Source: Reserve Bank of India
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Category: Banking
-
MIL-OSI Economics: Money Market Operations as on October 09, 2024
-
MIL-OSI New Zealand: Save the Children – Education disrupted for sixth year for 1.5 million children in Lebanon, with half of public schools used as shelters
Source: Save the Children
Half of Lebanon’s public schools have been turned into shelters for forcibly displaced people in the past two weeks, disrupting children’s education for the sixth consecutive year and increasing the threat to their long-term physical and mental wellbeing, Save the Children said.Lebanon’s Ministry of Education said that Israeli airstrikes have forced about 40% of Lebanon’s 1.5 million pupils from their homes and postponed the start of the school year for public schools from 14 October to 4 November.At least 500 public schools – about half of Lebanon’s public schools – are now being used as collective shelters -, following escalating violence on 23 September that led to the displacement of over 1.2 million people, or about one fifth of the population.This marks the sixth year of significant disruptions to education for children in Lebanon, with the World Bankestimating that it will take Lebanon generations to recover from these successive shocks to children’s education.Save the Children said children in Lebanon have been hit by multiple complex crises for decades, without being able to fully recover, including the COVID19 pandemic, political instability, the Beirut port explosion, economic downturns and the teachers’ strike in 2023.Since October 2023, escalating cross-border hostilities have resulted in over 2,000 people being killed, including about 127 children, and at least 10,000 injured in Lebanon.Salim-, 45, is a father of three boys aged 12, 16 and 17 from the south of Lebanon. In the past year, his family was forced to relocate eight times. The family is now staying at a school used as a collective shelter in Bekaa, eastern Lebanon, sharing a classroom with another family. He said:“Every time we thought this was it, and we could settle down, take a breath, we were forced to move again. None of my children have received a proper education since 2020. Now, all they care about is making sure we’re safe and together. I never wanted this for them. I wanted them to have the freedom to dream, to chase after those dreams when the time was right, and to live their lives to the fullest. But now, all I want is for them to survive. Dreams have been replaced by basic survival. Food, education, and medication, these things have become distant luxuries.”Sawsan-, 27, was displaced to the same school with her two children, aged four and five. She said:“It’s been a year like this, a year of my children waking up to the sounds of Israeli bombs exploding around us. A year of uncertainty. We left on 26 September after our village was attacked. We spent two days on the road, desperately searching for safety and shelter until we arrived at this school. At first, my children were confused and unsure. “We’re going to live in a school?” they asked. “Does that mean we’ll study here too?”Erin Wall, Education Technical Advisor at Save the Children Lebanon, said:“Education during conflict plays a crucial role in providing a sense of normalcy and routine for children, but schools are now closed once again, and most non-formal education activities halted in the last two weeks. This only adds to the children’s distress as they lose access to the comfort of their friends and teachers, the structure of safe learning spaces and the routine support services they can find in schools. If schools stay closed, we expect compounded learning losses, with children unable to read and write, leading to a higher risk of drop-out and lower learning achievement overall, not to mention social isolation and disconnection. This will significantly affect children’s wellbeing, development, and ability to learn, limiting their opportunities for the future.”Save the Children is committed to ensuring children can access their right to a quality education even in times of crisis. Since hostilities escalated in October 2023, Save the Children has reached more than 2,100 displaced children through delivery of emergency learning activities, provision of critical non-specialized psychosocial support and social emotional learning activities, and distribution of educational materials.Jennifer Moorehead, Country Director of Save the Children in Lebanon said:“Countless parents are telling us that one of their top priorities is for their children to get back to school, which does not surprise us. Education is one of the most essential factors necessary for the recovery and future of children – and the country. Schools also offer an important entry point for children to be referred to other essential services like healthcare, mental health support or child protection services. Every day away from the classroom, is a growing threat to children’s long-term physical and mental wellbeing. Schools should only be used as shelters as a last resort, and for the shortest possible period. We call for an immediate ceasefire to prevent further suffering and protect children’s right to education.”Save the Children has been working in Lebanon since 1953. Since October 2023, we’ve been scaling up our response in Lebanon, supporting displaced Lebanese, Syrian and Palestinian children and families, and now have escalated an emergency response throughout the country in 161 collective shelters. Since October 2023, we’ve supported more than 100,000 people, including 40,000 children, with cash, blankets, mattresses and pillows, food parcels, water bottles and kits containing essential hygiene items.Currently, Save the Children is scaling up its Education in Emergency response and related child protection support for displaced families inside and outside collective shelters, focusing on ensuring learning continuity and wellbeing support.Notes– “Collective shelters” are pre-existing buildings and structures where large group of displaced people find shelter for a short time while durable solutions are pursued. A variety of facilities may be used as collective centres – community centres, town halls, hotels, gymnasiums, warehouses, unfinished buildings, disused factories. Infrastructure and basic services are provided on a communal basis or access to them is made possible. -
MIL-OSI Banking: Secretary-General of ASEAN joins the 27th ASEAN-China Summit
Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, attended the 27th ASEAN-China Summit, which took place this morning in Vientiane, Lao PDR. The Summit was attended by the ASEAN Leaders or their representatives, the Premier of the State Council of China, and the Secretary-General of ASEAN. Timor-Leste attended as Observer.
The Leaders reviewed the progress of ASEAN-China cooperation and discussed its future direction, particularly on advancing the ASEAN-China Comprehensive Strategic Partnership. The Leaders adopted a Joint Statement on Deepening Cooperation in People-to-People Exchanges, in line with the theme of the ASEAN-China Year of People-to-People Exchanges. The Leaders also exchanged views on regional and international issues of common interest and concern.
The post Secretary-General of ASEAN joins the 27th ASEAN-China Summit appeared first on ASEAN Main Portal.
-
MIL-OSI Economics: Georgia Exports and Value Chain Study
Source: Asia Development Bank
Based on stakeholder interviews, it considers the trends, value chains, and opportunities for each of the high potential sectors and explores how Georgia can leverage its location, favorable business environment, and free-trade agreements. Emphasizing the need for greater innovation and strong government support, it recommends taking a “Team Georgia” approach that centers on building an ecosystem to improve export promotion, increase target market access, and support exporters.
-
MIL-OSI Economics: Fostering Inclusive Trade: Leveraging Free Trade Agreements to Protect Indigenous Peoples’ Rights in Asia and the Pacific
Source: Asia Development Bank
The brief highlights the substantial presence of Indigenous Peoples in Asia and the Pacific and the importance of traditional knowledge and genetic resources for climate action, food security, and medicine, as well as language diversity and cultural heritage. It explains the shortfalls of existing FTAs and why they should be based on informed consent, equitable benefit sharing, and full source disclosure in patents. It details how some FTAs have included traditional knowledge and genetic resources and shows how trade deals can help Indigenous Peoples benefit from greater regional cooperation.
-
MIL-OSI China: China launches first monetary policy tool
Source: China State Council Information Office 3
China’s central bank announced Thursday that it has decided to set up Securities, Funds and Insurance companies Swap Facility (SFISF), with the initial scale of 500 billion yuan (about 71 billion U.S. dollars) for “the healthy and stable development of the capital market.”
The SFISF, which is the first monetary policy tool created by China to support the capital market, 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, the People’s Bank of China said in a statement.
The scale of the SFISF could be expanded depending on the development of the situation, according to the central bank.
Starting Thursday, applications from eligible securities, funds and insurance companies will be accepted.
As a long-term institutional arrangement, the SFISF is conducive to enhancing the resilience of China’s capital market and curbing herd behavior and other pro-cyclical actions, thus helping maintain market stability, authoritative sources were quoted by Xinhua’s financial newspaper, China Securities Journal, as saying.
The new tool can also boost the participation of non-bank institutions, improve the transmission efficiency of monetary policy in the capital market, and contribute to the balanced development of bond, stock and other markets, according to the sources.
The SFISF is a swap of assets and will not expand the scale of base currency issuance, the China Securities Journal report noted.
-
MIL-OSI Asia-Pac: Banking (Capital) (Amendment) Rules 2023 (Commencement) Notice 2024 gazetted
Source: Hong Kong Government special administrative region
The Banking (Capital) (Amendment) Rules 2023 (Commencement) Notice 2024 (Commencement Notice) was gazetted today (October 10) to appoint January 1, 2025, as the commencement date for Parts 3 and 5 of the Banking (Capital) (Amendment) Rules 2023 (BCAR).
The BCAR was approved by negative vetting of the Legislative Council in February 2024. Its main purpose is to incorporate the Basel III final reform package promulgated by the Basel Committee on Banking Supervision (BCBS) into local legislation. Part 3 of the BCAR provides for amendments in relation to credit risk, the output floor, operational risk and sovereign concentration risk. Part 5 of the BCAR deals with amendments in relation to market risk and credit valuation adjustment (CVA) risk.
A Government spokesperson said, “The full implementation of Basel III standards will ensure the resilience of our banking system to financial shocks, and reinforce Hong Kong’s status as an international financial centre.”
A Hong Kong Monetary Authority (HKMA) spokesperson said, “The HKMA has given due consideration to the views of the banking industry in determining the local implementation timeline for the Basel III final reform package. Its full adoption will ensure that the regulatory framework in Hong Kong remains aligned with international standards agreed by the BCBS.”
The Commencement Notice will be tabled before the Legislative Council next Wednesday (October 16) for negative vetting. -
MIL-OSI: HSBC Continental Europe: Post Stabilisation Notice
Source: GlobeNewswire (MIL-OSI)
PARIS, Oct. 10, 2024 (GLOBE NEWSWIRE) —
Bankinter S.A.
Post Stabilisation Notice
HSBC (contact: syndexecution@noexternalmail.hsbc.com) hereby gives notice that no stabilisation was undertaken by the Stabilisation Manager(s) named below in relation to the offer of the following securities.
Issuer: Bankinter S.A. Guarantor (if any): na Aggregate nominal amount: EUR 750,000,000 Description: 3.5% due 10th September 2032 Offer price: 99.670 Stabilising Manager: HSBC Continental Europe This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit http://www.rns.com.
-
MIL-OSI Banking: Maritime crime and piracy incidents lowest since 1994, but threats to crews remain
Source: International Chamber of Commerce
Headline: Maritime crime and piracy incidents lowest since 1994, but threats to crews remain
IMB reported 79 incidents for the period of January-September 2024, down from 99 incidents in the same period last year. This marks a significant overall reduction and the lowest reported numbers since 1994.
From January to September, 62 vessels were boarded, six were hijacked while nine faced attempted attacks and two were fired upon. In 86% of incidents, perpetrators successfully gained access to the vessel with most incidents occurring at night.
Violence towards crew members remains concerning, with 111 crew taken hostage, 11 kidnapped and three threatened. Perpetrators were armed with weapons, guns, and knives in 45 of the reported incidents.
IMB Director Michael Howlett said:
“With reported incidents at their lowest since 1994, the decline in reported piracy and armed robbery incidents is encouraging. This is an important time to reinforce our message not to be complacent, and for vessel owners and operators to adhere to IMB guidelines. We commend governments and law enforcement for their excellent work, which has made this improvement possible.”
Escalating violence in the Indonesian Archipelago
The Indonesian Archipelago remains an area of concern with a steady rise in the number of reported incidents. From January to September 2024, 17 incidents were reported compared to 12 in 2023 and nine in 2022. Weapons were reported in 11 incidents, 27 crew were taken hostage and one crew was threatened. Two hijackings were reported in February and September in nearly the same location South of Tanjung Malatayur, Central Kalimantan where oil cargoes were stolen from barges under tow. IMB calls upon local authorities to increase their on-water presence to act as a deterrent to these crimes.
Fewer incidents in Gulf of Guinea, Somalia and Singapore Straits
In the first nine months of 2024, 12 incidents were reported in the Gulf of Guinea region, the lowest number of reports since 1996. While the drop in the number of reported incidents is welcome, there remains concern over the safety of crew, with 11 crew kidnapped and 21 taken hostage.
Eight incidents have been reported in the waters off Somalia and the Gulf of Aden, with three hijacked vessels and two fired upon. IMB has not received reports of any maritime piracy incidents from vessels transiting these waters between July and September, possibly due to the prevalence of monsoons.
Incidents in the Singapore Straits have dropped to 23, compared to 33 over the same period last year. Perpetrators were successful in boarding the vessels in 96% of the cases. Considering the navigational challenges of these waters, IMB warns that even low-level opportunistic incidents on board such large vessels could potentially increase the risk to navigation.
IMB urges vessels to continue adhering to the latest Best Management Practices to ensure safety of crew, vessel and cargo.
IMB commends local authorities for investigating reported incidents and renews calls for accurate and timely reporting of maritime incidents.
The IMB Piracy Reporting Centre
Founded in 1991, the IMB Piracy Reporting Centre serves as a crucial, 24-hour point of contact to report crimes of piracy and lend support to ships under threat. Quick reactions and a focus on coordinating with response agencies, sending out warning broadcasts and email alerts to ships have all helped bolster security on the high seas. The data gathered by the Centre also provides key insights on the nature and state of modern piracy.
IMB encourages all shipmasters and owners to report all actual, attempted and suspected global piracy and armed robbery incidents to the Piracy Reporting Centre as a vital first step to ensuring adequate resources are allocated by authorities to tackle maritime piracy.
Download a copy of the January to September 2024 Piracy and Armed Robbery Against Ships report here.
-
MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹29,000 crore on October 11, 2024
Source: Reserve Bank of India
Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on October 11, 2024.
As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:
(₹ crore) Security Notified Amount Minimum Underwriting Commitment (MUC) amount per PD Minimum bidding commitment per PD under ACU auction 7.04% GS 2029 14,000 334 334 7.34% GS 2064 15,000 358 358 The underwriting auction will be conducted through multiple price-based method on October 11, 2024 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.
The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.
Ajit Prasad
Deputy General Manager
(Communications)Press Release: 2024-2025/1260
-
MIL-OSI Economics: BaFin warns consumers about the website green-vest.net
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority (BaFin) warns consumers about the website green-vest.net. According to information available to BaFin, Green-Vest Investment Company, Dallas, USA, offers financial and investment services there without authorization.
On 25 April 2024, BaFin issued a warning about the identical website green-vest.io, which was allegedly also operated by Green-Vest Investment Company.
Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
-
MIL-OSI Banking: ASEAN Leaders’ Declaration on the Development of Strategic Plans to Implement the ASEAN Community Vision 2045
Source: ASEAN – Association of SouthEast Asian Nations
WE, the Association of Southeast Asian Nations (ASEAN), namely Brunei Darussalam, the Kingdom of Cambodia, the Republic of Indonesia, the Lao People’s Democratic Republic, Malaysia, the Republic of the Union of Myanmar, the Republic of the Philippines, the Republic of Singapore, the Kingdom of Thailand, and the Socialist Republic of Viet Nam, gathered in Vientiane, Lao PDR on the occasion of the 44th and 45th ASEAN Summits, on 9 October 2024;
RECALLING the ASEAN Community Vision 2025: Forging Ahead Together (Kuala Lumpur, 2015), Ha Noi Declaration on the ASEAN Community’s Post-2025 Vision (Ha Noi, 2020), the ASEAN Leaders’ Statement on ASEAN Connectivity Post-2025 Agenda (Phnom Penh, 2022), and the ASEAN Leaders’ Statement on the Development of the ASEAN Community’s Post-2025 Vision (Labuan Bajo, 2023);
Download the full declaration here.
The post ASEAN Leaders’ Declaration on the Development of Strategic Plans to Implement the ASEAN Community Vision 2045 appeared first on ASEAN Main Portal. -
MIL-OSI Banking: ASEAN Leaders’ Declaration on the ASEAN Outlook on the Indo-Pacific for the Future-Ready ASEAN and ASEAN-Centred Regional Architecture
Source: ASEAN – Association of SouthEast Asian Nations
WE, the Association of Southeast Asian Nations (ASEAN), namely Brunei Darussalam, the Kingdom of Cambodia, the Republic of Indonesia, the Lao People’s Democratic Republic, Malaysia, the Republic of the Union of Myanmar, the Republic of the Philippines, the Republic of Singapore, the Kingdom of Thailand, and the Socialist Republic of Viet Nam, gathered in Vientiane on the occasion of the 44th and 45th ASEAN Summits on 9 October 2024;
ACKNOWLEDGING that global and regional challenges are becoming more interconnected and multidimensional, and reaffirming our commitment to promote an enabling environment for peace, stability and prosperity in the region as well as our efforts to address common challenges, and promote closer economic and socioculturalcooperation;
Download the full declaration here.
The post ASEAN Leaders’ Declaration on the ASEAN Outlook on the Indo-Pacific for the Future-Ready ASEAN and ASEAN-Centred Regional Architecture appeared first on ASEAN Main Portal. -
MIL-OSI Banking: ASEAN Leaders’ Review and Decision on the Implementation of the Five-Point Consensus
Source: ASEAN – Association of SouthEast Asian Nations
We reviewed the implementation of the Five-Point Consensus (5PC) and took note of the recommendation of the 35th ASEAN Coordinating Council (ACC) Meeting and the ASEAN Foreign Ministers’ Meeting on 8 October 2024.REVIEWWe discussed the developments in Myanmar and expressed our deep concern over the escalation of conflicts and humanitarian situation there. We denounced the continued acts of violence in Myanmar against civilians and public facilities and called for immediate cessation, and urged all parties involved to take concrete action to immediately halt indiscriminate violence, denounce any escalation, exercise utmost restraint, ensure the protection and safety of all civilians and create conducive environment for the delivery of humanitarian assistance and inclusive national dialogue.Download the full document here.
The post ASEAN Leaders’ Review and Decision on the Implementation of the Five-Point Consensus appeared first on ASEAN Main Portal.
-
MIL-OSI Banking: Humanoid robots have arrived and are ready to start work, says GlobalData
Source: GlobalData
Humanoid robots have arrived and are ready to start work, says GlobalData
Posted in Thematic Intelligence
The advent of OpenAI’s ChatGPT in 2022 revolutionized humanoid robotics, allowing for task execution without explicit programming. As developed nations grapple with labor shortages from aging populations and declining birth rates, the demand for automation grows. Humanoid robots are emerging as vital solutions, particularly in eldercare, yet their successful integration hinges on societal acceptance and trust, says GlobalData, a leading data and analytics company.
GlobalData’s latest Strategic Intelligence report, “Deep Dive into Humanoid Robots,” analyses humanoid robots’ scope and prospects for the coming decade. A new species of AI-enabled humanoid robots are designed to mimic human form and behavior and co-mingle and co-work with humans in human-designed environments. They are being intensively trialed in active work environments by Tesla, Amazon, and BYD ahead of commercial deployment at scale later in the decade.
As humanoid robots advance in terms of reliability, autonomy, and contextual awareness, there will be an increased demand for them to take on hazardous or undesirable jobs, especially in sectors where a labor shortage is expected, such as eldercare.
However, traditional Japanese and European robot companies are not making the running. Instead, Tesla, UBtech Robotics, and a clutch of breakthrough startups, including Fourier Intelligence, Figure AI, 1X Technologies, and Agility Robotics are leading the way.
Michael Orme, Senior Consultant in the Strategic team at GlobalData, comments: “Humanoid robot deployment will likely start in China, South Korea, and Japan. Many countries and global industries are already facing serious prospective skilled labor shortages in these sectors and require higher levels of sustainable productivity across the board.”
Martina Raveni, Analyst in the Strategic team at GlobalData, continues: “Due to low fertility rates and longer life expectancies, populations are shrinking and aging. This is leading to labor shortages across many industries, especially eldercare. It is difficult to see how many demographically stricken societies will avoid eldercare catastrophes and fiscal crises in the future without help from humanoid robots in hospitals and homes.”
Edward Bickerton, Associate Analyst in the Strategic team at GlobalData, says: ”We are very much in the early stages right now, and first-generation humanoid robots, despite highly impressive demos—albeit aided and abetted by special effects—are far from being general purpose, fully autonomous machines.”
Raveni concludes: “The success of evolving humanoid technologies will hinge not only on their technical prowess but also on their seamless integration into society. For these robots to truly thrive, they must go beyond mere functionality; they must build trust and foster collaboration with the communities they are designed to serve.”
-
MIL-Evening Report: Grattan on Friday: Oil prices could be where the Middle East crisis collides with Australia’s cost-of-living crisis
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra
Angry, accusatory partisan exchanges over the Middle East war have dominated federal politics this week. But for most ordinary voters the issue remains “over there”.
Apart from the minorities for whom it has an immediate impact – Jewish people frightened by antisemitism, the Muslim community, those with families in Lebanon and elsewhere – it’s a tragedy without tangible relevance to their day-to-day lives.
On Thursday however, Treasurer Jim Chalmers warned the foreign crisis could feed directly into the domestic cost-of-living crisis, via the price of oil.
Midway through this week, oil was trading 11% lower than it was a year ago, but 7% higher than a week-and-a-half ago, Chalmers told a news conference.
Treasury estimates that if prices were 10% higher for an entire year, this would reduce Australia’s GDP by 0.1% and increase the consumer price index by 0.4 percentage points.
Nothing is certain about the coming months but the potential implications are obvious. Consumers would feel the effects at the petrol pump of the higher oil prices.
The Reserve Bank will also be watching the possible trajectory of oil prices, together with all the other indicators relevant to its decisions on interest rates. This is against the background of the government’s desperation for a rate cut (or two) before the election.
Although an increase in fuel prices (hitting businesses as well as families) would not be the government’s fault, it would be blamed.
According to Labor, at present there’s a disconnect between, on the one hand, the partisan political heat the Middle East war is generating and, on the other, the public’s lack of engagement with the issue.
Voters not concentraing on the Middle East
Labor sources say focus group research this week, done with swinging voters, found most people aren’t closely following Middle East events.
Beyond that, they are generally satisfied with the government’s stand and don’t think the crisis is distracting it from the cost of living (which is separate from how they think the government is handling the cost of living).
This accords with this week’s Essential poll, in which 56% said they were satisfied with the government’s response on the Israel-Gaza war. Another 30% thought the government had been too supportive of Israel; 14% thought it had been too harsh on Israel.
Except among some of those directly invested, the Middle East crisis is not likely to be a vote changer.
In the domestic political battle, Dutton is trying to use the conflict to paint Albanese as weak. That’s a long bow on the issue itself, although more generally the prime minister and his government have come to be seen as having lost their way.
While Dutton is trying to define Albanese negatively, Albanese is attempting to make Dutton a bigger target.
NBN sale a distraction
Thus on Wednesday the prime minister, shortly before he jumped on his plane to attend the ASEAN-Australia summit in Laos, personally introduced legislation that would ensure the NBN remained in public hands.
If the Coalition didn’t vote for the bill, that would show it would sell the NBN, Labor claimed. It was a crude attempt at scare politics, easily seen through. The Coalition is not suggesting it would sell the NBN and if it did, would most people care? Anyway, originally Labor planned for the NBN to be privatised. Dutton ridiculed the tactic.
As we look to election year, the 2025 parliamentary sitting calendar came out this week. It has a fortnight sitting in February and pencils in a budget for March 25, which would set up a May poll. Of course this doesn’t rule out an earlier (March) election although Albanese has said more than once he plans a pre-election budget.
Regardless, we are already in the election campaign. At caucus on Tuesday Albanese was, for the second time recently, talking about the second term agenda.
Announcements like confetti
Announcements are raining down like confetti especially related to cost-of-living issues. Supermarkets are being heavily targeted. Launching his merger reform legislation on Thursday, Chalmers said every supermarket merger would be screened, regardless of whether it fell under the new arrangements.
Present polls are showing the most likely election result, to be delivered by sour voters, is a hung parliament with a minority Labor government.
Albanese told caucus he was focused on winning majority government. Dutton knows that if the Coalition can’t win, the more crossbenchers it can force Labor to need to rely on, the more unstable a second-term Labor government would be.
Both sides have a great deal of bedding-down to do before the actual campaign.
Key items on Labor’s legislative agenda aren’t just not introduced, they are unseen – for instance, on gambling advertising, social media restrictions for young people, electoral funding.
Major bills are stuck in the parliament – notably on housing, where the Greens may eventually do a deal but are stringing out the pain.
On the other side, the Coalition has released minimal policy. On its controversial nuclear power plan, it has put out minimal details, in particular refusing to produce costings. It can’t hold back everything until the last moment.
Will the campaign even matter?
When the formal campaign comes, how much will it matter?
There is the old saying “you can’t fatten the pig on market day”. In other words, the election result may be decided well before the actual campaign.
What do the last three elections (2016, 2019, 2022) tell us about the importance of the formal campaign? In each case, the result was narrow, a matter of a handful of seats.
In 2022, there was probably nothing Morrison could have done in the last weeks to salvage the situation – to use another farm metaphor, his goose was cooked. In the event, he ran a bad campaign.
In 2016 prime minister Malcolm Turnbull just scraped home; Turnbull’s flawed campaigning maximised the number of seats he lost.
In 2019, when it seemed Bill Shorten was almost certain to take Labor to victory, its defeat may have been sealed in the campaign itself, although its heavy policy load always put it in a precarious situation.
In 2022 Albanese was judged a poor campaigner. Aware of this, Labor strategists will be doing everything to make sure he is fully prepared for “gotcha” questions (on which he faltered last time) and the other hazards that can arise spontaneously.
Dutton’s forte is negativity, his natural style is the attack. But in those final weeks, more will be needed.
One challenge in leaving policy releases late is that holes can slip through, inviting slip ups.
Dutton has far from established himself as a rounded alternative prime minister. Indeed his current approach on the Middle East, completely lacking nuance, raises questions about how he would handle the complexities of foreign policy generally. It has not been reassuring.
Michelle Grattan 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. Grattan on Friday: Oil prices could be where the Middle East crisis collides with Australia’s cost-of-living crisis – https://theconversation.com/grattan-on-friday-oil-prices-could-be-where-the-middle-east-crisis-collides-with-australias-cost-of-living-crisis-241002
-
MIL-OSI Banking: Rising demand for data centers prompts innovative cooling solutions, reveals GlobalData
Source: GlobalData
Rising demand for data centers prompts innovative cooling solutions, reveals GlobalData
Posted in Thematic Intelligence
The rapid growth of artificial intelligence (AI) has significantly increased the demand for data processing capabilities and capacity, leading to the expansion of data centers globally. As these facilities operate continuously, their energy-intensive equipment are raising concerns about sustainability. New cooling technologies and innovative approaches are emerging to address the environmental challenges posed by these critical infrastructures, says GlobalData, a leading data and analytics company.
GlobalData’s latest Strategic Intelligence report, “Deep Dive into The Environmental Impact of Data Centers,” reveals that water is the most common cooling method, and its use has increased during the current AI boom. However, new cooling technologies are being developed.
Martina Raveni, Analyst in the Strategic team at GlobalData, comments: “The high temperature of data centers is a critical issue at the moment. If equipment overheats, malfunctions and breakdowns can occur, with repercussions for the many sectors that rely on those data centers. As demand for AI applications increases, managing these temperatures will become increasingly important.”
Big Tech companies training large language models (LLMs) are increasing their water consumption for cooling purposes. However, water cooling is not ideal in the long-term due to water scarcity in certain areas and because it is ultimately a finite resource.
To reduce water consumption, new cooling technologies are being developed, including immersion cooling using dielectric fluids and ceramic components for circuit boards and semiconductors. Future cooling methods such as underwater data centers and data centers in space are also being explored.
Raveni concludes: “There will likely be increased deployment of data centers in cold climates. Expectations include greater adoption of sustainable design and advanced cooling technologies like immersion cooling, driven by data centers’ energy efficiency demands and regulatory pressures.
“The future of data centers hinges on our ability to innovate and adapt to the pressing environmental challenges they pose. As we embrace advanced cooling technologies and sustainable practices, it is crucial to balance the growing demand for data processing with our responsibility to protect finite resources. The transition to more efficient and eco-friendly solutions will not only enhance operational resilience but also pave the way for a more sustainable digital infrastructure.”
-
MIL-OSI Asia-Pac: Prime Minister witnesses Lao Ramayan performance
Source: Government of India
Posted On: 10 OCT 2024 1:47PM by PIB Delhi
Prime Minister Shri Narendra Modi witnessed an episode of Lao Ramayan – called Phalak Phalam or Phra Lak Phra Ram – performed by the prestigious Royal Theatre of Luang Prabang. Ramayan continues to be celebrated in Laos, and the epic reflects the shared heritage and age-old civilization connection between the two countries. Several facets of Indian culture and tradition have been practised and preserved in Laos for centuries. The two countries are closely working to illuminate their shared heritage. The Archaelogical Survey of India is involved in restoring the Vat Phou temple and related monuments in Laos. Several dignitaries, including Minister of Home Affairs, Minister of Education and Sports, Hon. Governor of Bank of Lao PDR and Mayor of Vientiane were present on the occasion.
Prior to the Ramayan performamce, Prime Minister participated in a blessing ceremony by senior Buddhist monks of Central Buddhist Fellowship Organization of Lao PDR, led by Most Venerable Mahaveth Masenai, the revered abbot of Si Saket temple in Vientiane. Shared Buddhist heritage represents yet another facet of close civilizational bonds between India and Laos.
***
MJPS/SR
(Release ID: 2063779) Visitor Counter : 39
-
MIL-OSI China: Announcement on Open Market Operations No.199 [2024]
Source: Peoples Bank of China
Announcement on Open Market Operations No.199 [2024]
(Open Market Operations Office, October 10, 2024)
In order to keep liquidity adequate at a reasonable level in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB150 billion through quantity bidding at a fixed interest rate on October 10, 2024.
Details of the Reverse Repo Operations
Maturity
Volume
Rate
7 days
RMB150 billion
1.50%
Date of last update Nov. 29 2018
2024年10月10日
-
MIL-OSI China: PBOC and MOF Joint Working Group Holds its First Official Meeting
Source: Peoples Bank of China
In order to implement the guidelines of the Third Plenary Session of the 20th CPC Central Committee, as well as the requirement put forward at the Central Financial Work Conference to enrich the toolbox of monetary policy by gradually increasing the purchase and sale of government bonds in the central bank’s open market operations, the People’s Bank of China (PBOC) and the Ministry of Finance (MOF) have established a joint working group. Its first official meeting was held recently. Xuan Changneng, Deputy governor of the PBOC and Liao Min, Vice Minister of Finance attended and addressed the meeting. At the meeting, both sides highly recognized their previous close cooperation in buying and selling government bonds by the central bank. They also established the mechanism for the operation of the working group, and exchanged opinions on issues such as the operation of the bond market. Both agreed that the central bank’s buying and selling of government bonds is an important means to enrich the monetary toolbox and strengthen the liquidity management. Moving forward, both sides should strike a balance between development and security, and keep on promoting policy coordination. They should continuously improve relevant institutional arrangements, regulate the bond market and maintain its stable development, so as to provide a favourable market environment for the central bank to buy and sell government bonds. Officials from relevant departments of the PBOC and the MOF also attended the meeting.
Date of last update Nov. 29 2018
2024年10月09日
-
MIL-OSI China: Announcement on Open Market Business No.6 [2024]
Source: Peoples Bank of China
Announcement on Open Market Business No.6 [2024]
(Open Market Operations Office, October 10, 2024)
To implement the requirements of the Third Plenary Session of the 20th Central Committee of the Communist Party of China on “establishing a long-term mechanism to enhance the internal stability of the capital market” and promote the healthy and stable development of the capital market, the PBOC decides to set up Securities, Funds and Insurance companies Swap Facility (SFISF) to support eligible securities, funds and insurance companies to use their assets including bonds, stock ETFs and holdings of CSI 300 constituent stocks as collateral in exchange for highly liquid assets such as government bonds and central bank bills from the PBOC. The initial scale of the swap operation will be set at RMB500 billion, with possible expansions in the future. As from today, applications are accepted from eligible securities, funds and insurance companies.
Date of last update Nov. 29 2018
2024年10月10日
-
MIL-OSI Global: What Israel and its neighbours want now as all-out war looms in the Middle East – podcast
Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation
The Middle East is perilously close to all-out war. In the year since the October 7 Hamas-led attacks on Israel, millions of people have been displaced from their homes in Gaza, Israel, the West Bank and now Lebanon, and tens of thousands killed.
After Israel killed Hassan Nasrallah, leader of Iranian-backed militia Hezbollah, Iran launched a barrage of ballistic missiles against Israel on October 1. As the world waits to see how Israel will retaliate, Israel’s military continues to attack Hezbollah in southern Lebanon and in Beirut.
In this episode of The Conversation Weekly podcast, we speak to two experts from the Middle East, Mireille Rebeiz and Amnon Aran, to get a sense of the strategic calculations being made by both Israel and its neighbours at this frightening moment for the region.
Mireille Rebeiz is the chair of Middle East studies at Dickinson College in Pennsylvania in the US and an expert on Hezbollah. She says that since launching its manifesto in 1985 Hezbollah has always positioned itself “in opposition to the existence of the state of Israel”.
It affirmed the dedication to the Palestinian cause. It affirmed its commitment to the Iranian revolution and the Shi’ite ideology.
Rebeiz says Iran’s military goals are completely aligned with Hezbollah’s and traces them back to the US’s destabilisation of Iraq.
When Iraq fell into a full chaos and war (it) allowed for Iran to meddle into Iraq and gave a big voice to the Shiite conservative voices.
Then followed the 2011 Syrian civil war, in which Hezbollah stepped in to defend the regime of Bashar al-Assad.
It’s a domino effect – it’s expansion from Iran to Iraq to Syria to Lebanon. And this is clearly visible in Iran’s military goals, which is ultimately the expansion of the Iranian ideology in the region. Honestly, at this point, I would say there is an attempt to hide behind the Palestinian cause to achieve that goal.
Israel’s choices
Amnon Aran is a professor of international relations at City St George’s, University of London, in the UK, and an expert in Israeli foreign policy. Aran says that for Israel, the past 12 months have been described as an “existential moment”, which has informed the war in the Gaza Strip and now Lebanon.
When the question came about how to respond to this existential threat, it was very much from the prism of what I called elsewhere, a form of entrenchment, which really means that Israel only makes peace in exchange for peace. Any diplomatic arrangement has to be dependent upon and subordinate to a military advantageous balance of power towards Israel and that the Palestinians in the West Bank, and now in the Gaza Strip, would remain under Israeli occupation for the foreseeable future.
Aran says there is fierce debate in Israel about what to do now. One side follows the line of thinking of the former Israeli prime minister, Nafthali Bennett, who took to X in early October to say that: “Israel now has its greatest opportunity in 50 years to change the face of the Middle East.” This camp is arguing that with Hezbollah weakened, this is the moment to attack Iran’s nuclear facilities.
On the other side, Aran says, are those in the military establishment arguing against attacking Israel’s nuclear facilities and instead focus on weakening Hezbollah as much as possible. This camp’s reasoning is that:
After a year of being in a prolonged and very difficult conflict, the next question is you are actually starting a war presumably on five or six fronts, including a very vast country, 90 million people, Iran, with a very rich history, and you are actually entering into a very new phase, which could become very prolonged.
To hear the full interviews with Mireille Rebeiz and Amnon Aran, listen to The Conversation Weekly podcast.
This episode of The Conversation Weekly was produced by Mend Mariwany. Sound design was by Michelle Macklem, and our theme music is by Neeta Sarl. Gemma Ware is the executive producer.
You can find us on Instagram at theconversationdotcom or via email. You can also subscribe to The Conversation’s free daily email here.
Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.
Amnon Aran 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. Mireille Rebeiz is affiliated with the American Red Cross.
– ref. What Israel and its neighbours want now as all-out war looms in the Middle East – podcast – https://theconversation.com/what-israel-and-its-neighbours-want-now-as-all-out-war-looms-in-the-middle-east-podcast-240952
-
MIL-OSI Economics: RBI imposes monetary penalty on Sonbhadra Nagar Sahkari Bank Limited, Sonbhadra, Uttar Pradesh
Source: Reserve Bank of India
The Reserve Bank of India (RBI) has, by an order dated October 01, 2024, imposed a monetary penalty of ₹2.50 lakh (Rupees Two Lakh Fifty Thousand only) on Sonbhadra Nagar Sahkari Bank Limited, Sonbhadra (the bank) for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.
The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of the statutory provision and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said statutory provision. After considering the bank’s reply to the notice and oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the charge of not transferring the eligible amounts to the Depositor Education and Awareness Fund within the prescribed period was sustained, warranting imposition of monetary penalty.
This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.
(Puneet Pancholy)
Chief General ManagerPress Release: 2024-2025/1264
-
MIL-OSI Economics: RBI imposes monetary penalty on The Parwanoo Urban Co-operative Bank Limited, Parwanoo, Himachal Pradesh
Source: Reserve Bank of India
The Reserve Bank of India (RBI) has, by an order dated October 01, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Parwanoo Urban Co-operative Bank Limited, Parwanoo (the bank) for non-compliance with the specific directions issued by RBI under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI instructions issued under SAF and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the charge of payment of dividend in violation of the directions issued under SAF, was sustained, warranting imposition of monetary penalty.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.
(Puneet Pancholy)
Chief General ManagerPress Release: 2024-2025/1263
-
MIL-OSI Banking: Inter-Algo: BaFin warns about the websites inter-algo.com und inter-algo.net
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority (BaFin) warns about the websites inter-algo.com and inter-algo.net. On these websites, the Inter-Algo provides financial services without the required authorisation and offers so-called “wealth planning”.
Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
-
MIL-OSI: TC Energy announces upsizing and results of its cash tender offers
Source: GlobeNewswire (MIL-OSI)
CALGARY, Alberta, Oct. 09, 2024 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (“TC Energy”) today announced that TransCanada PipeLines Limited (the “Company”), a wholly-owned subsidiary of TC Energy, has released (i) the results of its previously announced seven separate offers (the “Offers”) to purchase for cash the outstanding notes of the series listed in the table below (collectively, the “Notes”) and (ii) that it has amended the Offers by increasing the Maximum Purchase Amount from US$1,750,000,000 to US$1,809,000,000, an amount sufficient to accept for purchase all Notes with Acceptance Priority Levels 1 – 5 in full, in accordance with the terms of the Tender Documents (as defined below).
The Offers were made upon the terms and subject to the conditions set forth in the Offer to Purchase dated Oct. 1, 2024 relating to the Notes (the “Offer to Purchase”) and the notice of guaranteed delivery attached as Appendix A thereto (the “Notice of Guaranteed Delivery” and, together with the Offer to Purchase, the “Tender Offer Documents”). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.
The Offers expired at 5 p.m. (Eastern time) on Oct. 8, 2024 (the “Expiration Date”). The Guaranteed Delivery Date will be the second business day after the Expiration Date and is expected to be Oct.10, 2024. The Settlement Date will be the fourth business day after the Expiration Date and is expected to be Oct. 15, 2024.
According to information provided by D.F. King & Co., Inc., the Information and Tender Agent in connection with the Offers, US$2,870,274,000 combined aggregate principal amount of Notes were validly tendered prior to or at the Expiration Date and not validly withdrawn. In addition, US$78,193,000 combined aggregate principal amount of Notes were tendered pursuant to the Guaranteed Delivery Procedures and remain subject to the Holders’ performance of the delivery requirements under such procedures. The table below provides certain information about the Offers, including the aggregate principal amount of each series of Notes validly tendered and not validly withdrawn at or prior to the Expiration Date and the aggregate principal amount of Notes reflected in Notices of Guaranteed Delivery delivered at or prior to the Expiration Date pursuant to the Tender Offer Documents.
Acceptance
Priority
LevelTitle of Notes CUSIP / ISIN
Nos. (1)Principal
Amount
OutstandingTotal
Consideration(2)Principal
Amount
Tendered(3)Principal
Amount
Accepted(3)Principal
Amount
Reflected in
Notices of
Guaranteed
Delivery1 2.500% Senior Notes due 2031 89352HBC2 / US89352HBC25 US$1,000,000,000 US$887.76 US$739,213,000 US$739,213,000 US$47,207,000 2 5.000% Senior Notes due 2043 89352HAL3 / US89352HAL33 US$625,000,000 US$965.85 US$200,842,000 US$200,842,000 — 3 4.875% Senior Notes due 2048 89352HAY5 / US89352HAY53 US$1,000,000,000 US$941.07 US$440,800,000 US$440,800,000 US$4,281,000 4 5.100% Senior Notes due 2049 89352HAZ2 / US89352HAZ29 US$1,000,000,000 US$977.29 US$179,924,000 US$179,924,000 US$19,144,000 5 4.750% Senior Notes due 2038 89352HAX7 / US89352HAX70 US$500,000,000 US$963.02 US$313,189,000 US$313,189,000 US$1,611,000 6 4.250% Senior Notes due 2028 89352HAW9 / US89352HAW97 US$1,400,000,000 US$994.82 US$566,368,000 — US$5,880,000 7 4.875% Senior Notes due 2026 89352HAT6 / US89352HAT68 US$850,000,000 US$1,003.36 US$429,938,000 — US$70,000 (1) No representation is made by the Company as to the correctness or accuracy of the CUSIP numbers or ISINs listed in this News Release or printed on the Notes. They are provided solely for convenience.
(2) The total consideration for each series of Notes (such consideration, the “Total Consideration”) payable per each US$1,000 principal amount of such series of Notes validly tendered for purchase.
(3) The amounts exclude the principal amounts of Notes for which Holders have complied with certain procedures applicable to guaranteed delivery pursuant to the Guaranteed Delivery Procedures. Such amounts remain subject to the Guaranteed Delivery Procedures. Notes tendered pursuant to the Guaranteed Delivery Procedures are required to be tendered at or prior to 5 p.m. (Eastern time) on Oct. 10, 2024.Overall, US$1,873,968,000 aggregate principal amount of Notes have been accepted for purchase, excluding the Notes delivered pursuant to the Guaranteed Delivery Procedures. The Maximum Purchase Condition (after giving effect to the increase described above) has been satisfied with respect to the Offers in respect of the series of Notes with Acceptance Priority Levels 1 – 5. Accordingly, all Notes of those series that have been validly tendered and not validly withdrawn at or prior to the Expiration Date have been accepted for purchase. Because the Maximum Purchase Condition was not satisfied with respect to the series of Notes with Acceptance Priority Levels 6 and 7, the Company has not accepted any Notes of such series (as indicated in the table above) and will promptly return all validly tendered Notes of such series to the respective tendering Holders.
Upon the terms and subject to the conditions set forth in the Offer to Purchase, Holders whose Notes have been accepted for purchase in the Offers will receive the applicable Total Consideration specified in the table above for each US$1,000 principal amount of such Notes, which will be payable in cash on the applicable Settlement Date.
In addition to the applicable Total Consideration, Holders whose Notes have been accepted for purchase will be paid the Accrued Coupon Payment. Interest will cease to accrue on the Settlement Date for all Notes accepted in the Offers, including those tendered pursuant to the Guaranteed Delivery Procedures. Under no circumstances will any interest be payable because of any delay in the transmission of funds to Holders by the Depository Trust Company (“DTC”) or its participants.
The Offers are subject to the satisfaction of certain conditions as described in the Offer to Purchase. The Company reserves the right, subject to applicable law, to waive any and all conditions to any Offer. If any of the conditions is not satisfied, the Company is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered notes, in each event subject to applicable laws, and may terminate or alter any or all of the Offers.
The Company has retained Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and RBC Capital Markets, LLC to act as the dealer managers (the “Dealer Managers”) for the Offers. Questions regarding the terms and conditions for the Offers should be directed to Deutsche Bank Securities Inc. at (866) 627-0391 (toll-free) or (212) 250-2955 (collect), J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or (212) 834-4818 (collect), Morgan Stanley & Co. LLC at (800) 624-1808 (toll-free) or (212) 761-1057 (collect), or RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7843 (collect).
D.F. King & Co., Inc. acts as the Information and Tender Agent for the Offers. Questions or requests for assistance related to the Offers or for additional copies of the Offer to Purchase may be directed to D.F. King & Co., Inc. in New York by telephone at +1 (212) 269-5550 (for banks and brokers only) or +1 (866) 620-9554 (for all others toll-free), or by email at TCEnergy@dfking.com. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers. The Tender Offer Documents can be accessed at the following link: http://www.dfking.com/transcanada.
If the Company terminates any Offer with respect to one or more series of Notes, it will give prompt notice to the Information and Tender Agent, and all Notes tendered pursuant to such terminated Offer will be returned promptly to the tendering Holders thereof. Upon such termination, any Notes blocked in DTC will be released.
This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell any Notes or any other securities of TC Energy, the Company or any of their subsidiaries. The Offers were made solely pursuant to the Offer to Purchase. The Offers were not made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, “blue sky” or other laws of such jurisdiction. In any jurisdiction in which the securities laws or “blue sky” laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to have been made on behalf of the Company by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
No action has been or will be taken in any jurisdiction that would permit the possession, circulation or distribution of either this announcement, the Offer to Purchase or any material relating to us or the Notes in any jurisdiction where action for that purpose is required. Accordingly, neither this announcement, the Offer to Purchase nor any other offering material or advertisements in connection with the Offers may be distributed or published, in or from any such country or jurisdiction, except in compliance with any applicable rules or regulations of any such country or jurisdiction.
Forward-looking Statements
This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as “forward-looking statements”). Forward-looking statements include: statements regarding the terms and timing for completion of the Offers, including the settlement dates of the Notes accepted for purchase; and the satisfaction or waiver of certain conditions of the Offers.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of TC Energy to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, conditions in financial markets, investor response to the Offers, and other risk factors as detailed from time to time in TC Energy’s reports filed with Canadian securities administrators and the U.S. Securities and Exchange Commission.
Readers are cautioned against unduly relying on forward-looking statements. Forward-looking statements are made as of the date of the relevant document and, except as required by law, TC Energy undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise.
About TC Energy
We’re a team of 7,000+ energy problem solvers working to safely move, generate and store the energy North America relies on. Today, we’re delivering solutions to the world’s toughest energy challenges – from innovating to deliver the natural gas that feeds LNG to global markets, to working to reduce emissions from our assets, to partnering with our neighbours, customers and governments to build the energy system of the future. It’s all part of how we continue to deliver sustainable returns for our investors and create value for communities.
TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.
-30-
Media Inquiries:
Media Relations
media@tcenergy.com
403-920-7859 or 800-608-7859Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403-920-7911 or 800-361-6522PDF available: http://ml.globenewswire.com/Resource/Download/bcaa59bc-903b-47da-a879-8029104445fa
-
MIL-OSI: TC Energy announces expiration and upsizing of cash tender offers for certain Canadian-dollar denominated debt securities
Source: GlobeNewswire (MIL-OSI)
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES (SEE “OFFER AND DISTRIBUTION RESTRICTIONS” BELOW).
CALGARY, Alberta, Oct. 09, 2024 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (“TC Energy”) today announced (i) the expiration of the previously announced separate offers (the “Offers”) of TransCanada PipeLines Limited (the “Company”), a wholly-owned subsidiary of TC Energy, to purchase for cash up to C$350,000,000 in aggregate purchase price, excluding accrued and unpaid interest, (the “Maximum Purchase Amount”) of its outstanding notes of the two series listed in the table below (collectively, the “Notes”) at 5 p.m. (Toronto time) on Oct. 8, 2024 (the “Expiration Date”) and (ii) the Company has amended the Offers by increasing the Maximum Purchase Amount from C$350,000,000 in aggregate purchase price, excluding accrued and unpaid interest, to C$575,000,000 in aggregate principal amount.
The Offers
The Offers were made upon the terms and subject to the conditions set forth in the Offer to Purchase dated Oct. 1, 2024 relating to the Notes (the “Offer to Purchase”). Capitalized terms used but not defined in this news release have the meanings given to them in the Offer to Purchase.
According to information provided by TSX Trust Company, the Tender Agent, C$1,199,486,000 combined aggregate principal amount of the Notes were validly tendered in connection with the Offers prior to or at the Expiration Date and not validly withdrawn. The table below provides certain information about the Offers, including the aggregate principal amount of each series of Notes validly tendered and not validly withdrawn prior to the Expiration Date.
Title of Notes(1) Principal
Amount
OutstandingCUSIP / ISIN
Nos. (1)Reference
Security(2)Bloomberg
Reference
Page(2)Fixed Spread
(Basis Points)(2)Principal Amount
Tendered4.180% Senior Notes due 2048 C$1,100,000,000 89353ZCC0 / CA89353ZCC01 CAN 2 ¾ 12/01/55 FIT CAN0-50 160 C$892,057,000 3.390% Senior Notes due 2028 C$500,000,000 89353ZCA4 / CA89353ZCA45 CAN 3 ½ 03/01/28 FIT CAN0-50 60 C$307,429,000 (1) No representation is made by TC Energy or the Company as to the correctness or accuracy of the CUSIP numbers or ISINs listed in this news release or printed on the Notes. They are provided solely for convenience.
(2) The total consideration for each series of Notes (such consideration, the “Total Consideration”) payable per each C$1,000 principal amount of such series of Notes validly tendered and accepted for purchase will be based on the applicable Fixed Spread specified in the table above for such series of Notes, plus the applicable yield based on the bid-side price of the applicable Canadian reference security as specified in the table above, as quoted on the applicable Bloomberg Reference Page as of 10 a.m. (Toronto time) on Oct. 9, 2024, unless extended by the Company with respect to the applicable Offer. The Total Consideration does not include the applicable Accrued Coupon Payment, which will be payable in cash in addition to the applicable Total Consideration.
Indicative Series Acceptance Amounts
The Company expects to accept for purchase C$575,000,000 in aggregate principal amount of the 4.180% Senior Notes due 2048 (the “2048 Notes”) tendered into the Offer for such Notes on a pro rata basis within such series, with the actual amount accepted to be adjusted for rounding due to proration. The Company does not expect to accept for purchase any of the 3.390% Senior Notes due 2028 tendered into the Offer for such Notes.
Pricing and Settlement
Pricing in respect of the 2048 Notes is expected to occur at 10 a.m. (Toronto time) on Oct. 9, 2024, following which the Final Acceptance Amount, the Offer Yield and the Total Consideration in respect of the 2048 Notes validly tendered and accepted for purchase pursuant to the Offers will be announced by the Company.
The “Settlement Date” in respect of any 2048 Notes validly tendered and accepted for purchase pursuant to the Offer for such Notes is expected to be Oct. 15, 2024. The Company will also pay an Accrued Coupon Payment in respect of 2048 Notes validly tendered and accepted for purchase pursuant to the Offer for such Notes. Holders whose 2048 Notes are accepted for purchase will lose all rights as Holder of the tendered 2048 Notes and interest will cease to accrue on the Settlement Date for all 2048 Notes accepted in the Offer for such Notes.
The Offers are subject to the satisfaction of certain conditions as described in the Offer to Purchase. The Company reserves the right, subject to applicable law, to waive any and all conditions to any Offer. If any of the conditions is not satisfied, the Company is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered Notes, in each event subject to applicable laws, and may terminate or alter any or all of the Offers.
Deutsche Bank Securities Inc. (“Deutsche Bank”), J.P. Morgan Securities Canada Inc. (“JPM”), Morgan Stanley Canada Limited (“MS”) and RBC Dominion Securities Inc. (“RBC”) are acting as the dealer managers (the “Dealer Managers”) for the Offers. Questions regarding the terms and conditions for the Offers or for copies of the Offer to Purchase should be directed to JPM at 1.403.532.2126, MS at 1.416.943.8400 or RBC at 1.877.381.2099 (toll-free) or 1.416.842.6311 (collect). Deutsche Bank is not registered as a dealer in any Canadian jurisdiction and, accordingly, neither it nor any of its affiliates will, directly or indirectly, advertise, solicit, facilitate, negotiate, effect or take any other act in furtherance of any purchase or tender of Notes in connection with the Offers and any such solicitation, advertisement or other act with respect to the Offers will be conducted by JPM, MS and RBC. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers.
If the Company terminates any Offer with respect to one or more series of Notes, it will give prompt notice to the Tender Agent, and all Notes tendered pursuant to such terminated Offer will be returned promptly to the tendering Holders thereof. With effect from such termination, any Notes blocked in CDS will be released.
Offer and Distribution Restrictions
The Offers were made solely pursuant to the Offer to Purchase. This news release does not constitute a solicitation of an offer to buy any securities in the United States. No Offer constitutes an offer or an invitation by, or on behalf of, TC Energy, the Company or the Dealer Managers (i) to participate in the Offers in the United States; (ii) to, or for the account or benefit of, any “U.S. person” (as such term is defined in Regulation S of the U.S. Securities Act of 1933, as amended); or (iii) to participate in the Offers in any jurisdiction in which it is unlawful to make such an offer or solicitation in such jurisdiction, and such persons are not eligible to participate in or tender any securities pursuant to the Offers. No action has been or will be taken in the United States or any other jurisdiction that would permit the possession, circulation or distribution of this news release, the Offer to Purchase or any other offering material or advertisements in connection with the Offers to (i) any person in the United States; (ii) any U.S. person; (iii) anyone in any other jurisdiction in which such offer or solicitation is not authorized; or (iv) any person to whom it is unlawful to make such offer or solicitation. Accordingly, neither this news release, the Offer to Purchase nor any other offering material or advertisements in connection with the Offers may be distributed or published, in or from the United States or any such other jurisdiction (except in compliance with any applicable rules or regulations of such other jurisdiction). Tenders will not be accepted from any holder located or resident in the United States.
In any jurisdiction in which the securities laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to have been made on behalf of the Company by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
This news release is for informational purposes only. This news release is not an offer to purchase or a solicitation of an offer to sell any Notes or any other securities of TC Energy, the Company or any of their subsidiaries.
Forward-Looking Statements
This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as “forward-looking statements”). Forward-looking statements include: statements regarding the terms and timing for completion of the Offers, including the acceptance for purchase of any Notes validly tendered and the expected Settlement Date thereof; and the satisfaction or waiver of certain conditions of the Offers.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of TC Energy to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, conditions in financial markets, investor response to the Offers, and other risk factors as detailed from time to time in TC Energy’s reports filed with Canadian securities administrators and the U.S. Securities and Exchange Commission.
Readers are cautioned against unduly relying on forward-looking statements. Forward-looking statements are made as of the date of the relevant document and, except as required by law, TC Energy undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise.
About TC Energy
We’re a team of 7,000+ energy problem solvers working to safely move, generate and store the energy North America relies on. Today, we’re delivering solutions to the world’s toughest energy challenges – from innovating to deliver the natural gas that feeds LNG to global markets, to working to reduce emissions from our assets, to partnering with our neighbours, customers and governments to build the energy system of the future. It’s all part of how we continue to deliver sustainable returns for our investors and create value for communities.
TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.
-30-
Media Inquiries:
Media Relations
media@tcenergy.com
403-920-7859 or 800-608-7859Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403-920-7911 or 800-361-6522PDF available: http://ml.globenewswire.com/Resource/Download/ef553881-2d73-4dda-9255-428724543d0a
-
MIL-OSI: Blue Foundry Bancorp Schedules Third Quarter 2024 Earnings Conference Call
Source: GlobeNewswire (MIL-OSI)
RUTHERFORD, N.J., Oct. 09, 2024 (GLOBE NEWSWIRE) — Blue Foundry Bancorp (NASDAQ: BLFY) (the “Company”), the holding company for Blue Foundry Bank, announced that on the morning of Wednesday, October 23, 2024 it will release financial results for the quarter ended September 30, 2024. A copy of the earnings release will be available on the Company’s website, https://ir.bluefoundrybank.com/, in the “News” section and on the SEC’s website, https://www.sec.gov/.
Representatives of the Company will hold a conference call for investors and analysts on Wednesday, October 23, 2024 at 11:00AM (ET) to discuss the Third Quarter 2024 Earnings. Blue Foundry Bancorp will address live questions from analysts. The conference call will be recorded and will be available on the Company’s website for one month.
We encourage participants to pre-register to listen to the webcast call by using the link below. Upon registration, participants will immediately receive an online confirmation, an email, and a calendar invitation for the event.
Webcast pre-registration link:
https://events.q4inc.com/attendee/821566286Participants who are unable to join via webcast may dial-in on the day of the call:
Participants Dial-In Information:
United States (Toll Free): 1-833-470-1428
International: 1-404-975-4839
Access code: 725750About Blue Foundry Bancorp and Blue Foundry Bank
Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities.Forward-Looking Statements
This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They may or may not include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include but are not limited to conditions related to the global coronavirus pandemic, changes in the interest rate environment, changes in the rate of inflation, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.Contact:
James D. Nesci
President and Chief Executive Officer
bluefoundrybank.com
jnesci@bluefoundrybank.com
201-972-8900 -
MIL-OSI China: China’s central bank, finance ministry hold first joint meeting on treasury bond trading
Source: People’s Republic of China – State Council News
China’s central bank, finance ministry hold first joint meeting on treasury bond trading
BEIJING, Oct. 9 — China’s central bank said Wednesday that it had held the first joint working group meeting with the Ministry of Finance to discuss treasury bond trading in its open market operations.
The two authorities established an operating mechanism of the joint working group, and exchanged their views on the country’s bond market development at the meeting, according to a statement from the People’s Bank of China.
Buying and selling treasury bonds in its open market operations is an important means for the central bank to enrich the monetary policy toolbox and strengthen liquidity management, according to the meeting.
The two authorities will coordinate development and security, strengthen policy synergy, maintain the stable development of the bond market, and provide a sound environment for central bank’s treasury bond trading in its open market operations.
The central bank conducted open market treasury bond transactions in August and September, resulting in a net purchase of bonds with a face value of 100 billion yuan (about 14.17 billion U.S. dollars) and 200 billion yuan, respectively.
Analysts interpreted the net bond purchase by the central bank as a clear signal of its intensified monetary policy efforts to support stable economic growth and expand domestic demand.
Pan Gongsheng, governor of the People’s Bank of China, told a press conference on Sept. 24 that the central bank had incorporated the trading of treasury bonds into the monetary policy toolbox. He also noted that the bank is working with the Ministry of Finance to study on improving the issuance pace, maturity structure, and custody system of treasury bonds.
-
MIL-OSI: Federal Home Loan Bank of Atlanta Pledges Support For Hurricane Helene Relief and Recovery
Source: GlobeNewswire (MIL-OSI)
ATLANTA, Oct. 09, 2024 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) is supporting recovery and relief efforts for those affected by Hurricane Helene, donating $250,000 to the American Red Cross and making up to $2 million available through its Community Rebuild and Restore Product to assist with the rehabilitation of homes damaged by the storm.
“Across the Southeast, many of the communities that our members serve have been severely impacted by Hurricane Helene and devastating floods,” said Kirk Malmberg, president and CEO of FHLBank Atlanta. “These funds will provide critical support for both immediate relief and rebuilding efforts, helping to ease the burden on local communities.”
FHLBank Atlanta offers the Community Rebuild and Restore Product through its Affordable Housing Homeownership Set-aside Program in partnership with its member financial institutions, providing up to $10,000 to impacted homeowners for the rehabilitation of homes in “major disaster” areas, as designated by the Federal Emergency Management Agency (FEMA). Funding is available on a first-come, first-served basis for eligible homeowners.
“Our mission is to promote housing opportunity and homeownership, and there is never a more important time to take action than when a natural disaster damages the places people call home,” Malmberg said. “With these contributions we join many others in supporting recovery initiatives and helping our communities as they rebuild.”
About the Federal Home Loan Bank of Atlanta
FHLBank Atlanta is a member-owned cooperative that offers competitively-priced financing, community development grants, and other banking services to assist its member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.For more information, visit our website at http://www.fhlbatl.com.
CONTACT:
Sheryl Touchton
Federal Home Loan Bank of Atlanta
stouchton@fhlbatl.com
404.888.8105