Category: Banking

  • MIL-OSI: LanzaTech and Woodside Energy to Participate in Bank of America Hosted Webinar on September 27, 2024

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Sept. 24, 2024 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech”), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, and materials, and Woodside Energy Group Ltd. (ASX, NYSE, LSE: WSD) (“Woodside”), the global energy company founded in Australia providing reliable and affordable energy to help people lead better lives, today jointly announced that Dr. Jennifer Holmgren, CEO of LanzaTech, and Meg O’Neill, CEO of Woodside, will participate in a webinar hosted by Bank of America analyst Steve Byrne to discuss hot topics and key challenges related to globally scaling the circular carbon economy and developing impactful carbon abatement programs for energy companies.

    Date: Friday, September 27, 2024
    Time: 1:00 p.m. Central Daylight Time

    To attend the webinar, or request the archived replay, please email Kate Walsh, Vice President of Investor Relations at LanzaTech: Kate.Walsh@lanzatech.com.

    About LanzaTech
    LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, and materials. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, On, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

    About Woodside
    Woodside Energy is a global energy company, founded in Australia, working across three continents to produce oil and natural gas and pursue new energy opportunities. With a focused portfolio, Woodside is recognised for its world-class capabilities as an integrated upstream supplier of energy. Woodside’s proven track record and distinctive capabilities are underpinned by 70 years of experience.

    LanzaTech Contact:
    Investor Relations
    Kate Walsh, VP Investor Relations & Tax
    Investor.Relations@lanzatech.com

    Woodside Contact:
    Marcela Louzada
    M: +61 456 994 243
    E: investor@woodside.com

    The MIL Network

  • MIL-OSI: Farmers & Merchants Bancorp, Inc. Announces 30th Consecutive Annual Increase in Dividend

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, Sept. 24, 2024 (GLOBE NEWSWIRE) — The Board of Directors of Farmers & Merchants Bancorp, Inc., (Nasdaq: FMAO) the holding company of F&M Bank, with total assets of $3.32 billion at June 30, 2024, today announced that it has approved the Company’s quarterly cash dividend of $0.22125 per share. The third-quarter dividend is payable on October 20, 2024, to shareholders of record as of October 4, 2024.

    The $0.22125 per share cash dividend reflects a $0.00125 per share increase in the quarterly dividend, representing the 30th consecutive annual increase in the Company’s regular dividend payment.

    Lars B. Eller, President and Chief Executive Officer stated, “I am proud that F&M has established one of the longest track records of consecutive dividend increases for publicly traded banks, reflecting F&M’s growth, strong capital levels, and profitable business model. F&M’s financial and operating strength has provided us with flexibility to return additional capital back to shareholders throughout various economic cycles. In fact, F&M’s annual dividend will have increased from $0.2375 in 2004 to $0.8825 in 2024 reflecting a 6.8% compound annual growth rate over this period.”

    About Farmers & Merchants State Bank:
    Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) is the holding company of F&M Bank, a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in West Bloomfield, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe Harbor statement
    Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    The MIL Network

  • MIL-OSI United Nations: Secretary-General’s remarks at the Opening of the General Debate of the Seventy-ninth Session of the General Assembly [trilingual, as delivered, scroll down for all-English and all-French]

    Source: United Nations secretary general

    Mr. President of the General Assembly,

    Excellencies,

    Ladies and gentlemen,

    Our world is in a whirlwind.

    We are in an era of epic transformation – facing challenges unlike any we have ever seen – challenges that demand global solutions.

    Yet geo-political divisions keep deepening. The planet keeps heating.

    Wars rage with no clue how they will end.

    And nuclear posturing and new weapons cast a dark shadow.

    We are edging towards the unimaginable – a powder keg that risks engulfing the world.

    Meanwhile, 2024 is the year that half of humanity goes to the polls – and all of humanity will be affected.

    I stand before you in this whirlwind convinced of two overriding truths.

    First, the state of our world is unsustainable.

    We can’t go on like this.

    And second, the challenges we face are solvable.

    But that requires us to make sure the mechanisms of international problem-solving actually solve problems.

    The Summit of the Future was a first step, but we have a long way to go.

    Getting there requires confronting three major drivers of unsustainability.

    A world of impunity – where violations and abuses threaten the very foundation of international law and the UN Charter.

    A world of inequality – where injustices and grievances threaten to undermine countries or even push them over the edge.

    And a world of uncertainty – where unmanaged global risks threaten our future in unknowable ways.

    These worlds of impunity, inequality and uncertainty are connected and colliding.

    Excellencies,

    The level of impunity in the world is politically indefensible and morally intolerable.

    Today, a growing number of governments and others feel entitled to a “get out of jail free” card.

    They can trample international law.

    They can violate the United Nations Charter.

    They can turn a blind eye to international human rights conventions or the decisions of international courts.

    They can thumb their nose at international humanitarian law.

    They can invade another country, lay waste to whole societies, or utterly disregard the welfare of their own people.

    And nothing will happen.

    We see this age of impunity everywhere — in the Middle East, in the heart of Europe, in the Horn of Africa, and beyond.

    The war in Ukraine is spreading with no signs of letting up.

    Civilians are paying the price – in rising death tolls and shattered lives and communities.

    It is time for a just peace based on the UN Charter, on international law and on UN resolutions.

    Meanwhile, Gaza is a non-stop nightmare that threatens to take the entire region with it.

    Look no further than Lebanon.

    We should all be alarmed by the escalation. 

    Lebanon is at the brink. 

    The people of Lebanon – the people of Israel – and the people of the world — cannot afford Lebanon to become another Gaza.

    Let’s be clear.

    Nothing can justify the abhorrent acts of terror committed by Hamas on October 7th, or the taking of hostages – both of which I have repeatedly condemned.

    And nothing can justify the collective punishment of the Palestinian people.

    The speed and scale of the killing and destruction in Gaza are unlike anything in my years as Secretary-General.

    More than 200 of our own staff have been killed, many with their families.

    And yet the women and men of the United Nations continue to deliver humanitarian aid.

    I know you join me in paying a special tribute to UNRWA and to all humanitarians in Gaza.

    The international community must mobilize for an immediate ceasefire, the immediate and unconditional release of all hostages, and the beginning of an irreversible process towards a two-State solution.

    For those who go on undermining that goal with more settlements, more landgrabs, more incitement — I ask:

    What is the alternative?

    How could the world accept a one-state future in which a large a large number of Palestinians would be included without any freedom, rights or dignity?

    In Sudan, a brutal power struggle has unleashed horrific violence — including widespread rape and sexual assaults.

    A humanitarian catastrophe is unfolding as famine spreads.  Yet outside powers continue to interfere with no unified approach to finding peace.

    In the Sahel, the dramatic and rapid expansion of the terrorist threat requires a joint approach rooted in solidarity – but regional and international cooperation have broken down.

    From Myanmar to the Democratic Republic of the Congo to Haiti to Yemen and beyond – we continue to see appalling levels of violence and human suffering in the face of a chronic failure to find solutions.

    Meanwhile our peacekeeping missions are too often operating in areas where simply there is no peace to keep.

    Instability in many places around the world is a by-product of instability in power relations and geo-political divides.

    For all its perils, the Cold War had rules.

    There were hot lines, red lines and guard rails.

    It can feel as though we don’t have that today.

    Nor do we have a unipolar world.

    We are moving to a multipolar world, but we are not there yet.

    We are in a purgatory of polarity.

    And in this purgatory, more and more countries are filling the spaces of geopolitical divides, doing whatever they want with no accountability.

    That is why it is more important than ever to reaffirm the Charter, to respect international law, to support and implement decisions of international courts, and to reinforce human rights in the world.

    Anywhere and everywhere.

    Excellences, Mesdames et Messieurs,
     
    L’augmentation des inégalités est un deuxième facteur de l’insoutenabilité et une tache sur notre conscience collective.
     
    L’inégalité n’est pas une question technique ou bureaucratique.
     
    Au fond, l’inégalité est une question de pouvoir, aux racines historiques.
     
    Les conflits, les bouleversements climatiques et la crise du coût de la vie étendent ces racines historiques plus profondément encore.
     
    Dans le même temps, le monde peine encore à se relever de la flambée des inégalités engendrée par la pandémie.
     
    Si l’on regarde les 75 pays les plus pauvres du monde, un tiers d’entre eux se trouve aujourd’hui dans une situation pire qu’il y a cinq ans.
     
    Au cours de la même période, les cinq hommes les plus riches de la planète ont plus que doublé leurs fortunes.
     
    Et un pour cent des habitants de la planète détient 43 % de l’ensemble des avoirs financiers mondiaux.
     
    Au niveau national, certains gouvernements décuplent les inégalités en accordant des cadeaux fiscaux massifs aux entreprises et aux ultra-riches — au détriment des investissements dans la santé, l’éducation et la protection sociale.
     
    Et personne n’est plus lésé que les femmes et les filles du monde entier.
     
    Excellences,
     
    La discrimination et les abus généralisés fondés sur le genre constituent l’inégalité la plus répandue dans toutes les sociétés.
     
    Chaque jour, il semble que nous soyons confrontés à de nouveaux cas révoltants de féminicides, de violences fondées sur le genre et de viols collectifs – en temps de paix comme en tant qu’arme de guerre.
     
    Dans certains pays, les lois sont utilisées pour menacer la santé et les droits reproductifs.
     
    Et en Afghanistan, les lois sont utilisées pour entériner l’oppression systématique des femmes et des filles.
     
    Et je suis désolé de constater que, malgré des années de beaux discours, l’inégalité de genre se manifesteet je vous demande pardon de le dire, elle se manifeste aujourd’hui encore, pleinement dans cette enceinte.
     
    Moins de 10 pour cent des intervenants au Débat général de cette semaine sont des femmes.
     
    C’est inacceptable, surtout quand on sait que l’égalité entre les femmes et les hommes contribue à la paix, au développement durable, à l’action climatique et bien plus encore.
     
    C’est précisément pour cela nous avons pris des mesures spécifiques pour atteindre la parité hommes-femmes parmi les hauts responsables de l’Organisation des Nations Unies,objectif qui est déjà complété.
     
    C’est faisable.
     
    J’exhorte les institutions politiques et économiques du monde dominées par les hommes à le faire aussi.
     
    Excellences,
     
    Les inégalités mondiales se reflètent et se renforcent jusque dans nos propres organisations internationales.
     
    Le Conseil de sécurité des Nations Unies a été conçu par les vainqueurs de la Seconde Guerre mondiale.
     
    À l’époque, la majeure partie du continent africain était encore sous domination coloniale.
     
    À ce jour, l’Afrique n’a toujours aucun siège permanent au sein de la principale instance de paix du monde.
     
    Un changement s’impose.
     
    Il en va de même pour l’architecture financière mondiale, mise en place il y a 80 ans.
     
    Je félicite les dirigeants de la Banque mondiale et du Fonds monétaire international pour les mesures importantes qu’ils ont entreprises.
     
    Mais comme le souligne le Pacte pour l’avenir, la lutte contre les inégalités exige une accélération de la réforme de l’architecture financière internationale.
     
    Au cours des huit dernières décennies, l’économie mondiale s’est développée et transformée.
     
    Les institutions de Bretton Woods n’ont pas suivi le rythme.
     
    Elles ne sont plus en mesure de fournir un filet de sécurité mondial, ni d’offrir aux pays en développement le niveau de soutien dont ils ont tant besoin.
     
    Dans les pays les plus pauvres du monde, le coût des intérêts de la dette dépasse, en moyenne, le coût des investissements dans l’éducation, la santé et les infrastructures publiques réunis.
     
    Et à l’échelle du monde, plus de 80 % des cibles des Objectifs de développement durable ne sont pas en bonne voie.

    Excelencias,

    Volver al camino correcto requiere un aumento de financiamiento para la Agenda 2030 y el Acuerdo de París.

    Esto implica que los países del G20 lideren un Estímulo para los Objetivos de Desarrollo Sostenible de 500.000 millones de dólares al año.

    Implica reformas para aumentar sustancialmente la capacidad de préstamo de los Bancos Multilaterales de Desarrollo – y permitirles ampliar masivamente la financiación asequible a largo plazo para el clima y el desarrollo.

    Implica ampliar la financiación de contingencia mediante el reciclaje de los Derechos Especiales de Giro.

    E implica promover una reestructuración de la deuda a largo plazo.

    Excelencias,

    No me hago ilusiones sobre las barreras a la reforma del sistema multilateral.

    Los que tienen poder político y económico, o y los que creen tenerlo, son siempre reacios al cambio.

    Pero el status quo ya está agotando su poder.

    Sin reformas, la fragmentación es inevitable, y las instituciones globales perderán legitimidad, credibilidad y eficacia.

    Excellencies,

    The third driver of our unsustainable world is uncertainty.

    The ground is shifting under our feet.

    Anxiety levels are off the charts.

    And young people, in particular, are counting on us and seeking solutions.

    Uncertainty is compounded by two existential threats – the climate crisis and the rapid advance of technology — in particular, Artificial Intelligence.

    Excellencies,

    We are in a climate meltdown.

    Extreme temperatures, raging fires, droughts, and epic floods are not natural disasters.

    They are human disasters — increasingly fueled by fossil fuels.

    No country is spared. But the poorest and most vulnerable are hardest hit.

    Climate hazards are blowing a hole through the budgets of many African countries, costing up to five per cent of GDP – every year.

    And this is just the start.

    We are on course to careen past the global limit of a 1.5 degree temperature rise.

    But as the problem gets worse, solutions are getting better.

    Renewable prices are plummeting, roll-out is accelerating, and lives are being transformed by affordable, accessible clean energy.

    Renewables don’t just generate power. They generate jobs, wealth, energy security and a path out of poverty for millions.

    But developing countries cannot be plundered in that journey.

    Our Panel on Critical Minerals has recommended fair and sustainable ways to meet global demand for these resources, which are essential to the renewables revolution.

    Excellencies,

    A future without fossil fuels is certain.  A fair and fast transition is not.

    That is in your hands.

    By next year, every country must produce an ambitious new national climate action plan – or Nationally Determined Contributions.

    These must bring national energy strategies, sustainable development priorities, and climate ambitions together.

    They must align with the 1.5 degree limit, cover the whole economy, and contribute to every one of the COP28 energy transition targets.

    An International Energy Agency report released today breaks this down.

    By 2035, on average, advanced economies must slash energy emissions 80 per cent, and emerging markets 65 per cent.

    The G20 is responsible for 80 per cent of total emissions.

    They must lead the charge – keeping with the principle of common but differentiated responsibilities and respective capabilities in the light of different national circumstances.

    But this must be a joint effort — pooling resources, scientific capacities and proven and affordable technologies for all to be able to reach those targets.

    I’m honoured to be working closely with President Lula of Brazil – who is both G20 Chair and COP30 host – to secure maximum ambition, acceleration and cooperation. We just met for that purpose.

    Finance is essential.

    COP29 is around the corner.

    It must deliver a significant new finance goal.

    We also need a Loss and Damage Fund that meets the scale of the challenge – and developed countries meeting their adaptation finance promises.

    And we must finally flip the script on a crazy situation:

    We continue to reward polluters to wreck our planet.

    The fossil fuel industry continues to pocket massive profits and subsidies, while everyday people bear the costs of climate catastrophe – from rising insurance premiums to lost livelihoods.

    I call on G20 countries to shift money from fossil fuel subsidies and investments to a just energy transition;

    To put an effective price on carbon;

    And to implement new and innovative sources of financing – including solidarity levies on fossil fuel extraction – through legally-binding, transparent mechanisms.

    All by next year and this taking into account that those who shoulder the blame must foot the bill.

    Polluters must pay.

    Excellencies,

    The rapid rise of new technologies poses another unpredictable existential risk.

    Artificial Intelligence will change virtually everything we know — from work, education and communication, to culture and politics.

    We know AI is rapidly advancing, but where is it taking us:

    To more freedom – or more conflict?

    To a more sustainable world – or greater inequality?

    To being better informed – or easier to manipulate?

    A handful of companies and even individuals have already amassed enormous power over the development of AI – with little accountability or oversight for the moment.

    Without a global approach to its management, artificial intelligence could lead to artificial divisions across the board – a Great Fracture with two internets, two markets, two economies – with every country forced to pick a side, and enormous consequences for all.

    The United Nations is the universal platform for dialogue and consensus.

    It is uniquely placed to promote cooperation on AI – based on the values of the Charter and international law.

    The global debate happens here, or it does not happen.

    I welcome important first steps.

    Two resolutions in the General Assembly, the Global Digital Compact, and the recommendations of the High-Level Body on AI can lay the foundations for inclusive governance of AI.

    Let’s move forward together to make AI a force for good.

    Excellencies,

    Nothing lasts forever.

    But a feature of human life is that it appears otherwise.

    The current order always feels fixed.

    Until it is not.
     
    Across human history, we see empires rising and falling; old certainties crumbling; tectonic shifts in global affairs.
     
    Today our course is unsustainable.

    It is in all our interests to manage the epic transformations underway; to choose the future we want and to guide our world towards it.

    Many have said that the differences and divisions today are just too great.

    That it is impossible for us to come together for the common good.

    You proved that is not true.

    The Summit of the Future showed that with a spirit of dialogue and compromise, we can join forces to steer our world to a more sustainable path.

    It is not the end.

    It is a start of a journey, a compass in the whirlwind.

    Let’s keep going.

    Let’s move our world towards less impunity and more accountability …. less inequality and more justice … less uncertainty and more opportunity.

    The people of the world are looking to us – and succeeding generations will look back on us.

    Let them find us on the side of the United Nations Charter … on the side of our shared values and principles … and on the right side of history.

    I thank you.

    ***
    [all-English]

    Mr. President of the General Assembly,
     
    Excellencies,
     
    Ladies and gentlemen,
     
    Our world is in a whirlwind.
     
    We are in an era of epic transformation – facing challenges unlike any we have ever seen – challenges that demand global solutions.
     
    Yet geo-political divisions keep deepening. The planet keeps heating.

    Wars rage with no clue how they will end.
     
    And nuclear posturing and new weapons cast a dark shadow.
     
    We are edging towards the unimaginable – a powder keg that risks engulfing the world.
     
    Meanwhile, 2024 is the year that half of humanity goes to the polls – and all of humanity will be affected.
     
    I stand before you in this whirlwind convinced of two overriding truths.
     
    First, the state of our world is unsustainable.
     
    We can’t go on like this.
     
    And second, the challenges we face are solvable.
     
    But that requires us to make sure the mechanisms of international problem-solving actually solve problems.
     
    The Summit of the Future was a first step, but we have a long way to go.
     
    Getting there requires confronting three major drivers of unsustainability.
     
    A world of impunity – where violations and abuses threaten the very foundation of international law and the UN Charter.
     
    A world of inequality – where injustices and grievances threaten to undermine countries or even push them over the edge.
     
    And a world of uncertainty – where unmanaged global risks threaten our future in unknowable ways.
     
    These worlds of impunity, inequality and uncertainty are connected and colliding.
     
    Excellencies,
     
    The level of impunity in the world is politically indefensible and morally intolerable.
     
    Today, a growing number of governments and others feel entitled to a “get out of jail free” card.
     
    They can trample international law.
     
    They can violate the United Nations Charter.
     
    They can turn a blind eye to international human rights conventions or the decisions of international courts.
     
    They can thumb their nose at international humanitarian law.
     
    They can invade another country, lay waste to whole societies, or utterly disregard the welfare of their own people.
     
    And nothing will happen.
     
    We see this age of impunity everywhere — in the Middle East, in the heart of Europe, in the Horn of Africa, and beyond.
     
    The war in Ukraine is spreading with no signs of letting up.
     
    Civilians are paying the price – in rising death tolls and shattered lives and communities.
     
    It is time for a just peace based on the UN Charter, on international law and on UN resolutions.
     
    Meanwhile, Gaza is a non-stop nightmare that threatens to take the entire region with it.
     
    Look no further than Lebanon.
     
    We should all be alarmed by the escalation. 
     
    Lebanon is at the brink. 
     
    The people of Lebanon – the people of Israel – and the people of the world — cannot afford Lebanon to become another Gaza.
     
    Let’s be clear.
     
    Nothing can justify the abhorrent acts of terror committed by Hamas on October 7th, or the taking of hostages – both of which I have repeatedly condemned.
     
    And nothing can justify the collective punishment of the Palestinian people.
     
    The speed and scale of the killing and destruction in Gaza are unlike anything in my years as Secretary-General.
     
    More than 200 of our own staff have been killed, many with their families.
     
    And yet the women and men of the United Nations continue to deliver humanitarian aid.
     
    I know you join me in paying a special tribute to UNRWA and to all humanitarians in Gaza.
     
    The international community must mobilize for an immediate ceasefire, the immediate and unconditional release of all hostages, and the beginning of an irreversible process towards a two-State solution.
     
    For those who go on undermining that goal with more settlements, more landgrabs, more incitement — I ask:
     
    What is the alternative?
     
    How could the world accept a one-state future in which a large a large number of Palestinians would be included without any freedom, rights or dignity?
     
    In Sudan, a brutal power struggle has unleashed horrific violence — including widespread rape and sexual assaults.
     
    A humanitarian catastrophe is unfolding as famine spreads.  Yet outside powers continue to interfere with no unified approach to finding peace.
     
    In the Sahel, the dramatic and rapid expansion of the terrorist threat requires a joint approach rooted in solidarity – but regional and international cooperation have broken down.
     
    From Myanmar to the Democratic Republic of the Congo to Haiti to Yemen and beyond – we continue to see appalling levels of violence and human suffering in the face of a chronic failure to find solutions.
     
    Meanwhile our peacekeeping missions are too often operating in areas where simply there is no peace to keep.
     
    Instability in many places around the world is a by-product of instability in power relations and geo-political divides.
     
    For all its perils, the Cold War had rules.
     
    There were hot lines, red lines and guard rails.
     
    It can feel as though we don’t have that today.
     
    Nor do we have a unipolar world.
     
    We are moving to a multipolar world, but we are not there yet.
     
    We are in a purgatory of polarity.
     
    And in this purgatory, more and more countries are filling the spaces of geopolitical divides, doing whatever they want with no accountability.
     
    That is why it is more important than ever to reaffirm the Charter, to respect international law, to support and implement decisions of international courts, and to reinforce human rights in the world.
     
    Anywhere and everywhere.

    Excellencies, Ladies and Gentlemen,

    Rising inequalities are a second driver of unsustainability and a stain on our collective conscience. 

    Inequality is not a technical or bureaucratic issue. 

    At its heart, inequality is a question of power with historic roots.

    Conflict, climate upheaval and the cost-of-living crisis, are pushing those roots deeper. 

    At the same time, the world has not recovered from the surge in inequalities caused by the pandemic.

    Of the world’s poorest 75 countries, one-third are worse off today than they were five years ago.

    During that same period, the five richest men in the world have more than doubled their wealth.
     
    And the top one per cent of people on earth own 43 per cent of all global financial assets.

    At the national level, some governments are supercharging inequalities by doling out massive tax giveaways to corporations and the ultra-rich, while shortchanging investments in health, education and social protection.

    No one is being short-changed more than the world’s women and girls. 

    Excellencies, 
     
    Rampant gender-based discrimination and abuse are the most prevalent inequality across all societies. 
     
    Every day, it seems we are confronted by yet more sickening cases of femicide, gender-based violence and mass rape, both in peacetime and as a weapon of war. 
     
    In some countries, laws are being used to threaten reproductive health and rights. 

    And in Afghanistan, laws are being used to lock-in the systematic oppression of women and girls. 
     
    And I am sorry to observe that despite years of talk, gender inequality is on full display, and I am sorry for mentioning it here, gender inequality is on full display in this very Hall. 

    Less than 10 per cent of speakers during this week’s General Debate are women. 
     
    This is unacceptable – especially when we know gender equality delivers for peace, sustainable development, climate action and much more. 

    That is precisely why we took targeted measures to achieve gender parity among the United Nations senior leadership, an objective that has already been achieved.

    It’s doable. 

    I call on male-dominated political and economic establishments around the world to do it as well.
     
    Excellencies,

    Global inequalities are reflected and reinforced even in our own global institutions.

    The United Nations Security Council was designed by the victors of the Second World War. 

    Most of Africa was still under colonial domination. 

    To this day, Africa has no permanent seat on the world’s preeminent council of peace. 

    This must change.

    So must the global financial architecture, set up 80 years ago. 

    I commend the leaders of the World Bank and the International Monetary Fund for taking important steps.

    But as the Pact for the Future emphasizes, tackling inequalities requires accelerating reform of the international financial architecture.

    Over the past eight decades, the global economy has grown and transformed.

    The Bretton Woods institutions have not kept pace.

    They can no longer provide a global safety net – or offer developing countries the level of support they need.

    Debt interest payments in the world’s poorest countries now cost more, on average, than investments in education, health and infrastructure combined.

    And around the world, more than 80 per cent of Sustainable Development Goal targets are off track. 

    Excellencies,

    Getting back on track requires a surge of financing for the 2030 Agenda and the Paris Agreement.

    That means G20 countries leading on an SDG Stimulus of $500 billion a year. 

    It means reforms to substantially increase the lending capacity of Multilateral Development Banks and enable them to massively scale-up affordable long-term climate and development finance.

    It means expanding contingency financing through recycling Special Drawing Rights.

    And it means promoting long-term debt-restructuring.

    Excellencies,

    I have no illusions about the obstacles to reform of the multilateral system.

    Those with political and economic power – and those who believe they have power – are always reluctant to change.

    But the status quo is already draining their power.

    Without reform, fragmentation is inevitable, and global institutions will become less legitimate, less credible, and less effective.
     
    Excellencies,
     
    The third driver of our unsustainable world is uncertainty.
     
    The ground is shifting under our feet.
     
    Anxiety levels are off the charts.
     
    And young people, in particular, are counting on us and seeking solutions.
     
    Uncertainty is compounded by two existential threats – the climate crisis and the rapid advance of technology — in particular, Artificial Intelligence.
     
    Excellencies,
     
    We are in a climate meltdown.
     
    Extreme temperatures, raging fires, droughts, and epic floods are not natural disasters.
     
    They are human disasters — increasingly fueled by fossil fuels.
     
    No country is spared. But the poorest and most vulnerable are hardest hit.
     
    Climate hazards are blowing a hole through the budgets of many African countries, costing up to five per cent of GDP – every year.
     
    And this is just the start.
     
    We are on course to careen past the global limit of a 1.5 degree temperature rise.
     
    But as the problem gets worse, solutions are getting better.
     
    Renewable prices are plummeting, roll-out is accelerating, and lives are being transformed by affordable, accessible clean energy.
     
    Renewables don’t just generate power. They generate jobs, wealth, energy security and a path out of poverty for millions.
     
    But developing countries cannot be plundered in that journey.
     
    Our Panel on Critical Minerals has recommended fair and sustainable ways to meet global demand for these resources, which are essential to the renewables revolution.
     
    Excellencies,
     
    A future without fossil fuels is certain.  A fair and fast transition is not.
     
    That is in your hands.
     
    By next year, every country must produce an ambitious new national climate action plan – or Nationally Determined Contributions.
     
    These must bring national energy strategies, sustainable development priorities, and climate ambitions together.
     
    They must align with the 1.5 degree limit, cover the whole economy, and contribute to every one of the COP28 energy transition targets.
     
    An International Energy Agency report released today breaks this down.
     
    By 2035, on average, advanced economies must slash energy emissions 80 per cent, and emerging markets 65 per cent.
     
    The G20 is responsible for 80 per cent of total emissions.
     
    They must lead the charge – keeping with the principle of common but differentiated responsibilities and respective capabilities in the light of different national circumstances.
     
    But this must be a joint effort — pooling resources, scientific capacities and proven and affordable technologies for all to be able to reach those targets.
     
    I’m honoured to be working closely with President Lula of Brazil – who is both G20 Chair and COP30 host – to secure maximum ambition, acceleration and cooperation. We just met for that purpose.
     
    Finance is essential.
     
    COP29 is around the corner.
     
    It must deliver a significant new finance goal.
     
    We also need a Loss and Damage Fund that meets the scale of the challenge – and developed countries meeting their adaptation finance promises.
     
    And we must finally flip the script on a crazy situation:
     
    We continue to reward polluters to wreck our planet.
     
    The fossil fuel industry continues to pocket massive profits and subsidies, while everyday people bear the costs of climate catastrophe – from rising insurance premiums to lost livelihoods.
     
    I call on G20 countries to shift money from fossil fuel subsidies and investments to a just energy transition;
     
    To put an effective price on carbon;
     
    And to implement new and innovative sources of financing – including solidarity levies on fossil fuel extraction – through legally-binding, transparent mechanisms.
     
    All by next year and this taking into account that those who shoulder the blame must foot the bill.
     
    Polluters must pay.
     
    Excellencies,
     
    The rapid rise of new technologies poses another unpredictable existential risk.
     
    Artificial Intelligence will change virtually everything we know — from work, education and communication, to culture and politics.
     
    We know AI is rapidly advancing, but where is it taking us:
     
    To more freedom – or more conflict?
     
    To a more sustainable world – or greater inequality?
     
    To being better informed – or easier to manipulate?
     
    A handful of companies and even individuals have already amassed enormous power over the development of AI – with little accountability or oversight for the moment.
     
    Without a global approach to its management, artificial intelligence could lead to artificial divisions across the board – a Great Fracture with two internets, two markets, two economies – with every country forced to pick a side, and enormous consequences for all.
     
    The United Nations is the universal platform for dialogue and consensus.
     
    It is uniquely placed to promote cooperation on AI – based on the values of the Charter and international law.
     
    The global debate happens here, or it does not happen.
     
    I welcome important first steps.
     
    Two resolutions in the General Assembly, the Global Digital Compact, and the recommendations of the High-Level Body on AI can lay the foundations for inclusive governance of AI.
     
    Let’s move forward together to make AI a force for good.
     
    Excellencies,
     
    Nothing lasts forever.
     
    But a feature of human life is that it appears otherwise.
     
    The current order always feels fixed.
     
    Until it is not.
     
    Across human history, we see empires rising and falling; old certainties crumbling; tectonic shifts in global affairs.
     
    Today our course is unsustainable.
     
    It is in all our interests to manage the epic transformations underway; to choose the future we want and to guide our world towards it.
     
    Many have said that the differences and divisions today are just too great.
     
    That it is impossible for us to come together for the common good.
     
    You proved that is not true.
     
    The Summit of the Future showed that with a spirit of dialogue and compromise, we can join forces to steer our world to a more sustainable path.
     
    It is not the end.
     
    It is a start of a journey, a compass in the whirlwind.
     
    Let’s keep going.
     
    Let’s move our world towards less impunity and more accountability …. less inequality and more justice … less uncertainty and more opportunity.
     
    The people of the world are looking to us – and succeeding generations will look back on us.
     
    Let them find us on the side of the United Nations Charter … on the side of our shared values and principles … and on the right side of history.
     
    I thank you.

    ***
    [all-French]

    Monsieur le Président,

    Excellences,

    Mesdames et Messieurs,

    Notre monde est pris dans un tourbillon.

    Nous vivons une ère de transformation aux proportions épiques et faisons face à des défis sans précédent qui exigent des solutions mondiales.

    Et pourtant, les divisions géopolitiques ne vont qu’en s’aggravant. La planète continue de se réchauffer.

    Les guerres font rage sans que l’on sache comment elles vont se terminer.

    Les gesticulations nucléaires et les nouvelles armes font planer sur nous une ombre inquiétante.

    Nous allons tout droit vers l’inimaginable : une poudrière qui risque d’engloutir le monde.

    En 2024, la moitié de l’humanité doit se rendre aux urnes – et c’est sur l’humanité tout entière que pèsera l’issue de ces scrutins.

    Je me tiens devant vous, face à ce tourbillon, convaincu de deux vérités primordiales.

    Tout d’abord, l’état dans lequel se trouve notre monde n’est pas viable.

    On ne peut pas continuer ainsi.

    Et deuxièmement, il est possible de relever les défis auxquels nous sommes confrontés.

    Mais pour cela, nous devons nous assurer que les mécanismes de règlement des problèmes internationaux permettent bel et bien de régler les problèmes.

    Le Sommet de l’avenir était un premier pas, mais le chemin à parcourir est encore long.

    Pour y parvenir, il faut s’attaquer à trois grands facteurs de l’insoutenabilité.

    Un monde d’impunité – dans lequel les violations et les atteintes menacent le fondement même du droit international et de la Charte des Nations Unies.

    Un monde d’inégalités – où les injustices et les griefs auxquelles elles donnent jour menacent d’affaiblir les pays, ou pire, de les précipiter dans le gouffre.

    Et un monde d’incertitude – où les risques mondiaux ne sont pas gérés, ce qui hypothèque notre avenir, bien au-delà de ce que l’on peut imaginer.

    Ces mondes d’impunité, d’inégalité et d’incertitude sont liés entre eux et se télescopent.

    Excellences,

    Le degré d’impunité dans le monde est indéfendable sur le plan politique et moralement intolérable.

    Aujourd’hui, un nombre croissant de gouvernements et d’autres acteurs se sentent autorisés à bénéficier, comme au Monopoly, d’une carte « Vous êtes libéré de prison ».

    Ils peuvent fouler aux pieds le droit international.

    Ils peuvent violer la Charte des Nations Unies.

    Ils peuvent ignorer les conventions internationales relatives aux droits humains ou les décisions des tribunaux internationaux.

    Ils peuvent bafouer le droit international humanitaire.

    Ils peuvent envahir un autre pays, dévaster des sociétés entières ou mépriser complètement le bien-être de leur propre peuple.

    Sans que rien ne se passe.

    Partout ‒ au Moyen-Orient, au cœur de l’Europe, dans la Corne de l’Afrique et au-delà ‒ c’est l’ère de l’impunité.

    La guerre en Ukraine s’étend et rien n’indique qu’elle va s’arrêter.

    Ce sont les populations civiles qui en paient le prix. À preuve, les morts de plus en plus nombreuses, les vies et les communautés brisées.

    Il est temps d’instaurer une paix juste, fondée sur la Charte des Nations Unies, le droit international et les résolutions des organes des Nations Unies.

    Pendant ce temps, Gaza vit un cauchemar permanent qui menace d’entraîner toute la région dans le chaos.

    À commencer par le Liban.

    Nous devrions tous être alarmés par cette escalade. 

    Le Liban est au bord du gouffre. 

    Le peuple libanais, le peuple israélien et les peuples du monde ne peuvent se permettre que le Liban devienne un autre Gaza.

    Soyons clairs.

    Rien ne peut justifier les actes de terreur abominables commis par le Hamas le 7 octobre, ni les prises d’otages, que j’ai condamnés à maintes reprises.

    Mais rien ne peut justifier d’infliger un châtiment collectif au peuple palestinien.

    La rapidité et l’ampleur du massacre et des destructions à Gaza ne ressemblent à rien d’autre de ce que j’ai connu depuis que je suis Secrétaire général.

    Plus de 200 membres du personnel des Nations Unies ont déjà été tués et, souvent, des membres de leurs familles ont aussi péri à leurs côtés.

    Et pourtant, les femmes et les hommes des Nations Unies continuent d’accomplir leur mission.

    Je sais que vous vous joignez à moi pour rendre un hommage appuyé à l’UNRWA et à tous les humanitaires à Gaza.

    La communauté internationale doit se mobiliser pour obtenir un cessez-le-feu immédiat, la libération immédiate et inconditionnelle des tous les otages et le lancement d’un processus irréversible pour qu’une solution des deux États voie le jour.

    J’aimerais poser une question à ceux qui continuent de saper cet objectif en multipliant les implantations, les expulsions, les provocations:
    Quelle est l’alternative ?

    Comment le monde pourrait-il accepter un État qui inclurait un grand nombre de Palestiniens et de Palestiniennes privés de liberté, de droits et de dignité ?

    Au Soudan, une lutte brutale pour le pouvoir a donné lieu à d’horribles violences, notamment des viols et des agressions sexuelles à grande échelle.

    Une catastrophe humanitaire est en train de se produire dans un pays en proie à une famine rampante. Pourtant, les puissances extérieures continuent de s’ingérer sans aucune approche unifiée pour trouver la paix.

    Au Sahel, l’expansion dramatique et rapide de la menace terroriste exige l’adoption d’une approche commune fondée sur la solidarité, mais la coopération régionale et internationale est en panne.

    Du Myanmar à la République démocratique du Congo, en passant par Haïti et le Yémen, les populations restent exposées à des violences et des souffrances effroyables, sur fond d’incapacité chronique à trouver des solutions.

    Pendant ce temps, nos missions de maintien de la paix opèrent trop souvent dans des lieux où il n’y a tout simplement pas de paix à maintenir.

    L’instabilité que l’on observe en de nombreux endroits du monde est la conséquence de l’instabilité des relations de pouvoir et des clivages géopolitiques.

    La Guerre Froide était pleine de dangers, mais elle avait aussi ses règles.

    Il y avait le téléphone rouge, des limites à ne pas franchir et des garde-fous.

    On a parfois l’impression que l’on n’a rien de tout cela aujourd’hui.

    Nous ne vivons pas non plus dans un monde unipolaire.

    Nous sommes en train de passer à un monde multipolaire, mais nous n’y sommes pas encore.

    Nous sommes en fait dans le purgatoire de la polarité.

    Et dans ce purgatoire, de plus en plus de pays occupent les espaces laissés vides par les divisions géopolitiques et font ce qu’ils veulent sans avoir à rendre de comptes.

    C’est pourquoi il est plus important que jamais de réaffirmer la Charte, d’appuyer et de respecter le droit international et de renforcer les droits humains à travers le monde.

    Partout et en tout lieu.

    Excellences, Mesdames et Messieurs,

    L’augmentation des inégalités est un deuxième facteur de l’insoutenabilité et une tache sur notre conscience collective. 

    L’inégalité n’est pas une question technique ou bureaucratique. 

    Au fond, l’inégalité est une question de pouvoir, aux racines historiques.

    Les conflits, les bouleversements climatiques et la crise du coût de la vie étendent ces racines historiques plus profondément encore. 

    Dans le même temps, le monde peine encore à se relever de la flambée des inégalités engendrée par la pandémie.

    Si l’on regarde les 75 pays les plus pauvres du monde, un tiers d’entre eux se trouve aujourd’hui dans une situation pire qu’il y a cinq ans.

    Au cours de la même période, les cinq hommes les plus riches de la planète ont plus que doublé leurs fortunes.

    Et un pour cent des habitants de la planète détient 43 % de l’ensemble des avoirs financiers mondiaux.

    Au niveau national, certains gouvernements décuplent les inégalités en accordant des cadeaux fiscaux massifs aux entreprises et aux ultra-riches — au détriment des investissements dans la santé, l’éducation et la protection sociale.

    Et personne n’est plus lésé que les femmes et les filles du monde entier.

    Excellences,

    La discrimination et les abus généralisés fondés sur le genre constituent l’inégalité la plus répandue dans toutes les sociétés.

    Chaque jour, il semble que nous soyons confrontés à de nouveaux cas révoltants de féminicides, de violences fondées sur le genre et de viols collectifs – en temps de paix comme en tant qu’arme de guerre.

    Dans certains pays, les lois sont utilisées pour menacer la santé et les droits reproductifs. 

    Et en Afghanistan, les lois sont utilisées pour entériner l’oppression systématique des femmes et des filles.

    Et je suis désolé de constater que, malgré des années de beaux discours, l’inégalité de genre se manifeste, et je vous demande pardon de le dire, elle se manifeste aujourd’hui encore, pleinement dans cette enceinte.

    Moins de 10 pour cent des intervenants au Débat général de cette semaine sont des femmes.
     
    C’est inacceptable, surtout quand on sait que l’égalité entre les femmes et les hommes contribue à la paix, au développement durable, à l’action climatique et bien plus encore.

    C’est précisément pour cela nous avons pris des mesures spécifiques pour atteindre la parité hommes-femmes parmi les hauts responsables de l’Organisation des Nations Unies, objectif qui est déjà complété.

    C’est faisable.

    J’exhorte les institutions politiques et économiques du monde dominées par les hommes à le faire aussi.
     
    Excellences,

    Les inégalités mondiales se reflètent et se renforcent jusque dans nos propres organisations internationales.

    Le Conseil de sécurité des Nations Unies a été conçu par les vainqueurs de la Seconde Guerre mondiale. 

    À l’époque, la majeure partie du continent africain était encore sous domination coloniale. 

    À ce jour, l’Afrique n’a toujours aucun siège permanent au sein de la principale instance de paix du monde. 

    Un changement s’impose.

    Il en va de même pour l’architecture financière mondiale, mise en place il y a 80 ans. 

    Je félicite les dirigeants de la Banque mondiale et du Fonds monétaire international pour les mesures importantes qu’ils ont entreprises.

    Mais comme le souligne le Pacte pour l’avenir, la lutte contre les inégalités exige une accélération de la réforme de l’architecture financière internationale.

    Au cours des huit dernières décennies, l’économie mondiale s’est développée et transformée.

    Les institutions de Bretton Woods n’ont pas suivi le rythme.

    Elles ne sont plus en mesure de fournir un filet de sécurité mondial, ni d’offrir aux pays en développement le niveau de soutien dont ils ont tant besoin. 

    Dans les pays les plus pauvres du monde, le coût des intérêts de la dette dépasse, en moyenne, le coût des investissements dans l’éducation, la santé et les infrastructures publiques réunis.

    Et à l’échelle du monde, plus de 80 % des cibles des Objectifs de développement durable ne sont pas en bonne voie.

    Excellences,

    Pour que l’on puisse redresser le cap, les financements mobilisés pour le Programme 2030 et l’Accord de Paris doivent connaître un véritable bond.

    Cela implique que les pays du G20 montrent l’exemple sur le Plan de relance des Objectifs de développement durable, de 500 milliards de dollars par an.

    Cela implique également d’engager des réformes pour renforcer considérablement la capacité de prêt des Banques multilatérales de développement, afin qu’elles puissent proposer bien davantage de financements abordables et à long terme pour l’action climatique et le développement.

    Cela implique de débloquer plus largement des financements pour imprévus, à travers le recyclage des droits de tirage spéciaux.

    Et cela implique de promouvoir une restructuration de la dette à long terme.

    Excellences,

    Je ne me fais guère d’illusions sur les obstacles que nous rencontrerons dans le cadre de la réforme du système multilatéral.

    Ceux qui détiennent le pouvoir politique et économique – et ceux qui croient le détenir – ont toujours une aversion au changement.

    Pourtant, le statu quo ébranle déjà leur pouvoir.

    Sans réforme, la fragmentation est inévitable, condamnant les institutions mondiales à perdre en légitimité, en crédibilité et en efficacité.

    Excellences,

    Le troisième facteur de l’insoutenabilité de notre monde est l’incertitude.

    Le sol se dérobe sous nos pieds.

    L’anxiété est à son comble.

    Les jeunes, en particulier, comptent sur nous et recherchent des solutions.

    L’incertitude est aggravée par deux menaces existentielles : la crise climatique et les bouleversements technologiques rapides, notamment l’intelligence artificielle.

    Excellences,

    Nous assistons à un véritable effondrement du climat.

    Les températures extrêmes, les incendies violents, les sécheresses et les inondations catastrophiques ne sont pas des catastrophes naturelles.

    Ce sont des catastrophes humaines, dont les combustibles fossiles précipitent l’enchaînement.

    Aucun pays n’est épargné. Mais ce sont les pays les plus pauvres et les plus vulnérables qui paient le prix fort.

    Les calamités climatiques obèrent les budgets de nombreux pays d’Afrique et leur coûtent jusqu’à 5 % de leur PIB – chaque année.

    Et ce n’est que le début.

    La température mondiale est sur le point de dépasser la limite de 1,5 degré.

    Mais si le problème s’aggrave, les solutions que l’on y apporte deviennent plus efficaces.

    Prenons l’exemple des énergies renouvelables : leur prix diminue fortement, leur déploiement s’accélère et des populations voient leur quotidien transformé par une énergie propre, accessible et d’un coût abordable.

    Les énergies renouvelables ne servent pas qu’à produire de l’électricité. Elles créent aussi des emplois et de la richesse, sont gages de sécurité énergétique et permettent à des millions de personnes de sortir de la pauvreté.

    Mais cela ne doit pas passer par le pillage des pays en développement.

    Notre Groupe chargé de la question des minéraux essentiels a recommandé que des mesures équitables et durables soient prises pour répondre à la demande mondiale dans ces ressources, indispensables à la révolution des énergies renouvelables.

    Excellences,

    Il est certain qu’un monde sans combustibles fossiles verra le jour. En revanche, rien ne dit que la transition sera rapide ou équitable.

    Cela dépend de vous.

    D’ici à l’an prochain, tous les pays devront élaborer de nouveaux plans d’action nationaux pour le climat ambitieux – ou déterminer leurs contributions au niveau national.

    Ils devront faire converger leurs stratégies énergétiques nationales, leurs priorités en matière de développement durable et les ambitions climatiques.

    Ils devront ne pas dépasser la limite de 1,5 degré, couvrir l’ensemble de l’économie et concourir à la réalisation de tous les objectifs de transition énergétique convenus lors de la COP28.

    Dans le rapport qu’elle a publié aujourd’hui, l’Agence internationale de l’énergie chiffre le niveau d’ambition à atteindre.

    D’ici à 2035, en moyenne, les émissions de gaz à effet de serre doivent diminuer de 80 % dans les économies avancées, de 65 % dans les marchés émergents.

    Les pays du G20 sont responsables au total de 80 % des émissions.

    Ils doivent mener la charge, en respectant le principe des responsabilités communes mais différenciées et en tenant compte des capacités de chacun, en fonction des différents contextes nationaux.

    Mais cette action doit s’inscrire dans une démarche collective et suppose la mise en commun des ressources, des capacités scientifiques et de technologies abordables à l’efficacité avérée pour que tous puissent atteindre cet objectif.

    J’ai l’honneur de collaborer étroitement avec le Président Lula, dont le pays préside le G20 et accueillera la COP 30, afin de garantir le plus haut degré d’ambition possible, d’accélérer le rythme des progrès et de favoriser la coopération.

    Nous venons de nous rencontrer pour discuter de cela.

    Les financements sont d’une importance cruciale.

    La COP29 arrive à grands pas.

    Elle doit être l’occasion de fixer un nouvel objectif ambitieux en matière de financement.

    Il faut également que le fonds pour les pertes et les préjudices soit à la hauteur de l’enjeu et que les pays développés tiennent leurs promesses en matière de financement de l’adaptation.

    Et l’heure est venue de faire bouger les lignes face à une situation insensée.

    Nous continuons de récompenser les pollueurs qui détruisent notre planète.

    Le secteur des combustibles fossiles continue d’engranger des profits et des subventions considérables, mais ce sont les populations qui supportent les coûts de la catastrophe climatique, depuis la hausse des primes d’assurance jusqu’à la perte de leurs moyens de subsistance.

    Je demande aux pays du G20 de mettre fin aux subventions et aux investissements liés aux combustibles fossiles et de financer à la place une transition énergétique juste,

    De mettre un prix au carbone.

    Et d’adopter des sources de financement nouvelles et novatrices – notamment en instaurant une redevance internationale de solidarité sur l’extraction des combustibles fossiles, au moyen de mécanismes juridiquement contraignants et transparents.

    Et ce, d’ici à l’année prochaine.

    Et ce en tenant compte du fait que pour les responsables, l’heure des comptes a sonné.

    Les pollueurs doivent payer.

    Excellences,

    L’essor rapide des nouvelles technologies est une autre menace existentielle dont les conséquences sont imprévisibles.

    L’intelligence artificielle transformera notre monde du tout au tout : le travail, mais aussi l’éducation, la communication, la culture ou encore la politique.

    Nous savons que l’intelligence artificielle progresse rapidement, mais où nous mène-t-elle ?

    Vers plus de liberté ou plus de conflits ?

    Vers un monde plus durable ou de plus grandes inégalités ?

    Serons-nous mieux informés ou plus faciles à manipuler ?

    Une poignée d’entreprises et même de particuliers ont déjà acquis un pouvoir immense grâce au développement de l’intelligence artificielle, sans, pour le moment, avoir véritablement à rendre des comptes et sans grand contrôle.

    Faute de mesures mondiales pour en gérer le déploiement, l’intelligence artificielle risque d’engendrer des divisions artificielles dans tous les domaines, de donner lieu à une grande fracture entre deux internets, deux marchés et deux économies et, ainsi, de faire naître une situation où chaque pays serait contraint de choisir un camp, ce qui serait lourd de conséquences pour l’humanité tout entière.

    L’ONU est une instance universelle de dialogue et de consensus.

    Elle est particulièrement bien placée pour promouvoir la coopération en ce qui concerne l’intelligence artificielle, sur la base des valeurs de la Charte et du droit international.

    C’est dans cette enceinte, et nulle part ailleurs, que les membres de la communauté internationale débattent.

    Je salue les premières mesures importantes qui ont été prises.

    Deux résolutions de l’Assemblée générale, le Pacte numérique mondial et les recommandations de l’Organe consultatif de haut niveau sur l’intelligence artificielle, peuvent asseoir les bases d’une gouvernance inclusive de l’intelligence artificielle.

    Ensemble, faisons de l’intelligence artificielle une force au service du bien.

    Excellences,

    Rien n’est éternel.

    Mais l’humanité a ceci de particulier qu’elle croit le contraire.

    L’ordre en place a toujours l’air d’être indémontable.

    Jusqu’au jour où tout bascule.

    L’histoire de l’humanité a été marquée par l’essor et la chute d’empires, l’effondrement de vieilles certitudes et de véritables séismes sur le théâtre du monde.

    Aujourd’hui, nous allons droit dans le mur.

    Il est dans notre intérêt à toutes et à tous de gérer les transformations colossales qui sont en cours, de déterminer l’avenir que nous voulons et de faciliter son avènement dans le monde.

    Beaucoup pensent que les divisions et les divergences d’aujourd’hui sont insurmontables,

    Que nous ne parviendrons pas à nous rassembler pour le bien commun.

    Vous avez prouvé que ce n’était pas le cas.

    Le Sommet de l’avenir a montré que nous pouvons unir nos forces dans un esprit de dialogue et de compromis pour engager le monde sur une voie plus durable.

    Ce n’est pas une fin.

    Ce n’est que le début, une boussole dans la tempête.

    Il faut continuer sur cette lancée.

    Ne ménageons pas nos efforts : pour lutter contre l’impunité et renforcer le respect du principe de responsabilité… pour moins d’inégalités et plus de justice… pour échapper à l’incertitude et élargir le champ des possibles.

    Les populations du monde entier comptent sur nous, et les générations futures nous jugeront à l’aune de ce que nous aurons accompli.

    Nous devons ne pas les décevoir. Nous devons être à la hauteur de la Charte des Nations Unies… de nos valeurs et principes communs… et du bon côté de l’histoire.

    Et je vous remercie.
     

    MIL OSI United Nations News

  • MIL-OSI Security: Principal Deputy Assistant Attorney General Doha Mekki Delivers Remarks on the Justice Department’s Lawsuit Against Visa for Monopolizing Debit Markets

    Source: United States Attorneys General

    Remarks as Prepared for Delivery

    This afternoon, the Justice Department filed a monopolization lawsuit about a financial network we do not see but cannot escape. Every year, this financial network processes 157 billion debit transactions. Whether at the grocery store, the pharmacy, the gas station or online, millions of Americans give merchants their debit credentials, allowing them to pay for goods and services directly from their bank accounts. And for Americans of all stripes, they either need or prefer this payment option.

    What those millions of Americans cannot see is that behind every debit transaction is a communications infrastructure that makes it all happen.

    But this infrastructure is neither innovative nor new.

    In fact, it has been around in one form or another since the 1970s. Despite the passage of time, the dawn of new technologies and payment paradigms, one corporation, Visa, is an unavoidable debit network for merchants, banks and consumers. And Visa knows it.

    Visa’s dominance is reflected in its slogan “everywhere you want to be.” But for merchants, banks and consumers, one could just as easily add “whether you want us or not.” Because in fact Visa has not maintained this dominance by innovating, competing on the merits or championing consumer choice. It has done so through exclusion and penalization. Visa’s conduct is unlawful, and today, we filed suit to stop it.

    Visa has a durable monopoly over debit card networks. More than 60% of debit transactions in the United States run on Visa’s debit network, allowing it to charge over $7 billion in fees each year for these transactions. Visa rakes in sky-high margins and faces, in its own words, approximately zero marginal costs.

    Those fees have many names. A domestic service fee. A data processing fee. An acquired service fee. A network acquirer fee. A fixed acquirer network fee.

    Regardless of what they are or who pays them, these fees add up to billions in hidden costs and tolls that must be borne by businesses, working families and the U.S. economy more broadly.

    Visa knows the source of this dominance is its immense scale on both sides of the market. It is widely used by consumers’ banks on the one hand and cannot be avoided by merchants on the other hand. Visa recognizes that this scale is an “enormous moat” that protects and sustains its monopoly debit business and profits.

    As we allege in our complaint, it did not have to be this way. But in the early 2010s, competition threatened to erode Visa’s debit monopoly.

    At that time, this monopoly faced twin competitive threats.

    First, Congress sought to unlock competition and lower prices by requiring banks that issue debit cards to include at least two debit routing options on their cards. This would allow debit payment networks to compete for transactions between consumers and merchants at the point of sale.

    Second, at the same time, technological innovation had sprouted a new paradigm in which merchants and consumers could directly connect with fewer middlemen like Visa.

    Faced with these threats, Visa developed a plan to wield and protect its monopoly power and distort competition for debit transactions. Visa extracted a series of agreements with major merchants, banks that issue debit cards and other key industry players. Those agreements forced merchants who might consider a lower cost rival into a false choice: choose Visa or face ruinous fees on every single Visa transaction.

    There’s more. Visa feared entry by potential fintech competitors like Apple, PayPal and Square. It worried these competitors might have what it described as “network ambitions,” which would threaten Visa’s dominance and centrality in debit. It worried about fintech payment networks gaining scale with both merchants and consumers and “becom[ing] a viable merchant option: positioned and priced as a ‘Substitute for Debit.’”

    So, Visa began co-opting and neutralizing competition by turning rivals and potential competitors into Visa “partner[s]” on the condition they did not develop competing payment products.

    Visa offered payoffs to incentivize potential competitors to keep out of the debit market. It also threatened potentially ruinous financial penalties if up-and-coming competitors innovate in ways Visa dislikes. As Visa’s then-chief financial officer (CFO) explained in 2023, Visa makes “it worth their while to partner with us.”

    Through these agreements, Visa shrewdly and deliberately built for itself the cosseted life of a monopolist in which, as Visa’s CFO emphasized, “Everybody is a friend and partner. Nobody is a competitor.” But the antitrust laws have something to say about that. And that is why we have filed today’s lawsuit against Visa.

    For more than a century, the Justice Department has fought anticompetitive conduct in financial services markets. From stopping mergers that threaten affordable access to banking, like Philadelphia National Bank, to breaking up the rules that restricted competition on the NASDAQ, the division has made clear the antitrust laws protect the financial system that benefits small and large businesses, and consumers, from monopolists and anticompetitive behavior alike. Today’s case follows the long and storied legacy of the Antitrust Division to vindicate competition in American commerce.

    In closing, I would like to thank the incredibly hardworking, brilliant and service-minded attorneys, economists and paralegals of the Antitrust Division. Their tireless efforts to restore economic justice to this critical market resulted in today’s filing. I am proud every day to be their colleague, but especially today.

    MIL Security OSI

  • MIL-OSI USA: CFTC Orders Canadian Imperial Bank of Commerce to Pay $1.25 Million for Untimely Swaps Reporting

    Source: US Commodity Futures Trading Commission

    Washington, DC — The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges with Canadian Imperial Bank of Commerce (CIBC) for repeatedly failing to timely report swap transactions to a registered swap data repository as required by the Commodity Exchange Act (CEA) and CFTC Regulations.

    The order imposes a $1.25 million civil monetary penalty and orders CIBC to cease and desist from violating the CEA and CFTC regulations as charged. CIBC also admits the facts detailed in the order.

    “Timely swaps reporting is a critical component of the swaps reporting regulatory regime, and it is essential to the overall effectiveness of the swaps reporting system,” said Division of Enforcement Director Ian McGinley. “Where there is substantial cooperation, including significant voluntary reporting of factual findings and remediation, as was the case here, the CFTC will not hesitate to recognize a swap dealer’s engagement and efforts to be in compliance with the law.”

    Case Background

    The order finds that from at least Jan. 2017 to the present, CIBC was late in reporting various types of data for its swaps transactions, including real time, primary economic terms, confirmation, snapshot and valuation data. CIBC consistently reported swap data outside the time requirements prescribed by Parts 43 and 45 of the regulations regarding millions of required reports. The untimeliness of CIBC’s swaps reporting was pervasive over the course of the relevant period and impacted thousands of swaps.

    The reduced civil monetary penalty in the order recognizes CIBC’s substantial cooperation with the Division of Enforcement’s investigation and acknowledges CIBC’s representations regarding its remediation efforts, including retaining a consultant, conducting extensive historical analysis and devoting significant resources to remediation. 

    The Division of Enforcement staff responsible for this matter are Katie Rasor, Alejandra de Urioste, David MacGregor, Lenel Hickson, Jr. and Manal M. Sultan.

    MIL OSI USA News

  • MIL-OSI: Banco Itaú Chile Files Material Event Notice announcing the appointment of Director

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, Sept. 24, 2024 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) announced that it filed today a Material Event Notice with the Chilean Commission for the Financial Market reporting that, at the ordinary session held on this date, the Board of Directors of Banco Itaú Chile (the “Bank”) learned about the resignation of Mr. Milton Maluhy Filho from the position of director of the Bank, which will take effect on September 30, 2024.

    Likewise, on this same date, the Board of Directors of the Bank agreed to appoint Mr. Gabriel Amado de Moura as his replacement, effective as of October 1, 2024, who will continue to serve in his role until the next Ordinary Shareholders Meeting, at which the final appointment will be made. In addition, as of the aforementioned date, Mr. Gabriel Amado de Moura will assume the position of vice-chairman of the Board of Directors of Banco Itaú Chile.

    The Material Event Notice is available on the company’s investor relations website at ir.itau.cl.

    Investor Relations – Banco Itaú Chile

    IR@itau.cl / ir.itau.cl

    The MIL Network

  • MIL-OSI USA: Rep. Smith urges U.S. to independently investigate the fatal shooting of Aysenur Ezgi Eygi

    Source: United States House of Representatives – Congressman Adam Smith (9th District of Washington)

    WASHINGTON, D.C.  – Today, Representative Adam Smith (D-Wash) sent a letter, cosigned by 102 of his colleagues, to urge the U.S. to investigate the fatal shooting of Aysenur Ezgi Eygi.  

    See below for the full letter. 

    Dear President Biden, Secretary Blinken, and Attorney General Garland: 

    On September 6, we learned about the fatal shooting in the West Bank of American citizen Aysenur Ezgi Eygi, a Seattle resident and recent graduate of the University of Washington. We extend our deepest condolences to Ms. Eygi’s family during this moment of tragedy, and our thoughts are with her family and loved ones. 

    We are deeply disturbed by the Israeli Defense Forces (IDF) preliminary investigation that found “it is highly likely” Ms. Eygi “was hit indirectly and unintentionally by IDF fire which was not aimed at her” during a “violent riot.” This contradicts credible, independent eyewitness accounts that suggest the shooting was intentional without provocation. A Washington Post investigation based on interviews with eyewitnesses and West Bank residents, photos, and videos indicates the shooting occurred “more than a half-hour after the height of confrontations in Beita, and some 20 minutes after protesters had moved down the main road — more than 200 yards away from Israeli forces.” 

    Given the evidence, we believe the United States must independently investigate whether this was a homicide. To walk away without asking further questions gives Israeli forces unacceptable license to act with impunity. There must be accountability for Ms. Eygi’s death. We therefore call on the White House, State Department, and Department of Justice to lead an independent, thorough, credible, and transparent investigation into the killing of Ms. Eygi. This investigation should include all evidence found and rationale for how findings were determined in a written report to the family. 

    We request a written explanation provided to the family and the undersigned members to the following questions no later than October 4, 2024: 

    1. What does the U.S. government currently know about the circumstances surrounding Ms. Eygi’s killing? 

    1. Will the U.S. government conduct an independent, thorough, credible, and transparent investigation into the killing of Ms. Eygi? 

    1. What would be the proposed timeline and plan for such an investigation? 

    1. How will the U.S. government seek accountability if the Israeli government refuses to cooperate with such an investigation? 

    We appreciate your attention to these matters and look forward to your prompt response.” 

    A full copy of the letter can be found at the link above.

    MIL OSI USA News

  • MIL-OSI Australia: Press conference, Toowoomba

    Source: Australian Treasurer

    JIM CHALMERS:

    Thanks for coming here to Toowoomba. I want to say a few things about the interest rate decision today but I’m conscious that the Reserve Bank Governor is up very shortly in Sydney so I’ll be relatively brief.

    The Reserve Bank board today agreed to leave interest rates on hold. There are no surprises in this decision and no surprises in the statement released by the board. This was the expected outcome.

    When the board next meets it will be a year since interest rates went up.

    Interest rates haven’t gone up for the best part of a year, and this reflects the progress that we’ve made when it comes to getting inflation down. When we came to office inflation was 6.1 per cent. It’s now half of its peak a couple of years ago. Our policies are helping in the fight against inflation.

    When we came to office inflation was high and rising and interest rates were rising. Inflation has been coming down quite substantially over the course of the last couple of years and we haven’t had an interest rate rise for the best part of a year now.

    The Governor and the Reserve Bank board have noted today the very substantial progress that Australia has made when it comes to getting on top of this inflation challenge. When it comes to the Reserve Bank and the government, we have the same objective of getting on top of inflation without ignoring the risks to growth in our economy.

    We’ve seen growth in our economy has been quite weak. We’ve seen consumption has been weak. Discretionary spending has been going backwards. All of this indicates that rate rises already in the system are combining with international uncertainty and persistent inflation to slow our economy quite substantially, and we saw that in the most recent National Accounts. The government remains primarily focused on the fight against inflation, but is not ignoring those risks to growth at the same time.

    We have the same objective as the Reserve Bank when it comes to the fight against inflation. We’ve made welcome and encouraging progress, and we’ll learn more about that tomorrow when the monthly inflation data is released. Whether that monthly inflation data is in the low 3s or the high 2s, it will show that inflation has halved since we came to office. That’s a good thing. We are making welcome and encouraging progress in the fight against inflation, and the fact that rates haven’t gone up for the best part of a year now is an indicator of that.

    Happy to take a couple of questions.

    JOURNALIST:

    Treasurer, the RBA’s statement today talks about temporary migration propping up consumer spending, in particular, students. Are you worried that the government’s cap on students might stymie growth further?

    CHALMERS:

    Our changes to foreign students are all about recognising the huge contribution that education makes to our economy but making sure that we are managing that growth. What we’ve seen in the most recent net overseas migration numbers is that net overseas migration has come off since it peaked in 2023. It has been coming down since then. Some of the pressure that’s still there when it comes to net overseas migration is not about extra arrivals, it’s about fewer departures.

    We’ve got a sensible, methodical, considered way to manage net overseas migration down. It has started coming down. Our changes kicked in from the middle of this year and the data doesn’t yet capture that.

    When it comes to spending in the economy, the last National Accounts showed that consumption is very weak in our economy and discretionary spending has gone backwards quite substantially. That is an indication that the combination of global uncertainty, persistent inflation and higher interest rates are slowing our economy quite considerably.

    The fact that interest rates haven’t gone up for the best part of a year is an indication that we have been making welcome and encouraging progress in the fight against inflation. It’s still higher than we’d like, but it is definitely trending downwards, and we’ll learn more about that tomorrow.

    JOURNALIST:

    You’ve said they’re smashing the economy. So are you disappointed that they’re not coming down?

    CHALMERS:

    I don’t pre‑empt and I don’t second guess decisions taken by the independent Reserve Bank. I’ve made that very clear repeatedly.

    I’ve made a factual statement that the interest rate rises which are already in the system, combined with some of these other factors, are slowing our economy quite dramatically. We saw that in the most recent National Accounts. But these decisions are taken independently by the Reserve Bank.

    My efforts have been about trying to make the Bank more independent, not less independent. I respect and cherish its independence. They’ve taken this decision today, and the Governor will have an opportunity, a welcome opportunity, to talk about that very shortly this afternoon.

    JOURNALIST:

    Not everyone agrees that the Bank should be as independent as it is. Do you have a response?

    CHALMERS:

    On the Reserve Bank reforms, the Coalition and the Greens are indistinguishable when it comes to economic irresponsibility. We’ve seen that once again when it comes to their whacky behaviour in the Senate. The Coalition and the Greens are as one when it comes to doing the wrong thing about the independent Reserve Bank.

    Both the Coalition and the Greens, the way that they’ve teamed up in the Senate means that our efforts for the time being to reform the Reserve Bank, there is a barrier to that. We’ve been upfront about that. It’s been clear from the beginning that there is a risk that the parties to the left and to the right of us will play politics with the Reserve Bank. We don’t intend to do that. They have both dramatically changed their position to avoid doing the right thing when it comes to these Reserve Bank reforms.

    Whether it’s the Coalition or the Greens, they both made their views known. Where we could accommodate those views we did. They both dramatically changed their position to avoid doing the right thing when it comes to these Reserve Bank reforms.

    JOURNALIST:

    Treasurer, how close do you think you are to getting inflation down?

    CHALMERS:

    Inflation’s been coming down really quite considerably since its peak a couple of years ago. We shouldn’t forget that when we came to office inflation was 6.1 per cent and rising. It now in quarterly terms has a 3 in front of it and we’ll learn the new monthly figure tomorrow when we get the monthly data. The expectation there, whether it’s the high 2s or the low 3s, shows that inflation has halved since we came to office. That’s good progress, but we know that there’s still pressure on inflation and we know that people are still doing it tough.

    This is why our cost‑of‑living relief is so important. Our policies are helping, not hurting the fight against inflation. We’ve turned 2 big Liberal deficits into 2 big Labor surpluses. The Reserve Bank Governor has said that our surpluses are helping in the fight against inflation, and we’ve designed our cost‑of‑living relief to help take some of the edge off these price pressures in our economy rather than make them worse.

    There’s nothing artificial about helping people with their electricity bills or making early childhood education cheaper or medicines cheaper or a tax cut for every taxpayer or energy bill relief for every household, getting wages moving again.

    We’re doing all of this in the most responsible way we can. Our primary focus is on the fight against inflation, but we can’t ignore those risks to growth.

    I’ll take one more question, then we’re good.

    JOURNALIST:

    I just have a question about Woolies and Coles. Should they both sack their CEOs over this pricing saga?

    CHALMERS:

    I need to be careful not to pre‑empt the legal and other processes that have been put in train by the ACCC. But I will say this: Woolies and Coles shouldn’t be taking their customers for mugs.

    This is precisely why we’ve empowered the ACCC, why we want to make the grocery code mandatory, compulsory, not voluntary. It’s why we’re making sure that farmers and families get a fair go from the supermarkets.

    We don’t want to see ordinary Australians, families and pensioners, being taken for a ride by the big supermarkets. This is precisely why we’ve empowered the ACCC and why we’re taking other steps as well to make sure that farmers and families get a fair go when it comes to the supermarkets in this country.

    Thanks very much.

    MIL OSI News

  • MIL-OSI Australia: Minister Rishworth interview on Sunrise with Natalie Barr and Shadow Finance Minister, Jane Hume

    Source: Ministers for Social Services

    E&OE TRANSCRIPT

    Topics: Interest rates; Cost of living; Inflation; Housing; Commonwealth Rent Assistance; Medicare; Negative gearing.

    NATALIE BARR, HOST: Another major blow for mortgage holders as the Reserve Bank decides to hold interest rates at 4.35 per cent for the seventh time in a row. In a press conference yesterday, Governor Michele Bullock refused to rule anything out of stressing that she wants to see inflation come down before the bank takes decisive action. For their take, let’s bring in Minister for Social Services, Amanda Rishworth and Shadow Finance Minister Jane Hume. Good morning to both of you. So, the RBA is resolute in its position, arguing that the latest inflation figures are not good enough at just 3.5 per cent. Amanda, people are blaming you, aren’t they? Is there anything that you think you can do better?

    AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: Well, firstly, I would say that this rate hold is not unexpected. We have seen now no rate hike for almost a year, and that shows that we are, you know, working towards our fight on inflation. This is really, really important and we are making sure that this is absolutely our primary focus. And that’s why you’ve seen responsible budgeting, but also cost of living support that doesn’t add to the inflation challenge. So, we’re very much working on this. We’ve seen a halve since the peak when it comes to inflation, and this is something that we’re taking very seriously as we fight inflation, which is a primary issue in the country, but we know people are doing it tough and that’s why we keep working on it.

    NATALIE BARR: Isn’t some of that cost-of-living relief actually not helping? Aren’t they looking through some of the energy help and saying, look, we’re putting that out of the way and we’re looking at the figures and they’re still no good?

    AMANDA RISHWORTH: I would say that when it comes to the Reserve Bank’s job, their job is, of course, to look at monetary policy. Our job is to make sure that we’re responsible with our fiscal policy. That’s exactly what we’re doing. But it’s also to support people and help people. And we know, for example, that cost of living is an issue people are facing. And that’s why we have important measures like rent relief, for Commonwealth Rent Assistance recipients, and also, of course, energy bill relief. These are really important measures to support people that are adding to the inflation challenge. So, this is, is really important. We get the balance right and that’s exactly what we’re doing.

    NATALIE BARR: Okay, Jane, what would you say that the Government should be doing or could be doing to change where we are economically at the moment?

    JANE HUME, SHADOW FINANCE MINISTER: Well, Nat, the Reserve Bank have said two things. One is that inflation is homegrown, so that means it’s not being imported from overseas. It’s a problem with our domestic policies and it’s also sticky, which means it’s not coming down fast enough. The Reserve Bank economists told the cost-of-living committee that I chair that unless they see a reduction in public sector expenditure, well, then they’re not going to be able to bring interest rates down any sooner. They’ve now pushed out their forecast to say that they don’t expect inflation to come sustainably back to the band in which they could lower interest rates until 2026. Now, that’s 15 months away and it’s more than a year longer than Labor’s own forecasts were saying. So, that’s going to be cold comfort to mortgage holders that are really feeling the pinch of those high interest rates, and that’s a real shame. So, the government can’t just say, well, we’re not making the problem worse. They have to tackle it head on and particularly around tackling this growing public sector expenditure.

    AMANDA RISHWORTH: We are. We are, Jane. Of course, what we’re doing is returning the budget to surpluses. That’s something that you weren’t able to do when you were in government. But of course, the question, Jane, for you and your opposition, is what would you cut? I mean, you flag cutting pension increases.

    JANE HUME: No we haven’t. We haven’t done that. That’s your talking.

    AMANDA RISHWORTH: You have said, cuts to Medicare. You are planning cuts.

    JANE HUME: No, we haven’t.

    AMANDA RISHWORTH: No, no. That’s what you said. You said you saw billions of dollars of unrestrained spending, which you would look at cutting with other pension increases. They’re actually Medicare…

    JANE HUME: We’ve said that we won’t cut essential savings.

    NATALIE BARR: Look, I want to get to negative gearing because this is making headlines this morning. An anonymous senior Labor official has revealed that work has begun on developing options to scale back negative gearing and capital gains tax concessions. The Government has reportedly asked Treasury for expert advice on the possible changes, with the PM not ruling out any changes when asked on radio last week. Amanda, are you considering scaling back negative gearing in this country?

    AMANDA RISHWORTH: I want to be really clear. We’ve got a very ambitious housing policy in front of us at the moment – $32 billion of investment in increasing supply and housing and a number of policies is already underway. A number that, unfortunately, the Coalition, the Greens are blocking in the Senate. But we’ve got a really ambitious housing policy that is focused on supply. It is not our proposal to address or to add negative gearing to that. We’re getting on with the job.

    NATALIE BARR: So, it’s not your proposal, but are you asking Treasury what the numbers look like to possibly scale back negative gearing?

    AMANDA RISHWORTH: Treasury does this sort of work. It would have done so under the previous Coalition government…

    NATALIE BARR: Not if they’re not asked, I guess.

    AMANDA RISHWORTH: Well, Treasury does routine work all the time around different policies, different ideas.

    NATALIE BARR: Do they just think it would have happened or do you ask them? Have you asked them?

    AMANDA RISHWORTH: Well, of course they look at a variety of scenarios across the board and they would have done under the Coalition, many times.

    NATALIE BARR: Yeah, but, I mean, look, we’re with you guys, you’re the Government. Have you asked the Treasury to look at the numbers on scaling back negative gearing? Just a question.

    AMANDA RISHWORTH: I have to be very clear that as a Government, our focus is on delivering our housing agenda that we’ve got in front of us. And quite frankly, if the Greens and the Coalition would get out of the way of the Senate, and that’s obviously a no, we can have more rent to buy. We’ve got a housing policy and it’s there to be seen.

    NATALIE BARR: Yeah, we know you have a housing policy, but that’s obviously not something you want to answer this morning. Jane, there are a lot of arguments for scaling back negative gearing. Number one, I guess a lot of net three quarters of people who negative gear properties do it for established houses. Would you consider this?

    JANE HUME: Actually, when we looked at this policy in 2019, when a then Shorten-led Labor Opposition was proposing changes to negative gearing, the Coalition worked out that, in fact, if you scale back negative gearing, it can have dramatic effects on supply. And we’re already beginning to see, well.

    NATALIE BARR: If it’s used for housing, it’s not adding to the supply. That would be the number one reason to scale it back. Would you look at it?

    JANE HUME: If you take landlords out of the system, well, then all that happens is rents go up. I was down in Western Victoria just on Monday, walked into a real estate agent and there’s a sign up saying no rental properties available. And that’s a catch cry that we’re hearing right around the country. You take away negative gearing, as clearly the government are planning to do. That’s why they’re commissioning the work. Clearly they’re planning to do this. You take away negative gearing, you’re going to have a dramatic impact on rental supply. That’s a real problem in this country already. It would only make it worse.

    NATALIE BARR: Ok, thank you both.

    MIL OSI News

  • MIL-OSI USA: Pallone Announces Continuation of Critical Dredging in Shrewsbury, Navesink Rivers

    Source: United States House of Representatives – Congressman Frank Pallone (6th District of New Jersey)

    Long Branch, NJ – Congressman Frank Pallone, Jr. (NJ-06) today announced the continuation of a major dredging project in the Shrewsbury and Navesink Rivers. Following a temporary pause in January of this year for fish spawning, the United States Army Corps of Engineers has resumed maintenance dredging this month with the goal of completing the project by the end of 2024. Pallone secured $26 million for the project as part of a federal spending bill for Fiscal Year 2023, which was signed into law by President Biden.

    “Dredging in these rivers is essential for both local recreation and commerce,” said Pallone. “The Shrewsbury and Navesink Rivers are not only natural treasures but also critical to the economy of our coastal communities. Ensuring safe navigation for boaters by addressing the shoaling in the federal channel is a top priority, and I’m glad to see this important work continuing.”

    The project is taking place in three phases, with the first phase already completed during the summer 2023. This initial phase involved dredging sand material from the mouth of Sandy Hook Bay south to the Route 36 bridge. The second and third phases were started last fall before the January 2024 pause.

    In the second phase, the Army Corps is dredging the remaining sand material from the Shrewsbury River and the Navesink River. This sand will be transported and pumped onto sections of Monmouth Beach for beach replenishment. The final phase, which will run concurrently, will focus on dredging the silt material within the federal channel of both rivers as far west as the Branchport Ave. bridge in Long Branch for the Shrewsbury River and as far west as the Route 35 Bridge in Red Bank for the Navesink River. The dredged material will be transported to a nearby facility in Woodbridge for processing and repurposed as construction fill.

    Pallone first secured funding for this crucial project after receiving reports of dangerous shoaling that posed risks to navigation.

    MIL OSI USA News

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

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Lebanon, NH) – Today, U.S. Senator Jeanne Shaheen (D-NH), Chair of the U.S. Senate Committee on Small Business and Entrepreneurship and a senior member of the U.S. Senate Committee on Appropriations, announced with U.S. Senator Maggie Hassan (D-NH) and Representatives Annie Kuster (NH-02) and Chris Pappas (NH-01) 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.

    “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.”

    “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.”

    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. Senators Shaheen and Hassan have been strong supporters of the CDFI Fund and NMTC and have long advocated for sufficient funding and a permanent NMTC program to support economic growth.

    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 Canada: Prime Minister Justin Trudeau meets with His Majesty King Abdullah II of Jordan

    Source: Government of Canada – Prime Minister

    Today, Prime Minister Justin Trudeau met with His Majesty King Abdullah II bin Al-Hussein of Jordan on the margins of the 79th Session of the United Nations General Assembly.

    Prime Minister Trudeau and His Majesty King Abdullah II discussed the situation in the Middle East, including the urgent need for de-escalation between Israel and Hezbollah to avoid further loss of civilian life.

    The leaders discussed instability in the West Bank as well as the ongoing humanitarian crisis in Gaza. The Prime Minister thanked the King for his continued leadership on improving access to humanitarian assistance for Palestinians in Gaza. He underscored Canada’s commitment to continue supporting these efforts. Prime Minister Trudeau reiterated Canada’s enduring support for a two-state solution and a path to lasting peace for Israelis and Palestinians.

    Prime Minister Trudeau and His Majesty King Abdullah II noted the strong partnership between Canada and Jordan and agreed to remain in close contact as the situation continues to evolve.

    Associated Links

    MIL OSI Canada News

  • MIL-OSI Submissions: Universities – Combating ‘climate burnout’ – Flinders

    Source: Flinders University

    As the occurrence of weather extremes continues to escalate, the climate change movement now grapples with a new challenge, ‘climate burnout’.

    The troubling trend of despair and fatigue among those who work for environmental and climate change – a phenomenon described as ‘climate burnout’ – could jeopardise vital commitment to the cause.

    New Flinders University research explored the exacerbating and attenuating factors of despair-induced climate burnout to learn how people can overcome despair and maintain motivation to fight climate change.

    “Our research highlights the growing issue of climate burnout, where people involved in the climate justice movement experience sheer exhaustion and disengagement due to feelings of despair about the crisis,” says lead author, Dr Lucy Bird from the College of Education, Psychology and Social Work.

    “We found that people are more likely to experience burnout when they feel despair and exhaustion about tackling climate change.

    “But importantly, our findings show that when people contemplated pragmatic steps, such as using their car less and reducing waste, as well as acting collectively to encourage organisations to make changes, they felt markedly less disengaged.

    “When people focus on actionable steps and fostering a sense of community and shared purpose, they can combat burnout and continue to make meaningful progress in addressing one of humanity’s most defining challenges,” she says.

    The research involved two studies using over 1,200 participants to examine whether despair about the climate crisis is associated with experiencing burnout.

    It also explored whether thinking about a positive future where the climate crisis has been addressed (utopian thinking) or considering the steps necessary to address climate change (pragmatic thinking) could reduce climate burnout.

    In some instances, the findings show that simply imagining a climate utopia could reduce peoples’ urge to disengage from the climate movement.

    “Given the urgent need to address the climate crisis, it is important to protect people from experiencing despair induced burnout and disengaging from the climate movement,” says Dr Bird.

    “This approach aligns with evolving strategies within the climate advocacy community, focusing on actionable solutions rather than overwhelming sentiments of despair.

    “As communities around the globe strive for impactful climate policies and initiatives, it is imperative that they foster an environment that encourages sustained engagement and mutual support.”

    She says that future research needs to consider different interventions to reduce peoples’ exhaustion and fatigue regarding climate change as this was not always reduced by engaging in pragmatism and utopian thinking.

    Dr Bird sums up her research by referencing street artist Banksy’s mural near London’s Hyde Park in support of Extinction Rebellion protests in 2019, “From this moment despair ends and tactics begin.”

    The article, ‘Thinking about the future: Examining the exacerbating and attenuating factors of despair-induced climate burnout’ by Lucy H. Bird, Emma F. Thomas, Michael Wenzel and Morgana Lizzio-Wilson has been published in the Journal of Environmental Psychology (2024), DOI: 10.1016/j.jenvp.2024.102382

    MIL OSI – Submitted News

  • MIL-OSI China: China unveils fresh stimulus to boost high-quality economic development

    Source: China State Council Information Office

    This photo taken with a mobile phone shows people watching a sand table model of a real estate project in east China’s Shanghai, May 28, 2024. [Photo/Xinhua]

    China’s central bank, top securities regulator and financial regulator on Tuesday announced at a press conference a raft of monetary stimulus, property market support and capital market strengthening measures to boost the country’s high-quality economic development.

    Monetary stimulus

    Pan Gongsheng, governor of the People’s Bank of China, said China would cut the reserve requirement ratio (RRR) by 0.5 percentage points in the near future, providing about 1 trillion yuan (about 141.82 billion U.S. dollars) in long-term liquidity to the financial market.

    Depending on the liquidity situation in the market, RRR may be further lowered by 0.25 to 0.5 percentage points within the year, Pan said.

    He said that the central bank will reduce the interest rate of seven-day reverse repurchases from 1.7 percent to 1.5 percent.

    The reduction was aimed at guiding the loan prime rate and deposit rate to move downward and maintaining stability in the net interest margin of commercial banks, said Pan.

    Pan said the central bank would keep monetary policy accommodative, strengthen monetary policy regulation, make monetary policy regulation more precise, and create a sound monetary and financial environment for stable economic growth and high-quality development.

    China targets economic growth of around 5 percent in 2024.

    The country’s economy maintained stable expansion in the first half of the year despite rising challenges from home and abroad.

    Data from the National Bureau of Statistics (NBS) showed that China’s gross domestic product (GDP) grew 5 percent year on year in the period to 61.68 trillion yuan. In the second quarter, China’s GDP expanded 4.7 percent year on year.

    Mortgage rate cuts

    Pan added that China will lower mortgage rates on existing home loans to a level similar to those of newly issued housing loans.

    The average reduction in mortgage rates for existing home loans is expected to be around 0.5 percentage points, he said.

    “The new policy, which is conducive to further reducing borrowers’ mortgage interest expenses, is expected to benefit 50 million households, or a population of 150 million,” said Pan.

    This move is expected to reduce the total interest expenses for households by approximately 150 billion yuan per year on average, which will help boost consumption and investment, he added.

    The minimum down payment ratio for both first and second homes will be unified, with the nationwide minimum down payment ratio for second homes to be reduced from 25 percent to 15 percent, Pan said.

    On May 17, China announced the establishment of a 300-billion-yuan re-lending facility that supports local state-owned enterprises to buy commercial homes for affordable housing.

    Pan said the central bank will increase its funding proportion in the affordable housing re-lending policy from the original 60 percent to 100 percent.

    “This adjustment will help accelerate the reduction of inventory in the commercial housing market,” Pan said.

    China’s large and medium-sized cities saw month-on-month declines in both new and second-hand home prices in August, NBS data showed.

    Financial market support

    Moreover, the central bank will create new monetary policy tools to support the stable development of the stock market, said Pan.

    The central bank will establish a swap program for securities, funds and insurance companies to obtain liquidity from the central bank through asset collateralization. The program will significantly enhance companies’ ability to acquire funds and increase their stock holdings, Pan said.

    The central bank will also create a special re-lending facility to guide banks to provide loans to listed companies and their major shareholders for buybacks and increasing shareholdings, he said.

    Experts consider the release of the new batch of policies a positive signal of strengthening policy coordination and efforts to achieve the annual economic growth target.

    The central bank’s policies, which exceed market expectations, will boost market confidence, stimulate the vitality of business entities, stabilize credit levels, and enhance the sustainability of financial support for the real economy, said Wen Bin, chief economist at China Minsheng Bank.

    To better channel funds into the capital market, China will issue a guideline that seeks to improve the entry supporting system of various types of medium and long-term funds into the capital market, according to Wu Qing, head of the China Securities Regulatory Commission.

    The commission will also release six measures to promote mergers and acquisitions, and work with various parties to facilitate the circulation of private equity and venture capital funds in the process of fundraising, investment, management and withdrawal, Wu said.

    More efforts will be made to protect the legitimate rights and interests of small and medium-sized investors, and firm actions will be taken to crack down on illegal activities such as financial fraud and market manipulation, according to Wu.

    Li Yunze, head of the National Financial Regulatory Administration, said China plans to increase the tier-1 capital of six major commercial banks.

    The capital will be injected in an orderly manner, with coordinated advancement, phased implementation and tailored policies, said Li.

    Tier-1 capital refers to the core capital held in a bank’s reserves, including common stock and disclosed reserves.

    China’s major stock indices surged following the release of the policies and measures, with the Shanghai Composite Index and the Shenzhen Component Index both closing with an increase of more than 4 percent. 

    MIL OSI China News

  • MIL-OSI Translation: Prime Minister Justin Trudeau meets with His Majesty King Abdullah II of Jordan

    MIL OSI Translation. Canadian French to English –

    Source: Prime Minister of Canada – in French

    Today, Prime Minister Justin Trudeau met with His Majesty King Abdullah II bin Al-Hussein of Jordan on the margins of the 79th session of the United Nations General Assembly.

    Prime Minister Trudeau and His Majesty King Abdullah II discussed the situation in the Middle East, including the urgent need for de-escalation between Israel and Hezbollah to avoid further loss of civilian life.

    The leaders discussed the instability in the West Bank and the ongoing humanitarian crisis in Gaza. The Prime Minister thanked the King for his leadership in improving access to humanitarian assistance for Palestinians in Gaza. He underscored Canada’s commitment to continue supporting these efforts. Prime Minister Trudeau reiterated Canada’s longstanding support for a two-state solution and a path to lasting peace for Israelis and Palestinians.

    Prime Minister Trudeau and His Majesty King Abdullah II highlighted the special partnership between Canada and Jordan and agreed to remain in close contact as the situation evolves.

    Related links

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

    MIL Translation OSI

  • MIL-OSI Australia: T3 Bankstown line to close from Monday

    Source: New South Wales Premiere

    Published: 25 September 2024

    Released by: Minister for Transport


    The closure of the T3 Bankstown line between Sydenham and Bankstown will begin from Monday 30 September to convert the line to Metro.

    During this disruptive time, travel will be free for all passengers on the dedicated pink buses connecting Sydenham and Bankstown, known as Southwest Link:

    • SW1 (all stops) – Sydenham, Marrickville, Dulwich Hill, Hurlstone Park, Canterbury, Campsie, Belmore, Lakemba, Wiley Park, Punchbowl, Bankstown.
    • SW2 (limited stops) – Sydenham, Belmore, Lakemba, Wiley Park, Punchbowl, Bankstown.
    • SW3 (limited stops) – Sydenham, Canterbury, Campsie.

    Fare-free travel will begin on Monday and continue for the entire conversion period until the projected completion in late 2025. This date is an estimate only, as the program of works is highly complex and could take longer.

    Work to bring the new T6 Lidcombe & Bankstown train line into operation in time for the closure was delayed due to now-lifted protected industrial action.

    Transport planners are working through the logistics to get the T6 online as soon as possible, and will share further details when available.

    Once open, the T6 will give passengers more travel options by connecting Bankstown to Lidcombe Station via Yagoona, Birrong, Regents Park and Berala.

    In the interim, while preparatory trackwork is underway, additional fare-free buses will replace trains between Lidcombe and Bankstown. These will be known as the 8T3 All Stops and 8AT3 Express (direct between Bankstown and Lidcombe).

    The rest of the T3 line will still be open between Liverpool and the City via Regents Park and Lidcombe.

    When the conversion is complete, passengers will have access to a 21st century high-tech metro line with a train every 4 minutes during the peak, along with fully accessible stations and services. Currently there are stations on the T3 that only receive four trains an hour in the peak.
     
    This final section of the metro line will eventually be known as the M1 Northwest & Bankstown Line, completing the transformative 30km alignment between Bankstown and Tallawong.

    Minister for Transport Jo Haylen said:

    “Make no mistake – this will be a tough time, and I want to thank the tens of thousands of impacted commuters in Canterbury Bankstown and the Inner West for their understanding.

    “We recognise there is a lot of complicated information to digest, so I’d encourage people to head to transportnsw.info, or chat to the Transport staff in pink shirts at their local station.

    “It’s only fair that we don’t charge you a fare for this disruptive duration, so remember you don’t have to tap your Opal card or device when you get on.

    “I want to continue to be very upfront with people – transforming this 130-year-old line for modern metro trains is a complex and difficult task, meaning it could take longer than 12 months.

    “It will be worth the wait, as the 6.3 million passengers who’ve used City Metro since it opened can attest. I’m pleased we’re able to move ahead with giving these communities the same benefits.”

    Transport for NSW Coordinator-General Howard Collins said: 

    “The final T3 conversion will be difficult but worth it.

    “While we continue to transform the transport network, there are big changes coming from Monday so we ask commuters to please plan your trip and check your transport apps for updates.

    “Transport for NSW has handed out over 22,000 information cards since 18 September, and we have teams on the ground across the T3 corridor to ensure everyone has the information they need to plan their trips, including dates to remember for the upcoming changes.

    “We have worked hard to minimise the impacts on passengers, but we do need the community to work with us, and our street teams are on hand to help.

    “I’m pleased all bus driver positions have been filled to support the dozens of Southwest Link buses that will run from early in the morning to late at night seven days a week. The timetable aims for a service every 2-4 minutes in the peak.”

    MIL OSI News

  • MIL-OSI Economics: ADB Maintains PRC Growth Forecast at 4.8% this Year

    Source: Asia Development Bank

    MANILA, PHILIPPINES (25 September 2024) — The Asian Development Bank (ADB) has maintained its forecast of 4.8% economic growth in the People’s Republic of China (PRC) this year, according to the latest ADB report.

    The growth outlook remains balanced amid a prolonged correction in the property market and weak investor and consumer confidence, according to Asian Development Outlook (ADO) September 2024, released today. Economic activity in the PRC is expected to moderate to 4.5% growth next year, consistent with ADB’s projection in April.

    “ADB’s research indicates that investment will support domestic demand while the property market correction continues,” said ADB Country Director for the PRC Safdar Parvez. “Global demand and the domestic cost advantage in manufacturing should also bolster exports.”

    Inflation for 2024 is now forecast at 0.5%, lower than April’s 1.1% projection as the overall downtrend in food price persists. Strong global demand and increased credit availability for certain industries—including semiconductors; artificial intelligence; and low-carbon technologies such as electric vehicles, lithium-ion batteries, and renewables—will drive growth this year and next.

    Infrastructure investment should regain momentum with the expected acceleration of the local government special bond issuance in the second half of this year. However, the ongoing property sector correction is expected to slow growth. The contraction in real estate investment will likely continue into next year.

    Risks to the outlook include the deterioration in the property market, global fragmentation due to geopolitical issues, and the escalation of trade tensions. On the upside, acceleration and effective implementation of policy measures, including policies announced in the Third Plenum, could raise consumer and investor confidence faster than expected, resulting in higher growth and inflation than forecast.

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

    MIL OSI Economics

  • MIL-OSI Economics: Slower Inflation, Higher Investment and Consumption to Support Philippine Growth through 2024, 2025 — ADB

    Source: Asia Development Bank

    MANILA, PHILIPPINES (25 September 2024) — Moderating inflation, monetary easing, and sustained public spending particularly on major infrastructure projects, will support Philippine economic growth this year and the next, according to a report released by the Asian Development Bank (ADB) today.

    In its Asian Development Outlook (ADO) September 2024 report, ADB maintained its growth forecast for the Philippine economy at 6.0% for 2024 and 6.2% in 2025. The expansion in gross domestic product (GDP) will be driven by broad-based domestic demand, supported by lower inflation and interest rates, the report said.

    ADB lowered its inflation forecast to 3.6% in 2024 from its April estimate of 3.8%, reflecting the sustained deceleration in food prices partly due to lower tariffs on rice imports. Inflation is expected to ease further to 3.2% in 2025 compared to the previous estimate of 3.4%.

    “Most of the ingredients for the Philippines’ sustained economic growth are in place—rising government revenues are boosting public expenditures on infrastructure and social services, increasing employment is driving consumption, and reforms to open the economy to more investments are underway. With inflation slowing, the country is in a strong position to lead growth in Southeast Asia,” said ADB Philippines Country Director Pavit Ramachandran.

    However, risks remain from potential severe weather events which could drive inflation higher. External factors such as a sharper slowdown in major advanced economies and the People’s Republic of China, financial volatility due to US monetary policy decisions, geopolitical tensions, and rising global commodity prices also pose threats to growth, the report said.

    The Philippine government expects public infrastructure spending to range between 5.0%–6.0% of GDP annually from 2024 to 2028, after hitting 5.8% of GDP in 2023. The government’s “Build Better More” infrastructure program includes 66 ongoing projects and another 31 approved for implementation as of August 2024.

    The infrastructure program aims to enhance physical connectivity through railways, bridges, and airports, or strengthen water management through irrigation, water supply, and flood control. Climate change mitigation and adaptation, digital connectivity, energy, and agriculture projects, are also prioritized under this program.

    ADB is financing key infrastructure projects, such as the Malolos Clark Railway Project and the South Commuter Railway Project which will link Metro Manila to northern and southern provinces in the Luzon region. It is also supporting the Bataan-Cavite Interlink Bridge Project, and the Integrated Flood Resilience and Adaptation Project which aims to enhance flood and climate change resilience in three major river basins in the country.

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

    MIL OSI Economics

  • MIL-OSI Economics: ADB Raises Economic Growth Forecast for Developing Asia and the Pacific

    Source: Asia Development Bank

    MANILA, PHILIPPINES (25 September 2024) — The Asian Development Bank (ADB) has raised its economic growth forecast for developing Asia and the Pacific this year, amid solid domestic demand and continued strength in exports. ADB has also lowered its forecast for regional inflation.

    The region is forecast to grow by 5.0% this year, compared with a projection of 4.9% in April, according to Asian Development Outlook (ADO) September 2024, released today. The forecast for next year is maintained at 4.9%. Inflation in developing Asia and the Pacific is expected to ease further to 2.8% in 2024, compared with a previous forecast of 3.2%.

    The improved economic outlook reflects stronger-than-expected expansions in East Asia, Caucasus and Central Asia, and the Pacific. Rising global demand for semiconductors, driven in part by the artificial intelligence boom, is boosting exports, while easing global food prices and the lagged effects of monetary policy tightening have brought inflation down to near pre-pandemic levels.

    “Strong economic fundamentals will continue to underpin expansion this year and next,” said ADB Chief Economist Albert Park. “Financial conditions are expected to improve as inflation moderates further and the US eases its monetary policy, and this will support the positive outlook for the region.”

    Risks to the outlook include a worsening of trade tensions between the United States (US) and the People’s Republic of China (PRC); further deterioration in the PRC property market; worsening geopolitical tensions; and the effects of climate change and adverse weather on commodity prices and food and energy security.

    The growth forecast for the PRC, the largest economy in developing Asia and the Pacific, remains at 4.8% this year and 4.5% next year. Lingering weakness in the PRC’s property sector has negatively affected household spending during 2024. This has been partially offset by higher investment, underpinned by stimulatory monetary and fiscal policies, and higher exports.

    India’s economy—the region’s second largest—is forecast to grow 7.0% in 2024, unchanged from April, amid strong domestic demand including an increase in government spending.

    The growth forecast for the Caucasus and Central Asia has been raised to 4.7% this year, compared with a 4.3% projection in April, thanks to improved domestic demand bolstered by remittances in some economies. The growth forecast for the Pacific is revised upward to 3.4%, from 3.3% in April, driven by the increase in tourist arrivals. The forecast for Southeast Asia has been lowered by 0.1 percentage points to 4.5%, due to a decline in public investments and slower-than-expected export recovery.

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

    MIL OSI Economics

  • MIL-OSI Economics: ADB Maintains Cambodia’s Growth Forecast for 2024-2025

    Source: Asia Development Bank

    PHNOM PENH, CAMBODIA (25 September 2024) —The Asian Development Bank (ADB) has maintained its growth forecast for Cambodia at 5.8% for 2024 and 6.0% for 2025. It has revised down its earlier inflation projection for 2024 from 2.0% to 0.5%, reflecting the slow increase in food prices and decline in fuel prices in the first half of 2024, according to the Asian Development Outlook (ADO) September 2024.

    “The rebound in the manufacturing sector— especially garments, footwear, and travel goods (GFT) — is powering the country’s economic growth,” said ADB Country Director for Cambodia Jyotsana Varma. “Agriculture and tourism are steadily gaining ground, while continued inflows of foreign direct investment are fueling the country’s economic momentum. Together, these forces are setting the stage for a promising 2024 and positioning Cambodia for robust growth in 2025 and beyond.”

    The lowering of inflation forecasts reflects reduced prices of fuel-related goods and services, along with decreased costs of fertilizers, providing support to agricultural production. This will provide much-needed relief for people, especially the most vulnerable, who have faced challenges in recent years due to rising food and fuel prices.

    The report highlighted that GFT exports rose by 16.9% year on year in the first half of 2024, rebounding from an 18.6% decline during the same period the previous year. Meanwhile, growth in exports of non-GFT products slowed to 1.3% year on year from 21.2%. Imports of construction materials and equipment surged by 23.3% year on year in the first half of 2024, driven by public infrastructure investment.

    Agriculture is projected to grow by 1.2% in 2024 and 1.3% in 2025. Services are forecast to grow by 5.4% in 2024 before tapering to 5.2% in 2025. This forecast is supported by a 22.7% year on year increase in tourist arrivals in the first half of 2024, reaching 94.8% of the pre-pandemic levels in the first half of 2019.

    Foreign investment inflows continued although they decelerated somewhat to $2 billion by mid-2024, from $2.1 billion during the same period last year. This was supported by growth in nonfinancial sectors. However, investment in the financial sector slowed appreciably due to lower banking profits.

    Potential risks to Cambodia’s economic outlook include weaker growth in major economies like the People’s Republic of China, Europe, and the United States, high private debt, volatile global fuel prices, and severe impact from extreme weather events.

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

    MIL OSI Economics

  • MIL-OSI Economics: ADB Forecasts 3.1% Economic Growth for Timor-Leste in 2024

    Source: Asia Development Bank

    DILI, TIMOR-LESTE (25 September 2024) — Timor-Leste’s economic growth momentum will continue in 2024–2025, though at a more modest pace than forecast in April 2024 due to lower government expenditure and weaker investment spending than previously expected, according to a report by the Asian Development Bank (ADB).  

    The Asian Development Outlook (ADO) September 2024 reports that robust private consumption, fueled by consumer credits, government transfers, personal remittances, and tourist arrivals should drive growth. However, the forecast has been revised down to 3.1% for 2024 and 3.9% for 2025 from the 3.4% and 4.1% projected in ADO April 2024, respectively, due to slower-than-expected budget spending.

    “Ensuring investment project readiness, improving public procurement practices, and strengthening institutional capacity are essential for maximizing the positive impact of public capital investments on economic growth,” said ADB Country Director for Timor-Leste Stefania Dina. “To sustain robust economic growth beyond 2024, we must embrace public financial management reforms and strategic policy shifts. By optimizing development finance opportunities and protecting government resources, such as the Petroleum Fund, we can build a brighter future for Timor-Leste.”

    Due to lower inflation in staple products and consumer durables and persistently low inflation in nontradables, average inflation will moderate to 3.4% in 2024, revised down slightly from the previous 3.5% forecast. The report’s  2.9% inflation forecast for 2025 remains unchanged from ADO April 2024. The current account deficits will remain large but slightly less than the previous forecasts due to lower imports of goods and services in line with slower budget spending.

    Risks to Timor-Leste’s growth outlook stem from lower public capital spending, climate-related disasters, and the impact of external shocks and spillovers mainly associated with prolonged global geopolitical tensions on trade conditions and inflation.

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

    MIL OSI Economics

  • MIL-OSI China: Shanghai bourse surge hits 4-yr high

    Source: China State Council Information Office

    Boosted by news of supportive measures addressing the benchmark interest rate, a share stabilization fund and new monetary policy tools to support bourses, the A-share market rallied strongly on Tuesday, with upward momentum expected to continue in anticipation of more long-term capital inflows, experts said.

    Their comments were made on Tuesday when the benchmark Shanghai Composite Index closed up 4.15 percent, the largest single-day gain in over four years. With this, the SCI regained its 2800-point threshold to close at 2863.13 points. The Shenzhen Component Index jumped 4.36 percent while the tech-heavy ChiNext in Shenzhen, Guangdong province, ended 5.54 percent higher. The combined trading value on the Shanghai and Shenzhen bourses surged 76.3 percent from a day earlier to 971.3 billion yuan ($138.1 billion).

    The stock market’s bullish rebound came amid a series of supportive measures announced during a news conference on Tuesday.

    Pan Gongsheng, governor of the People’s Bank of China, the country’s central bank, announced a 50-basis-point cut for the reserve requirement ratio in the near term. This will free up about 1 trillion yuan of long-term capital inflow into the financial market, Pan said at the conference.

    Meanwhile, the central bank will establish a swap program under which securities firms, asset managers and insurers can obtain liquidity from the central bank through collateralization of their financial assets such as bonds and stock exchange traded funds. The program, which serves as the first structural monetary policy tool introduced by the PBOC to support the capital market, will significantly enhance these financial companies’ ability to acquire funds and increase their share holdings, he said.

    The funds obtained from the program can only be used to invest in the stock market. The first phase of the program is set at 500 billion yuan, with the scale open for expansion, Pan said.

    The PBOC governor also said at the Tuesday conference that financial regulators are studying the possibility of establishing a stock market stabilization fund.

    Wu Qing, chairman of the China Securities Regulatory Commission, the country’s top securities watchdog, said at the Tuesday briefing that they will come up with a guideline to introduce more medium to long-term funds into the capital market.

    Fan Jituo, chief strategist at Cinda Securities, said that the supportive policies for the stock market have exceeded market expectations, which will usher in more innovative tools and even an easing cycle.

    Chen Guo, chief strategist at China Securities, said that the supportive policies collectively announced by the country’s top financial regulators may indicate more significant policies.

    The A-share market will see its risk appetite improved in the first place, thanks to the clear signals sent lately. Market liquidity will also improve as incremental capital inflow can be anticipated, Chen said.

    Six measures to advance mergers and acquisitions as well as restructuring among A-share companies will be introduced. A guideline for listed companies’ market valuation management will be introduced and open for public opinions soon, said Wu.

    The central bank will also create a special re-lending facility to guide banks to provide loans to listed companies and their major shareholders for buybacks and increasing shareholdings, Pan said.

    Xu Fei, an analyst at Wanlian Securities, said the ecosystem of the Chinese capital market will further optimize amid regulators’ efforts to improve companies’ quality and investment value. More long-term capital will be introduced in such a scenario. Market confidence will also be boosted along with the number of supportive macroeconomic policies, he said.

    MIL OSI China News

  • MIL-OSI China: Rate cuts set to boost market confidence

    Source: China State Council Information Office

    China’s top financial regulators, in a move that went beyond market expectations, unveiled a potent combination of monetary easing measures on Tuesday, aimed at anchoring market confidence and underpinning economic recovery amid domestic and global headwinds, analysts said.

    The forceful one-two punch, including cutting the reserve requirement ratio, key policy interest rates and existing mortgage loan interest rates, will foster a more enabling climate for the world’s second-largest economy to hit this year’s growth target, they added.

    “Recent macroeconomic data pointing to a tepid recovery in domestic consumption and weak inflationary pressures have created space for policymakers to ramp up efforts to bolster the economy,” said Ming Ming, chief economist at CITIC Securities.

    “The gradual release of the policy package will help shore up market sentiment, unleash pent-up consumer demand, and drive a pickup in prices, putting the economy on a more favorable growth trajectory,” he added.

    Pan Gongsheng, governor of the People’s Bank of China, the nation’s central bank, said at a news conference on Tuesday that the reserve requirement ratio — the amount of cash that banks are required to have on hand — will be reduced by 0.5 percentage point in the near term, which will free up about 1 trillion yuan ($142.2 billion) for new lending.

    This marks the second time that the central bank has lowered the RRR this year, after implementing a 0.5 percentage point reduction in February, indicating that Chinese policymakers are proactively tapping into the policy space provided by the US Federal Reserve’s interest rate cut last week, experts said.

    Following the latest reduction, the average reserve ratio for the banking sector will drop to around 6.6 percent. This level still leaves considerable flexibility to further lower the RRR if needed, when compared with other major global economies, Pan said.

    China’s central bank will not shy away from further RRR cuts of 0.25 to 0.5 percentage point this year, depending on the prevailing market liquidity conditions, Pan added.

    The central bank also announced a reduction in its seven-day reverse repo rate — the short-term policy benchmark of interest rates — by 0.2 percentage point from the current 1.7 percent to 1.5 percent.

    This move is expected to drive down the medium-term lending facility rate by around 0.3 percentage point, with the loan prime rates also projected to follow suit, declining by 0.2 to 0.25 percentage point, Pan added.

    A new set of policies aimed at further stabilizing the real estate market was also unveiled at the news conference, including a 0.5 percentage point reduction in average existing mortgage rates and lowering the minimum down payment ratio from the current 25 percent to 15 percent on second homes, among others.

    Guan Tao, global chief economist at BOCI China, said that Tuesday’s policy package was more proactive and comprehensive than expectations and indicated policymakers’ intention to deliver timely policy support, helping strengthen society’s confidence in achieving the economic growth target of about 5 percent for the year.

    Guan said fiscal policy should synergize with accommodative monetary measures. Measures such as expanding this year’s government deficit to boost fiscal spending and optimizing the fiscal spending structure to improve people’s livelihoods are worth consideration, especially in light of households’ reluctance to consume and invest due to debt burdens.

    China’s stock and foreign exchange markets reacted positively to the policy release, with the benchmark Shanghai Composite Index jumping 4.15 percent to Tuesday’s close at 2,863.13 points, the biggest rise in about four years.

    Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said the policies will provide much-needed support to homeowners by alleviating their debt burden and boosting consumer spending.

    Wang said the higher level of existing mortgage interest rates compared with new mortgages has triggered a notable wave of early loan repayments, posing a drag on household consumption.

    According to a central bank report released in July, the average monthly early repayment volume reached 387 billion yuan from September to December last year, which translates to an annualized early mortgage repayment of around 4.6 trillion yuan.

    While the mortgage rate cuts, on the other side, will have a tangible impact on bank earnings, the authorities are likely to take a balanced approach, such as orderly adjustments to deposit rates to ensure the banking sector’s resilience, Wang said.

    MIL OSI China News

  • MIL-Evening Report: Why is the Reserve Bank independent from government, and why does it matter?

    Source: The Conversation (Au and NZ) – By Henry Maher, Lecturer in Politics, Department of Government and International Relations, University of Sydney

    Negotiations over reforms to the Reserve Bank of Australia this week took an unprecedented turn when the Greens demanded the government use its reserve powers to immediately cut interest rates.

    Labor had initially hoped to pass the reforms with the support of the Coalition. However, after a year of negotiations, they decided against it. Labor’s attempts to salvage the reforms by negotiating with the Greens now seem doomed to failure.

    The Greens’ proposal that the government immediately cut interest rates might sound attractive, especially to the millions of mortgage holders struggling to service loans amid a cost-of-living crisis.

    Yet government taking direct control of setting interest rates would run contrary to both long-standing historical trends and international financial norms, including the independence of the central bank.

    Where did this independence come from?

    The idea of central bank independence has a long history.

    The classical political economist David Riccardo warned as early as 1824 that:

    government could not be safely entrusted with the power of issuing paper money; that it would most certainly abuse it.

    Even the authoritarian French emperor Napoleon Bonaparte claimed in creating the Banque de France that:

    I want the bank to be more in the hands of the government but not too much.

    However, for most of the 20th century, the commonsense view was that monetary policy was an important tool for government management of the economy. According to the Keynesian worldview of the time, it would be absurd for governments to give up such an important economic lever as control over interest rates.

    Even Napoleon Bonaparte thought some degree of separation between the central bank and the government was a good idea.
    Shutterstock

    The prevailing wisdom began to change following the stagflation crisis of the 1970s. Stagflation is the term for high inflation at the same time as high unemployment.

    Neoclassical economists such as Milton Friedman argued that only repeated and long-term increases to interest rates could end the stagflation crisis.

    However, Friedman suggested governments could not be trusted to maintain high interest rates because they would also cause unemployment. Accordingly, an independent central bank was needed. It would be insulated from partisan political control and could do what was necessary to stabilise the economy.

    What about in Australia?

    In Australia, central bank independence emerged slowly and informally.

    The Reserve Bank of Australia was separated from the Commonwealth Bank and started independent operations in 1960. It set up its headquarters in Sydney to increase its autonomy from politicians in Canberra.

    The RBA gained de facto independence from the government following financial deregulation under the Hawke government in the early 1980s. Subsequent declarations from federal treasurers Peter Costello and Wayne Swan affirmed the government’s recognition of RBA independence.

    The government still maintains the power to overrule the RBA on interest rates, but this “emergency power” has never been exercised.

    Why independence matters

    Though central bank independence is generally associated with lower inflation, the historical performance of independent central banks is not without blemish.

    For example, unemployment rates in Australia were historically lower prior to RBA independence. This reflects the willingness of the RBA to use higher unemployment as an inflation-busting mechanism.

    Independent central banks were also partly responsible for the outbreak of the global financial crisis in 2007. Many commentators have suggested the then US Federal Reserve Governor Alan Greenspan’s decision to hold interest rates at artificial lows was responsible for the US sub-prime housing bubble. That eventually unravelled into a global recession.

    However, the Greens’ attempt to use an interest rate cut as a negotiating chip ironically reinforces the importance of central bank independence. Were governments to take direct control of setting interest rates, we might expect monetary policy to be influenced by short-term electoral concerns, rather than the long-term health of the economy.

    Creating a precedent that interest rates could be cut to suit the government of the day would also have long-term inflationary effects.

    Further, it would likely continue to drive up house prices. This would exacerbate the housing crisis.

    In contrast, the initial reforms proposed by Labor look to strike a balance. They recognise the competing political interests involved in the development of monetary policy while avoiding partisan interference in the day-to-day running of the RBA.

    Though the Coalition has raised concerns about Labor using the reforms to stack the RBA board, both the governor and board are already appointed by the government of the day, acting on the advice of the RBA.

    Finding a workable compromise that improves the bank while preserving political independence should be possible.

    If the alternative is the complete abrogation of central bank independence, the Coalition would do well to return to the negotiating table.

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

    ref. Why is the Reserve Bank independent from government, and why does it matter? – https://theconversation.com/why-is-the-reserve-bank-independent-from-government-and-why-does-it-matter-239717

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Economics: Money Market Operations as on September 24, 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) 574,172.54 6.68 5.10-6.95
         I. Call Money 11,157.67 6.69 5.10-6.80
         II. Triparty Repo 397,183.95 6.66 6.20-6.77
         III. Market Repo 164,382.92 6.74 6.25-6.95
         IV. Repo in Corporate Bond 1,448.00 6.85 6.80-6.90
    B. Term Segment      
         I. Notice Money** 97.25 6.18 5.95-6.50
         II. Term Money@@ 575.00 7.05-7.10
         III. Triparty Repo 3,300.00 6.74 6.67-6.80
         IV. Market Repo 1,395.96 6.71 6.70-6.77
         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 Tue, 24/09/2024 2 Thu, 26/09/2024 50,003.00 6.62
         (b) Reverse Repo          
    3. MSF# Tue, 24/09/2024 1 Wed, 25/09/2024 1,424.00 6.75
    4. SDFΔ# Tue, 24/09/2024 1 Wed, 25/09/2024 62,381.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -10,954.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 20/09/2024 14 Fri, 04/10/2024 25,002.00 6.52
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    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$       7,844.29  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*    

    37,336.29

     
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     26,382.29  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on September 24, 2024 1,023,321.84  
         (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 24, 2024 50,003.00  
    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: 2024-2025/1157

    MIL OSI Economics

  • MIL-OSI Banking: Samsung Electronics Collaborates With Hyundai Motor and Kia to Further Expand the SmartThings Ecosystem

    Source: Samsung

    ▲ (From left) Chang Song, President and Head of Hyundai Motor Group Advanced Vehicle Platform (AVP) Division; Paul (Kyungwhoon) Cheun, President, CTO of DX Division at Samsung Electronics and Head of Samsung Research
     
    Samsung Electronics today announced the signing of a strategic technology partnership agreement with Hyundai Motor and Kia. The companies’ shared goal is to elevate users’ connectivity experiences by fully integrating the SmartThings IoT platform with Hyundai and Kia’s software-defined vehicles (SDVs).
     
    The signing ceremony was held at Samsung Electronics’ Seoul R&D Campus, with Samsung’s participants including Paul (Kyungwhoon) Cheun, President, CTO of Device eXperience (DX) Division and Head of Samsung Research; Seungbeom Choi, Executive Vice President and Head of Device Platform Center; and Chanwoo Park, Executive Vice President and Head of IoT R&D Team. Participants from Hyundai and Kia included Chang Song, President and Head of Hyundai Motor Group Advanced Vehicle Platform (AVP) Division and Haeyoung Kwon, Vice President and Head of Hyundai Motor Group Infotainment Development Center.
     
    Through this agreement, Samsung will integrate SmartThings with Hyundai and Kia’s next-generation infotainment system to offer a differentiated experience. First, they will introduce the global location solution function for vehicles and smart keys based on the SmartThings Find platform, which is a crowdsourced network of hundreds of millions of Samsung Galaxy devices that use the Bluetooth Low Energy (BLE) technology to report their location. Through the SmartThings Find service, users can locate vehicles using nearby Galaxy smartphones — even without a 4G or 5G cellular network connection — meaning drivers can more easily track down their cars in the event of them being lost or stolen.
     
    Additionally, drivers can use their Galaxy’s Quick Panel to control air conditioning and check their remaining range from their device. Vehicles can also be added to the connected SmartThings ecosystem, allowing users to return to a home with optimized conditions by controlling their Samsung air conditioners, air purifiers or other connected devices while driving home.
     
    As part of the agreement, Samsung will also continue collaborating with Hyundai and Kia to provide various AI-based services tailored to customer lifestyles and preferences. The companies will expand the use of SmartThings to include in-vehicle health monitoring via cameras and Galaxy devices, pet care solutions that optimize vehicle environments for pets, as well as integration with smart apartment solutions and SDVs.
     
    “Our goal is to enrich Hyundai Motor and Kia customers’ mobility experience by offering personalized services that extend beyond transportation, seamlessly integrating vehicles with smartphones,” said Chang Song, President and Head of Hyundai Motor Group Advanced Vehicle Platform (AVP) Division.
     
    “Through our collaboration with Hyundai and Kia, customers will experience the convenience of SmartThings not only at home but also in their vehicles, transcending space,” said Paul (Kyungwhoon) Cheun, President, CTO of DX Division at Samsung Electronics and Head of Samsung Research. “We will continue to expand the SmartThings ecosystem, offering new lifestyles and value to even more customers.”
     
     
    Consistent Steps Forward Enable Shared Progress
    In January this year, Samsung and Hyundai announced to partnership focusing on home-to-car and car-to-home services that connect smartphones, vehicles and home appliances. Based on this agreement, the two organizations have been working toward a reality in which a Samsung device can be used to seamlessly control a Hyundai or Kia vehicle — and home appliances can also be easily controlled from inside the vehicle.
     
    ▲ (From left) Jinhee Choi, Senior Executive Vice President of 42dot; Haeyoung Kwon, Vice President and Head of Hyundai Motor Group Infotainment Development Center; Chang Song, President and Head of Hyundai Motor Group Advanced Vehicle Platform (AVP) Division; Paul (Kyungwhoon) Cheun, President and Chief Technology Officer (CTO) of Device eXperience (DX) Division at Samsung Electronics and Head of Samsung Research; Seungbeom Choi, Executive Vice President and Head of Device Platform Center; and Chanwoo Park, Executive Vice President and Head of IoT R&D Team
     
    This latest evolution of the two companies’ relationship now adds the aforementioned SmartThings functionality and cooperation to provide user-tailored AI services. Essentially, the scope of the collaboration has now been broadened to include even more comprehensive SDV integration — as well as healthcare, pet care and smart apartment solutions.
     
     
    About Hyundai Motor Group
    Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel and construction, as well as logistics, finance, IT and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all.
    More information about Hyundai Motor Group can be found at: http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Media Center (kianewscenter.com), Genesis Newsroom

    MIL OSI Global Banks

  • MIL-OSI Australia: Appointment to the National Archives of Australia Advisory Council

    Source: Australian Ministers 1

    The Albanese Labor Government has today announced the appointment of Ms Amanda Heyworth as a member of the National Archives of Australia Advisory Council for a three-year term.

    The National Archives is Australia’s federal government record collecting agency, preserving and managing documents and other evidence that record important events in Australian history, and making them available to the public. 

    Minister for the Arts, Tony Burke, said Ms Heyworth would be a valuable addition to the Council. 

    “The National Archives holds some of our most important records dating back to Federation in 1901, helping to tell the story of our nation. 

    “Amanda’s experience in digital transformation and service design will benefit the National Archives as it works to make collections more digitally available and improve information management.”

    Ms Amanda Heyworth is a professional company director, with expertise in governance, strategy and innovation. Ms Heyworth currently holds Chair positions at UniSA Ventures Pty Ltd and the Centennial Park Cemetery Authority, and is a non‑executive Director at People First Bank and Commissioner of the Essential Services Commission of South Australia. 

    Ms Heyworth has previously held senior executive positions in the venture capital, technology and finance sectors. Early in her career, she served as an economist with the Federal Treasury and as Adjunct Faculty in the Australian Graduate School of Management at the University of New South Wales.

    MIL OSI News

  • MIL-OSI Economics: Asian Impact Webinar 79: Key Indicators for Asia and the Pacific 2024 Launch

    Source: Asia Development Bank

    Video | 25 September 2024

    SHARE THIS PAGE

    Climate change poses a growing threat to people and their livelihoods in Asia and the Pacific. Record heat waves, catastrophic floods, prolonged droughts, and extreme weather events are becoming more frequent. Yet critical data gaps hinder our understanding of climate impacts, particularly on vulnerable populations in developing Asia. Drawing on insights from Key Indicators 2024: Data for Climate Action, panelists highlight the importance of granular data in capturing the nuanced effects of climate change on different regions and communities. Additionally, the discussion will explore policies and strategies aimed at enhancing data systems to foster inclusive and sustainable development.

    SHARE THIS PAGE

    Climate change poses a growing threat to people and their livelihoods in Asia and the Pacific. Record heat waves, catastrophic floods, prolonged droughts, and extreme weather events are becoming more frequent. Yet critical data gaps hinder our understanding of climate impacts, particularly on vulnerable populations in developing Asia. Drawing on insights from Key Indicators 2024: Data for Climate Action, panelists highlight the importance of granular data in capturing the nuanced effects of climate change on different regions and communities. Additionally, the discussion will explore policies and strategies aimed at enhancing data systems to foster inclusive and sustainable development.

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    MIL OSI Economics

  • MIL-Evening Report: At 2.7%, Australian inflation is back within the RBA zone. Here’s why that matters

    Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

    Jeremy Ng/Shutterstock

    A closely watched measure of Australian inflation dived in the month of August, plunging from 3.5% in July to just 2.7%.

    The dip below 3% puts the monthly measure of annual inflation back within the Reserve Bank’s target band of 2-3% for the first time since August 2021.

    The longer-running quarterly measure of annual inflation is also likely to be back within the 2-3% band when the September-quarter figure is released next month.



    The dramatically lower inflation rate puts Australia in the same league as the United States, whose inflation rate is 2.5%, and the United Kingdom, whose inflation rate is 2.2%.

    The US and the UK have inflation targets of 2%, meaning their inflation rates are still somewhat above target. Australia’s monthly measure of inflation is on target, close to the middle of the band.



    Electricity prices down 17.9%

    Inflation has been trending down since late 2022, as shown on the graphs, but the sharp drops in the past two months are largely due to electricity rebates offered by the federal and state governments.

    The rebates will be applied automatically to electricity bills in this and each of the next three quarters. A staged rollout means they hit bills in only Queensland and Western Australia in July and hit other states in August.

    The Bureau of Statistics says these rebates took 6.4% off the average national power price in July and a further 14.6% off in August.

    Household electricity prices were down 17.9% over the year to August. The Bureau of Statistics describes this as the largest annual fall on record.

    Also helping bring down inflation were lower petrol prices and cheaper public transport, aided by Brisbane’s pre-election six-month trial of 50 cent fares.

    The jump in the monthly measure to 4% in May, which had excited some commentators, now looks like a misleading blip.

    A takeaway is to be cautious in interpreting the less-comprehensive monthly indicator, as is the Reserve Bank, which puts it in small print at the top of its website under the quarterly index, which it headlines in big print.

    For what it’s worth, I am expecting the quarterly index to show annual inflation of 2.8% in the year to September, down from 3.8% for the June quarter.

    Governor Bullock isn’t impressed

    Reserve Bank Governor Michele Bullock says that at the moment she is paying more attention to the “underlying” rate of inflation, which looks through temporary measures such as subsidies.

    But the Reserve Bank’s preferred measure of underlying inflation, the so-called trimmed mean, also fell in August, to 3.4%, down from 3.8% in July.

    Australia’s weak economy – right now it’s the weakest outside of a recession – means the underlying measure of inflation is likely to continue to fall, unless the tax cuts that started in July have a big effect.

    Why do we target 2-3% anyway?

    Reserve Bank set its target of 2-3% inflation in the early 1990s without a lot of science. It was about where inflation was, close to the targets adopted by other countries, and was a range rather than a specific number in order to give the authorities some flexibility.

    But it happens to be a sensible target, as last year’s independent review of the Reserve Bank confirmed.

    The bank wants to target an inflation rate low enough to not be noticed much and to not much distort decisions.

    Evidence from Google searches suggests that when inflation is around the 2-3% range, people don’t much notice it, but when it climbs up to 4% or 5%, they notice it a lot and search for the word a lot.



    Although zero is (literally) a round number, zero inflation would be too low a target. It would mean deflation (prices falling) as often as not to balance out the prices that were climbing. Deflation is associated with recessions and poor economic performance.

    An inflation rate of 2-3% also allows some real wages to fall (because they can increase by less than the inflation rate), which can be useful in encouraging workers out of declining industries into ones that are expanding.

    In particularly bad times, the Reserve Bank might want to push interest rates down below the inflation rate. This is hard to do if the inflation rate is zero.

    In theory, there is a case for increasing Australia’s inflation target to about where inflation is at the moment, but if that happened, Australia’s inflation target and future inflation targets would have less credibility.

    And in any event, we are moving quickly back towards the target, and on Wednesday’s measure have already hit it.




    Read more:
    No RBA rate cut yet, but Governor Bullock is about to find the pressure overwhelming


    John Hawkins was formerly a senior economist and forecaster in the Reserve Bank and the Australian Treasury.

    ref. At 2.7%, Australian inflation is back within the RBA zone. Here’s why that matters – https://theconversation.com/at-2-7-australian-inflation-is-back-within-the-rba-zone-heres-why-that-matters-237650

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: Result of tender of People’s Bank of China RMB Bills held on September 25, 2024

    Source: Hong Kong Government special administrative region

    Result of tender of People’s Bank of China RMB Bills held on September 25, 2024
    Result of tender of People’s Bank of China RMB Bills held on September 25, 2024
    *******************************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     Result of the tender of the People’s Bank of China RMB Bills held on September 25, 2024: 

    Tender Result

    *************************************************************************

    Tender Date
    :
    September 25, 2024

    Bills available for Tender
    :
    Six-Month RMB Bills

    Issuer
    :
    The People’s Bank of China

    Issue Number
    :
    BCHKFP24016

    Issue Date
    :
    September 27, 2024

    Maturity Date
    :
    March 28, 2025 (or the closest coupon payment date)

    Application Amount
    :
    RMB 59,301 million

    Issue Amount
    :
    RMB 25,000 million

    Average accepted Coupon Rate
    :
    1.45 per cent

    Highest accepted Coupon Rate(Bills’ Coupon)
    :
    1.55 per cent

    Lowest accepted Coupon Rate
    :
    1.00 per cent

    Allocation Ratio (At Highest accepted Coupon Rate)
    :
    Approximately 71.67 per cent

     
    Ends/Wednesday, September 25, 2024Issued at HKT 12:47

    NNNN

    MIL OSI Asia Pacific News