NewzIntel.com

Category: Banking

  • MIL-OSI Banking: New IADC Safety Alerts: “Lifting Incident on Pipe Deck” & “Dropped Object – Mud Hose Lifting Collar Insert”

    Source: International Association of Drilling Contractors – IADC

    Headline: New IADC Safety Alerts: “Lifting Incident on Pipe Deck” & “Dropped Object – Mud Hose Lifting Collar Insert”

    IADC recently issued two safety alerts. Please click the linked items below to view the entire Safety Alert:  

    IADC distributes Safety Alerts as they are received. All Safety Alerts are archived on IADC’s website.

    Please help support this program by providing case studies or other information that can be used in future Safety Alerts by emailing alerts@iadc.org.

    MIL OSI Global Banks –

  • MIL-OSI Banking: IADC Electronic DDRPlus Form 2T6 Now Available

    Source: International Association of Drilling Contractors – IADC

    Headline: IADC Electronic DDRPlus Form 2T6 Now Available

    The IADC DDRPlus electronic form stands as the authoritative tool for gathering drilling data and documenting payroll details. Capturing crucial information such as mud data, formation records, bit details, pump pressures, and more.

    The forms are available in user-friendly zoomable PDF format imprinted with the IADC logo and unique file number which cannot be edited. Each purchase comprises a month’s supply, providing 31 editable, savable, and easily shareable PDF forms. For further details, reach out to us at bookstore@iadc.org.

    For a more integrated version, see our list of authorized distributors at iadc.org/ddrplus.

    MIL OSI Global Banks –

  • MIL-OSI Banking: 2025 IADC Conferences – Mark Your Calendar!

    Source: International Association of Drilling Contractors – IADC

    Headline: 2025 IADC Conferences – Mark Your Calendar!

    IADC is pleased to announce its 2025 Conference schedule.

    Every year we carefully curate events that bring together visionaries, experts, and decision-makers to discuss the most pressing challenges and promising innovations in the drilling industry.

    Next year—2025—IADC will also be celebrating its 85th anniversary under the theme “Many Stories, One Voice.”

    For 85 years, IADC has been a catalyst for industry collaboration, driving progress through unity. Our conferences serve as dynamic hubs where innovation thrives. They offer unparalleled networking opportunities, expert insights, and cutting-edge technology showcases. By participating, you become part of a legacy of collaborative problem-solving that continues to propel the drilling industry forward.

    Join us in celebrating our rich history and shaping the future of drilling. Reserve your spot as an attendee, exhibitor, or sponsoring company at a 2025 IADC conference and be part of the next chapter in our industry’s evolution.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Consultation on Jersey Bank Depositors Compensation Scheme09 October 2024 ​​The Government is asking for views on proposed legislation to transfer the Jersey Bank Depositors Compensation Scheme functions to the Jersey Resolution Authority. This consultation, which follows… Read more

    Source: Channel Islands – Jersey

    09 October 2024

    ​​

    The Government is asking for views on proposed legislation to transfer the Jersey Bank Depositors Compensation Scheme functions to the Jersey Resolution Authority. 

    This consultation, which follows one held in February (‘Transfer of the Jersey Bank Depositors Compensation Scheme’), is open until 15 November. Full details of how to submit responses are available via gov.je/Consultations​.​

    MIL OSI United Kingdom –

  • MIL-OSI: Peapack-Gladstone Bank Hires Michael Anthony Guarino, Esq., CRCM as Senior Vice President

    Source: GlobeNewswire (MIL-OSI)

    BEDMINSTER, N.J., Oct. 09, 2024 (GLOBE NEWSWIRE) — Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack-Gladstone Bank are proud to announce that Michael Anthony Guarino, Esq. has joined the Bank as a Senior Vice President, Attorney.

    Working out of the Bank’s Headquarters in Bedminster, New Jersey and its new location at 300 Park Avenue, New York City, Mr. Guarino is primarily responsible for responding to all legal issues arising out of the Company’s New York office, in addition to working with the Bank’s General Counsel in providing support and advice to the Bank’s executive and leadership teams on all matters of law and policy.

    An accomplished and seasoned corporate attorney, Mr. Guarino has over 25 years of experience in financial services, including legal, regulatory risk assessment and compliance management, fraud and AML investigations, and vendor management/contract review with evolving risk.  He most recently served as Senior Vice President and Senior Counsel at Metropolitan Commercial Bank.  Prior to that as Compliance Officer & Risk/Counsel Risk Assessment at Israel Discount Bank of New York where he held roles as Compliance Officer & Counsel/Risk Assessment/Quality Control/ and Legal Counsel.  Additional roles included Assistant Counsel/Vice President & Regulatory Compliance Manager, First Fidelity, First Union Bank and Assistant Treasurer, Legal Liaison/Risk Manager, International Trade Products Department, and Legal Investigator/Analyst at Chase Manhattan Bank, New York, NY.

    Michael earned his Bachelor of Arts in Spanish, Political Science and Pre-Law from Rutgers University in New Brunswick, along with a summer studies program in Valencia, Spain.  He obtained his Juris Doctor from the Seton Hall Law School, with a concentration in Banking, UCC Business, Trusts and International Law.  Michael is a member of both the New Jersey and New York Bars and holds certifications as a Certified Compliance Manager (ICB), and Certified Regulatory Compliance Manager (CRCM).  In addition to his studies in Spanish, Michael has a working knowledge of Italian.

    About the Company

    Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $6.5 billion and assets under management and/or administration of $11.5 billion as of June 30, 2024.  Founded in 1921, Peapack-Gladstone Bank is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and retail solutions.  Peapack Private, a division of Peapack-Gladstone Bank, offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy.  Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service.  Visit http://www.pgbank.com and http://www.peapackprivate.com for more information.

    Contact:  Rosanne Schwab, Peapack-Gladstone Bank, Vice President, Public Relations and Corporate Communications Manager, 500 Hills Drive, Suite 300, Bedminster, NJ  07921 rschwab@pgbank.com, (908) 719-6543.

    Attachment

    The MIL Network –

  • MIL-OSI Banking: The new Global Signal Exchange will help fight scams and fraud

    Source: Google

    Scams have a devastating impact on people’s lives, and can cause real-world harm. Keeping people safe from scammers is core to the work of many teams at Google. It’s why we’ve developed world-class systems for detecting and preventing fraud, and block millions of attempted scams every day across our different products and services.

    It’s also why today we’re sharing more information about a new partnership to help fight scams, as well as announcing how Cross-Account Protection is actively protecting 3.2 billion users, since we first announced it earlier this year.

    Global Signal Exchange

    Today we are announcing a new partnership with the Global Anti-Scam Alliance (GASA) and DNS Research Federation (DNSRF) to launch the Global Signal Exchange (GSE). The GSE is a new project with the ambition to be a global clearinghouse for online scams and fraud bad actor signals, with Google becoming its first Founding Member.

    This collaboration leverages the strengths of each partner: GASA’s extensive network of stakeholders, the DNS Research Federation’s robust data platform with already over 40 million signals, and Google’s experience in combating scams and fraud. By joining forces and establishing a centralized platform, GSE aims to improve the exchange of abuse signals, enabling faster identification and disruption of fraudulent activities across various sectors, platforms and services. The goal is to create a user-friendly, efficient solution that operates at an internet-scale, and is accessible to qualifying organizations, with GASA and the DNS Research Federation managing access.

    The GSE seeks to address the complex issue of online fraud and scams signal sharing. We have had a long history of partnering with Priority Flaggers around the world to take in scam signals. In this initial pilot of the data platform, Google was for the first time able to share over 100,000 URLs of bad Shopping merchants and as part of the same test, ingest 1 million scam signals. We’ll start by sharing URLs that we have actioned under our scams policies, and as we gain experience from the pilot, we will look to add data soon from other relevant Google product areas.

    The data engine powering the platform runs on Google Cloud Platform and will allow participants to both share and consume signals gathered by others while benefiting from Google Cloud Platform’s AI capabilities to find patterns and match signals smartly.

    As part of this announcement, Google is supporting the DNS Research Federation and GASA with new funding to launch the GSE. We have also developed a partnership enabling the sending and receiving of signals related to scam and fraud activities across relevant and in-scope products and services related to online scams and fraud.

    We know from experience that fighting scams and the criminal organizations behind them requires strong collaboration among industry, businesses, civil society and governments to combat bad actors and protect users. We’re committed to doing our part to protect users, including through our continued work developing tools, publishing research, and sharing expertise and information with others to protect people online.

    Cross-Account Protection

    In May, we announced Cross-Account Protection, a tool which enables ongoing cooperation between platforms in the fight against abuse. Today we’re sharing that Cross-Account Protection is actively protecting 3.2 billion users across sites and apps where they sign in with their Google Account. This helps support our commitment to keeping you safe on Google platforms — and beyond.

    Cross-Account Protection is free and automatically available when sites and apps integrate Sign in with Google, allowing Google to share security notifications — in a privacy-preserving way — about suspicious events with the apps and services you’ve connected to your Google Account. Collaboration is critical to protect people across the internet, and that’s why we’re proud to be partnering with your favorite sites and apps on Cross-Account Protection, including Canva, Electronic Arts and Indeed. In turn, third-party apps and services can use Google’s suspicious event detection to help keep you safer online and prevent cybercriminals from gaining and maintaining a foothold across your many online accounts.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Coming Soon: Putting a Lid on Public Debt

    Source: International Monetary Fund

    COMING SOON

    Launch of the October 2024 Fiscal Monitor

    As the global economy faces increasing fiscal challenges, multilateral surveillance of fiscal developments has become an important part of the IMF’s surveillance responsibilities. The Fiscal Monitor series provides an overview of latest public finance developments, updates the medium-term fiscal outlook, and assesses fiscal implications of policies relevant to the global economy.

    RELEASE DATES
    • TUESDAY, OCTOBER 15 @ 12 AM ET: Chapter 1:  Putting a Lid on Public Debt
    • WEDNESDAY, OCTOBER 23 @ 9:00 AM ET: Press Briefing, Full Report & MSA APPENDIX

    The chapter will be available for download on this page starting October 15. Stay tuned for updates!

    MIL OSI Global Banks –

  • MIL-OSI Banking: Coming Soon: World Economic Outlook, October 2024

    Source: International Monetary Fund

    COMING SOON

    Launch of the October 2024 World Economic Outlook

    The World Economic Outlook (WEO) is a survey of prospects and policies by the IMF staff, usually published twice a year, with updates in between. It presents analyses and projections of the world economy in the near and medium term, which are integral elements of the IMF’s surveillance of economic developments and policies in its member countries and of the global economic system.

    RELEASE DATES
    • WEDNESDAY, OCTOBER 16, 9 AM ET: Chapter 2: The Great Tightening: Insights from the Recent Inflation Episode
    • WEDNESDAY, OCTOBER 16, 11 AM ET: Chapter 3: Understanding the Social Acceptability of Structural Reforms
    • TUESDAY, OCTOBER 22, 9:00 AM ET: Press Briefing: World Economic Outlook

    The chapters will be available for download on this page starting on October 16. Stay tuned for updates!

    MIL OSI Global Banks –

  • MIL-OSI Security: Beaver Bank — RCMP charges man following attempted arson in Beaver Bank

    Source: Royal Canadian Mounted Police

    RCMP Halifax Regional Detachment has charged a man with multiple offences following an arson attempt in Beaver Bank.

    On October 3, at approximately 12:15 p.m., RCMP Halifax Regional Detachment responded to a report of attempted arson on Sherri Ln. RCMP officers learned that a man had thrown a light incendiary device in proximity of a home. The fire did not damage the residence.

    With the help of the public, investigators identified Shawn Michael Deschenes, 51, of Beaver Bank, as the person responsible for the incident. Deschenes and the occupants of the home are known to each other.

    On October 7, at the request of investigators, Deschenes attended the Lower Sackville RCMP detachment where he was safely arrested. Later that day, RCMP officers executed a search warrant at his residence, seized a cell phone and observed evidence of flammable material.

    Deschenes has been charged with:

    • Arson
    • Possession of Incendiary Material
    • Possession of a Weapon for a Dangerous Purpose

    He appeared in Dartmouth Provincial Court and was remanded into custody. He will return in court today.

    The investigation remains ongoing.

    File # 24-135801

    MIL Security OSI –

  • MIL-OSI Europe: Team Europe launches new funding envelope to support economic growth in African, Caribbean and Pacific countries

    Source: European Investment Bank

    • The ACP Trust Fund has received pledges worth more than €74 million from seven EU countries.
    • Denmark, Finland, Germany, Luxembourg, Portugal, Spain and Sweden are the first contributors, adding to the EU contribution launched in February 2023.
    • In line with the EU Global Gateway strategy, the primary focus of the support will be to provide grants and technical assistance to projects promoting sustainable growth in ACP countries.

    The European Investment Bank (EIB Global) has signed agreements with seven EU Member States pledging just over €74 million to a new envelope under the ACP Trust Fund. This funding will promote inclusive and sustainable economic growth and human development, especially in least developed countries and fragile states in Africa, the Caribbean and the Pacific. The ACP Trust Fund envelope supported by EU Member States will target EU Global Gateway projects in ACP countries and support the UN’s Agenda 2030 as well as the Sustainable Development Goals.

    “This is a great example of Team Europe partners working together. I look forward to welcoming future donors to the fund so that, together, we can invest in energy, health, climate, food security and digital solutions that will foster green and inclusive growth – ultimately boosting prosperity in Africa, the Caribbean and the Pacific,” said EIB Vice-President Thomas Östros.

    Denmark has pledged around €9.9 million, Finland €4.3 million, Germany €30.6 million, Luxembourg €5.4 million, Portugal €2.8 million, Spain €9 million, and Sweden €12.25 million.

    Denmark: “Denmark is committed to supporting inclusive green growth globally, including in least developed countries and fragile states. Our ambition is to promote the European Union as an effective and impactful global actor, and that is why we support the EIB’s new ACP Trust Fund. Through the trust fund, we are delighted to be contributing to inclusive and sustainable development – especially in Africa, which is well-aligned with Denmark’s new strategy of stronger engagement with African countries. The trust fund is financed by a true Team Europe approach, and I strongly encourage other European partners to join,” said Lars Løkke Rasmussen, Denmark’s Minister for Foreign Affairs.

    Finland: “Finland sees the ACP Trust Fund as an important vehicle to support the implementation of the Global Gateway in African, Caribbean and Pacific countries. We hope that our contribution will, for example, contribute to greater, safer digital connectivity in our partner countries and give European companies more ways to invest in and develop projects in the ACP countries,” said Juha Savolainen, Director General (Department for Development Policy) of Finland’s Ministry for Foreign Affairs.

    Germany: “Fostering human and social development, addressing climate change and mobilising investments for sustainable and inclusive growth are at the heart of the EU-ACP partnership. The EIB ACP Trust Fund can help increase the development impact of EIB projects in ACP partner countries, including with regard to the implementation of Global Gateway projects. Therefore, we support it in a Team Europe spirit together with other EU partners,” said Dirk Meyer, Director-General of Germany’s Federal Ministry for Economic Cooperation and Development. 

    Luxembourg: “Luxembourg is proud to contribute €5.4 million to the ACP Trust Fund, reflecting our commitment to sustainable and inclusive growth in African, Caribbean and Pacific countries. This funding, from the reflows of the former ACP Investment Facility, aims to empower communities, promote environmental sustainability and enhance resilience. We look forward to ongoing collaboration with the EIB, the European Commission and EU Member States to achieve impactful development outcomes,” said Finance Minister of Luxembourg Gilles Roth.

    Portugal: “Portugal’s contribution to the ACP Trust Fund reflects our ongoing commitment to sustainable economic, social and environmental development in these regions. By partnering with the European Union and other Member States, we can better leverage resources and collectively unlock financial and technical assistance to target global challenges and achieve impact in areas like climate action, connectivity and job creation,” said Portugal’s Minister of State and Finance Joaquim Miranda Sarmento.

    Spain: Spain’s Minister for Foreign Affairs, European Union and Cooperation José Manuel Albares said, “Spain’s €9 million contribution will increase EIB Global’s capacity to reach ACP countries through tailored instruments, such as technical assistance to support capacity-building. We need to unlock sustainable finance for the countries that need it the most, as they often face adverse financing conditions that hinder sustainable development. This contribution reinforces our support for the ACP countries, and is consistent with our commitment to implementing the SDGs and raising more financing for the development agenda, as shown by Spain’s move to host the Fourth International Conference on Financing for Development in Seville in 2025.”

    Sweden: “Sweden is glad to contribute to the ACP Trust Fund in a renewal of the historic partnership between the EU and African, Caribbean and Pacific States. The Trust Fund will play an important role in fulfilling the overall objectives of the Global Gateway, linking trade, business and development cooperation in the entire ACP region. We look forward to being part of a broad collaboration encompassing four continents, 79 countries and 1.5 billion people, and to work together on issues of green transition, entrepreneurship and digitalisation”, said Benjamin Dousa, Sweden’s Minister for International Development Cooperation and Foreign Trade.

    European Commission: “Enabling the private sector is key to sustainable development. I welcome the Member States’ contribution to the ACP Trust Fund. Together with our powerful risk-sharing instrument, the EFSD+, these resources will underpin the implementation of the Global Gateway investment strategy,” said Commissioner for International Partnerships Jutta Urpilainen.

    In 2023, the European Commission and EIB Global signed an agreement for €500 million and launched the first of two envelopes of the ACP Trust Fund to realise high-impact projects in the private sector that could not otherwise be brought to fruition.

    The ACP Trust Fund forms part of the Neighbourhood, Development and International Cooperation Instrument (NDICI – Global Europe). Through this programme, the European Commission supports technical assistance and financial instruments spanning equity, quasi-equity, subordinated debt and risk-sharing. Last year in Madagascar, for example, the ACP Trust Fund supported agricultural mechanisation for smallholder farmers and the construction of a refrigerated facility for local fishermen. In Uganda, it helped fund the installation of over 500 telecom towers to broaden access to communications in the countryside.

    The Member States envelope of the ACP Trust Fund is an effective complement to the European Commission-financed envelope, and provides technical assistance, investment grants and interest rate subsidies in both the public and private sectors. The technical assistance is expected to help raise standards and ensure that environmental and social requirements are met throughout the preparation and implementation of each project. Investment grants and interest rate subsidies help reduce total financing needs, especially where a project promoter faces debt sustainability constraints.

    Background information

    The EIB is the long-term lending institution of the European Union, owned by the Member States. It makes long-term finance available for sound investments that pursue EU policy goals. EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in the Global Gateway. It aims to support €100 billion of investment by the end of 2027 – around one-third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through its offices around the world.

    Global Gateway

    The Global Gateway strategy is the European Union’s offer for partner countries to support their resilience and sustainable development. It aims to narrow the global investment gap with value-driven investments from the public and private sectors, supporting global economic recovery and accompanying the twin green and digital transitions outside the European Union. Worldwide, the Global Gateway aims to mobilise €300 billion in investments between 2021 and 2027, with a mix of grants, concessional loans and guarantees to de-risk private sector investments.

    MIL OSI Europe News –

  • MIL-OSI Europe: ‘I feel happy here’

    Source: European Investment Bank

    When the Russian bombardments started in Odesa in March 2022, Patrashku fled to Kopparberg in southern Sweden. After a year, she moved north to Skellefteå to work as assistant nurse.

    With a population of 76 542, Skellefteå has grown quickly over the past five years. By 2030, it’s expected to add 16 000 further people.

    Finding accommodation wasn’t easy for Patrashku. Properties were often taken before she could even visit them. The only option seemed to be living with other Ukrainian refugees, but Patrashku was determined to get a proper place. She signed onto Skebo’s housing list and started collecting “points”.

    The number of points required to rent an apartment varies according to  location and the applicant’s place in the queue. While those with the greatest need, such as low-income individuals, homeless people, refugees and the disabled, are given priority, others can also qualify if there is enough housing available.

    With 53 points, Patrashku qualified for an apartment in Bostäder, a picturesque rural area north of Skellefteå. “Support from the European Investment Bank has given us the opportunity to accelerate housing construction in places where the private sector wouldn’t see an immediate return on investment,” says Ulander, the municipal official.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Union Minister Shri Pralhad Joshi Concludes Successful Three Day Visit to Germany, Boosts Energy Cooperation

    Source: Government of India

    Posted On: 09 OCT 2024 5:43PM by PIB Delhi

    Union Minister for New and Renewable Energy, Shri Pralhad Joshi, completed a successful visit to Germany from 6th to 9th October 2024. The visit, which coincided with the Hamburg Sustainability Conference (HSC), underscored India’s commitment to global sustainability and renewable energy, and facilitated key discussions on enhancing bilateral cooperation in the energy sector.

    On 7th October, the Minister delivered the keynote address at Hamburg Sustainability Conference, where he highlighted India’s role in global renewable energy and energy transition initiatives, including the International Solar Alliance, which now has the support of over 100 countries. Shri Joshi underscored India’s remarkable progress in renewable energy over the last decade, driven by Prime Minister Shri Narendra Modi’s vision and leadership. He emphasized India’s commitment to sustainability, particularly in sectors like green shipping, and called for strengthening international collaboration to tackle the challenges posed by the global energy transition.

    As part of the visit, Shri Joshi held numerous bilateral meetings with global leaders. His meeting with Mr. Achim Steiner, Administrator of the United Nations Development Programme (UNDP), focused on India’s growing renewable energy landscape and future collaborations for sustainable development. He also met Ms. Svenja Schulze, German Minister for Economic Cooperation and Development (BMZ), to discuss shared priorities in green energy and sustainability.

    Union Minister of New and Renewable Energy Shri Pralhad Joshi interacts with Chancellor of Germany Mr. Olaf Scholz

    On the sidelines of the HSC, Shri Joshi exchanged pleasantries with Mr. Olaf Scholz, the Chancellor of Germany. Union Minister Joshi also interacted with Mr. Karim Badawi, Egypt’s Minister of Petroleum and Natural Resources, and discussed bilateral relations and enhancing cooperation. He also met Ms. Roberta Casali, Vice President of the Asian Development Bank, and deliberated on renewable energy investments in India. Shri Joshi further engaged with Dr Jamshid Khodjaev, Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan, where they discussed global shifts in the energy landscape and avenues to support energy transition.

    The Minister also met with Ms. Anneliese Dodds, the UK’s Minister of Development, and they deliberated on scaling up international cooperation for a cleaner, more sustainable future. He also exchanged views with Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), on the IMF’s role in supporting global sustainability projects, and Mr. Ajay Banga, President of the World Bank, regarding India’s leadership in the green energy space.

    Union Minister of New and Renewable Energy Shri Pralhad Joshi with Dr. Robert Habeck, Germany’s Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action

     

    In Berlin, Union Minister Shri Joshi was warmly received by Dr. Robert Habeck, Germany’s Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action. Dr. Habeck also gave a special guided tour of German Federal Ministry of Economic Affairs and Climate Action. Dr Habeck acknowledged the stunning growth of India’s Renewable sector in the last 10 years to Union Minister Joshi and was very optimistic on India’s journey towards Mission 500 GW from Renewable energy.  Shri Joshi posted on X

    “Held a bilateral meeting with Dr. Robert Habeck, Germany’s Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action, on the sidelines of #HSC2024. We had a fruitful discussion on strengthening cooperation in renewable energy. Deliberation on opportunities in green hydrogen, offshore wind, biogas, and recycling of solar waste was also held during the meeting. We were happy to note that India and Germany’s cooperation on energy transition is progressing well. Expressed confidence that in the coming years, India will emerge as a trusted source of green hydrogen for Germany.”

    Union Minister of New and Renewable Energy Shri Pralhad Joshi with Indian Diaspora in Berlin, Germany

    During his time in Berlin, Shri Joshi interacted with members of the Indian diaspora at an event hosted by the Embassy of India, where he lauded their contributions to Germany’s economy and their role in enhancing India’s global presence.

    During the RE-INVEST 2024 held in September, 2024, India and Germany had launched the India-Germany Platform for Investment in Renewable Energies showing the growing bond between the two countries in Renewable Energy. The platform will facilitate to create further business opportunities and new avenues for the increasing demand for capital, support technology transfer and enhance the development of innovative technical solutions in RE.

    Shri Pralhad Joshi’s visit to Germany concluded with a commitment to furthering India’s leadership in renewable energy cooperation and energy transition initiatives. The meetings and interactions during the visit have laid a strong foundation for deeper collaboration in energy transition, reinforcing India’s role as a global leader in the pursuit of a sustainable future.

    Navin Sreejith

    (Release ID: 2063572) Visitor Counter : 29

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Reimagining Poverty Solutions – seeking new ways to connect politics, measurement, and policy action in Latin America and the Caribbean

    Source: CAF Development Bank of Latin America

    Reintroducing Poverty to the Forefront of Public Debate  

    Reducing poverty requires a strong political commitment from all sectors of society. To accelerate progress, it is imperative to re-establish poverty as a central issue in public debate. In recent years, the focus on poverty has been overshadowed by a series of severe crises affecting the region. Beyond the significant impact of the COVID-19 pandemic, the escalating climate crisis, with massive fires in areas like the Amazon and the Chaco, and increased flooding in other regions, has had a devastating effect. Governance crises have also emerged, including in countries that traditionally excelled in economic growth and poverty reduction, such as Chile. Moreover, migration crises, once primarily directed towards the United States, have now developed an intraregional dimension, imposing pressure on public expenditure and, at times, leading to conflicts within recipient communities. Violence has spread to previously peaceful countries, with organized crime posing an ever-greater threat. These crises have diverted attention away from the poverty debate, even though poverty remains a fundamental factor in each of these challenges. 

    Public discourse should stimulate action and encourage a more ambitious discussion on the determinants of poverty and their policy implications. Key determinants such as high inequality, sluggish economic growth, environmental degradation, entrenched power structures, inadequate social protection systems, ineffective governance, a fragile rule of law, an unfavorable business environment, low female labor force participation, informality, crime and violence, and a lack of innovation, have all been identified as determinants of poverty in the region (UNDP, 2021; IMF, 2024; CODS, 2020). A comprehensive debate is needed to distil the most critical aspects and understand their interconnections to optimize efforts towards achieving sustainable development and equitable growth. 

    Furthermore, public debate is essential concerning the data needed to make meaningful progress in poverty reduction. While the availability of data in the region has improved, there remain issues related to periodicity, potential for disaggregation, and gaps in crucial topics. For example, the inability to link data on crime and violence with poverty data hampers a comprehensive understanding of these phenomena. Thus, a rigorous debate on where to channel limited resources for data collection is vital to generate robust data that can effectively guide policy decisions. 

    New Instruments for Poverty Reduction 

    As previously highlighted, economic growth and the widespread implementation of conditional cash transfer programs have played a pivotal role in reducing income poverty across the region in recent decades. However, from 2015 onwards, the pace of poverty reduction began to slow due to declining growth rates, a trend further exacerbated by the COVID-19 pandemic. Three years after the crisis, income poverty levels in the region are only now returning to pre-pandemic figures (The World Bank, 2023). Yet, economic growth—and consequently, the fiscal capacity to fund poverty reduction initiatives—remains constrained, with regional GDP projected to expand by merely 1.6% in 2024, 2.7% in 2025, and 2.6% in 2026, rates insufficient to generate widespread prosperity (The World Bank, 2024). 

    Given this, the principal mechanisms that drove poverty reduction in previous years must be supplemented with innovative tools capable of maximizing poverty alleviation within a restricted fiscal environment. Aspects such as strategic planning, effective coordination, rigorous monitoring, and efficient expenditure will become increasingly crucial in the coming years. The region must foster innovation and develop a new generation of poverty reduction strategies and instruments that can effectively complement the existing frameworks. 

    Strengthening the Integration of Poverty Reduction Strategies with National Policies 

    In many cases, significant national policies that have a direct impact on poverty are formulated and implemented without a clear analysis or identification of their connections to the country’s poverty reduction strategy. Policies in areas such as energy, productivity, private sector development, and environmental or climate change often have profound implications for poverty alleviation. However, these policies are frequently designed with sector-specific objectives and within a growth-oriented framework, rather than with a focus on poverty reduction. Strengthening these connections can facilitate valuable cross-fertilization between different policy agendas, thereby accelerating efforts to reduce poverty. 

    MIL OSI Economics –

  • MIL-OSI USA: Joseph Franklin: The iron-willed leader

    Source: US International Brotherhood of Boilermakers

    Joseph Franklin’s 36-year tenure as International President (1908-1944) stands as a demonstration of unwavering leadership during some of the most turbulent periods in United States history. From the Great Depression to wartime chaos, Franklin’s leadership was characterized by resilience, adaptability and an unyielding commitment to the union and its members.

    When members voted for Franklin as president in 1908, the Brotherhood was facing existential threats. Membership and income had plummeted to the point where many doubted the union’s survival. Yet, under his leadership, the Brotherhood not only survived but thrived, weathering economic downturns, wars and shifting industries. His tenure saw the Brotherhood’s transformation from a primarily railroad union to a shipbuilders’ union during WWI, back to a railroad union in the interwar years, and again to shipbuilding during WWII.

    Born in 1868, Franklin’s early life was marked by hardship. His father died when Franklin was only six years old, and his formal education was brief. He entered the boilermaker trade in 1892. Seven years later, he joined the Boilermakers, becoming one of the charter members of Local 221 in Pittsburg, Kansas. His rise to the highest office was swift. By 1906, he was elected first International Vice President, and just two years later, members elected him International President.

    Franklin’s leadership style was shaped by his own experiences as a young man who’d been blacklisted for union activities. This experience instilled in him an intense determination to protect and advance the union and defend the working class. His efforts to improve conditions for Boilermakers extended beyond the union. In 1908, he was a key figure in founding the Railroad Employees Department, and in 1912, he co-founded the Federations of Railway Employees, which later became part of the AFL’s Railway Employees Department.

    Franklin’s influence also reached the highest levels of government. In 1918, President Woodrow Wilson appointed him assistant director of labor for the United States Railroad Administration. This role, which he held until the agency’s dissolution in 1920, demonstrated his ability to navigate both labor and management.

    One of Franklin’s most significant contributions was his focus on ensuring the union’s financial stability. In 1914, he convinced convention delegates to establish a fund to purchase a headquarters building. Four years later, he was instrumental in founding the Brotherhood Bank, where he served as the first board chairman. These institutions proved crucial during the Great Depression, when membership shrank, and many banks failed.

    His commitment to the Boilermakers earned him the unwavering loyalty of members, and his steadfast commitment to organizing and recruiting kept the union solvent and thriving throughout many turbulent years.

    Franklin passed away in Kansas City on Feb. 18, 1948, at the age of 79. His legacy as a leader who never compromised his principles remains today. His successor, Charles MacGowan, eulogized him as “a man, rugged and wholesome but noble and lovable. The dominant urge in his whole being was to render a full measure of service to the cause in which he had dedicated even life itself.”

    MIL OSI USA News –

  • MIL-OSI USA: FACT SHEET: UPDATE: Biden-⁠ Harris Administration Continues Life-Saving Preparations for Hurricane  Milton

    US Senate News:

    Source: The White House
    The Biden-Harris Administration continues to mobilize a whole-of-government effort to prepare for the impacts of Hurricane Milton, including pre-positioning resources and personnel and expediting debris removal efforts in Florida. These actions supplement the ongoing response and recovery efforts to the impacts of Hurricane Helene across the Southeast and Appalachia.
    Today, President Biden was briefed by members of his Administration who are driving preparations for Hurricane Milton and recovery efforts for Hurricane Helene. The President directed his team to do everything possible to save lives and help communities before, during, and after these extreme weather events.
    The President urges everyone to be aware of the evacuation orders that are in effect in multiple Florida counties. Shelters are open, and evacuation assistance is available. If you are told to evacuate, do so immediately for your safety and that of your loved ones. If you need a safe place to go nearby, text SHELTER & your zip code to 43362 to get a list of open shelters near you.
    Yesterday, President Biden had calls with Florida Governor Ron DeSantis and Tampa Mayor Jane Castor to get firsthand reports on recovery efforts for Hurricane Helene and to discuss preparations for Hurricane Milton. The President also spoke with National Weather Service Director Ken Graham, who briefed the President in detail on the forecast and expected impacts of Hurricane Milton for the State of Florida. 
    At the direction of President Biden, FEMA Administrator Deanne Criswell was on the ground in Tampa, Florida, yesterday, where she met with local leaders to coordinate preparations ahead of Milton’s landfall.
    Yesterday, President Biden quickly approved the Governor of Florida’s request for a pre-landfall emergency declaration. Under an emergency declaration, FEMA provides direct Federal support to states for life-saving activities and other emergency protective measures, such as evacuation, sheltering, and search and rescue. Earlier today, the President also approved an emergency declaration request from the Chairman of the Seminole Tribe of Florida.
    The Administration has been in touch with officials from the State of Florida, as well as more than 60 local officials in cities and counties along the likely path of impact, to ensure needs are met in advance of the storm. The Administration has also been in touch with officials from the Seminole and Miccosukee Tribes. The Administration has also reached out to state officials in South Carolina and Georgia and will continue outreach efforts based on Hurricane Milton’s latest trajectory.
    FEMA has sufficient funding to both support the response to Hurricane Milton and continue to support the ongoing response to and recovery from Hurricane Helene– including funding to support first responders and provide immediate assistance to disaster survivors.
    Additional updates include:
    Pre-Staging Personnel and Resources
    FEMA is pre-staging a full slate of response capabilities in Florida and the region, including seven FEMA Incident Management Assistance Teams, eight FEMA Urban Search & Rescue and swift water rescue teams, three U.S. Coast Guard Swift Water Rescue teams, four Health Care System Assessment Teams, five Disaster Medical Assistance Teams and an Incident Management Team from the U.S. Department of Health and Human Services.
    Additional pre-staged capabilities include U.S Army Corps of Engineers temporary power teams, debris experts and a roofing team, U.S. Environmental Protection Agency debris removal and wastewater experts, and 300 ambulances. In addition, the U.S. Department of Defense is posturing and staging forces to support FEMA and state partners including helicopters for search-and-rescue operations and to enable movement of personnel, equipment and commodities; and High Water Vehicles.  
    FEMA has five incident staging bases with commodities including food and water. Right now, FEMA currently has 20 million meals and 40 million liters of water in the pipeline to deploy as needed to address ongoing Helene and Milton response efforts and can expand as needed.
    Protecting Public Health and Health Care Systems
    Today, U.S. Department of Health and Human Services (HHS) Secretary Xavier Becerra declared a Public Health Emergency for Florida to address the health impacts of Hurricane Milton, the second public health emergency declaration for the state to aid in a hurricane response within the past two weeks.
    The Department’s Administration for Strategic Preparedness and Response (ASPR) pre-positioned approximately 100 responders in Atlanta along with medical equipment and supplies to support the delivery of health care services in Florida following the landfall of Hurricane Milton. The deployed personnel include ASPR Health Care Situational Assessment Teams who stand ready to work with state officials to assess the storm’s impacts on hospitals, nursing homes, dialysis centers, and other health care facilities and a Disaster Medical Assistance Team (DMAT) from ASPR’s National Disaster Medical System (NDMS) for rapid response following health care assessments. A second DMAT is being pre-positioned in Atlanta to support additional response to either Hurricane Helene or Hurricane Milton, as needed.
    In addition to the assessment teams and disaster medical system personnel, ASPR deployed personnel from an Incident Management Team and Regional Emergency Coordinators who integrate with FEMA, state health authorities, and emergency response officials to anticipate and assist Florida in meeting public health and medical needs in the wake of the storm. Logisticians and security personnel are also pre-positioned to provide support. ASPR is prepared to facilitate Public Health Emergencies for Hurricane Milton upon request. ASPR has also supported the HHS emPOWER program, which is available to identify the number of Medicare beneficiaries in affected zips codes who rely on electricity-dependent durable medical equipment and certain healthcare services, such as dialysis, oxygen tank, or home health, to help anticipate, plan for, and respond to the needs of at-risk citizens in potentially impacted areas.
    Preparing for Impacts to Infrastructure
    The Department of Transportation is deploying a Federal Aviation Administration (FAA) Air Traffic Field Incident Response (FIR) team to Florida and pre-staging operations in Jacksonville to prepare support for any impacted towers and airports. The team will work with the state and local authorities and the Department of Defense within the established Emergency Operations Center. The Department of Transportation is also deploying the FAA Communication Support Team (CST), which plays a critical role in supporting communication restoration at impacted airports. Specifically, the CST will set up Starlink and Mobile Phone Bonding kits, which increase signal stability and data throughout the region. The FAA is placing aircraft on standby to transport personnel from various agencies, mobilize resources, and support damage assessments to infrastructure.
    In addition, similar to the approach on Hurricane Helene, the FAA will continue to closely coordinate with the Department of Defense, the Armed Services, including Active Duty and National Guard units, and State Emergency Operations Centers to support their use of drones to support response and recovery.  Drones can play a critical role in supporting search and rescue operations and damage assessments by providing real time video, imagery, and sensor capabilities in hard-to-reach places.       The Department of Transportation’s Federal Highway Administration is coordinating with the Florida Department of Transportation and monitoring the situation to be prepared to support.
    The Environmental Protection Agency is working closely with Federal, state, local, and Tribal partners to support water systems, prepare for debris management, and ensure facilities, including Superfund sites, maintain critical public health and environmental protections while they recover from Hurricane Helene and prepare for Hurricane Milton. The agency has personnel on the ground in regional and national operations centers who are continuing to respond to Hurricane Helene and are preparing to offer support, guidance, and assistance to the State of Florida and everyone in the new storm’s path.
    Additional Pre-Landfall Preparations
    The Department of the Interior’s U.S. Geological Survey (USGS) is deploying wave sensors at eight locations in Florida between Naples and Crystal River to measure the coastal waves caused by the storm. USGS Field crews are also installing one rapid-deployment gauge on the Sunshine Skyway bridge in St. Petersburg, Florida. This specialized piece of equipment is a fully-functional streamgage designed to be deployed quickly and temporarily to measure and transmit real-time water level data in emergency situations. This data can be used by decision makers and emergency managers to monitor water levels as they work to save lives and property.
    The Department of Energy’s Energy Response Organization remains activated to respond to storm impacts. Via the Electricity Sub-Sector Coordinating Council and Oil and Natural Gas Sub-Sector Coordinating Council, the Department of Energy has been coordinating continuously with energy sector partners on both the ongoing Hurricane Helene response and potential impacts from Hurricane Milton.
    The U.S. Department of Housing and Urban Development (HUD) has notified local public housing authorities and owners of its assisted multifamily and heath care properties within the State of Florida to immediately implement all appropriate safety protocols for residents and workers. HUD is committed to ensuring that residents of its assisted homes and properties receive critical information that can save lives during extreme weather events. HUD is also conducting outreach and communications on the programmatic flexibilities and waivers that can be utilized to assist communities and survivors.
    The Export-Import Bank of the United States (EXIM) announced it is extending measures to assist customers, U.S. exporters, and financial institutions impacted by Hurricane Helene and forecasted to be impacted by Hurricane Milton. EXIM is offering assistance to allow businesses and financial institutions that participate in EXIM’s programs to return to their business concerns when appropriate and without penalty due to missed deadlines or other timeliness issues.

    MIL OSI USA News –

  • MIL-OSI Global: Is sustainable development possible? Only if we take a unified approach

    Source: The Conversation – Canada – By Davide Elmo, Professor, Keevil Institute of Mining Engineering, University of British Columbia

    With this year’s annual United Nations Framework Convention on Climate Change Conference of the Parties (COP29) summit set to take place in a little over a month in Azerbaijan, the world’s attention once again turns to climate change, resource security and the goals of sustainable development.

    The aims of sustainable development are to build a system that meets the needs of society without compromising the ability of future generations to fulfil their own. The UN adopted 17 sustainable development goals in 2015 and real progress has been made in advancing some of them. But can true sustainable development be achieved, and how might it work in practice?

    I am an engineer with experience in mining and geotechnics. To help answer these questions, I have been researching the interplay between sustainability challenges in the natural resource sector, the evolving concept of the circular economy and the implications of economic models founded upon sustained growth.



    Read more:
    Mining the depths: Norway’s deep-sea exploitation could put it in environmental and legal murky waters

    Striking a balance between resource extraction and environmental sustainability is essential for the continued existence of human societies and the risks of biodiversity loss must be accounted for in all resource extraction activities. At the same time, the need to protect the rights of all people — including Indigenous rights — remains paramount.

    To help better understand the nuances of sustainable development, in my forthcoming research I propose a model of the impact(s) of human activities on the Earth’s planetary boundaries, which I refer to as the (un)sustainable machine.

    Sustainable mining requires looking at the practices required to ensure long-term economic development remains in equilibrium with environmental and social considerations. The (un)sustainable machine model describes the delicate balancing acts at play, highlighting the intricate relationship between what drives minerals demand and consumption and how these forces impact Earth’s planetary boundary.

    (Un)sustainable development

    While progress may be being made in some areas of sustainable development — particularly around areas of poverty and malnutrition — as a planetary system, the report is much less positive. Take, for example, the issue of recycling.

    Can recycling keep up with increased demand and counter resource extraction? Over 3.3 billion tonnes of metals are produced globally each year, and most demand predictions show rising consumption of metals in the coming decades.

    Models developed by the World Bank indicate that by 2050, secondary supply (recycling) for aluminum, copper and nickel could meet about 60 per cent of the demand. Despite the enthusiasm among researchers and economists, however, these long-term projections indicate the difficulty of transitioning to a circular economy. Indeed, these predictions show that a 40 per cent unmatched demand must continue being supplied by primary sources like mining.



    Read more:
    Slow mining could be a solution to overconsumption in an increasingly fast-paced world

    In my model, recycling is represented as a set of springs resisting the extraction of additional mineral resources. To achieve 100 per cent recycling of the entire spectrum of the mineral resources, our economy needs to solve problems that are not achievable with today’s technology. Furthermore, when developed on an industrial scale, recycling plants raise some of the same environmental challenges of large mineral processing and smelting plants.

    Amidst this backdrop, the circular economy has presented itself as a transformative solution predicated on keeping products and materials in use, and regenerating natural systems. It challenges the linear extract-produce-dispose approach and questions the sustainability of perpetual economic growth, especially in a world with finite resources and known environmental constraints. Analogous to the (un)sustainable machine model, I also propose the model of the (un)sustainable cone of demand and consumption.

    The (un)sustainable cone model highlights the discrepancy between an economic concept based on the idea of a closed-loop system (circular economy) and the current financial framework based on the idea that infinite growth is possible. The larger the unbalanced cross-sectional area of the (un)sustainable cone of demand and consumption, the larger the stresses imposed upon Earth’s planetary boundaries.

    A different path?

    To remain within Earth’s planetary boundaries requires solutions beyond simple technical means. Actions by a few individuals are not sufficient. As engineers, we often believe it is possible to develop solutions to mitigate the anthropogenic impacts on Earth’s planetary boundaries. However, by doing so, we fail to realize that finite barriers to growth remain and that our engineering solutions may in time become part of the problem.



    Read more:
    GDP is not enough to measure a country’s development. What if we used the Sustainable Development Goals instead?

    It is essential for individuals who are not economists or environmental scientists to think about the meaning of sustainability in the context of extracting mineral resources. At the same time, economists and social-environmental scientists need to recognize that when it comes to mineral resources, policies and permitting regulations should not be addressed separately from the technical and economic aspects of mining engineering problems.

    To paraphrase the work of eminent American social scientist Garrett Hardin:

    Therein is the tragedy. Each financial market is locked into a system that compels it to increase its value without limit – in a world with finite resources. Earth’s ruin is the destination toward which all companies rush, each pursuing its own best interest in a market that (only) believes in the benefits of the shareholders.

    Simply put, while both policy and technology are necessary to achieve true sustainability, unless our efforts are unified across discipline and economies, there is little hope for staying within the finite bounds of what our planet can provide.

    Davide Elmo receives funding from NSERC (Natural Sciences and Engineering Research Council of Canada) and MITACS

    – ref. Is sustainable development possible? Only if we take a unified approach – https://theconversation.com/is-sustainable-development-possible-only-if-we-take-a-unified-approach-237438

    MIL OSI – Global Reports –

  • MIL-OSI Economics: IMF Staff Completes 2024 Article IV Mission to Timor-Leste

    Source: International Monetary Fund

    October 8, 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.

    • Timor-Leste’s growth is expected to rise in 2024, supported by an increase in public spending and strong credit growth. From a high level in 2023, inflation has fallen sharply and is projected to continue easing with the moderation of global food prices.
    • A key policy priority is ensuring that Timor-Leste’s substantial savings are best utilized to support development while achieving fiscal sustainability. Improving the composition and quality of public spending would boost growth, while containing overall spending is needed to preserve fiscal sustainability.
    • Promoting private sector development requires well-sequenced structural reforms, and the authorities are rightly prioritizing an ambitious agenda of legal reforms of the financial sector.

    Washington, DC: An International Monetary Fund (IMF) team led by Mr. Yan Carrière-Swallow visited Dili during September 25-October 8 to conduct discussions for the 2024 Article IV consultation with Timor-Leste. At the conclusion of the discussions, Mr. Carrière-Swallow issued the following statement:

    “Timor-Leste has made impressive progress since its independence. Yet, the economy remains under-diversified and highly dependent on the public sector. The IMF stands ready to continue providing capacity development to assist the government’s development and reform efforts.

    “Growth is expected to rise in 2024, supported by an increase in public spending and strong credit growth, and will maintain its momentum in 2025. From a high level in 2023, inflation has fallen sharply and is projected to continue easing with the moderation of global food prices. Risks to the outlook are balanced.

    “The draft 2025 budget contains an appropriate increase in spending on capital projects, health, and education, but also an excessive increase in recurrent spending. Large fiscal deficits are expected to persist as spending remains high, requiring excess withdrawals from the Petroleum Fund that will lead to its full depletion by the end of the 2030s. We recommend a 10-year reform scenario that supports economic diversification through structural reforms and gradually reduces fiscal deficits to stabilize the Petroleum Fund.

    “We welcome the government’s ambitious financial sector reform agenda to address structural impediments to lending, which is essential for private sector development. We recommend accelerating the issuance of land titles, which would offer a crucial source of collateral to households and businesses seeking credit from banks.

    “The team had fruitful discussions with Prime Minister Kay Rala Xanana Gusmão, Minister of Finance Santina Cardoso, Central Bank Governor Hélder Lopes, other senior officials, development partners, the private sector, and civil society. On behalf of the IMF team, I would like to thank the Timorese authorities for their hospitality and excellent cooperation.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    @IMFSpokesperson

    MIL OSI Economics –

  • MIL-OSI Economics: IMF Reaches Staff-Level Agreement with Papua New Guinea on a Resilience and Sustainability Facility (RSF) Arrangement and the Third Reviews Under the Extended Credit Facility and the Extended Fund Facility

    Source: International Monetary Fund

    October 8, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country or a virtual staff visit. 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.

    • The Papua New Guinea authorities and the IMF team reached staff-level agreement on the request for access under the Resilience and Sustainability Facility (RSF) for about US$265 million to enhance resilience to climate change. The IMF Executive Board will consider the request in the coming weeks.
    • The authorities and the IMF team also reached staff-level agreement on the third reviews of the authorities’ reform program supported by the IMF’s Extended Credit Facility and the Extended Fund Facility.
    • Papua New Guinea’s outlook remains positive, with economic growth increasing to 4.5 percent in 2024, and the authorities continue to make progress in implementing their homegrown economic reform program.

    Port Moresby, Papua New Guinea: An International Monetary Fund (IMF) team led by Mr. Tahsin Saadi Sedik, visited Port Moresby from September 26 to October 9, 2024, to review progress under the authorities’ homegrown economic reforms supported by the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements of SDR684.3 million (about US$918 million), and to discuss the authorities’ request for access to the Resilience and Sustainability Facility (RSF).

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

    “I am pleased to announce that IMF staff and the Papua New Guinea (PNG) authorities have reached a staff-level agreement on (i) the policies needed to complete the third reviews of the ECF and EFF arrangements; and (ii) a new 24-month RSF arrangement with access of SDR197.4 million (about US$265 million), which will run in parallel to the ECF-EFF arrangements, to support the authorities’ policy agenda aimed at enhancing resilience to climate change.

    “To enhance PNG’s capacity to address challenges posed by climate change and reinforce its resilience, the proposed RSF arrangement, subject to approval by the IMF Executive Board, would help build policy buffers and contribute to enhancing the effective implementation of PNG’s climate commitments. PNG would become the first Pacific Island country to benefit from RSF support. Building on these commitments, reforms under the proposed RSF arrangement will focus on strengthening disaster risk management capacity, supporting the inclusion of climate considerations in public investment decisions, encouraging the development of green finance, and enhancing mitigation policies. These reforms, which will be supported by capacity development activities from PNG’s international partners, are expected to catalyze financing for climate and sustainable development. 

    “The completion of the third reviews of the ECF-EFF, upon approval by the Executive Board of the IMF, would allow for the immediate disbursement of SDR94.75 million (approximately US$127 million) in financing, bringing the total IMF financial support disbursed thus far under the ECF-EFF arrangements to SDR321.12 million (about US$430 million). Adding the new RSF support, the total IMF commitment under all these arrangements would be SDR881.72 million (about US$1.19 billion).

    “Papua New Guinea’s economic outlook remains positive. Growth is expected to increase to 4.5 percent in 2024 from 2.9 percent in 2023, supported by the resumption of activities at the Porgera gold mine and improvements in access to foreign exchange. Average headline inflation is projected to remain historically low at 1.3 percent in 2024, while core inflation, which excludes volatile items such as betel nut, is projected to moderately increase to 3.9 percent in 2024, while staying below the historical average, mainly driven by food and transportation costs. Gross international reserves stood at US$3.2 billion at end-June 2024, providing space to continue implementing central banking reforms.

    “Performance since the start of the ECF-EFF arrangements has been strong. The government of PNG has continued to make progress in implementing its structural reform agenda, focused on advancing budget repair, modernizing central banking, and improving governance. These reforms are bearing fruit, with notable positive outcomes including: (i) the easing of foreign exchange shortages, which contributes to improving the business environment; (ii) the reduction of excess liquidity in the banking sector, which enhances monetary policy transmission; (iii) a lower fiscal deficit, which strengthens public debt sustainability; and (iv) progress in the operationalization of the anti-corruption framework.

    “The government remains committed to an ambitious fiscal consolidation strategy set out in its 13-year budget repair plan. After reducing the fiscal deficit by 0.9 percentage points of GDP in 2023, while creating space for more social spending, the authorities are on track to deliver an additional 0.4 percentage points of GDP reduction in 2024. The authorities remain committed to implementing their prudent borrowing strategy aimed at preserving debt sustainability.

    “The Bank of Papua New Guinea (BPNG) has continued to actively implement its roadmap of reforms to help alleviate foreign exchange shortages, gradually return to kina convertibility, and modernize its monetary policy operations. The increased flexibility of the exchange rate under the de facto crawl-like arrangement, combined with the BPNG’s foreign exchange intervention strategy, has supported improved access to foreign exchange, particularly for essential import orders. The reduction of the structural misalignment of the kina will help enhance the competitiveness of PNG’s exports, including in the agricultural sector, and thus increase rural incomes and improve living standards. The BPNG continues monitoring developments in domestic financial markets and stands ready to calibrate its policy stance accordingly. The BPNG is also modernizing its monetary policy operations, enabling commercial banks to improve their liquidity management. Amendments to the Central Banking Act, adopted in September by Parliament, have significantly improved the mandate, governance, and autonomy of the BPNG.

    “The governance and anti-corruption frameworks are being strengthened. The Independent Commission Against Corruption (ICAC), benefiting from a significant increase in funding, has successfully defined its operational procedures and set up more secure information systems.

    “The IMF will continue to work closely with the Papua New Guinea authorities and stands ready to help them, not only through financing and policy advice, but also through technical assistance.

    “The IMF staff team is grateful to the authorities for their warm hospitality, productive collaboration, and candid policy dialogue. The IMF team held meetings with Minister for Treasury Ian Ling-Stuckey, Governor of BPNG Elizabeth Genia, Secretary of Treasury Andrew Oaeke, and other senior government officials. The team also had constructive meetings with representatives from the private sector and development partners.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    @IMFSpokesperson

    MIL OSI Economics –

  • MIL-OSI USA: Brown, Columbus Leaders Take on Predatory Investors That Drive Up Local Housing Prices

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    COLUMBUS, OH – Today, U.S. Senator Sherrod Brown (D-OH) was joined by local leaders and community members in Columbus to call for passage of his Stop Predatory Investing Act, which would take away tax breaks for big investors that buy up large numbers of homes, driving up local housing prices. Brown, who serves as Chair of the Senate Banking, Housing, and Urban Affairs Committee, also toured a home being constructed for purchase by a Columbus homebuyer, not an investor. The Stop Predatory Investing Act would prohibit an investor who acquires 50 or more single-family rental homes from deducting interest or depreciation on those properties. Right now, two big Wall Street-backed investors own nearly 12,000 Ohio single-family homes in just three markets – including nearly 3,800 homes in Columbus. And the true extent of the problem is likely much larger, because other large investors, like private equity firms, that own homes throughout Ohio aren’t required to report how many homes they own.

    “In too many communities in Ohio, big investors funded by Wall Street are buying up homes and driving up prices. So many families who have worked for years saving to buy a house end up getting out-bid over and over by outside investors, and they can’t afford to compete,” said Brown. “We introduced the Stop Predatory Investing Act to fight back by striking right at the core of what makes this a profitable business venture for deep-pocketed investors: by taking away tax breaks they don’t need, we cut deep into their profit.”

    Brown was joined by Carlie Boos, Executive Director of the Affordable Housing Alliance of Central Ohio, Janene Parham, a realtor with Red 1 Realty and Co-Founder of Renew Homes Ohio, and Curtiss L. Williams, Sr., President and CEO of the Central Ohio Community Improvement Corporation.

    “It’s not a fair fight when these LLCs are offering to close on a home two hours after it shows up on a listing service, when they’re willing to pay cash, when they’re willing to buy as-is, no inspection, sight-unseen. Our homebuyers cannot go toe-to-toe with high-tech algorithms backed by an unlimited supply of cash. Thankfully, this is a problem that can be fixed. Most immediately, we can take away the incentives and tax breaks that make it more alluring to invest in a home than live in one. I want to thank Senator Brown, Curtiss Williams, and Janene Parham for their continued leadership in this effort,” said Carlie Boos.

    “As a realtor with over 25+ years and advocate for affordable housing. I have seen a lot of shifts of the market. This may be one of hardest, especially for buyers purchasing within the 180k –325k price range,” said Janene Parham. “Predatory Investment Corporation is having a negative effect on our housing market for buyers and renters in most vulnerable communities. Regulation has to happen now in order to stabilize and make home ownership affordable.”

    “We want to thank Senator Brown and his team for their support of affordable housing initiatives across Ohio and nationally. We appreciate his work to introduce legislation that would help keep homes accessible to working individuals and families in Franklin County,” said Curtiss L. Williams, Sr. “When we take corporations and investors out of the equation, our community is able to focus on creating sustainable pathways to homeownership and affordable rentals.”

    Private equity and other Wall Street-backed outside investors are a growing problem in Ohio housing markets, driving up local housing prices and pushing homeownership further out of reach for too many working families. In the second quarter of 2024, investors bought more than 14% of homes in Columbus according to Redfin. Large, out-of-state investors use technology and all-cash offers to outcompete individual buyers. And because investors often target the same types of affordable starter homes as first-time homebuyers, they deny families the opportunity to build wealth through homeownership.

    Brown has long fought to protect Ohio’s homeowners and renters from bad actors in the housing market and has fought to improve access to affordable homeownership. In July, Brown introduced the Housing Acquisitions Review and Transparency (HART) Act to increase competition in the housing market by requiring corporations and private equity firms that buy up large numbers of houses and apartments to report those transactions to antitrust enforcers. Brown has held hearings with Cleveland’s Director of Building and Housing Sally Martin and the Port of Greater Cincinnati Development Authority President and CEO Laura Brunner about the harm that investors have caused Ohio communities, renters, and aspiring homeowners. Brown also held a listening session where tenants from across the country described the harm they’d experienced renting from institutional investor landlords. 

    Legislative text of the Stop Predatory Investing Act can be found here, and a summary of the bill can be found here.

    MIL OSI USA News –

  • MIL-OSI Submissions: Business – Moody’s Wins Top Ranking in ChartisRiskTech100 for Third Consecutive Year

    Source: Moody’s Corporation Investor Relations

    NEW YORK – Moody’s Corporation (NYSE:MCO) has been awarded the number-one overall ranking in the Chartis RiskTech100® 2025 report, marking Moody’s third consecutive year in the top position.

    The Chartis RiskTech100 is the most comprehensive study of the world’s leading providers of risk and compliance technology. The top ranking recognizes Moody’s unmatched ability to provide its customers with a holistic view of their risks through research, data, and analytics.

    “Winning the top award from Chartis for a third year in a row is a strong testament to how Moody’s stays on the cutting edge of developments in risk management technology,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “We seek to constantly innovate across our suite of products and solutions and put new technologies and insights into the hands of our customers as quickly as possible.”

    In addition to earning the highest overall position, Moody’s won in 12 individual categories:

    Market Presence (new)
    Strategy
    Functionality
    Banking
    Insurance
    Climate Risk
    Credit Portfolio Management (new)
    Financial Crime – Data
    Credit Data – Wholesale
    Credit Data – Collateralized Loan Obligation (CLO)
    Credit Risk for the Banking Book
    Current Expected Credit Losses (CECL)

    “In maintaining its position at the top of the RiskTech100, Moody’s has demonstrated its effective and strategic use of the latest technology to enable its data and analytics to be efficiently accessed, distributed, and consumed,” said Sid Dash, Chief Researcher at Chartis. “Moreover, Moody’s continues to expand and develop its analytical tools and functionality across a variety of business lines, from banking to insurance and securitization to compliance.”

    The 2025 winners of RiskTech100 were selected through a nearly year-long process involving vendor briefings and discussions with risk technology buyers and end-users. The research directors and lead analysts at Chartis Research then made the final decisions.

    Chartis Research is the leading provider of research and analysis on the global market for risk technology. Their goal is to support enterprises that drive business performance through improved risk management, corporate governance, and compliance. Chartis strives to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.

    For more information on Moody’s innovation and technology, visit Moodys.com/Innovation.

    ABOUT MOODY’S CORPORATION

    In a world shaped by increasingly interconnected risks, Moody’s (NYSE: MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 15,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive. Learn more at moodys.com.

    MIL OSI – Submitted News –

  • MIL-OSI: Norwood Financial Corp Announces Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    HONESDALE, Pa., Oct. 08, 2024 (GLOBE NEWSWIRE) —

    James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (NASDAQ Global Market – NWFL) and its subsidiary Wayne Bank, announced that the Board of Directors has declared a $0.30 per share cash dividend, which is payable November 1, 2024, to shareholders of record as of October 18, 2024. The $0.30 per share equals the per share dividend declared in the second quarter of 2024 and represents a 3.5% increase over the cash dividend declared in the third quarter of 2023.

    Mr. Donnelly commented, “The Board is extremely pleased to provide our shareholders with this quarterly dividend. It reflects the Company’s financial strength and strong capital position which has contributed to our solid performance.”

    Norwood Financial Corp, through its subsidiary, Wayne Bank operates fifteen offices in Northeastern Pennsylvania and fourteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. As of June 30, 2024, Norwood had total assets of $2.235 billion, loans outstanding of $1.641 billion, total deposits of $1.811 billion and total capital of $182.2 million. The Company’s stock is traded on the Nasdaq Global Market under the symbol “NWFL”.

    Forward-Looking Statements.

    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

       
    CONTACT: John M. McCaffery
      Executive Vice President and Chief Financial Officer
      NORWOOD FINANCIAL CORP
      (272) 304-3003
      http://www.waynebank.com
       

    The MIL Network –

  • MIL-OSI Submissions: Australia – CommSec nudges 3 million users as mobile and international trading takes off

    Source: Commonwealth Bank of Australia (CBA)

    Nearly half of CommSec customers and 75 per cent of CommSec Pocket users are under 40.

    Young Australians are flocking to self-directed investing according to CommSec with new accounts increasing by 37 percent year-on-year, taking Australia’s leading digital investment platform to almost 3 million customers.  

    According to CommSec data , investors under 40 make up nearly half of all CommSec’s customers and 48 per cent of trades are now made via mobile.  

    The analysis also reveals the popularity of international trading and CommSec Pocket, with new accounts up 96 per cent and 50 per cent respectively over the year to June 30, 2024.

    CommSec’s international trading platform offers a fast account set-up experience and easy access to 13 international equity markets including the US, Canada, Japan and the UK, with brokerage rates starting from USD$5 on US markets.

    Through CommSec Pocket, investors with as little as $50 can build an investing portfolio over time by choosing from ten themed investment options, providing the opportunity to align their investments to their interests, whether that be tech, sustainability leaders, or the biggest 200 companies on the Aussie market, or globally.

    “The growing popularity of our international trading platform and CommSec Pocket points to investor demand for a simple, accessible, low-cost trading experience and we’re pleased to see significant customer growth across both platforms over the past year,” said CommSec Executive General Manager James Fowle.

    “With investors under 40 making up nearly half of our 2.9 million customers, CommSec’s low-cost, intuitive and educational investment platform has been built to meet the needs of the next generation of investors. Likewise, our investment in delivering a market-leading mobile experience continues to gather momentum as trading via this channel grows across our customer base,” Mr Fowle added.

    Female investors now make up 38 per cent of CommSec accounts, with data indicating that they were more likely to invest in the ASX200 than their male counterparts over the past year.

    The CommSec data revealed a number of additional insights into customers:

    343,000 new CommSec accounts opened in FY241
    The five most traded domestic shares by value2:

    BHP Group Ltd (ASX:BHP)
    Commonwealth Bank of Australia (ASX:CBA)
    Fortescue Ltd (ASX: FMG)
    Woodside Energy Group Ltd (ASX:WDS)
    Pilbara Minerals (ASX:PLS)
     

    The five most traded international shares by value:

    NVIDIA Corp (NASDAQ:NVDA)
    Tesla Inc (NASDAQ:TSLA)
    ProShares UltraPro QQQ (NASDAQ:TQQQ)
    Apple Inc (NASDAQ:AAPL)
    MicroStrategy Inc (NASDAQ) MSTR

    5 August 2024 was the highest value trading day since 14 June 2022, coinciding with a 3% drop in the S&P 500 index following a disappointing U.S. employment report.

    CommSec is Australia’s leading online broker, offering the best mobile trading solutions for self-directed retail investors and has been recognised by Canstar for its category leading features. CommSec is a subsidiary of the Commonwealth Bank of Australia.

    For more information, visit: commsec.com.au

    1CommSec customer insights as at 30/6/24
    2CommSec customer insights in the six months to 29/9/24

    MIL OSI – Submitted News –

  • MIL-OSI Russia: Financial News: Stocks Turned to Growth in September, Ruble Continues to Decline

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    In September, the Moscow Exchange Index grew for the first time since May — by 7.8%. The stock market was positively influenced, in particular, by news about dividends of individual companies.

    The weakening of the ruble continued. Against this background, citizens sold more currency than they bought for the first time since August last year.

    OFZ yields have increased, which has been accompanied by a negative revaluation of banks’ securities portfolios. However, its size is limited and does not have a significant impact on the overall stability of the banking sector.

    Read more in the next issue “Review of Financial Market Risks”.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.kbr.ru/press/event/?id=21063

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: Three Federal Treasury deposit auctions will take place on 10/09/2024

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 10/09/2024
    Unique identifier of the application selection 22024514
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 569,000
    Placement period, in days 2
    Date of deposit 10/09/2024
    Refund date 10/11/2024
    Interest rate for placement of funds (fixed or floating) FIXED
    Minimum fixed interest rate for placement of funds, % per annum 18.14
    Basic floating interest rate for placement of funds –
    Minimum spread, % per annum –
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 09:30 to 09:40
    Preliminary applications: from 09:30 to 09:35
    Applications in competition mode: from 09:35 to 09:40
    Formation of a consolidated register of applications: from 09:40 to 09:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 09:40 to 10:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 10:00 to 11:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 10:00 to 11:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n
    Application selection parameters
    Date of the selection of applications 10/09/2024
    Unique identifier of the application selection 32024019
    Deposit currency rubles
    Type of funds funds of the Social Fund of Russia (SFRR)
    Maximum amount of funds placed in bank deposits, million monetary units 46.5
    Placement period, in days 75
    Date of deposit 10/09/2024
    Refund date 12/23/2024
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Special
    Minimum amount of funds placed for one application, million monetary units 1
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:30 to 12:40
    Pre-applications: from 12:30 to 12:35
    Applications in competition mode: from 12:35 to 12:40
    Formation of a consolidated register of applications: from 12:40 to 12:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:40 to 13:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 13:00 to 14:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 13:00 to 14:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a publication of the RUONIA rate value on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Application selection parameters
    Date of the selection of applications 10/09/2024
    Unique identifier of the application selection 22024515
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 30,000
    Placement period, in days 98
    Date of deposit 10/10/2024
    Refund date 01/16/2025
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 15:30 to 15:40
    Pre-applications: from 15:30 to 15:35
    Applications in competition mode: from 15:35 to 15:40
    Formation of a consolidated register of applications: from 15:40 to 15:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 15:40 to 16:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 16:00 to 17:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 16:00 to 17:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a publication of the RUONIA rate value on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Contact information for media 7 (495) 363-3232PR@moex.com

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73836

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

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Banking and Finance – ASB lowers mortgage rates

    Source: ASB

    ASB has today announced reductions to its fixed mortgage rates, with several short and mid-term rates falling by up to 16 basis points.  

    ASB’s Executive General Manager Personal Banking Adam Boyd says “We’re pleased to lower our mortgage rates across some popular terms in response to dips in wholesale rates, and we know mortgage rates trending downwards in recent months will be a relief for many households. We’re optimistic this relief will be extended to more Kiwi with the OCR decision this afternoon.”

    ASB has also reduced its term deposit rates by between 5 and 20 basis points each.

    All rate decreases are effective immediately for new and current customers.

     

    Fixed home lending term

    New rate

    Previous rate

    Rate decrease

    6-month

    6.75%

    6.85%

    -0.10%

    1-year

    6.19%

    6.35%

    -0.16%

    18-month

    5.89%

    5.99%

    -0.10%

    2-year

    5.69%

    5.79%

    -0.10%

    3-year

    5.69%

    5.79%

    -0.10%

     

     

    MIL OSI New Zealand News –

  • MIL-OSI Russia: IMF Staff Completes 2024 Article IV Mission to Timor-Leste

    Source: IMF – News in Russian

    October 8, 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.

    • Timor-Leste’s growth is expected to rise in 2024, supported by an increase in public spending and strong credit growth. From a high level in 2023, inflation has fallen sharply and is projected to continue easing with the moderation of global food prices.
    • A key policy priority is ensuring that Timor-Leste’s substantial savings are best utilized to support development while achieving fiscal sustainability. Improving the composition and quality of public spending would boost growth, while containing overall spending is needed to preserve fiscal sustainability.
    • Promoting private sector development requires well-sequenced structural reforms, and the authorities are rightly prioritizing an ambitious agenda of legal reforms of the financial sector.

    Washington, DC: An International Monetary Fund (IMF) team led by Mr. Yan Carrière-Swallow visited Dili during September 25-October 8 to conduct discussions for the 2024 Article IV consultation with Timor-Leste. At the conclusion of the discussions, Mr. Carrière-Swallow issued the following statement:

    “Timor-Leste has made impressive progress since its independence. Yet, the economy remains under-diversified and highly dependent on the public sector. The IMF stands ready to continue providing capacity development to assist the government’s development and reform efforts.

    “Growth is expected to rise in 2024, supported by an increase in public spending and strong credit growth, and will maintain its momentum in 2025. From a high level in 2023, inflation has fallen sharply and is projected to continue easing with the moderation of global food prices. Risks to the outlook are balanced.

    “The draft 2025 budget contains an appropriate increase in spending on capital projects, health, and education, but also an excessive increase in recurrent spending. Large fiscal deficits are expected to persist as spending remains high, requiring excess withdrawals from the Petroleum Fund that will lead to its full depletion by the end of the 2030s. We recommend a 10-year reform scenario that supports economic diversification through structural reforms and gradually reduces fiscal deficits to stabilize the Petroleum Fund.

    “We welcome the government’s ambitious financial sector reform agenda to address structural impediments to lending, which is essential for private sector development. We recommend accelerating the issuance of land titles, which would offer a crucial source of collateral to households and businesses seeking credit from banks.

    “The team had fruitful discussions with Prime Minister Kay Rala Xanana Gusmão, Minister of Finance Santina Cardoso, Central Bank Governor Hélder Lopes, other senior officials, development partners, the private sector, and civil society. On behalf of the IMF team, I would like to thank the Timorese authorities for their hospitality and excellent cooperation.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/08/pr24360-timor-leste-imf-staff-completes-2024-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement with Papua New Guinea on a Resilience and Sustainability Facility (RSF) Arrangement and the Third Reviews Under the Extended Credit Facility and the Extended Fund Facility

    Source: IMF – News in Russian

    October 8, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country or a virtual staff visit. 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.

    • The Papua New Guinea authorities and the IMF team reached staff-level agreement on the request for access under the Resilience and Sustainability Facility (RSF) for about US$265 million to enhance resilience to climate change. The IMF Executive Board will consider the request in the coming weeks.
    • The authorities and the IMF team also reached staff-level agreement on the third reviews of the authorities’ reform program supported by the IMF’s Extended Credit Facility and the Extended Fund Facility.
    • Papua New Guinea’s outlook remains positive, with economic growth increasing to 4.5 percent in 2024, and the authorities continue to make progress in implementing their homegrown economic reform program.

    Port Moresby, Papua New Guinea: An International Monetary Fund (IMF) team led by Mr. Tahsin Saadi Sedik, visited Port Moresby from September 26 to October 9, 2024, to review progress under the authorities’ homegrown economic reforms supported by the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements of SDR684.3 million (about US$918 million), and to discuss the authorities’ request for access to the Resilience and Sustainability Facility (RSF).

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

    “I am pleased to announce that IMF staff and the Papua New Guinea (PNG) authorities have reached a staff-level agreement on (i) the policies needed to complete the third reviews of the ECF and EFF arrangements; and (ii) a new 24-month RSF arrangement with access of SDR197.4 million (about US$265 million), which will run in parallel to the ECF-EFF arrangements, to support the authorities’ policy agenda aimed at enhancing resilience to climate change.

    “To enhance PNG’s capacity to address challenges posed by climate change and reinforce its resilience, the proposed RSF arrangement, subject to approval by the IMF Executive Board, would help build policy buffers and contribute to enhancing the effective implementation of PNG’s climate commitments. PNG would become the first Pacific Island country to benefit from RSF support. Building on these commitments, reforms under the proposed RSF arrangement will focus on strengthening disaster risk management capacity, supporting the inclusion of climate considerations in public investment decisions, encouraging the development of green finance, and enhancing mitigation policies. These reforms, which will be supported by capacity development activities from PNG’s international partners, are expected to catalyze financing for climate and sustainable development. 

    “The completion of the third reviews of the ECF-EFF, upon approval by the Executive Board of the IMF, would allow for the immediate disbursement of SDR94.75 million (approximately US$127 million) in financing, bringing the total IMF financial support disbursed thus far under the ECF-EFF arrangements to SDR321.12 million (about US$430 million). Adding the new RSF support, the total IMF commitment under all these arrangements would be SDR881.72 million (about US$1.19 billion).

    “Papua New Guinea’s economic outlook remains positive. Growth is expected to increase to 4.5 percent in 2024 from 2.9 percent in 2023, supported by the resumption of activities at the Porgera gold mine and improvements in access to foreign exchange. Average headline inflation is projected to remain historically low at 1.3 percent in 2024, while core inflation, which excludes volatile items such as betel nut, is projected to moderately increase to 3.9 percent in 2024, while staying below the historical average, mainly driven by food and transportation costs. Gross international reserves stood at US$3.2 billion at end-June 2024, providing space to continue implementing central banking reforms.

    “Performance since the start of the ECF-EFF arrangements has been strong. The government of PNG has continued to make progress in implementing its structural reform agenda, focused on advancing budget repair, modernizing central banking, and improving governance. These reforms are bearing fruit, with notable positive outcomes including: (i) the easing of foreign exchange shortages, which contributes to improving the business environment; (ii) the reduction of excess liquidity in the banking sector, which enhances monetary policy transmission; (iii) a lower fiscal deficit, which strengthens public debt sustainability; and (iv) progress in the operationalization of the anti-corruption framework.

    “The government remains committed to an ambitious fiscal consolidation strategy set out in its 13-year budget repair plan. After reducing the fiscal deficit by 0.9 percentage points of GDP in 2023, while creating space for more social spending, the authorities are on track to deliver an additional 0.4 percentage points of GDP reduction in 2024. The authorities remain committed to implementing their prudent borrowing strategy aimed at preserving debt sustainability.

    “The Bank of Papua New Guinea (BPNG) has continued to actively implement its roadmap of reforms to help alleviate foreign exchange shortages, gradually return to kina convertibility, and modernize its monetary policy operations. The increased flexibility of the exchange rate under the de facto crawl-like arrangement, combined with the BPNG’s foreign exchange intervention strategy, has supported improved access to foreign exchange, particularly for essential import orders. The reduction of the structural misalignment of the kina will help enhance the competitiveness of PNG’s exports, including in the agricultural sector, and thus increase rural incomes and improve living standards. The BPNG continues monitoring developments in domestic financial markets and stands ready to calibrate its policy stance accordingly. The BPNG is also modernizing its monetary policy operations, enabling commercial banks to improve their liquidity management. Amendments to the Central Banking Act, adopted in September by Parliament, have significantly improved the mandate, governance, and autonomy of the BPNG.

    “The governance and anti-corruption frameworks are being strengthened. The Independent Commission Against Corruption (ICAC), benefiting from a significant increase in funding, has successfully defined its operational procedures and set up more secure information systems.

    “The IMF will continue to work closely with the Papua New Guinea authorities and stands ready to help them, not only through financing and policy advice, but also through technical assistance.

    “The IMF staff team is grateful to the authorities for their warm hospitality, productive collaboration, and candid policy dialogue. The IMF team held meetings with Minister for Treasury Ian Ling-Stuckey, Governor of BPNG Elizabeth Genia, Secretary of Treasury Andrew Oaeke, and other senior government officials. The team also had constructive meetings with representatives from the private sector and development partners.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/08/pr24359-papua-new-guinea-imf-reaches-sla-rsf-arrangement-3rd-rev-ecf-eff

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Alachua, Baker, Bradford, Collier, Duval, Putnam, Union Counties Eligible for FEMA Assistance After Hurricane Helene

    Source: US Federal Emergency Management Agency

    Headline: Alachua, Baker, Bradford, Collier, Duval, Putnam, Union Counties Eligible for FEMA Assistance After Hurricane Helene

    Alachua, Baker, Bradford, Collier, Duval, Putnam, Union Counties Eligible for FEMA Assistance After Hurricane Helene

    TALLAHASSEE, Fla. – As the state of Florida and FEMA prepare for Hurricane Milton, President Biden approved seven additional counties for assistance for Hurricane Helene.

    Homeowners and renters in Alachua, Baker, Bradford, Collier, Duval, Putnam and Union counties who had uninsured or underinsured damage or loss caused by Hurricane Helene can apply for FEMA disaster assistance.

    FEMA may be able to help with serious needs, displacement, temporary lodging, basic home repair costs, essential personal property loss or other disaster-caused needs. These counties along with Charlotte, Citrus, Columbia, Dixie, Franklin, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Jefferson, Lafayette, Lee, Leon, Levy, Madison, Manatee, Pasco, Pinellas, Sarasota, Suwannee, Taylor and Wakulla counties are authorized for FEMA Individual Assistance.

    Homeowners and renters can apply to FEMA online at DisasterAssistance.gov. You can also apply using the FEMA mobile app or by calling FEMA’s helpline toll-free at 800-621-3362. Lines are open every day and help is available in most languages. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. To view an accessible video on how to apply visit Three Ways to Apply for FEMA Disaster Assistance – YouTube. 

    What You’ll Need When You Apply

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

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

    For the latest information about Florida’s recovery, visit fema.gov/disaster/4828. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.

    kirsten.chambers

    MIL OSI USA News –

  • MIL-OSI Banking: Samsung Electronics Teams Up With F45 Training To Become the First Functional Training Franchise Delivering Science-Backed Workouts on Samsung TVs

    Source: Samsung

     
    Samsung Electronics today announced a new partnership with F45 Training1 — a leading global fitness community specializing in group workouts that are fast, fun and results-driven — to bring the brand’s functional training workouts to Samsung TV users via Samsung Daily+.2 The partnership with F45 Training will provide free access to a library of cardio, strength, hybrid and recovery workouts, which will grow over the coming months to include additional content, enhancing the at-home fitness experience for global users.
     
    “Our objective is to create a central hub that offers fun and unique workouts to help each of our users achieve their personal fitness goals,” said Demian Hyun, Vice President and Head of the Experience Planning Group of the Visual Display Business at Samsung Electronics. “Partnering with F45 Training on Samsung Daily+ underscores our commitment to delivering digital health experiences and improving consumers’ well-being.”
     
    “For many, the idea of starting a fitness journey can feel overwhelming and intimidating, but that doesn’t mean people should miss out on the life changing benefits of working out,” said Tom Dowd, Chief Executive Officer for F45 Training. “Utilizing the power of technology through this new partnership with Samsung Electronics, users can experience F45 Training workouts from the comfort of their home, getting used to the class formats and building confidence to seamlessly transition to in-person training at one of our world-wide studio locations.”
     
    Since 2013, F45 Training has provided group workouts with innovative technology to an ever-growing community at the company’s studios, spanning 65 countries. F45 Training’s holistic approach to health and wellness has fostered community among its members by offering an engaging and supportive environment for all fitness levels. Through its efficient 45-minute sessions, F45 Training provides access to workouts that deliver results in a shorter amount of time, making it easy to fit exercise into even the busiest of schedules.
     
    “At F45 Training, innovation and technology are at the core of our brand. Our collaboration with Samsung to become the first fitness franchise offering our at-home, on-demand cardio, strength, hybrid and recovery workouts on the Samsung Daily+ platform exemplifies our commitment to staying ahead of the curve”, said Brian Killingsworth, Chief Marketing Officer, F45 Training. “This achievement highlights our relentless drive to integrate cutting-edge technology into our fitness experience, ensuring that F45 continues to lead the industry and redefine what’s possible in the world of fitness.”
     
    Led by a team of diverse athletes, all F45 workouts can be easily modified to fit a variety of needs, ensuring everyone can participate and reap the benefits of the training regardless of where they are in their fitness journey. Through Samsung’s new partnership with F45 Training, Samsung Daily+ app users can enjoy a number of key benefits afforded by F45’s unique workouts, including:
     
    Functional and Science-Backed Workouts: F45’s workouts improve everyday movements by incorporating exercises that mimic real-life activities. Developed with the latest exercise science, these sessions build lean muscle, enhance cardiovascular health and improve daily functionality.
    Variety of Workouts: The app offers four types of workouts: Hybrid, Cardio, Strength and Recovery. With access to on-demand training and a diverse workout library curated by F45’s Global Athletics Team, users can choose from a variety of workouts, ensuring their routines remain fresh, exciting and never repetitive.
    Community, Support and Motivation: The F45 Life area offers motivational content and links to nearby F45 studios, combining the ease of at-home workouts with the support and motivation of a global fitness community.
     
    The Samsung Daily+ lifestyle hub, powered by Samsung Tizen OS, delivers virtual health and wellness experiences with unmatched convenience and accessibility. Beyond F45 Training, Samsung Daily+ offers extensive health and wellness options through additional partners to provide users with many ways to support their individual fitness journey.
     
    Samsung Daily+ also provides personalized service and recommendations through apps like SmartThings, Samsung Health and Workspace. It allows users to manage daily activities easily with a single interface on Smart TVs and enjoy home fitness, telehealth services, video calls and more.3
     
    For more information on Samsung Daily+, visit Samsung.com.
     
     
    About F45 Training
    F45 Training (“F45” or the “Company”) is a leading boutique fitness franchise platform operating the F45 Training, FS8, and VAURA brands. F45 Training is a high-intensity interval training (HIIT) workout that utilizes proprietary technology, including a proven fitness platform that leverages a rich content database of thousands of unique functional training movements that offer members new workout experiences each day. FS8 is a progressive new fitness concept that remixes the best elements of Pilates, tone, and yoga into a 3-in-1 low-impact, high-energy workout. VAURA is a sensory athletic reformer Pilates experience designed to energize every cell of your body. Additionally, recovery services are available at participating studios including state of the art sauna, cold plunges and percussion therapy. F45 Training is committed to supporting our expanding global franchise network in the high-growth boutique fitness category. Join the pinnacle of fitness franchising with three globally renowned concepts: F45 Training, the leading HIIT training chain worldwide, along with our distinctive Pilates brands, VAURA and FS8. Discover more at https://f45training.com, https://fs8.com and https://vaurapilates.com.
     
     
    1 F45 Training app is available through Samsung Daily+ on all 2024 Samsung TV models: Neo QLED 8K, Neo QLED, OLED, UHD (above DU7000), and The Frame worldwide. TV model users can download the F45 Training app through the app store. The content is provided primarily in English and supported with subtitles.2 A lifestyle content hub with curated apps and features designed to enrich your everyday life.3 Its supported features and apps may vary depending on the country.

    MIL OSI Global Banks –

  • MIL-OSI Banking: In preparation for Hurricane Milton landfall, Verizon offers relief to impacted customers

    Source: Verizon

    Headline: In preparation for Hurricane Milton landfall, Verizon offers relief to impacted customers

    What you need to know:

    • Verizon to waive domestic call, text, and data usage for postpaid consumer and Verizon Small Business customers most impacted by the storm in parts of Florida from Oct.9th-Oct. 23rd, 2024.

    ALPHARETTA, GA – In response to Hurricane Milton’s forecasted impact on Florida, Verizon is providing an initial relief offer to help affected customers. From Oct. 9th to Oct. 23rd, Verizon will waive domestic call, text, and data usage for postpaid consumer and Verizon Small Business customers* in the following Florida counties:

    Alachua, Brevard, Charlotte, Citrus, Clay, DeSoto, Flagler, Gilchrist, Glades, Hardee, Hernando, Highlands, Hillsborough, Indian River, Lake, Lee, Levy, Manatee, Marion, Okeechobee, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Saint Johns, Saint Lucie, Sarasota, Seminole, Sumter, Volusia.

    Customers do not have to take any action to take advantage of the offer. Any overages for those whose billing cycles have already closed will be automatically credited back. No action is needed— overages will be automatically credited.*

    “As Hurricane Milton approaches, Verizon is ready to stand by our customers before, during and after the storm,” said Atlantic South Market President, Leigh Anne Lanier. “We know how critical it is to stay connected in times of uncertainty, and we hope this offer provides much-needed relief in the aftermath of the storm.”

    This offer extends to all postpaid consumer and Verizon Small Business customers in the affected counties. No action is needed— overages will be automatically credited.

    *Verizon small business customers include customers with 50 lines or less.

    MIL OSI Global Banks –