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Category: Business

  • MIL-OSI: LNG Energy Group Provides an Operational Update and Change of Transfer Agent

    Source: GlobeNewswire (MIL-OSI)

    Highlights:

    • LNG Energy Group expects to issue a reserves update by month-end in respect of the reserves to be acquired in Venezuela.
    • Debt Repayments – Approximately U.S.$14.7 million amortization of term-loan debt principal.
    • ESG Initiatives – Lewis Energy Colombia obtains ISO certification and dedicates property to reforestation in advance of its carbon reduction initiatives in Colombia.
    • Natural Gas Compressor – New compressor will be used to optimize production and improve reserves life.
    • Commencement of new Oilfield Services Division.
    • Gas Sales Agreements – Amendments with off-takers allow for temporary lower nominations to facilitate maintenance and workover program.
    • Capital Expenditures – Expecting to drill a development and a re-entry at an existing development well in the fourth quarter of 2024.

    TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FWB: E26) (the “Company” or “LNG Energy Group”) is pleased to an operational update on its projects in Venezuela and Colombia.

    Corporate

    Since August 2023, the Company has been able to repay approximately U.S.$14.7 million in amortization on its long-term bank debt.

    Colombia

    Environmental, Health and Safety and sustainability Practices

    The Company is pleased to announce that its wholly owned subsidiary, Lewis Energy Colombia, Inc. (“LEC”), has successfully completed the following ISO recertifications, after an audit performed by Bureau Veritas:

    • 9001:2015 – Quality Management System (QMS): this certification recognizes LEC for its successful implementation and continual improvement of its QMS.
    • 14001:2015 – Environmental Management Systems (EMS): this certification recognizes LEC’s commitment to take proactive measures to minimize its environmental footprint, comply with relevant legal requirements and achieve their environmental objectives.
    • 45001:2018 – Occupational Health and Safety (OH&S) Management System: this certification recognizes LEC’s commitment to systematically assess hazards and implement risk control measures, leading to reduced workplace injuries, illnesses and incidents.

    LEC is also in the process of assigning 25 hectares (62 acres) to the Corporación Autónoma Regional del Atlántico (“CRA”), the environmental agency for the Atlántico state in northern Colombia. This land will be used for reforestation projects and for the purpose of protecting the local watershed. Currently, LEC has approximately 360 hectares (900 acres) in the area and this is land that will be used for environmental compensation purposes, contributing to a reduction in LEC’s carbon footprint.

    Compressor at the Bullerengue Field

    The Company is pleased to announce the completion of its new compressor project at the Bullerengue field. The compressor recently began operation and will be instrumental in increasing the reserves life of the field while facilitating access to an additional 1.67 Bcf of natural gas at the north side of the field. The compressor will also serve to increase LEC’s ability to respond to regulatory requirements and improve general operational efficiencies.

    Source: Company images of the new compressor and facilities at the Bullerengue field.

    Oilfield Services Division

    LEC is continuing studies to offer drilling rig services to third parties in Colombia, as a way of optimizing resource use to increase company income, while allowing us to maintain a strong core rig crew, which helps improve our operational efficiency.

    LEC has three rigs on the ground in its Sinú-San Jacinto Norte-1 Block (the “SSJN-1 block”) near Barranquilla, Colombia. They include one 1,600 HP top-drive drilling rig, one 1,000 HP top-drive drilling rig and one 550 HP workover rig. These rigs come complete with generators, pumps, BOPs, mud systems, tanks and other equipment needed to fully execute drilling and workovers operations. Together, the rigs and associated equipment have an estimated value of approximately U.S.$10 million.

    The Company looks to mobilize its equipment and personnel in the fourth quarter of 2024 to pursue workover and drilling activities.

    Gas Sales Agreements

    As a result of unexpected production restrictions at certain wells in the Bullerengue natural gas field, the Company has had to limit natural gas deliveries under certain gas sales agreements dedicated to supplying natural gas demand. As a result of careful review of the legal, social and security circumstances, the natural gas supply needs of the Colombian gas market, and the Company’s commitment to meet its commercial obligations with its off-takers and strategic partner contracts, the Company considers it prudent to pursue short term volume delivery amendments reducing volumes by 5.0 MMbtu/d for a period of four months with no significant changes to LEC’s average natural gas sales price.

    The Company is presently working on remediating this disruption and expects to have production back to normal levels upon execution of well maintenance and drilling activity. The Company is working on workover and drilling initiatives to make up for these sales volumes in the future and meet its average production and long-term valuation creation objectives and therefore does not expect this situation to have a long-term material impact on its operations and results.

    Capital Expenditures

    For the remainder of 2024, the Company expects to drill at least one additional development well and conduct a re-entry at an existing well at the SSJN-1 block onshore in Colombia in addition to its remaining workover campaign. The workover campaign is designed to address maintenance declines in production as well as increase production from the Company’s existing wells.

    Venezuela

    On April 17, 2024, LNG Energy Group’s wholly own subsidiary, LNGEG Growth I Corp. (“LNG Venezuela”) was conditionally entered into a binding agreement with PDVSA Petroleo S.A. (“PPSA”), a subsidiary of Petroleos de Venezuela S.A., the Venezuelan national oil company, for the operation of the Nipa-Nardo-Niebla and the Budare-Elotes CPPs in onshore Venezuela (collectively, the “Venezuela Blocks”). The Venezuela Blocks are currently producing 3,000 bbl/d of light and medium oil.

    The Company is preparing a baseline to understand the work program and activities required to take over operations of these fields and optimize production and is in the process of certifying the reserves at certain of the Venezuela Blocks in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The disclosure of these reserves is subject to review and approval of PPSA.

    The CPPs were executed within the term of General License 44 issued by the US Office of Foreign Assets Control (OFAC). License 44 has been replaced by License 44A, and the Corporation is following the applicable regulatory procedures to operate in full compliance with the applicable sanction regimes. LNG Venezuela and PPSA have mutually agreed to extend the outside date of the CPPs to November 30, 2024.

    Transfer Agent

    LNG Energy Group announces that Odyssey Trust Company (“Odyssey”) has replaced Computershare Investor Services Inc. (“Computershare”) as the registrar and transfer agent of the Company effective September 11, 2024. Shareholders need not take any action in respect of the change in transfer agent.

    All inquiries and correspondence relating to shareholders’ records, transfer of shares, lost certificates, or change of address should now be directed to Odyssey as follows:

    Odyssey Trust Company
    Trader’s Bank Building
    702 – 67 Yonge Street
    Toronto ON M5E 1J8

    Phone: 1-587-885-0960
    Fax:1-800-517-4553
    Email: clients@odysseytrust.com
    Website: http://www.odysseytrust.com/contact

    As of the date hereof, Computershare remains the trustee of any applicable warrants and escrow arrangements.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    About LNG Energy Group

    The Company is focused on the acquisition and development of oil and gas exploration and production assets in Latin America.

    For more information, please see below:

    Website:
    http://www.lngenergygroup.com

    Investor Relations:
    James Morris, Vice-President, Business Development and Investor Relations
    Email: investor.relations@lngenergygroup.com
    Telephone: 205-835-0676

    Find us on social media:
    LinkedIn: https://www.linkedin.com/company/lng-energy-group-inc/
    Instagram: @lngenergygroup

    X: @LNGEnergyCorp

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often using phrases such as “expects”, “anticipates”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends”, or variations of such words and phrases, or stating that certain actions, events or results “may” or “could”, “would”, “should”, “might” or “will” be taken to occur or be achieved, are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, factors may occur which impede or prevent LNG Energy Group’s future business plans; and other factors beyond the control of LNG Energy Group. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, LNG Energy Group assumes no obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.

    CPPs

    Please see the Company’s news release dated April 24, 2024 for additional information with respect to the CCPs. There can be no guarantee that the Company or LNG Venezuela shall be able to complete the acquisition terms required by PPSA.

    The CPPs were executed within the term of General License 44 issued by the US Office of Foreign Assets Control (OFAC). License 44 has been replaced by License 44A requiring US persons to wind down oil operations in Venezuela before May 31, 2024. License 44 has been replaced by License 44A, and the Corporation is following the applicable regulatory procedures to operate in full compliance with the applicable sanction regimes.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2891cdb5-62b8-4666-80a7-49014f2eb929

    The MIL Network –

  • MIL-OSI China: China’s central bank conducts first SFISF operation

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

    BEIJING, Oct. 21 — The People’s Bank of China (PBOC) has conducted the first operation of the Securities, Funds and Insurance companies Swap Facility (SFISF), aiming to leverage the role of financial institutions better in stabilizing China’s capital market, according to the central bank on Monday.

    The scale of the operation was 50 billion yuan (about 7.04 billion U.S. dollars).

    The move came after the central bank on Oct. 10 announced its decision to establish the SFISF with an initial scale of 500 billion yuan, as part of efforts to support the healthy, stable development of the capital market.

    The tool will allow eligible securities, funds and insurance companies to use their assets — including bonds, stock exchange-traded funds and constituent stocks of the CSI 300 Index — as collateral in exchange for highly liquid assets such as treasury bonds and central bank bills, according to the PBOC.

    The central bank launched the SFISF on Friday, with the first group of application quotas exceeding 200 billion yuan. A total of 20 securities and funds companies were approved for participation in SFISF operations.

    On Monday, investment bank China International Capital Corporation Limited announced that it has completed a transaction through the SFISF.

    MIL OSI China News –

  • MIL-OSI New Zealand: Smarter healthy school lunches programme serves up $130m in savings

    Source: New Zealand Government

    Associate Education Minister David Seymour has today announced that the government has worked with businesses to transform the school lunch programme, delivering for children and saving for taxpayers.    

    “We have embraced commercial expertise, used government buying power, and generated supply chain efficiencies to realise over $130m of annual cost savings, even more than anticipated in Budget 2024,” says Mr Seymour.  

    “Every student receiving a school lunch today will continue to do so from day one of Term 1 next year.   

    “By leveraging private sector expertise from companies like Compass Group, Gilmours, and over 17 food manufacturers and suppliers, we are setting a precedent for the government working with businesses to achieve better results. 

    “The programme will deliver nutritious hot and cold meals, such as butter chicken curry, chicken katsu, lasagne, chicken pasta salad and wraps. These meals will cost $3 each. All students in year 0 to 8 will receive the same sized meals (240 grams) and older students will receive larger lunches (at least 300g) – which will include additional items such as fruit, yoghurt or muesli bars.”

    “Under the Labour-led government, lunches cost up to $8.68 per student.  

    “If the previous government had set up the programme this way, over $800 million of taxpayer’s funds would have been saved over the past five years. Some suppliers in the existing programme will be affected and I appreciate this will be tough. However, the emphasis of the programme is to ensure students get good meals at an affordable cost to the taxpayer. 

    “Schools who receive their lunches on the external model will continue to receive a variety of hot and cold meals, delivered daily. Schools using the internal and iwi/hapū model will have access to a range of government negotiated wholesale ingredients and can continue to prepare meals internally. These schools will receive a slight increase ($4 per meal) in per student funding to continue to employ people to prepare the meals.  

    “Instead of applying a different model for students year 7 and over, we have successfully negotiated a like for like solution for all student age groups in the programme. Composite schools (years 0-13) and full primary (years 0-8) will use this model from 2025 and contributing primary schools (year 0 – 6) from 2026.  

    “The government will also provide food for up to 10,000 two-to-five-year-olds who attend low-equity, community-based early learning services. This will be funded by some of the cost savings found in the lunch programme. I intend to make an announcement on this very shortly.    

    “I expect the programme will continue to evolve over time. But first and foremost, the collective, the Expert Advisory Group, the Ministry of Education and I are focused on a smooth transition for schools on day one of term 1 2025.  

    “I have met with our commercial partners, and they are committed to making this work for the children and the schools. I would like to thank the members of the Expert Advisory Group, the Ministry of Education, affected schools and suppliers for working together so hard, and effectively, to provide a fantastic solution for the kids.” 

    Note to editors:

    MIL OSI New Zealand News –

  • MIL-OSI USA: Sinema Introduces Bill Transferring Ownership of Forest System Land to Tonto Apache Tribe

    US Senate News:

    Source: United States Senator Kyrsten Sinema (Arizona)
    The Senator’s bill would transfer 3,060 acres of culturally significant land to the Tonto Apache Tribe 
    WASHINGTON – Arizona Senators Kyrsten Sinema and Mark Kelly introduced legislation to transfer 3,060 acres of U.S. Forest Service land to the Tonto Apache Tribe, located near Payson, Ariz., to be held in trust as part of their existing reservation. 
    “My legislation transferring culturally significant land to the Tonto Apache Tribe represents our continued work honoring and respecting Tribal sovereignty and protecting culturally significant land,” said Sinema.
    “Transferring this land to the Tonto Apache Tribe is about respecting their history and ensuring their community has the resources to grow and thrive,” said Kelly. “This bill will give them more control over land that holds deep cultural significance, strengthening their community and their connection to their heritage.”
    Sinema’s legislation supports the Tonto Apache Tribe’s proposal to expand their reservation. This land is culturally significant to the tribe and will enable them to build additional housing for community members to reside on the reservation.
    Throughout her time in Congress, Sinema has worked to expand the growth and prosperity of Arizona tribal communities. While in the U.S. House, Sinema championed a La Paz County Land Transfer of 5,900 acres. In 2019, Sinema helped pass that land transfer into law. Sinema’s direct negotiations ensured passage of the Blackwater Trading Post Land Transfer Act and the Old Pascua Community Land Acquisition Act – two pieces of legislation increasing land rights for the Gila River Indian Community and the Pascua Yaqui Tribe – increasing economic opportunities for both tribal communities. 
    Sinema also secured bipartisan passage of critical land and water rights bills for tribes across Arizona, including in part the Hualapai Tribe Water Rights Settlement Act and the White Mountain Apache Tribe Water Rights Quantification Act – legislation helping secure tribal communities’ and Arizona’s water future.
    Supporters of the Tonto Apache Land Transfer Act are the Tonto National Forest, the Department of Agriculture, the Bureau of Indian Affairs, Gila County, and the City of Payson.

    MIL OSI USA News –

  • MIL-OSI Australia: Upgrades continue on Great Eastern Highway

    Source: Australian Ministers 1

    Safety upgrades to the Great Eastern Highway are continuing with a $23 million contract awarded for works in the Wheatbelt Region.

    The upgrades form part of the Australian and Western Australian Government’s $250 million Great Eastern Highway Upgrades, delivering improvements to various sections of the highway through the Wheatbelt and Goldfields-Esperance Regions.

    Fulton Hogan received the contract to deliver three sections of road reconstructions, widenings and sealings including:

    • 4.4km between Carrabin and Bodallin
    • 4.6km between Nulla Nulla South Road and approximately 700m west of Liddell Road (west of Moorine Rock)
    • 2.4km between Liddell Road and Granich Road (west of Moorine Rock)

    The project also includes upgrades to the intersections of Great Eastern Highway with Smyth Road, Nulla Nulla North Road, Bin Road and Granich Road and the installation of new safety barriers, kerbs, signs and audible edge and wide centre line road markings.

    The upgrades follow the completion of major works on the highway including:

    • Widening and sealing between Stephen Road and Noongar South Road
    • Realignment through the Bodallin townsite
    • Intersection upgrades at Penton Road, Ivey Road, Blyth Road, Bodallin South Road and Bodallin North Road
    • Construction of an eastbound passing lane between Bodallin and Moorine Rock
    • Construction of a westbound rest area between Bodallin and Moorine Rock

    The works funded under the $23 million contract are expected to be completed in late 2025 with the staged upgrade program continuing along the highway until 2028.

    Quotes attributed to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “Investment in the Great Eastern Highway is essential to keep communities in the Wheatbelt and Goldfields thriving.

    “Our Government understands the critical importance of road transport for our freight industry and its many workers.

    “From the Bass Highway in Tasmania, to the Bruce Highway in Queensland, and the Great Eastern Highway in Western Australia – we’re prioritising upgrades that keep Australians safer and the economy moving.”

    Quotes attributed to WA Transport Minister Rita Saffioti:

    “This $250 million joint project between the State and Australian Governments is helping to improve road safety along this critical road.

    “The Great Eastern Highway is an important transport link to the eastern states, as well as for local communities in the Wheatbelt, which makes this program of work absolutely critical.

    “The works are also providing a critical source of employment in these local communities, helping drive economic growth in Wheatbelt towns.

    “Our Government will continue to invest in initiatives that improve the safety of our road network, make them more efficient and cut down travel times for road users.”

    Quotes attributed to Senator for Western Australia Glenn Sterle:

    “The Great Eastern Highway upgrades continue to deliver the improvements that will keep locals, tourists and truckies safe on our roads.

    “This $23 million is part of a much larger investment across numerous programs that prove to Australian drivers that we’re invested in their safety.

    “Whether it’s rest stops, guardrails, or wider bridges, we’re working with state and local governments across the country to make each drive as safe as possible.”

    Quotes attributed to WA State Member for Kalgoorlie Ali Kent:

    “Kalgoorlie locals and businesses use the Great Eastern Highway every day to commute to and from Perth, so it’s fantastic to see this significant investment to make the journey safer.

    “These upgrades will make the trip to and from Perth easier, faster and safer for Kalgoorlie residents long into the future.”

    MIL OSI News –

  • MIL-OSI China: Israel claims major blow to Hezbollah’s rocket capabilities, financial network

    Source: China State Council Information Office

    Israel’s military said on Monday that it had destroyed about 70 percent of Hezbollah’s rocket capabilities, dismantled parts of its financial network, and killed a senior Hezbollah official in Syria who oversaw the group’s money transfers.

    In a statement, the Israel Defense Forces (IDF) said that it had killed seven Hezbollah brigade commanders, 21 battalion commanders, and 24 company commanders.

    The IDF added that since the beginning of its ground offensive in Lebanon in early October, it had struck more than 3,200 sites in the country, including hundreds of weapons storage facilities, rocket launchers, anti-tank positions, and command and control centers.

    Roughly 300 of those targets were hit in the last 24 hours alone, according to the military.

    Citing senior security officials, Israel’s Channel 13 TV news reported that Hezbollah retains about 30 percent of its rocket capabilities, a significant reduction from the beginning of the conflict in October.

    Later in a press briefing, IDF spokesman Daniel Hagari said Israeli warplanes had bombed around 20 Hezbollah sites linked with financial network overnight from Sunday to Monday, with most of the strikes focused on Beirut. The strikes, Hagari said, are expected to resume tonight.

    Among the targets was an underground warehouse belonging to the Al-Qard Al-Hasan Association, a Hezbollah-affiliated financial organization operating primarily in Lebanon with headquarters in Beirut’s southern suburb, where Hezbollah’s headquarters are located.

    According to Hagari, Hezbollah had stockpiled cash and gold worth “tens of millions of dollars, intended for living expenses and post-war reconstruction” in this underground warehouse.

    Hagari also said that under Al-Sahel Hospital, in Beirut’s southern suburb, Hezbollah had built an underground bunker storing “at least half a billion dollars in cash and gold.”

    The bunker, described as a central financial hub, was not struck, but Hagari warned that Israeli aircraft were monitoring the site closely. “We will continue to track it,” he added.

    According to the spokesman, Hezbollah has established a financial network involving Yemen, Lebanon, Türkiye, and Syria. The network was managed by Mohammad Jaafar Qasir and Sheikh Salah, the head of Unit 4400, which is responsible for financial transfers and the financial management of Hezbollah.

    Qasir was killed by Israel in Beirut in early October, and according to Hagari, his successor was also killed in an Israeli airstrike in Syria on Monday.

    The crackdown on Hezbollah’s financial network, Hagari added, aims to “deal a blow to its primary financial centers, making it difficult for the group to restore its capabilities.”

    Also on Monday, Israeli Defense Minister Yoav Gallant signed an order designating the Al-Qard Al-Hasan Association as a terrorist organization. The decision, Gallant said in a statement, was due to “the financing of terrorism through the purchase of weapons, payment of salaries to terrorists, and the storage of Hezbollah funds within the association’s facilities.”

    The confrontation between the Israeli army and Hezbollah, since its onset on Oct. 8, 2023, has killed more than 2,300 people, injured over 11,000 others, and displaced about 1.2 million residents in Lebanon, according to Lebanese authorities.

    MIL OSI China News –

  • MIL-OSI Banking: APEC Finance Ministers Issue Joint Statement Lima, Peru | 21 October 2024 Issued by the APEC Finance Ministers’ Process

    Source: APEC – Asia Pacific Economic Cooperation

    Finance Ministers from the 21 APEC member economies released a joint statement at the conclusion of their meeting in Lima on Monday under the theme, “Sustainable + Digital + Resilient = APEC.”

    The statement reflects the outcomes of the 2024 APEC Finance Ministers’ Meeting chaired by José Arista Arbildo, Peru’s Minister of Economy and Finance. It describes joint actions to be taken forward by APEC member economies in the following priority areas:

    • Global and Regional Economy
    • Sustainable Finance
    • Domestic Carbon Pricing and Non-pricing Measures
    • Sustainable Energy Transitions
    • Sustainable Infrastructure Financing
    • Open Finance to Enhance Competition and Foster Innovation
    • Digital Financial Inclusion
    • Hydrometeorological Risk Financing
    • Modernization of the Finance Ministers’ Process

     

    View the 2024 APEC Joint Finance Ministerial Statement

    and accompanying Chair’s Statement

    Finance Ministers also launched the Sustainable Finance Initiative for the coordination and promotion of voluntary information sharing and capacity building on sustainable finance issues. They further welcomed the adoption of the guidance document for developing a new roadmap and endorsed a strategy to modernize the Finance Ministers’ Process.

    Read the accompanying annexes to the joint statement:

    Annex A. Sustainable Finance Initiative

    Annex B. Guidance Document for Developing a New Finance Ministers’ Process Roadmap

    Annex C. Second Strategy for Modernization of the Finance Ministers’ Process

    For further details, please contact:

    APEC Media at [email protected]

    MIL OSI Global Banks –

  • MIL-OSI USA: SBA Offers Disaster Assistance to California Businesses and Residents Affected by the Airport Fire

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – Low-interest federal disaster loans are available to California businesses and residents affected by the Airport Fire that occurred Sept. 9-Oct. 6, announced Administrator Isabel Casillas Guzman of the U.S. Small Business Administration. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Gavin Newsom’s authorized representative, Director Nancy Ward of the California Office of Emergency Services, on Oct. 15.

    The disaster declaration makes SBA assistance available in Imperial, Orange, Riverside, San Bernardino and San Diego counties in California; and neighboring La Paz County in Arizona.

    “As communities across the Southeast continue to recover and rebuild after Hurricanes Helene and Milton, the SBA remains focused on its mission to provide support to small businesses to help stabilize local economies, even in the face of diminished disaster funding,” said Administrator Isabel Casillas Guzman. “If your business has sustained physical damage, or you’ve lost inventory, equipment or revenues, the SBA will help you navigate the resources available and work with you at our recovery centers or with our customer service specialists in person and online so you can fully submit your disaster loan application and be ready to receive financial relief as soon as funds are replenished.”

    “When disasters strike, our Disaster Loan Outreach Centers are key to helping business owners and residents get back on their feet,” said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “At these centers, people can connect directly with our specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey.”

    “Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” Sánchez continued. “Beginning Wednesday, Oct. 23, SBA customer service representatives will be on hand at the following Disaster Loan Outreach Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Sánchez added. The center will be open on the days and times indicated below. No appointment is necessary.

    RIVERSIDE COUNTY
    Disaster Loan Outreach Center
    Lake Community Center – Dance Room
    310 W. Graham Ave.
    Lake Elsinore, CA  92530

    Opens 12 p.m. Wednesday, Oct. 23
    Mondays, Wednesdays, Fridays, 8:00 a.m. – 5:00 p.m.
    Tuesdays, Thursdays, 8:00 a.m. – 3:30 p.m.
    Closed on Monday, Nov. 11, for Veterans Day
    Closes 5 p.m. Wednesday, Nov. 13

    Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

    For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

    “SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” Sánchez said. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”

    Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

    Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.813 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

    Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

    On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

    Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

    Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to apply for property damage is Dec. 17, 2024. The deadline to apply for economic injury is July 18, 2025.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI China: China’s LPRs drop amid efforts to drive economic growth

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

    BEIJING, Oct. 21 — China on Monday cut its market-based benchmark lending rates, with the one-year loan prime rate (LPR) down to 3.1 percent from the previous 3.35 percent.

    The over-five-year LPR, on which many lenders base their mortgage rates, was lowered to 3.6 percent from 3.85 percent, according to the National Interbank Funding Center.

    This marks the third LPR reduction this year, forming part of the country’s broader policy push to reduce financing costs, support the recovery of credit demand, and further fuel consumption and investment growth.

    The cut exceeded market expectations, as both the one-year and over-five-year LPRs were lowered by the maximum margin, said Wu Bin, an analyst at China Minsheng Bank. Last week, central bank governor Pan Gongsheng said the LPRs would move downward by 0.2 to 0.25 percentage points.

    Wu said the cuts underscored the government’s determination to support economic recovery through its monetary policy.

    The central bank in late September lowered the interest rate of seven-day reverse repos, a key short-term policy rate, by 20 basis points and cut the reserve requirement ratio (RRR) for financial institutions by 0.5 percentage points.

    Major commercial banks, aligning with central bank policies, have already moved to lower deposit rates.

    In a further step to support the real economy, Pan indicated in his address at the Annual Conference of Financial Street Forum 2024 held last week that the RRR could be lowered by a further 0.25 to 0.5 percentage points within 2024, depending on the liquidity situation.

    Analysts believe that these moves are part of the country’s coordinated efforts to strengthen counter-cyclical adjustments, stabilize capital and property markets, and expand high-level financial opening up.

    “These LPR cuts are in line with the current macroeconomic policy direction and serve as key mechanisms for transmitting impactful interest rate cuts to the real economy,” noted Wang Qing, chief economist at Golden Credit Rating, a credit rating agency based in China.

    Wang said the greater-than-expected LPR declines reflect the government’s fourth-quarter focus on guiding substantial reductions in corporate and household loan rates — particularly concerning new residential mortgages.

    To ease the financial burden on homeowners, China’s central bank has asked commercial banks to lower interest rates for outstanding mortgage loans. This reduction will save borrowers 150 billion yuan, benefiting 50 million households, said Tao Ling, deputy governor of China’s central bank, at a press conference held last week.

    These policy moves follow a crucial meeting convened by the Political Bureau of the Communist Party of China Central Committee in late September, which called for intensified efforts in economic work, including the implementation of impactful interest rate cuts and the promotion of the property market’s stabilization.

    Looking ahead, Wang expects that the LPR drops will boost economic growth momentum, help stabilize the property market, and provide key support for achieving this year’s economic growth targets.

    MIL OSI China News –

  • MIL-Evening Report: Promoted as a win-win, Australia’s Pacific island guest worker scheme is putting those workers at risk

    Source: The Conversation (Au and NZ) – By Matt Withers, Senior Lecturer, School of Sociology, Australian National University

    The Pacific Australia Labour Mobility Scheme (PALM) has been lauded by both sides of politics as a “win win” for the islanders who come here and the Australians who use their services.

    Australia’s Department of Foreign Affairs has even labelled it a “triple win”, for the workers, their hosts and for their home nations who receive remittances.

    But beneath the surface serious questions are being asked about the safety of workers denied the right to leave their employers.

    A report by the NSW Anti-slavery Commissioner entitled Be Our Guests has identified signs of debt bondage, deceptive recruiting, forced labour and, in extreme cases, servitude, sexual servitude and human trafficking.

    The NSW parliament has launched its own inquiry into the risks faced by migrant workers in response and is seeking submissions.

    Employment Minister Murray Watt this month signalled changes, saying there had been “far too many abuses of the PALM scheme”.

    PALM allows rural and regional employers to hire workers from nine Pacific nations and Timor-Leste when there are not enough local workers available.

    Unplanned pregnancies, sleeping rough

    The workers hired do not have the right to change employers while in Australia, even for contracts of up to four years, except via a request from their original employer or a direction from the Department of Employment.

    This means workers who abandon their employers for reasons including underpayment of wages, excessive deductions and overcharging for accommodation become absconders and lose their rights.

    The NSW Modern Slavery Commissioner says there are several thousand absconded PALM workers in Australia, without access to health insurance and formal income. Among them are women with unplanned pregnancies denied antenatal care due to ineligibility for Medicare.

    The Commissioner says crisis accommodation services in the NSW Riverina report having exhausted all available resources, including tents, for PALM workers who have left their employers and are sleeping rough.

    Australia had 30,805 PALM workers at the end of August, one-third of them (11,420) in Queensland. Most work in farming (52%) and 39% in meat processing. The accommodation and care industries between them account for 6%.

    For many of these workers, the income is life-changing. An I-Kiribati worker I interviewed recently told me she makes more money cleaning hotel rooms in Queensland than is paid to the president of her country.

    The Department of Foreign Affairs and Trade says between July 2018 to October 2022 PALM workers sent home a total of A$184 million, but their employers made profits of $289 million and charged them a further $74 million in rent.

    Unable to switch employers, their bargaining power is weak.

    An estimated 45 workers on the PALM scheme died between June 2022 and June 2023. Nineteen deaths remain under investigation.

    After a Fijian abattoir worker died of a brain tumour in June, Fiji raised with Australia claims of racism, bullying, excessive workloads, unfair termination and unsafe working conditions under the program.

    Minimum pay, but no right to move

    Reforms introduced last year guaranteed workers a minimum of 30 hours per week and a minimum weekly take-home pay (after deductions) of $200.

    But until PALM workers are able to move freely between approved employers they will remain at risk of what the president of the Australian Council of Trade Unions Michele O’Neil calls modern-day slavery.

    O’Neil wants the government to blacklist bad employers and identify ethical ones in consultation with unions and civil society organisations. But she says until PALM workers can move, they risk being treated as disposable labour.

    Many employers treat their PALM workers well, but the current design of the scheme leaves that outcome to chance, and leaves badly-treated workers trapped.

    It’s time to give them the same sort of right to move between employers as the rest of us.

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

    – ref. Promoted as a win-win, Australia’s Pacific island guest worker scheme is putting those workers at risk – https://theconversation.com/promoted-as-a-win-win-australias-pacific-island-guest-worker-scheme-is-putting-those-workers-at-risk-240333

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: With AI translation tools so powerful, what is the point of learning a language?

    Source: The Conversation (Au and NZ) – By Elba Ramirez, Senior Lecturer and Programme Leader BA International Studies, Auckland University of Technology

    In the age of artificial intelligence (AI), foreign language learning can seem like it’s becoming obsolete. Why invest the time and effort to learn another language when technology can do it for you?

    There are now translation tools to understand song lyrics, translate websites and to enable automated captions when watching foreign videos and movies. Our phones can instantly translate spoken words.

    At the same time, foreign language programmes are closing at New Zealand and Australian universities.

    But while technology can translate messages, it misses an important component of human communication – the cultural nuances behind the words.

    So, while AI translation might bridge language barriers and promote communication because of its accessibility, it’s important to be clear about the benefits and challenges it presents. Merely relying on technology to translate between languages will ultimately lead to misunderstandings and a less rich human experience.

    The rise of translation technology

    Translation technology has rapidly grown since its emergence between the 1950s and 1960s. This progress was bolstered by the commercialisation of computer-assisted translation systems in the 1980s.

    But recent advances in generative AI have led to significant breakthroughs in translation technologies.

    Google Translate has dramatically changed since its launch in 2006. Initially developed as a limited statistical translation machine, it has evolved into a “portable interpreter”.

    AI translation is useful in some circumstances. For example, helping teachers communicate with parents who speak a different language, or when travelling.

    Translation technology may even play a role in the preservation of Indigenous and minority languages on the verge of disappearing by supporting online collections of literature. Incorporating AI-powered technology in these digital libraries can help users access and understand these texts.

    But the new technology also comes with limitations.

    In 2019, staff at an Immigration and Customs Enforcement detention centre in the United States used AI translation to process an asylum application. The voice-translation tool was unable to understand an applicant’s regional accent or dialect, leading to the asylum seeker spending six months in detention without being able to meaningfully communicate with anyone.

    In 2021, a court in the US determined Google Translate wasn’t reliable enough to ensure someone’s consent. A trooper had used the translation app to ask a Spanish-speaking suspect if he could search her car. Google Translate used the word “registrar” (which translates as “register” but can be used to say “examine”) when, in fact, the word “buscar” (to search) would have been more appropriate.

    Brain health and other benefits

    Learning additional languages also stands out as one of the best ways to improve ourselves, with benefits for brain health, social skills, cultural understanding, empathy and career opportunities.

    An analysis of studies from 2012 to 2019 found speaking more than one language can enhance the brain’s flexibility, delay the onset of dementia, and improve cognitive health later in life. The analysis also recommended starting language learning early.

    In 2022, the Council of Europe emphasised the significance of plurilingual and intercultural education for fostering democratic culture, noting its cognitive, linguistic and social benefits.

    And this year, the council launched the “Language education at the heart of democracy” programme. The goal is to highlight the importance of learning language for a fairer society.

    Lost in translation

    In Aotearoa New Zealand, English is widely used. Te reo Māori and New Zealand Sign Language are also recognised as official languages. Some 29% of citizens are born overseas. There are more than 150 languages spoken, with at least 24 spoken by more than 10,000 people.

    But interest in learning languages has fallen. In 2021, 980 full-time equivalent students studied a language other than Māori or New Zealand Sign Language at one of the country’s eight universities, falling from 1,555 less than a decade earlier.

    As a consequence, a number of universities have closed, or announced plans to close, their language programmes.

    While AI-powered translation technology has its uses, a great deal can be lost if we rely solely on it to communicate. The nuances of languages, and what they say about different cultures, are difficult to communicate via translation tools.

    And the benefits of being bilingual or multilingual – both personally and for the wider community – risk being lost if we don’t support second language learning.

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

    – ref. With AI translation tools so powerful, what is the point of learning a language? – https://theconversation.com/with-ai-translation-tools-so-powerful-what-is-the-point-of-learning-a-language-238068

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: China aims to cultivate about 62,000 master artisans by 2035

    Source: China State Council Information Office 2

    China aims to cultivate a first-class industrial workforce with a view to providing strong talent and skill support for the building of a great country, and for the great rejuvenation of the Chinese nation through Chinese modernization.
    Through deepening reforms in the building of its industrial workforce, the country aims to foster approximately 2,000 national-level master artisans, 10,000 provincial-level master artisans and 50,000 city-level master artisans who are highly knowledgeable and have high levels of technical and innovative skills by 2035, according to a set of guidelines issued by the Communist Party of China Central Committee and the State Council.
    To adapt to the needs of new industrialization, the country will promote modern vocational education, increase efforts to foster talent with comprehensive technical skills, and refine the lifelong vocational skills training system for industrial workers, aiming to cultivate urgently needed talent for the development of new quality productive forces and the promotion of high-quality development, according to the guidelines.
    The country will promote continuing education projects for industrial workers by encouraging more colleges and universities to establish classes and advanced training courses for craftspeople, model workers and technical talent.
    The world’s second-largest economy will also encourage manufacturing enterprises to implement fundamental industrial skills training projects for workers and offer support plans for talent.
    Efforts will also be made to attract more young people to join the ranks of industrial workers through strengthened policy support and employment-related services, and through the establishment of match-making platforms for colleges and companies.
    The country will also strengthen skills training for migrant workers and help them integrate into cities more effectively by easing policies related to their permanent urban residency registration, helping migrant workers gain equal access to basic urban public services, according to the guidelines. 

    MIL OSI China News –

  • MIL-OSI Australia: Launch of Albanese Labor Government’s Small Business Cyber Resilience Service

    Source: Australian Treasurer

    The Albanese Labor Government is delivering more support to help small businesses prevent and recover from cyber incidents with today’s launch of the new Small Business Cyber Resilience Service.

    IDCARE, the provider of the Service, will deliver free, tailored one‑on‑one assistance to help small businesses navigate cyber challenges, bolster their cyber resilience and recover from a cyber incident.

    Small businesses across Australia, in both regional and metropolitan areas can access the Service by calling 1800 595 170, or by submitting a request through the online form at http://www.idcare.org/smallbusiness.

    Case management support can also be accessed, including mental health support, to help small businesses bounce back after a cyber incident.

    Nearly 94,000 cyber crimes were reported to the Australian Cyber Security Centre in the 2022–23 financial year.

    The average cost of those crimes to a small business is $46,000 with small businesses having limited ability to absorb these losses and the reputational damage they bring.

    The Small Business Cyber Resilience Service is a key initiative under the 2023–2030 Australian Cyber Security Strategy and is part of the Government’s investment of over $60 million to help small businesses uplift their cyber and digital capabilities.

    This includes $23.4 million for the Cyber Wardens program which provides small businesses with free online training to help identify cyber safety practices they can implement to prevent and protect against digital threats.

    The Government is also investing $7.2 million to establish a voluntary cyber health check program which will allow businesses to undertake a free, tailored self assessment of their cyber security maturity.

    And the $18.6 million for the Digital Solutions program, which helps small businesses adopt digital tools and grasp the opportunities that going online offers.

    Quotes attributable to Minister for Small Business, Julie Collins MP:

    “I know how critical it is for Australia’s small businesses to have the help they need to prevent and recover from cyber incidents.

    “Cyber crimes can have devastating impacts for small businesses, with the average cost of a cyber incident around $46,000.

    “That’s why it’s a pleasure to launch the Albanese Labor Government’s new Small Business Cyber Resilience Service.

    “Australia’s small businesses are now able to contact the service by calling 1800 595 170, or by submitting a request through the online form at http://www.idcare.org/smallbusiness when they are looking to protect themselves from a cyber incident or recovering from one.

    “This is just one way our Government is helping Australia’s 2.5 million small businesses.

    “The Government’s Small Business Statement outlines more than $640 million in targeted supports for small businesses to ease pressure, support small businesses to grow, and level the playing field.”

    Quotes attributable to IDCARE Managing Director, Dr David Lacey:

    “We are enormously grateful for this investment from the Federal Government into cyber resilience for small businesses.

    “For the past 10 years, our team has been working with small businesses across the country after they’ve experienced a scam, identity theft or cyber incident.

    “These are the people who have taken a risk and put their blood, sweat and tears into their idea which forms the backbone of the Australian economy.

    “Being able to further assist these small businesses with their cyber resilience is vitally important and we look forward to providing tailored assistance.”

    MIL OSI News –

  • MIL-OSI USA: $24.5M Goes to WA Airports For Terminal Improvements

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    10.21.24

    $24.5M Goes to WA Airports For Terminal Improvements

    Grants will help fund South Concourse rehabilitation at Sea-Tac, build new passenger boarding bridges at Spokane and Tri-Cities, & modernize baggage claim system in Yakima

    EDMONDS, WA – Today, U.S. Senator Maria Cantwell (D-WA), chair of the Senate Committee on Commerce, Science, and Transportation, announced that four State of Washington airports will receive grants from the Federal Aviation Administration’s (FAA) Airport Terminal Program (ATP) to support infrastructure upgrades and modernization projects. Sen. Cantwell secured a big funding boost for the ATP through the Bipartisan Infrastructure Law (BIL).

    “Serving over 50 million travelers a year, Seattle-Tacoma International Airport is a major gateway for travelers and businesses in the State of Washington and its South Concourse connects the Pacific Northwest to the world,” said Sen. Cantwell. “This funding will make major updates to the 1970’s era facility, enhancing the passenger experience for international travelers and investing in the structural and seismic safety of the concourse, ensuring passenger safety for the next half century.”

    Seattle-Tacoma International Airport will receive $17.5 million to fund a portion of Phase 1 construction for the South Concourse Reconstruction Project including structural, seismic, and building system upgrades. The current South Concourse building was originally built in the early 1970’s and expanded in the early 1980’s. The structure does not meet seismic, fire, and many other current code requirements. This project will upgrade the building to current safety codes. These early work projects will accomplish the significant amount of construction that can occur in advance of any impacts to airplane gates. In particular, the early work will increase passenger safety by strengthening columns and foundations throughout the building.

    “The Tri-Cities Airport is critical to Central Washington’s continued economic growth,” said Sen. Cantwell. “This funding will enable the airport to accommodate larger planes by adding three additional passenger boarding bridges. With a record 872,000 travelers in 2023, this grant will help Tri-Cities Airport keep pace with demand and future growth.”

    Tri-Cities Airport will receive $4 million towards the purchase of three additional passenger boarding bridges to be added to existing gates, as well as expanding the outbound baggage area. Tri-Cities Airport, operated by the Port of Pasco, is the fourth-largest air carrier airport in the state and the largest airport in the southeastern Washington and northeastern Oregon region. The airport has ten nonstop destinations and has increased enplanements by nearly 100,000 in the past five years. Sen. Cantwell’s letter to U.S. Department of Transportation Secretary Pete Buttigieg in support of the project is available HERE.

    “Spokane is on the move — last year the airport welcomed a record 4.13 million travelers,” said Sen. Cantwell. “This funding will help Spokane International Airport eliminate ground boarding at the airport and pursue the airport’s first LEED certified concourse, steps that will improve capacity, accessibility, and sustainability.”

    Spokane International Airport will receive $2 million towards the final phase of the facility’s terminal renovation and expansion (TREX) project, which includes renovating three passenger boarding bridges, and making important utilities and accessibility upgrades. When complete, the project will add six additional ticket counters and three additional gates at Concourse C. The additional capacity is much-needed — Spokane International Airport saw enplanements grow 38 percent between 2013 and 2019. Last year, the airport served 4.13 million passengers, exceeding for the first time the pre-pandemic high of 4.03 million passengers in 2019. Sen. Cantwell’s letter to Sec. Buttigieg in support of the project is available HERE.

    In May, Sen. Cantwell visited Spokane to celebrate completion of the first phase of the project. Since the TREX project was announced, Sen. Cantwell has helped to secure $61.3 million in federal funding for the airport’s expansion. Photos of that event are available HERE.

    “Yakima is a key agriculture and manufacturing hub for our economy and increasing air service is helping the area create more jobs and attract new businesses,” said Sen. Cantwell. “This grant will help Yakima Air Terminal replace and modernize its baggage claim system to improve the passenger experience and keep Central Washingtonians moving.

    Yakima Air Terminal will receive $1 million to replace the airport’s legacy slide baggage chute with a new moving baggage carousel. The Yakima Air Terminal, first constructed in 1950, provides $591 million in economic impact and 2,366 jobs to the city and the surrounding rural counties. Last year the airport added a second set of flights to Seattle, making it more attractive for passengers to travel through their local hometown airport rather than driving. Sen. Cantwell’s letter to Sec. Buttigieg in support of the project is available HERE.

    As chair of the Senate Committee on Commerce, Science, and Transportation, Sen. Cantwell has championed a dramatic increase in federal resources for airport infrastructure improvements like this one. In 2021, Sen. Cantwell worked hard to secure funding for air travel infrastructure nationwide as part of the BIL. With her support, the infrastructure package provided a total of $25 billion for airport improvements, including $5 billion for the Airport Terminal Program – the program from which these grants will be made, $5 billion for Federal Aviation Administration air traffic control facilities, and $15 billion in Airport Infrastructure Grants.

    These critical investments in airports across the state are particularly timely as air travel hits all-time highs. According to the Transportation Security Administration (TSA), in July the agency set a record for most passengers screened in a single day, with more than 3 million travelers screened on July 7.  In late June, TSA screened the most travelers in a single week – 19.5 million. Moreover, seven of the 10 busiest air travel days ever occurred over the past summer, according to TSA.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Peters Tours Genesee County’s IGNITE Initiative to Highlight Funding He Secured to Support Initiative’s Success

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    FLINT, MI – U.S. Senator Gary Peters (MI) toured the Genesee County Inmate Growth Naturally and Intentionally Through Education (IGNITE) initiative’s facilities today to highlight the need for additional funding to support the initiative’s success. Founded in 2020 by Genesee County Sheriff Christopher R. Swanson, IGNITE has shown to reduce recidivism rates by providing incarcerated individuals with valuable education and skills training opportunities needed to obtain meaningful employment after completing their sentence. In 2022, Peters secured $768,000 in federal funding that enabled the launch of IGNITE. As a member of the Appropriations Committee, Peters is now working to deliver additional resources to support the initiative’s growing success. Most recently, Peters secured $500,000 for IGNITE in the Fiscal Year 2025 Commerce, Justice, Science and Related Agencies Appropriations Act. If passed into law, this funding would be used to modernize the Genesee County Jail’s facilities to improve culinary and computing education classes offered under IGNITE.

    “Reentry initiatives like IGNITE are a proven success. By providing access to education and career training, not only do they significantly lower the chances of individuals returning to the justice system, they also support local law enforcement and help keep our communities safe,” said Senator Peters. “It was rewarding to see the transformational opportunities being provided here in Genesee County to help returning citizens embark on a fresh start on life, and I’ll keep fighting to ensure the initiative has the funding it needs to continue bolstering and expanding its services.”

    “We cannot expect someone to leave the jail and be a better person if we don’t do something different. IGNITE is changing the way we do corrections by transforming lives, and when we transform lives, we transform communities.  This couldn’t be accomplished without support from elected officials like Congressman Kildee and Senator Peters,” said Genesee County Sheriff Christopher R. Swanson.

    Peters was joined by Ilona Curry, a returning citizen and IGNITE graduate who utilized the program’s culinary training opportunities to obtain local employment. 

    Peters is also working to pass his bipartisan Reentry Employment Opportunities (REO) Act, which would protect a critical grant program that supports individuals reintegrating back into their communities after incarceration. Peters’ bill would codify the U.S. Department of Labor’s Reentry Employment Opportunities (REO) program into law, strengthening reentry initiatives that center on offering employment preparation, pre-workforce training, and vocational apprenticeship prospects by equipping individuals transitioning back into their communities after incarceration with the necessary skills to secure meaningful employment. Peters witnessed the REO program’s success firsthand earlier this year while visiting the Detroit Employment Solutions Corporation’s (DESC) Growth Opportunities Program, supported by funding from the REO program, where he heard from current participants how the program has helped them expand their career opportunities and establish economic independence.

    Peters has led numerous efforts to expand access to skills training and apprenticeship opportunities to strengthen local workforce development. Peters has secured federal funding for community colleges throughout Michigan, including Mott Community College, Grand Rapids Community College, and Macomb Community College, to strengthen their skills training programs, create state-of-the-art training facilities, and expand apprenticeship programs. In 2020, Peters’ bipartisan legislation to allow more veterans to use their GI bill benefits toward securing a registered apprenticeship was signed into law. In 2018, Peters’ legislation to expand career and technical education was also signed into law, which strengthens school counselor training and awareness of career and technical education so they can help inform students of post-high school education opportunities outside of the traditional four-year college degree.

    MIL OSI USA News –

  • MIL-OSI Australia: Port of Burnie shiploader complete, doubling capacity

    Source: Australian Ministers for Regional Development

    Tasmania’s largest cargo port has doubled its loading capacity, supporting 500 jobs and boosting the state’s economy.

    The Albanese Government provided $82 million to fully fund the new Shiploader and expanded bulk minerals export facility at the Port of Burnie, which opens today.

    This is a significant investment in North-West Tasmania, strengthening supply chains, reducing operating costs and increasing freight productivity.

    The project has installed a new Shiploader along with a new wharf gallery conveyor that connects the existing Bulk Minerals Export Facilitiy (BMEF) to rail and road networks for the transfer of products for export.  

    These upgrades enable the handling of increasing freight volumes, securing the state’s export supply chain for the future. 

    The old Shiploader at the Port of Burnie was built in 1969 and had been operating for well over 50 years, making a new structure vital. 

    The upgraded shiploader is now operational and has loaded over 40,000 tonnes of freight. 

    Expansion of the BMEF will be the final component of works to complete the upgrades, planning for which is well underway.

    The project is creating over 140 direct and indirect jobs during construction and will support an estimated 425 ongoing jobs in related industries.

    The Australian Government’s $82 million investment includes an extra $16 million from the 2024-25 Budget. 

    While this is fully funded by the Australian Government, it is the culmination of many years of hard work and strong collaboration with TasRail. 

    It is one of a number of projects that the Australian Government and TasRail have worked effectively on in recent times.

    Quotes attributable to Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “Replacing aging infrastructure at the Port of Burnie will dramatically boost ship loading rates, creating jobs across Tasmania.

    “The vital upgrades will make port operations more reliable and cost effective, securing the State’s minerals export supply chain.

    “Investments like these deliver on our commitment to building strong and sustainable regions through support for local industries.”

    Quotes attributable to Senator for Tasmania Anne Urquhart:

    “Today’s official opening of the Shiploader is testament to the importance of collaboration, with this opening marking the culmination of many years of hard work and strong collaboration between TasRail and the Australian Government.”

    “This project will see Tasmania’s largest cargo port doubling its loading capacity in a major boost for the State’s economy, thanks to the Australian Government that fully funded the $82 million project.”

    Quotes attributable to TasRail CEO Steven Dietrich:

    “TasRail is proud to have facilitated this project for the Tasmanian mining industry. Our facility at the Port of Burnie has been the primary export gateway for many of the West Coast mines for more than 50 years.

    “In the last financial year, TasRail shiploaded 575,047 thousand tonnes of concentrate for export. 

    “Our new shiploader provides certainty to TasRail’s existing customers and will help to attract investment into new mining projects in Tasmania. 

    “We thank the Australian Government for its on-going support for rail infrastructure in Tasmania and all of the contractors and stakeholders who have helped to ensure the project’s success.”

    MIL OSI News –

  • MIL-OSI USA: Shaheen, Pappas, Acting Secretary of Labor Su Visit Child Care Facility, Host Roundtable on Child Care and Workforce Challenges

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Brentwood, NH) – Today, U.S. Senator Jeanne Shaheen (D-NH), Chair of the U.S. Senate Committee on Small Business and Entrepreneurship, and U.S. Representative Chris Pappas (NH-01), alongside Acting Secretary of Labor Julie Su, visited A Place to Grow and hosted a roundtable discussion at the facility to discuss the first U.S. Department of Labor approved apprenticeship program for early childhood education operations managers and a new report emphasizing the importance of care workers. In March of this year, Shaheen sent a letter to Acting Secretary Su advocating for the establishment of A Place to Grow’s Registered Apprenticeship program for early childhood education (ECE) administrators. Photos from the event can be found here. 

    “I’ve met with child care providers across New Hampshire and all of them have underscored the challenges they face with workforce recruitment and retention,” said Senator Shaheen. “Without affordable child care options, families, the workforce and the overall economic development of our communities suffer. That’s why I was so pleased to join Acting Secretary Su in visiting A Place to Grow where their innovative, new Registered Apprenticeship program for early childhood education administrators provides the training and pathways needed to get workers into the child care industry and keep them there.” 

    “The cost of child care remains among the most pressing issues that families are facing. That’s why providing every federal resource available to families and child care providers in New Hampshire is critical,” said Congressman Chris Pappas. “I’ll keep fighting to cap the amount of money that families pay for child care, strengthen our child care and education workforce, and expand the Child Tax Credit, a middle-class tax cut that helps families keep more of their hard-earned money in their pockets. I was grateful to join Acting Secretary Su, Senator Shaheen, and A Place To Grow owner Jennifer Legere today to hear from folks on the ground doing this work.” 

    “Paid care work is critical economic infrastructure in this country, because safe and dependable care allows working parents and other caregivers to get and keep their jobs while also ensuring safe, quality working conditions for workers who take care of our loved ones,” said Acting Labor Secretary Julie Su. “The Biden-Harris administration is making once-in-a-generation investments creating good jobs and know that without the care economy and all of the talented care workers we have in this country, our economy suffers. I am glad to be in New Hampshire today to highlight this forward-looking program.” 

    Joining Shaheen and Su for the discussion were leaders and New Hampshire residents including: Nicole Heller, Senior Policy Analyst at the New Hampshire Fiscal Policy Institute, MacKenzie Nicholson, Senior Director of New Hampshire MomsRising, Jen Legere, Owner and Founder of A Place to Grow and Kayte Kostinden, Director and Early Childhood Operations Apprentice at A Place to Grow Brentwood.  

    Senator Shaheen has been a leader in advocating for more affordable and accessible child care, including by delivering more than $77 million to New Hampshire through the American Rescue Plan and other COVID relief laws to the Granite State. Since then, Shaheen has urged state and local officials to distribute those federal funds, especially in communities that lack access to child care. In August, Shaheen visited Colebrook Community Child Care Center to discuss challenges and solutions to the child care crisis in rural communities.  

    Earlier this year, Shaheen introduced the Right Start Child Care and Education Act, which would make child care more affordable and accessible for working families by reforming the federal tax code. She also introduced the bipartisan Expanding Child Care for Military Families Act, portions of which have been included in the National Defense Authorization Act for 2025, which has been passed by the Senate Armed Services Committee. Additionally, she helped introduce the Child and Dependent Care Tax Credit Enhancement Act to permanently expand the Child and Dependent Care Tax Credit, which helps households offset their child care costs.

    In April, Shaheen convened a hearing as Chair of the U.S. Senate Small Business and Entrepreneurship Committee to hear testimony from expert witnesses on the child care industry’s broken business model and what Congress can do to support small business child care providers, employees and families. A recent U.S. Small Business Administration (SBA) Office of Advocacy issue brief, in response to data challenges raised at the hearing, details the role of small businesses in the child care industry and fills data gaps in child care industry research.

    Earlier this Congress, Shaheen helped introduce the Child Care Stabilization Act, which would provide additional federal child care stabilization funding—which was provided in the American Rescue Plan—and ensure that child care providers can keep their doors open and continue serving children and families in every part of the country. Shaheen joined Senator Patty Murray (D-WA) to introduce the Child Care for Working Families Act, which would provide affordable child care for all working families, expand access to preschool programs and increase wages for early childhood workers. She also joined U.S. Senators Amy Klobuchar (D-MN) and Dan Sullivan (R-AK) in reintroducing the bipartisan Childcare Workforce and Facilities Act to address the national shortage of affordable, quality child care, especially in rural communities. In the government funding bill for fiscal year (FY) 2024, Senator Shaheen worked to include a $1 billion increase for early education, including a $725 million increase to $8.75 billion for Child Care and Development Block Grants to states and a $275 million increase to Head Start, funding the program at more than $12 billion for FY 2024. The law additionally includes $315 million for Preschool Development Grants.

    MIL OSI USA News –

  • MIL-OSI USA: News 10/21/2024 Rebuttal to Big Tech’s Lies about KOSA

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    To: Interested Parties

    Date:   October 21, 2024

    Re: Rebuttal to Big Tech’s Lies About the Kids Online Safety Act

    KOSA Does Not Censor Speech Nor Impact the 1st Amendment

    • KOSA would not censor, limit, or remove any content from the internet and it does not give the FTC or state AGs the power to bring lawsuits over content or speech, no matter who it is from. This bill passes First Amendment scrutiny because it is content neutral.
    • Online platforms cannot be held liable for hosting or promoting conservative voices or pro-life views as a result of this bill. The legislation does not include any enforcement powers or obligations related to content or speech.
    • To be clear on Congress’s intent to protect speech, the bill includes an explicit statement that it does not expand or limit Section 230, which provides online platforms broad legal immunities for third-party content. Furthermore, the bill provides legal safeguards to protect users’ ability to view and search for the content that they choose to see.

    KOSA Does Not Increase The Authority of the Federal Government or FTC

    • It is important to note that there is no new rulemaking power for the FTC in KOSA nor any ability to create rules about content. KOSA gives the FTC clear direction from Congress about how to apply its existing enforcement authorities to protect kids online.
    • Claims that KOSA allows the FTC to decide what kids see online are blatant falsehoods circulated by tech companies trying to stop the bill from becoming law.

    What Does KOSA’s Duty of Care Actually Do?

    • The bill gives the FTC the ability to hold social media platforms accountable for their product designs – their own predatory business practices and deadly apps. This is the same responsibility and accountability that exists for almost every other industry in America
    • The duty of care simply states that online platforms cannot put products on the market that will cause specific harms to kids, such as suicide and sexual predation. Those harms are specified and defined by Congress, not the FTC.
    • Big Tech will be required to ensure their platforms are safe for kids by default, and not put the burden exclusively on parents. This will also ensure that the protections for kids keep up with changes in technology.

    KOSA Will Not Require Anyone To Upload ID

    • KOSA does not impose age verification requirements or require platforms to collect more data about users (government IDs or otherwise). In fact, the bill explicitly states that it does not require age gating, age verification, or the collection of additional data.

    KOSA Protects Churches, Blogs, and News Outlets 

    • KOSA covers commercial, online platforms such as social media, social networks, online video games, social messaging applications, and video streaming services, such as Instagram, TikTok, Snapchat, and Roblox.
    • Non-profit organizations, blogs, personal websites, news outlets, churches, broadband companies, etc. are not covered by KOSA. It would not impact the ability of kids to watch online sports, news, or a church sermon.

    KOSA Gives Parents A Seat At The Table

    • For decades, Big Tech lobbyists and their front groups have dominated the conversation, denying the suffering of American families. The Kids Online Safety Council is a place where parents have a seat across the table from big tech and they can raise the issues they are seeing with their kids. The Council has no rulemaking or enforcement power. 

    KOSA Uses The Same Methods Our Military Utilizes to Define “Mental Health Disorder”

    • For decades, the Diagnostic and Statistical Manual, Mental Disorders (DSM) has been used by Congress and states, as well as our military, the VA, and the Substance Abuse and Mental Health Services Administration.

    How Can Companies Know Who Is Under 17?

    • Online platforms have been required to provide legal protections to kids for more than two decades under the Children’s Online Privacy Protection Act (COPPA). Just as COPPA has not required age-gating or substantial burdens on business or privacy, neither will KOSA.
    • If an online platform truly doesn’t know the age of the user, then it does not face any obligation under the bill. It is not required online platforms collect more data to determine the user’s age.

     Click here to download the full memo. 

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: FS continues to attend APEC Finance Ministers’ Meeting in Peru (with photos/video)

    Source: Hong Kong Government special administrative region

         â€‹The Financial Secretary, Mr Paul Chan, continued his attendance at the APEC Finance Ministers’ Meeting (FMM) in Lima, Peru, yesterday (October 21, Lima time).

         This year’s APEC FMM takes the theme of “Sustainable + Digital + Resilient = APEC.” During various discussions, Mr Chan spoke on topics including global and regional economic and financial outlooks, sustainable finance, sustainable infrastructure, digital finance, and enhancing resilience against climate change.

         In the session on global and regional economic and financial outlooks, Mr Chan shared the latest economic situation in Hong Kong and reiterated Hong Kong’s firm support for rules-based free trade and multilateralism. As a “super connector,” Hong Kong plays a bridging role between traditional and emerging markets, promoting the regional digital economy and innovative technology for better collective development.

         In the discussion session on sustainable finance and infrastructure, Mr Chan highlighted Hong Kong’s functions as an international financial centre, facilitating the effective matching of funds with green and infrastructure projects. Through financial innovation and cooperation with international institutions, Hong Kong has been able to securitise infrastructure loans from various countries and issue catastrophe bonds, guiding more international capital to support projects in developing countries and helping them address climate challenges. He also shared updates and experience on Hong Kong’s efforts in advancing green and transition finance, including the release of a green taxonomy aligned with international standards and active participation in setting global green standards.

         Mr Chan also participated in discussions on digital finance at the FMM, sharing Hong Kong’s experiences in developing fintech and promoting inclusive finance, including how regulatory sandboxes encourage fintech innovation and the application of new technologies. He noted that Hong Kong’s robust and internationalised financial infrastructure, along with a balanced regulatory system that promotes security and innovation, is conducive to building a thriving fintech ecosystem.

         At noon, Mr Chan attended a luncheon of the APEC Business Advisory Council, sharing Hong Kong’s experiences on leveraging private market capital to better support sustainable infrastructure and climate change projects, as well as creating a more favorable environment for micro, small and medium enterprises to embrace digital finance. He exchanged views with representatives and business leaders from other economies.

         During the FMM, Mr Chan also met with South Korea’s Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea, Mr Choi Sang-mok, and Vietnam’s Deputy Minister of Finance, Mr Vo Thanh Hung, to discuss strengthening cooperation and exchanging views on issues of mutual interest.

         In the evening, Mr Chan would depart Lima for New York, the United States, where he will attend the Bloomberg Global Regulatory Forum and deliver a speech today (October 22, New York time).               

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: From Ancient Rome to Persia, eunuchs often led armies and were powerbrokers of the ancient world

    Source: The Conversation (Au and NZ) – By Michael B. Charles, Associate Professor, Management Discipline, Faculty of Business, Arts and Law, Southern Cross University

    The person to the right of the haloed emperor is thought to be the eunuch Narses, a powerful Byzantine general. Bender235/Wikimedia

    When people think of eunuchs, someone like Lord Varys from Game of Thrones often springs to mind. Chubby, obsequious and a flatterer, he is involved in court intrigues and manipulates people and events behind the scenes.

    These traits oppose military prowess and valour endorsed by traditional models of masculinity across various times and cultures. According to those tropes, a eunuch’s weapon is the whisper, not the sword.

    In reality, not every eunuch in the ancient world was a servile, cloistered being. In fact, eunuchs sometimes led armies on campaign, and were entrusted with high-level administrative tasks.

    What was a eunuch?

    A eunuch was someone whose testicles had been deliberately crushed or excised.

    In Greek myth, Cronus (the father of Zeus) castrated his own father Uranus to overthrow his tyranny and become king of the Titans.

    Greek historians reported castration as war punishment, and persistently linked the castration of young boys to sexual slavery.

    The ancient Greek historian Herodotus stressed the demand for castrated boys at the court of the Persian kings. But the market for eunuchs was evidently larger than just the Persian court.

    The Romans replicated the Greeks’ negative view of eunuchs. They are often portrayed in Roman texts as being in the company of “bad” emperors such as the supposedly cruel and narcissistic Domitian – even though he forbade the practice of making eunuchs.

    The notion of the unmanly eunuch in antiquity was reinforced by Orientalist literature, which imagined ancient eunuchs in charge of something akin to a Turkish sultan’s harem. Unable to procreate, the eunuch is paradoxically surrounded by beautiful women, his in-between-ness granting him access to the psychological makeup of both genders.

    Orientalism drew inspiration from historical accounts written after the Greco-Persian wars, which the Greeks won in 449 BCE. These accounts were written in the shadow of Alexander the Great’s conquest of the Near East (including areas such as modern-day Iraq, Iran and Syria), which was followed by the Roman hegemony.

    Instead of critically evaluating the sources, colonial writers and their readers indulged in a world of fantasy where eunuchs offered a sensualised peek into the “secrets of the harem”.

    In fact, a deeper look at the historical record reveals that eunuchs often occupied positions of great military power and civil authority.

    Eunuchs as bodyguards, enforcers and governors

    Cyrus, the first Persian king (590–529 BCE), praised eunuchs for their reliability. He insisted that gelded men, like gelded horses, are easier to control. He believed they made up for their lack of physical strength with their loyalty.

    Cyrus may have owed his life to eunuchs, who played a role in saving him as a baby from a murderous plot by his grandfather.

    The Greek historian Herodotus also reports that eunuch-bodyguards tried to protect, albeit unsuccessfully, the man on the Persian throne just before Darius the Great took power in 522 BCE (Darius contended that this man was not a real king but an imposter).

    The historical record also mentions a Persian eunuch being in charge of a garrison at Gaza around 332 BCE.

    The Egyptian pharaoh Amasis, who reigned in the sixth century BCE, also relied on eunuchs to recover fugitive slaves.

    Eunuchs appeared in the courts of the Hittites and Assyrians (civilisations in modern-day Turkey and Iraq respectively) from the 13th century BCE.

    Assyrian kings often appointed eunuchs as provincial governors. The Assyrian king Shamshi-Adad V (who ruled Assyria 824–811 BCE) praised his chief eunuch Mutarris-Ashur as “clever and experienced in battle”. Mutarris-Ashur led the Assyrian army on a military campaign to the Nairi lands in the Armenian Highlands.

    King Ashurbanipal, who ruled the Neo-Assyrian Empire from 669 BCE to 631 BCE, sent his chief eunuch on missions against neighbouring Mannea (a kingdom in modern-day Iran) and the rebellious Gambulu tribe in ancient Babylonia.

    This Assyrian relief shows the head of a beardless royal attendant, possibly a eunuch. Eunuchs were key figures in the Assyrian court.
    The Metropolitan Museum of Art

    Bagoas the eunuch

    In the fourth century BCE, there was Bagoas, a Persian court eunuch who is sometimes conflated with a eunuch lover of Alexander the Great who had the same name. Bagoas became the second most important person in the Persian court, after the Persian king.

    Bagoas had served in Persian king Artaxerxes III’s campaign against Egypt, and rose to the rank of Chiliarch (the leader of the royal infantry guard).

    Bagoas developed a reputation as a kingmaker – he was instrumental in replacing Artaxerxes III with his son, Artaxerxes IV. He later poisoned Artaxerxes IV and installed as king Darius III, who was eventually defeated by Alexander the Great.

    Bagoas had plotted to replace Darius too, but Darius outsmarted him; he forced Bagoas to drink the poison the latter had prepared for Darius to drink.

    Eunuchs in Rome

    Despite the bias of the Greco-Roman sources, including their suspicion of eastern cults that involved eunuch priests, eunuchs were important in Roman imperial service.

    The emperor Claudius rewarded his eunuch Posides for his service during Rome’s invasion of Britain in 43 CE.

    In 399 CE, the eunuch Eutropius became a powerful consul in Rome’s eastern empire under the emperor Arcadius. Some Romans, however, attacked the appointment of a semivir (half man) as consul as an abomination.

    In early Christianity, the concept of becoming a eunuch for the kingdom of God acquired currency. According to some interpretations of the Bible, being a eunuch was connected to the virtues of chastity and celibacy.

    By the sixth century CE, Byzantine eunuchs found themselves in charge of large armies. (What we now call the Byzantine Empire, or the Eastern Roman Empire, was known by its people as the Roman Empire until 1453 CE).

    Narses was a eunuch and one of the Byzantine emperor Justinian’s great generals. He managed to recapture Italy, including Rome, from the Goths (a Germanic people who had invaded Italy).

    Narses, possibly an Armenian by birth, was no armchair general. At the battle of Mons Lactarius (552 or 553 CE), Narses fought on foot with his fellow soldiers against the Goths. He encouraged his men to hang on against a brave enemy.

    Despite the stereotypes, eunuchs clearly often played important roles in the ostensibly masculine world of strategic planning and combat.

    This plurality of masculinities in the ancient Mediterranean world remains relevant to modern society as it challenges notions of a simple gender binary.

    Eva Anagnostou-Laoutides receives funding from the Australian Research Council and the Gerda Henkel Foundation.

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

    – ref. From Ancient Rome to Persia, eunuchs often led armies and were powerbrokers of the ancient world – https://theconversation.com/from-ancient-rome-to-persia-eunuchs-often-led-armies-and-were-powerbrokers-of-the-ancient-world-235957

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Is it possible to have a fair jury trial anymore?

    Source: The Conversation (Au and NZ) – By Arlie Loughnan, Professor of Criminal Law, University of Sydney

    Shutterstock

    The decades-long mystery about what happened to 19-year-old Amber Haigh made it to court in New South Wales earlier this year. Those accused of murdering Haigh were found not guilty.

    Usually we don’t know precisely why someone was found guilty or not. But in this case, the reasons were given.

    This is because the trial was “judge alone”: a trial without a jury. This means the judge decides on the factual questions as well as the legal ones. And as judges are required to give reasons for their decisions, we learned what was behind the verdict, something usually hidden by the “black box” of the jury room.

    Judge alone trials are increasing in New South Wales. Moves are being made in some other Australian jurisdictions to increase access to judge alone trials.

    While it’s only possible to hold a judge alone trial in certain circumstances, and there are small numbers of such trials relative to other trials, some lawyers and judges think these trials have advantages over those with a jury.

    This is because jury trials face a lot of challenges. Some have pondered whether, in this media-saturated environment, there is such a thing as a fair jury trial. So what are these challenges, and where do they leave the time-honoured process?

    What happens in a jury trial?

    The criminal trial brings together knowledge of the facts that underpin the criminal charge. The task of the jury is to independently assess that knowledge as presented in the trial, and reach a conclusion about guilt to the criminal standard of proof: beyond reasonable doubt.

    Crucially, lay people provide legitimacy to this process, as individuals drawn from all walks of life are engaged in the decision-making around the guilt of the accused.

    The jury is therefore a fundamental part of our democracy.

    The changing trial

    For its legitimacy, the criminal trial traditionally relies on open justice, independent prosecutors and the lay jury (the “black box”), all overseen by the impartial umpire, the judge, and backed up by the appeal system.

    But these aspects of the criminal trial are being challenged by changes occurring inside and outside the courtroom.

    These challenges include high levels of media attention given to criminal justice matters.

    Another is the questioning about the way public prosecutors are using their discretion in bringing charges against individuals. This is happening in NSW, ACT and Victoria.

    There are also concerns about “junk science” being relied on Australian courtrooms. This is where unreliable or inaccurate expert evidence is introduced in trials.

    Some legal bodies are also demanding a post-appeal criminal cases review commission to prevent wrongful convictions.

    Added complexity

    It is not just juries that must come to grips with complex evidence in criminal matters. Judges and lawyers are also required to grasp intricate scientific evidence, understand new areas of expertise, and get across changing practices of validating expert knowledge.

    The difficulty of these tasks for judges and lawyers was on show in the two special inquiries into Kathleen Folbigg’s convictions for the murder of her children, held in 2019 and 2022–23. Rapid developments in genetic science, alongside other developments, came to cast doubt on the accuracy of Folbigg’s convictions. This was just a few years after the first inquiry concluded there was no reasonable doubt about her guilt.

    The challenges facing criminal trials are one dimension of much wider social and political dynamics. News and information is produced and consumed differently now. People have differing degrees of respect for scientific knowledge and expertise. Trust in authority and institutions is low.

    These factors come together in a perfect storm and pose existential questions about what criminal justice should look like now.

    What does the future look like?

    The future of criminal law and its institutions depends on their legitimacy. It’s legitimacy that gives courts the social license and power to proscribe conduct, prosecute crimes and authorise punishment. Juries are a vital piece of this picture.

    Amid the changing environment, there are things we can do to improve jury trials and in turn, safeguard and enhance their legitimacy.

    One is providing extremely careful instructions to juries to make sure jurors understand their tasks, and do not feel frustrated.

    Another is introducing higher and better standards for expert evidence. Experts testifying in court need firm guidance, especially on their use of industry jargon, to decrease chances of wrongful convictions.

    These sorts of changes might be coupled with changes in criminal laws, like enhancing laws of self-defence so they are more accessible to women in domestic violence situations.

    Together, this would help to future-proof criminal law, ready to meet the challenges of coming years and decades that we are yet to detect.

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

    – ref. Is it possible to have a fair jury trial anymore? – https://theconversation.com/is-it-possible-to-have-a-fair-jury-trial-anymore-239401

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: What’s at stake in elections in Georgia and Moldova this week: a stark choice between Russia and the West

    Source: The Conversation (Au and NZ) – By Adam Simpson, Senior Lecturer, International Studies, University of South Australia

    Two former Soviet republics have important elections this week that will likely be pivotal in their respective journeys toward tighter integration with the West against the backdrop of rising Russian influence and the Ukraine war.

    What happens in Georgia and Moldova is being closely watched across the European Union and Moscow. Russia has invested heavily in trying to influence the outcomes of both elections. If it succeeds, this will be a cause of significant concern in other ex-Soviet states, as well as the West.

    Moldova takes a tentative step towards the EU

    On Sunday, Moldovans voted in the first round of their presidential election. A referendum was also on the ballot to amend the country’s Constitution to include an aspiration to join the EU.

    Pre-election polls had suggested the referendum would easily pass and the popular pro-EU president, Maia Sandu, would be re-elected.

    However, Russia launched a significant “propaganda blitz” ahead of the vote, including credible allegations of widespread vote buying, to undermine the electoral process.

    Sandu won the first round comfortably, with over 42% of the vote, though not by enough to avoid a run-off on November 3. The country’s pro-Russia parties are now likely to coalesce behind the second-place candidate in an attempt to oust her.

    The referendum, however, teetered on the edge of failure before narrowly passing by the tightest of margins.

    Though Moldova’s negotiations with the EU were certain to continue under Sandu regardless of the outcome, the result was nonetheless concerning. It demonstrates the strength of Russia’s influence operations to destabilise a nation seen as key to security on the eastern boundaries of the EU and NATO.

    Moldova has a 1,200-kilometre border with Ukraine in the east and borders Romania, an EU and NATO member, in the west.

    Polling suggests a majority of Moldovans condemned Russia’s invasion of Ukraine, but a significant minority retain pro-Russian views.

    Russia also has a history of interference in Moldova’s sovereignty.

    Moldova declared independence in 1991 during the dissolution of the Soviet Union but Transnistria, a small part of the country along the border with Ukraine, was taken over by separatists in a military operation backed by Russian troops.

    Following Russia’s full-scale invasion of Ukraine in 2022, the Parliamentary Assembly of the Council of Europe formally recognised Transnistria as Moldovan territory still occupied by Russia.

    What’s at stake in Georgia?

    On the day of Moldova’s vote, tens of thousands of pro-EU supporters staged a demonstration in Tblisi, Georgia’s capital, calling for their country to choose a pro-EU path in their own election

    The Georgian Dream party has been in power since 2012 and while it remains nominally pro-EU, it has gradually shifted towards a more pro-Russia stance.

    The Georgian Dream-dominated legislature recently passed an antidemocratic, Putinesque law that requires groups receiving at least 20% of their funding from overseas to register as “agents of foreign influence”. And earlier this month, it passed a sweeping anti-LGBTQ+ bill that bans same-sex marriages, adoption by same-sex couples and changing one’s gender on identity documents.

    The EU suspended Georgia’s accession process after the foreign agents law was passed and has recently cancelled €121 million (A$196 million) in funding due to “democratic backsliding”. This month, the European Parliament also overwhelmingly adopted a resolution calling for a freeze on EU funding to Georgia until its undemocratic laws are repealed.

    The opposition parties are now working together to try to remove Georgian Dream from power, support the re-election of the current pro-EU president and return the country to the road of rapid integration with the EU.

    Polls show support for joining the EU remains very high at nearly 80%. However, as the Moldovan election demonstrates, this may not necessarily be reflected in the vote on election day.



    Read more:
    ‘We do not want to be like Russia’: a first-hand account of Georgia’s fight for democracy

    Russian interference

    Russia has long meddled in its southern neighbour. After an invasion of Georgia in 2008, Russian troops supported two pro-Russian breakaway republics, South Ossetia and Abkhazia, as they had done in Transnistria.

    Russia has now established military bases in both regions, as well as a new naval base in Abkhazia to serve as a permanent base for parts of Russia’s Black Sea fleet.

    These incursions set the stage for Russia’s invasion of Crimea and eastern Ukraine in 2014. As the post-Soviet Baltic states have argued, the lack of an adequate response from the West to these invasions set the stage for Russia’s full-scale invasion of Ukraine.

    Georgians are understandably concerned that Russia may invade their country again. Polls suggest two-thirds of people support joining NATO.

    There are concerns that Saturday’s election could also be tainted. The Parliamentary Assembly of the Council of Europe issued a declaration earlier this month, saying there are “alarming reports” indicating the Russian-backed Georgian Dream party might be “preparing to steal” the election.

    The report accused the ruling party of a “massive intimidation campaign” against opposition candidates and their supporters, including physical attacks. It also said the Central Election Commission has apparently been brought under the control of Georgian Dream.

    The opposition and civil society groups claimed electoral fraud after the 2020 elections, which resulted in mass protests and a political crisis when the opposition boycotted parliament.

    Why these elections matter

    These elections in Georgia and Moldova are crucial for reinforcing democratic rights in vulnerable former Soviet states. Any outcome that shifts their trajectory towards Russia will likely result in increased repression of both minorities, including the LGTBQ+ community, and the political opposition.

    Wins by pro-Russian candidates and parties – legitimate or otherwise – will also drive greater military and economic integration with Russia. Despite popular support in both countries for joining NATO, wins by Russian-backed candidates will likewise undermine support for Ukraine in its war with Russia.

    While it looks like pro-EU results might have squeaked through in Moldova, the elections in Georgia are potentially more hazardous for European relations.

    The stakes in both elections could not be higher.

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

    – ref. What’s at stake in elections in Georgia and Moldova this week: a stark choice between Russia and the West – https://theconversation.com/whats-at-stake-in-elections-in-georgia-and-moldova-this-week-a-stark-choice-between-russia-and-the-west-240675

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: ADB to Help Improve Power Supply in West Bengal, India

    Source: Asia Development Bank

    MANILA, PHILIPPINES (22 October 2024) — The Asian Development Bank (ADB) has approved a $241.3 million loan to improve the distribution of power supply in West Bengal, India, which will help enhance people’s quality of life by ensuring they have access to reliable, quality, and sustainable power supply.

    “This ADB program is aligned with the government’s Revamped Distribution Sector Scheme, which aims to strengthen the operational efficiency of power distribution companies,” said ADB Principal Energy Specialist Roka Sanda. “Reliable and sustainable electricity distribution and service is essential to West Bengal’s growth and development.”

    The West Bengal Distribution System Strengthening Program will improve electricity distribution for 8.96 million consumers in seven districts in West Bengal. The program will replace low-tension overhead lines with aerial bundled cables, separate electricity feeders for agriculture and non-agriculture users, and develop an integrated information and operation management system for power supply quality, performance monitoring, and corporate financial management.

    The program will raise the operational efficiency of the West Bengal State Electricity Distribution Company Limited by building its capacity on asset and financial management, promotion and introduction of renewable energy, tariff rationalization, and on gender equity and social inclusion.

    ADB will help update relevant safety policies and manuals, while supplying health and safety equipment such as first aid kits and personal protective equipment. The program will contribute to awareness-building in communities, particularly on electrical safety, and train district technical and engineering staff on behavioral safety.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on October 21, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 540,586.51 6.46 5.00-6.90
         I. Call Money 9,384.15 6.50 5.10-6.90
         II. Triparty Repo 373,248.65 6.46 6.30-6.85
         III. Market Repo 156,933.71 6.46 5.00-6.85
         IV. Repo in Corporate Bond 1,020.00 6.56 6.54-6.70
    B. Term Segment      
         I. Notice Money** 141.30 6.38 6.20-6.50
         II. Term Money@@ 567.50 – 6.65-6.95
         III. Triparty Repo 713.00 6.62 6.43-6.74
         IV. Market Repo 1,042.10 6.63 6.60-6.75
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 21/10/2024 1 Tue, 22/10/2024 18,597.00 6.75
    4. SDFΔ# Mon, 21/10/2024 1 Tue, 22/10/2024 88,775.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -70,178.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 13 Thu, 31/10/2024 20,073.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,222.87  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -9,310.13  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -79,488.13  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 21, 2024 992,200.52  
         (ii) Average daily cash reserve requirement for the fortnight ending November 01, 2024 1,016,726.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 21, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 488,495.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1349

    MIL OSI Economics –

  • MIL-OSI Economics: AIIB Commits EUR150 Million to Türkiye North Marmara Highway Project

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has signed a EUR150 million (approximately USD167 million) loan agreement to cofinance the North Marmara Highway Nakkaş-Başakşehir BOT Project.

    The Project – aimed at enhancing Istanbul’s east-west connectivity, improving road safety and reducing congestion – is being implemented under a build-operate-transfer arrangement by a consortium led by Rönesans Holding A.Ş. in partnership with Samsung C&T Corporation and other Korean investors. It involves a 31.3-km toll road, including a 1.6-km cable-stayed bridge and multiple overpasses and underpasses.

    “AIIB’s participation in this project not only enhances Türkiye’s transport infrastructure but also supports our mission to advance green finance and sustainable development,” said Konstantin Limitovskiy, AIIB Vice President for Investment Clients Region 2 and Project and Corporate Finance, Global. “By reducing emissions, improving road safety and fostering cross-border connectivity, the North Marmara Highway exemplifies the kind of ‘infrastructure for tomorrow’ that will deliver long-term positive impacts for the region and beyond.”

    “We’re proud to set a new standard for transportation in Türkiye with the Nakkaş-Başakşehir Project,” said Erman Ilıcak, President of Rönesans Holding. “We wish to thank our consortium partners, under the leadership of Samsung C&T Corporation, for their confidence in us throughout this project and their investment in Türkiye. Not only will the highway drastically cut travel times for individuals and businesses in Istanbul – it will also take the country’s sustainable development to the next level. This is a highway of the future, built with people, society and the environment in mind – elements we hope to see replicated across global infrastructure projects moving forward.”

    “This project is expected to enhance economic cooperation between the two countries,” said Se Chul Oh, President and CEO of Samsung C&T. “Moreover, it holds a great significance as K-Team produces meaningful outcomes with the technique of a Korean builder and policy support from public organizations including Korean Expressway Corporation, KIND and PIS Fund. We will keep this momentum going to create additional cooperative opportunities in Turkey, CIS and Eastern European markets beyond the successful partnership with Rönesans.”

    AIIB’s EUR150 million contribution is part of a wider EUR1.04 billion senior debt financing package. The project is cofinanced by AIIB, the European Bank for Reconstruction and Development (EBRD) and the Islamic Development Bank Group as anchor lenders, along with an international consortium of commercial banks and export credit agencies.

    Key components of the project include advanced tolling systems and sustainable construction techniques. The highway is expected to benefit commuters, businesses and logistics operators by reducing travel times and transportation costs, as well as improving access to Istanbul’s New Airport. AIIB has been involved in the project since 2020 in partnership with EBRD, ensuring compliance with environmental and social standards (including the Environmental and Social Impact Assessment and Resettlement Action Plan).

    This is AIIB’s second road infrastructure project in Türkiye and marks a significant milestone in AIIB’s engagement in the country’s transport sector. Earlier this year, the Bank approved a USD200 million loan under its Emergency Road Rehabilitation and Reconstruction Project to support the country’s recovery from the February 2023 earthquakes.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    About Rönesans Holding

    Rönesans Holding, a Turkish conglomerate headquartered in Ankara, is the 53rd-largest international contracting company globally and one of the largest in Europe. With operations spanning 30 countries across Europe, Central Asia, and Africa, Rönesans has been operating successfully for 30 years in construction, energy, healthcare, real estate development and industrial investments.

    About Samsung C&T Corporation

    Samsung C&T Corporation is a South Korean construction and trading company since 1977. It’s a part of the larger Samsung Group. C&T stands for Construction and Trading, reflecting its diverse business portfolio. The company is involved in various sectors, including engineering and construction, trading and investment, fashion and resorts. Samsung C&T has played a significant role in the development of South Korea’s infrastructure and has expanded its global presence with projects worldwide. Samsung C&T is the 16th largest international contracting company globally. Currently operating in 26 countries, Samsung C&T has successfully completed 510 civil infrastructure projects worldwide, with 23 ongoing projects.

    MIL OSI Economics –

  • MIL-OSI Economics: Bank of America and RBC Capital Markets top M&A financial advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Bank of America and RBC Capital Markets top M&A financial advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Bank of America and RBC Capital Markets were the top mergers and acquisitions (M&A) financial advisers in the metals & mining sector during the Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Bank of America achieved the top position in terms of value by advising on $10.2 billion worth of deals. Meanwhile, RBC Capital Markets led in terms of volume by advising on a total of eight deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “RBC Capital Markets witnessed an improvement in the total volume of deals advised by it and consequently its ranking by volume took a significant leap from 51st position during Q1-Q3 2023 to the top position during Q1-Q3 2024.

    “Meanwhile, Bank of America went ahead from occupying the third position by value during Q1-Q3 2023 to top the chart during Q1-Q3 2024. Interestingly, despite registering a decline in the total value of deals advised by it, Bank of America was the only adviser to surpass the 10 billion deal value mark during Q1-Q3 2024.”

    BMO Capital Markets occupied the second position in terms of value, by advising on $9.8 billion worth of deals, followed by JP Morgan with $5.5 billion, Moelis & Company with $5.2 billion and Goldman Sachs with $4.9 billion.

    Meanwhile, BMO Capital Markets occupied the second position in terms of volume with seven deals, followed by Macquarie with seven deals, Cormark Securities with six deals and Bank of America with four deals.

    MIL OSI Economics –

  • MIL-OSI Economics: Cravath Swaine & Moore and Fasken Martineau DuMoulin top M&A legal advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Cravath Swaine & Moore and Fasken Martineau DuMoulin top M&A legal advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Cravath Swaine & Moore and Fasken Martineau DuMoulin were the top mergers and acquisitions (M&A) legal advisers in the metals & mining sector during Q1-Q3 2024 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Cravath Swaine & Moore achieved the top position in terms of value by advising on $9 billion worth of deals. Meanwhile, Fasken Martineau DuMoulin led in terms of volume by advising on a total of 19 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Cravath Swaine & Moore and Fasken Martineau DuMoulin were the top advisers by value and volume during Q1-Q3 2023 and managed to retain their respective top positions during Q1-Q3 2024 as well. Despite both the firms registering decline in total value and volume, respectively, during Q1-Q3 2024 compared to Q1-Q3 2023, they managed to maintain their top ranking.”

    Paul, Weiss, Rifkind, Wharton & Garrison occupied the second position in terms of value, by advising on $7.3 billion worth of deals, followed by Blake Cassels & Graydon with $7.1 billion, Stikeman Elliott with $6.6 billion and McCarthy Tetrault with $6.2 billion.

    Meanwhile, Cassels Brock & Blackwell occupied the second position in terms of volume with 17 deals, followed by McCarthy Tetrault with 13 deals, Blake Cassels & Graydon with 11 deals and Bennett Jones with nine deals.

    MIL OSI Economics –

  • MIL-OSI Economics: Morgan Stanley and Stifel/KBW top M&A financial advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Morgan Stanley and Stifel/KBW top M&A financial advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Morgan Stanley and Stifel/KBW were the top mergers and acquisitions (M&A) financial advisers in the financial services sector during Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Morgan Stanley achieved the top position in terms of value by advising on $65 billion worth of deals. Meanwhile, Stifel/KBW led in terms of volume by advising on a total of 27 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Both Morgan Stanley and Stifel/KBW registered growth in the total value and volume of deals advised by them, respectively, during Q1-Q3 2024 compared to Q1-Q3 2023. In fact, Morgan Stanley registered more than a five-fold jump in value of the deals it advised. Resultantly, its ranking by value improved from fifth position during Q1-Q3 2023 to the top position during Q1-Q3 2024. Meanwhile, Stifel/KBW went ahead from occupying the seventh position by volume during Q1-Q3 2023 to top the chart by this metric during Q1-Q3 2024.”

    Barclays occupied the second position in terms of value, by advising on $49.2 billion worth of deals, followed by Goldman Sachs with $45.9 billion, JP Morgan with $43.6 billion and PJT Partners with $36.1 billion.

    Meanwhile, Goldman Sachs occupied the second position in terms of volume with 23 deals, followed by Piper Sandler with 23 deals, JP Morgan with 21 deals and Raymond James Financial with 21 deals.

    MIL OSI Economics –

  • MIL-OSI Economics: Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in financial services sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the financial services sector during Q1-Q3 2024 by value and volume, respectively according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Wachtell, Lipton, Rosen & Katz achieved the top position in terms of value by advising on $55.7 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 48 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Kirkland & Ellis was the top adviser by volume during Q1-Q3 2023 and managed to retain its leadership position during Q1-Q3 2024 as well. Meanwhile, Wachtell, Lipton, Rosen & Katz registered a more than 10-fold jump in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023. Resultantly, its ranking by value also took a major leap from the 16th position during Q1-Q3 2023 to the top position during Q1-Q3 2024. Seven of the eight deals advised by Wachtell, Lipton, Rosen & Katz during Q1-Q3 2024 were billion-dollar deals* including one mega deal valued at $35.3 billion. The involvement in these big-ticket deals helped Wachtell, Lipton, Rosen & Katz register a massive jump in terms of value and its ranking by this metric.”

    Cravath Swaine & Moore occupied the second position in terms of value, by advising on $44.2 billion worth of deals, followed by Sullivan & Cromwell with $40.4 billion, Kirkland & Ellis with $38.3 billion and Paul, Weiss, Rifkind, Wharton & Garrison with $33.4 billion.

    Meanwhile, Alston & Bird occupied the second position in terms of volume with 26 deals, followed by Skadden, Arps, Slate, Meagher & Flom with 22 deals, Luse Gorman PC with 19 deals and White & Case with 18 deals.

    *≥ $1 billion

    MIL OSI Economics –

  • MIL-OSI Reportage: BNZ offers support for Otago customers affected by severe rainfall  

    Source: BNZ statements

    BNZ is offering an assistance package to customers affected by severe rainfall in the Otago region.  

    Available immediately, the assistance package includes:  

    • Ability to review home lending facilities on a case-by-case basis. 
    • Access to temporary personal overdrafts to support customers who require access to funds urgently while they await insurance pay-outs. Standard interest rates and credit criteria applies. 
    • Access to temporary overdrafts of up to $10,000 with no application fee for Small Business customers. Standard interest rates and credit criteria applies. 
    • Access to temporary overdrafts for Agri, Business, and Commercial customers up to $100,000, with no application fee. Standard interest rates and credit criteria applies. 

    “We understand the challenges that can be posed to households, businesses and communities as a result of severe weather events,” says Anna Flower, BNZ Executive Personal and Business Banking. 

    “We’ve put together a range of practical support options to help ease some of the immediate financial pressure our customers might be facing. 

    “We also have a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help,” says Flower. 

    To discuss support options, business and agribusiness customers should reach out to their BNZ Partner. Small business owners can call 0800 BNZSME, while personal banking customers can access support through BNZ’s digital platforms or by calling 0800 ASKBNZ. 

    BNZ PremierCare Insurance customers who need assistance can call IAG NZ on 0800 248 888 or submit an online claim https://iagnz.custhelp.com/app/bnz  

    With local authorities in Otago, including Civil Defence, advising locals to avoid any unnecessary travel, BNZ is temporarily closing its Dunedin branches and Partner Centre. 

    “It’s important that our customers and our BNZers stay safe. Our teams in Dunedin can work from home and our people who would normally be working in our branches will instead be available to support customers via telephone banking and they continue to do their banking online or through our BNZ app,” says Flower.  

    BNZ’s ATM network in the affected areas remains operational, ensuring customers have continued access to cash and basic banking services. 

    Customers can check whether their local BNZ branch is open here: http://www.bnz.co.nz/locations 

    The post BNZ offers support for Otago customers affected by severe rainfall   appeared first on BNZ Debrief.

    MIL OSI Analysis –