could get humanitarian aid and supplies in.

    So, look, you’re — and not to reiterate just what I said to Fadi, but you’re seeing a full court press from this administration at all levels for a diplomatic solution. Nothing is off the table. We don’t assess that either side wants a larger scale, wider regional conflict, but we’re doing everything that we can to prevent that from happening. And that’s why you’re seeing the engagements that the president is doing, from the secretary, and then on down in the building.

    Q:  And while I appreciate that you don’t want to speak for Israel, are you able to share anything in terms of what you’ve seen along the Lebanon-Israel border in terms of movement either side of it? Does it look like there’s a ramp up towards some kind of a incursion?

    SABRINA SINGH:  Right now it doesn’t. You know, well, you know, without characterizing Israeli operations and letting them speak to them for themselves, you know, it doesn’t look like anything is imminent. What we’re seeing on that northern border is an increase in, you know, the tit for tat, going back and forth strikes between Israel and Lebanese Hezbollah, and that is our concern.

    We — you know, we are concerned about a miscalculation. We don’t want to see a wider regional conflict. And that’s why, in every conversation that we have, in the conversations that are happening in New York, we’re — we are continuing to press for a diplomatic resolve.

    Jesse?

    Q:  Thank you so much.

    SABRINA SINGH:  Yeah.

    Q:  We all know that Secretary Austin is always in contact with his Israeli counterpart. Does the secretary have any objections to the way Israel is conducting its operations inside Lebanon?

    SABRINA SINGH: 

    In terms of?

    Q:  In terms of, as you may know, targeting civilians, maybe carpet bombing to the villages along the border.

    SABRINA SINGH:  Well, I mean, something that we’ve raised is we don’t want to see this escalate. And any time that there is a — actions taken that could further escalate the war that’s — or, like, a broader conflict, that we want to avoid a regional war. The secretary, in all of his conversations, urges restraint and urges, you know, the Israelis to consider civilian casualties. And that’s something that we’ve said from the very beginning.

    Look, I’m not going to get into more details on their private conversations. But of course, it’s something that the secretary discusses with his counterpart and will continue to raise.

    Q:  I mean, could you confirm if the secretary told Gallant that they need to avoid the infrastructure in Lebanon?

    SABRINA SINGH:  I think what I can tell you is what I was — what I reiterated earlier, is that of course we are always concerned where there are strikes in areas where there are — is a — is a concentrated civilian population. That’s something that the secretary raises on his calls with Minister Gallant. It’s something that, you know, at different levels in this building we also raise with our Israeli counterparts. But I’m just not going to be able to go beyond that.

    Liz?

    SABRINA SINGH:  Thanks, Sabrina. On China’s ICBM test launch, a US defense official said earlier today that China gave the US warning it was going to do this launch. Was that through military channels or diplomatic channels?

    I don’t have more specifics to provide on the channels. But we were given some advance notice, but I’m just not going to get into more specifics of that. I will say that that is a good thing and that is moving in the right direction in terms of, you know, getting that advanced notification, and that further reduces the risks of any misperception and miscalculation. So, we certainly welcome that.

    Q:  Were any US citizens, like, at harm by this test in any way, during it or following it?

    SABRINA SINGH:  Not to my knowledge.

    Yeah, Oren?

    Q:  Just a quick question. Israeli officials have said their strategy with Lebanon is escalate to deescalate. Does the Pentagon think that’s a viable strategy for how to conduct operations with Lebanon?

    SABRINA SINGH:  So, I’m not going to, you know, characterize the Israelis’ operations. What I can tell you is only, you know, our view. And our perception is that any type of escalation that — that could lead to a miscalculation we don’t want to see We want to see steps that lead to de-escalation and, frankly, steps that lead to a diplomatic offramp, which we believe is the best solution here.

    That’s what we’re pushing for. That’s what you’re seeing happen at UNGA. That’s also what you’re seeing the secretary, you know continue to emphasize in his calls with Minister Gallant. And when he has the next call, you know, that will be something that, you know, I’m sure he would reiterate as well.

    Ok.

    Q:  Just more clarity [Off mic].

    SABRINA SINGH:  Uh-huh. Sure.

    Q:  In response to Tom’s question, you said it doesn’t look like anything is imminent. Was that in reference to a Israeli incursion into Lebanon?

    SABRINA SINGH:  I believe the context was in terms of a ground incursion. So, I was saying, in that context, it doesn’t look like something is imminent. But again, I’d refer you to the Israelis to speak to their own operations.

    Q:  Thank you. I have a follow up question on Chinese ICBM launch.

    SABRINA SINGH:  Of course.

    Q:  So, what’s your assessment of this unusual ICBM launch into the Pacific Ocean? And do you think this is a provocative action? And especially, do you think they want to send a message to the US?

    SABRINA SINGH:  In terms of, you know, the whys, I’d refer you to the PRC to speak to that. You know, we monitored the ICBM test, to Liz’s question. You know, again, we did receive some advance notification of this ICBM test, and we believe that that was a good thing. That was a step in the right direction. And it does lead, you know, to preventing any misperception or miscalculation.

    What we can do here from the department is continue to press for a more regularized notification arrangement when it comes to ballistic missile and space launches. And this is something that we’ve proposed with the PRC. And it represents, you know, a common sense confidence building measure. So, we want to see these types of notifications continue.

    Yes?

    Q:  A question about presidential drawdown authority with regard to Ukraine Could you tell us what the department’s plan is to keep using that after September 30th? We’ve seen reports that there is, like, a workaround that the department can notify Congress and then that is legal. Could you tell us what that workaround is? But also, could you tell us why that workaround is needed? You got some criticism today from Senator Wicker, saying that the department should have spent this money already — or used this authority, I should say, since April.

    SABRINA SINGH:  Sure. So, on your — on your first question on how we’re going to use the authority, I don’t have anything to announce right now. But what I can tell you is that we’re committed to making sure Ukraine gets the resources Congress approved by the end of the president’s term.

    Again, I don’t have more to announce right now, but we’re committed to making sure that Ukraine gets what it — what it has been allotted by Congress. And we are working with the interagency to do just that. So, you know, bear with us and we’ll have more to share soon.

    Q:  And —

    SABRINA SINGH:  —In terms of your follow on question on the criticism, look, I’d have to point you back to the fact that for six months we didn’t have a supplemental so we weren’t able to refill our own shelves. So, therefore, when you’re not able to backfill and refill our own stocks, we’re not able to send out PDA’s.

    So, you have to remember during that time we still had some existing authority, but we weren’t able to send equipment, capability, systems out to Ukraine because we didn’t have it on our stocks. During that time, during that six months lag, because we weren’t able to do that, that also impacts packages going down the road.

    So, we’re going to find — we’re going to make sure Ukraine gets what it needs, you know, in the future. But to push back on that criticism, I would say that, when you don’t have what you need on your shelves, it makes it hard to send out that equipment, you know, in the timetable that Congress gave us when it — when it was authorized.

    Q:  So, is the plan now to move at a more — at a faster rate than you’ve been moving so you can get it done before President Biden ends his term?

    SABRINA SINGH:  I think we’ll have more to share in the coming days. I just don’t have more for you right now.

    Noah?

    Q:  Just to ask a follow up on that —

    SABRINA SINGH:  Sure.

    Q:  Because of the issues in getting the supplemental approved and certainly the issues in replenishing stocks because of that, all of that was known when the supplemental was passed in April. Is there a reason that the funding or the authority wasn’t extended beyond the fiscal year?

    SABRINA SINGH:  Well, I think also, Noah, you have to remember that we’re talking about also working with the defense industrial base that has to backfill our own shelves. So, there — you know, there’s a lot of coordination and timing here. We did ask Congress for that authority to extend, and, you know, that did not happen so now we are in a different place.

    So, I can’t, you know, go back and answer questions of, like, what if this happened and when. All I can tell you is that we’re committed to making sure Ukraine has what it needs, and we’re going to do it. And that’s a commitment that this president has made. And when we have more to share, we will.

    Jared?

    Q:  Sabrina, how comfortable is the department with the — with the department’s understanding of what the Israeli military’s intentions and near, midterm plans are in Lebanon operationally? Has — have the Israelis briefed you on what they intend to do?

    SABRINA SINGH:  So, I’m not going to go into more details of the conversations between the secretary and Minister Gallant, but it’s something that the — that, you know, has — and discussed and it’s something that the Secretary continues to, you know, in all of his conversations, I think you’ve seen the readouts, it’s something that he asked about and that they discussed, but I’m just not going to go beyond the readout. Yeah, in the back.

    Q:  It’s been reported that 60 additional US troops are being deployed to Cyprus to help with potential mass evacuations of US citizens from Lebanon. Can you confirm that?

    SABRINA SINGH:  I cannot confirm the number, but what I can tell you is that we are sending a small number of additional US military personnel forward to augment forces that are already in the region. I’m just not going to be able to provide you more specifics. I know I’ve seen the reporting. I know it’s frustrating, but I’m just not going to be able to confirm more.

    Q:  And just to follow up on a story from last week, is it the Pentagon’s view that it is an acceptable — it’s acceptable under the laws of war to booby trap civilian objects and place them amongst civilian populations? Is that — is that acceptable for any nation to do?

    SABRINA SINGH:  That’s something that — well, one without commenting on an operation that the US military had no involvement in, it’s hard for me to get into the hypotheticals. I’m not a lawyer. I’m not going to try and go down and explain, you know, legalese from here, so. I just can’t comment further on that operation for us. Yeah.

    Q:  [inaudible] US, the affecting supply chains or intercepting supply chains in order to place explosive items within normal consumer objects, right?

    SABRINA SINGH:  Yeah, I’m not going to comment on a hypothetical or an operation that we had no part of. Yeah?

    Q:  Thank you, Sabrina. Secretary Austin on Sunday told his Israeli counterpart to give time for diplomacy to work. And on Monday, we saw that Israel started to bomb Lebanon. And today, the Israel Defense Force has announced that they call up and deployment of two reserve brigades to the border with Lebanon. So where is the time that that Secretary Austin asked Israel for diplomacy? And do you still believe that Israel listening to you? Thank you.

    SABRINA SINGH:  We do believe that we have — that Israel is listening. I mean, just the fact that they’re listening by the amount of calls that the secretary has had with Minister Galant. I think that shows their willingness to hear our views, our concerns and our — you know, to hear from the secretary. So I think that’s important to note.

    In terms of, you know, I think your question was getting to — are we writing off, you know, diplomatic measures, and we’re not. Diplomacy is still the best path forward. There’s always a way for diplomacy. There’s always a way for both sides to, you know, to come to the table and — to have this resolved in diplomatic measures.

    From the very beginning, I mean since October 7th and then, you know, October 8th when we’ve moved additional assets to the region, the whole focus of this administration has been to not only deescalate, but you know to send a message of deterrence. I think we have been successful in that.

    You know, this — we know tensions are high, but we also don’t — we also see that there is a path forward for diplomacy. And that’s why you’re seeing this administration push so hard to get this done. And you’re going to continue to. We’re not going to give up on that. So we’re going to continue to engage.

    Q:  There is some media reports out saying that the US is now working with the France about a ceasefire, maybe a deal or a plan for Lebanon. Does anyone from the DOD have evolved or involved in this negotiation that — that’s happening right now in the United Nations during the UN Summit in New York.

    SABRINA SINGH:  I don’t have anything on those reports. I mean, I’ve been pretty public in telling you that we’re pushing for, you know, diplomatic measures to resolve what’s happening on that northern border. But I just don’t have more to add on that report. I’m sorry I haven’t seen it. Louis?

    Q:  Hi, Sabrina. Is the shipment of 2,000 pound bombs for Israel, is that still on hold?

    SABRINA SINGH:  Still paused.

    Q:  So, the rationale behind that from what I understand was when Israel was preparing to go into Rafah, you know, to protect civilian lives, limited operations. Are there any concerns given the current ongoing air operations that Israel has been conducting striking in civilian neighborhoods?

    And you know, I know that we’re seeing secondary effects, so it appears that there are — they are striking the targets they’re hitting, but are there concerns that the use of these bombs again presumably American bombs could be putting civilians at risk?

    SABRINA SINGH:  So, you first asked about the 2,000 pound bomb shipment, so that is still paused. So I don’t — you know, I don’t know what they’re using in their operations, so I’d refer you to them to speak to that. There is always a concern about civilian casualties and that is something that the secretary has addressed, you know, really from the beginning whether it be in Gaza or elsewhere.

    That’s a conversation that we continue to have. I think, you know, in that same vein we’re also concerned about escalation. And that’s why we don’t want to see any action taken by, you know, either side that could lead to further escalation. And that’s what the secretary continues to emphasize along with always talking about the need to protect civilians.

    And you are seeing, I mean, you know, I’m citing public sourcing here, but you know, the Israelis, notifying communities and towns on that northern border to clear that area because they will be conducting operations. You know, we have to protect civilians in the battle space. That’s something the secretary has said. I know you’ve heard him say that before as well.

    Our focus, of course, is that. But the best way to protect civilians is, of course, through diplomatic means and for this to be resolved through diplomacy. And that’s why we continue to push for that.

    Q:  Is the secretary in the future planning to meet or travel to Israel in the future?

    SABRINA SINGH:  Yeah, you know, I’m not — I don’t have any announcements to make in terms of travel, but when we do, I’m — you’ll be the first to know. Yes, in the back.

    Q:  Thanks, Sabrina. You emphasized that the?

    SABRINA SINGH:  I just — I’m sorry. I just committed to giving Louis an exclusive on the secretary’s travel. So yeah, yeah, sorry. And you know, we’ll discuss — we’ll discuss later — sorry, go ahead.

    Q:  Thanks. You emphasized that the administration’s position is that you don’t want to see further escalation and you don’t want to see an all-out war. Where do you draw the line, you know, especially with regards to a possible ground operation that may be imminent?

    SABRINA SINGH:  Well, like I said, I mean, I don’t know that it is imminent. And what we continue to push for and I’m not trying to use a tired talking point here. It’s actually just, you know, the fact is that we do continue to push for a diplomatic resolution here. From the secretary to, you know, the interagency, that’s something that we continue to engage on.

    And you know, in terms of the conflict itself, we still believe — like right now, the conflict has been contained to Gaza. There’s no question that there are higher tensions in the region. There’s no question that there’s been an increase in border clashes on that northern border.

    But we believe that in order to avert an all-out regional war, it’s through diplomatic means. And so, we’re going to continue to push for that. And you’re seeing that happen in New York and you’re seeing that happen here as well. Last one.

    Q:  Just to follow though, how has the conflict been contained to Gaza? You have civilians being killed in Lebanon.

    SABRINA SINGH:  Sure. But what I would tell you is that it’s not how we would characterize, you know, an all-out full scale regional war. What you’re seeing is a trade of fires back and forth on that northern border. I’d point you to October 8th when Hezbollah started launching those. We’re not seeing this widen out to a regional conflict. And that’s what we are concerned about.

    And that’s why, you know, the secretary from the beginning, whether it be the Ford, the IHC, you know, the 26 MEU that was in the region. And now you have the Lincoln there. You know, we continue to position assets in the region to send a message of deterrence because we don’t want it to scale out. Yes, we acknowledge that, you know, there have been, you know, innocent people that have been killed and we don’t want to see that happen. And that’s why we continue to press for diplomatic means.

    Q:  Can you take one more?

    SABRINA SINGH:  Sure, one more and then I’ve got one in the back and then we’ll —

    Q:  I know this is a planning organization, that’s not the answer I’m looking for.

    SABRINA SINGH:  That’s the answer you’re getting.

    Q:  Yeah. In — in regards to Lebanon, did the Pentagon put together any NIO plans in case there’s the need for it?

    SABRINA SINGH:  You’re so going to hate my answer, but we are a planning organization. We plan for a wide range of contingencies. I will point you back though to, you know, early on last year — or sorry, late last year, but early on after October 7th when I think I was up here, General Ryder was up here getting a lot of questions about NIO. I will say we are always a planning organization prepared for any contingency and we never had to use those plans.

    We will always have plans on the shelves that we can dust off at any time. And that is the amazing thing of our military is we are able to search capabilities to the region. And the secretary did just that. And we have, you know, incredible firepower in the region right now. So again, I’m not going to get ahead of anything. That’s also a State Department decision to make. But Fadi, to answer your own question, we are planning organization. All right, Mike, and then I’ll wrap up.

    Q:  Yeah, you — the Pentagon always talk or often talks about deterrence and giving Israel enough to defend themselves. Does this administration, would they like Israel to actually win their battle, win their war against Hamas, win their war against Hezbollah? Is it — do you have a position on that one way or the other?

    SABRINA SINGH:  Well, I think we’ve said time and again that we support Israel’s right to self-defense. You know, what a — what a win looks like is really for Israel to define, but we are supporting them and their right to self-defense. And of course, you know, we understand and, you know, know the threats that they’re facing from these terrorist organizations and that’s why we are supporting them in their fight against, you know, what, you know the threats that they face on their borders. But beyond that I just don’t have more to add. OK, thanks, everyone.

    MIL OSI USA News

  • MIL-OSI USA: Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Second Quarter 2024 and Annual Update

    Source: US Bureau of Economic Analysis

    Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024 (table 1), according to the “third” estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased 1.6 percent (revised).

    The GDP estimate released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was also 3.0 percent. The update primarily reflected upward revisions to private inventory investment and federal government spending that were offset by downward revisions to nonresidential fixed investment and exports (refer to “Updates to GDP”). Imports, which are a subtraction in the calculation of GDP, were revised up.

    The increase in real GDP primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment. Imports increased (table 2).

    Compared to the first quarter, the acceleration in real GDP in the second quarterly primarily reflected an upturn in private inventory investment and an acceleration in consumer spending. These movements were partly offset by a downturn in residential fixed investment.

    Current‑dollar GDP increased 5.6 percent at an annual rate, or $392.6 billion, in the second quarter to a level of $29.02 trillion, a $9.5 billion larger increase than the previous estimate (tables 1 and 3). More information on the source data that underlie the estimates is available in the “Key Source Data and Assumptions” file on BEA’s website.

    The price index for gross domestic purchases increased 2.4 percent in the second quarter, the same as the previous estimate (table 4). The personal consumption expenditures (PCE) price index increased 2.5 percent, the same as the previous estimate. Excluding food and energy prices, the PCE price index increased 2.8 percent, also the same as the previous estimate.

    Personal Income

    Current-dollar personal income increased $315.7 billion in the second quarter, an upward revision of $82.1 billion from the previous estimate. The increase primarily reflected increases in compensation and personal current transfer receipts (table 8).

    Disposable personal income increased $260.4 billion, or 5.0 percent, in the second quarter, an upward revision of $77.3 billion from the previous estimate. Real disposable personal income increased 2.4 percent, an upward revision of 1.4 percentage points.

    Personal saving was $1.13 trillion in the second quarter, an upward revision of $74.3 billion from the previous estimate. The personal saving rate—personal saving as a percentage of disposable personal income—was 5.2 percent in the second quarter, compared with 5.4 percent (revised) in the first quarter.

    Gross Domestic Income and Corporate Profits

    Real gross domestic income (GDI) increased 3.4 percent in the second quarter, an upward revision of 2.1 percentage points from the previous estimate. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.2 percent in the second quarter, an upward revision of 1.1 percentage points from the previous estimate (table 1).

    Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $132.5 billion in the second quarter, an upward revision of $74.9 billion from the previous estimate (table 10).

    Profits of domestic financial corporations increased $42.5 billion in the second quarter, a downward revision of $4.0 billion from the previous estimate. Profits of domestic nonfinancial corporations increased $108.8 billion, an upward revision of $79.6 billion. Rest-of-the-world profits decreased $18.8 billion, a downward revision of $0.7 billion. In the second quarter, receipts increased $4.4 billion, and payments increased $23.1 billion.

    Updates to GDP

    With the third estimate, upward revisions to private inventory investment and federal government spending were offset by downward revisions to nonresidential fixed investment, exports, consumer spending, and residential fixed investment. Imports were revised up. For more information, refer to the Technical Note. For information on updates to GDP, refer to the “Additional Information” section that follows.

      Advance Estimate Second Estimate Third Estimate
    (Percent change from preceding quarter)
    Real GDP 2.8 3.0 3.0
    Current-dollar GDP 5.2 5.5 5.6
    Real GDI 1.3 3.4
    Average of Real GDP and Real GDI 2.1 3.2
    Gross domestic purchases price index 2.3 2.4 2.4
    PCE price index 2.6 2.5 2.5
    PCE price index excluding food and energy 2.9 2.8 2.8

    Real GDP by Industry

    Today’s release includes estimates of GDP by industry, or value added—a measure of an industry’s contribution to GDP. Private goods-producing industries increased 6.9 percent, private services-producing industries increased 2.4 percent, and government increased 0.8 percent (table 12). Overall, 16 of 22 industry groups contributed to the second-quarter increase in real GDP.

    • Within private goods-producing industries, the leading contributors to the increase were nondurable goods manufacturing (led by petroleum and coal products) and durable goods manufacturing (led by motor vehicles, bodies and trailers, and parts) (table 13).
    • Within private services-producing industries, the leading contributors to the increase were finance and insurance (led by Federal Reserve banks, credit intermediation, and related activities); health care and social assistance (led by ambulatory health care services); as well as real estate and rental and leasing (led by real estate).
    • The increase in government reflected increases in state and local government as well as federal government.

    Gross Output by Industry

    Real gross output—principally a measure of an industry’s sales or receipts, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs)—increased 1.8 percent in the second quarter. This reflected an increase of 2.1 percent for private goods-producing industries, an increase of 1.7 percent for private services-producing industries, and an increase of 2.2 percent for government (table 16). Overall, 18 of 22 industry groups contributed to the increase in real gross output.

    Annual Update of the National Economic Accounts

    Today’s release presents results from the annual update of the National Economic Accounts (NEAs), which include the National Income and Product Accounts (NIPAs) and the Industry Economic Accounts (IEAs). The update includes revised estimates for the first quarter of 2019 through the first quarter of 2024 and resulted in revisions to GDP, GDP by industry, GDI, and their major components. The reference year remains 2017.

    With today’s release, most data are available through BEA’s Interactive Data application on the BEA website (www.bea.gov). Refer to “Information on 2024 Annual Updates to the National, Industry, and State and Local Economic Accounts” for the complete table release schedule and a summary of results through 2023, which includes information on methodology changes. A table showing the major current dollar revisions and their sources for each component of GDP, national income, and personal income is also provided. An article describing the update in more detail will be forthcoming in the Survey of Current Business.

    The updated estimates show that real GDP increased at an average annual rate of 2.3 percent from 2018 to 2023, 0.2 percentage point higher than the previously published estimate. Over the same period, real GDI increased at an average annual rate of 2.2 percent, 0.4 percentage point higher than previously published. The average of real GDP and real GDI over the same period was 2.3 percent, 0.4 percentage point higher than previously published.

    For the period of economic expansion from the second quarter of 2009 through the fourth quarter of 2019, real GDP increased at an annual rate of 2.5 percent, revised up 0.1 percentage point from the previously published estimates. For the period of economic contraction from the fourth quarter of 2019 through the second quarter of 2020, real GDP decreased at an annual rate of 17.5 percent, the same as previously estimated. For the period of economic expansion from the second quarter of 2020 through the first quarter of 2024, real GDP increased at an annual rate of 5.2 percent, 0.3 percentage point higher than previously estimated.

    Previously published estimates, which are superseded by today’s release, are found in BEA’s archives.

    Updates for the First Quarter of 2024

    For the first quarter of 2024, real GDP is now estimated to have increased 1.6 percent (table 1), an upward revision of 0.2 percentage point from the previously published estimate, primarily reflecting an upward revision to consumer spending that was partly offset by downward revisions to private inventory investment and residential fixed investment.

    The price index for gross domestic purchases is now estimated to have increased 3.0 percent, a downward revision of 0.1 percentage point. The PCE price index increased 3.4 percent, the same as previously published. Excluding food and energy, the PCE price index increased 3.7 percent, the same as previously published.

      First Quarter 2024
    Previous Estimate Revised
    (Percent change from preceding quarter)
    Real GDP 1.4 1.6
    Current-dollar GDP 4.5 4.7
    Real GDI 1.3 3.0
    Average of Real GDP and Real GDI 1.4 2.3
    Gross domestic purchases price index 3.1 3.0
    PCE price index 3.4 3.4
    PCE price index excluding food and energy 3.7 3.7

    Personal Income

    Current-dollar personal income is now estimated to have increased $536.4 billion in the first quarter, an upward revision of $139.6 billion from the previous estimate. The revision primarily reflected an upward revision to compensation (led by private wages and salaries) (table 8).

    Disposable personal income increased $465.1 billion, or 9.2 percent, in the first quarter, an upward revision of $224.9 billion from the previous estimate. Real disposable personal income increased 5.6 percent, an upward revision of 4.3 percentage points.

    Personal saving was $1.15 trillion in the first quarter, an upward revision in change of $188.3 billion. The personal saving rate—personal saving as a percentage of disposable personal income—was 5.4 percent (revised) in the first quarter.

    Gross Domestic Income and Corporate Profits

    Real GDI is now estimated to have increased 3.0 percent in the first quarter (table 1); in the previously published estimates, first-quarter GDI was estimated to have increased 1.3 percent. The leading contributor to the upward revision was compensation, based primarily on new first-quarter wage and salary estimates from the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages. The average of real GDP and real GDI is now estimated to have increased 2.3 percent in the first quarter; in the previously published estimates, the average of GDP and GDI was estimated to have increased 1.4 percent.

    Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) is now estimated to have decreased $65.1 billion in the first quarter, a downward revison of $18.0 billion (table 10).

    Profits of domestic financial corporations increased $57.4 billion, a downward revision of $7.6 billion. Profits of domestic nonfinancial corporations decreased $124.9 billion, a downward revision of $10.4 billion. Rest-of-the-world profits increased $2.3 billion, the same as previously estimated. In the first quarter, receipts are now estimated to have increased $25.7 billion, and payments are estimated to have increased $23.4 billion.

    GDP by Industry

    In the first quarter, real value added for private goods-producing industries is now estimated to have decreased 2.6 percent, a downward revision of 1.5 percentage points. Private services-producing industries increased 2.6 percent, an upward revision of 0.7 percentage point. Government increased 1.9 percent, a downward revision of 0.4 percentage point.

    Real gross output is now estimated to have increased 2.8 percent, an upward revision of 0.3 percentage point. Private goods-producing industries increased 1.6 percent, an upward revision of 0.4 percentage point. Private services-producting industries increased 3.3 percent, an upward revision of 0.2 percentage point. Government increased 2.3 percent, an upward revision of 0.6 percentage point.

    *          *          *

    Next release, October 30, 2024, at 8:30 a.m. EDT
    Gross Domestic Product, Third Quarter 2024 (Advance Estimate)

    *          *          *

    MIL OSI USA News

  • MIL-OSI USA: SPC Tornado Watch 684

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL4

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Tornado Watch Number 684
    NWS Storm Prediction Center Norman OK
    830 AM EDT Thu Sep 26 2024

    The NWS Storm Prediction Center has issued a

    * Tornado Watch for portions of
    Eastern Georgia
    Central and Southern South Carolina
    Coastal Waters

    * Effective this Thursday morning and evening from 830 AM until
    900 PM EDT.

    * Primary threats include…
    Several tornadoes likely

    SUMMARY…A long-duration and gradually increasing tornado threat
    will exist in association with the increasingly strong low-level
    winds on the northeast periphery of Hurricane Helene.

    The tornado watch area is approximately along and 70 statute miles
    east and west of a line from 35 miles south of Savannah GA to 30
    miles north of Columbia SC. For a complete depiction of the watch
    see the associated watch outline update (WOUS64 KWNS WOU4).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Tornado Watch means conditions are favorable for
    tornadoes and severe thunderstorms in and close to the watch
    area. Persons in these areas should be on the lookout for
    threatening weather conditions and listen for later statements
    and possible warnings.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 683…

    AVIATION…Tornadoes and a few severe thunderstorms with hail
    surface and aloft to 0 inches. Extreme turbulence and surface wind
    gusts to 60 knots. A few cumulonimbi with maximum tops to 500. Mean
    storm motion vector 16025.

    …Guyer

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW4
    WW 684 TORNADO GA SC CW 261230Z – 270100Z
    AXIS..70 STATUTE MILES EAST AND WEST OF LINE..
    35S SAV/SAVANNAH GA/ – 30N CAE/COLUMBIA SC/
    ..AVIATION COORDS.. 60NM E/W /33S SAV – 30N CAE/
    WIND GUSTS..60 KNOTS.
    MAX TOPS TO 500.MEAN STORM MOTION VECTOR 16025.

    LAT…LON 31628239 34368235 34367989 31628001

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU4.

    Watch 684 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    High (90%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Low (20%)

    Wind

    Probability of 10 or more severe wind events

    Low (10%)

    Probability of 1 or more wind events > 65 knots

    Low (10%)

    Hail

    Probability of 10 or more severe hail events

    Low ( 2 inches

    Low (

    MIL OSI USA News

  • MIL-OSI USA: Congressman Valadao Votes to Keep Government Open, Extend Expiring Veterans Programs

    Source: United States House of Representatives – Congressman David G Valadao (CA-21)

    WASHINGTON –Today, Congressman David G. Valadao (CA-22) released the following statement after voting in support of a Continuing Resolution (CR) to keep the government open while the House and Senate continue their work on Appropriations Bills. The CR included Congressman Valadao’s legislation to extend critical veterans resources and programs that were set to expire at the end of the fiscal year. The Continuing Resolution passed with widespread bipartisan support.

    “Government shutdowns are unproductive, cost billions of dollars, and hurt our military,” said Congressman Valadao. “Today I voted in support of a bipartisan, short-term Continuing Resolution to avoid a costly shutdown while we continue our work to pass fiscally responsible government funding bills. I’m glad that my legislation to extend veterans programs was included in the bill so the VA can continue providing services our veterans and their families rely on. As a member of the Appropriations Committee I’ll continue working to rein in wasteful Washington spending.”

    Background:
    The House and the Senate each must pass 12 appropriations bills before September 30th or a Continuing Resolution (CR) to buy more time to find agreement between the House, Senate, and White House on various funding levels in order to keep the government open. The House Appropriations Committee has marked up all 12 appropriations bills in Committee, and passed five off the House Floor. The Senate has passed none of its 12 appropriations bills. Congress now has until December 20, 2024 to find agreement on full-year appropriations bills for Fiscal Year 2025. The Continuing Appropriations Act of 2025:

    • Funds the government through December 20, 2024
    • Provides an additional $231 million for the Secret Service for protective operations for Presidential and Vice-Presidential nominees in the 2024 Campaign and activities related to National Special Security Events and provides the agency with flexibility to quickly obligate funds for protective operations.
    • Extends programs at the Department of Veterans Affairs to ensure our veterans continue to receive the care and benefits they have earned.

    ###

    MIL OSI USA News

  • MIL-OSI Video: Secretary Blinken Meeting with Armenian FM Ararat Mirzoyan & Azerbaijani FM Jeyhun Bayramov 10:15 AM

    Source: United States of America – Department of State (video statements)

    Secretary of State Antony J. Blinken meets with Armenian Foreign Minister Ararat Mirzoyan and Azerbaijani Foreign Minister Jeyhun Bayramov in New York City, New York, on September 26, 2024.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at http://www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    Twitter: https://twitter.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
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    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=h-Whohl2GkQ

    MIL OSI Video

  • MIL-OSI Africa: SA’s G20 Presidency to focus more on Global South and African issues, says Lamola

    Source: South Africa News Agency

    South Africa’s G20 Presidency will be centred more on the interests of the Global South agenda, especially Africa, says International Relations and Cooperation Minister, Ronald Lamola. 

    Preparations are underway for South Africa’s G20 Presidency and hosting the G20 Summit in 2025. South Africa is expected to take over Chair of the G20 from December 1 this year, from Brazil. 

    Lamola announced that South Africa’s theme will focus on solidarity, equality and sustainable development. 

    “This theme speaks to the developmental priorities of the Global South, particularly, the African continent, which is now fully represented with the admission of the African Union (AU) in the G20,” he told delegates during the Troika high-level address at the United Nations (UN). 

    The G20 (or the Group 20) comprises 19 States, plus the European Union and the AU as of this year – bringing together the world’s major and systemically important economies. 

    The G20 operates a Troika system of hosting, where the Troika consists of the past, present, and next Presidencies. 

    Brazil’s Presidency is also in a Global South Troika – India-Brazil-South Africa. 

    Lamola stressed that South Africa will ensure that the G20 provides strategic direction towards establishing a “more equitable, representative and fit-for-purpose international order”.

    According to the Minister, the theme will also confirm South Africa’s intention to build on the efforts and successes of the G20 Presidencies of Indonesia, India and Brazil. 

    He believes this will ensure that the needs, interests and aspirations of the developing economies of the Global South, and Africa especially, drive the overall G20 agenda going forward.

    According to the Minister, South Africa’s overarching theme will also zoom in on the country’s priorities. These include accelerating efforts to achieve Sustainable Development Goals (SDGs) and the objectives of Agenda 2063 of the AU and addressing the critical issue of debt vulnerability of many countries of the global South. 

    The country will also focus on creating consensus around reform of the International Financial Architecture (IFA) and the Multilateral Development Banks (MDBs). 

    “This is critical to ensure that they become fit for purpose to adequately address sustainable development and transboundary challenges,” Lamola explained. 

    In addition, the emphasis will also be on combating climate change, which has devastating consequences for food security in developing countries.

    South Africa also hopes to address issues of predatory mining by some countries and corporations, in the quest for Africa’s raw materials and critical minerals. 

    “South Africa will take forward the outcomes of the report of the UN Secretary’s Panel on Critical Energy Transition Minerals,” Lamola said, adding that strengthening the Multilateral Trading System was also key.

    The other key issues the nation will advance include industrialisation, employment and inequality, food security, the blue economy and artificial intelligence. 

    Lamola took the time to commend Brazil President Luiz Inácio Lula da Silva’s call, as the G20 President, for the reinvigoration of multilateralism, and the reform of global governance institutions to make it more representative and inclusive.

    “We further thank Brazil for its innovative leadership in calling for this G20 meeting and inviting all UN Members.

    “This meeting today and its call to action further demonstrates the collective global solidarity in addressing current and future global challenges. South Africa will carry forward the momentum laid by Brazil on the reform of the multilateral institutions,” Lamola said. 

    Meanwhile, he said that South Africa’s G20 Presidency will mark the end of the first cycle of G20 Presidencies. 

    “We intend to undertake a review of the first cycle of G20 Presidencies. This is critical to ensure implementation. Brazil can count on us to maintain the momentum they’ve started I thank you for your attention,” he added. 

    President Cyril Ramaphosa expressed his appreciation to Brazil as the current President of the G20 for convening this meeting.

    The President also commended the excellent way Brazil has been steering the work of the G20 during its Presidency.  – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Translation: The Government of Canada recognizes the national historic significance of the Amos Indian Residential School, commemorated as part of the Indian Residential School System National Historic Event

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French 1

    The Government of Canada recognizes the national historic significance of the Amos Indian Residential School, commemorated as part of the Indian Residential School System National Historic Event

    September 26, 2024 Saint-Marc-de-Figuery (Quebec) Parks Canada

    Parks Canada and the Historic Sites and Monuments Board of Canada will participate in the unveiling ceremony of two commemorative plaques highlighting the national historic significance of the Amos Indian Residential School, which is commemorated as part of the Indian Residential School System National Historic Event.

    Open from 1955 to 1973, the Amos Indian Residential School was part of the system of residential schools for Aboriginal children officially established by the federal government during the 19th and 20th centuries.

    Please note that this notice is subject to change without notice.

    Here are the details:

    Date: Monday, September 30, 2024

    Time: The ceremony begins at 10 a.m. (EDT) Media are asked to arrive by 9:45 a.m. (EDT)

    Location: Saint-Marc-de-Figuery (Quebec)

    The venue for the press conference will be confirmed only to accredited media representatives. Media representatives wishing to participate in the press briefing must register with pc.media@pc.gc.ca.

    -30-

    Information and RSVP: Media RelationsParks Canada Agency855-862-1812pc.media@pc.gc.ca

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

    MIL Translation OSI

  • MIL-OSI USA: Barre Disaster Recovery Center to Close September 28

    Source: US Federal Emergency Management Agency

    Headline: Barre Disaster Recovery Center to Close September 28

    Barre Disaster Recovery Center to Close September 28

    Williston, Vt. – In coordination with state and local partners, we will be permanently closing the Disaster Recovery Center in Barre at 6 p.m. on Saturday, September 28, 2024. 

    The center is currently open 9 a.m. to 6 p.m. Monday through Saturdays at:

    Barre Municipal Auditorium

    20 Auditorium Hill

    Barre, Vermont 05641

    The adjustment of hours for these temporary centers is coordinated with state and local partners generally based on the volume of visitors and needs of the community. 

    Vermonters can visit Disaster Recovery Centers to get in-person help regarding disaster assistance. Specialists from FEMA and the U.S. Small Business Administration are available to help upload documents, answer questions and guide you through the appeals process.

    Four other Disaster Recovery Centers will remain open Monday to Saturday from 9 a.m. to 6 p.m. until further notice. These centers are located at:

    • Brighton Town Hall Gym – 49 Mill Street, Island Pond, VT 05846
    • Lyndon Public Safety Facility – 316 Main Street, Lyndonville, VT 05851
    • Waterbury Armory – 294 Armory Drive, Waterbury, VT 05676
    • Hinesburg Town Hall – 10632 Route 116, Hinesburg, VT 05461

    There are three other ways to apply that don’t require visiting a center:

    For information about other Disaster Recovery Center that are currently open, please visit fema.gov/drc.

    To watch a video about how to apply, featuring American Sign Language, visit FEMA Accessible: Registering for Individual Assistance (youtube.com).

    For the latest information visit 4810 | FEMA.gov. Follow FEMA on X at https://x.com/femaregion1 and at facebook.com/fema.

    Billy.domrose

    MIL OSI USA News

  • MIL-OSI Video: Rivers Don’t Stop The Army! | U.S. Army

    Source: US Army (video statements)

    : DMD

    About the U.S. Army:

    The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

    Interested in joining the U.S. Army?
    Visit: spr.ly/6001igl5L

    Connect with the U.S. Army online:
    Web: https://www.army.mil
    Facebook: https://www.facebook.com/USarmy/
    X: https://www.twitter.com/USArmy
    Instagram: https://www.instagram.com/usarmy/
    LinkedIn: https://www.linkedin.com/company/us-army
    #USArmy #Soldiers #Military #Shorts #RiverCrossing #USACE

    https://www.youtube.com/watch?v=uV52qOMmric

    MIL OSI Video

  • MIL-OSI Video: President Biden hosts a Cabinet Meeting at the White House

    Source: United States of America – The White House (video statements)

    For three and a half years, this Cabinet has done big things.

    And folks, Kamala and I are determined to continue ensuring our democracy delivers what Americans deserve over the next few months:

    Investing in America, rebuilding our infrastructure, and implementing historic laws.

    https://www.youtube.com/watch?v=hTtEVj9Ghq4

    MIL OSI Video

  • MIL-OSI Video: Secretary Blinken hosts a Ministerial on Addressing the Urgent Situation in Venezuela – 9:00 AM

    Source: United States of America – Department of State (video statements)

    Secretary of State Antony J. Blinken hosts a Ministerial on Addressing the Urgent Situation in Venezuela in New York City, New York, on September 26, 2024.
    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at http://www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    Twitter: https://twitter.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
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    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=BSychEC_nQE

    MIL OSI Video

  • MIL-OSI Video: Press Briefing by Press Secretary Karine Jean-Pierre and Deanne Criswell

    Source: United States of America – The White House (video statements)

    Press Briefing by Press Secretary Karine Jean-Pierre and Administrator of the U.S. Federal Emergency Management Agency Deanne Criswell.

    The White House

    https://www.youtube.com/watch?v=uDlacAJH_a0

    MIL OSI Video

  • MIL-OSI Canada: The Government of Canada recognizes the national historic significance of the Amos Indian Residential School, commemorated under the Residential School System National Historic Event

    Source: Government of Canada News

    The Government of Canada recognizes the national historic significance of the Amos Indian Residential School, commemorated under the Residential School System National Historic Event

    September 26, 2024          Saint-Marc-de-Figuery, Quebec                   Parks Canada

    Parks Canada and the Historic Sites and Monuments Board of Canada will participate in the unveiling ceremony of two commemorative plaques highlighting the national historic significance of the Amos Indian Residential School, which is commemorated under the Residential School System National Historic Event.

    Open from 1955 to 1973, the Amos Indian Residential School was part of the residential school system for Aboriginal children that was formally established by the federal government during the 19th and 20th centuries.

     

    Please note that this advisory is subject to change without notice.

     

    The details are as follows:

     

    Date:                Monday, September 30, 2024

     

    Time:               Ceremony begins at 10 a.m. (EDT)
                             Media are requested to arrive by 9:45 a.m. (EDT)          

    Location:         Saint-Marc-de-Figuery, Quebec

    The exact location of the press conference will be given to accredited media only. Media representatives wishing to participate in the media availability should register with pc.media@pc.gc.ca.

                                                                                                              -30-

    Information and RSVP:
    Media Relations
    Parks Canada Agency
    855-862-1812
    pc.media@pc.gc.ca

    MIL OSI Canada News

  • MIL-OSI Global: David Olusoga’s new book joins the struggle to make Black history mainstream

    Source: The Conversation – UK – By Jenny Woodley, Senior Lecturer in Modern American History, Nottingham Trent University

    For decades, Black history in the UK has been siloed from the mainstream, as if incidental to the nation’s history. Black History Month in October is dedicated to celebrating Black heritage, but the rest of the year, it feels largely neglected and ignored. Public historian and broadcaster David Olusoga, is at the forefront of efforts to integrate Black history into our national story.

    His latest book, Black History for Every Day of the Year, co-created with two of his siblings, Yinka and Kemi, is another contribution to that work. This attractive and substantial book has an entry for each calendar day detailing an event, person, place, or theme associated with black history.

    There are biographies of artists, musicians, activists, politicians, filmmakers, writers, and scientists. We learn about legal cases, such as Brown v Board of Education, when racial segregation in US schools was ruled unconstitutional, and the Mansfield Judgment, a 1772 British ruling which decided the fate of enslaved African James Somerset, and was used by abolitionists in their campaign to end slavery.

    We get to see important objects, like the Benin Bronzes, a collection of sculptures created by skilled artisans in the Kingdom of Benin – now part of Nigeria – which were looted by British forces in 1897. They were then given to institutions like the British Museum, where some are still on display.

    The book narrates histories of violence and injustice, from centuries of enslavement and brutal colonial rule, to South Africa’s Sharpeville massacre when, in March 1960, 69 people protesting apartheid laws were killed by the police.

    The tragedy of the 1981 New Cross fire in south London, where 14 young Black people were killed in a suspected arson attack on a house party, is recounted as is the racist murder of teenager Stephen Lawrence, also in south London in 1993.

    It tells stories of resistance and resilience, such as the uprising of enslaved people in Jamaica in 1760, known as Tacky’s revolt, and the 1961 Freedom Rides, when Black and white students challenged racial segregation on American buses and were met with violence.

    In Britain it examines the Bristol bus boycott of 1963, a four-month-long protest against the bus company’s refusal to hire Black or Asian drivers. Many of the events and names will be familiar to some readers but there is likely to be plenty that is new and novel.

    It is not a book which invites intensive reading, but rather the joy is to dip in and out, finding connections between entries, dates and themes. The popularity of social media “On This Day” posts suggests many readers will enjoy connecting past with present.

    At the end of the volume, as well as a glossary of terms, are 12 timelines which place some of the entries into a more cohesive – though potentially more limiting – narrative.

    For example, they outline Black resistance to slavery, abolitionist movements, and histories of imperialism and colonialism. Both here and throughout the book readers are pointed to connections between the entries. The text is enhanced by beautiful illustrations at the beginning of each month, which explore objects, places and themes associated with the entries, and the timelines are likewise creatively illustrated.

    Black History for Every Day is educational and informative, but it is written with a deft touch and its format, along with the illustrations and inclusion of photographs, mean it is also engaging and accessible.

    The scope of the histories included is global and many are transnational, showing the connections between the struggles and stories of people of African descent across the world. However, the majority of entries are associated with British and US history. This is not surprising given the authors’ research interests and the likely market for the book.

    While it is apparent that an attempt has been made to be geographically and chronologically diverse, around a third of the 366 entries deal with US history, suggesting that our understanding of Black history is still often dominated by its American iterations.

    The book is not attempting to break new ground. The timeline of the US civil rights movement, for example, begins with the Supreme Court ruling to desegregate education in 1954 and includes the acts of nonviolent direct action which have dominated the widely accepted “master narrative” of the era.

    However, the book does at least go slightly beyond the usual cut-off point to include the Black Panther Party’s breakfast program, which addressed poverty and hunger in the Black community between 1969 and 1980, and the murder of Black Panther deputy chairman Fred Hampton, who was killed in 1969 at the age of 21.

    The entry for Martin Luther King Jr. claims he organised the Montgomery bus boycott, ignoring the contributions of black women who were the driving force behind the movement. This is somewhat modified by the entry for activist Rosa Parks, which acknowledges the work of the Women’s Political Council in Montgomery.

    The book’s purpose is not to be comprehensive; it cannot be, given its breadth. Rather, each entry is intended to serve as an introduction. The authors explain they hope people will be inspired to find out more after reading it.

    Taken together, the daily entries narrate centuries of discrimination, violence and injustice against people of African descent. But they also tell stories of Black resilience, innovation, talent and achievement. The Olusogas’ book is published in time for Black History month in the UK, but it makes the case for engaging with black history beyond a single month every year.



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    Jenny Woodley has received funding from the British Academy and the Leverhulme Trust.

    ref. David Olusoga’s new book joins the struggle to make Black history mainstream – https://theconversation.com/david-olusogas-new-book-joins-the-struggle-to-make-black-history-mainstream-238825

    MIL OSI – Global Reports

  • MIL-OSI Global: Himpathy: the psychology of why some people side with perpetrators of sexual misconduct – podcast

    Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

    In 2018, the Australian philosopher Kate Manne coined the word “himpathy” to describe what she called “the inappropriate and disproportionate sympathy powerful men often enjoy in cases of sexual assault, intimate partner violence, homicide and other misogynistic behavior”.

    This happened to former US President Donald Trump who was found liable for sexually abusing the writer E. Jean Carroll in 2023. Carroll faced abuse from online trolls, she received death threats and was driven from her home.

    What makes somebody more likely to feel himpathetic, either to somebody facing accusations in the public eye, or in their own workplace?

    In this episode of The Conversation Weekly podcast, we speak to a human behaviour expert whose research seeks to understand what makes some people more inclined to support perpetrators of sexual misconduct than the victims.

    Samantha Dodson is an assistant professor of organisational behaviour and human resources at the University of Calgary in Canada. She first started researching the ways people react to accusations of sexual misconduct around the time of the #MeToo movement, as women came forward with accusations of sexual harassment in the wake of the Harvey Weinstein case.

    Dodson and her colleagues wanted to understand why some people are predisposed to express sympathy towards male perpetrators of sexual misconduct, or himpathy. Over a series of five studies, both analysing public comments on X related to the #MeToo movement and through lab-based psychology experiments. Her team used moral foundations theory to build a profile of the kinds of people more likely to be himpathetic.

    Moral foundations theory argues that there are innate moral concerns that everybody holds to different levels. These concerns include respect for authority, loyalty, staying pure, being fair and being caring toward other people.

    Don’t rock the boat

    What we found is that when people strongly value things like loyalty, respect for authority and purity, they’re more likely to feel sympathy toward the man accused of sexual misconduct and feel anger toward the women who made that allegation.

    Dodson says people who hold these moral values very strongly are more likely to see allegations as a threat to the stability of a company, or institution. And, as a result, they’re also less likely to believe a victim.

    It also leads to people being more likely to seek punishment for the women who made the accusations and less likely to seek punishment for the men who have been accused.

    Overall, Dodson found the vast majority of people in their studies were “not himpathetic” and it’s just a small subset of people who react this way.

    The challenge is if those people are in positions of authority, or … if you have one person that you work with who’s himpathetic and you’re a victim you might experience some iciness from them or ostracism.

    Their work also looks at how managers can better deal with accusations of sexual harassment in the workplace as a result of their findings.

    Listen to Samantha Dodson talk about her research and the recommendations from it on The Conversation Weekly podcast, which also features an introduction from Eleni Vlahiotis, business and economy editor at The Conversation in Canada.

    A transcript of this episode is available on Apple Podcasts.


    This episode of The Conversation Weekly was written and produced by Katie Flood with assistance from Mend Mariwany. Sound design was by Michelle Macklem, and our theme music is by Neeta Sarl. Gemma Ware is the executive producer.

    Newsclips in this episode from ABC News,
    PBS News Hour and NBC News.

    You can find us on Instagram at theconversationdotcom or via email. You can also subscribe to The Conversation’s free daily email here.

    Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.

    Samantha Dodson receives funding from the Social Sciences and Humanities Research Council of Canada (SSHRC).

    ref. Himpathy: the psychology of why some people side with perpetrators of sexual misconduct – podcast – https://theconversation.com/himpathy-the-psychology-of-why-some-people-side-with-perpetrators-of-sexual-misconduct-podcast-239860

    MIL OSI – Global Reports