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Category: Banking

  • MIL-OSI Russia: Financial news: Three Federal Treasury deposit auctions will take place on 09/24/2024

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 09.24.2024
    Unique identifier of the application selection 22024484
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 289,000
    Placement period, in days 2
    Date of deposit 09.24.2024
    Refund date 09.26.2024
    Interest rate for placement of funds (fixed or floating) FIXED
    Minimum fixed interest rate for placement of funds, % per annum 18.14
    Basic floating interest rate for placement of funds –
    Minimum spread, % per annum –
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 09:30 to 09:40
    Preliminary applications: from 09:30 to 09:35
    Applications in competition mode: from 09:35 to 09:40
    Formation of a consolidated register of applications: from 09:40 to 09:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 09:40 to 10:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 10:00 to 11:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 10:00 to 11:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n
    Application selection parameters
    Date of the selection of applications 09.24.2024
    Unique identifier of the application selection 22024478
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 20,000
    Placement period, in days 182
    Date of deposit 09.24.2024
    Refund date 03/25/2025
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:30 to 12:40
    Preliminary applications: from 12:30 to 12:35
    Applications in competition mode: from 12:35 to 12:40
    Formation of a consolidated register of applications: from 12:40 to 12:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:40 to 13:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 13:00 to 14:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 13:00 to 14:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a publication of the RUONIA rate value on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Application selection parameters
    Date of the selection of applications 09.24.2024
    Unique identifier of the application selection 22024479
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 100,000
    Placement period, in days 35
    Date of deposit 09/25/2024
    Refund date 10/30/2024
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 15:30 to 15:40
    Preliminary applications: from 15:30 to 15:35
    Applications in competition mode: from 15:35 to 15:40
    Formation of a consolidated register of applications: from 15:40 to 15:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 15:40 to 16:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 16:00 to 17:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 16:00 to 17:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a publication of the RUONIA rate value on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Contact information for media 7 (495) 363-3232PR@moex.com

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

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

    https://www.moex.com/n73339

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial News: Corporate Lending Continues to Grow Strongly in August, Retail Lending Grows More Moderately

    MIL OSI Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    The growth rate of corporate lending remained high (1.9% in August, 2.3% in July). Funds were attracted by companies from a wide range of industries, mainly for working capital financing.

    Mortgages, according to preliminary data, grew by a moderate 0.9% (0.7% in July). A slight increase was shown by the issuance of both market and preferential mortgages, where about 90% fell to the “Family Mortgage”.

    Amid rising rates and tighter macroprudential regulation, consumer lending continued to slow, growing 1.3% in August after 1.4% in July.

    Household funds in banks are actively growing (1.3%; in July: 1.1%), especially in term deposits in rubles due to high rates. Legal entities’ funds also increased (1.3%; in July: 1.6%), mainly ruble balances of exporting companies grew.

    The banking sector’s profit (adjusted for dividends from subsidiary banks) amounted to 435 billion rubles, having increased mainly due to positive currency revaluation caused by the decline in the ruble exchange rate against the euro and the dollar.

    Read more in the information and analytical material “On the development of the banking sector of the Russian Federation in August 2024”.

    Preview photo: Mikhail Metzel / TASS

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

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

    http://vvv.kbr.ru/press/event/?id=21026

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

    MIL OSI Russia News –

  • MIL-OSI: Force for Good: UN’s Sustainable Development Goals at risk of being missed – 9 urgent actions needed to unlock progress as cost of SDG gap rises by 10% to US$112-136 trillion

    Source: GlobeNewswire (MIL-OSI)

    • A new report from Force for Good – “Capital as a Force for Good: Shifting the Global Order Through the Mass Mobilization of Solutions” – finds urgent action is needed now to unlock progress and achieve the SDGs
    • It identifies ‘Nine Big Ideas’ that, if scaled globally, have the potential to unlock SDG progress from less than 66% today, to nearly 90% by the end of the decade, helping correct the annual SDG funding gap of US$14-17 trillion
    • Ideas include climate transition frameworks, AI-enabled connectivity, and universal digital financial services, through coordinated action across governments, the private sector and multi-lateral institutions, proposing a high-impact roll-out across the world

    LONDON, Sept. 23, 2024 (GLOBE NEWSWIRE) — Force For Good: The world is failing to meet the Sustainable Development Goals (SDGs) and urgent action is needed to unlock progress and overcome the growing annual SDG funding gap, which now stands at US$14-17 trillion, a new report from Force for Good finds, US$112-136 trillion in total, up 10%, due to the costs of global climate transition and development needs in the Global South.

    Today, only 16% of the goal’s 169 underlying targets are on track to be met by 2030, with 50% falling behind, and 30% regressing below their 2015 levels when the SDGs were kicked off, the report finds.

    Nine ‘Big Ideas’, including climate transition frameworks, AI-enabled connectivity, and universal digital financial services, if scaled globally, have the cumulative potential to progress SDG achievement to nearly 90%, from less than 66% today, reigniting exponential progress.

    “This report shows how the global order and the systems itself can be transformed by delivering solutions en masse across the planet, engaging everyone in this endeavour … By leveraging the strengths of governments, private companies, NGOS and mobilising the individual as an agent of change, we can create a sustainable, secure, and prosperous future,” said Ketan Patel, Chair of the Advisory Council.

    The world’s failure to meet the goals is being driven by a series of interrelated economic, political, geopolitical and environmental shocks – including the COVID-19 pandemic, the war in Ukraine and Gaza, the energy, cost-of-living and climate crises – interacting with one another to create a ‘polycrisis’ that is diverting attention and resources away from sustainable development.

    A mass and fast roll out of the ‘Nine Big Ideas’, sponsored by appropriate champions across government, private sector or multi-lateral institutions, working with the United Nations, can make a transformative impact on developing countries, while benefitting the global economy.

    While the mass mobilisation of solutions will take a global effort, the largest developing countries, particularly India, China, and Brazil, account for two-thirds of the world’s sustainable development potential. These countries represent the first wave of opportunity in a multi-wave project to realize the future faster.

    Meeting the SDGs is a crucial step for the world in the transition to the next era of human civilization, building a platform on which further breakthroughs and technologies can create a sustainable, secure and superior future.

    About Force for Good

    Force for Good’s mission is to mobilize capital, resources, and ideas as a force for good in the world at a time of profound change. The organization’s Capital as a Force for Good Initiative engages the world’s leading financial institutions and other stakeholders, to promote sustainable development through the deployment of capital and solutions to address global issues and enable the transition to a better future.

    The annual Capital as a Force for Good report, now in its fourth edition, is the result of collaboration with the United Nations and major global financial institutions, assessing the role of capital in addressing the world’s most pressing issues.

    Institutions actively engaged include Bank of America, BlackRock, Bridgewater Associates, Citi, Credit Suisse, Fidelity Investments, First Abu Dhabi Bank, GIC Singapore, Goldman Sachs, Great-West Lifeco, HDFC Bank, HSBC, Investec Group, Japan Post Holdings, JPMorgan Chase, Liberty Mutual Insurance Group, Lloyds Banking Group, Morgan Stanley, Nomura, Nordea, Northern Trust, OMERS, Putnam Investments, Schroders, State Street, UBS, Wellington, and others.

    For further details, please visit www.forcegood.org

    CONTACTS

    Force For Good Contact:
    Lesley Whittle
    Lesley.whittle@forcegood.org

    *ESG News is a proud supporter of Force for Good

    The MIL Network –

  • MIL-OSI NGOs: The long road to recovery for Gaza’s war-wounded children story Sep 20, 2024

    Source: Doctors Without Borders –

    “I heard that when you die, you can still hear people’s voices as they bury you—their prayers and their footsteps as they walk away from your final resting place,” says Karam.

    Karam is receiving care at the hospital run by Doctors Without Borders/Médecins Sans Frontières (MSF) in Amman, Jordan, where our teams provide reconstructive surgery for patients from countries experiencing war, such as Iraq, Yemen, and Gaza, Palestine. 

    The home of Karam (left) was obliterated in an Israeli airstrike, killing everyone in his family except for his sister Ghina and father Ziad (right). Karam was badly injured, with burns across his whole face and body.
    Jordan 2024 © Moises Saman

    “He had no human features”

    On February 14, 2024, an Israeli airstrike obliterated Karam’s home in Gaza, killing everyone in his family except for his 7-year-old sister, Ghina, and his father, Ziyad. Karam was badly injured, with burns across his whole face and body.

    “In the ambulance, I could feel the speed bumps but I couldn’t open my eyes,” Karam says. “I could still hear voices, so I was afraid that maybe I was already dead.”

    That day, Al-Aqsa Hospital was overwhelmed with casualties after the bombing of Nuseirat camp in central Gaza by Israeli forces. When Karam arrived at the hospital, the emergency room team worked to resuscitate him, but they eventually had to move on to treat other patients because they, too, thought he was dead.

    In the ambulance, I could feel the speed bumps but I couldn’t open my eyes. I could still hear voices, so I was afraid that maybe I was already dead.

    Karam, 17, MSF patient

    One hour later, Karam’s uncle, who worked as a nurse at Al-Aqsa Hospital, entered the emergency room and realized that his nephew was still breathing. He rushed Karam to the operating theater, where MSF staff performed CPR and emergency surgery, saving his life.

    His father, Ziyad, is a psychologist for UNRWA and was working at a refuge center when their family home in Nuseirat was hit.

    “When I found out about the strike, I rushed to Al-Aqsa, as my neighbor told me that Ghina and Karam had been taken there,” says Ziyad. “I got to the emergency room and there were bodies everywhere, all over the floor. I found Ghina with first-degree burns on her face, shoulders, and back.”

    The impact of the bomb dropped on Ziyad’s home was so strong that all that remains of the house is a crater. The blast killed 13 members of Ziyad’s family, including his wife, his youngest son Mohammed, and his eldest son Tareq, who was stuck in Gaza due to the war while visiting from Russia, where he was studying dentistry. 

    Ziyad with his daughter Ghina and son Karam in the hospital room they share at MSF’s hospital in Amman. Ziyad’s elder son Tareq, who was visiting from Russia where he was studying to be a dentist, was killed in the strike that injured Ghina and Karam.
    Jordan 2024 © Moises Saman/MSF

    “When Karam was brought into the emergency room, I didn’t notice it was my son,” says Ziyad. “He had no human features on him. There were no clothes left on him. His body was completely black. His eyes were closed.”

    After stabilizing Karam, MSF and Ministry of Health staff at Al-Aqsa Hospital performed six rounds of plastic surgery on Karam’s severely burned body. For seven days he was in a coma.

    Karam was later evacuated to the Emirati floating hospital in Al-Arish, Egypt and then was flown to MSF’s reconstructive surgery hospital in Amman, where he is currently receiving comprehensive rehabilitation, along with his sister and other patients who have been medically evacuated from Gaza.

    Thousands in Gaza need specialized care but are trapped

    The small number of patients from Gaza receiving vital rehabilitation at MSF’s hospital in Amman are barely a ripple on the surface of needs across the Gaza Strip.

    “We know from our experience at the reconstructive surgery hospital in Amman, where we have treated people with war wounds from the region for nearly 20 years, that typically up to 4 percent of people who suffer war injuries will need reconstructive surgery,” says Moeen Mahmood Shaief, MSF head of mission in Jordan.

    “In the case of Gaza, we are talking about nearly 100,000 people who have been injured since October 7, 2023. Therefore we are looking at up to 4,000 people in Gaza who need reconstructive surgery and comprehensive rehabilitation,” he says.

    Deema was almost killed when she fell four storeys from her balcony following an Israeli airstrike and was buried under the rubble for an hour.
    Jordan 2024 © Moises Saman/MSF

    Almost 60 percent of medical evacuation requests are denied

    According to OCHA, at least 41,000 people have been killed—not counting at least 10,000 still missing under rubble—in Gaza since the war started last year, and over 95,000 people have been injured, with at least 14,000 in need of medical evacuation. 

    However, the process that allows a wounded patient to be referred abroad for care is long and complicated. The Israeli authorities’ criteria for approving requests are unclear and patients often have to wait months for a response. Almost 60 percent of requests for medical evacuations from Gaza are turned down, according to the World Health Organization. This includes requests to evacuate wounded children and their caretakers, according to MSF.

    MSF calls for medical evacuations without prejudice to Palestinians’ right to return

    Thousands of Palestinians in Gaza require complex and sustained medical care that is unavailable in the Strip due to the collapse of its health system during the war. Israel must resume issuing medical referral permits for treatment in the West Bank and Jerusalem for severe cases that cannot be treated in Gaza. All medical referrals, patients, and their caregivers must be guaranteed safe, voluntary, and dignified return to Gaza.

    Learn more

    “Of the eight cases for which we applied for medical evacuation in August, only three were approved with their caretakers by the Israeli authorities,” says Dr. Hani Isleem, MSF project coordinator for medical evacuations from Gaza.

    “We will apply again for the next batch, but it is 100 percent clear that they will not approve all the patients. Perhaps they are suspicious of allowing adults to leave the Gaza Strip, but even that suspicion cannot explain the refusal to evacuate children.” 

    MSF calls on the Israeli authorities to ensure medical evacuations for Palestinians in need of specialized medical care, including their caregivers, and for other states to receive and facilitate treatment outside of Gaza, while ensuring that all patients and their caregivers are guaranteed safe, voluntary, and dignified return to Gaza.

    Deema’s little brother Hazem was playing football outside when their home collapsed, leaving him severely injured, while Deema was holding her baby nephew inside. After being trapped under the rubble, Deema survived, but the baby was never found.
    Jordan 2024 © Moises Saman

    “It was pitch black under the rubble”

    Deema, 11, and her family were sheltering at their home in Gaza City when their neighbor’s house was hit by an airstrike on October 10, 2023. Deema was on the fourth floor, holding her baby nephew in her arms, when the building collapsed around them. She fell four stories to the ground floor.

    “It was pitch black under the rubble,” says Deema. “I couldn’t open my eyes and could barely breathe. I couldn’t hear anyone and I couldn’t speak. There was dust and stones covering my face. I was convinced that I was going to die.”

    “I managed to move my hand under the rubble and used a cable to signal to people that I was there,” she continues. “I remember hearing voices, and I felt air on my leg, and soon people were pulling me out and rushing me to the ambulance. To this day, they haven’t found my baby nephew.”

    Seventy-five people were killed in the strike, including Deema’s 14-year-old brother, Hamza. Her younger brother, Hazem, was playing football outside and was also severely injured when the building collapsed. After the dust settled and rescue teams arrived at the scene, Deema and Hazem were rushed to Al-Shifa Hospital, where they received emergency medical care.

    The most dangerous place in the world to be a child

    Read more

    Due to the incessant bombardment of Gaza City, Deema, Hazem, and their mother, Eman, stayed at Al-Shifa Hospital for six months. They were eating, sleeping, and receiving care there, along with thousands of other Palestinians who were taking shelter inside the hospital.

    On March 18, 2024, Israeli forces surrounded the hospital, forcing the thousands of people inside to flee. In the chaos of the evacuation, Deema became separated from her mother and Hazem, who were forced to move south. Meanwhile, Deema managed to reunite with her father and took shelter with him at Asma’a School in Gaza City, where they remained for 45 days.

    “We stayed in a classroom with around 50 families,” explains Deema. “We had almost no food or water, and there was no electricity or gas, so we had to light fires. My shoulder was broken, and I couldn’t move it at all and I was barely able to walk at that time.”

    In early May, Deema was at last able to travel to the south of Gaza, where she was reunited with her mother and Hazem in Rafah. One week later they were medically evacuated, first to Egypt and then to MSF’s hospital in Amman, where Deema and Hazem continue to receive reconstructive surgery, physiotherapy, and mental health support. 

    As a result of the attack on her home, Deema suffered fractures to her right femur and shoulder as well as an open wound to her forehead. In Amman, the MSF physiotherapy team works with her daily to encourage her fractured bones to heal before the external fixator in her leg can be removed. With time, she hopes to be able to regain full function of her limbs.

    “I wasn’t able to move my ankle or my arm when I first arrived in Jordan, but with the help of surgery and physiotherapy I can move them both again,” says Deema. “But it’s hard for me to think of the future as long as there is war in Gaza.”

    Adolescents are particularly vulnerable to the acute stress and life-changing injuries they have suffered in Gaza.
    Jordan 2024 © Moises Saman

    The mental health impact on Gaza’s war-wounded

    MSF mental health teams at the Amman hospital have noted that before the start of the war, Palestinians from Gaza already suffered from depression and frustration, often related to unemployment, poverty, and high addiction rates, as well as to disabilities and amputations caused by previous wars. However, since the war started last October the mental health of Gazans has deteriorated dramatically.

    “A lot of patients coming from Gaza to the Amman hospital are experiencing not only post-traumatic stress disorder, but even acute stress syndrome,” says Dr. Ahmad Mahmoud Al Salem, MSF psychiatrist at the hospital in Amman. “This means that the patients usually have a lot of nightmares and a lot of flashbacks, as well as low mood, insomnia, and avoidance of the whole memory.”

    This is not a normal trauma. This is a huge, tormenting catastrophe, and psychologically their minds are unable to bear all of this stress.

    Dr. Ahmad Mahmoud Al Salem, MSF psychiatrist

    Many Palestinians in Gaza have witnessed the destruction of their homes and the killing of their families, and many have suffered life-changing injuries. On top of that, they are constantly learning of the loss of more family members and friends.

    “This is not a normal trauma,” says Dr. Al Salem. “This is a huge, tormenting catastrophe, and psychologically their minds are unable to bear all of this stress.”

    The mental health team at MSF’s hospital in Amman provide patients who have suffered acute trauma with comprehensive therapy. Children are offered one-on-one psychological support, as well as educational activities and occupational therapy to help them feel more empowered. The more severe cases are referred to Dr. Al Salem for psychiatric support and medication.

    Longing for Gaza after medical evacuation: Abdul Rahman’s story

    Read about Abdul Rahman

    Adolescents are particularly vulnerable to the acute stress and life-changing injuries they have suffered.

    “Adolescents can suffer real misery, as they are just starting to form their personality and their identity,” adds Dr. Al Salem. “They are beginning to understand their place in the world and they are asking themselves: ‘Will I be productive one day, will I be attractive, will I be able to earn money?’”

    According to Dr. Al Salem, adolescent patients who have suffered horrific, life-changing wounds will need long-term psychotherapy and support, not only to deal with painful memories and mental trauma, but to rebuild their sense of self-worth and learn to live with a disability.

    “These kids need support to rebuild their self-worth and self-esteem,” says Dr. Al Salem. “But it takes time.”

    Shahed, 16, from Rafah, Gaza, survived a December 9, 2023, airstrike that killed her father and sister. “I remember waking up in the ambulance.”
    Jordan 2024 © Moises Saman/MSF

    Living life by the moment

    For young Palestinian patients at MSF’s Amman hospital, the future remains dark and unclear. There is still no safe place in Gaza, and while they may be able to return to Gaza physically at some point, the prospects are bleak. All of them have lost family members, as well as their homes and their schools.

    Deema wants to go back to school and to see her family, but not until the war is over and Gaza has been rebuilt.

    “I would like to become an engineer,” says Deema. “I wish that Gaza could return to how it once was. We don’t want to be displaced or pushed out, we just want to go back to our lives before the war.”

    I wish that Gaza could return to how it once was. We don’t want to be displaced or pushed out, we just want to go back to our lives before the war.

    Deema, 11, MSF patient

    Five months after the catastrophic attack on his home, Karam is walking again, he is able to move his left arm, and his left eye is slowly reopening—a nearly miraculous recovery considering he was originally thought dead by medical staff at Al-Aqsa Hospital. 

    Today, Karam is smiling as he lets go of his crutches in the physiotherapy department and grabs hold of the parallel stabilizing bars to take a few steps forward. Before the war he had wanted to become a dentist, like his older brother Tareq, but since he was injured, he is not sure if it will be possible.  

    “I’m taking it one step at a time,” says Karam. “If the war ends, God willing, we will head back to Gaza. It’s my country, it’s where I spent my whole life. My friends are there. But for now, I’m here and I want to get better, one second at a time.” 

    MIL OSI NGO –

  • MIL-OSI: UPDATE – Thnks Announces Winners of the 2024 Thnks Gratitude in Business Awards

    Source: GlobeNewswire (MIL-OSI)

    NASHVILLE, Tenn., Sept. 23, 2024 (GLOBE NEWSWIRE) — Thnks, the first on-demand gratitude expression platform for enterprises, SMBs, and individual contributors, today announced Troy Stevenson, Account Manager at Pegasus Logistics Group as the individual winner and Pegasus Logistics Group as the company winner for the 2024 Thnks Gratitude in Business Awards sponsored by First Horizon.

    As the gratitude in business pioneer, Thnks has transformed small gestures of appreciation into enduring business connections, fostering loyalty, and driving revenue growth. Through the Thnks Gratitude in Business Awards, Thnks celebrates individuals and organizations who are growing their businesses with gratitude.

    “Troy and the entire team at Pegasus Logistics Group inspire a ripple effect of gratitude that transforms how we do business and strengthens our communities,” said Brendan Kamm, Thnks Co-Founder and CEO. “The response to this year’s Thnks Gratitude in Business Award has been truly remarkable. We’ve seen an inspiring array of stories demonstrating how gratitude is being leveraged as a powerful tool for business growth and relationship building.”

    Pegasus Logistics Group, the first company honored by the Gratitude in Business Awards, is being recognized for their exceptional dedication to fostering a culture of appreciation and recognition to drive growth. The company’s innovative initiatives, including their Culture Team’s CREW program and “People on Point” rewards system, demonstrate a strong commitment to fostering a culture of gratitude and empowerment. As the individual winner, Stevenson’s commitment to building trust-based relationships and consistently showing appreciation embodies the transformative power of gratitude in the workplace.

    “We are truly honored to receive this recognition from Thnks and First Horizon,” said Ken Beam, Founder and CEO of Pegasus Logistics Group. “Gratitude is at the heart of our culture, and this win is a testament to the dedication and commitment of individuals like Troy Stevenson and all our team members. We believe that gratitude is the foundation for building strong relationships with our team members, clients, partners, and the community. It’s wonderful to see both Troy’s efforts and the collective spirit of Pegasus Logistics recognized. We’re excited to continue fostering an environment where appreciation drives success and strengthens our connections.”

    Stevenson will be awarded $10,000 in Thnks credits to enhance further the gratitude program at Pegasus Logistics, a $500 credit from a selection of Thnks retailers, and a $2,500 donation will be made in his name to The Grace Foundation, which assists individuals and families in crisis and guidance toward self-sufficiency. The team at Pegasus Logistics will receive $10,000 in Thnks credits for their gratitude program.

    “At First Horizon we’re proud to support the Thnks Gratitude in Business Awards,” said Lucas Doppler, SVP at First Horizon. “We share Thnks’ vision of celebrating those who elevate their workplace, enhance customer experiences, and enrich their communities – by leading with gratitude. “

    To learn more about the Thnks Gratitude in Business Awards sponsored by First Horizon, visit thnks.com.

    ABOUT THNKS
    Established in 2016, Thnks believes making people feel appreciated – not just part of a transaction – is a business-building strategy. Utilized by over 10,000 teams and 120 Fortune 500 companies, Thnks is an on-demand gratitude expression platform for enterprises, SMBs, and individual contributors that converts small acts of gratitude into lasting business relationships that drive loyalty and revenue. The Thnks platform incorporates technology, program analytics and compliance/budget adherence to empower customers with a more economical, intentional, and authentic way to make people feel appreciated. To date, millions of Thnks have been sent – proving small acts of gratitude generate outsized business impact.

    ABOUT FIRST HORIZON
    First Horizon Corp. (NYSE: FHN), with $82.2 billion in assets as of June 30, 2024, is a leading regional financial services company, dedicated to helping our clients, communities, and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation’s best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

    ABOUT PEGASUS LOGISTICS GROUP
    Pegasus Logistics Group is a global leader in transportation and logistics, specializing in both international and domestic shipments of consequence. With a client-centric approach and a flexible global network of partners, we deliver a highly managed transportation model that adapts to the unique challenges of each business. Our stakeholder-focused approach ensures that our solutions benefit not just our clients but also our team members, partners, and communities. At Pegasus Logistics Group, we believe that true partnership is defined by flexibility, collaboration, and a commitment to improving business processes as we grow together.

    FOR MORE INFORMATION, PRESS ONLY:
    Kaileigh Higgins
    thnks@inkhouse.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2d0bcf29-0a44-40ba-92d5-2b6dadd89c15

    The MIL Network –

  • MIL-OSI USA: Dissenting Statement of Commissioner Summer K. Mersinger Regarding Settlement With Piper Sandler Hedging Services, LLC

    Source: US Commodity Futures Trading Commission

    I respectfully dissent from the Commission’s[1] enforcement action settling charges against Piper Sandler Hedging Services, LLC (“Piper Sandler” or “Respondent”).

    Despite the Commodity Futures Trading Commission imposing more than $1.1 billion in offline communication-related civil monetary penalties across more than 20 recent actions[2], I fear this particular case sends the message that everything is a business record, even if such a conclusion has no foundation in the Commodity Exchange Act (“CEA”) or CFTC regulations.

    Enforcement is one of many tools available in our regulatory toolbox to promote a culture of compliance with our regulated entities.  Our policy divisions can conduct targeted examinations, issue guidance, and work with our self-regulatory organizations on their compliance efforts.  Our enforcement authorities should not be our default tool and should only be wielded after ensuring our expectations for compliance with our regulations are clearly communicated to impacted entities.  Only after the Commission fulfills that fundamental responsibility should we use our enforcement function to pursue those who either have no interest in complying or who have failed in their attempts to comply.

    As I have said before, regulation through enforcement is the antithesis of regulatory clarity and transparency.[3]  Unfortunately, without providing additional clarity into how our Division of Enforcement is approaching recordkeeping requirements, including those in Regulation 1.35 which are implicated in today’s settlement, regulated entities and their associated persons are left to determine what constitutes a violation under the looming threat of a visit from our enforcement attorneys.

    Transaction-Related Records Should Be Preserved

    I do not dispute that business related records identified under the CEA and CFTC regulations must be preserved to facilitate an effective regulatory and enforcement program, and I have approved other offline communication cases when the surrounding circumstances warrant such support.  However, the mere existence of business-related communications occurring through unofficial channels is not necessarily a violation.  The threshold inquiry is whether an entity failed to preserve a record they were required to preserve.

    Conclusory statements in settlement orders that business related communications occurred via unofficial channels offer no explanation on how a particular respondent violated the CEA or CFTC regulations.  More importantly, these statements fail to offer any guidance to other similarly situated entities on compliance with these requirements to avoid becoming the next respondent in a CFTC enforcement matter.

    Recordkeeping Requirements Are Not One Size Fits All

    The CEA and CFTC regulations do not require every record of every business activity to be preserved.  Instead, Congress developed a recordkeeping framework which varies based on the category of the entity.[4]  Under this umbrella, the Commission and its staff have developed recordkeeping requirements tailored to respective market participants.

    For example, Section 4g(a) of the CEA requires introducing brokers (IBs), to “keep books and records pertaining to such transactions and positions … as may be required by the Commission.”[5]  Compare that to Section 4n of the CEA, which requires registered commodity pool operators and commodity trading advisors to “maintain books and records and file such reports in such form and manner as may be prescribed by the Commission.”  It is significant that Section 4g of the CEA, the section at issue in today’s enforcement action, is limited to records pertaining to transactions and positions, whereas Section 4n of the CEA lacks such limitation.[6]

                Regulation 1.35 – Tailored Transactional Records

    The Commission has consistently respected these statutory distinctions when adopting numerous modifications to Regulation 1.35, its principal recordkeeping rule for intermediaries, including IBs.

    Regulation 1.35 imposes categorical recordkeeping requirements on futures commission merchants, retail foreign exchange dealers, IBs and designated contract market and swap execution facility members.[7]  In fact, the basic provisions of Regulation 1.35 have remained in place since as early as 1938.[8]  Importantly, Regulation 1.35 requires preservation of records related to transactions and has never, or at least for the past 86 years, contained a general mandate to preserve all records.[9]

    Regardless of intermediary, Regulation 1.35 identifies two major types of records required to be maintained: (1) transaction records (consisting of both “commodity interest and related records” and “original source documents”); and, (2) pre-trade communications (both “oral” and “written”).[10]  All of the key record types defined in Regulation 1.35 are framed around the statutory construction discussed above and therefore, must be related to transactions—in a commodity interest and any related cash or forward transactions.[11]  Furthermore, Regulation 1.35(a) requires the records, except for pre-trade communications, to be “kept in a form and manner that allows for the identification of a particular transaction.”[12]  When the Commission first added the “particular transaction” provision to the regulation, it stated the purpose of the rule would be satisfied “when a market participant can identify those records that pertain to a particular transaction,”[13] versus requiring that all records on all transactions be maintained in a specific manner.

    The rule has been expanded several times as both new registrants have been added to the Commission’s jurisdiction and as technological changes have necessitated revised requirements.[14]  In each case, the Commission has carefully balanced the application of these requirements, not only on different market participants and intermediaries, but also by size and type within certain categories.  These revisions were done to acknowledge that for certain intermediaries, particularly IBs, the burden and costs associated with complying with Commission’s recordkeeping requirements may be significant without substantial benefit.[15] 

    Most importantly in this regard, small IBs – those earning less than $5 million in aggregate gross revenue over a three-year period – have been specifically carved out of certain recordkeeping requirements in Regulation 1.35.  Again, this was done citing the Commission’s concerns “regarding costs and the availability of relevant technology,” and further noting such a balancing would, “achieve the Commission’s objectives and the benefits of promoting market integrity and protecting customers albeit at lower cost.”[16]  Like many rules in Part 1 of the CFTC’s regulations, Regulation 1.35’s requirements vary by entity size and type, reflect the Commission’s long history of carefully weighing the cost and benefits of recordkeeping requirements, and strategically balance these policy considerations.

    Any action by the Commission should respect these important considerations made when adopting our rules around recordkeeping requirements.  Recognizing that our rules must evolve as technology and businesses evolve, the Commission’s approach to this evolution should be clear and should only occur in a public and transparent manner.  Using enforcement to influence that change is the opposite of clarity and transparency.

    The Pitfalls of Interpreting Settlements

    Despite statutory and regulatory intricacies, of the more than 20 recent settlements related to violations of both Section 4g of the CEA and Regulation 1.35, most of these settlement orders[17] include essentially the same boilerplate language in the legal discussion section of the order.  

    The sole application of law to facts in the legal discussion section of these orders is or closely mirrors the following, “[a]s a result of the widespread use of unapproved methods of communication by [firm or their] employees, which communications were not preserved and maintained, [respondent[s]] failed to keep full, complete, and systematic records of all transactions relating to its business of dealing in commodity interests, in violation of Section 4g of the Act and Regulation 1.35.”[18]

    Unfortunately, neither the fact nor the summary sections of these orders facilitate a greater understanding of the regulation, the alleged violation, or how the regulation has been applied in the settlement.  Furthermore, these orders refer to “business-related communications”, “messages related to [ the respondent’s] business as a Commission registrant”, “unapproved communication methods … to engage in firm business”, and “conducted firm business via unapproved methods.”  These generic references, such as “business” and “firm”, fail to describe the substance of the communications at issue or to explain the kind of record that serves as the basis for the alleged violation.  Without more information and context, others subject to the same regulations have limited ability to understand potential compliance risks and costs when deciding whether to remain in or to exit a line of business subject to CFTC regulation.

    No doubt, the inability to accurately gauge compliance risks and the costs of records management systems could lead to further consolidation in the industry, a trend we are already witnessing.

    A Clearer Path Forward

    Without additional context or further clarification by the Commission, entities subject to Section 4g of the CEA and Regulation 1.35 are left with little insight into how the Division of Enforcement construes violations when settling these matters.

    Unfortunately, I cannot support further settlements with IBs concerning offline communications violations until such time as the Commission as a whole, not just the Division of Enforcement, uses the actual words of the statute and the implementing regulation to clarify how an IB can properly comply with recordkeeping requirements.

    For these reasons, I respectfully dissent.

    [1] This statement will refer to the Commodity Futures Trading Commission as the “Commission”, “CFTC”, or “Agency.” All web pages cited herein were last visited on September 11, 2024.

    [4] See e.g., 7 U.S.C. §§ 6(a), 6g(a), 6i, 6n(3)(A), 6r(c), 6s, 6t, 7b-3(f)(10).

    [5] 7 U.S.C. § 6g(a) (emphasis added).

    [6] Had Congress intended to impose on introducing brokers broader recordkeeping requirements as it did in Section 4n of the CEA, it could have amended Section 4g to match the preexisting language of Section 4n. Compare, 7 U.S.C. § 6g with 7 U.S.C. § 6n.  Congress had such opportunity but declined to do so when both sections of the CEA were last modified by the Futures Trading Act of 1982, which broadened Section 4g’s recordkeeping requirements to include introducing brokers (IBs).  Pub. L. 97–444, title II, §209, Jan. 11, 1983, 96 Stat. 2302.

    [7] 17 C.F.R. § 1.35.

    [8] GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT, 17 CFR, 1938 ed. [901, 913].

    [10] 17 C.F.R. § 1.35(a)(1)(i), (ii) and (iii) (emphasis added).

    [11] 17 C.F.R. § 1.35(a)(1)(i) and (iii).

    [12] 17 C.F.R. § 1.35(a)(5).

    [13] Records of Commodity Interest and Related Cash or Forward Transactions, 80 FR 80247, 80249 (Dec. 24, 2015).  When the Commission modified Regulation 1.35(a)(5) to eliminate the form and manner provision, it slightly modified the particular transaction provision; however, the operative language described in the quote above was unaffected.

    [14] This includes the addition of IBs in 1982. Supra n.6.  As well as the more recent addition of members of swap execution facilities in the 2012 amendments. See Adaption of Regulation to incorporate Swap, Notice of Proposed Rulemaking, 76 FR 33066, 33072 (June 7, 2011).

    [15] Adaptation of Regulations to Incorporate Swaps—Records of Transactions, Final Rule,77 FR 75523, 75528 (Dec. 21, 2012).

    [16] Id.

    [17] In re JPMorgan Chase Bank, N.A., CFTC No. 22-07, 2021 WL 6098347 (Dec. 17, 2021) (consent order) ($75 million CMP); In re Bank of Am., N.A., CFTC No. 22-38, 2022 WL 4733591 (Sept. 27, 2022) (consent order) ($100 million CMP); In re Barclays Bank PLC, CFTC No. 22-39, 2022 WL 4733593 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Goldman Sachs & Co. LLC, CFTC No. 22-40, 2022 WL 4733598 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Nomura Glob. Fin. Prods. Inc., CFTC No. 22-41, 2022 WL 4733602 (Sept. 27, 2022) (consent order) ($50 million CMP); In re UBS AG, CFTC No. 22-42, 2022 WL 4733603 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Jefferies Fin. Servs., Inc., CFTC No. 22-43, 2022 WL 4733600 (Sept. 27, 2022) (consent order) ($30 million CMP); In re Morgan Stanley & Co. LLC, CFTC No. 22-44, 2022 WL 4733603 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Cantor Fitzgerald & Co., CFTC No. 22-45, 2022 WL 4733597 (Sept. 27, 2022) (consent order) ($6 million CMP); In re Citibank, N.A., CFTC No. 22-46, 2022 WL 4733594 (consent order) (Sept. 27, 2022) ($75 million CMP); In re Credit Suisse Int’l, CFTC No. 22-47, 2022 WL 4733595 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Deutsche Bank AG, CFTC No. 22-48, 2022 WL 4733596 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Bank of Nova Scotia, CFTC No. 23-25, 2023 WL 3455084 (May 11, 2023) (consent order) ($15 million CMP); In re HSBC Bank USA, N.A., CFTC No. 23-27, 2023 WL 3496489 (May 12, 2023) (consent order) ($30 million CMP); In re Wedbush Secs. Inc., CFTC No. 23-37, 2023 WL 5089708 (Aug. 8, 2023) (consent order) ($6 million CMP); In re Wells Fargo Bank NA, CFTC No. 23-36, 2023 WL 5089709 (Aug. 8, 2023) (consent order) ($75 million CMP); In re Société Générale, CFTC No. 23-35, 2023 WL 5089710 (Aug. 8, 2023) (consent order) ($75 million CMP); In re BNP Paribas S.A., CFTC No. 23-33, 2023 WL 5089707 (Aug. 8, 2023) (consent order) ($75 million CMP); In re Interactive Brokers Corp., CFTC No. 23-56, 2023 WL 6442571 (Sept. 29, 2023) (consent order) ($20 million CMP); In re Oppenheimer & Co. Inc., CFTC No. 24-04, 2024 WL 1236474 (Mar. 19, 2024) (consent order) ($1 million CMP); In re Cowen & Co., CFTC No. 24-11, 2024 WL 3844670 (Aug. 13, 2024) (consent order) ($3 million CMP).

    [18] Id. Both CFTC No. 24-04 and CFTC No. 24-11 omit the word widespread in front of the word use. However, the orders otherwise follow the quotation above.

    MIL OSI USA News –

  • MIL-OSI Europe: In-Depth Analysis – Banking Market Integration in Europe and Insolvency Law – 23-09-2024

    Source: European Parliament

    Despite considerable progress towards a Banking Union in the euro area, banks in the EU continue to be subject to widely varying insolvency law as applied to their lending customers. This paper provides evidence that bank interest margins tend to be higher in countries with weaker loan enforcement. Higher bank interest margins are a sign of less efficient bank intermediation, and hence the evidence of this paper suggests that bank intermediation is less efficient in countries with weaker loan enforcement. This policy-induced national variability in bank efficiency is incompatible with banking union.

    MIL OSI Europe News –

  • MIL-OSI Europe: Leading African fund managers receive awards for supporting promising entrepreneurs and start-ups across the continent

    Source: European Investment Bank

    • First Circle Capital, SpeedInvest and Knife Capital achievements awarded for their work in African venture capital.
    • The Africa Venture Finance Programme at Oxford’s Saïd Business School hosted 41 prominent African and Africa-focused venture capital fund managers, with more than half of them being women.
    • The programme is funded by the EU, through Boost Africa, and by the AfricaGrow Technical Assistance Facility financed by the Federal Ministry for Economic Cooperation and Development through KfW

    African venture capital (VC) fund managers First Circle Capital, SpeedInvest and Knife Capital have all received awards recognising their success in supporting promising entrepreneurs and start-ups across African countries. The awards were presented during the Africa Venture Finance Programme, a week-long, in-person course, organised for the third time at Oxford university’s Saïd Business School from 9 to 13 September 2024. The programme aims to support VC fund managers investing in early and growth-stage technology companies in Africa, with Boost Africa and AfricaGrow hosting 41 leading fund managers from 31 African VC funds.

    The ‘Most Promising Fund Manager’ award was given to the all-female team from First Circle Capital, who invest in and support early-stage fintech founders.

    The ‘Best Deal’ award went to SpeedInvest for their investment in Moove, a rapidly growing company providing vehicle financing and supply solutions.

    Lastly, the ‘Lifetime Achievement Award’ was presented to Keet van Zyl, founding partner of South Africa-based Knife Capital, in recognition of his contributions to the venture ecosystem and leadership.

    “We are proud of Boost Africa’s role in supporting a vibrant and resilient VC ecosystem in Africa and helping African entrepreneurs transform their ideas into successful businesses,” said EIB Vice-President Ambroise Fayolle. “The EIB is committed to financing new technology and ideas that will address the global challenges we all face.”

    The shortlisted candidates were peer-selected by fellow fund managers, and a panel of judges composed of limited partners determined the winners from the shortlisted candidates. Investors from funds including Partech, AfricInvest, TLcom, Norssken, Speedinvest came together to discuss innovative solutions for Africa’s unique challenges. The five-day event allowed participants to share expertise and facilitate discussions to drive rapid growth in Africa’s technology venture capital sector. Attendees from all over the continent took part, with more than half of them being women, reflecting increased gender inclusiveness within venture capital leadership.

    Several Oxford academics joined the group discussions covering a wide range of topics such as the growing need for innovative funding instruments and the influence of artificial intelligence (AI) on the continent’s future. Additionally, several prominent African investors attended the forum to share best practices and discuss the way forward. Participants engaged with representatives from different development finance institutions and international organisations. This included Andrea Clerici, Director for Corporate Finance & Global Activities at the European Investment Bank, and delegates from the European Commission and the Organisation of African, Caribbean and Pacific States.

    “The opportunity to exchange confidential insights, discuss inherent challenges, and ultimately build deeper human bonds is essential for strengthening our collective ability to build our VC ecosystem together. No other conference or event has provided anywhere near as much value as this one.” – Nivesh Pather, Principal at Norrsken22.

    “It is important for me to always be learning. The trends in our part of the world are equal parts cyclical and rapidly evolving. We heard so many fresh perspectives and voices coupled with experience. I left Oxford with a renewed commitment to focus on the how.” –  Ory Okolloh, Partner at Verod-Kepple Africa Ventures.

    “This year’s Africa Venture Finance Programme proved once again the enormous potential of venture capital in Africa. A whole new generation of investors are taking the long view on building an entire new ecosystem. At Oxford Saïd Business School we are proud to be part of supporting this journey which will transform African economies, one startup at a time!” – Thomas Hellmann, Professor of Entrepreneurship and Innovation, Saïd School of Business, Oxford University

    The Africa Venture Finance Programme is supported by the EU via the Boost Africa programme and by the AfricaGrow Technical Assistance Facility.

    Background information

    About Boost Africa

    Boost Africa is a joint initiative between the European Investment Bank and the African Development Bank (AfDB) to enable and enhance entrepreneurship and innovation across Africa in a commercially viable way. It addresses a current gap in the African market by providing early-stage venture capital paired with skills development.

    Boost Africa focuses on financial intermediaries investing in innovative business models and start-ups developing digital solutions across various sectors including, inter alia, information and communication technologies (ICT), healthcare, climate mitigation and adaptation, education, financial services, and manufacturing sectors. There is a particular emphasis on financial intermediaries focusing on youth and women and on sectors where innovation can improve the quality of people’s lives, in particular for lower-income households.

    Boost Africa Technical Assistance Facility, part of the broader Boost Africa programme, provides bespoke support to strengthen the core professional and operational skills of partner fund managers and their investees to realise growth potential among innovative tech start-ups and high growth SMEs in Africa. The Facility is funded by the European Commission and the Organisation of African, Caribbean and Pacific States, through the 11th European Development Fund. The funding is managed by the European Investment Bank (EIB) and implemented by Adam Smith Europe, part of the Adam Smith International Group.

    About AfricaGrow

    The AfricaGrow Fund of Funds is a blended finance vehicle managed by Allianz Global Investors and serves as a catalyst for private capital into Africa by providing a de-risked capital structure for institutional investors, fostering indirect investments into African Small and Medium Enterprises (SMEs) and start-ups via local Private Equity and Venture Capital fund investments. Its LPs are DEG, KfW – on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ) and Allianz insurance companies.

    As a legally independent entity, AfricaGrow is a central instrument of the Compact with Africa (CwA) initiative, which was launched in 2017 under the 50 German G20 presidency. The Technical Assistance Facility is funded by the German Ministry for Economic Cooperation and Development (BMZ) through KfW, while the fund is managed by Allianz Global Investors and advised by DEG Impact GmbH.

    About the EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

    MIL OSI Europe News –

  • MIL-OSI Security: Illinois Bank President Sentenced to Jail for Falsifying Records

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

    BENTON, Ill. – The former president of a bank in southern Illinois was sentenced Thursday for his role in falsifying bank records to facilitate real estate loans.

    Steven Cook was fined $6,000 and sentenced to 50 hours of community service and two weekends in the Jackson County jail. 

    He will also likely be banned from the banking industry for life.

    Cook fraudulently facilitated three different sales of commercial real estate to Lawler and Maze Properties LLC in 2022. Cook was the president of SouthernTrust Bank at the time, and was also on the bank’s board of trustees and was a member of its loan committee. The bank has branches in Marion, Vienna and Goreville, Illinois.

    Cook approved one loan that funded the sale of seven commercial rental properties in Williamson and Franklin counties from Results Home Buyers 2 to Lawler and Maze. The transaction was a new purchase of real estate, not a refinance, and the buyers were not using any cash to fund the purchase.  But during an April 6, 2022, meeting with the seller and buyer, Cook and the others agreed to fraudulently make it appear as if the loan was a refinancing. Cook also agreed that the bank would supply the cash for the purchase. They agreed to backdate documents to falsely indicate the buyer purchased the properties on Feb. 1, 2022, for a falsely inflated price of $545,152. The documents also falsely indicated that the bank was refinancing 80% of that loan, with the buyers bringing 20% in cash to the sale. The bank’s loan to the buyers was approved by the bank’s loan committee based upon the false information.

    Results Home Buyers 2 is partially owned by former Williamson County State’s Attorney Brandon Zanotti.

    In August of 2022, Cook facilitated a second real estate transaction for the purchase of four properties by Lawler and Maze. Cook, the seller and Lawler and Maze agreed that the real estate contract would falsely list a sales price of $413,000 instead of the actual price of $330,400, and falsely state that the buyer would supply $82,600 in cash.

    In November of 2022, Cook facilitated an additional loan to Lawler and Maze for the purchase of a property in Marion. Bank documents falsely stated that the borrowers would supply $21,500 cash.

    Cook pleaded guilty in U.S. District Court in Benton in June to three felony counts of aiding and abetting the making of a false bank entry. Zanotti pleaded guilty in March to one count of the same crime. He was sentenced in May to two years of probation, a $5,000 fine and 20 hours of community service.  His conduct we reported to the Illinois Attorney Registration and Disciplinary Commission.

    Lawler and Maze, LLC is owned by Justin Maze and David Lawler, who each entered into a pretrial diversion program in which they acknowledged their involvement in the criminal conduct by aiding and abetting Zanotti and Cook. As a condition of pretrial diversion, Maze was required to resign from his position as Williamson County Circuit Clerk and agreed not to seek re-election to any public office. Lawler’s conduct was reported to the Illinois Attorney Registration and Disciplinary Commission.

    “The FBI works daily to disrupt fraudulent activity and we recognize the impact it has on banking institutions,” said FBI Springfield Field Office Special Agent in Charge Christopher Johnson. “FBI Springfield will continue to dedicate investigative resources for targeting fraud in its many forms to protect the integrity of the banking process.”

    “FHFA-OIG will continue to relentlessly investigate and pursue the prosecution of mortgage-related fraud, no matter who commits the crimes. Officers of financial institutions who have a duty to conduct honest business must be held accountable. We are proud to have partnered with our FBI colleagues and with Special Assistant United States Attorney Hal Goldsmith,” said Korey Brinkman, Special-Agent-in-Charge of FHFA OIG’s Midwest Regional Office.

    The FBI Springfield Field Office and the Federal Housing Finance Agency Office of Inspector General investigated the case. The prosecution was handled by Special Attorney Hal Goldsmith from the Eastern District of Missouri. The U.S. Attorney’s Office for the Southern District of Illinois was recused from the case.

    Anyone with information about mortgage-related fraud can report it by contacting the Federal Housing Finance Agency – Office of Inspector General Hotline at 800-793-7724 or via the web at https://www.fhfaoig.gov/ReportFraud#hotlineform

    MIL Security OSI –

  • MIL-OSI United Nations: Statement by Principals of the IASC on the situation in the Occupied Palestinian Territory – These atrocities must end

    Source: World Food Programme

    NEW YORK/GENEVA/ROME/WASHINGTON – As world leaders gather in New York for the 79th United Nations General Assembly, and as the threat of a wider regional escalation looms, we renew our demand for an end to the appalling human suffering and humanitarian catastrophe in Gaza.

    We mourn the loss of innocent life everywhere, including those killed on October 7 and during the 11 months of conflict since then. 

    We urgently call for a sustained, immediate and unconditional ceasefire. This is the only way to end the suffering of civilians and save lives.

    All hostages and all those arbitrarily detained must be released immediately and unconditionally. 

    Humanitarians must have safe and unimpeded access to those in need.

    We cannot do our jobs in the face of overwhelming need and ongoing violence. More than 41,000 Palestinians in Gaza – the majority of them civilians, including women, children, older persons and at times entire families – have reportedly been killed, and more than 95,500 have been injured, according to the Ministry of Health in Gaza. It is estimated that a quarter of the injured in Gaza, or around 22,500 people, will require lifelong specialized rehabilitation and assistive care including individuals with severe limb injuries, amputations, spinal cord damage, traumatic brain injuries, and major burns.

    More than 2 million Palestinians are without protection, food, water, sanitation, shelter, health care, education, electricity and fuel – the basic necessities to survive. Families have been forcibly displaced, time and time again, from one unsafe place to the next, with no way out. 

    Women and girls’ dignity, safety, health and rights have been severely compromised. 

    The risk of famine persists with all 2.1 million residents still in urgent need of food and livelihood assistance as humanitarian access remains restricted.

    Healthcare has been decimated. More than 500 attacks on health care have been recorded in Gaza.

    Aid hubs have been forced to relocate and re-build many times over; convoys carrying life-saving aid have been shot at, delayed and denied access; and relief workers have been killed in unprecedented numbers. The number of aid workers killed in Gaza in the past year is the highest ever in a single crisis.

    Unnecessary and disproportionate force unleashed in the West Bank, combined with escalating settler violence, house demolitions, forced displacement and discriminatory movement restrictions, have caused increased fatalities and casualties.

    The war is also jeopardizing the future for all Palestinians and rendering eventual recovery far from reach.

    Meanwhile, close to 100 hostages remain in Gaza, while freed hostages have reported ill treatment, including sexual violence.

    The parties’ conduct over the last year makes a mockery of their claim to adhere to international humanitarian law and the minimum standards of humanity that it demands. 

    Civilians must be protected and their essential needs must be met. There must be accountability for serious violations of international humanitarian and human rights law.

    Humanitarian and aid organizations have been doing their utmost to provide relief in Gaza and the West Bank, often at great personal risk, and with many aid workers paying the ultimate price. 

    Our capacity to deliver is indisputable if we are granted the access we need. The first round of the polio vaccination campaign, reaching more than 560,000 children under the age of 10, is but one example. The second round of vaccinations must be carried out safely and reach all children in Gaza.

    We urge world leaders, once again, to wield their influence to ensure respect for international humanitarian law, international human rights law and the rulings of the International Court of Justice – through diplomatic pressure and cooperation in ending impunity. 

    Let us be clear: The protection of civilians is a bedrock principle for the global community and in all countries’ interest. Allowing the abhorrent, downward spiral caused by this war in the Occupied Palestinian Territory to continue will have unimaginable, global consequences. 

    These atrocities must end.

    Signatories:

    • Ms. Joyce Msuya, Acting Emergency Relief Coordinator and Under-Secretary-General for Humanitarian Affairs (OCHA)
    • Ms. Sofia Sprechmann Sineiro, Secretary General, CARE International 
    • Dr. Qu Dongyu, Director-General, Food and Agriculture Organization (FAO) 
    • Ms. Amy E. Pope, Director General, International Organization for Migration (IOM) 
    • Mr. Tom Hart, President and Chief Executive Officer, InterAction
    • Ms. Tjada D’Oyen McKenna, Chief Executive Officer, Mercy Corps
    • Mr. Volker Türk, United Nations High Commissioner for Human Rights (OHCHR) 
    • Ms. Paula Gaviria Betancur, United Nations Special Rapporteur on the Human Rights of Internally Displaced Persons (SR on HR of IDPs)  
    • Mr. Achim Steiner, Administrator, United Nations Development Programme (UNDP) 
    • Ms. Janti Soeripto, President and Chief Executive Officer, Save the Children US 
    • Ms. Anacláudia Rossbach, Executive Director, United Nations Human Settlement Programme (UN-Habitat) 
    • Mr. Filippo Grandi, United Nations High Commissioner for Refugees (UNHCR)  
    • Dr. Natalia Kanem, Executive Director, United Nations Population Fund (UNFPA) 
    • Ms. Catherine Russell, Executive Director, UN Children’s Fund (UNICEF)  
    • Ms. Sima Bahous, Under-Secretary-General and Executive Director, UN Women 
    • Ms. Cindy McCain, Executive Director, World Food Programme (WFP)  
    • Dr. Tedros Adhanom Ghebreyesus, Director-General, World Health Organization (WHO)

    [1] The United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) fully supports the statement and the call by Principals of the IASC, for a sustained, immediate and unconditional ceasefire.

    MIL OSI United Nations News –

  • MIL-OSI Economics: Piero Cipollone: From dependency to autonomy: the role of a digital euro in the European payment landscape

    Source: European Central Bank

    Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament

    Brussels, 23 September 2024

    It is a pleasure to be here today to meet the new members of this Committee and to update you on the status of the digital euro project. Let me also congratulate Madame Lalucq on her election as ECON Chair.

    The ECB appreciates the open and valuable exchanges we have had with the ECON Committee on the digital euro since the beginning of the project. I am fully committed to continuing these exchanges and look forward to our future discussions.

    Today I will focus on three key areas. First, Europe’s dependency on foreign players for retail payments. Second, the benefits of a digital euro for everyone, including consumers, merchants and banks. And third, the progress we have made on the digital euro project so far.

    Foreign dominance in the European payment landscape

    Fast-forward to the year 2030. Imagine you are at the football World Cup in Spain. You want to buy a drink, but you can only pay with Alipay. This scenario is not as far-fetched as it may seem: this summer, buying tickets for the European Football Championships in Germany was only possible with Chinese or American means of payment.

    Could you imagine this happening in the United States? Going to the finals of the American football league, for example, and having no American means of payment available? I certainly cannot.

    The Eurosystem will of course continue to ensure that people in Europe can pay with cash.[1] However, cash is becoming less and less popular as digital payments and online shopping grow.[2]

    For example, more and more people are buying their groceries online. But you can’t use cash to pay for these. More often than not, the only option is PayPal or an international card scheme like Visa or Mastercard.

    And more and more people are using digital wallets like PayPal or Apple Pay on their mobile phones. By 2027 these platforms are expected to handle 40% of e-commerce and 27% of in-store payments in Europe.[3]

    At the same time, the share of companies in the euro area not accepting cash has been increasing significantly.[4]

    These developments are contributing to the marginalisation of elderly and less tech-savvy people. They also make us dependent on non-European companies, which is risky.

    Imagine what would happen if you could not pay digitally. For example, two weeks ago significant parts of the European card payments market were shut down for almost an entire day.[5] Just like with electricity, gas or water, we don’t think about payments until they stop working. For energy, we had to learn this the hard way following Russia’s invasion of Ukraine. For payments, we owe it to Europeans to do better.

    We need our own strong digital payments system.[6] We can achieve this by bringing central bank money into the digital era with the introduction of a digital euro: a digital form of cash, issued by the central bank and available to everyone in the euro area.[7]

    A digital euro would strengthen Europe’s financial sovereignty and resilience because it would be built with European technology and infrastructure. It would empower Europe to independently develop and manage digital payment solutions, supporting the further deepening of the Single Market.[8]

    But most importantly, the digital euro would offer tangible benefits to all stakeholders – consumers, merchants and banks.

    Benefits for European citizens

    We strongly support the Single Currency Package[9], which will ensure that cash remains widely accessible and accepted. At the same time, it will pave the way for a digital euro, which would take the advantages of cash into the digital world.

    Consumers could use a digital euro for all payments, everywhere in the euro area, also when shopping online. With a digital euro, making or receiving payments would be free of charge and as easy as using cash today. Consumers would need to use only one device and remember just one password. In addition, having a single means of payment for all circumstances would make it easier for users to have an overview of their expenditure.

    Importantly, a digital euro would seek to promote digital financial inclusion by ensuring that no one is left behind.[10] It would be accessible to everyone across the euro area, via a mobile app or a physical card, so everyone can choose the technology that they are most comfortable with, no matter how old or tech-savvy they are.

    Finally, a digital euro would offer the best possible privacy and data protection afforded by the current technology used in large payment systems.[11] From the outset, ensuring user privacy has been a central focus of the digital euro project.

    A digital euro would be available both online and offline.[12] With the offline functionality, users would enjoy cash-like privacy. The details of your offline payments would only be known to you and the recipient. For online payments, too, we would ensure that your personal data remain your own. The Eurosystem will not be able to identify you, nor directly link you to your payments.[13]

    New opportunities for merchants

    A digital euro would also bring new opportunities for European merchants.

    Right now, merchants in Europe are largely dependent on a handful of dominant online or card payment methods, often relying on non-European providers. International card schemes currently account for 64% of card transactions in the euro area.[14]

    This costs European merchants a lot of money. They collectively pay a significant amount each year to international card schemes like Visa or Mastercard. And the cost is mostly borne by smaller merchants, who incur charges three to four times higher than those of their larger competitors.[15]

    A digital euro would include safeguards for merchants by capping the fees they pay to banks for processing payments.[16] A digital euro would thus narrow the gap between what smaller and larger merchants are charged for digital payments.

    By providing a true alternative to existing payment solutions, a digital euro would also put all merchants, large and small, in a stronger position to negotiate better conditions with other providers. Finally, it could provide a safety net for merchants in case of network or power outages, thanks to its offline functionality.[17]

    Benefits for banks

    Banks would benefit too, particularly in our rapidly evolving payment landscape, in which new players – especially big tech companies from outside Europe – are increasingly entering the market. The banks would be remunerated for the services they offer, while the Eurosystem would cover the costs of the digital euro scheme and infrastructure.

    When you compare a digital euro with services like PayPal or Apple Pay, the benefits for banks become even clearer. For instance, banks do not earn anything if people top up their PayPal wallet via direct debit. And with Apple Pay, banks actually have to pay a fee just to let their cards be used in Apple Wallet.

    A digital euro would also open up a new source of revenue by allowing banks to provide value-added services to their customers.[18]

    We are working closely with the market to ensure that a digital euro leverages the existing standards as much as possible, which would keep costs down and support Europe’s competitive payment landscape.[19]

    Moreover, cards and applications currently available in only one or a handful of Member States could use these standards to reach customers across the euro area without the need to invest in new acceptance infrastructure. Therefore, a digital euro would mean that European payment service providers could offer their customers the convenience of using their product everywhere in the euro area – just like international card companies. It would also strengthen banks’ negotiating positions vis-à-vis these companies.

    Finally, banks and other payment service providers would be responsible for distributing a digital euro, thus serving as the sole point of contact for digital euro users. So a digital euro could help banks retain their customers in the face of growing payments competition.

    Project preparation phase at full speed

    Let me now give you a brief update on where we stand with the project.[20]

    We started the investigation phase back in 2021 and are now at the midpoint of the preparation phase, with roughly one more year to go.

    One of our key focus areas during this phase is to develop a methodology for determining the maximum amount of digital euro a person could hold at any time.[21] The holding limits are important to ensure financial stability and prevent large-scale transfers from bank deposits to digital euro, especially during crises.

    These limits would be high enough to avoid negatively affecting the digital euro user experience.[22]

    Experts from the ECB, the national central banks in the Eurosystem and national competent authorities, building on their unique know-how, have started to identify the factors that could influence the holding limit calibration, on the basis of three key areas defined in the draft Regulation: usability, monetary policy and financial stability.[23]

    While the exact holding limits would be defined closer to the potential launch and on the basis of a well-defined governance process enshrined in the draft Regulation,[the ECB’s Governing Council will decide whether to move to the next phase of the project. But the Governing Council will not take any decision about the issuance of a digital euro before the legislative act has been adopted.

    Conclusion

    To conclude, introducing a digital euro across the euro area would take time, but it is key for Europe’s future. Countries across the world are exploring retail central bank digital currencies. If we want to be standard-setters and keep our position among the frontrunners, we need to move swiftly.

    A digital euro is a common European project, which is why we are talking to all the relevant stakeholders and carefully listening to their views and concerns. I also remain committed to engaging regularly with the European Parliament.

    Introducing a digital euro that all banks and other providers make available to their customers and that all merchants accept, everywhere in the euro area, would take several years. Market participants need certainty to invest in the digital euro and this requires coordination between co-legislators and the central bank.

    I appreciate all the work that the ECON Committee has done on the digital euro so far. The legislative discussions are now in your hands. The ECB is of course ready to engage with the negotiating team and to provide continued technical support when needed.

    It is important that the legislative and technical work advance in parallel, swiftly and in close cooperation. Together, we can ensure that the digital euro strengthens Europe’s financial sovereignty and serves all its citizens.

    MIL OSI Economics –

  • MIL-OSI USA News: Remarks as Prepared for Delivery by First Lady Jill  Biden at an Event to Launch Partnership for a Lead-Free  Future

    Source: The White House

    New York City, New York

    Thank you.

    It’s great to be with so many world leaders, your Excellencies from Malawi, the Dominican Republic, and Nepal.

    Director General of the World Health Organization and President Banga of the World Bank, I’m glad to see you both again. And I appreciate your support of this new coalition.

    I’m also grateful to Open Philanthropy, which has been at the forefront of the fight against lead poisoning in children for many years.

    To Cathy Russell and Administrator Power: thank you for inviting me to join you today.

    Cathy and I have known each other for decades. Beyond the causes we both care so deeply about—from expanding opportunities for women to protecting and lifting up children—I’m grateful for our friendship. You and the team at UNICEF take on some of the world’s toughest challenges and you make a difference in every life you touch. Thank you.

    And Samantha Power, Joe’s intrepid Administrator of USAID, I am inspired by all that you do. The only thing greater than your determination to tackle humanitarian challenges around the world is your optimism for creating a healthier, safer, brighter future for people everywhere.

    Several years ago, I traveled to Jordan.

    There, I met Ms. Maha, a principal of an all-girls’ school.

    More and more families were arriving to her community from Syria after fleeing violence. And Ms. Maha’s school was already at capacity.

    One day, a mother showed up, desperate to enroll her daughter.

    The mother had tried and been turned away at so many other schools.

    So, with tears in her eyes, she pleaded with Ms. Maha to find a place for her daughter.

    Ms. Maha loves her students. And she said, “I think love is giving as much as you can.”

    So she made a promise.

    Send your daughter to class with a chair, and she can enroll.

    In the days that followed, more and more young girls showed up—carrying any chair they could find—so they could go to school and learn.

    As educators, we don’t sit with problems.

    We solve them.

    I saw this in the classrooms I visited in rural Malawi.

    The teachers found inventive ways for their students to learn through songs, rhythm, and repetition.

    Even from my own experience, like four years ago, when the pandemic hit and schools in the United States went silent.

    Overnight, educators had to learn how to use Zoom and reimagine lesson plans so we could reach our students.

    Our world is full of complexities and conflicts.

    But for the problems we can solve we can’t hesitate.

    In Principal Maha’s words: We must give as much as we can.

    Every year, the United Nations General Assembly meets to recognize our shared challenges and to find ways to overcome them.

    Right now, around the world, parents give their children toys so they can learn and play.

    They prepare meals with everyday cookware to keep their family fed.

    All the while, dangerous amounts of lead seep into their lives.

    And the consequences are irreversible.

    These children will never reach the full potential they were born with because lead poisoning is so pervasive.

    But it’s a problem we can solve.

    I’m proud that this new partnership is committing more than $150 million, which will jumpstart efforts to end childhood lead exposure in developing countries.

    This funding is 10 times more than what’s been spent annually on this problem to date.

    And it has a coalition behind it: Partners—from governments to industry to advocates—who will phase out lead from everyday products, enforce safe standards, and create a lead-free future for every child.

    Through the Partnership for a Lead-Free Future, UNICEF and USAID believe we can end childhood lead poisoning by 2040.

    Education is my life’s work.

    And I often think of what leaders might learn from teachers, who know that the future isn’t some far off place.

    It’s right before them, in their students who are striving to learn and grow. 

    Teachers who don’t stop at problems, they push through.

    Teachers who love what they do. And love is giving as much as you can.

    Children will reach for the promise that resides within them—if we do our part, everything we can, to break down the barriers in their way.

    It’s going to take all of us, pulling up chairs and joining this coalition to end lead poisoning.

    That future is within our grasp.

    Let’s reach for it, together.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Van Hollen, Shaheen, Colleagues Urge FHFA to Implement Stronger Energy Efficiency Standards for New Federally-Backed Homes

    US Senate News:

    Source: United States Senator for Maryland Chris Van Hollen
    September 23, 2024
    Today, U.S. Senators Chris Van Hollen (D-Md.) and Jeanne Shaheen (D-N.H.) were joined by Senators Cory Booker (D-N.J.), Martin Heinrich (D-N.M.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.) in writing to Federal Housing Finance Agency (FHFA) Director Sandra Thompson urging the Agency to set a minimum energy efficiency standard for new homes built using loans backed by government-sponsored enterprises, such as Fannie Mae, Freddie Mac, and Ginnie Mae. In response to a question from Senator Van Hollen during a Senate Banking, Housing, and Urban Affairs Committee hearing earlier this spring, Director Thompson suggested that FHFA would do so this summer – but it has not yet taken such action. In their letter, the Senators ask Director Thompson for an updated timeline for a decision, while calling on FHFA to act swiftly in order to improve home energy efficiency and ultimately save money for American homeowners and renters.
    “We are writing to urge the Federal Housing Finance Agency (FHFA) to phase in a minimum energy efficiency standard for Enterprise-backed mortgages on new homes. Such a standard would save homeowners and renters money and make the housing market more consistent and stable,” the Senators began. “When asked at a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs last April, you indicated an intention to make a decision about this potential action on or about the end of the second quarter. As we are now rapidly approaching the end of the third quarter, we respectfully request an update on your intended timeline for a decision and for the Enterprises to begin implementation.”
    Outlining the benefits of a minimum energy standard, they wrote, “Aligning new home energy standards with updated model codes will save money for homeowners and renters across the country. HUD and USDA found that the increased initial costs of construction are more than made up for by lower monthly energy costs. […] Beyond these financial benefits, updated codes help save lives by protecting families from the impacts of extreme weather events, particularly utility outages during heat waves and cold snaps. Updated energy codes can also yield better indoor air quality and reduce exposure to pollutants that can have negative health impacts including asthma, heart disease and lung cancer.”
    “This year is an ideal time for FHFA to make these changes. The Bipartisan Infrastructure Law and Inflation Reduction Act provided over $1.2 billion of federal funding to help states and localities update their building codes. Already, multiple state and local governments, as well as HUD and USDA have adopted the updated building codes,” they Senators continued.
    They concluded, “We urge you to move quickly to adopt modern energy standards for new homes utilizing Enterprise-backed mortgages to align with other federally backed housing construction, and ask you for an update on your timeline for taking this action. These standards will support a stable, efficient housing market by reducing wasted energy, improving health outcomes, and lowering costs for both renters and homeowners across the country.”
    This letter is supported by Americans for Financial Reform, Rocky Mountain Institute, and the National Electrical Manufacturers Association.
    The full text of the letter is available here and below.
    Dear Director Thompson:
    We are writing to urge the Federal Housing Finance Agency (FHFA) to phase in a minimum energy efficiency standard for Enterprise-backed mortgages on new homes. Such a standard would save homeowners and renters money and make the housing market more consistent and stable. When asked at a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs last April, you indicated an intention to make a decision about this potential action on or about the end of the second quarter. As we are now rapidly approaching the end of the third quarter, we respectfully request an update on your intended timeline for a decision and for the Enterprises to begin implementation.
    FHFA has the opportunity to match or exceed the standards recently adopted by the Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA) for their residential mortgage programs. This action would support consistency and further the expansion of resilient, energy-saving construction practices across the housing market.
    Your authority to take this action is clear from Public Law 110-289, the Housing and Economic Recovery Act of 2008, as well as from other actions FHFA and the government-sponsored enterprises have undertaken in alignment with their missions and obligations. Freddie Mac’s research has found that energy efficiency improvements can reduce risks associated with mortgage-backed securities, in part due to better resale values. Research also suggests that during major economic disruptions, energy efficiency may reduce mortgage defaults.
    Aligning new home energy standards with updated model codes will save money for homeowners and renters across the country. HUD and USDA found that the increased initial costs of construction are more than made up for by lower monthly energy costs. For a typical home purchased with a 30-year mortgage, energy bill savings more than make up for small increases to down payments and monthly mortgage payments. High-performance homebuilders and multifamily property developers in diverse markets have found the incremental up-front costs of at- or above-code performance to be closer to 1% or, in some cases, negative.
    Beyond these financial benefits, updated codes help save lives by protecting families from the impacts of extreme weather events, particularly utility outages during heat waves and cold snaps. Updated energy codes can also yield better indoor air quality and reduce exposure to pollutants that can have negative health impacts including asthma, heart disease and lung cancer.
    This year is an ideal time for FHFA to make these changes. The Bipartisan Infrastructure Law and Inflation Reduction Act provided over $1.2 billion of federal funding to help states and localities update their building codes. Already, multiple state and local governments, as well as HUD and USDA have adopted the updated building codes.
    When energy codes raise the floor on building performance, 45L tax incentives for builders to achieve certifications – such as ENERGY STAR® for Residential New Construction and Zero-Energy Ready Homes (ZERH) – frequently mean that the smartest path for developers is to build to these higher standards. ZERH homes use about 40% less energy than a typical home, opening the door to Greenhouse Gas Reduction Fund financing, green MBS opportunities, and – most importantly – even cleaner air, lower bills, and more secure housing for households nationwide. If FHFA also requires updated building codes, it will reduce or eliminate the need for developers to understand numerous different codes.
    In summary, we urge you to move quickly to adopt modern energy standards for new homes utilizing Enterprise-backed mortgages to align with other federally backed housing construction, and ask you for an update on your timeline for taking this action. These standards will support a stable, efficient housing market by reducing wasted energy, improving health outcomes, and lowering costs for both renters and homeowners across the country.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Banking: Samsung in America: 2024 Environmental Toolkit

    Source: Samsung

    As a global company, Samsung believes the key to a greener future begins with an everyday approach to sustainability. Since the launch of our expanded environmental strategy in September 2022, we continue to address the environmental impact in every stage of our product’s lifecycle and place sustainable innovation at the forefront of our products and user experience. Our environmental strategy reflects Samsung’s sustained dedication to being a responsible business – both within the U.S. and around the world.
    This updated toolkit is a reference guide highlighting how everyday changes, at Samsung’s scale, result in a meaningful impact on our environment. Highlights include:
    Our thoughtfully designed products can help our customers reduce their environmental impact as they go about their daily lives. We also believe in the importance of recycling and reusing materials, and provide ways to close the loop on electronic waste. For instance, our Certified Re-Newed program extends the life of older mobile devices, providing consumers the exceptional performance they expect from our new products by refurbishing with 100% genuine Samsung parts and providing the same warranty as any new device.. And through our community engagement efforts, such as Solve for Tomorrow, Global Goals App and volunteerism we work to improve environmental literacy and support innovative solutions to address society’s greatest challenges – including climate change.

    Samsung has a long history of climate action, and we’re proud of the strides we have made to enhance our positive impact. Our comprehensive strategy includes commitments to achieve enterprise-wide net zero carbon emissions for all operations in the Device eXperience Division by 2030 (Mobile eXperience, Visual Display, Digital Appliances, Networks, and Health & Medical Equipment), and across all global operations and the Device Solutions Division (Memory, System LSI, and Foundry) by 2050. Samsung’s sustainability commitments encompass an enterprise-wide effort to enhance resource circularity throughout the entire product lifecycle, from raw material sourcing to recycling and recovery. In addition, we’re making bigger investments in new and emerging technologies to reduce emissions from process gases, as well as to conserve and restore water in our operations and to continue to reduce power consumption in consumer products.
    But we also recognize there is much more work to be done, and our business must continue adapting to changing societal and consumer needs. That’s why we are working to continue advances in product energy efficiency, expand our use of renewable energy, eliminate all single-use plastic from our mobile packaging by 2025, recycle 7.5 million metric tons of e-waste and reuse 500,000 tons of recycled plastics globally in our products by 2030 – a goal we exceeded last year. We are committed to driving positive changes across our operations while helping our customers reduce their footprint.
    We invite you to further explore our sustainability commitments and continued progress in our newly updated 2024 Environmental Toolkit. To download the full toolkit, click here. To download individual briefs, please see Environmental Strategy, Product Energy Efficiency, Product Stewardship, Sustainable Materials, Sustainable Operations, and Sharing Our Values.

    MIL OSI Global Banks –

  • MIL-OSI USA: Warren, Khanna, Lawmakers Urge Biden Administration to Develop Strong Guardrails for Carbon Sequestration Tax Credit

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    September 23, 2024
    “The absence of robust requirements has severely hindered the effectiveness of 45Q.”
    Text of Letter (PDF)
    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Angus King (I-Maine), along with Representatives Ro Khanna (D-Calif.), Alma Adams (D-N.C.), Pramila Jayapal (D-Wash.), and Jan Schakowsky (D-Ill.), wrote to the U.S. Department of the Treasury (Treasury), the Internal Revenue Service (IRS), and the U.S. Environmental Protection Agency (EPA), urging the agencies to develop strong guardrails for the 45Q tax credit, which is designed to encourage carbon capture and sequestration (CCS) projects. 
    The 45Q credit was initially designed to incentivize investment in CCS and emission reductions. However, the credit has been primarily used to “increase oil production from aging wells, canceling out most of the emissions reduction benefit.” In 2022, Congress expanded the tax credit through the Inflation Reduction Act (IRA), allowing more companies to claim the credit and receive more money per ton of carbon captured. The IRS is expected to release updated guidelines about the tax credit later this year, and the Department of Treasury has estimated that the 45Q tax credit could cost taxpayers up to $30.3 billion over the next ten years.
    In 2020, the Treasury Inspector General for Tax Administration (TIGTA) found that between 2010 and 2019, 87% of tax credit claims, worth almost $900 million dollars, were awarded to taxpayers who did not meet the EPA’s verification requirements. Currently, IRS examiners are not required to coordinate with EPA personnel to confirm the amount of carbon sequestered by companies claiming the credit, even allowing self-certification in some instances.  
    The lawmakers make three recommendations for the tax credit to be effective. First, the IRS should require independent, third-party verification of carbon sequestration. Second, the IRS and the EPA must coordinate effectively through a memorandum of understanding to more effectively share basic data about the credit’s implementation. Third, the IRS should require stricter record-keeping requirements and establish a 12-year recapture period, during which every company receiving the tax credit needs to maintain detailed records of their carbon sequestration amounts. 
    The following organizations endorsed the letter: Taxpayers for Common Sense, Evergreen Action, the Vessel Project, Port Arthur Community Action Network, Better Bayou, Healthy Gulf, Eco-Justice Collaborative, Science Roundtable on Carbon Capture and Storage, Food and Water Watch, Ohio River Valley Institute, Better Path Coalition, No False Solutions PA, Save Our Illinois Land, Physicians for Social Responsibility Pennsylvania, Mid-Ohio Valley Climate Action, Center for Coalfield Justice, Watchdogs of Beaver County, Clean Air Council and Environmental Health Project. 
    “We need an end to weak oversight and poor safeguards that could allow some of the richest companies in the world to take public money without delivering the real, measurable climate benefits the policy intended. The IRS must act decisively to ensure this tax credit is used only as a genuine tool for carbon reduction by implementing robust, enforceable guardrails. This is the administration’s chance to stop subsidizing climate pollution and ensure the credit has real oversight,” said Craig Segall, Senior Vice President, Evergreen Action.
     “Senator Warren, Representative Khanna, and their Congressional colleagues are asking for what every taxpayer deserves – guardrails and transparency measures that ensure the 45Q tax credit is being used appropriately and effectively to reduce greenhouse gas emissions,” said Autumn Hanna, Vice President of Taxpayers for Common Sense. “To date the vast majority of the carbon capture tax credit has gone to companies pumping carbon into wells to get more oil. But the country can’t afford to give more unchecked subsidies to the oil and gas industry. With an estimated cost of more than $30 billion by 2033, we must take strong steps to avoid any chance of fraud or abuse.”
    The lawmakers requested a briefing from the three agencies by October 4, 2024. 
    Senator Warren has long worked to protect taxpayer money and ensure strong implementation of climate policy: 
    In June 2024, Senator Elizabeth Warren and Representative Sean Casten (D-Ill.) led a letter to the Federal Reserve Board (Fed), Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), urging regulators to stop their obstruction of global financial regulators’ work to tackle climate-related financial risks. The lawmakers also called out the weaknesses revealed by the Fed’s 2023 “pilot scenario analysis” exploring six major banks’ resilience to climate-related financial risks.
    In May 2024, Senator Elizabeth Warren and Congressman Robert Garcia (D-Calif.) reintroduced the BUILD GREEN Infrastructure and Jobs Act, which would authorize the U.S. Department of Transportation to distribute $500 billion over ten years to electrify and modernize public vehicles and rail and build new electric transportation infrastructure across the country. The bill would also create 1 million new jobs, save $100 billion annually in health damages, and prevent 4,200 deaths per year from air pollution.
    In April 2024, Senator Elizabeth Warren and Representatives Sean Casten (D-Ill.) and Veronica Escobar (D-Texas), urged the Federal Acquisition Regulation (FAR) Council, composed of the Department of Defense (DoD), General Services Administration (GSA), and the National Aeronautics and Space Administration (NASA), to finalize the Federal Supplier Climate Risks and Resilience Rule as quickly as possible.
    In March 2024, Senator Elizabeth Warren (D-Mass.), released a statement describing the Securities and Exchange Commission’s (SEC) finalized climate risk disclosure rule as “the bare minimum.”
    In September 2023, Senators Elizabeth Warren, Bernie Sanders (I-Vt.), Martin Heinrich (D-N.M.), Ed Markey (D-Mass.), Sheldon Whitehouse (D-R.I.), and Jeff Merkley (D-Ore.) called on the Treasury Department to take key actions pertaining to climate and climate-related financial risk to avert the impending environmental and economic crises.
    In September 2023, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Elizabeth Warren urged Chair Gensler to quickly finalize a strong climate risk disclosure rule, reminding him that he has a mandate to protect investors and strong public support.
    In March 2023, Senators Elizabeth Warren, Sheldon Whitehouse (D-R.I.), and Representatives Dan Goldman (D-N.Y.) and Jamie Raskin (D-M.D.) and 47 of their colleagues sent a letter to SEC Chair Gary Gensler, urging him to protect investors and finalize a strong climate disclosure rule without further delay.
    In September 2022, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Elizabeth Warren called on SEC Chair Gary Gensler to protect investors and stand up to fossil fuel lobbying by issuing a strong climate risk disclosure rule quickly.
    In June 2022, Senator Elizabeth Warren led a comment letter with Senators Sheldon Whitehouse (D-R.I.) and Brian Schatz (D-Hawaii) on the SEC’s mandatory climate disclosure rule, highlighting several areas for improvement and key elements that the SEC should preserve in its final rule, including strong Scope 3 emissions disclosure requirements.
    In March 2022, Senator Elizabeth Warren led a letter with Senators Sheldon Whitehouse (D-R.I.) and Brian Schatz (D-Hawaii) urging the SEC to require disclosure of anti-climate lobbying activities in the Commission’s rule.
    In May 2021, Senator Elizabeth Warren and then-Congressman Andy Levin (D-Mich.) introduced the Buy Green Act to use the enormous breadth of U.S. federal procurement to help fight the climate crisis, spur innovation, and boost demand for American-made clean energy products at home and in the rapidly-growing markets for green products abroad.
    In May 2021, Senator Elizabeth Warren and then-Congressman Andy Levin (D-Mich.) introduced the National Institutes of Clean Energy Act of 2021, legislation that would invest $400 billion over the next ten years to establish and operate a new system of institutes at the Department of Energy dedicated to research and development (R&D) of advanced clean energy technologies.
    In April 2021, Senator Elizabeth Warren and Representative Sean Casten (D-Ill.) reintroduced the Climate Risk Disclosure Act of 2021 which would reduce the chances of environmental and financial catastrophe by requiring public companies to disclose more information about their exposure to climate-related risks.
    In March 2021, Senator Elizabeth Warren unveiled the BUILD GREEN Infrastructure and Jobs Act which would invest $500 billion over ten years in state, local, and tribal projects to jumpstart the transition to all electric public vehicles and rail and help modernize the nation’s crumbling infrastructure. 

    MIL OSI USA News –

  • MIL-OSI USA: Van Hollen, Sherman Introduce Bicameral Legislation to Eliminate Corporate Insiders’ Unfair Advantage in Stock Sales

    US Senate News:

    Source: United States Senator for Maryland Chris Van Hollen
    September 23, 2024
    Legislation closes 8-K trading gap, preventing executives from profiting before significant problems are disclosed to the SEC, public
    U.S. Senator Chris Van Hollen (D-Md.), a member of the Senate Banking, Housing and Urban Affairs Committee, and Congressman Brad Sherman (D-Calif.), a member of the House Financial Services Committee, have reintroduced the 8-K Trading Gap Act. This bicameral legislation prevents executives and other corporate insiders, including foreign issuers, from profiting off the gap between the occurrence of a significant event – such as bankruptcy or an acquisition – and its legally-mandated disclosure to the Securities and Exchange Commission (SEC) and the general public. Under current law, companies have four days to file the 8-K disclosure form with the SEC, but they are not barred from trading in advance of the filing – giving them an unfair advantage. The 8-K Trading Gap Act would close this gap by requiring the SEC to write a rule to prohibit insiders from making trades during this four-day period.
    “The 8-K trading gap gives corporate executives a major loophole to cash in on their stocks when major changes are about to hit – before shareholders and the public are made aware. With the 8-K trading gap, insiders get a several-day head start to make lucrative financial moves prior to a major stock price-altering announcement. Our legislation will close this harmful loophole to prevent insiders from benefitting from this unfair advantage while ensuring a fairer market for the public,” said Senator Van Hollen.
    “The integrity of our capital markets rely on transparency and equal access to information and trading opportunities for all market participants,” said Congressman Brad Sherman. “As Ranking Member of the Subcommittee on Capital Markets, investor protection is at the forefront of my priorities. Our capital markets remain the envy of the world because Congress passed laws to make them transparent and fair. This bill is a vital step toward safeguarding our markets and ensuring that everyone plays by the same set of rules.”
    This legislation has been endorsed by the Healthy Markets Association.
    The text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Auction for Sale (re-issue) of (i) ‘7.04% GS 2029’, ‘7.23% GS 2039’ and (iii) ‘7.09% GS 2054’

    Source: Government of India (2)

    Posted On: 23 SEP 2024 7:10PM by PIB Delhi

    The Government of India (GoI) has announced the sale (re-issue) of (i) “7.04% Government Security 2029” for a notified amount of ₹12,000 crore (nominal) through price based auction using multiple price method, (ii) “7.23% Government Security 2039” for a notified amount of ₹12,000 crore (nominal) through price based auction using multiple price method and (iii) “7.09% Government Security 2054” for a notified amount of ₹10,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on September 27, 2024 (Friday).

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

    Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on September 27, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

    The result of the auctions will be announced on September 27, 2024 (Friday) and payment by successful bidders will be on September 30, 2024 (Monday).    

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

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    NB/KMN

    (Release ID: 2057996) Visitor Counter : 23

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Apply Now: FEMA Assistance Available for Damage after July Storms and Flooding

    Source: US Federal Emergency Management Agency 2

    strong>CHICAGO – Illinois homeowners and renters in Cook, Fulton, Henry, St. Clair, Washington, Will, and Winnebago counties affected by the severe storms, straight-line winds, tornadoes and flooding on July 13 – 16, 2024, may now call or go online to apply for disaster assistance from FEMA.

    If you have insurance coverage for the damage to your property, first file a claim. If you have uninsured or underinsured losses, apply for FEMA assistance by going online to DisasterAssistance.gov, downloading the FEMA app or calling the FEMA Helpline at 800-621-3362. If you use video relay service, captioned telephone service or others, give FEMA your number for that service. When calling the FEMA Helpline, multilingual operators are available (press 2 for Spanish and 3 for other languages).

    FEMA can provide money to eligible applicants for help with serious needs, paying for a temporary place to live, home repairs and other needs not covered by insurance.

    Have the following information ready when you apply with FEMA: 

    • A current phone number where you can be contacted,
    • Your address at the time of the disaster and the address where you are now staying,
    • Your social security number (or the social security number of a minor child in your household, if you’re applying on their behalf),
    • A general list of damage and losses,
    • Banking information if you choose direct deposit, and
    • If insured, the policy number or the agent and/or the company name.

    When applying, one member of a household needs to comply with citizenship criteria. That means a minor child who is a citizen, non-citizen national or qualified non-citizen can have a parent or guardian who is not eligible apply for assistance on the child’s behalf. Learn more about citizenship and immigration status requirements to qualify for disaster assistance by visiting www.fema.gov/assistance/individual/program/citizenship-immigration-status. 

    Getting help to those who need it most is FEMA’s priority. Recovery teams will be out soon in the neighborhoods affected by the disaster to provide one-on-one support to individuals. Recovery centers will also be opening for individuals to get additional in-person help. 

    For even more information about the disaster recovery operation in Illinois, visit www.fema.gov/disaster/4819.  

    MIL OSI USA News –

  • MIL-OSI Economics: Roundtable event: “Leveraging the African Development Bank Group and Philanthropies’ Strengths and Capital to Seize Africa’s Opportunities for a…

    Source: African Development Bank Group
    The African Development Bank Group, the Aliko Dangote Foundation, the Children’s Investment Fund Foundation (CIFF), and the Rockefeller Foundation are hosting a roundtable discussion on the theme: “Leveraging the African Development Bank Group and Philanthropies’ Strengths and Capital to Seize Africa’s Opportunities for…

    MIL OSI Economics –

  • MIL-OSI Economics: UN Secretary-General and Heads of Multilateral Development Banks to Enhance Collaboration to Address the Challenges of Achieving the SDGs

    Source: African Development Bank Group
    United Nations Secretary-General António Guterres and top UN officials met with the Heads of Multilateral Development Bank (MDB) Group on Sunday in a joint effort to better support countries in accelerating progress towards achieving the Sustainable Development Goals (SDGs) by 2030.

    MIL OSI Economics –

  • MIL-OSI Economics: The African Development Bank Group grants over $67 million to Madagascar to relaunch its economy and improve governance in its energy sector

    Source: African Development Bank Group
    The Board of Directors of the African Development Bank Group approved a loan of $67.3 million to Madagascar on 20 September 2024 to implement the first phase of its economic growth-inducing Financial Management and Resilience Support Programme for 2024-2025.

    MIL OSI Economics –

  • MIL-OSI: OceanFirst Financial Corp. Schedules Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    RED BANK, N.J., Sept. 23, 2024 (GLOBE NEWSWIRE) — OceanFirst Financial Corp. (NASDAQ:OCFC), the holding company for OceanFirst Bank, today announced that it will issue its earnings release for the quarter ended September 30, 2024 on Thursday, October 17, 2024 after market close. Management will then conduct a conference call at 11:00 a.m. Eastern Time, on Friday, October 18, 2024 to discuss highlights of the Company’s quarterly operating performance.

    The direct dial number for the call is 1-833-470-1428, toll free, using the access code 257920. For those unable to participate in the conference call, a replay will be available. To access the replay, dial 1-866-813-9403, Access Code 120573, from one hour after the end of the call until November 15, 2024.

    The conference call will also be available (listen-only) by accessing the Company’s Web address: www.oceanfirst.com – Investor Relations. Web users should go to the site at least fifteen minutes prior to the call to register, download, and install any necessary audio software. The webcast will be available for at least 30 days.

    OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $13.3 billion regional bank providing financial services throughout New Jersey and the major metropolitan markets of Philadelphia, New York, Baltimore, and Boston. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey.

    OceanFirst Financial Corp.’s press releases are available at http://www.oceanfirst.com.

    Forward-Looking Statements

    In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, general economic conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters and increases to flood insurance premiums, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area and accounting principles and guidelines. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    The MIL Network –

  • MIL-OSI Asia-Pac: Union Finance Minister Smt. Nirmala Sitharaman will embark on an official visit to Uzbekistan from 24th to 28th Sept. 2024

    Source: Government of India

    Union Finance Minister Smt. Nirmala Sitharaman will embark on an official visit to Uzbekistan from 24th to 28th Sept. 2024

    Union Finance Minister will attend 9th Annual Meeting of Board of Governors of AIIB during the visit

    Smt. Sitharaman will also sign Bilateral Investment Treaty (BIT) between India and Uzbekistan

    The Union Finance Minister will hold important bilateral meetings with her counterparts from Uzbekistan, Qatar, China, and AIIB President

    Posted On: 23 SEP 2024 6:35PM by PIB Delhi

    Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman will embark on an official visit to Uzbekistan from 24thto 28thSeptember, 2024. The Union Finance Minister will lead the Indian delegation of officials from the Ministry of Finance.

     

    During the visit, Smt. Sitharaman will attend the Ninth Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank (AIIB) scheduled in Samarkand on 25thand 26thSeptember 2024, besides other important bilateral meetings with her counterparts from Uzbekistan, Qatar, China, and AIIB President.

    In the Annual Meeting of AIIB, the Union Finance Minister will attend as the Indian Governor to the AIIB. India is the second largest shareholder of the bank. The multilateral discussions centred around a broad spectrum of important global issues relevant to the development agenda.

    As part of the official visit, the Union Finance Minister is expected to call-on H.E Shavkat Mirziyoyev, President of Uzbekistan.

    During the visit, the Union Finance Minister will sign a Bilateral Investment Treaty (BIT) between India and Uzbekistan. The BIT will be signed by the Union Finance Minister and Uzbekistan Minister for Investment, Industry and Trade. The treaty aims to promote more extensive economic cooperation for the mutual benefit of both countries on a long-term basis.

    The Union Finance Minister will also participate in the India-Uzbekistan Business forum discussions, jointly organised as well as represented by industry captains from both the countries.

    Besides the above engagement, Smt. Sitharaman will also visit the Samarkand State University and Lal Bahadur Shastri Monument in Tashkent. The Union Finance Minister will also interact with Indian diaspora representing leading voices from multiple sectors.

    About AIIB and Annual Meetings

    The AIIB Annual Meeting witnesses’ participation of delegations from around 80 countries, and other international organisations. As a multilateral development bank, AIIB is focused on developing sustainable infrastructure in Asia and in promoting investments in infrastructure and other productive sectors with a view to foster sustainable economic development, create wealth and improve infrastructure connectivity.

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    NB/KMN

    (Release ID: 2057978) Visitor Counter : 80

    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: Gartner Security & Risk Management Summit 2024 London: Day 1 Highlights

    Source: Gartner – IT Research

    Headline: Gartner Security & Risk Management Summit 2024 London: Day 1 Highlights

    Presented by Christopher Mixter, VP Analyst, Gartner and Akif Khan, VP Analyst, Gartner

    Chief information security officers (CISOs) who elevate response and recovery to equal status with prevention are generating more value than those who adhere to out-dated zero tolerance for failure mindsets. In this session, Christopher Mixter and Akif Khan, VP Analysts at Gartner, discussed activities for CISOs to begin the journey toward augmented cybersecurity, Gartner’s label for a cybersecurity function that has elevated response and recovery to equal status with prevention.

    MIL OSI Global Banks –

  • MIL-OSI: Ageas announces its new three-year strategic plan: Elevate27

    Source: GlobeNewswire (MIL-OSI)

    Regulated information • Inside information

    Ageas announces its new three-year strategic plan: Elevate27

    Today, Ageas announces its next 3-year strategic plan, Elevate27, for the period 2025-2027. As the name suggests, it is about taking the Group’s strong performance to the next level, building on Ageas’s unique growth profile and strong long-term track record, and the experience it has garnered over the years. A new chapter in Ageas’s journey, Elevate27 is a plan for sustained profitable growth and accelerated progress in key areas of strength, that respond to the needs of the ageing population and SMEs, with the ambition to extend the Group’s leadership in technical insurance and operational excellence while future-proofing distribution capabilities and enriching the customer experience.

      ”As the world continues to change at speed, we will need to stay agile and alert. This is why our focus is on what comes next. That means always asking ourselves – can we do better? Or can we do more? That’s what excites us about Elevate27. It is about further elevating our performance as a Group, building on our strengths, embracing technological advancements where they add value, to deliver on evolving expectations of our stakeholders and on their hopes and dreams for the future. We’ve successfully delivered and outperformed in the past and we’re ready to do so again.”
      Hans De Cuyper, CEO Ageas
    ELEVATE27 COMMITMENTS  
    AS A BUSINESS AND TO INVESTORS. Target by end 2027
    Average earnings per share growth 6% to 8%
    Holding Free Cash Flow EUR 2.2+ billion
    Shareholder Remuneration EUR 1.9+ billion (Progressive Dividend per Share)
    TO CUSTOMERS  
    Delivering the best customer experience Top quartile NPS scores across all our markets
    TO EMPLOYEES  
    Employee NPS Top quartile
    Women in senior and middle management 40%
    TO SOCIETY  
    Products 35+ % of GWP from products that stimulate the transition to a more sustainable and inclusive world.
    ESG Ratings Top quartile with 3 out of 6 rating agencies we actively engage with

    Over the past three years, we have successfully executed our Impact24 growth strategy, delivering on most targets we have set. This was achieved through strong commercial progress and robust operational performance, enabling us to meet our commitments to investors regarding earnings per share and dividend growth, while meeting Net Operating Result guidance. Besides our operational and financial achievements, we are increasingly recognised for our dedication to non-financial goals, as evidenced by improved scores from ESG rating agencies and various recognitions we received such as TOP Employer and the Platinum ECOVADIS label (AG Insurance). We also advanced well on our commitments to customers and employees, as reflected in our high NPS and eNPS scores. As we near the end of our three-year strategic plan, we are confident that we will successfully deliver on Impact24, providing the Group a solid foundation to start Elevate27.

    Elevate27 is built on three strategic drivers: driving profitable growth, leading in technical insurance and operational excellence to sustain and improve margins, and future-proofing distribution and enriching customer experience.

    By focusing on three strategic drivers, we aim to leverage the Group’s strengths to elevate our performance in the coming years. Elevate27 will follow two dynamics: continuing what we already excel at and accelerating our efforts in areas where we see new potential to generate additional value for our stakeholders. Central to this strategy will be our increased emphasis on our People and Tech, Data & AI capabilities at the level of the Group, which will enable us to deliver on our ambitions.

    Our actions are guided and influenced by a commitment to sustainability, long-term thinking, and our partnership DNA.

    Drive profitable growth

    Leveraging our strong presence in Life and Non-Life throughout Europe and Asia, and the successful launch of a fully-fledged Reinsurance arm that provides a solid cash and diversification engine, we will continue to focus on market segments that align with our core competencies, and that open up new opportunities to create and accelerate profitable growth moving forward. We will further accelerate the development of our offering to SMEs, which is already a significant part of our portfolio and where the market is expected in time to outgrow the retail market. We will also accelerate the provision of our solutions for an ageing population, a market opportunity seen in all markets in which Ageas is active, by capitalising on our strong position in the Life market and experience in the over 50 customer segment.

    Lead in technical insurance and operational excellence

    Ageas has a strong track record in terms of technical insurance and operational excellence and wants to grasp the opportunity to maintain and also elevate its leadership in that respect. Taking a lead in these areas, including making use of the new opportunities offered by Technology, Data and AI, ensures attractive margins for the business and intrinsically offers customers an efficient and seamless service.

    To achieve leadership in technical insurance and operational excellence, we will continue to invest in our systems and processes, supporting at the same time our partners in their own digital (transformation) journeys. We want the operational aspect of delivery to be invisible to the customer, the ultimate beneficiary, and to add value to our employees. We want to maintain our financial discipline and strong risk culture, allowing us to sustain and improve our margins. And we want to step up group empowered synergies by leveraging assets and expertise across the entities, demonstrating the power of the Group in this specific area.

    And finally, we have a strong expertise in Data & AI. We want to put these technologies to work for us – adding value but in a disciplined and controlled way, allowing us to better serve our customers, and making insurance more accessible and inclusive.

    Future-proof distribution and enrich customer experience

    In a distribution landscape that is continuously changing, we remain committed to working through all distribution channels that allow us to best reach our customers and gain access to new types of customers.

    By leveraging on our strong partnership model and new possibilities offered by AI, we want to develop innovative propositions and services for customers by combining the data insights and expertise of Ageas and our partners. With full confidence in our traditional distribution partners – Banks, Agents and Brokers – we will pay special attention to jointly enhancing our digital capabilities. At the same time, and in the context of continued diversification, we will further accelerate our engagement with digital B2B2C sales platforms.

    In Impact24 we have successfully implemented solutions designed to provide the best experience for customers focusing on CX Culture, Customer Journey Management and Tech & Data, giving the Group the capabilities to develop a leading on- and offline customer experience, while promoting greater efficiency. This will continue to be our primary focus. We aim to advance even further by reinventing the way we interact with customers across different channels and platforms by innovating our client-interaction model, prioritising self-service solutions and automated customer assistance, and investing in hyper-personalised services.

    Leveraging on two critical assets to deliver on our plan: ‘People’ and ‘Tech, Data & AI’

    Through Elevate27 we will reconfirm the commitment we made to our people to deliver a Great place to Grow, both today and for future, and we will take optimal advantage of the opportunities offered by Tech, Data & AI to meet our ambitions. We have put in place high-quality data management and established a pipeline of over 300 AI initiatives group-wide that under Elevate27 will be fully deployed.

    The rapid evolutions in these areas require us to act fast as a Group to maintain a leading position. By harnessing the collective strength of the Group, we can offer our entities and partnerships access to essential resources and skills, generate economies of scale, increase our speed-to-market and adopt the most effective approaches and methodologies, that benefit all.

    As a prerequisite to delivering on the drivers of Elevate27, we will continue to invest in our technological capabilities, such as ensuring our IT architecture is open and composable to easily integrate with partners and increase our speed to market. Furthermore, we will accelerate the adoption of new Data and (Gen)AI solutions where they add value, as their integration in areas such as Pricing, Underwriting and Product Development, Claims Processes, Fraud Management & Customer Journeys will become even more prominent moving forward.

    Sustainability and Long-term thinking as guiding principles

    As a true supporter of the lives of all our stakeholders, our dedication to sustainability and adopting a long-term perspective will continue to underpin our actions. Leveraging 200 years of solid business experience along with recent successes and learnings from Impact24, we will further strengthen our group-wide efforts in sustainability and long-term thinking.

    A targeted performance

    As a true stakeholder driven company, we hold ourselves accountable for delivering on our promises by 2027. This translates to setting clear financial and non-financial targets that allow us to measure our progress over time.

    For investors and our business in general, we have set out a range of targets that demonstrate the strength of our balance sheet, our financial performance, and our ability to drive profitable growth and attractive returns, providing confidence in the sustainability of our investment case in the long term. Our commitment to create value is reflected in 3 financial targets:

    • Average earnings per share growth: 6% to 8%
    • Holding Free Cash Flow: EUR 2.2+ billion
    • Shareholder Remuneration: EUR 1.9+ billion (Progressive Dividend per Share)

    For customers, we aim to be recognised for excellence at every interaction. To underscore our commitment to delivering the best customer experience, we will strive to reach top quartile NPS scores across all our markets.

    For our partners, we want to be the partner of choice both for our traditional partners and new types of partnerships and will closely monitor and actively address partnership feedback at local level.

    For our employees we want to be recognised as a Great place to Grow. This commitment is demonstrated through two specific targets:

    • Employee NPS: top quartile
    • 40% women in senior and middle management

    For society we continue to place sustainability at the heart of our business, influencing decisions about products, investments, and emissions, with external acknowledgment of our ESG initiatives.

    • Products: 35+ % of GWP from products that stimulate the transition to a more sustainable and inclusive world.
    • ESG ratings: top quartile with 3 out of 6 rating agencies we actively engage with.

    INVESTOR DAY WEBCAST

    23 September 2024 – 17:00 CET (16:00 UK Time)
    Audio webcast via https://ageaspresents.com/aid2024/live

    Attachment

    The MIL Network –

  • MIL-OSI: Nasdaq Expands Digital Bank FinTech Presence in Latin America

    Source: GlobeNewswire (MIL-OSI)

    Expanded partnership with Nubank reflects rapid growth of banking and payment services in Latin America

    Over half of Nasdaq’s Latin American banking clients have expanded their technology partnership in the last 12 months

    Nasdaq’s financial technology solutions simplify regulatory compliance and reduce time to market across multiple jurisdictions

    NEW YORK and SAO PAULO, Sept. 23, 2024 (GLOBE NEWSWIRE) — Nasdaq today announced it has expanded its digital bank financial technology presence in Latin America, having agreed to provide its AxiomSL regulatory reporting solution to Nubank, a leading digital bank with over 100 million customers across Brazil, Mexico, and Colombia.

    The agreement extends Nasdaq’s existing partnership with Nubank which includes providing the technology that underpins the bank’s treasury function – managing its fixed income and money market operations – and now the bank’s regulatory reporting obligations in Colombia. It also reflects the accelerating demand for third-party financial technology solutions in Latin America, driven by the rapid growth and development of digital banking in the region and the competitive need for technology that can support a short time to market for new products and services.

    Nasdaq has over 50 banking and payment services clients in Latin America, comprising a broad range of digital and traditional banks, local and regional players as well as tier one global banks. The technology provided includes Nasdaq AxiomSL, which supports financial and regulatory reporting requirements across 55 countries and 110 regulators, and Nasdaq Calypso, which provides the SaaS technology platform that underpins banks’ treasury, risk, and collateral management workflows.

    The comprehensive range of Nasdaq’s mission critical technology across the fabric of the Latin American financial system, alongside extensive partnerships with the region’s market infrastructure operators, helps foster deep customer relationships and insight into their most complex operational challenges. In the last 12 months, over half of Latin American clients adopting Nasdaq’s AxiomSL and Calypso technology have sought to expand their partnership, alongside strong growth in new customer numbers.

    Ed Probst, Senior Vice President, Regulatory Technology at Nasdaq said: “Digital banking services in Latin America are experiencing a period of extraordinary development, with online marketplaces, open banking and innovative technology combining to empower a new generation of consumers. Nasdaq’s technology is helping to underpin the maturation of the industry, with proven regulatory solutions substantially reducing time to market and providing a competitive advantage in such a fast-paced industry. We welcome the opportunity to expand our partnership with Nubank, alongside many other clients in the region, to support their ambitious growth trajectory.”

    Navigating regulatory complexity across Latin American banking services

    The Latin American financial system is undergoing a radical transformation with the number of fintech startups established over the last six years having grown more than 340%, according to a recent report by the Inter-American Development Bank (IDB) and Finnovista1. This trend is also reflected in a study published by McKinsey & Company which highlights the soaring popularity of noncash payments, with cash no longer representing the preferred payment method2. Latin America’s relatively young demographic is proving a catalyst for innovation and digital adoption.

    Alongside this shift, the region’s regulatory frameworks are undergoing a period of continued enhancement, which is helping to bolster the integrity of the system and unlock new areas of open finance and digital banking. Collectively these drivers are helping to unlock significant growth opportunities for financial services providers, including amongst previously unbanked people and companies.

    Nevertheless, the regulatory environment remains deeply complex for companies seeking to access multiple jurisdictions and regulatory regimes. For example, Brazilian requirements typically focus on the types of products and services offered while Mexico has a specific license for “fintechs”. In Colombia, several small and digital banks operate as a “Financing Company”, which carry different requirements to “Banks and Financial Corporations”. This pattern is replicated across Latin America where the confluence of innovation, rapid growth, and regulatory complexity is driving traditional and digital banks to seek third party technology providers to meet their regulatory needs. Nasdaq’s advanced technology allows these banks to keep pace with inherent regulatory risks as they look to scale responsibly.

    In addition to Nubank, other digital bank and payment companies Nasdaq has expanded its services with include Mercado Libre, Latin America’s leading e-commerce and digital payments company, C6 Bank, a full-service digital bank in Brazil, and Bankaool, the first bank to receive a license from the Mexican government to provide digital-only services.

    As a scaled platform partner, Nasdaq draws on deep industry experience, technology expertise, and cloud managed service experience to help 3,500+ banks, brokers, regulators, financial infrastructure operators, and buy-side firms solve their toughest operational challenges while advancing industrywide modernization.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Contact:

    Andrew Hughes
    +44 (0)7443 100896
    Andrew.Hughes@nasdaq.com

    +++

    Camille Stafford
    +1 (234) 934 9513
    Camille.Stafford@nasdaq.com

    Disclaimers 

    ©2024 Nasdaq, Inc. The Nasdaq logo and the Nasdaq ‘ribbon’ logo are the registered and unregistered trademarks, or service marks, of Nasdaq, Inc. in the U.S. and other countries. All rights reserved. This communication and the content found by following any link herein are being provided to you by Nasdaq, Inc. and/or certain of its subsidiaries (collectively, “Nasdaq”), for informational purposes only. Nasdaq makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. At the time of publication, the information herein was believed to be accurate, however, such information is subject to change without notice. Nothing herein shall constitute a recommendation, solicitation, invitation, inducement, promotion, or offer for the purchase or sale of any investment product, nor shall this material be construed in any way as investment, legal, or tax advice, or as a recommendation, reference, or endorsement by Nasdaq. 

    Cautionary Note Regarding Forward-Looking Statements: 

    Information set forth in this press release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of Nasdaq’s AxiomSL and Calypso technology solutions. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. 

    1 https://www.iadb.org/en/news/study-fintech-ecosystem-latin-america-and-caribbean-exceeds-3000-startups
    2 https://www.mckinsey.com/industries/financial-services/our-insights/the-rapid-evolution-of-payments-in-latin-america

    NDAQG

    The MIL Network –

  • MIL-OSI China: Governor Pan Gongsheng Addresses the 2nd Conference of China and Portuguese-Speaking Countries Central Bankers and Financiers

    Source: Peoples Bank of China

    The 2nd Conference of China and Portuguese-Speaking Countries Central Bankers and Financiers was held in the Macao Special Administrative Region (SAR) on September 23, 2024. Pan Gongsheng, Governor of the People’s Bank of China (PBOC), addressed the meeting. Governor Pan said that the Chinese economy is growing steadily. The PBOC will continue with the accommodative monetary policy stance, intensify and make monetary policy adjustments more targeted, and create a favorable monetary and financial environment for China’s stable economic growth and high-quality development. He noted that Macao has close connection with Portuguese-speaking countries. The PBOC will continue to support Macao in better leveraging its unique advantages and its role as a bridge, and support Macao’s endeavor to build a financial cooperation platform between China and Portuguese-speaking countries, and deepen mutually beneficial  cooperation on various fronts. Central bankers from different Portuguese-speaking countries exchanged their views on the financial cooperation between China and Portuguese-speaking countries, central bank’s role in economic development and financial stability, fintech, as well as other issues.

    Date of last update Nov. 29 2018

    2024年09月23日

    MIL OSI China News –

  • MIL-OSI China: Governor Pan Gongsheng Meets with Ho Iat Seng, Chief Executive of Macao SAR

    Source: Peoples Bank of China

    On September 23, 2024, Pan Gongsheng, Governor of the People’s Bank of China (PBOC), met with Ho Iat Seng, Chief Executive of the Macao Special Administrative Region (SAR). They exchanged views on the financial cooperation between the Chinese mainland and the Macao SAR as well as other issues of mutual interest. Governor Pan noted that, Macao has successfully practiced the policy of “one country, two systems” and made remarkable achievements since its return to the motherland 25 years ago. The PBOC will continue to strengthen its financial cooperation with Macao, and support Macao’s endeavor to pursue a moderately diversified economy, promote modern financial services industry, and better integrate into China’s overall development.

    Date of last update Nov. 29 2018

    2024年09月23日

    MIL OSI China News –

  • MIL-OSI China: Announcement on Central Bank Bill Issuance No.6 [2024]

    Source: Peoples Bank of China

    Announcement on Central Bank Bill Issuance No.6 [2024]

    (Open Market Operations Office, September 19, 2024)

    In order to enrich the spectrum of RMB-denominated financial products with high credit ratings and improve the yield curve of RMB bonds in Hong Kong, the People’s Bank of China (PBOC) is scheduled to issue the ninth batch of central bank bills in 2024 through the Central Moneymarkets Unit (CMU) bond tendering platform of the Hong Kong Monetary Authority (HKMA) on September 25, 2024 (Wednesday), in accordance with the Memorandum of Cooperation on Using CMU for Issuance of PBOC Bills, jointly signed by the PBOC and the HKMA.

    The ninth batch of bills are 6-month (182-day) fixed-rate coupon bonds with a total issuance of RMB25 billion. The principal and interest will be paid at maturity. The bills will begin to accrue interest on September 27, 2024 and will mature on March 28, 2025, unless postponed in the event of public holidays.

    The face value of each bill is RMB100. The issue will be placed by invitation for interest rate-bidding through Dutch auction.

    Date of last update Nov. 29 2018

    2024年09月19日

    MIL OSI China News –

  • MIL-OSI Russia: Skate park opened in Karelia with support from Bank “ROSSIYA”

    MIL OSI Translation. Region: Russian Federation –

    Source: Bank “RUSSIA” Russia Bank –

    Press Releases and Events

    09/23/2024

    Skate park opened in Karelia with support from Bank “ROSSIYA”

    Bank “ROSSIYA” supports projects that promote a healthy lifestyle: a modern skate park has opened in Sortavala, which will become a point of attraction for all lovers of active recreation and sports.

    The skate park is located near the Serdobol Youth Center, which has been promoting the development of children and youth for many years with the support of Bank ROSSIYA. Multifunctional areas for athletes of different levels of training and space, simulating street skating, have been created on 2,000 square meters.

    The structure consists of inclined side and radius figures. For beginner riders, there is a platform for learning basic tricks and a pump track for developing agility and endurance. Fans of amplitude tricks will enjoy a full-size funbox and a fly section – springboards for performing spectacular tricks in the air. A multifunctional double-sided ramp and an acceleration section allow you to create lines for unusual tricks and endless movement.

    For all internal structural elements, moisture-resistant plywood was used as a working surface for athletes to skate on, so that weather conditions could not affect the training process.

    The training will take place with a view of the largest lake in Europe – Ladoga. The sports ground has places for athletes and spectators to rest, fencing and lighting for training in the dark.

    Bank “ROSSIYA” considers it important to support projects aimed at improving the health of the population, and will continue to promote the growth of sports activity among young people.

    Reference:

    The Serdobol Youth Center is a unique space for children and young people in Sortavala, where you can have an interesting time with friends or family, gain new useful knowledge and skills, and implement your ideas and projects.

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

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

    http://abr.ru/about/nevs/13665/

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

    MIL OSI Russia News –