NewzIntel.com

Category: Baltics

  • MIL-OSI: CETY CEO KAM MAHDI ADDRESSES GOVERNMENT AND BUSINESS LEADERS AT FORUM FOR LATVIA PRESIDENT EDGARS RINKĒVIČS’ ECONOMIC DELEGATION TO CALIFORNIA

    Source: GlobeNewswire (MIL-OSI)

    Irvine, CA, Sept. 26, 2024 (GLOBE NEWSWIRE) — Clean Energy Technologies, Inc. (“CETY”) (Nasdaq: CETY), a clean energy manufacturing and services company offering eco-friendly green energy solutions, clean energy fuels, and alternative electric power for small and mid-size projects in North America, Europe, and Asia, today announced its participation in Latvia’s economic delegation visit to the US from September 17 to 23. Led by President Edgars Rinkēvičs, the delegation visited San Francisco and Silicon Valley, engaging with California government leaders, technology giants, and investors.

    CETY CEO Kam Mahdi was a key presenter at a program on the topic of California Technology Research and Investment. He discussed CETY’s growth as a comprehensive clean energy solutions company with growing global focus that includes expanding operations in North America, Europe, and Asia. The program was part of President Rinkēvičs focus on exploring opportunities for economic cooperation and growth for Latvia enterprises seeking a presence in the United States and specifically targeting California for its business and technology development ecosystem and leadership.

    The visit of President Rinkēvičs and other Latvian government officials and business leaders is an historic one. It was the first such high-level economic delegation to the US from Latvia. Accompanying President Rinkēvičs were Minister of Economics Viktors Valainis, Director General at Investment and Development Agency of Latvia Raivis Bremsmits, and over 50 Latvia entrepreneurs interested in California and North America for strategic growth. Meetings during the three-day visit included Microsoft, Google, NASA Ames, and Meta. AI was a big topic for this visit, especially given its potential use in all sectors and the concerns raised in the EU over privacy and security.

    Mr. Mahdi talked about the evolution of CETY from its inception, when it was first focused on waste heat recovery, using technology developed by General Electric, through its current expansion into becoming a comprehensive energy solutions provider. “We have developed expertise of the entire energy process from system design to generation and storage, distribution and management,” said Mahdi. “Clients come to us to discuss their needs, and we can develop solutions to effectively address them.”

    Mahdi also spoke at a meeting which included California State Treasurer Fiona Ma, Latvia Economics Minister Viktors Valainis, Latvia Investment and Development Agency Director Raivis Bremsmits, Toms Zvidriņš, Head of the US Office of Investment and Development Agency of Latvia, Martins Andersons, President of the American Latvian Association, and Latvia business leaders.

    CETY has been involved in a waste heat to energy project in Latvia since 2018, with EkoNams, a company that builds Scandanvian-style log homes, the design of which is influenced by historic craftsmanship and the execution of which relies on new technologies. Building on that project, CETY has been in discussion with other Latvia companies interested in collaboration or partnerships.

    President Rinkēvičs’ delegation followed up on a July 2024 California delegation to Latvia led by California State Treasurer Fiona Ma and State Senator Josh Newman. The delegation included California businesses, and involved meetings with top government and business leaders, including former Latvia Prime Minister and current European Commissioner for Trade Valdis Dombrovskis, Prime Minister Evika Siliņa, and Transportation Minister Kaspars Briškens, to discuss investment, economic and technological collaboration, and development opportunities in key Baltic growth sectors. As part of that delegation, Mr. Mahdi was an invited speaker on the Ministry of Foreign Affairs Forum on Sustainable Energy Technologies and Innovations, along with former California Senator and energy entrepreneur Robert Hertzberg.

    About Clean Energy Technologies, Inc. (CETY)

    Headquartered in Irvine, California, Clean Energy Technologies, Inc. (CETY) is a rising leader in the zero-emission revolution by offering eco-friendly green energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company’s principal products are Waste Heat Recovery Solutions using our patented Clean CycleTM generator to create electricity. Waste to Energy Solutions convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions provide expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies.

    CETY’s common stock is currently traded on the Nasdaq Capital Market under the symbol CETY. For more information, visit http://www.cetyinc.com.

    For video examples please visit CETY’s YouTube channel:
    https://www.youtube.com/@CleanEnergyTechnologiesInc.

    Follow CETY on our social media channels: Twitter | LinkedIn | Facebook

    This summary should be read in conjunction with the Company’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2024 and other periodic filings made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, which contain, among other matters, risk factors and financial footnotes as well as a discussions of our business, operations and financial matters located on the website of the Securities and Exchange Commission at http://www.sec.gov.

    Safe Harbor Statement

    This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of CETY’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “plan,” “expect,” “estimate,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Any forward-looking statement made by the Company in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Clean Energy Technologies, Inc.
    Investor and Investment Media inquiries:
    949-273-4990
    ir@cetyinc.com
    Source: Clean Energy Technologies, Inc.

    The MIL Network –

  • MIL-OSI Global: The European Union is becoming too obsessed with defence

    Source: The Conversation – UK – By Richard Youngs, Professor of International and European Politics, University of Warwick

    A new team of 26 leaders has been appointed to the European Commission, reflecting a carefully crafted balance of political ideologies and member states. Each will take on a different portfolio, from democracy to agriculture to innovation.

    And for the first time, the EU will have a dedicated defence commissioner in the form of Lithuania’s Andrius Kubilius.

    Commission president Ursula von der Leyen has made it clear that in her second term, the primary focus will be defence and security issues. She wants to convert the EU into a “security project” and has created the new post to build the bloc’s military capacities and cooperation.

    The last EU Commission that ran from 2019 to this year declared itself “geopolitical”. Under this label, it moved the European Union towards a heightened concern with military capabilities and hard power.

    Most observers see this as a positive aspect of the last commission. And there is a striking degree of supportive consensus that the military-power shift needs to be extended and deepened.

    However, this increasingly unchallenged conventional wisdom has unhelpfully narrowed and distorted the EU’s foreign policy debates. The EU needs to move beyond its hazy geopolitical mantra, not lean on it even more heavily.

    Much EU policy debate has become concerned principally with the question of whether the EU can defend itself more robustly and without help from the US. Analysis of European foreign policy has come overwhelmingly to take the form of calls for the EU to advance more ambitiously in its emerging ethos of militarised self-preservation and for laggardly member states to accelerate their rearmament.

    While the focus on defence capabilities was overdue and remains necessary, it is becoming too dominant.

    Defence players and experts get a far readier hearing in Brussels than anyone working on more liberal agendas involving human rights, development or peacebuilding. Funds flow aplenty into new programmes on defence and away from these old liberal concerns, many of which policymakers and analysts now belittle as passé.

    As they ramp up their defence spending, most member states are cutting their development aid. The incoming commissioners’ mission statements are all about security and protecting European democracy from external threats. There is no mention of the work they would do to support global human rights.

    If it previously tended to under-securitise its major challenges, the EU now risks over-securitising them. Well beyond the defence sphere, nearly all areas of EU policy are now infused with a more securitised ethos.

    The new hard-power orthodoxy risks crowding out any critical questioning of the EU’s new enthusiasm for concepts – power politics and zero-sum geopolitical rivalry – that were until recently anathema to its very essence.

    This deflects from the broader and more significant question of how the EU needs to mobilise different kinds of power to shape international trends. Contrary to what now predominates as received wisdom, governments’ increased defence budgets and EU efforts to coordinate defence investments do not in themselves provide such leverage.

    Indeed, with its priority on military defence, the EU has in recent years shown less evidence of qualitatively updating and sharpening its understanding of international leverage. While European leaders ritually claim that the union has “learned the language of power”, the current policy trajectory has diverted the EU away from being more influentially geostrategic.

    Outgoing high representative Josep Borrell has himself lamented that the EU risks being better at reacting to its last crisis than pre-empting wider and future trends.

    The shift in EU strategic narrative rests on an unduly one-dimensional reading of global trends. Contrary to what is now a commonly accepted premise, not every international development points towards state-to-state, zero-sum, order-menacing illiberalism.

    Much of it does, but the evolving order is also one of intensified societal mobilisation against autocracy and state power. It sees sub-state networks working across borders and citizens seeking problem-oriented cooperation on the ailing global commons.

    Out of step

    Articles, political speeches, and European policy documents routinely urge the EU to step back and accept that liberal political values are now contested. But global surveys show strong and even rising levels of citizen support for democracy and underlying social trends away from authoritarian values.

    Once a self-styled power of liberal betterment, the EU increasingly seems reduced to a strategy of stemming ordinary peoples’ desire for change. It rarely meets citizens’ pleas for support in their efforts to spur political and social reform. It has become an ambiguous bystander more than proactive promulgator.

    By downplaying these complexities, the EU fixation on traditional geopolitical power looks increasingly at odds with the emerging order rather than skilfully aligned with it. The EU’s now commonly repeated leitmotif of “accepting the world as it is” actually does no such thing.

    It actually collides with the underlying ways in which that world is shifting socially and politically. It’s one thing for the EU to get real about defending itself but another to become a regressive power that passively moulds itself to the power-politics of illiberalism.

    Far from going alone, Europe instead needs to fashion more effective interdependencies and coalitions.

    As its new leaders take office, the EU needs to move beyond the now omnipresent, yet ill-defined geopolitical narrative. It needs a more precise and forward-looking vision of what it wants power, sovereignty and autonomy for.

    If, for many years, the EU dangerously neglected the need for hard, defensive power it now risks moving to other extreme – giving hard power such pride of place that it detracts from the more consequential trends that will redefine the world order.

    Richard Youngs does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. The European Union is becoming too obsessed with defence – https://theconversation.com/the-european-union-is-becoming-too-obsessed-with-defence-239666

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: Readout of the Secretary-General’s meeting with Baltic Leaders

    Source: United Nations secretary general

    The Secretary-General met with H.E. Mr. Alar Karis, President of the Republic of Estonia, H.E. Mr. Edgars Rinkēvičs, President of the Republic of Latvia, and H.E. Mr. Gitanas Nausėda, President of the Republic of Lithuania.  The Secretary-General exchanged views with the Heads of State of the Baltic countries on global issues, including the war in Ukraine and efforts to reform the United Nations Security Council.  They also discussed the implementation of the Pact for the Future.  
     

    MIL OSI United Nations News –

  • MIL-OSI Video: 🇱🇻 Latvia – President Addresses United Nations General Debate, 79th Session | #UNGA

    Source: United Nations (Video News)

    Edgars Rinkēvičs, President of the Republic of Latvia, addresses the General Debate of the 79th Session of the General Assembly of the United Nations (New York, 24 – 30 September 2024).

    World leaders gather to engage in the annual high-level General Debate under the theme, “Unity and diversity for advancing peace, sustainable development, and human dignity, everywhere and for all.” Heads of State and Government and ministers will explore solutions to intertwined global challenges to advance peace, security, and sustainable development.

    The UN General Assembly (UNGA) is the main policy-making organ of the Organization. Comprising all Member States, it provides a unique forum for multilateral discussion of the full spectrum of international issues covered by the Charter of the United Nations. Each of the 193 Member States of the United Nations has an equal vote.

    General debate website: https://gadebate.un.org/

    —————————————-

    مشاهدة هذا الفيديو باللغة العربية على موقع البث الشبكي للأمم المتحدة
    请在联合国网络电视（UN Web TV）观看中文版视频
    Regardez cette vidéo en français sur UN Web TV
    Vean este video en español en UN Web TV
    Смотрите это видео на русском на UN Web TV
    https://webtv.un.org/en/asset/k1q/k1qt2gec1w

    Screenshot credit: UN Photo/Loey Felipe

    #UNGA #UnitedNations

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

    MIL OSI Video –

  • MIL-OSI Video: 🇪🇪 Estonia – President Addresses United Nations General Debate, 79th Session | #UNGA

    Source: United Nations (Video News)

    Alar Karis, President of the Republic of Estonia, addresses the General Debate of the 79th Session of the General Assembly of the United Nations (New York, 24 – 30 September 2024).

    World leaders gather to engage in the annual high-level General Debate under the theme, “Unity and diversity for advancing peace, sustainable development, and human dignity, everywhere and for all.” Heads of State and Government and ministers will explore solutions to intertwined global challenges to advance peace, security, and sustainable development.

    The UN General Assembly (UNGA) is the main policy-making organ of the Organization. Comprising all Member States, it provides a unique forum for multilateral discussion of the full spectrum of international issues covered by the Charter of the United Nations. Each of the 193 Member States of the United Nations has an equal vote.

    General debate website: https://gadebate.un.org/

    —————————————-

    مشاهدة هذا الفيديو باللغة العربية على موقع البث الشبكي للأمم المتحدة
    请在联合国网络电视（UN Web TV）观看中文版视频
    Regardez cette vidéo en français sur UN Web TV
    Vean este video en español en UN Web TV
    Смотрите это видео на русском на UN Web TV
    https://webtv.un.org/en/asset/k12/k12nv08se5

    Screenshot credit: UN Photo/Loey Felipe

    #UNGA #UnitedNations

    https://www.youtube.com/watch?v=IOARpCdK0bs

    MIL OSI Video –

  • MIL-OSI Europe: Between 8% to 16% of EU population is ‘energy poor’

    Source: European Union 2

    Amidst the EU’s push for a fair green transition, and further reinforced by the uncertainties of the energy market, the issue of energy poverty has come to the forefront and become a critical policy priority.  Energy poverty can be measured in different ways, but its measurement is a challenge for policy formulation and action to address it. 

    A JRC study investigated four primary energy poverty indicators to understand the EU-wide distribution and socio-economic profiles of “energy poor”. The findings underlined the usefulness to rely on a battery of various indicators to provide a picture of energy poverty.

    The Social Climate Fund regulation and the revised Energy Efficiency Directive define energy poverty as a household’s lack of access to essential energy services, such as heating, hot water, cooling, lighting and energy to power appliances. According to the Commission’ Recommendation on Energy Poverty, it is a multidimensional phenomenon driven by three underlying causes, namely, high-energy expenditures in proportion to household budget, general low levels of income and low energy performance of buildings. 

    What’s the challenge when measuring energy poverty?

    There are numerous papers discussing advantages and disadvantages of different energy poverty indicators used in Europe, but little is known about their overlap and their inter-relationship.  The JRC study addresses this gap, for the first time, by assessing the coverage, overlap, and socio-economic profiles of four primary energy poverty indicators employed in the EU for cross-country comparisons, using harmonised microdata for all 27 EU countries. 

    This study was developed within the Assessing and Monitoring Employment and Distributional Impacts (AMEDI) projects carried out with the Commission’ s Directorate General for Employment, Social Affairs and Inclusion.

    The study employs two types of indicators: “expenditure-based” indicators and “consensual approach” indicators. The expenditure-based indicators are calculated using monetary values: the 2M indicator is calculated as the proportion of households whose share of energy expenditure in income is more than twice the national median (2M indicator), i.e. energy costs represent a high share of expenditures. While the M/2 indicator (low absolute energy expenditure) is calculated as the proportion of households whose energy expenditure is below the national median energy consumption. 

    The “consensual approach” indicators are instead based on self-reported assessments of housing conditions: the share of people keeping their house adequately warm (AW indicator), and those who have arrears on utility bills (UB).

    The calculations are based on EU statistics and income living conditions (SILC) data from 2015 matched to Household Budget Survey (HBS) data from the same year and uses EUROMOD for refining estimates of household disposable income and improve comparability across countries. For example, they show that 8.5% of Europeans were unable to keep their house warm in 2015 (indicator AW).

    The analysis finds that there is very little overlap between the four energy poverty indicators examined. This explains why at least 40% of the EU population (around 180 million citizens) would be classified as ‘energy poor’ if one would follow a ‘union approach’, in which someone is energy poor by at least one indicator.

    On the other side, an ‘intersection approach’ – where poor is who satisfies the poverty condition simultaneously for the four indicators – would lead to a very low energy poverty rate of 0.3% of the EU population, i.e. about 330 thousand.

    The results

    The aggregate analysis carried out shows that between about 8% (using consensual indicators) and about 16% (using expenditure-based indicators) of the EU population can be classified as energy poor.

    Education and employment have a significant impact on energy poverty, as a higher rate of adults with jobs or higher education levels can slightly decrease the risk of experiencing energy poverty. Remarkably, about 30% of energy-poor households are also income-poor, falling below the poverty threshold. The study also reveals that middle-income households face a relatively high incidence of energy poverty, so it does not only affect to income-poor individuals.

    Energy poverty among EU Member States

    Energy poverty displays also significant disparities across EU countries, as it is influenced by the very heterogeneous national realities, including geography, natural resources, climate, infrastructure, national public policies, etc. Furthermore, cultural aspects can explain differences in self-reporting energy deprivation conditions. 

    For instance, in Greece and Bulgaria, nearly 30% of the population is energy poor by at least two indicators, while in Western and Northern EU countries, this figure drops below 5%. Moreover, the differences in energy poverty rates across EU countries is much larger when using subjective indicators. For example, AW-poverty rates, which measure the inability to adequately heat one’s home, range between almost zero in Sweden and Luxembourg to about 40% in Bulgaria. 

    A similar trend is observed when analysing arrears on utility bills (UB), while income shares of residential energy expenditure that are above twice the national median (2M) appear to be more similar across countries, indicating that energy poverty rates range between approximately 10% (Netherlands, Hungary) to slightly above 20% (Sweden, Malta, and Latvia). 

    This underscores the importance of tailored policy responses that consider national contexts and differences across countries regarding income levels, energy prices or investments in energy capital (i.e. efficient appliances, insulation, etc.). Moreover, this result points at the need to consider carefully what is the most suited indicator for cross-country comparisons. 

    How to tackle energy poverty across the EU? 

    Energy poverty has far-reaching consequences, from exacerbating health issues to limiting social and economic participation. Monitoring energy poverty is crucial for understanding the diversity of the socio-economic profiles of the energy poor and for improving the design of inclusive policies. 

    Relying on a single indicator may overlook significant portions of the population experiencing energy-related deprivations. 

    To address energy poverty, we need a policy mix 

    Income-support policies are essential to tackle energy poverty situations, especially for households under the poverty line. However, considering that also middle-income households experience a relative high incidence of energy poverty, other type of policies may be warranted to support them.

     This is the case of price caps, which reduce the burden of expenditures on energy goods, or structural interventions that step-up energy efficiency by reducing the need of energy consumption. Further, monetary policies such as subsidies to improve energy efficiencies could also reduce the burden of energy expenditures on households. 

    Finally, behavioural levers, such as assisting consumers in setting goals for reducing energy consumption through apps and educational campaigns to empower individuals to make investments choices that improve energy efficiency, may also be effective in reducing the energy poverty phenomenon. 

    Related links

    Who is “energy poor” in the EU?

    Assessing and Monitoring Employment and Distributional Impacts (AMEDI) projects

    Commission recommendation on energy poverty

    MIL OSI Europe News –

  • MIL-OSI USA: NASA Ames Welcomes Latvian President, Talks Aeronautics Research 

    Source: NASA

    President of Latvia Edgars Rinkēvičs observes simulated visuals of an airport and its air traffic, consisting of commercial aircraft and electric vertical take-off and landing aircraft, at NASA’s FutureFlight Central on Sept. 18, 2024, during a visit to NASA’s Ames Research Center in California’s Silicon Valley. 
    FutureFlight Central provides high-fidelity simulation of air traffic management scenarios and is dedicated to solving the present and emerging challenges of the nation’s air traffic management system. President Rinkēvičs and representatives of Latvian business visited Ames to learn about the center’s technical capabilities and areas of research in aeronautics.  

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Cohen Calls for Allowing Ukrainian Use of NATO-Supplied Weapons in Russia

    Source: United States House of Representatives – Congressman Steve Cohen (TN-09)

    WASHINGTON – Congressman Steve Cohen (TN-9), the House Ranking Member of the Commission on Security and Cooperation in Europe, also known as the Helsinki Commission, today called for allowing NATO-supplied weapons to be used by Ukraine within Russia during a commission hearing on “Russia’s Shadow War on NATO.”

    In his opening remarks, Congressman Cohen said that, now more than ever, Vladimir Putin “wants to weaken and destabilize the West,” including through the use of disinformation campaigns aimed at interfering in our elections to help Donald Trump.

    Congressman Cohen also noted that Ukraine is asking to use offensive weapons inside Russia, adding: “and I support their request.”

    He continued: “I think they need to go forward with offensive weapons and strike into Russia and bring the war home to the Russian people. This is ludicrous – to allow Russia to attack and kill Ukrainians, destroy cultural objects, destroy cities with reckless disregard for life. Hit schools, hit hospitals and senior facilities – and Ukraine is not supposed to go into Russia? That’s crazy. I mean both your arms are tied behind your back and tied behind it, unfortunately, by my government, our government, which is supporting Ukraine — and we’ve done a lot — but we’ve been slow in doing it…This war would have been much closer to ending – on Ukraine’s terms, but ending – if we’d have given them those weapons earlier.”

    See his entire opening statement here.

    See his questions to the witnesses here.

    Witnesses at today’s hearing were:

    • Mr. Erkki Tori, National Security Advisor to the Prime Minister of Estonia;
    • Dr. Benjamin L. Schmitt, Senior Fellow, Department of Physics and Astronomy and Kleinman Center for Energy Policy, University of Pennsylvania; and
    • Mr. Michael Weiss, Investigative Journalist and Author

    # # #

    MIL OSI USA News –

  • MIL-OSI Video: 🇱🇹 Lithuania – President Addresses United Nations General Debate, 79th Session | #UNGA

    Source: United Nations (Video News)

    Gitanas Nausėda, President of the Republic of Lithuania, addresses the General Debate of the 79th Session of the General Assembly of the United Nations (New York, 24 – 30 September 2024).

    World leaders gather to engage in the annual high-level General Debate under the theme, “Unity and diversity for advancing peace, sustainable development, and human dignity, everywhere and for all.” Heads of State and Government and ministers will explore solutions to intertwined global challenges to advance peace, security, and sustainable development.

    The UN General Assembly (UNGA) is the main policy-making organ of the Organization. Comprising all Member States, it provides a unique forum for multilateral discussion of the full spectrum of international issues covered by the Charter of the United Nations. Each of the 193 Member States of the United Nations has an equal vote.

    General debate website: https://gadebate.un.org/

    —————————————-

    مشاهدة هذا الفيديو باللغة العربية على موقع البث الشبكي للأمم المتحدة
    请在联合国网络电视（UN Web TV）观看中文版视频
    Regardez cette vidéo en français sur UN Web TV
    Vean este video en español en UN Web TV
    Смотрите это видео на русском на UN Web TV
    https://webtv.un.org/en/asset/k1x/k1xi08z7g7

    Screenshot credit: UN Photo/Laura Jarriel

    #UNGA #UnitedNations

    https://www.youtube.com/watch?v=Z3VnxOi17HM

    MIL OSI Video –

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with the Republic of Latvia

    Source: IMF – News in Russian

    September 5, 2024

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with the Republic of Latvia and endorsed the staff appraisal on a lapse-of-time basis without a meeting.

    The Latvian economy contracted with significant disinflation. After the post-pandemic recovery, growth contracted by 0.3 percent in 2023, due to tighter financial conditions and weak external demand. Headline inflation declined to 0.0 percent y/y in May 2024. However, core inflation still stood at 3.1 percent in April 2024. The financial sector has so far been resilient although risks are elevated. Fiscal performance in 2023 was stronger than expected, reflecting revenue buoyancy linked to inflation and expenditure under-execution. The current account deficit narrowed to 4 percent of GDP in 2023 from 4.8 percent in 2022, due to import contraction and lower energy prices. Russia’s war in Ukraine and the related geoeconomic fragmentation are adding to structural challenges amid multiple transitions, notably, climate change and energy, and aging and labor shortages. The economic consequences of Russia’s war in Ukraine continue to depress private investment and productivity, thus compromising further Latvia’s lagging income convergence.

    Amid high uncertainty, the outlook is for higher growth and the balance of risks is tilted to the downside. Real GDP growth is projected to increase to 1.7 and 2.4 percent in 2024 and 2025, respectively, underpinned by a recovery in private consumption, higher public investment, and stronger external demand. Growth in the medium-term is projected to continue at an average of around 2.5 percent, supported by public investment and reforms. Inflation is expected to continue to moderate. Headline inflation (annual average) is projected to decline to 2.0 percent in 2024. Meanwhile, core inflation (annual average) is projected to slow to 3.3 percent in 2024, reflecting persistent services inflation. Downside risks dominate, including risk to competitiveness associated with recent high wage growth, rising geopolitical tensions and deeper geoeconomic fragmentation, and weaker external demand.

    Executive Board Assessment[2]

    Latvia’s economy has encountered severe headwinds. The Latvian economy contracted with significant disinflation against the backdrop of geopolitical headwinds. Notably, Russia’s war in Ukraine and the related geoeconomic fragmentation are adding to long-standing challenges to productivity, investment, and labor supply, amid multiple transitions around climate change and energy, aging and labor shortages, and rising defense costs.

    Amid high uncertainty, growth is projected to rebound, but risks are tilted to the downside. Real GDP growth is projected to increase in 2024 and 2025, largely driven by a rebound in private consumption, higher public investment, and stronger external demand. The main risks stem from rising geopolitical tensions and deeper geoeconomic fragmentation, credit risks related to variable-rate loans, and weaker-than-expected external demand. Risks to competitiveness can also arise given recent high wage growth. Over the medium-term, delays in public investment and structural reforms could weigh on potential growth.

    Considering the improving outlook, staff recommends a less expansionary, neutral fiscal stance for 2024 and a tighter fiscal stance in 2025. Proactively identifying spending efficiency and better targeting social support, while protecting the most vulnerable, would help. Staff commends the authorities for the targeting of energy support measures. In 2025, the fiscal stance should be tighter to build buffers for future spending needs. Policy options to achieve this include reducing tax exemptions, raising revenue from property taxation, strengthening tax enforcement, and improving investment spending efficiency. Fiscal policy should remain flexible and evolve if risks materialize.

    Although Latvia has some fiscal space, structural fiscal measures are needed to provide buffers for medium to long term spending pressures. Over the medium term, options for fiscal consolidation include (i) broadening the bases of corporate income tax (CIT) and personal income tax (PIT), including by reducing the shadow economy; (ii) broadening the base of property taxes; (iii) reducing tax exemptions and fossil fuel subsidies, and (iv) rationalizing spending on goods and services. Given this scaling-up of public investment amid high uncertainty and cost overrun, enhanced public investment management is warranted to mitigate fiscal risks. The mission welcomes the healthcare reform aimed to generate efficiency gains, while mitigating risks and supporting solidarity. Staff also welcomes the government’s pension reform efforts and recommends linking the retirement age to life expectancy. Latvia should swiftly implement the NRRP. 

    Although the financial sector has so far been resilient, continued monitoring of macrofinancial vulnerabilities and spillovers is warranted. The banking sector remained well capitalized and liquid, with a low NPL ratio. However, given heightened risks, continued monitoring of financial sector vulnerabilities is important. Notably, regular risk-based monitoring of banks’ asset quality and liquidity should continue, supported by tailored stress tests. Any households’ financial distress related to variable-interest-rate mortgage loans should be addressed through the consumer bankruptcy framework, supplemented by the social protection system for the most vulnerable. The new untargeted interest subsidy scheme for variable-interest-rate mortgages should not be renewed at its expiration in 2024. The authorities should refrain from further initiatives to increase taxation on bank profits given their adverse impact on bank capital and financial stability. Staff welcomes the continued efforts to mitigate cybersecurity risk.

    While the current macroprudential policy stance is broadly appropriate, the recent adjustment to the borrower-based measures for energy-efficient housing loans should be reconsidered. The overall policy stance strikes the right balance between maintaining financial stability and the need to extend credit to the economy. However, borrower-based macroprudential measures should be relaxed only when their presence is overly stringent from the financial stability perspective.

    Latvia has made significant progress in strengthening its AML/CFT frameworks and governance reforms. Staff commends the authorities’ effort to pursue AML/CFT reforms and supports the authorities’ priorities to prepare for the 6th round of MONEYVAL evaluation. Staff welcomes the authorities’ reforms to digitalize the procurement system and the continued implementation of Latvia’s anti-corruption plan and national strategy.

    Structural reforms should be accelerated to enhance productivity and resilience. Accelerating corporate reforms could boost investment and productivity by improving capital allocation and access to finance. Given the aging population and skill mismatch, Latvia should continue to address reforms to boost high-skilled labor supply which will enhance investment in productivity. Efforts should focus on promoting training and internal labor mobility toward priority sectors (green and transition, digitalization, health). Further streamlining product and service markets regulations could boost competition, innovation, and productivity. Staff welcomes the ongoing overhaul of the administrative procedures and their digitalization. Implementing measures to promote digital transformation of the economy could help reduce labor shortages and support productivity. Regarding the green and energy transition, more vigorous climate policy is needed. Staff encourages the authorities to expedite the adoption of the climate law and the National Energy and Climate Plan (NECP). The authorities should aim to achieve a robust balance between fiscal support, carbon pricing or taxation, and norms while addressing distributional concerns. Staff welcomes the ongoing work on climate adaptation. Latvia should continue to enhance energy security, and boost investment in clean energy and connection.

    Table 1. Latvia: Selected Economic Indicators, 2019–25

     

    2019

    2020

    2021

    2022

    2023

    2024

    2025
               

    Proj.

    National Accounts

        (Percentage change, unless otherwise indicated)

    Real GDP

    0.6

    -3.5

    6.7

    3.0

    -0.3

    1.7

    2.4

    Private consumption

    0.0

    -4.3

    7.3

    7.2

    -1.3

    2.4

    2.3

    Public consumption

    5.6

    2.1

    3.5

    2.8

    7.0

    2.3

    2.2

    Gross capital formation

    0.7

    -10.0

    24.9

    -3.6

    5.1

    2.6

    2.7

    Gross fixed capital formation

    1.5

    -2.2

    7.2

    0.6

    8.2

    3.1

    3.1

    Exports of goods and services

    1.3

    0.4

    9.0

    10.3

    -5.9

    3.0

    2.6

    Imports of goods and services

    2.2

    -1.1

    15.1

    11.1

    -2.8

    3.0

    2.5

    Nominal GDP (billions of euros)

    30.6

    30.1

    33.3

    38.4

    40.3

    42.4

    44.8

    GDP per capita (thousands of euros)

    15.9

    15.8

    17.6

    20.5

    21.4

    22.5

    23.9

    Savings and Investment

    		              

    Gross national saving (percent of GDP)

    22.2

    24.3

    21.1

    20.3

    19.0

    19.1

    18.9

    Gross capital formation (percent of GDP)

    22.8

    21.4

    25.0

    25.0

    23.0

    22.8

    22.5

    Private (percent of GDP)

    18.9

    17.2

    21.2

    21.7

    19.4

    18.7

    18.6

    HICP Inflation

    		              

    Headline, period average

    2.7

    0.1

    3.2

    17.2

    9.1

    2.0

    2.4

    Headline, end-period

    2.1

    -0.5

    7.9

    20.7

    0.9

    3.9

    1.6

    Core, period average

    2.7

    1.1

    2.0

    11.3

    9.8

    3.3

    3.1

    Core, end-period

    1.9

    0.9

    4.7

    15.2

    4.0

    3.7

    2.8

    Labor Market

    		              

    Unemployment rate (LFS; period average, percent)

    6.3

    8.1

    7.6

    6.9

    6.5

    6.5

    6.5

    Nominal wage growth

    7.2

    6.2

    11.7

    7.5

    11.9

    8.5

    7.0

    Consolidated General Government 1/

    (Percent of GDP, unless otherwise indicated)

    Total revenue

    37.3

    37.7

    37.6

    37.2

    38.5

    38.6

    38.7

    Total expenditure

    37.7

    41.4

    43.2

    40.9

    42.0

    42.0

    41.4

    Basic fiscal balance

    -0.4

    -3.7

    -5.5

    -3.7

    -3.5

    -3.4

    -2.7

    ESA fiscal balance

    -0.5

    -4.4

    -7.2

    -4.6

    -2.2

    -2.9

    -2.7

    General government gross debt

    36.7

    42.7

    44.4

    41.8

    43.6

    44.7

    44.8

    Money and Credit

    Credit to private sector (annual percentage change)

    -2.3

    -4.4

    11.9

    7.1

    5.1

    …

    …

    Broad money (annual percentage change)

    8.0

    13.1

    9.2

    5.1

    2.7

    …

    …

    Balance of Payments

    		              

    Current account balance

    -0.6

    2.9

    -3.9

    -4.8

    -4.0

    -3.7

    -3.5

    Trade balance (goods)

    -8.6

    -5.1

    -8.3

    -10.7

    -9.3

    -8.8

    -8.8

    Gross external debt

    117.1

    122.1

    110.5

    102.3

    98.5

    94.9

    86.6

    Net external debt 2/

    18.1

    13.6

    10.3

    8.1

    7.5

    10.7

    13.5

    Exchange Rates

    		              

    U.S. dollar per euro (period average)

    1.12

    1.14

    1.18

    1.05

    1.08

    …

    …

    REER (period average; CPI based, 2005=100)

    123.0

    124.5

    125.0

    129.7

    136.8

    …

    …

    Terms of trade (annual percentage change)

    0.9

    1.8

    -1.6

    -0.6

    3.6

    -0.1

    0.9

    Sources: Latvian authorities; Eurostat; and IMF staff calculations.

    1/ National definition. Includes economy-wide EU grants in revenue and expenditure.

    2/ Gross external debt minus gross external assets.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/05/pr-24319-latvia-imf-executive-board-concludes-2024-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: BTCC Exchange Kicks Off Global Ambassador Program Offering Exciting Incentives

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, Sept. 23, 2024 (GLOBE NEWSWIRE) — BTCC Exchange, a leader in cryptocurrency trading, is excited to announce the launch of its Ambassador Program. This global initiative invites crypto enthusiasts and influencers worldwide to become advocates for BTCC, helping to drive its mission and expand its reach.

    The Ambassador Program is open to a wide range of crypto enthusiasts and includes four categories:

    • BTCC Citizen: Every like, share, and comment from Citizens strengthens BTCC’s online presence. Be a vital part of spreading the word and building the BTCC community.
    • BTCC Creator: Lead the way forward by promoting BTCC through original content creation. Share how-to guides, reviews, and tutorials across social media platforms to help others discover the benefits of BTCC.
    • BTCC Champion: Showcase trading strategies and highlight BTCC Exchange’s key features on social media. Take pride in being a trusted voice within the crypto space.
    • BTCC Connector: Organize local offline events and represent BTCC within regions. Be the bridge between BTCC and the community, bringing people together in the crypto space.

    Interested individuals can apply to multiple categories that fit their skills and experience. Ambassadors will enjoy tailored incentives based on their role and fanbase size on social media, with incentives including exclusive branded merchandise, tickets to global crypto events, and more.

    Creators, in particular, have the potential to earn between $2,000 and $20,000 monthly by promoting BTCC on platforms like YouTube and TikTok. Creators can share engaging content such as how-to guides, tutorials, and exchange reviews, in both long and short video formats. Those who stand out will unlock additional benefits, including higher commission rates and exclusive NFTs.

    BTCC has previously collaborated with notable crypto personalities such as Connor Kenny, Traders Reality, Crypto League, Crypto Vlog, Ben Crypto, and Crypto Skillet, strengthening its presence in the global crypto community.

    Interested parties who want to be part of this exciting mission can apply by filling out the Google Form under “Become A BTCC Ambassador” via this link.

    About BTCC

    Founded in 2011, BTCC has established itself as a prominent player in the cryptocurrency industry with a strong focus on security. The exchange regularly introduces new features to meet the evolving needs of its global traders.

    Website: https://www.btcc.com/en-US

    X: https://x.com/BTCCexchange

    Contact: press@btcc.com

    The MIL Network –

  • MIL-OSI: EfTEN REAL ESTATE FUND AS NOTICE CALLING THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

    Source: GlobeNewswire (MIL-OSI)

    The Management Board of EfTEN Real Estate Fund AS (registry code 12864036; seat Tallinn, A. Lauteri 5) calls the extraordinary general meeting of shareholders on 16 October 2024 at 15:00.

    Venue of the general meeting: Radisson Collection Hotel second floor conference centre hall “Tallinn”, address Tallinn, Rävala 3.

    The registration of participants of the general meeting starts at 14:00 on 16 October 2024 at the venue of the meeting. The registration ends at 15:00. If possible, we request that all shareholders arrive in time considering the time required to register the participants of the meeting.
    The list of shareholders who shall be entitled to participate in the extraordinary general meeting shall be fixed seven days prior to the date of the general meeting, i.e., on 09 October 2024 as at the end of the working day of the registrar of the settlement system of the fund’s securities.

    The shareholders may also participate by appointing a representative or vote prior to the meeting on the items on the agenda of the general meeting by using electronic means. There will be no video transmission of the general meeting.
    When appointing a representative, we recommend you to appoint Viljar Arakas, a member of the Management Board of the fund, whom you can give precise instructions to vote on your behalf on each agenda item. In case a shareholder wishes to use the template of power of attorney upon appointment of a representative, the respective template is available on the webpage of the fund https://eref.ee/investorile/uldkoosolekud/.  

    Electronic voting of draft resolutions
    Shareholders may vote electronically on the items on the agenda before the general meeting is held in accordance with the following procedure:

    1. The electronic vote must be sent to the address koosolek@eften.ee not later than on 15 October at 16:00 (Estonian time). The shareholder has the right to change or cancel the vote given or submit objections not later than indicated in the previous sentence.
    2. The shareholder’s vote must be given on the respective form available on the fund’s website https://eref.ee/investorile/uldkoosolekud/ and must be digitally signed. In case several correctly filled and signed voting ballots are submitted on behalf of one shareholder, only the latest received voting ballot shall be considered valid, and all previous voting ballots of that shareholder shall be considered invalid. In case the shareholder has submitted the voting ballot, but also attends the general meeting in person, all the voting ballots submitted by the shareholder before the general meeting shall be considered invalid.
    3. In case the shareholder is represented at the general meeting by a representative, a digitally signed power of attorney certifying the right of representation must be submitted to the e-mail address koosolek@eften.ee together with the electronic vote or before submitting the electronic vote.
    4. Shareholders who have voted no later than 15 October 2024 at 16.00 (Estonian time) shall be deemed to have taken part in the general meeting and the votes represented by the shareholders’ shares shall be accounted as part of the quorum of the general meeting, unless otherwise provided by law.

    Pursuant to the resolution of the Supervisory Board of EfTEN Real Estate Fund AS, the extraordinary general meeting will have the following agenda together with proposals of the Supervisory Board to the shareholders:

    Item 1: Management Board’s overview of the fund’s business activities of this year
    The Management Board shall provide an overview of the fund’s business activities of this year. The item is for informational purposes only.

    Item 2: Increase of share capital and listing of new shares on the Main List of Nasdaq Tallinn Stock Exchange
    To ensure the ongoing development and future investments of the fund, the fund plans to carry out an additional share issue in the amount of up to 30,000,000 euros. According to clause 6.11 of the fund’s Articles of Association, the general meeting has the right to delegate the increase of the share capital to the competence of the Supervisory Board.
    Proposal of the Supervisory Board:
    2.1. To delegate to the competence of the Supervisory Board, the decision on the increase of share capital for a six-month period following this general meeting, considering that the total volume of the additional capital to be raised will not exceed 30,000,0000 euros and the existing shareholders shall retain the pre-emptive right to subscribe for the new shares.
    2.2. To apply for the listing and admission to trading of all newly issued shares on the Main List of Nasdaq Tallinn Stock Exchange, and to authorise the Supervisory Board and the Management Board of the fund to carry out all activities and conclude all agreements necessary for this purpose.

    Additional organisational information:
    Documents related to the general meeting, including the approved annual report of the previous financial year, drafts of the board’s decisions and any other information subject to the statutory disclosure requirement are available for examination on the webpage of the fund www.eref.ee and until the date (incl.) of the general meeting, at the premises of the fund (address A. Lauteri 5, 10114 Tallinn, 3rd floor) on working days from 09:00 until 16:00.
    Questions with respect to the matters on the agenda of the general meeting can be submitted via e-mail address: koosolek@eften.ee or by mail to the address of the fund (Tallinn 10114, A. Lauteri 5) or via phone by calling + 372 655 9515. Questions, answers, shareholders’ proposals with respect to the matters on the agenda and the minutes of the general meeting shall be published on the webpage of EfTEN Real Estate Fund AS www.eref.ee.

    We request to submit the following to register the participants of the general meeting:
    – in case of a shareholder who is a natural person, an identity document. A representative of a shareholder shall also present a power of attorney in written form.
    – in case of a shareholder who is a legal person, an extract from the registry where the legal person is registered, which proves the authorisation of the representative to represent the legal person (right of representation arising from law) and an identity document of the representative. In case the representative is not a legal representative of the legal person, a valid power of attorney shall also be required. Where required by applicable law, documents pertaining to a legal person registered in a foreign country are requested to be legalized or duly apostilled. Documents in foreign language are requested to be accompanied by a translation into Estonian by a sworn translator.

    At the general meeting, a shareholder is entitled to receive information from the Management Board on the activities of the fund. The Management Board may decide to withhold information if there is a reason to believe that the disclosure of information may cause significant damage to the interests of the public limited company. If the Management Board refuses to disclose information, the shareholder may demand from the general meeting to adopt a resolution regarding the lawfulness of the information request or to file, within two weeks, a petition to a court by way of proceedings on petition in order to obligate the Management Board to give information.

    The shareholders whose shares represent at least 1/20 of the share capital may request for additional items to be included on the agenda of the general meeting, if the respective request is submitted in writing at least 15 days prior to the general meeting to the address EfTEN Real Estate Fund AS, A. Lauteri 5, 10114 Tallinn.
    The shareholders whose shares represent at least 1/20 of the share capital may present a draft resolution in respect of each item on the agenda in writing no later than three days prior to the general meeting to the address EfTEN Real Estate Fund AS, A. Lauteri 5, 10114 Tallinn.

    Prior to the general meeting, the shareholder may notify of the appointment of a representative or the revocation of the representative’s authority by sending a digitally signed notice to the e-mail address koosolek@eften.ee or by delivering the signed documents in person on working days between 09:00 to 16:00 to EfTEN Real Estate Fund AS at A. Lauteri 5, 10114 Tallinn at the latest by 15.10.2024 (Estonian time).  In case a shareholder wishes to use the template of power of attorney upon appointment of a representative, the respective template is available on the webpage of EfTEN Real Estate Fund S https://eref.ee/investorile/uldkoosolekud/.  

    Viljar Arakas
    Member of the Management Board
    Tel: 655 9515
    E-mail: viljar.arakas@eften.ee

    The MIL Network –

  • MIL-OSI Submissions: Tech Security – Study: Global online privacy and cybersecurity awareness continues to decline

    Source: NordVPN

    The most cybersecurity-aware country this year is Singapore.
    People ages 30-54 have the best cybersecurity skills.
    Only 6% of people globally know what privacy issues to consider when using AI for work.

    The world’s online privacy and cybersecurity awareness continues to decline, according to new research by the cybersecurity company NordVPN. Based on 31 analyzed markets with the highest numbers of responses, people globally knew best how to create strong passwords (96%), and they were worst with questions related to privacy issues that go hand in hand with AI usage for work (52%).  

    The annual National Privacy Test (NPT) is a global survey aimed to evaluate people’s cybersecurity, online privacy awareness, and educate the general public about cyber threats and the importance of data and information security in the digital age. It gathered 25,567 responses from 181 countries this year.

    “As the digital threat landscape evolves faster than ever, it is important that internet users understand the significance of safeguarding their personal information. The National Privacy Test takes the responsibility to educate people globally about cyber threats and equip them with essential tips to protect against fraud, data harvesting, surveillance, and other online dangers,” says Marijus Briedis, chief technology officer (CTO) at NordVPN.

    These countries rank in the top three for internet privacy and cybersecurity awareness:

    Singapore (62/100)
    Finland and Lithuania (61/100)
    Germany and the United States (60/100)

    Compared to 2023, less people understand the security benefits of updating apps

    The results of the test showed that people globally are also good at dealing with suspicious streaming service offers (95%), and they know which permissions to grant to different apps (91%).

    On the other hand, people globally also did not know what data ISPs collect as part of the metadata (13%), or how to secure their home Wi-Fi network (16%), most likely considering it safe by default.

    Among all respondents, 1% are Cyber Wanderers (barely know anything about internet privacy and cybersecurity), while the biggest proportion (66%) scored 50-74 points and were identified as Cyber Adventurers.

    Compared to 2023, less people understand the security benefits of updating apps as soon as the update is available. While in 2023, 69% said they update an app as soon as an update is available, this year, it’s 56%.

    Steps to increase online security and privacy

    Marijus Briedis from NordVPN shares a series of steps people can take to enhance their online privacy and security:

    Create unique and strong passwords. Use unique and robust passwords for each of your online accounts.
    Enable multi-factor authentication (MFA). Strengthen your account security by enabling multi-factor authentication.
    Keep your software up to date. Regularly update your software, operating systems, and applications.
    Use a virtual private network (VPN). Always use a VPN to encrypt your internet connection, safeguarding your personal information from potential eavesdroppers.
    Review privacy settings. Regularly review and adjust privacy settings on social media platforms, mobile apps, and other online services.

    Methodology can be found here: https://nordvpn.com/blog/national-privacy-test-us-2024/

    ABOUT NORDVPN

    NordVPN is the world’s most advanced VPN service provider, chosen by millions of internet users worldwide. The service offers features such as dedicated IP, Double VPN, and Onion Over VPN servers, which help to boost your online privacy with zero tracking. One of NordVPN’s key features is Threat Protection Pro, a tool that blocks malicious websites, trackers, and ads and scans downloads for malware. The latest creation of Nord Security, NordVPN’s parent company, is Saily — a global eSIM service. NordVPN is known for being user friendly and can offer some of the best prices on the market. This VPN provider has over 6,400 servers covering 111 countries worldwide. For more information, visit  https://nordvpn.com.

    MIL OSI – Submitted News –

  • MIL-OSI Europe: Briefing – Partial payments under the Recovery and Resilience Facility: An overview – 23-09-2024

    Source: European Parliament

    Implementation of the Recovery and Resilience Facility (RRF), which began in 2021, will go on until the end of 2026. In 2024, the fourth year, this implementation is well under way, although with some differences having emerged across EU Member States. In August 2024, disbursements had reached €170.8 billion in grants and €94.6 billion in loans, or 41 % of the total RRF funding available. With the exception of pre-financing, the condition for disbursing RRF funds to Member States is the successful achievement of pre-defined milestones and targets, or qualitative and quantitative steps. They are laid out in the annexes to the Council implementing decisions endorsing the individual national recovery and resilience plans, and linked to each payment request. The RRF Regulation envisages the possibility of suspending all or part of the financial contribution available to Member States if milestones and targets have not been satisfactorily achieved. At an early stage of RRF implementation, both the European Court of Auditors and the European Parliament urged the European Commission to develop a methodology that would allow the impact of not meeting a milestone or target to be quantified. In February 2023, the Commission delivered on that request and published a methodology for partial suspension of payments. As a result, the Commission has been able to proceed with partial payments to Member States corresponding to what they have achieved, despite the non-fulfilment (or partial fulfilment) of one or more milestones or targets linked to a given request. This has helped keep RRF implementation on track. The suspension payment methodology has already been applied in several instances. The first country to be subject to it was Lithuania, followed by Romania, Portugal, Italy, Spain and Belgium. In 2023, a total of €841 million was withheld (0.13 % of all RRF funds). While Member States have generally welcomed the methodology, it is still perceived as lacking in clarity and raises questions, not least as to the discretion it affords the Commission in defining the amounts to be suspended.

    MIL OSI Europe News –

  • MIL-OSI Europe: Commission proposes €120 million support to farmers affected by adverse weather events in Bulgaria, Germany, Estonia, Italy and Romania

    Source: European Commission

    European Commission Press release Brussels, 23 Sep 2024 Today, the Commission proposed to allocate €119,7 million from the agricultural reserve to directly support farmers from Bulgaria, Germany, Estonia, Italy and Romania who have been impacted by exceptional adverse climatic events in Spring and early Summer.

    MIL OSI Europe News –

  • MIL-OSI Canada: Minister Joly and Parliamentary Secretary Oliphant to attend UN General Assembly High-Level Week

    Source: Government of Canada News (2)

    The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced that she will join Prime Minister Justin Trudeau as part of Canada’s delegation to the 79th session of the United Nations General Assembly (UNGA) High-Level Week in New York City, New York. Rob Oliphant, Parliamentary Secretary to the Minister of Foreign Affairs, will also travel to New York as part of Canada’s delegation.

    September 23, 2024 – Ottawa, Ontario – Global Affairs Canada

    The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced that she will join Prime Minister Justin Trudeau as part of Canada’s delegation to the 79th session of the United Nations General Assembly (UNGA) High-Level Week in New York City, New York. Rob Oliphant, Parliamentary Secretary to the Minister of Foreign Affairs, will also travel to New York as part of Canada’s delegation.

    During the UNGA High-Level Week, Minister Joly will co-host a high-level panel discussion on the subject of media freedom and present the 2024 Canada-United Kingdom Media Freedom Award with Lord Collins of Highbury, the United Kingdom’s Parliamentary Under-Secretary of State of the Foreign, Commonwealth and Development Office. This event reflects Canada’s enduring commitment to support free and independent journalism.

    Minister Joly will also participate in a leader-level meeting of the UN Ad Hoc Advisory Group on Haiti, co-hosted by Prime Minister Trudeau and Garry Conille, Prime Minister of Haiti, which will focus on the urgent need for Haitian-led solutions in response to the ongoing crisis there. This event will also offer a unique opportunity to mobilize the international community’s support for the Haitian government’s priorities for the transition.

    The Minister will also co-host a high-level event with representatives of Ukraine and Estonia that will underscore the urgent need to restore the rights of children worldwide and enhance child protection, including addressing the unlawful deportation and forced transfer of Ukrainian children to Russia. She will highlight Canada’s ongoing efforts to support the repatriation of Ukrainian children and Canada’s unwavering support for Ukraine’s sovereignty in the face of Russian aggression.

    Minister Joly will deliver Canada’s national statement to the United Nations General Assembly, where she will emphasize Canada’s continued commitment to promoting multilateral cooperation, human rights, democracy and the rule of law.

    While in New York City, Minister Joly will attend a series of events that will focus on advancing gender equality and fostering the equal and meaningful participation of women in decision-making processes, including an event on the margins of the UNGA High-Level Week that will be attended by women leaders from around the world. The Minister will also participate in an event on securing reproductive choice for women and girls.

    Minister Joly will also meet with numerous partners and allies, including G7 foreign ministers and other senior officials from around the world. Their exchanges will focus on pressing global issues, including the situation in Gaza and the broader Middle East region and Russia’s continuing aggression against Ukraine. Minister Joly will also emphasize the continued importance of strengthening the rules-based international order and protecting human rights and gender equality.

    While in New York City, Parliamentary Secretary Oliphant will attend a discussion focused on promoting the rights of women and girls during the Summit of the Future Action Days and will participate in a Commonwealth Ministerial Action Group meeting to discuss key issues related to democracy and human rights in the Commonwealth, including in Bangladesh and Gabon. His discussions during the meeting will help to advance the agenda for the Commonwealth Heads of Government Meeting that will take place in Samoa in October 2024.

    MIL OSI Canada News –

  • MIL-OSI Translation: Minister Joly and Parliamentary Secretary Oliphant to Participate in United Nations General Assembly High-Level Week

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French

    The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced that she will be part of the Canadian delegation, alongside Prime Minister Justin Trudeau, to the 79th session of the United Nations General Assembly (UNGA) High-Level Week in New York. Rob Oliphant, Parliamentary Secretary to the Minister of Foreign Affairs, will also travel to New York as part of the Canadian delegation.

    September 23, 2024 – Ottawa, Ontario – Global Affairs Canada

    The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced that she will join Prime Minister Justin Trudeau as part of the Canadian delegation to the 79th session of the United Nations General Assembly (UNGA) High-Level Week in New York. Rob Oliphant, Parliamentary Secretary to the Minister of Foreign Affairs, will also travel to New York as part of the Canadian delegation.

    During the 79th session of the General Assembly, Minister Joly will co-chair a high-level panel discussion on press freedom and present the 2024 Canada–United Kingdom Press Freedom Award, along with the United Kingdom’s Parliamentary Under-Secretary of State for Foreign, Commonwealth and Development Affairs, Lord Collins of Highbury. This event demonstrates Canada’s enduring commitment to supporting free and independent journalism.

    Minister Joly will also participate in a meeting of the leaders of the United Nations Ad Hoc Advisory Group on Haiti, co-chaired by Prime Minister Justin Trudeau and the Prime Minister of Haiti, Garry Conille. The meeting will focus on the urgent need for solutions that are being put forward by the Haitian people in response to the current crisis in the country. This event will also provide a unique opportunity to mobilize international support for the Haitian government’s priorities for the transition.

    The Minister will also co-host another high-level event with representatives from Ukraine and Estonia, which will highlight the urgent need to restore children’s rights around the world and improve child protection, including by addressing the illegal deportation and forcible transfer of Ukrainian children to Russia. The Minister will highlight Canada’s ongoing efforts to support the repatriation of Ukrainian children and Canada’s steadfast support for Ukraine’s sovereignty in the face of Russian aggression.

    Minister Joly will deliver Canada’s national statement to the General Assembly, during which she will highlight Canada’s unwavering commitment to promoting multilateral cooperation, human rights, democracy and the rule of law.

    While in New York, Minister Joly will participate in a series of events aimed at advancing gender equality and promoting women’s equal and meaningful participation in decision-making, including an event on the sidelines of the UNGA High-Level Week, which will feature women leaders from around the world. The Minister will also participate in an event aimed at ensuring reproductive choice for women and girls.

    In addition, Minister Joly will meet with numerous partners and allies, including G7 foreign ministers and other senior officials from around the world. Their discussions will focus on pressing global issues, including the situation in Gaza and the broader Middle East, as well as Russia’s continued aggression against Ukraine. During these meetings, Minister Joly will also emphasize the importance of strengthening the rules-based international order and protecting human rights and gender equality.

    In New York, Parliamentary Secretary Oliphant will attend a discussion on advancing the rights of women and girls as part of the Future Summit Action Days and participate in a meeting of the Commonwealth Ministerial Action Group to discuss key issues related to democracy and human rights in the Commonwealth, including in Bangladesh and Gabon. Discussions at the meeting will help advance the agenda for the Commonwealth Heads of Government Meeting in Samoa in October 2024.

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

    MIL Translation OSI

  • MIL-OSI Security: Defense News: U.S. Navy EOD advances exMCM capabilities with Allies and partners at Exercise Sea Breeze 2024

    Source: United States Navy

    VARNA, Bulgaria – Explosive Ordnance Disposal Mobile Unit (EODMU) 8 and Mobile Diving and Salvage Company (MDS) 2-3 operated alongside NATO allies and partners at Exercise Sea 24-3, Sept. 9-20, 2024. This collaborative exercise aims to address the current maritime mine threat, collective demining capabilities, and effective means of enhancing Black Sea regional maritime security.

    In its 23rd iteration, Sea Breeze is an annual, multinational maritime exercise, originally co-hosted by Ukraine and U.S. 6th Fleet to enhance interoperability and capabilities among participating forces.

    For Sea Breeze 24.3, U.S. 6th Fleet led the pre-planning and coordinated logistics, and EODMU 8, a subordinate command of Commander Task Force (CTF) 68 headquartered in Rota, Spain, led the planning and execution, sharing extensive expeditionary mine countermeasure (exMCM) knowledge and capabilities with NATO allies and partners. Countries participating, observing, or mentoring during Sea Breeze 24-3 included Bulgaria, Denmark, Estonia, France, Georgia, Japan, Norway, Romania, Sweden, Türkiye, Ukraine, and U.S.

    U.S. Navy expeditionary forces such as EODMU 8 have had a consistent presence in the Black Sea and have a longstanding history of training alongside partner nations on tactics, techniques, and procedures for mine threat operations in order to enhance our shared lethality and support freedom of navigation.

    “EOD Mobile Unit 8 operates consistently with outstanding professionalism, and every member of the Thunderstealer team plays a critical role in ensuring mission success,” said Cmdr. John Kennedy, commander, EOD Mobile Unit 8. “Exercises like Sea Breeze allow us to share our knowledge, techniques, and best practices with our NATO Allies and partners for enhanced agility and interoperability in future mine countermeasure operations and demining the Black Sea.”

    Since Russia invaded Ukraine in February 2022, Allied and partner nations have counter charged over 100 floating mines. As this threat increases, EOD forces have a responsibility to prepare for a large-scale post-conflict demining effort.

    “Our goal for this year’s Sea Breeze is to improve freedom of navigation in the Black Sea region for the security and stability of the Black Sea nations,” said Vice Adm. Thomas Ishee, commander, U.S. 6th Fleet. “We’ll do this through continued training and by enhancing interoperability to counter the floating mine threat in the Black Sea.”

    The mines in the Black Sea region pose a significant danger to civilian ships, disrupt exports, and threaten freedom of navigation.

    “Due to the ongoing Russia-Ukraine conflict, there is currently a mine concern in international waters, and our job is to mitigate that,” said Kennedy. “We’ve shown our standards to our partners and allies, we’ve practiced our techniques shoulder-to-shoulder, and that builds confidence when we are called to mitigate explosive threats in the Black Sea. Our support to Ukraine has never been stronger.”

    In response to the current mine threat, NATO members Bulgaria, Romania, and Türkiye joined forces to tackle this issue through the Mine Countermeasures Task Group Black Sea (MCM Black Sea).

    Collaboration between NATO members in support of MCM Task Group Black Sea underscores the importance of collective security efforts to restore safety and stability in the region.

    Multinational exercises like Sea Breeze are a tangible representation of the agility and cooperation made possible through partnership in the dynamic security environment of the Black Sea.

    “The greatest value we’ve gained from Sea Breeze is an understanding how each unit of action operates, and then learning to operate together in order to be the most lethal combined force in a future conflict,” said Lt. Jon Miller, EOD company commander, EODMU 8. “We’re able to enhance the tactics, techniques, and procedures of all participating units at the exercise, and then flex those capabilities in the event of real-world operations.”

    Mobile Diving and Salvage Unit (MDSU) 2, a subordinate command of EODGRU 2, is also participating in Sea Breeze 24-3, with a focus on diving and salvage training. MDS Company 2-3, currently deployed to U.S. 6th Fleet, trained alongside partners and Allies from Ukraine and Romania on surface supplied diving, underwater cutting and welding, and other skills to enhance harbor clearance and battle damage repair capabilities.

    “Operating and exchanging knowledge on battle damage repair in this area of operations is our unit’s first opportunity to train the techniques and capabilities in a region with real world implications,” said Chief Navy Diver Michael Christensen, company master diver, MDSU 2. “We are in the Black Sea, doing this with the Ukrainian salvage divers, and their military is currently engaged in conflict. After Sea Breeze, they can return to the fight and utilize these skills for harbor clearance.”

    Navy EOD is the only community with mine warfare as a core competency, and our capabilities directly support deterrence of aggression, promote freedom of navigation and stability, and contribute directly to the fight for sea control. Our unique ability to conduct explosive ordnance disposal operations and clear hazards underwater make Navy EOD crucial in a future fight for sea control – protecting our own and our partners’ bases, harbors and sea lanes, sea transport capabilities, mobility and combat strength.

    CTF 68 provides explosive ordnance disposal operations, naval construction, expeditionary security, and theater security efforts in the 6th Fleet area of responsibility.

    EODGRU 2 operates as part of Navy Expeditionary Combat Command and provides skilled, capable, and combat-ready deployable Navy EOD and Navy Diver forces around the globe to support a range of operations.

    Details of Sea Breeze 2024 activities and imagery are available at http://www.c6f.navy.mil and https://www.dvidshub.net/feature/seabreeze24.

    For the full collection of photos of EODGRU2 operating at Sea Breeze 2024, and news about U.S. Navy EOD, visit https://www.dvidshub.net/unit/EODG-2.

    MIL Security OSI –

  • MIL-OSI United Nations: 4th Forum of Mayors to convene global Cities Summit of the Future

    Source: United Nations Economic Commission for Europe

    Cities are on the front lines of addressing humanity’s most pressing challenges, from climate change to migration as well as natural disasters and socioeconomic inequalities.  

    City leaders from across the globe will convene for the 4th Forum of Mayors (Geneva, 30 September – 1 October) to discuss the implications for local governments of the Pact for the Future, which will be agreed upon by UN Member States at the United Nations Summit of the Future (New York, 22-23 September). 

    At the Forum of Mayors, cities will collaboratively draft an Outcome Statement on the Future of Cities.  

    This statement will emphasize the vital role of cities and local actors in driving a sustainable and brighter future for all. It will then be transmitted to the Secretary General of the United Nations as a contribution to strengthening the engagement of local and regional governments in UN intergovernmental bodies and processes. 

    As a unique platform within the United Nations system, the Forum of Mayors connects local and national authorities within a normative intergovernmental framework, contributing to a more networked and inclusive multilateralism.  

    The Forum will be chaired by Ms. Danela Arsovska, Mayor of Skopje (North Macedonia), with Vice-Chairpersons Mr. Ricardo Rio, Mayor of Braga (Portugal), Ms. Susan Aitken, City Leader of Glasgow Council (United Kingdom) and Mr. Sami Kanaan, Deputy Mayor of Geneva (Switzerland). The keynote address will be delivered by renowned architect Lord Norman Foster. 

    Leaders from a diverse range of cities across the pan-European region and North America will participate, including mayors and deputy mayors from Tirana (Albania), Gyumri (Armenia), Vienna (Austria), Ganja (Azerbaijan), Quebec (Canada), Osijek (Croatia), Nicosia (Cyprus), Ostrava (Czech Republic),  Tallinn  (Estonia), Turku (Finland), Strasbourg Eurometropolis (France), Heidelberg (Germany), Athens (Greece), Debrecen (Hungary), Bat Yam (Israel),  Valmiera (Latvia),  Balzan (Malta), Podgorica (Montenegro), Utrecht (Netherlands),  Łódź (Poland), Mafra (Portugal), Bucharest (Romania),  Novo Mesto (Slovenia), Dushanbe (Tajikistan), Konya (Türkiye), Ashgabat (Turkmenistan), Mykolaiv (Ukraine), London (United Kingdom of Great Britain and Northern Ireland), New Orleans (United States of America). Additional Mayors are expected to confirm their participation. 

    Additionally, through collaboration with other Regional Economic Commissions (ESCWA, ECLAC, ECA, ESCAP) and the Global Cities Hub, and in recognition of the global connections between urban areas and the opportunities they present for learning, partnerships, and exchange, the Forum will also unite Mayors from the UNECE region with their counterparts from cities such as Buenos Aires (Argentina), Ifangni (Benin), San Jose (Costa Rica), Pichincha (Ecuador), Irbid (Jordan), Klang (Malaysia), Turbat Kech (Pakistan), Dakar (Senegal), Freetown (Sierra Leone), Lusaka (Zambia), Rabat (Morocco). 

    The Forum will also feature a rich programme of side events, tackling key issues such as the underrepresentation of women in local government leadership, urban peace dialogues, cities’ solutions to the triple planetary crisis, and cities’ experiences with Voluntary Local Reviews of SDGs progress. 

    More information on the Forum is available at https://forumofmayors.unece.org/. 

    MIL OSI United Nations News –

  • MIL-OSI: Notice on Convening an Extraordinary General Meeting of Shareholders of AB Amber Grid

    Source: GlobeNewswire (MIL-OSI)

    On the initiative and by decision of the Board of AB Amber Grid (legal entity code 303090867, registered office address Laisvės av. 10, LT-04215 Vilnius, Lithuania), the Extraordinary General Meeting of Shareholders of AB Amber Grid is convened at the Company’s registered office (address Laisvės av. 10, Vilnius) on 18 October 2024 at 10:00 am.

    Draft Agenda of the Meeting:

    1) Approval of the conclusion of the Humanitarian Aid Contract

    Shareholder registration will commence at 9.15 a.m., 18 October 2024.
    Shareholder registration will be closed at 9.45 a.m., 18 October 2024.

    Record day of the General Meeting of Shareholders: October 11, 2024. Attendance and voting at the General Meeting of Shareholders shall be open to those persons who will be shareholders of the Company at the end of the record day of the General Meeting of Shareholders.
    A person attending the General Meeting of Shareholders and entitled to vote must provide a proof of identity. A person who is not a shareholder shall, in addition to the aforementioned document, provide a document confirming his/her right to vote at the General Meeting.
    Participation and voting at the General Meeting of Shareholders by electronic means shall not be possible.

    On 26 September, 2024, the Board of the Company approved the agenda of the General Meeting of Shareholders and the draft decision of the Meeting:

    1) Approval of the conclusion of the Humanitarian Aid Contract

    Proposed draft resolution:

    “1.1. In accordance with the procedure laid down in Article 11(21) of the Law on Development Cooperation and Humanitarian Aid of the Republic of Lithuania, upon the recommendation of the Ministry of Foreign Affairs of the Republic of Lithuania and the approval of the Ministry of Energy of the Republic of Lithuania, to enter into a Humanitarian Aid Contract with the Ukrainian company KHMELNYTSKOBLENERGO and to approve the following main terms of the Humanitarian Aid Contract:
    1.1.1. The subject matter of the Contract is humanitarian assistance to Ukraine’s energy sector. The humanitarian aid shall be provided through the transfer of 4 generators and 46 vehicles with a balance sheet value of EUR 60 285,53;
    1.1.2. The parties to the Contract shall be Amber Grid AB and the Ukrainian company KHMELNYTSKOBLENERGO;
    1.1.3. The purpose of humanitarian aid is the operation of energy infrastructure in wartime to meet the basic needs of people in wartime.
    1.2 To authorise the Chief Executive Officer of the Company (with the right to sub-delegate) to sign the Humanitarian Aid Contract in accordance with the material terms and conditions of the Contract as set out in Clause 1.1, and to agree the other (non-material) terms and conditions of the Contract on behalf of the Company.”.
    The Company’s shareholders may access the draft decisions of the General Meeting of Shareholders and other additional materials related to the General Meeting of Shareholders and the exercise of shareholders’ rights at the Central Regulated Information Database at www.crib.lt and on the Company’s website www.ambergrid.lt.

    The shareholders of Amber Grid AB, whose shares carry at least 1/20 of the total number of votes, shall have the right to supplement the agenda of the General Meeting of Shareholders. The proposal to supplement the agenda shall be submitted in writing by registered mail or delivered to the Company’s registered office at Laisvės av. 10, LT-04215 Vilnius (hereinafter referred to as the “Headquarters”). The proposal shall be accompanied by draft decisions on the proposed items or, where no decisions are required, explanations on each proposed item on the agenda of the General Meeting of Shareholders. The agenda shall be supplemented if the proposal is received by 4 October, 2024 at the latest.

    Shareholders holding shares representing at least 1/20 of the total votes shall have the right to propose new draft decisions in writing on the items on the agenda of the meeting at any time before or during the General Meeting of Shareholders. Such proposal shall be in writing and submitted to the Company by registered mail or delivered to the Headquarters. A proposal made at the meeting shall be registered in writing and forwarded to the Secretary of the General Meeting of Shareholders.

    Shareholders shall have the right to submit to the Company questions relating to the agenda of the General Meeting of Shareholders to be held October 18, 2024 in advance, no later than by 15 October, 2024. Questions shall be in writing and shall be submitted to the Company by registered mail or delivered to the Headquarters. The Company will not provide an answer to a question submitted by a shareholder in person if the relevant information is available on the Company’s website.

    Each shareholder shall have the right to authorise a natural or a legal person to attend and vote on his/her behalf at a General Meeting of Shareholders. The authorized person shall have an identity document and a power of attorney certified in accordance with the procedure established by laws, which shall be delivered to the Headquarters no later than by the close of registration for the General Meeting of Shareholders. The authorized person shall have the same rights at the General Meeting of Shareholders as the shareholder he/she represents. The form of a power of attorney for representation at the General Meeting of Shareholders is available on the Company’s website at www.ambergrid.lt.

    Shareholders may vote on the items on the agenda of the General Meeting of Shareholders in writing by completing a general ballot paper. If a shareholder so requests, the Company shall send the general ballot paper form by registered mail or deliver it in person against signature free of charge no later than 10 days before the General Meeting of Shareholders. The completed general ballot paper shall be signed by the shareholder or his/her authorised representative. If the completed general ballot paper has been signed by a person who is not a shareholder, the completed ballot paper shall be accompanied by a document confirming the right to vote. The duly completed general ballot paper shall be submitted to the Company by registered mail or delivered against signature at the Headquarters not later than the close of shareholder registration for the General Meeting of Shareholders. The form of the general ballot paper is available on the Company’s website at www.ambergrid.lt.

    The total number of shares at the date of convening of the meeting was 178 382 514. All these shares carry voting rights.

    The information provided for in Article 26 (2) of the Law on Companies of the Republic of Lithuania will be available on the Company’s website at www.ambergrid.lt.

    Information on supplements to the agenda and on the decisions adopted by the meeting will also be available on the Central Regulated Information Database www.crib.lt.

    Annexes:
    1. Voting ballot of AB Amber Grid;
    2. Form of the power of attorney of AB Amber Grid;
    3. Press release.

    More information:
    Laura Šebekienė, Head of Communications of AB Amber Grid,
    +370 699 61 246, l.sebekiene@ambergrid.lt

    Attachments

    The MIL Network –

  • MIL-OSI Security: Former Connecticut-Based Energy Trader Convicted of International Bribery Scheme

    Source: United States Attorneys General

    A federal jury in Bridgeport, Connecticut, convicted a former oil and gas trader today for his role in a nearly eight-year long scheme to bribe Brazilian government officials and to launder money to secure business for two Connecticut-based commodities trading companies.

    According to court documents and evidence presented at trial, Glenn Oztemel, 65, of Westport, Connecticut, paid bribes to officials of Petróleo Brasileiro S.A. (Petrobras), the Brazilian state-owned oil and gas company, to obtain lucrative contracts for Arcadia Fuels Ltd. (Arcadia) and Freepoint Commodities LLC (Freepoint).

    “Glenn Oztemel paid and laundered more than $1 million in bribes to employees of Brazil’s state-owned oil and gas company to obtain lucrative contracts for his commodities-trading companies in Connecticut,” said Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “Bribing public officials to win business undermines the rule of law and creates unfair competition. Today’s verdict reaffirms the Criminal Division’s commitment to combatting foreign corruption that violates U.S. law.”

    “Bribery and money laundering are well-established federal crimes,” said U.S. Attorney Vanessa Roberts Avery for the District of Connecticut. “This conviction serves as another warning to anyone involved in the financial industry who seeks to gain an unfair advantage and illegally profit, both here in the U.S. and abroad. This office and our law enforcement partners will continue to keep a watchful eye to ensure that representatives from U.S. businesses operating overseas comply with our nation’s laws.”

    “Individuals and companies who collude to thwart free market competition through bribery ultimately erode public trust in the marketplace,” said Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office. “Today’s conviction demonstrates the commitment of the FBI and our partners to investigate anti-competitive behavior and hold accountable those who try to cheat the system for their own benefit and profit.”

    The trial evidence showed that, between 2010 and 2018, Oztemel worked as a senior oil and gas trader — first at Arcadia and then at Freepoint. With the assistance of others, Oztemel paid and caused the payment of bribes to Petrobras officials for their assistance in helping Arcadia and Freepoint to obtain and retain fuel oil contracts with Petrobras and by providing Oztemel and others with confidential information regarding Petrobras’ fuel oil business. Oztemel and his co-conspirators caused Arcadia and Freepoint to make corrupt payments — disguised as purported consulting fees and commissions — to a third party intermediary and agent, Eduardo Innecco, 74, knowing that Innecco would pay a portion of those funds to Brazilian officials, including to Houston-based Petrobras trader Rodrigo Berkowitz.

    To conceal the scheme, Oztemel, Innecco, and their co-conspirators used coded language like “breakfast” and “freight deviation” to refer to the bribes and communicated using personal email accounts, encrypted messaging applications, disposable phones, and fictitious names like “Spencer Kazisnaf” and “Nikita Maksimov.” In total, Oztemel paid more than $1,000,000 in bribes, which were split between Berkowitz and other Petrobras officials in Brazil. The bribe money moved from the trading companies to shell companies around the world controlled by Innecco, who then made payments to a bank account in Uruguay controlled by Berkowitz’s father.

    The jury convicted Oztemel of conspiracy to violate the Foreign Corrupt Practices Act (FCPA), conspiracy to commit money laundering, three counts of violating the FCPA, and two counts of money laundering. He faces a maximum penalty of five years in prison on each of the FCPA and conspiracy to violate the FCPA counts, and a maximum penalty of 20 years in prison on each of the money laundering and money laundering conspiracy counts. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Charges against Oztemel and Innecco were unsealed on Feb. 17, 2023. In a superseding indictment returned on Aug. 29, 2023, both were charged alongside Oztemel’s brother, Gary Oztemel. Gary Oztemel pleaded guilty to money laundering on June 24. In May 2023, Innecco was arrested in France and his extradition to the United States is pending. An indictment is merely an allegation, and Innecco is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    In a related matter, in December 2023, Freepoint admitted to bribing officials in Brazil in violation of the anti-bribery provisions of the FCPA. Freepoint entered into a deferred prosecution agreement with the Criminal Division’s Fraud Section and the U.S. Attorney’s Office for the District of Connecticut. As a part of the resolution, Freepoint agreed to pay more than $98 million in criminal penalties and forfeiture.

    The FBI Los Angeles Field Office’s International Corruption Squad investigated the case. The Justice Department’s Office of International Affairs and authorities in Brazil, Latvia, Switzerland, and Uruguay provided assistance with the investigation.

    Trial Attorneys Allison McGuire and Clayton P. Solomon and Assistant Chief Jonathan P. Robell of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Michael McGarry for the District of Connecticut are prosecuting the case.

    The Criminal Division’s Fraud Section is responsible for investigating and prosecuting FCPA and Foreign Extortion Prevention Act (FEPA) matters. Additional information about the Justice Department’s FCPA and FEPA enforcement efforts can be found at www.justice.gov/criminal/fraud/fcpa.

    MIL Security OSI –

  • MIL-OSI Africa: Africa Finance Corporation partners with Itana for the creation of Africa’s first digital economic zone

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

    NEW YORK, United States of America, September 27, 2024/APO Group/ —

    Itana (http://apo-opa.co/4dnuip1), Nigeria’s first licensed digital economic zone management company, and Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, have agreed to jointly develop the first digital economic zone in Africa designed for global and Pan-African technology, finance and service-based businesses to operate and scale with ease across Africa, unlocking the continent’s digital economy. The formalisation of this partnership took place yesterday in front of global government and business leaders, at the Global Africa Business Initiative (GABI), on the sidelines of the ongoing United Nations General Assembly (UNGA) in New York.

    The Itana Digital Economic Zone in Lagos, Nigeria is intended as an online jurisdiction and to serve as a gateway to build a global business in Nigeria. Through Itana, companies can remotely incorporate and operate their businesses in the Itana zone, with laws, business incentives (tax, immigration & banking), and services optimized for the digital economy. This will be coupled with eco-friendly live-work districts and a live-in accelerator program, showcasing the future of African cities and providing the ideal infrastructure and support for businesses in Africa to scale and compete globally.

    AFC will support Itana with project development funding and intends to lead in the financing of phase 1 of the Itana project which is budgeted at around $100m. This will include an eco-friendly tech campus in Lagos, Nigeria, and funding of startups in Accelerate Africa, the accelerator program of Itana in partnership with Future Africa. AFC will also support the roll-out of the Itana Digital Economic Zone for global and Pan-African tech, finance, and service-based businesses seeking to operate across Africa.

    Itana and AFC are already collaborating alongside Future Africa, PwC Nigeria, and Charter Cities Institute as technical advisers to the Initiative for the Promotion of Digital Free Zones in Nigeria (DiFZIN) (http://apo-opa.co/3BuB4Mm), a non-profit advocacy and policy research organization representing the private sector in the recently announced Nigerian Federal Government steering committee for the establishment of Digital Economic Zones in Nigeria. The committee is chaired by President Bola Tinubu and includes relevant Government Ministers and Agency Heads.

    Itana (http://apo-opa.co/47FY7jz) will be a conducive environment tailored to the 21st-century digital trade and technological age. The organization recently launched the Itana Application (http://apo-opa.co/4dnSUOB) where individuals can join the community and have access to events and services such as business visa facilitation, local bank accounts, and a curated marketplace of trusted vendors and consultants for doing business in Africa. Businesses that meet the criteria can register as a Free Zone Enterprise (FZE) with ease and will receive a Business Operating license that enables them to do business in Nigeria like numerous digital companies including Reliance Info and Future Africa.

    Post business incorporation, businesses can operate in the zone with tax and capital repatriation incentives, get access to the Itana business community, apply for business banking in the Digital Economic Zone, and special work and residency permits without limitations imposed by expatriate quotas.

    “Itana intends to be to Nigeria and Africa what Delaware & Silicon Valley is to the U.S., the DIFC is to Dubai, and e-Estonia is to the European Union,” said Luqman Edu, CEO of Itana. “Itana is poised as the gateway to doing business in Africa. Local and International businesses looking to expand their operations across Africa will naturally look to Itana as their point of entry”.

    “Africa’s digital economy is poised for significant expansion and innovation following the rapid adoption of mobile technology, a burgeoning youth population, and the growing importance of digital commerce and services,” said Samaila Zubairu, President & CEO, Africa Finance Corporation. “In support of this, AFC is proud to be a pioneer alongside Itana, in building Africa’s first digital economic zone. This unprecedented initiative marks a pivotal step towards creating a thriving hub for the African digital economy, cementing the Corporation’s commitment to driving innovation, job creation, and sustainable economic development across the continent,” he added.

    Last year, Itana announced (http://apo-opa.co/4eIELg1) a funding round backed by leading technology venture capitals and highly influential tech industry leaders including LocalGlobe, Amplo, Pronomos Capital (backed by Peter Thiel), Balaji, and Future Africa (led by Nigerian entrepreneur Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave).

    As the first Digital Economic Zone, Itana remains committed to making Nigeria a powerhouse in the global digital economy. It will be hosted in Alaro City, an integrated, mixed-use city planned on over 2,000 hectares in the Lekki Free Zone.

    MIL OSI Africa –