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Category: Business

  • MIL-OSI: World Innovation League Launches DTTP 2.0: Empowering the Next Generation of Tech Talent in Canada

    Source: GlobeNewswire (MIL-OSI)

    Toronto, Oct. 31, 2024 (GLOBE NEWSWIRE) — World Innovation League (WIL), a Canadian non-profit organization, proudly announces the launch of the second year of the Diverse Tech Talent Program (DTTP 2.0). This pioneering initiative aims to bridge the tech skills gap by equipping underrepresented youth across Canada with essential skills, mentorship, and career-building opportunities. With strategic funding secured, DTTP 2.0 is positioned to significantly support Canada’s expanding tech ecosystem, preparing future leaders with the knowledge and experience needed to excel in high-demand fields.

    Addressing Canada’s Tech Talent Shortage

    Canada’s tech sector is thriving, yet underrepresentation remains a pressing issue. Only 2.6% of tech roles are currently held by individuals from underrepresented backgrounds, a stark contrast to Canada’s diverse population. DTTP 2.0 is designed to close this gap by leveling up skills, providing real-world experience, and creating access to job opportunities. Through this, DTTP 2.0 strengthens Canadian tech with fresh perspectives and innovative ideas.

    Under the leadership of WIL, DTTP 2.0 offers a unique training-to-job model aimed at helping young Canadians from diverse backgrounds overcome traditional barriers to entry in tech. Since launching last year, DTTP has successfully trained 500 Canadians and residents. With this new cohort, WIL continues its mission to empower innovators and startups worldwide, beginning here at home in Canada.

    “DTTP is about more than skills—it’s about building a future where opportunities are accessible to everyone,” said Uchi Uchibeke, Founder and Executive Director of WIL. “We’re committed to creating a legacy program that empowers individuals and enriches Canada’s tech ecosystem. This program builds leaders who will contribute to Canada and, ultimately, give back to their communities.”

    A Collaborative Effort with Strategic Partners

    While WIL serves as the lead organization behind DTTP 2.0, several key partners bring specialized expertise to ensure participants receive a comprehensive, impactful experience:

    • World Innovation League (WIL): Lead organization managing program vision, funding, and hackathon design.
    • Co.Lab: Training partner delivering industry-focused modules in software development and emerging tech skills.
    • Riipen: Project and employer experience provider, connecting participants to real-world projects and prospective employers.
    • Atila: Mentorship partner offering one-on-one guidance, industry insights, and networking opportunities.

    Each partner enriches the DTTP experience through a blend of technical instruction, project-based learning, and job placement support, while WIL maintains a unified vision for the program’s success.

    The DTTP 2.0 Experience: A Pathway to Success in Tech

    DTTP 2.0 has been meticulously structured to prepare participants for long-term success in Canada’s rapidly evolving tech industry. The program includes four key pillars:

    1. Training: Industry-aligned modules in high-demand fields such as Artificial Intelligence (AI), software development, and UX design. Modules are led by experts with hands-on experience in their respective fields.
    2. Mentorship: Access to a network of mentors from top global tech companies, providing career guidance, professional insights, and invaluable support.
    3. Hackathons: Intensive, collaborative hackathons where participants tackle real-world tech challenges, develop portfolio-worthy projects, and hone their problem-solving skills.
    4. Job Placement Support: Tailored resources and introductions to hiring companies to help graduates transition into full-time tech roles.

    Commitment to Excellence: Achieving High Completion Rates

    With strategic funding in place, DTTP 2.0 is designed to achieve a high completion rate, with a target of 80%. This structure aligns incentives and resources to ensure participants are fully supported throughout their journey, making DTTP 2.0 more than just a training program—it’s a gateway to impactful tech careers.

    Applications Open Soon: Join Canada’s Future Tech Leaders

    Applications for Cohort One open on November 1, 2024, with the program officially kicking off in January 2025. Interested candidates are encouraged to follow WIL on social media and visit Cohort website for updates on application timelines, eligibility requirements, and program details. This is an unparalleled opportunity for young Canadians from diverse backgrounds to enter the tech industry and make a lasting impact.

    About World Innovation League (WIL)

    World Innovation League (WIL) is a Canada-based organization dedicated to creating opportunities for youth from underrepresented backgrounds to thrive in technology and innovation. With initiatives like the Diverse Tech Talent Program, WIL is reshaping Canada’s tech landscape by fostering inclusion, diversity, and empowerment in the digital workforce.

    The MIL Network –

  • MIL-OSI USA: US Department of Labor recovers $53K in back wages, damages from cleaning service that misclassified 59 workers as independent contractors

    Source: US Department of Labor

    Employer:                              Finichel LLC, operating as Finichel Cleaning Services 

    Investigation site:                  801 Mohawk Drive

    West Columbia, SC 29169

    Investigation findings: Investigators with the U.S. Department of Labor’s Wage and Hour Division found a South Carolina cleaning services provider misclassified 59 workers as independent contractors, resulting in the company paying employees straight-time rates for all hours worked over 40 instead of the time-and-a-half premium for overtime hours as required by the Fair Labor Standards Act. The employer also failed to keep records of the amount of time worked by employees as required by law.

    Back wages and liquidated damages recovered: $53,044 for 59 workers.                          

    Quote: “Misclassifying employees as independent contractors undermines workers’ rights,” said Wage and Hour Division District Director Jamie Benefiel in Columbia, South Carolina. “If workers are misclassified as independent contractors, they don’t get paid overtime or have access to employer-provided health and retirement benefits. They also don’t have access to family and medical leave.”

    “If workers or employers need help understanding this, they should reach out to the U.S. Department of Labor or go to our website and get the information they need,” Benefiel added.

    Background: Finichel Cleaning Services is a residential and commercial cleaning service that serves the Columbia area and employs approximately 40 workers. 

    The FLSA requires that most employees in the U.S. be paid at least the federal minimum wage for all hours worked and overtime pay at not less than time and one-half the regular rate of pay for all hours worked over 40 in a workweek. Learn more about the Wage and Hour Division, employee misclassification and workers’ rights, including a search tool to use if you think you may be owed back wages collected by the division. Employers can contact the Wage and Hour Division at its toll-free number, 1-866-4-US-WAGE. Learn more about the Wage and Hour Division. 

    Download the agency’s new Timesheet App for iOS and Android devices – also available in Spanish – to ensure hours and pay are accurate. 

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Ten-year ban for director who promoted tax avoidance scheme costing HMRC more than £2.5m

    Source: United Kingdom – Executive Government & Departments

    Director disqualified for operating tax avoidance scheme without notifying authorities

    • Alastair Lunt was the director of Peak PAYE Ltd which operated a tax avoidance scheme which resulted in more than £2.5 million of unpaid tax 

    • The scheme, which had around 250 users, promised to help its customers avoid paying income tax and National Insurance 

    • Lunt has been disqualified as a company director until September 2034 

    A director who promoted a tax avoidance scheme which deprived HM Revenue and Customs (HMRC) of more than £2.5 million in unpaid tax has been disqualified. 

    Alastair Lunt was the director of Peak PAYE Ltd when it caused losses of at least £2.64 million to HMRC between October 2020 and February 2022. 

    Lunt had failed to notify HMRC of the scheme, which had around 250 users, as he was required to by law. 

    The 36-year-old, who now lives in southern California, was banned as a company director for 10 years. 

    Claire Entwistle, Assistant Director of Operations at the Insolvency Service, said: 

    Tax avoidance schemes are marketed as ways for people to pay less tax but do not always work as advertised, landing customers instead with a big tax bill. 

    Our public services also rely on everyone paying their taxes and schemes such as this deprive the UK of the revenue it needs to invest in our hospitals, schools and roads. 

    Peak PAYE’s director, Alastair Lunt, was required to notify HMRC of the scheme. He failed to do so, causing substantial losses to the public purse. 

    We will continue to work closely with our partners at HMRC to disrupt and clamp down on scheme promoters such as Peak PAYE.

    Peak PAYE operated its tax avoidance scheme by paying contractors the National Minimum Wage, and then paying the remainder of their wages disguised as a financial option or as a salary advance. 

    The company, which had a registered office in Manchester, promised users they could avoid paying National Insurance and income tax as a result. 

    Promoters of tax avoidance schemes are required to inform HMRC. Peak PAYE did not do this between October 2020 and February 2022.

    The company was ordered by HMRC to stop running the scheme in November 2022 and entered liquidation the following month. 

    Lunt moved to his current address of 16th Place, Costa Mesa, Orange County after his involvement with Peak PAYE. 

    The Secretary of State for Business and Trade accepted a disqualification undertaking from Lunt, and his ban started on Monday 30 September. 

    It prevents him from being involved in the promotion, formation or management of a company, without the permission of the court. 

    Further information 

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Security: Military Leaders from the US and Morocco Strengthen Partnerships at the Marrakech Airshow 2024

    Source: United States AFRICOM

    U.S. Air Force aircraft arrived at the Marrakech Airshow 2024 (MAS), Tuesday, Oct. 29.

    The trade show features static and aerial displays of military and civilian aircraft and is an opportunity for international aerospace industry representatives to showcase their capabilities at the Marrakech Royal Moroccan Air Force Base from Oct. 30 to Nov. 2, 2024. The air show is also an opportunity for high level military officials to meet with their Moroccan Royal Armed Forces counterparts and the Ministry of Industry and Trade.

    This year, the United States is participating with several aircraft platforms including a C-130J Super Hercules from Ramstein Air Base, Germany, and a Utah Air National Guard KC-135 Stratotanker. U.S. Air Force participation in this international exhibition is intended to strengthen U.S. and international security assistance efforts as well as U.S. strategic partnerships with African countries.

    We are glad to be back in Morocco,” said Brig. Gen. Ricky Mills, Assistant Deputy Under Secretary of the Air Force, International Affairs. “The interactions and exchanges we have with our partners at MAS 2024 allow us to learn from and leverage the strengths of other nations.”

    Also attending is U.S. Air Force Brig. Gen. Shawn Holtz, Deputy Director of Strategy, Engagement and Programs for U.S. Africa Command.

    “The United States and the Royal Armed Forces of Morocco share a longstanding partnership, with Morocco hosting AFRICOM’s largest exercise, African Lion, and partnering with the Utah National Guard for more than 20 years,” said Holtz. “The Marrakech Air Show is one more opportunity to strengthen our relationship, exchange ideas, promote trust, and bolster security cooperation in the region.”

    The two generals are taking part in bilateral discussions with senior leaders from the Royal Armed Forces and other African military leaders.

    U.S. Ambassador to Morocco Puneet Talwar is also attending the air show.

    “Congratulations to Morocco on the success of this world-class event!” said Ambassador Talwar. “The United States has been a part of each Marrakech Air Show since its first edition, and we welcome the opportunity for U.S. companies to showcase the breadth of cutting edge technology that exemplifies American innovation.  Morocco’s rapidly growing role as regional economic hub, and investments in aerospace infrastructure make this an exciting time to grow our partnership.

    The air show and discussions highlight the strategic partnership between the United States and Morocco which is rooted in hundreds of years of shared interests in regional peace, security, and prosperity, and a longstanding commitment to continued cooperation.

    The Utah National Guard has also held an active partnership with Morocco since 2003 through the State Partnership Program, fostering strong, trust-based relationship focused on security cooperation. Through joint training and humanitarian missions, both forces exchange knowledge, refine tactics, and enhance operational capabilities.

    The Marrakech Airshow is held every two years since 2008, but has been on hiatus since 2018 due to the COVID-19 pandemic.

    MIL Security OSI –

  • MIL-OSI Economics: Christine Lagarde: Interview with Le Monde

    Source: European Central Bank

    Interview with Christine Lagarde, President of the ECB, conducted by Eric Albert, Philippe Escande and Béatrice Madeline on 28 October 2024

    31 October 2024

    In September, former ECB President Mario Draghi published an alarming report on how the European economy is falling behind. Do you agree with this assessment?

    Europe is falling behind. It’s true. And so is France. Mario Draghi’s report highlights the productivity gap, which is largely due to the tech sector. Tech players in Europe and the United States believe that the gap first emerged during the digital revolution that began in the mid-1990s.

    The question now is whether the boost that the United States got from the mid-1990s will continue with artificial intelligence, the accumulation of data centres and the exploitation of these data. This is the key issue. In Europe we need to roll up our sleeves and make an effort to keep those companies that start out here and then develop themselves elsewhere. We need to try to make them stay.

    So what is the solution? Do you think the gap will remain?

    We need to look at why Europe is falling behind. The energy component is key, especially as regards data centres. Labour is also important, with mobility being much greater in the United States. And regulation is a crucial issue, too. In overly simple terms, the United States is developing AI very quickly, and already has a number of major players. In the meantime, not only is Europe lacking such big players, but it has also become a pioneer in AI regulation. This causes players in this sector to say “OK, let’s do this elsewhere. It’ll be easier and we’ll have fewer obstacles and fewer restrictions”.

    What about the public funding provided to businesses in the United States?

    The fourth factor that is contributing to Europe falling behind is the “light” industrial policy pursued by the United States. It’s not light in terms of money because the Inflation Reduction Act of August 2022 is very large, but there are relatively few criteria to qualify for funding to start a company on US soil. When I ask manufacturers, they pretty much all agree that in Europe, the process is complicated and unwieldy. And on top of the multi-layered European system, you then have those of the Member States.

    The final factor is private funding. In the United States there are pension fund plans and other financial instruments that make it possible to channel savings and get savers (employees or retirees) interested in the future of the economy or the evolution of the stock market. In many European countries, these plans are still a long way off of those mechanisms, especially share participation and company profit sharing. Hence the need to develop a capital markets union.

    But we have been talking about this project for the past 15 years. And when Mario Draghi’s report was published, Germany immediately opposed common borrowing. Is Europe really capable of reacting?

    You’re right. We have been talking about a capital markets union since the time of Jean-Claude Juncker (President of the European Commission from 2014 to 2019), and little progress has been made. The Letta and Draghi reports are a wake-up call for Europeans, a warning. The assessment is severe but fair and provides specific recommendations. It suggests that all Europeans should gear up and be ready to give up a bit of sovereignty to ‘combine the best,’ to paraphrase what Paul Valéry once said. But what gives me hope is the engagement of all European institutions on the capital markets union. The ECB’s Governing Council is firmly engaged as well. We must use this momentum.

    In 2020, the plan for a collective European loan of €750 billion was a major step forward. Four years later, less than half of the loan has been allocated. Should we see this as another example of European slowness?

    We had exactly the same problem during the Greek crisis. The administrations of the different countries are not always able to quickly manage the incoming funds. The finance ministers of countries receiving a lot of funds tell you that they have of course identified what bridge or railway line should be constructed, but that they need to obtain local authorisations as well as permissions to expropriate property, and that environmental organisations are taking court actions. All of this takes a lot of time.

    In this context, what consequences could the US elections on Tuesday 5 November have for Europe?

    I do not want to give an opinion on any particular candidate. But US international trade policy will of course have an impact on economic activity in the rest of the world, and primarily on China. Whoever wins, if trade fragmentation worsens, the effect on global GDP will be negative, with losses reaching 9% in a severe scenario of full decoupling according to ECB simulations. But remember: when Joe Biden was elected, everyone thought that he would remove the customs barriers erected by his predecessor (Donald Trump). Nothing came of that.

    Between China, which is withdrawing towards Asia, and the United States, which is closing up again, isn’t Europe, as a partner to both powers, the big loser?

    That’s why we need to act and roll up our sleeves. Will Europe need to undergo another crisis for it to bring about reforms? It’s always in times of crisis that we are able to make things happen. That may be why Mario Draghi speaks of “agony”, it’s a way of saying “the crisis is here, now, do something!”.

    There is talk of a European decoupling. But isn’t there a French decoupling within Europe?

    If you compare today’s GDP figures with those of 2019, the United States has grown by 10.7%, the European average by 4.8% and France by 3.7%. France is lagging behind the European average.

    What is your view of the surge in the French deficit?

    The prospect of returning in line with European standards by applying European fiscal rules should serve as a binding guideline.

    And are the French promises to restore public finances credible?

    As I said, applying European fiscal rules should serve as a binding guideline.

    Will we be heading towards a recession in Europe in 2025?

    Based on the information now available and our current assessment, we don’t see a recession in 2024, nor in 2025, nor in 2026.

    What will drive this growth, given the weakness in demand?

    The two levers are exports and domestic demand, which is set to pick up. Today, with wages rising and inflation falling, disposable income is increasing. For the moment, this benefits savings more than consumption. But we are convinced, and economic history shows us, that this additional disposable income will ultimately flow towards consumption.

    How do you explain the fact that it is proving so difficult for consumption to recover?

    We can indeed ask why households are choosing to save their money instead of spending it. It could be that people are reluctant to make major purchases owing to geopolitical uncertainty. A second explanation could be related to the return on their savings, which is still fairly high in the euro area. A third could be that people are deciding it’s better to save rather than spend when they expect their taxes or other contributions to go up.

    Euro area inflation was at 1.7% in September, below your 2% target. Is it now under control?

    The target is in sight but I’m not going to tell you that inflation is defeated yet. Inflation stood at 1.7% in September. Excluding energy and food, it was still at 2.7%. We are pleased about the 1.7% figure, but we also know that inflation is going to rise again in the coming months simply because of base effects. In September energy prices were 6.1% lower than a year earlier, bringing down the cost of the consumption basket. Besides, inflation in the services sector – which is highly dependent on wages – is still at 3.9%. So, prudence is warranted.

    How do you respond to those who say the ECB was too late in reacting to the rise in inflation?

    I tell them we should look at the facts. Don’t forget that inflation was at 10.6% two years ago. It has fallen back to 1.7%. Perhaps we could have started a few months earlier. But we raised rates at the fastest pace ever and we managed to bring down inflation considerably in a short period of time. I now want to see inflation reach the 2% target on a sustained and durable basis. Unless there is a major shock, this will happen during the course of 2025.

    And what do you say to those who now accuse you of cutting rates too late and not quickly enough?

    The pace at which interest rates are cut will be determined by the economic data we receive in the coming weeks and months – based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. And to revitalise growth, urgent action is needed in the area of structural reforms.

    The spread between France and Germany has increased from 0.5% to 0.8% since the French National Assembly was dissolved. The ECB has an instrument that it can use to intervene and calm the markets. Are you ready to use it?

    We have clearly outlined the conditions under which we will use this instrument. And that is not an issue today.

    A number of emerging countries brought together by the BRICS (Brazil, Russia, India, China and South Africa) are thinking about a payments system to circumvent the dollar. Is dedollarisation happening?

    That would require another country to be able to take on the role of reserve currency. China is preparing for that, but it isn’t ready yet. I won’t see the renminbi take the place of the dollar in my lifetime.

    MIL OSI Economics –

  • MIL-OSI Economics: Euro area bank interest rate statistics: September 2024

    Source: European Central Bank

    31 October 2024

    Bank interest rates for corporations

    Chart 1

    Bank interest rates on new loans to, and deposits from, euro area corporations

    (percentages per annum)

    Data for cost of borrowing and deposit interest rates for corporations (Chart 1)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in September 2024. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months decreased by 31 basis points to 4.72%, driven by the interest rate effect. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 31 basis points to 4.47%, driven by the interest rate effect. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years decreased by 22 basis points to 3.58%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged fell by 12 basis points to 5.02%.
    As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 14 basis points to 3.28% in September 2024. The interest rate on overnight deposits from corporations stayed almost constant at 0.88%.
    The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year decreased by 22 basis points to 5.19%, driven by the interest rate effect.

    Table 1

    Bank interest rates for corporations

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for corporations (Table 1)

    Bank interest rates for households

    Chart 2

    Bank interest rates on new loans to, and deposits from, euro area households

    Data for cost of borrowing and deposit interest rate for households (Chart 2)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, decreased in September 2024. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 11 basis points to 4.59%. The rate on housing loans with an initial rate fixation period of over one and up to five years fell by 6 basis points to 3.82%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years decreased by 10 basis points to 3.52%. The rate on housing loans with an initial rate fixation period of over ten years fell by 10 basis points to 3.27%, mainly driven by the interest rate effect. In the same period the interest rate on new loans to households for consumption decreased by 7 basis points to 7.75%.
    As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year remained broadly unchanged at 2.97%. The rate on deposits redeemable at three months’ notice stayed constant at 1.75%. The interest rate on overnight deposits from households remained broadly unchanged at 0.37%.

    Table 2

    Bank interest rates for households

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
    ** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for households (Table 2)

    Further information

    The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.

    For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

    Notes:

    • In this press release “corporations” refers to non-financial corporations (sector S.11 in the European System of Accounts 2010, or ESA 2010), “households” refers to households and non-profit institutions serving households (ESA 2010 sectors S.14 and S.15) and “banks” refers to monetary financial institutions except central banks and money market funds (ESA 2010 sector S.122).
    • The composite cost-of-borrowing indicators are described in the article entitled “Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation” in the August 2013 issue of the ECB’s Monthly Bulletin (see Box 1). For these indicators, a weighting scheme based on the 24-month moving averages of new business volumes has been applied, in order to filter out excessive monthly volatility. For this reason the developments in the composite cost of borrowing indicators in both tables cannot be explained by the month-on-month changes in the displayed subcomponents. Furthermore, the table on bank interest rates for corporations presents a subset of the series used in the calculation of the cost of borrowing indicator.
    • Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries’ new business for the instrument categories concerned. The “interest rate effect” and the “weight effect” presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the “interest rate effect”) to be disentangled from those caused by changes in the weights of individual countries’ contributions (the “weight effect”). Owing to rounding, the combined “interest rate effect” and the “weight effect” may not add up to the month-on-month developments in euro area aggregate rates.
    • In addition to monthly euro area bank interest rate statistics for September 2024, this press release incorporates revisions to data for previous periods. Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.
    • As of reference period December 2014, the sector classification applied to bank interest rates statistics is based on the European System of Accounts 2010 (ESA 2010). In accordance with the ESA 2010 classification and as opposed to ESA 95, the non-financial corporations sector (S.11) now excludes holding companies not engaged in management and similar captive financial institutions.

    MIL OSI Economics –

  • MIL-OSI China: Announcement on Open Market Operations No.215 [2024]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.215 [2024]

    (Open Market Operations Office, October 31, 2024)

    In order to keep liquidity adequate at a reasonable level in the banking system at month-end, the People’s Bank of China conducted reverse repo operations in the amount of RMB327.6 billion through quantity bidding at a fixed interest rate on October 31, 2024.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB327.6 billion

    1.50%

    Date of last update Nov. 29 2018

    2024年10月31日

    MIL OSI China News –

  • MIL-OSI United Kingdom: Let there be lights

    Source: City of Sunderland

    Sunderland’s countdown to Christmas is about to get underway.

    Preparations for the festive season kick off with the city’s Christmas Switch On in Keel Square on Thursday 21 November.

    A firm favourite in Sunderland’s events calendar, the switch on promises to be a wonderful family event as the city comes together to start the celebrations and officially kick off the festive season.

    The entertainment gets underway from 5.30pm onwards with music to get everyone in the Christmas spirit and cartoon characters doing walkabouts, before Hits Radio’s breakfast show hosts Steve and Karen take to the stage to get the party started from 6pm onwards with a host of festive hits and sparkling entertainment.

    There’ll be competitions aplenty, including the chance to win tickets for this year’s Jack and the Beanstalk panto at the Sunderland Empire and Disney on Ice at the Utilita Arena in Newcastle.

    Everyone’s favourite ogre, Shrek will also be putting in a special appearance, followed by panto stars from Jack and the Beanstalk before Santa, the main man himself, takes to the stage to join in the fun and games.

    The Mayor of Sunderland Councillor Allison Chisnall will then be joined by Steve and Karen, SAFC players and panto stars for the grand switch on at 7pm. 

    Councillor Chisnall, said: “Christmas is always such a special time of year. The annual Christmas Switch On marks start of the city’s countdown to the big day and it’s something that families from across Sunderland and beyond really look forward to each year.

    “We’ve got a fantastic programme of entertainment lined up for this year’s event and what better way to start the festive season.”

    To coincide with the Sunderland Christmas Light Switch On, The Fire Station is also launching FireSide, its new, free-to-enter festive marquee experience in front of The Fire Station building. Offering a bar, food and cosy seating areas, this opens at 4pm on Thursday 21 November and runs through December. Visitors coming along to the switch on might also want to take advantage of some of the other fantastic restaurants and bars around Keel Square.

    The launch of Christmas has been organised by Sunderland City Council and supported by Sunderland BID and Hits Radio (formerly Metro Radio) 

    Sharon Appleby, Chief Executive of Sunderland Business Improvement District (BID), said: “The Christmas light switch on signals the start of a really important period for businesses in the city centre.  

    “There are so many great venues, wonderful retailers and fabulous events in the city centre that can be visited and enjoyed. We hope to see lots of people join us at the light switch on and then to come back and do their shopping and enjoy the season in the city.”

    To find out more about the Christmas Switch on, visit: https://www.mysunderland.co.uk/christmaslights2024 

    And to find out what else is on in Sunderland during the festive season, visit: https://mysunderland.co.uk/events 

    For information on parking, visit www.sunderland.gov.uk/parking

    For information on the Sunderland Empire panto, visit: www.atgtickets.com/sunderland

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Cross-boundary forgery syndicate smashed by Immigration Department and Mainland authorities (with photos)

    Source: Hong Kong Government special administrative region

         The Immigration Department (ImmD) mounted a cross-boundary joint operation with Guangxi Public Security Department, Guangdong Provincial Public Security Department and Shenzhen Frontier Inspection Station in July and August under the co-ordination of the Exit and Entry Administration of the People’s Republic of China. The operation successfully neutralised a cross-boundary forgery syndicate, resulting in the arrest of a total of 201 persons and the seizure of a large amount of forgery equipment and forged documents.

         In May this year, Mainland authorities unearthed crucial intelligence related to a syndicate arranging Mainlanders to take up illegal employment in Hong Kong. The ImmD immediately collaborated with the Mainland authorities to conduct in-depth investigations and successfully identified a cross-boundary forgery syndicate specialised in recruiting Mainlanders to take up illegal employment in Hong Kong and providing them with accommodation and forged Hong Kong identity cards to seek illegal employments. The forgery syndicate had set up workshops on the Mainland for producing forged documents, and they would dispatch the forged Hong Kong identity cards by express delivery to Hong Kong syndicate members, who would then distribute the forged Hong Kong identity cards to the illegal workers.

         The ImmD swiftly launched an operation codenamed “Vanguard” to eradicate the syndicate in Hong Kong. During the operation, ImmD investigators retrieved a batch of suspicious parcels sent out from Mainland forgery workshops and disguised as couriers to deliver the suspicious parcels. As a result, several Hong Kong syndicate members were apprehended, and a number of forged Hong Kong identity cards were seized. Moreover, the ImmD raided a total of 69 premises, including 37 residential premises and 32 working places, and arrested a total of 97 persons, including a syndicate mastermind, nine syndicate members, 67 suspected illegal workers and 20 suspected employers, aged 18 to 64. Ten syndicate members, including the mastermind, comprise five men and five women, consisting of three Hong Kong residents and seven Mainlanders, aged 18 to 61. The 67 arrested suspected illegal workers comprise 34 men and 33 women, including 65 Mainlanders, one Indonesian and one Vietnamese Recognizance Form holder issued by the ImmD, aged 22 to 64. ImmD investigators also seized 21 forged Hong Kong identity cards, 18 copies of forged Hong Kong identity cards and two forged documents related to construction workers. Through this large-scale cross-boundary joint operation, the cross-boundary forgery syndicate has been neutralised. The investigation is still ongoing, and more persons involved in the case may be arrested.

         On the Mainland side, three forgery workshops were smashed and a total of 104 offenders were arrested, including 18 syndicate masterminds and ring members, and 12 pieces of forgery equipment were seized.

         An ImmD spokesman said, “Under the laws of Hong Kong, anyone who uses or possesses a forged identity card commits an offence. Offenders are liable to prosecution and, upon conviction, a maximum penalty of a fine of $100,000 and 10 years’ imprisonment. Any person who without lawful authority or reasonable excuse transfers to another person a Hong Kong identity card commits an offence. Offenders are liable to prosecution and, upon conviction, a maximum penalty of a fine of $100,000 and 10 years’ imprisonment.”

         The spokesman warned, “Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years’ imprisonment. Aiders and abettors are also liable to prosecution and penalties. As stipulated in section 38AA of the Immigration Ordinance, an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land is prohibited from taking any employment, whether paid or unpaid, or establishing or joining in any business. Offenders are liable upon conviction to a maximum fine of $50,000 and up to three years’ imprisonment.”

         The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.

         According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.

         Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) victims. When any TIP indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP elements, such as threats and coercion in the recruitment phase and the nature of exploitation. Identified TIP victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP victims to report crimes to the relevant departments immediately.      

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: UConn Receives $500,000 from Travelers to Support Housing Stipends for UConn Hartford Students

    Source: US State of Connecticut

    The UConn Foundation today announced that it will receive $500,000 from Travelers spread over the next five years to help cover the cost of room and board for qualified UConn students at the new, 200-bed residence hall on Pratt Street in Hartford.

    This marks a pivotal moment for the UConn Hartford campus, which will offer student housing for the first time when the apartment-style units open in fall 2026. The project involves transforming a former law office into a vibrant, residential community, part of the university’s broader strategy to elevate student education and experiences.

    “Thanks to this generous gift from Travelers, more students will have access to our new residence hall, which will have a transformative impact on their education and lives,” says Mark Overmyer-Velázquez, campus dean and chief administrative officer at UConn Hartford. “The residence hall will serve as a catalyst for learning as well as connecting students to the rich historical, cultural, political, and business resources of our capital city.”

    In a 2023 survey, about 70% of UConn Hartford undergraduates expressed interest in nearby student housing. Many students noted that affordability is crucial, given that most currently reside with parents.

    The new housing initiative aligns with UConn’s vision, alongside state and local leaders, to establish Hartford as a “college town” where students play an integral role in the city’s cultural landscape.

    “Our relationship with UConn spans decades, and we are proud to be a part of the university’s efforts in expanding its presence in downtown Hartford,” says Andy Bessette, executive vice president and chief administrative officer for Travelers. “UConn’s dedication to excellence in education is why it was one of our inaugural partners when we started our school-to-career pipeline program, Travelers EDGE, 17 years ago. Together, we are helping to build a brighter future for our city and state.”

    Travelers EDGE, a program that aims to give students increased access to higher education and career preparation, has supported 133 UConn scholars since its inception, with 93 interning at Travelers and 35 graduates accepting full-time jobs at the company.

    “We are thrilled that Travelers is making this transformational investment in UConn, our students, and the city of Hartford through this $500,000 donation,” says Nathan Fuerst, UConn’s vice president for student life and enrollment.

    “This visionary gift ensures the success of UConn’s expanded footprint in Hartford and helps alleviate the financial barriers facing many students who choose to live downtown. It also brings more scholars to downtown, where many will stay and establish deep roots,” Fuerst says.

    The new residence hall is one of many initiatives UConn has underway to deepen its ties with the capital city. The University recently opened its new Community Intersections & Innovation Space for research and academic use near the XL Center and is opening a café for students next fall in the Hartford Times main campus building.

    The UConn Foundation also recently launched the Hartford Residential Scholars Enhancement Fund to raise additional funds to support qualifying UConn Hartford students. Find more information about supporting the Hartford Residential Scholars Enhancement Fund [here].

    MIL OSI USA News –

  • MIL-OSI Economics: Monthly Data on India’s International Trade in Services for the Month of September 2024

    Source: Reserve Bank of India

    The value of exports and imports of services during September 2024 is given in the following table.

    International Trade in Services
    (US$ million)
    Month Receipts (Exports) Payments (Imports)
    July – 2024 30,580
    (16.6)    		 15,903
    (15.7)
    August – 2024 30,340
    (5.7)    		 16,423
    (8.8)
    September – 2024 32,579
    (14.6)    		 16,507
    (13.2)
    Notes: (i) Data are provisional; and
    (ii) Figures in parentheses are growth rates over the corresponding month of the previous year which have been revised on the basis of balance of payments statistics.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1409

    MIL OSI Economics –

  • MIL-OSI Economics: Data on India’s Invisibles for First Quarter (April-June) 2024-25

    Source: Reserve Bank of India

    The Reserve Bank today released data on India’s invisibles as per the IMF’s Balance of Payments and International Investment Position Manual (BPM6) format for April – June of 2024-25.

    Ajit Prasad           
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1410

    MIL OSI Economics –

  • MIL-OSI Economics: Lending and Deposit Rates of Scheduled Commercial Banks – October 2024

    Source: Reserve Bank of India

    Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) received during the month of October 2024 are set out in Tables 1 to 7.

    Highlights:

    Lending Rates:

    • The weighted average lending rate (WALR) on fresh rupee loans of SCBs stood at 9.37 per cent in September 2024 (9.41 per cent in August 2024).

    • The WALR on outstanding rupee loans of SCBs was placed at 9.90 per cent in September 2024 (9.91 per cent in August 2024).1

    • 1-Year median Marginal Cost of fund-based Lending Rate (MCLR) of SCBs remained unchanged at 8.95 per cent in October 2024 from that of September 2024.

    Deposit Rates:

    • The weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of SCBs stood at 6.54 per cent in September 2024 as compared to 6.46 per cent in August 2024.

    • The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term deposits of SCBs was placed at 6.95 per cent in September 2024 (6.93 per cent in August 2024).1

    Ajit Prasad           
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1411

    MIL OSI Economics –

  • MIL-OSI Economics: The future of finance

    Source: Bank for International Settlements

    The title of this panel is “The Future of Finance”. I know this is an issue you have thought a lot about and one that has been a key focus area for the BIS throughout your tenure as General Manager. Why is the topic so important? How should the financial system change?

    Financial innovation is important because finance is important – it is the bloodstream of the real economy.

    Today’s financial system falls short in many dimensions: many financial transactions are too slow; many are too costly; for these reasons, useful transactions don’t take place. And in too many countries, too few people are able to access financial services. Improving the functioning of the financial system could make everyone better off.

    It is appropriate for the private sector to take the lead in financial innovation. But the public sector has a role as a catalyst for innovation, for instance, by providing the pipes and rails on which finance runs.

    Many public institutions – including central banks – are not natural innovators. They may lack experience, expertise and budgets.

    Moreover, many countries face similar challenges.

    For this reason, there can be great value in working together. 

    That is why we at the Bank for International Settlements (BIS) established the BIS Innovation Hub as a mechanism for collaboration among central banks to develop technological public goods.

    When we first came up with this concept, the idea was to have a small unit of four staff members, based in Basel. It quickly became apparent that the appetite among our member central banks to work together and innovate went far beyond that.

    Today we have more than 100 staff working in our seven Innovation Hub centres in eight locations throughout North America, Europe and Asia, as well as a strategic partnership with the Innovation Centre of the New York Federal Reserve.

    The Innovation Hub undertakes projects across six broad themes: (i) suptech and regtech, (ii) next generation financial market infrastructures, (iii) open finance, (iv) cyber security, (v) green finance and (vi) central bank digital currency, or CBDC. Our CBDC work accounts for a large part of the Innovation Hub’s project portfolio and certainly accounts for much of the public attention. But we have made important contributions in each theme.

    Since establishing the Innovation Hub, we have completed 28 projects, with another 27 currently under way. Central banks, of course, are doing their own innovations, and there are many other initiatives under way by both the public sector and the private sector.

    While all of the technological innovation has been important, it would be fair to say that it has had modest real-world impact to date. If you compare the degree of progress in the application of digital technologies in, say, the communications industry to that in the financial industry, I am sure you will agree.

    The issue is not the technology itself. As I mentioned, there have been great advances there.

    What has been lacking is a vision of how the various initiatives should fit together, and of what the financial system of the future should look like and how it should function.

    Together with Nandan Nilekani – Chairman of Infosys and the driving force behind India’s digital public infrastructure initiatives – I wrote a paper earlier this year that laid out such a vision. We call it the “Finternet”. The aim of the Finternet is to use technology to make the financial system much more user-centric and to eliminate many of the frictions that add cost and complexity to today’s financial system. It does not advocate for a specific technology, but instead aims to add some guidance about what we want to achieve.

    Let me delve more deeply into the Finternet. What does it involve, concretely?

    The Finternet rests on three broad pillars. The first is a robust economic and financial architecture. The second is the application of advanced technology. The third is a sound legal and regulatory basis. Let me address each in turn.

    The basic economic and financial architecture would resemble that of today’s financial system. As is the case today, there would be a two-tier banking system. Central bank money would be at the core, with commercial bank money accounting for the bulk of the money used day to day. This money, however, would have a more advanced digital representation. We would have tokenised central bank money, which could exist in wholesale form – the digital equivalent of central bank reserves – or retail form – the equivalent of digital banknotes. And we would have tokenised commercial bank deposits.

    But tokenising money is just the first step. To get the real benefits of tokenisation you need to combine money with other financial assets, ideally residing on the same ledger.

    Government bonds strike me as a natural starting point. These are incredibly important assets in today’s financial system. They serve as the basis for pricing all other financial assets.

    Once you have money and government bonds residing on the same platform, you essentially have the basis of the current financial system. Adding other assets to the platform would naturally follow.

    Tokenising financial assets would bring many benefits. In particular, if the assets were on a common ledger, there would be much less need for complex messaging and clearing, which are the source of so much cost and delays in today’s financial system. Tokenised assets can settle atomically, helping to further reduce the time needed for financial transactions. And tokenised assets can be programmed. This could open up a huge array of financial transactions that are not possible today.

    Of course, not all assets will be tokenised and not all tokenised assets will reside on the same ledger. So we need some way of moving assets across ledgers and from the tokenised to the non-tokenised world. Technology can also help achieve this.

    Other technologies can also help to turn the Finternet into reality. For example, compliance with anti-money laundering and countering the financing of terrorism regulations – which I would emphasise is hugely important – can also be extremely costly. Technology should allow us to automate such checks, allowing for greater reliability, lower costs and faster processing speeds. Data governance and privacy would draw on the latest privacy-preserving technology. There are many related topics we explore through our projects. One good example is Project Mandala, which has shown how to embed regulatory compliance in cross-border transaction protocols. Beyond economics and technology, the Finternet will also rest on a sound legal and regulatory basis. At a minimum, this should respect all existing laws and governance measures. Privacy, cyber security and related concerns will also need to be addressed. However, technology should also allow us to achieve greater security in the financial system.

    This all sounds very promising in principle. But can it be delivered? How could one turn the Finternet vision into a reality?

    Absolutely. Indeed, we are already taking active steps to turn it into reality, including through our Innovation Hub projects.

    Let me give you a concrete example of one such project, called Project Agorá.

    This is probably our largest Innovation Hub Project to date. We have teamed up with six central banks and more than 40 private sector institutions, coordinated by the Institute for International Finance. I should mention that Santander is one of the participants.

    The specific aim of Project Agorá is to look at whether, using tokenised deposits integrated with tokenised wholesale central bank money, we can streamline cross-border payments.

    This is an area ripe with inefficiencies, and where services in some jurisdictions have actually worsened in recent years due to the shrinkage of the correspondent banking system. One important reason is that the system, by and large, rests on legacy systems. This implies long sequences of messages being sent back and forth, across national borders, using systems that do not necessary communicate with each other very well. The various regulatory compliance measures – which are particularly important in cross-border transactions – often require manual processes, which add delays and lead to errors.

    In principle, using tokenised assets residing on unified ledgers could ease many of these burdens. Transactions using tokenised assets can settle atomically – that is immediately – with all parts of the transaction settling at once. Compliance with regulatory norms can be embedded programmatically inside the tokens. So they will be adhered to with certainty and without the need for manual intervention.

    So this is a big project, with big potential gains.

    But even more than the specific application, what really excites me about Project Agorá is that it has central banks and commercial banks working together to craft a structure that could form the basis for a future financial system.

    I mentioned before the useful catalytic role for central banks in initiating technological innovation. But central banks cannot do it alone. The two-tier banking system lies at the heart of today’s financial system. The system needs money. But very little money comes from the central bank. Commercial bank money provides the bulk of it.

    The two-tier banking system helps deliver two foundational principles. The first is the singleness of money. This ensures that a euro is a euro, whether it is the banknote in my pocket or in my deposit at Santander or any other bank. The second is settlement finality, which comes about through the final settlement of all transactions on the balance sheet of the central bank.

    We do not know what the financial system of the future will look like. But it is hard for me to imagine that it will not require a two-tier banking system. This means that as well as tokenised central bank money – particularly in wholesale form – it will require banks to provide their customers with tokenised deposits. Project Agorá provides a powerful use case, and I hope that it will spur further innovation.

    At the same time, cross-border payments can be a controversial topic. For example, I have noted media speculation recently that one of your projects – Project mBridge – could provide the basis for a BRICS initiative to circumvent sanctions. Is that plausible? Can you comment on this?

    In the Innovation Hub we try to be a catalyst for innovation. The way it works is that we talk with the community of central banks, identify their needs and then develop projects. And we do them in partnership with central banks.

    MBridge has been a project we have been involved with for four years. We have several central bank partners and many, many observers. I think the project has been a big success. It’s a payment system where through wholesale CBDCs you could facilitate tremendously cross-border transactions.

    I would say that the project has been so successful that we can declare that we have graduated out. The BIS is leaving that project, not because it was a failure and not because of political considerations but instead because we have been involved for four years and it is at a level where the partners can carry it on by themselves. That has happened already with other projects.

    At the same time, I have to say that mBridge is not mature enough to start operating; it is many years away from that.

    With respect to political aspects, the noise out there, mBridge is not the “BRICs bridge” – I have to say that categorically. mBridge was not created to cater to the needs of the BRICs. It was put together to satisfy broad central bank necessities. 

    We at the BIS – I think this is an opportunity to set record straight – we always try to be good global citizen. And the BIS does not operate with any countries, nor can its products be used by any countries that are subject to sanctions. This will continue to be the case. And all central bank members are in this mindset that we need to be observant of sanctions and whatever products we put together should not be a conduit to violate sanctions. 

    MIL OSI Economics –

  • MIL-OSI Economics: Fannie Mae Reports Net Income of $4.0 Billion for Third Quarter 2024

    Source: Fannie Mae

    WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today reported its third quarter 2024 financial results and filed its Third Quarter 2024 Form 10-Q with the Securities and Exchange Commission. The filing provides condensed consolidated financial statements for the quarter ended September 30, 2024. The following documents are now available on Fannie Mae’s website at www.fanniemae.com.

    Fannie Mae has scheduled a conference call to discuss the company’s results today at 8:00 a.m., ET. Participants may join the conference call in listen-only mode via the webcast link below.

    Listen-only webcast:
    https://event.webcasts.com/starthere.jsp?ei=1691512&tp_key=ce5c202816
    Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device. If you have difficulty accessing the webcast, please click the “Listen by Phone” button on the webcast player and dial the number provided.

    MIL OSI Economics –

  • MIL-OSI Video: Home on the Artillery Range! | U.S. Army

    Source: US Army (video statements)

    About the U.S. Army:

    The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

    Interested in joining the U.S. Army?
    Visit: spr.ly/6001igl5L

    Connect with the U.S. Army online:
    Web: https://www.army.mil

    Facebook: https://www.facebook.com/USarmy/
    X: https://www.twitter.com/USArmy
    Instagram: https://www.instagram.com/usarmy/
    LinkedIn: https://www.linkedin.com/company/us-army
    #USArmy #Soldiers #Military #Shorts #SuperGarudaShield #Artillery

    https://www.youtube.com/watch?v=JSML3QhZypA

    MIL OSI Video –

  • MIL-OSI Economics: New Lufthansa Allegris First Class takes off on November 9

    Source: Lufthansa Group

    The time has come: in a few days, Lufthansa Allegris First Class, the flagship of the new cabin on long-haul routes, will take off on a scheduled flight for the first time. The first destinations will be Bangalore on November 9 and Mumbai (both in India) a little later, on November 15, which will then be served alternately with the new First Class. Two individual suites and the globally unique Suite Plus in the A350-900 will then take off on a scheduled flight for the first time. After a technical introduction phase, Lufthansa will initially present the new, innovative product to its most loyal guests by invitation. As soon as more aircraft with the new First Class are part of the fleet, targeted upgrades by passengers and later targeted bookings will be possible step by step.

    The furnishings in the First Class Suite set new standards: guests can heat or cool their almost one-meter-wide seats in the suite according to their personal needs. The separate suites with ceiling-high walls and lockable door, large table and wide seat, a huge screen and wireless over-ear headphones, set new standards in comfort and individuality in the highest class. A personal wardrobe in the suite provides ample storage space so that travelers can change comfortably and have all their personal items to hand. Individual lamps allow travelers to create their very own feel-good atmosphere. The Suite Plus also combines maximum comfort for individual guests with the unique option of traveling together with a travel partner in a suite.

     

    Lufthansa receives APEX Innovation Award for research into VR headsets in in-flight entertainment

    Lufthansa has received the award for the world’s best in-flight entertainment innovation 2024 from the Airline Passenger Experience Association (APEX). In collaboration with Meta and MSM.Digital, the airline has launched a ground-breaking in-flight entertainment initiative and is currently testing mixed reality technologies for guests. On all flights equipped with Allegris, guests in the Business Class Suite now have the opportunity to use the headsets and give feedback on what they particularly enjoyed. With the latest generation of state-of-the-art VR headsets, Lufthansa is the only airline in the world to exclusively offer content such as captivating cinema-style movies, engaging VR 360-degree travel podcasts, interactive games and soothing relaxation exercises. 

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: PIF and Hong Kong Monetary Authority sign memorandum of understanding for investment fund at FII8 (with photo)

    Source: Hong Kong Government special administrative region

    PIF and Hong Kong Monetary Authority sign memorandum of understanding for investment fund at FII8 (with photo)
    PIF and Hong Kong Monetary Authority sign memorandum of understanding for investment fund at FII8 (with photo)
    ******************************************************************************************

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

    Discussions to anchor a joint US$1 billion fund to invest in companies with Hong Kong nexus expanding to Saudi Arabia to drive localisation of key industries, including manufacturing, renewables, fintech and healthcare
    Collaboration marks significant milestone aligning with Saudi Vision 2030 and with Hong Kong’s position as one of the world’s leading financial hubs

         PIF and the Hong Kong Monetary Authority (HKMA) today (October 31) signed a memorandum of understanding (MoU) to work towards jointly anchoring a new investment fund, with a target size of US$1 billion. The MoU was signed at the 8th edition of the Future Investment Initiative (FII) in Riyadh.     Under the MoU, the fund would explore investment in manufacturing, renewables, fintech and healthcare, supporting the localisation in Saudi Arabia of companies connected to Hong Kong and the Greater Bay Area. It would enable the creation of highly skilled local jobs and drive economic growth through fostering regional champions in the target sectors. It would reinforce Hong Kong’s position as one of the world’s leading financial hubs, leveraging its diverse talent pool, efficient financial infrastructure and deep liquidity.     The signing of this MoU is a new milestone and underlines the economic ties between two leading institutions – PIF and HKMA. The proposed new fund aligns with PIF’s strategy of economic diversification and sustainability.     This partnership has the potential to drive shared prosperity by investing in industries that will shape future economies, combining HKMA’s long-term investment expertise with PIF’s strategy for the target sectors.     The new fund would promote foreign direct investments via Hong Kong, providing a platform for companies to internationalise their businesses and have access to attractive investment opportunities in Saudi Arabia.

     
    Ends/Thursday, October 31, 2024Issued at HKT 20:45

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: How a House Becomes Legally Haunted: Stambovsky v. Ackley, The “Ghostbuster” Ruling

    Source: US Global Legal Monitor

    The following is a guest post by Mary-Claire Sarafianos, a former intern with the Digital Resources Division of the Law Library of Congress. She is a second-year Ph.D. student in English at the University of Missouri. She studies silence and structure, both as problems in archives and as features of 19th-century American women’s writing.

    In the village of Nyack, New York, an 18-room Victorian estate perches on the edge of the road, looming big and blue above the Hudson River. Local legend proclaimed that the house was haunted. Many a ghost story had been told about this home–a Navy lieutenant from the American Revolution lurking around the basement, an invisible force shaking beds, and a spirit floating and rocking in the middle of the living room. The house and the various spectral presences within it were well-known by the local people of Nyack, but these stories have gone beyond local legend–unlike any other house in American history, 1 La Veta Place was declared, as a matter of law, haunted.

    But before the house’s ghosts became a matter of legal record, 1 La Veta Place was considered haunted by locals. The house was even “included in a five-home walking tour of Nyack and described in a November 27th newspaper article as ‘a riverfront Victorian (with ghost).’” (Stambovsky v. Ackley, 169 A.D.2d 254, 256 (N.Y. App. Div. 1991.) During her time living at 1 La Veta Place, Helen Ackley not only spoke publicly about the ghosts, she wrote about them on both a local and national level. Ackley wrote a story detailing her house’s various phantasmal residents in a local newspaper in 1982, in addition to an article she wrote for Reader’s Digest in 1977 that described the ghosts and their relationship to the human inhabitants of the home. (Stambovsky at 256.) Apparently, the ghosts at 1 La Veta Place were an odd but friendly group of phantoms, but when the house went up for sale, these ghost stories were confronted with the looming figure of the law, leading to the case of Stambovsky v. Ackley, or what is colloquially known as “The Ghostbuster Ruling.”

    When Ackley put the home up for sale, she hired Ellis Realty, who would become her co-defendant in the ensuing legal trouble. Jeffrey Stambovsky, a New York City resident who was unfamiliar with the Nyack folklore and the reputation of the Ackley home, made an offer on the home for $650,000. (Stambovsky at 256.) But some time between making the down payment and closing on the house, Stambovsky discovered the reputation of 1 La Veta Place. According to the majority opinion, when Stambovsky discovered that he was purchasing an allegedly haunted house, he “sought to rescind the $650,000 contract of sale and obtain return of his $32,500 down payment without resort to litigation.” (Stambovsky at 261.) When this did not work, Stambovsky brought his complaint to court and requested not only to cancel the contract to purchase the home but also to request damages for fraudulent misrepresentation by Ackley and her real estate broker, Ellis Realty. (Stambovsky at 256.) And just like that, the house became less of a local legend and more of a legal entanglement.

    [“Spirit” photograph, supposedly taken during a seance, actually a double exposure or composite of superimposed cut-outs, showing woman with portraits of men and women around her head]. Fallis, S. W. 1901. Library of Congress, Prints and Photographs Division. https://www.loc.gov/pictures/resource/ppmsca.40857/.

    Stambovsky’s initial complaint was dismissed by the New York County Supreme Court. The court’s decision was influenced by the fact that New York followed the common law doctrine of caveat emptor, meaning “let the buyer beware” in Latin. The doctrine of caveat emptor “places the burden on buyers to reasonably examine property before making a purchase. A buyer who fails to meet this burden is unable to recover for defects in the product that would have been discovered had this burden been met.” Under this doctrine, sellers are not obligated to disclose information to potential buyers and, according to this doctrine, the supposed hauntings of the Ackley home were Stambovsky’s burden to uncover before making an offer on the house. Consequently, the New York County Supreme Court concluded that Stambovsky would neither receive his down payment nor damages, as there was no fraudulent misrepresentation at play. (Stambovsky at 256.) However, Stambovsky persisted and appealed the court’s decision.

    The appeals court found that caveat emptor did not apply to Stambovsky’s case. As the majority opinion states, “[a]pplying the strict rule of caveat emptor to a contract involving a house possessed by poltergeists conjures up visions of a psychic or medium routinely accompanying the structural engineer and Terminix man on an inspection of every home subject to a contract of sale.” (Stambovsky at 257.) The appeals court allowed Stambovsky to seek rescission of the contract for sale of the home. (Stambovsky at 260-261.) What the case affirms is not that ghosts exist in a legal sense, but that if the house can be considered haunted enough to merit being a stop on a tour of haunted houses and be the subject of an article in Reader’s Digest, then that spooky reputation must be disclosed to potential buyers.

    This verdict presents both sellers and buyers of real estate with complicated questions about the reputations and histories of property and, though not everyone believes in ghosts, houses are often haunted by the crimes, tragedies, and misfortunes that have happened within their walls. Such houses are considered stigmatized properties, which are properties that have been “psychologically impacted by an event which occurred, or was suspected to have occurred, on the property, such an event being one that has no physical impact of any kind.” Whether there is a reputation for ghosts, crime, or misfortune, the public perception of stigmatized property can make it difficult to sell, regardless of the quality of the land or structure. In the case of Stambovsky v. Ackley, the stigmatized nature of the property could actually attract buyers; 1 La Veta Place drew the attention of The Amazing Kreskin, a mentalist who wanted to buy the house, despite its haunted reputation.

    The ghost. Melander & Bro. 1874. Library of Congress, Prints and Photographs Division. https://www.loc.gov/pictures/resource/stereo.1s42592/?loclr=bloglaw.

    The legal responsibilities of both sellers and buyers of stigmatized property vary from state to state. In New York today, deaths, crimes, or stigmatizing features of a property are not required to be disclosed to a seller, but the buyer may inquire as to any of these concerns and the seller may “choose whether or not to respond to the inquiry.” Pennsylvania law has upheld similar requirements, particularly in the case of Milliken v. Jacono, which concluded that “psychological damage to a property cannot be considered a material defect in the property which must be revealed by the seller to the buyer.” (Milliken v. Jacono, 60 A.3d 133, 138 (Pa. Super. Ct. 2012).) While many states follow New York and Pennsylvania, other states require that sellers disclose to buyers whether certain violent crimes were committed on a property. In Alaska, if a licensee knows that a murder or suicide occurred on the property within the last year, they are obligated to disclose this information to the buyer before an offer is made or accepted. In South Dakota, a similar law is in place that requires a property disclosure statement that includes the question: “Since you have owned the property, are you aware of a human death by homicide or suicide occurring on the property?”

    Some states have no requirements or laws on the books that indicate whether a property’s tragic or torrid history needs to be disclosed to the buyer, but certainly no other states have put their caveat emptor doctrines to the test against ghosts in the way that New York has. In the interest of ending on a slightly more humorous note, I turn again to the majority opinion of Stambovsky v. Ackley, which brought a level of humor to the conclusions of the case that have earned it the nickname “The Ghostbusters Ruling.” The majority opinion references the movie Ghostbusters by name and uses even more ghostly puns than I have employed throughout this blog post. (Stambovsky at 257.) The humor of the majority opinion even weaves its way into the logic of the case where the judge states that “if the language of the contract is to be construed as broadly as defendant urges to encompass the presence of poltergeists in the house, it cannot be said that she has delivered the premises ‘vacant’ in accordance with her obligation under the provisions of the contract rider.” (Stambovsky at 260.) In keeping with the humor of the court opinion, this case remains a spot of humor in contract law curricula across the country. Stambovsky v. Ackley and cases like it continue to spark conversation and legislation around caveat emptor and stigmatized property.

    If you are interested in learning about how English law handles the disclosure of hauntings, see the previous In Custodia Legis post, “

    Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

    MIL OSI USA News –

  • MIL-OSI Russia: The Academic Council discussed the problems of education and the tasks of the Institute of Physics and Mathematics

    Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The next meeting of the Polytechnic University Academic Council was marked presentation of the mantle of the Honorary Doctor of SPbPU to the head of the S. M. Kirov Military Medical Academy, Lieutenant General, Academician of the Russian Academy of Sciences Evgeny Kryukov.

    In addition, the ceremonial part of the meeting, as usual, included the presentation of certificates of academic titles to university employees and the honoring of the best polytechnicians who have earned awards in science, education, social and cultural life and sports.

    Rector of SPbPU Andrey Rudskoy congratulated the director of the Higher School of Sports Pedagogy Vladislav Bakayev and professor of the Higher School of Service and Trade Sergey Barykin on being awarded the title of “professor”. The certificate of assignment of the academic title of associate professor was received by the leading research fellow of the laboratory “Synthesis of New Materials and Structures” Vadim Sufiyarov.

    The company “Kodeks” received a commemorative medal and gratitude from the university, represented by its CEO andgraduate of the Physics and Mechanics Department of the Polytechnic University Sergei Tikhomirov. “Kodeks” made a significant contribution to the development of the SPbPU Endowment Fund and the formation of the endowment “Development of scientific, educational, youth and educational projects of PhysMech”. Also, for assistance in the formation of the endowment capital of PhysMech, its graduates, Associate Professor of the Higher School of Mechanics and Control Processes Natalia Ermakova and Professor of the Higher School of Applied Mathematics and Computational Physics, received awards. Maxim Frolov.

    The Polytechnic University fruitfully cooperates with the Kalininsky District in many areas. The honorary badge “For services to the Kalininsky District” was awarded to the director of the Higher School of Engineering and Economics Dmitry Rodionov.

    From October 14 to 17, the super final of the Open International Student Internet Olympiad in Mathematics was held. In the individual standings, the silver medal was won by PhysMech student Chinh Thi Thu Hoai, and the bronze medal was won by IMMiT student Phan Mau Dat. The Polytechnic team included another PhysMech student, Ilya Grishchenko, and the guys also took bronze in the team standings. The scientific supervisor was Maria Bortkovskaya, associate professor of the Department of Higher Mathematics.

    The gold medal of the IV International Construction Championship in the individual nomination “Information Modeling” was won by the student of the Civil Engineering Institute Serafim Zagorodniy. In the team standings, the gold of the championship was won by the students of the ICI: Dmitry Zharkov, Alexandra Kulakova, Ulyana Popova, Mikhail Safoshkin and Alina Doroshenko. The expert of the championship, assistant of the Civil Engineering Institute Alexander Mitin received a letter of gratitude from the Minister of Construction and Housing and Communal Services of the Russian Federation Irek Faizullin and the General Director of the ANO “Russia – Country of Opportunities” Alexey Komissarov.

    The next series of congratulations concerned the athletes.

    The Polytechnic University team won first place in the overall team standings at the student orienteering competitions within the first stage of the IX All-Russian Summer Universiade and third place in the overall team standings of the Universiade. Pavel Ivanov (IEIT) also won the Universiade in the sprint discipline, and together with Alexander Gumennikov (PhysMech) won silver medals in the men’s relay.

    The Polytechnic team won 1st place in the student volleyball competitions as part of the first stage of the Universiade. The Academic Council honored players Egor Tretyakov (IMMiT) and Ilya Smirnov (IE). At the Universiade, our Polytechnic team entered the top 10 best student teams in the country.

    Ivan Sokolov, a student at the Institute of Mechanical Engineering, Materials and Transport, won first place in the qualifying tournament for the World Championship in Mixed Martial Arts (MMA) “Steel Lion JFC” among juniors and became a Master of Sports of Russia in this sport.

    Vice-Rector for Educational Activities Lyudmila Pankova spoke on the meeting agenda. She spoke about the results of work in the 2023–2024 academic year and the tasks for the 2024–2025 academic year.

    The number of students as of October 1, 2024 was 33,818. Of these, 30,870 are studying in higher education programs (21,810 in bachelor’s programs, 2,124 in specialist programs, 6,936 in master’s programs), and 2,948 in secondary specialized programs. There are 121 people studying in the specialist program at the branch in Sosnovy Bor. There are 156 people in the general education Natural Science Lyceum.

    There are 357 main educational programs at the Polytechnic University, including 142 bachelor’s programs, 15 specialist programs, and 200 master’s programs. There are 22 programs at the college.

    In the 2023–2024 academic year, 23 new basic educational programs were launched. For 2024–2025, 19 new basic educational programs were developed: two for bachelor’s degrees, one for specialist degrees, and 16 for master’s degrees.

    51 basic educational programs are being implemented under network agreements, including 13 with Slavic universities.

    A system of individual achievements has been developed and implemented as a pilot project, allowing teachers to create different trajectories for assessing students, taking into account their individual capabilities, and to conduct interim assessments based on the results of ongoing monitoring of academic performance outside of the examination session.

    A project-based approach has been introduced into the state final certification, and defenses of final qualification works have been organized in new formats — as a project and as a startup. 48 students successfully defended their collective final works as a project (21 projects were completed), and 52 people (26 startups) successfully defended their final qualification works as a startup.

    A policy in the field of formation has been developed and introduced career trajectories for professional development of teachers. Starting from the 2024–2025 academic year, there will be four career paths: research teacher, mentor teacher, practicing teacher, and intern. The transition to them occurs through a competitive selection of faculty members.

    A project to support fundamental training in engineering fields has been launched. A program to improve the quality of teaching fundamental disciplines by reducing the teaching load and providing additional payments has been approved. 181 teachers are participating in the project.

    Entrance testing of first-year engineering students in mathematics and physics was conducted to organize in-depth fundamental training for gifted children and remedial training for those who are lagging behind. A pilot program for in-depth study of mathematics and physics for talented students was launched at IMMiT and IKNK.

    The second issue on the agenda was also related to fundamental disciplines. To ensure advanced training of students in physics and mathematics, taking into account engineering specifics, the Institute of Physics and Mathematics was created at the Polytechnic. Its director Pavel Zakharov spoke about the IFiM development program.

    Also at the meeting, members of the Academic Council voted to award further academic titles to Polytechnic employees. SPbPU Academic Secretary Dmitry Karpov reported on monitoring the implementation of the Academic Council’s decisions.

    Photo archive

    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: Assetera, Republic, and SquadApp Join Forces to Revolutionize Global Marketing & Distribution of Real-World Tokens

    Source: GlobeNewswire (MIL-OSI)

    New York, 30th October 2024: Assetera, Europe’s first EU-regulated secondary market for tokenized securities, has teamed up with leading investment firm Republic and influencer marketing platform SquadApp to globalize distribution of tokenized securities, encompassing financial assets and tangible assets. This strategic alliance aims to unlock new opportunities in the tokenized economy and enhances influencer marketing at scale for every token issuer. 

    “With tokenization gaining global regulatory support, content creators will be essential to driving retail adoption. Republic empowers all market participants to trade tokenized securities, safeguarded by the transparency and security of blockchain, said Andrew Durgee, President of Republic.

    Republic’s extensive experience in democratizing access to private investments will play a pivotal role in accelerating the adoption of tokenized assets across global markets. By leveraging Republic’s broad investor base and expertise, this establishes an inclusive, accessible marketplace for tokenized securities, empowering both issuers and investors alike.

    The collaboration will leverage Assetera’s investment and blockchain knowledge, Republic’s experience in connecting investors with businesses to create shared value, and SquadApp’s influencer marketing capabilities to transform how issuers raise awareness and capital for their projects, and distribute to their investor base. According to McKinsey, tokenized market capitalization could reach $2 trillion by 2030, while the influencer marketing industry is expected to grow to $50 billion in the same period.

    “By tokenizing shares or other financial instruments, issuers will be able to allocate assets as part of long-term marketing budgets for partnerships with influencers, effectively creating a new way to finance marketing campaigns”, Anthony Adamovich, Co-founder, CEO SquadApp.

    “This gathering not only facilitates the efficient distribution of tokens, which is a primary concern for issuers, but also provides the 3 million Republic Wallet clients with the opportunity to trade these tokens on Assetera”, Thomas Labenbacher, CEO, Founder Assetera. By integrating these services, Republic enhances the liquidity options available to its users and strengthens its position in the marketplace.
    About Republic

    Headquartered in New York City, Republic is a global financial firm operating a network of retail-focused investment platforms and an enterprise digital advisory arm. With a deep track record of legal and technical innovation, Republic is known for providing access to new asset classes to investors of all types. Backed by Valor Equity Partners, Galaxy Interactive, Hashed, AngelList and other leading institutions, Republic boasts a global portfolio of over 2,000 companies and a community of nearly three million members in over 150 countries. More than $3 billion has been deployed through investment platforms, funds, and firms within the Republic family of companies. Republic has established operations in the US, the UK, EU, the UAE, South Korea, and Singapore.

    About Assetera
    Assetera, regulated by the Austrian Financial Market Authority in the EU, is set to become a game-changer in the digital asset trading space. It will offer a range of tokenized financial instruments, including financial assets and real-world assets (RWAs) such as real estate, art, transferable securities, money market instruments, fund units, and derivatives.
    Assetera provides services to retail and institutional investors, and features a DLT system deployed on the Polygon blockchain to enable trading and atomic settlement. By utilizing blockchain technology, Assetera aims to democratize access to previously illiquid asset classes, providing clients with a secure, transparent, and efficient trading experience.

    About SquadApp
    SquadApp is a US-based, data-driven influencer marketing platform that helps brands connect with influencers globally. Specializing in optimizing campaign effectiveness and maximizing ROI, SquadApp streamlines brand-influencer collaborations, providing businesses with scalable solutions to execute high-impact influencer marketing strategies. SquadApp’s participation in this collaboration will provide tokenized projects with the critical global marketing support needed to reach diverse and global audiences.

    The Vision for Global Impact
    The partnership between Assetera, Republic, and SquadApp introduces a groundbreaking model for project promotion and global token distribution. By tokenizing financial instruments, such as shares and leveraging those assets for influencer marketing campaigns, this initiative creates a novel approach for projects and issuers to  attract investment while simultaneously building global brand visibility. This model is in line with the emerging trends in digital assets, the finance world and decentralized marketing, offering cutting-edge solutions for brands and companies to engage with audiences and thrive in the evolving digital economy.

    For more information or inquiries:
    Contact Information
    Jasmyn Pizzimbono
    PR Lead, Republic
    jasmyn@republic.co

    The MIL Network –

  • MIL-OSI: Q3 2024: Bojoko Celebrates Best Results in Company History

    Source: GlobeNewswire (MIL-OSI)

    NAXXAR, Malta, Oct. 30, 2024 (GLOBE NEWSWIRE) — Bojoko.com is proud to announce that the third quarter of 2024 has been the most successful in the company’s history, with record-breaking growth across all key performance metrics.

    During this period, Bojoko saw an increase in commissions of 56.1% from the previous quarter and an extraordinary rise of 67% compared to the third quarter of 2023. Player engagement also reached new heights this quarter, with new registrations and first-time depositors (FTDs) increasing by 109.9% and 102.8%, respectively.

    This surge highlights Bojoko’s ability to effectively connect players with trusted online casino, betting, and bingo partners, demonstrating the quality of the relationships built within the gaming sector.

    Joonas Karhu, CEO of Bojoko.com, attributed this outstanding quarter to the unwavering dedication of the Bojoko team in prioritising a player-first approach. “This quarter has truly been a landmark moment for Bojoko,” Karhu stated. “Our growth reflects our ongoing efforts to create a user-centred experience that empowers players. The significant rise in new registrations and first-time deposits shows that we are providing real value to players who trust us to guide their gaming choices and to our partners who benefit from a committed audience.”

    Bojoko further believes this quarter’s success resulted from a steady focus on quality content, expert insights, and a platform designed to offer a fair and informative casino selection process. This commitment has strengthened Bojoko’s position as a leading guide in the online gambling sector. The growth in commissions further demonstrates the value delivered not only to players but also to affiliate partners, who have benefited from increased player engagement and conversions.

    “We are building the best environment for gambling enthusiasts,” Karhu continued. “It’s gratifying to see the impact of our efforts, with more players than ever choosing Bojoko to guide them in their first steps within the iGaming space. Our mission remains clear: to provide players with the tools and information they need to make informed decisions while giving our partners access to a highly engaged and informed audience.”

    The success of Q3 lays a strong foundation for even greater achievements as Bojoko continues to support players in having a safe, enjoyable, and well-informed online gaming journey.

    Contact:

    Christoffer Ødegården
    Head of Marketing
    christoffer.odegarden@bojoko.com

    The MIL Network –

  • MIL-OSI: Change to the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    To Nasdaq OMX Copenhagen
    30 October 2024
    Company Announcement No 14/2024

    Change to the Board of Directors

    Today, Ellen Dalsgaard Zdravkovic, member of the Board of Directors in the Bank of Greenland has informed us, that she steps down from the Board of Directors as of today. The change happens because she takes on a new position in another financial institution.

    Ellen Dalsgaard Zdravkovic has been a member of the Board of Directors in the Bank of Greenland since March 2021. Following the resignation, Chairman Gunnar í Liða states that: ”Ellen Dalsgaard Zdravkovic has been a well-liked member of the Board of Directors and has made a great effort for the Bank of Greenland. I thank Ellen for her contribution and wish her the best of luck going forward”.

    26 March 2025, on the Annual General Meeting, a new candidate to the Board of Directors will be recommended instead of Ellen Dalsgaard Zdravkovic. Until then, the Board of Directors in the Bank of Greenland will consist of 8 board members.

    Please direct any questions to:

    The Bank of Greenland
    Martin Kviesgaard
    Managing Director

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Azure at GitHub Universe: New tools to help simplify AI app development

    Source: Microsoft

    Headline: Azure at GitHub Universe: New tools to help simplify AI app development

    With seamless integration among VS Code, GitHub, and Azure, we provide an AI-powered, end-to-end development platform to transform your apps with AI.

    AI has reset our expectations of what technology can achieve. From transforming how we explore the cosmos to enabling doctors to provide personalized care and making business functions operate more intelligently, it all comes down to you—the developer—to turn this potential into reality. As developers, you’re experiencing a dramatic shift in what you build and how you build it. And the tools you use should seamlessly fit into your workflow, solve real problems quickly, and keep you in the flow of development.

    As a company of developers who builds for other developers, we’re excited to be part of this change and many of us will be at GitHub Universe to share our experience and learn from others about how AI is reshaping how we work. We’re not coming empty handed. I’m excited to announce new capabilities and tools that further integrate Microsoft Azure AI services directly in your favorite dev tools.

    With seamless integration among Visual Studio (VS) Code, GitHub, and Azure, we provide an AI-powered, end-to-end development platform building on strong community support to help you transform your apps with AI. Read on for the details and be sure to catch up on all the GitHub news this week.

    Now in preview: GitHub Copilot for Azure, your personal expert

    By integrating with tools you already use, like GitHub and Visual Studio Code, GitHub Copilot for Azure builds upon the Copilot Chat capabilities in VS Code to help you manage resources and deploy applications. Using “@ azure,” you can get personalized guidance to learn about services and tools without leaving your code. This can accelerate and streamline development by provisioning and deploying Azure resources through Azure Developer CLI (azd) templates. GitHub Copilot for Azure also helps you diagnose issues and answer questions about resources and costs, freeing your time to focus on whatever you prefer while GitHub Copilot for Azure takes care of the rest. Get started today.

    Deploy in as little as five minutes with AI App Templates

    AI App Templates accelerate your development by helping you get started faster and simplifying evaluation and the path to production. You can use AI App Templates directly in your preferred development environment such as GitHub Codespaces, VS Code, and Visual Studio. You can even get recommendations for specific templates right from GitHub Copilot for Azure based on your AI use case or scenario. Most importantly, the templates provide flexibility and choice, offering a variety of models, frameworks, programming languages, and solutions from popular AI toolchain vendors such as Arize, LangChain, LlamaIndex, and Pinecone. You can deploy full apps at once or start with app components, provisioning resources across Azure and partner services. The templates also include recommendations for added security, like using Managed Identity and keyless authentication flows. Get started.

    Customize and scale your AI apps

    To empower you to quickly discover, learn, and experiment with a range of the latest, most advanced AI models, GitHub announced today that GitHub Models is now in preview, bringing you Azure AI’s leading model selection direct to GitHub. Building on that theme, the Azure AI model inference API now enables you to explore and access Azure AI models directly through GitHub Marketplace. Compare model performance, experiment, and mix-and-match a variety of models, including advanced proprietary and open models that support a broad range of tasks, for free (usage limits apply).

    Once you’ve selected your model and are ready to customize and deploy, you can seamlessly setup and login to your Azure account to scale from free token usage to paid endpoints with enterprise-level security and monitoring in production. Learn more.

    Simplify Java Runtime updates with GitHub Copilot upgrade assistant for Java

    Keeping your Java apps up to date can be a time-consuming task. GitHub Copilot upgrade assistant for Java offers an approach using AI to simplify this process and allowing you to upgrade your Java applications with minimal manual effort. Integrated into popular tools like Visual Studio Code, the GitHub Copilot upgrade assistant for Java generates an upgrade plan and guides you through a step-by-step process to transition from an older Java runtime to a newer version with optional dependencies and frameworks such as Spring Boot and JUnit. During the upgrade, the assistant automatically fixes issues through a dynamic build or fix loop and uses a human-in-the-loop approach for you to address other errors and make fixes if necessary. It ensures transparency by providing access to logs, code changes, outputs, and details at every step, giving you full control while benefiting from enhanced AI automation throughout the process. Once the upgrade is complete, you can easily review the detailed summary, and inspect all code modifications, making the entire upgrade process smooth and efficient, allowing you to focus on innovation instead of manual maintenance.

    Scale AI applications with Azure AI evaluation and online A/B experimentation using CI/CD workflows 

    Given trade-offs between business impact, risk and cost, you need to be able to continuously evaluate your AI applications and run A/B experiments at scale. We are significantly simplifying this process with GitHub Actions that can be integrated seamlessly into existing CI/CD workflows in GitHub. In your CI workflows, you will be able to run automated evaluation after changes are committed leveraging the Azure AI Evaluation SDK to compute metrics such as coherence and fluency. Following successful deployment, A/B experiments are automatically created and analyzed using out of the box AI model metrics and custom metrics as part of CD workflows. Along the way you can also engage with a GitHub Copilot for Azure plugin that assists with experimentation, creates metrics, powers decisions and more. Stay tuned for more details at Microsoft Ignite and sign up for our private preview to learn more! 

    We trust our business with Azure, you can trust it with yours 

    As you explore new AI capabilities for your organization, the platform you choose matters. Today, 95% of Fortune 500 companies trust their operations on Azure. Our business, including Microsoft 365, Dynamics 365, Bing, Copilots, etc., also runs on Azure. The same tools and services we use to build and run Microsoft are available for you. Our integration with GitHub and Visual Studio Code simplifies building with AI on Azure. And with more than 60 data center regions globally and a dedicated security team, Azure offers a reliable and secure foundation for your AI projects. All great reasons to build your next AI app with GitHub and Azure. 

    Innovate with Azure AI

    And, if you’re at GitHub Universe this week, stop by and say hello to the Azure team.

    About Jessica

    Jessica leads data, AI, and digital application product marketing at Microsoft. Find Jessica’s blog posts here and be sure to follow Jessica on LinkedIn. 

    MIL OSI Economics –

  • MIL-OSI: Orrön Energy AB’s Nomination Committee

    Source: GlobeNewswire (MIL-OSI)

    Orrön Energy AB (“Orrön Energy”) is pleased to announce the composition of the Nomination Committee for the 2025 Annual General Meeting (“AGM”) to be held on 5 May 2025.

    The Nomination Committee has been formed with the following members:

    • Aksel Azrac (Nemesia S.à.r.l.)
    • Sussi Kvart (Handelsbanken Fonder AB)
    • Richard Ollerhead (JNE Partners LLP)

    At the Nomination Committee’s first meeting, Aksel Azrac was elected as Chair of the Nomination Committee.

    The Nomination Committee shall make recommendations to the 2025 AGM regarding:

    • Election of the Chair of the 2025 AGM
    • Remuneration of the members of the Board of Directors, distinguishing between the Chair and other members, and remuneration for Board Committee work
    • Election of members of the Board of Directors, including number of members
    • Election of the Chair of the Board of Directors
    • Remuneration of the auditor
    • Election of the auditor
    • Nomination Committee Process for the 2026 AGM, if any amendments are proposed to the Process for the 2025 AGM

    Shareholders who wish to present a motion to the Nomination Committee regarding the above-mentioned matters, should contact the Chair of the Nomination Committee, Aksel Azrac, at nomcom@orron.com no later than 31 January 2025.

    For further information, please contact:

    Robert Eriksson
    Director Corporate Affairs and Investor Relations
    Tel: +46 701 11 26 15
    robert.eriksson@orron.com

    Jenny Sandström
    Communications Lead
    Tel: +41 79 431 63 68
    jenny.sandstrom@orron.com

    Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics and Europe. With significant financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

    Forward-looking statements
    Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

    Attachment

    The MIL Network –

  • MIL-OSI Video: Secretary of Defense Lloyd J. Austin III and South Korean Defense Minister Brief the Media

    Source: United States Department of Defense (video statements)

    Lloyd J. Austin III and South Korean Defense Minister Kim Yong-hyun hold a joint press conference at the Pentagon on October 30, 2024.
    —————
    Your military is an all-volunteer force that serves to protect our security and way of life, but Service members are more than a fighting force. They are leaders, humanitarians and your fellow Americans. Get to know more about the men and women who serve, who they are, what they do, and why they do it.

    For more on the Department of Defense, visit: http://www.defense.gov
    —————
    Keep up with the Department of Defense on social media!

    Like the DoD on Facebook: http://facebook.com/DeptofDefense
    Follow the DoD on Twitter: http://twitter.com/DeptofDefense
    Follow the DoD on Instagram: http://instagram.com/DeptofDefense
    Follow the DoD on LinkedIn: https://www.linkedin.com/company/DeptofDefense

    https://www.youtube.com/watch?v=EtiMF0VKZ34

    MIL OSI Video –

  • MIL-OSI USA: CONGRESSMAN PAT RYAN, GOVERNOR KATHY HOCHUL, AND MAYOR YVONNE FLOWERS ANNOUNCE LANDMARK FUNDING TO TACKLE CITY’S LEAD PIPE CRISIS

    Source: United States House of Representatives – Congressman Pat Ryan (New York 18th)

    Congressman Pat Ryan, Governor Kathy Hochul, and Mayor Yvonne Flowers Announce Landmark Funding to Tackle City’s Lead Pipe Crisis

    Lead pipes can leach the toxin into drinking water, exposing families to the extreme health hazard; Nearly $12M will help Poughkeepsie remove the toxic pipes from the city’s drinking water infrastructure

    Announcement builds on Ryan’s record of fighting for clean water for Hudson Valley families and his commitment to eliminating sources of lead exposure from NY-18 communities

    POUGHKEEPSIE, NY  –  Today, Congressman Pat Ryan, Governor Kathy Hochul, and Mayor Yvonne Flowers announced $11,869,472 in funding to tackle Poughkeepsie’s lead pipe crisis and remove the toxic service lines from the city’s drinking water system. The funding from New York State will help the city identify the locations of lead service lines, inventory the extent of the city’s lead pipe crisis, and fund the beginning of lead pipe removal projects. Congressman Ryan has fought for federal resources to help Poughkeepsie address its lead pipe crisis, including bringing Environmental Protection Agency (EPA) leadership to the city last year. 

    “Freedom means every American has the right to breathe clean air and drink clean water, and that’s why I’m pushing relentlessly to remove every last toxic lead pipe from the Hudson Valley,” said Congressman Pat Ryan. “Today’s funding is a huge step towards ensuring that parents in Poughkeepsie never have to worry if the water coming out of the faucet is safe for their kids. I’m proud to work alongside Governor Hochul and Mayor Flowers in this fight – we will not rest until our communities are free from toxic lead pipes for good.”

    “When it comes to New York’s water infrastructure, we’re getting the lead out,” Governor Hochul said. “We’re continuing to give municipalities the resources and support they need to replace lead water pipes and protect public drinking water.”

    “I thank Governor Hochul and Congressman Ryan for their tremendous efforts on this critically important public health issue,” said City of Poughkeepsie Mayor Yvonne Flowers. “The city recognizes it cannot complete this work without strong state and federal partners. We need their financial resources to address the significant costs it will take to replace thousands of lead pipes throughout our city to reduce our residents’ risk of lead poisoning. The city intends to methodically move forward with the allotted money and will continue to aggressively seek more funds.”

    There is no safe blood lead level for children. The corrosion of aging and outdated lead water pipes can cause toxic lead to leach into the drinking water supply, which is linked to significant adverse health effects including permanent neurological damage and impaired cognitive abilities, especially in children, as well as fertility and renal issues in adults.

    Today’s announcement comes only weeks after the Biden-Harris Administration announced that all lead pipes in drinking water systems across the country must be removed within the next ten years. Ryan applauded the announcement as a major step towards his goal of removing all lead pipes in Hudson Valley communities. The Biden Administration’s Bipartisan Infrastructure Law (BIL) will deliver $15 billion towards these efforts.

    The $11,869,472 announced today comes from state funding designated to help cover the costs of lead service line replacement projects that received financing through the federal BIL but whose costs were not fully covered by BIL grants. This funding comes in addition to the funding already allocated through the BIL and the State’s Water Infrastructure grant program. This unprecedented move takes the fiscal pressure off communities, allowing them to replace more lead service lines without incurring additional costs. The State’s comprehensive approach continues to provide communities with the resources they need to improve their water infrastructure. Last year, the City of Poughkeepsie was deemed eligible to receive $3.2 million in BIL funding to identify and inventory the locations of lead service lines and begin replacement projects. 

    Ryan has built a record of fighting for clean water for Hudson Valley families and has prioritized removing sources of toxic lead exposure from Hudson Valley communities. Ryan has especially targeted his efforts to addressing the City of Poughkeepsie’s lead pipe crisis and delivering the federal resources needed to eliminate all lead pipes from the city’s drinking water system. On August 1, 2023, Ryan brought EPA leadership to Poughkeepsie to assist the city in securing resources for lead pipe removal projects. Ryan had pressed the EPA to commit to visiting the city in a July 13, 2023 House Transportation and Infrastructure Committee hearing and for it to work closely with the city to usher in the federal resources needed to protect Poughkeepsie families from lead exposures. On July 14, 2023, Ryan also announced his plan to remove all lead pipes in Poughkeepsie. Ryan and his team have worked closely with the city and the EPA to provide technical guidance in helping the city apply for federal funds for lead service line replacements, resulting in the city announcing in April of 2024 that it was eligible for millions in federal funding and assistance for projects.

    Ryan has been at the forefront of combatting the lead contamination crisis in the Hudson Valley, immediately sounding the alarm when the Wall Street Journal reported that major telecommunications companies are allowing a network of decrepit, lead-sheathed aerial cables to shed the toxin into the environment, including at a playground in Wappingers Falls. He has repeatedly demanded that multi-billion dollar telecommunications companies Verizon and AT&T take responsibility and pay for the cleanup of their cables. Earlier this year, Ryan brought together local officials and community advocates to call on the corporations to publicly disclose the locations of the cables after Hudson Valley families reported finding them discarded across the region.

    Ryan has amassed a record of taking on big corporations that pollute Hudson Valley water, air, and soil. He spoke at the Save the River Rally, demanding that Holtec halt its plan to dump radioactive waste into the River and introduced legislation banning additional barges, carrying toxic materials like asphalt, from anchoring on the Hudson. Earlier this year, the bill was passed in the House of Representatives with overwhelming bipartisan support. Last fall, Ryan organized a coalition of local government officials, community leaders, and organizations to temporarily halt the Coast Guard’s plan to begin allowing barges to anchor on the Hudson River.

    Congressman Ryan has also spearheaded efforts to combat PFAS “forever chemical” pollution, including introducing the landmark PFAS Action Act and cosponsoring the Department of Defense PFAS Discharge Prevention Act.  The EPA has recently implemented many of the components of the PFAS Action Act, including issuing a national standard for PFAS in drinking water. Ryan has made repeated calls for the Department of Defense (DoD) to hasten its cleanup of PFAS pollution at Stewart Air National Guard Base in Newburgh.

    ###

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Autumn Budget 2024 speech

    Source: United Kingdom – Executive Government & Departments

    Autumn Budget 2024 speech as delivered by Chancellor Rachel Reeves.

    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    Madam Deputy Speaker…

    [redacted political content]

    This government was given a mandate. 

    To restore stability to our economy… 

    … and to begin a decade of national renewal. 

    To fix the foundations… 

    … and deliver change. 

    Through responsible leadership in the national interest.  

    That is our task.  

    And I know that we can achieve it. 

    My belief in Britain burns brighter than ever.  

    And the prize on offer is immense.  

    As my Right Honourable Friend the Prime Minister said on Monday – change must be felt. 

    More pounds in people’s pockets.  

    An NHS that is there when you need it.  

    An economy that is growing, creating wealth and opportunity for all…  

    … because that is the only way to improve living standards.   

    And the only way to drive economic growth… 

    … is to invest, invest, invest.  

    There are no shortcuts. 

    And to deliver that investment… 

    … we must restore economic stability…

    [redacted political content]

    INHERITANCE

    [redacted political content]

    … it is the first Budget in our country’s history to be delivered by a woman.  

    I am deeply proud to be Britain’s first ever female Chancellor of the Exchequer.  

    To girls and young women everywhere, I say:  

    Let there be no ceiling on your ambition, your hopes and your dreams.  

    And along with the pride that I feel standing here today… 

    … there is also a responsibility… 

    … to pass on a fairer society and a stronger economy to the next  

    generation of women.

    [redacted political content]

    A black hole in the public finances… 

    Public services on their knees…. 

    A decade of low growth. 

    And the worst parliament on record for living standards. 

    Let me begin with the public finances. 

    In July, I exposed a £22bn black hole

    [redacted political content]

    The Treasury’s reserve, set aside for genuine emergencies… 

    … spent three times over… 

    … just three months into the financial year.  

    Today, on top of the detailed document that I have provided to the House in July… 

    … the government is publishing a line by line breakdown of the £22bn black hole that we inherited… 

    It shows hundreds of unfunded pressures on the public finances… 

    … this year, and into the future too.  

    The Office for Budget Responsibility have published their own review of the circumstances around the Spring Budget forecast.  

    They say that the previous government – and I quote – “did not provide the OBR with all the [available] information to them”… 

    … and – had they known about these “undisclosed spending pressures that have since come to light”… 

    … then their Spring Budget forecast for spending would have been, and I quote again: “materially different”.  

    Let me be clear: that means any comparison between today’s forecast and the OBR’s March forecast is false… 

    … because the party opposite hid the reality of their public spending plans. 

    Yet at the very same budget… 

    … they made another ten billion pounds worth of cuts to National Insurance.

    [redacted political content]

    That’s why today, I can confirm that we will implement in full… 

    … the 10 recommendations from the independent Office for Budget Responsibility’s review. 

    But, the country has inherited not just broken public finances… 

    … but broken public services too. 

    The British people can see and feel that in their everyday lives. 

    NHS waiting lists at record levels. 

    Children in portacabins as school roofs crumble. 

    Trains that do not arrive. 

    Rivers filled with polluted waste.  

    Prisons overflowing. 

    Crimes which are not investigated… 

    … and criminals who are not punished.  

    That is the country’s inheritance

    Since 2021, there had been no detailed plans for departmental spending set out beyond this year.  

    And [redacted political content] plans relied on a baseline for spending this year which we now know was wrong… 

    … because it did not take into account the £22bn black hole.  

    The previous government also failed to budget for costs which they knew would materialise.  

    That includes funding for vital compensation schemes…  

    … for victims of two terrible injustices…

    [redacted political content]

    … the infected blood scandal… 

    … and the Post Office Horizon scandal.  

    The Leader of the Opposition rightly made an unequivocal apology for the injustice of the infected blood scandal on behalf of the British state… 

    … but he did not budget for the costs of compensation.  

    Today, for the very first time, we will provide specific funding to compensate those infected and those affected, in full… 

    … with £11.8bn in this budget. 

    And I am also today setting aside £1.8bn to compensate victims of the Post Office Horizon scandal… 

    … redress that is long overdue for the pain and injustice that they have suffered.

    [redacted political content]

    … and we will restore stability to our country again. 

    The scale and seriousness of the situation that we have inherited cannot be underestimated. 

    Together, the hole in our public finances this year, which recurs every year… 

    … the compensation schemes that they did not fund… 

    … and their failure to assess the scale of the challenges facing our public services… 

    … means this budget raises taxes by £40bn. 

    Any Chancellor standing here today would have to face this reality. 

    And any responsible Chancellor would take action. 

    That is why today, I am restoring stability to our public finances… 

    … and rebuilding our public services.  

    FISCAL RULES / OBR FORECASTS 

    Economy forecast/growth 

    As a former economist at the Bank of England, I know what it means to respect our economic institutions.  

    I want to put on record my thanks to the Governor of the Bank, Andrew Bailey…  

    … and to the independent Monetary Policy Committee. 

    Today, I can confirm that we will maintain the MPC’s target of two per cent inflation, as measured by the 12-month increase in the Consumer Prices Index. 

    I want to thank James Bowler, the Permanent Secretary to the Treasury, and my team of officials. 

    Madam Deputy Speaker, I would also like to thank my predecessors as Chancellor of the Exchequer… 

    … for their wise counsel as I have prepared for this Budget.

    [redacted political content]

    Finally, I want to thank Richard Hughes and his team at the Office for Budget Responsibility for their work in preparing today’s economic and fiscal outlook. 

    Let me now take the House through that forecast. 

    The cost of living crisis under the last government stretched household finances to their limit, with inflation hitting a peak of above 11%.  

    Today, the OBR say that CPI inflation will average 2.5% this year, 2.6% in 2025, then 2.3% in 2026, 2.1% in 2027, 2.1% in 2028 and 2.0% in 2029.  

    Next, I move on to economic growth.  

    Today’s budget marks an end to short-termism.  

    So I am pleased, that for the first time, the OBR have published not only five year growth forecasts… 

    … but a detailed assessment of the growth impacts of our policies over the next decade, too… 

    … and the new Charter for Budget Responsibility, which I am publishing today, confirms that this will become a permanent feature of our framework. 

    The OBR forecast that real GDP growth will be 1.1% in 2024, 2.0% in 2025, 1.8% in 2026, 1.5% in 2027, 1.5% in 2028 and 1.6% in 2029. 

    And the OBR are clear: this Budget will permanently increase the supply capacity of the economy…

    [redacted political content]

    … boosting long-term growth. 

    Every Budget I deliver will be focused on our mission to grow the economy. 

    And underpinning that mission are the seven key pillars of our growth strategy… 

    … developed and delivered alongside business…  

    … all driven forward by our Financial Secretary to the Treasury.   

    First, and most important, is to restore economic stability. That is my focus today. 

    Second, increasing investment and building new infrastructure is vital for productivity, so we are catalysing £70bn of investment through our National Wealth Fund… 

    … and we are transforming our planning rules to get Britain building again. 

    Third, to ensure that all parts of the UK can realise their potential… 

    … we are working with the devolved governments… 

    … and partnering with our Mayors to develop local growth plans.  

    Fourth, to improve employment prospects and skills we are creating Skills England, delivering our plans to Make Work Pay and tackling economic inactivity.  

    Fifth, we are launching our long-term modern industrial strategy and expanding opportunities for our small and medium sized businesses to grow. 

    Sixth, to drive innovation we are protecting record funding for research and development to harness the full potential of the UK’s science base.  

    And finally, to maximise the growth benefits of our clean energy mission, we have confirmed key investments such as Carbon Capture and Storage to create jobs in our industrial heartlands. 

    Our approach is already having an impact. 

    Just two weeks ago – we delivered an International Investment Summit which saw businesses commit £63.5bn of investment into this country… 

    … creating nearly 40,000 jobs across the United Kingdom.

    [redacted political content]

    Economic growth will be our mission for the duration of this parliament.  

    Stability rule 

    Madam Deputy Speaker, in our manifesto, we set out the fiscal rules that would guide this government. 

    I am confirming those today… 

    Our stability rule… 

    And our investment rule… 

    The “stability rule” means that we will bring the current budget into balance… 

    … so that we do not borrow to fund day to day spending. 

    We will meet this rule in 2029-30, until that becomes the third year of the forecast.  

    From then on, we will balance the current budget in the third year of every budget, held annually each autumn. 

    That will provide a tougher constraint on day to day spending… 

    … so difficult decisions cannot be constantly delayed or deferred.  

    The OBR say that the current budget will be in deficit by £26.2bn in 2025-26 and £5.2bn in 2026-27… 

    … before moving into surplus of £10.9bn in 2027-28, £9.3bn in 2028-29 and £9.9bn in 2029-30… 

    … meeting our stability rule… 

    … two years early.  

    Monthly public sector finances data shows that government borrowing in the first six months of this year… 

    … was already running significantly higher than the OBR’s March forecast. 

    And so the OBR confirmed today, that borrowing in this financial year is now £127bn…

    [redacted political content]

    The increase in the net cash requirement in 24-25 is lower than the increase in borrowing, at £22.3bn higher than the spring forecast.  

    Because of the action that we are taking… 

    … borrowing falls from 4.5% of GDP this year to 2.1% of GDP by the end of the forecast. 

    Public sector net borrowing will be £105.6bn in 2025-26, £88.5bn in 2026-27, £72.2bn in 2027-28, £71.9bn in 2028-29 and £70.6bn in 2029-2930. 

    FIXING THE FOUNDATIONS 

    Spending  

    Madam Deputy Speaker, before I come to tax… 

    … it is vital that we are driving efficiency and reducing wasteful spending. 

    In July, to begin delivering, and dealing with our inheritance… 

    … I made £5.5bn of savings this year.  

    Today we are setting a 2% productivity, efficiency and savings target for all departments to meet next year… 

    … by using technology more effectively and joining up services across government 

    As set out in our manifesto, I will shortly be appointing our Covid Corruption Commissioner, they will lead our work to uncover those companies that used a national emergency to line their own pockets. 

    Because that money belongs in our public services. And taxpayers want that money back.  

    And I can confirm today that David Goldstone has been appointed as the Chair of the new Office for Value for Money…  

    … to help us realise the benefits from every pound of public spending. 

    Welfare 

    Today, I am also taking three steps to ensure that welfare spending is more sustainable.  

    First, we inherited [redacted political content] plans to reform the Work Capability Assessment.  

    We will deliver those savings…  

    …as part of our fundamental reforms to the health and disability benefits system that my Right Honourable Friend the Work and Pensions Secretary will bring forward. 

    Second, I can today announce a crackdown on fraud in our welfare system… 

    … often the work of criminal gangs.  

    We will expand DWP’s counter-fraud teams.. 

    … using innovative new methods to prevent illegal activity…  

    … and provide new legal powers to crackdown on fraudsters… 

    … including direct access to bank accounts to recover debt. 

    This package saves £4.3bn a year by the end of the forecast. 

    Third, the government will shortly be publishing the “Get Britain Working” white paper…  

    … tackling the root causes of inactivity with an integrated approach across health, education and welfare.  

    … and we will provide £240m for 16 trailblazer projects… 

    … targeted at those who are economically inactive and most at risk of being out of education, employment or training… 

    … to get people into work and reduce the benefits bill.  

    Tax avoidance 

    Before a government could consider any change to a tax rate or threshold… 

    … it must ensure that people pay what they already owe. 

    So we will invest to modernise HMRC’s systems using the very best technology… 

    … and recruit additional HMRC compliance and debt staff. 

    We will clamp down on those umbrella companies who exploit workers… 

    … increase the interest rate on unpaid tax debt to ensure that people pay on time… 

    … and go after promoters of tax avoidance schemes. 

    These measures to reduce the tax gap raise £6.5bn by the end of the forecast… 

    … and I want to thank the Exchequer Secretary for his outstanding work on this agenda. 

    PROTECTING WORKING PEOPLE 

    Madam Deputy Speaker, I know that for working people up and down our country… 

    … family finances are stretched… 

    … and pay checks don’t go as far as they once did. 

    So today, I am taking steps to support people with the cost of living. 

    Cost of living

    [redacted political content]

    As promised in our manifesto, we asked the Low Pay Commission to take account of the cost of living for the first time.  

    I can confirm that we will accept the Low Pay Commission recommendation to increase the National Living Wage by 6.7% to £12.21 an hour… 

    … worth up to £1,400 a year for a full-time worker. 

    And for the first time, we will move towards a single adult rate…  

    … phased in over time…  

    … by initially increasing the National Minimum Wage for 18-20 year olds by 16.3% as recommended by the Low Pay Commission… 

    … taking it to £10 an hour.

    [redacted political content]

    Second, I have heard representations from colleagues across this house about the Carer’s Allowance… 

    … and the impact of the current policy on carers looking to increase the hours they work… 

    … including from the Honourable member for Shipley, the Honourable member for Scarborough and Whitby and the Rt Hon Member for Kingston and Surbiton, too. 

    Carer’s allowance currently provides up to £81.90 per week to help those with additional caring responsibilities.  

    Today, I can confirm that we are increasing the weekly earnings limit to the equivalent of 16 hours at the National Living Wage per week… 

    … the largest increase in Carer’s Allowance since it was introduced in 1976.  

    That means a carer can now earn over £10,000 a year while receiving Carer’s Allowance… 

    … allowing them to increase their hours where they want to… 

    … and keep more of their money. 

    I am also concerned about the cliff-edge in the current system and the issue of overpayments. 

    My Right Honourable Friend the Work and Pensions Secretary has announced an independent review to look at the issue of overpayments, and we will work across this house to develop the right solutions. 

    Third, we will provide £1bn from next year to extend the Household Support Fund and Discretionary Housing Payments, to help those facing financial hardship with the cost of essentials.  

    Fourth, having heard representations from the Joseph Rowntree Foundation, Trussell and others… 

    … to reduce the level of debt repayments that can be taken from a household’s Universal Credit payment each month… 

    … by reducing it from 25% to 15% of their standard allowance. 

    This means that 1.2 million of the poorest households will keep more of their award each month… 

    … lifting children out of poverty…  

    … and those who benefit will gain an average of £420 a year. 

    Madam Deputy Speaker, our Plan to Make Work Pay will also protect working people.

    [redacted political content]

    It is right that we protect those who have worked their whole lives.  

    In our manifesto, we promised to transfer the Investment Reserve Fund in the Mineworkers’ Pension Scheme to members… 

    … and I have listened closely to my Honourable Friends for Easington, Doncaster Central, Blaenau Gwent, and Ayr, Carrick and Cumnock on this issue. 

    Today we are keeping our promise…  

    … so that working people who powered our country receive the fair pension that they are owed. 

    Our manifesto committed to the Triple Lock… 

    … meaning spending on the State Pension is forecast to rise by over £31bn by 2029-30… 

    … to ensure that our pensioners are protected in their retirement.  

    This commitment means that while working age benefits will be uprated in line with CPI, at 1.7%… 

    … the basic and new State Pension… 

    … will be uprated by 4.1% in 2025-26. 

    This means that over 12 million pensioners will gain up to £470 next year… 

    … up to £275 more than if uprated by inflation.  

    The Pension Credit Standard Minimum Guarantee will also rise by 4.1%…  

    … from around £11,400 per year to around £11,850 for a single pensioner.  

    Fuel duty 

    While I have sought to protect working people with measures to reduce the cost of living… 

    … I have had to take some very difficult decisions on tax. 

    I want to set out my approach to fuel duty.  

    Baked into the numbers that I inherited from the previous government… 

    … is an assumption that fuel duty will rise by RPI next year… 

    … and that the temporary 5p cut will be reversed.  

    To retain the 5p cut… 

    … and to freeze fuel duty again… 

    … would cost over £3bn next year.  

    At a time when the fiscal position is so difficult…  

    … I have to be frank with the House that this is a substantial commitment to make. 

    I have concluded… 

    … that in these difficult circumstances… 

    … while the cost of living remains high… 

    … and with a backdrop of global uncertainty… 

    … increasing fuel duty next year… 

    … would be the wrong choice for working people. 

    It would mean fuel duty rising by 7p per litre. 

    So, I have today decided to freeze fuel duty next year… 

    … and I will maintain the existing 5p cut for another year, too. 

    There will be no higher taxes at the petrol pumps next year.

    Madam Deputy Speaker, the last government made cuts of £20bn to employees’ and self-employed national insurance in their final two budgets.

    [redacted political content]

    Because we now know they were based on a forecast which the OBR say would have been “materially different”… 

    … had they known the true extent of the last government’s cover-up.   

    Since July, I have been urged on multiple occasions to reconsider these cuts.  

    To increase the taxes that working people pay and see in their payslips. 

    But I have made an important choice today: 

    To keep every single commitment that we made on tax in our manifesto.  

    So I say to working people: 

    I will not increase your National Insurance… 

    …I will not increase your VAT… 

    …And I will not increase your income tax. 

    Working people will not see higher taxes in their payslips as a result of the choices I make today. 

    That is a promise made – and a promise fulfilled. 

    TAX 

    But any responsible Chancellor would need to take difficult decisions today. 

    To raise the revenues required to fund our public services. 

    And to restore economic stability.  

    So in today’s Budget, I am announcing an increase in Employers’ National Insurance Contributions.  

    We will increase the rate of Employers’ National Insurance by 1.2 percentage points, to 15%, from April 2025.  

    And we will reduce the Secondary Threshold – the level at which employers start paying national insurance on each employee’s salary – from £9,100 per year to £5,000.  

    This will raise £25bn per year by the end of the forecast period.  

    I know that this is a difficult choice. 

    I do not take this decision lightly.  

    We are asking business to contribute more… 

    … and I know that there will be impacts of this measure felt beyond businesses, too… 

    … as the OBR have set out today. 

    But in the circumstances that I have inherited, it is the right choice to make.  

    Successful businesses depend on successful schools. 

    Healthy businesses depend on a healthy NHS.  

    And a strong economy depends on strong public finances.

    [redacted political content]

    That is the choice our country faces too.  

    As I make this choice, I know it is particularly important to protect our smallest companies.  

    So having heard representations from the Federation of Small Businesses and others… 

    … I am today increasing the Employment Allowance from £5,000 to £10,500. 

    This means 865,000 employers won’t pay any National Insurance at all next year… 

    … and over 1 million will pay the same or less than they did previously. 

    This will allow a small business to employ the equivalent of 4 full time workers on the National Living Wage… 

    … without paying any National Insurance on their wages. 

    Madam Deputy Speaker, let me come now to capital gains tax. 

    We need to drive growth, promote entrepreneurship, and support wealth creation… 

    … while raising the revenue required to fund our public services… 

    … and restore our public finances.  

    Today, we will increase the lower rate of Capital Gains Tax from 10% to 18%, and the Higher Rate from 20% to 24%… 

    … while maintaining the rates of capital gains tax on residential property at 18% and 24%, too.  

    This means the UK will still have the lowest Capital Gains Tax rate of any European G7 economy. 

    Alongside these changes to the headline rates of Capital Gains Tax… 

    … we are maintaining the lifetime limit for Business Asset Disposal Relief at £1m… 

    … to encourage entrepreneurs to invest in their businesses.   

    Business Asset Disposal Relief will remain at 10% this year… 

    … before rising to 14% in April 2025… 

    … and 18% from 2026-27… 

    … maintaining a significant gap compared to the higher rate of Capital Gains Tax.  

    Together, the OBR say these measures will raise £2.5bn by the end of the forecast. 

    In a sign of this government’s commitment to supporting growth and entrepreneurship… 

    …we have already extended the Enterprise Investment Scheme and Venture Capital Trust schemes to 2035… 

    … and we will continue to work with leading entrepreneurs and venture capital firms… 

    … to ensure our policies support a positive environment for entrepreneurship in the UK. 

    Next, inheritance tax. 

    Only 6% of estates will pay inheritance tax this year. 

    I understand the strongly held desire to pass down savings to children and grandchildren. 

    So I am taking a balanced approach in my package today. 

    First, the previous government froze inheritance tax thresholds until 2028. I will extend that freeze for a further two years, until 2030. 

    That means the first £325,000 of any estate can be inherited tax-free… 

    … rising to £500,000 if the estate includes a residence passed to direct descendants…. 

    … and £1m when a tax free allowance is passed to a surviving spouse or civil partner. 

    Second, we will close the loophole created by the previous government… 

    … made even bigger when the Lifetime Allowance was abolished… 

    … by bringing inherited pensions into inheritance tax from April 2027. 

    Finally, we will reform Agricultural Property Relief and Business Property Relief.  

    From April 2026, the first £1m of combined business and agricultural assets will continue to attract no inheritance tax at all… 

    … but for assets over £1m, inheritance tax will apply with 50% relief, at an effective rate of 20%. 

    This will ensure we continue to protect small family farms… 

    … and three-quarters of claims will be unaffected by these changes. 

    I can also announce that we will apply a 50% relief, in all circumstances, on inheritance tax for shares on the Alternative Investment Market (AIM) and other similar markets… 

    … setting the effective rate of tax at 20%. 

    Taken together, these measures raise over £2bn in the final year of the forecast. 

    Next, I can confirm that the government will renew the Tobacco Duty escalator for the remainder of this Parliament at RPI+2%… 

    … increase duty by a further 10% on hand-rolling tobacco this year… 

    … introduce a flat rate duty on all vaping liquid from October 2026… 

    … alongside an additional one off- increase in tobacco duty to maintain the incentive to give up smoking. 

    And we will increase the Soft Drinks Industry Levy to account for inflation since it was introduced… 

    …  as well as increasing the duty in line with CPI each year going forward. 

    These measures will raise nearly £1bn per year by the end of the forecast period. 

    Madame Deputy Speaker, we want to support the take-up of electric vehicles. 

    So I will maintain incentives for electric vehicles in Company Car Tax from 2028… 

    … and increase the differential between fully electric and other vehicles in the first year rates of Vehicle Excise Duty from April 2025. 

    These measures will raise around £400m by the end of the forecast period. 

    Madam Deputy Speaker let me update the House on our plans for Air Passenger Duty…

    [redacted political content]

    Air Passenger Duty has not kept up with inflation in recent years… 

    … so we are introducing an adjustment… 

    … meaning an increase of no more than £2 for an economy class short-haul flight.  

    But I am taking a different approach when it comes to private jets…  

    … increasing the rate of Air Passenger Duty by a further 50%.

    [redacted political content]

    These measures will raise over £700m by the end of the forecast period. 

    Madam Deputy Speaker, let me turn now to our high street businesses.  

    I know that for them, a major source of concern is business rates.  

    From 2026-27, we intend to introduce two permanently lower tax rates for retail, hospitality and leisure properties which make up the backbone of high streets across the country… 

    … and it is our intention that is paid for by a higher multiplier for the most valuable properties.

    [redacted political content]

    So I will today provide 40% relief on business rates for the retail, hospitality and leisure industry in 2025-26… 

    … up to a cap of £110,000 per business. 

    Alongside this, the small business tax multiplier will be frozen next year.  

    Next, I can confirm that alcohol duty rates on non-draught products will increase in line with RPI from February next year… 

    … but nearly two-thirds of alcoholic drinks sold in pubs are served on draught. 

    So today, instead of uprating these products in line with inflation… 

    … I am cutting draught duty by 1.7%… 

    … which means a penny off a pint in the pub. 

    Alongside the changes I am making today, I am publishing a Corporate Tax Roadmap.. 

    … providing the business certainty called for by the CBI, British Chambers of Commerce and the Institute for Directors. 

    This confirms our commitment to cap the rate of Corporation Tax at 25% – the lowest in the G7 –  for the duration of this parliament…. 

    … while maintaining full expensing and the £1 million Annual Investment Allowance… 

    …and keeping the current rates of research and development reliefs, to drive innovation. 

    Manifesto 

    Madam Deputy Speaker, in our manifesto we made a number of commitments to raise funding for our public services.  

    First, I have always said that if you make Britain your home, you should pay your tax here. 

    So today, I can confirm… 

    … we will abolish the non-dom tax regime… 

    … and remove the outdated concept of domicile from the tax system from April 2025. 

    We will introduce a new, residence based scheme… 

    … with internationally competitive arrangements for those coming to the UK on a temporary basis… 

    … while closing the loopholes in the scheme designed by the party opposite. 

    To further encourage investment into the UK, we will also extend the Temporary Repatriation Relief to three years and expand its scope… 

    … bringing billions of pounds of new funds into Britain. 

    The independent Office for Budget Responsibility say that this package of measures will raise £12.7bn over the next five years.  

    Next, the fund management industry provides a vital contribution to our economy… 

    …  but as our manifesto set out, there needs to be a fairer approach to the way carried interest is taxed.  

    So we will increase the Capital Gains Tax rates on carried interest to 32% from April 2025… 

    … and – from April 2026 – we will deliver further reforms to ensure that the specific rules for carried interest are simpler, fairer and better targeted. 

    In our manifesto we committed to reforming stamp duty land tax to raise revenue while supporting those buying their first home.  

    We are increasing the stamp-duty land tax surcharge for second-homes… 

    …known as the “Higher Rate for Additional Dwellings”… 

    … by 2 percentage points, to 5%, which will come into effect from tomorrow.  

    This will support over 130,000 additional transactions from people buying their first home, or moving home over, the next five years. 

    Next, we committed to reform the Energy Profits Levy on oil and gas companies. 

    I can confirm today that we will increase the rate of the levy to 38%, which will now expire in March 2030… 

    … and we will remove the 29% investment allowance. 

    To ensure the oil and gas industry can protect jobs and support our energy security… 

    … we will maintain the 100% first year allowances and the decarbonisation allowances too.  

    Finally, 94% of children in the UK attend state schools. 

    To provide the highest quality of support and teaching that they deserve… 

    … we will introduce VAT on private school fees from January 2025… 

    … and we will shortly introduce legislation to remove their business rates relief from April 2025, too.  

    We said in our manifesto that these changes… 

    … alongside our measures to tackle tax avoidance… 

    … would bring in £8.5bn by the final year of the forecast. 

    I can confirm today that they will in fact raise over £9bn… 

    … to support our public services and restore our public finances. 

    That is a promise made – and a promise fulfilled. 

    Madam Deputy Speaker, I have one final decision to take on tax today. 

    The previous government froze income tax and National Insurance thresholds in 2021… 

    … and then they did so again after the mini-budget. 

    Extending their threshold freeze for a further two years raises billions of pounds.  

    Money to deal with the black hole in our public finances…  

    … and repair our public services.  

    Having considered this issue closely… 

    … I have come to the conclusion… 

    … that extending the threshold freeze… 

    … would hurt working people. 

    It would take more money out of their payslips.

    I am keeping every single promise on tax that I made in our manifesto. 

    So there will be no extension of the freeze in income tax and National Insurance thresholds beyond the decisions of the previous government.  

    From 2028-29, personal tax thresholds will be uprated in line with inflation once again.

    When it comes to choices on tax, this government chooses to protect working people every single time.  

    SPENDING 

    Madam Deputy Speaker, these are the choices I have made. 

    To restore economic stability. 

    And to protect working people.  

    The next choice I make is to begin to repair our public services.  

    In recent months, we have conducted the first phase of the Spending Review… 

    … to set departmental budgets for 2024-25 and 2025-26… 

    … and I want to thank my Right Honourable Friend the Chief Secretary to the Treasury for his tireless work with colleagues from across government.  

    Because I have taken difficult decisions on tax today… 

    … I am able to provide an injection of immediate funding over the next two years… 

    … to stabilise and to support our public services.  

    The next phase of the Spending Review will report in late Spring, and I have set the overall envelope today. 

    Day to day spending from 2024-25 onwards will grow by 1.5% in real terms… 

    … and total departmental spending, including capital spending, will grow by 1.7% in real terms. 

    At the election we promised there would be no return to austerity.  

    Today we deliver on that promise. 

    But given the scale of the challenges that are facing our public services… 

    … that means there will still be difficult choices in the next phase of the Spending Review. 

    Just as we cannot tax and spend our way to prosperity… 

    … nor can we simply spend our way to better public services.  

    So we will deliver a new approach to public service reform… 

    … using technology to improve public services… 

    … and taking a zero-based approach… 

    … so that taxpayers’ money is spent as effectively as possible…  

    … and so that we focus on delivering our key priorities.  

    Spending Review: Phase 1 

    In the first phase of the Spending Review… 

    … I have prioritised day-to-day funding to deliver on our manifesto commitments. 

    I want every child to have the best start in life… 

    … and the best possible start to the school day, too… 

    … and I know my Right Honourable Friend the Education Secretary shares my ambition.  

    So I am today tripling investment in breakfast clubs to fund them in thousands of schools.  

    I am increasing the core schools budget by £2.3bn next year… 

    … to support our pledge to hire thousands more teachers into key subjects.   

    So that our young people can develop the skills that they need for the future… 

    … I am providing an additional £300m for further education. 

    And finally, this government is committed to reforming special educational needs provision… 

    … to improve outcomes for our most vulnerable children and ensure the system is financially sustainable. 

    To support that work, I am today providing a £1bn uplift in funding, a 6% real terms increase from this year.  

    There is no more important job for government than to keep our country safe, and we are conducting a Strategic Defence Review to be published next year. 

    And as set out in our manifesto, we will set a path to spending 2.5% of GDP on defence at a future fiscal event. 

    Today, I am announcing a total increase to the Ministry of Defence’s Budget of £2.9bn next year… 

    … ensuring the UK comfortably exceeds our NATO commitments…  

    … and providing guaranteed military support to Ukraine of £3bn per year, for as long as it takes. 

    Last week, alongside my Right Honourable Friend the Defence Secretary, I announced, in addition to this, further support to Ukraine – on top of our NATO commitment…  

    … through our £2.26bn contribution to the G7’s Extraordinary Revenue Acceleration agreement… 

    … repaid using profits from immobilised Russian sovereign assets. 

    And as we approach Remembrance Sunday…  

    … it is vital that we take time to remember those who have served our country so bravely.  

    So I am today announcing funding to commemorate the 80th anniversary of VE and VJ day next year… 

    … to honour those who have served at home and abroad. 

    We must also remember those who experienced the atrocities of the Nazi regime first hand.  

    I would like to pay tribute to Lily Ebert, the Holocaust Survivor and educator who passed away aged 100 earlier this month.  

    I am today committing a further £2m to holocaust education next year… 

    … so that charities like the Holocaust Educational Trust, can continue their work to ensure these vital testimonies are not lost and are preserved for the future. 

    Madam Deputy Speaker, to repair our public services we also need to work alongside our mayors and our local leaders. 

    We will deliver a significant real-terms funding increase for local government next year…  

    … including £1.3bn of additional grant funding to deliver essential services… 

    … with at least £600m in grant funding for social care…  

    … and £230m to tackle homelessness and rough sleeping 

    We are today confirming that Greater Manchester and the West Midlands will be the first mayoral authorities to receive integrated settlements from next year… 

    … giving Mayors meaningful control of the funding for their local areas. 

    * 

    And to support our local high streets… 

    … we are taking action to deal with the sharp rise in shoplifting we have seen in recent years. 

    We will scrap the effective immunity for low-value shoplifting introduced by the party opposite. 

    And having listened closely to organisations like the British Retail Consortium and USDAW… 

    … I am providing additional funding to crack down on the organised gangs which target retailers… 

     … and to provide more training to our police officers and retailers to help stop shoplifting in its tracks.  

    Finally, I am today providing funding to support public services and drive growth across Scotland, Wales and Northern Ireland.  

    Having discussed the matter with the First Minister of Wales, Eluned Morgan, and my HFs for Llanelli and Pontypridd… 

    … I am providing a £25m to the Welsh Government next year for the maintenance of coal tips to ensure we keep our communities safe.  

    And to support growth, including in our rural areas, we will proceed with City and Growth Deals in Northern Ireland… 

    … in Causeway Coast and Glens; and Mid-South West.

    And we will drive growth in Scotland [redacted political content] including a City and growth Deal in Argyll and Bute.

    This budget provides the devolved governments with the largest real-terms funding settlement since devolution… 

    … delivering an additional £3.4 billion for the Scottish Government through the Barnett formula… 

    … funding which must now be spent effectively to improve public services in Scotland.  

    This budget also provides £1.7 billion to the Welsh Government… 

    …  and £1.5 billion to the Northern Ireland Executive in 2025-26. 

    I said there would be no return to austerity, and that is the choice I have made today.  

    REBUILDING BRITAIN 

    Madam Deputy Speaker, to rebuild our country we need to increase investment. 

    The UK lags behind every other G7 country when it comes to business investment as a share of our economy. 

    That matters.  

    It means the UK has fallen behind in the race for new jobs… 

    … new industries… 

    … and new technology.  

    By restoring economic stability… 

    … and by establishing the National Wealth Fund to catalyse private funding… 

    … we have begun to create the conditions that businesses need to invest.  

    But there is also a significant role for public investment.

    Hospitals without the equipment they need.  

    School buildings not fit for our children.  

    A desperate lack of affordable housing. 

    Economic growth held back at every turn.  

    Under the plans I inherited… 

    … public investment was set to fall from 2.5% to 1.7% of GDP.  

    But in Washington last week, the International Monetary Fund were clear:  

    More public investment is badly needed in the UK.  

    So today, having listened to the case made by the former Governor of the Bank of England, Mark Carney… 

    … former Treasury Minister, Jim O’Neill… 

    … and the former Cabinet Secretary, Gus O’Donnell… 

    … among others…  

    … I am confirming our investment rule.  

    As set out in our manifesto, we will target debt falling as a share of the economy. 

    Debt will be defined as Public Sector net Financial Liabilities, or “net financial debt”, for short… 

    … a metric that has been measured by the Office for National Statistics since 2016… 

    … and forecast by the Office for Budget Responsibility since that date too. 

    “Net financial debt” recognises that government investment delivers returns for taxpayers…  

    … by counting not just the liabilities on a government’s balance sheet, but the financial assets too. 

    This means that we count the benefits of investment, not just the costs… 

    And we free up our institutions to invest… 

    … just as they do in Germany, France and Japan.  

    Like our stability rule, our investment rule will apply in 2029-2030… 

    … until that becomes the third year of the forecast. 

    From that point onwards, net financial debt will fall in the third year of every forecast. 

    Today, the OBR say that we are already meeting our target two years early… 

    … with “net financial debt” falling by 2027-28…  

    … with £15.7bn of headroom in the final year. 

    So that we drive the right incentives in government investments… 

    … we will introduce four key guardrails to ensure capital spending is good value for money and drives growth in our economy.  

    First, our portfolio of new financial investments will be delivered by expert bodies like the National Wealth Fund which must, by default, earn a rate of return at least as large as that on gilts.  

    Second, we will strengthen the role of institutions to improve infrastructure delivery.  

    Third, we will improve certainty, setting capital budgets for five years and extending them at every spending review every two years. 

    Finally, we will ensure there is greater transparency for capital spending, with robust annual reporting of financial investments… 

    … based on accounts audited by the National Audit Office… 

    … and made available to the Office for Budget Responsibility at every forecast. 

    Taken together with our stability rule… 

    …these fiscal rules will ensure that our public finances are on a firm footing… 

    … while enabling us to invest prudently alongside business. 

    Growth projects  

    The capital plans I now set out… 

    … to drive growth across our country… 

    … and repair the fabric of our nation… 

    … are only possible because of our investment rule.  

    Let me set out those investment plans. 

    Industrial strategy 

    Today we are confirming our plans to capitalise the National Wealth Fund… 

    … to invest in the industries of the future… 

    … from gigafactories, to ports to green hydrogen. 

    Building on these investments, my Right Honourable Friend the Business Secretary is driving forward our modern industrial strategy… 

    … working with businesses and organisations like Make UK… 

    … to set out the sectors with the biggest growth potential. 

    Today, we are confirming multi-year funding commitments for these areas of our economy, including… 

    … nearly £1bn for the aerospace sector to fund vital research and development, building on our industry in the East Midlands, the South-West and Scotland… 

    … over £2 billion for the automotive sector… 

    …  to support our electric vehicle industry and develop our manufacturing base… 

    … building on our strengths in the North East and the West Midlands… 

    And up to £520m for a new Life Sciences Innovative Manufacturing Fund. 

    For our world-leading creative industries…  

    … we will legislate to provide additional tax relief for visual effect costs in TV and film… 

    .. and we are providing £25m for the North East Combined Authority… 

    … which they plan to use to remediate the Crown Works Studio site in Sunderland… 

    … creating 8,000 new jobs.  

    Research & Development 

    To unlock these growth industries of the future, we will protect government investment in research and development with more than £20bn worth of funding. 

    This includes at least £6.1bn to protect core research funding for areas like engineering, biotechnology and medical science… 

    …through Research England, other research councils, and the National Academies. 

    We will extend the Innovation Accelerators programme in Glasgow, in Manchester and in the West Midlands.  

    And with over £500m of funding next year, my Right Honourable Friend the Science, Technology and Innovation Secretary, will continue to drive progress in improving reliable, fast broadband and mobile coverage across our country, including in rural areas. 

    Housing 

    We committed in our manifesto to build 1.5 million homes over the course of this parliament… 

    … and my Right Honourable Friend the Deputy Prime Minister is driving that work forward across government. 

    Today, I am providing over £5bn of government investment to deliver our plans on housing next year. 

    We will increase the Affordable Homes Programme to £3.1bn…  

    … delivering thousands of new homes.  

    We will provide £3bn of support in guarantees… 

    … to boost the supply of homes and support our small housebuilders. 

    And we will provide investment to renovate sites across our country… 

    … including at Liverpool Central Docks… 

    … where we will deliver 2,000 new homes… 

    … and funding to help Cambridge realise its full growth potential.  

    Alongside this investment, we will put the right policies in place to increase the supply of affordable housing.  

    Having heard representations from local authorities, social housing providers and from Shelter…  

    … I can today confirm that the government will reduce Right to Buy Discounts… 

    … and local authorities will be able to retain the full receipts from any sales of social housing… 

    … to reinvest back into the housing stock, and into new supply.. 

    … so that we give more people a safe, secure and affordable place to live.  

    We will provide stability to social housing providers, with a social housing rent settlement of CPI+1 percent for the next five years.  

    And we will deliver on our manifesto commitment to hire hundreds of new planning officers, to get Britain building again.  

    We will also make progress on our commitment to accelerate the remediation of homes following the findings of the Grenfell Inquiry… 

    … with £1bn of investment to remove dangerous cladding next year.  

    Transport

    Working with my Right Honourable Friend the Transport Secretary, I am changing that.  

    We are today securing the delivery of the Trans-Pennine upgrade to connect York, Leeds, Huddersfield and Manchester…  

    … delivering fully electric local and regional services between Manchester and Stalybridge by the end of this year… 

    … with a further electrification of services between Church Fenton and York by 2026.… 

    … to help grow our economy across the North of England… 

    … with faster and more reliable services.  

    We will deliver East-West Rail to drive growth between Oxford, Milton Keynes and Cambridge…  

    … with the first services running between Oxford, Bletchley and Milton Keynes next year… 

    … and trains between Oxford and Bedford running from 2030.  

    We are delivering railway schemes which improve journeys for people across our country… 

    … including upgrades at Bradford Forster Square…  

    … improving capacity at Manchester Victoria… 

    … and electrifying the Wigan-Bolton line. 

    My Right Honourable Friend the Transport Secretary has also set out a plan for how to get a grip of HS2. 

    Today, we are securing delivery of the project between Old Oak Common and Birmingham… 

    … and we are committing the funding required to begin tunnelling work to London Euston station… 

    … This will catalyse private investment into the local area. 

    I am also funding significant improvements to our roads network.  

    For too long, potholes have been an all too visible reminder of our failure to invest as a nation. 

    Today, that changes… 

    … with a £500m increase in road maintenance budgets next year… 

    … more than delivering on our manifesto commitment to fix an additional one million potholes each year. 

    We will provide over £650m of local transport funding to improve connections across our country… 

    … in our towns like Crewe and Grimsby… 

    … and in our villages and rural areas, from Cornwall to Cumbria.

    … we understand how important bus services are for our communities… 

    …so we will extend the cap for a further year, setting it at £3 until December 2025. 

    Finally we will deliver £1.3bn of funding to improve connectivity in our city regions, funding projects like…  

    … the Brierley Hill Metro extension in the West Midlands… 

    … the renewal of the Sheffield Supertram… 

    … and West Yorkshire Mass Transit, including in Bradford and Leeds.  

    Energy 

    Madam Deputy Speaker, to bring new jobs to Britain and drive growth across our country… 

    … we are delivering our mission to make Britain a clean energy superpower, led by my Right Honourable Friend the Energy Secretary. 

    Earlier this month, we announced a significant multi-year investment between government and business into Carbon Capture and Storage… 

    … creating 4,000 jobs across Merseyside and Teesside. 

    Today, I am providing funding for 11 new green hydrogen projects across England, Scotland and Wales – they will be among the first commercial scale projects anywhere in the world… 

    … including in Bridgend, East Renfrewshire and in Barrow-in-Furness 

    We are kickstarting the Warm Homes Plan by confirming an initial £3.4bn over the next three years… 

    … to transform 350,000 homes… 

    … including a quarter of a million low-income and social homes. 

    And we will establish GB Energy… 

    … providing funding next year to set up GB Energy at its new home in Aberdeen. 

    Overall, we will invest an additional £100bn over the next five years in capital spending… 

    … only possible because of our investment rule.  

    The OBR say today that this will drive growth across our country in the next five years… 

    … and in the longer term increase GDP by up to 1.4%. 

    It will crowd in private investment… 

    … meaning more jobs, and more opportunities… 

    … in every corner of the UK.  

    That is the choice that I have made.  

    To invest in our country… 

    … and to grow our economy. 

    Today, I am setting out two final areas in which investment is so badly needed… 

    … to repair the fabric of our nation. 

    Schools

    [redacted political content]

    … schools roofs are crumbling….  

    … and millions of children are facing the very same backdrop as I did. 

    I will be the Chancellor that changes that.  

    So today, I am providing £6.7bn of capital investment to the Department for Education next year… 

    … a 19% real-terms increase on this year. 

    That includes £1.4bn to rebuild over 500 schools in the greatest need… 

    … including St Helen’s Primary School in Hartlepool, and Mercia Academy in Derby… 

    … and so many more across our country. 

    And we will provide a further £2.1bn to improve school maintenance, £300m more than this year… 

    … ensuring that all our children can learn somewhere safe… 

    … including dealing with RAAC affected schools in the constituencies of my HFs the members for Watford, Stourbridge, Hyndburn, and beyond.   

    Alongside investment in new teachers… 

    … and funding for thousands of new breakfast clubs… 

    … this government is giving our children and young people the opportunities that they deserve.   

    NHS 

    Madam Deputy Speaker, I come to our most cherished public service of all: our NHS.

    [redacted political content]

    In our first week in office, he commissioned an independent report into the state of our health service by Lord Darzi.  

    Its conclusions were damning.  

    While our NHS staff do a remarkable job, and we thank them for it… 

    … it is clear that, that in so many areas… 

    … we are moving in the wrong direction.  

    100,000 infants waited over 6 hours in A&E last year.  

    350,000 people are waiting a year for mental health support. 

    Cancer deaths here are higher than in other countries.  

    It is simply unforgiveable. 

    In the Spring, we will publish a 10 year plan for the NHS… 

    … to deliver a shift from hospital to community… 

    … from analogue to digital… 

    … and from sickness to prevention. 

    Today, we are announcing a downpayment on that plan…  

    …  to enable the NHS to deliver 2% productivity growth next year. 

    These reforms are vital.  

    But we should be honest.  

    The state of the NHS we inherited… 

    … after – and I quote Lord Darzi – “the most austere decade since the NHS was founded” –  

    … means reform must come alongside investment. 

    So today… 

    … because of the difficult decision that I have taken on tax, welfare and spending… 

    … I can announce… 

    … that I am providing a £22.6bn increase in the day to-day health budget… 

    … and a £3.1bn increase in the capital budget… 

    … over this year and next year. 

    This is the largest real-terms growth in day to day NHS spending outside of Covid since 2010.  

    Let me set out what this funding is delivering.  

    Many NHS buildings have been left in a state of disrepair. 

    So we will provide £1 billion of health capital investment next year to address the backlog of repairs and upgrades across the NHS.  

    To increase capacity for tens of thousands more procedures next year… 

    … we will provide a further £1.5bn… 

    … for new beds in hospitals across the country…  

    … new capacity for over a million additional diagnostic tests… 

    … and new surgical hubs and diagnostic centres … 

    … so that those people waiting for their treatment can get it as quickly as possible. 

    My Right Honourable Friend the Health Secretary will be announcing the details of his review into the New Hospital Programme in the coming weeks… 

    … and publishing in the new year… 

    … but I can tell the House today… 

    … that work will continue at pace to deliver those seven hospitals affected including… 

    … West Suffolk Hospital in Bury St Edmunds… 

    … and Leighton Hospital in Crewe.  

    And finally… 

    … because of this record injection of funding… 

    … because of the thousands of additional beds that we have secured… 

    … and because of the reforms that we are delivering in our NHS…  

    … we can now begin to bring waiting lists down more quickly… 

    … and move towards our target for waiting times no longer than 18 weeks… 

    … by delivering our manifesto commitment for 40,000 extra hospital appointments a week.

    [redacted political content]

    CLOSING 

    Madam Deputy Speaker, the choices that I have made today are the right choices for our country.  

    To restore stability to our public finances. 

    To protect working people. 

    To fix our NHS. 

    And to rebuild Britain.  

    That doesn’t mean these choices are easy. 

    But they are responsible.

    [redacted political content]

    This is a moment of fundamental choice for Britain.  

    I have made my choices.  

    The responsible choices. 

    To restore stability to our country. 

    To protect working people.  

    More teachers in our schools.  

    More appointments in our NHS.  

    More homes being built.  

    Fixing the foundations of our economy. 

    Investing in our future.  

    Delivering change.  

    Rebuilding Britain.

    We on these benches commend those choices… 

    … and I commend this Statement to the House.

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Read More (Van Hollen, Cardin, Trone Announce $7.7 Million for Airport Infrastructure Projects in Western Maryland)

    Source: United States House of Representatives – Representative David Trone

    October 30, 2024

    FOR IMMEDIATE RELEASE

    October 30, 2024

    Van Hollen, Cardin, Trone Announce $7.7 Million for Airport Infrastructure Projects in Western Maryland

    WASHINGTON – Today, U.S. Senators Chris Van Hollen and Ben Cardin and Congressman David Trone (all D-Md.) announced $7,705,850 in federal funding for infrastructure and expansion projects at the Hagerstown Regional Airport and Garrett County Airport. The funding, provided through the Department of Transportation (DOT) Federal Aviation Administration’s (FAA) Airport Improvement Program and Airport Terminal Program, will increase the airports’ capacities to meet operational needs and safety standards.

    “Hagerstown Regional and Garrett County airports help connect Western Maryland with greater economic opportunity. We fought for these investments to provide both airports with resources to continue to serving Maryland’s businesses, residents, and visitors in the years to come,” said the lawmakers.

    The federal grants have been awarded as follows:

    • $6,786,262 to Hagerstown Regional Airport to remove a building and relocate fencing identified as obstructions by the FAA and to renovate and expand the existing terminal building to accommodate existing and projected airline passenger demand
    • $919,588 to Garrett County Airport to rehabilitate 7,300 square yards of the existing Terminal Apron pavement

    The Airport Improvement Program (AIP) funds various types of airport infrastructure projects across the country, including repairs and upgrades to runways, taxiways, airport signage, lighting and markings – all while creating thousands of good-paying, local jobs. The members have consistently fought to provide funds for airports and terminal operators, including through the fiscal year 2024 appropriations process, which makes $3.35 billion available from the Airport and Airway Trust Fund and an additional $532 million from the general fund for AIP projects.

    The Airport Terminal Program was created in 2021 through the lawmakers’ efforts to pass the Infrastructure Investment and Jobs Act. Funded at $1 billion in fiscal year 2024, the Airport Terminal Program supports safe, sustainable, and accessible airport terminals, on-airport rail access projects, and airport-owned airport traffic control towers.

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    MIL OSI USA News –

  • MIL-OSI USA: Are Carbon-Free Energy Systems Possible? NREL Has a Way To Find Out

    Source: US National Renewable Energy Laboratory

    Live Power Experiments Using NREL’S ARIES Platform Solve Future Energy Challenges in the Present

    Aerial view of NREL’s Flatirons Campus, where researchers demonstrate clean energy solutions for large-scale systems using the ARIES platform. Photo by Josh Bauer and Taylor Mankle, NREL

    Renewable energy generation has risen for years, now supplying 22% of U.S. electricity. But the next gains will not come easy. Looming obstacles include a lack of energy storage, increasing cybersecurity threats and outages, possible electrical instabilities, and sectors that are hard to electrify.

    It’s a heavy list, but those exact obstacles are well known within NREL’s Advanced Research on Integrated Energy Systems (ARIES) platform. In fact, researchers replicate these obstacles in both physical and virtual environments every day to vet large-scale energy solutions in action.

    Like constellations that once guided explorers, ARIES helps users to orient their clean energy decisions. Following recent expansions in grid control, hydrogen, and cyber resilience, the platform can help researchers explore the greatest challenges to achieving a clean energy transformation.

    Fine Control Over Experimental Power

    One challenge for clean energy is the integration of diverse technologies. Power systems are becoming hybrid, distributed mixtures of solar, wind, storage, and many other energy resources. Electrically, they are nothing like we’ve had in the past, especially at the sub-second timescales.

    To develop solutions with enough detail, engineers need the real deal for experiments: electricity like it exists in homes, between cities, and during disasters. They need to customize electricity to recreate the big research questions.

    ARIES has that customizability, thanks to the controllable grid interface (CGI), which acts as an envelope on incoming power, shaping it according to scenarios, such as an oil-fired generator failing on an island full of renewables or faults affecting a wind-powered microgrid.

    Past uses include:

    • Validating next-generation transformers that add transmission flexibility in the U.S. Department of Energy project Grid Application Development, Testbed, and Analysis for MV SiC (GADTAMS)
    • Piloting a grid-forming wind turbine with an industry partner
    • Exploring hybrid power plants that mix water, wind, storage, and solar in the multi-laboratory project FlexPower.

    In 2024, the CGI quadrupled in power, and it is better able to answer the many unknowns of clean energy deployed at scale.

    With ARIES, researchers construct fully realistic energy systems to explore solutions for clean energy integrations, both near term and long term. This photo shows a photovoltaic array at right, and just above the array is the CGI, which customizes power flow throughout the research platform. The trailers and boxes in the center are batteries, hydrogen tanks, electrolyzers, fuel cells, direct current devices, and more. Photo by Josh Bauer and Taylor Mankle, NREL

    Clean Energy Demonstrations Get Larger and More Integrated

    With the CGI upgrade, the interface can run two custom scenarios in parallel at 7 megavolt-amperes and 20 megavolt-amperes, and the researchers are taking advantage.

    “It’s bigger, a little faster, and it gives us bandwidth,” said Przemyslaw Koralewicz, an architect of the interface. Prior to CGI2’s completion, projects were bottlenecked by the interface’s availability. Now researchers can switch between two different machines when experiments stack up, or they can even use both in the same experiment.

    “In one interesting experiment as part of the SuperFACTS project, we placed a battery on one interface and a photovoltaic array on the other. Artificially, they were made to act as if they were 1,000 miles away, individually contributing to stability on the same electric grid,” Koralewicz described.

    Przemek Koralewicz, third from left, and colleagues present the latest additions to the CGI. The CGI is housed in a trailer full of power electronic switches that allow researchers to customize real energy system scenarios. Photo by Josh Bauer, NREL

    A top research goal of ARIES is to successfully integrate diverse technologies. The CGI is designed for this purpose, making it possible to catch problems of instability or unreliability within uncommon energy combinations. One example is direct current (DC) microgrids.  

    “It’s becoming popular to explore DC microgrids. I’m pretty excited about the possibility,” Koralewicz said. “DC microgrids could avoid transformers and inject power directly into the grid bus. The CGI uniquely allows us to try this.”

    The DC bus could charge heavy-duty vehicles directly from solar or wind resources, and it could power electrolyzers directly to produce hydrogen, possibilities that ARIES researchers are eager to study for their simpler architectures and unique pathways.

    Although a DC bus is not yet available, other pathways are ready for research at ARIES. Thanks to additional infrastructure, hydrogen energy integration research is underway in a big way.

    From Clean Electricity to Gas and Back

    Hydrogen could singly abate several challenges in future energy systems. It’s a solution for energy storage, a force for grid flexibility, and an energy-dense fuel to rival carbon compounds. It’s a resource with real potential to integrate clean power, but it is lacking in experimental run time. That’s why the ARIES integrated hydrogen capabilities have expanded.

    NREL research technicians Tavis Hanna and Daniel Leighton tighten flanges on a pump for integrated cooling systems. This hardware helps make ARIES a hub for large-scale hydrogen-grid research. Photo by Werner Slocum, NREL

    From storage tanks to fuel cells, and from water deionizers to electrolyzers, ARIES features a full circle of clean hydrogen assets. These capabilities are set apart by their close integration with other renewable assets. At a megawatt capacity, ARIES is also the proper size to pilot hydrogen pathways before going to the full grid scale, the target of the U.S. Department of Energy’s H2@Scale initiative.

    This capability appeals to mining companies and downstream ore processing facilities that want to decarbonize their operations, as well as to automotive companies that are curious about stationary power from fuel cells as an opportunity to enlarge their customer base.

    “We commissioned and built this new equipment, and now we want to answer questions about electrolysis at the relevant scale,” Daniel Leighton, NREL technical lead, said in a public presentation.

    Leighton and colleagues added the new assets so that researchers can explore the options around renewably produced hydrogen.  

    “We’ll have a pipeline that will connect to future underground storage, and we are currently validating a metal hydride storage system for low-pressure hydrogen. To validate electrolysis technologies and how they support other areas, we’re building out a full balance of plant at 6 megawatts for partners to do drop-in validation,” Leighton said.

    Of course, none of this—neither the hybrid power plants nor the underground hydrogen caverns—means anything if integrated energy systems are not secure. It might not be as visible as pipelines, but as another core aim of ARIES, cybersecurity is increasingly everywhere and for good reason.

    Sharper Cybersecurity: Attacking a Wind Turbine, Cloud Security, and Microgrid Communications

    Modern organizations face a daily barrage of cyberattacks and scams, and the situation is similarly problematic for energy systems.

    “We’re seeing hacking software become very cheap and nation states facilitating attacks. At the same time, we see our energy systems becoming much more complex—for example, an increase in the quantity of devices operating as part of the grid,” said Dane Christensen, manager of the Cyber System Assessment group at NREL.

    “A loss of exclusive utility ownership over grid-interactive devices. Less tractable supply chains. A mix of legacy and modern hardware,” Christensen explained. “How do we retain the benefits of all this connectivity and achieve mutual cybersecurity?”

    It’s a question that Christensen and colleagues are answering using the ARIES Cyber Range, which virtualizes, cosimulates, and visualizes energy system experiments.

    An early demonstration of the ARIES Cyber Range was, logically, to attack a wind turbine on NREL’s Flatirons Campus.

    NREL researchers staged a self-cyberattack on a research wind turbine to show a confluence of ARIES capabilities, including cyber-physical emulation, real-time interactivity, power hardware-in-the-loop, and visualization. Photo by NREL

    In front of a live industry audience, NREL researchers established a facsimile of a distribution utility, transmission utility, and independent wind power producer, which the researchers disabled by accessing the wind power plant’s control center through vulnerabilities.

    Using ARIES, they launched an attack to shut down one full-scale turbine at NREL’s Flatirons Campus and an emulated wind power plant. This triggered automated safeties to impact the surrounding transmission system.

    In seconds, NREL’s mock attackers reduced the plant production to zero, cutting power to thousands of (simulated) people, showcasing what consequences could occur if vulnerabilities are left unpatched in energy systems and showing the usefulness of ARIES tools in addressing those vulnerabilities.

    “We leverage the cyber range to employ much more realistic systems and to be able to scale our research,” Christensen said. “We couple the physical and virtual in real time and track it visually. In this way, we can help mitigate the risk inherent in both newly adopted technologies and in the trusted relationships that exist across the energy sector.”

    The cyber-physical union at ARIES has redefined clean energy research. This is evident in a 5G microgrid platform, where utilities can assess wireless operations, and in CloudZero, where they can assess the cloud management of complex energy systems.

    Like all challenges ahead for clean energy systems, cybersecurity becomes surmountable when researchers can have the real systems right in front of them, using ARIES.

    Stay Tuned, Reach Out, Learn More

    New opportunities continually appear for clean energy, which suits the underlying build of ARIES: Its hardware is reconfigurable and with digital simulators, scalable. ARIES researchers have a versatile electric grid at their fingertips, and they are just breaking the surface of what is possible on this research platform.

    Variability in the physical size of new energy technologies being added to the system

    Securely controlling (millions to tens of millions of) interconnected devices

    Integrating multiple diverse technologies that have not previously worked together

    Three key technical challenges guide ARIES research. Partners facing these same challenges can use the ARIES capabilities to evaluate and explore their options.

    Nearing five years of being online, ARIES is equipped for another generation of experiments, and it continues to grow. If you are interested in partnering with NREL, contact ARIES@nrel.gov. These partnering examples are open now:

    Visit nrel.gov/aries to learn more.

    The ARIES platform is supported by the Department of Energy Office of Energy Efficiency and Renewable Energy.

    MIL OSI USA News –