NewzIntel.com

Category: Banking

  • MIL-OSI: Jeff Cohen Joins Guggenheim Securities to Expand Consumer & Retail Investment Banking

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 07, 2024 (GLOBE NEWSWIRE) — Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners, announced today that Jeff Cohen has joined the firm as a Senior Managing Director. Mr. Cohen brings more than 30 years of investment banking experience to Guggenheim, where he joins the firm’s Consumer & Retail investment banking practice.

    Mr. Cohen most recently served as a Senior Advisor at UBS in the Retail Investment Banking group. Prior to his time at UBS, Mr. Cohen served as Vice Chairman of the Global Retail Investment Banking group at Credit Suisse. He previously held the position of Global Head of Retail Investment Banking at Lazard, UBS, and Wasserstein Perella/Dresdner Kleinwort Wasserstein. Mr. Cohen began his career as an attorney at Cravath, Swaine & Moore.

    “We are excited to welcome Jeff to Guggenheim,” said Mark Van Lith, CEO of Guggenheim Securities. “Jeff is a longstanding advisor to some the largest and most influential retail companies globally. His impressive track-record of industry-transforming transactions and deep sector expertise will enhance our ability to deliver world-class solutions to our clients. We look forward to his contributions to the firm.”

    Mr. Cohen earned his B.A. and B.S. in economics (Wharton School) from the University of Pennsylvania and his J.D. from Harvard Law School.

    About Guggenheim Securities

    Guggenheim Securities is the investment banking and capital markets business of Guggenheim Partners, a global investment and advisory firm. Guggenheim Securities offers services that fall into four broad categories: Advisory, Financing, Sales and Trading, and Research. Guggenheim Securities is headquartered in New York, with additional offices in Atlanta, Boston, Chicago, Houston, London, Menlo Park, and San Francisco. For more information, please visit GuggenheimSecurities.com, follow us on LinkedIn or contact us at GSinfo@GuggenheimPartners.com or 212.518.9200.

    About Guggenheim Partners

    Guggenheim Partners is a diversified financial services firm that delivers value to its clients through two primary businesses: Guggenheim Investments, a premier global asset manager and investment advisor, and Guggenheim Securities, a leading investment banking and capital markets business. Guggenheim’s professionals are based in offices around the world, and our commitment is to deliver long-term results with excellence and integrity while advancing the strategic interests of our clients. Learn more at GuggenheimPartners.com, and follow us on LinkedIn and Twitter @GuggenheimPtnrs.

    Media Contact

    Steven Lee
    Guggenheim Securities
    212.293.2811
    Steven.Lee@guggenheimpartners.com

    The MIL Network –

  • MIL-OSI New Zealand: Property Market – Spring marks subtle shift in market conditions – QV

    Source: Quality Valuation (QV)

    Spring has sprung, but green shoots of growth remain scarce across New Zealand Aotearoa’s housing market – for the time being.

    Our latest QV House Price Index shows the average home decreased in value nationally by 0.4% last month and by 1.6% in the September quarter – compared to a 0.5% monthly decline and a 2% quarterly decline in our August index. The national average is now $901,920, which is just 0.3% higher than the same time last year.

    The latest data also shows that home values have continued to slowly level out across much of the country in the September quarter, with the average three-month rolling rate of reduction slowing in Auckland (-1.7%), Christchurch (-0.8%), Hamilton (-1.2%), Dunedin (-0.8%) and most of the other main urban areas we monitor around the country.

    The most notable exception was Wellington, where home values have reduced at twice the national average rate. The Wellington region’s average home value has reduced by an average of 3.2% in the September quarter – a slightly higher rate of reduction than the 3% decline reported for the August quarter.

    QV operations manager James Wilson commented: “Interest rates have started to come down now, so we’re really starting to see sentiment shift across much of the country. There seems to be a spreading expectation that interest rates can only go one way, and so we’re seeing more people at open homes, in auction rooms, and browsing for property online.

    “And so it certainly seems like a general uplift in property values is now on the horizon, but despite growing confidence and optimism that we’re through the worst of it, the conditions aren’t yet conducive to growth. The cost of borrowing still remains relatively high, the cost of living is restrictive, and there are significant worries about job security – especially in Wellington.”

    Mr Wilson said high levels of stock for sale on the market today were also having a dampening effect on prices. “Generally speaking, those who are in a position to purchase still have a raft of different options to choose from right now, especially within the main centres. So there isn’t so much pressure on prices currently, with more than enough houses for sale to meet the current level of demand.”

    However, he expected that balance to slowly shift over the coming months – particularly if interest rates continue to fall. “All eyes will be on the Reserve Bank’s October announcement. If the Official Cash Rate drops again, as many are expecting it to, it will reinforce the growing perception that now is a decent time to become reacquainted with the property market. A larger cut, like what we saw recently in the US, will only reinforce it even more.”

    “First-home buyers remain very much in the ascendancy right now, but we’re already starting to see more investors coming out of the woodwork. This will ramp up the level of competition in the housing market and help to absorb some of that excess stock. Values will inevitably tighten again when prospective buyers aren’t so spoilt for choice. That hasn’t happened yet,” Mr Wilson concluded.

    Northland

    Home values continue to decline across the wider Northland region at a quicker rate than the national average.

    The average rate of decline slowed somewhat in Whangarei, where the average home value reduced by 2.1% in the September quarter to $714,322 – compared to a 2.6% reduction in the three months to the end of August.

    Otherwise, the average home value decreased in the Far North by 7.3% to $673,508 this quarter, and by 8.6% to $793,395 in Kaipara. These figures remain highly volatile due to continued low sales volumes.

    Auckland

    Green shoots of home value growth remain rare across Tāmaki Makaurau, despite a notable shift in sentiment following recent interest rate cuts.

    Of Auckland’s seven former local government areas, only Papakura (0.4%) experienced a small amount of home value growth on average this quarter. Otherwise, Franklin (-3.3%) saw the largest average decline and Rodney (-1.5%) saw the smallest.

    However, the average rate of home value decline did slow across every Auckland district this quarter. Home values reduced by an average of 1.7% across the wider region – compared to a 2.8% decline average decline throughout the three months to the end of August.

    The average value of a home in Auckland is now $1,228,955, which is 2.6% lower than the same time last year and now 4.4% lower than at the start of 2024.

    Local QV registered valuer Hugh Robson commented: “There are increasing signs that a slow recovery is underway now across the Auckland region, with more developers, investors and buyers in general, all out there looking to buy.”

    Tauranga

    The average rate of home value decline has increased in Tauranga.

    The city’s average home value reduced by 1% in the month of September – compared to a 0.4% reduction in August – with its three-month rolling rate of decline now sitting at 2.1%. This also compares to a 1.6% average decline nationally this quarter.

    Tauranga’s average home value is now $1,005,282, which is still 0.3% higher than the same time last year.

    Waikato

    Modest patches of growth have emerged across Waikato’s residential property market.

    After four consecutive months of decline, home values lifted slightly across the wider region by an average of 0.6% during the month of September, with almost every district recording minor amounts of growth.

    Hamilton was the exception. Its average home value decreased by 0.3% to $772,473 in September. The average home here is now worth 0.5% less than the same time last year and 1.6% less than at the start of 2024.

    Local QV property consultant Marshall Wu commented: “The regional market is mixed. Most of the larger districts – including Thames-Coromandel, Waikato, Matamata-Piako and Waipa – have experienced a quarterly decrease, whereas smaller districts like Hauraki, Otorohanga, and Waitomo are displaying signs of recovery.”

    “The outlook for the housing market remains intertwined with the trajectory of interest rates, economic growth and labour market conditions. Although market activity has increased since the start of spring, overall trends indicate a flat to slightly declining housing market. The high volume of properties currently for sale has strengthened buyers’ positions, leading to extended selling times for vendors, declining asking prices, and lower auction clearance rates,” Mr Wu said.

    “First-time home buyers are benefiting from this environment, adopting a ‘wait and see’ approach ahead of the OCR announcement in October,” he added.

    Taranaki

    There were some very small pockets of growth across the Taranaki region last month but the market remains largely flat overall.

    Average home values in New Plymouth (0.4%) and Stratford (0.8%) increased in September, but reduced by 1.6% in neighbouring in South Taranaki.

    Home values remain 0.4% lower on average across the region for the quarter but 1.2% higher than at the same time last year.

    Hawke’s Bay

    There is little home value growth to speak of in the Hawke’s Bay.  

    Residential property values in Napier ($729,034) and Hastings ($774,635) reduced by 4.2% and 1.8% respectively this quarter – though the latter did record a modest amount (0.7%) of positive home value growth during the month of September itself.

    Once again, only Central Hawke’s Bay managed to buck the trend this quarter, with its average home value increasing by 2.6% to $587,346 throughout the three months to the end of September.

    Palmerston North

    Property values remain relatively steady in Palmerston North.

    The latest QV House Price Index shows the city’s average value decreased by 1.3% to $628,981 in the September quarter – just slightly worse than the 0.8% decline recorded in the August quarter – but that figure is still 0.3% higher on average than at the same time last year.

    Local QV registered valuer Olivia Betts commented: “The real estate market typically picks up when spring begins. However, affordability concerns remain, with many potential buyers facing challenges due to higher interest rates. Although these have dropped in recent times, further drops are required to relive this price pressure.”

    “We’re continuing to see a slight weakening of the centre point of the market, but there has been some solid interest around the mid-$500,000 price bracket from first-home buyers looking for anything modernised in the last 20 years. Properties with older, outdated features are struggling to attract buyers and are often having to sit on the market for extended periods of time,” she added.

    Wairarapa

    The latest housing data continues to be volatile in some areas of the country due to low sales volumes.

    The average home value in Carterton has reduced by 6.9% to $588,340 in the September quarter – well down on the 0.7% decline QV recorded for the August quarter – with Masterton’s average value also reducing by 4.6% to $569,813.

    South Wairarapa recorded a much more modest 1.3% reduction this quarter. Its average home value is now $750,126.

    Wellington

    Home values in Wellington have reduced at twice the average rate nationally.  

    Our latest QV House Price Index shows the region’s average home value decreased by 3.2% to $837,878 throughout the September 2024 quarter – compared to a 3% average decline in the three months to the end of August and a national average quarterly decline of 1.6%.  

    During the month of September, home values reduced by an average of 0.9% across the wider region – compared to a 1.3% average decline in August and a national average monthly decline of 0.4%.

    Breaking it down by district, Kapiti Coast and Hutt City both experienced the largest average home value declines this quarter at 3.6%. Upper Hutt recorded the smallest average quarterly decline at 1.5%, with Wellington City (-3.2%) and Porirua (-2%) sitting in between those three.

    “Home loan serviceability, job sector uncertainty and the general cost of living are all having an impact on existing homeowners and prospective buyers,” said local QV registered valuer Jack Whiteman.

    “Despite having the advantage of choice and competitive pricing, buyers are having to take a cautious approach to the market. Given the current economic circumstances and uncertainty about job security following some public sector redundancies earlier in the year, only those with secure employment are willing to take on debt at this time. This is resulting in a relatively quiet property market.”

    Nelson

    The property market remains relatively flat throughout the Tasman region.

    Our latest QV House Price Index shows Nelson’s average home value increased by 0.6% to $776,415 throughout the September 2024 quarter – compared to an even smaller 0.3% average increase in the three months to the end of August.

    In Tasman District, the average home value remained almost completely static this quarter – increasing by just 0.1% to $818,215. Meanwhile, the average home value in Marlborough reduced by 1.4% to $701,622.

    QV Nelson/Marlborough manager Craig Russell said sales volumes remained low throughout the region with properties taking an extended period to sell.

    “There is greater market activity at the lower end of the market, where a combination of first-home buyers and owner-occupiers are active. But properties that are situated in locations that have been deemed high risk are being discounted by purchasers, which is in part due to the uncertainty that these properties have obtaining insurance now and into the future.”

    West Coast

    Home values have done little more than break even across the wider West Coast region this quarter.

    The average home value across the wider region increased by 0.3% in the three months to the end of September. Westland (2.5%) and Grey (1.2%) performed above average, while home values in Buller (-3.2%) experienced a small loss on average this quarter.

    The average home value is $346,295 in Buller, $428,762 in Grey, and $452,068 in Westland.

    Canterbury

    Home values remain almost as flat as the Canterbury Plains.

    Our latest QV House Price Index shows the average home value across the wider Canterbury region decreased by just 0.7% throughout the three months to the end of September 2024 – compared to average decreases of 1.1% and 0.7% in the August and July quarters respectively.

    Waimakariri experienced an average quarterly decline of 0.9%, with home values in Selwyn and Hurunui holding up slightly better this quarter with average deficits of just 0.3% and 0.4% respectively.

    In Christchurch, the average home value reduced by 0.8% this quarter, including by 0.4% during the month of September itself.

    QV senior consultant Olivia Brownie commented: “The latest QV House Price Index has seen a little sales slump for Christchurch, with an increase of spring listings tipping the equilibrium slightly to a minor decrease in home values.”

    “With interest rates easing and some increase in spring activity, we may see the Canterbury market have a further slowdown in home value decline, if not some positive movement over the next few months. However, this is all offset by a sizable supply of new builds and stock available, and still some economic uncertainty in some business sectors across the Canterbury region.”

    Otago

    Home values all-but broke even in Dunedin last month.

    The city’s average home value decreased by 0.8% this quarter, including by only 0.1% in September. At $638,297, the average home is now worth 4.6% more than at the same time last year and 1.8% more than at the start of 2024.

    “Dunedin’s number of properties listed for sale appears to have jumped back up after four months of decline, with the average number of days to sell still remaining high. So it’s still obviously a buyers’ market,” said local QV registered valuer Rebecca Johnston.

    “Though vacant land sales remain slow compared to the market’s peak at the end of 2021, they have increased across the city compared to 2022 and early 2023, indicating more positive sentiment for new builds/developments. Well located properties – including in new subdivisions on the Taieri, on the coast, and in Residential 2 and Inner City Residential zoned properties – have the greatest demand.”

    Meanwhile, the average home value increased by 0.5% across the wider Otago region this quarter. Only Dunedin and Central Otago (-0.9%) recorded small average home value deficits, with values increasing marginally in all the other districts.

    Queenstown

    Home values remain flat to gently rising in Queenstown.

    The latest QV House Price Index shows its average home value lifted by 1% in the September quarter to $1,846,833. That is twice as much growth as in the three months to the end of August 2024.

    The average home in Queenstown is now worth 7% more than the same time last year. This compares to an average annual increase of just 0.3% nationally.

    Invercargill

    Residential property values grew by an average of 1.2% last month in Invercargill.

    The city’s average home value is $486,639, which is now 4% higher than the same time last year.

    Local QV registered valuer Andrew Ronald commented: “Market conditions remain flat across all price brackets. There is still steady demand from first-home buyers, and investors are beginning to return to the market with the restoration of interest tax deductibility rules.”

    “However, continued high interest rates appear to be limiting price growth,” he added.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Rep. Jackson Introduces Legislation to Rename Post Office After Amarillo Legend Jerry H. Hodge

    Source: United States House of Representatives – Congressman Ronny Jackson (TX-13)

    WASHINGTON, DC — Last week, Representative Ronny Jackson (TX-13) introduced legislation to rename the U.S. Post Office in downtown Amarillo, Texas as the “Mayor Jerry H. Hodge Post Office Building” to honor the life and legacy of Jerry Hodge. Jerry Hodge was a businessman, rancher, and philanthropist who died peacefully in Amarillo, TX at the age of 81 on July 25, 2024.

    Jackson said: “Jerry Hodge’s legacy is a testament to his remarkable journey. His dedication and passion for Amarillo was unparalleled. From being elected as the youngest mayor in Amarillo’s history, to turning Maxor Drug into a national leader in pharmacy services, to playing a crucial role in bringing the Sod Poodles, the Texas Tech School of Pharmacy, and the Texas Tech School of Veterinary Medicine to Amarillo, Jerry Hodge’s leadership and vision left a permanent mark on the city. Beyond his professional achievements, Jerry cared deeply for his wife Margaret, his family, friends, and community, and I am proud to have called him a friend. His generosity and commitment to excellence were evident to all, which is why I am honored to introduce this legislation to rename the downtown post office as the “Mayor Jerry H. Hodge Post Office Building.”

    Tedd L. Mitchell, M.D., Chancellor of the Texas Tech University System said: “Jerry was an extraordinary leader, businessman, and philanthropist who made an incredible impact on the people of Amarillo and the surrounding area. A true trailblazer, he took risks and never hesitated to stand tall for the causes he believed in. Jerry and his wife, Margaret, have been instrumental supporters of the Texas Tech University System and our universities. Without the Hodges, Texas Tech University and Texas Tech University Health Sciences Center would not have such a crucial presence in Amarillo today. I want to thank Congressman Jackson for his efforts to recognize Jerry’s tremendous contributions to this community.”

    Vance Reed, Chairman of Reed Beverage said: “Jerry Hodge was a man of many facets – a lover of land and longhorns, an admirer of good horses, and above all, a person with sincere devotion to mankind. His legacy is etched not only in the businesses he built, but also in the lives he touched. The impact of Jerry and his wife Margaret’s generosity is visible across Amarillo and the states of Texas and Oklahoma, with numerous buildings bearing their names. In a fitting tribute, thanks to District 13 Congressman Ronny Jackson, there are plans to rename the Downtown Post Office in Jerry’s honor. This gesture will serve as a lasting reminder of Jerry Hodge’s contributions and his choice to call Amarillo, Texas his home.”

    Alex Fairly, Executive CEO of the Fairly Group said: “Jerry Hodge was an extraordinary human being. He loved his community and he shared his time, influence, and wealth in a passionate pursuit of improving it. Amarillo is better because of Jerry’s unselfish leadership and generosity, and Congressman Jackson is right to mark Jerry’s impact on our community with this honor so that we do not forget his example and impact.”

    Richard Ware, Chairman of Amarillo National Bank said: “Amarillo has been blessed and honored to have Jerry Hodge as our leading citizen since the inception of the town. Jerry has served successfully in more positions than anyone – each of these bringing growth and advancement to Amarillo. He was a man of his word and a true friend to many. The Post Office would be a fitting memorial to all that Jerry has done for Amarillo and West Texas.”

    The legislation can be found here. 

    Biography of Jerry H. Hodge: Jerry Hodge was born on September 7, 1942, in Carnegie, OK. His family moved to Amarillo in 1957 where he went on to graduate from Tascosa High School in 1960. He earned a pharmacy degree from Southwestern Oklahoma State University in 1965. At 23, he purchased Maxor Drug, over the next 49 years, he grew Maxor from a single downtown location in Amarillo to a nationwide producer of pharmacy services across the country. At 30, Jerry was elected to the Amarillo City Commission and served two terms. At 34, he was elected as the youngest Mayor of Amarillo in 1977 and later won re­election by one of the most substantial total votes in the history of the city.

    In 1991, Jerry met Margaret, the love of his life. Jerry persuaded Margaret to move to Texas following their marriage on July 29, 1994. With Margaret by his side for nearly 30 years, they were an unstoppable team positively influencing the City of Amarillo. Jerry’s passions also included ranching, owning High Card Ranch in Clarendon, TX and Dos Rios Ranch outside of Springer, NM. Jerry was involved in the Coors Ranch Rodeo since it first began in 1988, and the High Card Ranch competes in the Coors Ranch Rodeo to this day.

    After 49 years, Jerry retired as CEO of Maxor in 2016 but continued to serve on the board for an additional 7 years. In 2019, he fulfilled a longtime passion by leading the effort to bring minor league baseball to Amarillo, resulting in the creation of Hodgetown Stadium, named in his honor. In Amarillo, Jerry also played a key role in establishing the Jerry H. Hodge School of Pharmacy, which is named in his honor, as well as the Texas Tech School of Veterinary Medicine. Additionally, he published his memoir, You’re On, Cowboy, in which he shared life lessons both good and bad with honesty and humor.

    Jerry is survived by his wife, Margaret Hodge, stepmother, Dolores Hodge, his children Heath Hodge (Donna), Ryan Hodge (Kim), Sunny Hodge-Campbell (Michael Flowers), Angela Serio Harney (Seth), former son-in-law Andrew Campbell, grandchildren Jerry Heath, Jordan, and Jacob Hodge; Josh Hodge; Ellen Campbell; Imogene, Geneva, and Violet Harney, and great-grandchildren Hollis, Lawrence, Cecille, Lola, Jett, Jayton, and River. 

    ###

    MIL OSI USA News –

  • MIL-OSI: Jeff Cohen Joins Guggenheim Securities to Expand Consumer & Retail Investment Banking

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 07, 2024 (GLOBE NEWSWIRE) — Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners, announced today that Jeff Cohen has joined the firm as a Senior Managing Director. Mr. Cohen brings more than 30 years of investment banking experience to Guggenheim, where he joins the firm’s Consumer & Retail investment banking practice.

    Mr. Cohen most recently served as a Senior Advisor at UBS in the Retail Investment Banking group. Prior to his time at UBS, Mr. Cohen served as Vice Chairman of the Global Retail Investment Banking group at Credit Suisse. He previously held the position of Global Head of Retail Investment Banking at Lazard, UBS, and Wasserstein Perella/Dresdner Kleinwort Wasserstein. Mr. Cohen began his career as an attorney at Cravath, Swaine & Moore.

    “We are excited to welcome Jeff to Guggenheim,” said Mark Van Lith, CEO of Guggenheim Securities. “Jeff is a longstanding advisor to some the largest and most influential retail companies globally. His impressive track-record of industry-transforming transactions and deep sector expertise will enhance our ability to deliver world-class solutions to our clients. We look forward to his contributions to the firm.”

    Mr. Cohen earned his B.A. and B.S. in economics (Wharton School) from the University of Pennsylvania and his J.D. from Harvard Law School.

    About Guggenheim Securities

    Guggenheim Securities is the investment banking and capital markets business of Guggenheim Partners, a global investment and advisory firm. Guggenheim Securities offers services that fall into four broad categories: Advisory, Financing, Sales and Trading, and Research. Guggenheim Securities is headquartered in New York, with additional offices in Atlanta, Boston, Chicago, Houston, London, Menlo Park, and San Francisco. For more information, please visit GuggenheimSecurities.com, follow us on LinkedIn or contact us at GSinfo@GuggenheimPartners.com or 212.518.9200.

    About Guggenheim Partners

    Guggenheim Partners is a diversified financial services firm that delivers value to its clients through two primary businesses: Guggenheim Investments, a premier global asset manager and investment advisor, and Guggenheim Securities, a leading investment banking and capital markets business. Guggenheim’s professionals are based in offices around the world, and our commitment is to deliver long-term results with excellence and integrity while advancing the strategic interests of our clients. Learn more at GuggenheimPartners.com, and follow us on LinkedIn and Twitter @GuggenheimPtnrs.

    Media Contact

    Steven Lee
    Guggenheim Securities
    212.293.2811
    Steven.Lee@guggenheimpartners.com

    The MIL Network –

  • MIL-OSI United Kingdom: Statement to Parliament: PM statement to the House of Commons on 7 October anniversary and the Middle East: 7 October 2024

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Prime Minister Keir Starmer made an oral statement to the House of Commons on 7 October anniversary and the Middle East.

    Delivered on:

    Thank you Mr Speaker. Today we mark a year since the horrific attack on Israel by the terrorists of Hamas.

    It was the bloodiest day for the Jewish people since the Holocaust. A day of sorrow, a day of grief. Over a thousand people were massacred.

    Hundreds taken hostage in an attack borne of hatred. Targeted not just at individuals but at Jewish communities, at their way of life and at the state of Israel – the symbol of Jewish security to the world. 

    Mr Speaker, 15 British citizens were brutally slain that day, another has since died in captivity. Our thoughts today are with Jewish people around the world, the Jewish community here in the UK and all those we lost a year ago. 

    For so many, the pain and horror of that day is as acute today as it was a year ago. They live it every day.

    Last week I met the families of British hostages and those killed on the 7th of October. I sat with them as they told me about their loved ones. I will never forget their words. 

    Mandy Damari spoke about her love for her daughter, Emily.  She said – and I quote: “My personal clock stopped at 10:24 on the 7th of October…” the moment when Emily sent a desperate, unfinished message as Hamas attacked her Kibbutz. She is still held captive today. 

    We can hardly imagine what hostages like Emily are going through. Nor what the families are going through, the agony, agony – day after day. 

    So, I say again, the hostages must be returned immediately and unconditionally. They will always be uppermost in our minds. 

    And I pay tribute again to the families for their incredible dignity and determination. 

    Mr Speaker today is also a day of grief for the wider region as we look back on a year of conflict and suffering. 

    The human toll among innocent civilians in Gaza is truly devastating. Over 41,000 Palestinians have been killed. Tens of thousands orphaned. Almost two million displaced. Facing disease, starvation, desperation without proper healthcare or shelter. It is a living nightmare, and it must end.  

    We stand with all the innocent victims in Israel, Gaza, the West Bank, Lebanon and beyond. And we stand with all communities here in the UK against hatred – of Jews or Muslims. Because any attack on a minority is an attack on our proud values of tolerance and respect – and we will not stand for it.  

    Mr Speaker, with the Middle East close to the brink and the very real danger of a regional war, last week the Iranian regime chose to strike Israel. The whole House will join me in utterly condemning this attack.

    We support Israel’s right to defend herself against Iran’s aggression in line with international law. 

    Because let’s be very clear this was not a defensive action by Iran. It was an act of aggression and a major escalation in response to the death of a terrorist leader. It exposes once again Iran’s malign role in the region. 

    They helped equip Hamas for the 7th of October attacks. They armed Hizballah who launched a year-long barrage of rockets on northern Israel forcing 60,000 Israelis to flee their homes and they support the Houthis who mount direct attacks on Israel. And continue to attack international shipping. 

    Mr Speaker, the whole House will join me in thanking our brave servicemen and women who have shown their usual courage in countering this threat. But make no mistake the region cannot endure another year of this. Civilians on all sides have suffered too much. All sides must now step back from the brink and find the courage of restraint. There is no military solution to these challenges so we must renew our diplomatic efforts.

    Together with My Rt Hon Friend the Foreign Secretary I had discussions with the leaders of Israel, Lebanon, Jordan, the Palestinian Authority, the G7 and the EU and made the case at the United Nations for political solutions to end the fighting.  

    In the weeks ahead we will continue this work focused on three areas. 

    Firstly, Lebanon where our immediate priority is the safety of British citizens, our team is on the ground helping to get people out. We have already brought over 430 people home on chartered flights. We stand ready with additional evacuation efforts, as necessary. 

    And I say again an important message to those British citizens still in Lebanon: you must leave now. 

    Mr Speaker, we are also working to ease the humanitarian crisis in Lebanon. Last week we provided £10 million of vital support in addition to the £5 million we’re already providing to UNICEF.

    But the situation cannot go on. We will continue to lead calls for an immediate ceasefire and the return to a political plan for Lebanon based on Security Council Resolution 1701, which requires Hizballah to withdraw north of the Litani River. 

    They must stop firing rockets and end this now so that people on both sides of the border can return to their homes. 

    Second, Mr Speaker, we must renew efforts for an immediate ceasefire in Gaza. But we cannot simply wait for this to happen. We must do more now to provide relief to the civilian population. That’s why we have restarted aid to UNRWA, we’re supporting field hospitals and the delivery of water, healthcare and treatment for malnourished children.

    But the ongoing restrictions on aid are impossible to justify. Israel must open more crossings and allow life-saving aid to flow. Crucially, they must provide a safe environment for aid workers – too many have been killed, including three British citizens. 

    Israel must act now so that, together with our allies, we can surge humanitarian support ahead of winter. 

    Third, Mr Speaker, we must put in place solutions for the long term to break the relentless cycle of violence. The ultimate goal here is well understood it must be the two state solution. There is no other option which offers stability and security. So we need to build a political route towards it so that Israel is finally safe and secure alongside the long-promised Palestinian state.

    This requires support for the Palestinian Authority to step into the vacuum in Gaza. It requires an urgent international effort to support reconstruction and it requires guarantees for Israel’s security. 

    We will work with our allies and partners to that end. But the key to all of this remains a ceasefire in Gaza now. The unconditional release of the hostages, the unhindered flow of aid. That is the fundamental first step to change the trajectory of the region.

    Mr Speaker, nobody in this House can truly imagine what it feels like to cower under the bodies of your friends, hoping a terrorist won’t find you, mere minutes after dancing at a music festival. 

    Nobody in this House can truly imagine seeing your city, your homes, your schools, your hospitals, your businesses obliterated, with your neighbours and family buried underneath. It is beyond our comprehension and with that should come a humility.

    It is hard even to understand the full depth of this pain but what we can do is remember. What we can do is respect and listen to the voices that reach out to us at these moments. And what we can do, Mr Speaker, is use the power of diplomacy to try and find practical steps that minimise the suffering on the ground and work towards that long-term solution, so that a year of this terrible and bloody conflict can never happen again. 

    That is what we have done on these benches, it’s what the whole House has done and it’s what this Government will continue to do. 

    I commend this statement to the House.

    Updates to this page

    Published 7 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM statement to the House of Commons on 7 October anniversary and the Middle East: 7 October 2024

    Source: United Kingdom – Executive Government & Departments

    Prime Minister Keir Starmer made an oral statement to the House of Commons on 7 October anniversary and the Middle East.

    Delivered on:

    Thank you Mr Speaker. Today we mark a year since the horrific attack on Israel by the terrorists of Hamas.

    It was the bloodiest day for the Jewish people since the Holocaust. A day of sorrow, a day of grief. Over a thousand people were massacred.

    Hundreds taken hostage in an attack borne of hatred. Targeted not just at individuals but at Jewish communities, at their way of life and at the state of Israel – the symbol of Jewish security to the world. 

    Mr Speaker, 15 British citizens were brutally slain that day, another has since died in captivity. Our thoughts today are with Jewish people around the world, the Jewish community here in the UK and all those we lost a year ago. 

    For so many, the pain and horror of that day is as acute today as it was a year ago. They live it every day.

    Last week I met the families of British hostages and those killed on the 7th of October. I sat with them as they told me about their loved ones. I will never forget their words. 

    Mandy Damari spoke about her love for her daughter, Emily.  She said – and I quote: “My personal clock stopped at 10:24 on the 7th of October…” the moment when Emily sent a desperate, unfinished message as Hamas attacked her Kibbutz. She is still held captive today. 

    We can hardly imagine what hostages like Emily are going through. Nor what the families are going through, the agony, agony – day after day. 

    So, I say again, the hostages must be returned immediately and unconditionally. They will always be uppermost in our minds. 

    And I pay tribute again to the families for their incredible dignity and determination. 

    Mr Speaker today is also a day of grief for the wider region as we look back on a year of conflict and suffering. 

    The human toll among innocent civilians in Gaza is truly devastating. Over 41,000 Palestinians have been killed. Tens of thousands orphaned. Almost two million displaced. Facing disease, starvation, desperation without proper healthcare or shelter. It is a living nightmare, and it must end.  

    We stand with all the innocent victims in Israel, Gaza, the West Bank, Lebanon and beyond. And we stand with all communities here in the UK against hatred – of Jews or Muslims. Because any attack on a minority is an attack on our proud values of tolerance and respect – and we will not stand for it.  

    Mr Speaker, with the Middle East close to the brink and the very real danger of a regional war, last week the Iranian regime chose to strike Israel. The whole House will join me in utterly condemning this attack.

    We support Israel’s right to defend herself against Iran’s aggression in line with international law. 

    Because let’s be very clear this was not a defensive action by Iran. It was an act of aggression and a major escalation in response to the death of a terrorist leader. It exposes once again Iran’s malign role in the region. 

    They helped equip Hamas for the 7th of October attacks. They armed Hizballah who launched a year-long barrage of rockets on northern Israel forcing 60,000 Israelis to flee their homes and they support the Houthis who mount direct attacks on Israel. And continue to attack international shipping. 

    Mr Speaker, the whole House will join me in thanking our brave servicemen and women who have shown their usual courage in countering this threat. But make no mistake the region cannot endure another year of this. Civilians on all sides have suffered too much. All sides must now step back from the brink and find the courage of restraint. There is no military solution to these challenges so we must renew our diplomatic efforts.

    Together with My Rt Hon Friend the Foreign Secretary I had discussions with the leaders of Israel, Lebanon, Jordan, the Palestinian Authority, the G7 and the EU and made the case at the United Nations for political solutions to end the fighting.  

    In the weeks ahead we will continue this work focused on three areas. 

    Firstly, Lebanon where our immediate priority is the safety of British citizens, our team is on the ground helping to get people out. We have already brought over 430 people home on chartered flights. We stand ready with additional evacuation efforts, as necessary. 

    And I say again an important message to those British citizens still in Lebanon: you must leave now. 

    Mr Speaker, we are also working to ease the humanitarian crisis in Lebanon. Last week we provided £10 million of vital support in addition to the £5 million we’re already providing to UNICEF.

    But the situation cannot go on. We will continue to lead calls for an immediate ceasefire and the return to a political plan for Lebanon based on Security Council Resolution 1701, which requires Hizballah to withdraw north of the Litani River. 

    They must stop firing rockets and end this now so that people on both sides of the border can return to their homes. 

    Second, Mr Speaker, we must renew efforts for an immediate ceasefire in Gaza. But we cannot simply wait for this to happen. We must do more now to provide relief to the civilian population. That’s why we have restarted aid to UNRWA, we’re supporting field hospitals and the delivery of water, healthcare and treatment for malnourished children.

    But the ongoing restrictions on aid are impossible to justify. Israel must open more crossings and allow life-saving aid to flow. Crucially, they must provide a safe environment for aid workers – too many have been killed, including three British citizens. 

    Israel must act now so that, together with our allies, we can surge humanitarian support ahead of winter. 

    Third, Mr Speaker, we must put in place solutions for the long term to break the relentless cycle of violence. The ultimate goal here is well understood it must be the two state solution. There is no other option which offers stability and security. So we need to build a political route towards it so that Israel is finally safe and secure alongside the long-promised Palestinian state.

    This requires support for the Palestinian Authority to step into the vacuum in Gaza. It requires an urgent international effort to support reconstruction and it requires guarantees for Israel’s security. 

    We will work with our allies and partners to that end. But the key to all of this remains a ceasefire in Gaza now. The unconditional release of the hostages, the unhindered flow of aid. That is the fundamental first step to change the trajectory of the region.

    Mr Speaker, nobody in this House can truly imagine what it feels like to cower under the bodies of your friends, hoping a terrorist won’t find you, mere minutes after dancing at a music festival. 

    Nobody in this House can truly imagine seeing your city, your homes, your schools, your hospitals, your businesses obliterated, with your neighbours and family buried underneath. It is beyond our comprehension and with that should come a humility.

    It is hard even to understand the full depth of this pain but what we can do is remember. What we can do is respect and listen to the voices that reach out to us at these moments. And what we can do, Mr Speaker, is use the power of diplomacy to try and find practical steps that minimise the suffering on the ground and work towards that long-term solution, so that a year of this terrible and bloody conflict can never happen again. 

    That is what we have done on these benches, it’s what the whole House has done and it’s what this Government will continue to do. 

    I commend this statement to the House.

    Updates to this page

    Published 7 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Fossil Fuels to Power 60% of Africa’s Energy by 2040

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

    LUANDA, Angola, October 7, 2024/APO Group/ —

    By 2040, up to 60% of the African energy matrix will be fossil fuel driven, Anibor Kragha, Executive Secretary of the African Refiners and Distributors Association remarked at a FAMAR-sponsored panel discussion during the Angola Oil & Gas (AOG) conference on Thursday. This, he noted, highlights a fundamental need to invest more heavily in downstream infrastructure.

    While efforts are being made to reduce petroleum imports, Kragha offered three recommendations to expand downstream infrastructure, strengthen regional trade and bolster energy security.

    “The first is coordinated, harmonized, regional regulations – it is critical to do this. If you don’t have harmonized regulations, you won’t have harmonized markets. Secondly, you need market-based pricing and products. Lastly, you must focus on infrastructure to minimize supply chain risks. We use trucks but we should be using rails, optimizing ports and such,” he said.

    Orlando Chongo, Head, Coverage in Indian Ocean and Lusophone Africa at the Trade Development Bank, emphasized the need to improve access to financing for downstream players. While plans are in place to strengthen infrastructure capacity, capital needs to be made more available.

    Meanwhile, in Angola, to support companies seeking investments in the country’s downstream market, the country’s downstream regulator is putting in place the requisite supportive policies. Dr. Luis Fernandes, Director General at the IRDP said that “Today, the regulatory framework allows everyone that wants to be in the market to be involved. We have new rules that are needed to be implemented to reduce greenhouse gas emissions in compliance with climate change policies. We have a legal framework that supports companies achieve this.”

    For the national oil company Sonangol, expanding downstream infrastructure is a top priority. The company is prioritizing investments in refining, distribution and port infrastructure to strengthen regional trade. Three new refining projects are currently under construction, namely the 60,000 barrel per day (BPD) Cabinda project – starting operations this year -; the 100,000 BPD Soyo Refinery and the 200,000 BPD Lobito Refinery.

    Other projects include the Barra do Dande Ocean Terminal. According to Mauro Graça, CEO, Sonangol Distribution and Marketing, “This will not only allow us to be self-sufficient in storage capacity but allow us to fulfil our strategic reserves. With that project, we are not only thinking about Angola, but of the region. With the Cabinda refinery, we will need more storage capacity and to be able to export. We are investing in 24,000 cubic meters in additional storage capacity. We also have a project to make a sea-line, so that larger ships can go to Cabinda to conduct operations.”

    Angola’s focus on strengthening its port logistics will be instrumental in driving exports – both regionally and internationally. Sara Silva, Legal Compliance Manager at FAMAR, noted that maritime transport is imperative for global trade.

    “It is proving to be the most cost-effective manner of transportation, allowing you to transport large volumes of cargo and reducing the cost per unit that you transport. It has the opportunity to connect markets, connecting Africa to the world,” she said.

    In the retail sector, efforts are underway to increase the number of retail stations across the country. Óscar Sequesseque, CCO at Pumangol, shared that the company is focused on accelerating Angola’s inland fuel storage capacity. This way, Angola aims to improve access to affordable, locally-sourced fuel products.

    MIL OSI Africa –

  • MIL-OSI USA: Durbin Files Amicus Brief In Support Of Illinois Interchange Fee Prohibition Act

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    10.07.24

    The amicus brief filed in the District Court for the Northern District of Illinois lays out the structure of the Durbin Amendment, which aligns with the recently enacted Illinois Interchange Fee Prohibition

    CHICAGO – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee and author of the Durbin Amendment, filed an amicus brief in the District Court for the Northern District of Illinois in support of the recently enacted Illinois Interchange Fee Prohibition Act (IFPA).  IFPA, which was signed into law on June 7th, bars the charging of interchange fees on the tax and tip portions of credit and debit card transactions.  Last month, the Illinois Bankers Association, along with the American Bankers Association, America’s Credit Unions, and the Illinois Credit Union League, filed a lawsuit, Illinois Bankers Association v. Raoul, claiming IFPA is preempted by federal law, including the 2010 Durbin Amendment.  The bankers’ motion for a preliminary injunction currently is pending before the court. 

    The amicus brief states, “Senator Durbin is uniquely positioned to offer an important perspective on the operation of the Durbin Amendment and how Illinois’ law aligns with it.  This perspective will help the Court decide the pending motion and resolve the case.”

    The amicus brief describes how IFPA is consistent with the Durbin Amendment’s intent.  The Durbin Amendment created a ceiling—not a uniform standard—for debit interchange fees that card networks like Visa and Mastercard were facilitating on behalf of financial institutions that issued their network-branded cards.  By imposing such constraints, the Durbin Amendment sought to reduce the billions of dollars per year in excessive debit interchange fees that were being charged to merchants and which were borne ultimately by consumers in the form of higher retail prices.

    The amicus brief continues, “The purpose of the Durbin Amendment was to rein in centrally-fixed debit interchange fees that had been insulated from competitive market forces and resulted in excessively high fees that burdened merchants and consumers.  The Durbin Amendment and its implementing Regulation II did so by establishing a fee maximum for any debit interchange fees that networks like Visa and Mastercard fixed on covered issuers’ behalf.  The IFPA aligns with the Durbin Amendment’s text, structure, and purpose.  Like the Durbin Amendment, the IFPA only applies to fees that are price-fixed by networks on behalf of issuers.  The IFPA defines the fees it regulates as fees ‘established, charged, or received by a payment card network for the purpose of compensating an issuer for its involvement in an electronic payment transaction’—a definition that closely aligns with the Durbin Amendment’s definition.”

    The amicus brief concludes, “In short, the IFPA is both consistent with the Durbin Amendment and consistent with sound policy that will help protect merchants and consumers from excessive and anti-competitive fees.”

    Durbin’s amicus brief to the District Court for the Northern District of Illinois can be read in full here.

    In Congress, Durbin has made it a priority to protect consumers.  Durbin’s Credit Card Competition Act is bipartisan legislation that would enhance competition and choice in the credit card network market, which is currently dominated by the Visa-Mastercard duopoly.  It is estimated that businesses paid more than $100 billion in swipe fees on Visa- and Mastercard-branded cards in 2023 alone.

    Building off of debit card competition reforms enacted by Congress in 2010, the Credit Card Competition Act would direct the Federal Reserve to ensure that the largest credit card-issuing banks offer a choice of at least two networks, one of which must be a network other than Visa and Mastercard, over which an electronic credit transaction may be processed.

    Visa and Mastercard wield enormous market power in credit cards; according to the Federal Reserve, they account for nearly 576 million cards, or about 83 percent of general-purpose credit cards.  Visa’s and Mastercard’s market power and network structure have enabled them to impose fees on U.S. merchants that are among the world’s highest, charging more than $100 billion in U.S. merchant credit card fees in 2023. These fees include interchange fees which Visa and Mastercard require merchants to pay to issuing banks, as well as network fees that Visa and Mastercard require merchants to pay directly to them.  Consumers ultimately pay for all of these fees in the price of the goods and services they buy.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Kamlager-Dove Statement on 1 year since October 7th

    Source: United States House of Representatives – Congresswoman Sydney Kamlager California (37th District)

    LOS ANGELES, CA — Today, Congresswoman Sydney Kamlager-Dove (CA-37) released the following statement marking one year since Hamas’ October 7th Terror Attack on Israel:

    “One year after Hamas’ October 7th terror attack on Israel, the scope and evil of Hamas’ atrocities are still difficult to comprehend. 1,200 people—women, children, the elderly, and other civilians—were massacred in Kibbutzim, villages, and even at a music festival for peace. Another 251 were stolen from their lives and taken hostage by Hamas, with many murdered by Hamas in captivity. A year later, dozens remain trapped in Gaza, with hostage families left in the dark about the wellbeing of their relatives. Hamas inflicted even further trauma by weaponizing sexual violence against its victims.

    “These heinous war crimes knew no borders. Nationals from at least 40 countries were murdered or kidnapped, including Americans, of whom at least 43 are dead and seven remain hostage in Gaza. And while Hamas sought to target Jewish Israelis, their victims included people from Muslim, Christian, Druze, Bedouin, and Arab communities too.

    “The world witnessed the horrors inflicted by Hamas on October 7th, and we must continue to stand together to condemn them and oppose vile efforts to justify Hamas’ actions or deny its brutality. We must also continue to stand with the Jewish community here in Los Angeles and worldwide, recognizing the deep wounds that the pain of this day and subsequent surge in antisemitism across the globe have reopened. It is unfathomable that the deadliest day for the Jewish people since the Holocaust occurred not in the distant past but just one year ago today.

    “I know that our Los Angeles Jewish community is once again fearing for the safety of loved ones—the same fear felt just a year ago—in wake of Iran’s reckless missile attack on Israel, which killed a Palestinian in the West Bank. The U.S. must work with our allies to de-escalate the situation in the Middle East, ensure Israel’s security, and protect innocent lives in Israel, Gaza, the West Bank, and Lebanon. Now is the time to secure a ceasefire in Gaza to free the hostages, prevent the outbreak of a regional war, protect civilians, and ensure that an October 7th can never happen again.”

    ###

    MIL OSI USA News –

  • MIL-OSI Canada: Remarks by the Deputy Prime Minister on investment in public transit in Toronto

    Source: Government of Canada News

    Today’s announcement is really what happens when different levels of government, the city and the federal government, work together for the people who we represent.

    September 27, 2024

    We are here with Team Scarborough, with three outstanding Scarborough MPs, Gary, John and Jean. I want to say to everyone here in Scarborough, they love this amazing community. And it’s really great to have two great Scarborough city councillors, Jamaal and Parthi, and as I said, wonderful to be here with the mayor. Today’s announcement is really what happens when different levels of government, the city and the federal government, work together for the people who we represent. 

    Every single elected person here is elected by people in Toronto to represent them. And I think we’re also glad to be coming together to talk about something that we’re doing together to make life better for people here. 

    I want to start by talking just for a minute about some good economic news we’ve been having in Canada in recent weeks. Inflation in August was 2 per cent. That’s a bull’s eye right in the middle of the Bank of Canada’s target range for inflation. 

    And in fact, inflation has been within the Bank of Canada’s target range all of this year. We have now had three interest rate cuts. Canada was the first G7 country to cut interest rates for the first time. We were the first G7 country to cut interest rates for the second time. And we were the first G7 country to cut interest rates for the third time. That is real relief for Canadians.

    Wages have outpaced inflation for the past 19 months in a row. We have also, over the past two weeks, seen some real progress on mortgages and on housing affordability.

    Our government has announced that we will be raising the level for insured mortgages from $1 million to $1.5 million—really relevant in a city like Toronto—and increasing the amortization for first-time homebuyers and for people buying a newly built home to 30 years.

    What that means practically is, if you are a first-time homebuyer, if you’re buying a newly built home, you’re going to be able to do that with a lower down payment and you’re going to have lower payments every single month, because we know how important it is that the dream of homeownership needs to remain in reach for people living in this amazing city. 

    And then, we had some more good news for people with mortgages. And that is the announcement by OSFI this week that if you already have a mortgage and you are renewing it and it is an uninsured mortgage, you do not have to requalify with a stress test to switch banks upon renewal. 

    That’s a really big deal. It is going to give people who see a renewal up ahead and are worried about it some real choice, some real options. If you have an insured mortgage, it is already the case that you don’t need to requalify with a stress test upon renewal. You can look around for the best deal you can get. 

    So that’s some really good news for Canadians. It’s really good news for the people of Toronto. 

    I am really happy that inflation was 2 per cent in August. For the past eight months in a row, inflation has been within the Bank of Canada’s target range, and the Bank of Canada has already reduced its policy rate three times.

    And then we have even more good news that we’re here to highlight: an announcement about the TTC and electric buses. And I really want to start by thanking all of the people at the TTC who have made this possible, who run this incredibly important transit system every single day. It really is the circulatory system of our city. 

    And I want to give a special shout-out to an amazing guy I met this morning. His name is Tony, he’s an electrical technician, he’s worked here for 40 years. He’s the guy in charge of these amazing charging stations that we are about to see in operation. And he was so proud to tell me about the work that he and his colleagues have done putting this system in place and making this system work. And he also was proud to tell me about his family. He has three beautiful daughters and five amazing grandchildren. And he does this work so that they can live in an amazing city and to support them and build a wonderful family here. He’s been working here for 40 years. Thank you very much Tony. 

    So the good news. Thanks to the hard work of Tony and his friends and colleagues here, and thanks to investments by the City of Toronto and the Government of Canada, we’re making a $700 million joint investment of which the federal government is contributing half, the City of Toronto half, in 340 zero emission buses and the amazing charging system that we see here behind us. The first two vehicles are here today.

    We’re going to get on them and show them off and I am really looking forward to it. This is so important. This is about providing great transit for people in Toronto. It means you can get to work, you can get to school, you can get to see your friends and have fun. It means doing it in a way that is clean and green, and I’m really glad that there are some people here from Nova because we’re also supporting great jobs in Canada building these amazing buses.

    Today’s investment builds on sustained investment by the federal government in this amazing city, including in public transit. Since 2015, we have invested more than $10 billion, $10.4 billion to be exact, in public transit in Toronto. We are really, really proud to do that, and we’ve invested $30 billion in transit projects across the country. We’re a growing country and we need to be investing so people can get around. 

    So it’s such a great pleasure to be here, to congratulate and to thank the amazing people who work here and to celebrate what we’re doing together with the City of Toronto, with my Toronto caucus colleagues, to improve the lives of Canadians, of Torontonians.

    Thank you very much.

    MIL OSI Canada News –

  • MIL-OSI Africa: International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully Conclude Workshops on Islamic Banking and Trade Finance

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

    ABUJA, Nigeria, October 7, 2024/APO Group/ —

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, in partnership with the Central Bank of Nigeria (CBN), successfully concluded a workshop on Non-Interest Banking and Trade Finance in Nigeria. Held from 17th to 19th September 2024 in Abuja, the sessions aimed to enhance capacity and knowledge in Islamic banking principles, trade finance products and services, and how different financial toolkits are applied in Islamic finance from operational and business perspectives.

    Nigeria’s Islamic finance industry, valued at US$3.8 billion, is one of the major Shariah compliant industries in Africa. Despite some challenges such as low public awareness and a smaller capital base compared to conventional banks, Islamic finance has been substantially contributing to reduce financial exclusion and improve access to affordable finance in the country. The three-day workshop was designed to bridge prevailing knowledge gaps focusing on key areas such as Sukuk issuance and main non-interest banking products basics.

    Delivered under ITFC’s Integrated Trade Solutions framework, the workshop equipped professionals with the skills to promote Islamic finance in Nigeria while also highlighting ITFC’s wide range of trade financing services.

    Participants reported a significant boost in understanding Islamic banking and trade finance, and the workshop showcased ITFC’s contributions to economic development through sustainable financial solutions.

    Eng. Nasser Al Thakair, ITFC, remarked: “ITFC is committed to supporting Nigeria’s efforts in Islamic finance, tailoring this workshop to address the unique challenges faced. We will continue to provide the expertise and financial backing needed to grow Islamic finance in Nigeria and beyond.”

    Over 30 professionals from the Central Bank of Nigeria, non-interest banks, and other financial institutions attended, further advancing Islamic finance in the country.

    As Nigeria positions itself as a leading market for Islamic finance in Africa, ITFC remains dedicated to advancing trade finance and supporting the growth of the sector for long-term economic impact.

    MIL OSI Africa –

  • MIL-OSI Security: Three Texas Men Face Federal Charges for Robbing an ATM Repairman at Truist Bank in Murfreesboro

    Source: Federal Bureau of Investigation (FBI) State Crime News

    NASHVILLE – A federal grand jury returned an indictment charging Robert Bailey, Jr., 24, Demond Johnson, Jr., 19, and Ryan Smith, Jr., 26, all of Houston, Texas, with one count of bank larceny, announced Thomas J. Jaworski, Acting United States Attorney for the Middle District of Tennessee.

    According to the indictment and publicly available information, on November 14, 2023, the defendants stole over $50,000 from an ATM outside of Truist Bank on Old Fort Parkway in Murfreesboro while it was being repaired. Smith was arrested on Interstate 24 while riding in an Uber. Johnson was arrested at the Nashville International Airport. Bailey was able to catch a flight to Houston and was arrested on a later date. Law enforcement officers in Houston seized the bag containing the stolen money when it arrived at the Houston Hobby Airport.

    If convicted, each defendant faces up to 10 years in federal prison and a minimum fine of $250,000.

    This case was investigated by the Federal Bureau of Investigation, Nashville Field Office and Houston Field Office, the Murfreesboro Police Department, and the Rutherford County Sheriff’s Office. Assistant U.S. Attorney Joseph P. Montminy is prosecuting the case.

    An indictment is merely an allegation. The defendants are presumed innocent until proven guilty.

    # # # # #

    MIL Security OSI –

  • MIL-OSI: Univest Financial Corporation to Hold Third Quarter 2024 Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    SOUDERTON, Pa., Oct. 07, 2024 (GLOBE NEWSWIRE) — Univest Financial Corporation (Nasdaq: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investment and equipment finance subsidiaries, announced it will host a conference call to discuss its third quarter 2024 earnings on Thursday, October 24, 2024 at 9:00 a.m. Earnings are scheduled to be released after the close of the market on Wednesday, October 23, 2024.

    Pre-registration
    Telephone participants may avoid any delays by pre-registering for the call using the following link.

    Conference Call registration link: https://www.netroadshow.com/events/login?show=27c257f2&confId=71976

    Audio
    Dial in number: 1-833-470-1428
    Access Code: 752766
    Note: Participants who are unable to pre-register should dial in a few minutes prior to the start time.

    Replay
    Dial in number: 1-866-813-9403
    Replay Code: 807549
    Available until: December 24, 2024

    About Univest Financial Corporation
    Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $7.9 billion in assets and $5.0 billion in assets under management and supervision through its Wealth Management lines of business at June 30, 2024. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at http://www.univest.net.

    The MIL Network –

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the democratic backsliding and threats to political pluralism in Georgia – B10-0070/2024

    Source: European Parliament

    to wind up the debate on the statement by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy

    Urmas Paet, Petras Auštrevičius, Dan Barna, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Veronika Cifrová Ostrihoňová, Bernard Guetta, Ľubica Karvašová, Ilhan Kyuchyuk, Marie‑Agnes Strack‑Zimmermann, Hilde Vautmans, Lucia Yar, Dainius Žalimas
    on behalf of the Renew Group

    B10‑0070/2024

    European Parliament resolution on the democratic backsliding and threats to political pluralism in Georgia

    (2024/2822(RSP))

    The European Parliament,

    – having regard to its previous resolutions on Georgia,

    – having regard to the Association Agreement between the European Union and the European Atomic Energy Community and their Member States, of the one part, and Georgia, of the other part[1],

    – having regard to the European Council conclusions of 14 and 15 December 2023 and to the Commission communication of 8 November 2023 entitled ‘2023 Communication on EU Enlargement Policy’ (COM(2023)0690), which outline the steps for Georgia’s candidacy status, particularly step 9, concerning the freedom of civil society,

    – having regard to the statement by the spokesperson for the European External Action Service of 4 September 2024 on the legislative package on ‘family values and protection of minors’ in Georgia,

    – having regard to the statement of 18 September 2024 by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy on the laws, adopted by the Georgian Parliament, on ‘family values and protection of minors’,

    – having regard to the opinions adopted or endorsed by the European Commission for Democracy through Law (Venice Commission) on various pieces of Georgian legislation at its 139th session (21-22 June 2024),

    – having regard to Rule 136(2) of its Rules of Procedure,

    A. whereas the Constitution of Georgia protects the exercise of the freedoms of opinion, expression, association and peaceful assembly, and the right to universal, equal and free elections, as fundamental rights; whereas the Constitution of Georgia also guarantees the equality of all persons and protects them from discrimination; whereas, according to Article 78 of the Constitution of Georgia, ‘the constitutional bodies shall take all measures within the scope of their competences to ensure the full integration of Georgia into the European Union and the North Atlantic Treaty Organization’;

    B. whereas, despite widespread public protests and calls from the EU and Georgia’s other Western partners, the ruling Georgian Dream party has adopted a Russian-inspired bill on the ‘transparency of foreign influence’, which requires civil society and media organisations that accept funds from abroad to register as ‘organisations pursuing the interest of a foreign power’ or face fines;

    C. whereas this legislation limits the capacity of civil society and media organisations to operate freely, curtails freedom of expression and unfairly stigmatises organisations that deliver clear benefits to the citizens of Georgia;

    D. whereas in March 2023, a proposal for similar legislation sparked widespread protests in Georgia, leading to its withdrawal; whereas since the proposal’s withdrawal in 2023, the ruling party and pro-government media have continued to escalate rhetoric against civil society and journalists;

    E. whereas on 20 February 2024, the ruling Georgian Dream party adopted amendments to the electoral legislation, endangering the independence and impartiality of the Central Election Commission and undermining public trust in this institution;

    F. whereas in late August 2024, oligarch Bidzina Ivanishvili urged voters to help the Georgian Dream party retain a supermajority in the Georgian Parliament in order to initiate the process of outlawing several opposition parties; whereas this was supported by Georgia’s Prime Minister Irakli Kobakhidze, who announced that the government would seek to ban more than half a dozen parties following the parliamentary elections;

    G. whereas on 17 September 2024, the ruling Georgian Dream party passed a law on ‘family values and protection of minors’, which strips LGBTIQ+ people of their rights;

    H. whereas two days after the introduction of the law on ‘family values and protection of minors’, Kesaria Abramidze, a transgender model and prominent public figure, was killed in her apartment;

    I. whereas previously, on 4 April 2024, the ruling Georgian Dream party abolished the mandatory gender quotas for political parties’ electoral lists contained in Georgia’s election code and overturned the gender-related funding rule laid down in the law on political associations of citizens, thereby undoing the progress achieved on the promotion of women’s political participation and representation;

    J. whereas the Georgian authorities have not acted on a single recommendation of the Venice Commission regarding the annulment or modification of the above-mentioned legislation on the ‘transparency of foreign influence’ and on ‘family values and protection of minors’, the abolition of gender quotas in local and parliamentary elections, and the formation of the Central Election Commission;

    K. whereas the ruling Georgian Dream party and pro-government media are spreading anti-EU and anti-democratic propaganda, as well as conspiracy theories;

    L. whereas the ruling Georgian Dream party and its leadership continue to escalate divisive, distorted and violent rhetoric against political opponents and international partners, including Ukraine; whereas the ruling party uses despicable political banners depicting Ukrainian cities destroyed by Russia, thus capitalising on the suffering of brave Ukrainians;

    M. whereas Russian Foreign Minister Sergei Lavrov’s statement expressing his readiness to help Georgia normalise its relations with ‘the neighbouring … states of Abkhazia and South Ossetia’ was praised by the leaders of the ruling party, demonstrating the Georgian Government’s departure from its policy of non-recognition of the occupied regions of Georgia;

    N. whereas in the Commission communication entitled ‘2023 Communication on EU Enlargement Policy’, the Commission recommended granting candidate status to Georgia on the understanding that Georgia takes nine steps, which include combating disinformation and interference against the EU and its values, engaging opposition parties and civil society in governance, and ensuring freedom of assembly and expression, as well as consulting civil society and involving it meaningfully in legislative and policymaking processes and ensuring that civil society can operate freely;

    O. whereas on 14 December 2023, Georgia was granted EU candidate status by the European Council on the understanding that the nine steps set out in the Commission recommendation are taken;

    P. whereas Georgia’s Prime Minister Irakli Kobakhidze has stated that Georgia will not impose sanctions on Russia, but only prevent their circumvention from happening on its territory;

    Q. whereas trade and business cooperation between Georgia and Russia has increased over the past two years, with more than 100 000 Russians having moved to Georgia, opened more than 26 000 businesses, purchased real estate and engaged in activities that create risks of money laundering; whereas this situation jeopardises Georgia’s national security and increases its dependence on Russia;

    R. whereas in recent months, the United States has imposed financial sanctions on Georgian security officials and the leaders of a far-right party for undermining and suppressing the freedom of peaceful assembly in Georgia, and has imposed travel sanctions on 60 other individuals, including senior government officials; whereas the National Bank of Georgia has refused to comply with these sanctions;

    S. whereas parliamentary elections are scheduled to be held in Georgia on 26 October 2024;

    1. Strongly condemns the adoption of the so-called ‘transparency of foreign influence’ and ‘family values and protection of minors’ legislation, as well as the abolition of gender quotas in local and parliamentary elections and the changes in formation of the Central Election Commission by the Georgian Dream majority; underlines that this legislation is incompatible with EU norms and values, damages Georgia’s reputation and jeopardises its efforts towards EU accession;

    2. Urges the Georgian Dream majority to immediately withdraw the legislation on the ‘transparency of foreign influence’ and ‘family values and protection of minors’, to reintroduce gender quotas in local and parliamentary elections, and to ensure a consensus-based political process, which is crucial for the independence and impartiality of the Central Election Commission and for public trust in that institution; urges the Georgian Dream majority to implement the other recommendations of the Venice Commission; reiterates its call to cease all attacks on civil society, independent media, gender equality and the LGBTIQ+ community and to ensure a genuine enabling environment for civil society and media in the country;

    3. Stresses that the withdrawal of the legislation on the ‘transparency of foreign influence’ and ‘family values and protection of minors’ will be necessary steps in improving the relationship between the EU and Georgia;

    4. Stands in solidarity with the courageous Georgian people fighting for their democratic rights and the European future of their country; reiterates its unwavering support for all those who advocate for and defend human rights and work for a peaceful country and society committed to equality and human dignity for all;

    5. Calls for the EU funding provided to the Georgian Government to be frozen until these illiberal pieces of legislation are repealed, and for strict conditions to be placed on the disbursement of any future funding to the Georgian Government;

    6. Reiterates its calls on the Commission to promptly assess how Georgia’s legislation on the ‘transparency of foreign influence’ and ‘family values and protection of minors’, as well as the abolition of gender quotas and other changes in its electoral legislation, and the implementation of the Venice Commission’s recommendations in general, affect Georgia’s continuous fulfilment of the visa liberalisation benchmarks, in particular the fundamental rights benchmark, which is a crucial component of the EU visa liberalisation policy;

    7. Calls for the EU and its Member States to impose sanctions on Georgian officials who are involved in human rights violations against Georgian citizens or in the country’s democratic backsliding; reiterates its call on the Council to consider imposing personal sanctions on Bidzina Ivanishvili for his role in the deterioration of the political process and the human rights situation in Georgia; urges Georgian commercial banks to implement international sanctions;

    8. Reminds the Georgian Government that the EU granted Georgia candidate status on the understanding that the steps set out in the Commission communication of 8 November 2023 would be taken; underscores that the recently adopted pieces of legislation clearly go against this goal and put Georgia’s EU integration on hold;

    9. Reiterates its call on the Georgian Government to uphold its commitment to the promotion of democracy, the rule of law and human rights, and encourages it to adopt and implement reforms that are in line with its stated objective of joining the EU, as demanded by a large majority of Georgia’s citizens;

    10. Strongly urges Georgia, as an EU candidate country, to impose sanctions on Russia in response to Russia’s full-scale invasion of Ukraine and to effectively enforce measures to prevent the circumvention of EU sanctions, as it has committed to doing; is deeply concerned by the alignment of the Georgian Government with Russian policies and the increasing dependence of Georgia on Russia, and by the Georgian Dream party’s use of violent images of the war in Ukraine as a means of manipulating public opinion and spreading disinformation in its campaign ahead of the October 2024 elections; calls on Georgia to fully align with the EU’s foreign policy and the EU’s strategy towards Russia;

    11. Calls for the EU and its Member States to guarantee their full support to Georgian civil society organisations in this difficult period, including on issues linked to fines and other burdens imposed on them by the new legislation;

    12. Urges the Georgian authorities to ensure that the October 2024 parliamentary elections adhere to the highest international standards, guaranteeing a transparent, free and fair process that reflects the democratic will of the people; urges the abolition of the ingrained practice of misusing public resources and administrative capacity for the benefit of the ruling party; insists that the presence of both domestic and international observers should be ensured in order to safeguard the integrity of the elections and calls for an expanded EU election observation mission;

    13. Is deeply concerned by reports that the Georgian Government is creating obstacles for the coalition of 30 NGOs and Transparency International Georgia in their efforts to conduct the ‘Go Out and Vote’ campaign; considers these obstacles an attempt to undermine democracy in the country;

    14. Is extremely concerned about the police brutality that occurred during the protests of March-June 2024 in Tbilisi, and calls on the Georgian authorities to conduct timely and thorough investigations into that police brutality;

    15. Reiterates its call for an impartial and independent long-term international election observation mission by the Organization for Security and Co-operation in Europe’s Office for Democratic Institutions and Human Rights, in order to monitor Georgia’s upcoming parliamentary elections;

    16. Reiterates its call on the Georgian authorities to immediately release former President Mikheil Saakashvili and to allow him to receive proper medical treatment abroad;

    17. Calls for the EU and its Member States to continue to pay close attention to these matters and to closely monitor developments in Georgia ahead of and after the country’s October 2024 parliamentary elections;

    18. Instructs its President to forward this resolution to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the Council, the Commission, the governments and parliaments of the Member States, the Council of Europe, the Organization for Security and Co-operation in Europe and the President, Government and Parliament of Georgia.

     

     

     

    MIL OSI Europe News –

  • MIL-OSI Europe: EU finance ministers welcome proposals for new EIB Group initiatives to deepen Europe’s capital markets, channel savings into productive investments and boost competitiveness

    Source: European Investment Bank

    • Plans discussed with European Finance ministers in Luxembourg will broaden financing options and tools available to scale up European innovative companies and unicorns.
    • The instruments to be deployed by the EIB Group include expanding the successful European Tech Champions Initiative Fund-of-Funds, equity and venture capital investments for scale-ups, and a new Exit platform to facilitate purchases and listing of tech start-ups.

    European Union Finance ministers have welcomed an Action Plan to be deployed by the European Investment Bank (EIB) Group, to support the development of the Capital Markets Union. The Plan includes measures to untap private savings and channel them into productive investment, to boost innovation, competitiveness, strategic autonomy, and productivity growth in Europe.

    The Action Plan was discussed at the meeting of EIB Group President Nadia Calviño with finance ministers at the Eurogroup in Luxembourg today. It was developed after months of intensive engagement with member states and financial markets partners, and received broad support by the Boards of Directors of the EIB and of the European Investment Fund (EIF) last week.

    EIB Group President Nadia Calviño, said “The EIB Group is itself already a Capital Markets Union instrument. The Action Plan discussed with ministers will help European innovators scale up their business and contribute to channel savings into productive investments, boost innovation, create jobs and lead Europe toward a more robust growth model, ensuring that European companies born in Europe, stay in Europe”.

    The Action Plan covers three main areas:

    • Improving market integration for green and digital bonds: The EIB Group will continue to play a leading role in the European green bond market, through issuance and also scaling up bond acquisition.
    • Closing the funding gap throughout the company and innovation cycle: The EIB Group plans to scale up support for the EU venture capital and private equity markets to help close the financing gap and to retain the most innovative scale-ups in Europe.
    • Mobilizing large-scale investments for EU policy priorities: For instance, working with the Commission on a financing platform for housing.

    Today’s meeting has focused on the second area, with proposals to finance the scale-up of European unicorns, including through an extension of the successful European Tech Champions Initiative, scaling up equity and venture debt investments and  a new dedicated fund, an “exit platform”, for financing acquisitions and listing of tech start-ups by European companies.

    These proposals will be further discussed and finalised by the EIB’s Board of Directors, in partnership with the Commission. Today’s discussion follows up on the Eurogroup’s mandate in March for the EIB Group to support the integration of European capital markets with new instruments that will further facilitate access to financing for small and medium-sized businesses and innovators.

    EU leaders committed, in April 2024, to advancing work without delay toward integrating the Union’s capital markets, while a Savings and Investment Union, including banking and capital markets, is among the flagship goals included in the political guidelines of European Commission president Ursula von der Leyen for the new institutional cycle. Helping develop well-functioning cross border capital markets is among the EIB Group’s core priorities, included in the Strategic Roadmap for 2024-2027, which was unanimously endorsed by EU finance ministers in June.

    Capital markets fragmentation has been singled out as a key impediment to European competitiveness by both Enrico Letta and Mario Draghi in their flagship reports. The European Central Bank has repeatedly emphasized that deep and integrated single market for capital is essential for financial stability and for achieving some of the EU’s flagship policy goals, from financing the green and digital transitions to enabling savers to earn higher returns.

    The EIB Group is uniquely positioned to support the development of a European Savings and Investments Union, as it is the only truly pan-European financial institution, with operations in every member state and every region of the EU. It has an unparalleled record and expertise in introducing and shaping innovative financing instruments and tools.

    The EIB Group has just reached the €100bn milestone of green bond issuance, since pioneering this market back in 2007, and is the largest provider of venture debt in Europe. It offers a full range of products and services, from debt and equity to advisory, to clients ranging from public sector and large corporates to SMEs and innovative startups. The EIB Group has a stellar AAA credit rating, and outstanding Environmental, Social and Governance credentials.

    Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment contributing toward EU policy goals. The EIB Group is the largest provider of venture debt in Europe and the largest public investor in European venture capital funds. It is also a major financier of climate investment, with over €100 in cumulative green bond issuances, and is well on track to support €1 trillion in green investment in the critical decade to 2030.

    The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects last year. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

    MIL OSI Europe News –

  • MIL-OSI USA: Ramirez Statement on the Anniversary of October 7: A Year of Pain and Opportunity to Pursue Peace

    Source: United States House of Representatives – Representative Delia Ramirez – Illinois (3rd District)

    CHICAGO — Today, Congresswoman Delia C. Ramirez (IL-03) released the following statement:

    “It has been a year of pain and destruction. October 7 is a dark day – the darkest for many Jewish people since the Holocaust – and we remember Hamas’ deadly attack that took the lives of 1,100 Israelis and separated 251 people from their families. A year later, we grieve for every family who is still not reunited with their loved ones and call for the safe return of the 100 hostages who are still not home. 

    As we hold the pain and grief of Israeli families forever changed that day, we also acknowledge October 7 as the beginning of Israel’s campaign of collective punishment of the Palestinian people. For 364 days since October 7, the Netanyahu administration’s actions have taken the lives of more than 40,000 Palestinians, including 6,000 women and 11,000 children, and displaced more than 2 million Palestinians in Gaza. Settler violence has expanded in the West Bank, the Palestinian prison population in Israeli custody has doubled – with around half of all detainees held without charge – and more than 2,000 people have been killed in Lebanon, including 127 children and 261 women. A year later, we grieve for every Palestinian and Lebanese family who has also lost loved ones and call for the release of Palestinians detained without charge and the State-facilitated evacuation of all Americans in Lebanon.

    As we reflect on what has resulted from a year without a permanent ceasefire, de-escalation, an arms embargo, or accountability, we must admit we are closer to a regional war. A regional war I warned of as I’ve called for us to lead with diplomacy instead of bombs. The only way to end this harm is to commit ourselves to de-escalation and diplomacy. That is how we achieve a permanent ceasefire where hostages come home, prisoners are released, and no Palestinian is a victim of the bombs the U.S. has sent, the aid they have not received, or criminal settler violence that has been tolerated. 

    Today is a moment to recognize that American, Israeli, and Palestinian safety and security are intertwined and interconnected to the safety and security of all those who live in the region. We must honor our shared pain and our shared humanity and pursue peace. Let us be light in dark times and dark places.” 

    MIL OSI USA News –

  • MIL-OSI USA: Ricketts Joins Senate Republicans to Stand with Israel, Condemn Iran-Backed Hamas

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)
    October 7, 2024
    WASHINGTON, D.C. – Today, one year since the October 7th Hamas terrorist attack killed dozens of Americans, U.S. Senator Pete Ricketts (R-NE) joined all 48 of his Senate Republican colleagues to fully condemn Iran-backed Hamas for its actions, support the forever survival of Israel, and call for the safe release of American hostages.
    The Senate resolution was led by U.S. Senator Joni Ernst (R-IA), chair of the Republican Policy Committee. Click here to view the full Senate resolution.
    “On October 7th, the world witnessed a heinous terror attack as Hamas murdered innocent women, men and children,” Ricketts said. “We must remain vigilant and unwavering in our commitment to bringing Hamas terrorists to justice. To the people of Israel, we stand with you, we mourn with you, and we will continue to support you until every hostage is brought home and Hamas surrenders.”
    “This time last year, I woke up in the Middle East to the unbearable news that Israel was under attack by Iran-backed terrorists and Americans were being killed and taken hostage,” said Ernst, a combat veteran. “I immediately traveled into Israel to show that our nation’s friendship is unwavering, in good times and bad. Regardless of whether I have been in Jerusalem, Washington, or Iowa, I have worked around the clock to hold the White House accountable to its ‘ironclad’ commitment, bring our hostages home, and cut off the source of terrorism in Tehran. One year since that day, as Israel remains under attack on all fronts, Senate Republicans stand united with our greatest ally in the Middle East.”
    Background
    Ricketts has been a staunch supporter of Israel’s sovereignty, their right to defend themselves against Iran and its terrorist proxies, and Israel’s efforts to bring home the remaining hostages. 
    In the weeks following the October 7th attack, Rickettsintroduced legislation to enact a permanent ban on U.S. funding for United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). Since October 7th, numerous reports have revealed UNRWA staff was directly involved in Hamas’ attack on Israel. The Stop Support for Hamas Act would:
    Cut off contributions for the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), which has been described as “effectively a branch of Hamas;”
    Freeze Economic Support Funds (ESF) to Gaza and the West Bank until Israel has verifiably dismantled the terrorist infrastructure of Hamas and other terrorist groups in Gaza;
    Strengthen certification requirements under the Palestinian Anti-Terrorism Act of 2006 to ensure that no ministry, agency or instrumentality of the Palestinian Authority (PA) employs members, agents or affiliates of Hamas;
    Ensure any U.S. assistance to nongovernmental organizations (NGOs) operating in Gaza and the West Bank does not benefit Hamas or any other terrorist organization; and
    Strengthen Taylor Force Act provisions to prevent any U.S. funding that directly or indirectly benefits the PA until it ends its “pay for slay” program.
    Over the past year, Ricketts has also repeatedly criticizedthe Biden-Harris administration for their failure to stand unequivocally with America’s strongest ally. He was critical when Kamala Harris refused to fulfill her Vice Presidential duty to preside over Israeli Prime Minister Benjamin Netanyahu’s address to Congress. As a member of the Senate Foreign Relations Committee, he directly confronted Secretary of State Antony Blinken for strengthening the hand of adversaries like Hamas and Russia by conditioning U.S. aid to allies like Israel and Ukraine. He’s repeatedly called out the United Nations for being an “antisemitic organization.” He’s also called for the United States to take action against the International Criminal Court (ICC) for emboldening terrorists and promoting antisemitism. 

    MIL OSI USA News –

  • MIL-OSI USA: Kaine Statement on Anniversary of October 7 Hamas Terrorist Attack

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. — Today, U.S. Senator Tim Kaine (D-VA), a member of the Senate Armed Services and Foreign Relations Committees, released the following statement on the one-year anniversary of Hamas’ terrorist attack in Israel:
    “One year ago, at the end of Sukkot and the beginning of Simchat Torah, Hamas inflicted horrific violence in a sickening attack on Israel, brutally murdering nearly 1,200 Israelis and taking 251 hostages. Today and every day, we mourn the lives lost on October 7 and the suffering of civilians in Israel, Gaza, the West Bank, and Lebanon in the year since. It’s long past time for Israel and Hamas to reach a deal to release the hostages and establish a ceasefire in Gaza. It is in the best interest of U.S. and Israeli national security, as well as for the safety of U.S. servicemembers in the Middle East, that we urgently de-escalate tensions across the region and find a path back to peace—so the Israeli, Palestinian, and Lebanese people can live side by side as neighbors and with the safety and dignity they deserve.”
    Kaine has long supported Israel’s right to defend itself from Hamas, Iran, Hezbollah, and other actors who seek to harm Israel, while also protecting civilians in Gaza and the West Bank. He has repeatedly called for a deal to release hostages, establish a ceasefire, and increase humanitarian aid into Gaza.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: ‘National Anubhav Awards Scheme, 2025’

    Source: Government of India

    ‘National Anubhav Awards Scheme, 2025’

    For the first time, Anubhav Awards Scheme covers employees of Central Public Sector Undertakings, including Public Sector Banks

    Last Date for publication of write ups on Anubhav portal will be 31stMarch 2025, all Line Ministries/Departments to reach out to pensioners to make submissions on Anubhav Portal

    National Anubhav Awards Scheme: A treasure trove of experiences for Nation building

    Till date, DOPPW confers 59 Anubhav Awards and 19 Jury Certificates

    Posted On: 07 OCT 2024 5:33PM by PIB Delhi

    On the directions of Prime Minister Shri Narendra Modi, Department of Pension & Pensioners’ Welfare had launched an online platform named ‘Anubhav’ in March, 2015 to enable ‘eligible’ retiring/retired government employees in sharing their experiences of working with the Government.

    Thereafter, an Annual Awards Scheme was devised in 2015 to incentivize and encourage the submission of the experiences through write ups. Till date, 10,886 write-ups have been published and 78 outstanding write ups have been conferred with 59 Anubhav Awards and 19 Jury Certificates in seven Anubhav Awards Ceremonies.

    Government of India has notified the National Anubhav Awards Scheme, 2025. To participate in the scheme, Central Government employees/pensioners are required to submit their Anubhav write ups. Thereafter, the write-ups published after assessment by the concerned Ministries/Departments up to 31.03.2025 will be shortlisted for five Anubhav Awards and 10 Jury Certificates.

    The National Anubhav Awards Scheme, 2025 is the watershed moment in the history of Anubhav Portal as for the first time, apart from the employees of Central Government, employees of Central Public Sector Undertakings (CPSUs), including Public Sector Banks, will also be eligible for submitting their write ups. With this, invaluable experiences, insights and best practices prevalent in the strong and vibrant Public Sector of India will also enrich the ever-growing treasure trove of Anubhav Portal. Further, the existing time limit of one year of the retirement within which, the pensioners could submit the write ups, has now been extended up to three years.

    To streamline the assessment process, a new marking system for various pay levels has been introduced.

    For more information, eligible employees or pensioners should visit Anubhav Portal(URL-http://www.pensionersportal.gov.in/anubhav) where relevant FAQs, steps to fill in the Anubhav write up, selected write ups for guidance, short films on Anubhav Awardees and Citation booklets have been put up for reference.

    ***

    NKR/DK

    (Release ID: 2062872) Visitor Counter : 22

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DefConnect 4.0: Raksha Mantri launches ADITI 2.0 challenges & DISC 12 to foster innovation, entrepreneurship & ‘Aatmanirbharta’ in defence

    Source: Government of India (2)

    DefConnect 4.0: Raksha Mantri launches ADITI 2.0 challenges & DISC 12 to foster innovation, entrepreneurship & ‘Aatmanirbharta’ in defence

    ADITI 2.0 features 19 challenges in the fields of AI, Quantum Technology, military communication, anti-drone systems & adaptive camouflage

    DISC 12 presents 41 challenges across UAVs, AI, Networking & Communication domains; Introduces Medical Innovations & Research Advancement initiative

    Rs 1,000 crore procurement orders placed for 26 iDEX products: Shri Rajnath Singh

    RM exhorts private sector to move ahead from imitative to innovative tech to cater to futuristic needs of the Armed Forces

    Posted On: 07 OCT 2024 5:54PM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh launched the second edition of Acing Development of Innovative Technologies with iDEX (ADITI 2.0) challenges and the 12thedition of Defence India Start-up Challenges (DISC 12) during DefConnect 4.0 at Manekshaw Centre, Delhi Cantt. on October 07, 2024.

    ADITI 2.0 features 19 challenges from the Armed Forces and allied agencies in the domains of Artificial Intelligence (AI), Quantum Technology, military communication, anti-drone systems customised for military platforms and adaptive camouflage, etc. This scheme offers a grant of up to Rs 25 crore to Innovations for Defence Excellence (iDEX) winners, focusing on critical technological areas crucial for strengthening the defence ecosystem of the country.

    DISC 12 presents 41 challenges across key technology domains, including Unmanned Aerial Vehicles (UAVs), AI, Networking and Communication, with grants up to Rs 1.50 crore. Notably, it introduces the Medical Innovations and Research Advancement (MIRA) initiative, featuring nine challenges aimed at fostering the development of medical technologies to meet the medical demands of the Armed Forces. To provide momentum to the iDEX initiative, DISC was launched in partnership with Atal Innovation Mission, aimed at supporting start-ups/MSMEs/Innovators to create prototypes and/or commercialise products/ solutions in the area of national defence and security.

    In his address, Raksha Mantri commended DefConnect for playing a crucial role in developing the culture of innovation in the country. He stated that the platform is bringing a new energy to the defence industrial ecosystem, and making the nation’s talent a partner in strengthening the security apparatus. Terming DefConnect as an important link between all the stakeholders associated with the defence ecosystem, he exuded confidence that the platform will help in realising the vision of ‘Aatmanirbharta’ in defence.

    Enumerating the feats achieved due to the Government’s efforts to promote innovation, Shri Rajnath Singh informed that iDEX has received over 9,000 applications so far, and is currently collaborating with more than 450 start-ups & MSMEs through DISC and Open Challenge. He added that 26 products have been developed under iDEX, for which procurement orders worth more than Rs 1,000 crore have been placed. In addition, Acceptance of Necessity and Request for Proposal worth over Rs 2,380 crore have been issued for 37 products. The ADITI initiative is focusing on over 30 critical and strategic technologies to strengthen the defence ecosystem, he said.

    Raksha Mantri highlighted the vibrant and dynamic ecosystem of innovators, entrepreneurs, scientists & start-ups in the country, stating that the world is acknowledging the strength & talent of India’s youth. He reiterated the Government’s commitment to further enhance the role of the private sector in the defence ecosystem. Their involvement is necessary to achieve self-reliance, he said.

    Shri Rajnath Singh pointed out that as soon as the Goverment, led by Prime Minister Shri Narendra Modi, came to power in 2014, it identified ‘lack of private sector participation in the defence sector’ as a major hurdle in attaining self-reliance, and strived to increase their contribution in nation building. “There were two major dimensions of self-reliance in the defence sector. First was the manufacturing of arms/equipment, whose technology was available, but there was a lack of production capacity. Second was catering to the needs of high-technology applications in view of the constantly-changing nature of warfare. Earlier, only in-house R&D and organisations like DRDO were working towards the development of such cutting edge technologies. But now, we are witnessing a significant role of the private sector too. There is enhanced synergy between the public & private sectors, the biggest example of which is DefConnect,” he said.

    Raksha Mantri appreciated the ‘SIDBI iDEX Partner Incubator Fund’, stating that the collaboration will meet the critical funding needs of innovators. SIDBI (Small Industries Development Bank of India) will allocate Rs 50 crore to 10 leading partner incubators, including Foundation for Innovation and Technology Transfer at IIT Delhi, Society for Innovation & Entrepreneurship at IIT Bombay, and Technology-Hub Hyderabad, to fund iDEX winners in advancing critical defence technologies.

    On the new technologies being incorporated in wars and conflicts, Shri Rajnath Singh said apart from conventional arms & ammunition, many dual use or purely civilian tech is being weaponised. He called for an in-depth understanding of these technologies, exhorting the innovators to make imaginative use of the advancements for the defence of the nation.

    Stressing on the need to move forward from imitative to innovative and distinctive technologies, Raksha Mantri called upon the private sector to think beyond the solutions to challenges being provided through ADITI & DISC. He urged them to bring forth the tech which is far ahead of the requirements of the Armed Forces and would be beneficial to deal with future threats. He promised the Government’s full assistance to achieve the goal of a strong & self-reliant defence sector.

    On the occasion, Shri Rajnath Singh also felicitated the ADITI 1.0 winners, and extended his best wishes for their future endeavours. Leading iDEX winners showcased their cutting-edge solutions related to Munition Systems, Intelligence, Surveillance & Reconnaissance, Communication Systems & Space Technologies, as part of DefConnect 2024. The winners include QuNu Labs, Sagar Defence Technologies, Astrome Technologies, Zeus Numerix Pvt. Ltd., NewSpace Research and Technologies, Pixxel Space India etc.

    Chief of the Army Staff General Upendra Dwivedi, Chief of the Air Staff Air Chief Marshal AP Singh, OSD, Department of Defence Shri RK Singh, Secretary (Defence Production) Shri Sanjeev Kumar, Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat, Financial Advisor (Defence Services) Shri Sugata Ghosh Dastidar, other senior officials of Ministry of Defence, industry leaders, academia, young entrepreneurs & innovators attended the event.

    *******

    VK/SR/Savvy

    (Release ID: 2062888) Visitor Counter : 77

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DefConnect 4.0: Raksha Mantri launches ADITI 2.0 challenges & DISC 12 to foster innovation, entrepreneurship & ‘Aatmanirbharta’ in defence

    Source: Government of India (2)

    DefConnect 4.0: Raksha Mantri launches ADITI 2.0 challenges & DISC 12 to foster innovation, entrepreneurship & ‘Aatmanirbharta’ in defence

    ADITI 2.0 features 19 challenges in the fields of AI, Quantum Technology, military communication, anti-drone systems & adaptive camouflage

    DISC 12 presents 41 challenges across UAVs, AI, Networking & Communication domains; Introduces Medical Innovations & Research Advancement initiative

    Rs 1,000 crore procurement orders placed for 26 iDEX products: Shri Rajnath Singh

    RM exhorts private sector to move ahead from imitative to innovative tech to cater to futuristic needs of the Armed Forces

    Posted On: 07 OCT 2024 5:54PM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh launched the second edition of Acing Development of Innovative Technologies with iDEX (ADITI 2.0) challenges and the 12thedition of Defence India Start-up Challenges (DISC 12) during DefConnect 4.0 at Manekshaw Centre, Delhi Cantt. on October 07, 2024.

    ADITI 2.0 features 19 challenges from the Armed Forces and allied agencies in the domains of Artificial Intelligence (AI), Quantum Technology, military communication, anti-drone systems customised for military platforms and adaptive camouflage, etc. This scheme offers a grant of up to Rs 25 crore to Innovations for Defence Excellence (iDEX) winners, focusing on critical technological areas crucial for strengthening the defence ecosystem of the country.

    DISC 12 presents 41 challenges across key technology domains, including Unmanned Aerial Vehicles (UAVs), AI, Networking and Communication, with grants up to Rs 1.50 crore. Notably, it introduces the Medical Innovations and Research Advancement (MIRA) initiative, featuring nine challenges aimed at fostering the development of medical technologies to meet the medical demands of the Armed Forces. To provide momentum to the iDEX initiative, DISC was launched in partnership with Atal Innovation Mission, aimed at supporting start-ups/MSMEs/Innovators to create prototypes and/or commercialise products/ solutions in the area of national defence and security.

    In his address, Raksha Mantri commended DefConnect for playing a crucial role in developing the culture of innovation in the country. He stated that the platform is bringing a new energy to the defence industrial ecosystem, and making the nation’s talent a partner in strengthening the security apparatus. Terming DefConnect as an important link between all the stakeholders associated with the defence ecosystem, he exuded confidence that the platform will help in realising the vision of ‘Aatmanirbharta’ in defence.

    Enumerating the feats achieved due to the Government’s efforts to promote innovation, Shri Rajnath Singh informed that iDEX has received over 9,000 applications so far, and is currently collaborating with more than 450 start-ups & MSMEs through DISC and Open Challenge. He added that 26 products have been developed under iDEX, for which procurement orders worth more than Rs 1,000 crore have been placed. In addition, Acceptance of Necessity and Request for Proposal worth over Rs 2,380 crore have been issued for 37 products. The ADITI initiative is focusing on over 30 critical and strategic technologies to strengthen the defence ecosystem, he said.

    Raksha Mantri highlighted the vibrant and dynamic ecosystem of innovators, entrepreneurs, scientists & start-ups in the country, stating that the world is acknowledging the strength & talent of India’s youth. He reiterated the Government’s commitment to further enhance the role of the private sector in the defence ecosystem. Their involvement is necessary to achieve self-reliance, he said.

    Shri Rajnath Singh pointed out that as soon as the Goverment, led by Prime Minister Shri Narendra Modi, came to power in 2014, it identified ‘lack of private sector participation in the defence sector’ as a major hurdle in attaining self-reliance, and strived to increase their contribution in nation building. “There were two major dimensions of self-reliance in the defence sector. First was the manufacturing of arms/equipment, whose technology was available, but there was a lack of production capacity. Second was catering to the needs of high-technology applications in view of the constantly-changing nature of warfare. Earlier, only in-house R&D and organisations like DRDO were working towards the development of such cutting edge technologies. But now, we are witnessing a significant role of the private sector too. There is enhanced synergy between the public & private sectors, the biggest example of which is DefConnect,” he said.

    Raksha Mantri appreciated the ‘SIDBI iDEX Partner Incubator Fund’, stating that the collaboration will meet the critical funding needs of innovators. SIDBI (Small Industries Development Bank of India) will allocate Rs 50 crore to 10 leading partner incubators, including Foundation for Innovation and Technology Transfer at IIT Delhi, Society for Innovation & Entrepreneurship at IIT Bombay, and Technology-Hub Hyderabad, to fund iDEX winners in advancing critical defence technologies.

    On the new technologies being incorporated in wars and conflicts, Shri Rajnath Singh said apart from conventional arms & ammunition, many dual use or purely civilian tech is being weaponised. He called for an in-depth understanding of these technologies, exhorting the innovators to make imaginative use of the advancements for the defence of the nation.

    Stressing on the need to move forward from imitative to innovative and distinctive technologies, Raksha Mantri called upon the private sector to think beyond the solutions to challenges being provided through ADITI & DISC. He urged them to bring forth the tech which is far ahead of the requirements of the Armed Forces and would be beneficial to deal with future threats. He promised the Government’s full assistance to achieve the goal of a strong & self-reliant defence sector.

    On the occasion, Shri Rajnath Singh also felicitated the ADITI 1.0 winners, and extended his best wishes for their future endeavours. Leading iDEX winners showcased their cutting-edge solutions related to Munition Systems, Intelligence, Surveillance & Reconnaissance, Communication Systems & Space Technologies, as part of DefConnect 2024. The winners include QuNu Labs, Sagar Defence Technologies, Astrome Technologies, Zeus Numerix Pvt. Ltd., NewSpace Research and Technologies, Pixxel Space India etc.

    Chief of the Army Staff General Upendra Dwivedi, Chief of the Air Staff Air Chief Marshal AP Singh, OSD, Department of Defence Shri RK Singh, Secretary (Defence Production) Shri Sanjeev Kumar, Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat, Financial Advisor (Defence Services) Shri Sugata Ghosh Dastidar, other senior officials of Ministry of Defence, industry leaders, academia, young entrepreneurs & innovators attended the event.

    *******

    VK/SR/Savvy

    (Release ID: 2062888) Visitor Counter : 77

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Auction for Sale (re-issue) of (i) ‘7.04% GS 2029’ and (ii) ‘7.34% GS 2064’

    Source: Government of India

    Posted On: 07 OCT 2024 6:40PM by PIB Delhi

    The Government of India (GoI) has announced the sale (re-issue) of (i) “7.04% Government Security 2029” for a notified amount of ₹14,000 crore (nominal) through price based auction using multiple price method and (ii) “7.34% Government Security 2064” for a notified amount of ₹15,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on October 11, 2024 (Friday).

    Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

    Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 11, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

    The result of the auctions will be announced on October 11, 2024 (Friday) and payment by successful bidders will be on October 14, 2024 (Monday).    

    The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

    ****

    NB/KMN

    (Release ID: 2062915) Visitor Counter : 46

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 12th Meeting of the India-UAE High Level Joint Task Force on Investments

    Source: Government of India (2)

    12th Meeting of the India-UAE High Level Joint Task Force on Investments

    Food parks among areas for greater collaboration and investments between India and UAE: Shri Piyush Goyal

    Abu Dhabi Investment Authority (ADIA) to establish a subsidiary at GIFT City: Shri Piyush Goyal

    Invest India office to open in UAE: Shri Piyush Goyal

    Interlinking of the two national payment platforms – UPI (India) and AANI (UAE) to facilitate seamless cross-border transactions between the two countries: Shri Piyush Goyal

    Posted On: 07 OCT 2024 5:09PM by PIB Mumbai

    Mumbai (India), 7 October 2024

     

    The 12th Meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI) took place in Mumbai today. It was co-Chaired by Shri Piyush Goyal, Minister of Commerce & Industry, Government of India and His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority (ADIA).

    The HLJTFI was established in 2013 to promote trade, investment and economic ties between India and the UAE. Since its formation, it has provided an effective mechanism to discuss opportunities and prospects for further investments in India and the UAE, while acting as a forum to resolve issues faced by investors of the two countries.

    During the 12th HLJTFI meeting, the Co-Chairs acknowledged the continued growth and strengthening of the bilateral relationship between India and the UAE, including on trade and investment related matters. The India-UAE Bilateral Investment Treaty, signed during Prime Minister Modi’s visit to the UAE in February 2024, has been ratified by both sides and entered into force with effect from 31 August 2024. 

    The Co-Chairs also acknowledged the rapid rise in bilateral trade under the Comprehensive Economic Partnership Agreement (CEPA), which came into force in May 2022. The Joint Task Force reviewed the working of the India-UAE CEPA, which was one of the fastest-ever negotiated Free Trade Agreements. This landmark agreement designed to stimulate increased trade and boost the trading relationship between the two countries. During the course of the last two years, the CEPA has helped reduce tariffs on the majority of product lines, sought to address other barriers to trade and created new avenues for cooperation. As a result of the deal, bilateral trade has risen consistently, with non-oil trade rising to US$28.2 billion in the first half of 2024, a 9.8% year-on-year increase. The agreement has also spurred FDI – as of 2023, the UAE is India’s fourth largest foreign investor with US$3.35 billion committed across a wide range of sectors, representing a threefold increase on 2022. Indian FDI into the UAE in 2023 totalled US$ 2.05 billion, more than 2021 and 2022 combined. These figures represent real growth with real, on-the-ground impact. Further, it has led to job creation in Indian market and export from labour-oriented sectors is growing rapidly.

    Considering the strategic agreements and initiatives signed during the recent official visit of H.H. Sheikh Khalid bin Mohamed Al Nahyan, Crown Prince of Abu Dhabi, to India, the two sides noted the existing and future investments and projects of UAE entities in key sectors of the Indian economy, including energy, artificial intelligence, logistics, food and agriculture, which total approximately US$100 billion. The meeting also reviewed UAE investments in Indian infrastructure assets.

    During the HLJTFI meeting, the two sides reviewed progress on several key initiatives, including some that were previously announced by Indian Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan, and expressed satisfaction at the rapid pace of implementation. These initiatives include bilateral trade in local currencies, the integration of payment systems of India and the UAE, cooperation on Central Bank Digital Currencies, the launch of work relating to a Virtual Trade Corridor and the development of a food park in Ahmedabad. 

    Food parks are among areas for greater collaboration and investments between India and UAE. It will lead to higher income for farmers, jobs’ creation in food processing sector, and enhance food security for UAE. Small working groups between Central Government, State Governments and UAE Government will take forward food corridors between the two countries on a mission-mode basis. The strong progress made on these initiatives attests to the high level of commitment from both sides to ensure the implementation of their respective leaders’ visions. 

    The two sides welcomed the announcement of the Abu Dhabi Investment Authority (ADIA) establishing a subsidiary at GIFT City. This underlines the strong interest from UAE’s institutional investors in India’s growing and dynamic economy, and GIFT City’s reputation as world-class financial services centre, operating under a strong regulator and a robust legal framework.

    To augment the relationship, National Payments Corporation of India (NPCI), via its international subsidiary NPCI International Payments Limited (NIPL) is collaborating with Al Etihad Payments (AEP), to enable creation of domestic card scheme JAYWAN in UAE. The JAYWAN card scheme is an outcome of deep collaboration between NIPL and AEP. It is based on the RuPay card stack (developed and deployed at great scale by NPCI in India), which is shared with the AEP to enable UAE be sovereign in the area of digital payments. The two governments are now working on interlinking the two national payment platforms – UPI (India) and AANI (UAE), which will facilitate seamless cross-border transactions between the two countries. This will benefit over 3 million Indians residing in UAE enabling them use power of UPI and AANI, for real-time cross-border remittance, which is aligned with the vision of bringing speed, transparency, accessibility and cost efficiency in cross-border remittances.

    The Government of India has also decided to open an office of Invest India in Dubai, UAE to serve as a dedicated point of contact for potential UAE investors seeking to invest in India. The issue was discussed during the India-UAE HLJTFI meeting today. This will be the first such overseas office of Invest India in the Middle East region and its second overseas office overall after Singapore.

    In course of the HLJTFI meeting, the Co-chairs Shri Piyush Goyal, Commerce & Industry Minister of India, and His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority, also expressed satisfaction on the progress being made by Bharat Mart. Work on the ground has commenced, and design work on the layout of retail spaces and warehousing is making rapid progress.

    The HLJTFI provides a forum to deliberate on ways and incentives for encouraging further growth in investment flows from both sides. In this context, the Indian side shared opportunities for investments in priority sectors like renewable energy, green hydrogen, pharmaceuticals and genomics, among others. The UAE side also raised opportunities for investment in India’s aerospace sector, due to the rapid growth of its aviation market.  

    Issues related to investments from both sides, as well as specific challenges faced by companies from both countries, were also discussed during the meeting, with a view to removing obstacles and facilitating their resolution. The Co-Chairs directed both teams to work together and with the relevant government entities to address these issues in a timely and mutually acceptable manner. 

    The HLJTFI meeting was attended by Shri Amardeep Singh Bhatia, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Government of India; Shri Sunjay Sudhir, Ambassador of India to the UAE, H.E. Dr. Abdulnasser Jamal Alshaali, Ambassador of the UAE to India, and a number of senior officials from both the governments.

    Shri Piyush Goyal, Commerce and Industries Minister, Government of India, and Co-Chair of the HLJTFI said: “India-UAE partnership stands on the pillars of innovation, investment and sustainable development. The Joint Task Force meeting today was useful to take a stock of all the laudable initiatives that India and the UAE have jointly undertaken, such as local currency settlement, virtual trade corridor, Bharat Mart, and so on. With the strong framework now provided by India-UAE CEPA and Bilateral Investment Treaty, I encourage stakeholders to further explore investment opportunities and trade possibilities.”

    His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA) and Co-Chair of the HLJTFI, said: “The India-UAE CEPA, signed in 2022, has been a major catalyst for strengthening economic ties and enhancing cross-border trade between the UAE and India. Against this positive backdrop, the Joint Task Force continues to play an important role as a forum to explore new investment opportunities, remove impediments to further cooperation and work together in pursuit of shared goals.”

     

    * * *

    PIB Mumbai | SR/ SC/ DR

     

    Follow us on social media: @PIBMumbai    /PIBMumbai     /pibmumbai   pibmumbai[at]gmail[dot]com  /PIBMumbai     /pibmumbai

    (Release ID: 2062860) Visitor Counter : 87

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 3rd edition of Kautilya Economic Conclave 2024 (KEC2024) concludes in New Delhi

    Source: Government of India

    3rd edition of Kautilya Economic Conclave 2024 (KEC2024) concludes in New Delhi

    Prime Minister Shri Narendra Modi gave a special address at the KEC2024 to the participants, evoking enthusiasm in its ongoing effort to make India a developed economy by 2047

    The Prime Minister emphasised India’s emergence as a preferred global investment destination due to substantial reforms over the last decade

    Union Finance Minister gave an overview of India’s high economic growth, fiscal management and investment on infrastructure, manufacturing, and technology while reiterating the government’s commitment to inclusive growth and reforms

    Dr. Jaishankar stressed on the emergence of AI and its far-reaching impact on economic and social activities

    Prof. Jagdish Bhagwati lauded the Prime Minister for his leadership, emphasising his timely intervention with a shift from inward-looking policies to a more open, productive economy

    KEC2024 showcased India’s new role in setting the global agenda, particularly in areas like green energy, technology, and trade reform, and highlighted India’s aspirations for inclusive growth and its evolving role as a strategic leader of the Global South

    Over 150 prominent economists, policymakers, and academic pioneers from India and around the globe participated in the KEC2024

    Posted On: 07 OCT 2024 8:37PM by PIB Delhi

    The third edition of the Kautilya Economic Conclave 2024 (KEC2024) held between October 4-6, 2024, in New Delhi, was successfully concluded yesterday. The Prime Minister, Shri Narendra Modi, addressed the KEC2024 with a special address to the participants, evoking enthusiasm in its ongoing effort to make India a developed economy by 2047.

    Over 150 prominent economists, policymakers, and academic pioneers from India and around the globe participated in the KEC2024, organised by the Institute of Economic Growth (IEG) in partnership with the Department of Economic Affairs (DEA), Ministry of Finance (MoF). It featured 11 Plenary Sessions, 12 interactive sessions and bilateral discussions on contemporary economic and social challenges facing both India and the world.

    The Prime Minister’s vision for a Viksit Bharat is predicated on continued economic growth, structural reforms and harnessing the cutting edge of technology.

    In his address, the Prime Minister emphasised India’s emergence as a preferred global investment destination due to substantial reforms over the last decade, including advancements in banking, taxation, and infrastructure, and also discussed India’s commitment to green energy, highlighting initiatives like the green hydrogen mission and the Global Biofuel Alliance, which were critical outcomes of India’s G20 Presidency.

    Earlier, the KEC 2024 kicked off with an inaugural address by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, who emphasised India’s robust macroeconomic fundamentals and its abilities to address multiple uncertainties.

    Smt. Sitharaman also gave an overview of India’s high economic growth, fiscal management and investment on infrastructure, manufacturing, and technology while reiterating the government’s commitment to inclusive growth and reforms.

     

     

    The KEC2024 concluded with the Union Minister for External Affairs Dr. S. Jaishankar in conversation with Mr. N.K. Singh, President of the Institute of Economic Growth, where they discussed India’s strategic role in the Global South.

    Dr. Jaishankar highlighted how India is seen as a “trusted and articulate member” and spoke on the increasing importance of alternative global frameworks such as the India-Middle East-Europe Economic Corridor (IMEC) and the International Solar Alliance (ISA), which are shaping global collaboration beyond traditional structures like the UN. Dr. Jaishankar also stressed on the emergence of AI and it’s far reaching impact on economic and social activities.

    A key highlight was the participation of Prof. Jagdish Bhagwati, one of India’s most respected economists, who praised India’s transformation from “taking advice” from global institutions like the World Bank to now “giving advice” to them. He lauded the Prime Minister for his leadership, emphasising that his timely intervention shifted from inward-looking policies to a more open, productive economy given the complexities, strategies have been nibble to grasp new opportunities while addressing ongoing challenges.

    Throughout the KEC2024, experts delved into several critical topics like the challenges affecting factors of productivity such as skilling to enhance employment, and growth enhancing strategies; the urgent need to address climate change and strategies for a green transition; best international and domestic practices in industrial policy; the challenges and consequences of geo-economic fragmentation; reforming the international financial architecture; and artificial intelligence and its potential effects on jobs and the economy, to mention a few.

    The KEC2024 featured a wide array of distinguished participants, both from India and abroad. Key international participants included, among others, Bhutan’s Finance Minister Mr. Lyonpo Lekey Dorji; Ms. Amelie de Montchalin, Frech Permanent Representative of OECD & former French Minister; Mr. Albert Park, Chief Economist and Director General, Asian Development Bank; Mr. Masood Ahmed, President Emeritus of the Centre for Global Development; Mr. Justin Yifu Lin, Dean of the Institute of New Structural Economics at Peking University; Mr. Erik Berglof, Chief Economist at the Asian Infrastructure Investment Bank; Lord Nicholas Stern, IG Patel Professor of Economics and Government, London School of Economics; and mr. John Lipsky, Senior Fellow at the Foreign Policy Institute, Johns Hopkins University. Among the Indian participants, notable figures included Mr. Arvind Panagariya, Chairman of the 16th Finance Commission; Mr. Suman Bery, Vice Chairman of NITI Aayog; Dr. V. Anantha Nageswaran, Chief Economic Advisor, and Secretaries from the Ministry of Finance and Ministry of External Affairs.

    These discussions spanning over three days – centred around the theme of “the Indian Era”. There were sessions on topics such as “Relationship between climate and development goals”; “Geo-economic fragmentation and the implications for growth”; “Financing the green transition”; “The rise of Asia and its implications for development economics”, etc.

    The deliberations at the conclave showcased India’s shift from following global directives to setting the global agenda, particularly in areas like green energy, technology, and trade reform, and highlighted India’s aspirations for inclusive growth and its evolving role as a strategic leader of the Global South, while reinforcing its ambition to become a developed economy by 2047.

    ****

    NB/KMN

    (Release ID: 2062979) Visitor Counter : 55

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – EU forking out EUR 123 million for a bridge to be built by a Chinese company in Tunisia – E-001871/2024

    Source: European Parliament

    Question for written answer  E-001871/2024
    to the Commission
    Rule 144
    Jordan Bardella (PfE)

    The fact that the contract to build the Bizerte bridge in Tunisia has been awarded to the Chinese company Sichuan Road and Bridge Group has raised concerns about the allocation of public funds to third countries. Costing EUR 200 million in total, the project is primarily financed by a loan of EUR 123 million from the European Investment Bank.

    With the EU being one of the main donors, one has to question the transparency of the selection processes and the relevance of using EU funds to support non-EU companies, especially in a context where China is stepping up its efforts to establish itself in North Africa through the New Silk Routes Initiative.

    • 1.What control mechanisms has the Commission put in place to ensure that priority is given to allocating EU funds to European companies in international projects?
    • 2.How will it ensure greater transparency in the award of contracts financed by the EU abroad?
    • 3.How will it strengthen Mediterranean cooperation while ensuring that European companies are better positioned in future EU-funded projects in third countries?

    Submitted: 30.9.2024

    Last updated: 7 October 2024

    MIL OSI Europe News –

  • MIL-Evening Report: Failure to launch: why the Albanese government is in trouble

    Source: The Conversation (Au and NZ) – By Carol Johnson, Emerita Professor, Department of Politics and International Relations, University of Adelaide

    It wasn’t meant to be like this.

    In her 2022 study of Anthony Albanese, Katharine Murphy describes a prime minister who thought he’d be successfully managing an idealistic, collaborative and positive “new politics” that would favour the Teal independents rather than Dutton’s Liberals. Albanese seemed confident that Labor was destined for an extended period in office. Given he later appointed Murphy to his communications team, he apparently approved of her analysis.

    However, even at the time Murphy’s Lone Wolf: Albanese and the New Politics was published, various commentators, including myself, queried the “new politics” scenario. While the Teals may represent a new politics, it is clear that the old Liberal politics — of culture wars and denouncing Labor’s economic and climate change policies — is also still very much with us.

    Labor and the Liberals are now neck-and-neck in some polls, with minority government (or worse) potentially looming for Labor. Meanwhile, Gareth Evans and Bill Kelty, key figures from the Hawke/Keating period, have excoriated the Albanese government’s allegedly lacklustre performance.

    How did it all go so wrong?

    Great expectations; modest reality

    Some of the reasons can be traced back to difficulties addressing unrealistic expectations in Labor’s 2022 election strategy. Albanese went to the 2022 election with a “new politics”, collaborative style agenda that sought to bring all Australians, including business, labour, Indigenous and non-Indigenous Australians together. It was a small target strategy based on assumed common interests, kindness and compassion rather than divisiveness.

    As a result, Labor successfully countered Scott Morrison’s populist, “us versus them” campaign strategy. However, Labor’s approach was to prove easier to implement as an election strategy than in government, as three examples show.

    First, Albanese was channelling Bob Hawke when it came to bringing business and labour together. Yet, the Hawke government’s rapprochement with business was based on business being able to pay lower wages, because workers would be compensated by a government-funded “social wage” in the form of benefits and entitlements.

    By contrast, the Albanese government pledged to end the wage stagnation of the Liberal years and generally increase wages. A major emphasis was placed on improving the wages of low-paid women workers. In the process, Labor tackled issues that arose from Keating’s flawed, neoliberal-influenced, enterprise bargaining model.

    However, key business groups criticised Labor’s resulting industrial relations measures, including multi-employer bargaining, increases in the minimum wage, and measures designed to address precarious and contract work. The Liberals have largely sided with business critiques.

    Second, Labor’s attempts to bring Indigenous and non-Indigenous Australians together, via the Voice referendum, fell victim to a divisive, populist campaign by Dutton and others. Dutton depicted the Voice proposal not as arising from a major national meeting of Indigenous representatives but as being an elite “Canberra voice” that would give special rights to Indigenous Australians that were denied to others. Furthermore, he argued that government was so focused on elite “woke” issues such as the Voice, it was neglecting Australian workers’ cost-of-living crisis. Labor’s strategy for countering right-wing populism was in disarray.

    Albanese’s response to the Voice loss was to go even more “small target” in ways that alienated progressive supporters. He abandoned key commitments ranging from the Indigenous Makarrata commission process of Treaty and Truth-telling, to protecting LGBTQI+ teachers and students from being sacked by religious schools. The debacle over including gender identity questions in the census was another result.

    Third, international events, and other parties’ politicisation of them, have impeded the government’s attempts at social cohesion. Australian political debate has become so polarised over developments in the Middle East that the Albanese government is accused of abandoning support for Israel by the Liberals and the Murdoch press, while simultaneously being accused of being “complicit in Israel’s genocide” by the Greens and pro-Palestinian groups.

    Narrative failure

    As its original story of bringing Australians together has been increasingly undermined, the government has floundered when it comes to telling a clear narrative about itself. By contrast, Dutton’s relentless, focused and simply expressed negativity has been cutting through.

    Part of Labor’s problem in countering Dutton is that he is targeting them for things that are often beyond their control.

    For example, Dutton’s claim the government has been too distracted by so-called “woke” issues to address the cost-of-living crisis has been particularly electorally damaging for Labor. So have his claims that Labor’s renewable energy policies are fuelling inflation and pushing up the cost of living still further.

    The government argues it has been providing extensive cost-of-living relief in the form of tax cuts, energy bill relief, rental assistance, wage increases, cheaper medicines and reduced child care costs. However, the problem is that such government measures are being continually undercut by inflation, price increases, high interest rates, and the housing affordability and supply crisis.

    Yet, the housing affordability and supply crisis has been aggravated by decades of poor housing policy that long predate the Albanese government. Furthermore, Labor’s attempts to address it are currently being stymied by a combination of Coalition and Greens opposition, once again sandwiching Labor.

    Meanwhile, the Coalition argues that government spending is exacerbating inflation and high interest rates. However, even the independent Reserve Bank, which sets cash interest rates and is also critical of government spending, has drawn attention to multiple international factors playing a role in inflation. Price increase gouging by some businesses to augment their profits has exacerbated the problem.

    Furthermore, Treasurer Jim Chalmers argues that existing government spending levels have been essential to preventing Australia sliding into recession, while still enabling a budget surplus.

    Chalmers has struggled to cut through in the way that Keating’s messages did. However, Keating benefited from the Coalition largely agreeing with his neoliberal-influenced “reform” agenda, despite arguing it wasn’t going far enough. By contrast, Chalmers has been facing a fundamentally hostile opposition, unsympathetic to key influences on his thought, such as Mariana Mazzucato.

    Labor has also had trouble selling the government’s achievements because, as I argue in a recent book, some of the Albanese government’s most successful reform measures have been in gender equality (although much more still needs to be done). Despite women making up more than half of the population, reforms that affect women tend to be undervalued in what is still a male defined political culture. Furthermore, the working class is often conceived in terms of blue collar male employment, so benefits for women workers are not being adequately recognised. This is particularly the case in Dutton’s hyper-masculine, strongman discourse.

    Mobilising gendered leadership stereotypes has been central to Dutton’s populist “us” versus “them” politics. Dutton consistently depicts Albanese as an emasculated “weak” leader on issues ranging from addressing the cost of living crisis to detaining asylum seekers freed by a High Court decision, and supporting Israel. By contrast, Dutton is depicted as the strong leader who will stand up for everyday Australians allegedly abandoned by Labor and the so-called elites.

    This does not look like a “new politics” at all and it is a divisive, populist terrain that Labor is finding very difficult to negotiate.

    Carol Johnson has received past funding from the Australian Research Council for work on Labor governments and on gender equality policy. .

    – ref. Failure to launch: why the Albanese government is in trouble – https://theconversation.com/failure-to-launch-why-the-albanese-government-is-in-trouble-239730

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: OceanFirst Bank Secures $50,000 in Small Business Recovery Grants from Federal Home Loan Bank to Benefit Ten Local Nonprofit Organizations

    Source: GlobeNewswire (MIL-OSI)

    RED BANK, N.J., Oct. 07, 2024 (GLOBE NEWSWIRE) — OceanFirst Bank N.A. (the “Bank” or “OceanFirst”), a subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC), has helped ten nonprofit organizations in its market area to apply for and obtain Small Business Recovery Grants totaling $50,000 through a program created by the Federal Home Loan Bank of New York (FHLBNY). The grants are designed to assist eligible organizations who have faced economic challenges due to the rate environment, inflation, supply-chain constraints, or rising energy costs.

    The ten grants awarded this year will assist nonprofit organizations committed to addressing hunger and food insecurity. Nearly one million people in New Jersey are food insecure, a 22% increase over the previous year, according to Feeding America’s annual Map the Meal Gap study. This includes more than 260,000 children –about 1 in 8. Nationwide, the extra amount of money that people facing hunger say they need to have enough food has reached its highest point in the last 20 years.

    “The Small Business Recovery Grant Program is a great opportunity for OceanFirst Bank to help support our local nonprofit partners and the important work they are doing to aid our communities,” said George Destafney, OceanFirst Bank Chief Community Banking Officer. “We are so pleased to be able to assist ten organizations to receive important resources that will benefit our neighbors struggling with food insecurity. Our congratulations and appreciation to the Federal Home Loan Bank of New York for another successful Small Business Recovery Grant round.”

    Under the Small Business Recovery Grant Program, banks such as OceanFirst, which are members of the FHLBNY, identify qualified small-business and non-profit customers who are eligible to receive the grant awards.

    OceanFirst Bank facilitated Small Business Recovery Grants of $5,000 for each of the following organizations, for a total of $50,000:  

    “Meals on Wheels is thrilled to receive a $5,000 grant from OceanFirst Bank. This incredible support will help us provide more meals and cover essential expenses, continuing our mission to deliver nutritious meals and positively impact our seniors’ lives,” said Shareka Fitz, Executive Director, Meals on Wheels Greater New Brunswick.

    Gwendolyn Love, Executive Director, Lunch Break, added, “The $5,000 grant from OceanFirst Bank will help ensure efficient kitchen and pantry operations, providing healthy and nutritious meals to food-insecure families and individuals in our community.”

    “Located in the Bronx, a borough with the highest rates of diabetes in the country, the Friendly Fridge BX focuses on rescuing and redirecting healthy foods to share with people from all over the Bronx and Yonkers,” shared Sara Allen, co-founder of Friendly Fridge BX. “With the support of this $5,000 grant from OceanFirst Bank, over 1,800 visitors per week who come in search of healthy food will have access to over 117,000 lbs. of fresh produce over the course of 13 weeks.”

    OceanFirst Bank N.A., a subsidiary of OceanFirst Financial Corp. founded in 1902 is a $13.3 billion regional bank providing financial services throughout New Jersey and the major metropolitan areas between Massachusetts and Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst go to http://www.oceanfirst.com.

    Company Contact:
    Jill Apito Hewitt
    Director Corporate Communications
    OceanFirst Financial Corp.
    Tel: (732) 240-4500, ext. 27513
    Email: jhewitt@oceanfirst.com

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/cd41f568-6efb-4e98-8791-c83bf64cb38a

    https://www.globenewswire.com/NewsRoom/AttachmentNg/52084880-5502-4eed-a883-14f65b568b62

    https://www.globenewswire.com/NewsRoom/AttachmentNg/25669639-69a1-40d8-953c-75a27a3c5ad1

    The MIL Network –

  • MIL-OSI: Brookline Bancorp, Inc. Announces Third Quarter 2024 Earnings Release Date and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Oct. 07, 2024 (GLOBE NEWSWIRE) — Brookline Bancorp, Inc. (NASDAQ: BRKL) announced today that it will report third quarter 2024 earnings at the close of business on Wednesday, October 23, 2024. Management will host a conference call to review this information at 1:30 PM Eastern Time on Thursday, October 24, 2024. Interested parties may listen to the call and view a copy of the Company’s Earnings Presentation by joining the call via https://events.q4inc.com/attendee/314623001. To listen to the call without access to the slides, interested parties may dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp conference call (Access Code 414186). A recorded playback of the call will be available for one week following the call at 866-813-9403 (United States) or 1-929-458-6194 (internationally). The passcode for this playback is 898921. The call will be available live or in a recorded version on the Company’s website at www.brooklinebancorp.com.

    ABOUT BROOKLINE BANCORP, INC.

    Brookline Bancorp, Inc. is a multi-bank holding company for Brookline Bank, Bank Rhode Island, PCSB Bank and their subsidiaries. Headquartered in Boston, Massachusetts, the Company has $11 billion in assets and branches throughout Massachusetts, Rhode Island, and New York. As a commercially-focused financial institution, the Company, through its banks, offers a wide range of commercial, business and retail banking services, including a full complement of cash management products, on-line banking services, consumer and residential loans and investment services designed to meet the financial needs of small-to mid-sized businesses and retail customers. The Company also provides equipment financing through its Eastern Funding subsidiary and wealth management services through its subsidiary, Clarendon Private, a registered investment advisor. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: http://www.brooklinebank.com, http://www.bankri.com, and http://www.pcsb.com.

    Brookline Bancorp, Inc.
    Carl M. Carlson 617-425-5331
    Co-President, Chief Financial and Strategy Officer

    The MIL Network –

  • MIL-OSI: Veritex Holdings, Inc. Announces Dates of Third Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 07, 2024 (GLOBE NEWSWIRE) — Veritex Holdings, Inc. (Nasdaq: VBTX) (“Veritex” or “the Company”), the parent holding company for Veritex Community Bank, today announced that it plans to release its third quarter 2024 results after the close of the market on Tuesday, October 22, 2024. The earnings release will be available on the Company’s website, https://ir.veritexbank.com/. The Company will also host an investor conference call to review the results on Wednesday, October 23, 2024 at 8:30 a.m. Central Time.

    Participants may access a live webcast of the conference call through the investor relations section of Veritex’s website, or the hosting website at https://edge.media-server.com/mmc/p/99msavdf. Participants may also register via teleconference at: https://register.vevent.com/register/BI8a41df4f3f824d2888f9cf9a3e02c9b8. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial-in 15 minutes prior to the start time.

    A replay will be available within approximately two hours after the completion of the call, and made accessible for one week. You may access the replay via webcast through the investor relations section of Veritex’s website.

    About Veritex Holdings, Inc.

    Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit http://www.veritexbank.com.

    Source: Veritex Holdings, Inc.

    Investor Relations:
    972-349-6132
    investorrelations@veritexbank.com

    The MIL Network –

  • MIL-OSI USA: A Year of Sorrow

    Source: USAID

    One year ago today, Hamas orchestrated a brutal terrorist attack on Israel, killing more than 1,200 people and taking more than 250 hostages, many of whom are still held by Hamas or unaccounted for to this day. Forever seared into our collective consciousness are the memories of young people at a concert running for their lives, seniors and young children huddling in terror in their homes, and the searing sounds of the victims’ final words to their loved ones. We mourn all those that were murdered that day and grieve with all those who have suffered since.  

    In February, I visited Kibbutz Be’eri, situated on the Gaza periphery, where nearly 100 people were murdered and nearly 30 taken hostage. I saw the horrors that were perpetrated when terrorists attacked a peaceful community and murdered and kidnapped innocent people en masse. I spoke with a father who, in the hours after the attack, attempted to get his children to safety – covering their eyes as they ran so they wouldn’t have to see the carnage around them. He showed me the place where his kids’ grandfather and grandmother were executed at point blank range. We must not forget the lives lost, the families broken, and those who have endured 365 excruciating days of waiting for word of their stolen loved ones. 

    And in the year since, the human cost of the war that began due to the attacks on October 7 has been unimaginable. Across the region, innocent men, women, and children who wanted nothing more than to live in peace and safety have been killed. We mourn all those who have lost their lives in Israel, the West Bank, and Lebanon, and the tens of thousands of Palestinian civilians killed in Gaza – including more than 11,000 children. When I spoke with Palestinians during a visit to the West Bank earlier this year, one man told me that a single Israeli airstrike killed 16 of his grandchildren. So many in Gaza are hungry, sick, and cold – displaced from their homes, and approaching winter with little to no shelter. 

    Across our own USAID community, staff have been deeply impacted by the carnage and trauma of October 7 and the past year of war and humanitarian crisis – including by the horrific deaths and serious injuries of family and friends in Israel, Gaza, and Lebanon. In Gaza, USAID-funded local implementing partner staff and volunteers have been among those who have been injured and killed during Israeli military operations.  

    Looking back over the last year, nothing will bring back those who have died, and nothing can undo the agony people have been living through. Looking forward, all those involved in this conflict must do more to prevent further suffering. The U.S has been the single largest provider of aid to the Palestinian people since October 7, and we continue our relentless push for an enduring ceasefire that will bring home the hostages and end the war in Gaza, as well as our humanitarian efforts and support for diplomacy to provide much-needed relief to people across the region.

    MIL OSI USA News –