NewzIntel.com

Category: Banking

  • MIL-OSI Economics: ADB Publications Catalog

    Source: Asia Development Bank

    Topics include agriculture, education, energy, environment, gender, governance, health, transport, urban development, and water. Most of these publications can be downloaded for free from the ADB Publications pages. Hard copies of listed titles can be ordered from Amazon online; or via the “Order print publication” button on the relevant web pages. Orders can also be placed through our commercial distributors, booksellers, and copublishers when indicated in the publication’s description.

    MIL OSI Economics –

  • MIL-OSI China: World’s largest lego enlivens iconic ancient Chinese painting

    Source: China State Council Information Office 3

    The National Day Golden Week has seen a highlight, with tourists flocking to New Town Plaza in Sha Tin, the eastern New Territories, to see for themselves another new Guinness World Record.

    Here a long scroll of the “Along the River During the Qingming Festival,” an iconic painting of Northern Song Dynasty (960-1126), unfolded and has been on display, ingeniously constructed straight from lego bricks.

    Covering 47 square meters, the world’s largest lego exhibit, shown from Sept. 25 through Oct. 31, has been the latest weekend and holiday hotspot, delicately piecing together a marvellous world where the old and the new converge.

    For viewers, the exhibit is impressive in a way that it blends two vastly different cultural representatives from the East and the West: a masterpiece of ancient Chinese painting and a classic toy igniting childhood memories of westerners.

    “We rolled out this exhibit mainly to promote traditional Chinese culture through creative events, in a way that is more relaxed, entertaining and appealing to young people,” said Tania Wan, deputy general manager of Personal Banking and Wealth Management with Bank of China (Hong Kong), which initiated the program.

    As people walk along the 26-meter-long and three-dimensional diorama made from up to 3 million lego bricks, they can picture themselves in bustling streets centuries ago, where vendors were selling melons and kids were playing hide and seek.

    “There were myriad depictions of people in all walks of life going about their daily activities and no two objects are identical,” Hong Kong local surnamed Chung told Xinhua. “Everything seemed to be brought to life within seconds.”

    Pointing at a two-storey building with a front door decorated with colorful ribbons, Li Chun-tung, an art lecturer at the University of Hong Kong, said, “This was one of the busiest restaurant then, with decorations typical of taverns and bars in Nothern Song Dynasty. It was among many buildings and structures that were vividly restored in this model.”

    The lego diorama recaptures many details of life over centuries ago, much the same as those depicted in the painting. There were various trades including a joss stick shop, barber, fortune teller and medical clinic, and larger businesses such as teahouses, restaurants, taverns, butchers, and hawkers, as well as different means of transportation like sedan chairs, wagons, donkeys, horses and camels.

    However, program executive and lego certified professional Andy Hung was far from being satisfied. With over 10 years of coordinator and creator of lego exhibitions, the veteran admitted there were still details unrestored due to the limitation of lego in displaying human figures.

    For Hung, it was by no means an easy job, with five months spent on sorting out blueprint. Hung has polished lego solutions, consulted historians and architects, in addition to inspirations from archives.

    “Every project is new to me, because every time I face a different scene, a different architecture, and a different culture. And recreating those through lego is a challenge,” Hung said.

    In his studio in Lai Chi Kok, Kowloon, among items on display were fun lego recreations stemming from traditional Chinese culture, including the Forbidden City, Peking Opera facial masks, Suzhou double-sided embroidered fans, the Terracotta Warriors and the Yellow Crane Tower.

    “Young people in Hong Kong are very interested in recreating traditional Chinese cultural works with lego. This time, we invited many young people and students from Hong Kong for the item, and they were very passionate,” Hung said.

    “I am simply demonstrating traditional culture with my works, and let ingenious toys tell traditional culture,” Hung said. 

    MIL OSI China News –

  • MIL-OSI Economics: WTO-FIFA “Partenariat pour le Coton” initiative concludes national consultations

    Source: WTO

    Headline: WTO-FIFA “Partenariat pour le Coton” initiative concludes national consultations

    Launched in February 2024 following the WTO-FIFA Memorandum of Understanding (MoU) signed in 2022, the “Partenariat pour le Coton” initiative brings together public and private sector partners to support the C4+ countries in advancing along the cotton value chain and securing greater benefits for these nations.
    The consultations focused on building upon the baseline study conducted by the United Nations Industrial Development Organization (UNIDO) and the International Trade Centre (ITC) and implementing its recommendations on developing the cotton sector at the national level. The consultations have helped to ensure that national strategies align with the broader objectives of the “Partenariat pour le Coton.”
    Experts from the public and private sectors, as well as key stakeholders across the cotton value chain, took part in the consultations. The African Export-Import Bank (Afreximbank), the International Labour Organization (ILO) and the Enhanced Integrated Framework (EIF) provided financial support, while UNIDO and Gherzi, a textile management consulting company, offered technical expertise, presenting key findings from the baseline study and advising on concrete steps to transform national cotton sectors.
    Government trade officials reiterated their commitment to fostering an environment conducive to reforms and investment in value-added cotton production. They also emphasized the need for enhanced public-private sector cooperation and explored ways to ensure the sustainable development of the cotton industry.
    Private sector representatives, particularly from financial institutions, reaffirmed their support for value addition in the African cotton industry and pledged increased investment in the cotton-to-textile value chain. Participants also highlighted the need for stronger technical assistance to address capacity gaps identified in the baseline study.
    Looking ahead, the outcomes of each national consultation will be compiled into individual country reports, contributing to a comprehensive regional report. This report will serve as a foundation for attracting significant investment in C4+ countries.
    Participants hailed the successful conclusion of the consultation process and reiterated the importance of helping C4+ countries maximize the benefits of their cotton industries through the “Partenariat pour le Coton” initiative and other international partnerships.
    The partners of the “Partenariat pour le Coton” initiative will reconvene at the World Cotton Day 2024 event, scheduled for 6-8 October in Cotonou, Benin.

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    MIL OSI Economics –

  • MIL-OSI Economics: Members underline need for services trade to be inclusive

    Source: World Trade Organization

    Follow-up to outcomes of ministerial conferences

    At the 13th Ministerial Conference (MC13) held in February 2024, ministers stressed that services generate more than two-thirds of global economic output and account for over half of all jobs. They also emphasized the importance of advancing work on trade in services at the WTO. Stemming from this, the Council agreed to hold an informal discussion on the WTO-World Bank report entitled “Trade in Services for Development“. The ministerial mandate on the WTO’s work on trade in services can be found in paragraph 18 of the MC13 Declaration.

    Several members also expressed an interest in exploring the interplay between services trade and the green transition. The WTO’s Organisation of African, Caribbean and Pacific States announced that it is working on updating the note entitled “Vulnerable ACP State services sectors impacted in the context of the COVID-19 Pandemic” submitted in 2021. A suggestion was made to hold a workshop on crisis preparedness in response to the MC13 mandate.

    Participation of LDCs in services trade

    The WTO LDC Group presented to the Council a new questionnaire that aims to assess how LDC services suppliers are working with consumers and enterprises, particularly in the member economies that have notified preferences for LDCs, with the aim of identifying the challenges they may face.

    Members reaffirmed their commitment to increasing the participation of LDCs in global services trade in line with the MC12 Outcome Document and the MC13 Declaration. They reiterated their continued support for putting the Services Waiver into practice as a means of reaching this goal. The waiver was formalized by a decision adopted at the 2011 Ministerial Conference. Preferences for LDC services and service suppliers have been notified by 51 WTO members under the waiver. Members’ notifications can be found here.

    A total of 35 WTO members are classified as LDCs.

    Work Programme on E-commerce

    Some members proposed that the Council complement the work done in the General Council’s dedicated discussions on e-commerce in light of its services-trade focus. Some of the issues suggested for discussion include trade in digitally delivered services, artificial intelligence, cloud computing and financial inclusion.

    The importance of making digital trade more inclusive and of boosting the participation of developing economies in e-commerce was also highlighted.

    Services trade concerns

    Members discussed three previously addressed specific trade concerns involving cybersecurity measures and mobile applications, among other services-related topics.

    Japan and the United States, supported by several other members, reiterated concerns about the cybersecurity measures of China and Viet Nam. China repeated concerns with certain services measures of the United States. China also reiterated its concerns regarding India’s measures in relation to mobile applications.

    Trade in financial services

    Crisis preparedness

    In the Committee on Trade and Financial Services, Pakistan underscored the important role played by financial services in supporting crisis management frameworks. It stressed that the capacities of developing economies in this area should be reinforced, as mandated by ministers at MC13 (see paragraph 21 of the Ministerial Declaration). Members expressed readiness to look into ways of discussing this.

    The Committee is one of the Services Council’s subsidiary bodies.

    Facilitating electronic payments

    Introducing a new proposal, China said that developing economies lack an effective infrastructure and regulatory framework to keep up with international organizations and governments in terms of making online payments more secure. Given that emerging technologies are heavily impacting international economic activities, China suggested a discussion on the WTO’s role in facilitating the expansion of electronic payments across economies.

    The proposal will be discussed at the next Committee meeting in December.

    Reducing the cost of remittance services

    Members were unable to reach consensus on establishing a work programme on reducing the cost of remittance services in the Committee – as proposed by India in a communication dated 8 March – but there was support among members for exploring how the WTO can complement discussions in other international fora.

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    MIL OSI Economics –

  • MIL-OSI Europe: In-Depth Analysis – Can Banking Union foster market integration, and what lessons does that hold for capital markets union? – 02-10-2024

    Source: European Parliament

    Over the past decade, Banking Union (BU) regulators focused on making banks safer, resulting in stronger banks but limited euro area cross-border integration. To attain the strong and integrated financial system Europe needs going forward, BU authorities must now broaden their focus, promoting cross-border banking by removing legislative barriers that prevent or discourage it. That goal requires reducing overbanking and limiting the national authorities’ regulatory power further. It also necessitates a Capital Markets Union (CMU) under a unified supervisory control. We argue that BU and CMU are complements in a strong and integrated European financial system, and that a successful launch of CMU presupposes progress towards an integrated BU.

    MIL OSI Europe News –

  • MIL-OSI Europe: Study – 10 years of Banking Union case law – how did CJEU judgments shape supervision and resolution practice in the Banking Union? – 03-10-2024

    Source: European Parliament

    This paper discusses EU case law developed over the past decade relating to decisions taken by the European Central Bank within the Single Supervisory Mechanism (SSM) and within the Single Resolution Mechanism (SRM). The cases centre around embracing and solidifying the BU framework, inter alia, with the admissibility to challenge ECB’s supervisory and licence withdrawal decisions, the application of national law by the ECB in its supervisory competence and the methodology attached to the setting of administrative pecuniary penalties. Other cases concern the determination of the ex-ante contributions to the Single Resolution Fund, the perimeter of resolution decision-making, and the responsibility of the decision-making bodies involved in the resolution process.

    MIL OSI Europe News –

  • MIL-OSI Europe: Study – 10 years of Banking Union case-law: How did CJEU judgments shape supervision and resolution practice in the Banking Union? – 25-09-2024

    Source: European Parliament

    This study discusses and analyses on a targeted basis and in a systematic way the evolution and key aspects of the case-law of the Court of Justice of the European Union (CJEU) in relation to the two key pillars of the Banking Union in force, namely, the Single Supervisory and the Single Resolution Mechanisms, from their full operationalisation in November 2014 and in January 2016, respectively, up to the beginning of September 2024. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.

    MIL OSI Europe News –

  • MIL-OSI Russia: Financial news: Basic standards for protecting the rights of consumers of financial services: decisions of the Bank of Russia

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    The Bank of Russia has decided to approve Basic standard protection of the rights and interests of recipients of financial services provided by members of self-regulatory organizations uniting insurance organizations and foreign insurance organizations.

    The document was developed by the All-Russian Union of Insurers, a self-regulatory organization in the financial market, and on September 19, 2024, it was approved by the Committee on Standards for the Activities of Insurance Organizations and Foreign Insurance Organizations under the Bank of Russia.

    At the same time, the Bank of Russia decided to refuse to approve the Basic Standard, which was agreed upon on August 21, 2024 by the Committee on Standards for the Activities of Insurance Organizations and Foreign Insurance Organizations. The decision was made due to the non-compliance of certain provisions of the standard with the requirements established by Article 6.2 of the Law of the Russian Federation dated November 27, 1992 No. 4015-I “On the Organization of Insurance Business in the Russian Federation”.

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

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

    http://vvv.kbr.ru/press/event/?id=21058

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

    MIL OSI Russia News –

  • MIL-OSI USA: PHOTOS: Capito Visits East Bank Middle School, Tours GreenPower

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    CHARLESTON, W.Va. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), a leader on the Senate Appropriations and Environment and Public Works (EPW) Committees, visited East Bank Middle School and toured the GreenPower Manufacturing Facility, both in Kanawha County, W.Va.
    First, Senator Capito spoke to the 8th grade class at East Bank Middle School in East Bank, W.Va. about her career in public service and current work in the U.S. Senate.
    “I am always inspired by the young people of our state and their potential, and the students at East Bank Middle School are no exception,” Senator Capito said. “We had a productive conversation about civics and the different branches of government, and I enjoyed the opportunity to share my experience. The future is bright for these students, and I can’t wait to see all they go on to accomplish.”
    Second, Senator Capito toured the GreenPower Motor Company, a local manufacturer of electric school buses, in South Charleston, W.Va. During the visit, Senator Capito met with company leaders and presented keys for a new electric bus to Wyoming County School Superintendent Dr. John Henry.
    “Just over two years ago, GreenPower pledged to bring operations to West Virginia. And today, we’re getting another new school bus—made with West Virginia aluminum from Jackson County—on the road that will safely bring our children in Wyoming County to and from school. Through this visit, we are seeing the success that can result when we pursue pragmatic solutions based in reasonable policies that put our state’s needs first. I commend GreenPower and all those involved for investing in West Virginia and contributing to not only our economic development, but the education of our children – something so central to our state’s future,” Senator Capito said.
    “It was wonderful to welcome Senator Capito to the facility and show her the products we are making here in West Virginia. She has been a great champion for our industry in the Senate and we are grateful for her continued support,” Mark Nestlen, Vice President of Business Development and Strategy at GreenPower Motor Company, said.
    Photos from today’s visits are included below:

    U.S. Senator Shelley Moore Capito (R-W.Va.) pictured with eighth grade students at East Bank Middle School in East Bank, W.Va. on Thursday, October 3, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) visits the GreenPower electric bus manufacturing facility in South Charleston, W.Va. on Thursday, October 3, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) presents a set of keys to a new electric bus to Wyoming County School Superintendent Dr. John Henry at the GreenPower electric bus manufacturing facility in South Charleston, W.Va. on Thursday, October 3, 2024.

    MIL OSI USA News –

  • MIL-OSI New Zealand: BNZ offers support for Otago customers affected by severe rainfall  

    Source: BNZ statements

    BNZ is offering an assistance package to customers affected by severe rainfall in the Otago region.  

    Available immediately, the assistance package includes:  

    • Ability to review home lending facilities on a case-by-case basis. 
    • Access to temporary personal overdrafts to support customers who require access to funds urgently while they await insurance pay-outs. Standard interest rates and credit criteria applies. 
    • Access to temporary overdrafts of up to $10,000 with no application fee for Small Business customers. Standard interest rates and credit criteria applies. 
    • Access to temporary overdrafts for Agri, Business, and Commercial customers up to $100,000, with no application fee. Standard interest rates and credit criteria applies. 

    “We understand the challenges that can be posed to households, businesses and communities as a result of severe weather events,” says Anna Flower, BNZ Executive Personal and Business Banking. 

    “We’ve put together a range of practical support options to help ease some of the immediate financial pressure our customers might be facing. 

    “We also have a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help,” says Flower. 

    To discuss support options, business and agribusiness customers should reach out to their BNZ Partner. Small business owners can call 0800 BNZSME, while personal banking customers can access support through BNZ’s digital platforms or by calling 0800 ASKBNZ. 

    BNZ PremierCare Insurance customers who need assistance can call IAG NZ on 0800 248 888 or submit an online claim https://iagnz.custhelp.com/app/bnz  

    With local authorities in Otago, including Civil Defence, advising locals to avoid any unnecessary travel, BNZ is temporarily closing its Dunedin branches and Partner Centre. 

    “It’s important that our customers and our BNZers stay safe. Our teams in Dunedin can work from home and our people who would normally be working in our branches will instead be available to support customers via telephone banking and they continue to do their banking online or through our BNZ app,” says Flower.  

    BNZ’s ATM network in the affected areas remains operational, ensuring customers have continued access to cash and basic banking services. 

    Customers can check whether their local BNZ branch is open here: http://www.bnz.co.nz/locations 

    The post BNZ offers support for Otago customers affected by severe rainfall   appeared first on BNZ Debrief.

    MIL OSI New Zealand News –

  • MIL-OSI: Texas Capital Bancshares, Inc. Announces Date for Q3 2024 Operating Results

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 03, 2024 (GLOBE NEWSWIRE) — Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, today announced that it expects to issue financial results for the third quarter of 2024 before market on Thursday, October 17, 2024. Executive management will host a conference call and webcast to discuss third quarter 2024 operating results on Thursday, October 17, 2024, at 9:00 a.m. EDT.

    Participants may pre-register for the call by visiting https://www.netroadshow.com/events/login?show=09508363&confId=72055
    and will receive a unique PIN number to be used when dialing in for the call for immediate access.

    Alternatively, participants may call 833.470.1428 and use the access code 126292 at least fifteen minutes prior to the call to join through an operator.

    The live webcast can be found at https://events.q4inc.com/attendee/897982023. Corresponding presentation slides can be accessed on the company’s investor website at http://investors.texascapitalbank.com.

    An audio replay will be available one hour after the conclusion of the call on the company’s investor website.

    ABOUT TEXAS CAPITAL BANCSHARES, INC.
    Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly-owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations, and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit http://www.texascapital.com.

    The MIL Network –

  • MIL-OSI: HomeTrust Bank Committed to Serving Local Communities Following Hurricane Helene

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., Oct. 03, 2024 (GLOBE NEWSWIRE) — While the full impact of Hurricane Helene and its aftermath, including catastrophic rain and flooding, is still unknown, relief efforts continue, and HomeTrust Bank is committed and prepared to serve its employees and customers who were affected.

    “Our thoughts and prayers are with the many families and businesses impacted by the devastating flooding,” said C. Hunter Westbrook, President & Chief Executive Officer. “We want to assure everyone affected of our firm commitment to work with you to provide the banking support needed for your home, your business and our great communities. In addition, the teamwork and dedication of our employees has been tremendous as they restored bank operations while tending to their personal and familial responsibilities. We are also humbled by the support, supplies and outreach from other banks throughout the Southeast.”

    As we emerge from the devastation our communities have suffered, our top priority is the safety of our customers and our team members. We have now communicated with and confirmed the safety of all our employees, as well as assessed all our banking locations noting only minimal damage from the storm. We remained functionally operational throughout the storm, including electronic banking services and online operations, and currently all but three of our 36 locations have at least drive-thru banking available. With utilities and communications still impaired and unstable, particularly in our home base of Western North Carolina, please refer to our website at http://www.htb.com/hurricane-helene for the most recent updates and service availabilities.

    About HomeTrust Bancshares, Inc.
    HomeTrust Bancshares, Inc. (NASDAQ: HTBI) is the holding company for HomeTrust Bank. As of June 30, 2024, the Company had assets of $4.7 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (the Asheville metropolitan area, the “Piedmont” region, Charlotte and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville and Morristown), Southwest Virginia (the Roanoke Valley) and Georgia (Greater Atlanta).

    Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company’s market areas; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at http://www.htb.com and on the SEC’s website at http://www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    http://www.htb.com

    The MIL Network –

  • MIL-OSI Asia-Pac: India Charts Course towards Maritime Decarbonization at High-Level Conference

    Source: Government of India

    India Charts Course towards Maritime Decarbonization at High-Level Conference

    The conference organised by Ministry of Ports, Shipping and Waterways underscored India’s commitment to achieving net-zero carbon emissions by 2070

    Through initiatives like the Harit Sagar Green Port Guidelines and Harit Nauka Green Transition Guidelines, we are setting a global example in the adoption of green energy, sustainable port operations, and cleaner shipping practices: Shri TK Ramchandran, Secretary, MoPSW

    Expert sessions highlighted global best practices and regulatory strategies to drive maritime decarbonisation

    Posted On: 03 OCT 2024 5:27PM by PIB Delhi

    The Conference on Maritime Decarbonization in India, co-hosted by the Ministry of Ports, Shipping & Waterways (MoPSW) and the Asian Development Bank (ADB), concluded today at Le Meridien, New Delhi. The event brought together over 200 delegates, including leaders from key Indian ports, central and state government officials, industry stakeholders, international experts, and academia to discuss the future of green shipping and port operations.

    The conference underscored India’s commitment to achieving net-zero carbon emissions by 2070 and highlighted strategic initiatives to decarbonize its maritime sector, aligned with the Maritime India Vision 2030. Discussions covered a range of critical themes, including green port infrastructure, clean harbor craft, the use of zero-carbon fuels, emissions reduction strategies, and the electrification of inland waterways.

    In his keynote address, Shri T. K. Ramachandran, Secretary, MoPSW, reinforced India’s determination to transform its maritime sector. He said “India’s maritime sector is not just a key driver of nation’s economy but also a critical player in our fight against climate change. Through initiatives like the Harit Sagar Green Port Guidelines and Harit Nauka Green Transition Guidelines, MoPSW is setting a global example in the adoption of green energy, sustainable port operations, and cleaner shipping practices. Our efforts today will define the maritime landscape of tomorrow, ensuring a balance between economic growth and environmental sustainability.”

    “MoPSWs ambition to embrace low or zero-emission fuels and transform all vessels in Indian waters into green vessels by 2047 exemplifies forward-thinking approach to climate action and sustainable maritime practices”.

    “The National Green Hydrogen Mission, with its goal of making India a global hub for green hydrogen production, reflects commitment to achieve net-zero emissions by 2070. By reducing carbon intensity and adopting ‘Working with Nature’ principles, MoPSW ensures that India’s maritime sector not only supports economic growth but also aligns with broader climate objectives, driving innovation and sustainability in every step”.

    One of the event’s highlights was a special session on Green Ports and Maritime Decarbonization, where experts shared knowledge and best practices for reducing the carbon footprint of Indian ports. The session included presentations from Ajay Kumar Singh, Head of DNV Maritime Advisory India, who discussed the role of smart ports in enhancing energy efficiency, and Lawrence Ong, Deputy Director of Maritime and Port Authority of Singapore, who shared insights into Singapore’s decarbonization journey.

    In another session, discussions focused on the role of zero-carbon fuels in maritime operations, with experts highlighting the need for early adoption of alternative fuels like green hydrogen and ammonia. Captain Prashant S. Widge of Maersk Line shared a shipowner’s perspective on the global challenges and opportunities in transitioning to green fuels, while Madhu Nair, CMD of Cochin Shipyard, presented the Indian experience with alternative fuels.

    The conference also spotlighted Inland Waterways as a key area for decarbonization, with presentations from R. Lakshmanan, Joint Secretary (IWT), MoPSW, and P. J. Shaji, CGM of Kochi Water Metro, showcasing successful efforts in reducing emissions and improving efficiency in water-based transportation. Shri Lakshmanan also suggested transitioning to low-emission alternative fuels would help tapping into the complete potential of IWT as a sustainable transportation mode. 

    During the session Shri. R. Lakshmanan, Joint Secretary (Ports), MoPSW emphasized the importance of continued collaboration within the sector, to drive tangible progress toward achieving decarbonization goals in India’s maritime industry. He emphasized on MoPSW blueprint for Ecosystem Development for Green Hydrogen Production and Export at Major Ports.

    The conference was expertly moderated by distinguished professionals from ADB and KPMG, ensuring insightful discussions and seamless coordination throughout the event. The conference concluded with a panel discussion moderated by Dr. Yesim Elhan-Kayalar, Advisor, ERDI, ADB, on India’s maritime decarbonization priorities and the path forward for sustainable and green shipping practices.

    As part of the outcomes, the conference emphasized the need for continued collaboration between government bodies, industry leaders, and international organizations to achieve shared decarbonization goals. It also set the stage for further discussions on innovative financing models and regulatory frameworks that support green shipping and port development.

    As India moves forward with its ambitious goals, the insights gained from the Conference on Maritime Decarbonization will play a crucial role in shaping policies and practices that contribute to a cleaner, greener maritime sector.

    ***

    NB/AK

    (Release ID: 2061576) Visitor Counter : 76

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: NICDC’s Logistics Data Bank achieves milestone of tracking 75 Million containers

    Source: Government of India (2)

    NICDC’s Logistics Data Bank achieves milestone of tracking 75 Million containers

    Revolutionizing logistics landscape, Logistics Data Bank fuels India’s growth as a global manufacturing hub

    Posted On: 03 OCT 2024 6:10PM by PIB Delhi

    Logistics Data Bank (LDB), a key initiative under NICDC Logistics Data Services Ltd. (NLDSL), has achieved a significant milestone by successfully tracking over 75 million EXIM containers. This achievement underscores LDB’s role in transforming India’s logistics ecosystem, providing the sector with greater visibility and analytics.

    CEO & MD, NICDC and Chairman, NLDSL, Shri Rajat Kumar Saini commended the achievement, stating, “This is a monumental achievement for NLDSL and LDB. Tracking 75 million containers reflects the growing impact of digitalization in India’s logistics sector. LDB has significantly enhanced the country’s supply chain efficiency and is instrumental in India’s journey toward becoming a global manufacturing hub. Our commitment remains unwavering in continuing to support the growth of the logistics sector.”

    LDB serves as a single-window container logistics visualization system, providing comprehensive tracking using container numbers. This system tracks containers between ports and their hinterlands, including Inland Container Depots (ICDs), Container Freight Stations (CFSs), port-associated parking plazas, toll plazas, railway stations, industrial corridors, SEZs, and empty yards, etc. during EXIM and domestic journeys.

    The World Bank’s Logistics Performance Index (LPI), which ranks countries based on their logistics performance, has recognized the pivotal role of LDB in India’s improved rankings. India’s LPI ranking improved from 44 in 2018 to 38 in 2023, showcasing the significant advancements in logistics efficiency driven by LDB’s contributions.

    Moreover, LDB has seen widespread acceptance within the trade community, with an average of over 45 lakh unique container searches per month. This high usage reflects the system’s effectiveness and the value it brings to stakeholders within the logistics sector. LDB’s tracking services can be accessed through a single window via http://www.ldb.co.in, simplifying the container tracking process for logistics stakeholders.

    In addition to container tracking, LDB also publishes analytics reports, offering valuable insights into metrics such as dwell time, transit time, and comparative performance of various ports and terminals. These reports provide stakeholders with essential data to enhance logistics efficiency.

    About LDB

    The project is currently operational at all the port terminals across 18 ports (30 Terminals which handles 100% container traffic) in India, encompassing approximately 435+ Container Freight Stations (CFSs), Inland Container Depots (ICDs), Empty Yards (EYs), Parking Plazas (PPs), as well as around 183 Toll plazas, 03 Integrated Check Posts (ICPs), 11 Industrial Zones and 88 Manufacturing Special Economic Zones (SEZs).

    About NLDSL

    NICDC Logistics Data Services Ltd. (NLDSL) has been at the forefront of transforming India’s logistics sector through its innovative solutions like LDB and ULIP. By leveraging advanced technology, NLDSL has enhanced efficiency, transparency, and digitization within the industry.

    The company was established on December 30, 2015, with the primary objective of harnessing Information and Communication Technology (ICT) to enhance efficiency in the Indian logistics sector. It is a joint venture between the Government of India represented by National Industrial Corridor Development and Implementation Trust (NICDIT) and Japanese IT major NEC Corporation.

     ***

    AD/VN/CNAN

    (Release ID: 2061600) Visitor Counter : 72

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Department of Financial Services (DFS) concludes Swachhata Hi Seva-2024 campaign; plants more than two lakh saplings across the country

    Source: Government of India (2)

    Department of Financial Services (DFS) concludes Swachhata Hi Seva-2024 campaign; plants more than two lakh saplings across the country

    More than 25,000 events organised during the campaign, including Swachhata Pledge, Safai Mitra Suraksha Shivir, Plantation drive – Ek Ped Ma Ke Naam along with mass scale cleanliness drives

    Posted On: 03 OCT 2024 8:52PM by PIB Delhi

    The Department of Financial Services (DFS), Ministry of Finance, along with its organisations (PSBs, PSFIs, PSICs etc) participated in the Swachhata Hi Seva, 2024 campaign observed from 17thSeptember to 2nd October with the Theme of ‘Swabhav Swachhata – Sanskaar Swachhata’.  

    More than 25,000 events were organised during the campaign. All organisations took up Swachhata Pledge, Safai Mitra Suraksha Shivir, Plantation drive- Ek Ped Ma Ke Naam along with mass scale cleanliness drives. The activities were organised in full force with enthusiasm by involving staff members, customers and general public in almost all States & UTs of the country.

    More than two lakh saplings were planted as part of the SHS Campaign. Various Health camps, Walkathon, Human Chain, Mass Cleanliness Drive, Shramdaan etc were taken up on large scale covering almost all districts of the country. More than 3780, Cleanliness Target Units (CTUs) were transformed during SHS -2024.

     

     

         

     

    https://x.com/BankofIndia_IN/status/1840753625037209925

    https://x.com/UnitedIndiaInsu/status/1841124415805014073

    https://x.com/UnitedIndiaInsu/status/1841012817601970395

    https://x.com/bankofbaroda/status/1837367079206539643

    https://x.com/UCOBankOfficial/status/1841026249696702761

    https://x.com/IOBIndia/status/1841166393062146200

    https://x.com/centralbank_in/status/1841056308268605643

    https://x.com/centralbank_in/status/1840060758102593652

    https://x.com/LICIndiaForever/status/1838878539510133119

    https://x.com/aicofindia/status/1839628120199975264

    https://x.com/NABARDOnline/status/1840972902889636102

    https://x.com/sidbiofficial/status/1841096270183641526

    https://x.com/IOBIndia/status/1840782405495398784

    ****

    NB/KMN

    (Release ID: 2061685) Visitor Counter : 77

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Tuberville, Britt Announce NCAA Championship Events Return to Birmingham in March 2028

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – U.S. Senators Tommy Tuberville (R-AL) and Katie Britt (R-AL) announced that the National Collegiate Athletic Association (NCAA) first and second rounds of March Madness men’s and women’s basketball games will return to Birmingham on March 17-19, 2028.
    This announcement follows the letter Senators Tuberville and Britt sent to NCAA President Charlie Baker advocating for future events to be held in Alabama.
    “The State of Alabama has a long legacy of supporting intercollegiate athletics. Birmingham has the facilities, businesses, and infrastructure to make this a successful tournament. Our state is no stranger to the spotlight of big games and I’m confident fans from across the country will enjoy their time in Birmingham,” said Senator Tuberville.
    “This is a slam dunk for Birmingham. I am thrilled the first two rounds of March Madness in 2028 will be held in our great state,” said Senator Britt. “I was proud to join Senator Tuberville and local officials in advocating for the NCAA to pick the Magic City. I look forward to the tournament, and wouldn’t be surprised if more than one of Alabama’s incredible teams end up kicking off their road to the Final Four in our home state.”
    BACKGROUND:
    From 1982 through 2008, Birmingham was a stop on the road to the Final Four 11 times, 10 for men’s basketball and once for women’s basketball. 
    After a nearly 15-year hiatus, Birmingham hosted the first and second-round games of March Madness in 2023. It was a huge success with every game being sold out and both Auburn and Alabama playing in the tournament. The city also hosted the 2022 World Games. The City of Birmingham recently completed a $125 million renovation of the Birmingham-Jefferson Civic Center.
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.
    Senator Katie Britt represents Alabama in the United States Senate and is a member of the Senate Appropriations, Banking, and Rules and Administration Committees.

    MIL OSI USA News –

  • MIL-OSI USA: New Web Portal from Senator Reverend Warnock Provides One-Stop Shop Resources to Help Georgians Recover from Hurricane Helene

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    New Web Portal from Senator Reverend Warnock Provides One-Stop Shop Resources to Help Georgians Recover from Hurricane Helene

    Senator Reverend Warnock debuted a new web resource page to with clearinghouse of Federal and state programs providing hurricane recovery assistance throughout Georgia, from food to health care to relief for farmers
    Senator Reverend Warnock: “Georgians need urgent help, and I’m thankful my staff was able to put together this important list of resources to get Georgians the assistance needed to recover from Hurricane Helene”

    Click HERE for Senator Reverend Warnock’s Hurricane Helene Resource Page
    Washington, D.C. – As Georgians across the state continue working to recover from Hurricane Helene’s devastating landfall, today U.S. Senator Reverend Raphael Warnock (D-GA) announced a new comprehensive web resource to help Georgians navigate federal and state programs that are providing assistance to people and communities impacted by the storm. The Senator’s new Hurricane Helene Resource Page, located on the Senator’s official website, is updated regularly with new information and designed to help Georgians get the help they need—from securing immediate necessities like food, water, health care, and shelter, to the latest guidance on how to report damages to their homes, businesses, or farms, and spotting frauds and scams.
    “My office and I have been on the ground and in frequent contact with communities in every corner of the state as recovery efforts continue, and this new web resource is one more step in our unending work to deliver all of the federal assistance needed to help Georgians come out stronger on the other side of this crisis,” said Senator Warnock. “Our work is just beginning to help families and communities rebuild, and while I’m pushing to make sure Washington is doing everything it can for our state, we’ll keep updating this web resource with the latest information to help connect Georgians with the assistance and support they need following Hurricane Helene’s devastation.” 
    Senator Warnock has been active in Georgia’s Hurricane Helene response efforts. Earlier this week, Senator Warnock traveled to Augusta to deliver needed supplies and survey the damage caused by Hurricane Helene, participating in a roundtable with community leaders and members at Golden Harvest Food Bank, touring storm damage around Augusta, and handing off cases of bottled water to local volunteers and residents at Tabernacle Baptist Church. 
    Additionally, ahead of Hurricane Helene’s landfall in Georgia, Senator Warnock and his office had been in touch with state and local leaders to offer support, and in the storm’s devastating aftermath have stayed in frequent contact with elected officials, hospital leaders, and other community leaders across the state to address the needs and provide support, including delivering water, power, and other necessary supplies. Since the storm’s landfall, the Senator has worked urgently to use the tools of the federal government to provide swift and robust support to impacted Georgia families and communities, including successfully pushing President Biden to approve an emergency disaster declaration and most recently joining his Georgia congressional delegation colleagues to urge the President to “promptly” make a major disaster declaration that will unlock additional aid and support for Georgians in need; at their request the Administration has approved several Georgia counties for individual and public disaster assistance, and are actively working to approve assistance for all of Georgia’s counties impacted by the storm. Additionally, as a member of the Senate Agriculture committee, Senator Warnock has been a vocal advocate for additional disaster aid to support Georgia’s farmers, and has called for the Senate to take up and pass legislation to provide additional relief as soon as possible.
    Access Senator Warnock’s Hurricane Helene Resource Page HERE, which will be updated accordingly as new information is made available. 

    MIL OSI USA News –

  • MIL-OSI Australia: A-League Central Coast Mariners take a stand against betting advertising

    Source: New South Wales Premiere

    Published: 4 October 2024

    Released by: Minister for the Central Coast, Minister for Gaming and Racing

    Fans of the Central Coast Mariners FC will continue to enjoy A-League games with less sports betting advertising thanks to a new Reclaim the Game partnership with GambleAware.

    Under the new partnership, the Club will turn down sports betting sponsorships and eliminate sports betting advertising at their home games across both the men’s and women’s A-League teams.

    The Mariners will also work to educate fans, players and staff about the risks and harms which can arise from gambling.

    Reclaim the Game launched in 2020 and has grown to include 19 teams across six codes in NSW. It has reached millions of sports fans, both on TV and in stadiums.

    The Mariners, who continue to grow in popularity, particularly off their back-to-back men’s A-League titles over the past two seasons, are the first Central Coast sporting club to sign on for this awareness initiative.

    The Central Coast has a high rate of gambling participation and Reclaim the Game will remind fans that they can enjoy watching their team without spending their hard-earned money on betting.

    A recent survey conducted by Reclaim the Game suggests that Mariners’ fans are on board with the new partnership. In the survey, 85% of fans agreed that there is too much gambling advertising.

    As well as the new Mariners’ partnership, GambleAware has extended its partnerships with the Western Sydney Wanderers, and Cricket NSW which includes Sydney Sixers and Sydney Thunder.

    For more information on Reclaim the Game visit: http://www.gambleaware.nsw.gov.au/resources-and-education/awareness-campaigns/reclaim-the-game.

    The Minns Labor Government has a strong track record on reducing gambling harm since coming into office, including:

    • Committing $100 million to harm minimisation – investing in research, treatment, services and reform
    • Establishing an Independent Panel of experts overseeing a cashless gaming trial
    • Banning all external gambling signage in venues and introducing Responsible Gambling Officers for venues with more than 20 machines
    • Forbidding political donations from clubs with electronic gaming machines.

    For free and confidential gambling support 24/7 call GambleAware on 1800 858 858.

    Minister for Gaming and Racing and Minister for the Central Coast David Harris said:

    “Sports betting advertising and sponsorship is just about everywhere. We see it across most codes and many fans don’t know sport without it.

    “The NSW Government, through Reclaim the Game, is partnering with sporting clubs to take a stand and challenge the impact that sports betting advertising has on fans.

    “All our partners are committed to eliminating sports betting advertising at their home games, and to take action in educating their fans, players and staff about the potential harms of sports betting.

    “It’s no secret I’m a big fan of the mighty Mariners, so I am absolutely delighted by this new partnership, which will have a positive impact on the Central Coast.”

    Mariners CEO Alyssar Narey said:

    “We are proud to partner with the NSW Government’s Reclaim the Game initiative.

    “This collaboration underscores our commitment to promoting a healthy and positive environment in sports, where our players and fans can thrive without the influence of gambling.

    “Together, we can create a stronger community and ensure that the joy of the game remains at the forefront.” 

    About Reclaim the Game:

    Reclaim the Game was launched in 2020. 19 teams from six codes are partners in the program:

    Rugby League:
    1. Canterbury-Bankstown Bulldogs
    2. South Sydney Rabbitohs

    Basketball:
    3. Illawarra Hawks
    4. Sydney Kings
    5. Sydney Flames

    Football (Soccer):
    6. Western Sydney Wanderers (A-League men’s)
    7. Western Sydney Wanderers (A-League women’s)

    8. Central Coast Mariners (A-League men’s)

    9. Central Coast Mariners (A-League women’s)

    Cricket:
    10. Sydney Sixers (BBL)
    11. Sydney Sixers (WBBL)
    12. Sydney Thunder (BBL)
    13. Sydney Thunder (WBBL)
    14. NSW Blues
    15. NSW Breakers

    Australian Football League (AFL):
    16. Sydney Swans (AFL)
    17. Sydney Swans (AFLW)

    Netball:
    18. NSW Swifts
    19. GIANTS Netball

    MIL OSI News –

  • MIL-OSI Global: Little kids, too little movement: Global study finds most children don’t meet guidelines for physical activity, screen time and sleep

    Source: The Conversation – Canada – By Mark S Tremblay, Professor of Pediatrics in the Faculty of Medicine and Senior Scientist at the CHEO Research Institute, L’Université d’Ottawa/University of Ottawa

    A recent study found that only 14 per cent of preschoolers around the world are meeting movement recommendations for physical activity, sleep and screen time. (Shutterstock)

    Appropriate levels of physical activity, sedentary behaviour and sleep (collectively termed movement behaviours) are essential for the healthy growth and development of preschool-aged children.

    This was the impetus for creating the Canadian 24-Hour Movement Guidelines for the Early Years (birth to four years). Likewise, this is why the World Health Organization adopted the Canadian guidelines when creating the global guidelines on physical activity, sedentary behaviour and sleep for children under five years of age.

    Considering the extensive benefits of movement behaviours, it is very alarming that a recent study found that only 14 per cent of preschoolers around the world are meeting movement behaviour guideline recommendations.

    A 24-hour day in the life of a preschooler meeting the guideline recommendations includes:

    • three or more hours of total physical activity (including at least one hour of energetic play or activities that make them slightly out of breath),
    • one hour or less of screen time, and
    • 10 to 13 hours of good quality sleep

    Importantly, preschoolers who meet these guidelines gain health benefits such as reduced risk of obesity, improved social and emotional skills, and proficient motor skills.

    Global levels

    Preschoolers with healthy movement behaviour habits meeting these guideline recommendations gain health benefits such as reduced risk of obesity, improved social and emotional skills, and proficient motor skills.
    (Pixabay/Oleksandr Pidvalnyi)

    A new global study shows most children around the world don’t meet these guidelines. The study included more than 7,000 preschoolers from 33 different countries, including Canada. The countries represented various World Bank income groups (e.g., high, middle and low income countries); and the geographical regions of Africa, Americas, Eastern Mediterranean, Europe, Southeast Asia and Western Pacific.

    When looking at each movement behaviour individually for preschoolers around the world, 49 per cent met the physical activity recommendations, 42 per cent met the screen time recommendation, and 81 per cent met the sleep recommendation.

    That most young children are not meeting each of these basic recommendations separately is cause for concern; that 86 per cent are not meeting all guideline recommendations combined is alarming and places preschoolers around the world at risk of sub-standard health and development.

    Globally, 81 per cent of preschoolers met sleep recommendations.
    (Shutterstock)

    Seventeen per cent of boys met all the guideline recommendations, compared to 13 per cent of girls. This slight difference was driven by more boys meeting the physical activity recommendation (56 per cent boys, 42 per cent girls), and protected from being even worse by more girls meeting the screen time (45 per cent girls, 38 per cent boys) and sleep (82 per cent girls, 79 per cent boys) recommendations.

    The fact that boys had more screen time and less good quality sleep could be related, as previous research has found screen time overall and screen time in the evening is associated with less sleep and lower sleep quality.

    Better screen time and sleep habits for girls protected their overall movement behaviour adherence from being even worse, showcasing the various paths to health through different movement behaviour combinations. However, the low number meeting all movement behaviour recommendations demonstrates the need for all preschoolers to routinely be more active, reduce screen time and accumulate good quality sleep in a day.

    By income

    Screen time in the evening is associated with less sleep and lower sleep quality.
    (Shutterstock)

    Low-income countries had the highest movement behaviour guideline adherence levels (17 per cent), compared to middle-income (12 per cent) and high-income (14 per cent) countries.

    While children from high-income countries were more active and had more quality sleep, they also had the worst screen time behaviours compared to low- and middle-income countries. It is a double-edged sword that in higher-income countries, children have more access to physical activity opportunities and quality sleep environments, but also more access to screen time devices.

    Likewise, middle-income countries with the lowest movement behaviour adherence rates could symbolize a region’s development transition where infrastructure in the homes and communities cannot yet support more physical activity and good quality sleep, but availability of cell phones, televisions and other screens leads to increased sedentary behaviours.

    By region

    The African and European regions had the highest movement behaviour adherence (24 per cent), while the Americas region had the lowest (eight per cent). With 17 per cent meeting the screen time recommendations and 68 per cent meeting the physical activity recommendations, the Americas region had the worst screen time and best physical activity.

    The physical activity levels of the Americas region preschoolers are higher compared to the 39 per cent of older Canadian children and youth as reported in the ParticipACTION Report Card on Physical Activity for Children and Youth. But these older Canadian children and youth did have slightly better, albeit still poor, screen time behaviours with 27 per cent meeting the guidelines.

    Sixty-eight per cent of preschool-aged children in the Americas were meeting the physical activity recommendations, compared to only 26 per cent of Southeast Asian children. However, it remains a concern that roughly half of all young children around the world are at risk of sub-optimal health and development from lack of physical activity.

    Roughly half of all young children around the world are at risk of sub-optimal health and development from lack of physical activity.
    (Shutterstock)

    Guidance for improvements can be drawn from the World Health Organization’s Global Action Plan on Physical Activity, where the goal of a 15 per cent relative reduction in global physical inactivity rates by 2030 relies on capacity-building collaborations within research organizations and alliances to strengthen our global understanding of movement behaviours.

    Along with the best movement behaviours overall, the African region had the best screen time levels with 63 per cent meeting the recommendations. This is potentially explained by limited access to screen time devices.

    However, to better understand why screen time behaviours are better in Africa, initiatives like the Active Healthy Kids Global Alliance Global Matrix project should be used as a model. Within the Global Matrix, region-level differences are an opportunity to learn the strengths of other regions, while addressing regional weaknesses at home.

    For instance, Canada could be a model for less active countries, while attempting to model the African region’s reduced screen time lifestyles. Further, projects such as the SUNRISE study — where researchers from more than 70 countries are collaborating to measure preschoolers’ movement behaviours, health and development — are excellent venues for this necessary capacity-building and global learning.

    Take home

    The WHO has Global Movement Guidelines for preschool children and a Global Action Plan to increase physical activity. Canada has similar guidelines and a similar plan.

    However, health movement behaviour levels in Canada and across the globe are unsatisfactory and forecast further global health challenges, inequalities, and distancing from United Nations Sustainable Development Goals. It’s time to get our little ones a little more active.

    Mark S Tremblay has received research funding from the Canadian Institutes of Health Research and the Public Health Agency of Canada for research distally related to this article. He is affiliated with the Canadian Society for Exercise Physiology who created the Canadian 24-hour Movement Guidelines for the Early Years, under his leadership. He was also on the expert panel for the World Health Organization for the development of the global guidelines cited in the article.

    Nicholas Kuzik does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Little kids, too little movement: Global study finds most children don’t meet guidelines for physical activity, screen time and sleep – https://theconversation.com/little-kids-too-little-movement-global-study-finds-most-children-dont-meet-guidelines-for-physical-activity-screen-time-and-sleep-240421

    MIL OSI – Global Reports –

  • MIL-OSI USA: HARRISBURG – Shapiro Administration to Announce Grants to Eliminate Food Waste and Fight Hunger

    Source: US State of Pennsylvania

    October 04, 2024 – Harrisburg, PA

    ADVISORY – HARRISBURG – Shapiro Administration to Announce Grants to Eliminate Food Waste and Fight Hunger

    The Pennsylvania Department of Environmental Protection (DEP) Acting Secretary Jessica Shirley will announce new grant availability for the Food Recovery Infrastructure Grants program, which offer grants up to $50,000 to reimburse the cost of equipment to store food that can be redistributed to fight hunger.

    WHAT:
    DEP Acting Secretary Jessica Shirley Announces New Grant Opportunities to Fight Hunger and Prevent Food Waste

    WHEN:
    Friday, October 4, 2024; 11:00 AM

    WHERE:
    Central Pennsylvania Food Bank – Volunteer Center, 1530 Bobali Dr, Harrisburg, PA 17104

    For more information, visit the Pennsylvania Department of Environmental Protection’s website, or follow DEP on Facebook, X (formerly Twitter), or LinkedIn.

    MIL OSI USA News –

  • MIL-OSI China: Adjusted policies motivate realty sales

    Source: China State Council Information Office

    Fueled by favorable policies, China’s residential real estate market witnessed an uptick in inquiries and viewings over the first three days of the National Day holiday. Experts have predicted a country-wide market revival marked by increased transactions, with first-tier cities leading the trend.

    They said recent policy adjustments that eased restrictions on leveraging, along with previous measures such as ensuring the delivery of pre-sale properties and the 300 billion yuan ($42.7 billion) loan to State-owned enterprises for affordable housing projects, are crucial for stabilizing the market. However, further support from the central bank may still be required to sustain the momentum.

    “Our phones rang non-stop the day new policies were announced, as they captured the attention of numerous potential homebuyers,” said Wu Libin, sales manager at house-letting agency 5i5j in Beijing, adding that inquiries are still coming in.

    Another sales manager in Beijing E-Town told Beijing News on Tuesday that transactions worth 125 million yuan had been completed and more than 100 families had visited the development area since Beijing announced its policies on Monday.

    There was a rush of inquiries elsewhere too. In Guangzhou, Guangdong province, a housing sales center in Liwan district extended its office hours and stayed open throughout the night following Guangzhou’s policy announcement on Sunday.

    By Monday noon, the number of visitors to the sales center had surged by 200 percent compared to usual levels, according to Jimu News. A staff member surnamed Liu said while some buyers jumped at the chance to buy following the policy announcement, others had opted for a wait-and-watch approach.

    Shenzhen in Guangdong province and Shanghai also reported a rise in the number of visitors to various sales offices. Latest data from a research center of realty agency Leyoujia revealed a nearly 40 percent surge in pre-owned home transactions at Leyoujia sales centers on Monday compared to the previous day — the highest since February 2021. New home transactions also hit a two-year high. Xinmin Evening News revealed that multiple sales offices in Shanghai are fully booked for house viewings next week.

    The Ministry of Housing and Urban-Rural Development said on Sunday that cities, especially first-tier cities, should utilize policies and adjust housing purchase restrictions based on local conditions.

    The same day, Shanghai, Guangzhou and Shenzhen all made significant policy changes. Shanghai streamlined its purchase restrictions, notably reducing the threshold and initial payment costs. Among first-tier cities, Guangzhou was the first to completely remove home purchase restrictions. Shenzhen also lifted such restrictions in several areas.

    On Monday, Beijing also announced measures such as further reducing interest rates on existing housing loans and lowering the minimum down payment for personal housing loans.

    Yan Yuejin, vice-president of the Shanghai-based E-House China R&D Institute, said the new policies in the four major cities, in conjunction with financial policies from the People’s Bank of China, are timely, precise and comprehensive, playing a positive role in stabilizing the real estate market.

    “All of the four first-tier cities have modified their purchase restrictions in response to new market demands, continuously optimizing relevant policies to better support the release of reasonable housing consumption demands. Other cities nationwide are expected to follow suit, indicating a period of comprehensive policy relaxation,” Yan said.

    “China’s real estate market is anticipated to witness a wave of transactions in the fourth quarter, potentially seeing a favorable trend of both increased sales volume and prices.”

    Charlie Zheng, chief economist at Samoyed Cloud Technology Group Holdings, took a more cautious stance. He said that while the property market had previously experienced an overall decline in sales, the introduction of positive policies could halt this trend in cities particularly with strong demand and population influxes. However, a combined effort of existing policies and potentially further increased loan support from the central bank could be necessary for a nationwide rebound in the realty market in the future.

    MIL OSI China News –

  • MIL-OSI Australia: Shine bright at the City of Wanneroo’s events series

    Source: Government of Western Australia

    The City of Wanneroo’s 2024/25 free events series guarantees to entertain residents and visitors from this October through to May 2025.

    We have 12 fun-filled family friendly events lined up, from toe-tapping concerts and buzzing festivals, to laid-back evenings in the park.

    Mayor Linda Aitken said the series was all about highlighting the importance of community and encouraging everybody to get involved and attend an event in their suburb.

    “Get ready for the return of our crowd-favourite, Symphony Under the Stars! This year, we’re turning up the spotlight on some incredible local talent,” she said. “Enter our Search for a Star competition and you might just find yourself performing with a 70-piece orchestra!”

    “This concert is always popular, and it’s easy to see why – it’s a night of unforgettable music under the open sky.

    “From the carnival vibes of the Banksia Grove Fun Fest that kicks off the season, to the City-wide celebration of art at the Beach to Bush Arts Festival in May, our event season has something for everyone.

    “Wherever you are in the City, don’t miss out on the fun, there’s something to please everyone.”

    The 2024/25 City of Wanneroo events series includes:

    • Banksia Grove Fun Fest, Saturday 26 October 2024, Grandis Park, Banksia Grove
    • Evening in the Park, Saturday 9 November 2024, Ridgewood Park, Ridgewood
    • Sunset Sounds Alkimos, Saturday 30 November 2024, Leatherback Park, Alkimos
    • Aquamotion Outdoor Cinema, Saturday 7 December 2024, Wanneroo Aquamotion
    • Christmas Fiesta, Saturday 14 December 2024, Wanneroo Town Centre
    • Aquamotion Family Fun Day, 11 January 2025, Wanneroo Aquamotion
    • Sunset Sounds Landsdale, Saturday 18 January 2025, Warradale Park, Landsdale
    • Wanneroo Festival, Saturday 1 February 2025, Wanneroo Showgrounds, Wanneroo
    • Symphony under the Stars, Saturday 22 February 2025, Kingsway Sporting Complex, Madeley *includes Search for a Star competition
    • Fun Fest Clarkson, Saturday 8 March 2025, Riverlinks Park, Clarkson
    • Multicultural Evening in the Park, Friday 21 March 2025, Hudson Park, Girrawheen
    • Beach to Bush Arts Festival, Friday 9 May to Sunday 25 May, various locations across the City.

    All events are free to attend, with no registration required.

    Visit our events page for more information or to submit an application for our Search for a Star competition.

    MIL OSI News –

  • MIL-OSI Economics: Money Market Operations as on October 03, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 543,858.34 6.23 1.11-6.65
         I. Call Money 10,590.81 6.45 5.10-6.55
         II. Triparty Repo 375,564.65 6.17 5.60-6.45
         III. Market Repo 156,369.88 6.36 1.11-6.65
         IV. Repo in Corporate Bond 1,333.00 6.50 6.50-6.50
    B. Term Segment      
         I. Notice Money** 391.79 6.34 6.00-6.50
         II. Term Money@@ 1,187.75 – 6.60-7.30
         III. Triparty Repo 737.00 6.32 6.25-6.40
         IV. Market Repo 3,291.51 6.56 6.50-6.60
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Thu, 03/10/2024 1 Fri, 04/10/2024 48,120.00 6.49
    3. MSF# Thu, 03/10/2024 1 Fri, 04/10/2024 636.00 6.75
    4. SDFΔ# Thu, 03/10/2024 1 Fri, 04/10/2024 181,857.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -229,341.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 20/09/2024 14 Fri, 04/10/2024 25,002.00 6.52
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Tue, 01/10/2024 3 Fri, 04/10/2024 93,815.00 6.49
      Mon, 30/09/2024 4 Fri, 04/10/2024 1,000.00 6.49
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,249.79  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -59,023.21  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -288,364.21  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 03, 2024 986,487.06  
         (ii) Average daily cash reserve requirement for the fortnight ending October 04, 2024 1,005,433.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 03, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 06, 2024 427,689.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
     Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1218

    MIL OSI Economics –

  • MIL-OSI Economics: Development Asia: Empowering Communities: A Path to Resilience in Maldives

    Source: Asia Development Bank

    Grassroots organizations can help address fragility.
    The work of Villijoali highlights the critical role of grassroots organizations in fostering social inclusion and resilience, particularly in fragile contexts. By focusing on inclusive dialogue and empowering marginalized groups, they help strengthen social cohesion in communities facing fragility. Community engagement not only mitigates vulnerabilities but also enhances the community’s capacity to recover from societal disruptions, aligning closely with the Sustainable Development Goals.

    Development partners play an important supporting role.
    Without government support, Villijoali’s work remains limited in scale. CSOs need capacity-building support and partnerships with development organizations to expand their impact. Development actors can play a vital role by offering technical assistance and exposure to global best practices, empowering organizations to scale its efforts and collaborate with other grassroots movements. A notable example is the Australian High Commission’s support in helping Villijoali raise funds through community engagement. Additionally, the Commission invited Villijoali to participate in focus group discussions with persons with disabilities (PWDs) and allies, fostering collaboration on enhancing the inclusivity of Australia Awards scholarships for PWDs in Maldives.

    In this context, ADB’s fragility and resilience assessments under its Fragile and Small Island Developing States Approach (FSA) provides a comprehensive framework for engaging CSOs like Villijoali. These assessments emphasize the importance of resilience through community engagement, social cohesion, and the empowerment of marginalized groups. This engagement is essential in conflict contexts where the role of CSOs is crucial in service delivery and fostering social trust.

    Interconnected issues require a nexus approach. 
    Incorporating the Humanitarian–Development–Peace (HDP) nexus into CSO work could also significantly enhance its capacity to build resilience in fragile communities. The HDP nexus emphasizes the interconnectedness of humanitarian aid, long-term development, and peacebuilding. Through Villijoali’s ongoing efforts to empower local communities, the organization contributes to both immediate relief (such as support for disabled persons and migrant workers) and long-term development (such as youth empowerment and environmental advocacy). By engaging at-risk youth and promoting peaceful dialogue, Villijoali’s initiatives also play a critical role in preventing the escalation of conflict, a core tenet of the HDP approach.

    As the organization continues to flourish, its role in advancing social inclusion, environmental stewardship, and community resilience will be pivotal in shaping the future of Maldives.

    MIL OSI Economics –

  • MIL-OSI Russia: Managing Director’s Opening Remarks: 2024 Michel Camdessus Central Banking Lecture

    Source: IMF – News in Russian

    Washington, DC

    September 20, 2024

    Excellencies, Honored Guests, Ladies and Gentlemen,

    Welcome to the IMF, and welcome to the eleventh annual Michel Camdessus Lecture—our signature lecture series on central banking.

    Let me also welcome our speaker today: the President of the European Central Bank, Madame Christine Lagarde. Christine’s extraordinary professional standing and personal charisma have earned her remarkable prominence, respect and admiration all over the world. She needs no introduction — least so here, at the IMF. Welcome home, Christine!

    During your years at the helm you led the Fund through turbulent times — the aftermath of the Global Financial Crisis, and the Euro area sovereign debt crisis.

    And you steered the Fund to adapt to a changing world — by broadening the institution’s perspective on the macro-criticality of inequality, governance, gender, and climate; and by making sure the quotas reform is advanced, so the Fund can better represent its membership. During COVID the social spending floors introduced in 2018 made a material difference in Fund support to the membership. 

    I am immensely grateful for the fortune to come after you and advance your legacy. I am also a direct beneficiary of your relentless pursuit of breaking new ground for women — first woman-chair at Baker McKenzie, first woman-Minister of Economy and Finance in France, first woman-Managing Director of the Fund, first woman-President of the ECB. I can vouch from experience that when you break the glass ceiling it is so much easier for the next woman to come!

    Of course, another indelible mark you left at the Fund is the creation of the Michel Camdessus Lecture series!

    So, on behalf of all of us here today: thank you for your friendship, leadership, and exceptional contributions to our entire membership. And thank you for gifting us the Camdessus Lecture series and coming to give one today.

    Cautious Optimism about a Soft Landing

    Before I turn the floor to you, let me briefly reflect on developments in the world since last year’s Camdessus Lecture.

    This has been a year of determined action of central banks — of synchronized tightening of monetary policy to address the surge of global inflation. Not popular, but necessary.

    Despite of it, inflation remained stubbornly high and it generated in some places concern about the effectiveness of monetary policy.

    Fast forward to today, and we are clearly in a better place.

    Inflation has declined significantly, to or near target in many economies. It is the result of resolute actions of central banks, as well as fading supply shocks. The forces of monetary policy transmission have re-asserted themselves in the end.

    We are in a better place, but we can’t be complacent. First, in many countries, services inflation is persistent, and inflation could yet tip upwards.

    Second, in more shock-prone environment, we simply don’t know what surprise may hide around the corner. Since COVID and Russia’s invasion of Ukraine, it has become clear central banks need to scan the horizon beyond monetary and financial sector developments.

    Above all, as we know central bankers face a balancing act. They must ensure that inflation sustainably returns to target — and remain there — while avoiding the risk of excessively tight policies. This is particularly important in a world faced with a low growth/high debt conundrum.

    Yet, we can be reasonably confident we have entered the “last mile” in the fight against inflation, allowing most central banks to enter an easing cycle—with ECB in June and the Fed this week marking the most important developments.

    Over the last year at the Fund we have been on the side of the “softlanders” — a win against inflation without a sharp global downturn. In fact, while clearly weaker than we would want, economic activity has been remarkably resilient: we are projecting global growth to be more than 3 percent this and next year.

    Structural shifts and Monetary Policy

    So what next? The fight against inflation has come against the backdrop of four and a half years of extraordinary challenges for central banks.

    And while inflation is retreating, rates are going down and recession appears unlikely, challenges will abound. We are living in a more shock-prone world, a world in which geopolitical considerations turn into geo-economic fragmentation, and a world of tremendous structural shifts due to the green and digital transformation.

    In this new world, central banks must be vigilant to the potential for shocks to unleash powerful inflationary forces and create difficult tradeoffs.

    And they must grapple with ongoing structural changes in the financial sector and the broader economy.

    We must urgently invest in understanding how the growing importance of non-bank financial institutions could affect the transmission of monetary policy and create new tradeoffs between price and financial stability.

    As you do in ECB (and we do at the Fund), we need to recognize the rapid increase of climate-related financial stability risks and the tremendous growth and jobs potential of greening the economy.

    We must manage the gains and the disruptions of AI, which could provide a major impetus to productivity growth but also increase inequality if not accompanied by supportive policies. And we need to monitor how further advances in digitalization transform the financial landscape. Digital assets, including central bank digital currencies, stand out as potential game changers.

    Last but not least, the conduct of fiscal policy is and will remain relevant to the job of central bankers — complicated by the higher levels of public debt.

    Christine, in such a rapidly changing environment, your lecture on structural shifts and monetary policy could not be more timely.

    With your exceptional career, you are uniquely positioned to consider the future of monetary policy strategies and toolkits, both conventional and unconventional.

    You have often said that your experience as an elite athlete in the French synchronized swim team helped define your managerial style. You have embraced collaborative leadership. You value discipline, endurance and strategic planning.

    And you always act with grace under pressure. These are all essential qualities for a central banker — especially one blessed to do the job in such interesting times!

    We look forward to hearing your insights on “Setbacks and Strides Forward: Structural Shifts and Monetary Policy in the Twenties.”

    The floor is yours!

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/20/sp092024-managing-director-opening-remarks-11th-michel-camdessus-central-banking-lecture

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Sport – To celebrate the BNZ Kāhu making women’s sporting history, BNZ gifts home game tickets to fans

    Source: BNZ Kāhu

    BNZ says “To celebrate the BNZ Kāhu making women’s sporting history, it’s our shout.”

    New Zealand, 1 October 2024 – Less than a week before women’s basketball season tips off, in a bid to increase access to the hotly contested Tauihi season, BNZ has announced that BNZ Kāhu fans attending regular-season home games in Auckland and Whangārei won’t have to pay for general admission tickets.

    Last week, the championship franchise revealed BNZ Kāhu’s all-female ownership team of Jo Caird, Jody Cameron, “Georgie” Paula George, Rachel Howard, and Dani Marshall, making New Zealand’s top women’s basketball team the first sports team in the world to be fully owned, managed, and coached by women.

    “The feedback we have been getting from across Aotearoa New Zealand has been extraordinary. Our mission is to celebrate and grow our passionate community of fans by making women’s sports more accessible and family-friendly,” says co-owner Jo Caird.

    “That all starts at home, where we want our fans to turn Eventfinda Stadium and Whangārei McKay Stadium Kensington into our fortresses. And what better way than a sold-out stadium stacked with screaming BNZ Kāhu fans,” says co-owner “Georgie” Paula George.

    Starting this Sunday, when BNZ Kāhu hosts Dunedin’s Southern Hoiho for the first game of the season, BNZ Kāhu fans will be “shouted” their tickets by the team’s naming sponsor, Bank of New Zealand.

    “We were already absolutely stoked to have BNZ as a key partner and supporter. And we were committed to welcoming overlooked communities and reimagining the possibilities. Turning that commitment into a reality is so much easier when you have partners like the team at BNZ who believe with you,” says co-owner Dani Marshall.

    “It’s an absolute no-brainer,” says BNZ’s Executive Corporate and Institutional Banking Penny Ford.

    “What better way to celebrate this groundbreaking team of leaders than by giving them and the brilliant players they support a home stadium filled with passionate fans – all season long,” she says.

    BNZ Kāhu fans who have already purchased general admission tickets will have the option to refund their purchase price or transfer that purchase into admission into a brand-new Kāhu Supporters Club.

    “Those early bird ticket holders will be some of our most passionate fans. We can’t wait to see them on Sunday,” says co-owner and coach Jody Cameron.

    General Admission tickets to six BNZ Kāhu regular-season home games will be available for free at http://www.eventfinda.co.nz starting Tuesday 1 October.

    Sunday 6 October – BNZ Kāhu hosts Southern Hoiho at Eventfinda Stadium
    Friday 25 October – BNZ Kāhu hosts Mainland Pouākai at Eventfinda Stadium
    Thursday 31 October – BNZ Kāhu hosts Whai at Eventfinda Stadium
    Saturday 9 November – BNZ Kāhu hosts Mainland Pouākai at Eventfinda Stadium
    Thursday 14 November – BNZ Kāhu hosts Tokomanawa Queens at Eventfinda Stadium
    Sunday 8 December – BNZ Kāhu hosts Tokomanawa Queens at McKay Stadium Kensington (Whangārei).

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Results of Underwriting Auctions Conducted on October 04, 2024

    Source: Reserve Bank of India

    In the underwriting auctions conducted on October 04, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    (₹ crore)
    Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
    (paise per ₹100)
    7.02% GS 2027 7,000 3,507 3,493 7,000 0.04
    New GS 2034 22,000 11,004 10,996 22,000 0.08
    7.46% GS 2073 10,000 5,019 4,981 10,000 0.10
    Auction for the sale of securities will be held on October 04, 2024.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1219

    MIL OSI Economics –

  • MIL-OSI: Conclusion of share repurchase programme

    Source: GlobeNewswire (MIL-OSI)

    On 3 June 2024, Jyske Bank initiated a share repurchase programme that was to be concluded on 31 January 2025 at the latest. In this period, Jyske Bank would acquire shares with a value of up to DKK 1.5 billion, cf. Corporate Announcement No. 12/2024 of 7 May 2024. The share repurchase programme was initiated and structured in compliance with the EU Commission Regulation No. 596/2014 of 16 April 2014, the so-called “Market Abuse Regulation”.

    Following the transactions stated below, own shares worth DKK 1.5 billion have been repurchased and the programme has been concluded:

      Number of
    shares    		 Average purchase
    price (DKK)    		 Transaction
    value (DKK)
    Accumulated, previous announcement 2,717,007 542.94 1,475,177,479
    30 September 2024 60 523.26 31,396
    1 October 2024 20,291 516.35 10,477,162
    2 October 2024 6,349 516.32 3,278,124
    3 October 2024 21,411 515.41 11,035,425
    Accumulated under the programme 2,765,118 542.47 1,499,999,584

    Following settlement of the transactions stated above, Jyske Bank will own a total of 2,765,118 of treasury shares, excluding investments made on behalf of customers and shares held for trading purposes, corresponding to 4.30% of the share capital.

    In accordance with the EU Commission Regulation No. 596/2014, the abovementioned transactions related to the share buy-back programme are attached to this corporate announcement in detailed form.
                                                             
    Yours faithfully,
    Jyske Bank

    Contact: Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Result of the 14-day Variable Rate Reverse Repo (VRRR) auction held on October 04, 2024

    Source: Reserve Bank of India

    Tenor 14-day
    Notified Amount (in ₹ crore) 1,75,000
    Total amount of offers received (in ₹ crore) 44,275
    Amount accepted (in ₹ crore) 44,275
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1220

    MIL OSI Economics –

  • MIL-OSI Economics: San Marino: Staff Concluding Statement of the 2024 Article IV Mission

    Source: International Monetary Fund

    October 4, 2024

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC – October 4, 2024:

    San Marino’s economy remains resilient, supported by a more diversified growth model with manufacturing and the nonfinancial service exporting sectors as key drivers. Prudent fiscal policy and access to international capital markets helped weather the pandemic and energy crises. However, additional fiscal consolidation is warranted given the still high debt level and contingent liabilities from the financial sector. Notwithstanding important progress in resolving legacy issues, further efforts are needed to improve asset quality and strengthen banks’ capitalization and profitability. With the recently negotiated European Union (EU) association agreement, San Marino has a unique opportunity to accelerate much-needed public and financial sector reforms and to further the integration with the EU’s single market to boost confidence in the economy and lift potential growth.

    San Marino’s economic growth remained positive despite adverse external shocks, including a regional slowdown and higher interest rates. After an exceptionally strong post-pandemic recovery in 2021-22, growth slowed in 2023 to 0.4 percent following a decline in external demand. Manufacturing, which has been operating at high levels, has decelerated as export orders declined, in part due to the phase-out of fiscal incentives in Italy and a related slowdown in the construction sector. The strong service sector performance, benefiting from the tourism boom and healthy domestic demand, kept employment growing at a robust pace.

    Growth is projected to edge up in 2024, strengthening further in 2025, as external demand improves. Stronger consumption on the back of rising real wages and higher investment, facilitated by easing financial conditions, will support domestic and external demand next year. However, there are risks ahead. Downside risks are related to the weakening of external demand while remaining vulnerabilities in the financial sector constitute one of the key domestic risks. The underlying strength of the manufacturing sector, the healthy private sector balance sheets, and prompt implementation of the EU association agreement constitute upside risks to the baseline.

    The fiscal position was stronger than expectedlast year but further efforts are needed to ensure sustainability.The government has saved the cyclical tax revenues, kept expenditures in check and primary balance stable in 2023. However, moderate government spending pressures arose in 2024 ―as real spending compression reached its limits and the cost of interest subsidies for the private sector expanded. The public debt-to-GDP ratio continued declining, but its level remains high.

    Additionalfiscal consolidation is needed to mitigate financing risks, build fiscal buffers, and reduce the debt-to-GDP ratio below 60 percent.San Marino is an euroized small open economy with a vulnerable financial sector and limited fiscal buffers. The government’s goal of reducing public debt below 60 percent of GDP over the medium term is an important anchor to guide fiscal policy. To achieve this target a moderate additional fiscal effort totaling 1 percent of GDP over the next three years is recommended through:

    • Designing and implementing a tax reform package introducing a value-added tax (VAT) and broadening the income tax base. With a low tax-to-GDP ratio, introducing a VAT in San Marino can simultaneously enhance fiscal revenues and tax efficiency while minimizing related distortions, increasing fairness and progressivity, and aligning indirect tax procedures with international standards, benefitting the ease of exports. Redesigning tax rebates to avoid overlaps with other exemptions—such as San Marino Card (SMaC) discounts and income tax deductions—can further rationalize the system. The authorities should leverage the technology used for the SMaC in combination with electronic invoicing to mitigate tax avoidance in the new VAT system. Equallyimportant, income tax revenues can be significantly enhanced by rationalizing income tax deductions.
    • Improving the efficiency of public spending.San Marino should shift from real expenditure compression across all spending areas to prioritizing consolidation of spending with low social return. In this context, it will be important to review transfers to the private sector―including interest subsidy programs―to ensure that transfers are more targeted. Reviewing extra-budgetary funds is also needed to rationalize spending. Large investment plans require sound prioritization based on rigorous cost-benefit analyses.
    • Keeping public wages and pensions growth in check. Moderate public wage and pension growth was key to improving the primary balance. Looking forward, given the limited fiscal space, it is critical to avoid public wage and pension growth above domestic inflation.

    Long-term demographic challenges will require additional parametric pension recalibration. The 2022 pension reform has increased contributions, delaying the depletion of the pension fund for a decade. However, ensuring the long-term sustainability of the pension system will require further parametric calibrations to address generous benefits. In addition, there is a need to continue the gradual diversification of the investments of the pension fund towards international markets to mitigate concentration of risks and increase returns.

    The debt management strategy needs strengthening to minimize refinancing risks. The recently published fiscal strategy marks an important advancement in the predictability of fiscal policy and communication with investors, but further efforts are needed to upgrade San Marino’s debt management capacity, including more autonomy to implement the financing plan approved in the budget. To smooth the debt amortization of the Eurobond in 2027, the authorities should consider liability management operations, including smaller international issuances with longer maturities.

    Banks’ liquidity and reported profits improved in 2023, but declining interest margins, high personnel costs, and remaining legacy non-performing loans (NPLs) pose risks going forward. Higher interest rates last year have improved banks’ cyclical profits without deteriorating the quality of loan portfolios, but structural profitability remains low. The safeguarding of profits to increase capital, as requested by the Central Bank, is welcome. However, with limited income-generating assets, high operating costs, and tight reported capitalization in some banks, the financial sector remains vulnerable.

    A speedy adjustment of banks’ costs is a priority to improve long-term viability and capital positions. Most banks’ profitability remains significantly lower than regional peers. The continuing reduction of income-generating assets in recent years has not been followed by a scale-down of banking sector employment. San Marino’s banking system also has the largest number of branches per capita in Europe. With the EU association agreement, the opening of the banking sector will bring new opportunities, but San Marino banks need to improve efficiency to be competitive.

    Important progress has been made in implementing the authorities’ strategy to reduce nonperforming loans (NPLs) through an Asset Management Company (AMC) and calendar provisioning. The write-off of a large NPL position and AMC securitization have reduced the NPL ratio from 53 to 21 percent. The asset recovery of the AMC has progressed better than expected, with the principal of state-guaranteed senior securities declining from 70 to 44½ million euros in the first half of 2024. Meanwhile, calendar provisioning has prompted banks to expedite the recovery and write-offs of NPLs. However, it will be important to improve dissemination of the information about the AMC asset recovery to anticipate and address any bottlenecks. The risk weights for junior securities should be increased faster to reflect the difference between the net book value and the real economic value of NPLs on banks’ balance sheets. Any undercapitalization that could arise from the securitization process and the implementation of calendar provisioning should be promptly addressed with credible capitalization plans. To strengthen CBSM supervisory powers and to help attract external capital, legal limits on banks’ shareholding structure should be lifted.

    The bank resolution framework needs to be updated to widen burden-sharing. The bank resolution law should be updated to gradually complete the alignment with EU standards. The process needs to be coordinated with addressing existing issues in the banking system.

    San Marino should continue to make progress to strengthen its AML/CFT framework. The domestic legal framework was amended in 2023 to incorporate the 5th EU AML Directive and improve technical compliance with the FATF standards. This resulted in an upgrade by MONEYVAL on technical compliance for AML/CFT sanctions regime. The National ML/TF Risk Assessment will be updated next year. San Marino should continue working to enhance the adequacy, accuracy, and up-to-dateness of its central beneficial ownership registry.

    The EU association agreement sets an ambitious financial sector reform agenda. The agreement requires the central bank of San Marino (CBSM) to complete the alignment of the regulatory framework with the EU. To that end, the CBSM will need additional staff and financial resources. The CBSM financial position should be strengthened to safeguard its independence and support financial sector stability through an effective lender of last resort capacity. To comply with EU standards, legacy issues should be addressed, including through a gradual conversion of the perpetual bond owned by the state-owned bank into liquid instruments. Overall, while the banking sector has 15 years to meet the requirements, earlier implementation, as envisaged by the authorities, will boost confidence.

    The conclusion of the EU association negotiations signals strong commitment to deeper integration with the EU and could lift potential growth by accelerating structural reforms. The successful implementation of the agreement is a priority and will support the competitiveness of the manufacturing sector and help consolidate gains in tourism. The authorities should ensure sufficient resources and staff are available to support implementation without undermining the fiscal consolidation path. In addition, further labor market flexibility is needed to improve labor reallocation, including in the banking sector. Real estate market reforms to facilitate price and market information dissemination and foreign ownership, will be key to support NPL resolution. Finaly, the authorities should foster energy safety and green transition, including by allowing households to sell back excess solar generated electricity.

    The mission would like to thank the authorities and other counterparts for their warm hospitality as well as candid and productive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

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

    @IMFSpokesperson

    MIL OSI Economics –