NewzIntel.com

Category: Banking

  • MIL-OSI Europe: Seeds for local growth

    Source: European Investment Bank

    Before starting her animal feeds company, Nancy Githuku ran a small poultry and dairy farm in eastern Nairobi. “Business was alright,” she says, “but I had a big challenge accessing quality feeds. So I decided to venture into the business of sourcing and selling animal feeds.”

    Githuku saw a lot of potential to build her animal feeds business, but she had trouble finding affordable loans. “Most banks wanted me to produce collateral, like a title deed or logbook, as security for a loan, which I didn’t have,” she says.

    The lack of collateral for loans is common in emerging markets like Kenya, especially for women. Most property ownership documents for land, homes or cars are in the names of men. This makes it hard for women to get business loans or other forms of financial help. During the COVID-19 pandemic, businesses run by women were particularly hard hit, as credit from other sources like families and friends dried up.

    EIB Global, the European Investment Bank’s international development arm, has invested nearly €700 million in Kenya since 1976 to help small and medium companies work with local financial institutions. Through deals known as intermediated lending, the European Union’s financial arm offers financing to local banks so they can give more loans to small businesses.

    Githuku received a loan from the Co-operative Bank, which had in turn been backed by the European Investment Bank in one of these intermediated deals. “The funding I received didn’t require collateral or a guarantor,” she says. “This took a heavy load off my shoulder. And the interest rate was subsidised, meaning the loan was way more affordable than what was available in the market.”

    MIL OSI Europe News –

  • MIL-OSI Video: Panel discussion: Macroprudential policy beyond banking

    Source: European Central Bank (video statements)

    While the macroprudential framework for the banking sector has been in place for several years, its equivalent for non-bank financial institutions is still emerging. This panel discussion on macroprudential policy beyond banking will be particularly relevant in light of the review of the macroprudential framework for non-banks that the European Commission is conducting in 2024.

    Chair: Luis de Guindos, Vice-President, European Central Bank

    Panellists:

    Petra Hielkema, Chair, EIOPA
    Steffen Kern, Chief Economist, ESMA
    Javier Suarez, Professor, Centre for Monetary and Financial Studies, Member of the ESRB Advisory Scientific Committee
    Dimitrios Tsomocos, Professor and Fellow by Special Election, University of Oxford

    https://www.youtube.com/watch?v=9m3a87zJ2gw

    MIL OSI Video –

  • MIL-OSI United Kingdom: Mayor announces further investment to counter hate crime and extremism as Middle East crisis deepens

    Source: Mayor of London

    Mayor announces further investment to counter hate crime and extremism as Middle East crisis deepens

    • New £875,000 investment by Mayor will empower grassroot groups to tackle hate, intolerance and extremism in their communities.
    • Mayor calls for Londoners to stand united and not let the appalling escalation in the conflict in Lebanon and Israel lead to an increase in hate crime here.
    • Action will work to counter steep rises in antisemitic and Islamophobic hate crime and the growth of far-right narratives online.
    • Latest funding forms part of the Mayor’s record £15million investment to tackle hate and extremism as new figures show record-breaking numbers of young people being arrested for terrorism offences.

    The Mayor of London, Sadiq Khan, has today announced a further £875,000 investment for grassroots community projects to tackle hate, intolerance, extremism, radicalisation and terrorism in the capital.

    The funding will empower grassroot groups across London to bring communities together and counter steep rises in antisemitic and Islamophobic hate crimes1 and the growth of far-right narratives online over the past year.

    The action comes amid calls for unity from the Mayor who continues to work closely with the police and community leaders to ensure everyone in the capital feels safe and is safe amid the appalling escalation in the conflict in Lebanon, Israel, Gaza and the wider region. 

    The announcement forms part of the Mayor’s record £15million investment2– more than any other mayor – to support victims of hate crime and tackle hate and extremism in London’s communities. It comes as new Home Office figures show record-breaking numbers of young people aged below 17 are being arrested on suspicion of terrorism offences. 3

    The funding will support 20 groups including The Anne Frank Trust UK to deliver workshops that challenge anti-Jewish and anti-Muslim hate; Stand Up! – an interfaith project which brings Jewish and Muslim educators into the classroom to facilitate informal conversations with young people and empower them to act against racism and discrimination with a specific focus on antisemitism and Islamophobia; and EXIT Hate UK which works with young people aged 14-18 to help them understand the dangers posed by extreme right-wing ideologies.

    The Mayor’s Shared Endeavour Fund is working to empower Londoners of all ages to challenge hateful views in their communities, better protect those vulnerable to radicalisation and stop the spread of growing hateful ideologies including the far-right. Since the grassroots fund was launched in 2020, £4million has been invested in 95 completed projects which has included delivery in each London borough with more than 140,000 Londoners having benefited. A further 20 projects will be delivered over the next 6 months with more than 50,000 Londoners expected to benefit as a result of the Mayor’s latest investment which will deliver workshops, educational activities and interfaith community programmes.

    The latest independent evaluation of the Shared Endeavour Fund found that the Mayor’s investment is working to build Londoners’ resilience to radicalisation and extremist recruitment as well as reducing racism, intolerance, hate and extremism in the capital. 4

    The funding comes just ahead of the first anniversary of the horrific Hamas attacks on October 7th, actions of the IDF in Gaza, the devastating ensuing conflict and appalling humanitarian and hostage crisis which continues to impact so many Londoners – particularly those with family and friends in Israel, Gaza, Lebanon, the West Bank and the wider region. 

    It also follows recent disorder in the UK this July which was largely fuelled by misinformation, racism and extremism promoted by far-right groups online.

    The latest action is part of a package of measures by the Mayor to tackle rising hate crime and misinformation and is being delivered alongside continued work with the Met Police and community leaders to ensure all of London’s communities feel safe and are safe.

    The Mayor of London, Sadiq Khan, said: “We know that an escalation in conflict in the Middle East often leads to an increase in hate crime here in London. With the appalling further escalation of the conflict in Lebanon, Israel, Gaza and the region, I’m appealing to Londoners to continue to look out for their friends and neighbours whatever their faith and backgrounds and stand united against all forms of hate.

    “We have seen an abhorrent and completely unacceptable rise in hate crime over the last year – particularly antisemitism and Islamophobia which has profoundly impacted our Jewish and Muslim communities in London. I’m determined to continue to work in partnership with community, faith and police leaders to ensure everyone in the capital feels safe and is safe.

    “Hate crime comes in many forms and I’m determined to tackle it head on by investing in grassroots projects which empower our communities to stand up to hate and intolerance where they are, so that we can stop the spread of hateful narratives, reject extremist ideologies and do more to safeguard vulnerable young Londoners from radicalisation and misinformation online.

    “At a time of rising tension and online hate, this scheme will continue to build bridges across communities, embrace what we have in common and help ensure Londoners of all backgrounds and faiths feel welcome, safe and can thrive.”

    Met Assistant Commissioner, Matt Twist, said: “Nobody should feel unsafe or in fear going about their lives in this city, certainly not on the basis of their race or religion.

    “Since October last year we have seen a really concerning rise in hate crime with both antisemitic and Islamophobic offences increasing significantly. For the past year we have had a dedicated policing operation tackling hate crime in communities, responding to significant protest, countering extremism and terrorism, and working to provide reassurance particularly in parts of London with significant Jewish and Muslim populations.

    “As the situation in the Middle East becomes less certain once again, we know that fears and tensions will rise here at home too. Our work, which is underpinned by engagement with community representatives and with our key partners, will continue. Together, we are determined to demonstrate that there will be no tolerance for hate crime in London.”

    Ruth Martin, Grants Team Manager at Groundwork London, said:  “Groundwork London supports London’s diverse communities to ensure the capital is a vibrant, safe, and respectful place for everyone. We are proud to continue working with MOPAC to support the Shared Endeavour Fund, which is now in its fifth year. So far, the fund has supported over 90 initiatives across London, which has impacted over 140,000 Londoners. We look forward to working with new and returning grant recipients as they deliver their projects to counter hate, intolerance and radicalisation in their communities and reach those most in need.”

    Zaynab Albadry, Project Manager, Stand Up Education Against Discrimination, said: “The Stand Up! Education Against Discrimination project has been awarded funding by the Mayor’s Shared Endeavour Fund for 5 consecutive years. Tens of thousands of young people have participated in free anti-discrimination workshops raising awareness about racism and prejudice and empowering them to act against hate, discrimination, antisemitism, and anti-Muslim hate.

    “Our partners, the CST and Tell MAMA have warned of the growth in both anti-Muslim hate and antisemitism, with incidents targeting these communities worryingly becoming more aggressive. Thanks to this latest funding, even more young Londoners will meet our Jewish and Muslim facilitators to breakdown misconceptions and stereotypes targeting minority communities. Through this project participants will be assisted to navigate difficult climates and issues to feel empowered becoming the leaders of tomorrow, modelling a respective and welcoming environment for their communities and wider British Society.”

    Tim Robertson, Chief Executive of The Anne Frank Trust UK, said: “Educating against prejudice is an urgent national priority, and we’re experts at it here at the Anne Frank Trust UK. But finding the necessary funding is really tough right now. So I’m massively grateful to the Mayor of London’s Shared Endeavour Fund for enabling us to bring our programme to thousands of young Londoners. This is totally the right initiative at exactly the right time.”

    Nigel Bromage, Founder of EXIT Hate UK, said: “Funding from MOPAC’s Shared Endeavour Fund is crucial to combating hate, extremism and terrorism.  Through the Mayor of London’s funding we have been able to deliver impactful projects year on year which challenge Far Right hate narratives and boost the capacity of frontline practitioners and family members to keep those vulnerable to radicalisation safe.

    “This year’s delivery is more important than ever with the risk of Far Right extremism increasing in the aftermath of horrific recent disorder across parts of the country. We will be working with even more frontline practitioners and young Londoners to provide awareness raising on the dangers of Far Right radicalisation whilst also providing non-judgemental help and support to those that need it.”

    MIL OSI United Kingdom –

  • MIL-OSI Video: Panel discussion: Systemic liquidity

    Source: European Central Bank (video statements)

    This panel discussed systemic liquidity risk, highlighting how market and funding strains can affect the financial system, often necessitating intervention from central banks and authorities. The panel explored methods for detecting and addressing vulnerabilities proactively, and strategies for mitigating the impact if such risks materialise.

    Chair: Stephen Cecchetti, Professor, Brandeis International Business School, Vice-Chair of the ESRB Advisory Scientific Committee

    Panellists:

    Linda Goldberg, Financial Research Adviser, Federal Reserve Bank of New York

    Rafael Repullo, Professor, Centre for Monetary and Financial Studies

    Hyun Song Shin, Economic Adviser, Bank for International Settlements

    Erik Thedéen, Governor, Sveriges Riksbank

    https://www.youtube.com/watch?v=tVwtRNBPfq0

    MIL OSI Video –

  • MIL-OSI Video: Welcome address and Keynote speech

    Source: European Central Bank (video statements)

    Welcome address
    Pablo Hernández de Cos, Chair of the Advisory Technical Committee, and former Governor of Banco de España.

    Pablo Hernández de Cos, in his capacity as Chair of the ESRB Advisory Technical Committee, and former Governor of Banco de España, opened the second day of the conference (pre-recorded).

    Keynote speech by Olli Rehn, ESRB First Vice-Chair, Governor of Suomen Pankki.

    https://www.youtube.com/watch?v=_3raZA6WntA

    MIL OSI Video –

  • MIL-OSI Video: Panel discussion: Artificial Intelligence and systemic risk

    Source: European Central Bank (video statements)

    This panel discussion aims to explore how AI is reshaping the landscape of financial stability and systemic risk, from the perspective of industry practitioners and academics. The panel addressED both opportunities and challenges that lie ahead in integrating advanced AI technologies within Europe’s financial system.

    Chair: Andréa Maechler, Deputy General Manager, Bank for International Settlements

    Panellists:

    Zanna Iscenko, Principal Economist, Google
    Sudeep Kesh, Chief Innovation Officer, S&P Global Ratings
    Robin Lumsdaine, Professor, American University, Member of the ESRB Advisory Scientific Committee
    Dirk Zetzsche, Professor, University of Luxembourg

    https://www.youtube.com/watch?v=maB_XJw9JMU

    MIL OSI Video –

  • MIL-OSI Video: Winner of the 2024 Edition of the Ieke van den Burg prize

    Source: European Central Bank (video statements)

    The ESRB’s Advisory Scientific Committee awards the Ieke van den Burg prize to recognise outstanding research conducted by young scholars on a topic related to the ESRB’s mission. Tsvetelina Nenova presented her paper “Global or Regional Safe Assets: Evidence from Bond Substitution Patterns”, which has won the 2024 Edition of the prize.

    Chair: Loriana Pelizzon, Professor, SAFE/Goethe University, Vice-Chair of the ESRB Advisory Scientific Committee

    Winner: Tsvetelina Nenova, Economist, Bank for International Settlements

    https://www.youtube.com/watch?v=N4hmdkAiN_U

    MIL OSI Video –

  • MIL-OSI Banking: AI can boost growth and make Europe more competitive

    Source: Google

    There are few more pressing questions facing European governments than how to drive economic growth and make the region more competitive. And it’s clear that one of the most important ways to boost the EU’s competitiveness is by harnessing AI for growth.

    A new report by Implement Consulting Group, commissioned by Google, estimates that generative AI could add €1.2-1.4 trillion to the EU’s GDP in ten years – the equivalent to an annual growth rate of 8%. The report also outlines how AI can significantly boost productivity across various sectors.

    This ability of generative AI to boost economic growth and competitiveness is particularly significant for Europe. According to Mario Draghi’s new report, Europe’s competitiveness has nosedived over the past decades: the EU’s share of global GDP has shrunk from over a quarter in 1980 to just 17% today. US productivity has surpassed the EU’s by 20% in 2022.

    But this report is about more than economic metrics — it’s about how AI can help people be more productive, fuel growth and support long term sustainable jobs of the future. 74% of workers in European countries see productivity-enhancing effects of generative AI, and 43% of workers in European countries expect AI to positively impact their job. Our new report estimates that the majority (61%) of jobs will be augmented by generative AI while around 7% face a long-term transition to automation. As with previous transitions, like the birth of commercial aviation or the worldwide web, new industries and careers will be made entirely possible by AI powered breakthroughs. This impact has the potential to be felt across society — from enhancing the quality and efficiency of public services to unlocking scientific breakthroughs and alleviating labor shortages by freeing up resources and boosting productivity.

    Europe’s productivity gap is largely down to slower technological development, innovation and adoption. As Mario Draghi says, “with the world on the cusp of an AI revolution, Europe cannot afford to remain stuck in the ‘middle technologies and industries’ of the previous century”. To catch up, the EU must unlock its innovative potential.

    A new agenda for AI backed growth

    This is why today, in addition to our Economic report, we’re also releasing our AI Opportunity Agenda: a series of recommendations for governments to seize the full economic and societal potential of AI. The Agenda outlines the need to revisit Europe’s workforce strategy, as well as investment in AI infrastructure and research, adoption and accessibility.

    1. Investing in research and development

    For the EU to truly compete in AI, it needs to make research and development a shared priority, as well as making funding more accessible. Without the right incentives to develop and commercialise AI innovation, Europe is stifling its talent and its chances of launching more home-grown tech unicorns.

    2. Building infrastructure to support innovation

    AI breakthroughs are only possible with the right high-performance computing technologies and data centres — and the renewable energy to support them. To enable AI innovation at scale, the EU will need to allocate more funding to financing such infrastructure — as well as incentivising and enabling the private sector to do the same.

    3. Improving skills and training programmes

    Technological growth will not be effective if people are left behind. Given its diversity, the EU must make sure technology benefits every business, economy and person. To do this, it needs to accelerate digital skills transformation, putting AI skills and education at the centre of a revitalised European Skills Agenda — and adding it to school curriculums.

    4. Promoting widespread adoption

    We ultimately need to ensure that AI is applied and deployed in a universally accessible and useful way. For the private sector, EU policymakers and AI developers must work together to develop outreach strategies to traditional industries and small businesses who have much to gain from AI adoption. For the public sector, member states must double down on existing initiatives to increase the public procurement of AI and developing bolder AI adoption targets.

    Taking action

    Developing good policy and responsible AI will need close coordination between governments, the private sector, academia and civil society. Through our AI Opportunity Initiative and other partnerships we’re committed to working with others to get this right. But, as Mario Draghi highlighted, change is also needed in the regulatory environment. Since 2019, the EU has introduced over 100 pieces of legislation that impact the digital economy and society. It’s not just the sheer number of regulations that’s the challenge – it’s the complexity. Moving from the regulatory-first approach can help to unlock the opportunity of AI.

    In many ways, Europe is well-positioned to seize this moment. AI has the potential to help us build a better, fairer, healthier society — and to support competitiveness and inclusive growth.

    MIL OSI Global Banks –

  • MIL-OSI Economics: Interactions between monetary policy, regulation and financial markets | Video message at the Conference on Markets and Intermediaries

    Source: Bundesbank

    Check against delivery.

    1 Introduction

    Ladies and gentlemen,

    Good morning and welcome to the Conference on Markets and Intermediaries, an event jointly organised by the Bundesbank and the Humboldt-Universität zu Berlin.

    In my opening speech, I will take you on a helicopter tour of the programme and share some thoughts on the topics that will be covered over the next two days. The programme certainly does cover a wide range of topics. It addresses current challenges facing financial markets, financial intermediaries, and central banks.

    Since the Great Financial Crisis, central banks worldwide have expanded their balance sheets, injected additional liquidity into the financial system, and broadened their collateral frameworks. In addition, financial regulation has been adapted to make the financial system more stable.

    While these measures served useful purposes, they also had side effects, not least in money and capital markets. Policymakers and regulators are therefore well-advised to evaluate the effects of their measures.

    2 Non-bank financial institutions

    The first session is dedicated to non-bank financial institutions, or NBFIs.

    This sector includes, amongst others, insurers, investment funds, and money market and hedge funds. It is strongly interconnected, both with other sectors and across countries. Its share of the global financial system, as measured by total financial assets, is almost one-half.

    Clearly, it could be a source of systemic risks. But the risks presented by NBFIs often lie out of view. This makes them more difficult to monitor and assess. All the more important, then, to close data gaps and strengthen the resilience of the sector.

    One particular source of vulnerability are fire sales of open-ended funds. These are the subject of a paper that Rüdiger Weber is presenting this morning.[1]

    Open-ended funds are especially prone to fire sales because, during episodes of market stress, they often face significant pressure from investors who want to liquidate their holdings quickly. Fund managers may then be forced to offload fund assets at short notice. And if those assets are less liquid, they may have to sell them at lower prices. This may amplify price declines and liquidity shortages.

    Effective liquidity management and regulation are very important here. A recently published Bundesbank paper shows that price-based liquidity management tools help keep the financial fragility of open-ended mutual funds in check.[2]

    In times of stress, investors also try to protect their capital by shifting it into safer assets. However, this flight to safety can intensify the downward pressure on the prices of riskier assets as demand for the latter declines.

    The Financial Stability Board is doing important work in this field. But it is currently focused on microprudential regulation. I think the FSB’s work on this front needs to be complemented by the development of macroprudential regulation for the NBFI sector.

    In any case, we should not jeopardise what we have achieved in the banking regulation space by allowing stability risks to build up elsewhere in the financial system.

    3 Central bank digital currencies

    The second session is on central bank digital currencies (CBDC).

    CBDC is an issue that is keeping almost all central banks very busy at the moment. The Eurosystem is hard at work preparing for the potential introduction of a digital euro.

    As the world turns increasingly digital, the digital euro would provide a secure and efficient digital payment option that complements cash. It aims to strengthen Europe’s strategic autonomy by building on European infrastructures, and to promote innovation in the private sector.

    However, introducing a CBDC could also have unintended side effects. If bank customers were allowed to hold it in large amounts, periods of banking distress could trigger large, sudden shifts out of deposits into CBDC. This could lead to financial instability.

    And if CBDC were too attractive a substitute for deposits, commercial banks’ access to retail deposits could erode over time. Which could lead to structural disintermediation and call into question our proven two-tier banking system. It is therefore of the essence to design CBDC in a way that prevents these risks from materialising.

    The challenge is to optimise the usability of CBDC as a means of payment while at the same time limiting its effects on the market for bank deposits. Two decisive factors in this regard are remuneration and holding limits. Let me say a few words on each of these.

    Remuneration means the rate of interest on people’s holdings of CBDC. If that rate of interest were positive, holding CBDC would be more attractive. But at the same time, that would lead to outflows out of bank deposits.

    Based on a welfare-maximising model setting, Pascal Paul will argue later this afternoon that central banks should allow for a positive interest rate.[3] This stands in contrast to the intention of the Governing Council not to remunerate digital euro holdings.[4]

    Why are we not in favour of remuneration?

    Because our aim is to make the digital euro a digital complement to cash, and there is no remuneration for holding cash. We neither want to compete with commercial banks for deposits, nor do we want to employ the digital euro as a monetary policy instrument.

    The second, perhaps even more important, factor is holding limits. We intend to limit digital euro holdings to a certain amount, because we want to ensure the digital euro does not lead to large sudden shifts or disintermediation.

    The limits currently under discussion range from €500 to €3,000.[5] A recent Bundesbank paper finds that an optimal holding limit would be in a range between €1,500 and €2,500.[6] On the Governing Council, we have not yet taken a decision on the exact amount. What is more, EU legislators might be involved here.

    But as regards the practical usability of the digital euro, the exact limit does not play a major role anyway. This is because a reverse waterfall system, as it is called, would allow users to link their digital euro wallet to their bank account. They can then convert their bank deposits into digital euro automatically and instantly if their holdings are insufficient to make a payment.

    4 Banking and deposit flows

    Allowing users to convert an unlimited amount of deposits into CBDC would expose commercial banks to substantial run risk. In any case, zero or lower interest rates will not discourage them from doing that in times of crisis. However, digital bank runs can happen even without CBDC.

    The failure of Silicon Valley Bank and other regional banks in March 2023 showed how quickly customers can withdraw their deposits these days. At Silicon Valley Bank alone, customers pulled out USD 42 billion within the space of a single day, which equated to around one-quarter of total deposits. And another USD 100 billion would have been withdrawn a day later.[7] The depositors on the run were apparently account holders with uninsured deposits.

    Banking and deposit flows are the subject of Session 3. Dominic Cucic will present a paper showing that bank customers do indeed redistribute their deposits when deposit insurance limits change.[8] Credible and reliable deposit insurance helps to prevent bank runs and preserve financial stability.

    In the euro area, we currently have deposit insurance at the national level. Adding a European layer in the form of a hybrid model would help prevent situations where large shocks overwhelm national deposit insurance systems and lead to cross-border contagion.

    As a European layer should be risk-based, large exposures of banks to individual sovereigns are an issue. Currently, many banks hold a disproportionately large number of bonds issued by their domestic governments. If this were to continue, a common deposit insurance arrangement could lead to a redistribution of sovereign solvency risks.

    In my view, the new EU legislative session provides a good opportunity to move forward on both issues: with a reduction in banks’ exposures to individual sovereigns, and a common European deposit insurance system.

    5 Central bank interventions and market behaviour

    Session 4 of this conference focuses on the impact of central bank interventions on market behaviour. Both papers in this session underline that such central bank measures need to be carefully designed.[9]

    Central banks have taken a wide range of non-standard monetary policy measures to ensure sufficient monetary stimulus at the effective lower bound. But in the medium to long term, such policies may lead to inefficiencies. These could arise in financial markets themselves or in the allocation of resources affected by the boost to lending.

    This makes it all the more important to evaluate the instruments used and the lessons learned. It is therefore very fitting that we are currently carrying out a strategy review in the Eurosystem. Amongst other things, this will provide an opportunity to critically review the quantitative easing policies we have seen in the past.

    The extensive bond purchases contributed to price stability in an era of low inflation, but they were also associated with numerous side effects in financial markets. Without prejudging the outcome of the review, I think their use should be limited to exceptional circumstances.

    6 Conclusion

    Ladies and gentlemen,

    The conference concludes with a panel discussion on the ECB’s new operational framework. As I have already expressed my views on this on a different occasion,[10] I will end my speech by expressing my gratitude.

    Thanks to the organisers from the Bundesbank and Humboldt University for setting up this conference. Thanks to the presenters, discussants and panellists for sharing their insights. Thanks to all participants for their contributions. And special thanks to Annette Vissing-Jørgensen from the Federal Reserve Board, who will give a keynote on “Balance sheet policy above the effective lower bound”.[11]

    Now I wish you all an exciting conference with valuable insights.

    Thank you very much.

    Footnotes:

    1. Rzeźnik, A. and R. Weber (2022), Money in the Right Hands, mimeo.
    2. Dunne, P. et al. (2024), Financial fragility in open-ended mutual funds: the role of liquidity management tools, Bundesbank Discussion Paper, No 36/2024.
    3. Paul, P., M. Ulate and J. C. Wu (2024), A Macroeconomic Model of Central Bank Digital Currency, mimeo.
    4. European Central Bank (2023), A stocktake on the digital euro. Summary report on the investigation phase and outlook on the next phase, 18 October.
    5. Balz, B. (2024), Only balances of €500 allowed? What the digital euro is intended to deliver – and what not, Interview with Focus online, 5 June.
    6. Bidder, R., T. Jackson and M. Rottner (2024), CBDC and banks: Disintermediating fast and slow, Deutsche Bundesbank Discussion Paper, No 15/2024.
    7. Congressional Hearing Transcript, Recent Bank Failures and the Regulatory Response, Committee on Banking, Housing, and Urban Affairs, 28 March 2023.
    8. Cucic, D. et al. (2024), Distortive Effects of Deposit Insurance: Administrative Evidence from Deposit and Loan Accounts, mimeo.
    9. Eufinger, C. and Z. Ye (2024), Breaking Bagehot’s Rules: Loan Contracting with Advantageous Central Bank Funding, mimeo; Meisenzahl, R. R. and K. M. Pence, De-Limiting Arbitrage: Evidence from the Term Asset-Backed Securities Loan Facility, mimeo.
    10. Nagel, J. (2024), Reflections on the Eurosystem’s new operational framework, Speech at the Konstanz Seminar on Monetary Theory and Monetary Policy, 16 May.
    11. Vissing-Jørgensen, A. (2023), Balance Sheet Policy Above the ELB, ECB Forum on Central Banking, Sintra.

    MIL OSI Economics –

  • MIL-OSI Economics: Luis de Guindos: Expectations surveys, central banks and the economy

    Source: European Central Bank

    Welcome address by Luis de Guindos, Vice-President of the ECB, at the 5th joint ECB, Bank of Canada and Federal Reserve Bank of New York Conference on expectations surveys, central banks and the economy

    Frankfurt am Main, 1 October 2024

    It is my pleasure to welcome you to this fifth joint conference on expectations surveys organised by the European Central Bank, the Bank of Canada and the Federal Reserve Bank of New York.

    In my remarks today, I will delve into the fascinating world of expectations surveys and their relevance to central banks. I will review how useful expectations surveys have proven to be for central banks over the period since 2019, the year we held our first conference in this series. In addition, I will touch on the challenges facing central banks in using surveys. The fact that central banks generally operate under great uncertainty has come to the fore over the past five years. Today, too, we are facing huge uncertainty – not least in view of the many prevailing economic, financial and geopolitical risks. Yet, it is precisely in this unpredictable and highly complex landscape that surveys have come into their own.

    The return of survey expectations

    Over the past decade, central banks and other policymaking institutions have invested significantly in expectations surveys and have drawn increasingly on survey data for their policy analysis and research. These surveys cover consumers, firms, financial market participants and other experts, including professional forecasters. At the ECB, we can fortunately look to a wide array of such surveys covering diverse topics such as consumer expectations, household finance and consumption, access to finance of enterprises, the payment attitudes of consumers and bank lending. Since 2013, the ECB has also conducted a survey of wholesale market participants on credit terms and conditions, and it recently developed a new survey of monetary analysts to collect expert expectations about key monetary policy parameters and concepts. Finally, the ECB’s Survey of Professional Forecasters was launched back in 1999 at the start of Economic and Monetary Union. Its structured collection of data has supported a rich research programme investigating economic forecasts and expert expectations.[1]

    All ECB surveys can provide insights into how different economic agents form and update their expectations. They can reveal the potential biases in these expectations and the extent to which expectations feed into economic decisions. Surveys were indeed quite central to the economic debate in the 1950s and the 1960s but their role became more marginal when rational expectations were incorporated into economic modelling in the 1970s. Over the past ten years, however, economists have seen survey expectations clearly returning to the mainstream.[2] One could describe the recent growth in survey-based research as a “counter-revolution” following the earlier “revolution” centred on rational expectations. Today, while models based on rational expectations still form a useful reference point in our analysis and research, they are no longer thought to provide a solid basis for understanding business cycles, for gauging the risks of financial crises or for designing effective economic policies. The central insight gained from this new line of survey-based research is that many economic agents may systematically form expectations by using partial sets of information or by following subjective narratives about how the economy functions – for example by applying simple rules of thumb.[3] It is important to understand such subjective expectations, because these beliefs often underlie the economic choices and financial decisions that drive the economy.[4]

    Surveys have repeatedly proven their usefulness over the past five years. During the COVID-19 pandemic, they were especially useful in helping to track financial conditions for firms and households, as well as in estimating the labour market response to the pandemic shock. Online surveys were of great benefit during the pandemic as in-person survey interviews were hampered by lockdown restrictions. For example, the ECB’s Consumer Expectations Survey – an online survey which was fortuitously launched in early 2020 – helped us understand the severity of the pandemic-induced collapse in consumption and gauge the overall effectiveness of the major policy interventions by governments and other authorities at the time.[5]

    Insights from surveys during the recent period of high inflation

    More recently, the data collected in surveys strongly supported the analysis of the recent inflationary episode in the euro area.[6] During the early phase of the inflation surge in 2022, survey data helped to inform the central discussion on the likely persistence of the shock. For example, the observed increase in consumers’ medium-term expectations may have interacted with an increase in firms’ pricing power to make the original supply shocks more persistent than they would otherwise have been.[7]

    Forces that would gradually help bring inflation back down to our target were also visible in more recent survey data. For example, we could see how the rise in inflation and inflation expectations was acting as a major constraint on demand and consumer spending owing to its impact on real incomes. In August 2023 respondents to the ECB’s Consumer Expectations Survey were asked what actions they were planning to take in light of their expectations about future inflation. The results clearly showed that a much higher share of consumers planned to reduce their spending in response to the expectations of higher prices.[8] In addition, consumers indicated that they would start to shop around more and buy cheaper varieties of goods and services than they normally would. In a context where the ECB was taking decisive monetary policy action aimed at restoring price stability, these behavioural responses to higher inflation expectations also contributed to the gradual unwinding of the inflationary pressures across the euro area economy.

    Insights for financial stability analysis

    In addition to monetary policy, expectations surveys are now increasingly being used for other central bank tasks as well. This includes financial stability analysis. Here, surveys can help identify potential sources of financial risk not only in financial markets and the banking system, but also in the household and non-financial corporate sectors.[9] Even when there is no discernible financial stress at the aggregate level, the disaggregated or individual-level data typically provided by surveys can help us to identify emerging risks across particular sectors or socio-demographic groups.

    In financial stability analysis, the topic of financial literacy is receiving increased attention. In the first keynote lecture of the conference, Professor Annamaria Lusardi from Stanford University will talk about why financial literacy is relevant for central banks. One consideration for financial stability analysis is that less financially literate households may be less prepared to cope with adverse economic and financial shocks. Yet, these households tend to be the most exposed to such shocks and more heavily affected when they occur. Policies seeking to boost financial literacy may help borrowers to source loans that are cheaper to service, thus promoting more efficient and more sustainable debt management. These issues may be particularly relevant for real estate markets and housing, which will be the focus of the second keynote lecture of the conference, given by Professor Tarun Ramadorai from Imperial College London. Professor Ramadorai will discuss the importance of non-rational beliefs in the housing market and how household surveys can help inform policies that can address these frictions.

    Sustaining the quality and representativeness of surveys

    Our experiences with survey data also highlight the challenges that policymakers face when using these data. Survey data can be volatile and there is evidence of overreaction in both household and firm surveys of expectations. For this reason, surveys may provide a noisy signal for policymaking in practice, which complicates how these data should feed into the policy reaction function. In this respect, I hope the research presented at today’s conference can also help policymakers distinguish the signal from the noise that is always embedded in expectations data. These considerations underline the importance of the quality of the survey design, including the sampling and data collection methods. It is crucial that questions are designed to avoid the framing of responses and that the complexity of the questionnaires is managed appropriately to avoid survey fatigue, which may negatively affect data quality. As central banks are making increasing use of survey data, they need to continuously and carefully monitor these data to ensure responses remain representative of the underlying population’s beliefs and behaviour.

    Conclusion

    Let me conclude. Today, expectations surveys are an important part of the toolkit available to central banks for their policy analysis. These surveys reveal insights about the economy that would otherwise remain hidden from view. As a result, they can contribute to more robust policy decisions and better policy assessments.

    I would like to finish by thanking the presenters and participants in advance for their contributions and the conference organisers for putting together such an impressive programme. I wish you all a productive and successful two days of lively debate and discussion. I am confident that the insights that will emerge from sharing our experiences of different surveys across many countries and institutions will ultimately enhance the way in which we use expectations surveys to help guide policy decisions.

    MIL OSI Economics –

  • MIL-OSI Europe: Speech by President Charles Michel at the ministerial meeting for key partners in support of UNRWA

    Source: Council of the European Union

    At the ministerial meeting on the role of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) in Gaza, the West Bank and the region, President Charles Michel stressed the EU’s role as a reliable partner.

    MIL OSI Europe News –

  • MIL-OSI USA News: Fact sheet: Fourth Ministerial Meeting on the Los Angeles Declaration on Migration and  Protection

    Source: The White House

    On June 10, 2022, President Biden launched the Los Angeles Declaration on Migration and Protection with leaders from across the Western Hemisphere to tackle together the challenge of migration and forced displacement. Under this framework, the United States has worked with partner countries to collaboratively reduce irregular migration and advance a safe, humane, and orderly approach to migration across the hemisphere. Over the last two years, the 22 endorsing countries have achieved substantial progress across the Los Angeles Declaration’s three core pillars:

    1. addressing root causes and supporting the integration of migrants to foster long-term stabilization;
    2. expanding lawful pathways for migration and protection; and
    3. strengthening humane enforcement.

    On September 25, 2024, Secretary of State Antony Blinken hosted the fourth Los Angeles Declaration Ministerial with White House Homeland Security Advisor Dr. Liz Sherwood-Randall, White House Coordinator for the Los Angeles Declaration Marcela Escobari, and foreign ministers and senior representatives from the other 21 endorsing countries.

    On behalf of the United States, Secretary Blinken announced more than $686 million in new humanitarian, development, economic, and security assistance to support partner countries to respond to urgent humanitarian needs, strengthen humane enforcement efforts, expand lawful pathways, and facilitate the regularization and integration of migrants within the region. With this announcement, the United States has now committed over $1.2 billion under the Los Angeles Declaration framework in 2024 alone, reflecting the Biden-Harris Administration’s unwavering commitment to collaboratively addressing this hemispheric challenge.

    The United States also announced expanded enforcement partnerships to deter irregular migration, including a removal pilot program with the Government of Panama and new visa restrictions against travel agencies and tour operators that prey on vulnerable migrants. These actions aim to hold accountable those who exploit migrants for profit and to dissuade migrants from attempting dangerous irregular journeys.

    Endorsing countries agreed to further institutionalize the Los Angeles Declaration through the establishment of a Secretariat, which will be managed by the Pan American Development Foundation and the Organization of American States and will ensure that coordinated progress on migration management is sustained into the future under this framework. The Government of Colombia formally announced that it will assume the role of rotating Country Chair over the next year and will host the fifth Los Angeles Declaration Ministerial in 2025.

    The endorsing countries presented progress toward their commitments under the Los Angeles Declaration and announced the following new initiatives:

    Strengthening Humane Enforcement

    • On June 4, 2024, President Biden announced executive actions to bar migrants who cross the U.S. Southern border unlawfully from receiving asylum during times when high levels of encounters exceed our ability to deliver timely consequences.  Since June 4, encounters between ports of entry have dropped by more than 50% and remain at their lowest level in years. Encounters in July and August 2024 dropped to the lowest levels since September 2020.
    • Panama is implementing a U.S.-funded removal program that has resulted in the removal of hundreds of foreign nationals who did not have a lawful basis to remain in Panama, after they were screened for protection needs.
    • The United States continues to take steps to impose visa restrictions on executives of travel agencies and charter air and maritime transportation companies around the globe that are facilitating irregular migration to the United States. On September 24, 2024, the State Department imposed additional visa restrictions against multiple executives of travel agencies operating in Europe, Africa, and the Middle East that are knowingly facilitating illegal migration.
    • Partner countries reaffirmed their commitment to stem extracontinental irregular migration through the strategic use of entry and transit visas and passenger vetting. In total, Los Angeles Declaration endorsing countries have taken over 300 new visa policy actions to restrict travel intended solely for irregular migration.
    • The United States has mobilized resources to increase investigations, arrests, and prosecutions of human smuggling and trafficking networks, including in partnerships with other Los Angeles Declaration countries.  In August, for example, Guatemalan law enforcement—in an investigation supported by the Departments of Justice and Homeland Security— dismantled a human smuggling network based in Guatemala that was responsible for the deaths of 53 migrants in a tractor-trailer in San Antonio, Texas in June 2022.
    • Under the Biden-Harris Administration, the United States has sanctioned eight human smuggling networks, including over 30 individuals and entities, to hold accountable those responsible for the exploitation of migrants.  On September 24, 2024, for example, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned five Colombian nationals and two Mexican-based businesses, including two individuals affiliated with the Clan del Golfo transnational criminal organization, who are responsible for the control of migrant flows through the Darien Gap. Colombian authorities are offering a reward of 50 million Colombian pesos for the capture of both wanted criminals.
    • The United States has enhanced biometric sharing capabilities throughout the region, enabling law enforcement actions against criminal actors before they enter any of our countries. Guatemala, with support from the United States, announced a new biometric program at La Aurora International Airport to cross-reference travelers with U.S. security databases in near-real time in order to identify high-risk arriving passengers.

    Expanding Lawful Pathways for Migration and Protection

    • The Biden-Harris Administration has rebuilt the United States’ refugee resettlement program and led a historic expansion of lawful pathways to the United States and partner countries. The United States is now on track to welcome 100,000 refugees from around the world this fiscal year, the largest number in three decades.
    • Under the U.S. Government’s Safe Mobility Initiative, over 23,000 refugees from within the Western Hemisphere have been resettled safely and legally in the United States in Fiscal Year 2024, a four-fold increase over FY 2023.
    • The United States is incorporating Labor Neighbors as part of the Safe Mobility Initiative to refer migrants to more lawful pathways and help match labor demand to labor supply across the hemisphere.
    • Belize announced it is establishing a seasonal migrant worker program focused on agriculture and construction.
    • Canada seeks to support labor mobility through its Economic Mobility Pathways Pilot.
    • Ecuador is launching a new labor mobility unit with U.S. support.
    • As part of the Safe Mobility Initiative, the United States continues to provide migrants and displaced persons with information and resources though the Safe Mobility Offices in Guatemala, Costa Rica, Colombia, and Ecuador.
    • Costa Rica and the United States announced that the Safe Mobility Offices in Costa Rica will be extended until December 2025. Costa Rica will also expand eligibility criteria to include nationals from eligible countries who were present in Costa Rica on or before September 15, 2024.
    • Canada began receiving referrals from the Safe Mobility Offices in the hemisphere and expects arrivals to Canada starting in 2025.
    • The Cuba, Haiti, Nicaragua, and Venezuela (CHNV) parole processes have helped reduce irregular flows from these four countries, enabling migrants to apply from where they are for lawful entry to the United States.

    Addressing Root Causes and Supporting the Integration of Migrants to Foster Long-term Stabilization

    • A significant portion of the United States’ $686 million in new funding announced on September 25, 2024 will support regional efforts to respond to urgent humanitarian needs, like basic food, shelter, and health care for migrants and displaced persons, including nearly 8 million Venezuelans. U.S. funding also supports regional partners’ efforts to absorb and integrate migrants, promoting migrants’ financial inclusion and labor market insertion, and supporting host communities. 
    • More than half of Los Angeles Declaration endorsing countries have implemented policies that provide regular status and help migrants integrate and rebuild their lives in Latin America and the Caribbean, stemming further displacement and reducing migrant vulnerability. Their combined efforts have enabled 4.4 million Venezuelans to attain legal status to date. The following countries took new actions since May to provide regular status and help integrate more migrants:
    • Argentina announced a special admission and regularization program that allows Venezuelans with expired identity documents (within the last 10 years) to seek residency in Argentina, and to verify identity or criminal record through a sworn statement in the absence of documents.
    • Canada announced a new Francophone minority community student program that will give program participants access to settlement services while they are studying to help them integrate successfully into their communities.
    • Colombia announced the signing of a regularization plan that could benefit an estimated 600,000 undocumented parents and legal guardians of children with valid Colombian Temporary Protective Status.
    • Ecuador extended its regularization process until April 2025, allowing approximately 100,000 Venezuelan migrants to gain legal status. Separately, Ecuador committed to renew nearly 95,000 two-year visas previously issued to regularized Venezuelans. As part of the U.S. funding announcement, the U.S. is helping Ecuador unlock additional World Bank lending to support Ecuador’s Social Safety Net project that contributes to stabilizing and integrating the 450,000 Venezuelan migrants currently in the country.
    • Mexico committed to opening a Multi-Purpose Processing Center in Chiapas to streamline the processing of migrants seeking refuge and to provide them integration support through access to financial, health, and education services. 
    • Panama announced the intent to begin a process that would allow migrants currently living in Panama irregularly to apply for legal status and obtain work authorizations.
    • Peru, working closely with United Nations implementing agencies, announced plans to prioritize documenting migrant children and adolescents in the public education system. Through these efforts, Peru will provide protection and basic services to minors and their families.
    • Uruguay approved two decrees to grant legal status to approximately 25,500 non-citizens living in Uruguay with pending asylum claims who likely would not qualify for asylum. 

    ###

    MIL OSI USA News –

  • MIL-OSI Security: FBI Houston Seeks Persistent “Plaid Pillager” for Fifth Bank Robbery

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    HOUSTON, TX—FBI Houston’s Violent Crime Task Force is asking for the public’s help in identifying and locating a man dubbed the “Plaid Pillager” who committed his fifth bank robbery in Houston last week. Crime Stoppers of Houston is offering a reward of up to $5,000 for information leading to the identification and arrest of the robber.

    The most recent robbery occurred at approximately 2:10 p.m. on Friday, September 20, 2024, at the Bank of America located at 5348 Westheimer Road in west Houston. During the robbery, the suspect entered the bank, approached the counter, and handed the teller a threatening note demanding money. He fled the bank with an undisclosed amount of money southbound on foot across Westheimer Road. No one was physically hurt during the robbery.

    Previously, the “Plaid Pillager” robbed the following banks:

    • Wells Fargo Bank located at 11152 South Gessner in southwest Houston on Friday, July 22, 2022
    • Chase Bank located at 10411 Westheimer in west Houston on Friday, February 3, 2023
    • Bank of America located at 5348 Westheimer in west Houston on Friday, February 10, 2023
    • Cadence Bank located at 3754 Westheimer in west Houston on Monday March 6, 2023

    The robber is described as a balding white male in his late 50s, approximately 6’0” tall, with a heavy build and a white stubble beard. During the robbery he wore a blue fishing shirt, blue jeans, sneakers, a medical mask, and a ballcap with the Texans logo. He carried a camo-colored backpack, and upon fleeing the bank he took off his ballcap and mask before putting on sunglasses. A witness stated the suspect had an older black or green tattoo on the left side of his head.

    Photographs of the suspect from the most recent robbery can be found on FBI Houston’s Twitter account.

    Crime Stoppers of Houston, a non-governmental organization, is offering up to $5,000 for information leading to the identification and arrest of this robber. If you have any information, please call the Crime Stoppers tip line at 713-222-TIPS (8477) or the FBI Houston Field Office at (713) 693-5000. Tips may also be submitted to Crime Stoppers through their website, http://www.crime-stoppers.org, or the Houston Crime Stoppers mobile phone app which can be downloaded for both iPhone and Android devices. All tipsters remain anonymous.

    MIL Security OSI –

  • MIL-OSI Europe: President Erdoğan’s Address to the 79th Session of the United Nations General Assembly

    Source: Republic of Turkey

    ADDRESS TO THE 79TH SESSION OF THE UNITED NATIONS GENERAL ASSEMBLY
    by
    THE PRESIDENT of the REPUBLIC of TÜRKİYE,
    H.E. RECEP TAYYİP ERDOĞAN
    (24 SEPTEMBER 2024, NEW YORK)

    Mr. President, 
    Distinguished Heads of State and Government,
    Mr. Secretary General,
    Esteemed Delegates,
    I greet you with my most heartfelt feelings and respect on behalf of myself, my country and my nation.
    I am very pleased to have the opportunity to address the United Nations General Assembly once again today.
    I wish the 79th General Assembly to be beneficial to our countries and to all humanity.
    I would like to congratulate Mr. Dennis FRANCIS, who has completed his Presidency of the General Assembly, and I wish success to Mr. Philemon YANG, who assumed this duty.
    I would like to express our pleasure in seeing the Representative of the friendly and brotherly Palestine in the place he deserves among the member states, after lengthy struggles.
    I wish this historic step to be the last stage on the way to Palestine’s membership in the United Nations.
    I also invite other states, that have not yet done so, to recognize the State of Palestine as soon as possible and take their place on the right side of history at this very critical period.
    Distinguished Delegates…
    We are living through and trying to manage the crises minute by minute that most of my friends here watch on TV screens.
    Therefore, I am addressing you today as the leader of a country that is not far from the tensions, but right in their epicentre.
    Even if some feel uncomfortable, even if some will once again criticize us, I wish to speak out certain truths openly today, in the name of humanity, from the common rostrum of humanity.
    Let’s consider… the United Nations, under whose roof we are now, was established to maintain international peace and security after the Second World War, during which millions of people lost their lives.
    With the establishment of the United Nations, expectations for global stability, peace and justice blossomed again, and hopes for peace revived.
    However, we observe with regret that in recent years, the United Nations is struggling to fulfill its founding mission and is gradually turning into a dysfunctional, unwieldy and inert structure.
    We need the values represented by the maxim “THE WORLD IS BIGGER THAN FIVE”, more and more nowadays.
    We witness that international peace and security are too important to be left to the arbitrariness of the “privileged five”.
    The most dramatic example of this is the massacre that has been going on in Gaza for 353 days.
    More than 41 thousand Palestinians have lost their lives in the ongoing Israeli attacks since October 7.
    41 thousand people, 41 thousand lives brutally taken away, most of whom are children and women.
    Similarly, the whereabouts of more than 10 thousand Gazans, most of whom are children, is unknown.
    In the same way, about 100 thousand people have been injured and become disabled.
    172 journalists have been killed while trying to do their job under difficult conditions.
    More than 500 paramedics working to save lives have been killed.
    Humanitarian aid workers and more than 210 United Nations personnel, who rushed to the rescue of the people of Gaza struggling with hunger and thirst, have been killed.
    They hit 820 mosques and 3 churches that should be protected even at war.
    They hit tens of hospitals, hundreds of schools, and more than 130 ambulances carrying patients.
    By tearing down the Charter of the United Nations at the United Nations rostrum, they shamelessly challenged the whole world, all the conscientious people right from here, from this rostrum.
    Friends…
    The leaked images from the prisons that Israel has turned into “concentration camps” indicate very clearly what kind of persecution we are facing.
    As a result of the Israeli attacks, Gaza has become the largest cemetery for children and women in the world.
    More than 17 thousand children have been the targets of Israeli bullets and bombs.
    HİND RAJAB was only 6 years old.
    Their vehicle was hit by Israeli forces while she was searching for a safe place with her relatives.
    Her uncle, aunt-in-law, and cousins all died, only she survived.
    For 12 days she waited desperately to be rescued.
    She waited for a helping hand to reach out to her for 12 days, saying, “WILL YOU COME TO PICK ME UP? I AM SCARED!”
    Despite the level of development which our world has reached, despite the technology at our disposal; despite our organisations with huge budgets employing thousands of personnel under their roofs, unfortunately, as humanity of 8 billion, we have not been able to save a 6-year-old girl, an injured sparrow fluttering in front of our eyes.
    Hundreds of Gazan children have died so far because they were not able to find a bite of dry bread, a sip of water or a bowl of soup, and they are still dying.
    Not only children are dying in Gaza; the United Nations system is also dying, the truth is dying, the values that the west claims to defend are dying, the hopes of humanity to live in a fairer world are dying one by one.
    I am asking you frankly from here…
    HUMAN RIGHTS ORGANISATIONS!
    Are the ones in Gaza, the ones in the West Bank not human beings? 
    The children in Palestine, do they not have the right to study, live, and play in the streets?
    INTERNATIONAL PRESS ORGANISATIONS!
    The journalists that Israel massacred on live TV, whose offices were raided, are they not your colleagues?
    THE UNITED NATIONS SECURITY COUNCIL!
    What are you waiting for to prevent the genocide in Gaza and to say “stop” to this cruelty, this barbarism?
    What more are you waiting for to stop the massacre network that endangers also the lives of its own citizens along with the Palestinian people and drags the entire region into war for the sake of its political prospects?
    AND THOSE WHO UNCONDITIONALLY SUPPORT ISRAEL!
    For how long will you continue to bear the shame of looking on this massacre, of being accomplices in this atrocity?
    Distinguished Friends…
    While children are dying in Gaza, Ramallah, Lebanon, and babies are dying in incubators, unfortunately, the international community has also given a very bad account of itself.
    What is happening in Palestine is an indicator of a huge moral breakdown.
    I believe that all the peoples of the world, leaders, international organisations should reflect on this painful picture.
    I also want to hereby express a truth loud and clear.
    Ignoring basic human rights, the Israeli government, is practicing ethnic cleansing, an overt genocide against a nation, a people, and occupying their territory step by step.
    Palestinians, whose freedom, independence and the most basic rights have been usurped, are very rightly exercising their “LEGITIMATE RIGHT OF RESISTANCE” against this occupation and these ethnic cleansing activities.
    The rightful resistance of the Palestinian people against those who occupy their land is too noble, honourable, heroic to be portrayed as illegitimate.
    From here, I wholeheartedly salute once again my Palestinian brothers who defend their country at the cost of their lives.
    The only reason for Israel’s aggression against the Palestinian people is the unconditional support of a handful of countries to Israel.
    The countries that have an influence over Israel are openly becoming accomplices of this massacre with the policy of “run with the hare, hunt with the hounds”.
    Those who are supposedly working for a ceasefire in the limelight continue to send weapons and ammunition to Israel behind the stage, so that it can continue its massacres.
    This is inconsistency and insincerity.
    Please consider … there’s a document that has been going back and forth since May.
    HAMAS has repeatedly declared its acceptance of the ceasefire proposal.
    However, the Israeli government has very clearly indicated that it is the party that does not want peace by continuously hampering the process, constantly finding excuses, perfidiously killing the interlocutor it negotiated with at a time when the ceasefire was closest.
    There should be no more credit given to Israel’s distraction and deception moves.
    In an environment where United Nations Security Council Resolution 2735 is not being implemented, coercive measures against Israel should be put on the agenda.
    Israel’s attitude has once again shown that it is essential for the international community to develop a protection mechanism for Palestinian civilians.
    Just as HITLER was stopped by the alliance of humanity 70 years ago, Netanyahu and his murder network must be stopped by the “alliance of humanity”.
    We believe that the power of the General Assembly to make recommendations on the use of force, as it exists in the “Uniting for Peace Resolution dated 1950”, should definitely be considered in this process.
    An immediate and permanent ceasefire should be achieved, a hostage-prisoner exchange should be carried out, and humanitarian aid should be delivered to Gaza in an unhindered and uninterrupted way.
    We have to extend a helping hand to the people of Gaza trying to survive, especially before winter when conditions will deteriorate.
    Please consider, 70 percent of the water resources and 75 percent of the ovens in Gaza have been destroyed until now.
    95 percent of health centres have been partially or completely damaged.
    150 thousand houses were completely destroyed, 200 thousand houses were partially destroyed, 80 thousand houses became uninhabitable.
    Infectious diseases, especially polio and hepatitis, are gradually increasing.
    The people of Gaza can only reach a quarter of the amount of aid they need.
    As Türkiye, we have maintained and are continuing to maintain our humanitarian aid activities for our Palestinian brothers since the first day.
    With the amount of aid exceeding 60 thousand tons, Türkiye is the country that sends the highest amount of aid to Gaza. 
    In the same way, by stopping commercial transactions with Israel, we have demonstrated our sensitivity on this issue.
    We also stand with the people and government of Lebanon, where Israel has stepped up its attacks in recent days.
    Now we can all see this truth:
    Our conscience cannot be at peace until those who massacred 41 thousand people are held accountable for the crimes they committed, from the person who gives the order to the ones who pull the trigger, and drop the bomb.
    The bill for the billions of dollars of damage at the destroyed, wiped out, demolished cities must and will definitely be compensated by the perpetrators.
    We support the lawsuit filed by the Republic of South Africa at the International Court of Justice to ensure that the crimes committed by Israel do not go unpunished.
    We will take all necessary steps to ensure that justice is served in this case in which we have applied for intervention.
    We will make every legal struggle to find justice for our daughter Ayşenur Ezgi Eygi, who was shot in the head by Israeli soldiers during a peaceful protest in Nablus.
    Although there is an urgent need for a ceasefire in Gaza, the main issue is the occupation of Palestinian territories by Israel.
    Creation of an independent, sovereign and geographically contiguous Palestinian State on the basis of the 1967 borders, with East Jerusalem as its capital can no longer be delayed.
    I would like it to be known that we are also closely following the increasing attacks against our first Qibla, Al-Masjid al-Aqsa and Al-Haram Al-Sharif.
    While saying all this as Tayyip Erdoğan, I never speak with empty words from this rostrum.  
    Here, I am speaking with the courage that I get from my history and the conscientious and fair stance of my ancestors. 
    Because we are a nation that has always been on the side of the oppressed and stood against oppressor and tyranny throughout history.
    We had welcomed the Jews who escaped from the inquisition 500 years ago and the Jews who escaped from Hitler’s concentration camps.
    I tell it frankly; as a country and as a nation, we have no hostility towards the people of Israel.
    We are against ANTI-SEMITISM in the same way that we are against the targeting of Muslims just because of their beliefs.
    Our problem is with the policies of massacre of the Israeli government.
    Our problem is again with the oppressor and tyranny, just as it was 5 centuries ago.
    Everyone should know that we do not refrain from crying out the truth.
    Even if some feel uncomfortable, we are not afraid to tell the truth.
    Insha’Allah, we will continue to stand by the righteous until the end and speak of what we know as truth, even if it is harsh. 
    Hereby, I would also like to thank all the brave people who show solidarity with the Palestinian people without distinction of faith, country, language or religion, and raise their voice against the massacre in Gaza by filling the streets almost every week.
    Distinguished Delegates…
    Unfortunately, in the 14th year of the conflict, Syria is also still far from stability.
    The economic and humanitarian situation in the country, which is in the grip of terrorist and separatist organizations remains dire.
    We hope that the political process will be advanced and national reconciliation will be achieved on the basis of United Nations Security Council Resolution 2254.
    We are determined to maintain our position in favour of a realistic dialogue with sincerity.
    While our neighbour Iraq continues its struggle against terrorism, it is taking decisive steps towards development, reconstruction and reintegration with the region.
    The international community should support these efforts of Iraq.
    It is important in this context to implement initiatives that will benefit the entire region, such as the Development Road Project.
    The success of all these efforts depends on the elimination of the terrorist threat in Iraq, especially from the PKK.
    We believe that taking steps towards reviving the Joint Comprehensive Plan of Action with our other neighbour Iran will contribute to the establishment of the environment of trust and stability in the region. 
    As the third year of the war in Ukraine comes to an end, we are still far from reaching a just and lasting peace.
    As the armament race accelerates, the field of diplomacy is gradually narrowing.
    We will further increase our support to the efforts to end the war through diplomacy and dialogue, on the basis of Ukraine’s territorial integrity and sovereignty.
    In this process, we will continue to meticulously implement the Montreux Convention.
    We support the peace process between Azerbaijan and Armenia, and we hope that the work will be completed with good news as soon as possible.
    We are also taking mutually positive steps on the Türkiye-Armenia track.
    The developments that can be achieved in the Azerbaijan-Armenia peace process will also have a positive impact on the Türkiye-Armenia normalization process.
    Esteemed Friends…
    We play a constructive role for the prosperity and peace of the Balkans, of which we are an integral part, and act in close cooperation with all actors in the region. 
    As a member of the Steering Board of the Peace Implementation Council, we emphasize the importance of Bosnia and Herzegovina’s sovereignty, political unity and territorial integrity on every platform, and we continue to contribute to the EUFOR-ALTHEA Operation.
    We successfully continue the KFOR command that we assumed last year and support the Belgrade-Prishtina Dialogue process.
    We want to see the Aegean Sea and the Eastern Mediterranean as a region of stability and prosperity where the legitimate interests of all parties concerned are respected.
    The limitation of maritime jurisdiction areas in accordance with international law, freedom and safety of navigation, and the development of cooperation, especially on maritime trade issues, are to the common interest of the entire region.
    Türkiye is ready for constructive cooperation on all issues, especially energy and environment.
    We expect the same approach from our neighbours.
    As the country with the longest coastline in the Eastern Mediterranean, Türkiye’s key role is undeniable.
    Türkiye has rights to the north and west of the Island of Cyprus in the declared continental shelf and Turkish Cypriots have rights all around the Island.
    It has been 50 years since the Cyprus Peace Operation and 61 years since the Cyprus issue emerged as a result of the usurpation of the partnership state by Greek Cypriots.
    From that day to this, peace and tranquillity have prevailed on the Island.
    It has always been the Turkish Cypriots and Türkiye that have shown a sincere will to bring about a just, permanent and sustainable solution to the Cyprus issue.
    The federation model has now completely lost its validity.
    There are two separate states and two separate peoples on the island.
    The sovereign equality and equal international status of the Turkish Cypriots, which are their inherent rights, should be reaffirmed, and the isolation should now come to an end.
    Today, I once again call on the international community to recognize the Turkish Republic of Northern Cyprus and establish with it diplomatic, political and economic relations.
    We provide active support to the establishment of stability in Libya and the preservation of the unity and integrity of the country.
    We call on all states to take a sincere stand by Libya during this sensitive period and to contribute to the establishment of trust between the parties.
    We need to exert more efforts to end the conflicts in Sudan.
    We all have a responsibility to deliver humanitarian aid to millions of Sudanese displaced due to conflicts.
    Africa has a very huge potential with its young and dynamic population, rich natural resources and fertile extensive lands.
    On the basis of the principles of equal partnership and mutual respect, we support the Continent’s peace, stability and development efforts with the African peoples.
    We will continue to be in full solidarity with our African brothers and sisters.
    We are deepening our engagement with regional organizations, such as the Indian Ocean Rim Association, the Pacific Islands Forum and particularly ASEAN.
    We maintain our will to develop our relations with BRICS, which brings together emerging economies.
    We share a deep-rooted history with the Central Asian countries; we further strengthen our cooperation on bilateral and multilateral grounds.
    Our Organisation of Turkic States is increasingly turning into a centre of attraction.
    The Organisation is becoming an exemplary model of cooperation, also with the contributions of observer members Hungary and the Turkish Republic of Northern Cyprus.
    As the Turkic world, we will further strengthen our unity and solidarity.
    Within the framework of respect for China’s sovereignty and territorial integrity, we are in close dialogue with China to protect the fundamental rights and freedoms of the Uighur Turks, with whom we have strong historical, cultural and human ties.
    We are trying to advance the friendly ties we have established with all the countries in Latin America and the Caribbean to a further stage.
    Distinguished Delegates…
    We are obliged to work together to eliminate global injustice.
    The United Nations Sustainable Development Goals’ notion of “leave no one behind” is a guide for these efforts.
    As one of the countries that provide the highest aid in proportion to its national income, Türkiye’s activities contribute to the achievement of the Sustainable Development Goals.
    We support the activities that will ensure fair, inclusive growth and development on all international platforms, especially within the G20.
    We believe that all nations should benefit equally from the transformative power of emerging technologies, including artificial intelligence.
    The United Nations Technology Bank for the Least Developed Countries that we host is a concrete manifestation of our efforts in this direction.
    The “cyber terrorist attacks” perpetrated against Lebanon last week demonstrated how these technologies can at the same time turn into a fatal weapon.
    We address climate change with a similar approach.
    No country can cope with the emission reduction and adaptation process to climate change alone.
    The most important issues for developing countries are financing, technology transfer and capacity building.
    I believe that the COP29 Climate Summit to be held in Baku will contribute to the solution of these issues.
    With the vision of a more sustainable and cleaner world, we have carried the Zero Waste Movement, which we launched under the auspices of my Spouse, Mrs. Emine Erdoğan, to a global level with the resolution co-sponsored by 105 countries and adopted unanimously at the United Nations General Assembly.
    Hereby, I invite all countries, international organisations and non-governmental organisations to become partners in our movement.
    We see that Islamophobia, xenophobia and racism are enveloping the world like a poison ivy.
    Hardly a day goes by that we do not witness attacks on mosques and our holy book, the Holy Quran.
    In the middle of Europe, people’s houses are being set on fire; their lives are being targeted; their most fundamental rights are being usurped because of their ethnic and religious identities.
    No one can ignore this growing danger any longer.
    As stipulated in the resolution adopted on 15 March 2024, we expect the appointment of a “Special Envoy for Combating Islamophobia” at the United Nations as soon as possible.
    Distinguished Friends…
    Today I would like to draw your attention once again to a danger that I raised at this rostrum last year.
    The attacks against the family institution, which is the basic pillar of society, are intensifying.
    The disgrace staged at the opening of the 2024 Olympic Games has revealed the dimensions of the threat we face as humanity.
    A sports event followed by innocent children and hundreds of millions of people of all ages and faiths has been used, in a very ugly manner, for degenderization propaganda.
    Those wicked scenes have deeply wounded not only the Catholic world, the Christian world, but also Muslims and everyone who respects the sacred.
    The issue of desexualisation is now turning into a global imposition rather than a “preference”, literally a war against the sacred and the creation.
    Anyone who raises a voice against this destruction project and shows the slightest reaction is silenced and becomes the target of lynching campaigns.
    Türkiye is determined to break this siege and resist this climate of fear at all cost.
    For this purpose, we became a member of the United Nations Group of Friends of the Family.
    Insha’Allah, we will not hold back from defending the family, the human being and the creation in solidarity with other member states.
    I invite the countries that share the same concerns with us to support this struggle.
    With these thoughts, I wish that the 79th session of the United Nations General Assembly will be beneficial for all humanity.
    I salute you all once again with affection and respect.
    May you all remain in good health…

    MIL OSI Europe News –

  • MIL-OSI USA: America250 and America 250 NC Open Submissions for America’s Field Trip Contest

    Source: US State of North Carolina

    Headline: America250 and America 250 NC Open Submissions for America’s Field Trip Contest

    America250 and America 250 NC Open Submissions for America’s Field Trip Contest
    jejohnson6

    America250, the official nonpartisan entity charged by Congress with planning the 250th anniversary of the signing of the Declaration of Independence, the Semiquincentennial, in collaboration with BNY and America 250 NC, kicked off the second installment of “America’s Field Trip” — a nationwide scholastic contest where students have the opportunity to earn a special behind-the-scenes experience at an iconic American historical and cultural site. Starting today through Wednesday, April 16, 2025, America’s Field Trip invites students in grades 3-12 to submit artwork or a piece of writing to reflect on what America means to them.

    Earlier this year, thousands of students from nearly every U.S. state and territory submitted inspiring entries for the inaugural America’s Field Trip contest. During July and August 2024, first-place awardees — including three students from North Carolina — participated in special field trip experiences at the Statue of Liberty, Yellowstone National Park, the National Archives, and more. Three second-place recipients from North Carolina received cash awards.

    The 2024 awardees from North Carolina include:

    First Place 
         • Taliesin Robert Allen R., Greensboro, 5th Grade 
         • Elizabeth B., Winston-Salem, 8th Grade 
         • Mya F., Raleigh, 11th Grade

    Second Place 
         • Charleston D., Rougemont, Elementary School (Grades 3–5)     
         • Ethan K., Kernersville, High School (Grades 9–12) 
         • Abigail P., Winston Salem, High School (Grades 9–12)

    The full list of 2024 awardees and their submissions can be found online at america250.org/fieldtrip/awardees. 

    Watch this video to learn more about the America’s Field Trip contest, and see some of the incredible places awardees visited this summer.

    Next summer, 75 first-place awardees and their designated chaperone will be provided airfare, lodging, and access to an unforgettable field trip experience at one of our nation’s select historical and cultural sites across the country. Second-place awardees will receive a $500 cash award. Summer 2025 field trip experiences and partners include: 

        • Behind-the-scenes tour of the National Air and Space Museum’s Steven F. Udvar-Hazy Center and sleepover at the Smithsonian Natural History Museum in Washington, D.C.
         • Exclusive visits to two Washington, DC institutions: a trip into the National Archives Vault on the National Mall and private tour of the Smithsonian’s National Zoo
         • Exclusive tour of Monticello in Charlottesville, Virginia and visit to the Library of Congress in Washington, D.C.
         • Storytelling, history, and commemoration under the stars at Mount Rushmore National Memorial
         • Private tours of Patriots Point Naval & Maritime Museum, the International African American Museum, and the South Carolina Aquarium in Charleston, S.C.
         • Exclusive tours of the Alamo in San Antonio and the LBJ Presidential Library in Austin, Texas.
         • Backstage tour of the Rock & Roll Hall of Fame in Cleveland, Ohio
         • Beyond the ropes tour of Independence National Historical Park in Philadelphia, Pa.
         • Guided visit to Angel Island Immigration Station and candlelight tour of Fort Point at the foot of the Golden Gate Bridge in San Francisco, Calif.
         • Private guided tour of Yellowstone National Park in Montana and Wyoming
         • Ranger-led hikes and tours of the cliff dwellings of Mesa Verde National Park in Colorado
         • Private tour of the Kennedy Space Center in Florida

    The full list and descriptions of 2025 Field Trips are available HERE.

    “America’s 250th anniversary is an opportunity for everyone to share their stories, their thoughts on the past, and their hopes and dreams for the future — especially our young people,” said America250 Chair, Rosie Rios. “America’s Field Trip is more than just a contest; it’s an investment in our country’s future. When we provide students with special opportunities to explore our nation’s iconic landmarks, we’re not just creating incredible memories; we’re fostering a deeper understanding of our shared history and values. These experiences will inspire the next generation of leaders to build a stronger, more united America.”

    “Students represent the voices of future leaders and innovators, and we want to hear their voices,” said North Carolina Department of Natural and Cultural Resources Secretary Reid Wilson. “On behalf of our agency team leading the America 250 NC commemoration planning, we encourage all North Carolina students to engage in the America’s Field Trip contest.”

    “BNY is excited to continue our partnership with America250 and support this exceptional opportunity for young people to explore the accomplishments and potential of our nation,” said Jayee Koffey, Global Head of Enterprise Execution and Chief Corporate Affairs Officer for BNY. “Students are the architects of tomorrow and we believe America’s Field Trip will inspire the next generation to continue our nation’s long history of innovation.”

    America250 has also partnered with edtech leader Discovery Education to develop customized educational resources including lesson plans and student activities that empower educators to bring America’s 250th anniversary into their classrooms. New for the 2024-2025 school year, an educator-facing instructional video from Discovery Education is designed to help teachers align the contest prompt, “What does America mean to you,” with standards frameworks.

    “America’s Field Trip is a once-in-a-lifetime opportunity for students to step out of the classroom and into the heart of our nation’s history and culture,” said Amy Nakamoto, General Manager of Corporate Partnerships at Discovery Education Experience. “As we approach this important milestone, we are excited to work with America250 and BNY to spark curiosity and bring this national contest to life for students nationwide.”

    How to Participate in America’s Field Trip

    Students must develop their submissions individually and must have a teacher, parent, or legal guardian submit on their behalf. Students at each grade level will respond to the question, “What does America mean to you?” Students, families, and teachers can find more information, including resources, contest rules, release forms, and toolkit materials to integrate the contest into classroom activities at america250.org/FieldTrip.

    The contest has different submission requirements for each grade band and is available to any student in elementary school (third to fifth grade), middle school (sixth to eighth grade), and high school (ninth to twelfth grade). The contest will remain open until 5 p.m., April 16, 2025. First- and second-place award recipients will be announced in May 2025, and field trips will occur in July and August 2025.

    Educators can help spread the word about America’s Field Trip for the chance to win a cash award! The educator associated with the top-scoring entry in each grade band will each receive a $1,000 cash award. 

    NO PURCHASE NECESSARY. Contest begins 12 a.m. ET on Sept. 16 and ends 5 p.m. ET on April 16, 2025. Open to U.S. students (3rd – 12th grade); student’s parent/legal guardian or teacher with parental permission must submit entry on student’s behalf (unless student is the age of majority). Submission includes grant of license rights to entry’s content. First Prize awardees must travel with parent/legal guardian on designated dates. See Official Rules for full details including how to enter, eligibility requirements, prize description/restrictions and judging procedure. Void where prohibited.

    About America250
    America250 is a nonpartisan initiative working to engage every American in celebrating and commemorating the Semiquincentennial, the 250th anniversary of the signing of the Declaration of Independence. It is spearheaded by the congressionally appointed U.S. Semiquincentennial Commission and its sole-supporting nonprofit organization, America250.org, Inc., together known as America250. This multi-year effort kicked off with America’s Invitation on July 4, 2023: a national public engagement campaign inviting all Americans to share their stories and their hopes and dreams for the future of this country. Leading up to July 4, 2026, America250 is working to provide opportunities for all Americans to pause and reflect on our nation’s past, honor the contributions of all Americans, and look to the future we want to create for the next generation and beyond. To learn more, visit America250.org, and follow us on X, Instagram, Facebook, and LinkedIn.

    About BNY
    BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of June 30, 2024, BNY oversees $49.5 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.

    BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY employs over 50,000 people globally and has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. Additional information is available on http://www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.

    1Funding provided by The Bank of New York Mellon Foundation.

    About Discovery Education 
    Discovery Education is the worldwide edtech leader whose state-of-the-art digital platform supports learning wherever it takes place. Through its award-winning multimedia content, instructional supports, innovative classroom tools, and corporate partnerships, Discovery Education helps educators deliver equitable learning experiences engaging all students and supporting higher academic achievement on a global scale. Discovery Education serves approximately 4.5 million educators and 45 million students worldwide, and its resources are accessed in over 100 countries and territories. Inspired by the global media company Warner Bros. Discovery, Inc. Discovery Education partners with districts, states, and trusted organizations to empower teachers with leading edtech solutions that support the success of all learners. Explore the future of education at http://www.discoveryeducation.com.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Sep 24, 2024

    MIL OSI USA News –

  • MIL-OSI Security: Marystown — Burin Peninsula RCMP investigates break, enter and theft at residential property in Grand Bank, ATV stolen

    Source: Royal Canadian Mounted Police

    Burin Peninsula RCMP is investigating a recent break, enter and theft at a residential property in Grand Bank. An all-terrain vehicle (ATV) was stolen.

    The crime occurred sometime between 3:00 p.m. on Saturday, September 21, and 10:00 a.m. on Wednesday, September 25, 2024, while the home owner was away. Suspect(s) gained entry into a detached garage on the Marine Drive property and stole a 2019 Honda Rubicon TRX 500 quad. Images of the ATV are attached.

    The investigation is continuing.

    Anyone having information about this crime, the person(s) responsible, or the current location of the ATV is asked to contact Burin Peninsula RCMP at 709-279-3001. To remain anonymous, contact Crime Stoppers: #SayItHere 1-800-222-TIPS (8477), visit http://www.nlcrimestoppers.com or use the P3Tips app.

    MIL Security OSI –

  • MIL-OSI Africa: Secretary-General remarks at High-level Ministerial Meeting in Support of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) [as delivered]

    Source: United Nations – English

    xcellencies, Distinguished guests,

    I thank the Hashemite Kingdom of Jordan and Sweden for co-chairing this gathering and for their continued leadership in the support for UNRWA. I also thank all of you here today for your solidarity with Palestine Refugees.

    When we met one year ago, I spoke about putting ourselves in the shoes of Palestinians in Gaza. Of imagining what life must be like.

    I ended my remarks one year ago by saying “This is the most dramatic humanitarian problem associated with the riskiest explosive potential.”

    This was just days before the horrors of October 7th.

    Now, almost one year since that day, the situation for Palestinians in Gaza is beyond imagination.

    It has been said that “The United Nations was not created to bring us to heaven, but to save us from hell.”

    Unfortunately, neither the United Nations nor anyone else that might have the power to do it was able to save the people of Gaza from hell.

    We have failed the people of Gaza.

    They are in a living hell that somehow gets even worse by the day.

    Over 41,000 people have been reported killed and more than 90,000 wounded, many with life-changing and lifelong injuries. The majority are women and children.

    Two million Palestinians are now crammed into a space the size of the Shanghai International Airport. Existing – not living, but existing – among lakes of sewage, piles of rubbish and mountains of rubble.

    The only certainty they have is that tomorrow will be worse.

    Yet if there is any outpost of hope in this hellscape, it is UNRWA.

    Even though UNRWA – as we all know – has not been spared.

    On the human level – 222 UNRWA colleagues have been killed, many together with entire families, several in the line of duty. This is the highest death toll in UN history. 

    I ask you – all of you – to think for a moment in the different entities that you preside [over], or to which you belong, what would be the impact if 222 members would have been killed and even after that having to go with their duties to save the people of Palestine.

    UNRWA personnel have been attacked repeatedly while going about their work. Women and men are displaced, shot at, and subjected to violent protests, detained by Israeli security forces, reporting mistreatment and torture.

    UNRWA has not been spared on the operational level – the humanitarian response in Gaza is being strangled.

    Protection and deconfliction mechanisms for humanitarian aid deliveries have failed. Attempts to evict UNRWA from its headquarters in East Jerusalem continue.

    And UNRWA has not been spared on the political level. This includes systematic disinformation campaigns that discredit the agency’s lifelong work.

    Meanwhile draft legislation in the Israeli parliament seeks to label the Agency a terrorist organization and to make any activity by UNRWA on Israeli territory illegal.

    In the face of the catastrophic conditions, UNRWA perseveres.

    This is a tribute to the resilience of the women and men of UNRWA, and a tribute to your support.

    Excellencies,

    I have full confidence in UNRWA’s continued commitment to upholding the humanitarian principles of neutrality, impartiality, and humanity and to implement the recommendations of the Independent Review by Catherine Colonna. 

    Member States are showing that same confidence.

    Virtually all donors have reversed their funding suspensions. 123 countries have signed up to the declaration on shared commitments to UNRWA.

    This underscores the consensus that UNRWA’s role across the occupied West Bank and the region is vital.

    Friends,

    There is no alternative to UNRWA.

    Now is the time to work on all fronts to intensify support for the agency’s vital mission.

    Support with funding that is sufficient, predictable and flexible.

    Of course, we all know that UNRWA is not a sustainable long-term solution to the plight of Palestine Refugees. It was never meant to be. 

    That is why we keep pressing for an immediate humanitarian ceasefire, the immediate release of all hostages and a long-term political solution ending the occupation and leading to 2 states living side by side in peace and security, with Jerusalem as the capital.

    But until that moment, UNRWA remains indispensable.

    I urge your full support. 

    Help us to save UNRWA as it works to save and serve Palestine refugees.

    Thank you.
     

    MIL OSI Africa –

  • MIL-OSI United Nations: Secretary-General remarks at High-level Ministerial Meeting in Support of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) [as delivered]

    Source: United Nations secretary general

    Excellencies, Distinguished guests,

    I thank the Hashemite Kingdom of Jordan and Sweden for co-chairing this gathering and for their continued leadership in the support for UNRWA. I also thank all of you here today for your solidarity with Palestine Refugees.

    When we met one year ago, I spoke about putting ourselves in the shoes of Palestinians in Gaza. Of imagining what life must be like.

    I ended my remarks one year ago by saying “This is the most dramatic humanitarian problem associated with the riskiest explosive potential.”

    This was just days before the horrors of October 7th.

    Now, almost one year since that day, the situation for Palestinians in Gaza is beyond imagination.

    It has been said that “The United Nations was not created to bring us to heaven, but to save us from hell.”

    Unfortunately, neither the United Nations nor anyone else that might have the power to do it was able to save the people of Gaza from hell.

    We have failed the people of Gaza.

    They are in a living hell that somehow gets even worse by the day.

    Over 41,000 people have been reported killed and more than 90,000 wounded, many with life-changing and lifelong injuries. The majority are women and children.

    Two million Palestinians are now crammed into a space the size of the Shanghai International Airport. Existing – not living, but existing – among lakes of sewage, piles of rubbish and mountains of rubble.

    The only certainty they have is that tomorrow will be worse.

    Yet if there is any outpost of hope in this hellscape, it is UNRWA.

    Even though UNRWA – as we all know – has not been spared.

    On the human level – 222 UNRWA colleagues have been killed, many together with entire families, several in the line of duty. This is the highest death toll in UN history. 

    I ask you – all of you – to think for a moment in the different entities that you preside [over], or to which you belong, what would be the impact if 222 members would have been killed and even after that having to go with their duties to save the people of Palestine.

    UNRWA personnel have been attacked repeatedly while going about their work. Women and men are displaced, shot at, and subjected to violent protests, detained by Israeli security forces, reporting mistreatment and torture.

    UNRWA has not been spared on the operational level – the humanitarian response in Gaza is being strangled.

    Protection and deconfliction mechanisms for humanitarian aid deliveries have failed. Attempts to evict UNRWA from its headquarters in East Jerusalem continue.

    And UNRWA has not been spared on the political level. This includes systematic disinformation campaigns that discredit the agency’s lifelong work.

    Meanwhile draft legislation in the Israeli parliament seeks to label the Agency a terrorist organization and to make any activity by UNRWA on Israeli territory illegal.

    In the face of the catastrophic conditions, UNRWA perseveres.

    This is a tribute to the resilience of the women and men of UNRWA, and a tribute to your support.

    Excellencies,

    I have full confidence in UNRWA’s continued commitment to upholding the humanitarian principles of neutrality, impartiality, and humanity and to implement the recommendations of the Independent Review by Catherine Colonna. 

    Member States are showing that same confidence.

    Virtually all donors have reversed their funding suspensions. 123 countries have signed up to the declaration on shared commitments to UNRWA.

    This underscores the consensus that UNRWA’s role across the occupied West Bank and the region is vital.

    Friends,

    There is no alternative to UNRWA.

    Now is the time to work on all fronts to intensify support for the agency’s vital mission.

    Support with funding that is sufficient, predictable and flexible.

    Of course, we all know that UNRWA is not a sustainable long-term solution to the plight of Palestine Refugees. It was never meant to be. 

    That is why we keep pressing for an immediate humanitarian ceasefire, the immediate release of all hostages and a long-term political solution ending the occupation and leading to 2 states living side by side in peace and security, with Jerusalem as the capital.

    But until that moment, UNRWA remains indispensable.

    I urge your full support. 

    Help us to save UNRWA as it works to save and serve Palestine refugees.

    Thank you.
     

    MIL OSI United Nations News –

  • MIL-OSI USA: Wyden Backs Legislation to Establish Program Supporting Students’ Basic Needs

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    September 26, 2024

    Washington, D.C. – U.S. Senator Ron Wyden said today he is cosponsoring legislation that would help ensure college students in Oregon and nationwide can meet their basic needs while pursuing their education. 

    The Basic Assistance for Students in College (BASIC) Act aims to combat the basic needs crisis by allocating funding to help students access nutritious food, safe and secure housing, mental and physical health care, high-quality and affordable child care, technology, transportation, personal hygiene, and other necessities. The bill also directs the federal government to streamline data sharing across agencies to help qualifying students access aid. 

    “Way too often, young people are forced to make the impossible choice of affording their basic needs or pursuing their educational dreams,” Wyden said. “No student should ever have to question if they’ll have a roof over their heads, food to eat, and the ability to go to the doctor when they need to. This legislation is a big step towards addressing that struggle by providing grant money and resources so they can stay in school and have what they need to thrive.”

    A 2024 Government Accountability Office report found that in 2020, nearly 3.8 million college students faced food insecurity, and almost 60 percent of those likely eligible were not receiving Supplemental Nutrition Assistance Program benefits.

    The introduction comes as House Republicans push to cut funding for essential health and education programs. Among the targeted areas is the U.S. Department of Education’s Basic Needs for Postsecondary Students Program, a crucial part of the BASIC Act. This legislation is designed to provide students with the support they need, ensuring their basic needs are met while pursuing higher education. Without this critical funding, many students could face additional barriers to completing their degrees and achieving economic mobility.

    U.S. Senators Alex Padilla, D-Calif., and Elizabeth Warren, D-Mass., are leading the bill in the Senate. Along with Wyden, the BASIC Act is cosponsored by Senators Richard Blumenthal, D-Conn., Cory Booker, D-N.J., Dick Durbin, D-Ill., Mazie Hirono, D-Hawai’i, Edward J. Markey, D-Mass., and Chris Van Hollen, D-Md.

    Representative Norma J. Torres, D-Calif., led the introduction of the BASIC Act in the House. 

    The legislation is endorsed by the American Council on Education, California Community Colleges, Communities for Our Colleges, Complete College America, the Community Food Bank of San Benito County, Excelencia in Education, Food for People, Generation Hope, Hunger Free America Inc., Institute of Higher Education Policy, Los Angeles Regional Food Bank, MAZON: A Jewish Response to Hunger, Michelson Center for Public Policy, National College Attainment Network, New America, Higher Education Policy Program, Nourish California, Ohio Association of Foodbanks, One Family, SchoolHouse Connection, Swipe Out Hunger, Today’s Students Coalition, the California State University, University of California, University of California Student Association, and Waukegan to College.

    The text of the bill is here.

    MIL OSI USA News –

  • MIL-OSI USA: Warren Criticizes Banking Regulators’ Inaction on NYCB’s “Systemic Failings” and Threats to Banking and Financial Stability

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    September 26, 2024
    Questions Heads of OCC, Federal Reserve on “Dereliction of Duty” Amid Pattern of Oversight Failures 
    “Given the ongoing threats from regional bank failures, I am deeply troubled by your …failure to answer our previous questions—and your inability or unwillingness to rein in unruly banks …If the OCC has indeed identified ‘systemic failings’ at NYCB, the agency must impose stronger controls on the bank.”
    Text of Letter (PDF)
    Washington, D.C. – Today, Senator Elizabeth Warren (D-Mass.) sent letters to Michael Hsu, Acting Comptroller of the Office of the Comptroller of the Currency (OCC), and Jerome Powell, Chair of the Federal Reserve (Fed), with renewed concern that the OCC and the Fed could allow New York Community Bank (NYCB) to escape regulatory oversight despite identifying “systemic failings” in the bank’s operation and management. She also calls for the OCC to consider implementing an Individual Minimum Capital Ratio (IMCR) given NYCB’s history and the risks it poses to the U.S. financial system.
    “Allowing NYCB to evade penalties under these circumstances would be a dereliction of duty and would represent a failure by the OCC and the Fed to ensure the safety and soundness of the banking system,” wrote Senator Warren. 
    The OCC’s record of failure with NYCB is now over three years old. The current threats to NYCB’s viability reflect a pattern of oversight failures by the OCC, which rubber-stamped  two risky mergers with Flagstar Bank and Signature Bank in a six month period. Following those mergers, NYCB teetered near failure as the OCC neglected to address the risks associated with the bank’s rapid growth until it was too late.
    “The OCC, as NYCB’s regulator, is tasked with overseeing NYCB’s risk management and yet did not raise flags related to NYCB’s internal struggles,” Senator Warren wrote. “On the brink of failure, NYCB accepted a capital infusion from private equity firms spearheaded by former Treasury Secretary Steven Mnuchin, who tapped fellow Trump-era financial regulator Joseph Otting as NYCB’s new CEO.” 
    Steven Mnuchin and Joseph Otting worked together for years, at OneWest bank, where they ran an operation that was deemed a “foreclosure machine,” which repossessed the homes of tens of thousands of American families between 2009 and 2015 and intensified the economic pain of the Great Recession. Under Mr. Mnuchin and Mr. Otting’s leadership, OneWest employed illegal tactics like “robo-signing”—falsifying key documents—to kick more than 36,000 families out of their homes. When they took the helm ofNYCB, the Fed and OCC were required to review Mr. Otting’s and Mr. Mnuchin’s character and fitness, which would have included their behavior at OneWest.
    The OCC and the Fed failures to appropriately supervise NYCB are becoming more clear with the new reports of “systemic failings” at the bank. 
    “Given the ongoing threats from regional bank failures, I am deeply troubled by your … inability or unwillingness to rein in unruly banks,” wrote Senator Warren. “If the OCC has indeed identified ‘systemic failings’ at NYCB, the agency must impose stronger controls on the bank.”
    Senator Warren is calling on the OCC to use its existing authority under Title 12, which allows the OCC to establish a higher minimum capital requirement for banks under its jurisdiction that present heightened risks to the financial system, by considering an Individual Minimum Capital Ratio for NYCB. 
    Senator Warren has led the fight to hold banking regulators accountable to establishing and enforcing guardrails around the banking industry and preventing harmful bank mergers to protect the financial system, economy, and consumers: 
    In April 2024, Senators Warren and Blumenthal probed the OCC for its regulatory failures amid NYCB’s financial spiral. 
    In March 2024, a year after the collapse of Silicon Valley Bank, Senator Warren sent a letter to three key banking regulators: Michael Barr, Vice Chair for Supervision of the Federal Reserve, Martin Gruenberg, Chair of the Federal Deposit Insurance Corporation, and Acting Comptroller Hsu, seeking an update on their progress in delivering on their public commitments to strengthen regulatory standards for banks with assets of $100 billion or more. 
    In February 2024, Senator Warren led 12 lawmakers urging the OCC and the Federal Reserve to block Capital One’s plan to acquire Discover Financial Services. Their letter also expressed concerns with the OCC’s proposed policy statement regarding merger approvals as essentially codifying a permissive approach.
    In December 2023, Senator Warren led 6 senators in a letter to Acting Comptroller Hsu, calling on OCC to allow states to move forward with their efforts to protect consumers from harmful bank practices. The senators criticized the OCC for overstepping its preemption authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which it used to block tough, state-level consumer protections.
    In August 2023, chairing a hearing of the Senate Banking, Housing, and Urban Affairs Committee Subcommittee on Economic Policy, Senator Warren highlighted the need for regulators to implement the strongest version of bank merger review guidelines in order to ensure stability in the financial system. 
    In June 2023, Senator Warren sent a letter to Assistant Attorney General Jonathan Kanter, Federal Deposit Investment Corporation Chairman Gruenberg, Acting Comptroller of the Currency Hsu, Federal Reserve Vice Chair for Supervision Michael Barr, and Treasury Secretary Janet Yellen, urging regulators to promote greater competition in the banking sector by toughening their stances on bank mergers and strengthening bank merger review guidelines.
    In May 2023, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Warren questioned Acting Comptroller Hsu on his decision to approve JPMorgan Chase’s purchase of First Republic Bank after its collapse. This merger allowed a large, poorly supervised bank to be swallowed by America’s largest bank, making it $200 billion larger than it was before.
    In May 2023, Senator Warren sent a letter to Acting Comptroller Hsu and FDIC Chair Gruenberg, questioning the terms of the sale of First Republic Bank to JP Morgan Chase and the rationale behind the OCC and FDIC’s approval of the deal. 
    In December 2022, Senators Warren and Tina Smith (D-Minn.) sent letters to three key banking regulators: the Federal Reserve, FDIC, and the OCC, raising concerns about the ties between the banking industry and crypto firms following FTX’s bankruptcy. The senators asked each regulator how they assessed the banking system’s exposure to crypto risks. 
    In December 2022, Senator Warren and Representative Ilhan Omar (D-Minn.) sent a letter to the heads of all U.S. banking regulators, including Acting Comptroller Hsu, calling on them to improve banking access for immigrant communities and communities of color.  
    In August 2022, Senators Warren, Dick Durbin (D-Ill.), Whitehouse, and Sanders sent a letter to the OCC, calling on it to rescind the previously issued cryptocurrency guidance and replace it with more comprehensive guidance, in coordination with other prudential regulators. 
    In September 2021, Senator Warren and Representative Jesús “Chuy” García (D-Ill.) reintroduced the Bank Merger Review Modernization Act, which would restrict harmful consolidation in the banking industry and protect consumers and the financial system from “Too Big to Fail” institutions, like those that caused the 2008 financial crisis.

    MIL OSI USA News –

  • MIL-OSI USA: Alford, Hinson, Miller, Kiggans Lead Republican Conference in Letter Urging House Leadership to Prioritize Farm Bill This Year

    Source: United States House of Representatives – Representative Mark Alford (Missouri 4th District)

    WASHINGTON – Today, as first reported by Punchbowl News, U.S. Congressman Mark Alford (MO-04), Ashley Hinson (IA-02), Mary Miller (IL-15), and Jen Kiggans (VA-02) led a majority of the House Republican Conference in a letter to House GOP Leadership reaffirming their commitment to advancing a farm bill that meets the needs of production agriculture and rural America.

    The letter, which was signed by 140 Members, emphasized the importance of the Farm Bill and noted that farmers, ranchers, and producers are still living under outdated policies from the 2018 Farm Bill.

    “Farmes and ranchers do not have the luxury of waiting until next Congress for the enactment of an effective farm bill,” said the Members. “Inflation has driven production costs to the highest on record. Meanwhile, commodity prices across the board have fallen precipitously, creating a severe margin squeeze on farm and ranch families … Farm debt, $540 billion, is the highest ever, both nominally and wen adjusted for inflation. These factors show no signs of abating for all major commodities.”

    “The 118th Congress has an opportunity to do right by producers, other agriculture stakeholders, rural communities, and taxpayers by putting more ‘farm’ back in the farm bill and by making responsible reforms and investments across all 12 titles, and the bipartisan H.R. 8467—The Farm, Food, and National Security Act of 2024, which was advanced by the House Committee on Agriculture on May 24th of this year, does just that,” the Members continued.

    The Members highlighted the negative impacts of failing to act, noting that the consequences will extend beyond the farm gate — hitting Main Street businesses, rural communities, and the national economy. 

    “We respectfully urge that the enactment of H.R. 8467, or similar legislation that makes meaningful investments in farmers, ranchers, and rural communities, is among the top priorities of the Republican Conference and that this be considered a ‘must-pass’ item in the lame duck session of the 118th Congress,” the Members concluded.

    “We are honored to stand alongside 139 of my colleagues to lead a letter that shows House leadership that Republicans are committed to passing a Farm Bill that supports our nation’s constituents, farmers, ranchers, and rural communities,” said Congressman Alford. “We passed H.R. 8467 out of committee, and now it is time to give it to America. The stakes are high; production costs are up, and farm income is declining. We don’t need an extension, and we don’t need this next year–we need this Farm Bill now. Our producers are worthy of certainty and support for their tireless work in feeding, fueling, and clothing the world.”

    “I led 139 of my colleagues – the majority of the House Republican Conference – in calling for Republican House leadership to bring the Farm Bill up for a vote as soon as possible. This bill passed out of committee with bipartisan support, and I believe would receive bipartisan support on the House Floor from Members who understand that food security is national security. Our farmers don’t have time for games, they need Congress to do the work and come through for them, just like they come through for us each day. I will continue advocating for passage of a strong Farm Bill to ensure Iowa farmers can continue feeding and fueling the world,” said Congresswoman Hinson.

    Click here to read text of the letter.

    In addition to Representatives Alford, Hinson, Miller, and Kiggans, the letter was signed by U.S. Representatives Robert Aderholt, Rick Allen, Mark Amodei, Kelly Armstrong, Jodey Arrington, Brian Babin, Don Bacon, James Baird, Troy Balderson, Jim Banks, Andy Barr, Cliff Bentz, Jack Bergman, Stephanie Bice, Gus Bilirakis, Dan Bishop, Lauren Boebert, Mike Bost, Larry Bucshon, Ken Calvert, Kat Cammack, Mike Carey, Jerry Carl, Earl Carter, John Carter, Lori Chavez-DeRemer, Juan Ciscomani, Ben Cline, Tom Cole, Mike Collins, James Comer, Eric Crawford, Dan Crenshaw, Monica De la Cruz, Scott DesJarlais, John Duarte, Neal Dunn, Chuck Edwards, Jake Ellzey, Ron Estes, Mike Ezell, Pat Fallon, Randy Feenstra, A. Ferguson, Brad Finstad, Michelle Fischbach, Scott Fitzgerald, Charles Fleischmann, Mike Flood, Vince Fong, Scott Franklin, Carlos Gimenez, Tony Gonzales, Lance Gooden, Kay Granger, Garret Graves, Sam Graves, Michael Guest, Clay Higgins, J. Hill, Erin Houchin, Bill Huizenga, Ronny Jackson, Dusty Johnson, David Joyce, John Joyce, Mike Kelly, Trent Kelly, Young Kim, David Kustoff, Darin LaHood, Nick LaLota, Doug LaMalfa, Doug Lamborn, Nicholas Langworthy, Robert Latta, Jake LaTurner, Michael Lawler, Julia Letlow, Greg Lopez, Barry Loudermilk, Frank Lucas, Blaine Luetkemeyer, Morgan Luttrell, Nicole Malliotakis, Tracey Mann, Michael McCaul, Richard McCormick, Daniel Meuser, Carol Miller, Max Miller, Mariannette Miller-Meeks, Marcus Molinaro, John Moolenaar, Barry Moore, Nathaniel Moran, James Moylan, Gregory Murphy, Dan Newhouse, Zachary Nunn, Greg Pence, August Pfluger, Harold Rogers, Mike Rogers, John Rose, David Rouzer, Michael Rulli, John Rutherford, Maria Salazar, Austin Scott, Keith Self, Pete Sessions, Michael Simpson, Adrian Smith, Lloyd Smucker, Pete Stauber, Bryan Steil, Dale Strong, Claudia Tenney, Glenn Thompson, Michael Turner, David Valadao, Jefferson Van Drew, Derrick Van Orden, Ann Wagner, Tim Walberg, Michael Waltz, Randy Weber, Brad Wenstrup, Bruce Westerman, Brandon Williams, Joe Wilson, Robert Wittman, Steve Womack, Rudy Yakym, and Ryan Zinke.

    Background:

    The Farm Bill is omnibus legislation that establishes policies affecting all sectors of the agriculture industry for a five-year period. The most recent legislation, which was passed in 2018 and extended in 2023, expires this year.

    On May 24, 2024, the House Agriculture Committee passed the Farm, Food, and National Security Act of 2024 to reauthorize the Farm Bill. The legislation supports producers and puts more “farm” back in the farm bill and makes responsible reforms and investments across all 12 titles.

    MIL OSI USA News –

  • MIL-OSI: First Bank Announces Third Quarter 2024 Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, N.J., Sept. 26, 2024 (GLOBE NEWSWIRE) — First Bank (Nasdaq Global Market: FRBA) invites participation in a conference call to discuss the Company’s financial and operating performance during its third quarter ending on September 30, 2024.

    Event: Earnings Conference Call – Third Quarter 2024
         
    When: Thursday, October 24, 2024 at 9:00 a.m. Eastern Time
         
    Access: Conference Call Dial-In: (800) 715-9871 (toll free) 
         
      Conference Call Access Code: 1578641
         

    Patrick L. Ryan, President and Chief Executive Officer, Andrew L. Hibshman, Chief Financial Officer, Peter J. Cahill, Chief Lending Officer, and Darleen Gillespie, Chief Retail Banking Officer will provide an overview of third quarter 2024 results. The management presentation typically lasts approximately fifteen to thirty minutes, followed by investor questions and discussion. The Company’s third quarter results will be released after the market closes on Wednesday, October 23, 2024 and will also be available in the “Investor Relations” section of the Company’s website. Conference replay information is also available on the Company’s website, http://www.firstbanknj.com.

    About First Bank
    First Bank is a New Jersey state-chartered bank with 26 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington (2), Hamilton, Lawrence, Monroe, Pennington, Randolph, Somerset, Williamstown, and Morristown, New Jersey, Doylestown, Trevose, Warminster, West Chester, Paoli, Malvern, Coventry, Devon, Lionville, Glen Mills, Pennsylvania, and Palm Beach, Florida. With $3.62 billion in assets as of June 30, 2024, First Bank offers a traditional range of deposit and loan products to individuals and businesses mainly throughout the New York City to Philadelphia corridor. First Bank’s common stock is listed on the Nasdaq Global Market exchange under the symbol “FRBA”.

    Contact
    Andrew L. Hibshman, Executive Vice President and CFO
    (609) 643-0058, andrew.hibshman@firstbanknj.com

    The MIL Network –

  • MIL-OSI: ThoughtSpot Appoints Ketan Karkhanis as new Chief Executive Officer

    Source: GlobeNewswire (MIL-OSI)

    MOUNTAIN VIEW, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) — ThoughtSpot, the AI-Powered Analytics Company, today announced that the Company has appointed Ketan Karkhanis as Chief Executive Officer.

    Ketan is joining ThoughtSpot from Salesforce, where he has spent over a decade of his career. He most recently served as the Executive Vice President and General Manager of the Salesforce Sales Cloud business, leading one of the company’s largest cloud businesses that generated more than $7 billion last fiscal year. He returned to Salesforce in March 2022 after his time as the COO of Turvo, a supply-chain collaboration platform that was acquired by Lineage Logistics in 2022. Before that, Ketan was the Senior Vice President and General Manager of Salesforce Einstein Analytics, incubating the business from launch to over $300 million and a 30,000 strong user community.

    “During this time of accelerated transformation driven by the advent of generative AI, there is no better person to lead ThoughtSpot than Ketan,” said Ajeet Singh, Co-Founder and Executive Chairman of ThoughtSpot. “He is a customer-obsessed, employee-focused business leader with a deep experience in analytics and has built and led world-class SaaS businesses of significant scale. The ThoughtSpot Board believes that Ketan is the right leader to help ThoughtSpot capitalize on its foundational innovation and capture the massive market opportunity that lies ahead in AI-powered analytics.”

    Singh added, “Over the last six months, ThoughtSpot has made significant progress in accelerating its product roadmap, delivering genAI-driven value to customers that are migrating away from legacy visualization platforms, and centering its focus on durable growth at scale, all setting the table for our next CEO.”

    “Ketan has the passion and experience to lead ThoughtSpot in its next chapter,” said Ravi Mhatre, Founder and Managing Director of Lightspeed Venture Partners and the founding investor on ThoughtSpot’s Board of Directors. “This appointment comes at a perfect time for the market as analytics is redefined by genAI, and ensures that ThoughtSpot is best positioned to scale rapidly.”

    “ThoughtSpot has built a fundamentally different approach to analytics since its inception, squarely focused on democratizing data and empowering everyone to make data-driven decisions with its AI and search-driven analytics platform,” said Ketan Karkhanis, CEO of ThoughtSpot. “ThoughtSpot has a significant head start in innovation that is required for truly delivering on the expectations that genAI has created, with a proven solution that is delivering value to some of the largest and most complex enterprises in the world. I am extremely honored to have the opportunity to lead the company that finds itself intersecting with the genAI tailwinds at a perfect time, and is in a strong position to capitalize on this market opportunity by bringing unparalleled value to over a thousand customers across the globe.”

    Ketan has a Bachelor’s in Computer Science from PICT (Pune Institute of Computer Technology, India) and an MBA from Santa Clara University Leavey School of Business.

    About ThoughtSpot
    ThoughtSpot is the AI-Powered Analytics company. Our mission is to create a more fact-driven world with the easiest to use analytics platform. With ThoughtSpot, anyone can leverage natural language search to ask and answer data questions with confidence. ThoughtSpot enables everyone within an organization to limitlessly engage with live data in any major cloud data platform, making it easy to create and interact with granular, hyper-personalized, and actionable insights. Customers can take advantage of both ThoughtSpot’s web and mobile applications to improve decision-making for every employee, wherever and whenever decisions are made. With ThoughtSpot’s low-code developer-friendly platform, ThoughtSpot Embedded, customers can also embed AI-Powered Analytics to their products and services, monetizing their data and engaging users to keep them coming back for more. Organizations like Capital One, Daimler, Comcast, Cigna, Royal Bank of Canada, Nasdaq, and Unilever rely on ThoughtSpot to transform how their employees and customers take advantage of data. Try ThoughtSpot today and see for yourself.

    PR Contact:

    Lindsay Noonan
    Director of Communications, ThoughtSpot
    press@thoughtspot.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/88088950-4082-42c9-b99f-a944c31c28c8

    The MIL Network –

  • MIL-OSI: Laurie Stewart Named One of American Banker’s “Most Powerful Women to Watch”

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Sept. 26, 2024 (GLOBE NEWSWIRE) — American Banker names Laurie Stewart, President and CEO of Sound Community Bank, as one of The Most Powerful Women to Watch in 2024.

    Now celebrating its 22nd anniversary, American Banker’s The Most Powerful Women in Banking™ program recognizes individuals and teams for demonstrating exceptional leadership skills, strong business performance, and a commitment to driving real outcomes for diversity, equity, and inclusion in financial services. As part of this program, the Most Powerful Women to Watch rankings highlight influential leaders from top banks and financial institutions.  

    “Keep your eyes on these women in the years ahead,” said Chana Schoenberger, Editor-in-Chief of American Banker. ”They exemplify modern leadership, with significant contributions to both their businesses and the industry at large. It hasn’t been an easy year for bank and financial institutions, but progress continues – not by chance, but through the determined efforts of these women.”

    The honorees will be recognized at THE MOST POWERFUL WOMEN IN BANKING Gala, scheduled for October 24, 2024, at The Glasshouse in New York City.

    Stewart recently celebrated 34 years with Sound Community Bank. In this span, Stewart led the organization’s conversion from a $38 million dollar credit union to a $1 billion publicly traded commercial bank. Active in the industry, Stewart was one of 14 bankers selected to serve on the inaugural FDIC Community Bank Advisory Board. She is active in trade associations, having served two terms as Chair of the WBA and as Chair of the ABA’s flagship Governmental Affairs Committee. Stewart ascended to Chairperson of the American Bankers Association Board of Directors, becoming only the third woman to hold this role in nearly 150 years. She served two consecutive terms on the Board of Directors for the Seattle Branch of the Federal Reserve Bank of San Francisco and is currently serving on the 12th District Head Office Board. She also served as Chair of the National Arthritis Foundation Board of Directors and is a former Chair of the Woodland Park Zoo. Ms. Stewart is the current Secretary/Treasurer of the Jamestown/S’Klallam CDFI. She is the only non-tribal member of the CDFI Board.

    About Sound Community Bank
    Established in 1953, Sound Community Bank is a full-service bank providing personal and business banking services in communities across the greater Puget Sound region. The Seattle-based company operates banking offices in King, Pierce, Snohomish, Jefferson, and Clallam Counties and on the web at http://www.soundcb.com. Sound Community Bank is a subsidiary of Sound Financial Bancorp, Inc. (NASDAQ: SFBC). On June 30, 2024, Sound Financial Bancorp, Inc. reported total assets of $1.1 billion.  

    For Media inquiries, please contact:
    Deena Rataezyk
    Vice President, Director of Marketing & Communications
    deena.rataezyk@soundcb.com
    (206) 204-8169

    The MIL Network –

  • MIL-OSI Banking: A year of DAX Copilot: Healthcare innovation that refocuses on the clinician-patient connection

    Source: Microsoft

    Headline: A year of DAX Copilot: Healthcare innovation that refocuses on the clinician-patient connection

    In 2012, a child’s drawing of her appointment with a physician was published in the Journal of the American Medical Association (JAMA). In the brightly colored sketch, the girl is sitting on the exam table accompanied by her mother and siblings. To those of us working in healthcare, her doctor is the most notable part of the image. He is sitting at his desk, typing on the computer — with his back to the patient.

    This drawing, published alongside an article titled “The Cost of Technology,” is emblematic of the unintended consequences of healthcare innovation. With more tools for physicians to use and greater demands on their time, technology can easily become a barrier between the clinician and the patient. For example, in 2023 approximately 53% of physicians surveyed by Medscape reported feeling burned out, and 23% reported feeling depressed. Long working hours, bureaucratic demands and loss of work-life balance due to administrative requirements are leading causes. Our mission has always been to help clinicians turn their chairs around by providing the support they need to fully focus their attention on delivering care.

    Fast-forward to today, and we’ve translated that goal into reality. After establishing the ambient technology category, we introduced DAX Copilot, the first generative AI voice-enabled solution, which has been generally available for one year, and we’re seeing remarkable momentum. Part of a proven and extensible platform, DAX Copilot leverages health systems’ existing investments in the trusted family of Dragon Medical solutions, which is used by more than 600,000 clinicians worldwide.

    DAX Copilot combines proven conversational and ambient AI with generative AI to automatically convert multiparty conversations into specialty-specific standardized draft clinical summaries that integrate with existing workflows. DAX Copilot was the first ambient solution to be integrated into the Epic electronic health record (EHR) workflow and allows clinicians to seamlessly document patient visits directly within the EHR. Across the country, more than 400 organizations have already embraced its revolutionary capabilities, streamlining administrative tasks and lightening clinicians’ documentation workloads.

    This transformative year has highlighted many of the ways we’re helping empower healthcare teams today and bringing joy back to practicing medicine for thousands of clinicians.

    Improving Access to Care — and Enhancing Documentation Quality

    DAX Copilot is helping Northwestern Medicine in Chicago improve patient access to care, with physicians using the solution in at least 50% of patient encounters and able to see an average of 11.3 additional patients per month. DAX Copilot users at Northwestern Medicine also report spending an average of 24% less time on notes and a 17% decrease in ‘pajama time,’ working on administrative tasks late into the night.

    “Northwestern Medicine is committed to providing a superior work environment that promotes well-being, and implementing DAX Copilot will allow our physicians to spend more quality time with our patients, focusing on their needs rather than on paperwork and data entry,” says Dr. Gaurava Agarwal, chief wellness executive, Northwestern Medicine.

    Overlake Medical Center & Clinics in Bellevue, Washington, deployed DAX Copilot to help reduce after-hours documentation time and equip its clinicians with tools to manage escalating demands. A pilot with 30 Overlake clinicians saw a significant reduction in time spent on notes outside of scheduled hours. Users also reported other important benefits: 81% said DAX Copilot had reduced their cognitive burden and 77% said the solution had improved the quality of their documentation.

    At Atrium Health, “DAX Copilot is enabling a better clinician experience,” says Dr. Matthew Anderson, senior medical director of primary care at Atrium Health. “Most of our surveyed users are reporting a positive impact on their day-to-day schedule, being able to increase the number of patients they are able to see and even spending more time with them.”

    Enhancing Clinician Well-being

    Atrium Health isn’t alone in finding that the time saved on documentation with DAX Copilot is having a positive impact on clinicians’ quality of life. “I finally have weekends back,” says Dr. Christy Chan, a family medicine physician at Overlake. “I used to always have to worry that there was something I had to do — get back onto the EMR, log back in — but I actually have some weekends back.”

    Clinicians at Novant Health are experiencing similar benefits. “DAX Copilot has done an amazing thing for the physicians and clinicians who are currently using it,” says Dr. Aram Alexanian, a family physician at Novant Health. “When you hear a comment like ‘I am now able to do things with my daughter in the evenings and weekends that I couldn’t do before,’ nothing satisfies us more than knowing the impact DAX is having on our clinicians.”

    DAX Copilot can accurately identify different voices in the room during pediatric visits, differentiating between parents and children to accurately capture the patient exam note for the physician to review and approve.

    Community Health Network places a major focus on clinician well-being and implementing DAX Copilot has had a major impact on its clinicians’ ability to close notes before they leave for the day. “Since we have implemented DAX Copilot, I have not left clinic with an open note,” says Dr. Patrick McGill, chief transformation officer for Community Health Network. “We have seen improved access, improved numbers of patients, but overall, it’s really the clinician satisfaction that we’ve seen. In one word, DAX Copilot is transformative. It transforms how we’re able to deliver care and how we’re able to document it. It also transforms the patient experience.”

    “DAX Copilot has made my professional life easier. My patients have also benefited from my using Nuance DAX during our appointments. I can be right there with the patient and not furiously writing notes. I cannot thank you enough,” said Anita M. Kelsey, M.D., Duke Health.

    Transforming the Patient Experience 

    Dr. Dominick Lanzo, an orthopedic surgeon at Greater Baltimore Medical Center, agrees. “Once I introduced the DAX Copilot program, it completely transformed the patient experience, and it’s turned out to be incredibly accurate with regards to the history of present illness and the physical exam,” he says. “It’s made my practice much more efficient. I can see more patients, my notes are more accurate, and they’re done in a timely fashion by the end of the afternoon.”

    For Dr. Alison Pomykala, an internal medicine specialist at Baptist Medical Group, the integration of DAX Copilot with the Epic EHR is particularly valuable. “The thing I like most about DAX Copilot embedded in the Epic workflow is I’m able to focus more on the patient and I’m spending less time in the exam room typing on the computer,” she says.

    “I think the interface is wonderful with Epic. It has been great to see the notes coming up basically in real time on the Epic system. That’s also helped with other things: where we needed to generate a note quickly for referrals, for insurance pre-certifications, for imaging studies, or to have a complete note ready for a patient that we’re sending to the hospital.”

    “At our academic health system, integrating DAX Copilot has revolutionized patient care,” says Dr. Anthony Mazzarelli, co-president and CEO at Cooper University Health Care. “By automating clinical documentation through ambient voice technology, it has significantly reduced administrative workloads. This allows our physicians to focus on real-time patient interactions, leading to better care outcomes and increased job satisfaction. DAX Copilot has not only improved efficiency but has also empowered our team to spend more time where it matters most — caring for patients.”

    It’s a privilege to see this industry-leading solution make a meaningful difference for the clinicians who are already on board — but the work never stops. The Microsoft healthcare team is determined to continue solving some of the industry’s most complex challenges, and harnessing the power and potential of AI is how we’ll achieve that. We will continue to be leaders in innovation, collaborating across our ecosystem of incredible customers, partners and Microsoft researchers to bring real impact to clinical settings.

    DAX Copilot is an innovative solution that goes beyond documentation, offering unique features such as orders, problem-based charting and pre-charting capabilities. For example, recent updates to DAX Copilot include a robust set of features, such as the ability to customize documentation style and formatting, as well as automatically create referral letters, diagnostic evidence, after-visit summaries and encounter summaries. The solution also now offers AI coaching to help users improve the quality and completeness of their notes. Also, the new Summarized Evidence capability offers a comprehensive and sophisticated approach that helps clinicians validate and trust the note output by combining insights that go beyond evidence linking, helping clinicians validate the note.

    Importantly, when creating technologies that can change the world, Microsoft believes organizations need to ensure that the technology is used responsibly. Microsoft is committed to creating responsible AI by design that is guided by a core set of principles: fairness, reliability and safety, privacy and security, inclusiveness, transparency and accountability.

    DAX Copilot is helping restore the human connection at the heart of medicine. We’re excited to drive this solution forward and expand its reach to more clinicians over the coming year and beyond.

    Today, the solution can be used across ambulatory specialties, in-office primary care and urgent care, telehealth and emergency medicine. And we are scaling the solution’s availability and capabilities to even more care settings, such as nursing and geographies.

    If you’d like to learn how DAX Copilot can help transform healthcare at your organization, please visit: the DAX Copilot website.

    Tags: AI, Copilot, Dax Copilot, Dragon Medical solutions, Generative AI, Microsoft Partners, Responsible AI

    MIL OSI Global Banks –

  • MIL-OSI: Unity Bank Awards $50,000 in Grants to Local Businesses Through FHLB Small Business Recovery Grant Program

    Source: GlobeNewswire (MIL-OSI)

    CLINTON, N.J., Sept. 26, 2024 (GLOBE NEWSWIRE) — Unity Bank is proud to announce that five local businesses have each been awarded $10,000 grants through the Federal Home Loan Bank of New York (FHLB) Small Business Recovery Grant (SBRG) Program.

    These grants aim to help businesses overcome challenges posed by inflation, supply chain constraints, rising energy costs, and a volatile rate environment. As a committed member of FHLB, Unity Bank continues to champion local businesses, providing vital support as they navigate today’s economic challenges.

    By leveraging their SBRG Program, Unity Bank granted $10,000 each to five businesses:

    Isaac Simon Realty LLC – Child Care Services, Brooklyn, NY

    Sontort Realty Holding LLC – Full Service Restaurant, Flemington, NJ

    Lebanon Hotel – Full Service Restaurant, Lebanon, NJ

    Ionian Sky Inc. – Full Service Restaurant, Edison, NJ

    Statewide Environmental – Environmental Consulting Services, Bridgewater, NJ

    James A. Hughes, President & CEO of Unity Bank, said, “Small businesses are the lifeblood of our local economy, and these grants will provide critical relief to ensure they can continue to serve our communities. By utilizing the FHLB’s Small Business Recovery Grant Program, we’re able to deliver meaningful support where it’s needed most.”

    Unity Bank’s partnership with FHLB highlights its ongoing commitment to empowering small businesses and fostering community growth. The SBRG Program has been instrumental in addressing the financial pressures many small enterprises face due to the current economic climate.

    Learn more about the SBRG program at this website: https://www.fhlbny.com/community/sbrg/program-overview/

    About Unity Bancorp, Inc.

    Unity Bancorp, Inc. (NASDAQ: UNTY) is the parent company of Unity Bank, a financial services organization based in Clinton, New Jersey. Unity Bank operates 21 branches across New Jersey and the Lehigh Valley, Pennsylvania, offering community-focused commercial banking services, including deposit accounts, loans, and digital services. For details, visit unitybank.com or call 800-618-BANK (800-618-2265). Unity Bank is a member of the Federal Deposit Insurance Corporation (FDIC). To learn about FDIC insurance, visit FDIC.gov.

    Contact:
    Crystal Rose
    Marketing Director
    (908) 713-4310
    Crystal.Rose@unitybank.com

    The MIL Network –

  • MIL-OSI United Nations: Readout of the Secretary-General’s meeting with H.E. Mr. Mohammad Mustafa, Prime Minister and Minister for Foreign Affairs of the State of Palestine

    Source: United Nations secretary general

    The Secretary-General met with H.E. Mr. Mohammad Mustafa, Prime Minister and Minister for Foreign Affairs of the State of Palestine.

    The Secretary-General and Prime Minister Mustafa discussed the war in Gaza, the urgent need for an agreement on an immediate ceasefire and the release of hostages as well as the post war perspective.  The Secretary-General also expressed concerns about the tense situation in the occupied West Bank.
     
    They further spoke about the UN support to the Palestinian people, including the irreplaceable role played by UNRWA in Gaza and across the region.
     
    They reaffirmed their shared commitment towards ending the occupation and achieving a viable two-State solution, with Jerusalem as the shared capital of Israel and Palestine, in accordance with international law, relevant UN resolutions and prior agreements.
     

    MIL OSI United Nations News –

  • MIL-OSI Africa: CORRECTION: The International Islamic Trade Finance Corporation (ITFC) and Union of Comoros Strengthen Partnership with New EUR 330 Million Framework Agreement and Food Security Facility

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

    JEDDAH, The Kingdom of Saudi Arabia, September 26, 2024/APO Group/ —

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, and the Union of Comoros have signed a new EUR 330 Million Framework Agreement, reinforcing their strong partnership. The agreement was signed by ITFC’s CEO, Eng. Hani Salem Sonbol, Comoros’ Minister of Finance, Budget, and Banking Sector, and IsDB Governor, H.E. Mr. Mohamed Ibrahim Abdourazak, during his visit to ITFC’s headquarters in Jeddah.

    The new 3-year Framework Agreement builds on the success of the previous EUR 330 million agreement, which achieved 83% of its target. It will focus on key sectors such as energy, agriculture, and SME support, aiming to mobilize trade financing and enhance economic development in Comoros. Since 2008, ITFC has approved over US$ 712 million in financing for Comoros, demonstrating a long-standing commitment to the country’s growth.

    Commenting on the signing, Eng. Hani Salem Sonbol, CEO of ITFC said, “We are proud to strengthen our partnership with the Union of Comoros through this new framework agreement, which reflects our shared commitment to fostering sustainable economic development. By focusing on key sectors such as energy, agriculture, and SME development, we aim to support the country in achieving its long-term goals under the Emerging Comoros Plan. Our efforts, including the newly signed Food Security Facility, demonstrate our dedication to addressing critical needs such as food security while empowering key industries to drive growth.”

    The Minister of Finance, Budget and Banking of the Union of Comoros, Mr. Mohamed Ibrahim Abdourazak, also commented: “I am proud and optimistic to sign today this framework agreement between the Union of Comoros and the International Islamic Trade Finance Corporation (ITFC). This agreement marks a key milestone for the development of vital sectors such as energy, agriculture, and SMEs, the driving forces of our economy. In addition, ITFC signed a EUR 20 Million Food Security Facility in favor of the Union of Comoros and with two local banks, BDC and AFG Bank, as Executing Agencies, to support the continuous supply of essential foodstuffs at affordable prices to address food security challenges in the country. The Government of Comoros remains firmly committed to the priority programs and projects of the “Plan Comores Émergents”. Finally, on behalf of the Comorian Government and on my behalf, I would like to warmly thank ITFC for its ongoing support and look forward to strengthening our collaboration.” 

    ITFC’s broader support for Comoros includes capacity-building initiatives, such as the Reverse Linkage Project with Morocco for the sustainable tourism sector, and the equipment of the Central Vanilla Buying and Marketing Center under the Aid for Trade Initiative for the Arab States (AfTIAS 2.0) program. These efforts underline ITFC’s commitment to fostering sustainable development through integrated trade solutions.

    MIL OSI Africa –

  • MIL-OSI Banking: New ADB–IFFEd Partnership to Unlock $500 Million in Concessional Education Financing in Asia and Pacific

    Source: Asia Development Bank

    MANILA, PHILIPPINES (26 September 2024) — The Asian Development Bank (ADB) has signed an agreement with the International Finance Facility for Education (IFFEd) that will enable at least $500 million in new concessional education funding for lower middle-income countries (LMICs) in Asia and the Pacific.

    Under the financing partnership, IFFEd—a sovereign-backed Swiss foundation established in 2023 to invest in education and skills in LMICs—will guarantee $125 million of ADB’s sovereign loan exposure across all sectors, known as a synthetic portfolio, and provide an initial $50 million in grants.

    By blending IFFEd’s guarantees to ADB with grants that will comprise 10% of every loan, the first-of-its-kind arrangement facilitates a four times leverage ratio of the guarantee, boosting the amount of capital ADB can lend while lowering borrowing costs for the bank’s developing member countries (DMCs).

    “Education is the cornerstone of modern, prosperous, and inclusive societies, and we are pleased to announce this partnership with IFFEd,” said ADB Vice-President for Sectors and Themes Fatima Yasmin. “By pooling catalytic and concessional financing, this initiative means our lower middle-income DMCs can scale up their investments in education and skills—vital to building knowledge-based economies—along with other sectors at the same time.”

    LMICs face an education crisis. More than 50% of students in these countries are not able to read simple text by age 10 despite attending school, and graduates do not have the skills to find jobs, leaving employers unable to fill vacancies.

    As countries move from lower to lower middle-income status, they tend to get caught in a financing “missing middle” where they are no longer eligible to receive grants but cannot afford nonconcessional financing—forcing a difficult decision of where to invest, exacerbated by limited domestic financing.

    By bringing concessional or grant resources to developing countries seeking to strengthen their education systems, the ADB–IFFEd partnership’s key innovation lies in the fact that—at a time of rapid change—it will help ADB’s DMCs prepare for a future characterized by digital transformation, climate change, demographic transitions, and rapid urbanization.

    IFFEd’s sovereign donors include Canada, Sweden, and the United Kingdom, while the Atlassian Foundation, Jacobs Foundation, Porticus, Rockefeller Foundation, and the Soros Economic Development Fund (the investment arm of Open Society Foundations) have provided seed capital. IFFEd, which benefits from a strong credit rating, will initially focus on Asia and the Pacific, and Africa, in collaboration with multilateral development banks (MDBs).

    “Investing in education and skills in LMICs—home to nearly half of the world’s children and youth—is key to powering long-term economic growth and making progress on global health, climate, and equity goals,” said IFFEd Founding Chief Executive Officer Karthik Krishnan.

    “IFFEd has been recognized by the G20 MDB Capital Adequacy Framework Review as one of the most significant development finance innovations in the past decade and delivers seven times more impact than traditional grants. ADB played a key role in shaping the IFFEd instrument and as our first founding MDB partner, ADB is showcasing its unwavering commitment to alleviating poverty and powering economic growth in Asia and the Pacific,” added Mr. Krishnan.

    The following ADB DMCs are currently eligible for IFFEd funding: Bangladesh, India, Mongolia, Pakistan, Papua New Guinea, the Philippines, Sri Lanka, Timor-Leste, Uzbekistan, and Viet Nam.

    IFFEd-funded education projects can support ADB programs at any level of the education system—from early childhood development and school education to technical and vocational training, skills development and tertiary education.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

    MIL OSI Global Banks –

  • MIL-OSI USA: $7 Million For Community Environmental Education

    Source: US State of New York

    In celebration of Climate Week, Governor Kathy Hochul today announced $7 million in competitive grant funding for community-based, not-for-profit, and tribal organizations to support the construction, or renovation of existing facilities, to create community environmental education centers, which will offer classes and programs on environmental awareness. The centers must be located within or serve a disadvantaged community or an environmental justice community and will help inspire exploration, discovery, and learning about the environment.

    “New York State’s innovative work to protect the environment and address climate change’s disproportionate impacts on disadvantaged communities includes ensuring the next generation of environmental advocates have access to nature where they live, work and play,” Governor Hochul said. “Environmental education centers supported by this funding will equip visitors with the knowledge they need to join the charge against climate change, protect our environment for future generations, and encourage people to discover and support local cultural preservation.”

    New York’s Climate Leadership and Community Protection Act (Climate Act) recognizes that climate change doesn’t affect all communities equally and charged the Climate Justice Working Group with the development of criteria to identify disadvantaged communities to ensure frontline and otherwise under-resourced communities benefit from the state’s historic transition to cleaner, greener sources of energy, reduced pollution, cleaner air, and improved economic opportunities. Visit New York’s Climate Act website to view an interactive map and a list of disadvantaged communities statewide.

    Funding for this grant opportunity is provided from the State’s Environmental Protection Fund (EPF) and is available to support capital costs of new construction or renovation proposals. Grants ranging from $250,000 to $3 million will be awarded to fund education centers that explore a broad range of topics such as urban ecology, environmental justice challenges, green technology, and urban environmental sustainability. Proposals may include capital costs, such as purchasing of building or land; construction or renovation; expansion or updating a facility; purchasing furniture, fixtures, and equipment; and purchasing technological hardware.

    New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, “DEC recognizes that bolstering environmental education is critical to supporting real action to fight climate issues affecting disadvantaged and environmental justice communities statewide. Environmental education centers provide a variety of accessible programs and services for individuals, families, and groups and serve as valuable community assets where people gather to hold events, learn about cultural preservation and environmental stewardship, build community resilience, and engage in community climate action.”

    Possible uses or programming for a center include:

    • Education about indoor air pollution and modeling methods to reduce exposure to indoor air pollution;
    • Education about environmental justice challenges;
    • Cultural preservation and environmental stewardship;
    • Green jobs training and education;
    • Programs, information and exhibits that increase awareness and stewardship of the local environment;
    • Models of sustainable development, including LEED Green Building Certification, green infrastructure, and agriculture;
    • Extreme weather shelters with innovative architecture or engineering demonstrations;
    • Research and monitoring programs, focusing on watershed issues, combined sewer overflow, vehicle emissions, energy generation, solid waste transfer activities and/or other environment issues;
    • Community space for local community-based organizations, community events, and workshops;
    • K-12 educational programming in STEAM that may include ecology, environmental harms/risks/issues, green technology, and environmental sustainability;
    • College level electives in ecology, green energy technology and environmental sustainability; and
    • Outdoor components such as community gardens or farms.

    The deadline for all applications is 3 p.m. on Jan. 22, 2025. The request for applications (RFA) is only available online through The Statewide Financial System of New York (sfs.ny.gov). Not-for-profit community-based organizations must be registered and prequalified in SFS to apply.

    New York State’s Nation-Leading Climate Plan 

    New York State’s climate agenda calls for an orderly and just transition that creates family-sustaining jobs, continues to foster a green economy across all sectors and ensures that a minimum of 35 percent, with a goal of 40 percent, of the benefits of clean energy investments are directed to disadvantaged communities. Guided by some of the nation’s most aggressive climate and clean energy initiatives, New York is advancing a suite of efforts – including the New York Cap-and-Invest program (NYCI) and other complementary policies – to reduce greenhouse gas emissions 40 percent by 2030 and 85 percent by 2050 from 1990 levels. New York is also on a path toward a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and economy-wide carbon neutrality by mid-century. A cornerstone of this transition is New York’s unprecedented clean energy investments, including more than $28 billion in 61 large-scale renewable and transmission projects across the State, $6.8 billion to reduce building emissions, $3.3 billion to scale up solar, nearly $3 billion for clean transportation initiatives and over $2 billion in NY Green Bank commitments. These and other investments are supporting more than 170,000 jobs in New York’s clean energy sector as of 2022 and over 3,000 percent growth in the distributed solar sector since 2011. To reduce greenhouse gas emissions and improve air quality, New York also adopted zero-emission vehicle regulations, including requiring all new passenger cars and light-duty trucks sold in the State be zero emission by 2035. Partnerships are continuing to advance New York’s climate action with more than 400 registered and more than 150 certified Climate Smart Communities, over 500 Clean Energy Communities, and the State’s largest community air monitoring initiative in 10 disadvantaged communities across the State to help target air pollution and combat climate change.

    MIL OSI USA News –