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  • MIL-OSI Global: Times journalists deemed ‘legitimate military targets’ – how Russia muzzles criticism at home and abroad

    Source: The Conversation – UK – By Precious Chatterje-Doody, Senior Lecturer in Politics and International Studies, The Open University

    Russia’s former president and current deputy head of its security council, Dmitry Medvedev, has declared that the editors of the Times newspaper in the UK are now “legitimate military targets”.

    Medvedev, who is one of Vladimir Putin’s closest allies, was responding to the newspaper’s coverage of the recent assassination of Russia’s chemical weapons chief, Igor Kirillov, in Moscow on December 17. The paper’s leading article referred to his killing by an explosive device hidden in a scooter as a “legitimate act of defence by a threatened nation”.

    Medvedev took to Telegram to denounce the article, writing: “Those who carry out crimes against Russia … always have accomplices. They too are now legitimate military targets. This category could also include the miserable jackals from the Times who cowardly hid behind their editorial. That means the entire leadership of the publication.”

    The assassination of Kirillov, who was in charge of Russia’s chemical, biological and nuclear defence forces, came a day after he had been charged by Ukraine in absentia with war crimes over Russia’s use of chemical weapons in the ongoing war.

    Once seen as a liberal reformer when he temporarily took over Russia’s presidency between 2008 and 2012, Medvedev has since reinvented himself as a pro-war hawk who regularly makes outlandish or extreme statements on social media.

    In May 2023, following a drone attack on the Kremlin, Medvedev posted a message on Telegram saying there were “no options left other than the physical elimination of [the Ukrainian president] Zelenskyy and his clique”. The post prompted Ukraine’s foreign minister, Dmytro Kuleba, to respond in an interview that “Medvedev should drink less vodka before going on Telegram”.

    In his most recent outburst, Medvedev mirrored the rhetoric used in the Times editorial, claiming that by the same logic, all of Kyiv’s “accomplices” – whether decision-makers in Nato or journalists justifying Ukraine’s actions – are active participants in a war against Russia. This makes them “legitimate military targets” who need to “be careful” even in London, where “anything goes”.

    Part of a pattern

    Medvedev’s comments, while extreme, fall within a broader pattern of Russian officials using humour or courting controversy to justify their positions or ensure international press coverage. But they are also part of an escalation in Russian attacks on freedom of expression and the press.

    Prior to the full-scale invasion of Ukraine, Russia’s media environment was restricted. Opposition viewpoints could, however, still be accessed relatively easily from a range of sources, including the regional press, online outlets and the political blogosphere. But the Kremlin has gradually chipped away at these possibilities by increasing restrictions on independent media and social media users alike.

    These restrictions were ramped up even further following Russia’s invasion of Ukraine in February 2022. Criticism of the armed forces and spreading what the Kremlin deems “false information” about the so-called “special military operation” were criminalised.

    Anti-war activists now routinely face conviction for justifying terrorism, and well-respected news outlets such as Ekho Moskvy have been forced to close. Journalists from Russia and abroad have been tried, convicted and incarcerated for allegedly violating these laws. They are often held in harsh conditions, in isolation and without access to adequate medical care.

    But it is not just journalists and activists within Russia who have come under threat from this increasingly authoritarian regime. As well as its military incursions into Georgia in 2008 and eastern Ukraine since 2014, Russian intelligence organisations have been blamed for a number of targeted provocations abroad in recent years. In the case of the 2018 Salisbury poisonings, these resulted in fatalities on British soil.

    Russian involvement is, of course, always denied. Kremlin propaganda uses a range of disinformation tactics to hide Russia’s culpability. With the Salisbury poisonings, this included an outlandish television interview on Russia’s RT network, where the main suspects claimed to be visiting health supplements salesmen. My research at the time showed that online audiences universally rejected their story, but incredulity over the interview overtook public anger.

    Contrasting values

    As my research has shown, extreme statements and conspiracy theories circulate rapidly and widely in today’s international media environment. With this in mind, it is common for the Kremlin and its proxies to mirror accusations back towards other parties and accuse them of hypocrisy.

    Taking questions from a US journalist in his end-of-year press conference and phone-in on December 19, Putin was asked about the “failure” of the special military operation in Ukraine. The reporter went on to describe Putin’s position as “weaker” than that of the incoming US president, Donald Trump.

    Putin insinuated that the very fact this US journalist was included in the event showed a better treatment by Russia of “esteemed” international journalists than Russian journalists receive from the US.

    This is patently untrue. Wall Street Journal reporter Evan Gershkovich was imprisoned in Russia for 16 months on trumped-up espionage charges, after being detained in March 2023 while covering the effect of western sanctions on the Russian economy.

    Russia’s crackdown on freedom of speech and freedom of the press is precisely because authoritarian regimes recognise they are incredibly vulnerable to the free and open-ended enquiry that my co-authors and I have argued is so crucial to defend.

    As a spokesperson for the UK prime minister, Keir Starmer, noted in response to Medvedev’s latest comments: “A free press is a cornerstone of our democracy.”

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

    – ref. Times journalists deemed ‘legitimate military targets’ – how Russia muzzles criticism at home and abroad – https://theconversation.com/times-journalists-deemed-legitimate-military-targets-how-russia-muzzles-criticism-at-home-and-abroad-246361

    MIL OSI – Global Reports –

  • MIL-OSI Russia: 23rd meeting of the Intergovernmental Commission on Economic Cooperation between the Russian Federation and the Republic of Armenia

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The meeting was held under the joint chairmanship of Deputy Prime Minister of the Russian Federation Alexey Overchuk and Deputy Prime Minister of the Republic of Armenia Mher Grigoryan.

    23rd meeting of the Intergovernmental Commission on Economic Cooperation between the Russian Federation and the Republic of Armenia

    December 20, 2024

    23rd meeting of the Intergovernmental Commission on Economic Cooperation between the Russian Federation and the Republic of Armenia. Alexey Overchuk and Deputy Prime Minister of the Republic of Armenia Mher Grigoryan

    December 20, 2024

    Previous news Next news

    23rd meeting of the Intergovernmental Commission on Economic Cooperation between the Russian Federation and the Republic of Armenia

    The 23rd regular meeting of the Intergovernmental Commission on Economic Cooperation between the Russian Federation and the Republic of Armenia was held in Moscow under the joint chairmanship of Deputy Prime Minister of the Russian Federation Alexey Overchuk and Deputy Prime Minister of the Republic of Armenia Mher Grigoryan.

    The parties summed up the results of bilateral cooperation in trade and economic spheres, energy, industry, transport, agriculture, finance, healthcare, culture, science, interregional cooperation, education and tourism.

    “Our trade and economic relations continue to be on the rise. Mutual trade between Russia and Armenia, according to data for 10 months of 2024, amounted to 10.2 billion dollars. This is more than twice as much as the same indicator last year,” noted Alexey Overchuk, emphasizing that in order to implement trade and economic relations, the countries have almost completely switched to settlements in national currencies – the share of the Russian ruble in mutual settlements has reached 96.3%.

    The Russian Federation is one of the main investors in the Armenian economy. Investments in industrial projects in the Republic of Armenia have reached $3.4 billion. More than 40 large Russian companies operate in Armenia, some of them are the largest taxpayers in the state budget.

    “In addition to direct investments, Eurasian development institutions are also actively working,” said the Deputy Prime Minister. “Active work is underway here, including in support of the “Crossroads of the World” initiative, which was put forward by the Prime Minister of the Republic of Armenia Nikol Vovaevich Pashinyan.”

    The Chairman of the Russian part of the commission also noted that in July 2024, with the assistance of Russian Railways, the railway between Armenia and Georgia, damaged by flooding, was restored in the shortest possible time – the only railway connecting Armenia with the outside world, which is an important channel for delivering vital goods to Armenia.

    “All these investments and projects are being implemented with the aim of strengthening connectivity in the Eurasian region and the South Caucasus, in particular, integrating Armenia into the new value chains emerging in Eurasia and realizing the transport and logistics potential that the Republic of Armenia has, with unwavering respect for its sovereignty and jurisdiction,” Alexey Overchuk said in his speech.

    In the context of the work of Eurasian development institutions, the Deputy Prime Minister also noted the implementation of the irrigation systems modernization project: mechanical irrigation has been replaced by gravity irrigation, which provides annual energy savings. 5 main and 22 inter-farm canals have been restored. Work on the restoration and construction of intra-farm irrigation systems in 105 settlements of the Republic of Armenia has been completed.

    “Two weeks ago, our specialists agreed to assess the technical condition of eight bridges damaged by the floods in Lori and Tavush. All work will be completed as soon as possible, and we expect that by the end of the year, their results will be submitted to the Ministry of Territorial Administration and Infrastructure of the Republic of Armenia,” the Deputy Prime Minister said.

    During the meeting, the active development of cooperation in the humanitarian sphere was emphasized.

    “Today we are signing an intergovernmental Agreement on the conditions of operation of the Russian-Armenian University in the Republic of Armenia. This is one of the leading universities in Armenia, where more than 5 thousand students study, mastering 123 educational programs, 80 of which are taught according to Russian educational standards,” the Deputy Prime Minister emphasized.

    The university’s research and teaching staff includes 82 doctors and 332 candidates of science. The university’s structure includes 9 institutes, 31 departments and 12 laboratories.

    The University cooperates with the Joint Institute for Nuclear Research, the Institute for System Programming of the Russian Academy of Sciences, the St. Petersburg Polytechnic University and other Russian scientific centers. Research projects are implemented in such areas as bioinformatics, genomic research, quantum nanophotonics, biochemistry and biotechnology.

    Work continues to provide opportunities to receive education according to Russian standards in the educational and sports complex, which includes a school for 700 students, built in Yerevan as part of the Gazprom for Children social program.

    The countries pay great attention to cooperation in the field of culture. Since 2023, a program to support Russian theaters abroad has been implemented, within the framework of which the Yerevan State Russian Drama Theater named after Stanislavsky was provided with financial assistance for the acquisition of stage equipment and the creation of new productions based on works of Russian classics. The Moscow Parajanov Theater, with the support of the Ministry of Culture of Russia and the Cultural Center of the Armenian Embassy in Russia, held a large-scale festival “Parajanov Fest”.

    Bilateral cooperation in the field of creative education is developing. Within the framework of the International Student Festival of VGIK, 38 films participating in the festival were screened at the Russian-Armenian University.

    In pursuance of the agreements reached at the meeting of the intergovernmental commission, the second Russian-Armenian Forum of Education in the Sphere of Culture was held in Moscow in December 2024.

    Cooperation in the healthcare sector is being strengthened, including within the framework of annual Russian-Armenian forums on healthcare. The ninth Russian-Armenian forum on healthcare, dedicated to issues of maternal and child health, was held on December 16, 2024 in Yerevan. During the forum, the system of extended perinatal screening developed and successfully applied in Russia was presented.

    Russia and Armenia are developing mutual tourism. In January-September 2024, the number of trips of Russian tourists to Armenia amounted to 715.8 thousand, and Armenian tourists to Russia – 266 thousand.

    Speaking about cooperation in multilateral formats, primarily through the Eurasian Economic Union, the Deputy Prime Minister noted that the union has become a real guarantor of Armenia’s energy and food security, as well as its technological development.

    “The Union countries are the key sales market and the key supplier to the Armenian market. The EAEU accounts for 56% of Armenia’s food exports, 80% of machinery and equipment exports, 67% of chemical exports, and 56% of textile exports. The EAEU also provides 72% of energy imports, 49% of precious metal imports, 38% of food imports, and 34% of timber imports. During its membership in the Union, the export of industrial goods from Armenia has grown 15-fold, and food exports from Armenia have grown 4-fold. Since joining the EAEU in 2015, Armenia’s per capita GDP has grown almost 2.4-fold. This was made possible by the benefits of a common goods market, low prices for agricultural raw materials and energy, a convenient migration regime, and a common services market,” said Alexey Overchuk.

    Following the meeting, the protocol of the 23rd meeting of the Intergovernmental Commission on Economic Cooperation between the Russian Federation and the Republic of Armenia was signed.

    The parties also signed an Agreement between the Government of the Russian Federation and the Government of the Republic of Armenia on the conditions for the operation of the Russian-Armenian University in the Republic of Armenia, a State Purchase Agreement for a polyvalent, cultured, sorbed, inactivated foot-and-mouth disease vaccine, an Agreement between the Government of the Russian Federation and the Government of the Republic of Armenia on the conditions for the operation of the Educational and Sports Complex of Gazprom Armenia CJSC in Yerevan, and a work plan for the Russian-Armenian Business Council for 2025.

    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.

    MIL OSI Russia News –

  • MIL-OSI Security: Russian National Assisted Sanctioned Oligarch in Schemes to Employ an American Citizen to Launch and Operate Russian Television Network

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Defendant Also Helped Oligarch Illegally Transfer a $10 Million U.S. Investment to Business Associate

    Damian Williams, the United States Attorney for the Southern District of New York, Menno Goedman, the Co-Director of Task Force KleptoCapture, and James E. Dennehy, the Assistant Director in Charge of the New York Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of a Superseding Indictment charging ALEXEY KOMOV with conspiracy and violations of U.S. sanctions arising from his assistance to sanctioned Russian oligarch KONSTANTIN MALOFEYEV, who was previously charged in April 2022.  As alleged, KOMOV conspired with MALOFEYEV to recruit and employ an American citizen, Jack Hanick, who worked for MALOFEYEV in launching and operating a television network in Russia.  KOMOV also conspired with MALOFEYEV, Hanick, and others to illegally transfer a $10 million investment that MALOFEYEV had made in a U.S. bank to a business associate in Greece, in violation of the sanctions blocking MALOFEYEV’s assets from being transferred. 

    U.S. Attorney Damian Williams said: “As alleged, Alexey Komov facilitated the efforts of Konstantin Malofeyev – an oligarch closely tied to Russian aggression in Ukraine who has been determined by OFAC to have been one of the main sources of financing for the promotion of Russia-aligned separatist groups operating in the sovereign nation of Ukraine – to flout U.S. sanctions.  The unsealing today of the Indictment against Komov is yet another reminder that this Office will continue to hold those accountable that seek to undermine the United States’ national security goals.”

    KleptoCapture Co-Director Menno Goedman said: “The indictment alleges Alexey Komov played an essential role in a multi-faceted scheme to violate and evade U.S. sanctions imposed on a significant financier of Russian aggression in Ukraine.  Task Force KleptoCapture will continue to disrupt schemes perpetrated by Komov and other sanction evaders, whenever and wherever they may hide.”

    FBI Assistant Director in Charge James E. Dennehy said: “Alexey Komov, a Russian national, allegedly conspired with an American citizen and a sanctioned Russian oligarch to develop a Russian cable network to promote anti-Western propaganda. This alleged conspiracy violated laws designed to protect the national security of the United States and our allies. The FBI remains committed to apprehending foreign nationals who employ our citizens to satisfy their odious agenda.”

    According to the Indictment unsealed today in Manhattan federal court:[1]

    In 2014, the President issued Executive Order 13660, which declared a national emergency with respect to the situation in Ukraine.  To address this national emergency, the President blocked all property and interest in property that came within the U.S. or the possession or control of any U.S. person, of individuals determined by the Secretary of the Treasury to be responsible for or complicit in, or who engaged in, actions or policies that threatened the peace, security, stability, sovereignty, or territorial integrity of Ukraine, or who materially assist, sponsor, or provide financial, material, or technological support for, or goods and services to, individuals or entities engaging in such activities.  Executive Order 13660, along with certain regulations issued pursuant to it (the “Ukraine-Related Sanctions Regulations”) prohibits, among other things, making or receiving any funds, goods, or services by, to, from, or for the benefit of any person whose property and interests in property are blocked.

    On December 19, 2014, the Department of Treasury’s Office of Foreign Assets Control (“OFAC”) designated MALOFEYEV as a Specially Designated National (“SDN”) pursuant to Executive Order 13660.  OFAC’s designation of MALOFEYEV explained that he was one of the main sources of financing for Russians promoting separatism in Crimea, and has materially assisted, sponsored, and provided financial, material, or technological support for, or goods and services to or in support of the so-called Donetsk People’s Republic, a separatist organization in the Ukrainian region of Donetsk.

    As alleged in the Indictment, beginning in at least 2012, KOMOV assisted MALOFEYEV in recruiting and hiring a U.S. citizen named Jack Hanick to work on a new Russian cable television news network (the “Russian TV Network”) that MALOFEYEV was creating.  As part of KOMOV’s recruitment of Hanick, KOMOV travelled to Manhattan to meet with Hanick and subsequently introduced Hanick to MALOFEYEV in Russia.  With KOMOV’s knowledge, MALOFEYEV negotiated directly with Hanick regarding Hanick’s salary, payment for Hanick’s housing in Moscow, and Hanick’s Russian work visa.  MALOFEYEV paid Hanick through two separate Russian entities through the end of 2018.

    After OFAC designated MALOFEYEV as a SDN in December 2014, MALOFEYEV continued to employ Hanick on the Russian TV Network, with KOMOV’s assistance and input, and in violation of the Ukraine-Related Sanctions Regulations.  For example, prior to the launch of the Russian TV Network on the air in Russia in April 2015, KOMOV wrote an e-mail to MALOFEYEV, Hanick, and another employee, referencing their prior discussion with MALOFEYEV earlier that day and instructing Hanick to create two types of programs and allocate staff. KOMOV further wrote, “Hopefully Konstantin will be providing general direction and guidance for both projects. Looking forward to our long-term co-operation on those exciting endeavors!”  In turn, Hanick requested KOMOV to serve as a moderator for the first broadcast, writing “KM [i.e. MALOFEYEV] and I agree that we need you on this the first show on [the Russian TV Network]!!!”

    With KOMOV’s participation, MALOFEYEV also employed Hanick to assist MALOFEYEV in transferring a shell company that MALOFEYEV owned to a Greek associate of MALOFEYEV (the “Greek Business Associate”).  In 2014, MALOFEYEV, assisted by KOMOV, had used the shell company to make a $10 million investment in a Texas-based bank holding company (the “Texas Bank”).  KOMOV helped set up the deal, emailing a Texas-based attorney (“Individiual-1”), “I plan to come to the US with two of my close friends Konstantin Malofeev [sic] and [another individual] on Feb 4-9, 2014 . . . I’d like the three of us to meet with you to discuss our cooperation, and also joint investment projects (please propose attractive investment opportunities with reliable partners for $50-100 mln participation from our side)”. On or about March 25, 2014, KOMOV wrote to Individual-I, “Konstantin has confirmed today that he goes ahead with the 10 mln investment in the bank project.”

    Beginning in or about March 2015, with KOMOV’s assistance, MALOFEYEV began making plans to transfer ownership of the shell company to the Greek Business Associate, in violation of the Ukraine-Related Sanctions Regulations.  On or about March 4, 2015, KOMOV wrote to Individual-1, “I need to discuss with you several things: previous investment in the bank project (we want to consider selling it)”.  On or about March 17, 2015, KOMOV wrote to Individual-I about the Texas Bank interest, in part, “We want to keep it where it is now, only the owner from our side changes.”  Consistent with that plan, in or about May 2015, MALOFEYEV’s attorney drafted a Sale and Purchase Agreement that purported to transfer the shell company to the Greek Business Associate in exchange for one U.S. dollar.  In June 2015 MALOFEYEV had Hanick physically transport a copy of MALOFEYEV’s certificate of shares in the Texas Bank from Moscow to Athens to be given to the Greek Business Associate.  MALOFEYEV signed the Sale and Purchase Agreement in June 2015, but the agreement was fraudulently backdated to July 2014 to make it appear that the transfer had taken place prior to the imposition of U.S. sanctions.  MALOFEYEV’s attorney then falsely represented to the Texas Bank that the transfer had taken place in July 2014, even though MALOFEYEV and his attorney well knew that the transfer of the shell company was executed in June 2015.

    The U.S. seized and forfeited approximately $5.4 million in the property traceable to MALOFEYEV’s Texas Bank investment, which had been converted by the Texas Bank in 2016 to cash held in a blocked U.S. bank account.  In February 2023, the U.S. Attorney General authorized a transfer of these forfeited funds to the State Department to support Ukrainian veterans.

    MALOFEYEV, of Russia, is believed to be in Russia and remains at large.

    *                *                *

    KOMOV, 53, a Russian national, is charged with conspiracy to violate and substantive violation of International Emergency Economic Powers Act, each of which carry a maximum potential sentence of 20 years in prison.

    The maximum potential sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.

    Mr. Williams praised the outstanding investigative work of the FBI and thanked the support and expertise of the Department of Justice’s National Security Division and Office of International Affairs in the conduct of this matter.

    The prosecution is being handled by the Office’s Illicit Finance and Money Laundering Unit.  Assistant U.S. Attorneys Vladislav Vainberg, Thane Rehn, Jessica Greenwood, and Trial Attorney Scott Claffee of the National Security Division’s Counterintelligence and Export Section are in charge of the prosecution. 
     

    [1] The entirety of the text of the Indictment, and the description of the Indictment set forth herein, constitute only allegations, and every fact described should be treated as an allegation.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Flamingo Land appeal is “nightmare before Christmas” say Greens

    Source: Scottish Greens

    20 Dec 2024 Nature Save Loch Lomond

    Scotland rejects daft Flamingo Land plans. Our Government must do the same.

    More in Nature

    Scottish Green MSP Ross Greer has slammed the decision of the Scottish Government’s enterprise agency to extend Flamingo Land’s exclusive contract to land on the southern shore of Loch Lomond at Balloch, paving the way for the developer to appeal the rejection of their mega-resort application.

    At a public hearing in September the board of Loch Lomond and the Trossachs National Park unanimously rejected the Yorkshire theme park operator’s plans for two hotels, a waterpark, a hundred woodland lodges, over 370 parking spaces, a monorail, shops, restaurants and more at Balloch. 

    This came after a campaign led by Mr Greer collected a record 155,000 objections to the plans, alongside objections from a variety of environmental groups and organisations.

    Mr Greer received notice today from Scottish Enterprise that they will extend Flamingo Land’s exclusive contract to the land alongside the River Leven and southern shore of Loch Lomond, which makes up a majority of the proposed site. This extension allows Flamingo Land to lodge an appeal to the Scottish Government to overturn their application rejection. The contract gives Flamingo Land the exclusive right to buy the publicly owned land if they secure planning permission.

    Following the National Park’s rejection of the plans in September, Greer called on the First Minister to end Flamingo Land’s exclusive contract.

    Reacting to the news, Ross Greer MSP said: “This ridiculous company just doesn’t know when to give up, and it is bitterly disappointing that the Scottish Government are helping them in their attempts to ruin this special corner of Loch Lomond.

    “Extending Flamingo Land’s exclusive contract for the land means that an appeal is now all but certain, despite the overwhelming reasons for its rejection in the first place.

    “Our campaign to Save Loch Lomond lodged a record 155,000 objections to these daft and destructive mega-resort plans. We were joined by experts from the likes of the Woodland Trust, Ramblers and most importantly, the Scottish Environment Protection Agency. Not only that, the National Park’s own planning officers carefully considered the application and agreed that it must be rejected on the basis of both flood risk and damage to the natural environment.

    “Flamingo Land has spent a decade trying to force a mega-resort on Balloch. We beat them in 2019 and then again earlier this year. This greedy company just cannot take no for an answer. I am incredibly frustrated that the Scottish Government is enabling this saga through an exclusive contract which should have been terminated years ago. There are absolutely no grounds to approve the application on appeal. We have urged Flamingo Land to accept reality and get round the table to discuss alternatives, but they clearly have no interest in listening to the community.

    “The Scottish Greens will continue our campaign and work alongside Balloch residents to ensure that these destructive plans are rejected once again. Exhausted as we all are after a decade of this nonsense, we are ready to fight once again to save Loch Lomond.”

    MIL OSI United Kingdom –

  • MIL-OSI USA: Concurring Statement of Commissioner Caroline D. Pham on the Separate Accounts Final Rule

    Source: US Commodity Futures Trading Commission

    I respectfully concur on the Final Rule on the Regulations to Address Margin Adequacy and to Account for the Treatment of Separate Accounts by Futures Commission Merchants (FCMs) (Separate Accounts Final Rule). I am pleased that the Separate Accounts Final Rule has resolved two critical issues with the proposed rule that were unworkable because of 1) conflicts of law under U.S. banking and securities regulation and foreign banking law, and operational realities regarding the cross-border movement of funds, and 2) lack of regulatory clarity for the handling of administrative errors and operational constraints. In particular, the significant changes in the proposed rule from existing regulatory requirements under CFTC Letter No. 19-17, which FCMs have implemented and complied with for the past 5 years, were not supported by robust cost-benefit analysis to justify imposing overly burdensome new rules. I greatly appreciate the support of Chairman Behnam and the efforts by CFTC staff to address my concerns, and the engagement with my fellow Commissioners.
    I would like to thank Daniel O’Connell, Bob Wasserman, and Clark Hutchison in the Division of Clearing and Risk for their work on the Separate Accounts Final Rule and the significant time and effort spent working with my office, especially to reconsider the requirements for a one business day margin call and circumstances involving banking holidays in the eurozone, and “unusual” administrative errors and operational constraints.[1] I applaud their dedication to strengthening our markets and addressing the public comments.

    [1] Statement of Commissioner Caroline D. Pham in Support of the Treatment of Separate Accounts Proposal (Feb. 20, 2024), https://www.cftc.gov/PressRoom/SpeechesTestimony/phamstatement022024b.

    MIL OSI USA News –

  • MIL-OSI Canada: Province appoints new BC Hydro board chair, directors

    Source: Government of Canada regional news

    The B.C. government has appointed a new chair and three new directors to the BC Hydro board of directors, ensuring the important work of keeping rates affordable, expanding critical electricity infrastructure to meet future demand, and effective management of drought and power imports continues to be prioritized.

    Glen Clark has been appointed the new chair of the BC Hydro board of directors. Clark will take over the post from current chair, Lori Wanamaker, whose term will end on Dec. 31, 2024. Clark brings extensive leadership, corporate relations and resource development experience to the position, as a former premier and minister of finance and corporate relations, as well as former president of the Jim Pattison Group, a multinational corporation with diverse holdings.

    Merran Smith is president of New Economy Canada and brings award-winning leadership uniting industry, government and civil-society partners to solve society’s most pressing social and ecological challenges. She represents Canada on the C3E International Ambassador Corps. The founder of Clean Energy Canada, Smith is broadly recognized as a fearless advocate and national leader in advancing Canada’s clean, zero-carbon economy.

    Brynn Bourke is executive director of the BC Building Trades (BCBT). Under her leadership, BCBT has opened the College of the BC Building Trades, launched a youth ambassador program to connect apprentices with high school students, secured enhanced sanitation protocols on construction sites and supported initiatives that reduce barriers for under-represented groups to enter the trades. Bourke is a board member of BuildForce Canada and SkillPlan.

    Don Kayne is president and CEO of Canfor Corporation, and former CEO of Canfor Pulp Products Inc. Kayne has deep experience in international sales and marketing, human resources and executive compensation through 45 years with the forest company. Kayne has served the forestry industry in many roles, including numerous current and past leadership positions with provincial, national and international forestry-related associations and organizations.

    The new directors will occupy spaces on the board left by Amanda Hobson and Victoria McMillan, whose terms are ending, and Irene Lanzinger and Daryl Fields, who are retiring.

    Directors Nalaine Morin and Chief Clarence Louie, whose terms on the board will end on Dec. 31, 2024, have been reappointed for an additional two-year term. The remainder of the board is unchanged.

    The board of directors is responsible for providing oversight and direction of BC Hydro, such as the implementation of relevant energy policy decisions of the Province. The board chair provides leadership in guiding the board’s activities in the best interests of BC Hydro and British Columbians.

    MIL OSI Canada News –

  • MIL-OSI Canada: New measures in place will boost home construction

    Source: Government of Canada regional news

    New actions are being implemented to help more people find affordable homes in the communities where they live and work.

    “Everyone should be able to afford a home in their chosen community, but high home costs and real estate speculators are making that a challenge,” said Brenda Bailey, Minister of Finance. “We are working to ensure there are more affordable homes available for people, whether they’re renting or buying, through measures like the B.C. home-flipping tax and property transfer tax exemptions.”

    Starting Jan. 1, 2025, the B.C. home-flipping tax will be in place to discourage investors from buying housing to turn a quick profit.

    People who sell their home within two years of buying will be subject to the tax, unless they qualify for an exemption, such as divorce, job loss or change in household membership. It is expected approximately 4,000 properties will be subject to the tax in 2025. All revenue from the tax will go directly into strengthening housing programs and building new affordable homes in B.C.

    “The B.C. home-flipping tax is just one more tool in our toolbox to help people find affordable housing,” said Ravi Kahlon, Minister of Housing and Municipal Affairs. “We’re working to deliver more homes so the people who keep our communities working, like teachers, nurses and construction workers, can find a place to live they can afford in the communities they love.”

    Other measures to help make homeownership more accessible and improve the supply of housing, which came into effect April 1, 2024, are new thresholds for the first-time homebuyers’ program and the newly built home exemption.

    The threshold for the first-time homebuyers’ program was increased to $835,000 from $500,000. Qualifying individuals will receive an exemption on the property transfer tax on the first $500,000 of the home’s value. Since April 1, more than 22,000 first-time home buyers – an increase from approximately 9,500 in 2023 – were helped into their homes through this program, saving as much as $8,000 in property transfer tax.

    To encourage the construction of new homes and support families to take the next step in home ownership, the threshold for the newly built home exemption was increased from $750,000 to $1.1 million. In 2024, this helped approximately 10,300 purchasers buy new homes, nearly 3,000 more than last year.

    The Province is also supporting the delivery of more rental homes. New purpose-built rental buildings of four units or more, purchased between Jan. 1, 2025, and Dec. 31, 2030, may also qualify for an exemption from the general property transfer tax.

    Learn More:

    To read more about the B.C. home-flipping tax:
    https://www2.gov.bc.ca/gov/content/taxes/income-taxes/bc-home-flipping-tax

    To read more about the first-time home buyers program: 
    https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers

    To read more about the newly built home exemption:
    https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/newly-built-home-exemption

    A backgrounder follows.

    MIL OSI Canada News –

  • MIL-OSI Security: Texas title company employee admits to orchestrating $350,000 real estate wire fraud scheme

    Source: Office of United States Attorneys

    McALLEN, Texas – A 55-year-old McAllen resident has pleaded guilty to conspiracy to commit wire fraud, announced U.S. Attorney Alamdar S. Hamdani.

    Mayela Saby Cantu admitted she knowingly participated in a scheme that used falsified lien payoff statements, fraudulent warranty deeds and deceptive emails to mislead lenders, title companies and property buyers.

    From November 2020 until her arrest, Cantu defrauded buyers and lenders in multiple property transactions while working at Sierra Title in McAllen. Using her position of trust, she facilitated closings backed by falsified documents. In one notable case, she directed others to create a fraudulent email address resembling that of a legitimate lienholder. Cantu then used the fake account to send false payoff amounts via interstate wires, leading a title company to improperly disburse more than $350,000.

    Cantu facilitated additional fraudulent property transactions, including arranging closing on properties that had already been sold and accepting undisclosed cash payments. By concealing the true nature of these deals, she caused significant financial harm to the affected parties.

    Chief U.S. District Judge Randy Crane will impose sentencing March 3, 2025. At that time, Cantu faces up to 20 years in federal prison and a possible $250,000 maximum fine. 

    She was permitted to remain on bond pending that hearing.

    The FBI, McAllen Police Department and Texas Department of Insurance conducted the investigation. Assistant U.S. Attorney Eric D. Flores is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Florida Man Sentenced for Health Care Fraud Violations

    Source: Office of United States Attorneys

    BOSTON – A Florida man was sentenced today in federal court in Boston for a scheme to defraud insurance providers for physical therapy services that were not provided to patients.

    Jeffrey MacEachron, 60, a retired Air Force Colonel and former Inspector General at Hanscom Air Force Base, was sentenced by U.S. District Court Judge Indira Talwani to three months in prison, to be followed by 27 months of supervised release subject to home confinement. MacEachron was also ordered to pay $335,098 in restitution and a $5,500 fine. In July 2024, MacEachron pleaded guilty to an Information charging him with one count of health care fraud; aiding and abetting.

    MacEachron owned and managed PT4U, Inc., a business that operated physical therapy clinics in Bedford and Lexington, Mass. According to the charging documents, from 2013 through 2021, MacEachron caused insurance companies and TRICARE to reimburse PT4U for physical therapy services that were not actually performed. Specifically, MacEachron edited claim forms to add units of service beyond those actually performed and then submitted them to insurance companies and TRICARE for payment.

    United States Attorney Joshua S. Levy; Chris Averill, Special Agent in Charge of the Air Force, Office of Special Investigations; Brian J. Solecki, Special Agent in Charge of the Defense Criminal Investigative Service; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Anthony DiPaolo, Chief of Investigations of the Insurance Fraud Bureau of Massachusetts made the announcement today. Assistant U.S. Attorneys James D. Herbert and Christopher Looney prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Africa: Chad: New EUR 28 million African Development Bank-funded solar project to boost Chad’s energy access

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

    ABIDJAN, Ivory Coast, December 20, 2024/APO Group/ —

    The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved funding worth EUR 28 million to build solar power plants in Gassi and Lamadji, Chad. This is part of the Bank’s Desert to Power program to increase energy access across Africa.

    The funding includes EUR 20 million in direct support, combining a loan and a grant from the Sustainable Energy Fund for Africa, plus EUR 8 million in financial guarantees. These guarantees are split equally between the African Development Fund and the Green Climate Fund, which both contribute EUR 4 million each to support this clean energy project.

    This important project is part Chad’s Desert to Power plan. It will increase power supply by 20% and pave the way for the country’s energy transition from expensive, polluting fuel-based power to clean energy. The project will build two solar power plants in the outskirts of N’Djamena, each able to produce 15-megawatt peak of electricity. It also includes new power stations, connection lines, and a 6-megawatt-hour battery system to store energy for when the sun isn’t shining. The total project cost is estimated at EUR 41 million. The Bank’s financing is in addition to financing expected from other Development Finance Institutions (DFIs).

    Kevin Kariuki, Vice President of the Power, Energy, Climate, and Green Growth complex at the African Development Bank, said: “The Gassi and Lamadji solar project is a landmark development that underscores Chad’s strong commitment to the transition to renewable energy under the Desert to Power Initiative, and the Bank’s continued commitment to supporting transformative, clean energy projects across the continent. This project not only facilitates the Government of Chad’s efforts to increase access to energy through renewable energy but also drives local economic growth and strengthens the country’s energy security.”

    Wale Shonibare, the Bank’s Director of the Energy Financial Solutions, Policy, and Regulations department, added, “As a pioneering solar project in Chad, this initiative exemplifies the scale of renewable energy potential in the Sahel region. It demonstrates how strong partnerships and the Bank’s deployment of its suite of instruments and innovative solutions can advance the energy transition and foster sustainable economic development.”

    The solar plants are expected to generate 61 gigawatt-hours of clean, reliable, and affordable energy each year responding to Chad’s energy deficit. This will reduce carbon dioxide emissions by 49,000 tons each year, helping Chad meet its climate change commitments under the Paris Agreement. The project will create 200 jobs during construction, with special opportunities for women and young people and 34 permanent jobs during operation. The project will generate revenue for the national treasury through taxes, reduce fuel subsidies, and improve the country’s balance of payments by reducing energy imports. 

    Aligned with the Bank’s Ten-Year Strategy, the New Deal on Energy for Africa, and its High 5 objective of “Light Up and Power Africa,” the Gassi and Lamadji Solar PV project reinforces Chad’s commitment to increase energy access through renewable energy. It also supports the African Development Bank’s mission to promote sustainable, inclusive, and resilient energy development across Africa.

    MIL OSI Africa –

  • MIL-OSI Africa: Madagascar: African Development Fund approves a grant of over $9 million to strengthen protection and sustainable use systems for natural capital and ecosystems

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

    ABIDJAN, Ivory Coast, December 20, 2024/APO Group/ —

    The Board of Directors of the African Development Fund (https://apo-opa.co/4iITWIP) – the African Development Bank Group’s (www.AfDB.org) concessional financing window – approved a donation of $9.42 million to Madagascar to implement climate resilience through the Preservation of Biodiversity in National Parks Project.

    The grant, agreed on 18 December 2024 in Abidjan, comes from the Climate Action Window (https://apo-opa.co/3VOUrYa), a mechanism of the Fund, created during the 16th replenishment round to help combat the significant shortage of climate finance in Africa. The window is split into three sub-windows – adaptation, mitigation and technical assistance – and is aimed at the least developed countries on the continent.

    The project aims to strengthen the resilience of agricultural protection system value chains and preserve and ensure the sustainable use of natural capital and ecosystems to increase Madagascar’s resilience to climate change. It plans to develop the capacity of communities living alongside the national parks to adapt to climate change, develop and refurbish access roads to ensure the parks are accessible in every season, build sustainable conservation infrastructure, provide water from boreholes and micro-dams, and construct public primary schools, along with five basic health centres to benefit local communities.

    Furthermore, the project will help secure the land in the protected areas concerned and support the local economy through income-generating activities. The various support activities, particularly training and awareness-raising campaigns, will help establish a sense of responsibility among the direct beneficiaries in how they carry out development initiatives.

    “The project is targeting direct investment in climate-smart agriculture to improve agricultural production, the conservation of natural habitats and ecosystems, the development of socioeconomic infrastructure, and the participation of local people, by creating job opportunities to improve their livelihoods,” commented Adam Amoumoun, head of the African Development Bank’s Country Office for Madagascar.

    “Activities to conserve and maintain protected areas will have a positive impact in terms of reducing carbon emissions in the three intervention areas; this will be incorporated into a study on implementing contractual payment mechanisms for ecosystem services and the development of a carbon market,” he added.

    The project’s direct intervention area covers three national parks – Lokobe, Nosy Hara and Andringitra – and surrounding areas. Three other national parks – Montagne d’Ambre, Ankarafantsika and Analamazaotra Mantadia – will benefit from the training and capacity-building component for young people and women.

    MIL OSI Africa –

  • MIL-OSI Europe: Text adopted – Recommendation to the Council on the EU priorities for the 69th session of the UN Commission on the Status of Women – P10_TA(2024)0075 – Thursday, 19 December 2024 – Strasbourg

    Source: European Parliament

    The European Parliament,

    –  having regard to the UN declaration of 15 September 1995 entitled ‘Beijing Declaration and Platform for Action’ and the outcomes of its review conferences,

    –  having regard to the 1979 UN Convention on the Elimination of All Forms of Discrimination against Women,

    –  having regard to Articles 21 and 23 of the Charter of Fundamental Rights of the European Union,

    –  having regard to the UN 2030 Agenda for Sustainable Development, the principle of ‘leaving no one behind’ and, in particular, Sustainable Development Goal (SDG) 5, which seeks to achieve gender equality,

    –  having regard to the UN Secretary-General’s report of 13 December 2019 to the UN Commission on the Status of Women entitled ‘Review and appraisal of the implementation of the Beijing Declaration and Platform for Action and the outcomes of the twenty-third special session of the General Assembly’,

    –  having regard to the joint communication from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 25 November 2020 entitled ‘EU Gender Action Plan (GAP) III: an ambitious agenda for gender equality and women’s empowerment in EU external action’ (JOIN(2020)0017) and the accompanying joint staff working document of 25 November 2020 entitled ‘Objectives and Indicators to frame the implementation of the Gender Action Plan III (2021-25)’ (SWD(2020)0284),

    –  having regard to the EU gender equality strategy for 2020-2025 of 5 March 2020,

    –  having regard to its resolution of 10 March 2022 on the EU Gender Action Plan III(1),

    –  having regard to the Committee on the Elimination of Discrimination against Women 2024 Inquiry concerning Poland, conducted under Article 8 of the Optional Protocol to the Convention,

    –  having regard to its resolution of 11 February 2021 on challenges ahead for women’s rights in Europe: more than 25 years after the Beijing Declaration and Platform for Action(2),

    –  having regard to the briefing entitled ‘Accelerating progress on Sustainable Development Goal 5 (SDG 5): Achieving gender equality and empowering women and girls’, published by its Directorate-General for Parliamentary Research Services on 18 September 2024,

    –  having regard to the UN Women and UN Department of Economic and Social Affairs report of September 2024 entitled ‘Progress on the Sustainable Development Goals: The Gender Snapshot 2024’,

    –  having regard to its resolution of 22 November 2023 on proposals of the European Parliament for the amendment of the Treaties(3),

    –  having regard to its resolution of 11 April 2024 on including the right to abortion in the EU Fundamental Rights Charter(4),

    –  having regard to Rule 121 of its Rules of Procedure,

    –  having regard to the report of the Committee on Women’s Rights and Gender Equality (A10-0030/2024),

    A.  whereas equality between women and men is a fundamental and universal principle of the EU, and whereas the EU’s external action must be guided by this principle, so that the EU continues to lead by example and further steps up and meets its commitments on gender equality;

    B.  whereas women’s and girls’ human rights and gender equality are not only fundamental human rights, but preconditions for advancing development and education and reducing poverty, and a necessary foundation for a peaceful, prosperous and sustainable world;

    C.  whereas 189 governments across the world, including the EU and its Member States, committed to working towards gender equality and empowering all women and girls at the 1995 Fourth World Conference on Women in Beijing;

    D.  whereas the Beijing Declaration and Platform for Action is the most comprehensive global agenda for promoting gender equality and is considered the international ‘Bill of Rights’ for women, defining women’s rights as human rights and articulating a vision of equal rights, freedom and opportunities for all women in the world, and was reaffirmed in 2015 with Goal 5, ‘Achieve gender equality and empower all women and girls’, of the sustainable development goals (SDGs) set out in the UN’s 2030 Agenda for Sustainable Development, by specifying targets and concrete measures across a range of issues affecting women and girls;

    E.  whereas the UN Assembly agreed in 2017 on a global indicator framework to standardise data collection, a key element for the comparability of data;

    F.  whereas just six years in advance of the 2030 deadline for the UN’s SDGs, not a single indicator under Goal 5 has been fully achieved; whereas the UN estimates that strong actions are needed in order to accelerate progress and to avoid taking 286 years to close gaps in legal protection and remove discriminatory legislation for women;

    G.  whereas gender equality is a cross cutting principle, to be mainstreamed across the SDGs;

    H.  whereas a 2024 UN study(5) on the evaluation of SDG 5 highlights that social norms still exist that legitimise gender-based violence against women and girls, without sufficient appropriate punishments against perpetrators, reduce access to health services, including sexual and reproductive health services, assign unpaid care and domestic work solely to women and restrict leadership opportunities; whereas women and girls can be still discriminated against through reproductive sex selection(6);

    I.  whereas the UN General Assembly has raised the alarm about the active resistance to achievements and advances in gender equality and the growing transnational backlash against women’s rights; whereas sexual and gender-based violence as well as anti-rights movements threaten the fundamental rights of women and girls on a daily basis; whereas there is a clear and urgent need to reaffirm, safeguard and develop gender equality and the human rights of women and girls(7);

    J.  whereas women’s sports competitions must be a celebration of sporting values; whereas all conditions must be met to ensure fairness within these competitions, to preserve the health of female athletes and to prevent physical and psychological violence against them;

    K.  whereas the Summit of the Future adopted document includes a specific action for achieving gender equality and the empowerment of all women and girls as a crucial contribution to progress(8);

    L.  whereas the rebels who brought down the regime in Syria are dominated by the Hayat Tahrir al-Sham (HTS) force; whereas the HTS group is an Islamist organisation classified as a terrorist organisation by the EU and the UN; whereas this situation raises serious concerns about the security of women and girls in the area;

    M.  whereas the UN’s Committee on the Elimination of Discrimination against Women, in an inquiry into Polish abortion law, has concluded that criminalising and restricting abortion discriminates against women;

    1.  Recommends that the Council:

       (a) re-confirm its full and unwavering commitment to the Beijing Declaration and Platform for Action and to the range of actions for human rights of women in all their diversity and gender equality outlined therein; confirm its commitment to human rights of women, including sexual and reproductive health and rights, through gender mainstreaming in all relevant policy areas and cycles, to the implementation of specific and targeted actions for human rights of women and gender equality, and to ensuring proper gender budgeting;
       (b) express its most profound opposition to the fact that Saudi Arabia is this year chair of CSW annual meeting and condemn any form of political instrumentation given that the country’s own record on women’s rights is abysmal and many of its policies contrary to the CSW’s own mandate and objectives; raise the systemic discrimination against women and persecution of women’s rights activists taking place in Saudi Arabia;
       (c) ensure that gender equality and women’s and girls’ rights are fully and proudly implemented as a core part of EU external action through an adequately funded, gender-responsive, inclusive and intersectional approach, taking into account marginalised women and women in vulnerable situations, especially as the funding of anti-gender movements globally is on the rise(9);
       (d) ensure the full involvement of Parliament and its Committee on Women’s Rights and Gender Equality in the decision-making process on the EU’s position at the 69th session of the UN Commission on the Status of Women (10-25 March 2025); ensure that Parliament has adequate, regular and timely information and access to the EU’s position document ahead of the negotiations; ensure the timely communication of Parliament’s position to the EU negotiating team; and further improve interinstitutional cooperation and informal consultation, including prior to and during negotiations, so that Parliament’s priorities are properly incorporated;
       (e) conduct an annual review of the progress, and setbacks, encountered in the implementation of the Beijing Declaration and Platform for Action;
       (f) pledge its strong support for the work of UN Women, which is a central actor in the UN system for advancing women’s rights, while committing to ensure its funding as well as increased finance for gender equality;
       (g) reinvigorate the EU’s efforts to overcome remaining challenges and accelerate the full implementation of the Beijing Declaration and Platform for Action, as it is a universal document, and EU Member States are far from having achieved all targets; ensure that the EU leads by example by putting in place robust policy measures, coupled with adequate financing to prevent, address and combat gender inequality in all its manifestations, empower women in all their diversity in all EU countries and ensure the realisation of their rights;
       (h) reiterate that the EU has an important role to play in achieving a gender-equal world through leading by example and supporting partner countries in addressing all types of direct and indirect discrimination and gender-based violence; recall the importance of the Istanbul Convention, urge the remaining five Member States that have still not ratified and implemented the Istanbul Convention to do so in the shortest possible timeframe, and also call on other countries to make progress towards signing and ratifying it;
       (i) press for equal access to and opportunities in all areas of life, to allow women in all their diversity to fulfil their potential, notably also in decision-making, including political, economic, financial, academic, health, cultural and sports-related, this also being essential for good governance and policymaking; encourage initiatives that promote female political leadership and participation, strengthening democratic practices and inspiring future generations of women;
       (j) within this context, express opposition to all forms of gender-based violence, including online or offline, as well as against women engaged in or wishing to engage in politics, which sustains and reinforces the invisibilisation of women and negative stereotypes about women and discourages women of all ages from entering politics and public spaces;
       (k) encourage measures that promote women’s participation and gender balance in all high impact sectors, including STEM; stress the importance of combating gender stereotypes, attitudes and prejudices in all their dimensions, through all kinds of media, including social media, and promote programmes, including through public-private partnerships, to reduce discrimination against women in politics and public positions;
       (l) emphasise that weak political guidance, lack of commitment, data gaps, insufficiently targeted investment, hate speech and hate campaigns, lack of access to relevant skills and knowledge, lack of economic opportunity and education, gender-related discrimination in the work place, including maternal mobbing, lack of economic autonomy and unequal conditions in the labour market, and the rise of anti-rights movements have been identified as obstacles and threats for women’s rights; thus making it necessary to encourage more women in politics and leadership, increase dedicated gender-equality-related investment in services such as education and health, and implement comprehensive rights-based and gender-responsive education, training and policy reforms to overcome these systemic structural barriers and achieve a truly equal society, for which the commitment and engagement of men and boys is essential;
       (m) apply gender mainstreaming and gender budgeting more consistently in all relevant EU policy areas, including external action, and lead by example in this regard, committing that the next MFF 2027 will include gender-equality-specific objectives and gender budgeting methods to be able to increase and monitor all investments regarding gender impact;
       (n) commit to constant appraisal and proactive corrective action in the EU’s internal and external policies in regard to gender equality, mainstreaming and budgeting;
       (o) defend and recall the importance of the Women Peace and Security (WPS) Agenda and the 25th anniversary of its landmark resolution, to renew the WPS EU action plan and to vocally combat any pushbacks towards this agenda internationally;
       (p) call on the Commission to further develop and roll out concrete and well-financed plans and actions to address the UN SDGs, specifically those related to gender equality, promoting equality in education;
       (q) take the lead in the global fight against the backlash against gender equality and women’s rights, generated in particular by increasingly influential anti-rights movements, by condemning all attempts to roll back, restrict or remove existing protections for gender equality, including on sexual and reproductive health and rights, as well as all forms of threats, intimidation and harassment, online and offline, of human rights defenders and civil society organisations working to advance these rights; emphasise that anti-gender movements are not only attacking women’s rights and gender equality but go hand-in-hand with anti-democratic movements; promote partnerships and alliances to counteract regressive movements and reaffirm the EU’s commitment to protecting gender equality as a core value, including by ensuring that women’s rights movements are adequately funded;
       (r) emphasise the need to protect and promote the rights of groups experiencing intersectional forms of discrimination, including people with disabilities and people who are from disadvantaged socio-economic backgrounds, racialised, from ethnic, minority or migrant backgrounds, older or LGBTIQ+, among others;
       (s) work to promote the concept of combating intersectional discrimination throughout all UN bodies and to conduct, apply and integrate intersectional gender analysis at different levels in the EU and its Member States;
       (t) urge the Commission to further develop and improve the collection of gender-disaggregated equality data on sex, race, colour, ethnic or social origin, genetic features, language, religion or other belief, political opinion, membership of a national minority, property, birth, disability, age or sexual orientation, sex characteristics and gender identity as well as geographically disaggregated data, including on a regional level, to ensure that this data contributes to better and more informed policymaking, and to reinforce the European Institute for Gender Equality both in terms of funding and capacity;
       (u) commit to advancing towards a foreign, security and development policy that gives priority to gender equality, protects and promotes the human rights of traditionally marginalised groups, such as transgender people, and takes into account the voices of women and LGBTIQ+ human rights defenders and civil society;
       (v) implement, without delay and to the fullest extent, the EU GAP III and ensure that 85 % of all new actions throughout external relations contribute to gender equality and women’s empowerment by 2027 at the latest;
       (w) take note of and implement the recommendations of Parliament’s resolution of 10 March 2022 on the EU GAP III, and thus prioritise GAP III in every aspect of EU external action through a gender-responsive and intersectional approach, both in terms of GAP III’s geographical coverage and areas of action, as well as gender mainstreaming in all areas of external action, whether trade, development policy, migration, humanitarian aid, security or sectors such as energy, fisheries and agriculture, while enhancing the consistency between the EU’s internal and external policies;
       (x) devise, fund and implement policies that combat the feminisation of poverty and reduce the role of gender as a factor in poverty both within and, through external action, outside of the EU, taking due note of intersectional factors, including sex, race, colour, ethnic or social origin, genetic features, language, religion or other belief, political opinion, membership of a national minority, property, birth, disability, age or sexual orientation, sex characteristics or gender identity;
       (y) advocate for equal access to resources and equal opportunities for women in all regions, to achieve economic empowerment and enable access to social justice and to a better quality of life as a result of a global vision of gender equality; recognise the unique challenges faced by women living in rural, remote and least developed areas, where access to resources, healthcare, education, and economic opportunities may be limited; call for targeted measures and investments that address the needs of these communities, through the promotion of gender equality, female entrepreneurship and employment opportunities or infrastructure; stress the importance of integrating these perspectives into all relevant external action and development strategies to ensure no woman is left behind;
       (z) address and monitor the systemic and root causes of female poverty with an emphasis on those in rural areas or isolated and disadvantaged areas, empower women and girls in all their diversity through education, training and lifelong learning, non-discriminatory labour opportunities, access to equal pay and pensions, and encourage employment programmes for women with disabilities;
       (aa) promote female entrepreneurship and women-led businesses through an enabling environment for their economic activities, such as support programmes in partner countries, ensuring equitable access to business opportunities and training in entrepreneurial skills;
       (ab) encourage initiatives that strengthen women’s economic autonomy and job creation in high-growth sectors, support initiatives that empower women economically, particularly women entrepreneurs and those leading micro, small and medium-sized enterprises, as well as fight stereotypes and combat persisting inequalities in education, as well as addressing women’s employment rate and under-representation in certain sectors like STEM and AI;
       (ac) ensure access to social services, including family support services, equal shares of unpaid care and social responsibilities through legislative initiatives, efforts to combat harmful gender stereotyping, patriarchal attitudes and systems and promote women as role models, and work-life-balance policies that ensure access to digital education and skills training to bridge the digital gender divide; enable women’s access to ownership, property, adequate and affordable housing and land, eliminating barriers, with focus on addressing the specific needs of women, in particular those in poverty and female-led households;
       (ad) call for further efforts, legislation and enforcement of existing measures to ensure the rights of women care workers and domestic workers as well as the recognition of informal carers, including single mothers, recognising their work as essential for making our society function; push for more ambitious care policies and investments in care with a view to advancing towards care economies, setting minimum standards and guidelines for care throughout the life cycle, with an intersectional perspective;
       (ae) develop labour migration policies and programmes that are gender-responsive, including in highly ‘feminised’ and informal sectors such as domestic and care work, and which address the gendered barriers to women’s labour force participation and skills recognition;
       (af) encourage, in the EU, the right to asylum, and the recognition, protection, support and integration of women who are victims of violence, whatever the form;
       (ag) enhance the EU’s response, resources and toolkit, both internally and externally, regarding online and offline gender-based violence, including domestic, sexual, physical, psychological, verbal and economic violence, harassment at work, as well as violence in situations of conflict and war, trafficking, early and forced marriages and sexual and reproductive exploitation, noting that this should include support for the establishment of help centres for women victims of violence in non-EU countries, particularly in disadvantaged areas, similar to anti-violence centres, with a dual objective, namely: assisting in the recognition of situations of violence and providing both legal and practical protection and support for women who decide to report and exit violence;
       (ah) advocate for a consent-based definition of rape as a universal standard across all regions, aiming to enhance legal protections and ensure that sexual violence is defined by the absence of consent, rather than solely by the use of force;
       (ai) highlight the major impact of online gender-based violence on women’s and girls’ personal and professional lives, and on their mental and physical health;
       (aj) underline the importance of enforcing international humanitarian law to safeguard the rights of women and girls in conflict; ensure that external agreements, including those related to border control and cooperation with non-EU countries, prioritise the safety of women and girls, stressing that the EU must ensure that partner countries uphold high human rights standards, particularly in preventing gender-based violence including trafficking for the purpose of sexual exploitation;
       (ak) pay particular attention to the condition of Syrian women and children, including those from Christian minorities, who are more likely to be the particular target of an Islamist regime, as already seen in several Middle Eastern countries, such as Afghanistan and Iraq;
       (al) promote the prevention of gender-based violence in sports by establishing a system to monitor and prevent such violence within sports institutions, requiring organisations to adopt preventive policies and measures, along with a secure and protected reporting mechanism;
       (am) remove the legal, financial, social and practical barriers and restrictions on access to safe and legal abortion worldwide; advocate firmly for the defence of sexual and reproductive health and rights as fundamental rights and fight against anti-choice networks; ensure that women and girls in all their diversity have information and access to affordable health services, including for sexual and reproductive health and rights, in line with international human rights and public health standards, including comprehensive age-appropriate and scientifically accurate sexuality and relationship education, access to contraception and emergency contraception, safe and legal abortion, respectful maternal healthcare and care-based health services; ensure that women are protected from forced pregnancies and sex-selective or forced abortions, particularly in the context of ethnic cleansing practices, and that in no case should abortion be promoted as a method of family planning, as mentioned in the Beijing Declaration; emphasise the importance of access to mental health services tailored to the specific needs of women and girls;
       (an) promote dignified and human rights-respectful conditions for incarcerated women who are also mothers, with special attention to the needs of mothers with young children; support access to healthcare, psychological care and rehabilitation programmes, ensuring adequate spaces to maintain the bond with their children;
       (ao) take note of and implement the recommendations of the European Parliament’s resolution of 11 April 2024 on including the right to abortion in the EU Fundamental Rights Charter;
       (ap) commit to increase efforts to address gender issues in the context of the green and energy transition, recognising that the climate crisis is not gender-neutral; acknowledge the intersectional and disproportionate impact of climate change on women and girls, particularly in developing countries, as well as in the regions and rural areas most affected by these changes; advocate for the inclusion of women in environmental decision-making processes to build resilience and gender-responsive strategies;
       (aq) advocate for and strengthen civil society organisations working to advance women’s and girls’ rights and gender equality in all circumstances including disability, violence, discrimination in the workplace or motherhood; advocate for the provision of safe spaces and shelters for women and girls suffering violence or threats; ensure the protection of human rights defenders, and their participation in the relevant forums;
       (ar) work to ensure that grassroots organisations and women’s and LGBTIQ+ rights defenders, especially small organisations, are supported through the provision of adequate funding and the removal of restrictions that impede their ability to operate; provide targeted measures and capacity-building support to grassroots women’s organisations to amplify their impact at the local and international levels; actively work against initiatives aimed at diminishing the civic space globally;
       (as) establish a Council Configuration on Gender Equality and Equality, to create a formal forum for the ministers responsible for the matters of equality to foster cooperation, coordinate policies and exchange best practices among Member States;

    2.  Instructs its President to forward this recommendation to the Council, and for information, to the Commission.

    (1) OJ C 347, 9.9.2022, p. 150.
    (2) OJ C 465, 17.11.2021, p. 160.
    (3) OJ C, C/2024/4216, 24.7.2024, ELI: http://data.europa.eu/eli/C/2024/4216/oj.
    (4) Texts adopted, P9_TA(2024)0286 .
    (5) UN, ‘Are we getting there? A synthesis of UN system evaluations of SDG 5’, March 2024, https://www.unwomen.org/en/digital-library/publications/2024/03/are-we-getting-there-a-synthesis-of-un-system-evaluations-of-sdg-5.
    (6) Office of the High Commissioner for Human Rights, UN Population Fund, UN Women, UNIFCEF, World Health Organization, ‘Preventing gender-biased sex selection: an interagency statement’,2011, https://www.unfpa.org/sites/default/files/resource-pdf/Preventing_gender-biased_sex_selection.pdf
    (7) UN General Assembly, ‘Escalating backlash against gender equality and urgency of reaffirming substantive equality and the human rights of women and girls: Report of the Working Group on discrimination against women and girls’, 15 May 2024, https://documents.un.org/doc/undoc/gen/g24/073/47/pdf/g2407347.pdf. .
    (8) UN, ‘Summit of the Future outcome documents: Pact for the Future, Global Digital Compact and Declaration on Future Generations’, September 2024, https://www.un.org/sites/un2.un.org/files/sotf-pact_for_the_future_adopted.pdf.
    (9) Datta, N., European Parliamentary Forum for Sexual and Reproductive Rights, ‘Tip of the Iceberg– Religious Extremist Funders against Human Rights for Sexuality and Reproductive Health in Europe 2009 – 2018’ June 2021, https://www.epfweb.org/sites/default/files/2021-08/Tip%20of%20the%20Iceberg%20August%202021%20Final.pdf.

    MIL OSI Europe News –

  • MIL-OSI: Mountain America Credit Union Boosts BroncoLife with First Down Donation Program

    Source: GlobeNewswire (MIL-OSI)

    BOISE, Idaho, Dec. 20, 2024 (GLOBE NEWSWIRE) — As the official credit union of the Boise State Broncos, Mountain America Credit Union continues its support of BroncoLife through the First Down donation program. Through this unique program, the credit union committed a donation to BroncoLife for every first down completed by the BSU football team in 2024. This year, those first downs added up to $15,000, which will help BroncoLife continue its mission of empowering student-athletes to reach their full potential both in school and on their future career paths.

    A Media Snippet accompanying this announcement is available by clicking on this link.

    “Community service is integral to our core values, and Mountain America is proud to participate in the First Down donation program,” said Nathan Anderson, executive vice president and chief operating officer at Mountain America. “We value the lasting contributions BroncoLife makes to the lives of families and students in the Treasure Valley and beyond.”

    During the November 29, 2024, game, Mountain America presented a check for $15,000 to Associate Athletic Director Sara Whiles, Buster Bronco, and fellow Boise State Athletics associates. Since 2019, Mountain America has donated over $90,000 to BroncoLife.

    “We are so grateful Mountain America Credit Union continues to recognize and support the BroncoLife program,” Whiles said. “With investments like theirs we can provide opportunities that assist in the development of student-athletes and ultimately prepare them for life after sports.”

    For more information about Mountain America’s community involvement activities, visit macu.com/newsroom.

    About Mountain America Credit Union
    With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across multiple states, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

    The MIL Network –

  • MIL-OSI: NBT Bancorp Inc. Receives Regulatory Approval, Evans Bancorp, Inc. Shareholders Approve Merger

    Source: GlobeNewswire (MIL-OSI)

    NORWICH, N.Y. and WILLIAMSVILLE, N.Y., Dec. 20, 2024 (GLOBE NEWSWIRE) — NBT Bancorp Inc. (“NBT”) (NASDAQ: NBTB) announced that it has received regulatory approval to complete the proposed merger (the “Merger”) of Evans Bancorp, Inc. (“Evans”) (NYSE American: EVBN) with and into NBT and Evans Bank, N.A. (“Evans Bank”) with and into NBT Bank, N.A. (“NBT Bank”). The Office of the Comptroller of the Currency approved the merger of Evans Bank with and into NBT Bank, and NBT received a waiver from the Federal Reserve Bank of New York for any application with respect to the merger of Evans with and into NBT.

    On December 20, 2024, the shareholders of Evans voted to approve the Merger. Evans reported over 75% of the issued and outstanding shares of Evans were represented at a special shareholder meeting and over 96% of the votes cast were voted to approve the Merger.

    “We are pleased that we have received the necessary regulatory approvals to proceed with the Merger and that Evans shareholders have demonstrated strong support for the partnership that will bring NBT and Evans together,” said NBT President and CEO Scott A. Kingsley. “Team members from NBT and Evans have been working closely to plan for a smooth transition in the second quarter of 2025, and we look forward to continuing to build on the relationships Evans has established with their customers, communities and shareholders as we extend NBT’s footprint in Upstate New York into the attractive Buffalo and Rochester markets.”

    “These approvals are important milestones in the merger process, and we are grateful that Evans shareholders have so positively endorsed this strategic partnership,” said David J. Nasca, Evans President and Chief Executive Officer. “Joining the NBT family will benefit our customers and communities as they will continue to be served by a combined organization upholds our shared culture and values, maintains our relationship-focused approach, and offers an elevated suite of financial products and services.”

    On September 9, 2024, NBT, Evans, NBT Bank and Evans Bank entered into an Agreement and Plan of Merger pursuant to which Evans will merge with and into NBT in an all-stock transaction, and immediately after, Evans Bank will merge with and into NBT Bank. This Merger will bring together two highly respected banking companies and extend NBT’s growing footprint into Western New York. The Merger is expected to close in the second quarter of 2025 in conjunction with the system conversion, pending customary closing conditions.

    About NBT Bancorp Inc.
    NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $13.84 billion at September 30, 2024. NBT primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 155 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and https://www.nbtbank.com/Insurance.

    About Evans Bancorp, Inc.
    Evans is a financial holding company headquartered in Williamsville, NY, with total assets of $2.28 billion at September 30, 2024. Its primary subsidiary, Evans Bank, N.A., is a full-service community bank with 18 branches providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. More information about Evans is available online at www.evansbancorp.com and www.evansbank.com.

    Forward-Looking Statements
    This communication contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about NBT and Evans and their industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding NBT’s or Evans’ future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to NBT or Evans, are forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should” and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results.

    Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: (1) the businesses of NBT and Evans may not be combined successfully, or such combination may take longer to accomplish than expected; (2) the cost savings from the merger may not be fully realized or may take longer to realize than expected; (3) operating costs, customer loss and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; (4) the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (5) diversion of management’s attention from ongoing business operations and opportunities; (6) the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all and to successfully integrate Evans’ operations and those of NBT; (7) such integration may be more difficult, time consuming or costly than expected; (8) revenues following the proposed transaction may be lower than expected; (9) NBT’s and Evans’ success in executing their respective business plans and strategies and managing the risks involved in the foregoing; (10) the dilution caused by NBT’s issuance of additional shares of its capital stock in connection with the proposed transaction; (11) changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; and (12) legislative and regulatory changes. Further information about these and other relevant risks and uncertainties may be found in NBT’s and Evans’ respective Annual Reports on Form 10-K for the fiscal year ended December 31, 2023 and in subsequent filings with the Securities and Exchange Commission.

    Forward-looking statements speak only as of the date they are made. NBT and Evans do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements.

    Contacts NBT Bancorp Inc. Evans Bancorp, Inc.
         
      Scott A. Kingsley
    President and Chief Executive Officer    		 David J. Nasca
    President and Chief Executive Officer
         
      Annette L. Burns
    EVP and Chief Financial Officer    		 John B. Connerton
    EVP and Chief Financial Officer
         
      607-337-6589 716-926-2000
         
        Evans Investor Relations
    Deborah K. Pawlowski, Alliance Advisors
    dpawlowski@allianceadvisors.com
    716-843-3908
         

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI Asia-Pac: Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chairs the Pre-Budget Consultation Meeting with States and UTs (with legislature), in Jaisalmer, Rajasthan, today

    Source: Government of India (2)

    Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chairs the Pre-Budget Consultation Meeting with States and UTs (with legislature), in Jaisalmer, Rajasthan, today

    Union Finance Minister informed that funds devolved to States in 45 months under 15th FC exceed total funds devolved during 60 months under 14th FC (2015-2020)

    Posted On: 20 DEC 2024 10:08PM by PIB Delhi

    Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired the pre-budget consultations with Finance Ministers of States and Union Territories (with Legislature) at Jaisalmer, Rajasthan, today.

     

    The meeting was attended by Union Minister of State for Finance Chri Pankaj Chaudhary, Chief Ministers of Goa, Haryana, Jammu and Kashmir, Meghalaya and Odisha; Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, Rajasthan and Telangana; Finance Ministers, Ministers, Secretaries of Departments of Economic Affairs and Expenditure, Ministry of Finance and Senior Officers from the States/Union Territories and the Union Government.

    The participants gave several valuable suggestions to the Union Finance Minister for consideration in the Union Budget for F.Y. 2025-26.

    Smt. Sitharaman remarked that because of healthy macroeconomic environment, buoyancy and efficiency in the tax collections, the funds devolved to the States in the last 45 months (April 2021 to December 2024) under the 15thFinance Commission is more than what was devolved in 60 months under the 14thFinance Commission (2015-20).

    The Union Finance Minister also referred to the Scheme for Special Assistance to States for Capital Investment (SASCI), which was first announced in the Union Budget 2020-21, and acknowledged that it has received a very good response from the States. The States have been requesting the Central Government to enhance the outlay under the Scheme as it is leading to construction of crucial capital assets in the States.

    Smt. Sitharaman stated that the Centre has allocated an additional amount of approximately Rs. 30,000 crore as ‘Untied Funds’ under the SASCI-2024-25. This allocation may be used by the State Governments in any sector to further increase expenditure on creation of capital assets.

    In addition to this, the Union Finance Minister stated that the Centre has created an additional dispensation under SASCI for the States affected by disaster of a severe nature as assessed by the Inter-Ministerial Central Team (IMCT), deputed by the Ministry of Home Affairs (MHA). This will aid the States in their efforts for reconstruction of the damaged infrastructure, like roads and bridges, water supply lines, electricity poles, and culverts etc. The States which suffered a natural disaster of severe nature (as assessed by IMCT) in FY 2024-25 may be eligible for upto 50% of their allocation under Part-1 (Untied) of the SASCI scheme. This amount will be in addition to the funds provided under the National Disaster Response and Mitigation Fund (NDRMF), Smt. Sitharaman added.

    Smt. Sitharaman thanked the dignitaries for their valuable inputs and ideas which will be given due consideration in the preparation of budget for the ensuing Financial Year.

    ****

    NB/KMN

    (Release ID: 2086682) Visitor Counter : 40

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CCI approves UltraTech Cement Limited’s acquisition of The India Cements Limited

    Source: Government of India

    Posted On: 20 DEC 2024 9:26PM by PIB Delhi

    Competition Commission of India (CCI) has approved UltraTech Cement Limited’s acquisition of The India Cements Limited.

    The Proposed Combination envisages UltraTech Cement Limited’s (UltraTech/Acquirer) acquisition of (i) 32.72% of the paid-up equity share capital of The India Cements Limited (India Cements/Target) from the promoters and members of the promoter group of India Cements and Sri Saradha Logistics Private Limited, and (ii) up to 26% of the paid-up equity share capital of India Cements by way of an open offer.

    UltraTech is a public listed company in India and is engaged in the business of the manufacture and sale of grey cement, white cement, ready-mix concrete, clinker, and building products in India. UltraTech is also engaged in the provision of building solutions in India. UltraTech is a subsidiary of Grasim Industries Limited, a public listed company.

    India Cements is a public listed company in India and operates both core and non-core businesses. The core business of India Cements is the manufacture and sale of grey cement and ready mix concrete.

    Detailed order of the Commission will follow.

    *****

    NB/AD

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    MIL OSI Asia Pacific News –

  • MIL-OSI: Danske Bank share buy-back programme: Transactions in week 4

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 4 2025   Group Communications
    Bernstorffsgade 40
    DK-1577 København V
    Tel. +45 45 14 00 00

    27 January 2025

    Danske Bank share buy-back programme: Transactions in week 4

    On 2 February 2024, Danske Bank A/S announced a share buy-back programme for a total of DKK 5.5 billion, with a maximum of 70 million shares, in the period from 5 February 2024 to 31 January 2025, at the latest, as described in company announcement no. 2 2024.

    The programme is being carried out under Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016, also referred to as the Safe Harbour Rules.

    The following transactions were made under the share buy-back programme in week 4:

      Number
    of shares    		 VWAP
    DKK    		 Gross value
    DKK
    Accumulated, last announcement 26,388,423 201.8712 5,327,062,369
    20/01/2025 25,000 211.4840 5,287,100
    21/01/2025 24,619 213.0982 5,246,265
    22/01/2025 25,000 215.3265 5,383,163
    23/01/2025 57,000 214.9559 12,252,486
    24/01/2025 92,500 216.4736 20,023,808
    Total accumulated over week 4 224,119 215.0323 48,192,821
    Total accumulated during the share buyback programme 26,612,542 201.9820 5,375,255,190

    With the transactions stated above the total accumulated number of own shares under the share buy-back programme corresponds to 3.09% of Danske Bank A/S’ share capital.

    We enclose share buy-back transaction data in detailed form of each transaction in accordance with the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016.

    Danske Bank

    Contact: Stefan Singh Kailay, Group Press Officer, tel. +45 45 14 14 00

    Attachments

    The MIL Network –

  • MIL-OSI Europe: Survey on the Access to Finance of Enterprises: firms report lower interest rates but a small decline in bank loan availability

    Source: European Central Bank

    27 January 2025

    • Firms reported declining bank interest rates on loans, although indicating a slight further tightening of other lending conditions.
    • There was a slight increase in the bank financing gap compared with the previous quarter as firms reported a small reduction in bank loan availability and no change in the need for bank loans.
    • Firms’ inflation expectations increased slightly, with their median expectations for annual inflation in one, three and five years all standing at 3.0%, 0.1 percentage points higher across all three horizons.
    • Nearly half of the firms surveyed see the ECB’s inflation target at 2% and these firms have lower inflation expectations than those believing the target to be significantly higher.

    In the most recent round of the Survey on the Access to Finance of Enterprises (SAFE), euro area firms reported a decrease in interest rates on bank loans (a net -4%, compared with a net 4% reporting an increase in the previous quarter), although a net 22% (30% in the previous quarter) observed increases in other financing costs (i.e. charges, fees and commissions) (Chart 1).

    In this survey round, firms reported a small decline in the availability of bank loans in the fourth quarter of 2024 (a net -2%, down from a net 1% reporting an increase in the previous quarter) (Chart 2). At the same time, firms indicated no change in the need for bank loans, compared with 2% reporting a decrease in the third quarter of 2024. This led the financing gap – an index capturing the difference between the need for and availability of bank loans – to increase for a net 1% of firms, compared with a net 2% of firms reporting a decrease in the previous survey round. Looking ahead, firms expect small improvements in the availability of external financing over the next three months.

    More firms perceived the general economic outlook to be the main factor hampering the availability of external financing than in the previous survey round (a net percentage of -22%, compared with -20%). A net 8% of firms indicated that their perception of banks’ willingness to lend, which may reflect banks’ risk aversion, had improved further (up from 6%).

    A net 6% of enterprises reported an increase in turnover over the last three months, down from 7% in the previous survey round, with a net 11% of firms remaining optimistic about developments in the next quarter. An increased percentage of firms saw a deterioration in their profits compared with the previous survey round (a net percentage of -14%). The survey indicates that the net percentage of firms reporting an increase in cost pressures continued to decline.

    Firms continued to expect the increase in their selling prices and wages to moderate over the next 12 months (Chart 3). Selling prices were expected to increase by 2.9% on average (down from 3.0% in the previous survey round), while the corresponding figure for wages was 3.3% (down from 3.5% in the previous round).

    Firms’ inflation expectations increased slightly, bringing a halt to the previous declines (Chart 4). Median expectations for annual inflation in one, three and five years all stood at 3.0%, thus increasing by 0.1 percentage points for all three horizons. For inflation in five years, fewer firms reported balanced risks (33%). The increase in the percentage of firms seeing upside risks (51%, up from 46%) was similar to the rise in the share of those perceiving risks to the downside (16%, up from 12%).

    To better understand firms’ awareness of and attention to inflation developments, a new set of ad hoc questions was introduced in this survey round. Firms were asked about the factors they believe influenced inflation in 2024, their level of attention to actual inflation, and how this attention has shifted compared with a year ago. Firms cited non-labour input costs rather than wage costs or profits as the primary factor influencing inflation in 2024. Additionally, firms were asked about the inflation target set by the European Central Bank (ECB). Nearly half of the firms surveyed see that target at 2%, and these firms have lower inflation expectations than those believing the target to be significantly higher than 2%.

    The report published today presents the main results of the 33rd round of the SAFE survey for the euro area. The survey was conducted between 20 November and 18 December 2024. Firms were asked about conditions over the three-month period from October to December 2024. The sample comprised 5,393 enterprises in the euro area, of which 4,997 (93%) had fewer than 250 employees.

    For media queries, please contact Nicos Keranis nicos.keranis@ecb.europa.eu, tel.: +49 172 758 7237.

    Notes

    Chart 1

    Changes in the terms and conditions of bank financing for euro area enterprises

    (net percentages of respondents)

    Base: Enterprises that had applied for bank loans (including subsidised bank loans), credit lines, or bank or credit card overdrafts. The figures refer to pilot 2 and rounds 30 to 33 of the survey (October-December 2023 to October-December 2024).

    Notes: Net percentages are the difference between the percentage of enterprises reporting an increase for a given factor and the percentage reporting a decrease. The data included in the chart refer to Question 10 of the survey.

    Chart 2

    Changes in euro area enterprises’ financing needs and the availability of bank loans

    (net percentages of respondents)

    Base: Enterprises for which the instrument in question is relevant (i.e. they have used it or considered using it). Respondents replying “not applicable” or “don’t know” are excluded. The figures refer to pilot 2 and rounds 30 to 33 of the survey (October-December 2023 to October-December 2024).

    Notes: The financing gap indicator combines both financing needs and the availability of bank loans at firm level. The indicator of the perceived change in the financing gap takes a value of 1 (-1) if the need increases (decreases) and availability decreases (increases). If enterprises perceive only a one-sided increase (decrease) in the financing gap, the variable is assigned a value of 0.5 (-0.5). A positive value for the indicator points to a widening of the financing gap. Values are multiplied by 100 to obtain weighted net balances in percentages. The data included in the chart refer to Questions 5 and 9 of the survey.

    Chart 3

    Expectations for selling prices, wages, input costs and employees one year ahead, by size class

    Base: All enterprises. The figures refer to rounds 29 to 33 (April-September 2023 to October-December 2024) of the survey, with firms’ replies collected in the last month of the respective survey waves.

    Notes: Weighted average euro area firm expectations of changes in selling prices, wages of current employees, non-labour input costs and number of employees for the next 12 months using survey weights. The statistics are computed after trimming the data at the country-specific 1st and 99th percentiles. The data included in the chart refer to Question 34 of the survey.

    Chart 4

    Firms’ median expectations for euro area inflation by size class

    (annual percentages)

    Base: All enterprises. The figures refer to pilot 2 and rounds 30 to 33 (October-December 2023 to October-December 2024) of the survey, with firms’ replies collected in the last month of the respective survey waves.

    Notes: Survey-weighted median of euro area firms’ expectations for euro area inflation in one year, three years and five years. The statistics are computed after trimming the data at the country-specific 1st and 99th percentiles. The data included in the chart refer to Question 31 of the survey.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: $350 Million Loan signing between Government of India and ADB

    Source: Government of India

    $350 Million Loan signing between Government of India and ADB

    $350 Million policy-based loan aim to expand India’s manufacturing sector and improve the resilience of its supply chains

    Posted On: 20 DEC 2024 8:23PM by PIB Delhi

    The Government of India and the Asian Development Bank (ADB) today signed a $350 million policy-based loan under the second subprogram of Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program.

    The signatories to the loan agreement were Department of Economic Affairs (DEA), Ministry of Finance; Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry; and the ADB.

    The SMILE program is a programmatic policy-based loan (PBL) to support the government in undertaking wide-ranging reforms in the logistics sector in India. The programmatic approach comprises two subprograms, which aim to expand India’s manufacturing sector and improve the resilience of its supply chains.

    The program establishes and operationalizes a comprehensive policy framework to enhance logistics efficiency through (i) strengthening the institutional bases for multimodal logistics infrastructure development at the national, state, and city levels; (ii) standardizing warehousing and other logistics assets to strengthen supply chains and incentivize greater private sector investment; (iii) improving efficiencies in external trade logistics; and (iv) adopting smart systems for efficient and low emission logistics.

    The development of India’s logistics sector is vital to enhancing the competitiveness of its manufacturing sector. Through strategic policy reforms, infrastructure development, and digital integration, ongoing reforms are poised to transform the logistics landscape. This transformation is expected to reduce costs, improve efficiency, generate substantial employment opportunities, and promote gender inclusion—driving sustainable economic growth.

    The collaboration between the Government of India and ADB reflects a shared commitment to fostering growth and innovation in the logistics sector, supporting India’s broader economic development goals.

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

    AD/CNAN/AM

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: “JAM(Jan Dhan, Aadhar, Mobile)TRINITY and digital revolution: A Decade of Financial Inclusion, Transparency and Corruption Free India”

    Source: Government of India

    “JAM(Jan Dhan, Aadhar, Mobile)TRINITY and digital revolution: A Decade of Financial Inclusion, Transparency and Corruption Free India”

    Ayushman Bharat: Path towards an Inclusive Healthcare Paradigm

    There are more than 54 crore Jan Dhan Yojana accounts, with a total deposit balance of approximately ₹2.39 lakh crore- an increase of over 15 times since its inception.

    37.02 crore RuPay cards have been issued to PMJDY account holders

    In FY 2023-24, UPI transactions reached ₹200 lakh crore, a 138% increase from 2017-18.

    UPI now operational in seven countries and more than 40% of the global real-time payment transactions are happening in India.

    As on 30.11.2024, approximately 36 crore Ayushman cards have been created across the country and a total of around 29,929 hospitals are empaneled under the scheme including 13,222 private hospitals

    AB-PMJAY is presently implemented in 33 States/UTs across the country.

    Posted On: 20 DEC 2024 7:29PM by PIB Delhi

    Modi Government has been working for the poor and more than 200 schemes have been launched in the last 10 years for the welfare of the 140 crore people of the nation, said Union Minister of State for Corporate Affairs and Road, Transport and Highways,Shri Harsh Malhotra. Shri Malhotra was addressing a Press Conference on impact of path breaking reforms of JAM(Jan Dhan Yojna, Aadhar& Mobile) Trinity Schemes,Digital Transactions and AYUSHMAN BHARAT-PM JAY.

    Shri Malhotra stated that under the visionary leadership of PM Shri Narendra Modi, Pradhan Mantri Jan Dhan Yojana (PMJDY) has solved a significant portion of India’s population by bringing them into the banking ecosystem.  At present, there are more than 54 crore accounts, with a total deposit balance of approximately ₹2.39 lakh crore- an increase of over 15 times since its inception. The scheme has been particularly successful in rural ,semi-urban areas and amongst women, with around 66% of accounts coming from these regions. Furthermore, 37.02 croreRuPay cards have been issued to PMJDY account holders, with the average deposit per account rising significantly, reflecting increased usage and savings behaviour. The World Bank has also acknowledged that India has achieved its financial inclusion goals in just six years, a feat that would have taken 47 years without its advanced Digital Public Infrastructure. 
     

    PM-Jan Dhan Yojna  coupled with JAM Trinity has become the world’s largest Financial inclusion program. Now, every rupee released from central Government   reaches  to the intended beneficiary directly without any middlemen which has further led to the enhancement of Indian Economy . The once neglected poor section of the country has been  linked with the rising Indian Economy.This has been made possible with a mission-mode approach that involved both the government and the public.The Minister highlighted that JAM Trinity has driven the nation’s digital revolution and enhance transparency within the financial ecosystem. The government’s focus for the initiative is maximising value for every rupee spent, empowering the poor, and ensuring technology penetration among the masses has been achieved.The JAM Trinity has played a pivotal role in facilitating this progress, enabling more effective and inclusive financial transactions, particularly through Direct Benefit Transfers (DBT). This system has not only ensured subsidies and benefits reach the underprivileged directly but also reduced corruption and eliminated fake beneficiaries. The average deposits in the Jan Dhan Accounts as on 14.8.2024 is Rs 4352. The government has fought against poverty on all fronts and consequently,25 crore have come out of poverty in the last 10 years. Delhi alone has 65 lakh PM Jan Dhan Accounts with a total deposit of Rs 3114 crores along with 50 lakh beneficiaries of RuPAY Cards. 2,59,000 women have been benefited from the PM Ujjwala Scheme

    Minister of State emphasised that the success of PMJDY and the JAM trinity has brought greater financial inclusion, empowering citizens with access to banking services while promoting transparency and curbing corruption.PMJDY has not only transformed the financial landscape for millions of Indians but also paved the way for India to emerge as a global leader in digital financial inclusion. About 10 crore fake beneficiaries have been weeded out from the system  which has helped in prevent Rs 2.75 lakh crore from going into wrong hands.

    Shri Malhotra stated that India’s digital payment landscape has also seen exponential growth, with UPI transactions expanding rapidly. In FY 2023-24, UPI transactions reached ₹200 lakh crore, a 138% increase from 2017-18. This growth in digital payments has positioned India as a global leader in this domain, with UPI now operational in seven countries, further boosting financial inclusion and remittance flows. Through the continued expansion of digital payment solutions and initiatives like UPI, India is setting new benchmarks for economic empowerment and financial transparency and also mentioned that more than 40% of the global real-time payment transactions are happening in India.

    The Government’s focus on inclusive healthcare ensured that, India was just the fifth country to develop the COVID Vaccine and successfully executed  the world’s largest vaccine program in which 221 crore doses were administered to the people of the nation.

    Minister of State highlighted that Ayushman Bharat- PradhanMantri Jan Arogya Yojana (AB-PMJAY) which was launched on 23.09.2018 with an aim to provide health cover of Rs. 5 lakh per family per year for secondary and tertiary care hospitalisation. AB-PMJAY is presently implemented in 33 States/UTs across the country.

    In March 2024, 37 lakh families of ASHA, Anganwadi Worker and Anganwadi Helpers were also included in the scheme.

    Shri Malhotra mentioned that on 29.10.2024, the Government of India expanded the scheme to provide free treatment benefits of up to ₹5 lakh per year on a family basis to all senior citizens aged 70 years and above, irrespective of their socio-economic status. As on 30.11.2024, approximately 36 crore Ayushman cards have been created across the country and a total of  around 29,929 hospitals are empaneled under the scheme including 13,222 private hospitals, to ensure delivery of quality healthcare services to the beneficiaries. Further, a total of around8.39 crore hospital admissions worth aroundRs. 1.16 lakh crore have been authorized under the scheme.

    ****

    DSK

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  • MIL-OSI Asia-Pac: Opportunity for Indian Academic and R&D Institutes, Startups, & Companies to explore the potential of AI in addressing critical challenges

    Source: Government of India

    Opportunity for Indian Academic and R&D Institutes, Startups, & Companies to explore the potential of AI in addressing critical challenges

    IndiaAI Mission calls for proposals in Second EoI Round to drive Ethical and Responsible AI Innovation; 9th January 2025 to be deadline for application submission

    Posted On: 20 DEC 2024 7:24PM by PIB Delhi

    The Government of India launched the IndiaAI Mission on March 7th, 2024, to bolster India’s global leadership in AI and democratize the benefits of AI across all strata of society. To realise this vision, IndiaAI Mission has launched 7 key pillars to strengthen the domestic AI ecosystem.

    The ‘Safe & Trusted AI’ pillar within this initiative emphasizes the need for a balanced, technology-enabled, and India-specific approach to AI governance. This involves the development of indigenous technical tools, guidelines, frameworks, and standards that are contextualized to India’s unique challenges and opportunities as well as our social, cultural, linguistic, and economic diversity.

    First round of EOI

    To advance this vision, the IndiaAI Independent Business Division (IBD) issued an 1st round of Expression of Interest (EoI) and selected Eight Projects to promote responsible AI across a range of critical themes. These include Machine Unlearning, Synthetic Data Generation, AI Bias Mitigation, Privacy-Enhancing Tools, Explainable AI, AI Governance Testing, AI Ethical Certification and Algorithm Auditing Tools.

    Second round EOI

    Further to provide an opportunity to explore the potential of AI in addressing critical challenges, IndiaAI has launched the 2nd round of Expression of Interest (EoI), open to Indian Academic Institutes/Organisations, Autonomous bodies, R&D Institutes/Organizations, Start-ups and Companies. The deadline for application submission is 9th January 2025.

    Themes identified

    The following themes have been identified, against which organizations may submit their proposals to develop practical tools and frameworks, in collaboration with other partners:

    1. Watermarking & Labelling: Develop tools to authenticate AI-generated content, ensuring it’s traceable, secure, and free of harmful materials.

    2. Ethical AI Frameworks: Establish AI frameworks that align with global standards, ensuring AI respects human values and promotes fairness.

    3. AI Risk Assessment & Management: Create risk management tools and frameworks to enhance the safe deployment of AI in public services.

    4. Stress Testing Tools: Create stress-testing tools to evaluate how AI models perform under extreme scenarios, detect vulnerabilities, and build trust in AI for critical applications.

    5. Deepfake Detection Tools: Create Deepfake Detection Tools to enable real-time identification and mitigation of deepfakes, preventing misinformation and harm for a secure and trustworthy digital ecosystem.

    This initiative aligns with the Government of India’s vision of leveraging AI for inclusive growth.

    For more details and to apply, visit https://indiaai.gov.in/article/expression-of-interest-for-safe-trusted-ai-projects-under-indiaai-mission

    IndiaAI, an IBD under the Digital India Corporation (DIC) of the Ministry of Electronics and IT (MeitY), is the implementation agency of the IndiaAI Mission, which aims to democratize AI’s benefits across all strata of society, bolster India’s global leadership in AI, foster technological self-reliance, and ensure ethical and responsible use of AI.

    *****

    Dharmendra Tewari/Kshitij Singha

    (Release ID: 2086605) Visitor Counter : 59

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: EIB Group donates €300 000 to NGOs helping communities affected by flooding in Spain

    Source: European Investment Bank

    • The EIB Group – through the EIB Institute, the group’s philanthropic and social impact arm – will donate €300 000 to the NGOs Save the Children, SOS Children’s Villages and Casa Caridad to support communities affected by flash flooding in Spain.
    • The funds will be used to provide psychosocial support, create suitable conditions for children’s schooling and restore housing to a liveable state.
    • This donation comes in addition to an initial financial package of €900 million launched by the EIB Group in November to support recovery and reconstruction in the affected areas.
    • The EIB Group will channel an additional 400 million through financial institutions to support SMEs and mid-caps affected by the floods.

    The EIB Institute, the philanthropic and social impact arm of the European Investment Bank Group (EIB Group), has announced a donation of €300 000 to support communities affected by the flash flooding that devastated parts of Spain on 30 October and in the first few days of November. The donation will be channelled through the NGOs Save the Children Spain, SOS Children’s Villages and Casa Caridad.

    The floods have left many communities in urgent need of help. This donation by the EIB Institute will lend critical support for residents to restore decent living conditions. With the funds, Save the Children Spain will provide psychosocial support and create adequate learning conditions for children, SOS Children’s Villages will give communities administrative assistance and help them meet essential needs, and Casa Caridad will help families restore their homes.

    The EIB Group is thus continuing to increase its support for recovery and reconstruction in the parts of eastern and south-eastern Spain hardest hit by the storms. This includes a €900 million initial response package announced by the group on 6 November to reschedule and accelerate planned disbursements and thereby facilitate the reconstruction of critical infrastructure to be carried out by regional authorities and public bodies in the affected areas, as was also done following the floods in Central Europe in September.

    The EIB has also launched operations to channel approximately €400 million through financial institutions to support SMEs and mid-caps affected by the floods, with a first agreement with Banco Sabadell.

    “The EIB Group has been quick to mobilise to support recovery efforts in the aftermath of the devastating floods in Spain. Today, we supplement our lending with this donation from the EIB Institute, as a sign of our solidarity and commitment to helping the hardest hit communities,” said EIB President Nadia Calviño.

    “The EIB Institute has a long track record of responding to humanitarian crises with swift, impactful support. Over the past decade, we have consistently prioritised providing aid to the most vulnerable, such as children, single-parent and large families, elderly people, people with disabilities and those suffering from malnourishment. Our donations have reached countless individuals, providing critical aid and building resilience in communities around the world. Our mission is to bring hope and relief to those in need, wherever they may be,” said EIB Institute Director Shiva Dustdar.

    The EIB Institute regularly grants aid in response to crises and natural disasters, and donates IT equipment from the EIB. In 2023, EIB donations through the EIB Institute helped populations affected by the war in Ukraine, the earthquake in Türkiye and Syria and the flooding in Slovenia, among other events.

    Background information

    European Investment Bank

    The EIB is the long-term lending institution of the European Union, owned by the Member States. It finances investments that pursue EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    The EIB Group, consisting of the European Investment Bank and the European Investment Fund, reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

    The EIB Institute was set up within the EIB Group to foster thought-leadership and impact initiatives with European stakeholders and the public at large.

    MIL OSI Europe News –

  • MIL-OSI Europe: France: EIB and Rhône department sign first finance contract for lower secondary school construction and refurbishment

    Source: European Investment Bank

    • The EIB will provide a 25-year loan of €45 million for seven collèges (lower secondary schools) in the department.
    • The collèges will be highly energy efficient following the work, reducing their carbon footprint and making operating cost savings.
    • This is the first time the EIB has lent funds to the Rhône department in France.

    The European Investment Bank (EIB) and the Rhône department have signed a 25-year, €45 million finance contract to help modernise educational facilities and adapt them to local demand, with a view to improving the quality of secondary-level education in the area.

    With this funding, the department will be able to improve the quality of the infrastructure of seven new or refurbished collèges. The project also includes investments in digital equipment and the refurbishment of schoolyards.

    The collèges will be highly energy efficient following the work, enabling energy use reduction goals to be achieved and making operating cost savings. Climate change adaptation measures will also be included.

    This project is fully in line not only with the department’s education efforts (2025 New Collèges Plan), but also with the green transition set out in its low-carbon strategy.

    The project focuses on the construction, reconstruction or refurbishment of collèges. It will enable the department to support the adaptation of its network of educational facilities to local demand. This investment will make school infrastructure more resilient to climate risk and school buildings more energy efficient. The work carried out will include a wide range of solutions to adapt to global warming, such as sunshades, rainwater retention systems to supply water for toilet facilities in particular, and permeable soil solutions.

    The project will benefit around 4 020 students enrolled in the department’s lower secondary schools (20% of all students in the department’s collèges). Around 30 000 m2 of educational facilities will be built, expanded or refurbished as part of this project.

    EIB Vice-President Ambroise Fayolle said: “Investing in education is a priority for the EIB, the EU bank. We are very pleased with the trust placed in us by the Rhône department, which we are supporting for the first time in the financing of its public infrastructure. This project will also contribute to the low-carbon transition of collèges through improved energy efficiency and reduced operating costs.”

    Christophe Guilloteau, president of the Rhône department, said: “We are delighted to sign this maiden financing contract with the EIB, which will enable us to carry out the ambitious educational infrastructure projects of our Rhône Bâtisseur programme, such as the 2025 New Collèges Plan.”

    Background information

    About the European Investment Bank (EIB)

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. In the education sector, which is one of its priorities, the EIB financed investment projects in France in 2023 to the tune of more than €900 million, a figure that has risen sharply. The EIB finances education infrastructure from nursery schools to higher education in both the public and private sectors. In secondary education, it recently financed school construction and refurbishment projects for lower secondary schools in six departments and for upper secondary schools in the Brittany and Île-de-France regions. In higher education, it financed refurbishment projects on the campuses of CentraleSupélec in Saclay, École Polytechnique in Palaiseau and INSEAD in Fontainebleau.

    About the Rhône department

    The department’s policy regarding collèges relates both to education itself and to work in schools. The educational aspect concerns pupils in the 33 public collèges and the 19 private collèges under contract in the Rhône department (upkeep, catering and maintenance), adaptation to changes in numbers (location and size of collèges, prospective students, allocation of schools by catchment area, transitional measures), development of cross-cutting and multidisciplinary educational actions in the collèges, and also covers the 12 training centres for young people in the Rhône department (environment, sustainable development, food, health, law, ensuring memory of past events, sport, culture). In this context, the department is carrying out major refurbishment work and constructing public collèges to provide the best learning conditions for young people and the best working conditions for all staff and the educational community in the Rhône department.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Driving decarbonisation: leveraging quantum computing for Europe’s clean industrial future – E-002937/2024

    Source: European Parliament

    13.12.2024

    Question for written answer  E-002937/2024
    to the Commission
    Rule 144
    Lídia Pereira (PPE), Sebastião Bugalho (PPE), Paulo Cunha (PPE), Hélder Sousa Silva (PPE)

    In order to decarbonise growth, we need to grow decarbonisation. Quantum computing will reshape the economics of decarbonisation, advancing transformative innovation across cleantech applications and enabling a greenhouse gas reduction of up to 7 gigatonnes by 2035. The quantum market could be as large as EUR 78 billion by 2040. As pointed out by the Draghi report, today ‘five of the top ten tech companies globally in terms of quantum investment are based in the US, four in China and none in the European Union’. Given Executive Vice-President of the Commission Stéphane Séjourné’s task to ensure the industrial application of quantum computing is at the heart of our economy, how is the new Commission planning to harness quantum computing’s potential in the Clean Industrial Deal considering:

    • 1.a pan-European strategy for quantum applications in clean technologies, driven by public funding and supported by a comprehensive capacity-building plan for the quantum and clean tech industries;
    • 2.the promotion of public-private partnerships in the form of centres of excellence to incentivise research and development (R&D) investment in quantum computing by the private sector;
    • 3.the proactive involvement of European universities in the development of the skills and knowledge at the heart of a quantum economy for clean technologies.

    Submitted: 13.12.2024

    Last updated: 20 December 2024

    MIL OSI Europe News –

  • MIL-OSI Economics: Luis de Guindos: Interview with the Telegraaf

    Source: European Central Bank

    Interview with Luis de Guindos, Vice-President of the ECB, conducted by Wouter van Bergen and Martin Visser

    20 December 2024

    What has kept you awake over the past year?

    Looking back at recent times, I would say that my worst nightmare was that a cyber attack would wreak havoc in the payments system. We would have a complicated situation on our hands that would be very difficult to resolve and would have serious consequences for all of us.

    And what do you expect will keep you awake next year?

    For the future, I’m more concerned about trade policy and the potential fragmentation of the global economy. The new US administration has announced far-reaching import tariffs. If they materialise, a wholly new situation could arise, which would go completely against the lessons from the 1930s and the path we have chosen since the end of the Second World War.

    Trump has introduced import tariffs before. What is different this time?

    It’s not only the import tariffs imposed by the United States that are the problem, but also the retaliation by other countries in response. If a trade war erupts, it would be extremely negative for the world economy, mainly for growth but also for inflation. For example, if you impose a 60% tariff on goods from China, which already has excess capacity, it would cause a diversion in trade flows and even impact exchange rates. Nobody knows where that will end.

    What can the ECB do about that?

    We’re not responsible for trade policy. We can provide our advice and explain that a trade war would be extremely detrimental for the world economy and a lose-lose situation for everyone, and that is why it is better to be prudent. But the response is up to the European Commission, and our role is to give our view and deal with the consequences.

    Might it also threaten the euro?

    It should be the other way around. If such threats emerge, the answer lies precisely in more European integration. The euro plays a hugely important role in that.

    But election results indicate that the population in many European countries is not that keen on it…

    I think that the European population is smart, and people are well aware that the uncertainties and risks are intensifying, and that becoming more fragmented within Europe would be the wrong response. My impression of populist politicians is that they propose simple solutions for highly complex problems.

    Immigration is one such complex problem…

    There is talk about restricting immigration, but looking at demographic developments in Europe, you see that the population is ageing. From an economic viewpoint, it is crystal clear that we need ordered immigration, so we should focus on properly managing its social impact.

    Are you concerned about the high levels of public debt in many Member States, such as France?

    Countries need to put in place credible and prudent fiscal consolidation plans. The fiscal rules were suspended for five years due to the COVID-19 pandemic and the energy crisis, but now we have a new fiscal framework, and it’s important to implement it accordingly. France is not the only country whose budget has not yet been approved. The same goes for Germany, Spain, Belgium and Austria. They know what they need to do, and I am convinced that they will act accordingly.

    Relative to GDP, public debt is indeed on average 10% higher than it was before the pandemic. At the same time, the situation in the southern European countries that were in trouble 12 years ago is much better now. Portugal now runs a budget surplus, as do Ireland and Cyprus. Greece and Italy are running primary surpluses. Precisely the ‘usual suspects’ back then are doing well now, thanks to the measures taken at the time.

    Former ECB President Mario Draghi painted a dire picture of the state of European competitiveness in a recent report. What can we do to restore it?

    The demographic reality is that our population is ageing. An ageing society takes less risks and innovates less. That’s why targeted immigration is so important. It’s something that Europe should reflect on from an economic perspective.

    Europe has other structural problems too, like the lack of a genuine single market for goods and services. The array of different rules applying throughout means that Europe is still highly fragmented, in contrast to the United States. We don’t have a real banking union as we don’t have a common deposit insurance scheme. And we don’t have a capital markets union, because there is no single capital market supervisor and insolvency laws still differ across countries. On top of that, we don’t have a fiscal union, unlike the United States. Savings are taxed differently everywhere in Europe, there are disparities in labour market rules and some exceptions to the temporary framework on state aid still have to be fully phased out.

    The list of necessary measures is long…

    Yes, there is a lot of work to do and the world is not going to wait for us. Because of the policies of the new United States administration, we may need to deal with import tariffs, uncertain fiscal policy, the possibility of deregulation in financial markets and, going beyond economics, even defence. This is a wake-up call for Europe.

    How can you remain optimistic in the face of such huge challenges?

    It’s not a question of optimism, but pragmatism. In Europe, there is only one way to preserve our current standard of living, and we will eventually choose the correct path.

    The inflation rate in the Netherlands has risen again to 4%. The ECB’s policy does not suit the situation in our country…

    In the euro area, we have seen that although there is an increase in households’ real disposable income because wages have started to catch up with past inflation, consumption is not recovering well. This is an issue of confidence, which has to do with past inflation, the lagging effects of the pandemic, and the current geopolitical landscape.

    People mainly look at prices and they now see that supermarket prices are much higher than they were two or three years ago. That’s why it’s so important that they realise that price levels are stabilising and wages are catching up. And not everything is negative, as labour markets are doing well.

    As the ECB, we have to look at the euro area average (at 2.2% in November, ed.). Dutch inflation is more volatile than average. We are confident that inflation will gradually decrease in the Netherlands too, and that inflation across the euro area will gradually converge towards our 2% target.

    What message do you have for Dutch consumers?

    You still have higher inflation, but inflation in the euro area has declined substantially and without a recession. You have very high employment, so wages are increasing and catching up with past inflation. The tight labour market also shows the need for targeted immigration.

    Do you already hold bitcoin?

    No, no bitcoin, but I know some people who do.

    You missed out on big gains…

    Yes, but I could just have gone to the casino [laughs]. The world of crypto-assets is a mixed bag, with stablecoins being very different from others like bitcoin. In general though, there are no fundamentals that determine the value of bitcoin, like there are for shares or bonds. There is only scarcity.

    Are crypto-assets a risk for the financial system?

    Not for now, there are few of them and volumes are still too small to pose material risks to the financial system.

    Europe is lagging behind the rest of the world. Out of the 50 largest tech companies, only three are European. Europeans heavily invest their funds on US stock exchanges and European banks can’t keep up with their US competitors. Is there still hope?

    This is an indication that there are some structural issues that we need to improve in Europe, namely by deepening economic integration. I talked earlier about common solvency and taxation rules and a coordinated approach to supervision in capital markets, for example. We have to channel European savings to Europe, and to attract savings from abroad.

    Every cloud has a silver lining. Europe is at a crossroads now. The future is now more uncertain than ever since the pandemic due to geopolitical tensions and the risk of significant frictions in global trade in the advent of the new United States administration. That is why we need more integration, not less. It will take courage, but common sense will ultimately prevail.

    MIL OSI Economics –

  • MIL-OSI Canada: Provincial Court Judges Appointed in Regina and Prince Albert

    Source: Government of Canada regional news

    Released on December 20, 2024

    The Government of Saskatchewan is announcing today the appointment of three new judges to the Provincial Court of Saskatchewan.

    Cynthia Alexander is appointed to the Provincial Court in Regina. Lori O’Connor and Buffy Rodgers are appointed to the Provincial Court in Prince Albert.

    “It is a privilege to announce the appointment of these three new judges to the Provincial Court of Saskatchewan,” Justice Minister and Attorney General Tim McLeod said. “Saskatchewan prides itself on its record of appointing highly skilled legal professionals to our judiciary, and I am confident these new appointees to the Provincial Court will carry on this tradition in their communities.” 

    Judge Alexander received her Bachelor of Laws from the University of Saskatchewan College of Law in 1996 and was called to the Bar in 1997. She completed her articles with Woloshyn & Company (now W Law) in Regina, where she remained as an Associate Lawyer until 2000. Judge Alexander then took a position as a Crown Prosecutor with Public Prosecutions in Prince Albert, and became a Senior Crown Prosecutor there in 2008. In 2022, she moved to the Head Office of Public Prosecutions in Regina as the Director of Professional Development.

    Judge Alexander has spent the majority of her career prosecuting criminal matters in Provincial Court and the Court of King’s Bench. She has developed expertise in criminal procedure, trial advocacy and rules of evidence. She has mentored prosecutors, articling students, and summer students within the Ministry of Justice and Attorney General and has also lectured at the University of Regina, the Saskatchewan Police College and Saskatchewan Polytechnic. 

    Outside of work, Judge Alexander and her husband have raised two sons. She enjoys music and travelling, and has volunteered with the Prince Albert Music Festival and the Saskatchewan Jazz Festival. 

    Judge O’Connor received her Bachelor of Laws from Dalhousie University in 2008 and was called to the Bar in 2009. She completed her articles with Legal Aid in Thompson, Manitoba, where she continued as a Staff Lawyer until 2010. In 2010, Judge O’Connor joined Saskatchewan Public Prosecutions as a Crown Prosecutor. She became a Regional Crown Prosecutor in Melfort in 2019. 

    Judge O’Connor has extensive experience in criminal law gained from her career as a Crown Prosecutor. She has taken an active role in mentoring law students through Dalhousie Law School’s Weldon Mentor Matching Program, and has provided court and testimony training to nurse examiners, victims services volunteers and peace officers. She also regularly contributes book reviews to the Canadian Law Library Review that appear on CanLii.

    Outside of her professional life, Judge O’Connor bakes banana bread for the Melfort Food Bank and enjoys walking her dog.   

    Judge Rodgers received her Bachelor of Laws from the University of Saskatchewan College of Law in 1998 and was called to the Bar in 1999. She completed her articles with Wardell Worme & Missens in 1999, and remained there as a Junior Lawyer until 2001. Judge Rodgers held a variety of roles from 2001 to 2006, including acting as legal counsel at Legal Aid Saskatchewan and Partner at Wardell Driedger Cotton & Rodgers, later Wardell Gillis Tangjerd Rodgers & Cotton. She joined the Saskatchewan Ministry of Justice and Attorney General as Crown Counsel in 2006 and became a Senior Crown Prosecutor with Saskatchewan Public Prosecutions in 2007. She has held the position of Senior Crown Prosecutor – OH&S since 2015.

    Over her legal career, Judge Rodgers has developed expertise in a wide variety of legal areas including criminal defense, child protection, civil law, small claims and legal aid. As a Crown Prosecutor she has spent a significant portion of her career in docket and trial court, and in the Court of King’s Bench practicing both criminal and regulatory law, with a specialty in OH&S files. 

    Judge Rodgers is a past Secretary of the Saskatchewan Crown Attorneys Association, and is a recipient of the Premier’s Award for Excellence in the Public Service for her work on the Serious Violent Offender Response Team. 

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI USA: US Department of Labor awards Florida $1.5M in funding to support jobs, training services in 21 counties affected by opioid crisis

    Source: US Department of Labor

    WASHINGTON – The U.S. Department of Labor today announced the award of $1.5 million in grant funding to Florida’s Department of Commerce to assist people affected by the health and economic effects of widespread opioid use, addiction and overdose.

    The opioid epidemic has significantly affected Florida’s workforce, with opioids involved in over 6,000 fatal overdoses in 2022, as well as contributing to absenteeism, increased healthcare costs, turnover, loss of productivity and shortages of treatment providers and facilities.

    Overseen by the department’s Employment and Training Administration, the National Health Emergency Dislocated Worker Grant will serve people in 21 counties across Florida by creating disaster-relief positions to address the shortage of health and counseling services available to individuals impacted by the opioid crisis.

    “The Employment and Training Administration is committed to ensuring Florida workers affected by the opioid crisis have access to assistance that will help their communities address the unique impacts of this complex public health crisis,” said Assistant Secretary for Employment and Training José Javier Rodríguez. “This Dislocated Worker Grant provides critical support to Florida by providing jobs to affected workers and training in the areas of addiction treatment, mental health and pain management.”

    Funds will also support employment and training services for workers experiencing unemployment and other workforce barriers resulting from the opioid crisis. Six workforce development boards will operate the project, serving eligible participants in Baker, Bay, Brevard, Clay, Duval, Flagler, Franklin, Gulf, Hillsborough, Lake, Manatee, Nassau, Orange, Osceola, Pinellas, Putnam, Sarasota, Seminole, St. Johns, Sumter and Volusia counties.

    In October 2017, the U.S. Department of Health and Human Services declared the opioid crisis a national public health emergency, enabling Florida to request this funding.

    Supported by the Workforce Innovation and Opportunity Act of 2014, Dislocated Worker Grants temporarily expand the service capacity of dislocated worker programs at the state and local levels by providing funding assistance in response to large, unexpected economic events that cause significant job losses.

    MIL OSI USA News –

  • MIL-OSI USA: 2024: NASA Armstrong Prepares for Future Innovative Research Efforts

    Source: NASA

    [embedded content]
    NASA/Quincy Eggert

    NASA’s Armstrong Flight Research Center in Edwards, California, is preparing today for tomorrow’s mission. Supersonic flight, next generation aircraft, advanced air mobility, climate changes, human exploration of space, and the next innovation are just some of the topics our researchers, engineers, and mission support teams focused on in 2024.
    NASA Armstrong began 2024 with the public debut of the X-59 quiet supersonic research aircraft. Through the unique design of the X-59, NASA aims to reduce the sonic boom to make it much quieter, potentially opening the future to commercial supersonic flight over land. Throughout the first part of the year, NASA and international researchers studied air quality across Asia as part of a global effort to better understand the air we breathe. Later in the year, for the first time, a NASA-funded researcher conducted an experiment aboard a commercial suborbital rocket, studying how changes in gravity during spaceflight affect plant biology.
    Here’s a look at more NASA Armstrong accomplishments throughout 2024:

    Our simulation team began work on NASA’s X-66 simulator, which will use an MD-90 cockpit and allow pilots and engineers to run real-life scenarios in a safe environment.
    NASA Armstrong engineers completed and tested a model of a truss-braced wing design, laying the groundwork for improved commercial aircraft aerodynamics.
    NASA’s Advanced Air Mobility mission and supporting projects worked with industry partners who are building innovative new aircraft like electric air taxis. We explored how these new designs may help passengers and cargo move between and inside cities efficiently. The team began testing with a custom virtual reality flight simulator to explore the air taxi ride experience. This will help designers create new aircraft with passenger comfort in mind. Researchers also tested a new technology that will help self-flying aircraft avoid hazards.
    A NASA-developed computer software tool called OVERFLOW helped several air taxi companies predict aircraft noise and aerodynamic performance. This tool allows manufacturers to see how new design elements would perform, saving the aerospace industry time and money.
    Our engineers designed a camera pod with sensors at NASA Armstrong to help advance computer vision for autonomous aviation and flew this pod at NASA’s Kennedy Space Center in Florida.
    NASA’s Quesst mission marked a major milestone with the start of tests on the engine that will power the quiet supersonic X-59 experimental aircraft.
    In February and March, NASA joined international researchers in Asia to investigate pollution sources. The now retired DC-8 and NASA Langley Gulfstream III aircraft collected air measurements over the Philippines, South Korea, Malaysia, Thailand, and Taiwan. Combined with ground and satellite observations, these measurements continue to enrich global discussions about pollution origins and solutions.
    The Gulfstream IV joined NASA Armstrong’s fleet of airborne science platforms. Our teams modified the aircraft to accommodate a next-generation science instrument that will collect terrain information of the Earth in a more capable, versatile, and maintainable way.
    The ER-2 and the King Air supported the development of spaceborne instruments by testing them in suborbital settings. On the Plankton, Aerosol, Cloud, ocean Ecosystem Postlaunch Airborne eXperiment mission (PACE-PAX), the ER-2 validated data collected by the PACE satellite about the ocean, atmosphere, and surfaces.
    Operating over several countries, researchers onboard NASA’s C-20A collected data and images of Earth’s surface to understand global ecosystems, natural hazards, and land surface changes. Following Hurricane Milton, the C-20A flew over affected areas to collect data that could help inform disaster response in the future.
    We also tested nighttime precision landing technologies that safely deliver spacecraft to hazardous locations with limited visibility.
    With the goal to improve firefighter safety, NASA, the U.S. Forest Service, and industry tested a cell tower in the sky. The system successfully provided persistent cell coverage, enabling real-time communication between firefighters and command posts.
    Using a 1960s concept wingless, powered aircraft design, we built and tested an atmospheric probe to better and more economically explore giant planets.
    NASA Armstrong hosted its first Ideas to Flight workshop, where subject matter experts shared how to accelerate research ideas and technology development through flight.

    These are just some of NASA Armstrong’s many innovative research efforts that support NASA’s mission to explore the secrets of the universe for the benefit of all.

    MIL OSI USA News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 20.12.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    20 December 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 20.12.2024

    Espoo, Finland – On 20 December 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 872,093 4.19
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 872,093 4.19

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 20 December 2024 was EUR 3,657,384. After the disclosed transactions, Nokia Corporation holds 218,626,057 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI Economics: IMF Executive Board Completes the Sixth Review of the Extended Arrangement under the Extended Fund Facility for Ukraine

    Source: International Monetary Fund

    December 20, 2024

    • The IMF Board today completed the Sixth Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about US$1.1 billion (SDR 834.9 million) to Ukraine, which will be channeled by the authorities for budget support.
    • Ukraine’s economy remains resilient, and performance remains strong under the EFF despite challenging conditions. The authorities met all end-September quantitative performance criteria and structural benchmarks.
    • Sustained reform momentum, progress at domestic revenue mobilization, and timely disbursement of external support are necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and improve governance.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) today completed the Sixth Review of the EFF, enabling the authorities to draw US$1.1 billion (SDR 834.9 million), which will be channeled by the authorities for budget support. This will bring the total disbursements under the IMF-supported program to US$9.8 billion.

    Ukraine’s 48-month EFF, with access of SDR 11.6 billion (equivalent to US$15.5 billion, or about 577 percent of quota), was approved on March 31, 2023, and forms part of a US$148 billion support package for Ukraine. The authorities’ IMF-supported program helps anchor policies that sustain fiscal, external, and macro-financial stability at a time of exceptionally high uncertainty. The EFF aims to support the economic recovery, enhance governance, and strengthen institutions with the aim of promoting long-term growth in the context of reconstruction and Ukraine’s path to EU accession.

    Ukraine’s performance under its program remains strong. All end-September and continuous quantitative performance criteria and indicative targets were met. The authorities have also completed a prior action on the enactment of the package of tax measures, have met all end-October structural benchmarks due by the Sixth Review and three of the end-December benchmarks.  

    Economic growth in 2024 has been upgraded given better than expected resilience to the energy shocks. However, a slowdown is expected in 2025 due to an increasingly tight labor market, the impact of Russian attacks on Ukrainian energy infrastructure, and continued uncertainty about the war. Inflation has risen recently, mainly due to food prices, while inflation expectations remain well anchored. Adequate reserves have been sustained by continued sizeable external support. Overall, the outlook remains subject to exceptionally high uncertainty.

    Following the Executive Board discussion on Ukraine, Ms. Kristalina Georgieva, Managing Director of the IMF, issued the following statement[1]:

    “Russia’s war in Ukraine continues to take a devastating social and economic toll on Ukraine. Despite the war, macroeconomic stability is being preserved through skillful policymaking by the Ukrainian authorities as well as substantial external support. The economy has remained resilient, reflecting the continued adaptability of households and firms, although risks are tilted to the downside due to headwinds from attacks on energy infrastructure and a tight labor market. Preparedness and contingency planning are key to enable appropriate policy action should risks materialize.

    The program remains fully financed with a cumulative external financing envelope of US$148 billion in the baseline and US$177 billion in the downside over the 4-year program period, including commitments from the G7’s Extraordinary Revenue Acceleration Loans for Ukraine (ERA) initiative. Full, timely and predictable external support—on terms consistent with debt sustainability—remains essential to maintaining full program financing and safeguarding stability.

    A tax package and 2025 Budget in line with the program baseline have been enacted, but there are few remaining buffers and strict budget execution will be key. Continued progress at domestic revenue mobilization is imperative for Ukraine to meet its high priority spending needs and to restore fiscal sustainability. Strong implementation of the National Revenue Strategy and customs reform will help raise further revenues, improve compliance, combat evasion, and support EU accession.

    After completing the Eurobond exchange in August, the authorities are now focusing on reaching agreement with other holders of external commercial claims, including GDP warrants, in line with their strategy. A swift agreement in line with the program’s debt sustainability objectives would reduce fiscal risks and create space for critical spending needs.

    Inflation has accelerated more than expected in recent months, and the recent tightening of monetary policy was appropriate; the NBU should stand ready to take further action should inflation expectations deteriorate. Allowing exchange rate flexibility will help strengthen the resilience of the economy to external shocks while safeguarding reserves.

    The financial sector remains stable, but vigilance is needed given heightened risks. Progress on strengthening bank resolution and risk-based supervision, stress-testing frameworks and contingency planning should be sustained.

    Reform momentum in anticorruption and governance needs to be sustained. In particular, the authorities need to advance the creation of a new court for high public disputes, and amend the criminal procedure code.”

    Table 1. Ukraine: Selected Economic and Social Indicators, 2021–27

    2021

     

    2022

     

    2023

    2024

    2025

    2026

    2027

    Act.

    Act.

    Act.

    Proj.

    Proj.

    Proj.

    Proj.

    Real economy (percent change, unless otherwise indicated)

    Nominal GDP (billions of Ukrainian hryvnias) 1/

    5,451

    		  

    5,239

    		  

    6,538

    7,629

    8,680

    9,874

    10,937

    Real GDP 1/

    3.4

    		  

    -28.8

    		  

    5.3

    4.0

    2.5-3.5

    5.3

    4.5

    Contributions:

    		                  

    Domestic demand

    12.9

    		  

    -22.9

    		  

    13.9

    6.5

    4.9

    4.5

    4.2

    Private consumption

    4.7

    		  

    -16.8

    		  

    5.5

    3.3

    3.2

    3.8

    3.5

    Public consumption

    0.1

    		  

    12.5

    		  

    2.6

    -0.1

    -1.1

    -2.5

    -1.9

    Investment

    8.1

    		  

    -18.6

    		  

    5.8

    3.3

    2.9

    3.2

    2.6

    Net exports

    -9.5

    		  

    -5.9

    		  

    -8.6

    -2.5

    -2.4

    0.8

    0.3

    GDP deflator

    24.8

    		  

    34.9

    		  

    18.5

    12.2

    11.0

    8.0

    6.0

    Unemployment rate (ILO definition; period average, percent)

    9.8

    		  

    24.5

    		  

    19.1

    13.3

    11.8

    10.2

    9.4

    Consumer prices (period average)

    9.4

    		  

    20.2

    		  

    12.9

    6.2

    10.3

    7.7

    5.0

    Consumer prices (end of period)

    10.0

    		  

    26.6

    		  

    5.1

    10.0

    7.5

    6.6

    5.0

    Nominal wages (average)

    20.8

    		  

    1.0

    		  

    20.1

    19.1

    18.9

    14.1

    10.5

    Real wages (average)

    10.5

    		  

    -16.0

    		  

    6.4

    12.1

    7.8

    6.0

    5.3

    Savings (percent of GDP)

    12.5

    		  

    17.0

    		  

    9.8

    8.5

    2.9

    9.1

    15.2

    Private

    12.7

    		  

    30.2

    		  

    24.6

    24.1

    17.9

    14.7

    13.6

    Public

    -0.2

    		  

    -13.1

    		  

    -14.8

    -15.6

    -14.9

    -5.6

    1.5

    Investment (percent of GDP)

    14.5

    		  

    12.1

    		  

    15.1

    16.9

    17.5

    19.3

    20.4

    Private

    10.7

    		  

    9.6

    		  

    10.4

    13.6

    13.6

    15.0

    15.3

    Public

    3.8

    		  

    2.5

    		  

    4.8

    3.4

    4.0

    4.3

    5.1
                     

    General Government (percent of GDP)

    		                  

    Fiscal balance 2/

    -4.0

    		  

    -15.6

    		  

    -19.6

    -18.9

    -18.9

    -9.9

    -3.6

    Fiscal balance, excl. grants 2/

    -4.0

    		  

    -24.8

    		  

    -26.1

    -24.3

    -19.7

    -10.1

    -4.6

    External financing (net)

    2.4

    		  

    10.7

    		  

    16.5

    14.8

    18.0

    8.9

    1.4

    Domestic financing (net), of which:

    1.6

    		  

    5.0

    		  

    3.1

    4.1

    0.9

    1.0

    2.2

    NBU

    -0.3

    		  

    7.3

    		  

    -0.2

    -0.2

    -0.2

    -0.1

    -0.1

    Commercial banks

    1.5

    		  

    -1.5

    		  

    2.5

    4.1

    1.0

    0.9

    2.2

    Public and publicly-guaranteed debt

    48.9

    		  

    77.7

    		  

    82.3

    92.2

    104.3

    105.8

    101.8
                     

    Money and credit (end of period, percent change)

    		                  

    Base money

    11.2

    		  

    19.6

    		  

    23.3

    15.0

    17.2

    12.0

    10.1

    Broad money

    12.0

    		  

    20.8

    		  

    23.0

    16.7

    14.4

    12.1

    10.1

    Credit to nongovernment

    8.4

    		  

    -3.1

    		  

    -0.5

    11.6

    12.9

    21.0

    17.6
                     

    Balance of payments (percent of GDP)

    		                  

    Current account balance

    -1.9

    		  

    4.9

    		  

    -5.4

    -8.4

    -14.6

    -10.1

    -5.3

    Foreign direct investment

    3.8

    		  

    0.1

    		  

    2.5

    2.5

    2.4

    4.1

    5.2

    Gross reserves (end of period, billions of U.S. dollars)

    30.9

    		  

    28.5

    		  

    40.5

    42.3

    43.3

    47.9

    50.1

    Months of next year’s imports of goods and services

    4.5

    		  

    3.8

    		  

    5.3

    5.3

    5.4

    5.8

    5.9

    Percent of short-term debt (remaining maturity)

    67.5

    		  

    64.3

    		  

    87.1

    102.7

    99.8

    112.3

    116.0

    Percent of the IMF composite metric (float)

    104.4

    		  

    103.6

    		  

    124.1

    112.0

    100.5

    100.2

    102.0

    Goods exports (annual volume change in percent)

    35.3

    		  

    -44.7

    		  

    -15.8

    15.5

    1.6

    16.7

    10.6

    Goods imports (annual volume change in percent)

    16.9

    		  

    -23.6

    		  

    21.7

    9.3

    6.9

    8.9

    9.4

    Goods terms of trade (percent change)

    -8.4

    		  

    -11.6

    		  

    3.6

    0.3

    -1.9

    1.2

    1.4
                     

    Exchange rate

    		                  

    Hryvnia per U.S. dollar (end of period)

    27.3

    		  

    36.6

    		  

    38.0

    …

    …

    …

    …

    Hryvnia per U.S. dollar (period average)

    27.3

    		  

    32.3

    		  

    36.6

    …

    …

    …

    …

    Real effective rate (deflator-based, percent change)

    8.8

    		  

    30.5

    		  

    -2.0

    …

    …

    …

    …

    Memorandum items:

    Per capita GDP / Population (2017): US$2,640 / 44.8 million

    Literacy / Poverty rate (2022 est 3/): 100 percent / 25 percent

    Sources: Ukrainian authorities; World Bank, World Development Indicators; and IMF staff estimates.

    1/ GDP is compiled as per SNA 2008 and excludes territories that are or were in direct combat zones and temporarily occupied by Russia (consistent with   the TMU).

    2/ The general government includes the central and local governments and the social funds.

    3/ Based on World Bank estimates.
                                     

    [1] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

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