Category: Banking

  • MIL-OSI Video: UN Chief: G20 Meeting | United Nations

    Source: United Nations (Video News)

    Opening remarks by the Secretary-General of the UN, António Guterres 2nd Foreign Ministers meeting of G20 Brasil 2024

    “This is a historic first.

    The G20, the United Nations system and the Bretton Woods institutions and other international financial institutions deal with some of the most important challenges of our time: inequality, financing for development, the climate crisis, the impact of new technologies.

    In all these areas, progress is slipping out of reach as our world becomes more unsustainable, unequal and unpredictable.

    Conflicts are raging, the climate crisis is accelerating, inequalities are growing, and new technologies have unprecedented potential for good – and bad.

    Global institutions must work together – not on parallel or conflicting tracks.

    They must cooperate and collaborate for the good of humanity and the Summit of the Future was an essential first step.

    It has created opportunities and possibilities for reform across the board.

    But without implementation, it will be meaningless.

    The work starts today.

    Excellencies,

    The Pact for the Future is about action in the here and now.

    And G20 countries can act in three specific areas.

    First, finance.

    We need ambitious reforms of the international financial architecture to make it fully representative of today’s global economy, so it can provide strong support to implement the Sustainable Development Goals.

    I commend the leadership of the World Bank and International Monetary Fund for making important progress.

    But the resources available are still dwarfed by the size of the needs.

    Many developing countries are being hit by a double whammy of climate chaos and debt.

    To support low- and middle-income developing countries effectively, multilateral development banks must be bigger, bolder and better.

    We need a far more robust financial safety net to shield countries in a world of frequent shocks.

    Voting rights and decision-making rules should reflect the changing global landscape.

    And access to concessional finance should be based on needs and vulnerabilities, not just on income.

    All parts of the global financial system must work together to reduce the cost of finance and the inequalities that blight our world.

    This demands action on debt – starting with an effective mechanism to deal with debt relief and restructuring.

    As a first step, I welcome the commitment by the International Monetary Fund to review the debt architecture – as set out in the Pact for the Future.
    I look to all G20 countries to push for deep reforms so that global financial institutions reflect today’s world and respond to today’s challenges.

    One of those challenges is global hunger. It is shameful that in our world of plenty, around one person in ten regularly goes without food for an entire day or more – known as severe food insecurity.

    I welcome President Lula and Brazil’s focus on global hunger during the G20 presidency and call on all G20 countries – and all UN Member States – to strengthen efforts to end this affront to our common humanity.

    Excellencies,

    The second area for action is climate.

    We are at a critical moment: a battle to prevent temperatures from rising above the agreed limit of 1.5 degrees.

    Today’s decisions and actions will determine the course of our world for decades to come.

    The climate crisis transcends borders and politics. Climate action cannot be a victim of geopolitical competition.

    Under G20 leadership we will be able to have drastic reductions in fossil fuel production and consumption as an essential element for climate action.

    By 2030, global production and consumption of all fossil fuels must decline by at least thirty per cent – and global renewables capacity must triple.

    This requires OECD countries to phase out coal by 2030 and to fully decarbonize power generation systems by 2035.

    And it means non-OECD countries must phase out coal by 2040.

    I have been strongly advocating for no new coal or upstream oil and gas projects for all G20 nations.

    New national climate plans due next year are an opportunity for countries to align energy strategies and development priorities with climate ambition, taking into account the principle of common but differentiated responsibilities.

    They must also show how each country intends to transition away from fossil fuels, in line with the outcome at COP 28.

    Excellencies,

    There has never been a greater global challenge than the climate crisis.

    There has never been more agreement on the solution: a just transition from fossil fuels to renewable energy.

    And renewable technologies have never been better – or cheaper.

    The obstacle to the renewables revolution is not economics, or a lack of solutions.

    It is mindsets, and lack of vision.

    Those that lead the renewables revolution are already reaping the rewards.” [Excerpt].

    Full remarks: https://www.un.org/sg/en/content/sg/statement/2024-09-25/secretary-generals-remarks-meeting-of-g20-foreign-ministers-delivered

    https://www.youtube.com/watch?v=gfbW4_r5_i8

    MIL OSI Video

  • MIL-OSI USA: Lee Introduces the Saving Privacy Act to Protect Americans’ Financial Data

    US Senate News:

    Source: United States Senator for Utah Mike Lee
     
    WASHINGTON –Senator Mike Lee (R-UT) introduced the Saving Privacy Act, a bill to end government abuse of Americans’ financial information. For years, federal agencies have been overreaching in their surveillance, collecting vast amounts of personal financial data from law-abiding citizens without just cause. Senator Rick Scott (R-FL) is an original co-sponsor of the bill.
    “The federal government has no business surveilling the financial activities of millions of innocent Americans,” said Senator Lee. “The current system erodes the privacy rights of citizens, while doing little to effectively catch true financial criminals. My Saving Privacy Act ensures that Americans’ personal information is protected and that government agencies operate within the bounds of the Constitution.”
    “Big government has no place in law-abiding Americans’ personal finances. It is a massive overreach of the government and a gross violation of their privacy,” said Senator Rick Scott. “That is why I am teaming up with Senator Lee so that we can protect Americans’ personal financials for good. Our Saving Privacy Act will allow federal agencies to go after criminals while also protecting innocent Americans’ data. This is commonsense legislation, and I am urging my colleagues to support its immediate passage.”
    “This kind of reform restores the proper balance—as provided by the Fourth Amendment—between Americans’ privacy rights and law enforcement’s ability to gather evidence to enforce laws. It would protect individuals’ financial privacy and improve federal agencies’ abilities to prosecute criminal activity rather than sift through millions of low-value reports. This kind of reform is long overdue.” – Norbert Michel, Jennifer Schulp, and Nicholas Anthony of the Cato Institute
      “Financial privacy is of paramount importance in the digital age,” said Bryan Bashur, Director of Financial Policy for Americans for Tax Reform. “Lawmakers should support Sen. Lee’s efforts to further preserve financial privacy and prevent the federal government from easily accessing this information. Enacting this legislation will also protect consumers from other existential threats to financial privacy—such as tracking stock trading and electronic payment activity. 
    Government surveillance efforts have been largely ineffective, as demonstrated by the dismal success rate of suspicious activity reports (SARs) submitted to the Financial Crimes Enforcement Network (FinCEN). In FY2023, financial institutions submitted 25.4 million SARs and currency transaction reports (CTRs), yet less than 0.3% of these reports resulted in relevant IRS-CI and FBI cases.
    In recent years, FinCEN and the FBI surveilled the financial transactions of individuals and solicited banks for information on purchases related to “Trump,” “MAGA,” firearms, and even religious texts. Meanwhile, the Securities and Exchange Commission (SEC) has quietly been constructing a centralized database, the Consolidated Audit Trail (CAT), designed to track every single stock market transaction and the personal information of millions of Americans without any congressional approval.
    Senator Lee’s bill, the Saving Privacy Act, seeks to curb these abuses and restore Fourth Amendment protections for all Americans.
    Key Provisions of the Saving Privacy Act:
     
    Repeals the Bank Secrecy Act’s SAR and CTR reporting requirements while maintaining recordkeeping provisions.
    Repeals the Corporate Transparency Act.
    Strengthens Fourth Amendment protections, bolstering warrant requirements in the Right to Financial Privacy Act of 1978.
    Repeals the SEC’s Consolidated Audit Trail (CAT) database.
    Requires congressional approval for any new databases that collect personally identifiable information of U.S. citizens.
    Prohibits the creation of a Central Bank Digital Currency.
    Requires congressional authorization for financial regulations deemed major rules.
    Institutes penalties for federal employees who illegally seek constitutionally protected financial information.
    Establishes a private right of action for Americans and financial institutions harmed by illicit government activity.
      
    Bill text | One-pager

    MIL OSI USA News

  • MIL-OSI Asia-Pac: India’s Container Handling Capacity Set for a Twofold Increase in Five Years

    Source: Government of India

    India’s Container Handling Capacity Set for a Twofold Increase in Five Years

    Shri Sarbananda Sonowal Unveils Major Accomplishments of the Ministry of Ports, Shipping & Waterways in the Initial 100 Days of Government MoPSW is developing

    In the next five years, we project container handling to reach an impressive 40 million TEUs, creating 2 million job opportunities across the country: Shri Sarbananda Sonowal

    JNPA is going to become the first Indian Port to attain a Container Handling Capacity of 10 million TEUs in the coming months: Shri Sarbananda Sonowal

    International Container Transshipment Port (ICTP) at Galathea Bay, Great Nicobar Island, which will serve as a major transshipment hub

    PM Modi’s focus on holistic development and his mantra of ‘Transformation through Transportation’ are creating a paradigm shift in India’s maritime sector: Shri Sarbananda Sonowal

    Ship Building & Ship Repair Clusters to be established in five States – Gujarat, Maharashtra, Kerala, Andhra Pradesh and Odisha: Shri Sonowal

    3,900 acres of land allotted in DPA and VoCPA for setting up of Hydrogen Manufacturing Hubs. This will attract more than Rs. 5 Lakh Crores worth Of Investment in the Coming Years: Shri Sarbananda Sonowal

    Operationalization of the Mormugao Port cruise terminal in Goa

    The performance of major ports has improved, with traffic increasing by 4.87% in 2024

    Posted On: 25 SEP 2024 4:28PM by PIB Delhi

    In a comprehensive press conference held today the Union Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal, presented an extensive overview of the significant milestones achieved by the Ministry during the first 100 days. The conference was aimed at showcasing the Ministry’s contributions toward transforming India’s maritime sector and aligning with the vision of Maritime India Vision 2030 and Maritime Amritkaal Vision 2047.

     

    The event began with a detailed address by the Secretary of the Ministry of Ports, Shipping & Waterways, Shri T.K. Ramachandran, followed by the Minister’s remarks, both of which emphasized the Government’s proactive steps in revolutionizing India’s maritime infrastructure.

    Shri Sarbananda Sonowal commenced his address by acknowledging the unwavering guidance of Prime Minister Shri Narendra Modi, whose vision of ‘Ports for Prosperity and Ports for Progress’ has become the cornerstone of India’s maritime transformation. He highlighted that PM Modi’s focus on holistic development and his mantra of ‘Transformation through Transportation’ are leading to a complete overhaul of India’s maritime landscape.

    “Prime Minister Shri Narendra Modi Ji’s focus on holistic development and his mantra of ‘Transformation through Transportation’ are creating a paradigm shift in India’s maritime sector. This Government’s commitment to strengthening maritime infrastructure is paving the way for unprecedented economic growth and generating significant employment opportunities across the country. Waterways are becoming the new highways of India.”

    He further elaborated on the major initiatives taken by the Ministry under the guidance of PM Modi, highlighting that these are geared toward enhancing port infrastructure, improving ease of doing business, promoting sustainability, and creating employment opportunities.

    “After 25 years since the establishment of Kamarajar Port, the addition of Vadhvan Port marks a significant milestone in India’s maritime journey, alongside the recent notification of Galathea Bay as a major port. In the next five years, MoPSW projects container handling to reach an impressive 40 million TEUs, creating 2 million job opportunities across the country. JNPA alone will scale up its handling capacity from the current 6.6 million TEUs to 10 million.”
     

    “Recognizing the strategic importance of shipbuilding and ship repair, the Ministry is developing dedicated clusters in Maharashtra, Kerala, Andhra Pradesh, Odisha, and Gujarat. We are also allocating more than 3,900 acres in Kandla and VOC Port for the development of hydrogen manufacturing hubs, positioning India as a leader in clean energy. Additionally, we are eagerly looking forward to the upcoming ‘Sagarmanthan: The Great Ocean Conference,’ which will be held in Mumbai this November, further emphasizing focus on ocean sustainability and blue economy growth.”

    The Minister, Shri Sarbananda Sonowal, presented the Ministry’s accomplishments, focusing on flagship projects that will enhance India’s maritime capabilities and contribute to overall sector development. He underscored the foundation of Vadhvan Port, India’s first major port project of the 21st century, poised to become one of the largest all-weather deep-water ports with a capacity of 298 MMTPA.

    This mega port is expected to create 1.2 million employment opportunities and place an Indian port among the top 10 container ports globally, significantly improving international shipping connectivity and reducing transit times and costs.

    Another key project highlighted was the Tuticorin International Container Terminal on the East Coast, which will serve as a major transshipment hub, saving up to USD 200 per container and providing an estimated annual foreign exchange savings of USD 4 million.

    The Ease of Doing Business Initiatives introduced several reforms, including the establishment of the Indian Maritime Centre (IMC) to foster policy and operational synergy, the Indian International Maritime Dispute Resolution Centre (IIMDRC) to streamline maritime dispute resolutions, and the Sagar Aankalan Guidelines to benchmark port performance, enhancing global competitiveness. Additionally, the commencement of operations at Cochin Shipyard’s International Ship Repair Facility (ISRF), equipped with state-of-the-art ship lifts and workstations, positions India as a global leader in the ship repair market.

    The Ministry also successfully executed a landmark Deendayal Port Encroachment Drive, reclaiming 200 acres of encroached land for port-led industrial development. The performance of major ports has improved, with traffic increasing by 4.87% in 2024, and Visakhapatnam Port ranking among the top 20 in the World Bank’s Container Port Performance Index. As part of Greening Initiatives, the Ministry launched the Green Tug Transition Programme and allocated land for green hydrogen projects at Deendayal Port. In cruise tourism, the International Cruise Terminal at Visakhapatnam was operationalized, boosting both domestic and international maritime tourism prospects.

    The Secretary of the Ministry of Ports, Shipping, and Waterways, Shri T.K. Ramachandran, provided a comprehensive overview of the Ministry’s strategic initiatives. He highlighted key reforms aimed at strengthening maritime infrastructure, driving investment, and enhancing ease of doing business.

    “In the first 100 days of this Government, the Ministry has taken bold steps to implement key reforms, such as the establishment of the Indian Maritime Centre and the Indian International Maritime Dispute Resolution Centre, both of which will bolster India’s standing as a global leader in maritime infrastructure and logistics. We are on track to achieve the ambitious goals of the Maritime India Vision 2030 and Maritime Amritkaal Vision 2047, which focus on sustainable growth, enhanced connectivity, and improving the ease of doing business”, mentioned Shri TK Ramachandran, Secretary, MoPSW.

    During the press conference discussions from the 20th Maritime State Development Council Meeting held in September 2024, where the development of mega shipbuilding parks across various states was a focal point was mentioned. Additionally, MoPSW’s sanctioning of the Upgradation of Nagapattinam Port Infrastructure project in August 2024 was noted, which aims to launch a passenger ferry service between Nagapattinam (India) and Kankesanthurai (Sri Lanka), enhancing regional connectivity, trade, tourism, and economic opportunities.

    Shri Sarbananda Sonowal, outlined the Ministry’s upcoming priorities aimed at further enhancing India’s maritime sector. Key initiatives include the commencement of work on the International Container Transshipment Port (ICTP) at Galathea Bay, Great Nicobar Island, which will serve as a major transshipment hub. To strengthen India’s self-reliance in shipbuilding, the Shipbuilding Financial Assistance Policy will be expanded, along with the establishment of a Maritime Development Fund to boost domestic ship ownership. The Ministry is also set to enhance operational efficiency through digitalization with the EBS portal (Port Operating System), which will go live at five major ports, reducing logistics costs and streamlining operations.

    The notification of the Merchant Shipping Bill, incorporating international best practices for vessel safety, marine pollution, and maritime liabilities, was also mentioned, alongside the Coastal Shipping Bill, which seeks to foster a competitive coastal shipping environment, reduce transportation costs, promote Indian vessels, and integrate maritime transport with inland waterways.

    On the sustainability front, the Harit Nauka scheme will promote the transition to green fuels for inland vessels, and hydrogen-powered vessels will be manufactured at Cochin Shipyard. Additionally, the Cruise India Mission will be launched to position India as a premier cruising destination, with the operationalization of the Mormugao Port cruise terminal in Goa to accommodate growing domestic and international cruise tourism.

     “As we continue our journey under the visionary leadership of Hon’ble Prime Minister Narendra Modi Ji, we remain committed to transforming India’s maritime sector. With our focus on enhancing infrastructure, ease of doing business, and sustainability, we are driving the country toward becoming a global maritime powerhouse”, added Shri Sonowal.

    The Ministry of Ports, Shipping & Waterways is resolutely focused on achieving the goals set forth under the Maritime India Vision 2030. The efforts are directed toward ensuring sustainable growth, fostering innovation, and creating employment opportunities that will drive India’s maritime sector to global prominence.

    The press conference concluded with a Q&A session, providing a platform for the media to engage directly with both the Minister and the Secretary.

     

    NB/AK

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    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Christine Lagarde: Technology as a new frontier for macroprudential policy

    Source: European Central Bank

    Welcome address by Christine Lagarde, President of the ECB and Chair of the European Systemic Risk Board, at the eighth annual conference of the ESRB

    Frankfurt am Main, 26 September 2024

    I would like to welcome all of you to the eighth annual conference of the European Systemic Risk Board (ESRB).

    The theme this year – “New Frontiers in Macroprudential Policy” – challenges us to rethink the ways in which we ensure financial stability in an evolving world.

    Traditionally, macroprudential policy has focused on safeguarding the stability of banks, particularly by addressing boom-bust cycles in real estate. Banks continue to hold significant exposures to the real estate sector, and this remains a core area of our oversight.

    But today our world is undergoing swift and profound changes.

    While we must remain alert as ever to cyclical risks, major structural transformations – from shifting geopolitics to a changing climate and extraordinary advances in technology – are creating new frontiers in macroprudential policy. These have important implications for financial stability that are not yet fully reflected in our current frameworks.

    Today I would like to focus on what one of those frontiers – technology – means for the financial system and, by extension, the response of macroprudential policy.

    As the Nobel laureate Christian Lange once observed, technology can be a “useful servant”, but it can also be a “dangerous master” if left unchecked.[1] That observation holds true for the financial system, where technological advances pose both sizeable opportunities and risks.

    In this setting, macroprudential policy needs to pull off a unique balancing act. To effectively mitigate the risks posed by new technologies, macroprudential policy must paradoxically embrace and harness the very innovations they create.

    Technology as the enabler of modern financial systems

    The basic needs that financial systems meet have not changed for centuries: saving for future needs, borrowing against future income, directing capital to productive uses and reallocating risk.

    But the way financial systems deliver their services has changed radically – driven largely by advances in information and communications technologies.

    In recent decades, powerful computing has revolutionised risk management and boosted market efficiency, enabling the pricing of complex financial instruments and the rise of algorithmic trading. One study, for example, finds that by facilitating faster price discovery, algorithmic trading improves liquidity for large-cap stocks.[2]

    Another key enabler of modern finance is encryption technology. Without it, there would be no online banking and no electronic payments. But encryption has not only aided the digitalisation of traditional finance. It has also facilitated the rise of a new asset class and a parallel financial system: crypto-assets and decentralised finance.

    The problems with crypto-assets are many, well-documented and not well-addressed – from weak fundamentals to questionable governance and inefficient validation methods.[3] But the encryption technology on which crypto-assets are based has so far proven robust. And distributed ledger technology can offer real benefits to our financial systems through the streamlining of processes.

    But it is perhaps artificial intelligence (AI) that may prove to be the most transformative for the financial system.

    For years now, analytical AI models designed to perform specific tasks have helped financial institutions in areas such as fraud detection, credit assessment and predicting portfolio returns.

    But the recent breakthroughs in generative AI – thanks to growth in computing power combined with extensive data access – are inducing a rapid uptake of AI across the board. According to one international study, almost two-thirds of companies – across all regions, sectors and sizes – are already using generative AI.[4]

    While new technologies have brought tremendous benefits for the financial system over time, they have always tended to carry potential risks with them.

    And we see this tension between opportunity and risk playing out today. The latest AI models, and budding technologies like quantum computing, have the potential to exert a profound impact on our economies and financial systems.

    Technological change and vulnerabilities

    As a tool, technology is neither good nor bad. It all depends on who uses it, and for what purpose.

    The financial sector will come up with numerous ways to use AI to improve existing operations. But the reliance on ever more sophisticated technologies – which typically demand highly specialised skills and enormous levels of investment to implement and maintain – creates new vulnerabilities in our financial system.

    We see this especially in areas where our financial institutions are increasingly reliant on a small number of external service providers.

    In July, a faulty software update from a leading cybersecurity firm caused worldwide computer outages and severe disruptions across many sectors, including finance. For instance, over eight million devices operating Microsoft Windows were hit simultaneously around the world.[5]

    While the disruption did not last long, the episode demonstrated the potential dangers of a broad-based reliance on a small number of third-party providers. These technology firms may have systemic importance and are a key element of the Digital Operational Resilience Act, an EU microprudential legislation.[6]

    This concentration risk is further heightened in an environment marked by geopolitical tensions and the rapid uptake of AI.

    Hostile states could wreak havoc if they uncover just one critical weakness in our financial system. At the ESRB, we expected intensified cyberattacks following Russia’s invasion of Ukraine.[7] Fortunately, the financial system has proven resilient so far, but the risk remains.

    The widespread adoption of AI may also have systemic implications for the financial system. For example, if AI suppliers were to remain concentrated, operational risk, market concentration and too-big-to-fail externalities may arise. Moreover, an extensive uptake of AI could increase the potential for herding behaviour.[8]

    Looking further ahead, advances in quantum computing may pose a serious threat to our encryption-based financial system. The technology may even go on to eventually break current encryption methods, although it is difficult to know when this might happen.

    That is why it is critical to start preparing early – and there are already efforts to do so.

    In August, for example, the National Institute of Standards and Technology in the United States finalised the first post-quantum encryption standards and called for their rapid deployment.[9] Efforts by individual financial institutions will not be enough, however: the shift to post-quantum encryption standards will need to be implemented across the economy to ensure sufficient resilience.

    The implications of technology for macroprudential policy

    As macroprudential policymakers, our primary role is to ensure that the financial system remains stable and resilient in the face of emerging threats.

    Historically, macroprudential policy has focused heavily on cyclical risks. But as we look into the future, we need to pay more attention to major structural changes. Technologies such as AI and quantum computing will reshape the financial landscape in ways we are only beginning to grasp.

    Macroprudential policy must evolve to meet these new frontiers. The risks stemming from disruptive technologies will not be confined to individual institutions – they will be systemic. But the tools we have relied on in the past may no longer be sufficient. Larger buffers are not always the right answer, nor are they the only answer.

    Our task now is to focus on how technological risks affect the interconnections and vulnerabilities across the entire financial system and ask ourselves how we may need to expand our toolkit.

    The answer is for macroprudential authorities to harness the power of new technologies, using the new opportunities they create as a force for good to mitigate the risks that technology may pose to the financial system.

    There is substantial potential on this front. AI can give us the capability to analyse vast amounts of supervisory and market data. And it can help us conduct more rigorous risk assessments to identify vulnerabilities faster and ensure timely prudential responses to new threats.

    We will need to consider a broader range of potentially disruptive scenarios and improve our capacity to model the financial stress that such scenarios can generate. The available data allow us to go a long way. But we need to go even further and remove obstacles to safe data sharing.

    In my capacity as Chair of the ESRB, I have recently called on European lawmakers to facilitate the removal of barriers to safe data sharing between the ESRB and European Supervisory Authorities, a crucial step towards enabling us to use data to their full potential.[10] At the same time, we need to enhance our collaboration across institutions, sharing insights and expertise so that we can collectively tackle the challenges ahead.

    By embracing technology, the role of macroprudential policy will be to help microprudential supervision to stay ahead of the curve, ensuring financial institutions are not only compliant with today’s rules but are also resilient to tomorrow’s threats.

    Conclusion

    Let me conclude.

    As with tackling cyclical risks, macroprudential policy at the new frontier centres on being proactive rather than reactive.

    Policymakers cannot afford to simply respond to crises as they emerge. We must continually attempt to anticipate them, harnessing the power of technology and data to build a financial system that is truly resilient. As Benjamin Franklin once wrote, “an ounce of prevention is worth a pound of cure”.[11] And Franklin knew this first-hand. He is widely credited for developing and popularising the use of the lightning rod, which would go on to prevent many disasters.

    Looking at this conference’s agenda, I am confident that the discussions will spark fresh perspectives and innovative ideas as we explore the new frontiers of macroprudential policy.

    Thank you.

    MIL OSI Europe News

  • MIL-OSI: Jamf Announces Additions of CISO, Andrew Smeaton, and Global Vice President of Channel & Alliances, Marc Botham 

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Sept. 26, 2024 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced it has enhanced its leadership team with two key new hires: Andrew Smeaton as Chief Information Security Officer and Marc Botham as Global Vice President of Channel and Alliances.

    “I am thrilled to announce the addition of two seasoned industry leaders to the Jamf leadership team,” said John Strosahl, CEO of Jamf. “Bringing their individual experiences into Jamf will undoubtedly continue to propel Jamf forward as the only company to offer a complete management and security solution in the Apple-first environment.”

    Smeaton brings over 25 years of global information security experience, navigating complex, multi-stakeholder environments across Europe, North America, and the Middle East. As the CISO at Jamf, Smeaton will focus on Jamf’s information security vision and approach, and champion Jamf’s security platform in the market. Responsible for leading a global team of information security professionals, Smeaton excels in aligning security with business goals, developing proactive risk management cultures, and implementing security strategies from inception to execution. 

    Smeaton comes to Jamf after serving as CISO of Afiniti, and previously held CISO roles at DataRobot, MIB Group, The Saudi Investment Bank, and more. His extensive skill set includes security risk management, program development, regulatory compliance, and cloud security, complemented by a strong IT background and numerous certifications, including CISSP, CISA, and CISM.

    “I’m honored to be joining the Jamf team and working with such a talented, customer-oriented group of people who have packaged management and security together impeccably for an industry that is increasingly relying on mobile devices to drive business success,” said Smeaton. “The dependence on Apple devices in the enterprise is only increasing, and you can bet adversaries won’t pass up the opportunity to strike while the iron’s hot. I’m looking forward to amplifying security buyers’ awareness of Jamf and working with our extremely talented Threat Labs team to uncover, defend, and protect customers against the threats of tomorrow.”

    Joining Jamf as the Global Vice President of Channel and Alliances, Botham brings over 25 years of experience in the channel, most recently as the Head of the EMEA Channel of Docusign. Recognized as CRN’s 2022 Channel Chief of the Year, Botham will be responsible for developing and implementing partner strategies on a global scale, designing channel programs that enable Jamf to establish substantive growth markets aligned with Jamf’s strategic partner ecosystem, and positioning Jamf as the Apple Enterprise Management solution provider. 

    “I am thrilled to be joining the Jamf team and I am excited to build on the exciting momentum the Jamf channel program has already had this year,” said Botham. “Jamf is on the cusp of some incredible growth in the channel, and I’m honored to be joining at such an exciting time in Jamf’s channel journey.  I look forward to continuing to serve Jamf’s existing partnerships as well as help Jamf continue to expand globally within the channel.”

    The hires of Smeaton and Botham come on the heels of Jamf’s inclusion in PEOPLE Magazine as the #45 ranked organization in the Companies that Care list, and Jamf’s announcement of its new Global Partner Program

    For more information on Jamf and its latest news, visit http://www.jamf.com.

    About Jamf

    Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy. To learn more, visit http://www.jamf.com

    Media Contact

    Natali Brockett | media@jamf.com

    Investor Contact

    Jennifer Gaumond | ir@jamf.com

    The MIL Network

  • MIL-OSI Africa: 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. Ibrahim Mohamed 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 Global: Grocery stores that donate expiring food − instead of price discounting or discarding − make higher profits

    Source: The Conversation – USA – By John Lowrey, Assistant Professor of Supply Chain and Health Sciences, Northeastern University

    This new food pantry opened on Long Island in September 2024. Alejandra Villa Loarca/Newsday RM via Getty Images

    All major supermarkets and retailers that sell groceries, such as Kroger, Walmart and Costco, give large amounts of food to food banks and pantries. In 2022, retailers donated close to 2 billion pounds of food across the United States, which amounted to US$3.5 billion that year. The estimated value of donated food was a little less than $2 per pound in 2022.

    Retailers donate products that are typically packaged, palatable and safe for consumption, yet unsuitable for sale due to quality concerns, such as minor blemishes. Since these items can go a long way to feeding hungry people, donations represent one of the best uses of leftover or surplus food.

    Donations are also technically acts of charity, and the companies responsible for them get tax breaks. This means that donations boost profits by lowering costs. There’s a second effect of donations on a store’s bottom line: They improve the quality of food on the store’s shelves and increase revenue from food sales.

    As a supply chain scholar who studies food banks, I worked with a team of economists to estimate the effects of retail food donations. We used sales data for five perishable food categories sold by two competing retail chains, with stores located in a large, Midwestern metropolitan area. We found that stores that remove items on the brink of expiration, donate them to food banks and fill up the emptied shelf space with fresher inventory get more revenue from sales and earn higher profits.

    Retailers donate 30% of what food banks give their clients

    U.S. food banks, which have been operating for more than 50 years, give away over 6 billion pounds of food annually.

    They get about 30% of that food for free from supermarkets and big-box retailers that sell groceries. Prior to the start of the COVID-19 pandemic, retailers supplied more than twice as much food to food banks than the federal government did. The volume of food supplied by federal programs administered by the United States Department of Agriculture, such as the Emergency Food Assistance Program, have steadily increased since 2020, to now almost match the volume of food donated by retailers.

    In 2022, for example, the network of more than 200 Feeding America member food banks procured about 2 billion pounds from retailers and almost 1.5 billion pounds from government programs.

    The remaining 2.88 billion pounds of food were either purchased directly, provided by farmers, donated by food processing companies or donated by people and organizations in local communities.

    Despite several federal programs that help low-income people get food and the nation’s robust network of food banks and food pantries, nearly 50 million Americans are experiencing food insecurity. That means they can’t get enough nutritious food to eat at least some of the time.

    Retail donation routines are established but inconsistent

    When food on a store’s shelves is on the verge of expiration, store managers have three options. They can donate or discard it, or sell it at a discount.

    Stores that regularly donate food have established routines for when they set aside about-to-expire food to give away. However, these routines are often inconsistent.

    Many stores donate only on a seasonal basis or just give away certain kinds of food. For example, they might donate only meat, baked goods or fruits and vegetables. In many cases, donations take a backseat to more immediate priorities, such as customer service.

    Those realities can increase the likelihood that food will land at the dump instead of on somebody’s table.

    Although millions of Americans struggle to find their next meal, close to 40% of food gets thrown out along the supply chain, as food moves between agricultural producers, factories, retailers and consumers. This is largely due to logistical challenges: It’s hard to transport and distribute highly perishable food.

    Discounted meat is displayed at a San Rafael, Calif., grocery store in September 2024.
    Justin Sullivan/Getty Images

    Discounts on food can undercut sales

    Stores often prefer to sell food on the brink of expiration at a discount rather than donate it or throw it out due to the money they recoup that way. This option, however, also keeps the discounted food on the shelf, where it takes up valuable space that could otherwise hold fresher inventory.

    Shelf space dedicated to the sale and promotion of full-priced products competes with that for price-discounted food. Stocking perishable foods that are starting to look iffy – such as bananas with brown spots sold alongside unblemished yellow bananas – could harm a retailer’s image if shoppers start to question the store’s quality.

    In other words, if consumers make judgments based on all the produce that’s on display, then it may be better for stores if they don’t sell sad-looking bananas and instead just give them away.

    My research team calls this practice “preemptive removal.” Increasing the average quality level of food on display does more than improve a store’s appearance. We used panel data with over 20,000 observations, and we included 21 retail stores that compete in a similar market geography. The five fresh food categories were bakery, dairy, deli, meat and produce.

    Stores that donated food, instead of discounting it, may have made better use of the limited room to display fresher inventory. My research team found that food donations can increase average food prices by up to 1%, which corresponds to a 33% increase in profit margins. Profit margins for supermarkets and other food retailers are quite low and typically hover below 3%.

    That means even a small increment in food prices, even a 1% bump up, can translate into significantly higher profits for retailers. At the same time, increasing the volume of retail food donations would get more food to people who need it, limit hunger and reduce food insecurity.

    Prof Lowrey has consulted with several Feeding America member Food Banks on procurement and food-distribution-related supply chain projects. He has also served on an advisory board to the Academy of Nutrition & Dietetics, focused on supply chain responses to the COVID-19 pandemic in the emergency feeding network. His research has been funded by the Agriculture and Food Research Initiative (National Institute for Food and Agriculture, U.S. Department of Agriculture).

    ref. Grocery stores that donate expiring food − instead of price discounting or discarding − make higher profits – https://theconversation.com/grocery-stores-that-donate-expiring-food-instead-of-price-discounting-or-discarding-make-higher-profits-234998

    MIL OSI – Global Reports

  • MIL-OSI Economics: RBI imposes monetary penalty on The Surat People’s Co-operative Bank Limited, Surat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated September 23, 2024, imposed a monetary penalty of ₹61.60 lakh (Rupees Sixty One Lakh and Sixty Thousand only) on The Surat People’s Co-operative Bank Limited, Surat (the bank), for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters’, ‘Loans and advances to directors and their relatives, and firms/concerns in which they are interested’, ‘Maintenance of Deposit Accounts’ and ‘Customer Service’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2022 and March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty.

    The bank had:

    1. not classified loan accounts of certain borrowers as non-performing assets;

    2. sanctioned/ renewed loans where the relatives of directors were interested / stood as surety / guarantor;

    3. levied and recovered penal charges from certain inoperative savings bank/current accounts for non-maintenance of minimum balances in those accounts; and

    4. levied charges on certain customers for sending SMS alerts despite not having mobile numbers of such customers on record.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1167

    MIL OSI Economics

  • MIL-OSI: Companjon to enable global car rental company Carwiz to offer its customers the opportunity to cancel their reservations for any reason and receive compensation

    Source: GlobeNewswire (MIL-OSI)

    • The partnership agreement was signed today by representatives from both parties during Carwiz’s third annual company conference in Zagreb, Croatia
    • The Cancel For Any Reason protection is a first in the global car rental industry and will initially be available for reservations made within the EEA
    • Carwiz customers can receive up to 80% of the value of their booking if they need to cancel – no questions asked, no documentation required
    • Companjon will serve as technology provider, underwriter, and risk carrier

    DUBLIN, Sept. 26, 2024 (GLOBE NEWSWIRE) — Leading insurtech Companjon today signed a partnership agreement with Carwiz International, one of the fastest growing car rental franchise companies worldwide, to offer Carwiz customers the ability to cancel their reservations for any reason and recover most of the booking cost. The offering, initially available to customers booking within the EEA, is an industry-first and is a key part of Carwiz’s ambition to deliver top-tier car rental services. Companjon will serve as the technology provider, underwriter, and risk carrier of the cancellation protection.

    Carwiz customers will be able to add-on Cancel For Any Reason at the time of booking for an additional fee that is optimized to the specific details of the car rental. The customer can then seamlessly cancel their booking up to 48 hours before the rental start time – no questions asked, no documentation required – and receive up to 80% of the booking cost. The payout is offered to the customer instantly upon confirmation of cancellation.

    Carwiz CEO, Krešimir Dobrilović, said “We are excited to sign this agreement today, in the presence of the larger Carwiz team, which demonstrates our commitment to providing our customers with an exceptional car rental experience. The ability to cancel for any reason, an industry first, creates a new level of flexibility and convenience for customers who are faced with unexpected situations and circumstances. We look forward to continuing our work with Companjon to launch this unique protection to any customer booking from within the EEA in the following weeks.”

    Companjon CEO, Matthias Naumann, said: “We are proud to be Carwiz’s trusted insurtech partner and enable them to raise the standard for customer experience in the car rental industry with our Cancel For Any Reason solution. We share in Carwiz’s ambition to go where no one has gone before and applaud their boldness to set themselves apart from their competition by being ‘right there when life happens’ for their customers. We look forward to launching the offering with them before year’s end and celebrating its success with the Carwiz team in due course.”

    Companjon, established in 2020, seeks to change the way people think about insurance. The company has implemented a variety of tailored, dynamic insurtech products with globally recognized brands in the travel, mobility, live events and entertainment, and fintech sectors. Its unparalleled end-to-end solution design leverages the latest technology, like machine learning and artificial intelligence, to delight its business partners’ customers through protection that enhances flexibility and convenience across 32 countries in Europe and North America.

    About Companjon 

    Companjon is a leading B2B2C insurtech start-up specializing in fully digital, AI-driven embedded insurance. Its modern, end-to-end insurance solutions enable companies to delight their customers and drive more business value from stronger brand loyalty and new ancillary revenue opportunities. Companjon designs, builds, and underwrites its dynamic solutions on a 100% cloud-based platform capable of issuing 32,000 policies per second, integrating API gateways easily, and leveraging the latest advanced technology. It has been recognized as one of the World’s Top Insurtech Companies 2024 by CNBC and one of the world’s most innovative insurtechs by FinTech Global for three consecutive years (2021-2023).

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

    http://www.companjon.com

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

    The MIL Network

  • MIL-OSI: Deutsche Bank ADR Virtual Investor Conference: Presentations Now Available for Online Viewing

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Sept. 26, 2024 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Deutsche Bank Depositary Receipts Virtual Investor Conference (“dbVIC”) held September 24th and 25th are now available for online viewing.

    REGISTER NOW AT: https://bit.ly/3ZHifQf

    The company presentations will be available 24/7 for 90 days.

    September 24th


    September 25
    th

    To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit http://www.virtualinvestorconferences.com.

    About Virtual Investor Conferences®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    Media Contact: 
    OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

    Virtual Investor Conferences Contact:
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network

  • MIL-OSI Asia-Pac: SFST’s speech at Bloomberg Buy-Side Forum Hong Kong (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Bloomberg Buy-Side Forum Hong Kong today (September 26): Jeffrey (Global Head of Buy-Side Enterprise Sales of Bloomberg, Mr Jeffrey Leckstein), Manju (APAC Head of Buy-Side Product Sales of Bloomberg, Ms Manju Sakhrani), Irene (Head of Sales, Greater China Buy-Side of Bloomberg, Ms Irene Lam), distinguished guests, ladies and gentlemen,     Good morning. I am very delighted to join you all at the Bloomberg Buy-Side Forum Hong Kong. This flagship event brings together influential business leaders and decision makers to explore timely and transformative topics that are reshaping the asset and wealth management industry. And this is very timely. Just last week the Federal Reserve cut interest rates by 0.5 percentage points. Hong Kong quickly followed suit and the news was cheered by investors and financial markets. Also, Hong Kong ranked third globally in the Global Financial Centres Index 36 Report published two days ago, up by one place from the previous issue. Back in April this year, I had the pleasure of meeting Mr Michael Bloomberg in New York to discuss global financial trends. During my visit to the Big Apple, I also spoke about the “ABCs” of Hong Kong’s role as a global financial centre: an “anchor” for financial stability, a “buffer” against risk and a “capstan” with a strategic location in Asia. Today I would like to focus on the “D” word – “dividends”Overview     Today’s agenda explores new prospects for growth and innovation in the Asia Pacific markets, covering key topics including risk management, automation, data and technology, and more. A common factor is that all of these topics are conducive to long-term, sustainable growth and dividends for investors and the industry.     As with our ongoing efforts to boost Hong Kong’s position as the region’s premier international financial centre, Hong Kong offers three distinct types of dividends, namely “diversification”, “succession” and “silver” dividends. These will surely help investors and the industry embrace new opportunities and unleash their potential. Let me tell you how.Diversification dividend     First, Hong Kong is well poised to provide a diversification dividend with our unique geographical, functional, product and service offerings. All this ensures an excellent platform for diversification, supported by our “one country, two systems” advantages and our role as a financial “super connector” linking Mainland China and global markets. We offer abundant investment opportunities, a full suite of professional services and a top-notch regulatory framework.     In terms of investment opportunities, last year the AUM (assets under management) of Hong Kong’s asset and wealth management business reached about US$4 trillion (HK$31.193 trillion). What’s more, over half of the funds were sourced from international investors outside Hong Kong and the Mainland. In fact, in 2023, Hong Kong was the world’s second-largest cross-boundary wealth management centre, after Switzerland. Hong Kong is also Asia’s largest hedge fund hub and our private equity capital under management ranks second in Asia after the Mainland.     As China’s hub for offshore Renminbi (RMB) business, Hong Kong holds about one trillion in RMB deposits, and processes about 80 per cent of the global offshore RMB payments. We will continue to expand our RMB-denominated investment and risk-management products to suit users’ needs. For the wider financial market, we will also continue to diversify and deepen the products and services we offer, ranging from new fund structures to listing platforms.Mutual access     Mutual market access between the Mainland and Hong Kong continues to expand in scope and capacity. Up to August this year, the total turnover (including buy and sell trades) of northbound trading of Stock Connect reached about RMB20,000 billion, while that of southbound trading exceeded HK$5,600 billion. This demonstrates our pivotal role for international and Mainland enterprises as well as investors to raise funds and make investments.     The Hong Kong stock market has also seen many recent achievements. The average daily turnover of ETFs (exchange traded funds) listed in Hong Kong reached HK$11.8 billion in 2023, an increase of 20 per cent compared to 2022 (HK$9.8 billion). The derivatives market also saw the average daily trading volume of futures and options reaching 1.35 million contracts last year, further rising to over 1.5 million contracts in the first half of this year. This showcases Hong Kong’s ongoing development as an international risk management centre.     In April, the China Securities Regulatory Commission announced five new measures to support the development of Hong Kong’s financial sector. These include expanding the scope of ETFs under Stock Connect as implemented in July. The measures would also bring long-term structural enhancements to the Hong Kong market, such as including REITs (real estate investment trusts) under Stock Connect, further enriching the choice of products available.Green and sustainable finance     Meanwhile, sustainable development and technology are the emerging major forces shaping the financial industry. Demand for green finance is growing worldwide, as part of the global green transformation. Statistics show that the Asian region will require some US$66 trillion in climate investment over the next 30 years.     Zooming into Hong Kong’s green and sustainable finance market, the total green and sustainable debt (including both bonds and loans) issued in Hong Kong amounted to US$50 billion. Among which, the volume of green and sustainable bonds arranged in Hong Kong topped the Asian market, accounting for 37 per cent of the total share.        We will continue to develop Hong Kong into an international green technology and green finance centre through five key directions, namely building a green technology ecosystem; green finance application and innovation; green certification and alignment with international standards; training talents; and enhancing exchanges and co-operation with the Greater Bay Area and international markets.Virtual assets and fintech     Hong Kong is a prime destination for the development of digital finance and for fintech companies to establish or expand their business locally, regionally and globally. We are home to eight virtual banks, four virtual insurers and two licensed virtual assets trading platforms. There are also around 1 000 fintech companies operating in Hong Kong. They cover a variety of businesses including mobile payment, cross-border wealth management, AI (artificial intelligence) financial consultancy, wealth and investment management, regulatory technology and many more.     With the rapid development of the virtual asset market, Hong Kong issued the Policy Statement on Development of Virtual Assets in October 2022. We are also among the first jurisdictions to adopt a comprehensive framework to regulate virtual asset activities with robust investor protection.     Premising on a balance between appropriate regulation and market development, we will continue to provide an enabling environment and support measures. This will help to sustain the development of digital and decentralised finance, and facilitate responsible and healthy industry development. For example, we are actively establishing regulatory regimes for both stablecoin issuers and over-the-counter (OTC) trading of virtual assets. We will introduce the bill for regulating stablecoin issuers into the Legislative Council within this year. We are also reviewing the consultation feedback for virtual asset OTC trading to examine ways to improve the proposed regulatory framework.Succession dividend     Moving on to succession dividend, which is growing in prominence here. That’s because Hong Kong is home to over 2 700 single-family offices and 12 500 ultra-high-net-worth individuals. These figures speak of the city’s appeal for family offices and asset owners looking to diversify their asset portfolios and sustain family wealth for future generations.     Last year, we published the Policy Statement on Developing Family Office Businesses in Hong Kong. Since then, a series of measures have been implemented to create a favourable environment for wealth management and succession planning, adding to the already diverse investment opportunities available in the city.     To name a few, the profits tax exemption regime for single family offices’ eligible investments was introduced last year, to provide tax certainty and attract family offices to set up in Hong Kong. We also launched the New Capital Investment Entrant Scheme (CIES) in March this year, offering a clear pathway for asset owners to reside and pursue development in Hong Kong. The new scheme has been well-received by asset owners and talents outside Hong Kong. So far, we have received over 550 applications, potentially bringing HK$16.5 billion of capital to the city.     Besides attracting professionals, we are also committed to nurturing talents for the family office sector. Last year, we established the Hong Kong Academy for Wealth Legacy. The Academy not only provides training but also fosters collaboration, networking and knowledge-sharing between the industry and next-generation asset owners.     This brings me to a fast-emerging category of impact investing. We are working to foster charitable endeavours that would make a positive impact on society. The Academy will launch the “Impact Link” later this year. It will provide a repository platform to connect family offices and asset owners with high-potential and high-social impact charitable programmes. This will further enhance family offices’ engagement in charitable projects to create positive change and realise the full potential of philanthropy.     Art collections and investments are also gaining popularity among family offices, and Hong Kong is an ideal hub for this with our simple tax system and zero tariff on art trading. We are the second-biggest city for contemporary art sales after New York, recording US$414 million in the year 2022-23. By leveraging Hong Kong’s rich art and culture scene, we will continue to consolidate our position as a leading art exhibition and trading centre to create a dynamic ecosystem for art collection and investments for family offices and other investors.     Beyond creating a thriving family office ecosystem, we recognise that each family office has its unique needs and preferences. The dedicated family office team of Invest Hong Kong is here to offer one-stop support services specifically catered to the needs of each family office. Through key events such as the annual Wealth for Good in Hong Kong Summit, we will continue to deepen our connections with global family offices, supporting their evolving needs and garnering dividends from succession and legacy planning.Silver dividend     My third topic today is the silver dividend. Similar to many developed economies, Hong Kong faces the challenge of a rapidly ageing population. By 2046, over one-third of our population will be aged 65 or above. While this trend poses significant challenges, it also creates opportunities.     Among other things, an ageing population underscores the importance of accumulating sufficient savings to support post-retirement life. With this in mind, the Government launched the Mandatory Provident Fund (MPF) system back in 2000, to help our workforce save up for their retirement. As of June this year, our MPF system was managing a total of HK$1,230 billion of assets, representing an increase of about 126 per cent over the past 10 years. MPF investment with stable returns     Enabling the general public to feel and share the benefits brought about by the development of financial services has always been our goal. In recent years, our society, particularly among those who will soon retire, has clear aspirations for financial products that offer stable returns amid a changing economic environment. This is evident in the overwhelming response to the Silver Bond issuance last year – where the total application amount (around HK$71.7 billion) and the number of applications (323 789 valid applications) were at record highs.     Likewise, our MPF scheme members have similar aspirations. The Government and the Mandatory Provident Fund Schemes Authority (MPFA) persistently strive to widen the scope of permissible investments to improve risk-adjusted returns. For instance, in June 2022, the Central People’s Government, the People’s Bank of China, and the three Mainland policy banks were added to the list of “exempt authority” to facilitate MPF investment in sovereign bonds. It provides scheme members with greater access to one of the world’s largest bond markets. In June last year, we also put in place a mechanism to earmark a certain proportion of Government green bonds for priority investment by MPF funds.     These measures allow MPF fund managers to consider more investment instruments with stable returns in their portfolio management for the benefit of scheme members. As of June this year, MPF funds invested HK$8.3 billion and HK$600 million in sovereign bonds and government green bonds respectively, representing an increase of 159 per cent and 50 per cent respectively before the facilitative measures were put in place.Diversification and optimisation of MPF investment     We believe that our robust asset and wealth management industry is serving the MPF system well. It offers world-class investment management services along with a diverse range of financial products and innovative market arrangements.     In view of the growing internationalisation of the Mainland’s equity market, back in 2020, we included the Shanghai and Shenzhen stock exchanges in the list of “approved stock exchanges”, facilitating MPF investments into Mainland A-shares. Since the inclusion of the two stock exchanges, the exposure of MPF funds to Mainland A-shares has soared by 111 per cent to HK$24 billion as of June this year. Not only has this been welcomed by the market, it also provides more diversified investment opportunities for MPF assets.Fee reduction and eMPF Platform     Apart from offering a more diversified range of investment products for MPF scheme members, the Government and the MPFA are determined to explore and take forward more cost saving initiatives by leveraging innovation and technology. Launched in June this year, the eMPF Platform is a good example of how innovation and technology could resolve long-standing pain points in MPF scheme administration. They also create room for fee reductions for the ultimate benefit of scheme members.     We expect that the eMPF Platform will be fully implemented by end-2025. Through standardising, streamlining and automating different MPF administration processes, this first-of-its-kind centralised platform will significantly reduce the average MPF administration fee. This publicly funded digital infrastructure will also lower the entry barrier for newcomers to the MPF industry.   Closing     Ladies and gentlemen, I know you have a busy day ahead. So let me conclude by stressing the importance of joining hands in building, investing and enjoying the diversification dividend, succession dividend and silver dividend in Hong Kong. This forum is the perfect opportunity to share ideas and strengthen collaboration to achieve a more stable, sustainable and prosperous financial future in Hong Kong and far beyond.     I wish you all a rewarding forum today and the best of health and business. Thank you. 

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Annual Meeting Opening Remarks by AIIB President

    Source: Asia Infrastructure Investment Bank

    Your Excellency Shavkat Mirziyoyev, President of the Republic of Uzbekistan,
    Distinguished Governors of the Asian Infrastructure Investment Bank, Honored Guests, Ladies and Gentlemen:

    Assalomu alaykum.

    It is my great honor to welcome you all to the Ninth Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank. On behalf of AIIB, I extend my deepest appreciation to the Republic of Uzbekistan for the gracious hospitality shown to the delegations for this Annual Meeting, the first in Central Asia.

    Your Excellency President Mirziyoyev, it is with the greatest of pleasure that AIIB has invited its Members to Uzbekistan to witness the accelerating prosperity that is gaining increasing momentum under your visionary leadership and ambitious reform agenda. Your historic visit to AIIB’s Headquarters in January this year was most significant for our bilateral relationship. With your Government’s ambitious program of nation building projects such as New Tashkent, major investments in transport, social infrastructure like hospitals and schools, and boundless potential in renewable energy, I look forward to AIIB doubling or even tripling its investment in Uzbekistan over the next 5 to 10 years.

    Distinguished Governors, we meet today at a storied center of cultural, economic and intellectual exchange. Standing at the crossroads of ancient trade routes, Samarkand’s rising prosperity began with the emergence of the Silk Road which wove across continents, tying Eurasia ever-tighter together.

    With free trade and cross border investment came a steady flow of new wealth, new ideas and new technology – stimulating scientific understanding of the world as it was then known. Underpinning this flourishing prosperity was connectivity: not just physical but, more importantly, intellectual and societal.

    Well-known are the underground ‘karez’ wells which nourished life in this dry climate, and the caravanserai that provided haven for intellectual exchange between travelers beyond commercial and business interests. Along these ancient arteries of infrastructure an intellectual lifeblood pulsed, circulating between nations of this region and spilling over into the wider world.

    It was only several hours from here that the father of algebra,

    Al-Khwarizmi, was born around 780. His ideas and writings spread to nations along the Silk Road, profoundly influencing the advance of mathematics in Europe. Indeed, his Latin name of Algoritmi is the root word for ‘algorithms’, the computations which energize today’s digital economy.

    Ladies and Gentlemen, the ancient Silk Road serves as an inspiration to us all. Such great intellectual achievements remind us that humanity is most productive, most innovative, and most prosperous when human minds meet and mingle. When people come into contact with each other, brilliant ideas sparkle.

    AIIB’s investments intend to bring regions together to ensure that global trade, technology and capital flows will continue without disruption. This helps us push the boundaries of human potential to still further distant areas. In an era of creeping geo-fragmentation, escalating climate chaos, and a hold-up in development, investing in infrastructure that connects Asia with the rest of the world is more important than ever.

    Since its inception nine years ago, AIIB has resolutely supported members amidst the rough-and-tumble of global events. Over this period, AIIB has approved financing to the tune of USD54.7 billion for 285 projects across 37 members. The development outcomes are multifold, and astounding. Our projects have connected people, 710 million strong, to urban mass transport and upgraded over 49,000 kilometers of transportation infrastructure. Thanks to our projects, there are 8.7 million people who now have access to safe drinking water. Less visibly but no less important, 22.8 million tons of CO2 emissions have been quietly averted annually.

    AIIB’s financing growth has been remarkable by historical standards. This is a great credit to the guidance to the Board of Governors and the Board of Directors. It is also a credit to the Bank’s management and staff, who deserve to be fully recognized and appreciated. Let us give them a big round of applause.

    AIIB’s funding position continues to be firmly based on triple-A ratings by all three major credit rating agencies. This year to date, the Bank has successfully issued bonds equivalent to USD 9 billion and AIIB bonds trade in line with MDB peers. Since 2022, the Bank’s administrative expenses have been fully covered by operating income. The Bank’s financial discipline strengthens its enduring ability to grow financial support for Members over time, complementing other measures under consideration from the MDB CAF review.

    Distinguished Governors, AIIB continues to double down on its client centric approach. In June this year, the structure of our investment operations was fine-tuned so as to streamline the Bank’s deployment of technical and financial expertise, and to heighten client relationships with a particular focus for private-sector financing and mobilization.

    AIIB has remained laser focused on developing financial tools which help members withstand shocks and enhance resilience. In June, Climate Policy-Based Financing (CPBF) was introduced to support Members’ efforts to improve the enabling environment for climate action, helping to mobilize private capital to push for national climate plans. The introduction of CPBF marks a new milestone in the Bank’s journey towards the achievement of the Sustainable Development Goals.

    This new initiative underscores our dedication to building resilient infrastructure for all, and our growing role in addressing global challenges. The Bank’s climate financing is expected to exceed 60% of its lending in 2024, well above the target of 50%.

    Excellencies: AIIB is truly a 21st century Bank. It is majority-owned by emerging and developing countries, follows the highest governance standards and relations between its governing bodies and clients are based on trust and client-centricity. This Bank is your Bank! AIIB’s most cherished principle is accountability. We in AIIB hold ourselves, each and every one of us, accountable for our decisions and actions. We adhere firmly to our most ardent vow made at the launch of the Bank’s operations that we will consistently live up to the expectations of our shareholders and stakeholders.

    Your Excellencies, distinguished guests, ladies and gentlemen: As we convene for our Ninth Annual Meeting, let us remember that we are building a future for generations to come. The theme of this Annual Meeting, “Building Resilient Infrastructure for All,” is not just a watchword, a call to action. It is the action! As we gather here along the ancient Silk Road, let us strive together to pave the path for sustainable development, regional and global integration, and prosperity for all.

    Thank you very much.

    MIL OSI Economics

  • MIL-OSI New Zealand: Economy – Reserve Bank of New Zealand releases banking competition select committee submission

    Source: Reserve Bank of New Zealand – Te Pūtea Matua

    26 September 2024 – The Reserve Bank of New Zealand – Te Pūtea Matua supports efforts to improve competition in banking services, including in agricultural and business banking. Competition is a fundamental contributor to the efficiency of the financial system, supporting broader economic prosperity and well-being.

    Our submission to Parliament’s Finance and Expenditure Committee Inquiry into Banking Competition, published today, outlines the RBNZ’s financial stability mandate, and highlights areas where we can support competition in the banking sector.

    We agree with the Commerce Commission’s problem definition that a more competitive banking market is desirable, Deputy Governor Christian Hawkesby says.

    “The Deposit Takers Act that passed in 2023 requires us to take into account competition, and we are doing so by ensuring we take a proportionate approach to regulation while focusing on managing the biggest risks to banks and the financial system.”

    “We keep our rules and standards under review to ensure they can best deliver on our mandate. This includes striking the right balance between stability and competition. An example of this is our active consideration on how we can progress the recommendations for the Reserve Bank from the Commerce Commission’s market study into personal banking services,” Mr Hawkesby says

    “Competition is also relevant to our other roles as a central bank, including our stewardship of the money and cash system. We are currently reviewing the access policy for our inter-bank settlement system, and investigating the potential role digital cash could play in supporting innovation in the financial system. Together with our co-regulators and industry, are working to improve Māori access to capital and basic bank accounts.”

    The submission also details the Reserve Bank’s approach to setting capital requirements for different types of bank lending. These requirements are an essential tool to promote banks’ financial resilience. Capital is the funding of a bank from its owners, and acts as the buffer protecting creditors such as depositors from losses.  

    Our framework is based on matching the level of capital required with the underlying risk of a bank’s lending through the use of risk weights. This is consistent with global practice. We have published a new RBNZ Bulletin article alongside our submission that analyses how risk weights affect bank lending. The Bulletin highlights domestic and international evidence showing the impact of risk weights on the availability and pricing of loans is low compared to other factors.

    “The Commerce Commission’s market study highlighted high levels of customer inertia as a key barrier to competition. Efforts to reduce real and perceived barriers to switching banks and supporting innovation through open banking is key to promoting competition,” Mr Hawkesby says.

    More information

    Submission on Finance and Expenditure Select Committee Inquiry into banking competition (PDF, 378KB) https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=4d1c93a0a3&e=f3c68946f8
    Reserve Bank Bulletin: How risk weights affect bank lending  https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=651ca9ee10&e=f3c68946f8
    Parliament Select Committee Inquiry into Banking Competition https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=e6c8d5275e&e=f3c68946f8
    Keynote speech by Deputy Governor Christian Hawkesby: Resilience as a pathway to prosperity https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=b05e115364&e=f3c68946f8
    RBNZ Submission on Personal banking services market study: Draft report (PDF, 355KB) https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=1163a8498b&e=f3c68946f8

    MIL OSI New Zealand News

  • MIL-OSI China: RMB, stocks rally amid China’s stimulus

    Source: China State Council Information Office 3

    The renminbi rallied to its strongest level in more than a year and Chinese equities continued their rebound on Wednesday, after a potent policy package lifted investors’ confidence in the Chinese economy, which is expected to sail through headwinds.

    Economists, investment banks and asset managers said that policymakers’ more decisive stance to shore up the economy, a global interest rate cut cycle, and low asset valuations have combined to make it a potentially good time to invest in Chinese financial assets, which are expected to attract more foreign inflow in the months ahead.

    However, they cautioned that the forecast may be contingent upon the implementation of further policy support to address economic challenges, with the most urgent priorities being additional fiscal spending to bolster domestic demand and direct funding to alleviate property sector woes.

    On Wednesday, the renminbi, or Chinese yuan, rose to 6.9951 against the US dollar in the offshore market, up 158 basis points from the previous close and past the 7-per-dollar milestone for the first time in 16 months.

    Guan Tao, global chief economist at BOCI China, said that the renminbi’s rally is attributable to both Tuesday’s policy release, which strengthened investors’ confidence in China’s economy, and the US Federal Reserve’s interest rate cut last week, which narrowed the yield spreads between US and Chinese bonds.

    Looking ahead, Guan said the renminbi is likely to register two-way fluctuations against the dollar, with limited possibility of one-sided, drastic appreciation because uncertainties remain surrounding the Fed’s pace of rate cuts, including that the Fed might even reconsider rate hikes if the US economy turns out to be overheated.

    Moreover, the People’s Bank of China, the country’s central bank, is expected to take measures to prevent any renminbi exchange rate overshooting if needed, and has accumulated rich experience in this regard, said Guan, who had served as head of the Balance of Payments Department at the State Administration of Foreign Exchange.

    Guan added that in the base case scenario, in which the United States achieves a soft landing while the Fed continues rate cuts, foreign institutions may continue to boost holdings in renminbi-denominated bonds, especially treasury bonds.

    As of August, overseas institutions’ holdings in China’s interbank bond market had risen for 12 consecutive months, an increase in foreign holdings of as much as 1.34 trillion yuan ($190.7 billion), according to the PBOC’s Shanghai head office.

    Upbeat sentiment

    The upbeat sentiment was seen in the A-share market as well. The Shanghai Composite Index went up 1.16 percent to Wednesday’s close of 2,896.31 points, extending a jump of 4.15 percent on Tuesday, the biggest rise in about four years.

    “I believe that this may be a good time to revisit Chinese stocks,” said David Chao, global market strategist for the Asia-Pacific region (excluding Japan) at Invesco, a global investment management company.

    Chao said China has fired off a meaningful monetary stimulus salvo, which may potentially usher trillions of renminbi in liquidity if fully implemented, sending a strong signal that the government is responding to economic headwinds.

    Major package

    On Tuesday, China’s top financial regulators unveiled a set of measures that some analysts said might be the country’s biggest monetary stimulus package following the pandemic.

    This includes a 20 basis point reduction in the seven-day reverse repo rate, a key policy benchmark of interest rates, as well as a 50 basis point cut to rates on existing mortgages and another 50 basis point cut to the reserve requirement ratio, apart from other steps supportive of the property and stock markets.

    The PBOC started to put the package into action by lowering the one-year medium-term lending facility rate, a policy rate, by 30 basis points to 2 percent on Wednesday.

    A Goldman Sachs report said on Wednesday that the latest stimulus package would be strong enough to catalyze a policy-induced rally in shares listed in Hong Kong and on the Chinese mainland, though it would be unlikely to “turn things around fundamentally”.

    The report said a relending program unveiled on Tuesday will allow listed companies to borrow inexpensive money to shore up stock prices and boost investor sentiment, while the stock stabilization fund that is under policy study, if launched, might help fend off systemic risks in the stock market, as indicated by experiences in other markets.

    While the PBOC introduced two new policy tools aimed at boosting stock market liquidity, the China Securities Regulatory Commission released a guideline on Tuesday to encourage mergers and acquisitions and a draft rule to strengthen listed companies’ market capitalization management.

    Yet more could be done, with Goldman Sachs saying that “we would turn more aggressive on A shares when signs of property market stabilization emerge or policy momentum further strengthens”.

    Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Bank, underlined the importance of beefing up fiscal support, as “monetary easing would be less effective without proactive fiscal policy”.

    It is likely that the government will increase bond issuance to accelerate government spending, Ding said, adding that investor sentiment could improve if policymakers decide to broaden the use of bond proceeds, especially to reduce home inventory.

    Ding said that Standard Chartered Bank analysts retain the base case forecast that the renminbi will stay within the range of between 7 and 7.1 against the dollar by the end of the year.

    MIL OSI China News

  • MIL-OSI China: Asia-Pacific still faces challenges but resilient: ADB

    Source: China State Council Information Office

    A customer buys bread at a supermarket in Quezon City, the Philippines on Sept. 25, 2024. [Photo/Xinhua]

    Asia and the Pacific still faces challenges but remains resilient, according to an updated Asian Development Bank (ADB) report released on Wednesday.

    The Asian Development Outlook September 2024 maintained its gross domestic product (GDP) forecast for the Asia-Pacific region at 5 percent, unchanged from its July forecast. The growth outlook for next year was maintained at 4.9 percent.

    Inflation in the region was forecast at 2.8 percent for 2024, while inflation for 2025 was 2.9 percent, the report showed.

    The report revises the growth forecast for 2024 in East Asia to 4.6 percent.

    The outlook for growth in the Caucasus and Central Asia was better than expected at 4.7 percent, while the growth forecast for the Pacific was revised upward to 3.4 percent, driven by an increase in tourist arrivals.

    In South Asia, the growth outlook for this year was unchanged at 6.3 percent, while a decline in public investments and slower-than-expected export recovery imply that the growth forecast for Southeast Asia slightly drops to 4.5 percent.

    ADB Chief Economist Albert Park said growth in developing Asia remained robust during the first half of 2024, fueled by solid domestic demand and export growth.

    “We expect growth in developing Asia will remain robust this year and next,” Park told an online news conference.

    Park said that inflation has continued to moderate, creating more space for monetary policy easing. However, he said that disinflation remains uneven.

    Policymakers in the region need to stay vigilant to keep growth and inflation on track, Park said, pointing out such downside risks as a rise in protectionism, worsening geopolitical tensions and adverse weather conditions.

    MIL OSI China News

  • MIL-OSI Economics: Money Market Operations as on September 25, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 558,492.52 6.55 5.10-6.85
         I. Call Money 10,906.90 6.68 5.10-6.80
         II. Triparty Repo 383,880.85 6.49 6.24-6.65
         III. Market Repo 162,306.77 6.67 5.50-6.85
         IV. Repo in Corporate Bond 1,398.00 6.80 6.80-6.85
    B. Term Segment      
         I. Notice Money** 176.75 6.54 6.00-7.00
         II. Term Money@@ 526.00 6.95-7.50
         III. Triparty Repo 5,217.85 6.59 6.50-6.75
         IV. Market Repo 473.26 6.66 6.66-6.66
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 25/09/2024 1 Thu, 26/09/2024 5,549.00 6.75
    4. SDFΔ# Wed, 25/09/2024 1 Thu, 26/09/2024 83,582.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -78,033.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 20/09/2024 14 Fri, 04/10/2024 25,002.00 6.52
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Tue, 24/09/2024 2 Thu, 26/09/2024 50,003.00 6.62
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00
    Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 4.00
    Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,495.66  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     87,990.66  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     9,957.66  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on September 25, 2024 1,004,354.64  
         (ii) Average daily cash reserve requirement for the fortnight ending October 04, 2024 1,005,433.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ September 25, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 06, 2024 427,689.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1159

    MIL OSI Economics

  • MIL-OSI Asia-Pac: Fraudulent websites, internet banking login screens and phishing emails related to Dah Sing Bank, Limited

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

         The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Dah Sing Bank, Limited relating to fraudulent websites, internet banking login screens and phishing emails, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

         The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

         Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites, login screens or emails concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Murphy Administration Releases New Reports Highlighting the Urgent Need to Continue Improving Health Care Affordability

    Source: US State of New Jersey

    Findings show that while New Jersey benefits from high-quality care, health care costs have risen rapidly over nearly a decade

    TRENTON – The Murphy Administration today released a trio of reports assessing the quality and affordability of health care in New Jersey. These reports serve as a critical first step to understanding and addressing the health care affordability challenge impacting individuals and families both in the state and across the nation. Together, the reports show that a lack of affordable health care continues to burden New Jerseyans, and they will be instrumental in supporting the development of innovative and collaborative approaches to address high costs.

    The reports come on the heels of recently enacted legislation that protects consumers from harmful medical debt and builds upon a significant foundation of health care affordability and accessibility initiatives championed by Governor Murphy. This includes record enrollment into quality, affordable health coverage through Get Covered New Jersey, enhanced Medicaid benefits, a landmark legislative package aimed at prescription drug affordability and transparency, and increased prescription drug assistance for low-income seniors, which have brought financial relief to New Jersey residents as well as provided a strong foundation for long-term solutions that expand access to affordable health care.

    “We’ve taken critical steps toward addressing the rising cost of health care in New Jersey, but these reports underscore the urgency to continue our progress in making high-quality health care more affordable for all,” said Governor Phil Murphy. “It’s time to ramp up our work to transform our health care system so that it delivers the best care possible at a price that every New Jerseyan can afford.”

    Commissioned by the New Jersey Health Care Affordability, Responsibility and Transparency (HART) Program, a joint initiative of the Governor’s Office of Health Care Affordability and Transparency (OHCAT) and the Department of Banking and Insurance (DOBI), the reports represent an important milestone in advancing the State’s long-term strategy to mitigate the unsustainable rate of health care cost growth. Most significantly, they bring greater transparency to health care spending, providing everyone in the state with a shared understanding of how rapidly health care costs are growing and the factors contributing to high costs and cost growth.

    “We’re all feeling the financial strain of inflation and the rising costs of daily life. These reports serve as a critical landmark in our efforts to make high-quality health care more affordable and accessible for everyone in our state, and set the stage for more work to come,” said OHCAT Director Shabnam Salih. “Using this information, advocates, policymakers, and leaders in the health care industry can make evidence-based decisions about how to bring better value and cost savings to New Jersey residents and businesses.”

    The three reports released today include:

    • First Annual Cost Growth Benchmark Report: 2018-2019, which is based on comprehensive aggregate spending data submitted by health insurance carriers operating in NJ. The report finds that statewide health care spending grew 4.5 percent between 2018 and 2019, increasing from $10,061 to $10,509 per person. Health care spending growth varied by market, with the highest growth in the commercial insurance market (8.7%), followed by Medicaid (4.4%) and Medicare (0.2%). This is the first of the HART Program’s annual Cost Growth Benchmark Reports, which offer insights into the year-over-year change in total health care spending in New Jersey in the last full year before the COVID-19 public health emergency. Following the first program year, future reports will compare annual health care spending to New Jersey’s health care cost growth benchmark, a target to slow spending growth.
    • Health Care Spending Trends for New Jersey Residents with Commercial Insurance, 2016–2021, which is based on detailed claims data for approximately 25% of New Jerseyans with employer-sponsored insurance, obtained through the Health Care Cost Institute. The findings show that rising health care prices — and not increased use of services — are driving spending growth in the commercial sector. According to the report, spending per person in New Jersey is growing faster than the national average rate, a gap that has widened from 12 percent in 2016 to 15 percent in 2021.
    • The Health Care Landscape in New Jersey: Select Indicators of Quality, Access, and Affordability, which summarizes New Jersey’s performance on a select set of measures of quality, access, and affordability that are obtained through secondary sources. The report finds that health care affordability has generally worsened because of increased spending for out-of-pocket medical costs and health care premiums, while quality and access have remained consistent or improved, compared with previous years. One exception is primary care, where use has fallen. The report highlights the health inequalities among New Jerseyans, with the medical cost burden highest among people with low incomes. White residents fared the worst on the affordability measure of medical cost burden. Residents of Hispanic and Latino heritage fared the worst in terms of access, and Black residents experienced the worst health outcomes. Counties that performed better than the state average on measures of quality were more likely to be in North or Central Jersey, while counties that performed worse on those measures were more likely to be in South Jersey.

    Additionally, pursuant to Executive Order No. 217, the Department of Banking and Insurance has prepared a report regarding health insurance affordability standards that has been posted on the Department’s website.

    “The reports released today allow for greater transparency around costs and improved understanding of New Jersey’s health care landscape, which will drive strategies to limit cost growth over time,” said Department of Banking and Insurance Acting Commissioner Justin Zimmerman. “New Jersey is committed to increasing access to quality, affordable health care. While strides have been made through the establishment of Get Covered New Jersey, the state’s Official Health Insurance Marketplace, state subsidies to make plans more affordable, caps on certain prescription drugs, and the implementation of out-of-network reforms, it is clear we have more work ahead to connect residents with care they can afford.”

    By facilitating the reporting of health care costs in the state and using data to understand the causes of rising health care costs, these reports can inform whole-of-government strategies to reduce health care cost growth while sustaining or improving quality of care, reflecting the Governor’s commitment to put in place long-term solutions that will benefit generations to come.

    Across New Jersey, hospitals and health care providers, carriers, employers, consumer groups, union groups, and policy organizations have signaled their commitment to working collaboratively to make health care more affordable, signing onto a compact to meet the State’s established benchmark for health care spending growth. This benchmark acts as a statewide goal for how much health care spending should grow each year to be affordable, bringing it in line with projected increases in wages and the state economy.

    MIL OSI USA News

  • MIL-OSI Africa: Secretary-General’s remarks to the General Assembly Plenary Meeting on Addressing the Existential Threats Posed by Sea Level Rise [bilingual, as delivered; scroll down for all-English and all-French]

    Source: United Nations – English

    resident of the General Assembly, Excellencies, Ladies and Gentlemen,

    Our world is in dangerous waters.

    Scientists tell us that the global sea level is now rising faster than at any time in the last 3,000 years, and accelerating – the rate of increase has more than doubled since the 1990s.

    They tell us the cause is clear:

    Greenhouse gases – overwhelmingly from burning fossil fuels – are heating our planet, expanding seawater and melting ice. 

    But they cannot tell us where this will end.

    That is down to world leaders today.

    Their choices will determine the scale, pace and impact of future sea level rise.

    Temperature increases over 1.5 degrees Celsius above pre-industrial levels could take the world past dangerous tipping points – potentially leading to long-term, irreversible collapse of the Greenland and West Antarctica icesheets.

    In the worst-case scenario, people alive today could witness sea levels rise by meters.

    Excellences,

    Près de 900 millions de personnes habitent dans les zones côtières de basse altitude.

    Pour elles, la montée des eaux est synonyme d’une marée de malheurs :

    Des ondes de tempête plus intenses, une érosion des côtes et des inondations côtières ;

    Des communautés submergées, de l’eau douce contaminée, des récoltes ruinées, des infrastructures endommagées, une biodiversité détruite et des économies décimées – avec des secteurs tels que la pêche, l’agriculture et le tourisme qui subissent de plein fouet les effets de la tempête.

    Les plus pauvres et les plus vulnérables sont les plus durement touchés.

    J’ai pu le constater récemment encore dans le Pacifique, où les cyclones détruisent des pans entiers des économies insulaires.  En 2015, Vanuatu a subi des dégâts équivalant à plus de la moitié de son PIB.
     
    Pendant ce temps, au Panama, des centaines de familles insulaires ont dû être relogées sur le continent.

    Au Bangladesh, l’eau salée pollue l’eau potable, détruit les récoltes et crée une menace sanitaire qui peut être mortelle – en particulier pour les femmes enceintes. 

    Dans la ville de Saint-Louis, au Sénégal, des maisons, des écoles, des petites entreprises et des mosquées auraient été abandonnées face à la marée montante.  

    De tels événements se reproduisent partout dans le monde.

    Voilà à quoi ressemble l’injustice climatique.  C’est le visage de l’iniquité.

    Mais les riches ne sont pas à l’abri. 

    Les économies avancées dépensent des milliards – en dommages, et en adaptation.

    Et si nous n’agissons pas rapidement, la situation sera bien pire. 

    Comme le rappelle le titre du débat d’aujourd’hui, cette situation représente pour certains une menace existentielle :

    Des îles entières perdues ;

    Des communautés côtières détruites à mesure que les terres deviennent inhabitables et non assurables.
                   
    Les déplacements massifs de population peuvent exercer une pression sur les ressources limitées des régions voisines – et aggraver des situations déjà dramatiques.

    Le commerce mondial, les systèmes alimentaires et les chaînes d’approvisionnement seront mis à mal lorsque les ports seront endommagés et que les terres agricoles et les pêcheries seront ruinées.

    La montée des eaux remodèlera non seulement les côtes, mais aussi les économies, la politique et la sécurité. 

    Excellencies,

    Only drastic action to reduce emissions can limit sea level rise.

    And only drastic action to adapt can keep people safe from rising waters.

    Everyone must be protected by an alert system by 2027 – in line with our Early Warnings for All initiative.

    And all countries must deliver new national climate action plans – or Nationally Determined Contributions – well ahead of COP30 next year.

    These must align with 1.5 degrees, cover all sectors of the economy, and put us on track to phase out fossil fuels, fast and fairly.

    The G20 – responsible for around eighty percent of global emissions – must lead. And align their fossil fuel production and consumption plans with 1.5 degrees.

    Money is indispensable.

    We need a strong finance outcome at COP29 this year – including on new and innovative sources of capital.

    We need significant contributions to the new Loss and Damage Fund – as a step towards climate justice.

    We need developed countries to double adaptation finance to at least $40 billion a year by 2025 – and to show how they will close the adaptation finance gap.

    And we need to reform the Multilateral Development Banks to become bigger, bolder, and able to deliver far more affordable finance to developing countries.

    We made real progress at the Summit of the Future. We must keep driving that forward – including at the World Summit for Social Development and the Financing for Development conference next year.

    We must also address gaps in our international legal framework concerning sea level rise: to ensure continuing access to resources, while protecting existing maritime boundaries; as well as to protect affected persons and – in extreme scenarios – to address the implications related to statehood.

    Excellencies,

    We cannot leave the hopes and aspirations of billions of people dead in the water. 

    We cannot allow the wholesale destruction of countries and communities.

    It’s time to turn the tide.

    And save ourselves from rising seas.

    Thank you.

    ***
    [all-English]

    President of the General Assembly, Excellencies, Ladies and Gentlemen,

    Our world is in dangerous waters.

    Scientists tell us that the global sea level is now rising faster than at any time in the last 3,000 years, and accelerating – the rate of increase has more than doubled since the 1990s.

    They tell us the cause is clear:

    Greenhouse gases – overwhelmingly from burning fossil fuels – are heating our planet, expanding seawater and melting ice. 

    But they cannot tell us where this will end.

    That is down to world leaders today.

    Their choices will determine the scale, pace and impact of future sea level rise.

    Temperature increases over 1.5 degrees Celsius above pre-industrial levels could take the world past dangerous tipping points – potentially leading to long-term, irreversible collapse of the Greenland and West Antarctica icesheets.

    In the worst-case scenario, people alive today could witness sea levels rise by meters.

    Excellencies,

    Low-lying coastal zones are home to around 900 million people.

    Rising seas mean a rising tide of misery:

    More intense storm surges, coastal erosion, and coastal flooding;

    Communities swamped, fresh water contaminated, crops ruined, infrastructure damaged, biodiversity destroyed, and economies decimated – with sectors such as fisheries, agriculture, and tourism pummelled.

    The poorest and most vulnerable are hardest hit.

    I saw this recently in the Pacific, where cyclones are tearing chunks out of island economies.  In 2015, Vanuatu suffered damage equivalent to well over half its GDP.

    Meanwhile, in Panama, hundreds of island families have been relocated to the mainland.

    In Bangladesh, saltwater is polluting drinking water, killing crops and creating a health threat that can be deadly, particularly for pregnant women. 

    In the city of Saint Louis in Senegal, homes, schools, small businesses, and mosques have reportedly been abandoned to the encroaching tide.

    Such events are reproduced across the globe.

    This is what climate injustice looks like. This is the face of inequity.

    But the rich are not immune. 

    Advanced economies are spending billions – in damages, and adaptation.

    And without rapid action we’re in for much worse. 

    As the title of today’s debate reminds us, for some, this could be existential:

    Whole islands lost;

    Coastal communities destroyed as lands become uninhabitable and uninsurable.
                   
    Mass displacement can pile pressure on scarce resources elsewhere, inflaming already dire situations.

    Global trade, food systems and supply chains will be battered as ports are damaged, and agricultural land and fisheries ruined.

    Rising seas will reshape not only coastlines, but economies, politics and security too. 

    Excellencies,

    Only drastic action to reduce emissions can limit sea level rise.

    And only drastic action to adapt can keep people safe from rising waters.

    Everyone must be protected by an alert system by 2027 – in line with our Early Warnings for All initiative.

    And all countries must deliver new national climate action plans – or Nationally Determined Contributions – well ahead of COP30 next year.

    These must align with 1.5 degrees, cover all sectors of the economy, and put us on track to phase out fossil fuels, fast and fairly.

    The G20 – responsible for around eighty percent of global emissions – must lead. And align their fossil fuel production and consumption plans with 1.5 degrees.

    Money is indispensable.

    We need a strong finance outcome at COP29 this year – including on new and innovative sources of capital.

    We need significant contributions to the new Loss and Damage Fund – as a step towards climate justice.

    We need developed countries to double adaptation finance to at least $40 billion a year by 2025 – and to show how they will close the adaptation finance gap.

    And we need to reform the Multilateral Development Banks to become bigger, bolder, and able to deliver far more affordable finance to developing countries.

    We made real progress at the Summit of the Future.  We must keep driving that forward – including at the World Summit for Social Development and the Financing for Development conference next year.

    We must also address gaps in our international legal framework concerning sea level rise: to ensure continuing access to resources, while protecting existing maritime boundaries; as well as to protect affected persons and – in extreme scenarios – to address the implications related to statehood.

    Excellencies,

    We cannot leave the hopes and aspirations of billions of people dead in the water. 

    We cannot allow the wholesale destruction of countries and communities.

    It’s time to turn the tide.

    And save ourselves from rising seas.

    Thank you.

    ***
    [all-French]

    Excellences,

    L’humanité navigue en eaux dangereuses.

    Les scientifiques nous disent que le niveau des mers monte aujourd’hui plus rapidement que jamais au cours des 3 000 dernières années, et que cette hausse s’accélère – avec un taux d’augmentation qui a plus que doublé depuis les années 1990.

    Ils nous disent que la cause est claire :

    Les gaz à effet de serre – issus en grande partie de la combustion des énergies fossiles – réchauffent notre planète, dilatent l’eau de mer et font fondre la glace. 

    Mais ils ne peuvent pas nous dire où cela s’arrêtera.

    Cela dépendra des dirigeants du monde actuels.

    Leurs choix détermineront l’ampleur, le rythme et l’impact des futures élévations du niveau des mers.

    Une augmentation des températures de plus de 1,5 degré Celsius au-dessus des niveaux préindustriels pourrait faire franchir au monde des points de bascule dangereux – ce qui pourrait sur le long terme entraîner l’effondrement irréversible des calottes glaciaires du Groenland et de l’Antarctique occidental.

    Dans le pire des scénarios, les personnes vivant aujourd’hui verraient le niveau des mers monter de plusieurs mètres.

    Excellences,

    Près de 900 millions de personnes habitent dans les zones côtières de basse altitude.

    Pour elles, la montée des eaux est synonyme d’une marée de malheurs :

    Des ondes de tempête plus intenses, une érosion des côtes et des inondations côtières ;

    Des communautés submergées, de l’eau douce contaminée, des récoltes ruinées, des infrastructures endommagées, une biodiversité détruite et des économies décimées – avec des secteurs tels que la pêche, l’agriculture et le tourisme qui subissent de plein fouet les effets de la tempête.

    Les plus pauvres et les plus vulnérables sont les plus durement touchés.

    J’ai pu le constater récemment encore dans le Pacifique, où les cyclones détruisent des pans entiers des économies insulaires. En 2015, Vanuatu a subi des dégâts équivalant à plus de la moitié de son PIB.

    Pendant ce temps, au Panama, des centaines de familles insulaires ont dû être relogées sur le continent.

    Au Bangladesh, l’eau salée pollue l’eau potable, détruit les récoltes et crée une menace sanitaire qui peut être mortelle – en particulier pour les femmes enceintes. 

    Dans la ville de Saint-Louis, au Sénégal, des maisons, des écoles, des petites entreprises et des mosquées auraient été abandonnées face à la marée montante.  

    De tels événements se reproduisent partout dans le monde.

    Voilà à quoi ressemble l’injustice climatique. C’est le visage de l’iniquité.

    Mais les riches ne sont pas à l’abri. 

    Les économies avancées dépensent des milliards – en dommages, et en adaptation.

    Et si nous n’agissons pas rapidement, la situation sera bien pire. 

    Comme le rappelle le titre du débat d’aujourd’hui, cette situation représente pour certains une menace existentielle :

    Des îles entières perdues ;

    Des communautés côtières détruites à mesure que les terres deviennent inhabitables et non assurables.
                   
    Les déplacements massifs de population peuvent exercer une pression sur les ressources limitées des régions voisines – et aggraver des situations déjà dramatiques.

    Le commerce mondial, les systèmes alimentaires et les chaînes d’approvisionnement seront mis à mal lorsque les ports seront endommagés et que les terres agricoles et les pêcheries seront ruinées.

    La montée des eaux remodèlera non seulement les côtes, mais aussi les économies, la politique et la sécurité. 

    Excellences,

    Seules des mesures radicales de réduction des émissions peuvent limiter l’élévation du niveau de la mer.

    Et seules des mesures drastiques d’adaptation peuvent mettre les populations à l’abri de la montée des eaux.

    Tout le monde doit être protégé par un système d’alerte d’ici 2027 – conformément à notre initiative « Alertes précoces pour tous ».

    Tous les pays doivent présenter de nouveaux plans d’action nationaux sur le climat – ou contributions déterminées au niveau national – bien avant la COP30 de l’année prochaine.

    Ces plans doivent s’aligner sur le seuil de 1,5 degré, couvrir tous les secteurs de l’économie et nous mettre sur la voie de l’élimination progressive, rapide et équitable, des combustibles fossiles.

    Le G20, responsable d’environ 80 % des émissions mondiales, doit montrer la voie. Il doit aligner ses plans de production et de consommation de combustibles fossiles sur le seuil de 1,5 degré.

    Le financement est indispensable.

    Nous avons besoin de résultats ambitieux en matière de finances à la COP29 de cette année – y compris en termes de sources de capital nouvelles et innovantes.

    Nous avons besoin de contributions significatives au nouveau Fonds pour les pertes et les dommages – une étape essentielle sur le chemin vers la justice climatique.

    Les pays développés doivent doubler le financement en faveur de l’adaptation pour atteindre au moins 40 milliards de dollars par an d’ici 2025 – et démontrer comment ils vont combler le déficit de financement de l’adaptation.

    Enfin, nous devons réformer les Banques multilatérales de développement pour qu’elles deviennent plus grandes, plus audacieuses et capables de fournir des financements beaucoup plus abordables aux pays en développement.

    Nous avons réalisé de réels progrès lors du Sommet de l’avenir. Nous devons continuer à porter ces avancées, notamment lors du Sommet mondial pour le développement social et de la Conférence sur le financement du développement qui se tiendront l’année prochaine.

    Nous devons également combler les lacunes de notre cadre juridique international concernant l’élévation du niveau de la mer : pour garantir un accès continu aux ressources, tout en protégeant les frontières maritimes existantes, ainsi que pour protéger les personnes touchées et, dans les scénarios extrêmes, pour traiter les implications liées à aux statuts d’un État.

    Excellences,

    Nous ne pouvons pas laisser les espoirs et les aspirations de milliards de personnes sans réponse. 

    Nous ne pouvons pas permettre la destruction massive de pays et de communautés.

    Il est temps d’inverser la tendance.

    Et de nous sauver de la montée des eaux.

    Je vous remercie.

    ***
     

    MIL OSI Africa

  • MIL-OSI Africa: Secretary-General’s remarks to meeting of G20 Foreign Ministers [as delivered]

    Source: United Nations – English

    gradeço ao Presidente Luiz Inácio Lula da Silva e ao governo do Brasil por co-organizar esta reunião entre os ministros das Relações Exteriores do G20, todos os Estados Membros das Nações Unidas, e as organizações financeiras internacionais.

    [I thank President Luiz Inácio Lula da Silva and the government of Brazil for co-convening this meeting between G20 foreign ministers, all UN Member States, and the international financial organizations.]

    This is a historic first.

    The G20, the United Nations system and the Bretton Woods institutions and other international financial institutions deal with some of the most important challenges of our time: inequality, financing for development, the climate crisis, the impact of new technologies. 

    In all these areas, progress is slipping out of reach as our world becomes more unsustainable, unequal and unpredictable.

    Conflicts are raging, the climate crisis is accelerating, inequalities are growing, and new technologies have unprecedented potential for good – and bad.

    Global institutions must work together – not on parallel or conflicting tracks.

    They must cooperate and collaborate for the good of humanity and the Summit of the Future was an essential first step.

    It has created opportunities and possibilities for reform across the board.

    But without implementation, it will be meaningless.

    The work starts today.

    Excellencies,

    The Pact for the Future is about action in the here and now.

    And G20 countries can act in three specific areas.

    First, finance.

    We need ambitious reforms of the international financial architecture to make it fully representative of today’s global economy, so it can provide strong support to implement the Sustainable Development Goals.

    I commend the leadership of the World Bank and International Monetary Fund for making important progress.

    But the resources available are still dwarfed by the size of the needs.

    Many developing countries are being hit by a double whammy of climate chaos and debt.

    To support low- and middle-income developing countries effectively, multilateral development banks must be bigger, bolder and better.

    We need a far more robust financial safety net to shield countries in a world of frequent shocks.

    Voting rights and decision-making rules should reflect the changing global landscape.

    And access to concessional finance should be based on needs and vulnerabilities, not just on income.

    All parts of the global financial system must work together to reduce the cost of finance and the inequalities that blight our world.  

    This demands action on debt – starting with an effective mechanism to deal with debt relief and restructuring.

    As a first step, I welcome the commitment by the International Monetary Fund to review the debt architecture – as set out in the Pact for the Future. 
    I look to all G20 countries to push for deep reforms so that global financial institutions reflect today’s world and respond to today’s challenges.

    One of those challenges is global hunger.  It is shameful that in our world of plenty, around one person in ten regularly goes without food for an entire day or more – known as severe food insecurity.

    I welcome President Lula and Brazil’s focus on global hunger during the G20 presidency and call on all G20 countries – and all UN Member States – to strengthen efforts to end this affront to our common humanity.  

    Excellencies,

    The second area for action is climate.

    We are at a critical moment: a battle to prevent temperatures from rising above the agreed limit of 1.5 degrees.  

    Today’s decisions and actions will determine the course of our world for decades to come.

    The climate crisis transcends borders and politics.  Climate action cannot be a victim of geopolitical competition.

    Under G20 leadership we will be able to have drastic reductions in fossil fuel production and consumption as an essential element for climate action.

    By 2030, global production and consumption of all fossil fuels must decline by at least thirty per cent – and global renewables capacity must triple.

    This requires OECD countries to phase out coal by 2030 and to fully decarbonize power generation systems by 2035.

    And it means non-OECD countries must phase out coal by 2040. 

    I have been strongly advocating for no new coal or upstream oil and gas projects for all G20 nations.

    New national climate plans due next year are an opportunity for countries to align energy strategies and development priorities with climate ambition, taking into account the principle of common but differentiated responsibilities.

    They must also show how each country intends to transition away from fossil fuels, in line with the outcome at COP 28.

    Excellencies,

    There has never been a greater global challenge than the climate crisis.

    There has never been more agreement on the solution: a just transition from fossil fuels to renewable energy.

    And renewable technologies have never been better – or cheaper.

    The obstacle to the renewables revolution is not economics, or a lack of solutions.

    It is mindsets, and lack of vision.

    Those that lead the renewables revolution are already reaping the rewards.

    But many developing countries are being left behind.

    Clean energy investments in emerging and developing economies outside China and India have barely increased since 2015.

    The energy transition must be based on justice and equity, so that all countries benefit.

    Excellencies,

    Third, we need strong, inclusive, legitimate global institutions and tools to tackle the challenges of today and tomorrow. 

    Fair and representative governance is a first step to unlock broader reforms.

    The Pact for the Future includes commitments to make multilateral institutions more representative, effective, transparent and accountable.

    I urge the strong engagement of G20 countries, including in reforms of our United Nations bodies:

    Making the Security Council truly representative by addressing the under-representation of Africa, Asia-Pacific, Latin America and the Caribbean;

    Strengthening the role of the General Assembly and the Peacebuilding Commission;

    And enhancing the Economic and Social Council.

    The same principle applies to the international financial architecture: it should correspond to today’s global economy, with much stronger representation of developing countries.   

    For our part, the United Nations is totally committed to strengthening our convening role as an inclusive platform for dialogue and action.

    As part of that role, from next year, we intend to host biennial summits to formalize a dialogue between the UN system, the G20, and international financial institutions.

    Excellencies,

    Only together will we achieve the reforms in the Pact for the Future and deliver the SDGs and the Paris Agreement, to meet the expectations of the people we serve.  

    I urge the G20 to seize every opportunity to raise ambition for global leadership and transformative action for a safer, more peaceful and sustainable world for all.

    Thank you.

    MIL OSI Africa

  • MIL-OSI United Nations: Secretary-General’s remarks to the General Assembly Plenary Meeting on Addressing the Existential Threats Posed by Sea Level Rise [bilingual, as delivered; scroll down for all-English and all-French]

    Source: United Nations

    President of the General Assembly, Excellencies, Ladies and Gentlemen,

    Our world is in dangerous waters.

    Scientists tell us that the global sea level is now rising faster than at any time in the last 3,000 years, and accelerating – the rate of increase has more than doubled since the 1990s.

    They tell us the cause is clear:

    Greenhouse gases – overwhelmingly from burning fossil fuels – are heating our planet, expanding seawater and melting ice. 

    But they cannot tell us where this will end.

    That is down to world leaders today.

    Their choices will determine the scale, pace and impact of future sea level rise.

    Temperature increases over 1.5 degrees Celsius above pre-industrial levels could take the world past dangerous tipping points – potentially leading to long-term, irreversible collapse of the Greenland and West Antarctica icesheets.

    In the worst-case scenario, people alive today could witness sea levels rise by meters.

    Excellences,

    Près de 900 millions de personnes habitent dans les zones côtières de basse altitude.

    Pour elles, la montée des eaux est synonyme d’une marée de malheurs :

    Des ondes de tempête plus intenses, une érosion des côtes et des inondations côtières ;

    Des communautés submergées, de l’eau douce contaminée, des récoltes ruinées, des infrastructures endommagées, une biodiversité détruite et des économies décimées – avec des secteurs tels que la pêche, l’agriculture et le tourisme qui subissent de plein fouet les effets de la tempête.

    Les plus pauvres et les plus vulnérables sont les plus durement touchés.

    J’ai pu le constater récemment encore dans le Pacifique, où les cyclones détruisent des pans entiers des économies insulaires.  En 2015, Vanuatu a subi des dégâts équivalant à plus de la moitié de son PIB.
     
    Pendant ce temps, au Panama, des centaines de familles insulaires ont dû être relogées sur le continent.

    Au Bangladesh, l’eau salée pollue l’eau potable, détruit les récoltes et crée une menace sanitaire qui peut être mortelle – en particulier pour les femmes enceintes. 

    Dans la ville de Saint-Louis, au Sénégal, des maisons, des écoles, des petites entreprises et des mosquées auraient été abandonnées face à la marée montante.  

    De tels événements se reproduisent partout dans le monde.

    Voilà à quoi ressemble l’injustice climatique.  C’est le visage de l’iniquité.

    Mais les riches ne sont pas à l’abri. 

    Les économies avancées dépensent des milliards – en dommages, et en adaptation.

    Et si nous n’agissons pas rapidement, la situation sera bien pire. 

    Comme le rappelle le titre du débat d’aujourd’hui, cette situation représente pour certains une menace existentielle :

    Des îles entières perdues ;

    Des communautés côtières détruites à mesure que les terres deviennent inhabitables et non assurables.
                   
    Les déplacements massifs de population peuvent exercer une pression sur les ressources limitées des régions voisines – et aggraver des situations déjà dramatiques.

    Le commerce mondial, les systèmes alimentaires et les chaînes d’approvisionnement seront mis à mal lorsque les ports seront endommagés et que les terres agricoles et les pêcheries seront ruinées.

    La montée des eaux remodèlera non seulement les côtes, mais aussi les économies, la politique et la sécurité. 

    Excellencies,

    Only drastic action to reduce emissions can limit sea level rise.

    And only drastic action to adapt can keep people safe from rising waters.

    Everyone must be protected by an alert system by 2027 – in line with our Early Warnings for All initiative.

    And all countries must deliver new national climate action plans – or Nationally Determined Contributions – well ahead of COP30 next year.

    These must align with 1.5 degrees, cover all sectors of the economy, and put us on track to phase out fossil fuels, fast and fairly.

    The G20 – responsible for around eighty percent of global emissions – must lead. And align their fossil fuel production and consumption plans with 1.5 degrees.

    Money is indispensable.

    We need a strong finance outcome at COP29 this year – including on new and innovative sources of capital.

    We need significant contributions to the new Loss and Damage Fund – as a step towards climate justice.

    We need developed countries to double adaptation finance to at least $40 billion a year by 2025 – and to show how they will close the adaptation finance gap.

    And we need to reform the Multilateral Development Banks to become bigger, bolder, and able to deliver far more affordable finance to developing countries.

    We made real progress at the Summit of the Future. We must keep driving that forward – including at the World Summit for Social Development and the Financing for Development conference next year.

    We must also address gaps in our international legal framework concerning sea level rise: to ensure continuing access to resources, while protecting existing maritime boundaries; as well as to protect affected persons and – in extreme scenarios – to address the implications related to statehood.

    Excellencies,

    We cannot leave the hopes and aspirations of billions of people dead in the water. 

    We cannot allow the wholesale destruction of countries and communities.

    It’s time to turn the tide.

    And save ourselves from rising seas.

    Thank you.

    ***
    [all-English]

    President of the General Assembly, Excellencies, Ladies and Gentlemen,

    Our world is in dangerous waters.

    Scientists tell us that the global sea level is now rising faster than at any time in the last 3,000 years, and accelerating – the rate of increase has more than doubled since the 1990s.

    They tell us the cause is clear:

    Greenhouse gases – overwhelmingly from burning fossil fuels – are heating our planet, expanding seawater and melting ice. 

    But they cannot tell us where this will end.

    That is down to world leaders today.

    Their choices will determine the scale, pace and impact of future sea level rise.

    Temperature increases over 1.5 degrees Celsius above pre-industrial levels could take the world past dangerous tipping points – potentially leading to long-term, irreversible collapse of the Greenland and West Antarctica icesheets.

    In the worst-case scenario, people alive today could witness sea levels rise by meters.

    Excellencies,

    Low-lying coastal zones are home to around 900 million people.

    Rising seas mean a rising tide of misery:

    More intense storm surges, coastal erosion, and coastal flooding;

    Communities swamped, fresh water contaminated, crops ruined, infrastructure damaged, biodiversity destroyed, and economies decimated – with sectors such as fisheries, agriculture, and tourism pummelled.

    The poorest and most vulnerable are hardest hit.

    I saw this recently in the Pacific, where cyclones are tearing chunks out of island economies.  In 2015, Vanuatu suffered damage equivalent to well over half its GDP.

    Meanwhile, in Panama, hundreds of island families have been relocated to the mainland.

    In Bangladesh, saltwater is polluting drinking water, killing crops and creating a health threat that can be deadly, particularly for pregnant women. 

    In the city of Saint Louis in Senegal, homes, schools, small businesses, and mosques have reportedly been abandoned to the encroaching tide.

    Such events are reproduced across the globe.

    This is what climate injustice looks like. This is the face of inequity.

    But the rich are not immune. 

    Advanced economies are spending billions – in damages, and adaptation.

    And without rapid action we’re in for much worse. 

    As the title of today’s debate reminds us, for some, this could be existential:

    Whole islands lost;

    Coastal communities destroyed as lands become uninhabitable and uninsurable.
                   
    Mass displacement can pile pressure on scarce resources elsewhere, inflaming already dire situations.

    Global trade, food systems and supply chains will be battered as ports are damaged, and agricultural land and fisheries ruined.

    Rising seas will reshape not only coastlines, but economies, politics and security too. 

    Excellencies,

    Only drastic action to reduce emissions can limit sea level rise.

    And only drastic action to adapt can keep people safe from rising waters.

    Everyone must be protected by an alert system by 2027 – in line with our Early Warnings for All initiative.

    And all countries must deliver new national climate action plans – or Nationally Determined Contributions – well ahead of COP30 next year.

    These must align with 1.5 degrees, cover all sectors of the economy, and put us on track to phase out fossil fuels, fast and fairly.

    The G20 – responsible for around eighty percent of global emissions – must lead. And align their fossil fuel production and consumption plans with 1.5 degrees.

    Money is indispensable.

    We need a strong finance outcome at COP29 this year – including on new and innovative sources of capital.

    We need significant contributions to the new Loss and Damage Fund – as a step towards climate justice.

    We need developed countries to double adaptation finance to at least $40 billion a year by 2025 – and to show how they will close the adaptation finance gap.

    And we need to reform the Multilateral Development Banks to become bigger, bolder, and able to deliver far more affordable finance to developing countries.

    We made real progress at the Summit of the Future.  We must keep driving that forward – including at the World Summit for Social Development and the Financing for Development conference next year.

    We must also address gaps in our international legal framework concerning sea level rise: to ensure continuing access to resources, while protecting existing maritime boundaries; as well as to protect affected persons and – in extreme scenarios – to address the implications related to statehood.

    Excellencies,

    We cannot leave the hopes and aspirations of billions of people dead in the water. 

    We cannot allow the wholesale destruction of countries and communities.

    It’s time to turn the tide.

    And save ourselves from rising seas.

    Thank you.

    ***
    [all-French]

    Excellences,

    L’humanité navigue en eaux dangereuses.

    Les scientifiques nous disent que le niveau des mers monte aujourd’hui plus rapidement que jamais au cours des 3 000 dernières années, et que cette hausse s’accélère – avec un taux d’augmentation qui a plus que doublé depuis les années 1990.

    Ils nous disent que la cause est claire :

    Les gaz à effet de serre – issus en grande partie de la combustion des énergies fossiles – réchauffent notre planète, dilatent l’eau de mer et font fondre la glace. 

    Mais ils ne peuvent pas nous dire où cela s’arrêtera.

    Cela dépendra des dirigeants du monde actuels.

    Leurs choix détermineront l’ampleur, le rythme et l’impact des futures élévations du niveau des mers.

    Une augmentation des températures de plus de 1,5 degré Celsius au-dessus des niveaux préindustriels pourrait faire franchir au monde des points de bascule dangereux – ce qui pourrait sur le long terme entraîner l’effondrement irréversible des calottes glaciaires du Groenland et de l’Antarctique occidental.

    Dans le pire des scénarios, les personnes vivant aujourd’hui verraient le niveau des mers monter de plusieurs mètres.

    Excellences,

    Près de 900 millions de personnes habitent dans les zones côtières de basse altitude.

    Pour elles, la montée des eaux est synonyme d’une marée de malheurs :

    Des ondes de tempête plus intenses, une érosion des côtes et des inondations côtières ;

    Des communautés submergées, de l’eau douce contaminée, des récoltes ruinées, des infrastructures endommagées, une biodiversité détruite et des économies décimées – avec des secteurs tels que la pêche, l’agriculture et le tourisme qui subissent de plein fouet les effets de la tempête.

    Les plus pauvres et les plus vulnérables sont les plus durement touchés.

    J’ai pu le constater récemment encore dans le Pacifique, où les cyclones détruisent des pans entiers des économies insulaires. En 2015, Vanuatu a subi des dégâts équivalant à plus de la moitié de son PIB.

    Pendant ce temps, au Panama, des centaines de familles insulaires ont dû être relogées sur le continent.

    Au Bangladesh, l’eau salée pollue l’eau potable, détruit les récoltes et crée une menace sanitaire qui peut être mortelle – en particulier pour les femmes enceintes. 

    Dans la ville de Saint-Louis, au Sénégal, des maisons, des écoles, des petites entreprises et des mosquées auraient été abandonnées face à la marée montante.  

    De tels événements se reproduisent partout dans le monde.

    Voilà à quoi ressemble l’injustice climatique. C’est le visage de l’iniquité.

    Mais les riches ne sont pas à l’abri. 

    Les économies avancées dépensent des milliards – en dommages, et en adaptation.

    Et si nous n’agissons pas rapidement, la situation sera bien pire. 

    Comme le rappelle le titre du débat d’aujourd’hui, cette situation représente pour certains une menace existentielle :

    Des îles entières perdues ;

    Des communautés côtières détruites à mesure que les terres deviennent inhabitables et non assurables.
                   
    Les déplacements massifs de population peuvent exercer une pression sur les ressources limitées des régions voisines – et aggraver des situations déjà dramatiques.

    Le commerce mondial, les systèmes alimentaires et les chaînes d’approvisionnement seront mis à mal lorsque les ports seront endommagés et que les terres agricoles et les pêcheries seront ruinées.

    La montée des eaux remodèlera non seulement les côtes, mais aussi les économies, la politique et la sécurité. 

    Excellences,

    Seules des mesures radicales de réduction des émissions peuvent limiter l’élévation du niveau de la mer.

    Et seules des mesures drastiques d’adaptation peuvent mettre les populations à l’abri de la montée des eaux.

    Tout le monde doit être protégé par un système d’alerte d’ici 2027 – conformément à notre initiative « Alertes précoces pour tous ».

    Tous les pays doivent présenter de nouveaux plans d’action nationaux sur le climat – ou contributions déterminées au niveau national – bien avant la COP30 de l’année prochaine.

    Ces plans doivent s’aligner sur le seuil de 1,5 degré, couvrir tous les secteurs de l’économie et nous mettre sur la voie de l’élimination progressive, rapide et équitable, des combustibles fossiles.

    Le G20, responsable d’environ 80 % des émissions mondiales, doit montrer la voie. Il doit aligner ses plans de production et de consommation de combustibles fossiles sur le seuil de 1,5 degré.

    Le financement est indispensable.

    Nous avons besoin de résultats ambitieux en matière de finances à la COP29 de cette année – y compris en termes de sources de capital nouvelles et innovantes.

    Nous avons besoin de contributions significatives au nouveau Fonds pour les pertes et les dommages – une étape essentielle sur le chemin vers la justice climatique.

    Les pays développés doivent doubler le financement en faveur de l’adaptation pour atteindre au moins 40 milliards de dollars par an d’ici 2025 – et démontrer comment ils vont combler le déficit de financement de l’adaptation.

    Enfin, nous devons réformer les Banques multilatérales de développement pour qu’elles deviennent plus grandes, plus audacieuses et capables de fournir des financements beaucoup plus abordables aux pays en développement.

    Nous avons réalisé de réels progrès lors du Sommet de l’avenir. Nous devons continuer à porter ces avancées, notamment lors du Sommet mondial pour le développement social et de la Conférence sur le financement du développement qui se tiendront l’année prochaine.

    Nous devons également combler les lacunes de notre cadre juridique international concernant l’élévation du niveau de la mer : pour garantir un accès continu aux ressources, tout en protégeant les frontières maritimes existantes, ainsi que pour protéger les personnes touchées et, dans les scénarios extrêmes, pour traiter les implications liées à aux statuts d’un État.

    Excellences,

    Nous ne pouvons pas laisser les espoirs et les aspirations de milliards de personnes sans réponse. 

    Nous ne pouvons pas permettre la destruction massive de pays et de communautés.

    Il est temps d’inverser la tendance.

    Et de nous sauver de la montée des eaux.

    Je vous remercie.

    ***
     

    MIL OSI United Nations News

  • MIL-OSI: TAB Bank Partners with The Fiesta Tableware Co., Dishing Up $4.5 Million in Financing to Serve Up Growth

    Source: GlobeNewswire (MIL-OSI)

    OGDEN, Utah, Sept. 25, 2024 (GLOBE NEWSWIRE) — TAB Bank announces the closing of a $4.5 million credit facility with The Fiesta Tableware Co. of West Virginia. This partnership will ensure the American-made tableware company continues helping home chefs refresh and reinvent their table settings.

    The Fiesta Tableware Co., formerly known as The Homer Laughlin China Company, was established in 1871 and has been a leading producer of ceramic tableware in the United States for over a century. Based in Newell, West Virginia, The Fiesta Tableware Co. produces professional-grade dinnerware for retail stores and home chefs. The company is the last standing potter of its square footage in the country.

    “It has been a real pleasure to work with the TAB Bank team as we navigated the due diligence process and made the transition to TAB. We anticipate a strong mutually beneficial relationship in the months and years ahead,” commented Matt Wicks, Chief Operating Officer at The Fiesta Tableware Co.

    “We’re thrilled to partner with a company with a rich history of supporting American jobs and craftsmanship,” said Tyler Heap, President at TAB Bank. “We look forward to a strong and lasting relationship with such an iconic brand.”

    The $4.5 million credit facility will help The Fiesta Tableware Co. with its working capital needs as it continues scaling the company sustainably. The company is dedicated to the safety of its customers, the preservation of natural resources and a reduced environmental impact.

    TAB Bank provides various financial solutions to help small and midsize businesses, including term loans and lines of credit. The bank tailors its credit solutions to fit the specific needs of each company, ensuring consistent cash flow and the ability to scale. TAB Bank works closely with businesses to find the ideal financing for their unique situation, offering accounts receivable financing, equipment loans and asset-based lending.

    About TAB Bank
    At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience. 

    For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

    Contact Information:
    Trevor Morris
    Director of Marketing
    801-624-5172
    trevor.morris@tabbank.com

    The MIL Network

  • MIL-OSI Canada: Manitoba Government to Extend Gas Tax Holiday to December 31

    Source: Government of Canada regional news

    Manitoba Government to Extend Gas Tax Holiday to December 31

    – – –
    Manitobans Will Continue to Save at the Pump Until the End of the Year: Kinew


    The Manitoba government intends to extend the gas tax holiday until the end of the calendar year, Premier Wab Kinew announced today. 

    “Since we cut the gas tax in January, inflation has gone down in Manitoba,” said Kinew. “This is what governments are for. We know Manitobans are still struggling with the impact of interest rates and grocery prices so we’re going to continue to step up and save you 14 cents at the pump.” 

    The current gas tax holiday on gasoline and diesel used to operate motor vehicles will be extended until Dec. 31, noted the premier. 

    The premier noted the people who drive the most popular type of vehicle in the province, a pickup truck, will save around $14 every time they fuel up. The Manitoba Bureau of Statistics estimates the gas tax holiday has directly contributed to a decrease of 0.4 percentage points to inflation. 

    Since the introduction of the gas tax holiday, Manitoba has had the lowest average retail price on gasoline in Canada and inflation has dropped to within the Bank of Canada’s target inflation range of one to three per cent. 

    – 30 –

    MIL OSI Canada News

  • MIL-OSI Security: Over 100 Defendants Federally Charged With Fraud Related To The COVID-19 Pandemic

    Source: United States Department of Justice (National Center for Disaster Fraud)

    Tampa, FL – United States Attorney Roger B. Handberg announces the results achieved by the Middle District of Florida’s efforts to combat fraud related to the COVID-19 pandemic. Since March 2020, the United States Attorney’s Office (USAO-MDFL) has federally charged 109 individuals with fraud schemes designed to exploit state and federal programs implemented to alleviate the economic hardships caused by the COVID-19 pandemic. These efforts include complementary actions by the USAO-MDFL’s Criminal, Civil, Asset Recovery, Appellate Divisions, in cooperation with federal, state, and local law enforcement agencies.

    “The Middle District of Florida United States Attorney’s Office, in cooperation with our federal, state, and local law enforcement partners, is committed to holding accountable those people who schemed to steal or otherwise obtain through misconduct benefits intended for Americans coping with the impacts of the COVID-19 pandemic,” said U.S. Attorney Roger Handberg.

    With respect to criminal enforcement, the USAO-MDFL and federal, state, and local law enforcement agencies combined resources in March 2020 to form the Middle District of Florida COVID-19 Fraud Task Force with the purpose of identifying, investigating, and federally prosecuting fraud related to the ongoing COVID-19 pandemic. Since its inception, the Task Force has prosecuted 109 defendants for fraud schemes designed to exploit federal programs including the Paycheck Protection Program (“PPP”), Economic Injury Disaster Loans (“EIDL”), Unemployment Insurance (“UI”), the Main Street Lending Program (“MSLP”), the Emergency Rental Assistance Program (“ERAP”), as well as government Healthcare programs such as Medicare. Collectively, these defendants sought to defraud the United States of over $96 million. Of the 109 charged defendants, 74 have already been found guilty while prosecution remains pending against 35 defendants.

    The Middle District of Florida COVID-19 Fraud Task Force continues to aggressively investigate and prosecute individuals that took advantage of COVID-19 programs. On September 20, 2024, for example, a federal grand jury convicted Angela Chew (60, Leesburg) of conspiracy to bribe a public official and commit wire fraud, three counts of bribery of a public official, and six counts of wire fraud. Chew faces up to 5 years in federal prison on the conspiracy count, up to 15 years in federal prison on each of the bribery counts, and up to 20 years in federal prison on each of the wire fraud counts. Her sentencing hearing is scheduled for December 18, 2024.

    According to evidence presented at trial, Chew conspired with three others to submit applications for COVID-19 EIDLs containing false and fraudulent information in exchange for bribe payments. The evidence showed Chew used her position as a loan specialist for the Small Business Administration (SBA) to internally access those loan applications that she and a co-conspirator had submitted on behalf of others. Chew then took actions on the applications within the SBA’s internal processing system that moved the loans towards approval. For example, Chew submitted a loan on behalf of a co-conspirator’s business that she knew was not active or operating at the time she submitted the loan. The loan was flagged as a duplicate by the SBA’s internal system, which stopped the application from progressing toward approval and funding. Chew then entered the SBA’s loan processing system, accessed the loan application, reactivated it, and manipulated the loan’s status multiple times to progress the application toward approval and funding in the amount of $150,000. In exchange, Chew received thousands of dollars in bribe payments from two of her co-conspirators. The evidence showed that Chew caused the funding of at least six EIDL applications, for a total loss of over $800,000.

    In July 2024, a federal grand jury returned a superseding indictment charging Jared Dean Eakes (33, Jacksonville) with five counts of wire fraud and three counts of bank fraud. According to the superseding indictment, Eakes participated in a scheme to defraud investors and fraudulently secured approximately $4,752,270 in PPP loans. Eakes caused the submission of four PPP loan applications—including applications for two of the entities involved in the scheme to defraud investors—which contained false and fraudulent supporting documentation and statements regarding the entities’ employees and payroll. Once Eakes obtained the PPP loans, he did not use the funds for qualifying expenses as required by the program. Instead, he used the funds to engage in options trading or withdrew the funds in cash.

    In addition to criminal prosecutions, the MDFL-USAO continues to investigate and pursue civil redress against individuals and entities who fraudulently obtained PPP funds. For example, in September 2024, Miles Partnership, LLC (“Miles”), a travel and tourism consulting company headquartered in Sarasota, Florida, agreed to a civil settlement of $2,281,950 to resolve allegations that Miles improperly obtained and received forgiveness for a second draw PPP loan. According to the information contained in the qui tam complaint, Miles was required to file a registration statement under FARA (Foreign Agents Registration Act) due to its work with various foreign tourism boards. The United States investigated these allegations with the cooperation of Miles. The civil settlement will conclude the lawsuit.

    Further, the USAO-MDFL’s Asset Recovery Division and federal seizing agencies have completed the forfeiture of more than $20 million of EIDL, UI, and PPP funds that were fraudulently obtained, depriving the fraudsters of their ill-gotten gains and recovering the proceeds for the victims. More than $18 million in additional pandemic fraud proceeds have been seized and are pending civil or criminal forfeiture.

    The U.S. Attorney General has established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    Through the PPP, the federal government authorized over $600 billion in forgivable loans to small businesses for job retention and certain other expenses through the PPP. The EIDL program provides economic relief to small businesses that are currently experiencing a temporary loss of revenue. The MSLP provided support to small and medium-sized businesses and their employees across the United States during the COVID-19 pandemic. UI programs provided unemployment benefits to eligible workers who became unemployed through no fault of their own.

    The criminal cases charged by the Middle District of Florida COVID-19 Fraud Task Force have been investigated by the Small Business Administration—Office of Inspector General, the Small Business Administration, the Federal Bureau of Investigation, the U.S. Secret Service, Internal Revenue Service—Criminal Investigation, the Department of Labor—Office of Inspector General, the U.S. Postal Service, the Federal Housing Finance Agency, the Federal Deposit Insurance Corporation—Office of Inspector General, Homeland Security Investigations, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Special Inspector General for Pandemic Recovery, Federal Reserve Board—Office of Inspector General, Department of Health and Human Services—Office of Inspector General, Department of Veterans Affairs – Office of Inspector General, U.S. Agency for International Development, the Metropolitan Bureau of Investigation, the Tampa Police Department, the Orlando Police Department, the Jacksonville Sheriff’s Office, the Manatee County Sheriff’s Office, the Hillsborough County Sheriff’s Office, the Sarasota County Sheriff’s Office, the Winter Park Police Department, the Osceola County Sheriff’s Office, the Seminole County Sheriff’s Office, the Orange County Sheriff’s Office, and the Pasco County Sheriff’s Office. The cases are being prosecuted by Assistant United States Attorneys throughout the Middle District of Florida.       

    The Department of Justice needs the public’s assistance in remaining vigilant and reporting suspected fraudulent activity. To report suspected fraud, contact the National Center for Disaster Fraud (“NCDF”) at (866) 720-5721 or file an online complaint at: https://www.justice.gov/disaster-fraud/webform/ncdf-disaster-complaint-form. Complaints filed will be reviewed at the NCDF and referred to federal, state, local, or international law enforcement or regulatory agencies for investigation.

    United States Attorney’s Office for the Middle District of Florida

    COVID Fraud Criminal Cases

    Charged Cases

    Defendant(s) (Age)

    Charge(s)

    Max. Imprisonment

    Type of Fraud*

    Intended Loss Amount

    Tampa Division

    Devontaie Deravil

    Aggravated identity theft

    Maximum Prison Term: Two Years Consecutive

    Access device fraud

    Maximum Prison Term: 10 Years

    UI $480k
    Jordan Ross

    Wire fraud

    Maximum Prison Term: 20 Years

    Illegal monetary transactions

    Maximum Prison Term: 10 Years

    EIDL/PPP $1.3M

    Marquett James

    Alyson Marquett

    Conspiracy to commit wire fraud

    Maximum Prison Term: 20 Years

    Wire fraud

    Maximum Prison Term: 20 Years

    EIDL/PPP $96k
    Willie Murray Jr.

    Wire fraud

    Maximum Prison Term: 20 Years

    Aggravated identity theft

    Maximum Prison Term: Two Years Consecutive

    HCF $5M
    Charles Driver Jr.

    Conspiracy

    Maximum Prison Term: 5 years

    Access device fraud

    Maximum Prison Term: 10 years

    UI $175k
    Eric Canonico

    Wire fraud

    Maximum Prison Term: 20 Years

    Illegal monetary transactions

    Maximum Prison Term: 10 Years

    PPP $2.3M
    Alexander Leszczynski

    Wire fraud

    Maximum Prison Term: 20 Years

    Bank fraud

    Maximum Prison Term: 20 Years

    Illegal monetary transactions

    Maximum Prison Term: 10 Years

    PPP $1.1M
    Capree Holmes

    Wire fraud

    Maximum Prison Term: 20 Years

    EIDL $159k
    Javarus Polite

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $20k
    Luis Morales

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $40k
    Rosson Hamilton

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $20k
    David Antonetti

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $40k
    Carlos Dones

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $14k
    Santos Cruz Rivera

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $16k
    Tevyan Hepburn

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $20k
    Jeanty Cherilus

    Wire fraud

    Maximum Prison Term: 20 Years

    EIDL/PPP $370k
    Gage Bowen

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $20k
    These COVID Fraud cases from the Tampa Division are being handled by AUSAs Tiffany Fields, Greg Pizzo, Candace Rich, Jennifer Peresie, Michael Kenneth, Merrilyn Hoenemeyer, and Daniel Baeza

    Orlando Division

    Evan Edwards

    Joshua Edwards

    Conspiracy to commit bank fraud

    Maximum Prison Term: 30 years

    Bank fraud

    Maximum Prison Term: 30 years

    Visa fraud

    Maximum Prison Term: 10 years

    False statements

    Maximum Prison Term: 30 years

    PPP $8M
    Emmet Bowens

    Wire fraud

    Maximum Prison Term: 20 Years

    Illegal monetary transactions

    Maximum Prison Term: 10 Years

    PPP $740k
    Latresia Wilson

    False statements

    Maximum Prison Term: 20 Years

    HCF $2.6M

    Shawn Simmerer

    Seth Downes

    Conspiracy to commit wire fraud

    Maximum Prison Term: 20 years

    Wire fraud

    Maximum Prison Term: 20 years

    False claim

    Maximum Prison Term: 5 years

    PPP $344k
    Daniel Bohorquez

    Conspiracy to commit wire fraud

    Maximum Prison Term: 20 years

    Wire fraud

    Maximum Prison Term: 20 years

    EIDL $546k
    These COVID Fraud cases from the Orlando Division are being handled by AUSAs Kara Wick, Amanda Daniels, and DOJ Trial Attorney Keith Clouser

    Fort Myers Division

    Venera Price

    Mail fraud

    Maximum Prison Term: 20 Years

    ERAP $82k
    Timothy Jolloff

    Wire fraud

    Maximum Prison Term: 20 Years

    Money laundering

    Maximum Prison Term: 20 Years

    Illegal monetary transactions

    Maximum Prison Term: 10 Years

    PPP/EIDL $2.1M
    Lisa Jolloff

    Money laundering

    Maximum Prison Term: 20 Years

    Illegal monetary transactions

    Maximum Prison Term: 10 Years

    PPP/EIDL $2.1M
    Diop McKenzie

    Bank fraud

    Maximum Prison Term: 30 years

    Wire fraud

    Maximum Prison Term: 20 Years

    Aggravated identity theft

    Maximum: Prison Term: Two Years Consecutive

    EIDL/PPP $237k
    These COVID Fraud cases from the Fort Myers Division are being handled by AUSA Yolande Viacava and Trent Reichling

    Jacksonville Division

    Jared Eakes

    Wire fraud

    Maximum Prison Term: 20 Years

    Bank fraud

    Maximum Prison Term: 30 years

    PPP $4.7M

    Natasha Hemming

    Tiffany Gonsalves

    Joshua Seedhaire

    Conspiracy

    Access device fraud

    Aggravated identity theft

    Maximum: Prison Term: Two Years Consecutive

    UI $5.6M
    These COVID Fraud cases from the Jacksonville Division are being handled by AUSAs David Mesrobian and John Cannizzaro

    Ocala Division

    Lisa Starkes

    Ivan Starkes

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $80k
    This COVID Fraud case from the Ocala Division is being handled by AUSA Hannah Nowalk

    Adjudicated Cases

    Tampa Division

    Demarius Wilson

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $18k
    This COVID Fraud case from the Tampa Division is being handled by AUSA Michael Kenneth

    Orlando Division

    Robert Burns

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $57k

    William Barrientos

    Grisoris Barrientos

    Conspiracy to commit wire fraud

    Maximum Prison Term: 20 Years

    EIDL $693k
    Angela Chew

    Conspiracy

    Maximum Prison Term: 5 Years

    Bribery of a public official

    Maximum Prison Term: 15 Years

    Wire fraud

    Maximum Prison Term: 20 Years

    EIDL $732k
    These COVID Fraud cases from the Orlando Division are being handled by Amanda Daniels, Diane Hu, and Richard Varadan

    Jacksonville Division

    James Wigg

    Wire Fraud

    Maximum Prison Term: 20 years

    PPP $476k
    Crystal Harvell

    Wire Fraud

    Maximum Prison Term: 20 years

    PPP $20k

    These COVID Fraud cases from the Jacksonville Division are being handled by AUSA, Kevin Frein

    and Tysen Duva

    Ocala Division

    Passion Jackson

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $20k
    Nicole Harding

    Wire fraud

    Maximum Prison Term: 20 Years

    PPP $20k
    Henry Wade

    Wire fraud

    Maximum Prison Term: 20 Years

    EIDL $500k
    These COVID Fraud cases from the Ocala Division are being handled by AUSA Hannah Nowalk

    Sentenced Cases

    Tampa Division

    Louis Thornton, III

    Wire fraud

    Sentence Imposed: 42 months in federal prison

    EIDL/PPP $815k

    Kary Stevenson

    Corey Quinn

    Conspiracy to commit access device fraud and aggravated identity theft

    Sentence Imposed: 5 years, 10 months in federal prison (Stevenson)

    Sentence Imposed:7 years in federal prison (Quinn)

    UI $1M
    Bridgitte Keim

    Bank fraud

    Sentence Imposed: 2 years in federal prison

    PPP $588k
    Wayne Ganaway

    Conspiracy to commit wire fraud

    Sentence Imposed: 4 years in federal prison

    EIDL $300k
    Rolanda Wingfield

    Access device fraud, aggravated identity theft

    Sentenced Imposed: 3 years in federal prison

    UI $135k
    Eriaius Bentley

    Racketeering conspiracy, aggravated identity theft, access device fraud

    Sentence Imposed: One year in federal prison

    UI $3M
    Tywon Spann

    Racketeering conspiracy, aggravated identity theft, access device fraud

    Sentence Imposed: 6 years and 9 months in federal prison

    UI $3M
    Keaujay Hornsby

    Racketeering conspiracy, aggravated identity theft, access device fraud

    Sentence Imposed: 10 years and 10 months in federal prison

    UI $3M
    Kareem Spann

    Racketeering conspiracy, aggravated identity theft, access device fraud

    Sentence Imposed: 10 years and 10 months in federal prison

    UI $3M
    Randy Jones

    Wire fraud, aggravated identity theft

    Sentence Imposed: 5 years and 1 month in federal prison

    EIDL/UI $250k
    Julio Lugo

    Conspiracy to commit money laundering

    Sentence Imposed: 7 years and 6 months in federal prison

    EIDL/PPP $4.4M
    Keith Nicoletta

    Conspiracy to commit money laundering

    Sentence Imposed: 24 months in federal prison

    PPP $1.9M
    Rosenide Venant

    Conspiracy to commit money laundering

    Sentence Imposed: 5 years in federal prison

    EIDL/PPP $413k
    Melinda Hernandez

    Conspiracy to commit wire fraud,

    wire fraud and aggravated identity theft

    Sentence imposed: Three years and six months in federal prison

    UI $1.5M
    Bri’antina Mills

    Wire fraud and theft of government funds

    Sentence imposed: 15 months in federal prison

    EIDL $10K
    Jorge Gutierrez Echeverria

    Wire fraud

    Sentence imposed: Two years and six months in federal prison

    EIDL $150k
    Omar Esquivel Bello

    Wire fraud

    Sentence imposed: 15 months in federal prison

    EIDL $242k

    Steve Moodie 

    Conspiracy to commit wire fraud, wire fraud, aggravated identity theft

    Sentence imposed: 5 years and 10 months in federal prison

    UI $1.5M
    Richard Simpkins

    Conspiracy to commit money laundering

    Sentence imposed: 5 years and 10 months in federal prison

    PPP $1.9M
    Devaris McClain

    Conspiracy to commit wire fraud, access device fraud

    Sentence imposed: 5 years and 1 month in federal prison

    UI $85k
    Jalissa McDuffy

    Wire fraud

    Sentence imposed: 3 years supervised release with 6 months home detention

    PPP $41k
    Kieanna Garrett

    Wire fraud

    Sentence imposed: 60 days’ imprisonment

    EIDL $40k
    Marqus Willard Johnson

    Bank fraud

    Money laundering

    Sentence imposed: 18 months’ imprisonment followed by 60 moths supervised release

    PPP $500k
    Mehdi Tazi

    Conspiracy, Aggravated identity theft

    Sentenced imposed: 5 years imprisonment  followed by4 years supervised release

    UI $1.5M
    Tyree Wingfield

    Conspiracy, Aggravated identity theft

    Sentenced imposed: 5 years and 10 months imprisonment  followed by4 years supervised release

    UI $1.5M
    Dawn Ogundele

    Theft of government funds

    Sentence imposed: 2 years’ probation

    PPP $20k
    Alexander Alli

    Wire fraud conspiracy

    Sentence imposed: 13 months’ imprisonment

    EIDL $80k
    Charles Cunningham  

    Bank fraud

    Sentence imposed: 21 months’ imprisonment

    PPP $800k
    Jailyn Holmes

    Wire fraud

    Sentence imposed: 5 years’ probation

    PPP $20k
    Nicole Bramble-King

    Wire fraud

    Sentence imposed: 5 years’ probation

    PPP $40k
    Tommy Louisville

    Wire fraud

    Sentence imposed: 12 months’ imprisonment

    PPP $33k
    Joseph Abdo

    Wire fraud

    Illegal monetary transactions

    Sentence imposed: 5 years’ probation

    PPP $500k
    Barrett Purvis

    Wire fraud

    Money laundering

    Sentence imposed: 2 years and 9 months in federal prison

    EIDL $499k
    Bergeline Lexis

    Conspiracy to commit wire fraud

    Sentence imposed: 10 months in federal prison

    EIDL/PPP $68k
    These COVID Fraud cases from the Tampa Division were handled by AUSAs Rachel Jones, Greg Pizzo, Tiffany Fields, Diego Novaes, Jennifer Peresie, Merrilyn Hoenemeyer, Jay Trezevant, SAUSA Chris Poor, and DOJ Trial Attorney John Scanlon

    Orlando Division

    Daniel Johnson

    Conspiracy to commit wire fraud, aggravated identity theft, unlawful transfer of firearm

    Sentence Imposed: 7 years, 6 months in federal prison

    UI $2.3M
    Jacquavius Smith

    Possession of short-barreled rifle; felon in possession of firearm; and aggravated identity theft

    Sentence Imposed: 7 years, 1 month in federal prison

    PPP $10k
    Johnson Eustache

    Wire fraud

    Sentence Imposed: 5 years in federal prison

    EIDL/PPP $2.2M
    Joseph Harrison

    Conspiracy to commit wire fraud

    Sentence Imposed: 12 months in federal prison

    UI $2.1M
    Tomas Ziupsnys

    Conspiracy to commit bank fraud; bank fraud; aggravated identity theft

    Sentence Imposed: 5 years in federal prison

    PPP $2M
    Holly Urban

    Conspiracy to commit bank fraud

    Sentence Imposed: 30 months in federal prison

    PPP $1.5M
    Joel Greenberg

    Conspiracy to commit wire fraud and other offenses while on pretrial release

    Sentence Imposed: 11 years in federal prison

    EIDL $430k

    Don Cisternino 

    Wire fraud, illegal monetary transactions, and aggravated identity theft

    Sentence Imposed: 8 years and 6 months in federal prison

    PPP $7.2M
    Keith Ingersoll          

    Conspiracy to commit wire fraud, wire fraud, aggravated identity theft

    Sentence imposed: 9 years, 1 month in federal prison.   

    EIDL $66k
    Jaheim Davis

    Access device fraud and aggravated identity theft

    Sentence imposed: 3 years, 6 months in federal prison.   

    UI $219k
    Teresa McIntyre

    Conspiracy to commit wire fraud and other offenses

    Sentence Imposed: 5 years’ probation

    EIDL $730k
    Brian Blake

    Possession of device-making equipment, access device fraud, aggravated identity theft

    Sentence Imposed: 9 years and 8 months in federal prison

    PPP/UI $832k
    Joseph Faubert

    Bank fraud

    Sentenced Imposed: 5 years probation

    PPP $778k
    These COVID Fraud cases from the Orlando Division were handled by AUSAs John Gardella, Amanda Daniels, Chauncey Bratt, Emily Chang, Shannon Laurie, and Jennifer Harrington, and U.S. Attorney Roger Handberg

    Jacksonville Division

    Jacob Byrd

    Wire fraud

    Sentence Imposed: 5 years’ probation

    PPP $10k
    Deconna Burke

    Wire fraud

    Sentence Imposed: 5 years’ probation

    PPP $20k
    Desmond Williams

    Wire fraud conspiracy, wire fraud

    Sentenced Imposed: 5 years’ probation

    PPP $40k
    Kenneth Landers

    Wire fraud and illegal monetary transaction

    Sentence Imposed: 1 year in federal prison followed by 1 year of supervised release

    PPP $1.4M
    Christopher Daragjati

    Wire fraud , Theft of government funds, and Aggravated identity theft

    Sentenced imposed: 5 years’cisternino imprisonment followed by 3 years’ supervised release.

    PPP $150k
    This COVID Fraud case from the Jacksonville Division was handled by AUSA Kevin Frein and Michael Coolican

    Fort Myers Division

    Casey Crowther

    Bank fraud, false statement to a financial institution, illegal monetary transaction

    Sentence Imposed: 3 years, 1 month in federal prison

    PPP $2.7M

    Anthony Bruey

    Amber Bruey

    Conspiracy to commit wire fraud, wire fraud, conspiracy to commit money laundering, illegal monetary transactions

    Sentence Imposed:

    Anthony Bruey: 4 years, 3 months in federal prison

    Amber Bruey: 4 years in federal prison

    PPP/EIDL $881k
    Edrica Leann Watson

    False statement to a lending institution

    Sentence Imposed: 15 months in federal prison

    PPP $392k
    Daniel Joseph Tisone

    Wire fraud, bank fraud, money laundering, aggravated identity theft, possession of ammunition by a prohibited person

    Sentence Imposed: 7 years in federal prison

    PPP/EIDL/MSLP $10.7M
    Liliana Gonzalez

    Wire fraud

    Sentence Imposed:   5 years of probation with 18 months of home confinement

    PPP $169k
    Al Clint LaRoche

    Bank fraud

    Sentence Imposed: Two years in federal prison

    PPP $1M
    Denis Casseus

    Bank fraud and illegal monetary transaction

    Sentence Imposed: 2 years in federal prison followed by 3 years’ supervised release

    PPP $298k
    Evan Graves

    Wire fraud

    Sentence Imposed: 18 months in federal prison

    EIDL $1.3M
    Ismaelle Manuel

    Bank fraud

    Sentence Imposed: Credit for time served followed by 5 years supervised release

    PPP $280k
    These COVID Fraud cases from the Fort Myers Division were handled by AUSAs Trent Reichling, Michael Leeman, Jesus M. Casa, Simon Eth, and Yolande Viacava

    Ocala Division

    Lavelle Harris

    Wire fraud

    Sentence Imposed: Two years and three months in federal prison

    PPP $1.2M
    This COVID Fraud case from the Ocala Division was handled by AUSA Hannah Nowalk

    Types of Fraud*

    Economic Injury Disaster Loan (EIDL)

    Paycheck Protection Program (PPP)

    Unemployment Insurance (UI)

    Main Street Lending Program (MSLP)

    Emergency Rental Assistance Program (ERAP)

    Health Care Fraud (HCF)

    MIL Security OSI

  • MIL-OSI USA: NH Delegation Welcomes $60 Million in Tax Credits for Community Development to Support Small Businesses and Spur Economic Growth

    Source: United States House of Representatives – Congressman Chris Pappas (D-NH)

    Today the New Hampshire delegation announced that Mascoma Community Development, a wholly-owned subsidiary of Mascoma Bank of Lebanon, was awarded $60 million in New Markets Tax Credits (NMTC) to incentivize development in underserved communities.

    “Investments into our communities and small businesses are helping develop local economies, create more good-paying jobs, and strengthen our quality of life,” said Congressman Pappas. “These funds will incentivize economic development in New Hampshire’s underserved communities to ensure no city or town is left behind. I’ll continue to advocate for programs that help our state, small businesses, and communities grow and thrive.” 

    “Underserved communities and small businesses often struggle to get the capital they need to grow, which is why this investment is key to the overall economic success of our state. I’m glad to see this award going to Mascoma Community Development to help ensure small businesses and entrepreneurs working to develop these communities have the resources they need to succeed,” said Senator Shaheen. “I look forward to continuing to support programs that provide development opportunities, create jobs and grow our economy in communities across New Hampshire.” 

    “Investing in Granite State businesses and ensuring that they have access to the capital that they need is a key way to help our local economy thrive,” said Senator Hassan. “This federal funding will promote development and growth in the Upper Valley and throughout New Hampshire, and I will keep supporting programs that help create jobs and invest in our state.” 

    “Small businesses and local entrepreneurs are the backbone of New Hampshire’s economy and way of life,” said Congresswoman Kuster. “These resources heading to Mascoma Community Development will go a long way toward uplifting our Main Street businesses and the communities they serve, and I look forward to seeing the benefit the New Market Tax Credit program continues to have on New Hampshire’s economic growth.” 

    This award is provided by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund), which promotes development in low-income urban and rural communities by investing in mission-driven financial institutions. Tax credit allocations awarded to Community Development Entities (CDE), such as Mascoma Community Development, enable CDEs to raise additional capital to invest in low income and distressed communities in return for tax credits. The total tax credit provided to investors equals 39 percent of the original investment and is spread over a seven-year period. 

    Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2023, NMTC Program award recipients deployed more than $66 billion in investments in low-income communities and businesses, supporting more than 894,000 jobs and the construction or rehabilitation of nearly 259.5 million square feet of commercial real estate.

    MIL OSI USA News

  • MIL-OSI Banking: Project Guacamaya uses daily satellite images, Amazon-specific AI models in battle against deforestation

    Source: Microsoft

    Headline: Project Guacamaya uses daily satellite images, Amazon-specific AI models in battle against deforestation

    “Technology will be a game-changer in saving the Amazon,” says Pablo Arbeláez, director of the CinfonIA Research Center.

    Using data, machine learning, cloud technology, data science and other technology, patterns of deforestation are identified faster, allowing for quicker action to be taken in at-risk areas. The audio language model is a custom-made multimodal language model called CLAP, developed by Microsoft. The image models are trained from open-source models and the framework used to develop the image models, Pytorch Wildlife, was also created by Microsoft.

    “I think it shows the best of private sector, NGOs, universities and governments working together,” says Juan Lavista Ferres, Corporate Vice President and Chief Data Scientist at Microsoft’s AI for Good Lab. “This is a great example of how AI accelerates and supports the work of conservationists. We’ve already made significant progress through this collaboration and I’m looking forward to more impact.”

    [embedded content]

    Several key updates have occurred in Project Guacamaya over the past year, giving researchers more options and better ability to track and understand deforestation patterns, including:

    • Daily satellite images from Planet Labs: Prior to this update, imagery was provided monthly. Now, with daily updates, researchers can set up daily alerts using images from the satellites monitoring the Amazon.
    • Amazon-specific AI models: Now, researchers studying animals found in the Amazon can use a region-specific AI model that is more accurate in identifying the species found in the rainforest, allowing them to work 10x faster.
    • Governmental collaboration: The Institute of Hydrology, Meteorology and Environmental Studies (IDEAM), which provides the official deforestation reports for Colombia, will now use Project Guacamaya’s models in its reporting.
    • Open-source biodiversity model: The project has released Pytorch Wildlife, an open-source platform that is specifically designed for creating, modifying and sharing powerful AI conservation models.

    “With this connection of knowledge, institutions and technology, we want the country to move more forcefully in making critical decisions on how to maintain and conserve ecosystems,” says Hernando García Martínez, general director of the Instituto Humboldt. “We need people to understand the value of nature.”

    Top image: Amazon-specific AI has made it 10 times easier for scientists studying the wildlife in the Rainforest to identify species found in Colombia, since the model narrows down the focus to animals who live in the region.

    MIL OSI Global Banks

  • MIL-OSI USA: Grants Support Zero-Emission Vehicle Fleets

    Source: US State of New York

    Governor Kathy Hochul today announced $5.5 million available in grants for municipalities to support the installation of electric vehicle chargers, including hydrogen fuel filling station components and Level 2 and direct current fast chargers, as part of the New York State Department of Environmental Conservation’s Municipal Zero-Emission Vehicle Infrastructure Grants program. These projects support New York’s ongoing efforts to advance clean transportation and help the State achieve the greenhouse gas emission reduction requirements of the Climate Leadership and Community Protection Act.

    “New York is committed to advancing and energizing the transition to a cleaner, healthier, and more efficient transportation future,” Governor Hochul said. “Our sustained investments in electric vehicle infrastructure across the State will help encourage more drivers to make the switch to EVs, promote greener alternatives for transportation, and combat climate change.”

    The 2024 round of the Department of Environmental Conservation’s (DEC) Municipal Zero-Emission Vehicle (ZEV) Infrastructure program opened on Sept. 25 with $5.5 million available. Additional information can be found in the request for applications (RFA) document. The deadline for applications is 4 p.m. on Feb. 28, 2025.

    The program includes a variable local match requirement based on the municipality’s median household income (MHI) and whether the ZEV infrastructure is located in a disadvantaged community, based on the disadvantaged communities criteria developed by the Climate Justice Working Group.

    Eligible expenses incurred between Oct. 1, 2023, and Sept. 20, 2026, are eligible for reimbursement.

    Applications are available through the Consolidated Funding Application under the title “2024 Municipal ZEV Infrastructure Grants.”

    To be eligible for an award, applicants must be registered in the NYS Statewide Financial System Grant Management System (SFS GM). Information regarding registration in SFS GM can be found on the Grants Management website. More information about the DEC Municipal ZEV Infrastructure Grant program, as well as the DEC Municipal ZEV Rebate program, is available on DEC’s website. For questions about the Municipal ZEV program, email [email protected] or call DEC’s Office of Climate Change at 518-402-8448.

    New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, “With Governor Hochul’s sustained commitment to ensuring a cleaner, greener future, New York continues to be a leader advancing the State’s transition to clean transportation to help achieve our climate targets. The Municipal ZEV Infrastructure Grant program makes it even easier, more accessible, and more affordable to make the switch to greener vehicles and is expanding New York’s EV charging station network. DEC looks forward to continuing to support municipalities statewide that are taking climate action, investing in electric transportation, and helping facilitate the clean energy economy of the future.”

    State Senator Peter Harckham said, “Our transportation sector is a major source of climate and air pollution in New York. The DEC’s Municipal Zero Emission Vehicle Infrastructure grants program will accelerate the transition to an emissions free future, where we all can breathe easier. This is a good example of how the state and local governments, working together, can create a cleaner, greener New York.”

    Assemblymember Deborah Glick said, “Reducing greenhouse gas emissions by shifting to vehicles that do not rely on fossil fuels is essential for New York to achieve our climate goals. One major obstacle to the public’s adoption of electric vehicles is the lack of publicly available charging stations. Making it easier for municipalities to step up and expand this critical piece of the green infrastructure puzzle is welcome news. Thank you to Governor Hochul for this important $5.5 million investment in NYDEC’s Municipal Zero-Emission Vehicle Infrastructure Grants program to help expand this green infrastructure throughout New York, helping us to further achieve our climate goals.”

    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 420 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

  • MIL-OSI USA: Senator Scott Leads Effort to Increase Access to Capital, Create Investment Opportunities

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — U.S. Senator Tim Scott (R-S.C.), the top Republican on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, is leading legislation to revitalize the businesses within our communities and open up our capital markets to all Americans. Senator Scott’s Empowering Main Street in America Act will boost avenues for capital formation that create jobs and generate economic growth.

    Senate Banking Committee members, including Senators Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Britt (R-Ala.), Kevin Cramer (R-N.D.), and Steve Daines (R-Mont.), joined Senator Scott on the legislation. Senator Jerry Moran (R-Kan.) is also a co-sponsor of the bill.

    “Our capital markets system is the envy of the world and has helped many Americans build wealth and save for their futures. But unfortunately for individuals in communities like the one I grew up in, investing in a local venture or raising capital to grow a business seems out of reach. We need to change that – and this comprehensive legislation will create economic opportunity and provide more Americans with the resources necessary to achieve financial security for their families and realize their version of the American Dream, while ensuring small business owners can access capital to grow and innovate,” said Senator Scott.

    At yesterday’s Punchbowl News event, Senator Scott highlighted how the legislation will improve access to capital for entrepreneurs across the country, tailor regulations for small and newly public companies looking to grow and expand their operations, and create new avenues for hardworking Americans to invest in their community.

    Click here to watch the full discussion.

    Senator Scott’s legislation, in part, is the result of feedback from his from his February 2024 roundtable with Black investors and business founders discussing ways to improve minority communities’ access to capital. Here’s what the roundtable participants had to say on the bill:

    “I thank Senator Tim Scott (R-SC) for his leadership in introducing the Empowering Main Street in America Act (EMSAA), which will significantly improve access to capital for all entrepreneurs and investors. I had the good fortune to participate in a roundtable that Senator Scott hosted in February with Black founders and investors, and I am very pleased to see many of the insights raised at that event reflected in the legislation. I launched RareBreed in response to the lack of access to capital for founders of color and founders outside the major investment hubs of Silicon Valley, New York, and Boston. Current rules price out many accredited investors, especially those of color, from participating in investment funds. This limits capital to drive innovation, economic growth, and job creation, and restricts capital invested in founders of color. We know this because research has shown that Black-led funds are four times as likely to invest in a Black-led company. The EMSAA will provide accredited investors of color more opportunities to participate in venture capital at lower minimums, helping to reduce risk, better diversify investments, and create wealth in communities of color. As someone who has spent my entire career in venture capital as an advocate for reducing barriers and expanding participation, I applaud this legislation and look forward to supporting its passage any way I can,” said McKeever “Mac” Conwell, Managing Partner, RareBreed Ventures.

    “Entrepreneurs don’t need to be in Silicon Valley or Wall Street to deserve access to capital. To truly foster innovation and growth, we must meet entrepreneurs where they are—whether in rural communities, urban centers, or underserved areas. The Empowering Main Street in America Act will help ensure entrepreneurs, regardless of location, have the financial resources they need to launch and grow their business, driving local economies and building stronger communities nationwide,” said Herbert Drayton III, Managing Partner, HI Mark Capital.

    “This legislative solution tears down barriers and fuels economic growth from the ground up. It’s about ensuring that every American has the opportunity to build a business, invest, and achieve financial security. The message from our roundtable was clear: strengthen our capital markets, foster entrepreneurship, make financial literacy a priority, and create pathways to prosperity for all,” said Ryan Frazier, Managing Partner and CEO, Frazier Global.

    For a section-by-section on the bill, click here.

    MIL OSI USA News

  • MIL-OSI: Ninepoint Partners Announces First Closing of Ninepoint 2024 Short Duration Flow-Through Limited Partnership II

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Sept. 25, 2024 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint”) is pleased to announce that the Ninepoint 2024 Short Duration Flow-Through Limited Partnership II (the “Partnership”) has completed the first closing in connection with its offering of Class A and Class F limited partnership units (the “Units”) pursuant to a prospectus dated September 18, 2024. The Partnership issued 508,296 Units for aggregate gross proceeds of $12,707,400. The Partnership will have a second closing in respect of the Units on or about October 17, 2024. The Units are being offered at a price per Unit of $25.00 with a minimum subscription of 100 Units ($2,500).

    The Partnership intends to provide liquidity to limited partners through a roll-over to the Ninepoint Resource Fund Class in the period between January 15, 2026 to February 28, 2026.

    Investment Objective of the Partnership
    The Partnership’s investment objective is to achieve capital appreciation and significant tax benefits for limited partners by investing in a diversified portfolio of Flow-Through Shares (as defined in the Prospectus) and other securities, if any, of Resource Issuers (as defined in the Prospectus).

    Attractive Tax-Reduction Benefits
    Flow-through partnerships are one of the most effective tax reduction strategies available to Canadians. Ninepoint anticipates that investors participating in the Partnership will be eligible to receive a tax deduction of approximately 100% of the amount invested.

    Resource Expertise
    The Partnership will be sub-advised by Sprott Asset Management LP (“Sprott”), one of Canada’s leading investment advisors in small and mid-cap resource companies. Over its long history of investing in the resource sector, Sprott has developed relationships with hundreds of companies. Its experienced team of portfolio managers is supported by a team of technical experts with extensive backgrounds in mining and geology.

    Portfolio manager Jason Mayer will manage the portfolio of the Partnership and will be supported by Sprott’s broader team of experienced resource investment professionals.

    Agents
    The offering is being made through a syndicate of agents led by RBC Dominion Securities Inc. which includes CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Manulife Wealth Inc., iA Private Wealth Inc., Raymond James Ltd., Richardson Wealth Limited, Canaccord Genuity Corp., Desjardins Securities Inc., Ventum Financial Corp. and Wellington-Altus Private Wealth Inc.

    About Ninepoint Partners LP
    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expects”, “intends”, “anticipates”, “will” and similar expressions to the extent that they relate to the Partnership. The forward-looking statements are not historical facts but reflect the Partnership’s, Ninepoint’s and Sprott’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Partnership, Ninepoint and Sprott believe the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the Partnership, nor Ninepoint or Sprott undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

    This offering is only made by prospectus. The Partnership’s prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from one of the dealers noted above. Investors should read the prospectus before making an investment decision.

    The MIL Network

  • MIL-OSI USA: Pressley, Green Reintroduce Bill to Strengthen Oversight of Big Banks and Protect Consumers

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Bill Summary (PDF) | Text of Bill (PDF)

    WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07), Vice Ranking Member of the Financial Institutions and Monetary Policy Subcommittee on the House Financial Services Committee, and Congressman Al Green (TX-09), Ranking Member of the Oversight and Investigations Subcommittee, reintroduced The Greater Supervision in Banking Act (GSIB), legislation to strengthen Congressional oversight of the country’s largest banks, protect consumers, and end deceptive behavior.

    “Time and again – due to lax financial oversight – the negligence and greed of large financial institutions, that don’t have our best interests in mind, put consumers at risk and exacerbate economic disparities. Congressional oversight and accountability are paramount to prevent harm and enhance transparency,” said Rep. Pressley. “Consumers deserve to make informed decisions about their finances, and this bill, which requires big banks to disclose their approach to protecting consumer data, cases of misconduct, and environmental harm, as well as other risk factors, is a step in the right direction. Congress must pass The Greater Supervision in Banking Act without delay.”

    “This legislation would bring much-needed transparency to our financial system,” said Rep. Green. “The largest banks in our nation have tremendous influence over the livelihoods of American consumers and businesses. From discrimination litigation to gross mismanagement, some of the largest banks have repeatedly shown that they cannot or will not regulate themselves. Congress must exercise heightened oversight of these institutions. The public deserves transparency into the largest banks’ activities, as well as their progress on diversity initiatives and climate change. I am proud to partner with Congresswoman Pressley on this important legislation, and I look forward to working with my colleagues to pass it into law.”

    Limited oversight and transparency have allowed the banking industry to prioritize profits over people, with policies harming its own workers, communities of color, and the planet. For example, bank tellers and other frontline employees are denied a living wage while CEOs rake in million-dollar bonuses. Systemic injustices like the stark racial wealth gap, where white households hold a disproportionate share of wealth compared to Black households, are furthered by policies like modern-day redlining denying Black people opportunities to build wealth and achieve financial prosperity. Additionally, major banks continue to finance fossil fuel expansion and projects that exacerbate climate change, despite the urgent need for a transition to clean energy, further jeopardizing vulnerable communities and future generations.

    The Greater Supervision in Banking Act would conduct oversight of the eight U.S.-based Globally Systemically Important Banks (G-SIBs), which include JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs, Wells Fargo, Morgan Stanley, State Street, and Bank of New York Mellon. Collectively, the banks hold more than $15 trillion in assets in 2024 – nearly half of all domestic banking assets.

    Specifically, the legislation:

    • Requires G-SIBs to submit annual reports to the Federal Reserve Board;
    • Mandates detailed disclosure of:
      • G-SIBs’ size, complexity, subsidiary structure, and branch distribution;
      • Enforcement actions against the company, including labor and consumer protection violations;
      • Information on employee dismissals for misconduct, including executives;
      • Capital market activities, including trading desk structures and Volcker Rule compliance;
      • Compensation policies, including executive pay, employee wage distribution, and minimum wage practices; and
      • Diversity initiatives, cybersecurity approaches, whistleblower complaints, and climate risk actions;
    • Ensures public availability of these reports through the Federal Reserve Board’s website.

    The bill is endorsed by Public Citizen, Americans for Financial Reform, National Community Reinvestment Coalition, American Economic Liberties Project, Fight Corporate Monopolies, California Reinvestment Coalition, Action Center on Race and the Economy, Sierra Club, Center for American Progress, and Fair Finance Watch.

    A copy of the bill text can be found here and a summary is here.

    Congresswoman Pressley, Vice Ranking Member of the Financial Institutions and Monetary Policy Subcommittee on the House Financial Services Committee, has been a vocal advocate for consumer protections, closing the racial wealth gap, and ensuring that the U.S. banking system works for everyday Americans.

    • In August 2024, Rep. Pressley called on the five largest banks in America to provide a detailed update on the racial equity commitments the institutions made following the murder of George Floyd in 2020. 
    • In March 2023, Rep. Pressley joined Senator Elizabeth Warren (D-MA), Congresswoman Katie Porter (CA-47), and dozens of lawmakers in introducing legislation to repeal Republicans’ rollback of critical banking protections in 2018 and restore Dodd-Frank protections.
    • In February 2023, she and Senator Cory Booker (D-NJ) reintroduced the American Opportunity Accounts Act, legislation that would create a federally-funded savings account for every American child in order to make economic opportunity a birthright for every child and help close the racial wealth gap. 
    • Rep. Pressley has also been a leading voice in Congress urging President Biden to cancel student debt. Following years of advocacy by Rep. Pressley—in partnership with colleagues, borrowers, and advocates like the NAACP—the Biden-Harris Administration announced a historic plan to cancel student debt that stands to benefit over 40 million people.
    • In September 2022, Rep. Pressley introduced the Payment Modernization Act – legislation requiring a more reasonable timeline for the Federal Reserve’s faster payments system and prioritizing consumer protection and wellbeing in the development process. 
    • In  June 2021, Rep. Pressley and then-House Financial Services Committee Chairwoman Maxine Waters (D-CA) introduced the Downpayment Toward Equity Act of 2021, bold legislation to help address the U.S. racial wealth and homeownership gaps by providing $100 billion toward downpayment and other financial assistance for first-generation homebuyers to purchase their first home.
    • In May 2020, she introduced the Saving Our Street Act with then-Senator Kamala Harris (D-CA) to provide economic relief to small businesses with less than 10 employees, with a specific focus on Black and brown-owned businesses.
    • In April 2019, she questioned G-SIB CEOs about discriminatory lending practices during their first appearance before Congress in over a decade.

    ###

    MIL OSI USA News