Category: Banking

  • MIL-OSI Economics: Directions under Section 35A read with section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) – Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak (Karnataka)

    Source: Reserve Bank of India

    It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. CO.DOS.SED.No. S4800/12-23-151/2024-2025 dated September 26, 2024, has issued certain Directions to Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak, (the bank) whereby, as from the close of business on September 27, 2024, the bank shall not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction dated September 26, 2024. Considering the bank’s present liquidity position, the bank has been directed not to allow withdrawal of any amount from savings bank, current accounts or any other account of a depositor, but set off of loans against deposits is allowed, subject to the conditions stated in the above RBI Directions. The bank may incur expenditure in respect of certain essential items such as salaries of employees, rent, electricity bills, etc. as specified in the said Directions.

    2. These directions are necessitated due to supervisory concerns emanating from the recent adverse material developments in the bank, and to protect the interest of depositors of the bank.

    3. The eligible depositors of the bank would be entitled to receive deposit insurance claim amount for their deposits up to a monetary ceiling of ₹5,00,000/- (Rupees five lakh only) in the same capacity and in the same right, within 90 days, from the Deposit Insurance and Credit Guarantee Corporation (DICGC), subject to the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 based on submission of willingness by the concerned depositors and after due verification. Details may also be accessed on the DICGC website: www.dicgc.org.in. As per the information currently available with the Reserve Bank, more than 94 per cent of the depositors of the bank will be covered by DICGC for their entire account balance.

    4. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. Subject to the restrictions specified in the said Directions, the bank will continue to undertake its banking business, including recovery of loans. The Reserve Bank is monitoring the position of the bank and will continue to take necessary steps, including modifications of these Directions depending upon circumstances, in the interest of depositors.

    5. These Directions shall remain in force for a period of six months from the close of business on September 27, 2024 and are subject to review.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1179

    MIL OSI Economics

  • MIL-OSI Russia: Financial news: Do we need stock exchange trading on weekends: Bank of Russia survey

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    In recent years, new trends have emerged on the Russian stock market. Brokers have begun to independently match client orders for the sale and purchase of securities without going to organized trades. The Bank of Russia is actively discussing with market participants the possibility of expanding the time limits of trading sessions on the exchange. However, this issue affects the interests of a wide range of both institutional and retail investors. The regulator intends to determine its position based on a comprehensive analysis of the problem.

    Preview photo: Quality Stock Arts / Shutterstock / Fotodom

    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=21035

    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: Loan Volume Increases as Collateral Values Rise: Pawnshop Market Trends in H1 2024

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    The loan portfolio has grown by 13% since the beginning of the year and amounted to 62.6 billion rubles. Demand for loans remains stable: in the first half of 2024, pawnshops concluded slightly more than 4 million contracts per quarter on average. The average loan amount increased by 8% compared to the previous period and exceeded 17 thousand rubles. This dynamic is due to the increase in the cost of collateral – mainly gold items.

    According to a survey conducted by the Bank of Russia, pawnshops identify three main factors that determine the demand for their services: the income level of the population, financial accessibility and the debt burden of the population.

    Read more in the article “Trends in the development of the pawnshop market”.

    Preview photo: LanKS / Shutterstock / Fotodom

    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=21037

    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 Banking: BaFin warns consumers about website arrowfortune.com

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about services offered on the website arrowfortune.com. According to information available to BaFin, the operator, Arrow Fortune Limited, is offering financial and investment services on this website without authorisation.

    On its website, Arrow Fortune Limited provides a business address in London, United Kingdom. The company also claims to be registered in St. Vincent and the Grenadines and that it is regulated by BaFin, among others. However, this is not the case.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (KreditwesengesetzKWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Global Banks

  • MIL-OSI Banking: finacix.com: BaFin warns about website and suspected identity theft

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The website contains contradictory information on the identity of the provider. According to the “Risk Warning”, the website is operated by Finance and Investment Solutions Ltd., while the “Website Terms of Use” names Finacix Ltd. as operator.

    Finance and Investment Solutions Ltd. claims to be registered with the British Financial Conduct Authority (FCA). Since a company by this name is indeed registered with the FCA, BaFin suspects this to be a case of identity theft.

    Finacix Ltd., on the other hand, claims to be registered with the “Securities Commission of the United Kingdom (SCUK)”. There is no such authority in the United Kingdom. The website states an address in London, United Kingdom, as the company’s registered office.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (KreditwesengesetzKWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Global Banks

  • MIL-OSI Banking: BaFin warns consumers about websites westhill-pros.net and kaiser-investrade.com

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The operator of the website westhill-pros.net refers to itself only as “Westhill Pros” without stating the company’s legal form and provides business addresses in Sydney, Australia, in Stockholm, Sweden, and in London, United Kingdom. Responsibility for the website kaiser-investrade.com is claimed by Kaiser Invest Trade, which likewise does not state the company’s legal form. The company claims to be domiciled in London, United Kingdom, without providing a specific business address.

    BaFin has recently become aware of a number of websites with almost identical content and has warned consumers about them. On all of the websites, the following sentence is displayed at the top of the homepage: “Step Into the Trading Arena with Confidence & [name of website]“.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (KreditwesengesetzKWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Global Banks

  • MIL-OSI Africa: African Development Bank Group’s Sustainable Energy Fund for Africa approves €6 Million for Desert to Power – Burkina Faso Solar Project

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

    African Development Bank Group’s Sustainable Energy Fund for Africa approves €6 Million for Desert to Power – Burkina Faso Solar Project Burkina Faso is one of five priority countries under the Desert-to-Power initiative, which aims to generate 10 gigawatts of solar power across 11 Sahelian countries by 2030 ABIDJAN, Ivory Coast, September 27, 2024/APO Group/ — The African Development Bank Group (www.AfDB.org) has approved a €6 million concessional financing package from the Sustainable Energy Fund for Africa (SEFA), a special multi-donor fund managed by the Bank, to accelerate the completion of Burkina Faso’s Dédougou photovoltaic solar project in support of the Bank’s Desert-to-Power initiative (https://apo-opa.co/3XKXpwG). The project involves designing, constructing and operating an 18-megawatt solar power plant in Dédougou, located 250 kilometres west of the capital, Ouagadougou. Burkina Faso is one of five priority countries under the Desert-to-Power initiative, which aims to generate 10 gigawatts of solar power across 11 Sahelian countries by 2030, promoting socio-economic development. This project stands as one of the first independent power producers (IPPs) in Burkina Faso and has secured both senior and subordinated loans, along with a 25-year Power Purchase Agreement (PPA) with the Société Nationale d’électricité du Burkina Faso (SONABEL). However, the project encountered challenges in reaching financial close due to cost escalations resulting from the COVID-19 pandemic.  The SEFA Covid-19 IPP Relief Programme (SEFA Programme) played a pivotal role in overcoming these hurdles. Through concessional financing, SEFA helped restructure the financial arrangements to absorb the pandemic-related cost increases, ensuring the project’s viability and preserving the originally agreed structure with the Government of Burkina Faso, thereby contributing to the country’s energy security. Under the SEFA Programme, a €2.5 million senior concessional loan and a €3.5 million reimbursable grant have been provided through its concessional finance facility. SEFA’s involvement has been instrumental in unlocking additional financing from the Dutch entrepreneurial development bank, FMO (www.FMO.nl), including subordinated and senior loans. These funds will be disbursed to Dédougou Solaire SARL, the project company jointly developed by QAIR (www.Qair.Energy), which is responsible for managing the project. As part of the Desert-to-Power initiative, the project is expected to contribute to energy security, diversification of the energy mix, reduced electricity costs, and increased national electrification rates. “The Dédougou Solar PV project increases Burkina Faso’s renewable energy generation capacity in line with the objectives of the Desert-to-Power Initiative. By backing projects like this, we are making tangible strides toward electrifying the Sahel, bolstering energy security, and improving the lives of millions,” said Dr. Daniel SCHROTH, Director of the Renewable Energy and Energy Efficiency Department at the African Development Bank. “Abdoulaye Toure, CFO at Qair Africa, acknowledged SEFA’s support and the project’s advancement: “We are pleased with this approval by SEFA and thank the African Development Bank for their support of the project. This allows us to move forward with our commitment to supporting Burkina Faso’s energy goals by developing a second solar plant, just a year after the successful commissioning of Zano. This achievement aligns with the country’s ambitions for energy supply and reinforces Qair’s vision of becoming a leading player in Africa’s renewable energy sector in the coming years.” Distributed by APO Group on behalf of African Development Bank Group (AfDB). Contact: Communication and External Relations media@afdb.org About SEFA: SEFA is a multi-donor Special Fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. SEFA offers technical assistance and concessional finance instruments to remove market barriers, build a more robust pipeline of projects and improve the risk-return profile of individual investments. The Fund’s overarching goal is to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa, in line with the New Deal on Energy for Africa and Sustainable Development Goal 7. About Qair: Qair is an independent renewable energy company developing, financing, building, and operating solar, onshore and offshore wind, hydroelectric, tidal energy, waste-to-energy, battery storage and green hydrogen production. With 1.1 GW of capacity in operation, the group’s 640 employees are developing a portfolio pipeline of 30 GW in 20 countries across Europe, Latin America and Africa. Our ambition is to become an independent leader in responsible energy. In Africa, Qair’s portfolio of wind, PV and BESS assets includes 65 MW operational projects, 174 MW/262 MWh under construction or financing and a robust pipeline under development of 2GW+. With over 15 years of presence in Africa and teams established in Burkina Faso, Chad, Mauritius, Morocco, Seychelles, and Tunisia, Qair continually expands its geographical footprint across North, Central and West Africa and the Indian Ocean. Qair has already completed another 24MW solar PV project (Zano) in Burkina Faso, which was awarded under a public-private partnership (PPP) with GoBF along with a PPA with the National Electricity Company (SONABEL). About FMO: FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors with a high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of EUR ~13 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. About the African Development Bank Group: The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

    Text copied to clipboard.

    MIL OSI Africa

  • MIL-OSI Translation: Indigenous Guardian Projects 2024-2025

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French 2

    Today, Jaimee Gaunce, Executive Director of the First Nations National Guardians Network (FNGN), joined the Honourable Steven Guilbeault, Minister of Environment and Climate Change, the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for the Federal Economic Development Agency for Northern Ontario, and Marcus Powlowski, Member of Parliament for Thunder Bay–Rainy River, to announce an investment of up to $27.6 million to support 80 First Nations Guardians initiatives.

    Alberta

    Project Title: Mikisew Cree First Nation Guardians ProgramRecipient: Mikisew Cree First Nation – Government and Industry RelationsFunding Amount: $350,000Project Description: This ongoing, two-year initiative will study how oil sands development, specifically bitumen extraction and hydroelectric projects, is affecting the health of the Peace-Athabasca Delta, the heart of the Mikisew’s traditional territory. Guardians work throughout the year to monitor water quality, collect data, detect flooding and monitor fish populations.

    Project Title: Ni Ho Ghe Di – Athabasca Chipewyan First Nation Guardians ProgramRecipient: Dene Land and Resource ManagementFunding Amount: $350,000Project Description: This two-year initiative will monitor and report activities that may harm the ecology, traditional lands or traditional resources of the Athabasca Chipewyan First Nation, such as poaching and illegal hunting on traditional territory, particularly to protect the Ronald Lake bison. The initiative will also help youth build cultural pride and connection to the land, as well as develop on-the-land skills.

    Project Title: Guardians of the Land – Dene Tha’ First NationRecipient: Dene Tha’ First NationFunding Amount: $350,000Project Description: This two-year initiative will include activities such as ecological restoration, support for resource management plans, and compliance with laws and regulations. Guardians will contribute to the protection and recovery of species at risk, manage land use in the proposed M’behcholia Indigenous Protected and Conserved Area (Bistcho Lake, Alberta), and provide environmental and wildlife monitoring.

    Project Title: Alexis Nakota Sioux Nation Guardians InitiativeRecipient: Alexis Nakota Sioux NationFunding Amount: $346,400Project Description: This two-year initiative will include conducting and analyzing aerial surveys, creating a Geographic Information System (GIS) data management and visualization system using RStudio and ArcPY, and continuing to develop the Stoney Lands and Waters course.

    British Columbia

    Project Title: Kitasoo Xai’xais Nation Guardian Program EnhancementRecipient: Kitasoo Xai’xais NationFunding Amount: $604,925Project Description: This two-year initiative will focus on marine and terrestrial surveys, as well as compliance and enforcement practices that include education, observation and reporting. In addition, guardians participate in Coastal First Nations Coast Guard Auxiliary activities and receive training on emergency response to search and rescue and oil spills.

    Project Title: Coastal Stewardship NetworkRecipient: Great Bear Initiative SocietyFunding Amount: $499,785Project Description: This two-year initiative provides programming to the eight member nations of the Great Bear Initiative of Coastal First Nations, who work directly with communities to support Guardians along the North and Central Coast and Haida Gwaii to monitor resource use and ecosystem health, provide training and professional development opportunities, raise awareness, and foster coastal stewardship.

    Project Title: Songhees Nation Guardians ProgramRecipient: Songhees NationFunding Amount: $50,000Project Description: This one-year initiative continues work already begun with community members, band council and outside organizations to provide monitoring services, promote community stewardship and restore habitat areas. This initiative helps strengthen Indigenous presence on the water during fishing seasons as it is essential to establishing greater authority over fisheries and coastal resources on the land.

    Project Title: Lower Nicola Indian Band – Indigenous Guardians Program – Tier 1Recipient: Lower Nicola Indian BandFunding Amount: $49,450Project Description: This one-year initiative aims to build capacity, skills and knowledge to implement a new Guardians Program in the community. This program will include mapping and indexing areas of the territory, consulting with Elders and Knowledge Keepers, community engagement, developing a plan and working with Chief and Council to ensure alignment of the vision and strategic plan.

    Project Title: Mamalilikulla First Nation Guardian ProgramRecipient: Mamalilikulla First NationFunding Amount: $350,000Project Description: This two-year initiative includes ongoing activities where guardians will spend time in the field collecting data, monitoring cultural sites, managing grizzly bear populations, planting crabapple trees to feed the bears, and improving fisheries. This work will help Chief and Council make informed decisions.

    Project Title: Wet’suwet’en First Nation Guardians Initiative: A Holistic ApproachRecipient: Wet’suwet’en First NationFunding Amount: $75,745Project Description: This one-year initiative will monitor and collect data on moose populations and mortality rates, assess wildlife habitat, install camera traps, and assess riparian areas. It will also explore the possibility of launching a water monitoring program in identified priority areas. These efforts will help the community observe and document activities or cumulative effects that impact their ability to practice their traditional way of life.

    Project Title: Indigenous Guardians Proposal for Saulteau First NationsRecipient: Saulteau First NationsFunding Amount: $350,000Project Description: This two-year initiative will support the community in taking the lead in monitoring, protecting and restoring lands and waters, which is essential to the health and well-being of the community. Activities include supporting healthy food harvesting, cultural activities, protecting Klinse-za Park, monitoring climate change and understanding how events such as wildfires affect the community, changes in weather patterns, and changes in animal movements and water availability.

    Project Title: Saik’uz Guardians ProgramRecipient: Saik’uz First NationFunding Amount: $350,000Project Description: This two-year initiative will build on the long-term monitoring efforts of the Saik’uz Guardians community-based initiative. Guardians will be guided by the wisdom of Indigenous knowledge and Western science, with the goal of empowering the Nation with respect to the water and land of the territory.

    Project Title: P’egp’ig’lha GuardiansRecipient: P’egp’ig’lha Council/T’it’q’et First NationFunding Amount: $350,000Project Description: This two-year initiative will conduct land patrols to monitor the health of the land and study wildlife and fisheries. Guardians play a vital role in protecting and restoring the Stein-Nahatlatch grizzly bear population, supporting wildfire recovery efforts, and strengthening collaboration with other guardian programs in the area.

    Project Title: Pauquachin First Nation Marine Department – Stewardship InitiativeRecipient: Pauquachin First NationFunding Amount: $350,000Project Description: This two-year initiative will monitor one of British Columbia’s busiest and most heavily used waterways. Guardians monitor culturally sensitive archaeological sites, harvest areas, recreational and commercial fisheries use, environmental threats (pollution sources, marine waste disposal, illegal activities and poaching), and conduct restoration work in designated areas of significance. This initiative represents the interests, concerns and goals of the community to ensure that waterways, foods, historic sites and cultural practices are sustained for generations to come.

    Project Title: Takla Nation Guardians Initiative – Tier 2Recipient: Takla NationFunding Amount: $499,959Project Description: This ongoing initiative is monitoring over 30 sites on Takla lands and waters. This work is critical to the Takla’s ability to implement environmental and cultural protections, including ensuring that archaeological impact assessments conducted by various developers and government agencies are consistent with the Takla Archaeology Policy. It also builds capacity to monitor caribou and moose populations and supports the Guardians program by encouraging youth engagement in the community.

    Project Title: Tsilhqot’in Guardians NetworkRecipient: Tsilhqot’in National GovernmentFunding Amount: $500,000Project Description: This two-year initiative, led by the Tsilhqot’in National Government in collaboration with six Tsilhqot’in communities – Xeni Gwet’in, Tlesqox, Tletinqox, Tsi Del Del, ?Esdilagh and Yunesit’in – aims to integrate and strengthen Tsilhqot’in values into the management of lands and waters in the region. In partnership with provincial and federal land and water management agencies, the Guardians will conduct hunting, fishing and fire prevention patrols, as well as wildlife and water monitoring research to ensure sustainable management of Tsilhqot’in territories.

    Project Title: Quatsino Axsilaxa Ahwheatnagwusn Guardians ProgramRecipient: Quatsino First NationFunding Amount: $342,765Project Description: This two-year initiative will support the implementation of the Quatsino Land Use and Marine Resource Use Plan. This will be done through field work such as data collection and monitoring. These efforts will be critical to ecosystem restoration and food security through local harvesting of traditional foods.

    Project Title: Nłeʔképmx GuardiansRecipient: Citxw Nlaka’pamux AssemblyFunding Amount: $350,000Project Description: This two-year initiative will continue to build on-the-ground presence and awareness of Nłeʔképmx territory, protocols and cultural practices. Guardians will monitor and record activities on the land, focusing on priority areas identified by the Citxw Nlaka’pamux Assembly. These priority areas include hunting, fishing, gathering and other culturally significant areas. Nłeʔképmx Guardians will record, monitor and manage invasive species and contribute to research on species at risk on the territory.

    Project Title: Supporting and Maintaining a Strong and Effective Heiltsuk Guardian ProgramRecipient: Heiltsuk Integrated Resource Management Department of the Heiltsuk Tribal CouncilFunding Amount: $349,499Project Description: This two-year initiative will focus on building capacity, monitoring local aquatic ecosystems and community fisheries for safe operations, and supporting and restoring the vital relationship between people and the land.

    Project Title: Haa Aaní Tulatín – Taku River Tlingit First Nation Land Guardians ProgramRecipient: Taku River Tlingit First NationFunding Amount: $349,600Project Description: This two-year initiative will address threats to the land and monitor salmon populations. The guardians will work to strengthen salmon stewardship by hosting multi-day camps that focus on traditional fishing, intergenerational knowledge transfer, and land monitoring.

    Project Title: Spuzzum First Nation Land Guardians InitiativeRecipient: Spuzzum Indian BandFunding Amount: $50,020Project Description: This one-year initiative will focus on protecting important ecosystems by monitoring key territorial and cultural sites, collecting ecological data, and saving endangered species such as the Northern Spotted Owl. The guardians will also contribute to the development of a stewardship policy framework.

    Project Title: Kwadacha First Nation Guardians Project – Level 2Recipient: Kwadacha First NationFunding Amount: $348,734Project Description: This two-year initiative will provide long-term ecological and cultural monitoring to track changes in key wildlife habitats, traditional food sources and water sources. This will provide an opportunity to discuss how potential changes may impact Dene roles and responsibilities on the land.

    Project Title: Doig River First Nation Guardians ProgramRecipient: Doig River First NationFunding Amount: $349,188Project Description: This two-year initiative will focus on improving land and water monitoring by combining cultural methods and western science. Doig River First Nation Guardians will continue to monitor the health of the land, guided by their members, and will work collaboratively with government to address any impacts.

    Project Title: Nahnéhé Gegenı́hı/Kakinawetakwow Uski/Fort Nelson First Nation Land Guardians InitiativeRecipient: Fort Nelson First NationFunding Amount: $375,000Project Description: This two-year initiative supports stewardship, land management and cultural activities on Fort Nelson First Nation territory. The initiative is informed by Western scientific monitoring and research, while drawing on Indigenous ways of knowing and understanding the health and condition of lands and waters.

    Project Title: Scianew Guardians InitiativeRecipient: Beecher Bay First NationFunding Amount: $348,614Project Description: This two-year initiative will focus on environmental conservation and monitoring, guardian training, impact assessments, territorial sovereignty and maritime safety. This will be accomplished through partnerships with neighbouring nations, the Western Canada Marine Response Corporation (WCMRC) and Kotug Canada.

    Project Title: Upper Similkameen Indian Band Land Guardians ProgramRecipient: Upper Similkameen Indian BandFunding Amount: $391,894Project Description: This two-year initiative aims to address critical environmental challenges while deeply integrating Indigenous knowledge, community engagement and sustainable practices. The Guardians initiative focuses on land conservation, sustainable resource management and building ecosystem resilience.

    Project Title: Boothroyd Guardians Program ImplementationRecipient: Boothroyd Indian BandFunding Amount: $50,000Project Description: This one-year initiative will monitor environmental indicators on the land and support restoration work in areas damaged by wildfires and subsequent erosion. Boothroyd Guardians will work with land user groups to improve understanding and respect for the environment.

    Project Title: TTQ Guardian Program Initiation ProjectRecipient: TTQ Economic Development CorporationFunding Amount: $62,533Project Description: This one-year initiative will collect and interpret previously recorded Xa’xtsa cultural knowledge data, map priority areas, and develop a monitoring plan. The goal is to observe changes in the supply of traditional herbs and plants, the frequency and impact of foraging on the territory, the vitality of salmon spawning, changes in unauthorized camping, and invasive plant and animal species.

    Project Title: Wildfire Recovery MonitoringRecipient: Okanagan Indian BandFunding Amount: $350,000Project Description: This two-year initiative will assess the condition of the White Rock Lake watershed before and after the wildfires on behalf of the Okanagan Indian Band. Guardians will conduct site assessments, inventory significant cultural resources, monitor wildlife, and assess the severity of fire damage to guide restoration efforts.

    Project Title: Nanwakolas – Stewardship through Indigenous Scientific KnowledgeRecipient: Nanwakolas Council CorporationFunding Amount: $500,000Project Description: This two-year initiative will apply Kwakwaka’wakw values and Indigenous scientific knowledge to a variety of projects including loxiwe (clam garden) restoration, canoe carving, seasonal Guardian Gathering events, and data collection on water, wildlife monitoring, climate change studies, and emergency response planning.

    Project Title: Continuing Implementation of the Skwxwú7mesh Úxwumixw (Squamish Nation) Guardian Program InitiativeRecipient: Squamish Nation – Squamish Indian Band 555Funding Amount: $349,505Project Description: This two-year initiative will provide stewardship activities, respond to climate events and emergencies, and enhance public safety. Guardians will continue to be present on the land and learn from Elders, Knowledge Keepers and youth; and collaborate with other Nations to share information and build capacity across the national Guardian network.

    Project Title: Guardians of the St’át’imc LandRecipient: St’at’imc Government ServicesFunding Amount: $425,180Project Description: This two-year initiative will focus on implementing the St’át’imc Water Agreement. It includes collecting baseline data on three intact watersheds and three impacted watersheds to assess water quality. Other activities include capacity building and examining stories and legends through workshops and research in collaboration with the Indigenous Law Research Unit.

    Project Title: Nak’azdli Whut’en Yinka Huwunline (Caring) Guardian ProgramRecipient: Nak’azdli Whut’enFunding Amount: $349,942Project Description: This two-year initiative will develop geospatial mapping technology for Guardians to use in their monitoring activities. This will create open portals for communication while protecting internal data and cultural information. The project will use remote sensing technology to create “living maps” that will track seasonal phenology, quantify impacts, and provide informed stewardship engagements with industry, government, consultants, and academia.

    Project Title: Yintah Guardians of Lake Babine NationRecipient: Lake Babine NationFunding Amount: $350,000Project Description: This two-year initiative will lead the collaborative management of the Yintahs of Lake Babine Nation territory and resources of two key cultural species, talok (sockeye) and khida (moose), to restore moose populations to culturally significant levels, and support fish monitoring, habitat restoration and cooperative management.

    Manitoba

    Project Title: Seal River Watershed Alliance Land Guardian NetworkRecipient: Seal River Watershed AllianceFunding Amount: $500,000Project Description: This two-year initiative will hire 14 youth and Elders as Land Guardians across the four Alliance Nations. This initiative builds technical capacity and manages species and habitat identification, monitoring, protection, and watershed stewardship.

    Project Title: Askiy Okanawaynichikaywuk – Guardians of the LandRecipient: York Factory First Nation Funding Amount: $349,860Project Description: This two-year initiative will maintain trails, monitor cultural and historical sites, observe changes in the land, and support respectful land use. Guardians will provide a visible presence, conduct community outreach, participate in on-the-ground activities, and help guide Council decisions on land use, stewardship, and protection.

    Project Title: Pimachiowin Aki First Nations Guardians NetworkRecipient: Pimachiowin Aki CorporationFunding Amount: $499,615Project Description: This two-year initiative will focus on monitoring the seasonal walleye fishery, all-season road design, wildfire management, and climate change adaptation and mitigation. Guardians provide a professional presence and expertise in Pimachiowin Aki, expressing their belonging to the Anishinaabe Nation, filling gaps in the provincial information management system and patrols, and conducting year-round monitoring activities.

    Project Title: SCOB Regional First Nations Guardians NetworkRecipient: Southern Chiefs’ Organization Inc.Funding Amount: $500,000Project Description: This two-year initiative will focus on strengthening Indigenous jurisdiction over their traditional lands, developing capacity, training and skills in environmental monitoring and management, and promoting cooperation and collaboration among communities on natural resource stewardship and management issues.

    Project Title: Swan Lake First Nation Indigenous Guardians Land, Water and Nature Stewardship InitiativeRecipient: Swan Lake First NationFunding Amount: $349,285Project Description: This two-year initiative, in collaboration with Agriculture and Agri-Food Canada, will continue to assess and reseed revegetation terraces if necessary, monitor water quality from the tile drainage structure, and monitor animal and pollinator populations. The data collected will help understand the success of this project in reducing nutrient pollution and improving ecosystems.

    New Brunswick

    Project Title: Amlamgog Earth GuardiansRecipient: Fort Folly First NationFunding Amount: $321,411Project Description: This two-year initiative will expand and enhance an existing salmon recovery initiative. This initiative will focus on monitoring flora and fauna, in accordance with the traditional guiding principle of “Etuaptmumk” (two-eyed vision).

    Project Title: Wotstak First Nation Guardians Initiative – Tier 1Recipient: Woodstock First NationFunding Amount: $50,000Project Description: This one-year initiative will collect data and monitor the ecosystem, drawing on the knowledge of Woodstock First Nation’s Indigenous traditions of conservation, with the goal of developing a land use plan.

    Project Title: Elugweieg Toqwe’gig ugjit Ugs’tqamu aq ugjit Sapo’nug (We work together for the land and for tomorrow)Recipient: Esgenoôpetitj Watershed AssociationFunding Amount: $349,923Project Description: This two-year initiative will expand monitoring and governance of the Esgenoôpetitj aquatic environment, led by Esgenoôpetitj First Nation Fishery Guardians, in collaboration with Fisheries and Oceans Canada enforcement staff, as part of the management, conservation and protection of fisheries in areas most frequented by the community.

    Newfoundland and Labrador

    Project Title: Innu Nation Guardians ProgramRecipient: Innu Nation – Environment and Parks OfficesFunding Amount: $700,000Project Description: This two-year initiative will integrate the Innu (Natuashish) communities of Sheshatshiu and Mushuau Innu through environmental stewardship and cultural preservation. The initiative will focus on five objectives: the creation of additional guardian positions, technical and safety training, the organization of youth workshops on knowledge transfer, the purchase of necessary equipment, and the development of cultural initiatives to maintain and promote Innu traditions and ecological knowledge.

    Nova Scotia

    Project Title: Reconnecting Our People with the LandBeneficiary: Eskasoni Fish

    Project Title: Nova Scotia Land Guardians Network/Nuji kelo’toqatijikRecipient: Unama’ki Institute of the Natural Resources SocietyFunding Amount: $500,000Project Description: This two-year initiative involves collecting and sharing Indigenous knowledge, promoting Netukulimk hunting practices, monitoring and data collection including designating areas suitable for cultural activities, harvesting medicinal plants, monitoring species at risk, and education and awareness of culturally significant species.

    Northwest Territories

    Project Title: Ni hat’ni Dene (“Keepers of the Land”)Recipient: Lutsel K’e Dene First NationFunding Amount: $349,600Project Description: This two-year initiative is part of a long-term mandate to promote Thaidene Nene stewardship, working full-time as guardians of the land, water and animals, and as ambassadors of the Dene way of life, and welcoming visitors. Initiatives include protecting Bathurst caribou, sharing cultural knowledge with youth, and protecting food security.

    Project Title: Deninu Kue First Nation GuardiansRecipient: Deninu Kue First NationFunding Amount: $333,055Project Description: This two-year initiative will monitor the land and waters. Guardians will patrol the territory to ensure it remains clean and will conduct water quality sampling and fish cleanliness monitoring.

    Project Title: Łı́ı́dlı̨́ı̨́ Kų́ę́ First Nation Guardians and Climate Change Monitoring ProjectRecipient: Łı́ı́dlı̨́ı̨́ Kų́ę́ First NationFunding Amount: $349,961Project Description: This two-year initiative aims to monitor the impacts of climate change on the environment in the Dehcho region of the Northwest Territories. The initiative will include monitoring a variety of indicators such as permafrost thaw, streambank subsidence/erosion, and species population shifts. Guardians will receive specialized training in monitoring erosion and permafrost conditions, observing thaw patterns, and assessing thaw depth. This data collection is essential to assess the evolution of the landscape.

    Project Title: Sahtu K’aowe Guardians Project for Tsá Tué Biosphere ReserveRecipient: Délįnę Got’įnę GovernmentFunding Amount: $350,000Project Description: This two-year initiative supports monitoring of Great Bear Lake and its watershed using the “Two-Eyed Seeing Approach” (uniting Western science and Indigenous knowledge) to ensure biodiversity conservation, ecological integrity, climate change adaptation, local wildlife subsistence, food security, and the continuity and revitalization of cultural practices.

    Ontario

    Project Title: Environmental Stewardship of Air Quality Issues for Aamjiwnaang First NationRecipient: Aamjiwnaang First NationFunding Amount: $48,732Project Description: This one-year initiative will monitor the air, water and lands surrounding Aamjiwnaang First Nation that have been impacted by industrial development. Guardians will identify environmental monitoring gaps (soil, water, air, fish, plants and endangered species), develop data collection plans, and improve emergency notifications and community responses to oil refineries, chemical plants and other industrial facilities located near Aamjiwnaang First Nation.

    Project Title: Temagami First Nation GuardiansRecipient: Temagami First NationFunding Amount: $451,000Project Description: This two-year initiative focuses on water quality, species and habitat protection, preserving Indigenous wisdom, data collection and monitoring. Guardians will participate in tracking, recording and reporting activities related to land use and environmental protection. Special attention will be paid to Lake Temagami, including monitoring ice fishing huts, houseboats, shorelines and more.

    Project Title: Atikameksheng Anishnawbek – Phase 2 – Monitoring the Atikameksheng Traditional TerritoryRecipient: Atikameksheng AnishnawbekFunding Amount: $347,263Project Description: This two-year initiative will collect maple sap during the sugar moon and harvest other food items, which will be distributed to Elders and the Nations Food Bank. Guardians will monitor the land, conduct field inspections for proposed logging operations to ensure that Grandmother Trees are protected, and complete daily field worksheets and site inspections that will provide important environmental information on spills, violations, and logging operations.

    Project Title: Anishinabek Traditional Ecological Guardians of Georgian BayRecipient: Magnetawan First NationFunding Amount: $500,000Project Description: This two-year initiative supports on-the-ground learning, knowledge transfer and technical skills training on species at risk, species monitoring, data collection and other land management activities using the “Two-Eyed Seeing Approach”. The initiative will also help build sustainable management capacity in other First Nations groups.

    Project Title: Charting the Path Ahead – Anishinaabe Aki Shkabewisag (Niiwin Wendaanimok Anishinaabe Guardians Network)Recipient: Niiwin Wendaanimok Limited PartnershipFunding Amount: $500,000Project Description: This two-year initiative will support four Anishinaabe Nations to mitigate and monitor development compliance on the land, increase their capacity to care for land, water, plants and animals, and collaborate to identify individual needs and create customized support and mentorship programs. Anishinaabe Guardians will identify and protect important areas through consultation with Elders and Knowledge Keepers.

    Project Title: Ketegaunseebee Aki GuardiansRecipient: Garden River First NationFunding Amount: $301,400Project Description: This two-year initiative will help Garden River First Nation monitor and protect the St. Mary’s River and lands in fulfillment of a treaty with neighbouring Indigenous nations. The initiative will focus on capacity building, community engagement and on-the-ground work, including species at risk, invasive species and logging monitoring patrols.

    Project Title: Four Rivers Regional Guardians NetworkRecipient: Matawa First Nations ManagementFunding Amount: $389,771Project Description: This two-year initiative focuses on environmental stewardship and capacity building in nine Matawa First Nations. The Four Rivers Regional Guardians Network will participate in virtual and in-person networking events to expand their knowledge and capacity, including cultural exchanges within the network.

    Project Title: Biinjitawaabik Zaaging Anishnaabek Community GuardiansRecipient: Biinjitiwaabik Zaaging Anishnaabek First Nation of Rocky BayFunding Amount: $350,000Project Description: This two-year initiative will implement sturgeon and mine site protocols, conduct environmental monitoring analyses, map the Lake Nipigon basin and compile the data into a geographic information system database.

    Project Title: The Height Of Land Wakohtowin Guardians Program – Treaty 9Recipient: Wahkohtowin Development General Partnership INC.Funding Amount: $499,300Project Description: This two-year initiative aims to strengthen traditional knowledge, practices and lifestyles within communities. Guardians will have first-hand experience in the functioning of ecosystem services and the economics of conservation.

    Project Title: Neya Waban Guardians Program – Guardians of the LandRecipient: Algonquins of Pikwakanagan First NationFunding Amount: $349,650Project Description: This two-year initiative will gather critical information for decision-making, identify areas of quality wildlife habitat, and develop management plans and protocols. The Algonquins of Pikwakanagan First Nation will continue to collect data based on Algonquin knowledge to better protect the land, water, animals and air of the eleven communities in Ontario and Quebec.

    Project Title: Mnisinoog (Warriors for the Bay): Shawanaga First Nation Guardians ProgramRecipient: Shawanaga First NationFunding Amount: $350,000Project Description: This two-year initiative focuses on enhancing aquatic life, using river monitors to maintain and protect the health of the river ecosystem. Aquatic stewardship is a priority, through catch surveys, large-scale monitoring of water bodies, and a detailed study of fish consumption.

    Project Title: Caldwell First Nation Land Guardians ProgramRecipient: Caldwell First NationFunding Amount: $345,840Project Description: This two-year initiative will focus on education, training, on-the-ground learning with technical experts and knowledge holders, and listening sessions with the community. The Guardians will review classroom environmental assessments on behalf of Caldwell First Nation, monitor and participate in environmental projects on the land, and implement multi-year capacity building initiatives, with a focus on supporting the creation, development and management of Indigenous protected and conserved areas on their traditional territory.

    Prince Edward Island

    Project Title: Lennox Island First Nation Guardians ProgramRecipient: Lennox Island First NationFunding Amount: $346,800Project Description: This two-year initiative will help better manage, protect and utilize the marine resources that the community relies on. It will allow the Lennox Island Watershed Conservation Group to participate in coastal erosion studies, fisheries workshops (lobster handling practices), a black ash reforestation project and the development of a modernized solid waste management plan.

    Project Title: Guardians of AbegweitRecipient: Abegweit First NationFunding Amount: $350,000Project Description: This two-year initiative embodies a cultural and traditional approach to natural resource management. The initiative also includes data collection and monitoring, with a focus on land, water and resource use on traditional territories, including cultural sites.

    Quebec

    Project Title: Guardians of the NdakinaRecipient: W8banakiFunding Amount: $500,000Project Description: This two-year initiative will support the sustainability of traditional practices of members of the Nation, protect their rights of access to ancestral territories and preserve cultural heritage. This initiative will create conservation spaces, share and transmit Indigenous knowledge, mentor youth, consult the community, promote food sovereignty and many other activities.

    Project Title: Moving Forward: Taking Pessamit’s Land Guardians to the Next LevelRecipient: Conseil des Innus de PessamitFunding Amount: $349,550Project Description: This two-year initiative involves a team of six territorial agents specializing in data collection, land monitoring, and comprehensive inventories of biodiversity and ecosystem processes. The initiative will focus on monitoring and assessments, conducting an inventory of cultural sites, developing sampling expertise, and community engagement and visibility.

    Project Title: Abitibiwinnik Land GuardiansRecipient: Abitibiwinni First NationFunding Amount: $195,931Project Description: This two-year initiative will continue to train community members in land monitoring and develop new skills and knowledge through fieldwork that uses both Indigenous knowledge and Western science. The initiative aims to document information gathered through the activities of guardians, community members and elders.

    Project Title: Chisasibi Intertidal Cumulative Impact Assessment: Integrating Science, Tradition and StewardshipRecipient: Chisasibi Cree NationFunding Amount: $348,468Project Description: This two-year initiative will focus on integrating western science, Indigenous knowledge and stewardship to address key challenges in the Chisasibi community. The initiative will study the impact of land use planning by reviewing existing research, mapping the community, analyzing vegetation and collecting environmental samples. In addition, it will build capacity through workshops and a mentoring initiative involving the Kinwhapmaakins (trapkeepers/managers). All data will be collected and combined into a detailed cumulative effects report.

    Project Title: Atikamekw Guardians of ManawanRecipient: Atikamekw Council of ManawanFunding Amount: $350,000Project Description: This two-year initiative will strengthen the role of Guardians in working with non-Indigenous land users and partners within the Nation and community. The next phase will focus on field activity, data collection, establishing a formal mandate recognized by the community, capacity building and training, and strengthening the role of Guardians within the community.

    Project Title: Kitigan Zibi Anishinabeg Nagadjitòdjig Guardians InitiativeRecipient: Kitigan Zibi Anishinabeg First NationFunding Amount: $594,020Project Description: This two-year initiative will monitor and inventory key cultural species, wild foods and trees. Guardians will conduct water quality studies, identify sites of cultural significance and record videos to document traditional practices and activities.

    Project Title: Protection and Participation in the Development of Pekuakamiulnuatsh Heritage on NitassinanRecipient: Pekuakamiulnuatsh TakuhikanFunding Amount: $49,995Project Description: This one-year initiative aims to ensure the protection and preservation of the territory, while maintaining the well-being of the members of the Nation community, as they carry out the traditional activities of their Nation. Guardians play a crucial role in supporting the Nation community, monitoring the lands and accompanying community members on Nation lands.

    Project Title: Essipiu Assinu Nakatuenitamu (He who takes care of the territory of Essipit)Recipient: Council of the Innu Essipit First NationFunding Amount: $246,308Project Description: This two-year initiative supports responsible governance and occupation of the Nation’s territory, land monitoring, participation in community events, and collaboration on various projects that encourage learning and skills development for guardians and community members.

    Project Title: Nutshimiunnuat d’ITUM (Guardians of the Nitassinan d’ITUM)Beneficiary: Innu Takuaikan Uashat mak Mani-UtenamFunding Amount: $350,000Project Description: This two-year initiative involves monitoring, protection and stewardship activities on the Nation’s traditional territory. Its objective is to ensure monitoring of the territory and protection of the Nation, as well as to contribute to studies and inventories on the impacts of climate change and industrial development on the territory.

    Project Title: Iakwatonhontsanónhnha – We all mind her, the EarthRecipient: Mohawk Council of Kahnawà:keFunding Amount: $256,416Project Description: This two-year initiative will develop a community environmental charter that will help define the roles and responsibilities of conservation officers. It will also provide an opportunity to consult on a “Rights of Nature” approach to protecting the St. Lawrence River.

    Saskatchewan

    Project Title: File Hills Qu’Appelle Guardians InitiativeRecipient: File Hills Qu’Appelle Tribal CouncilFunding Amount: $354,180Project Description: This two-year initiative will monitor and document stream health, including water quality, medicinal plants, and bank conditions, particularly on the lower Qu’Appelle River and its chain of lakes. It will also revitalize language and land stewardship practices.

    Project Title: Monitoring and Protection of Athabasca Denesųłiné Nuhenéné in SaskatchewanRecipient: Ya’thi Néné Lands and Resources OfficeFunding Amount: $498,916Project Description: This two-year initiative will monitor the lands and waters of Nuhenéné, including Indigenous protected areas, caribou hunting areas, and mining and prospecting activities. Guided by Elders, Ya’thi Néné Land and Resource Guardians are working to reconnect youth to the land and train future leaders in sustainable management practices.

    Project Title: Birch Narrows Dene Nation Nuh Nene Strategic PlanRecipient: Birch Narrows Dene NationFunding Amount: $49,917Project Description: This one-year initiative will monitor the land, combining ancestral wisdom and modern ecological approaches. Strategic partnerships with neighbouring First Nations and partners such as Tamarack Environmental Associates, Nexgen Energy Ltd. and Fission Uranium Corp. will amplify the impact of conservation efforts. Through training, mentoring and community engagement, the initiative will help the Nuh Nene Department achieve its goal of safeguarding cultural identity and the natural environment.

    Project Title: Pheasant Rump Nakota First Nation Community Guardians InitiativeRecipient: Pheasant Rump Nakota First NationFunding Amount: $350,000Project Description: This two-year initiative aims to build capacity by training and employing youth to collect and analyze data on climate change and industry impacts on the land. The data will be used to develop a land use plan to inform Chief and Council decision-making on stewardship and habitat management initiatives to ensure sustainable sources of traditional foods for the community.

    Project Title: Muskowekwan First Nation Community Guardians InitiativeRecipient: Muskowekwan First NationFunding Amount: $350,000Project Description: This two-year initiative aims to build the capacity of community members to monitor and understand the impacts of climate change. Youth will have the opportunity to receive training in Indigenous knowledge, Western science, climate and environmental monitoring practices including geographic information systems and remote sensing, participatory mapping and knowledge gathering.

    Yukon

    Project Title: Teechik Land Guardians: Nanh gwiinzii vik’ite’tri’giikhii/We read the land wellRecipient: Vuntut Gwitchin First NationFunding Amount: $349,333Project Description: This two-year initiative will operate a camera trap network to monitor predator-prey interactions on the Old Crow Winter Road and conduct baseline fish and water sampling at the headwaters of the Porcupine River. The Guardian Coordinator will be responsible for organizing patrols, analyzing monitoring data, and preparing communications materials for community members and leaders. This capacity building will strengthen monitoring efforts by enabling the initiative to process more samples, improve the use of camera data, and enable keepers to establish an annual trapping camp to extend monitoring to furbearers.

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

    MIL Translation OSI

  • MIL-OSI Economics: Best Direct Finance: BaFin investigates purported sale of shares in “OpenAI Inc.” and warns against identity theft

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The unknown perpetrators also operate the website bestdirect-finance.com. On this website, they advertise other services, e.g. in the areas of time deposits or overnight money, asset management, investment advice or securities trading. Until recently, the website included a legal notice. There, the operator referred to itself as a “Zurich branch (…) of the parent company, Best Direct Finance LTD, from the United Kingdom”. According to information available to BaFin, there is no such connection. This is a case of identity theft.

    In the past, there have been frequent reports of attempted fraud where shares in well-known companies are offered for subscription. However, these shares are not delivered to the clients after payment is made, and the offerors can no longer be reached; in some cases, the offered shares do not even exist.

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify attempted fraud at an early stage.

    Background information:

    Unless an exemption from the prospectus requirement applies, securities may be offered to the public in Germany only if a prospectus approved by BaFin in advance has been published. During the approval process, BaFin checks whether the minimum information required by law is included in the prospectus and whether its content is understandable, coherent and consistent. However, BaFin does not check whether the information contained in the prospectus is correct. Moreover, it does not check whether the issuer is reliable nor does it examine the product in question.

    No securities prospectus relating to OpenAI shares has been submitted to BaFin for approval. You can check whether an approved prospectus for an offer of securities to the public has been filed with BaFin by consulting the Prospectuses filed database on the BaFin website.

    In addition, companies offering shares of other companies to consumers need prior authorisation from BaFin. The same applies for pre-IPO shares. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (KreditwesengesetzKWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI Russia: Digest

    MILES AXLE Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    Last week, a representative delegation of the rector’s office of the State University of Management made a working trip to the southern regions of Russia, visiting Rostov-on-Don and the Donetsk People’s Republic. Meanwhile, our experts turned their attention to the increase in pensions, fines for dangerous driving and car prices after October 1. Also, the curious reader is invited to read about emotional intelligence, cash flow gap, principles of the Scrum management methodology, methods of counteracting high inflation and find out in which countries of the world it is the lowest.

    — Director of the Institute of Economics and Finance of the State University of Management Galina Sorokina recalled the increase in pensions for Russians over 80 years old from October 1. “This form of social support for long-livers is important, since with age, more funds are needed for medicines and help with the household, especially since people over 80 in Russia make up about 3.6% of the total population,” the expert noted. — Also, from October 1, military pensions will be indexed, which Galina Sorokina also reminds about. She listed the categories of citizens who are considered military pensioners: former military personnel, persons who served in the Internal Affairs Directorate, the State Fire Service, the National Guard and other categories, including family members of deceased military personnel. — Galina Sorokina also told what the minimum wage will be in 2025. “The amount of the subsistence minimum depends on the region and the population group – the working-age population, children and pensioners. Regions can also set their own minimum wage, which, however, should not be lower than the Russian average,” explains the economist.

    — Associate Professor of the Department of Economic Policy and Economic Measurements of the Institute of Economics and Finance of the State University of Management Maxim Chirkov appreciated the initiative to pay Russian pensioners the 13th pension. “From my point of view, such an initiative is quite realistic. Although inflation remains quite high, it has begun to decline. Therefore, increasing the incomes of pensioners becomes a top priority, since they are often the most vulnerable part of Russian society,” the economist said. 
    — Maxim Chirkov also explained why in Russia they want to limit online installment payments. “If these restrictions are not in place, it turns out that the established institutions that are supposed to limit citizens’ risks, including credit risks, may turn out to be useless and the risks will increase,” the expert explained. 
    — Maxim Chirkov also outlined the relationship between inflation and public sector salaries. “The Russian economy is growing sharply in the areas of IT, finance, manufacturing, including manufacturing, and others. Under these conditions, civil servants may leave their jobs to take high-paying jobs. Therefore, it is necessary to raise salaries for public sector employees and compare them not with inflation, but with the growth of the average salary in the country,” explained Maxim Chirkov. 
    — In addition, Maxim Chirkov commented on Putin’s statement about working on the creation of a BRICS payment circuit. “The creation of such a system is a logical continuation of the move away from the dollar, financial systems and organizations that have centers in Western countries. Of course, an analogue of SWIFT will be created, that is, a system of interbank transfers, payment systems for individuals using plastic cards,” Chirkov said. 

    — Head of the Department of World Economy and International Economic Relations at the State University of Management Evgeny Smirnov made assumptions about the purposes of the proposed visit of IMF representatives to Russia. “Considering that the IMF is considered a “pro-Western” organization, the visit may also be connected with an attempt to obtain data on the net income Russia receives from participation in international trade by publishing statistics on the external sector,” the expert suspects.

    — Director of the Russian Center for Socio-Economic and Political Research of China at the State University of Management Fanis Sharipov commented on the Moscow BRICS Forum and Symposium on Public Administration. The expert noted that the BRICS association is committed to supporting sustainable development and mutually beneficial cooperation. “The West does not agree to give up its positions. But the world is entering a new era of global economic relations, where the role of the East and the South is growing,” said Fanis Sharipov.

    — Associate Professor of the Department of Institutional Economics of the State University of Management Svetlana Sazanova named the countries with the lowest inflation over the past year. These are China (-0.1%), Switzerland (1.6%), Saudi Arabia (2%), Spain (2.6%), and the Netherlands (3%). “Creeping inflation, within 10%, even has a stimulating effect on the economy, because producers, as a rule, perceive such price increases as increased demand for their products and, in response, increase their production,” the economist notes. — Svetlana Sazanova also explained the reasons for the growth of the Russian economy. In general, economic growth in Russia in 2024 cannot be considered to be caused only by defense orders and an increase in the money supply in the hands of the population. It is also caused by its structural restructuring: an increase in the share of the manufacturing industry and related industries,” the expert is convinced. — Svetlana Sazanova and Associate Professor of the Department of Institutional Economics of the State University of Management Konstantin Andrianov discussed what awaits the United States as a result of the growth of the national debt. “The issue of solving the national debt problem will be postponed until the next president. At the moment, the US debt is about 120% of GDP, which significantly limits the possibilities for stimulating the economy with the help of budget and tax policy,” noted Svetlana Sazanova. “Countries have begun to withdraw their foreign exchange reserves and gold from American depositories, which could lead to a collapse of the dollar exchange rate. The scale of this fall is difficult to predict, but it could be multiple,” said Konstantin Andrianov.

    — Associate Professor of the Department of Institutional Economics of the State University of Management and expert of the Central Bank of the Russian Federation Konstantin Andrianov discussed possible changes in exchange rates after the lifting of sanctions. “At the moment, it is impossible to predict the exact value of the dollar after the sanctions are lifted. We don’t even know when these sanctions will be lifted. Sanctions are in the hands of countries guided by anti-Russian policies, and their political elites are gripped by Russophobia,” the expert said. 
    — Konstantin Andrianov also named the reasons and methods of countering high inflation in Russia. “Since mid-summer, the exchange rate of our national currency has fallen by 7% against the dollar and euro, and by 8% against the yuan, although nothing negative has happened in the economy. This significantly affects the level of inflation; for stable prices we need a stable ruble,” the economist said. 
    — In addition, Konstantin Andrianov assessed the extension of sanctions against the Moscow Exchange. “If the ruble has successfully withstood the sanctions against the Moscow Exchange adopted in June of this year, then it is unlikely that anything else from the outside can become more or less a serious threat for it,” the expert is sure. 
    — Konstantin Andrianov and Deputy Director of the IFE GUM Valeria Ivanova also predicted changes in the euro exchange rate in the event of some countries leaving the EU. “A sharp collapse in the exchange rate is possible due to the loss of investor confidence in the euro as a stable currency. Also, a sharp collapse is possible, especially if the exit of these countries becomes a signal for others, which will lead to a chain reaction,” noted Valeria Ivanova. Konstantin Andrianov notes that the situation in the eurozone remains extremely unstable. Against the background of the refusal of Germany and other EU countries from Russian energy resources, macroeconomic problems began to intensify in many European countries, including France and Italy. 

    — Associate Professor of the Department of Transport Complex Management at the State University of Management Artem Merenkov warned about the increase in prices for cars from October 1. “There is a stock of cars at old prices. That is, this will definitely not be a momentary adjustment. Nevertheless, we can say that a price increase of 5-10% is possible before the end of the year,” the expert believes. — Artem Merenkov also assessed the State Duma’s decision to increase the fine for dangerous driving to 5,000 rubles from October 1. “Whether it will help or not is a matter of time and a combination of actions. Such measures work in a complex. If we look at the data from the State Traffic Safety Inspectorate, we will see that the number of accidents on the roads is decreasing, that is, systematic work definitely yields results,” the specialist said.

    — Professor of the Department of Accounting, Auditing and Taxation of the State University of Management Olga Ageeva told how to determine the profit and loss of a business. “The amount of net profit for the period indicates the same growth in the company’s net assets. In turn, net loss is associated with their decrease by the same amount. And as is known, net assets are what will remain to the owners in the event of liquidation of the enterprise,” the expert noted.

    — Associate Professor of the Department of Economic Policy and Economic Measurements of the State University of Management Natalia Kazantseva reported on the crisis in the area of family mortgages. “The funds allocated from the state budget to support family mortgages have almost been exhausted. Many banks have already stopped accepting orders for their registration, the remaining limits are not enough for its rapid development. This means that the real estate market will have to survive in the current market conditions, where the price of housing is determined by its laws,” the expert noted. — Natalia Kazantseva also spoke about what a cash gap is and how to avoid it. “Daily monitoring of cash balances at the beginning of the day, receipts and expenses will help to avoid a cash gap, this advice is especially relevant for small and medium-sized enterprises. It is important to use electronic document management and negotiate with suppliers, apply installment and deferment tools,” the economist advises.

    — Candidate of Psychological Sciences, Associate Professor of the State University of Management Svetlana Grishaeva commented on the State Duma initiative to ban childfree propaganda. “Childfree propaganda forms attitudes towards childlessness, the less such propaganda and such movements there are, the more likely it is that attitudes towards childlessness will decrease. Children and teenagers are easily influenced by something new, so movements like childfree have imitators and followers,” the psychologist said. — Svetlana Grishaeva also explained in detail what emotional intelligence is. “It is the ability to understand the emotions of other people and the ability to control your feelings. But to control is not the same as not to experience, so you should not think that a low-emotional person has a high level of EI, because emotions are our helpers in many situations,” the expert noted.

    — Senior lecturer of the HR department of the State University of Management Ekaterina Illarionova spoke about the principles of the Scrum management methodology. “The peculiarity of Scrum is that the team works on only one product. This is more expensive than the typical assignment of one specialist to several projects, but this is a story from the series about the stingy who pays twice,” the expert says.

    — Vladimir Popov, Associate Professor of the Department of Private Law at the State University of Management, commented on the new fine from the Ministry of Transport for carrying foreign objects while driving. The Associate Professor believes that this could create problems for drivers. “After all, if a driver eats or drinks while driving, he is also distracted, which increases the likelihood of an accident, but I do not propose banning such behavior yet,” the expert noted.

    — Doctor of Political Sciences, Professor of the State University of Management Viktor Titov discusses the possibilities of reconciliation between Iran and Israel. “Firstly, a very strong argument “for” a partial easing of the Iranian-Israeli confrontation is the fatigue of Israeli society: both from the war that began in October 2023 and from the long-term, virtually permanent confrontation with the Islamic world,” the expert believes.

    These are the topics covered by the experts of the State University of Management this week. Conclusions later, and now let’s run to the anniversary final of the State University of Management KVN League!

    Subscribe to the TG channel “Our GUU” Date of publication: 09/27/2024

    Ростов-на-Дону и Донецкую Народную Республику….” data-yashareImage=”https://guu.ru/wp-content/uploads/photo_2023-03-04_01-46-02.jpg” data-yashareLink=”https://guu.ru/%d0%b4%d0%b0%d0%b9%d0%b4%d0%b6%d0%b5%d1%81%d1%82-%d0%b3%d1%83%d1%83%d0%b3%d0%be%d0%b2%d0%be%d1%80%d0%b8%d1%82-%d0%b2-%d0%be%d0%b6%d0%b8%d0%b4%d0%b0%d0%bd%d0%b8%d0%b8-1-%d0%be%d0%ba%d1%82%d1%8f%d0%b1/”>

    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.

    Digest

    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 China: Foreign investors upbeat on opportunities in China’s capital market

    Source: People’s Republic of China – State Council News

    BEIJING, Sept. 27 — As China maintains its steady economic growth momentum, more foreign institutional investors have quickened the pace of their investments in the Chinese capital market.

    In early September, M&G Investments, one of Europe’s leading asset managers headquartered in London, announced the launch of the M&G China Fund, aiming to provide investors with access to what it called “one of the world’s most compelling markets for long-term stock picking.”

    The M&G China Fund’s investment approach will center on a universe of circa 300 Chinese stocks, the company said in a statement posted on its website.

    “In our view, China’s stock market capitalization is currently disproportionately small compared to the size of its economy, with many stocks trading at compelling levels of valuation. At the same time, many Chinese companies are showing improving operational resilience during recent tough times and are increasingly focused on maximizing profits and boosting shareholder returns through both higher dividends and share buy-backs,” said David Perrett, manager of the M&G China Fund and co-head of the Asia Pacific equity investment team.

    “In addition to ongoing corporate self-help, many Chinese businesses are also leaders in globally growing areas such as renewable energy and digital supply chain-management,” said Perrett, who has spent more than three decades investing in China.

    M&G Investments is not alone in the effort to tap into the Chinese capital market. In late August, Krane Funds Advisors, or KraneShares, a U.S.-based asset management firm known for its global exchange-traded funds (ETFs), launched the KraneShares China Alpha Index (KCAI) ETF at the New York Stock Exchange.

    According to a statement released by KraneShares, KCAI’s index was developed by the firm’s sub-advisor Quant Insight to generate returns in China A-shares through an optimization filtering process combined with AI technology.

    China’s A-share market is a prime candidate for KraneShares’s strategy, the statement quoted Mahmood Noorani, CEO of Quant Insight, as saying.

    Like M&G Investments and KraneShares, foreign investors’ appetite for buying Chinese assets has been growing, underpinned by their strong confidence in the long-term fundamentals of the Chinese economy.

    So far this year, multiple international institutions, including the World Bank and the International Monetary Fund (IMF), have raised their forecast for China’s economic growth in 2024.

    The World Bank has raised its growth forecast to 4.8 percent, 0.3 percentage points higher than its previous forecast, while the IMF revised up China’s growth outlook to 5 percent, increasing by 0.4 percentage points from its previous forecast.

    Despite challenges at home and abroad, China’s economy grew by 5 percent in the first half of this year.

    At a meeting of the Political Bureau of the Communist Party of China Central Committee on Thursday, the leadership stressed effectively implementing existing policies, rolling out incremental policies and making policy measures more targeted and effective, and striving to accomplish the targets and tasks for this year’s economic and social development.

    The meeting, which analyzed China’s current economic situation and made further arrangements for economic work, also called for efforts to boost the capital market and vigorously guide medium and long-term funds to enter the capital market.

    Buoyed by the sound fundamentals of China’s economy, the number of U.S. dollar-denominated qualified foreign institutional investors, or QFII, has expanded to 841, with 43 foreign investors being granted QFII status this year, according to the latest data from the China Securities Regulatory Commission.

    The QFII scheme and its RMB-denominated sibling, RQFII, are designed to allow overseas investors to invest in China’s domestic capital markets.

    As the number of foreign investors has continued to grow, their holdings of Chinese bonds are also increasing.

    Foreign investors’ holdings of Chinese bonds in the interbank market increased to 4.5 trillion yuan (about 641.9 billion U.S. dollars) at the end of July, reaching a record high, according to data from the People’s Bank of China (PBOC), the country’s central bank.

    Industry insiders noted that foreign investors’ active buy-in of Chinese assets has been facilitated by the country’s continuous opening-up measures in the capital market over the years, and the encouraging institutional arrangements are still gaining steam.

    Since Aug. 26, the PBOC and the State Administration of Foreign Exchange have started to implement revised rules for the QFII and RQFII.

    With the aim to steadily expand the opening-up of the financial sector, key revisions include simplifying business registration procedures, and optimizing the management of accounts and cross-border fund flows.

    As Chinese authorities have repeatedly pledged to advance the opening-up in the capital market to a higher level, analysts said more overseas investors are expected to be attracted to invest in the market.

    MIL OSI China News

  • MIL-OSI Europe: Climate COP Troïka “Roadmap to Mission 1.5: Driving the next generation of climate action and ambition” – Address by Minister Jean-Noël Barrot, minister for Europe and Foreign Affairs (26.09.24)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    Ministers,

    Executive Secretary of the United Nations Framework Convention on Climate Change,

    Ambassadors,

    Colleagues,

    This year, we were convened for a Summit of the Future. Actually, what we are talking about is a threat of the present time: climate change kills, climate change impoverishes and climate change destroys.

    I would like to thank the Climate COP Presidencies Troika for convening us today to make progress in the fight against this scourge.

    We owe it to all our populations, all of our fellow citizens, to be effective. Therefore, we need to set a clear course. The 1.5°C goal is our compass. That is a demanding goal but not one that is totally beyond our reach. If we hope to achieve it, we must take action immediately. And to prepare, at the latest by the Belem COP, enhanced nationally determined contributions that are commensurate with the issue. We need to implement the Paris Agreement.

    Significant strides were made at COP28 when it was jointly decided to phase out fossil fuels. That was vital but it is also vital to actually make this transition in concrete terms.

    France and its European partners are working with determination, which involves a considerable effort to deploy low-carbon and low-emission energy technologies. France has committed to phase out coal by 2030, oil by 2045 and gas by 2050. We call on all Parties to set out and comply with timelines to phase out fossil energy sources. The G7 has started to do this with the phasing out of coal. It needs to do more and other big emitters should follow suit.

    At COP29, an ambitious new climate finance goal needs to be adopted to support developing countries.

    France has fully contributed to the current collective USD 100 billion goal, providing a record €7.6 billion of climate finance in 2022, including €2.6 billion dedicated to adaptation, and €7.1 billion in 2023. Every time we have contributed high and above commitments taken nationally, surpassing goals.

    Now that we have collectively achieved the USD 100 billion goal, it is time for a financing boost. That is what French President Emmanuel Macron proposed in Paris in June 2023 with the Paris Pact for Peoples and the Planet. All the finance sources – public, private and innovative instruments – need to be mobilized.

    The ambitious road map set out in the Paris Pact for Peoples and the Planet has produced tangible progress for the climate. I am thinking of the climate-resilient debt clauses implemented by the World Bank and its peers, as well as the international taxation task force launched at COP28 that Brazil has joined today.

    COP30 in Belem is crucial and we must now begin preparing for it with determination. I call on all Parties to publish nationally determined contributions that reflect the decisions made at COP28. They should be ambitious, cover all economic sectors and all greenhouse gases, be science-based and rooted in a timeline to phase out of fossil fuels.

    EU Member States are currently working on defining our 2040 climate target based on a European Commission proposal of a 90% cut in emissions. The EU will continue to show the highest possible ambition to deliver on our commitment to carbon neutrality by 2050.

    France stands with Brazil to make COP30 the COP of ambition. All our diplomatic firepower will be focused on this goal, alongside all our partners and the United Nations.

    And I am pleased to announce that we will host a high-level event in early 2025 to commemorate the 10-year anniversary of the Paris Agreement. There is only one way forward and that is to scale up the level of ambition on a par with the legitimate expectations of our populations. Let us not get distracted.

    Thank you.

    MIL OSI Europe News

  • MIL-OSI: Horizon Bancorp, Inc. Announces Conference Call to Review Third Quarter 2024 Results on October 24

    Source: GlobeNewswire (MIL-OSI)

    MICHIGAN CITY, Ind., Sept. 27, 2024 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”) will host a conference call at 7:30 a.m. CT on Thursday, October 24, 2024 to review its third quarter 2024 financial results.

    The Company’s third quarter news release will be published after markets close on Wednesday, October 23, 2024. It will be available at investor.horizonbank.com.

    Participants may access the live conference call on October 24, 2024 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada, or 412-317-5772 from international locations and requesting the “Horizon Bancorp Call.” Please dial in approximately 10 minutes prior to the call.

    A telephone replay of the call will be available approximately one hour after the end of the conference call through November 1, 2024. The telephone replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada, or 412-317-0088 from other international locations and entering the access code 9847279.

    About Horizon Bancorp, Inc.
    Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $7.9 billion-asset commercial bank holding company for Horizon Bank, which serve customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

    Contact:
    Mark E. Secor, Chief Administration Officer
    Phone: (219) 873-2611

    The MIL Network

  • MIL-OSI: Results for the Period Ended 30 June 2024

    Source: GlobeNewswire (MIL-OSI)

    Octopus Future Generations VCT plc

    Results for the Period Ended 30 June 2024

    Octopus Future Generations VCT plc (‘Future Generations VCT’ or the ‘Company’) is backing businesses that aim to address society’s biggest challenges, providing an opportunity for investors to share in the growth of ambitious, purpose‑driven companies.

    The Company is managed by Octopus AIF Management Limited (the ‘Manager’), who has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.

    The Company today announces the unaudited financial report for the twelve months ended 30 June 2024.

    Chair’s statement

    Highlights

    • £46.1m in total net assets
    • 86.8p Net Asset Value (NAV) per share
    • 36 portfolio companies 

    I am pleased to present the unaudited financial report and accounts for the Company for the twelve months to 30 June 2024.

    I would like to welcome all new shareholders to the Company. Future Generations VCT invests in exciting early-stage companies which aspire to address current environmental and societal issues.

    The NAV per share at 30 June 2024 was 86.8p, which represents a net decrease of 6.9p per share from 31 December 2023, the latest released NAV. In the twelve months to 30 June 2024, we utilised £8.3 million of our cash resources, including £7.2 million which was invested into 13 new portfolio companies. The cash balance of £17.5 million as at 30 June 2024 represents 37.8% of net assets at that date. The loss made in the period to 30 June 2024 was £4.0 million. This decline is mainly caused by the downward movements in some portfolio company valuations. It is reflective of some company specific performance challenges and the difficult funding conditions in the early stage space. Given the Company is still a new VCT, many of its portfolio companies are at the beginning of their journey and will likely require further funding to succeed, so it is to be expected to see under performance or even failures before any growth in value of companies which are ultimately successful.

    Fundraise
    On 31 January 2024 we launched a new offer to raise up to £15 million, and to date we have raised £3.2 million. The offer will close for new applications on 27 January 2025, or earlier at the Board’s discretion. We would like to take this opportunity to thank all shareholders for their continued support.

    As investors will be aware, the intention is to invest in businesses which meet one of three key themes, which we believe demonstrate good investment prospects as well as having the potential to transform the world we live in for the better.

    VCT qualification
    I am pleased to report that in April 2024, the Company met the requirement for 80% of the Company’s funds to be invested in VCT qualifying holdings by 1 July 2024 (for funds raised up to 30 June 2022). The remainder will be invested in permitted non-VCT qualifying investments or cash.

    In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September the Treasury brought into effect the extension through The Finance Act 2024.

    Principal risks and uncertainties
    The Board continues to review the risk environment in which the Company operates on a regular basis. The principal risks as described on pages 32 to 34 of the Annual Report for the year ended 30 June 2023 remain, however there is increased exposure to investment performance and loss of key people These will be reported on in detail in the annual report to 31 December 2024.

    Change to year end
    In 2023, the Board reviewed and approved a proposal to move the Company’s year-end from 30 June to 31 December. This change is largely being driven by operational efficiency gains by aligning year-end periods with other funds with which the Company co-invests. As a result, shareholders will receive an annual report for 31 December 2024 covering an extended 18-month period. After this, the normal cadence of reporting will resume.

    Board of Directors
    As announced in our half-yearly report to 31 December 2023, Ajay Chowdhury was appointed as an independent Non-Executive Director on 1 March 2024. Ajay is a serial entrepreneur, venture capitalist and author, and recently retired from his role as senior partner at the Boston Consulting Group. We look forward to benefitting from his wealth of experience in the early-stage venture ecosystem.

    AGM
    The AGM will take place on 10 December 2024 from 10:00am and will be held at the offices of Octopus Investments Limited, 33 Holborn, London, EC1N 2HT. Full details of the business to be conducted at the AGM are given in the Notice of AGM.

    Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions within the Notice of AGM using the proxy form, or electronically at www.investorcentre.co.uk/eproxy. The Board has carefully considered the business to be approved at the AGM and recommends shareholders to vote in favour of all the resolutions being proposed, as the Board will be doing.

    Outlook
    The decline in the NAV is disappointing, with some of the portfolio companies struggling to scale, secure customer wins and successfully fundraise meaning they are not achieving the milestones set at the time the Company invested. With companies not able to prove their business models, we will unfortunately see companies fail. The Board is mindful that it is not an unusual outcome for a Company at this stage of its investment life cycle, with any failures likely preceding valuation growth which is expected once the portfolio matures. While the Company continues to add to its portfolio, there is also currently a greater concentration of value in fewer companies, so performance will be more sensitive to valuation movements in the underlying holdings than if the portfolio was larger.

    The decline has been amplified by challenging global economic conditions which have characterised the last few years particularly impacting on growth and early-stage businesses. We are hopeful that there are signs of recovery on the horizon, with the Bank of England cutting interest rates for the first time since 2020 and the conclusion of the UK General Election bringing more political certainty and stability. The exit environment is also starting to show signs of recovery, with Initial Public Offerings (IPOs) having their strongest start to the year since the peak of 2021, bringing renewed optimism in the market1. Together, this gives us some confidence that the challenging environment our portfolio companies are operating in will start to improve, and with diversification across the three investment themes, it should mean the Company is well positioned to generate long-term value for shareholders.

    I would like to conclude by thanking both my Board colleagues and the Octopus team on behalf of all shareholders for their hard work. The Board’s long-term view of early-stage venture capital remains positive, and I am looking forward to seeing what the remainder of the year brings for your Company.

    Helen Sinclair
    Chair
    27 September 2024

    1 Pitchbook, European Venture Report Q2 2024 https://pitchbook.com/news/reports/q2-2024-european-venture-report#:~:text=Our%20Q2%202024%20European%20Venture,most%2Dactive%20vertical%20after%20SaaS.

    Portfolio Manager’s review

    Focus on Future Generations VCT’s investments
    Below is a breakdown of the 36 investments held as at 30 June 2024, showing the proportion and value of the portfolio in each investment theme:

    Proportion by number of portfolio companies in each theme
    Revitalising healthcare: 50%
    Empowering people: 31%
    Building a sustainable planet: 19%

    Value of the portfolio in each theme
    Revitalising healthcare: £12.3m
    Empowering people: £10.4m
    Building a sustainable planet: £5.9m

    Overview of investments
    The Company completed 7 new investments in the six months to 30 June 2024 (comprising a total of £5.2 million) and 2 further investments after the reporting date totalling £0.5 million. More information on three of these businesses can be found below:

    A selection of our completed investments

    Empowering people
    Swiipr
    Swiipr has developed a digital payments platform specifically for the airline industry. The platform enables airlines to instantly compensate passengers in cases of disrupted or cancelled flights, using virtual or pre-paid cards. Swiipr aims to streamline payment processing for airlines and improve the reimbursement experience for affected passengers.

    Building a sustainable planet
    Drift
    Drift Energy is designing sailing vessels and the routing algorithms required to capture deep water wind energy and convert it into onboard hydrogen gas. This would then be transported back to shore using a fully integrated desalination, electrolysis and storage system.

    Revitalising healthcare
    Manual
    Manual is looking to become the go-to global platform to increase healthy lifespan and build a series of direct-to-consumer health brands for high importance, non-critical areas of health. To achieve this, it will provide easy to access advice and medical support for diagnosis, custom treatment plans and holistic care to induce long-term behaviour change.

    Top ten investments

    Portfolio company Cost Valuation at
    30 June 2024
    Investment theme
    1. Perk Finance, S.L. (t/a* Cobee) £2.6m £3.7m Empowering people
    2. HelloSelf Limited £2.6m £2.6m Revitalising healthcare
    3. Neat SAS £0.8m £2.2m Building a sustainable planet
    4. Infinitopes Ltd £1.6m £1.6m Revitalising healthcare
    5. TYTN Ltd (t/a TitanML) £0.5m £1.5m Building a sustainable planet
    6. Mr & Mrs Oliver Ltd (t/a Skin + Me) £1.0m £1.4m Revitalising healthcare
    7. Apheris AI GmbH £1.2m £1.2m Empowering people
    8. Remofirst, Inc. £1.2m £1.2m Empowering people
    9. Intrinsic Semiconductor Technologies Ltd £0.9m £1.0m Empowering people
    10. Inflow Holdings Inc. £1.0m £1.0m Revitalising healthcare

    * Trading as
      

    Portfolio engagement – D&I and carbon emission measurement
    As part of our strategy, we require portfolio companies to put in place a Diversity and Inclusion policy (D&I) and an Anti-Harassment policy. We also engage with each company to help them understand their greenhouse gas emissions and support them to take action to minimise them. You can see how we are progressing with these goals below, as at the date of this report:

    D&I policy status
    Policy in place: 36
    In progress: 0

    Engaged in monitoring 2023 greenhouse gas emissions
    Signed up: 12
    Introduced: 22
    In progress: 2

    Focus on performance
    The NAV of 86.8p per share at 30 June 2024 represents a decrease of 6.9p per share versus a NAV of 93.7p per share as at 31 December 2023. The decline in valuation over the six-month period has been driven by the downward valuation movements across 13 companies which saw a collective decrease in valuation of £6.5 million. The businesses that contributed most significantly to this were Tympa Health, Pear Bio and Elo Health. In the six months, the Company further invested into Tympa Health as this was the committed second tranche of the original investment case from 2023. During the investment period, Tympa Health over-invested in growth and has now had to make significant cost cuts and changes to senior management whilst running a fundraise process. It has successfully secured an external lead investor, but at a reduced valuation and the Company now sits behind a large preference stack, meaning that other investors get paid back first before the Company would see any returns. Pear Bio has also had to significantly reduced its cash burn but has limited runway and needs to further fundraise, so the valuation has been reduced to reflect this risk. Elo Health has struggled to find a market fit and execute on the investment thesis, so to extend its cash runway it has had to raise an investment round at a reduced valuation. These three valuation movements account for 87.6% of the total decline in the six months.

    Octopus Ventures believes that some of the companies which have seen decreased valuations in the year have the potential to overcome the issues they face and get their growth plans back on track. Octopus Ventures will continue to work with them to help them realise their ambitions. In some cases, if a company is achieving
    its performance milestones, the support offered could include further funding, to ensure a business has the capital it needs to execute on its strategy.

    Conversely, 6 companies saw an increase in valuation in the period, delivering a collective increase in valuation of £2.9 million. These valuation increases reflect businesses which have successfully concluded further funding rounds, grown revenues or met certain important milestones. Notable strong performers in the portfolio include Neat and TitanML, both of which have shown impressive capital efficient growth. These strong performers demonstrate that there are opportunities available for companies to scale.

    At this early stage of the Company’s life cycle, it is to be anticipated that failures will likely precede valuation growth, which takes longer as the portfolio companies have to achieve their agreed milestones and mature.

    The gain on Future Generation’s uninvested cash reserves was £0.9 million in the twelve months to 30 June 2024 (31 December 2023: gain of £0.5 million), driven by returns on money market funds. The Board’s objective for these investments is to generate sufficient returns through the cycle to cover costs, at limited risk to capital.

    Outlook
    We are pleased to report the Company’s first disposal as it was agreed that Cobee (an employee benefits and engagement platform) will be acquired by Pluxee Group as part of its strategic growth plan. The transaction is subject to approval by the Spanish regulatory authorities over the coming months, so we look forward to reporting further after completion has taken place. The transaction is a great result for the Company at such an early point in its investment lifecycle and a good proof point of the investment strategy.

    The decline in NAV over the six-month period is disappointing but attributable to both the stage of the Company and the headwinds the portfolio companies have been facing. We continue to closely monitor the portfolio to ensure support and resources are being directed in the most impactful way, both through Octopus-appointed non-executive directors or monitors on the Boards and our in-house People and Talent team. This team works directly with the portfolio company management teams, offering training and recruitment support to ensure the best talent pool is being explored to help drive success in this more challenging climate.

    We are excited to have the opportunity to continue to scale the Company, support its ambition to make the world a better place for future generations, and hope to deliver attractive returns to shareholders.

    Directors’ responsibilities statement

    The Directors confirm that to the best of their knowledge:

    • the financial statements for the twelve months ended 30 June 2024 have been prepared in accordance with ‘Financial Reporting Standard 104: Interim Financial Reporting’ issued by the Financial Reporting Council;
    • the financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
    • the report includes a fair review of the information required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules, being:
      • we have disclosed an indication of the important events that have occurred during the twelve months of the period and their impact on the set of financial statements;
      • we have disclosed a description of the principal risks and uncertainties for the remaining six months of the period; and
      • we have disclosed a description of related party transactions that have taken place in the twelve months of the current financial period, that may have materially affected the financial position or performance of the Company during that period and any changes in the related party transactions described in the last annual report that could do so.

    By order of the Board

    Helen Sinclair
    Chair
    27 September 2024

    Income statement

      Unaudited Unaudited Audited
      Twelve months to 30 June 2024 Six months to 31 December 2023 Year to 30 June 2023
      Revenue Capital Total Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
    Net loss on valuation of fixed asset
    investments
    (3,495) (3,495) (136) (136) (6) (6)
    Investment management fees (238) (712) (950) (117) (350) (467) (174) (522) (696)
    Investment income 973 973 515 515 424 424
    Other expenses (535) (535) (246) (246) (500) (500)
    Profit/ (loss) before tax 200 (4,207) (4,007) 152 (486) (334) (250) (528) (778)
    Tax
    Profit/ (loss) after tax 200 (4,207) (4,007) 152 (486) (334) (250) (528) (778)
    Earnings per share – basic and diluted 0.4p (8.4)p (8.0)p 0.3p (1.0)p (0.7)p (0.6)p (1.3)p (1.9)p
    • The ‘Total’ column of this statement is the profit and loss account of Future Generations VCT; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
    • All revenue and capital items in the above statement derive from continuing operations.
    • Future Generations VCT has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds. Future Generations VCT has no other comprehensive income for the period.

    The accompanying notes form an integral part of the financial statements.

    Balance sheet

      Unaudited Unaudited Audited
      As at 30 June 2024 As at 31 December 2023 As at 30 June 2023
      £’000 £’000 £’000 £’000 £’000 £’000
    Fixed asset investments   28,566   26,729   24,895
    Current assets:            
    Applications cash* 153   100   370  
    Debtors 212   240   379  
    Cash at bank 192   107   152  
    Money market funds 17,265   19,998   20,140  
        17,822   20,445   21,041
    Creditors: amounts falling due within one year (256)   (177)   (518)  
    Net current assets   17,566   20,268   20,523
                 
    Net assets   46,132   46,997   45,418
                 
    Share capital   53   50   48
    Share premium   51,177   48,372   46,461
    Capital reserve realised   (1,352)   (990)   (640)
    Capital reserve unrealised   (3,492)   (133)   3
    Revenue reserve   (254)   (302)   (454)
    Total equity shareholders’ funds   46,132   46,997   45,418
    Net asset value per share   86.8p   93.7p   94.3p

    * Cash received from investors but not yet allotted.

    The accompanying notes form an integral part of the financial statements.

    The statements were approved by the Directors and authorised for issue on 27 September 2024 and are signed on their behalf by:

    Helen Sinclair
    Chair
    Company Number: 13750143

    Statement of changes in equity

      Share capital £’000 Share premium £’000 Capital reserve realised
    £’000
    Capital reserve unrealised
    £’000
    Revenue reserve
    £’000
    Total
    £’000
    As at 1 July 2023 48 46,461 (640) 3 (454) 45,418
    Comprehensive income for the year:            
    Management fees allocated as capital expenditure (712) (712)
    Net loss on fair value of fixed asset investments (3,495) (3,495)
    Profit after tax 200 200
    Total comprehensive income for the year (712) (3,495) 200 (4,007)
    Contributions by and distributions to owners:            
    Shares issued 5 4,814 4,819
    Share issue costs (98) (98)
    Total contributions by and distributions to owners 5 4,716 4,721
    Balance as at 30 June 2024 53 51,177 (1,352) (3,492) (254) 46,132

    The accompanying notes form an integral part of the financial statements.

      Share capital £’000 Share premium £’000 Capital reserve realised
    £’000
    Capital reserve unrealised
    £’000
    Revenue reserve
    £’000
    Total
    £’000
    As at 1 July 2023 48 46,461 (640) 3 (454) 45,418
    Comprehensive income for the year:            
    Management fees allocated as capital expenditure (350) (350)
    Net loss on fair value of fixed asset investments (136) (136)
    Profit after tax 152 152
    Total comprehensive income for the year (350) (136) 152 (334)
    Contributions by and distributions to owners:            
    Shares issued 2 1,971 1,973
    Share issue costs (60) (60)
    Total contributions by and distributions to owners 2 1,911 1,913
    Balance as at 31 December 2023 50 48,372 (990) (133) (302) 46,997

    The accompanying notes form an integral part of the financial statements.

      Share capital £’000 Share premium £’000 Capital reserve realised
    £’000
    Capital reserve unrealised
    £’000
    Revenue reserve
    £’000
    Total
    £’000
    As at 1 July 2022 33 31,572 (118) 9 (204) 31,292
    Comprehensive income for the year:            
    Management fees allocated as capital expenditure (522) (522)
    Net loss on fair value of fixed asset investments (6) (6)
    Loss after tax (250) (250)
    Total comprehensive income for the year (522) (6) (250) (778)
    Contributions by and distributions to owners:            
    Shares issued 15 15,164 15,179
    Share issue costs (275) (275)
    Total contributions by and distributions to owners 15 14,889 14,904
    Balance as at 30 June 2023 48 46,461 (640) 3 (454) 45,418

    The accompanying notes form an integral part of the financial statements.

    Cash flow statement

      Unaudited Unaudited Audited
      Twelve months to Six months
    to
    Year
    to
      30 June 31 December 30 June
      2024 2023 2023
      £’000 £’000 £’000
    Cash flows from operating activities      
    Loss before tax (4,007) (334) (778)
    Loss on valuation of fixed asset investments 3,495 136 6
    Decrease/(increase) in debtors 167 138 (103)
    Decrease in creditors (45) (71) (325)
    Outflow from operating activities (390) (131) (1,200)
    Cash flows from investing activities      
    Purchase of fixed asset investments (7,166) (1,970) (23,238)
    Outflow from investing activities (7,166) (1,970) (23,238)
    Cash flows from financing activities      
    Application account inflow 4,602 1,685 13,634
    Application account outflow
    Proceed from share issues
    (4,819)
    4,819
    (1,955)
    1,955
    (15,179)
    15,179
    Share issue costs (98) (41) (275)
    Inflow from financing activities 4,504 1,644 13,359
    Decrease in cash and cash equivalents (3,052) (456) (11,079)
    Opening cash and cash equivalents 20,662 20,662 31,741
    Closing cash and cash equivalents 17,610 20,206 20,662
    Cash and cash equivalents comprise      
    Money Market Funds 17,265 19,998 20,140
    Cash at Bank
    Applications cash
    192
    153
    107
            100
    152
    370
    Closing cash and cash equivalents 17,610 20,205 20,662

    The accompanying notes form an integral part of the financial statements.

    Condensed notes to the financial report

    1. Basis of preparation
    The unaudited results which cover the twelve months to 30 June 2024 have been prepared in accordance with the Financial Reporting Council’s (FRC) Financial Reporting Standard 104 Interim Financial Reporting (January 2022) and the Statement of Recommended Practice (SORP) for Investment Companies re-issued by the Association of Investment Companies in July 2022.

    The Directors consider it appropriate to adopt the going concern basis of accounting. The Directors have not identified any material uncertainties to the Company’s ability to continue to adopt the going concern basis over a period of at least twelve months from the date of approval of the financial statements. In reaching this conclusion, the Directors have taken into account the potential impact on the economy including inflation and the recession.

    The principal accounting policies have remained unchanged from those set out in the Company’s 2023 Annual Report and Accounts.

    2. Publication of non-statutory accounts
    The unaudited financial report for the twelve months ended 30 June 2024 does not constitute Statutory Accounts within the meaning of s.415 of the Companies Act 2006 and has not been delivered to the Registrar of Companies. The comparative figures for the year ended 30 June 2023 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor’s report on those financial statements, in accordance with Chapter 3, Part 16 of the Companies Act 2006, was unqualified. This financial report has not been reviewed by the Company’s auditor.

    3. Earnings per share
    The loss per share is based on 50,107,452 Ordinary shares (30 June 2023: 40,987,288, 31 December 2023: 48,725,532) being the weighted average number of shares in issue during the period. There are no potentially dilutive capital instruments in issue and so no diluted returns per share figures are relevant. The basic and diluted earnings per share are therefore identical.

    4. Net asset value per share

      30 June 2024 31 December 2023 30 June 2023
    Net assets (£’000) 46,132 46,997 45,418
    Shares in issue 53,160,670 50,165,822 48,138,337
    Net asset value per share (p) 86.8 93.7 94.3

    5. Allotments
    During the twelve months to 30 June 2024, 5,022,333 shares were issued at a weighted average price of 95.2p (30 June 2023: 15,569,169 shares at a weighted average price of 98.6p, 31 December 2023: 2,027,485 shares at a weighted average price of 97.3p per share).

    6. Transactions with the Manager and Portfolio Manager
    Future Generations VCT is classified as a full-scope Alternative Investment Fund (AIF) under the Alternative Investment Fund Management Directive (the ‘AIFM Directive’). Future Generations VCT has appointed Octopus AIF Management Limited to provide the services of an Alternative Investment Fund Manager (AIFM) of a full scope AIF. In accordance with its power to do so under AIFMD, Octopus AIF Management Limited has delegated portfolio management to Octopus Investments Limited, whilst retaining the obligations of a risk manager.

    Future Generations VCT paid Octopus AIF Management Limited £950,000 in the period as a management fee (30 June 2023: £696,000, 31 December 2023: £467,000). The annual management charge (AMC) is based on 2% of Future Generations VCT’s NAV. The AMC is payable quarterly in advance and calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. Once the quarter has ended, an adjustment will be made if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter.

    Octopus also provides Non-Investment Services to Future Generations VCT, payable quarterly in advance. The fee is 0.3% of Future Generations VCT’s NAV, calculated at quarterly intervals. The Non-Investment Services Agreement (NISA) fee is calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. As with the AMC, an adjustment will be made once the quarter has ended if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. During the period £143,000 was paid to Octopus for Non-Investment Services (30 June 2023: £122,000, 31 December 2023: £70,000).

    In addition, Octopus is entitled to performance-related incentive fees, subject to Future Generations VCT’s total return at year end exceeding the total return at the previous year end when an incentive fee was paid or 97p if the first incentive fee has not yet been paid (the ‘Excess’), equal to 20% of the Excess. Future Generations VCT’s total return at year end exceeded the total return at the previous year end when an incentive fee was paid or 97p if the first incentive fee has not yet been paid (the ‘Excess’), equal to 20% of the Excess. No performance fee will be paid prior to the financial period ending 30 June 2025, dividends (paid or declared) being equal to or greater than 10p per Ordinary share and the total return exceeding 120p.

    The cap relating to Future Generations VCT’s total expense ratio, that is the regular, recurring costs of Future Generations VCT expressed as a percentage of its NAV, above which Octopus have agreed to pay, is 3.0%, and is calculated in accordance with the AIC Guidelines.

    7. Related party transactions
    Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Future Generations VCT’s portfolio companies, but they have no controlling interests in those companies.

    Emma Davies, a former Non-Executive Director of Future Generations VCT, previously held the role of co-CEO of Octopus Ventures. On 24 March 2023, Emma Davies ceased to be employed by Octopus Capital Limited and therefore she is no longer considered a related party. Emma retired as a Non-Executive Director of Future Generations VCT on 31 March 2024.

    No dividends have been paid to the Directors of Future Generations VCT.

    8. Voting rights and equity management
    The following table shows the percentage voting rights held by Future Generations VCT in each of the top ten investments, on a fully diluted basis.
                                                            

     

    Investments

    30 June 2024
    % voting rights held by
    Future Generations VCT
    Perk Finance, S.L. t/a Cobee 2.8%
    HelloSelf Limited 4.1%
    Neat SAS 3.2%
    Infinitopes Ltd 4.4%
    TYTN Ltd (t/a TitanML) 4.2%
    Mr & Mrs Oliver Ltd (t/a Skin + Me) 0.6%
    Apheris AI GmbH 3.2%
    Remofirst, Inc. 1.4%
    Intrinsic Semiconductor Technologies Ltd 5.1%
    Inflow Holdings Inc. 1.9%

    9. Post balance sheet events
    The following events occurred between the balance sheet date and the signing of this financial report:
    ● 2 new investments completed totalling £0.5 million.
      

    10. Financial Report
    The unaudited results which cover the twelve months to 30 June 2024 will shortly be available to view at https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/ . 
    A copy of the report will be submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

    For further information please contact:

    Rachel Peat  
    Octopus Company Secretarial Services Limited
    Tel: +44 (0)80 0316 2067

    LEI: 213800AL71Z7N2O58N66

    The MIL Network

  • MIL-OSI United Nations: Secretary-General’s remarks to the annual meeting of G77 Foreign Ministers

    Source: United Nations secretary general

    Mr. President, Excellencies, Ladies and Gentlemen,

    Let me begin by congratulating Uganda on its leadership of the G77 plus China this year.

    And I want to salute your entire membership.

    For 60 years – year in and year out — the G77 plus China has been on the frontlines for fairness, equality, justice and solidarity.

    You have been the engine driving progress to eradicate poverty, to fight inequalities, to root out injustices in our post-colonial world.

    And you have been shining a spotlight on the need for fundamental reforms of the multilateral system.

    Reforms of the international financial architecture and the Security Council to make them more legitimate and more effective. 

    Reforms to make sure our institutions reflect the realities of today’s world and respond to today’s challenges instead of the world and the challenges of 1945. 

    We have taken some steps forward with the adoption of the Pact for the Future, the Declaration on Future Generations, and the Global Digital Compact.

    Of course, not everything we may have hoped for was in the final package. 

    But none of the achievements would have been possible without your insistence and persistence.  If you allow me an image, if you compare the documents that we approved on Sunday with the continued documents of the G7 and the G77, we have to recognize that they are much closer to the documents of the G77.  One 7 makes a lot of difference. 

    I commend the G77 plus China for always pushing for maximum ambition and look forward to working with you as we continue pursuing the justice your countries deserve – and our world needs.

    We still have a long way to go.

    Our world is on a knife’s edge.

    Climate chaos is worsening.

    Conflicts are raging.

    Human rights are floundering.

    Inequality and injustice are eroding trust and undermining the social contract of societies.    

    The rights of women and girls are being snuffed out.

    Entire economies are drowning in debt.  

    The digital divide is fast becoming a gaping chasm.

    And the Sustainable Development Goals are hanging by a thread.

    We need action on a number of fronts in line with what was approved in the Summit of the Future. 

    First, financial justice.

    Finance is the fuel to drive progress on sustainable development.

    Yet so many countries remain locked out from accessing capital for essential investments.

    This situation is unsustainable – and a recipe for social unrest. 

    That is why we have been pushing for fundamental reforms to the outdated, ineffective and unfair international financial system, and an SDG Stimulus to provide developing countries with the resources they need while seeking medium- and long-term solutions.
     
    We must keep working to make Multilateral Development Banks bigger, bolder and better, enabling them to massively scale up affordable financing for sustainable development, namely in developing countries. 

    We must expand contingency financing through the recycling of Special Drawing Rights that until now have essentially benefitted rich countries and not those that have needed it the most.

    We must promote effective long-term debt restructuring that puts people and planet at the centre.

    And we must keep on working for a more inclusive and effective international tax system. I applaud the Ad Hoc Committee for drafting ambitious and practical Terms of Reference for a UN Framework Convention on International Tax Cooperation.

    Second, climate justice.

    We urgently need supercharged action to reduce emissions and avoid the worst of climate chaos.

    This must be in line with the principle of common but differentiated responsibilities and respective capabilities, in light of different national circumstances.

    Every country must create new national climate action plans – or NDCs – well ahead of COP30, that align with 1.5 degrees and put the world on track to phase out fossil fuels – fast and fairly.
     
    G20 countries – which together produce eighty percent of global emissions – have a responsibility to lead. I am working closely with President Lula of Brazil to drive action in the G20.

    And I urge every developing country to make sure new national climate plans double as investment plans and boost sustainable development – harnessing renewables to power prosperity and pull people out of poverty.

    The United Nations is mobilizing our entire system to support these efforts through the Climate Promise initiative.

    We also need a strong finance outcome – including on innovative finance – from COP29. This also means significant contributions to the new Loss and Damage Fund.

    I will continue to press developed countries to honour their promises;

    Doubling adaptation funding to at least $40 billion a year by 2025.

    Showing concretely how the enormous adaptation finance gap will be closed.

    And everyone on earth must be protected by an effective early warning system by 2027.

    We must address the injustices of the energy transition.

    Developing countries are being locked out of the renewables revolution.

    Investments in developing countries outside of China and India are stuck in a time warp reflecting 2015 levels. Africa attracted just 1% of renewable installations last year. It is clear that we must support developing countries to have the resources and the capacity to attract the investments that are necessary for the renewables revolution. 

    The UN Panel on Critical Energy Transition Minerals has identified ways to ground the renewables revolution in justice and equity, spur sustainable development, and power prosperity in resource rich developing countries.

    We must ensure that the race to net zero does not lead to developing countries being trampled underfoot.  

    Third, technological justice.

    Technology must benefit all of humanity.

    The Global Digital Compact is a blueprint for how governments, together with tech companies, academia and civil society, can work together to make sure new technologies benefit everybody and to manage the risks they pose – including Artificial Intelligence.

    AI has the potential to be an excellent servant but also a dangerous master.

    I am pleased that the Compact includes proposals building on the resolution led by China on capacity building for Artificial Intelligence.

    The High-Level Advisory Body on AI released its recommendations last week, which include bridging the AI divide through a Global Fund on AI for the SDGs, and an AI Capacity Development Network to boost AI expertise in developing countries.

    We must keep working to ensure AI serves everyone, leaving no one behind and it will not be another factor to increase inequalities in the world. 

    Ministers, Ladies and Gentlemen,

    Across a very full agenda, the G77 and China are crucial to building a more just, inclusive and prosperous world.  

    The G77 was vital in the adoption of the conclusions of the Summit of the Future but its implementation will not be easy.  There will be a lot of resistance.  The G77 must be an engine to make sure that what we have achieved in the Summit will be translated in effective realities to the benefit of developing countries. 

    You can count on me in that essential cause.

    Thank you.
     

    MIL OSI United Nations News

  • MIL-OSI USA: Funding for Farms to Address Impacts of Climate Change

    Source: US State of New York

    As world leaders gather in New York during Climate Week NYC 2024, Governor Kathy Hochul today highlighted the State’s nation-leading climate efforts, including awarding a record level of funding—more than $33 million—to farms through the Climate Resilient Farming Grant Program. Funded projects aim to help New York’s farmers reduce greenhouse gas emissions, protect water, ensure soil health, and increase on-farm resiliency to the effects of a changing climate. Altogether, the projects are estimated to reduce greenhouse gases by 120,000 metric tons of carbon dioxide equivalent per year – the equivalent of removing 28,560 gasoline powered vehicles from the road for one year. This is nearly double the impact of the previous round of the program. Funding for the program was included in the New York State FY 2025 Enacted Budget as part of the State’s aggressive climate agenda and is supported by additional federal funds through a USDA Climate Smart Commodities grant.

    “New York State is leading the nation in the fight against climate change, and our record investment in the Climate Resilient Farming Program is just one part of my administration’s ambitious efforts to protect our ecosystems and create the green future all New Yorkers deserve,” Governor Hochul said. “This program gives farmers the resources they need to mitigate their impact on the environment, prepare for and respond to whatever weather events the future holds, and continue their critical work contributing to our local economies.

    Led by county Soil and Water Conservation Districts (SWCD), a total of 70 projects will be implemented on 184 farms across New York State. They are supported through $16.14 million in State funding, plus an additional $17 million in federal funds. Of the 70 awarded projects, 39 involve a new farm participant, illustrating the growing reach and impact of the program.

    SWCDs were awarded the grants on behalf of farmers in one of six tracks:

    • Track 1A: Livestock Management: Alternative Waste Management and Precision Feed Management (New York State funds)
    • Track 1B: Manure Storage Cover and Methane Capture Projects (federal funds)
    • Track 2: Adaptation and Resiliency (New York State funds)
    • Track 3A: Healthy Soils NY (systems and Best Management Practices that support soil health and agroforestry (New York State funds)
    • Track 3B: Soil Health Systems (federal funds)
    • Track 4: Agricultural Forestry Management (for carbon sequestration) (New York State funds)

    The Climate Resilient Farming Grant Program follows the State’s Agricultural Environmental Management planning framework and is led and implemented by county SWCDs. County SWCDs work with farms and communities to conserve natural resources and address pressing environmental challenges and opportunities. SWCDs in the following regions were awarded grants through Round 8 of the program:

    • Capital Region: $3,152,885 awarded to work with 11 farms
    • Central New York: $8,241,829 awarded to work with 36 farms
    • Finger Lakes: $12,948,325 awarded to work with 67 farms
    • Long Island: $118,763 awarded to work with four farms
    • Mid-Hudson: $166,400 awarded to work with five farms
    • Mohawk Valley: $608,797 awarded to work with five farms
    • North Country: $3,439,282 awarded to work with 20 farms
    • Southern Tier: $2,827,378 awarded to work with 19 farms
    • Western New York: $1,655,677 awarded to work with 12 farms

    In total, the awarded farms are projected to implement 98,000 acres of cover crops, 23 acres of riparian buffers, and nine manure storage cover and flares systems – the most in a single round, which will provide the largest estimated greenhouse gas emission reduction for a single practice for the program to date. For a complete list and descriptions of projects awarded, please visit the Department of Agriculture and Markets’ website.

    State Agriculture Commissioner Richard A. Ball said, “Farmers care deeply for the health and vitality of New York’s working landscapes. Working in partnership with county Soil and Water Conservation Districts across the state, our farmers are committed to producing food in a way that reduces their environmental footprint and protects our natural resources at the same time. With this record-setting level of funding, we are expanding our reach to even more farms across the State, helping New York State to continue to lead the nation in combating climate change and ensuring a healthy, thriving environment for all.”

    New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, “With $33 million in new funding announced today, New York’s farmers will be able to better prepare for the impacts of extreme weather events resulting from climate change and reduce operational impacts to the environment, like choosing equipment that helps reduce greenhouse gas emissions and implementing projects to better support soil health and water quality after extreme weather. DEC applauds Governor Hochul and our partners at the Department of Agriculture and Markets for supporting New York farms and advancing sustainable practices to improve the health and resiliency of our agricultural ecosystems and communities with record investments and complementary initiatives like investments through the Clean Water, Clean Air and Green Jobs Environmental Bond Act.”

    New York Farm Bureau President David Fisher said, “Farmers are natural stewards of the environment. We welcome investments in sustainability, especially those investments that help farmers protect the land that is their livelihood. The Climate Resilient Funding Program creates a pathway for farmers to reduce greenhouse gases and take proactive measures in planning for extreme weather conditions.”

    Assemblywoman Donna Lupardo said, “For nearly a decade, the Climate Resilient Farming Program has helped farmers address the impacts of climate change through proven techniques and practices. I’m pleased that this record-level round of funding is reaching so many new participants across the state. Thank you to the Governor, our federal partners, and my colleagues for their continued support for this program and to the Soil and Water Conservation Districts for their dedicated service.”

    Assemblymember Deborah Glick said, “As fresh water sources become scarcer nationwide, sustainable farming has become even more important for New York and the entire US. Thank you to Governor Hochul for on-going support to farms and addressing climate change through the Climate Resilient Farming Grant Program. This program increases sustainability efforts and lowers greenhouse gas emissions while protecting water and soil health through projects led by county Soil and Water Conservation Districts,” said Assemblymember Deborah Glick, Chair of the Environmental Conservation Committee, “This year’s projects will nearly double the reduction in greenhouse gas emissions while abating nutrient pollution and harmful algal blooms, protecting drinking water, and supporting our farmers and New York farms.”

    State Senator Pete Harckham said, “Our farms are facing the consequences of the climate crisis every day. The Climate Resilient Farming Grant program is vital to their efforts to build soil health, protect our environment, and ensure a sustainable local food supply. I’m particularly proud of the Healthy Soil NY program, which promotes a cohesive, scientifically rigorous soil protection strategy. It was true then and true now. With continued support, we can empower New York farmers to lead the way in resilient, climate friendly agriculture.”

    Senator Michelle Hinchey said, “When we say farmers are on the frontlines of the Climate Crisis, we mean their ability to grow our food is directly tied to the environment around them—how healthy the soil is, the weather conditions, and the effects of a changing climate. Their work and our food supply depend on a stable and thriving ecosystem, and as a state, we have a major stake in this process. The Climate Resilient Farming Grant Program is one of the key initiatives where the state can deliver direct support to our farms, helping scale proven sustainability measures and put New York in the best position to protect our food supply for the future. I’m proud to help champion this vital program and congratulate all the awarded projects supporting farms across New York State, including in Columbia and Ulster counties!”

    New York State Soil and Water Conservation Committee Chair Dale Stein said, “Thanks to the partnership between the State and the County Soil and Water Conservation Districts, we have seen great progress in the use of Best Management Practices on our farms to mitigate the impacts of climate change and to help our farmers be better prepared for the increasing number of severe weather events we are all experiencing. Now, with the help of federal funds, our Districts are able to expand their reach even further and welcome even more farms into the program.”

    Launched in 2015, the Climate Resilient Farming Program supports the State’s agricultural sector in meeting its goals to reduce greenhouse gas emissions and increase carbon sequestration on working lands under the State’s Climate Leadership and Community Protection Act. So far, through the program, with expert technical support provided by county SWCDs, 580 farms have been able to implement changes that are contributing to a reduced environmental footprint and increased resiliency to the effects of a changing climate. Round 8 of the program provides $16.14 million in state funding for these projects, consistent with $16 million in Round 7 and a significant increase from $8 million in Round 6.

    Governor Hochul’s Commitment to Soil and Water Conservation Districts

    Under the Governor’s leadership, the Fiscal Year 2025 Budget provides $81.8 million through the Environmental Protection Fund, up $4 million from last year, for agricultural programs and initiatives, such as the Climate Resilient Farming grant program, that are helping farms to implement environmentally sustainable practices and combat climate change. This includes capital investments Soil and Water Conservation Districts oversee, such as supporting dairy farmers to implement projects that enhance manure management systems that sequester carbon and conserve manure nutrients applied to fields and soil to benefit water quality and reduce greenhouse gas emissions. It also includes recent funding in the Eastern Finger Lakes Watershed that galvanizes implementation of the plans and programs to address on-the-ground actions necessary to abate nutrient pollution and harmful algal blooms (HABs), prevent runoff, protect drinking water, and support local farmers.

    New York State’s Nation-Leading Climate Plan 

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

    MIL OSI USA News

  • MIL-OSI USA: Governor Murphy Announces $15 Million FEMA Award to Increase Climate Change Resiliency

    Source: US State of New Jersey

    TRENTON – To conclude Climate Week, Governor Phil Murphy today announced that the Federal Emergency Management Agency (FEMA) selected New Jersey’s application, awarding $15 million in funding to increase climate change preparedness and provide immediate relief to homeowners in the aftermath of a storm. New Jersey will provide a 10% match, about $1.5 million, as part of the award.

    The selection, through FEMA’s Safeguarding Tomorrow Revolving Loan Fund (RLF) program, will allow New Jersey to make low-interest loans to local governments most in need of financial assistance, including low-income areas and underserved communities, for their hazard mitigation and resilience infrastructure needs.

    “This award is essential to ensuring that our local communities have the tools they need to get ahead of the next disaster,” said Governor Murphy. “As our state experiences the growing intensity of storms and sea-level rise due to climate change, this program will allow us to increase available resources so we can provide prompt assistance to New Jerseyans. I’m grateful to the Biden-Harris Administration and New Jersey’s congressional delegation for fully funding the STORM Act as part of the Bipartisan Infrastructure Law.”

    The Safeguarding Tomorrow through Ongoing Risk Mitigation (STORM) Act established the STORM Revolving Loan Fund (RLF) to provide revolving loan funds to states, eligible federally recognized tribes, territories, and Washington, D.C. to finance projects that reduce risks from natural hazards and disasters.

    Through the STORM RLF program, FEMA empowers these entities to make funding decisions and award loans directly. These revolving loan funds will help local governments carry out hazard mitigation projects that reduce disaster risks for communities, homeowners, businesses, and nonprofit organizations to build climate resilience.

    “As we highlight Climate Week, it is important for us to address the ever-expanding impacts that climate change has on the communities we serve. Increased severe weather activity not just threatens an increase in costs– it threatens lives,” said FEMA Region 2 Administrator David Warrington. “At FEMA, we take climate change seriously and understand that funding opportunities of this type are critical to building resilience against the damaging effects that can occur throughout the region. We remain committed to putting people first and value our partnership with New Jersey to help communities build capacity for years to come.”

    “The new STORM RLF financing program highlights the significance our federal and State officials have placed on climate mitigation infrastructure projects in our neediest communities,” said Robert Briant, Jr., Chairperson of the I-Bank. “Working with FEMA, New Jersey now has one more tool to help these communities protect their residents and assets before the next disaster strikes.”

    “This is a significant award for the state and provides an additional path to assist local governments and underserved communities,” said Colonel Patrick J. Callahan, Superintendent of the New Jersey State Police and State Director of Emergency Management. “As New Jersey continues to experience stronger storms, this resource allows us to offer yet another method to carry out mitigation projects and make our state even more resilient.” 

    This second year of STORM Act funding to New Jersey represents the second highest cumulative award in the nation to date.

    The funding was made possible by a partnership between the New Jersey Infrastructure Bank (I-Bank) and the New Jersey State Office of Emergency Management (NJOEM), within the Division of State Police, to apply for and administer funds to finance hazard mitigation projects in New Jersey through the New Jersey Community Hazard Assistance Mitigation Program (NJ CHAMP). Please contact the I-Bank at information@njib.gov for additional information.

    MIL OSI USA News

  • MIL-OSI Economics: “The Art of Resilience”: The Documentary Series on Solutions from Latin America and the Caribbean that are Changing the World

    Source: CAF Development Bank of Latin America

    The episodes emphasize resilience, the innovation of their protagonists, and how collaboration within communities is driving significant transformations in the region. In the first season, which consists of three episodes, entrepreneurs and community leaders share their work in areas contributing to the achievement of the Sustainable Development Goals (SDGs).

    “It is essential to highlight the global solutions that originate in our region: the faces, ideas, achievements, and Latin American and Caribbean projects that often go unnoticed. We want to show the world that Latin America and the Caribbean is a region of solutions. Change is possible when we act collectively, and each of us can make a difference,” said Sergio Díaz-Granados, Executive President of CAF.

    Each episode also features artists who contribute music, culture, and art, creating a deep emotional connection with the audience—something that enhances the transformative power of art and culture in our societies.

    “We are proud and excited to showcase the powerful stories of communities positively transforming our region. As UNDP, we believe this initiative will bring us closer to the common goals that unite us as a society and will help foster inclusive, resilient, and sustainable development in Latin America and the Caribbean, leaving no one behind. By valuing our multicultural richness, protecting our lush biodiversity, and promoting social enterprises led by youth and local communities, we create a better present while preserving options for future generations,” affirmed Michelle Muschett, Regional Director of UNDP for Latin America and the Caribbean.

    The series has been produced by WaterBear Network in partnership with the Resilient Foundation and aims to spotlight local initiatives that promote the achievement of the 2030 Agenda and its 17 SDGs.

    “We are at a crucial moment where the stories of resilience and transformation in Latin America and the Caribbean deserve to be told. With ‘The Art of Resilience,’ we want to inspire others to see the strength that resides in our communities and how, through collaboration and creativity, we can build a more inclusive and sustainable future. Every initiative we present is a testament to the fact that change is possible and that together we can make a difference,” added María López, Executive Director of Detonante.

    The premiere took place in New York during Climate Week and included a screening of the series followed by a discussion with the creators, who shared their perspectives on sustainable development in the region.

    A public viewing will be held during COP16, which will take place in Cali, Colombia, in October 2024.

    • For more information and to join the campaign For All #ElCambioPosible, visit www.elcambioposible.com and follow the conversation on social media (Instagram: @elcambioposible). 
    • The series is available on the WaterBear Network streaming platform starting September 26 at www.waterbear.com
    • It will be featured at COP16 in Cali, Colombia, in October 2024.

    MIL OSI Economics