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Category: Banking

  • MIL-OSI Banking: Designing against the deaf tax: How we can flip the script on tokenism

    Source: Microsoft

    Headline: Designing against the deaf tax: How we can flip the script on tokenism

    Inclusive Design – UX/UI

    How we can flip the script on tokenism

    By

    Toby Fitch

    Sep 24, 2024   –   The estimated reading time is 11 min.

    “Your baby has failed” isn’t a phrase any parent wants to hear. Yet for parents born with deaf children, babies are labeled failures before even leaving the hospital because they don’t pass mandated hearing tests. The weight and impact of that label is never felt by the hearing population because in an audio-dominant world, there’s no such thing as a mandatory sign language test. It’s no surprise, then, that systems fail to design for what dominant culture does not see or value: the creativity, brilliance, and depth of deaf culture.

    When my parents found out I was deaf, my mother cried, worrying that I would have to navigate the challenges she and my father endured. Like me and my sister, both of my parents are deaf. As author Isabel Wilkerson describes in her book about race, Caste: The Origins of Our Discontents, my parents experienced firsthand how our world is run by a caste system that is “about respect, authority and assumptions of competence — who is accorded these and who is not.”

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    American Sign Language for “born failures” is made up of three signs: ‘BORN, FAIL, FINISH’

    From medicine to education, our systems are developed and implemented based on policies, attitudes, and institutional practices. It’s not biology that disables people in the Deaf or Disability community; it is the mismatches between our abilities and designed systems not designed for us. As disability rights activist Haben Girma put it, “They designed this environment for people who can see and hear. In this environment, I am disabled. They place the burden on me to step out of my world and reach into theirs.” Those mismatches place a disability tax on Deaf people at an early age. For example, fighting for accommodations like sign language interpreters for school, work, or receiving healthcare, or having the courage to speak up in the face of discrimination.

    Despite the exclusion, ridicule, and language deprivation — my parents didn’t learn sign language until I entered elementary school because their [hearing] parents were told that they had to ‘talk’ (eg: speech) to succeed in life — they were never without hope. “Deaf people can do anything hearing people can, except hear,” said Dr. I. King Jordan, the first Deaf president of Gallaudet University. When a child endures language deprivation, they don’t get adequate exposure to other forms of effective communication, thus delaying their cognitive, social, and emotional development. Ultimately, having my sister and I would give new meaning to my parents’ personal histories and broaden their perspective in profound ways. As a born failure, I grew up in a world of mismatches, but as desktop computers became more readily available, those mismatches would lead me down a path of using my lived experience to break barriers in society, design and technology.

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    American sign language for “accessibility” shows a dominant hand moving under the non-dominant hand in a motion that implies the ability for anyone to go in and out of a space with ease.

    Technology cracks the door open

    Growing up, there weren’t really computers in classrooms and since most kids my age didn’t care for them, I was one of the first kids in my area to start using a computer. Since I had limited access to communicate with my classmates, computers helped me fill the time. My first computer was a PowerMac G3 Desktop, gifted by my cousin who ran his own design firm. I tinkered with different programs and video games like Backyard Baseball (1998) and the door to my future slowly opened.

    I got my second computer in 7th grade because my parents were trying to be creative in how I would keep up in class with note taking. Pencil and paper weren’t working for me. My eyes were focused on my interpreter, the whiteboard, and just taking everything in. Couple that with the fact that teachers don’t stop speaking just because you’re looking down to write, and it’s not a surprise that I missed a lot of information. Typing notes was much faster than writing, so my school provided a PC and that widened the doorway to technology. It was a Dell Inspiron 8100 with Windows 2000 that was built like a tank, and it was really heavy! I sank a lot of time on that computer and surfed on the Internet quite often to learn just about anything. Ask Jeeves was my best friend, eventually replaced by MSN search and Google.

    Access to information was my lifeline to learning about the world… and I did it through technology because I didn’t receive my information from conversations around the room. This wasn’t from lack of effort. I took over 15 years of speech training and learned to speak quite well to try and meet people halfway. The problem was, when they responded, I would only partially or pretend to understand, nodding my way through communication mismatches. This led to shallow interactions and pretending didn’t feel good because there was always something lacking — a missed opportunity for true human connection — when people were not willing to meet me halfway. These days, I rarely speak. Primarily using sign language gives me 100% access. I also use a notetaking app using speech-to text on my phone to interface with folks who don’t know sign language.

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    American Sign Language for “design” shows a dominant hand expressively drafting something in one swooping motion on the non-dominant hand with an open palm representing a canvas.

    Using a Deaf lens at Microsoft

    Designing at Microsoft, I often think about my lived experience and bringing empathy to the mismatches I face daily. I may be an avid user of technology, but there is plenty of room for technology to grow and fill accessibility gaps. I advocate for accessibility not because I want to, but because I have to. Design should be about how Deaf people experience the world, anticipating every need, and shifting left to prevent issues later in the product cycle. Differing lived experiences inform our unique perspectives, creating an exchange that can open opportunities. Overlooked problems get discovered and the approach to solving them become very mindful and effective.

    As a profession, design has evolved tremendously in the past few years, moving from the aspirational towards the functional. UX mismatches in the systems we use still exist because, while they’re made based on a very wide set of users, they still lack all of the necessary elements for me to be accommodated. To solve these problems, we sometimes need to focus on “design for one and solve for many.” In other words, when we focus on designing for a single problem (or disability), it helps us to navigate the problem space writ large using empathy, our lived experiences, and leveraging co-design principles.

    Part of what catalyzed many recent changes in design thinking was the 2020 Pandemic and rapid transition to remote work. For Deaf folks, we quickly found that video conferencing was the great equalizer because for once we were on equal footing with our peers. Meetings were more mindful and easier to track because people couldn’t talk over each other. This made work easier for Deaf people as others modified their behaviors to ensure clear audio or taking turns when speaking in meetings. Deaf people could also rely on captions to figure out who was speaking or catch the dropped information that interpreters may miss due to accents or things being lost in translation. For the first time, millions of people were experiencing Deaf gain. Communication and human connection through technology was improved by the Deaf community because anyone could use those features (including folks forced to mute their audio thanks to a screaming kid in the background!).

    UX for Sign Language View in Teams. The D/HH experience in Microsoft Teams has driven the development of accessibility features like Sign Language View, designed specifically for those who rely on sign language for communication. Through a collaborative, co-design process with the D/HH community and sign language interpreters, we have developed features that ensure sign language users can perform at their best in any virtual collaboration setting. Key enhancements — such as the ability to manage and prioritize a list of signers, improved video quality for clearer sign language visibility, and simplified meeting controls — empowering D/HH users to engage quickly, fully and confidently.

    The creation of Sign Language View in Teams

    One shortfall of this new way of working, however, was the existing captioning solutions. It was painful for my Deaf peers and I to have to turn on captions with each call. Every time, you had to look for and prioritize the interpreters, open the chat window, and then finally be ready to participate in meetings. This design mismatch led to two Deaf employees (myself and a coworker) innovating an UX proposal for Microsoft Teams that would be more accommodating for Deaf users. Sign Language View was born out of a mismatch that we as employees faced daily, to the point that it was weighing on our disability tax. These days, I can now join meetings with less friction than I had before — but there are still more doors to open and work to do!

    With AI, it’s truly an exciting time in tech and so much is yet to be determined. This makes it critical to enter the space with curiosity, humility, and nuance. People in the Deaf and Disabled community operate outside of societal norms, attuning us to gaps often missed by others. That creates a very sensitive, nuanced lens and curiosity is also often at play. When your ability to succeed is determined by how creatively you can hack a system that doesn’t work for you, it necessitates innovation. In totality, this gives us a lens to approach problems in ways that may be more holistic than traditional design best practices.

    Co-design is great, but representation is an even better way to ensure people with lived experiences work directly to solve problems for their own communities. Ultimately, this leads to more equitable products for everyone and potentially more enjoyable ones, too. With sign language, for example, people often see it as a lesser form of communication but it’s highly expressive and an integral part of our cultural identity. People often want to travel to other countries to enrich their own lives by better understanding different ways of living. Living without sound is another way of experiencing life, and Deaf culture has its own social beliefs, behaviors, traditions, art, and values.

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    American Sign Language for “empathy” shows two people, one of which is the signer. With one hand close to the heart, both hands sign the word ‘UNDERSTAND,’ showing how sign language can expressively convey empathy for different viewpoints.

    So, of the 90% of deaf children born to hearing parents, what if instead of being given the “bad news,” they were told they now had the chance to dive into a culture rich with language and expression? I think it could help erode the disability tax over time, leading to products and systems that are truly meant for all.

    Header imagery by Karan Singh.

    MIL OSI Global Banks –

    January 24, 2025
  • MIL-OSI: b1BANK Promotes Jerry Vascocu to President

    Source: GlobeNewswire (MIL-OSI)

    BATON ROUGE, La., Oct. 17, 2024 (GLOBE NEWSWIRE) — b1BANK, the banking subsidiary of Business First Bancshares, Inc. (Nasdaq: BFST), announced today that N. Jerome “Jerry” Vascocu Jr. will be the bank’s new president, reporting to Jude Melville, who will retain the title of chairman and CEO.

    Vascocu, who joined b1BANK in 2022 as chief administrative officer, oversees the coordination of banking, operations, risk and credit functions for the bank. He has also led several functions for the bank including correspondent banking, wealth management, human resources and marketing, where he recruited additional strong teammates, developed new products and introduced new technology.

    “With an extensive and varied 30-year career, Jerry’s proven leadership and broad-based banking experience is especially relevant to the challenges and opportunities we anticipate facing as we continue to grow our impact on behalf of clients across the regions in which we operate,” said Jude Melville, chairman and CEO of b1BANK. “Most important, he’s a good person and I look forward to partnering with him in this new role.”

    Before joining b1BANK and relocating to Baton Rouge, La., Vascocu led the development and implementation of client-focused strategies for commercial banking teams across the Southeast at First Horizon Bank. During his 17-year career at IBERIABANK and First Horizon, he also served as market president in multiple markets across Louisiana and Arkansas. Vascocu started his banking career immediately after earning his Bachelor of Arts in Economics from Vanderbilt University.

    “b1BANK continues to build momentum in all our markets and across our various business units. This is a direct result of our teams’ dedication to our clients and to the communities we serve,” said Vascocu. “I am fortunate to be part of a great organization and thankful for the opportunity to serve in an expanded leadership role. I am excited about what is ahead for b1BANK.”

    Vascocu remains focused on community development, economic development, education and healthcare, having served in board leadership roles across Louisiana most recently for One Acadiana, Ochsner Lafayette General Hospital and Foundation, University of Louisiana at Lafayette College of Business and Athletic Foundation.

    About Business First Bancshares, Inc.

    As of June 30, 2024, Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, had approximately $6.7 billion in assets, $6.1 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas, providing commercial and personal banking products and services. Commercial banking services include commercial loans and letters of credit, working capital lines and equipment financing, and treasury management services. b1BANK was awarded #1 Best-In-State Bank, Louisiana, by Forbes and Statista and is a multiyear winner of American Banker’s “Best Banks to Work For.” Visit b1BANK.com for more information.

    Misty Albrecht
    b1BANK
    225.286.7879
    Misty.Albrecht@b1BANK.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6f3fe29c-03e2-468c-afd8-4ed162d7727e

    The MIL Network –

    January 24, 2025
  • MIL-OSI USA: North Carolina Health and Human Services Secretary Kody H. Kinsley Travels to Buncombe and Henderson Counties

    Source: US State of North Carolina

    Headline: North Carolina Health and Human Services Secretary Kody H. Kinsley Travels to Buncombe and Henderson Counties

    North Carolina Health and Human Services Secretary Kody H. Kinsley Travels to Buncombe and Henderson Counties
    hejones1
    Thu, 10/17/2024 – 16:03

    North Carolina Health and Human Services Secretary Kody H. Kinsley traveled to Henderson and Buncombe counties Thursday to survey damage and meet with people impacted by Hurricane Helene. Secretary Kinsley was joined by Senators Jim Burgin and Julie Mayfield and began the day meeting with people who have relocated to one of the state-operated shelters in Fletcher, N.C. The group then traveled to the Henderson County Department of Public Health and spoke to Health Director Dave Jenkins and Social Services Director Lorie Horne. The visit to Henderson County concluded with a stop by the Disaster Supplemental Nutrition Assistance Program Center in the Blue Ridge Commons Shopping Center. Beginning tomorrow, people impacted by Hurricane Helene who are not currently an FNS participant will be able to apply for assistance to buy food for their families. 

    The Secretary then traveled to Asheville to meet with people impacted by the catastrophic damage Hurricane Helene left behind. He toured BeLoved Asheville, which is a community-based organization that provides assistance to those who need it.  During the visit, Secretary Kinsley highlighted the following points in storm recovery:  

    The health and well-being of people impacted by Hurricane Helene continue to be a top priority for NCDHHS as it works to ensure communities have access to food, infant formula, medical care and life-saving medication. 

    • 400,000 gallons of water supplied to Buncombe County and 140,000 gallons to Henderson County.  
    • 98,000 hot meals provided to Buncombe County and 50,000 hot meals provided to Henderson County.  
    • More than 1 million meals ready to eat supplied to Buncombe County and 304,000 meals ready to eat supplied to Henderson County.
    • Eight pallets (between 120-144 cases of formula per pallet) of formula sent to 34 feeding sites across impacted counties. 
      • 6,411 cases of infant formula received in Buncombe County 
      • 2,805 cases of infant formula received in Henderson County 
    • More than 11 million diapers distributed to impacted counties through partnership with Diaper Bank of NC. 
    • Worked in partnership with the NC Medical Board to track all open community medical practices. 
      • More than 100 are open in Buncombe County 
      • 37 are open in Henderson County 
    • Each of the 25 counties with major damage and the Eastern Band of Cherokee Indians Tribal Area have at least one pharmacy open and filling prescriptions. Visit http://www.ncdhhs.gov to search for open pharmacies and medical practices. 

    Whether directly or indirectly, millions of people in North Carolina have been impacted by Hurricane Helene. Natural disasters are traumatic for individuals, families and communities, and there is no right or wrong way to feel.   

    • NCDHHS has ramped up staffing at the 988 Suicide and Crisis Lifeline. Folks in immediate crisis or contemplating self harm should not hesitate to call.    
    • The Disability Disaster Hotline, 800-626-4959, provides information, referrals and guidance to people with disabilities and their families during disasters.    
    • The Disaster Distress Helpline specializes in post-disaster trauma and provides counseling services 24/7. If you would like to speak with someone, please call or text 1-800-985-5990.   
    • People can walk into a clinic for mental health or substance use care the same way urgent care clinics help people with immediate physical health needs. Blue Ridge Health in Brevard, N.C., is open and accepting patients.  
    • Mobile Crisis teams can send trained clinicians to a home, community or shelter to respond to an urgent need. To get connected with a mobile crisis team, you can call Vaya Health at 1-800-849-6127.   

    More than 300,000 people in or near flood-impacted areas in western North Carolina are estimated to rely on private wells, and the number on septic systems is estimated to be slightly higher. 

    • Wells that were damaged or submerged in flood waters require disinfection first and then must be tested to ensure the water is safe to use.  
    • Individuals can contact their local health department for assistance with disinfection or to get a well testing kit.  
      • NCDHHS has distributed more than 1,900 free private well water collection kits to local health departments. 
      • NCDHHS is working with FEMA and the EPA to establish certified mobile testing laboratories in high-need locations to support local testing efforts.  

    Individuals in 25 western counties and EBCI households who reside in the 28719 zip code impacted by Hurricane Helene can apply for help buying food through the Disaster Supplemental Nutrition Assistance Program (D-SNAP).  

    • D-SNAP is open to individuals and households not currently receiving FNS benefits who were impacted by the storm. There are some income requirements, but it varies depending on impact, so we encourage everyone to apply.   
    • A family of four may be eligible to receive up to $975. 
    • On Oct. 18, people can apply by phone, online or in person. For more information, go to http://www.ncdhhs.gov/dsnap. If you think you may be eligible, please call the D-SNAP Virtual Call Center at 1-844-453-1117.   
    • The application period will close on Oct. 24, 2024.  

    Other SNAP Flexibilities:  

    • People who have EBT cards have more time to report a food loss as a result of Hurricane Helene.    
    • EBT cards can be used to purchase hot prepared foods from retailers that accept EBT. This applies to all 100 counties in North Carolina and the nearly 700,000 households enrolled in the program.    
    • EBT cards had 70% of the previous month’s benefits automatically reloaded onto their EBT card due to losing food from sustained power outages.    

    “My heart goes out to everyone who has lost a loved one or is facing the devastating impacts of this storm. Seeing the western North Carolina communities come together to care for and support each other is inspiring. We will continue to work hard now and over the coming weeks, months and years to help rebuild.” — NC Health and Human Services Secretary Kody H. Kinsley. 

    Photos available HERE.

    Oct 17, 2024

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Georgians in Taliaferro County Now Eligible for FEMA Assistance After Hurricane Helene

    Source: US Federal Emergency Management Agency

    Headline: Georgians in Taliaferro County Now Eligible for FEMA Assistance After Hurricane Helene

    Georgians in Taliaferro County Now Eligible for FEMA Assistance After Hurricane Helene

    ATLANTA – Homeowners and renters in Taliaferro County who had uninsured damage or losses caused by Hurricane Helene can now apply for FEMA disaster assistance.

    FEMA may be able to help with serious needs, displacement, temporary lodging, basic home repair costs, personal property loss or other disaster-caused needs. 

    Previously, Appling, Atkinson, Bacon, Ben Hill, Berrien, Brantley, Brooks, Bryan, Bulloch, Burke, Butts, Camden, Candler, Charlton, Chatham, Clinch, Coffee, Colquitt, Columbia, Cook, Dodge, Echols, Effingham, Elbert, Emanuel, Evans, Fulton, Glascock, Glynn, Hancock, Irwin, Jeff Davis, Jefferson, Jenkins, Johnson, Lanier, Laurens, Liberty, Lincoln, Long, Lowndes, McDuffie, McIntosh, Montgomery, Newton, Pierce, Rabun, Richmond, Screven, Tattnall, Telfair, Thomas, Tift, Toombs, Treutlen, Ware, Warren, Washington, Wayne and Wheeler counties were approved for assistance to households.

    There are several ways to apply: Go online to DisasterAssistance.gov, use the FEMA App, call the FEMA Helpline at 800-621-3362 or visit a Disaster Recovery Center. The FEMA Helpline is open every day and help is available in most languages. 

    The deadline to apply is Dec. 2, 2024.

    What You’ll Need When You Apply

    • A current phone number where you can be contacted.
    • Your address at the time of the disaster and the address where you are now staying.
    • Your Social Security number.
    • A general list of damage and losses.
    • Banking information if you choose direct deposit.
    • If insured, the policy number or the agent and/or the company name.

    If you have homeowners, renters or flood insurance, you should file a claim as soon as possible. FEMA cannot duplicate benefits for losses covered by insurance. If your policy does not cover all your disaster expenses, you may be eligible for federal assistance.

    For the latest information about Georgia’s recovery, visit fema.gov/disaster/4830. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.

    ###

    FEMA’s mission is helping people before, during and after disasters.

    larissa.hale
    Thu, 10/17/2024 – 20:22

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI Security: Six defendants arrested in retail theft ring, charged with stealing and selling hundreds of thousands of dollars worth of merchandise

    Source: Office of United States Attorneys

    ROCHESTER, N.Y.-U.S. Attorney Trini E. Ross announced today that six defendants were arrested and charged by criminal complaint with wire fraud, conspiracy to commit wire fraud, transportation and sale of stolen goods in interstate commerce, money laundering, and conspiracy, for their roles in a retail theft ring in the Rochester, NY, area. The charges carry a maximum penalty of 20 years in prison and a $250,000 fine. Named in the complaint are:

    •              Shabon Banks, 41

    •              Amanda Reeves, 40

    •              Chad Lewis, Jr., 20

    •              Chanc Lewis, 22

    •              Dominic Sprague, 40

    •              James Civiletti, 33, all of Rochester, NY.

    Defendant Shabon Banks is also charged with aggravated identity theft.

    Assistant U.S. Attorney Kyle P. Rossi, who is handling the case, stated that according to the criminal complaint, in November 2023, the Greece Police Department began an investigation after it became aware that serial larcenist, Shabon Banks, had been engaged in an unusually large number of transactions at the New York Gold Diamond Pawn Shop in Greece. The investigation uncovered a theft ring involving defendants Banks, Reeves, Lewis, Jr., and Lewis (the larcenists), who have been engaged in an ongoing retail theft conspiracy involving the New York Gold Diamond Pawn Shop and its operators, defendants Sprague and Civiletti, since December 2021. As part of the scheme, the larcenists stole new-in-box items from store shelves, which they then sold to Sprague, Civiletti, and others at the New York Gold Diamond Pawn Shop, for a fraction of the actual retail value. Sprague and Civiletti then resold the stolen merchandise on eBay at much higher prices, resulting in significant profits for the New York Gold Diamond Pawn Shop. The merchandise was stolen from various stores including Home Depot, Target, Lowes, Walmart, and Kohls.

    Since December 7, 2021, the New York Gold Diamond Pawn Shop has purchased 37,936 new-in-box items from the larcenists on more than 670 occasions, paying the larcenists $290,000.00. The investigation determined that the New York Gold Diamond Pawn Shop paid the larcenists 30% of the actual retail value of the stolen items. Therefore, the actual losses to the victim-retailers and resulting profit to the New York Gold Diamond Pawn Shop are estimated to be much higher.

    Sprague and Civiletti engaged in multiple financial transactions involving the proceeds of the fraud in violation of federal money laundering statutes. In total, between January 2022, and August 7, 2024, the New York Gold Diamond Pawn shop resold more than 48,000 new-in-box items via eBay for $2,467.847.46, the majority of which are believed to have been stolen.

    The complaint is the culmination of an investigation by Homeland Security Investigations, under the direction of Special Agent-in-Charge Erin Keegan, the Internal Revenue Service, under the direction of Special Agent-in-Charge Thomas Fattorusso, the Greece Police Department, under the direction of Chief Michael Wood, and the Monroe County Sheriff’s Office, under the direction of Sheriff Todd Baxter.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.

    # # # #

    MIL Security OSI –

    January 24, 2025
  • MIL-OSI Security: Jefferson City Man Sentenced for $26 Million Bank Fraud Scheme

    Source: Office of United States Attorneys

    JEFFERSON CITY, Mo. – A Jefferson City, Mo. man was sentenced in federal court today for a multi-million dollar bank fraud scheme that included fraudulent Paycheck Protection Program (PPP) loans for four businesses.

    Tod Ray Keilholz, 61, was sentenced by U.S. District Judge Roseann A. Ketchmark to a total sentence of 12 years in federal prison without parole.

    On March 28, 2024, Keilholz pleaded guilty to one count of bank fraud, one count of money laundering, and one count of aggravated identity theft.

    Keilholz was the sole owner of TRK Construction, LLC, TRK Valpo, LLC, TL Builders, LLC, and Project Design, LLC.

    By pleading guilty, Keilholz admitted that he engaged in a bank fraud scheme from Jan. 1, 2018, to Jan. 7, 2021.

    Prior to the bank fraud scheme, Keilholz obtained three business loans totaling $3,526,771 from Hawthorn Bank between Aug. 31, 2017, and Sept. 21, 2018. One of these loans financed the purchase of property in Valparaiso, Indiana. As Keilholz’s businesses failed, these loans fell into default and sub-contractors sued him for unpaid invoices during 2019 and 2020. In February 2020, Hawthorn Bank initiated foreclosure proceedings. Keilholz delayed the foreclosure proceedings and paid off these loans and other past due debts with fraudulent PPP loans.

    The CARES Act established several new temporary programs and provided for the expansion of others to address the COVID-19 pandemic. Among these programs, the PPP authorized forgivable loans, guaranteed by the Small Business Administration, to small businesses to retain workers and maintain payroll, make mortgage interest payments, lease payments, and utility payments.

    Keilholz received a total of $12,430,932 in PPP loans for his four businesses. In each of those loan applications, Keilholz admitted, he failed to disclose his ownership in the other three businesses, and made materially false and fraudulent claims in the loan applications and supporting documentation. Keilholz falsely stated the businesses were in operation on Feb. 15, 2020, and eligible for PPP loans. He inflated the income of those businesses and claimed payrolls for employees who did not exist or no longer worked for him. Additionally, Keilholz applied for a $7,818,705 PPP loan for TRK Valpo but the loan was denied by the bank.

    Keilholz received a $1,706,260 PPP loan for TRK Construction, a $3,618,815 PPP loan for TL Builders, a $3,903,857 PPP loan for Project Design, and a $3,202,000 PPP loan for TRK Valpo.

    Keilholz admitted that he used PPP loan proceeds for unauthorized purposes other than legitimate payroll, lease and mortgage interest, and utilities as required by the PPP. Keilholz, through TRK Construction, had accrued substantial and delinquent indebtedness to a number of lenders, and all or part of these debts were satisfied by PPP loan proceeds.

    The conviction for aggravated identity theft is related to Keilholz’s use of a former TRK Construction employee whose name and Social Security number were used without his knowledge or authorization on wage reports in connection with a fraudulent PPP loan application for TRK Valpo.

    Under the terms of his plea agreement, Keilholz must forfeit to the government any property involved in, or derived from the proceeds of his bank fraud scheme, including a money judgment of $12,430,932, two properties in Jefferson City, one property in Valparaiso, one property in La Porte, Ind., four vehicles (a 2020 Chevrolet Silverado, two 2021 Chevrolet Silverados, and a 2019 BMW X5), a 2020 John Deer ZTrak, a 2020 John Deere Tractor, a Kubota Compact Track Loader, a Gents 43mm IWC Schaffhausen Perpetual Chronograph wristwatch, two Gents stainless steel Rolex Sea-Dweller self-winding automatic diver’s watches, and a Gents Citizen Eco-Drive Radio-controlled world time self-winding automatic watch with sapphire crystal.

    This case was prosecuted by Assistant U.S. Attorney Michael S. Oliver. It was investigated by the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Office of Inspector General; the Small Business Administration, Office of Inspector General; the Treasury Inspector General for Tax Administration; the FBI; and IRS-Criminal Investigation.

    MIL Security OSI –

    January 24, 2025
  • MIL-OSI USA: Klobuchar Completes Visits to All 87 Counties in 2024

    US Senate News:

    Source: United States Senator Amy Klobuchar (D-Minn)

    MINNESOTA – With stops today in three remaining counties: Aitkin (American Peat Manufacturing); Carlton (local airport), and Kanabec (Lakes & Pines Community Action Council), U.S. Senator Amy Klobuchar has once again visited every one of Minnesota’s 87 counties in one year.

    “The best way for me to do my job is by listening to the people of Minnesota and getting things done for them,” said Klobuchar. “That’s why every year I meet with Minnesotans all over our state and discuss what we can get done together. From expanding child care and housing to supporting local businesses, I’m committed to taking action on the issues that matter most.”

    Today, Klobuchar toured American Peat Technology in Aitkin and then went to the Cloquet Airport in Carlton County which is developing a new storage hanger thanks to federal funding. Klobuchar ended the day in Mora and visited the Lakes and Pines Community Action Council. 

    This year, Klobuchar’s stops included: 

    1. Aitkin
    • Toured American Peat Technology and met with their leadership team.

    2. Anoka
    • Gave remarks at the USA Cup Opening Ceremony in Blaine.
    • Attended the 43rd annual Game Fair and discussed conservation policy with Ron Schara.
    • Participated in Coon Rapids 4th of July Festivities.
    • Attended the Blaine Festival.

    3. Becker
    • Led a child care discussion and toured the Boys & Girls Club of Detroit Lakes LEAP Preschool.

    4. Beltrami
    • Led a breakfast discussion with Bemidji City and Beltrami county and tribal leaders.
    • Spoke at the dedication ceremony of the new Bemidji Veterans Home, toured it with veterans, and met with Red Lake Band Members.

    5. Benton
    • Toured SNX Technologies Inc. and met with their leadership.

    6. Big Stone
    • Discussed agriculture with local farmers while touring Anne Schwagerl’s farm.

    7. Blue Earth
    • Visited Mankato in the aftermath of severe flooding with Mankato mayor and Representative Finstad.
    • Met with family and friends of Sergeant Cade Wolfe.

    8. Brown
    • Attended the community celebration at the Pheasant Opener in Sleepy Eye and spoke at the Pheasants Forever land dedication.
    • Toured the New Ulm Airport’s recent upgrades and met with local leaders.

    9. Carlton
    • Toured the new Cloquet airport hangar with airport leadership and the Cloquet mayor.

    10. Carver
    • Led a discussion with the City of Chaska mayor and public safety leadership about their Emergency Operations Center project.
    • Toured the town of Carver with the mayor in the aftermath of severe flooding.
    • Attended the Highway 212 Groundbreaking Ceremony.
    • Spoke to veterans at the Chanhassen Memorial Day event.

    11. Cass
    • Led a community discussion with the Walker mayor and local business leaders.

    12. Chippewa
    • Spoke with veterans and toured the new Montevideo Veterans Home.

    13. Chisago
    • Discussed regional tourism and toured the Franconia Sculpture Park.

    14. Clay
    • Celebrated the launch of the federally funded Moorhead 11th Street Underpass project.
    • Attended the Reimagine Romkey Park event.

    15. Clearwater
    • Toured TEAM Industries and met with their leadership.

    16. Cook
    • Visited the North Shore Winery and Coho Cafe.

    17. Cottonwood
    • Toured Red Rock Rural Water Treatment Center and visited with local leaders.

    18. Crow Wing
    • Met with the mayor and city leadership about the Highway 210 expansion in Brainerd.
    • Toured the new YMCA child care center.

    19. Dakota
    • Gave remarks at the Kaposia Library opening in South Saint Paul.
    • Met with Burnsville first responders.
    • Attended the opening ceremony of the Veterans Memorial Greenway in Inver Grove Heights.
    • Met with law enforcement and community leaders in Hastings to highlight the Cooper/Davis Act that requires social media to alert authorities when controlled substances are being distributed illicitly on their platforms.
    • Attended an event in Inver Grove Heights to highlight the new Criminal Justice Network for Minnesota law enforcement.
    • Led the Survivor March and delivered remarks at the Susan G. Komen 32nd Annual Race for the Cure in Eagan.

    20. Dodge
    • Met with the owner and toured Chaotic Good Brewery in Kasson.

    21. Douglas
    • Led a discussion at the Alexandria YMCA about their child care program.

    22. Faribault
    • Met with leadership and toured Winnebago Manufacturing in Blue Earth.

    23. Fillmore
    • Toured Harmony Enterprises manufacturing facility and their child care center.
    • Toured the new Preston State Veterans Home and met with veterans.

    24. Freeborn
    • Led a discussion and toured the Freeborn/Mower Electric Cooperative in Albert Lea.

    25. Goodhue
    • Met with students and school leadership to hear about the Red Wing Flight Path workforce training program.
    • Spoke at the 50th Anniversary Jaunt With Jim bike ride in Cannon Falls.

    26. Grant
    • Toured the West Central High School Greenhouse and the Central Lakes College’s mobile meat cutting trailer and met with FFA students and their instructors.

    27. Hennepin
    • Attended the annual MLK Breakfast.
    • Delivered remarks at the Asia Mall Lunar New Year celebration in Bloomington.
    • Delivered Remarks at the MN Newspaper Association Convention.
    • Met with officers at the Minneapolis Second Precinct Station.
    • Convened a meeting with the Metropolitan Airport Commission leadership to hear updates on aviation safety and passenger experience.
    • Delivered remarks at the Stand with Ukraine Two Year Commemoration event.
    • Spoke at the Annual Parkinson’s Foundation Walk in Plymouth.
    • Delivered remarks at the Celebrating the Sistas Awards Ceremony and presented the Icon Award honoring Laysha Ward.
    • Delivered remarks at the MN Ovarian Cancer Alliance Gala.
    • Visited Woodlake Nature Center in Richfield and met with staff.
    • Spoke at the 78th Annual Paralyzed Veterans of America National Convention.
    • Participated in the groundbreaking event for the St. Louis Park Cedar Lake Road Reconstruction project.
    • Spoke at the Annual Somali Independence Day Street Festival.
    • Delivered remarks at the Hazelden Betty Ford Foundation 75th Anniversary Gala.
    • Toured the I-494 construction site and met with local project leaders in Bloomington.
    • Attended the Minnesota Business Partnership Annual Dinner.
    • Attended the Twin Cities Pride Parade and Festival in Minneapolis.
    • Honored the Legendary Cornbread Harris at an event with his son Jimmy Jam.
    • Attended Champlin Father Hennepin Festival.
    • Convened a meeting with the Metropolitan Airport Commission leadership to hear updates on aviation safety and passenger experience.
    • Attended the Charles Lindbergh Richfield Post Office Dedication Ceremony.
    • Presented the Spirit of Hospitality Award at the Bloomington Travel and Tourism Diamond Service Awards Gala.
    • Attended the Niron opening and met with local businesses and Shakopee Band investors.

    28. Houston
    • Led a discussion with leadership and toured the Houston County airport in Caledonia.

    29. Hubbard
    • Toured a workforce housing development and met with local leaders.

    30. Isanti
    • Toured the North Star Child and Family Advocacy Center in Braham.

    31. Itasca
    • Met with leadership and toured the KOOTASCA Child Care Hub.

    32. Jackson
    • Met with first responders to discuss the new EMS telemedicine ambulance in Jackson.

    33. Kanabec
    • Toured the Lakes and Pines Community Action Council and visited with leaders.

    34. Kandiyohi
    • Toured the Life Link III Air Base at Willmar Municipal Airport.
    • Attended the four lane Highway 23 completion celebration.

    35. Kittson
    • Met with owners and toured Far North Distillery.

    36. Koochiching
    • Met with the team at the Voyageurs National Park Headquarters.

    37. Lac qui Parle
    • Toured PURIS Plant-Based Protein manufacturing facility and met with leadership.

    38. Lake
    • Visited the iconic Betty’s Pies in Two Harbors.

    39. Lake of the Woods
    • Met with county leadership about their new water safety equipment.

    40. Le Sueur
    • Led a discussion with the Le Sueur Sheriff and other local leaders and toured the department.
    • Viewed the flood damage and met with leadership in Waterville about federal assistance.

    41. Lincoln
    • Led a discussion at Lyon-Lincoln Electric Co-Op with their leadership.

    42. Lyon
    • Visited the farm of Carolyn and Jonathan Olson in Cottonwood.

    43. McLeod
    • Participated in the Winsted Post Office Rededication Ceremony to James A. Rogers, Jr.

    44. Mahnomen
    • Toured the White Earth Nation College with Chairman Fairbanks and members of the Tribal Council.

    45. Marshall
    • Toured North Valley Health Center Community Hospital in Warren.

    46. Martin
    • Toured the CHS soybean processing facility in Fairmont.

    47. Meeker
    • Toured the Doosan Bobcat manufacturing plant and met with leadership in Litchfield.

    48. Mille Lacs
    • Met with the owner and enjoyed breakfast at the Bee Cafe in Milaca.

    49. Morrison
    • Delivered remarks at the Memorial Day program at the Minnesota State Veterans Cemetery in Little Falls.
    • Met with the mayor and area leadership to discuss the Little Falls bridge project.

    50. Mower
    • Led a discussion and toured the Hormel Foods child care center in Austin.
    • Attended the I-90 bridge project groundbreaking ceremony in Austin.

    51. Murray
    • Met with the owners and got a tour of Painted Prairie Vineyard in Currie.

    52. Nicollet
    • Toured KATO Engineering and met with leadership in North Mankato.
    • Delivered remarks and presented the Purple Heart at a ceremony honoring Corporal Earl Meyer in St. Peter.

    53. Nobles
    • Met with CEDA and county officials to discuss child care projects and solutions in Worthington.
    • Toured the Highway 59 federally funded street project with Worthington leadership.

    54. Norman
    • Convened a meeting with Norman County leadership to discuss the West Central Regional Water District project.

    55. Olmsted
    • Delivered remarks at the Minnesota Police and Peace Officers Association Annual Legislative Conference in Rochester.
    • Attended the Memorial Day Rochester Honkers game.
    • Toured the Mayo Clinic’s new Kellen building.
    • Delivered remarks at the Soldier’s Field Aquatic Center improvements opening ceremony.
    • Led a discussion with county leadership and law enforcement about efforts to combat illegal fentanyl use in Rochester.

    56. Otter Tail
    • Met with leadership from Pioneer Kids Child Care and toured the facility in Fergus Falls with Fergus Falls Chamber of Commerce members.

    57. Pennington
    • Visited Northern Woodwork Inc. in Thief River Falls.
    • Met with city and business leadership at Rivers and Rails Brewing Company.

    58. Pine
    • Toured Pine Technical & Community College and met with leadership.

    59. Pipestone
    • Met with local leaders at the Pipestone Airport to discuss improvement plans.

    60. Polk
    • Met with child care and city leaders at the Prairie Pines Child Care Center in Fosston.

    61. Pope
    • Met with staff and toured Clyde Machines in Glenwood with the mayor and Pope County leadership.

    62. Ramsey
    • Toured PAR Systems in Shoreview.
    • Delivered remarks at the St. Paul Firefighters Local 21 Installation celebration.
    • Gave welcome remarks at the Thai Songkran Festival opening ceremony.
    • Delivered remarks at the Official State Memorial Day event at Fort Snelling.
    • Spoke at the Hmong Freedom Festival in St. Paul.
    • Hosted Secretary Becerra at the Episcopal Homes Senior Living Center to highlight Medicare drug pricing.
    • Hosted tourism event at the Minnesota State Fair in Falcon Heights.
    • Toured the Carter Work Project in St. Paul with Habitat for Humanity leadership.
    • Delivered remarks at the Military Appreciation Day event at the MN State Fair.
    • Spoke at the CLUES Fiesta Latina in St. Paul.
    • Toured Delkor Systems in Arden Hills with Ex-Im Bank Director Herrnstadt.
    • Led a round table discussion with Ex-Im Bank director and Minnesota business leaders.
    • Delivered remarks at the St. Paul Kellogg-Third Street Bridge Construction Kick Off event.
    • Attended the Serving Our Troops Event in support of military families.
    • Attended St. Paul St. Patrick’s Day festivities.
    • Toured the Neighborhood Development Center with Secretary Yellen

    63. Red Lake
    • Led a discussion about the Farm Bill with the Minnesota Wheat Growers Association and Minnesota Barley Growers Association.

    64. Redwood
    • Delivered remarks and met with agricultural leaders at Farmfest.

    65. Renville
    • Toured K&M Manufacturing in Renville and met with employees.

    66. Rice
    • Met local leaders and manufacturers to tour a planned child care facility in Faribault.
    • Toured flood damage and met with leadership in Northfield.

    67. Rock
    • Toured the new child care center under construction in Luverne.

    68. Roseau
    • Attended annual Hockey Day Celebration activities in Warroad.

    69. Saint Louis
    • Toured flood damage in downtown Cook with the mayor and local leaders.
    • Toured the flash flood damage in Biwabik with the mayor and local leaders.
    • Joined Duluth mayor to highlight the success of their flood mitigation projects.
    • Visited the Blatnik Bridge to highlight its need for repair.
    • Attended Fourth of July festivities in Aurora, Gilbert, Eveleth, Tower, and Ely.
    • Presented a flag to the Ely mayor at Ely Memorial High School in commemoration of their 100th Anniversary Celebration.
    • Attended Labor Day events in Duluth and Virginia.

    70. Scott
    • Met with Scott County Sheriff leadership, viewed the new rescue equipment, and toured the 911 Dispatch Center in Shakopee.

    71. Sherburne
    • Met with leadership of the Wave Youth Center in Big Lake to tour and discuss their expansion project for middle and high school-aged youth.

    72. Sibley
    • Toured the Heartland Ethanol Plant in Winthrop with company leadership.

    73. Stearns
    • Delivered remarks at the annual St. John’s Boys’ Choir Spring Gala in St. Cloud.
    • Spoke at the St. Cloud VA Medical Center 100th Anniversary celebration.
    • Toured the St. Cloud Coborn’s with business leadership.

    74. Steele
    • Convened a discussion with Owatonna High School staff and Chamber of Commerce leadership about their Youth Skills Training Program.

    75. Stevens
    • Met with the Chancellor of UMN Morris and toured the campus.

    76. Swift
    • Toured the Swift County Historical Museum in Benson and met with leadership.

    77. Todd
    • Met with company leadership of EnterpriseCP Manufacturing and toured the facility.

    78. Traverse
    • Led a discussion with Browns Valley mayor and fire chief to hear about fire department operations.

    79. Wabasha
    • Toured Pepin Manufacturing Inc. in Lake City.
    • Spoke at the Governor’s Fishing Opener Kick-Off in Lake City.

    80. Wadena
    • Met with Central Lakes College leaders to discuss their Butchery Program and federal partnerships.

    81. Waseca
    • Met with staff and toured Winegar Manufacturing in Waseca.

    82. Washington
    • Spoke at the 1st Annual Momentous Music Festival with Brian Mueller in Woodbury, honoring Aimee Muller.
    • Attended the Hugo Good Neighbors Day festivities.

    83. Watonwan
    • Visited the farm of Harold Wolle in St. James.

    84. Wilkin
    • Toured CHI St. Francis Health and met with leadership in Breckenridge.

    85. Winona
    • Visited local businesses in Winona with Chamber of Commerce leadership to discuss tourism.

    86. Wright
    • Attended the I-94 West Corridor Coalition Gap Project Groundbreaking Ceremony in Monticello which received federal funds.

    87. Yellow Medicine
    • Met with leadership and visited the Yellow Medicine County Historical Society and Museum.
    • Walked the Dave Smiglewski Memorial Trail in Granite Falls with the Smiglewski Family.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI New Zealand: Activist News – Weekly protests are extending further around the country as Israel runs riot and our government’s policy of appeasement towards Israel fails dramatically – PSNA

    Source: Palestinian Solidarity Network Aotearoa

     

    Details of our weekly solidarity protests around the country are listed at the end of this letter sent to the Prime Minister yesterday.

     

    Rt Hon Christopher Luxon

    Prime Minister

    Parliament Buildings

    Wellington

    c.luxon@ministers.govt.nz

     

    Kia ora Mr Luxon,

     

    We write to you as a matter of utmost urgency, with a rapidly deteriorating situation in the Middle East.

     

    The policy of appeasement towards Israel over the past year by western countries has failed miserably.  Israel has expanded its attacks and has abandoned all pretence of any sort of negotiated settlements.

     

    Our government is holding on desperately to a hopelessly weak and indefensible policy towards the Middle East. I have no doubt you know this.

     

    Israel is running riot with endless bombing and killing as it spreads murder and mayhem.  The majority of victims in Gaza, Lebanon and the West Bank are women and children – tens of thousands of children.

     

    You and I know this would never be tolerated if the victims were European.

     

    The situation has now become even more desperate and deadly with

    • Israel has refused to allow any food or supplies to be delivered since the beginning of this month to northern Gaza.  It has again unleased its firepower with absolute impunity on refugee camps and other civilian areas with the openly stated aim of ethnic cleansing of the majority of the 400,000 Palestinians who remain there.
    • Israel’s delivery of its threat to turn Lebanon into another Gaza, with attacks throughout the country, including Christian areas.
    • Israel’s endless attempts to widen the war across the region into Iran with repeated violations of its sovereignty until Iran responded – though without a single Israeli casualty.
    • Israel’s blatant attacks on UNIFIL positions and demands that UNIFIL withdraw from its mission to allow Israeli military advances further into Lebanon to achieve regime change for a Lebanese government subservient to its interests.

     

    Despite all that has happened over 12 months you have issued only platitudes “calling an all sides to exercise restraint” and condemnation of all parties Israel decides that is its enemies.

     

    You have failed to condemn Israel for anything it has ever done against the Palestinian victims of its settler colonial project and yet you have condemned every act of Palestinian resistance to Israel’s illegal occupation, genocide, and ethnic cleansing.

     

    Other countries, the UK, France, Spain, Norway, and Ireland have spoken out and taken, albeit token, action to remind Israel that it is operating outside international law.

     

    History will condemn your 12 months of complicit silence but action now can make a real difference and saves tens of thousands of innocent lives. A minimum list of actions includes:

     

    1. Condemn Israeli action against the Palestinian people in Gaza and the West Bank as war crimes
    2. Join South Africa’s case of proving genocide against Israel at the International Court of Justice
    3. Implement the recent obligations specified by the ICJ under the Geneva Conventions towards ending Israeli occupation of the Palestinian Occupied Territories.
    4. Identify and ban imports of products from illegal Israeli settlements in the Occupied Palestinian Territories
    5. End procurement of goods and services from companies identified by the United Nations as complicit in building and maintaining illegal Israeli settlements
    6. Direct the Superfund, ACC and Kiwisaver providers to divest from companies on the UN list
    7. Investigate the export of Rakon Industry components which are incorporated into US weapons which almost inevitably end in the industrial-scale killing of Palestinians.
    8. Immediately close the Israeli embassy as Israel’s propaganda and lobby outlet in New Zealand
    9. Clearly and publicly state that NZDF personnel in the Middle East will neither participate in nor provide assistance to either US or Israel attacks or preparations for attacks on Iran
    10. Publicly join other countries in condemning the Israeli military attack on UNIFIL and demand of Israel that it will cease to demand UNIFIL withdraw from any of its positions in Lebanon
    11. Reiterate New Zealand’s participation in UNTSO and demand that Israel allow UNTSO continue its work unmolested
    12. Demand Israel revoke its declaration that the UN Secretary General is persona non grata in Israel.
    13. Note and support this UN report https://www.ohchr.org/en/press-releases/2024/10/un-commission-finds-war-crimes-and-crimes-against-humanity-israeli-attacks

     

    Please respond to this letter urgently.

     

    John Minto

    National Chair

    Palestine Solidarity Network Aotearoa.

     

    Nationwide rallies/marches/MP protests/vigils this week

     

    These are on the PSNA Facebook events page here with the basic details listed below.

     

    North Island

    Opononi – Gathering for Palestine

    Sunday 20 October 

    1.30pm

    Opononi (outside the Four Square)

     

    Kerikeri – Rally

    Saturday 19 October 

    No Rally this weekend

     

    Whangarei – Rally

    Saturday 19 October 

    No Rally this weekend

     

    Auckland – Picket 

    Friday 18 October 

    12:00 noon

    New World Devonport – 

    35 Bartley Terrace, Devonport,

     

    Waiheke – Market Stall – hosted by Stand With Palestine Waiheke!

    Every Saturday

    8:00 am – 1:00 pm

    Ostend Market, Waiheke Island

     

    Auckland – Banners around Tamaki Makaurau

    Saturday 19 October 

    10:00 am

    Text John on 021 899 659 for location

     

    Auckland – Central Bike Ride for Palestine

    Saturday 19 October 

    Meet at 12.45 to leave (ride to the rally) at 1.10pm

    Western Park. Ponsonby Road

     

    Auckland – Rally

    Saturday 19 October 

    2:00 pm

    Te Komititanga – Britomart Square, Tamaki Makaurau

     

    Then travel to Browns Bay for the Prayer Vigil for Gaza

     

    Auckland – Prayer Vigil @ Erica Stanford’s Office

    Aotearoa Christians for peace in Palestine will hold a Prayer Vigil to mark a year since the Israeli airstrike on St Porphyrius Church in Gaza City

    Saturday 19 October 

    4:00 pm

    85 Beach Front Lane, Browns Bay, Auckland

    https://www.facebook.com/events/s/vigil-for-gaza-st-porphyrius-c/1056552113142463/

     

    Auckland – Movie – The Last Sky

    Saturday 19 October 

    7:00 pm

    Trades Hall auditorium – 147 Great North Road, Grey Lynn

    Limited seats. Tickets essential

    Admission by Koha

    https://events.humanitix.com/the-last-sky

    Director Nicholas Hanna will have a Q&A after the movie

     

    Thames – Vigil to Stop the war on Children

    (Hosted by The Basket – Social and Environmental Justice – Hauraki)

    First Saturday of the month

     

    Tauranga – Flag wave

    Sunday 20 October 

    11:00 am

    SH2 Bethlehem – By Woolworths

     

    Hamilton – Rally for Palestine

    Saturday 19 October 

    1:00 pm

    Civic Square, Hamilton

     

    Whaingaroa/Raglan

    To be advised

     

    Cambridge – Rally for Palestine

    Every Saturday

    11:00 am

    Cambridge Town Hall

     

    Rotorua – Rally for Palestine

    Every Thursday

    4:00 pm

    Rotorua Lakes Council, Haupapa Street (Sir Howard Morrison Corner)

     

    Gisborne – Farmers Market – Vigil to Stop the war on Children

    Every Saturday

    9:30 – 11:30 am

    Gisborne Farmers Market

     

    Napier – Rally for Palestine

    Saturday 19 October 

    11:30 am

    Marine Parade Soundshell Roundabout

     

    Hastings – Rally for Palestine

    Sunday 20 October

    1:00 pm

    Hastings Town Clock – Hastings CBD

     

    Palmerston North – Rally for Palestine

    Sunday 20 October

    2:00 pm 

    The Square, Palmerston North

     

    New Plymouth – Flags on the Bridge

    Friday 18 September

    4:30 pm

    Paynters Ave Bridge, New Plymouth

     

    New Plymouth – Rally and March

    Saturday 19 October 

    1:00 PM 

    The Landing, 1 Ariki Street, New Plymouth

     

    Whanganui – Rally for Palestine

    Saturday 19 October 

    11:00 am

    Riverside Market, Whanganui

     

    Carterton – Gathering for Gaza

    Every Tuesday

    12:00 midday

    Memorial Square.

     

    Martinborough – Vigil for Palestine

    Every Wednesday

    11:00 am

    The square at the top of Kitchener St, Martinborough

     

    Masterton – Gathering for Gaza

    Every Sunday

    9:30 am

    Town Hall Lawn, Masterton

     

    Featherston – Gathering for Gaza

    Every Saturday

    11:00 am

    The Squircle (opposite the op shop).

     

    Wellington – Vigil for Palestine (by Aotearoa Healthcare Workers for Palestine)

    Every Friday

    6:00 pm

    In front of Wellington Hospital

    49 Riddiford Street, Newtown, Wellington

     

    Wellington – Flags on the Bridge

    (hosted by the Falastin Tea Collective)

    Every Friday

    7:15 – 8:15 am

    Hill Street bridge Overbridge, Wellington

     

    Wellington – Rally

    (hosted by the Falastin Tea Collective)

    Saturday 19 October 

    1:00 – 2:00 pm

    Meet at Glover Park and Hikoi down Cuba Mall and back to Glover Park

     

    South Island

    Nelson – Rally for Palestine

    Saturday 19 October 

    10:30 am

    Rocks Road by the beach

     

    Blenheim – Rally for Palestine

    Saturday 19 October 

    11:00 am

    Blenheim Railway Station

     

    Christchurch – Nobela Protest

    Thursday 17

    11:45 am

    Foodstuffs Headquarters

    167 Main North Road, Northcote, Christchurch

     

    Christchurch- Flag Waving for Palestine

    Friday 18 October 

    4:00 pm

    Bridge of Remembrance, Cashel Street, Christchurch

     

    Christchurch – Rally and March

    Saturday 19 October 

    1:00 – 2:00 pm

    Bridge of Remembrance, Cashel Street, Christchurch

     

    Timaru

    No Rally this weekend

     

    Dunedin – Rally and March

    Saturday 19 October 

    No Rally this weekend

     

    Queenstown
    No Rally this weekend

     

    Invercargill – Rally for Palestine

    Sunday 20 October

    1:00 pm

    Wachner place Invercargill.

    MIL OSI New Zealand News –

    January 24, 2025
  • MIL-OSI China: ECB cuts rates by 25 basis points as inflation fades

    Source: China State Council Information Office

    This photo taken on July 27, 2023 shows the Euro sign in Frankfurt, Germany. [Photo/Xinhua]

    The European Central Bank (ECB) decided on Thursday to lower three key interest rates by 25 basis points, its third rates cut this year, saying that disinflationary process is “well on track.”

    The interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 3.25 percent, 3.4 percent and 3.65 percent respectively, with effect from Oct. 23.

    The ECB does not expect recession in the eurozone despite economic difficulties in some states, the bank’s President Christine Lagarde said at a press conference after the ECB Governing Council meeting in Slovenia.

    The decision to cut interest rates is based on the bank’s updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission, she said. “The incoming information on inflation shows that the disinflationary process is well on track.”

    Despite predicted inflation rise in the coming months, Lagarde said the ECB is determined to ensure that inflation return to the 2-percent medium term target in the course of next year. “We will keep policy rates sufficiently restricted for as long as necessary to achieve this aim.”

    The eurozone’s annual inflation rate is projected to drop to 1.8 percent in September, down from 2.2 percent in August, according to Eurostat. This marks the first time in three years that inflation has fallen below the ECB’s target.

    Lagarde did not specify when further rate cuts might be expected, noting that decisions are data-dependent.

    The next ECB Governing Council monetary policy meeting is scheduled for Dec. 12 in Frankfurt.

    The ECB cut key interest rates for the first time in five years by 25 basis points in June and again in September.

    MIL OSI China News –

    January 24, 2025
  • MIL-OSI Submissions: Economy – ECB’s rate cut piles pressure on the Euro

    Source: deVere Group

    October 17 2024 – The European Central Bank (ECB) has lowered interest rates for the third time this year, as inflation in the eurozone shows signs of easing and the economy struggles to regain momentum.

    With money markets now expecting three more rate cuts by March 2025, the euro is likely to face prolonged downward pressure, predicts the CEO of one of the world’s largest independent financial organizations.

    The prediction from deVere Group’s Nigel Green follows Thursday’s quarter-point rate cut, which brings the deposit rate down to 3.25%.

    He says: “This is the first time in 13 years that the ECB has delivered consecutive rate cuts, marking a pivotal moment for both the eurozone economy and global investors.

    “Lower interest rates make a currency less appealing to investors as they reduce returns on assets denominated in that currency.

    “As the ECB continues to signal further rate cuts, this trend is expected to intensify. The euro is likely to weaken as investors seek higher returns elsewhere, potentially leading to capital outflows from the eurozone.

    “The ECB’s actions indicate a clear shift in focus, from managing inflation to stimulating growth.

    “With continued rate cuts on the horizon, the euro is set to remain under pressure for the foreseeable future, making this a critical time for investors to assess their portfolios.”

    For investors holding euro-denominated assets, a weakening currency could present some challenges, especially for those with international exposure. As the euro depreciates, returns on European investments could decline when converted back into stronger currencies.

    However, there are also opportunities, particularly in export-heavy sectors, where a weaker euro makes European goods more competitive on the global market.

    “In light of the ECB’s monetary policy approach, we recommend investors take a close look at currency risk and consider hedging strategies if they have significant exposure to the euro,” affirms Nigel Green.

    “On the other hand, sectors such as manufacturing and exports could benefit from a more competitive currency.”

    For investors looking to take advantage of a weaker euro, diversification into eurozone industries that are less reliant on domestic demand and more focused on exports could prove beneficial. These industries are likely to see growth as their goods become more attractive on the international market, providing opportunities in the face of broader economic stagnation.

    The deVere CEO concludes: “Investors should be prepared for sustained euro depreciation and adjust their strategies accordingly.

    “The weakening euro could be a double-edged sword, offering opportunities in specific sectors while also requiring a more cautious approach to currency risk.”

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

    MIL OSI – Submitted News –

    January 24, 2025
  • MIL-OSI Banking: Lufthansa Group appoints Brendan Shashoua as Lufthansa Group’s Senior Director Sales – Southeast Asia and the Pacific

    Source: Lufthansa Group

    Brendan Shashoua has been appointed Lufthansa Group’s Senior Director Sales – Southeast Asia and the Pacific. Based in Singapore, he leads Lufthansa Group’s sales force across Southeast Asia and the Pacific region. 

    Born and raised in Switzerland, Brendan Shashoua began his Lufthansa Group career in revenue management at SWISS in 2011. After 2.5 years, he progressed into sales as a Global Key Account Manager with responsibilities for the management of some of Lufthansa Group’s largest corporate customers. In 2018, he began his first team lead position in Sales Services and Groups in Switzerland where he was responsible for development of the inaugural Lufthansa Group Global Sales Services Competence Center. 

    In July 2021, he assumed the role of Director of Regional Sales Canada with responsibility for the entire Canadian market, including Lufthansa Group’s successful Joint Venture with United Airlines and Air Canada. Brendan Shashoua is a dual citizen of both Switzerland and the United Kingdom and holds an Executive MBA from Zurich University. He is happily married with one son. 

    About Lufthansa Group

    The Lufthansa Group is an aviation group with operations worldwide. With 100,000+ employees, Lufthansa Group generated revenue of €35.4bn in the financial year 2023. Our largest business segment is Passenger Airlines while other key business segments include Logistics and Maintenance, Repair and Overhaul (MRO). Other companies and Group functions such as IT companies and Lufthansa Aviation Training form complimentary components of the Group. All airlines and business segments play leading roles in their respective markets.

     

    MIL OSI Global Banks –

    January 24, 2025
  • MIL-OSI Banking: Transition Finance and Results of the Survey on 10 Asian Financial Authorities’ Initiatives: Climate Finance Dialogue Progress Report

    Source: Asia Development Bank

    Kasumigaseki Building 8F, 3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo 100-6008, Japan

    About ADBI

    The Asian Development Bank Institute was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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    MIL OSI Global Banks –

    January 24, 2025
  • MIL-OSI Asia-Pac: HKMA introduces multiple measures to support SMEs’ development, upgrade and transformation

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:
     
         The Hong Kong Monetary Authority (HKMA), together with the banking sector, introduced multiple measures today (October 18) to further support, through financing as well as banking products and services, the continuous development of small and medium-sized enterprises (SMEs) and assist them in expanding new businesses and markets.
          
         Since the launch of the nine SME support measures by the HKMA and the Banking Sector SME Lending Coordination Mechanism (Mechanism) in March this year, a total of around 20 000 SMEs have benefitted from the measures, involving an aggregate credit limit of over HK$44 billion. The HKMA has also been deepening its understanding of the challenges and needs faced by SMEs of different sectors through various channels and platforms, including the Taskforce on SME Lending (Taskforce) which was established in August this year, and engagement sessions with over 50 trade associations and their members from different industry sectors.
          
         While Hong Kong is currently undergoing economic transformation, the HKMA and the banking sector are aware of the needs of SMEs to strive for change and adapt to changes in the market and business operating environment. Taking into account the views of the commercial sector, the HKMA and the banking sector will roll out the following five measures to assist SMEs’ continuous development, upgrade and transformation, and enhance their competitiveness and productivity to cope with new operational challenges:
     
         1. Release of bank capital to facilitate the financing needs of SMEs: The HKMA lowered the countercyclical capital buffer (CCyB) ratio from 1 per cent to 0.5 per cent, and will allow banks to early adopt the preferential treatments for SME exposures under the Basel III capital framework. These policies will release bank capital and thereby enable banks to make use of the additional capital to facilitate the financing needs of SMEs. 

         2. Set aside dedicated funds to support SMEs: The 16 banks that are active in SME lending have set aside a total of over HK$370 billion of dedicated funds for SMEs in their loan portfolio. The funds will allow SME customers to access necessary financing for coping with the evolving business environment. The banks will regularly review and consider scaling up the size of their dedicated funds in response to SMEs’ needs and development. 
         â€‹
         3. Launch more credit products and services to assist SMEs’ transformation: Banks will launch more credit products and services to meet the transformation needs of SMEs. Examples include pre-approved credit limits, unsecured loans, cross-border loans, and loans with flexible repayment periods.
     

    On digital transformation, banks will offer e-commerce financing and electronic payment services to enable SMEs in different sectors such as retail, catering and trading to better utilise data and adopt innovative business solutions, so that SMEs can strengthen their marketing and promotion, streamline business processes and save operating costs. 

    On green transformation, banks will actively consider launching relevant advisory services. Through collaboration with green certification agencies, banks can alleviate the costs for SMEs to apply for green certification, thereby supporting their low-carbon transition. Banks will also provide green loans to assist SMEs in purchasing and adopting low-carbon equipment, so as to reduce the SMEs’ own carbon emissions and transform into green suppliers. 

         4. Increase the partial principal repayment options: When an orderly exit from the banking sector’s Pre-approved Principal Payment Holiday Scheme commenced in July 2023, the Mechanism introduced enhanced measures to assist corporates’ gradual return to normal repayment. Since some customers’ partial principal repayment arrangements will expire in early 2025, banks will be accommodative and consider offering more flexible repayment arrangements to help these customers to address challenges encountered during economic transformation. Such arrangements include, for instance, extending the duration of partial principal repayment, offering more options on the proportion and duration of partial principal repayment, or even offering principal moratorium, subject to prudent risk-management principles. The above-mentioned arrangements are also applicable to taxi loans, public light bus loans and commercial vehicle loans taken out by personal customers.

         5. Devote sufficient manpower and resources to implement the enhancements to SME Financing Guarantee Scheme as soon as possible: Banks will allocate adequate resources to process applications and work closely with HKMC Insurance Limited to implement as soon as possible the principal moratorium and other enhanced measures under the SME Financing Guarantee Scheme.

         The HKMA will continue to understand the SME-related business strategies of banks, and maintain close communication with the commercial sectors through the Mechanism and the Taskforce. Seminars and other activities will be organised to promote the SME services, products and schemes offered by the banking sector in the concerted efforts to assist the continuous development, upgrade and transformation of SMEs.
     
    Background
     
    The Banking Sector SME Lending Coordination Mechanism

         The Banking Sector SME Lending Coordination Mechanism was established by the HKMA in October 2019. Participants include 11 banks (Note 1) that are most active in SME lending, the Hong Kong Association of Banks (HKAB) and the HKMC Insurance Limited. During the pandemic, the Mechanism rolled out several rounds of relief measures for corporates, including the Pre-approved Principal Payment Holiday Scheme. In March 2024, the HKMA, together with the Mechanism, launched nine measures to assist SMEs in obtaining bank financing and to support their continuous development.
     
    The Taskforce on SME Lending

         The Taskforce on SME Lending was jointly established by the HKMA and HKAB in August 2024. Participants include representatives of the HKMA, HKAB and 16 banks (Note 2) that are active in SME lending. The Taskforce aims to further strengthen the related work for supporting SMEs in obtaining bank financing at both the individual case and the industry levels. Participating banks of the Taskforce have stated that they would ensure the ongoing effective implementation of the nine SME support measures that were launched previously, and indicated that they had not changed and would not change their risk appetite towards SME financing and related credit approval standards. The participating banks would also strive to treat customers fairly and communicate with customers in an accommodative manner.
     
    Note 1: Bank of China (Hong Kong), Bank of East Asia, China Construction Bank (Asia), Citibank, Dah Sing Bank, DBS Bank (Hong Kong), Hang Seng Bank, The Hongkong and Shanghai Banking Corporation, Industrial and Commercial Bank of China (Asia), OCBC Bank (Hong Kong), and Standard Chartered Bank (Hong Kong).

    Note 2: Including the 11 banks participating in the Mechanism, and Bank of Communications (Hong Kong), China CITIC International, Fusion Bank, Nanyang Commercial Bank and PAO Bank.

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI Asia-Pac: Monetary Authority announces countercyclical capital buffer ratio for Hong Kong

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:
         
         The Monetary Authority announced today (October 18) that the countercyclical capital buffer (CCyB) ratio for Hong Kong is reduced from 1 per cent to 0.5 per cent with immediate effect.
          
         The Monetary Authority, Mr Eddie Yue, said, “While the local economy has continued to recover, the risk of economic overheating is well contained as suggested by the quantitative indicators. Facing changes in the market landscape, certain sectors in the domestic economy, in particular the SMEs, are nevertheless still seeing challenges in their business operations amid uncertainties in the external and local economic environment. It is therefore appropriate to reduce the CCyB moderately to allow banks to be more supportive to Hong Kong’s economy. Together with the other measures already introduced by the HKMA to support SMEs, we expect banks to make use of the additional leeway provided by the lower CCyB to further facilitate the financing needs of local SMEs. A gradual increase in the CCyB for Hong Kong will only be considered in the future when data suggest that there is more broad-based growth in the domestic economy and when the credit and property market conditions suggest a higher CCyB is warranted.”
          
         Further details of the decision may be found in the Announcement of the CCyB to Authorized Institutions on the HKMA website.
          
    Background

         In setting the CCyB ratio the Monetary Authority considered a series of quantitative indicators and qualitative information including an “indicative buffer guide” (which is a metric providing a guide for CCyB ratio based on the gap between the ratio of credit to GDP and its long term trend, and between the ratio of residential property prices to rentals and its long term trend). The latest indicative buffer guide calculated based on 2024Q2 data and the Positive Neutral CCyB (Note) according to the revised formula, signals a CCyB of 1 per cent. The projection based on all available data suggests that the indicative buffer guide would likely signal a CCyB of 1 per cent when all relevant 2024Q3 data become available.
          
         The indicative buffer guide, as its name suggests, provides only a “guide” for CCyB decisions, and the determination of the jurisdictional CCyB ratio for Hong Kong is not a mechanical exercise. In addition to the indicative buffer guide, the Monetary Authority also reviewed other relevant information. While the local economy has continued to recover, the risk of economic overheating is well contained as suggested by quantitative indicators. Facing changes in the market landscape, certain sectors in the domestic economy, in particular the SMEs, are nevertheless still seeing challenges in their business operations amid uncertainties in the external and local economic environment. Together with the other measures already introduced by the HKMA to support SMEs, a lower CCyB will provide banks with additional leeway to further facilitate the financing needs of local SMEs.
          
         The CCyB is an integral part of the Basel III regulatory capital framework and is being implemented in parallel by Basel Committee member jurisdictions worldwide. The CCyB has been designed by the Basel Committee to increase the resilience of the banking sector against system-wide risks. The banking sector can then act as a “shock absorber” in times of stress, rather than as an amplifier of risk to the broader economy.
          
         The power to implement the CCyB in Hong Kong is provided by the Banking (Capital) Rules, which enable the Monetary Authority to announce a CCyB ratio for Hong Kong. The specific CCyB requirement applicable to a given Authorized Institution (AI) is expressed as a percentage of its CET1 capital to its total risk-weighted assets (RWA). Each AI’s CCyB requirement may vary depending on the geographic mix of its private sector credit exposures and the CCyB applicable in each jurisdiction where it has such exposures.

    Note: Under the Positive Neutral CCyB approach, authorities aim for a positive CCyB when risks are judged to be neither subdued nor elevated. Please refer to http://www.bis.org/publ/bcbs_nl30.htm for more information.

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI China: China’s major lenders lower deposit interest rates

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 18 — China’s major state-owned commercial banks announced Friday reductions in deposit interest rates.

    The one-year fixed-term deposit interest rate was cut by 25 basis points to 1.1 percent, according to the official deposit interest rates released by Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China and Bank of Communications.

    After the reductions, the deposit interest rates with terms of 2, 3 and 5 years are 1.2 percent, 1.5 percent and 1.55 percent, respectively.

    This was the second deposit interest rate cut for state-owned big banks in 2024, with previous cut implemented in July.

    China’s central bank announced a raft of monetary stimulus at a press conference last month, calling for efforts to create a sound monetary and financial environment for stable economic growth and high-quality development.

    MIL OSI China News –

    January 24, 2025
  • MIL-OSI Economics: Money Market Operations as on October 17, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 556,222.72 6.29 0.01-6.50
         I. Call Money 8,226.89 6.43 5.10-6.50
         II. Triparty Repo 406,519.90 6.28 6.16-6.40
         III. Market Repo 140,522.93 6.31 0.01-6.50
         IV. Repo in Corporate Bond 953.00 6.41 6.39-6.50
    B. Term Segment      
         I. Notice Money** 122.10 6.30 6.10-6.45
         II. Term Money@@ 380.00 – 6.75-6.90
         III. Triparty Repo 231.00 6.45 6.35-6.45
         IV. Market Repo 98.04 6.55 6.55-6.55
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Thu, 17/10/2024 1 Fri, 18/10/2024 40,385.00 6.49
    3. MSF# Thu, 17/10/2024 1 Fri, 18/10/2024 5,717.00 6.75
    4. SDFΔ# Thu, 17/10/2024 1 Fri, 18/10/2024 82,925.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -117,593.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Mon, 14/10/2024 4 Fri, 18/10/2024 24,070.00 6.49
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,222.87  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -57,582.13  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -175,175.13  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 17, 2024 984,522.44  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 1,001,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 17, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 418,318.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1328

    MIL OSI Economics –

    January 24, 2025
  • MIL-Evening Report: Hamas leader Yahya Sinwar’s death is a defining moment, but it will not end the war

    Source: The Conversation (Au and NZ) – By Ian Parmeter, Research scholar, Middle East studies, Australian National University

    The death of Hamas leader Yahya Sinwar, one of the masterminds behind the group’s horrific October 7 2023 attack on southern Israel, is no doubt a consequential moment in Israel’s year-long war against Hamas.

    But is it a turning point?

    Israeli Prime Minister Benjamin Netanyahu said Sinwar’s killing – long a major objective of the Israel Defense Forces (IDF) – would signal the “beginning of the end” of the war. But he made clear the war is not over.

    In fact, Benny Gantz, a former defence minister and member of the war cabinet, said the IDF would continue to operate in Gaza “for years to come”.

    So, what exactly will be the impact of Sinwar’s death?

    Does this change anything?

    Sinwar’s death does change at least one aspect of the war. He was an iconic figure, for better or worse, for Palestinians. He was seen as someone who was taking the fight to Israel.

    With Sinwar still alive and Hamas hitting back at Israel’s war in Gaza, the group was actually increasing in popularity.

    Opinion polling in late May showed support for Hamas among Palestinians in the Occupied Territories had reached 40%, a six-point increase from three months earlier. Support for the Palestinian Authority, which controls the West Bank, was about half that.

    Sinwar’s demise changes the face of Hamas. It could be a major turning point if Hamas is unable to replace him with a leader as strong as he was.

    One of the names being discussed is Khaled Mashal, the former head of Hamas’ political office who still remains influential in the organisation.

    This moment offers an opportunity for a new Hamas leader to seek a ceasefire with Israel and an end to the horrific conditions in which Gazans are living. But there’s still the question of whether Sinwar’s death achieves Israel’s war objectives.

    What would constitute a victory for Netanyahu?

    The main issue is that Netanyahu’s war aims have not yet been achieved:

    • the elimination of Hamas as a fighting force and a danger to Israel

    • the freeing of the roughly 100 Israeli hostages still believed to be held in Gaza, as many as half of whom may now be dead

    • the re-establishment of deterrence with Hezbollah in Lebanon to allow the 60,000 Israelis who have been evacuated from northern Israel to return home.

    Although the killing of Sinwar is a major step towards restricting Hamas’ ability to maintain its war against the IDF in Gaza, Israeli soldiers still face some very significant problems there.

    Over the past year, Hamas has morphed from an organised fighting force into guerrilla mode, which makes its fighters much more difficult to eliminate completely.

    The classic methodology for dealing with a guerrilla force is “clear, hold and build”. This means you clear an area of the enemy, put troops in to hold the area, and then build an environment in which the enemy can’t re-establish itself.

    Israel can certainly do the “clearing” and “holding”, but has not been able to build an environment in which Hamas can no longer operate.

    Israeli journalists who have been embedded with Israeli forces have made the point that Hamas operatives are returning to areas that were previously cleared by the IDF, in part due to the group’s extensive tunnel network.

    Other complications for Netanyahu

    Another issue for Netanyahu is that right-wing members of his cabinet have threatened to resign from his governing coalition if he agrees to a ceasefire before Hamas is destroyed as a fighting force. They believe Hamas could use a ceasefire to regroup and re-establish itself as a serious threat to Israel.

    At the same time, Netanyahu is also facing increasing pressure over the fate of the hostages. If there isn’t a ceasefire and negotiations to release them, their families and supporters will continue the large demonstrations they have been staging in Israel in recent months. They are desperate to get back any hostages who may still be alive and the remains of those who have died.

    Netanyahu is also still weighing Israel’s promised retaliation against Iran for its missile attack against the Jewish state in early October.

    If Israel does launch a major strike, what does Iran do in response? Iran’s problem is that it had always relied on a strong Hezbollah in Lebanon to be able to respond to Israel militarily on its behalf. And now it seems to have lost that as Hezbollah has been significantly weakened in recent weeks.

    The US sees a potential off-ramp

    Another aspect, of course, is where the United States stands on this. The US has made clear it sees Sinwar’s death as being an off-ramp for Israel in Gaza – it can claim a major strategic victory and essentially agree to a ceasefire.

    In recent weeks, the US has also given Israel an ultimatum, saying if there isn’t an improvement in the amount of humanitarian aid going into Gaza by the end of November, it will cut off some military aid to Israel.

    The Democrats want the war to end as soon as possible, because while it’s on the front pages of US newspapers, it divides the party and could encourage some voters not to come out and vote in the presidential election.

    So it’s very important for the Democratic candidate, Vice President Kamala Harris, that there be a ceasefire as soon as possible. She said as much in her remarks today:

    Hamas is decimated and its leadership is eliminated. This moment gives us an opportunity to finally end the war in Gaza.

    The problem, however, is that Netanyahu has shown in the past he is prepared to go against US wishes whenever it suits him. And a ceasefire does not suit his purposes at this point.

    Given Republican nominee Donald Trump’s steadfast support for Netanyahu, the Israeli leader would also be more than happy to see him return to the White House.

    What’s most likely to happen

    Taking all of these factors into account, Netanyahu is likely to prioritise keeping his government together.

    As such, he will be more guided by its very right-wing members – Finance Minister Bezalel Smotrich and National Security Minister Itamar Ben Gvir – than by the US or the families of the hostages.

    AFter Sinwar’s death, Smotrich said the IDF “must increase intense military pressure in the Strip”, while Ben Gvir called on Israel to “continue with all our strength until absolute victory”.

    So at this stage, it seems likely the war will continue until Netanyahu can say Hamas has been destroyed as a fighting force. That is what his cabinet is demanding to achieve the government’s war aims.

    Ian Parmeter 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. Hamas leader Yahya Sinwar’s death is a defining moment, but it will not end the war – https://theconversation.com/hamas-leader-yahya-sinwars-death-is-a-defining-moment-but-it-will-not-end-the-war-241666

    MIL OSI Analysis – EveningReport.nz –

    January 24, 2025
  • MIL-OSI Economics: Results of Underwriting Auctions Conducted on October 18, 2024

    Source: Reserve Bank of India

    In the underwriting auctions conducted on October 18, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    (₹ crore)
    Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
    (paise per ₹100)
    7.02% GS 2031 10,000 5,019 4,981 10,000 0.06
    7.23% GS 2039 13,000 6,510 6,490 13,000 0.08
    7.09% GS 2054 10,000 5,019 4,981 10,000 0.11
    Auction for the sale of securities will be held on October 18, 2024.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1329

    MIL OSI Economics –

    January 24, 2025
  • MIL-OSI Economics: Result of the 13-day Variable Rate Reverse Repo (VRRR) auction held on October 18, 2024

    Source: Reserve Bank of India

    Tenor 13-day
    Notified Amount (in ₹ crore) 1,00,000
    Total amount of offers received (in ₹ crore) 20,073
    Amount accepted (in ₹ crore) 20,073
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1330

    MIL OSI Economics –

    January 24, 2025
  • MIL-OSI Australia: Minister Shorten doorstop interview at Northcott Dapto Disability Hub

    Source: Ministers for Social Services

    18 October 2024

    E&OE TRANSCRIPT

    SUBJECTS: Northcott Dapto Disability Hub; NDIS reform; Housing; Interest rates; University of Canberra

    BILL SHORTEN, MINISTER FOR THE NDIS AND GOVERNMENT SERVICES: It’s great to be at Northcott today in Wollongong. The opening of the new multi-use hub is fantastic news for thousands of people with disability. In particular, the hundreds of clients that Northcott looks after every day.

    JOURNALIST: You mentioned in your speech downstairs that it’s a village of hope, and if you can expand on that, and that sort of means?

    SHORTEN: Buildings reflect a society’s values. If we build a brand new shopping centre, it reflects the value that Australians value shopping. But when a community or a group like Northcott build a marvellous, purpose-built building so that people with disabilities can have more fulfilling lives, I think it reflects very positive values. So this is not just a set of walls and windows, some fabulous rooms and a roof. This is a village of hope where people with disability cannot be invisible, where they can help – have dreams, have hopes, make plans and have social interaction. So the values of this building are based on the finest moral foundations of a fair go for people with disability.

    JOURNALIST: Reflecting I guess on your time as the Minister in charge of the NDIS, you’re obviously outgoing at the moment, there were recommendations about how to improve the service that were handed down last year. As you leave your position, what do you think? Do you think those – , yeah, what state do you think you leave the service in?

    SHORTEN: You’re right. I’m very outgoing. I love the NDIS, I bleed it, I was fortunate enough to be able to help create it more than 15 years ago. Coming back into Government, I realised that whilst it was changing lives for the better, hundreds of thousands of lives, it was off track. Money was getting  spent on the wrong things. There were a minority of service providers who were seeking to enrich themselves rather than look after the people they meant to. Australians are very generous. They, I think, don’t mind spending some taxes on Medicare and on looking after people with profound and severe disability. Participants deserve fulfilling lives. So therefore, what we’ve spent the last nearly three years is get it back on track. Now I want to take it above politics. I want to make it politician proof. Now we’ve got the legal authority to outline what you can spend your money on and what you can’t. Who you can spend your money with, with registered providers. We can now make sure that we’ve got a process for clear eligibility, which we’re working on. And I think also most importantly – so who can be in it, what we can spend the money on and who with. We’re clearing that up. We’re clamping down on the fraud and the cheats and the crooks. They’re not welcome anymore. But also what we’re doing is writing a new chapter of inclusion by building supports outside the NDIS. For people who don’t need the full orchestra of the NDIS, but have special needs, and so that the NDIS is not the only lifeboat in the ocean of services for people with disability.

    JOURNALIST: Just on the changes that have been made, I spoke to a provider earlier this morning saying – who’s here in the Illawarra – saying that a lot of clients are I don’t feel like they have enough information about what can and can’t access now, and that’s actually worsening their mental health as well. Are there plans to kind of improve communications in that sense?

    SHORTEN: Good providers should be telling their people what’s going on. I mean, a provider can simply access a website. It’s all there. I get any changes can bring anxiety. If you’re a person with a disability or a family who has fought hard to get a personal budget, when you hear the words change, that’s not what you hear, you hear, am I going to lose something? I don’t want to go backwards. All we’re doing is providing clarity. It’s very easy to access on the NDIA or the National Disability Insurance website. Our providers, they’re meant to be professional. They’re paid to provide services. So I can understand participants taking longer to work out what’s in and what’s out. But a provider should be acquainting themselves with the road rules. You’re not allowed to drive a truck without knowing basic road rules, and providers should do the same.

    JOURNALIST: You talk about eligibility requirements. We have a local in Kiama who’s the name of Bobby English, who’s been campaigning for years to have her partner, who’s over 65 and developed a disability, have him be included in the Scheme. I guess as you’re leaving the position, do you regret not having this issue resolved? And will this be a priority for your successor, I guess?

    SHORTEN: For the person who needs the support, I hope they’re getting support. But for the proposition that the NDIS, to the NDIS should look after people of all ages of disabilities, that would sink the Scheme. The Parliament made it very clear in 2013, when it was legislated, that the NDIS is for people up to 65 and aged care would look after people over 65. When I started campaigning for the NDIS, aged care was in much better shape than disability. What’s happened in the intervening 15 years, 16 years since I first raised it, is aged care had fallen backwards and for all of the problems with the NDIS, it was more generous. I think the answer to the issue of older Australians who acquire a disability after 65 is better support in the aged care system, which is what it’s designed for. And the Labor  Government has been making pretty significant reforms in aged care to improve the support which would be available.

    JOURNALIST: This is your, most likely your last visit to the Illawarra region is it?

    SHORTEN: I don’t know, nice to say, but you know you have –

    JOURNALIST: Well I was going to ask –

    SHORTEN: I’m going to do more farewell trips than Johnny Farnham, but I’ll be coming back, to the South Coast anyway. I’m actually moving from Melbourne to Canberra, so actually I’ll be closer to the Illawarra than I’ve ever been.

    JOURNALIST: Yes, but last in a ministerial – as an announcement, with an announcement sort of thing?

    SHORTEN: Yeah.

    JOURNALIST: in terms of this region in particular, obviously you’re a Federal Minister, but in this area, what do you hope the legacy of your role will be?

    SHORTEN: I’ve been very fortunate to visit the Illawarra in different roles over my working life as a steel union rep with the Australian Workers Union. I’ve been at the north gate BHP. I’ve seen when things have gone bad. So I know this is a an industrial town. People work hard for their money here. Then I had the chance to work in disability here, and I realised it had a very strong culture of support for people with disability in the area, which I think reflects well on the values of the community here. I got to campaign here as Leader of the Opposition for six years. So I’ve seen how this area is reinventing itself and diversifying. And indeed, you know, to the south of the Illawarra has become a very crowded part of Australia. So I’ve seen this community reinvent itself. It works hard and it cares for the people within it. But what I’m pleased is that there’s 5,600 people in the Wollongong region receiving personal budgets of support because of a severe and profound disability, which but for the National Disability Insurance Scheme, they’d be stranded. Families will have kids on non-standard developmental journeys, little precious babies who are two and three. But for the NDIS, they wouldn’t get the sort of support they’re getting now. There’s ageing carers in their 80s who will be drying the dishes at 10:00pm tonight overlooking the, you know, the back window from the kitchen sink. They’ll have that anxiety, who’s gonna look after their adult child when they no longer can? We’re not fully there at fulfilling that promise. But for people in this region, we’re a lot closer to fulfilling a promise that even when you can’t look after the person you love because they have a profound and severe disability, there’ll be someone there.

    JOURNALIST: Bill. Negative gearing is back in the spotlight today, with analysis showing more than 750,000 renters could become homeowners under your policy that you introduced in 2019. Is it time for the Federal Government to consider changes to negative gearing and capital gains tax concessions?

    SHORTEN: Well, unfortunately, Mr. Morrison won the election, so I didn’t quite introduce my policies but thank you for the compliment. Listen, the Government said that we’re going to focus on supply, that negative gearing is not on the agenda. I think that’s fine. We did take a series of policies to 2019. They were narrowly rejected. I think the Government’s got it right where we’re going to focus on supply. I’d encourage the Liberals and the Greens political party to get out of the way. They’re not – we want to build more houses. They’re delaying that. I mean, I have to say of Mr Dutton’s Opposition. They won’t lead, they won’t follow, and they won’t get out of the way. That’s a problem for renters.

    JOURNALIST: Should the Prime Minister have bought an expensive home so close to the election in the middle of a housing crisis?

    SHORTEN: Oh, it’s so up to him. It’s his business. Good luck to him and Jodie. Again, what I see is people are focusing on one house. I wish the Opposition and the Greens would focus as hard on the tens of thousands of houses that we want to support, and they are just on the Prime Minister’s house.

    JOURNALIST: You did used to call Turnbull, at the time, Mr. Harbourside mansion back in the day, saying he was out of touch. Should Albanese have waited until after the election to buy his own?

    SHORTEN: I think the difference between Malcolm Turnbull and Prime Minister Anthony Albanese is chalk and cheese. Mr. Albanese has worked very hard. He comes from or he came from a tough background. I just wish the very best for him and Jodie in their future. But the other thing is I’ve got no doubt that Prime Minister Albanese will lead us to the next election and successfully.

    JOURNALIST: But just in terms of cost of living, do you think the Reserve Bank should hold off on cutting interest rates?

    SHORTEN: That’s a decision for the Reserve Bank. But I do know that 3 million mortgagees are doing it tough. I do know that the economy in large part is doing it tough. You know, it’s great that Labor’s been able to create a million jobs, and that shows you the focus of the Government. But people are doing it hard. It’ll be up to the Reserve Bank when they cut rates, but that can’t come too soon as far as I’m concerned.

    JOURNALIST: Can I ask one more just for our Canberra colleagues? Your new position that you’ll be taking up, will you be launching a review into the governance of UC?

    SHORTEN: Uh, I’ll wait until I get there. What I said about my new job is that until I finish my current job, I won’t be talking about my new job. But the day I start there, then I’m open for – the shop is open for interviews. Thanks.

    MIL OSI News –

    January 24, 2025
  • MIL-OSI Economics: RBI to conduct 3-day Variable Rate Reverse Repo (VRRR) auction under LAF on October 18, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a second Variable Rate Reverse Repo (VRRR) auction on October 18, 2024, Friday, as under:

    Sl. No. Notified Amount
    (₹ crore)
    Tenor
    (day)
    Window Timing Date of Reversal
    1 1,25,000 3 12:00 Noon to 12:30 PM October 21, 2024
    (Monday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1331

    MIL OSI Economics –

    January 24, 2025
  • MIL-OSI Translation: Council of Ministers meeting on 18 October 2024

    MIL OSI Translation. Timor-Leste Portuguese to English –

    Presidency of the Council of Ministers

    Spokesperson for the Government of Timor-Leste
    ……………………………………………. ……………………………………………. …………………….

    Press release

    Council of Ministers meeting on 18 October 2024

    The Council of Ministers met at the Government Palace in Dili and approved the draft Decree-Law, presented by the Deputy Prime Minister, Coordinating Minister for Social Affairs and Minister for Rural Development and Community Housing, Mariano Assanami Sabino, and by the Executive Director of the Mission Unit to Combat ‘Stunting’, Joel Maria Pereira, for the first amendment to Decree-Law No. 91/2022, of December 22, relating to the Mission Unit to Combat ‘Stunting’.

    Decree-Law No. 91/2022 created the Mission Unit to Combat Stunting with the mission of preparing and implementing the National Plan to Combat Stunting and promoting the coordination of government bodies in combating child malnutrition. However, although the National Plan to Combat Stunting has been completed, the planned measures have not yet been fully implemented.

    To ensure the continuity of this work, the Government intends to extend the mandate of the Mission Unit until December 31, 2030, allowing the full implementation of the plan and the fight against the high rate of stunting in Timor-Leste. This amendment also aims to adjust the new ministerial framework resulting from the organic structure of the IX Constitutional Government, whereby the Mission Unit for Combating Stunting will be under the supervision of the Vice-Prime Minister and Coordinating Minister for Social Affairs. This draft Decree-Law also aims to ensure effective and efficient coordination between the various government departments and public administration bodies in the execution of the responsibilities related to nutritional security assigned in the Plan.

    At the previous meeting of the Council of Ministers, the National Multisectoral Annual Plan to Combat Stunting was also approved for the period 2024 to 2030, with the aim of reducing the rate of stunting and improving nutritional health in Timor-Leste.

    *****

    The Council of Ministers endorsed the agreement with the Asian Development Bank (ADB) on measures to enhance resilience and livelihoods in the rural sector, presented by the Deputy Prime Minister and Minister of Rural Development and Community Housing, Mariano Assanami Sabino. This agreement aims to increase the resilience of approximately 46,000 people in rural areas of the Manatuto Municipality.

    The main aim of this project is to improve access to water, promote the adoption of climate-smart agricultural practices and strengthen the institutional and organizational capacities of rural communities. The initiative, aligned with the priorities of the IX Constitutional Government, includes investments in water infrastructure, the formation of agricultural groups and the development of more diversified and climate-resilient livelihoods. It is also expected that this rural development model to be implemented in Manatuto will be replicated in other municipalities, thus promoting the sustainable development of Timor-Leste.

    *****

    Finally, the Council of Ministers approved the draft Decree-Law establishing the Community Revitalization Program, also presented by the Deputy Prime Minister and Minister of Rural Development and Community Housing, Mariano Assanami Sabino.

    The program aims to promote the economic and social development of rural communities by supporting productive activities in the agriculture, fisheries, livestock, forestry and horticulture sectors, as well as infrastructure and equipment of collective interest. Aligned with the principles of sustainability, social inclusion and community participation, the program provides for the granting of subsidies for community projects, to strengthen local capacities and promote the resilience of communities throughout the country. END

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

    MIL Translation OSI

    January 24, 2025
  • MIL-OSI Asia-Pac: More measures to support SMEs

    Source: Hong Kong Information Services

    The Monetary Authority (HKMA), together with the banking sector, introduced multiple measures today to further support, through financing as well as banking products and services, the continuous development of small and medium-sized enterprises (SMEs).

    The HKMA said around 20,000 SMEs have benefitted from the nine measures that it launched with the Banking Sector SME Lending Co-ordination Mechanism in March this year, involving an aggregate credit limit of over $44 billion.

    Taking into account the commercial sector’s views, the HKMA and the banking sector will roll out five measures to assist SMEs’ continuous development, upgrade and transformation, as well as enhancing their competitiveness and productivity to cope with various operational challenges.

    Firstly, the HKMA has lowered the countercyclical capital buffer ratio from 1% to 0.5%, and will allow banks to early adopt the preferential treatments for SME exposures under the Basel III capital framework.

    Such policies will release bank capital, enabling banks to make use of the additional capital to facilitate SMEs’ financing needs.

    Secondly, the 16 banks that are active in SME lending have set aside a total of over $370 billion in dedicated funds for SMEs in their loan portfolio. The funds will allow SME customers to access necessary financing to cope with the evolving business environment.

    The banks will regularly review and consider scaling up the size of their dedicated funds in response to SMEs’ needs and development.

         ​

    Thirdly, the HKMA said banks will launch more credit products and services to meet the needs, such as the combination of digital transformation and green transformation, of SMEs. Examples include pre-approved credit limits, unsecured loans, cross-border loans, and loans with flexible repayment periods.

    On partial principal repayment options, the HKMA noted that when an orderly exit from the banking sector’s Pre-approved Principal Payment Holiday Scheme started in July 2023, the mechanism introduced enhanced measures to assist corporates’ gradual return to normal repayment.

    As some customers’ partial principal repayment arrangements will expire in early 2025, banks will be accommodative and consider offering more flexible repayment arrangements to these customers.

    Subject to prudent risk-management principles, such arrangements may include extending the duration of partial principal repayment, offering more options on the proportion and duration of partial principal repayment, or even offering principal moratorium.

    Additionally, banks will allocate adequate resources to process applications and work closely with HKMC Insurance to implement as soon as possible the principal moratorium and other enhanced measures under the SME Financing Guarantee Scheme.

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI China: China’s central bank launches swap facility to bolster capital market

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 18 — China’s central bank on Friday launched the Securities, Funds and Insurance companies Swap Facility (SFISF), with the first batch of application quota exceeding 200 billion yuan (about 28.1 billion U.S. dollars).

    The People’s Bank of China announced the decision to set up the SFISF in a statement last week, as part of efforts to support the healthy and stable development of the capital market.

    The tool will allow eligible securities, funds and insurance companies to use their assets including bonds, stock ETFs and holdings in constituents of the CSI 300 Index as collateral in exchange for highly liquid assets such as treasury bonds and central bank bills, according to the central bank.

    So far, a total of 20 securities and funds companies have been approved to participate in the SFISF operation.

    The central bank on Friday also launched a special re-lending facility to guide banks to provide loans to listed companies and their major shareholders for buybacks and increasing shareholdings.

    The initial re-lending scale is 300 billion yuan at an interest rate of 1.75 percent. The facility can be applied to various types of companies regardless of their ownership, according to the central bank.

    MIL OSI China News –

    January 24, 2025
  • MIL-OSI Banking: Result of the 3-day Variable Rate Reverse Repo (VRRR) auction held on October 18, 2024

    Source: Reserve Bank of India

    Tenor 3-day
    Notified Amount (in ₹ crore) 1,25,000
    Total amount of offers received (in ₹ crore) 54,755
    Amount accepted (in ₹ crore) 54,755
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1332

    MIL OSI Global Banks –

    January 24, 2025
  • MIL-OSI United Kingdom: Government launches British Infrastructure Taskforce

    Source: United Kingdom – Executive Government & Departments 3

    Private finance experts met the Chancellor at No11 Downing Street today to boost investment in infrastructure and drive growth nationwide.

    Rachel Reeves convened the inaugural meeting of the British Infrastructure Taskforce as part of a new approach that involves government working with business to design policy that will unlock private investment, including by building business confidence in UK infrastructure investments.

    The Taskforce will explore different options to support the Government’s infrastructure goals to drive growth for the whole of the nation, and some of the UK’s biggest financial companies including LLoyds, HSBC, and M&G will be in attendance.

    This Government has committed to turbocharge infrastructure investment across the width and breadth of the UK. Invitees have been selected to ensure a wide range of experience and expertise in UK infrastructure. This marks a significant shift in approach, with key businesses and stakeholders invited to work with the government to support the delivery of its infrastructure agenda.

    It follows the announcement to launch a newly formed National Infrastructure and Service Transformation Authority (NISTA) which will bring oversight of strategy and delivery under one roof.

    The NISTA will support the development and implementation of the ten-year infrastructure strategy in conjunction with industry which was outlined for the first time last week by the Chief Secretary Darren Jones.

    The Chancellor of the Exchequer Rachel Reeves MP said:

    Increasing investment in infrastructure is a vital part of delivering on our number one mission to grow the economy and create jobs.

    Just days after our International Investment Summit, we are delivering on our promise to work with business to drive growth across the country, and the expertise of this Taskforce will be invaluable in the weeks and months ahead.

    Chief Secretary to the Treasury Darren Jones MP said:

    We are serious about ending the cycle of underinvestment that has plagued our infrastructure systems for over a decade. The best way to do that is to design the solution with business in the room. That’s what this taskforce is all about.

    The Taskforce will meet regularly, offering insights that deliver long-lasting solutions for job creation, growth, and environmental goals.

    This builds on the success of the International Investment Summit, which saw hundreds of top international investors attend the event, £63 billion of confirmed investment into Britain, along with the launch of the £27.8 billion turbocharged National Wealth Fund.

    Tracy Blackwell, CEO, PIC said:

    We have a huge amount to invest and we want to invest more in Britain. There is no shortage of capital that can support the British economy’s capacity to grow. The right combination of policies and ideas will unlock that capital and boost growth.  From planning reform and better use of public sector pension funds to a streamlining of institutions and regulations, there is a lot that Government can do to crowd in more private investment and deliver social value. It’s great to be in an ongoing conversation with the Chancellor about taking that agenda forward.

    Andrea Rossi, CEO, M&G plc said:

    M&G has been an active investor in the UK for 175 years. Of the £100 billion M&G invests in the UK, infrastructure remains a core part of delivering sustainable returns for our savers, clients and shareholders. The UK’s clear focus on infrastructure presents a significant opportunity to deliver economic and social progress and we are delighted to contribute our expertise.”  

    Deepa Bharadwaj, Head of Infrastructure Europe, IFM Investors said:

    IFM is a major global infrastructure investor, a major investor in the UK, and is owned by pension funds.

    We look forward to solutions-based discussions that can unlock new investment across UK infrastructure sectors and themes”.

    Stephen Cohen, Chief Product Officer, Blackrock said:

    There’s a rapidly growing pool of capital to invest in infrastructure, but deploying it requires pragmatism in policy. We’re pleased to be working with the government in identifying policies that will support private investment.

    Charlie Nunn, CEO, Lloyds Banking Group said:

    At Lloyds Banking Group, we are committed to helping the UK deliver the infrastructure the country needs, supporting jobs and growth. We welcome the British Infrastructure Taskforce’s focus on increasing investment in UK infrastructure and addressing some of the fundamental barriers that have existed to date. As the UK’s leading bank for project finance, we will work closely with the government in the development of this taskforce, ensuring the work supports communities, businesses, and industries across the regions and nations of the UK.

    Anne Richards, Vice Chair, Fidelity International said:

    We have a shared ambition to drive growth in the UK by unlocking investment in infrastructure for the benefit of savers.  Our best opportunity to achieve that is through collaboration with government and the industry.

    Andy Briggs, CEO, Phoenix Group said: 

    Over the last three decades there has been an underinvestment in the UK economy compared to other developed nations. I am delighted there is a growing consensus that in order to grow we need to work together to invest.

    The British Infrastructure Taskforce provides the opportunity for business and government to work on shared priorities, help finance the social and economic infrastructure the country needs for the future, and give potential for better returns for pension savers.

    The following attendees of the first Taskforce meeting discussed investment opportunities, financial mechanisms, and strategies to maximise economic value:

    • Tracy Blackwell, CEO, Pension Insurance Corporation;
    • Anne Richards, Vice Chair, Fidelity International;
    • Charlie Nunn, CEO, Lloyds Banking;
    • Vivian Nicoli, Managing Director, CDPQ;
    • Andy Briggs, CEO, Phoenix Group;
    • Ian Stuart, CEO, HSBC UK;
    • Andrea Rossi, CEO, M&G;
    • Stephen Cohen, Chief Product Officer, BlackRock (represented by Helen Lees-Jones Global Head of Sustainable & Transition Solutions);
    • Deepa Bharadwaj, Head of Infrastructure Europe, IFM Investors;  
    • Mike Regnier CEO, Santander UK;
    • Sir Douglas Flint, Chairman, ABRDN;
    • Nick Smallwood, CEO, Infrastructure and Projects Authority;
    • James Heath, CEO, National Infrastructure Commission;
    • John Flint, CEO, National Wealth Fund.

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    Updates to this page

    Published 18 October 2024

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI Europe: Euro area monthly balance of payments: August 2024

    Source: European Central Bank

    18 October 2024

    • Current account recorded €31 billion surplus in August 2024, down from €41 billion in previous month
    • Current account surplus amounted to €408 billion (2.8% of euro area GDP) in the 12 months to August 2024, up from €138 billion (1.0%) one year earlier
    • In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €510 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €718 billion in the 12 months to August 2024

    Chart 1

    Euro area current account balance

    (EUR billions unless otherwise indicated; working day and seasonally adjusted data)

    Source: ECB.

    The current account of the euro area recorded a surplus of €31 billion in August 2024, a decrease of €10 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€32 billion) and services (€19 billion). Deficits were recorded for secondary income (€15 billion) and primary income (€ 4 billion).

    Table 1

    Current account of the euro area

    (EUR billions unless otherwise indicated; transactions; working day and seasonally adjusted data)

    Source: ECB.

    Note: Discrepancies between totals and their components may be due to rounding.

    Data for the current account of the euro area

    In the 12 months to August 2024, the current account surplus widened to €408 billion (2.8% of euro area GDP), up from €138 billion (1.0% of euro area GDP) one year earlier. This increase was mainly driven by a larger surplus for goods (up from €147 billion to €379 billion), and, to a lesser extent, by larger surpluses for services (up from €129 billion to €162 billion) and primary income (up from €29 billion to €33 billion). The secondary income deficit remained broadly stable (slightly down from €166 billion to €165 billion).

    Chart 2

    Selected items of the euro area financial account

    (EUR billions; 12-month cumulated data)

    Source: ECB.

    Notes: For assets, a positive (negative) number indicates net purchases (sales) of non-euro area instruments by euro area investors. For liabilities, a positive (negative) number indicates net sales (purchases) of euro area instruments by non-euro area investors.

    In direct investment, euro area residents made net disinvestments of €196 billion in non-euro area assets in the 12 months to August 2024, declining from net disinvestments of €324 billion one year earlier (Chart 2 and Table 2). Non-residents disinvested €358 billion in net terms from euro area assets in the 12 months to August 2024, decreasing from net disinvestments of €471 billion one year earlier.

    In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €105 billion in the 12 months to August 2024, up from €56 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro-area residents rose to €406 billion, up from €361 billion one year earlier. Non-residents’ net purchases of euro area equity increased to €324 billion in the 12 months to August 2024, up from €208 billion one year earlier. Over the same period, non-residents’ net purchases of euro area debt securities widened to €395 billion, up from €370 billion one year earlier.

    Table 2

    Financial account of the euro area

    (EUR billions unless otherwise indicated; transactions; non-working day and non-seasonally adjusted data)

    Source: ECB.

    Notes: Decreases in assets and liabilities are shown with a minus sign. Net financial derivatives are reported under assets. “MFIs” stands for monetary financial institutions. Discrepancies between totals and their components may be due to rounding.

    Data for the financial account of the euro area

    In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €204 billion in the 12 months to August 2024 (following net disposals of €73 billion one year earlier), while they recorded net disposals of liabilities of €248 billion (down from €280 billion one year earlier).

    Chart 3

    Monetary presentation of the balance of payments

    (EUR billions; 12-month cumulated data)

    Source: ECB.

    Notes: “MFI net external assets (enhanced)” incorporates an adjustment to the MFI net external assets (as reported in the consolidated MFI balance sheet items statistics) based on information on MFI long-term liabilities held by non-residents, available in b.o.p. statistics. B.o.p. transactions refer only to transactions of non-MFI residents of the euro area. Financial transactions are shown as liabilities net of assets. “Other” includes financial derivatives and statistical discrepancies.

    The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €541 billion in the 12 months to August 2024. This increase was mainly driven by the current and capital accounts surplus and, to a lesser extent, by euro area non-MFIs’ net inflows in portfolio investment debt, portfolio investment equity and other investment. These developments were partly offset by euro area non-MFIs’ net outflows in direct investment and other flows.

    In August 2024 the Eurosystem’s stock of reserve assets increased to €1,288.4 billion up from €1,282.8 billion in the previous month (Table 3). This increase was mainly driven by positive price changes (€15.4 billion), mostly due to an increase in the price of gold. This development was partly offset by negative exchange rate changes (€6.8 billion) and net sales of assets (€3.0 billion).

    Table 3

    Reserve assets of the euro area

    (EUR billions; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted data)

    Source: ECB.

    Notes: “Other reserve assets” comprises currency and deposits, securities, financial derivatives (net) and other claims. Discrepancies between totals and their components may be due to rounding.

    Data for the reserve assets of the euro area

    Data revisions

    This press release incorporates revisions to the data for July 2024. These revisions did not significantly alter the figures previously published.

    MIL OSI Europe News –

    January 24, 2025
  • MIL-OSI Europe: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2024

    Source: European Central Bank

    18 October 2024

    • Inflation expectations at 2.4% for 2024 and 1.9% for 2025 and 2026; unchanged except for 0.1 percentage point downward revision for 2025; longer-term inflation expectations (for 2029) remain at 2.0%
    • Real GDP growth expectations broadly unchanged; small downward revision for 2025 largely reflects a carry-over from weaker than previously expected growth in the second half of 2024
    • Unemployment rate expectations unchanged; expected to average 6.5% in 2024 and 2025 but to decline to 6.4% in 2026 and in the longer term

    Respondents’ expectations for headline inflation, as measured in terms of the Harmonised Index of Consumer Prices (HICP), were 2.4% for 2024 and 1.9% for both 2025 and 2026. These were unchanged except for a 0.1 percentage point downward revision for 2025, mainly reflecting expectations for lower oil prices. Expectations for core HICP inflation, which excludes energy and food, were revised upwards slightly for 2024, reflecting data outturns and more persistent than expected services inflation, but were unchanged thereafter. Longer-term expectations for both headline and core HICP inflation were unchanged at 2.0%.

    Respondents expected real GDP growth of 0.7% in 2024, 1.2% in 2025 and 1.4% in 2026. Compared with the previous survey, the expectations for 2025 were revised down by 0.1 percentage points. The downward revision for 2025 largely reflects a carry-over from weaker than previously expected growth in the second half of 2024, with the expected quarterly growth profile thereafter largely unchanged. Longer-term growth expectations remained unchanged at 1.3%.

    The expected profile of the unemployment rate was unchanged. Respondents continued to expect the unemployment rate to average 6.5% in 2024 and 2025, but to decline to 6.4% in 2026, and then to remain at 6.4% in the longer term.

    MIL OSI Europe News –

    January 24, 2025
  • MIL-OSI Video: 5th Joint BoC – ECB – NY Fed Conference – Session 6

    Source: European Central Bank (video statements)

    Session 6 – Trade, firms and expectations measurement

    Session chair: Maarten Dossche, European Central Bank

    The Causal Effects of Expected Depreciations
    Martha Elena Delgado, Inter American Development Bank
    Juan Herreno, University of California, San Diego
    Marc Hofstetter, Universidad de los Andes and CEDE
    Mathieu Pedemonte*, Federal Reserve Bank of Cleveland

    The Coherence Side of Rationality: Theory and evidence from firm plans
    Pamela Giustinelli* and Stefano Rossi, both Bocconi University

    A Choice-Based Approach to the Measurement of Inflation Expectations
    Olga Goldfayn-Frank*, Deutsche Bundesbank
    Pascal Kieren, Heidelberg University
    Stefan Trautmann, Alfred-Weber-Institute

    https://www.youtube.com/watch?v=yfdI2D-qE20

    MIL OSI Video –

    January 24, 2025
  • MIL-OSI Video: 5th Joint BoC – ECB – NY Fed Conference – Policy Panel

    Source: European Central Bank (video statements)

    Chair: Philip R. Lane, Member of the Executive Board of the ECB

    Panellists:

    Yuriy Gorodnichenko, University of California, Berkeley
    Kim Huynh, Bank of Canada
    Wilbert van der Klaauw, Federal Reserve Bank of New York

    https://www.youtube.com/watch?v=jlg3W8c9QoM

    MIL OSI Video –

    January 24, 2025
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