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Category: Banking

  • MIL-OSI Banking: Danmarks National­bank’s comments on the Economic Council’s discussion paper, Autumn 2024

    Source: Danmarks Nationalbank

    Danmarks Nationalbank generally shares the Chairmanship’s assessment of the outlook for the Danish economy and the risk outlook. Interest rate rises in recent years have contributed to slowing growth in the Danish and international economy and to a fall in inflation. This has prompted the European Central Bank (ECB) and others to ease monetary policy again. Like the Chairmanship, Danmarks Nationalbank believes that the development of the Danish economy has been characterised by a dichotomy in recent years. On the one hand, there has been a slowdown in growth in most parts of the domestic economy, while on the other, there has been an increase in exports, in particular driven by production abroad under Danish ownership, known as merchanting and processing (M&P). Like the Chairmanship, Danmarks Nationalbank assesses that M&P activities as such have only a minor impact on the domestic cyclical position. M&P is expected to make a significant contribution to growth in the Danish economy over the next few years, while the rest of the export-oriented industries are also expected to grow. Domestic demand is expected to pick up as real wage growth and gradually looser monetary policy translate into increased private consumption and investment.

    The Chairmanship believes that the Danish economy is currently experiencing a boom with more than normal pressure on the labour market. Danmarks Nationalbank shares the view that there is still some pressure on the labour market, although it has eased compared to a few years ago. However, Danmarks Nationalbank believes that the pressure on the labour market, measured by the employment gap, has eased to a greater extent and that it is currently smaller than the Chairmanship’s assessment. This is supported by a number of indicators such as the labour shortages and number of vacancies reported by companies, both of which indicate that the pressure has eased compared to a few years ago. Unlike the Chairmanship, Danmarks Nationalbank believes that the Danish economy is currently in an approximately neutral cyclical position.

    Danmarks Nationalbank share the Chairmanship’s expectations that wage growth will slow down next year due to less pressure on the labour market and significantly lower inflation. However, Nationalbanken also expect lower wage increases than the Chairmanship. Inflation is currently fuelled by domestic factors, and Danmarks Nationalbank expects to a larger extend than the Chairmanship that the current high wage increases will lift inflation going forward. Nationalbanken therefore expect slightly higher consumer price increases than the Chairmanship next year.

    Like the Chairmanship, Danmarks Nationalbank believes that monetary and fiscal policy is still needed to contribute to an appropriate development in the business cycle in Denmark, which will support stable price development. Nationalbanken has raised interest rates significantly since the summer of 2022 as a result of the tightening of monetary policy implemented by the ECB in the euro area to bring down inflation. The Chairmanship believes that monetary policy has dampened activity in recent years and will also dampen activity next year, whereas fiscal policy is expected to counteract this in 2025. Specifically, the Chairmanship estimates that fiscal policy has been eased by around 1 per cent of GDP in 2025 compared to 2023. Based on the assessment of the current situation of high capacity pressures, the Chairmanship believes that fiscal policy should be tightened. From a purely stabilisation point of view, it is considered appropriate to tighten fiscal policy to return it approximately to the level of 2023.

    In the current situation with continued high wage increases and some pressure on the labour market, including low unemployment, Danmarks Nationalbank shares the Chairmanship’s assessment that this is a good time to ease fiscal policy to the extent proposed in the government’s proposal for the 2025 budget. However, Danmarks Nationalbank believes that a tightening of the magnitude recommended by the Chairmanship would be too much. This is due to the fact that inflation has fallen sharply and that pressure on the labour market has been reduced over the past few years. Danmarks Nationalbank also believes that monetary policy and financial conditions remain tight in Denmark.

    Danmarks Nationalbank agree with the Chairmanship that the green tripartite agreement (“Agreement on a Green Denmark”) is a step towards uniform taxation of carbon emissions in Denmark, but that the effective tax level, including the proposed basic deduction, is still lower in agriculture than in other industries. Danmarks Nationalbank also shares the Chairmanship’s assessment that there is a risk of the reductions assumed in the agreement not being realised, partly because the agreement involves untested technologies. Thus, it remains unclear whether the carbon tax level is sufficient to ensure the fulfilment of the objectives of the Climate Act. Clarity on future tax levels contributes to price and financial stability by clarifying risks associated with emission-intensive business models.

    Danmarks Nationalbank contributed to the work of the “Expert Group for a Green Tax Reform” in 2023 by assessing the impact of carbon taxes on agriculture on banks and mortgage credit institutions. Danish banks and mortgage credit institutions are generally expected to be well equipped to handle any losses resulting from a carbon tax. This is due to their ongoing profits, a decrease in the institutions’ total lending to the industry and a generally high level of security in underlying collateral.

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Banking: Secretary-General of ASEAN joins ASEAN Leaders’ Interface with Representatives of ASEAN Youth

    Source: ASEAN

    Secretary-General of ASEAN joined the ASEAN Leaders in a dialogue with youth representatives during the ASEAN Leaders’ Interface with ASEAN Youth, held on the sidelines of the 44th and 45th ASEAN Summit and Related Summits. The session highlighted the critical role of youth in driving the region’s future, aligned with ASEAN’s commitment to fostering a more inclusive and forward-looking community.

    The post Secretary-General of ASEAN joins ASEAN Leaders’ Interface with Representatives of ASEAN Youth appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Banking: Secretary-General of ASEAN meets with the President of the AIIB

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, met with President of the Asian Infrastructure Investment Bank (AIIB), H.E. Jin Liqun, on the sidelines of the 44th and 45th ASEAN Summits and Related Summits in Vientiane, Lao PDR today. SG Dr. Kao commended the AIIB’s efforts in advancing connectivity and infrastructure development and looked forward to having deeper cooperation between ASEAN and AIIB in enhancing connectivity in the region.

    The post Secretary-General of ASEAN meets with the President of the AIIB appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI: Quaint Oak Bank Receives SBA Preferred Lender Program Designation

    Source: GlobeNewswire (MIL-OSI)

    SOUTHAMPTON, Pa., Oct. 09, 2024 (GLOBE NEWSWIRE) — Quaint Oak Bank announced it has been granted the Preferred Lender Program (PLP) designation by the U.S. Small Business Administration (SBA). This prestigious designation is a testament to Quaint Oak Bank’s expertise, experience, and commitment to supporting small businesses across the nation.

    The PLP designation enables Quaint Oak Bank to streamline the SBA loan approval process, providing customers with greater speed and certainty in securing financing. As a PLP lender, the established financial institution is authorized to make unilateral approvals on SBA-guaranteed loans.

    “Our long-standing track record of successful SBA lending has culminated in this recognition,” said Steven Willard, SBA Team Leader and Commercial Relationship Manager. “We are committed to offering the best possible service to our customers and believe that this new designation will enhance our ability to do so.”

    With the SBA’s backing, Quaint Oak Bank can offer flexible financing options to businesses that may not qualify for conventional loans, including those lacking collateral or with projected rather than historical cash flow. This program is particularly beneficial for startups, business acquisitions, and companies experiencing rapid growth.

    For more information about Quaint Oak Bank’s SBA lending services and how the PLP designation can benefit your business, visit http://www.quaintoak.com/business-banking/commercial-loans/sba-loans/.

    About Quaint Oak Bank
    Quaint Oak Bank is a Pennsylvania-chartered savings bank and wholly owned subsidiary of Quaint Oak Bancorp [QNTO], a financial services company. Providing exceptional customer service since 1926, Quaint Oak Bank has adapted and grown to match the ever-changing demands of the market. Dedicated to delivering ground-breaking banking technology to its customers, Quaint Oak Bank offers financial solutions that fuel the future of business. Learn more at http://www.quaintoak.com.

    Contact
    Jake R. Doneker
    Vice President, Commercial Relationships
    Quaint Oak Bank
    215.364.4059

    The MIL Network –

    January 23, 2025
  • MIL-OSI: Decision of the Management Board of Šiaulių Bankas AB on acquisition of own shares

    Source: GlobeNewswire (MIL-OSI)

    On 9 October 2024, the Management Board of Šiaulių Bankas AB (hereinafter – the Bank), implementing the decision of the Bank’s Ordinary General Meeting of Shareholders (29 March 2024) on the acquisition of the Bank’s own shares decided to buy back 6,000,000 shares of the Bank (ISIN code LT0000102253):

    • Up to 4,254,886 shares, for reduction of the Bank capital;
    • Up to 1,745,114 shares, for employees of Šiaulių Bankas Group as part of the deferred variable remuneration.

    Shares will be purchased on the Nasdaq Vilnius tender offer market under the following terms:

    • Share purchase starts on 10 October 2024;
    • Share purchase ends on 18 October 2024;
    • The date of settlement of the tender offer is on 21 October 2024;
    • Maximum number of shares to be acquired – 6,000,000;
    • The total maximum value of the shares to be acquired is 4.98 million euros;
    • Maximum purchase price is set at EUR 0.83 per share;
    • The acquisition price will be determined using a Dutch auction, meaning all transactions will be carried out at a single price. If fewer shares are offered in the auction than the amount to be purchased, the transactions will occur at the maximum price. If more shares are offered, the orders will be executed at the lowest price at which the full required amount can be purchased.

    “We are launching a two-stage process for buying back our own shares. In the first phase, we will create a liquidity event for investors wishing to sell all or part of their shares. In the second phase, which will begin in November, after the announcement of the Bank’s third-quarter results, shares will be repurchased on the open market. With this share buyback strategy, we believe we will achieve the best results, ensuring a high return for shareholders and increasing the Bank’s attractiveness to investors,” says Tomas Varenbergas, Head of Investment Management Division of Šiaulių Bankas.

    On 15 August 2024 the Bank received permission from the European Central Bank (ECB) to buy back up to 13,745,114 its own shares.

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network –

    January 23, 2025
  • MIL-OSI: MELD Launches Crypto Neobank

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 09, 2024 (GLOBE NEWSWIRE) — MELD, a new Neobank focusing on crypto friendliness launches today with their iOS mobile app. Coming to the market with a new type of banking that merges crypto and fiat services into a single platform. MELD gives you a traditional fiat deposit account and a non-custodial crypto account together in the same wallet. Account holders can exchange between crypto and fiat or between crypto tokens on different blockchains. Bringing the best of both worlds together in one account.

    MELD is approaching banking from a decentralized perspective. Through the MELD blockchain, the network is run by individuals or companies so no one single individual is in control. They currently have 26 of these independent nodes running the blockchain with plans to grow it to over 100. This is a fairly common type of blockchain, called Proof of Stake. Where MELD is innovating is on the banking side of the network.

    MELD has developed a proprietary banking system from scratch that integrated several payment and currency providers, some of which duplicate each other. This way, MELD is creating decentralization on the banking side where it can pick and choose the best provider for the right transactions. This also prevents an outage from one provider to stop the service because MELD can switch to a different provider that has a simpler service, creating redundancy in their system.

    In addition to this, MELD is building connectivity between the banking network and the blockchain with their zkBanking Network. This new technology duplicates all of the traditional banking transactions onto the MELD blockchain in a way that maintains privacy. With their zkBanking, users can send a proof of payment, fund or balance to a counterparty that can verify this on the blockchain.

    Notwithstanding the technical innovation, the new MELD Neobank brings fast, cheap and easy banking services to users in more than 160 countries around the world. Primarily targeting users that hold crypto and need an efficient way to convert crypto into fiat to buy crypto with fiat currency. MELDs goal is to let people use crypto as easily as they can use fiat like Euros.

    The banking services are mobile first, available today on iOS only, but the Android version of the Neobank is under development. You can go to the App Store and download MELDapp for Mobile in more than 160 countries.

    This new Neobank wallet supports Euros with an additional 20+ currencies coming in the next few weeks along with 4 of the major blockchains, Ethereum, MELD, Avalanche and Cardano. MELD has an ambitious plan of products and services coming out in the coming months. As a result they are offering early adopters a 70% discount for 2 months. The Premium service is only €5 per month. With this subscription, you lower your fiat/crypto on and off ramping fee from 1% to an incredibly low 0.01% per exchange.

    About MELD
    MELD is a crypto native global neobank powered by the blockchain. Bringing fiat currencies like (30+ including USD and EUR) and crypto currencies (1000+ BTC and ETH) together in one seamless wallet supporting more than 160 countries. MELD makes it easy to navigate between these two worlds and get the best out of both. From generating a yield on your crypto to debit cards and business accounts, MELD brings fundamental banking services to everyone.

    The MELD blockchain powers more than just the MELD Neobank, with a non-custodial lending and borrowing protocol and more than 30 businesses building on MELD. Users interact with all of this through the MELD web and Mobile apps helping people and businesses take full advantage of both their crypto assets and fiat assets.

    You can follow the project and stay up to date with its development at these links: Website | X (Twitter) | Telegram |

    Contact:
    press@meld.com

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5190354e-313c-44ef-ab60-82088e9d5d6b

    The MIL Network –

    January 23, 2025
  • MIL-OSI Banking: Harnessing Renewables in Sub-Saharan Africa: Barriers, Reforms, and Economic Prospects

    Source: International Monetary Fund

    Kailhao Cai, Andrea Medici, Giovanni Melina, Gregor Schwerhoff, and Sneha D Thube. “Harnessing Renewables in Sub-Saharan Africa: Barriers, Reforms, and Economic Prospects”, Staff Climate Notes 2024, 005 (2024), accessed October 9, 2024, https://doi.org/10.5089/9798400290107.066

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Banking: Secretary-General of ASEAN meets with Vice President for East Asia and the Pacific of the World Bank

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, met with the Vice President for East Asia and the Pacific of the World Bank, Ms. Manuela V. Ferro, at the sidelines of the 44th and 45th ASEAN Summits and Related Summits in Vientiane, Lao PDR. The meeting discussed ways to support renewable energy in the region, particularly to support the ASEAN power grid, scale-up renewable energy, and foster cross border electricity trade among the ASEAN Member States.

    The post Secretary-General of ASEAN meets with Vice President for East Asia and the Pacific of the World Bank appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Banking: IMF Staff and Tajikistan Authorities Reach Staff-Level Agreement on the First Review of the Policy Coordination Instrument (PCI)

    Source: International Monetary Fund

    October 9, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • IMF staff and the Tajikistan authorities have reached a staff-level agreement on the first review under the Policy Coordination Instrument (PCI). The PCI aims to maintain macroeconomic stability, strengthen the authorities’ policy frameworks, and support their efforts to foster more sustainable and inclusive growth.
    • Macroeconomic performance remains favorable with real GDP growth at 8.3 percent during January-August 2024, and twelve-month inflation slowing to 3.6 percent in August. The current account remained in surplus in the first half of 2024, with international reserves at comfortable levels.
    • Policy priorities are to enhance revenue mobilization, rationalize tax exemptions, modernize FX and public debt markets, enhance banking supervision and macroprudential oversight, and improve governance and transparency of SOEs and other entities to strengthen the favorable business climate.

    Dushanbe, Tajikistan: An International Monetary Fund (IMF) team led by Mr. Matthew Gaertner held discussions with the Tajikistan authorities during September 23-October 4, 2024, for the first review of the Policy Coordination Instrument (PCI) [[1]].

    At the conclusion of the mission, Mr. Gaertner issued the following statement:

    “The IMF mission held productive discussions with the Tajikistan authorities and reached staff-level agreement on the policies needed to complete the first review under the PCI. The successful completion of the review is subject to approval by IMF management and the IMF Executive Board. Consideration by the Board is expected in November 2024.

    “Real GDP continued to grow at 8.3 percent during January-August 2024, supported by strong growth in services and construction. Inflation declined to 3.6 percent in August from 3.8 in December, remaining below the lower bound of the National Bank of Tajikistan’s target range. The current account remained in surplus during the first half of 2024 with strong financial inflows supporting comfortable levels of FX reserves. The authorities recorded a fiscal deficit well below the program’s target in the first half of the year, anchoring a continued reduction in public debt. The banking system is stable, with robust growth in deposits and credit. Strong GDP growth and low inflation are expected to continue in 2025 but geopolitical and climate risks create uncertainty over the medium-term outlook.

    “Program implementation has remained on track, with most of the quantitative targets for end-June 2024 being met and all reform targets being observed. The quantitative targets on net international reserves and the fiscal deficit were met comfortably. Improvements in revenue mobilization and debt management remain central to program objectives. Fiscal reforms have focused on quantifying losses from inefficient tax exemptions and implementing a Medium-Term Revenue Plan aiming to increase fiscal space for priority social and development spending. In line with the updated Debt Management Strategy, the Ministry of Finance (MOF) has started issuing government securities at market-based rates to diversify financing sources.

    “Under the PCI, the authorities have improved monitoring of fiscal risks from state-owned enterprises (SOE), bringing all companies with state ownership of at least 20 percent under the monitoring of the MOF. Monetary and exchange rate policy reforms have centered on improving the functioning of the FX market by rationalizing the system supporting remittances and money transfers through the banking system and improving the mechanism for executing government FX transactions to better reflect prevailing market rates.

    “Looking ahead, the authorities will aim to continue to rationalize tax exemptions and tax administration, modernize FX and public debt markets, improve banking supervision and macroprudential oversight, and enhance governance and transparency of SOEs and other public and private entities to support a favorable business climate and foster more sustainable and inclusive growth. Enhanced exchange rate flexibility is essential to strengthen resilience to shocks and support the transition to an interest-rate based framework. The authorities have proposed to expand the fiscal reform agenda through new measures aiming to develop a plan to streamline tax exemptions and including all companies with a minimum of 20 percent state ownership in the 2024 Statement of Fiscal Risks.

    “The IMF team would like to thank the authorities for their excellent cooperation and constructive discussions.”

    [[1]] The IMF’s Policy Coordination Instrument (PCI) is designed for countries that do not need balance of payments financial support. The PCI helps countries design effective economic programs that, once approved by the IMF’s Executive Board, signal to donors, multilateral development banks, and markets the Fund’s endorsement of a member’s policies.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

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

    @IMFSpokesperson

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Russia: IMF Staff and Tajikistan Authorities Reach Staff-Level Agreement on the First Review of the Policy Coordination Instrument (PCI)

    Source: IMF – News in Russian

    October 9, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • IMF staff and the Tajikistan authorities have reached a staff-level agreement on the first review under the Policy Coordination Instrument (PCI). The PCI aims to maintain macroeconomic stability, strengthen the authorities’ policy frameworks, and support their efforts to foster more sustainable and inclusive growth.
    • Macroeconomic performance remains favorable with real GDP growth at 8.3 percent during January-August 2024, and twelve-month inflation slowing to 3.6 percent in August. The current account remained in surplus in the first half of 2024, with international reserves at comfortable levels.
    • Policy priorities are to enhance revenue mobilization, rationalize tax exemptions, modernize FX and public debt markets, enhance banking supervision and macroprudential oversight, and improve governance and transparency of SOEs and other entities to strengthen the favorable business climate.

    Dushanbe, Tajikistan: An International Monetary Fund (IMF) team led by Mr. Matthew Gaertner held discussions with the Tajikistan authorities during September 23-October 4, 2024, for the first review of the Policy Coordination Instrument (PCI) [[1]].

    At the conclusion of the mission, Mr. Gaertner issued the following statement:

    “The IMF mission held productive discussions with the Tajikistan authorities and reached staff-level agreement on the policies needed to complete the first review under the PCI. The successful completion of the review is subject to approval by IMF management and the IMF Executive Board. Consideration by the Board is expected in November 2024.

    “Real GDP continued to grow at 8.3 percent during January-August 2024, supported by strong growth in services and construction. Inflation declined to 3.6 percent in August from 3.8 in December, remaining below the lower bound of the National Bank of Tajikistan’s target range. The current account remained in surplus during the first half of 2024 with strong financial inflows supporting comfortable levels of FX reserves. The authorities recorded a fiscal deficit well below the program’s target in the first half of the year, anchoring a continued reduction in public debt. The banking system is stable, with robust growth in deposits and credit. Strong GDP growth and low inflation are expected to continue in 2025 but geopolitical and climate risks create uncertainty over the medium-term outlook.

    “Program implementation has remained on track, with most of the quantitative targets for end-June 2024 being met and all reform targets being observed. The quantitative targets on net international reserves and the fiscal deficit were met comfortably. Improvements in revenue mobilization and debt management remain central to program objectives. Fiscal reforms have focused on quantifying losses from inefficient tax exemptions and implementing a Medium-Term Revenue Plan aiming to increase fiscal space for priority social and development spending. In line with the updated Debt Management Strategy, the Ministry of Finance (MOF) has started issuing government securities at market-based rates to diversify financing sources.

    “Under the PCI, the authorities have improved monitoring of fiscal risks from state-owned enterprises (SOE), bringing all companies with state ownership of at least 20 percent under the monitoring of the MOF. Monetary and exchange rate policy reforms have centered on improving the functioning of the FX market by rationalizing the system supporting remittances and money transfers through the banking system and improving the mechanism for executing government FX transactions to better reflect prevailing market rates.

    “Looking ahead, the authorities will aim to continue to rationalize tax exemptions and tax administration, modernize FX and public debt markets, improve banking supervision and macroprudential oversight, and enhance governance and transparency of SOEs and other public and private entities to support a favorable business climate and foster more sustainable and inclusive growth. Enhanced exchange rate flexibility is essential to strengthen resilience to shocks and support the transition to an interest-rate based framework. The authorities have proposed to expand the fiscal reform agenda through new measures aiming to develop a plan to streamline tax exemptions and including all companies with a minimum of 20 percent state ownership in the 2024 Statement of Fiscal Risks.

    “The IMF team would like to thank the authorities for their excellent cooperation and constructive discussions.”

    [[1]] The IMF’s Policy Coordination Instrument (PCI) is designed for countries that do not need balance of payments financial support. The PCI helps countries design effective economic programs that, once approved by the IMF’s Executive Board, signal to donors, multilateral development banks, and markets the Fund’s endorsement of a member’s policies.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/09/pr-24361-tajikistan-imf-and-authorities-reach-agreement-on-1st-rev-of-pci

    MIL OSI

    MIL OSI Russia News –

    January 23, 2025
  • MIL-OSI Economics: Secretary-General of ASEAN meets with the President of the AIIB

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, met with President of the Asian Infrastructure Investment Bank (AIIB), H.E. Jin Liqun, on the sidelines of the 44th and 45th ASEAN Summits and Related Summits in Vientiane, Lao PDR today. SG Dr. Kao commended the AIIB’s efforts in advancing connectivity and infrastructure development and looked forward to having deeper cooperation between ASEAN and AIIB in enhancing connectivity in the region.

    The post Secretary-General of ASEAN meets with the President of the AIIB appeared first on ASEAN Main Portal.

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI Banking: Verizon Business unveils Digital Agent, a new sales model geared to supercharge its Partner Network

    Source: Verizon

    Headline: Verizon Business unveils Digital Agent, a new sales model geared to supercharge its Partner Network

    NEW YORK – Verizon Business announced a new sales model, Digital Agent, created to bolster new business opportunities for existing and new partners in the Verizon Partner Network. Digital Agent enables channel partners to sell Business Internet, connected laptops and tablets with no deal registration, opportunity or lead required. Partners on the platform can sell on behalf of Verizon Business in a new way designed to help facilitate seamless sales with greater benefit to the customer.

    “Digital transformation is at the core of increasing efficiencies and creating simplicity in our business, especially when it comes to enabling our partner ecosystem with new tools and resources. Our partners need to transact quickly from quoting to activation, ultimately seeking seamless API integration with our systems. Our team created Digital Agent as a key enabler on this journey,” said Mark Tina, Channel Chief and Vice President of Indirect Partner Sales for Verizon Business. “When you think about the trends that are taking the workforce by storm, for example the skyrocketing popularity of connected laptops, it is clear that partners and customers need an avenue to obtain these assets quickly and reliably. Digital Agent opens up doors for our partners to cast a wide net and sell more quickly, while the customers we serve can get the tools they need to help their business grow.”

    Partners can access Digital Agent from anywhere in the field via their online portal. In the portal, partners easily view products with prospects, build a shopping cart, and send to the customer for them to place their order in one fell swoop. The user-friendly portal was designed with customers and partners in mind, giving partners the needed flexibility to simply create a quote and sell, all in one spot.

    Verizon Business is continuously sourcing feedback from its channel partners, and the launch of this new model is a direct result of these ongoing conversations. Digital Agent opens up a new way for partners in the Verizon Partner Network to sell key products that will benefit their customers while they’re on the go. Connect with the Verizon Partner Network to find the right indirect agent model for you.

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI: Companjon achieves fourth consecutive ‘world’s most innovative insurtechs’ recognition from FinTech Global

    Source: GlobeNewswire (MIL-OSI)

    • The leading insurtech player launched its dynamic insurance products earlier this year, leveraging AI and machine learning to ‘right-size’ protection, an industry first.
    • The company has also recently expanded geographically to include the US and UK, and is on track to quadruple last year’s 33 million generated transactions by year’s end.

    DUBLIN, Oct. 09, 2024 (GLOBE NEWSWIRE) —  Companjon, a leading insurtech start-up specializing in end-to-end, dynamic embedded insurance solutions, was today recognized on the 2024 InsurTech100, its fourth consecutive year of inclusion on the list. The InsurTech100, published by FinTech Global, is an annual report that identifies the world’s most innovative insurtechs, as decided by a panel of experts and analysts. The award places Companjon at the forefront of industry leaders and investors.

    Companjon, headquartered in Dublin, Ireland, has experienced tremendous growth year-over-year since it was established in 2020. In the last year alone, the company launched its dynamic insurance products, signed new partnerships with major banking and mobility brands Erste Bank, Omio, and Carwiz, expanded the geographic footprint of their solutions to protect customers in the US and UK, and is on track to quadruple last year’s 33 million generated transactions. The dynamic insurance products, which utilize machine learning and artificial intelligence on consumer behavior to offer the right level of coverage at the right time for the right price, are an insurance industry first.

    Companjon CEO, Matthias Naumann, said: “We are delighted to once again be recognized as one of the world’s most innovative insurtechs with our fourth consecutive inclusion on the InsurTech100 list. The 2024 recognition is particularly rewarding as we round out a banner year for our business with the introduction of boundary-breaking dynamic solutions, expansion into new geographies, and collaboration with more big, leading brands. Companjon’s success can be attributed, with thanks, to our business partners, who also endeavor to go where none have gone before, and our incredibly diverse and talented team.”

    FinTech Global CEO, Richard Sachar, said: “We congratulate Companjon on its fourth consecutive appearance in our InsurTech100 list. We have had the pleasure of watching Companjon achieve proof of concept in its earliest days and emerge as one of today’s leaders in the insurtech space. We applaud Companjon’s contribution to transforming the insurance industry, particularly with its dynamic insurance products launched earlier this year. We look forward to seeing what the next year has in store for them.”

    Companjon seeks to change the way people think about insurance. The company has implemented a variety of fully digital and frictionless insurtech products with leading, globally recognized brands in the travel, mobility, live events and entertainment, and fintech sectors. Its unparalleled end-to-end solutions, which include the unique ability to serve as its own underwriter and risk carrier, delight their business partners’ customers with protection that provides the ultimate in flexibility and convenience across 32 countries in Europe and North America.

    About Companjon 

    Companjon is a leading B2B2C insurtech start-up specializing in fully digital, AI-driven embedded insurance. Its modern, end-to-end insurance solutions enable companies to delight their customers and drive more business value from stronger brand loyalty and new ancillary revenue opportunities. Companjon designs, builds, and underwrites its dynamic solutions on a 100% cloud-based platform capable of issuing 32,000 policies per second, integrating API gateways easily, and leveraging the latest advanced technology. It has been recognized as one of the World’s Top Insurtech Companies 2024 by CNBC and one of the world’s most innovative insurtechs by FinTech Global for four consecutive years (2021-2024).

    Companjon seeks to change the way people think about insurance by creating seamless and positive experiences when things don’t go as planned: being right there when ‘life’ happens. The company is registered in Ireland and regulated by the Central Bank of Ireland.

    http://www.companjon.com

    Media Contact:
    Kimberly Littlefield
    +353 (0)86 107 0416
    press@companjon.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI: Live Oak Bancshares, Inc. Announces Date of Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, N.C., Oct. 09, 2024 (GLOBE NEWSWIRE) — Live Oak Bancshares, Inc. (“Live Oak”) (NYSE: LOB) today announced that it will report its third quarter 2024 financial results after U.S. financial markets close on Wednesday, October 23, 2024.

    In conjunction with this announcement, Live Oak will host a conference call to discuss the company’s financial results and business outlook on Thursday, October 24, 2024, at 9:00 a.m. ET.

    The call will be accessible by telephone and webcast using Conference ID: 04478. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event.

    The conference call details are as follows:

    Live Telephone Dial-In
    U.S.: 800.549.8228
    International: +1 646.564.2877
    Pass Code: None Required

    Live Webcast Log-In
    Webcast Link: investor.liveoakbank.com
    Registration: Name and Email Required
    Multi-Factor Code: Provided After Registration

    About Live Oak Bancshares
    Live Oak Bancshares, Inc. (NYSE: LOB) is a financial holding company and parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit http://www.liveoakbank.com. 

    Contacts:
    Walter J. Phifer | CFO
    910.202.6929

    Claire Parker | Investor Relations
    910.597.1592

    The MIL Network –

    January 23, 2025
  • MIL-OSI USA: Welch Joins Legislation to Build and Renovate Homes for Working Families

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. — Senator Peter Welch (D-Vt.) joined Senators Martin Heinrich (D-N.M.), Ron Wyden (D-Ore.), and Chris Van Hollen (D-Md.) in introducing the New Homes Tax Credit Act, legislation that will provide tax credits to incentivize new investments and additional resources for home construction and renovations for working families. The New Homes Tax Credit Act will address the lack of housing inventory for individuals and families whose incomes are below 120% of the area median income (AMI), particularly including in areas where middle-income families have historically been priced out. In Burlington, Montpelier, and Rutland this added housing inventory would benefit families with annual combined incomes of up to $142,680, $126,480, and $114,000, respectively. 
    “The housing shortage crisis has been brutal for communities across the country. In Vermont, we’ll need at least 30,000 more homes by 2030. We must find new and innovative ways to encourage new construction and renovations of starter homes for lower and moderate-income communities,” said Senator Welch. “Everyone deserves to have a safe and affordable place to live.”  
    “Every New Mexican who’s looked at buying a home knows: housing prices are too high. To solve that, we need to build and renovate more homes. It’s that simple,” said Senator Heinrich. “My New Homes Tax Credit Act will help boost home construction and renovation for middle-income New Mexicans, growing our local economies and giving more working families a shot at success.”  
    “Democrats are focused on attacking the cost of living, and with rents and home prices climbing every year, the key to solving our housing crisis is to build, build, build. That’s what this bill is all about,” said Senator Wyden. “The housing crisis is no longer just about big cities like Portland, it’s all over Oregon and the entire country – urban centers, suburban communities, even a lot of rural areas. Congress needs to look at every available solution that’ll get more housing built so that families don’t have to break the bank to pay the rent every month.”  
    The New Homes Tax Credit (NHTC) would be administered under the Community Development Financial Institutions (CDFI) Fund. The CDFI Fund certifies Housing Development Entities, which can be CDFIs, government and quasi-governmental entities, or non-profits. Following certification, Housing Development Entities will use the capital raised from exchanging their NHTC with investors to provide funds for construction companies that build or renovate single-family homes.   
    The New Homes Tax Credit Act is supported by the Mortgage Bankers Association, National Association of Home Builders, National Association of Realtors, Homewise, Yes Housing, Inc., Housing New Mexico, and Strong Towns Albuquerque.   
    “With a nationwide shortage of roughly 1.5 million housing units, we must increase the supply of housing to ease the nation’s housing affordability crisis,” said Carl Harris, Chairman of the National Association of Home Builders. “NAHB is pleased to support the Affordable Housing Expansion Tax Credit, which would create a new federal program to help finance the construction or renovation of affordable, entry-level housing. With nearly half of U.S. households unable to afford a $250,000 home, we must adopt policies to make homeownership more accessible and increase production of entry-level housing.”  
    Learn more about the New Homes Tax Credit Act.  
    Access a tool to determine the area medium income across the country here. 
    Read the full text of the bill.  

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI Banking: 🇮🇱 Zion Oil & Gas Update: October 9, 2024

    Source: Zion Oil and Gas

    Headline: Zion Oil & Gas Update: October 9, 2024

    October 9, 2024

     

    Dear Zion Shareholders and Supporters,

    During these challenging times, we are thankful to report that our staff and rig remain safe in Israel despite the ongoing conflict. The security and well-being of our personnel are paramount to our success. We continue to work within Israeli guidelines ensuring the continued protection of our staff, crew, and well site.

    While our MJ-01 re-completion project has faced a multitude of hurdles, including an active conflict, downhole issues and logistical challenges, we continue to move forward each time a safe opportunity permits continuation of operations. However, we will only move forward in coordination with Israeli authorities. We are actively monitoring the port situation to import the items needed to complete the current work program. We remain optimistic about making significant progress in the coming months.

    In light of the current situation, we have decided to extend our Unit Program until December 31, 2024. This extension gives investors additional time to participate and support our crucial mission for Israel. Importantly, the warrants associated with the Unit Program will also be extended and exercisable from January 31, 2025, to January 31, 2026.

    Your prayers and ongoing support are greatly appreciated by our team in Israel. Our monthly public prayer time over Zoom in September saw over 250 join us live from 14 nations around the world. We remain committed to moving forward safely, efficiently, and with unwavering faith in God’s vision for the oil of Israel.

    Thank you for standing with Israel and Zion.

    Robert Dunn
    CEO

    “The Lord is my light and my salvation; whom shall I fear? The Lord is the defense of my life; whom shall I dread?”
    Psalm 27:1 NASB

    “I sought the Lord, and he answered me;
    he delivered me from all my fears.
    Those who look to him are radiant;
    their faces are never covered with shame.
    This poor man called, and the Lord heard him;
    he saved him out of all his troubles.
    The angel of the Lord encamps around those who fear him,
    and he delivers them.
    Taste and see that the Lord is good;
    blessed is the one who takes refuge in him.”
    Psalm 34:4-8 NIV

    Extended…

    For each $250.00 UNIT you receive:

      • Common stock at the average of the high and low sale price on OTC: ZNOG for the day if purchased before 4:00pm EST. Purchases after 4:00pm EST will receive the following day’s high-low average.
      • 50 Warrants with an exercise price of $0.25 each.

      Note: Those who purchase UNITS and sign up (or are already enrolled) for Automatic Monthly Investments (AMI), will also receive: 50 Additional Warrants if at least $50/month (one time only).

      Warrants exercisable for 12 months (one year) from January 31, 2025 to January 31, 2026

      Invest Now

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Banking: 🇮🇱 Zion Oil & Gas Update: October 9, 2024

    Source: Zion Oil and Gas

    Headline: Zion Oil & Gas Update: October 9, 2024

    October 9, 2024

     

    Dear Zion Shareholders and Supporters,

    During these challenging times, we are thankful to report that our staff and rig remain safe in Israel despite the ongoing conflict. The security and well-being of our personnel are paramount to our success. We continue to work within Israeli guidelines ensuring the continued protection of our staff, crew, and well site.

    While our MJ-01 re-completion project has faced a multitude of hurdles, including an active conflict, downhole issues and logistical challenges, we continue to move forward each time a safe opportunity permits continuation of operations. However, we will only move forward in coordination with Israeli authorities. We are actively monitoring the port situation to import the items needed to complete the current work program. We remain optimistic about making significant progress in the coming months.

    In light of the current situation, we have decided to extend our Unit Program until December 31, 2024. This extension gives investors additional time to participate and support our crucial mission for Israel. Importantly, the warrants associated with the Unit Program will also be extended and exercisable from January 31, 2025, to January 31, 2026.

    Your prayers and ongoing support are greatly appreciated by our team in Israel. Our monthly public prayer time over Zoom in September saw over 250 join us live from 14 nations around the world. We remain committed to moving forward safely, efficiently, and with unwavering faith in God’s vision for the oil of Israel.

    Thank you for standing with Israel and Zion.

    Robert Dunn
    CEO

    “The Lord is my light and my salvation; whom shall I fear? The Lord is the defense of my life; whom shall I dread?”
    Psalm 27:1 NASB

    “I sought the Lord, and he answered me;
    he delivered me from all my fears.
    Those who look to him are radiant;
    their faces are never covered with shame.
    This poor man called, and the Lord heard him;
    he saved him out of all his troubles.
    The angel of the Lord encamps around those who fear him,
    and he delivers them.
    Taste and see that the Lord is good;
    blessed is the one who takes refuge in him.”
    Psalm 34:4-8 NIV

    Extended…

    For each $250.00 UNIT you receive:

      • Common stock at the average of the high and low sale price on OTC: ZNOG for the day if purchased before 4:00pm EST. Purchases after 4:00pm EST will receive the following day’s high-low average.
      • 50 Warrants with an exercise price of $0.25 each.

      Note: Those who purchase UNITS and sign up (or are already enrolled) for Automatic Monthly Investments (AMI), will also receive: 50 Additional Warrants if at least $50/month (one time only).

      Warrants exercisable for 12 months (one year) from January 31, 2025 to January 31, 2026

      Invest Now

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Banking: Christopher Kent: A review of the Reserve Bank of Australia’s Term Funding Facility

    Source: Bank for International Settlements

    Thank you for coming to the Reserve Bank’s offices today. I will talk about a review we have published on the Term Funding Facility (TFF). This is the fourth instalment of the series of reviews of unconventional policy tools the RBA used during the COVID-19 pandemic.

    In March 2020, the economic outlook was bleak and highly uncertain (Graph 1), financial markets were in turmoil, and there was limited scope to lower the cash rate further. In that environment, the RBA pursued a package of policies to support the economy. The TFF review considers how that element of the package worked, whether it achieved its aims, and lessons for the future. I will cover the key points but there is a lot of detail in the review itself.

    What was the TFF intended to do?

    The TFF aimed to:

    • lower the cost of borrowing for businesses and households, by lowering lenders’ funding costs, and to reinforce the benefits to the economy of the lower cash rate
    • encourage banks to lend to businesses – particularly small and medium-sized enterprises (SMEs) – given that business credit tends to fall in downturns.

    How did it work?

    The TFF provided low-cost three-year funding to banks, which also indirectly helped to lower the cost of borrowing from wholesale markets.

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Canada: Address by Minister Joly at the General Debate of the 79th Session of the United Nations General Assembly

    Source: Government of Canada News

    Check against delivery. This speech has been translated in accordance with the Government of Canada’s official languages policy and edited for posting and distribution in accordance with its communications policy.

    September 30, 2024 – New York City, New York

    Check against delivery. This speech has been translated in accordance with the Government of Canada’s official languages policy and edited for posting and distribution in accordance with its communications policy.

    Mr. President, dear colleagues,

    It is an honour for me to speak to you on behalf of Canada and on behalf of Canadians.

    I would like to underscore that I am joining you on the traditional territory of the Lenape people.

    This recognition is important because today in Canada we mark the National Day of Truth and Reconciliation, when we acknowledge and commemorate the Indigenous Peoples who came before us and continue to live here.

    We acknowledge the pain caused by decades of abuse, neglect and racism.

    It is also an opportunity for us to commit to doing better and to righting the wrongs of the past so we can move forward together.

    Rights and freedoms

    Ours is a country based on the rights and freedoms that are enshrined in our constitutional charter.

    A core reason Canada is a prosperous society is that beyond offering the freedom to pursue a better life for you and your family, Canada also provides freedom from the barriers that prevent you from enjoying a better life: freedom from fear, violence, intimidation and discrimination; freedoms that foster a sense of inclusivity and belonging; freedom that protects the vulnerable and builds stronger communities.

    Far too often, though, some of the loudest voices claiming to speak for freedom are the ones trying to redefine that word for their own purposes.

    They claim freedom as an excuse to do as they wish without any regard for the freedom of others.

    That is certainly not how we should define freedom.

    They hide behind the word to tell us everything is broken and to spread disinformation, and they parrot the lines fed to them by those who wish to interfere in our elections and undermine our democracy.

    They weaponize the term “freedom” to further marginalize those in the most vulnerable situations, to justify spreading hate and even to deny people their right to make choices about their own bodies, including limits on reproductive rights.

    At the end of the day, through all the noise, what they really mean to say is: freedom for some—but not freedom for all.

    Often, the people who claim to speak for freedom are the same people who want the government to decide who people can love, who they are or even what they can wear.

    We see it in our country. We see it around the world. At the international level, we see it when groups or countries declare that international law doesn’t apply to them.

    Afghanistan

    In Afghanistan, we see it taken to its extreme as the Taliban continue to impose inhumane rules against women and girls, banning them from being in public so they are invisible, robbing young girls of the fundamental right to an education.

    How is that respecting human dignity? How is that protecting the best interests of their people?

    They must be held accountable.

    Last week, Canada joined Australia, Germany and the Netherlands, with the support of 22 other countries, to take steps to hold Afghanistan accountable under the Convention on the Elimination of All Forms of Discrimination Against Women.

    The Taliban cannot make international law disappear through simple decrees.

    Canada is a country that values freedom from oppression, not the freedom to oppress others.

    There should be nothing controversial about protecting human rights, including the dignity of all men and women.

    Haiti

    With regard to Haiti, the world cannot sit idly by as people suffer.

    Unchecked gang violence and corruption in Haiti have created a catastrophe for the population, which is plunged into a state of deep insecurity in which civilians fall victim to bullets and children die of hunger.

    Canada has always maintained that the solution to this crisis must come from Haitians for the benefit of Haitians.

    To this end, the Transitional Presidential Council and the transitional government are working to restore order, but they cannot do it alone.

    The Haitian people need a multinational security support mission to work with the Haitian National Police, not only to help them restore order but also to meet the basic needs of the population.

    That’s why Canada has invested more than $100 million to support it.

    Canada is doing its part.

    We must all show the Haitian people that we are not going to abandon them.

    The United Nations Security Council must be clear on this.

    I would like to thank CARICOM and Kenya for the essential role they are playing in the response to this crisis.

    Together, we can achieve lasting peace and stability in Haiti.

    Middle East

    Mr. President, what is happening in the Middle East is an unspeakable tragedy. Thousands have been killed in Israel, Gaza and Lebanon, including many Canadians.

    This is a senseless war that goes against the dignity of human beings. The suffering —on all sides—must end.

    What the world continues to witness is a repeated cycle of violence where civilians pay the heaviest price.

    Canada is joining those urging Israel and Hezbollah to accept an immediate ceasefire. We need to create space for peace talks and save lives.

    There cannot be war in Lebanon—full stop. UN Security Council resolutions must be respected.

    Families in Southern Lebanon and families in Northern Israel must be able to safely return to their homes. We have and always will insist that civilians be protected, wherever they’re from.

    Next week, we mark 1 year since the terrorist attacks by Hamas against Israel.

    Last March, I visited Kibbutz Kfar Aza, one of the communities attacked on October 7, 2023. I met Ayalet, a mother grieving for her son, who was brutally murdered in the attack; he died protecting his fiancée. Ayalet recounted the terror of that day, the search for loved ones in burned homes.

    As she spoke about the horrors of October 7, we heard the bombs, as they landed on Gaza nearby, and felt the ground shudder. In that moment, our sense of [MM1] the duality of the tragedy befalling the Israeli and Palestinian people was profound. It is a moment I will never forget.

    The situation in Gaza is inhumane. The level of suffering is unacceptable. It must stop. Innocent Palestinians, including [MM2] women and children, cannot pay the price of defeating Hamas. This must end.

    A ceasefire is needed immediately. The hostages [MM3] must be released. This requires both sides making real efforts.

    Mr. President: for lasting peace, Canada has long advocated for a 2-state solution. We believe both Israelis and Palestinians have the right to exist.

    We all know a negotiated agreement is the best chance for Israelis and Palestinians to live side by side in peace and security.

    Unfortunately, Hamas, a terrorist organization, continues to operate in Gaza, refuses to release hostages and refuses to lay down its weapons.

    Meanwhile, the Government of Israel is against the creation of a Palestinian state. Violence against Palestinians by extremist settlers and expansion of settlements by Israel in the West Bank continue unabated. This is unacceptable.

    Canada supports the creation of a Palestinian state.

    That is why we are providing security and development support to the Palestinian people. We will officially recognize the state of Palestine at the right time: when it is most conducive to building a lasting peace and not necessarily as the last step of a negotiated process.

    More than anything, this conflict has led to unspeakable pain. Communities are hurting.

    People have the right to protest peacefully. But nobody has the freedom [MM4] to intimidate others. Polarization is a problem. Division is real.

    We have a collective responsibility to bring people together.

    Ukraine

    Mr. President, it has now been 2 and a half years since Russia launched its illegal invasion of Ukraine. The human cost continues to grow.

    No country has the freedom [MM5] to invade its neighbour. There’s no freedom [MM6] to impose your will on others. This aggression is a blatant violation of the UN Charter.

    Russia needs to get out of Ukraine now.

    The Ukrainian people have the right to be free from fear, free from aggression. They have the right to decide what their own future should be.

    Mr. President, we all know that if Russia’s aggression goes unchecked here it will continue. Many countries in the region and the hemisphere are wondering if they will be next. The world must not back down in denouncing this unjustifiable aggression.

    Canada will not back down from its support for Ukraine.

    At the end of October, Canada will host a conference co-organized with Norway and Ukraine on the human dimension of Ukraine’s 10-point peace formula. We will focus on the return of children to their families and of deported civilians and prisoners of war.

    Every one of those affected by this war is entitled to freedom from violence and from being forced from their home.

    UN reform

    Mr. President,

    The issues I have just mentioned create immense challenges. This institution has a role to play in helping us to work together toward solutions.

    Critics of the United Nations accuse it of being incapable of solving the problems currently facing the world.

    Worse still, some more conspiratorial critics even believe that the UN is the cause of many of these problems.

    Both ignore the reality and the strength of this organization.

    The United Nations is a unique forum that allows us to come together and talk to each other on an equal footing to try to iron out our differences, which are sometimes profound, through discussion and consensus-building.

    That’s why Canada supported the adoption of the Pact for the Future at the Summit of the Future last week.

    The pact is a starting point as we work together to ensure the sustainability of the organization.

    The UN is not a perfect organization, it is true, but progress is possible. As the Secretary-General has said: “ We can’t build a future for our grandchildren with a system built for our grand[MM7] parents.” Let’s build that future together.

    Mr. President,

    For almost 80 years, no woman has held the post of secretary-general.

    This is unacceptable.

    Last week with my colleague from Jamaica, I had the great honour of welcoming to Toronto 15 women foreign ministers from the 4 corners of the earth.

    Our conclusion was clear. The next head of this illustrious institution must be a woman.

    It’s high time we were able to respectfully say, at this podium and around the world, “Madam Secretary-General.”

    I would say the same for the post of president of the General Assembly.

    Mr. President, with respect, I hope that next year the delegates will address “Madam President.”

    I know that many of us share this wish.

    Mr. President,

    Let me tell you about my mother. She will be so proud that I am talking about her at the United Nations.

    You know, my mother and grandmother are among the millions of women around the world who have fought hard for equal rights.

    They did so alongside the mothers and grandmothers of many of the people in this room.

    Mum recently told me that we were now part of the “consolidation generation.” She’s right.

    Being part of our generation means that we need to consolidate the gains that have been made over time and fight against those who are trying to roll back this progress. It also means that we need to continue to fight so that women and girls everywhere have the right to make choices about their own bodies and their own lives.

    We see the difference the gap in freedoms creates. When women are robbed of the right to decide when to have children, they lose out on education and job opportunities. When women don’t have access to safe abortions their lives are put at risk. When women are denied access to safe contraception and fertility treatments, they lose the power to make choices that have the most profound impacts on their lives.

    Attacks on sexual and reproductive health rights are an attack on equality rights. They’re an affront to basic dignity.

    We must always have the right to choose for ourselves which means of contraception to use, whether to have an abortion or even to choose assisted reproduction. We women have the right to be equal in everything: in education, in employment and in every other opportunity.

    We are women and proud of it.

    We can never turn back.

    Together, we must keep moving forward for our sisters, our daughters and our granddaughters.

    Mr. President, 2 years ago, I stood here and said countries around the world were faced with a choice. And we still have that choice today. We can choose a world where rules can be broken by the powerful, bringing us back to darker times of tension and conflict. Or we can choose a world that upholds human rights, opportunities for all, peace and prosperity; a world where people work together to solve problems.

    Canada will work with partners to move us beyond this moment of crisis.

    A new future is being shaped.

    We must not fail.

    Thank you.

    MIL OSI Canada News –

    January 23, 2025
  • MIL-OSI Banking: IADC Student Chapters: Roundup of Activities in September!

    Source: International Association of Drilling Contractors – IADC

    Headline: IADC Student Chapters: Roundup of Activities in September!

    MIT Student Chapter celebrates 5 year anniversary with 1st Student Technology Meet 

    In the later part of September, the IADC Maharashtra Institute of Technology (MIT) Student Chapter hosted its inaugural Student Chapter Technology Meet. Program highlights included a Young Professionals panel, Women in Drilling, and technical insights into geothermal drilling. The event brought together industry experts to discuss the main panel topic, “Unlocking Drilling Efficiency for Geothermal Exploration and Production.” This special event marked the Chapter’s 5th Anniversary and was a valuable forum for students to gain industry insights and network with established professionals. 

    IADC PTI Student Chapter hosts 3-day quiz competition

    The IADC Petroleum Training Institute (PTI) Student Chapter recently hosted “Drilling Dynamics: Technical Challenge,” a 3-day quiz competition. There was a fantastic turnout for the event, with some days drawing over 160 students in attendance, eager to witness the competition. The event provided a platform for learning, fostering teamwork, and promoting healthy competition. Distinguished guests, including Engr. E.O. Ogunyemi, Mr. Frank Egede, and Engr. Dr. Adetona, added significant value to the event. 

    The PTI Student Chapter stated, “We extend our deepest appreciation to everyone who attended from Day 1 through to Day 3. Your support and enthusiasm have made this event truly special.”

    Universiti Teknologi PETRONAS (UTP) Members visit companies & host “International Rig IQ Showdown” 

    On 24 September, the IADC UTP Student Chapter visited PETRONAS WRTC and Aberdeen Drilling International in Kuala Lumpur. At PETRONAS, the students dove deep into cutting-edge technology with the experts themselves. 

    Over at Aberdeen Drilling International, the students had a hands-on experience with the most advanced drilling simulator suites. They got to simulate real-life MPD operations, controlling pressure and managing different scenarios.

    On 30 September – 1 October , the UTP Student Chapter hosted the International Rig IQ Showdown. The event consisted of engaging lectures, challenging exams, and practical drilling simulation sessions. Teams faced real-world drilling challenges, from controlling wells under pressure to managing unexpected rig scenarios. Each team showcased their skills in handling equipment, making critical decisions, and working seamlessly together.

    University of Wyoming Student Chapter introduces new officers 

    The IADC University of Wyoming Student Chapter recently announced its new officers for the 2024-2025 academic year:

    President – Daniel McFadyen
    Vice President – Garrett Cox
    Treasurer – Eli Hernandez
    Secretary – John Bertschy

    According to the Chapter, “We’re looking forward to bringing a range of events, tours, speakers, and more to the University of Wyoming this year. Stay tuned for updates and opportunities to get involved!” 

    University of North Dakota hosts “Lunch & Learn” event 

    In mid-September, the IADC University of North Dakota Student Chapter hosted its first Lunch & Learn event to kick off activities for the semester. Speakers from TAQA (Industrialization & Energy Services Company) shared their insights with the students on drilling technologies and provided simple explanations of downhole drilling tools. This event provided an excellent platform for learning, networking, and collaboration. 

    KFUPM Student Chapter organizes movie night & celebrates new officers at dinner 

    The IADC Student Chapter at the King Fahd University of Petroleum & Minerals (KFUPM) recently hosted a special screening of Deepwater Horizon, providing an opportunity for students and professionals to reflect on one of the most pivotal events in oil & gas history. The movie sparked insightful discussions on industry challenges, safety protocols, and the human element in oilfield operations. The interactive quiz that followed added a competitive edge. 

    On a separate occasion, the Chapter gathered over dinner to celebrate the incoming officers. According to the Chapter, “It was a fantastic opportunity to strengthen bonds and discuss the exciting future of our chapter. The evening’s discussions revolved around our strategic plans, upcoming initiatives, and exploring innovative ways to improve and expand our impact. We are eager to see the collective effort of our new officers come to life as we continue to grow together.” 

    About IADC Student Chapters 

    IADC’s Student Chapter program was started in 2017 when the need for a formal vehicle for engaging with the next generation of young professionals was identified. At that time, students were also expressing a desire for opportunities to engage with the drilling industry while still in school. The IADC Student Chapter program serves as a supplement to the academic aspect provided by the universities. The Chapters provide unique opportunities for students to learn about the practical side of the industry and their future professions. These opportunities generally consist of attending conferences, rig tours, and other industry events.

    MIL OSI Global Banks –

    January 23, 2025
  • MIL-OSI Video: Session 2: Monetary policy, credit and banking

    Source: European Central Bank (video statements)

    Session 2
    Monetary policy, credit and banking
    Chair: Carlo Altavilla, European Central Bank

    The long-run effects of monetary policy
    Òscar Jordà*, University of California, Davis
    Co-Authors: Sanjay R. Singh and Alan M. Taylor

    Discussant: Margherita Bottero, Banca d’ Italia

    Collateral Heterogeneity and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms
    Şebnem Kalemli-Özcan*, Brown University
    Co-Authors: Cecilia R. Caglio and R. Matthew Darst

    Discussant: Katharina Bergant, International Monetary Fund

    https://www.youtube.com/watch?v=eHuKZOwOH-k

    MIL OSI Video –

    January 23, 2025
  • MIL-OSI Video: Session 1: Monetary policy and financial markets

    Source: European Central Bank (video statements)

    Session 1
    Monetary policy and financial markets
    Chair: Wolfgang Lemke, European Central Bank

    Bond Market Views of the Fed
    Luigi Bocola*, Stanford University
    Co-Authors: Alessandro Dovis, Kasper Jørgensen and Rishabh Kirpalani

    Discussant: Klodiana Istrefi, Banque de France

    Deciphering Monetary Policy Shocks
    Christian Wagner*, WU Vienna University of Economics and Business
    Co-Authors: Phillipp Gnan, Maximilian Schleritzko and Maik Schmeling

    Discussant: Fabian Schupp, European Central Bank

    https://www.youtube.com/watch?v=9C63Zfcfv20

    MIL OSI Video –

    January 23, 2025
  • MIL-OSI Video: Session 4: Monetary policy and inflation and concluding remarks

    Source: European Central Bank (video statements)

    Session 4
    Monetary policy and inflation
    Chair: Sujit Kapadia, European Central Bank

    Leaning against inflation experiences
    Stefan Nagel*, Chicago Booth

    Discussant: Falk Mazelis, European Central Bank

    Monetary Communication Rules
    Amy Handlan*, Brown University
    Co-Author: Laura Gáti, European Central Bank

    Discussant: Alexandre Kohlhas, University of Oxford

    Concluding remarks and end of conference

    https://www.youtube.com/watch?v=DGFOlRwBB0Y

    MIL OSI Video –

    January 23, 2025
  • MIL-OSI Video: Welcome address by Massimo Rostagno and Keynote speech by Philip R. Lane

    Source: European Central Bank (video statements)

    Welcome address
    Massimo Rostagno, European Central Bank

    Keynote speech: The Transmission of Monetary Policy
    Philip R. Lane, Member of the Executive Board of the ECB

    https://www.youtube.com/watch?v=tBWFSh5tXNo

    MIL OSI Video –

    January 23, 2025
  • MIL-OSI Video: Session 3: Young Economists and Closing remarks and end of day 1

    Source: European Central Bank (video statements)

    Session 3
    Young Economists
    Chair: Roberto Motto, European Central Bank

    The fintech lending channel of monetary policy
    Lavinia Franco*, Bayes Business School

    Nonlinearities of Monetary Policy across States of Price Rigidity
    Pascal Seiler*, ETH Zurich, KOF Swiss Economic Institute

    Financial Intermediation and Aggregate Demand: A Sufficient Statistics Approach
    Piotr Zoch*, University of Warsaw

    Closing remarks and end of day 1

    https://www.youtube.com/watch?v=Hq9XZ6F34As

    MIL OSI Video –

    January 23, 2025
  • MIL-OSI Europe: The EBA publishes Guidelines on redemption plans under the Markets in Crypto-Assets Regulation

    Source: European Banking Authority

    The European Banking Authority (EBA) today published its final Guidelines on the orderly redemption of token holders in case of crisis of the issuer. The Guidelines, which are addressed to competent authorities designated under the Markets in Crypto-Assets Regulation (MiCAR), cover issuers of asset-referenced tokens (ARTs) and of e-money tokens (EMTs).

    The Guidelines specify the content of the redemption plan to be developed by issuers of ARTs and EMTs in going concern, including the liquidation strategies of the reserve of assets, the mapping of critical activities, the content of the redemption claims, the main steps of the redemption process, and the elements that may lead to the trigger of the plan by the competent authority.

    Considering the feedback received during the public consultation, a few targeted amendments have been made to streamline the wording and provide further clarity on some specific aspects. For instance, some clarifications allow for flexibility so that the guidance addressed to issuers of ARTs relating to the liquidation of the reserve of assets can be used, to some extent, also by issuers of EMTs.

    Legal basis and next steps

    The Guidelines on redemption plans have been developed according to Article 47(5) of MiCAR. By virtue of the cross-reference set out in Article 55 MiCAR, the Guidelines also cover issuers of e-money tokens, as applicable. 

    MIL OSI Europe News –

    January 23, 2025
  • MIL-OSI USA: Jefferson, The Fed’s Discount Window: 1990 to the Present

    Source: US State of New York Federal Reserve

    Thank you, Steve, for that kind introduction and for the opportunity to talk to this group today.1
    Let me start by saying that I am saddened by the tragic loss of life, destruction, and damage resulting from Hurricane Helene in North Carolina, and throughout this region. My thoughts are with the people and communities affected. For our part, the Federal Reserve and other federal and state financial regulatory agencies are working with banks and credit unions in the affected area to help make sure they can continue to meet the financial services needs of their communities.
    Yesterday I shared my historical perspective on the discount window at Davidson College.2 In 1913, when the Federal Reserve was established, the discount window was the main tool it used to provide the nation with a safer, more flexible, and more stable monetary and financial system. More than 110 years later, the discount window continues to play an important role in supporting the liquidity and stability of the banking system, and the effective implementation of monetary policy.
    Today I would like to discuss with you how the discount window has evolved in the 21st century, including recent steps the Federal Reserve Board has taken to solicit feedback from the public on discount window operations. Before I address our most recent efforts, however, I will review some important episodes in discount window history that brought us to where we are today.
    First, I will recount briefly events in the 1980s and early 1990s that provide important context for the reappraisal of the discount window in the early 2000s. Second, I will summarize revisions to the discount window that the Fed made in 2003 and some additional changes made since then. Third, I will describe efforts that the Fed has taken to ensure that the discount window remains effective today, including the request for information that the Board recently issued on operational aspects of the discount window and intraday credit. After completing my discussion of the discount window, I will conclude with my outlook for the U.S. economy.
    Events before the 2003 Discount Window RevisionsI would like to pick up today where I left off yesterday in my speech at Davidson College: the 1980s and early 1990s. This was a period of widespread problems in the commercial banking sector. Troubled institutions borrowed from the discount window for extended periods of time as the Federal Deposit Insurance Corporation (FDIC) sought to find merger partners or otherwise manage the closure of these institutions. As a result, the discount window became associated strongly with lending to troubled institutions. Healthy banks’ reluctance to borrow from the discount window increased. The greater reluctance to borrow from the discount window made it less effective both as a monetary policy tool and as a crisis-fighting tool.3 This led to a reassessment of the discount window in the early 2000s and to eventual revisions implemented in 2003.
    A Reassessment of the Discount Window in the Early 2000sThe key challenge in the reassessment of the discount window was to establish a lending program that would not only operate effectively and support monetary policy implementation, but also mitigate moral hazard and provide sufficient controls to minimize risk to Reserve Banks and, ultimately, to American taxpayers. After the reassessment, the Fed implemented several changes aimed to achieve the right balance.
    The Board replaced the adjustment credit program, which was extended at a below-market rate, with a new type of discount window credit called primary credit. This new type of discount window credit became effective in 2003.4 It is available as a backup source of liquidity to depository institutions in generally sound financial condition at an above-market rate. Making the discount rate a penalty rate is more consistent with the long-standing practice of other major central banks. This feature was intended to reduce the need for administrative pressures based on Reserve Bank staff judgment of inappropriate usage when the discount rate was below market rates. Although those measures effectively limited usage that was deemed inappropriate at the time, they also presented communication challenges regarding when it was appropriate to use the discount window and perpetuated the perception that the Fed discouraged its use.
    Primary credit is a “no questions asked” facility in which eligible depository institutions are no longer required to have exhausted other sources of funding or be subject to restrictions on the use of the borrowed funds. The Fed initially set the primary credit rate 100 basis points above the target federal funds rate.5 Since March 2020, the Fed has set the primary credit rate at a level equal to the top of the target range for the federal funds rate.6
    At the same time primary credit was established, another new program, called secondary credit, replaced the extended credit program. Secondary credit is available to depository institutions that are not eligible for primary credit. It was initially available at an interest rate 50 basis points higher than the primary credit rate, which is the spread in effect today. In contrast to primary credit, extensions under secondary credit are subject to higher collateral discounts and may involve ongoing oversight on the use of funds obtained under the program, reflecting the less-sound condition of secondary credit borrowers. Typically, Reserve Banks review a depository institution’s plan to repay the loan and return to market sources of funding.
    This two-tiered structure of providing the no-questions-asked primary credit program for healthy depository institutions and the secondary credit program for less-than-healthy depository institutions was designed primarily to instill public confidence in the health of institutions borrowing from the primary credit program and to reduce the reluctance of healthy depository institutions to borrow.7 In addition, having two separate facilities would reinforce the notion that healthy and troubled depository institutions alike should regard borrowing from the Fed as an option in the event of a need for additional funds.
    In the early years of the switch to the new facilities, there were signs that healthy depository institutions became more willing to borrow from the discount window. For example, some research found that after the 2003 discount window revisions, banks borrowed more from the discount window when the federal funds rate spiked than they had previously.8 This finding suggests that the redesign of the discount window was effective in reducing banks’ reluctance to borrow. As a result, the discount window may have been more effective in placing a ceiling on short-term funding rates, aiding the implementation of monetary policy, and serving as a liquidity tool when needed.
    Nevertheless, it is important to acknowledge that it is difficult to measure reluctance to borrow from the discount window. When the interest rate on primary credit is above the target federal funds rate and the federal funds rate is close to its target, the aggregate volume of primary credit is expected to be low. In other words, a low average level of discount window borrowing does not necessarily mean that there is a reluctance to borrow; instead, it could simply reflect a situation in which depository institutions do not currently need to borrow. In addition, when there is an abundance of liquidity in the banking system, as is the case in the current ample-reserves monetary policy regime, depository institutions may have less need to obtain additional liquidity via the discount window. Again, this does not necessarily mean that there is a reluctance to borrow. Conversely, the presence of discount window borrowing does not necessarily reflect the absence of a reluctance to borrow. It could be the case that, although aggregate usage increases, there are still some depository institutions that are willing to pay well above the primary credit rate even when they could have borrowed readily from the discount window. For these reasons, it is important that we complement data with market outreach information to assess the effectiveness of the discount window.
    Changes and Challenges since the Introduction of Primary and Secondary CreditPrimary and secondary credit exist today, but some changes have been made to primary credit since its inception. For example, although the discount window was used extensively and played an important role in the emergency measures taken during the financial crisis of 2007–09, some depository institutions during this period still were willing to borrow funds from the market at rates above the discount rate.9 This suggested that there was a reluctance to borrow before the crisis, and that reluctance appeared to grow over the course of the crisis. To promote the restoration of orderly conditions in financial markets and provide depository institutions with greater assurance about the cost and availability of funding, the Board approved temporary changes to its primary credit discount window facility during the crisis.10 In addition, in late 2007, the Board established the Term Auction Facility (TAF).11
    Concerns about lending to troubled depository institutions reemerged after the 2007–09 financial crisis. In the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010, Congress required the Fed to publish detailed individual institution borrowing data with a two-year lag.12 This action was intended to enhance the transparency and accountability of Federal Reserve lending while still preserving a measure of confidentiality to avoid discouraging depository institutions from borrowing.
    More recently, in March 2020, the Fed announced changes to the provision of primary credit that were intended to encourage depository institutions to use the discount window to meet demands for credit from households and businesses in connection with the COVID-19 pandemic. These changes included setting the primary credit rate at a level equal to the top of the federal funds target range—a step that enhanced the ability of the discount window to support trading within the Federal Open Market Committee’s (FOMC) target range for the federal funds rate—and communicating the terms of borrowing as 90 days, prepayable and renewable on a daily basis. To further encourage depository institutions to use the discount window, the Fed also made changes to its reporting of Reserve Bank–level aggregate weekly discount window borrowing. It consolidated amounts previously reported as “loans,” which include discount window borrowing, into a broader category of assets.13 The changes made in 2020 remain in effect.
    During and after the spring 2023 stress events, the discount window again played an important role in supporting both monetary policy and financial stability. Depository institutions that came under severe stress turned to the discount window. The discount window also served an important role in providing ready access to funding, especially for depository institutions experiencing spillovers from the bank failures. To further ensure that depository institutions had the ability to meet the needs of all their depositors, the Board announced the creation of a new emergency program, the Bank Term Funding Program (BTFP). Although the BTFP was established pursuant to the Board’s emergency lending authority in section 13(3) of the Federal Reserve Act, the BTFP used the discount window infrastructure to lend to eligible depository institution borrowers.14 By relying on the existing discount window infrastructure, the BTFP was able to begin operating right away. The program ceased extending new loans on March 11, 2024, as scheduled.
    Today the discount window continues to be an effective tool, but it is important to acknowledge that economic and banking conditions continue to evolve. Since the 2003 discount window reassessment, we have seen an increased focus on liquidity in banking regulation, including the advent of quantitative liquidity requirements for large banking organizations; technological changes in the banking system; a general trend toward faster and 24-7-365 payment systems; changes in the composition and posture of Federal Home Loan Bank lending; and the move to an ample-reserves monetary policy implementation regime.
    In light of these developments, the Federal Reserve System has taken important steps to ensure that the discount window performs its functions successfully in the 21st-century economy. For example, last year the Board, along with the other federal banking agencies and the National Credit Union Administration, issued guidance on contingency funding plans that encouraged depository institutions to be ready to borrow from the discount window.15 This includes taking steps to establish borrowing relationships with the Federal Reserve, such as providing certain legal documentation and ensuring that collateral to secure loans is ready to pledge. In connection with interagency initiatives, Reserve Banks have conducted outreach to depository institutions and made efforts to guide them in using the discount window.
    Data suggest that this encouragement is working. By the end of 2023, 3,900 banks, or roughly 80 percent of all banks, had completed the legal documentation required to borrow from the discount window.16 Of those, nearly 2,000 banks had pledged collateral, with an aggregate lendable value of over $2.6 trillion after applying appropriate discounts. These figures are notably above their levels at the end of 2021 and 2022. Although I am pleased to see the improvements in discount window readiness statistics, continued outreach is still important. To that effect, this summer, Federal Reserve Banks hosted an Ask the Fed® session to discuss the purpose of the discount window, its facilities, and recommendations for depository institutions on how to prepare to borrow from the Fed.17
    Additionally, the Federal Reserve System has made important investments to enhance the technology that supports discount window activities. Earlier this year, the System launched Discount Window Direct, which is an online portal for depository institutions to request and prepay loans as well as securely message their local Reserve Bank.18 Discount Window Direct generally is accessible 24 hours a day. We are actively encouraging the use of Discount Window Direct.
    Seeking Feedback on the Discount WindowTo complement our efforts to enhance discount window operations, the Federal Reserve Board recently announced that it is collecting feedback from the public on operational frictions associated with the discount window and intraday credit through the issuance of a request for information. As some of you may know, a request for information is a formal document through which a government agency solicits feedback. Members of the public can submit comments in response to the request for information until December 9, 2024.19
    The Board requests input on various discount window and intraday credit operational practices, such as the process for requesting, receiving, and repaying discount window loans as well as Reserve Bank discount window and intraday credit communications practices. Through the request for information, the Board hopes to gain further insight into the operational aspects that are the most costly or burdensome for depository institutions. This will help the Fed consider further improvements to promote efficiency and reduce burden on depository institutions. Ultimately, the Fed’s goal is to build on the current discount window operations and processes so that the discount window will continue to provide ready access to funding against a wide range of collateral in the future. I encourage members of the public to submit comments on the request for information, and I look forward to considering the feedback that we receive.
    Economic OutlookBefore concluding, let me share with you a summary of my outlook for the U.S. economy, as I did yesterday with the audience at Davidson. Economic activity continues to grow at a solid pace. Inflation has eased substantially. The labor market has cooled from its formerly overheated state.
    Personal consumption expenditures (PCE) prices rose 2.2 percent over the 12 months ending in August, well down from 6.5 percent two years earlier. Excluding the volatile food and energy categories, core PCE prices rose 2.7 percent, compared with 5.2 percent two years earlier. Our restrictive monetary policy stance played a role in restraining demand and in keeping longer-term inflation expectations well anchored, as reflected in a broad range of inflation surveys of households, businesses, and forecasters, as well as measures from financial markets. Inflation is now much closer to the FOMC’s 2 percent objective. I expect that we will continue to make progress toward that goal.
    While, overall, the economy continues to grow at a solid pace, the labor market has modestly cooled. Employers added an average of 186,000 jobs per month during July through September, a slower pace than seen early this year. The unemployment rate now stands at 4.1 percent, up from 3.8 percent in September 2023. Meanwhile, job openings declined by about 4 million since their peak in March 2022. The good news is that the rise in unemployment has been limited and gradual, and the level of unemployment remains historically low. Even so, the cooling in the labor market is noticeable.
    Congress mandated the Fed to pursue maximum employment and price stability. The balance of risks to our two mandates has changed—as risks to inflation have diminished and risks to employment have risen, these risks have been brought roughly into balance. The FOMC has gained greater confidence that inflation is moving sustainably toward our 2 percent goal. To maintain the strength of the labor market, my FOMC colleagues and I recalibrated our policy stance last month, lowering our policy interest rate by 1/2 percentage point.
    Looking ahead, I will carefully watch incoming data, the evolving outlook, and the balance of risks when considering additional adjustments to the federal funds target range, our primary tool for adjusting the stance of monetary policy. My approach to monetary policymaking is to make decisions meeting by meeting. As the economy evolves, I will continue to update my thinking about policy to best promote maximum employment and price stability.
    Thank you.
    ReferencesArtuç, Erhan, and Selva Demiralp (2010). “Provision of Liquidity through the Primary Credit Facility during the Financial Crisis: A Structural Analysis,” Federal Reserve Bank of New York, Economic Policy Review, vol. 16 (August), p. 43–53.
    Bernanke, Ben S. (2009a). “The Federal Reserve’s Balance Sheet,” speech delivered at the Federal Reserve Bank of Richmond 2009 Credit Markets Symposium, Charlotte, N.C., April 3.
    ——— (2009b). “The Federal Reserve’s Balance Sheet: An Update,” speech delivered at the Federal Reserve Board Conference on Key Developments in Monetary Policy, Washington, October 8.
    Board of Governors of the Federal Reserve System (2002a). “Extensions of Credit by Federal Reserve Banks; Reserve Requirements of Depository Institutions,” final rule, technical amendment (Docket Nos. R-1123 and R-1134), Federal Register, vol. 67 (November 7), pp. 67777–87.
    ——— (2002b). “Publication of Final Rule Amending Regulation A (Extensions of Credit by Federal Reserve Banks),” press release, October 31.
    ——— (2020). “Federal Reserve Actions to Support the Flow of Credit to Households and Businesses,” press release, March 15.
    ——— (2023). “Federal Reserve Board Announces It Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Their Depositors,” press release, March 12.
    ——— (2024a). “Bank Term Funding Program: Frequently Asked Questions (PDF),” updated January 24.
    ——— (2024b). “Request for Information and Comment on Operational Aspects of Federal Reserve Bank Extensions of Discount Window and Intraday Credit,” request for information and comment (Docket No. OP-1838), Federal Register, vol. 89 (September 10), pp. 73415–18.
    Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (2023). “Agencies Update Guidance on Liquidity Risks and Contingency Planning,” joint press release, July 28.
    Clouse, James A. (1994). “Recent Developments in Discount Window Policy (PDF),” Federal Reserve Bulletin, vol. 80 (November), pp. 965–77.
    Jefferson, Philip N. (2024). “A History of the Fed’s Discount Window: 1913-2000,” speech delivered at Davidson College, Davidson, N.C., October 8.
    Madigan, Brian F. (2009). “Bagehot’s Dictum in Practice: Formulating and Implementing Policies to Combat the Financial Crisis,” speech delivered at the Federal Reserve Bank of Kansas City’s Annual Economic Symposium, Jackson Hole, Wyo., August 21.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See Jefferson (2024). Return to text
    3. For more details about this period, see Clouse (1994). In response to the wave of depository institution failures, Congress placed legal limitations on Federal Reserve lending to troubled institutions. Specifically, section 142 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) amended section 10B of the Federal Reserve Act to place restraints on discount window lending to undercapitalized and critically undercapitalized insured depository institutions. FDICIA also imposed liability on the Board of Governors for excess losses incurred by the FDIC that are attributable to lending beyond those limits. The provisions of FDICIA were intended to reduce moral hazard in the banking system and limit taxpayer losses. Return to text
    4. For more details, see the October 31, 2002, Federal Reserve press release (Board of Governors, 2002b) and the final rule implementing the changes (Board of Governors, 2002a). Return to text
    5. In 2003, when primary credit was implemented, there was a single federal funds target rate. The Federal Open Market Committee adopted a federal funds target range on December 16, 2008. Return to text
    6. For details on the change to the rate spread announced in March 2020, see the press release (Board of Governors, 2020). As will be discussed in greater detail later, before 2020, the spread between the primary credit rate and the target federal funds rate (or top of the target range) had changed a few times to address economic conditions during the 2007–09 financial crisis and the subsequent recovery. Return to text
    7. This design feature also would help Reserve Banks manage risk more easily by establishing a standardized approach and risk controls when lending through a facility reserved for troubled depository institutions. Loans to troubled depository institutions entail more risk to the lending Reserve Bank, and depository institutions that are undercapitalized or critically undercapitalized are subject to lending limitations under FDICIA. Return to text
    8. See Artuç and Demiralp (2010). Return to text
    9. See Bernanke (2009a) and Madigan (2009) for a retrospective that elaborates on some of the emergency measures taken during the 2007–09 financial crisis and the reasoning for discount window rate changes during the financial crisis. Return to text
    10. Throughout this crisis, the Board approved numerous reductions in the primary credit rate and narrowed the spread between the primary credit rate and the target federal funds rate twice. With the narrowing of the spread in August 2007 from 100 basis points to 50 basis points and in March 2008 to 25 basis points, the Board announced that the maximum term for primary credit loans would be extended, first to 30 days and then to 90 days, respectively. As economic conditions improved, in 2010, the Board increased the spread between the primary credit rate and the target federal funds rate to 50 basis points and shortened the maximum term for primary credit loans to overnight. Return to text
    11. The TAF provided fixed quantities of term credit to depository institutions through an auction mechanism and seemed to have largely addressed banks’ concern that borrowing from the Federal Reserve would imply weakness. According to Bernanke (2009b, paragraph 7), this was “partly because the sizable number of borrowers provides a greater assurance of anonymity, and possibly also because the three-day period between the auction and auction settlement suggests that the facility’s users are not using it to meet acute funding needs on a particular day.” Return to text
    12. See section 1103 of the Dodd-Frank Act, which amended section 11 of the Federal Reserve Act. Return to text
    13. The Board’s H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks,” is published weekly. It presents a balance sheet for each Federal Reserve Bank, a consolidated balance sheet for all 12 Reserve Banks, an associated statement that lists the factors affecting reserve balances of depository institutions, and several other tables presenting information on the assets, liabilities, and commitments of the Federal Reserve Banks. For additional details on the consolidation of “loans” into a broader category of assets, see the March 19, 2020, H.4.1 announcement, available on the Board’s website at https://www.federalreserve.gov/releases/h41/20200319. Return to text
    14. As with the discount window, an eligible institution participated in the BTFP through its local Reserve Bank. The legal agreements and process for pledging securities in the BTFP also relied on those used in discount window lending. Nevertheless, the BTFP differed from the discount window in various ways, including the term of lending, scope of eligible collateral, collateral valuation, and interest rate. For more information on the differences between the BTFP and the discount window, see the response to question A.3 in Board of Governors (2024a, p. 3). For additional details on the BTFP, see the March 12, 2023, press release (Board of Governors, 2023). Return to text
    15. See Board of Governors and others (2023). Return to text
    16. The statistics in this paragraph are available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/discount-window-readiness.htm. Return to text
    17. More information on Ask the Fed is available on the Federal Reserve Bank of St. Louis’s website at https://bsr.stlouisfed.org/askthefed/Auth/Logon. Return to text
    18. Additional details on Discount Window Direct can be found on the Federal Reserve Bank Services website at https://www.frbservices.org/central-bank/lending-central. Return to text
    19. See the information on discount window operations in section II.A of Board of Governors (2024b). Return to text

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI United Kingdom: Libya’s leaders must work together for a long-term political solution: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Statement by Ambassador Barbara Woodward, UK Permanent Representative to the UN, at the UN Security Council meeting on Libya.

    Location:
    United Nations, New York
    Delivered on:
    9 October 0024 (Transcript of the speech, exactly as it was delivered)

    President, the past two months have demonstrated the fragility of Libya’s status quo.  Unilateral actions by Libyan actors on all sides have threatened the country’s stability. But recent weeks have also shown the ability to find political solutions through serious engagement between Libyan stakeholders.

    I’d like to make three points today:

    First, we commend DSRSG Koury’s efforts to broker a solution to the Central Bank crisis. We welcome the agreement reached for the appointment of the new governor.  It is vital now that the stakeholders swiftly agree a board of directors that is credible, competent and free from political influence. As a unified institution it should also operate transparently.

    In addition, we urge all actors to work to rebuild the legitimacy and credibility of the Central Bank, especially with international institutions. We also welcome the resumption of oil production, a vital shared resource for the prosperity and well-being of the Libyan people.

    Second, as we heard from briefers, the Central Bank crisis has shown that the status quo is increasingly unstable. Libya needs a long-term settlement, and I heard this consistently from the many Libyan people I met on my visit to Libya last year. 

    In this regard, we welcome the continued efforts to make progress on the political track, including plans to convene the Security Working Group next week. We support efforts to build closer cooperation and integration between Libya’s military and security actors, in particular to enhance border security and the fight against terrorism.

    Third, we remain concerned at the diminishing space for civil society. While we were grateful to hear from a civil society briefer today, we know that civil society face the risk of reprisals for their activities.

    We are also concerned at the continued lack of protection of women, restricting their ability to participate in all aspects of Libya’s civil, social, and political space, and I thank Ms Bugaighis for setting this out so clearly for us.

    Ensuring a free and safe environment for civil society is essential, to empower everyone to play a role in developing an open, democratic society.

    President, in closing, I want to stress our continued support to UNSMIL and DSRSG Koury and her team in supporting Libya in tackling Libya’s immense challenges, and as she said, to move beyond managing the situation to resolving long-standing problems.

    We look forward to negotiating the renewal of UNSMIL’s mandate this month and to showing united Council support for UNSMIL’s work to achieve a long-term political solution and to enable elections.

    The Secretary General also has our full support in his efforts to appoint a new Special Representative as soon as possible. Finally, we continue to call on all Libya’s leaders to engage in the political process in the spirit of compromise.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

    January 23, 2025
  • MIL-OSI: TC Energy announces pricing 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 that TransCanada PipeLines Limited (the “Company”), a wholly-owned subsidiary of TC Energy, has released the pricing terms of its previously announced separate offers (the “Offers”) to purchase for cash up to C$575,000,000 in aggregate principal amount of its 4.180% Senior Notes due 2048 (the “2048 Notes”) and its 3.390% Senior Notes due 2028 (the “2028 Notes”, and together with the 2048 Notes, the “Notes”).

    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.

    The table below sets out the aggregate principal amount of 2048 Notes accepted for purchase, the Offer Yield and the Total Consideration in respect of the 2048 Notes validly tendered and accepted for purchase pursuant to the Offer for such Notes. The Company has not accepted for purchase any of the 2028 Notes tendered into the Offer for such Notes.

    Title of Notes(1) Principal
    Amount 
    Outstanding
    CUSIP / ISIN
    Nos.
    (1)
    Reference 
    Security
    Bloomberg 
    Reference
    Page
    Offer
    Yield
    Fixed
    Spread
    (Basis
    Points)
    Total
    Consideration
    (2)
    Principal
    Amount
    Accepted
    (3)
    4.180% Senior Notes due 2048 C$1,100,000,000 89353ZCC0 / CA89353ZCC01 CAN 2 ¾ 12/01/55 FIT CAN0-50 4.970% 160 C$890.60 C$575,000,000
                     
    (1) No representation is made by TC Energy or the Company as to the correctness or accuracy of the CUSIP number or ISIN listed in this news release or printed on the 2048 Notes. They are provided solely for convenience.
       
    (2) Per C$1,000 principal amount of 2048 Notes validly tendered, and not validly withdrawn, at or prior to the Expiration Date and accepted for purchase; excludes the Accrued Coupon Payment.
       
    (3) Rounded figure of aggregate principal amount. The actual aggregate principal amount of 2048 Notes accepted for purchase may be adjusted for rounding due to proration.
       

    Settlement

    Payment of Total Consideration for 2048 Notes accepted for purchase will be made by the Company on the Settlement Date, which is expected to occur on Oct. 15, 2024. In addition to the Total Consideration, Holders whose 2048 Notes are accepted for purchase will receive a cash payment equal to the Accrued Coupon Payment, representing accrued and unpaid interest on such 2048 Notes from and including the immediately preceding interest payment date for such 2048 Notes to, but excluding, the Settlement Date. 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 Offers.

    Following consummation of the Offers, any 2048 Notes that are purchased in the Offers will be retired and cancelled and no longer remain outstanding. All Notes not accepted for purchase by the Company or not purchased due to proration will be returned without cost to the tendering Holders.

    Upon completion of the Offers, there will be approximately C$525,000,000 aggregate principal amount of the 2048 Notes outstanding.

    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.

    TSX Trust Company is acting as the Tender Agent for 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 800-608-7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403-920-7911 or 800-361-6522

    PDF available: http://ml.globenewswire.com/Resource/Download/d4cb9afa-ed66-422d-ae22-57edf08c84fa

    The MIL Network –

    January 23, 2025
  • MIL-OSI Banking: IADC Lexicon Featured Term for September 2024

    Source: International Association of Drilling Contractors – IADC

    Headline: IADC Lexicon Featured Term for September 2024

    The IADC Lexicon is an oil and gas dictionary of upstream-related terms, which, unlike conventional glossaries, are official definitions drawn from legislation, regulation and regulatory guidance, standards (global, national and regional), IADC guidelines, and Well Control Institute. Terms often have multiple definitions from different sources.

    This month’s featured term is:

    Machine Learning and Evolution

    A field concerned with designing and developing artificial intelligence algorithms for automated knowledge discovery and innovation by information systems.

    Source: NICCS Portal Cybersecurity Lexicon, National Initiative for Cybersecurity Careers and Studies (https://niccs.us-cert.gov/glossary) as of 11 November 2015, Global Standards

    MIL OSI Global Banks –

    January 23, 2025
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