Category: Business

  • MIL-OSI USA: Casey, Fetterman, Deluzio Secure $87 Million to Build New Manufacturing Facility in Southwestern Pennsylvania, Create Almost 900 Jobs

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey
    Mainspring Energy manufactures linear generators that power hospitals, supermarkets, data centers, and more across the Nation
    New plant will expand generator production, enhance American global competitiveness, create 891 jobs in Coraopolis
    Casey, Fetterman, and Deluzio pushed for the Accelerating Linear Generator Production for Mainspring Energy project
    Washington, D.C. – Today, U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA) and U.S. Congressman Chris Deluzio (D-PA-17) delivered $87,070,493 in federal funding for Mainspring Energy (MSE), a manufacturer of linear generators, to build a new, state-of-the art manufacturing facility that will support new 891 jobs in Coraopolis. Funding comes from the Advanced Energy Manufacturing and Recycling Grants Program, made possible by the Infrastructure Investment and Jobs Act (IIJA).
    “This is a game-changing investment for Coraopolis and Southwestern Pennsylvania. With this funding, Mainstream Energy will create good-paying and high-skilled manufacturing jobs and continue Southwestern Pennsylvania’s legacy as an energy leader on the forefront of cutting-edge technology. Pennsylvania workers are the best in the world and I will keep fighting for good paying manufacturing and construction jobs across our Commonwealth,” said Senator Casey.
    “Western Pennsylvania has always been America’s industrial backbone and the Department of Energy’s investment in Mainspring Energy carries that legacy forward. This move propels us toward a carbon-pollution-free future while keeping our economy strong, competitive, and union-built,” said Senator Fetterman. “As lifelong Pennsylvanians, Senator Casey, Congressman Deluzio, and I understand and honor our state’s proud history of hard work and innovation. We pushed for this investment because it puts Western Pennsylvania back on the map as a leader in cutting-edge manufacturing.”
    “I am thrilled to announce that Coraopolis’ own Mainspring Energy Inc. is receiving more than $87 million in federal dollars to boost its manufacturing of low-carbon generators and create hundreds of full-time and construction jobs in the process,” said Congressman Deluzio. “This is a powerful example of how when we make more stuff here, we can create manufacturing and construction jobs and onshore our supply chains, all while reducing greenhouse gas emissions to help us meet our climate goals. I am proud to support this project and look forward to monitoring its progress and impact on the people and economy in Pennsylvania’s 17th Congressional District.”  
    The funding comes from the U.S. Department of Energy (DOE)’s Advanced Energy Manufacturing and Recycling Grants program, which enables manufacturers build new or retrofit existing manufacturing and industrial facilities in communities where coal mines or coal power plants have closed. Senators Casey and Fetterman and Congressman Deluzio urged DOE secretary Jennifer Granholm to support MSE’s project in June 2024. In their letter, the Members highlighted how the new facility would increase domestic manufacturing, boost American competitiveness in the clean energy sector, generate hundreds of good-paying jobs for Pennsylvanians, and carry on the Commonwealth’s proud legacy as an energy state. 
    Mainspring Energy (MSE), in partnership with construction firm Al. Neyer, will establish a state-of-the-art manufacturing facility in Coraopolis to produce 1,000 linear generators annually that will provide clean and reliable power to critical institutions across the Nation including hospitals, businesses, and data centers. The plant will localize the manufacturing supply chain and enhance American global competitiveness in the clean energy sector. Additionally, the project will create 291 construction-related jobs and 600 operations jobs. 

    MIL OSI USA News

  • MIL-OSI: Global Cancer Antibody Drug Conjugates Market Size Forecast 2030

    Source: GlobeNewswire (MIL-OSI)

    Delhi, Oct. 23, 2024 (GLOBE NEWSWIRE) — Global Cancer Antibody Drug Conjugates Market Size, Drugs Approval, Price, Sales & Clinical Trials Insight 2030 Report Finding & Inclusions: 

    • Global Cancer Antibody Drug Conjugates Market: 2020 – 2030
    • Global Cancer Antibody Drug Conjugates Market Opportunity > US$ 50 Billion By 2030
    • Approved Cancer Antibody Drug Conjugates: 16 Drugs
    • Approved Cancer Antibody Drug Conjugates Sales Insights, Patent, Dosage & Price Analysis
    • Cancer Antibody Drug Conjugates In Clinical Trials: > 500 Drugs
    •  Cancer Antibody Drug Conjugates Clinical Trials Insight By Company, Country, Indication & Phase
    • Insight On Commercially Approved Antibody Drug Conjugates By Brand Name, Company & Indication

    Download Report: https://www.kuickresearch.com/report-cancer-drug-conjugates-market-size

    Combining the strong cytotoxic effects of chemotherapy drugs with the specificity of monoclonal antibodies, antibody-drug conjugates (ADCs) have become an innovative class of medicines. In 2001, Brentuximab vedotin (Adcetris) became the first ADC to be approved, primarily for the treatment of lymphoma. This signaled the start of a new era in oncology, one in which drugs could be delivered directly to cancer cells through targeted therapy, minimizing harm to surrounding healthy tissue. Since then, the field has developed rapidly, resulting in the regulatory approval of 16 ADCs, the most recent being Elahere for multiple gynecological tumors in 2022.

    With an estimated value around USD 10 Billion in 2023, witnessing 35% rise from the previous year, the global cancer ADC market has experienced substantial growth in recent years. The market had already surpassed US$ 7 Billion in the first half of 2024 alone, demonstrating the rapid rate of development and uptake of these drugs. Due to its ability to target specific antigens that are overexpressed on cancer cells, ADCs have predominantly been used in the treatment of solid tumors and hematological malignancies. This has improved efficacy while lowering systemic toxicity. In addition to improving patient outcomes, this specificity makes ADCs an attractive option in the crowded oncology market.

    Even though the majority of ADCs have been developed and approved for therapeutic use, there is increasing interest in the potential applications of ADCs in diagnostics and theranostics, an integrated approach that combines therapeutic and diagnostic capabilities. Even if they are still primarily in the research and preclinical stages, these applications open opportunities for a potential future that could improve personalized treatment. Researchers hope to develop dual-function drugs that diagnose and treat cancer, potentially altering the way doctors approach cancer management, as well as imaging agents that can identify tumors more accurately by using the targeting capabilities of ADCs.

    The global cancer ADC market is distinguished by a number of strategic alliances and partnerships meant to improve development capacities and market penetration. The exclusive licensing deal that Day One and MabCare Therapeutics have for the development and commercialization of MTX-13 in June 2024 is one such example. These partnerships enable companies to leverage one another’s expertise in technology, clinical knowledge, or market access, which speeds up the time it takes to create new ADCs. The competitive environment is further characterized by significant investments for ADC development. In July 2024, for example, Myricx Bio announced the completion of a successful funding round of US$ 120.42 Million, demonstrating investor confidence in ADCs’ ability to offer revolutionary cancer therapeutics.

    It is anticipated that the ADC market would supass US$ 13 Billion in 2024 and continue to expand after that. Antibody engineering, linker technology, and the identification of novel tumor-specific antigens are driving this expected expansion, which are anticipated to expand the applications of ADC applications to hard-to-treat cancers. ADCs are anticipated to grow in versatility and efficacy with further scientific research, not only in oncology but also in treating other diseases where therapeutic benefits of targeted administration of cytotoxic drugs may be realized.

    In conclusion, antibody-drug conjugates, with a strong base of clinical approvals and a rapidly growing market, offer a substantial leap in cancer therapy. Their distinct mode of action minimizes side effects while providing hope for better outcomes in the treatment of cancer. ADC technology is always evolving, and this market is well-positioned for continued growth and innovation in the years to come thanks to smart partnerships, significant investment, and teamwork. The standards of care in oncology and other fields may be redefined by ADCs as research develops and new uses are investigated.

    The MIL Network

  • MIL-OSI: [Press Release] iliad SA successfully issues inaugural €500 million green bond

    Source: GlobeNewswire (MIL-OSI)

    Press release        

    Paris, October 22, 2024

    iliad SA successfully issues inaugural €500 million green bond

    Financial release

    Today, iliad SA successfully placed a €500 million green bond issue. The bonds mature in just over five years, paying interest at 4.25% per year.

    This transaction, announced for a maximum amount of €500 million, met with very strong investor demand (with a final demand of over €1.5 billion), enabling the Group to take advantage of the improved market conditions and to refinance part of its existing bond debt via the tender offer launched in parallel for its bonds maturing in April 2025 and June 2026 (see previously published press release:https://www.iliad.fr/media/CP_211024_Eng_ef96e5d11f.pdf).

    This result confirms investors’ confidence in iliad’s creditworthiness and its ESG strategy.

    The proceeds from this green bond issue will be used to finance, and in part refinance, eligible expenditure described in the Group’s Green Financing Framework published on October 21, which received a positive second-party opinion from Sustainalytics (both documents are available on our website at https://www.iliad.fr/en/investisseurs/groupe/dette).

    Thomas Kienzi – Chief Financial Officer of the iliad Group: “Through this operation, the iliad Group pledges to invest in technologies that promote more sustainable development, and once again demonstrates its commitment to controlling its carbon emissions.”

    This is the Group’s inaugural green bond issue, and it follows a conventional bond issue of €500 million in April 2024. The green bond issue has also been rated Ba2/BB/BB by Moody’s, S&P and Fitch, respectively, in the category of senior unsecured bonds.

    BNP Paribas and Société Générale are the Global Coordinators, Joint Lead Managers and Green Structuring Advisors; Crédit Agricole CIB, MUFG, Natixis, SMBC, CIC, Erste Group, Helaba, RBC and Unicredit are Joint Lead Managers; and the Bank of China, Bayern LB and Mizuho are Co-Managers.

    About the iliad Group

    Created in the early 1990s, the iliad Group is the inventor of the world’s first triple-play box and is now a major European telecoms player, standing out for its innovative, straightforward and attractive offerings. The Group is the parent of Free in France, iliad in Italy and Play in Poland, has over 18,200 employees serving more than 49.8 million subscribers, and generated €9.7 billion in revenues in the twelve months ended June 30, 2024. In France, the Group is an integrated Fixed and Mobile Ultra-Fast Broadband operator and had 22.9 million subscribers at end-June 2024 (15.3 million Mobile subscribers and 7.5 million Fixed-line subscribers). In Italy, where it launched its business in 2018 under the iliad brand, it is the country’s fourth-largest mobile operator and at end-June 2024, had nearly 11.3 million Mobile subscribers and 280,000 Fiber subscribers. In Poland, the Group is an integrated convergent operator, and at end-June 2024, had 13.3 million Mobile subscribers and nearly 2.1 million Fixed-line subscribers. In the second quarter of 2024, the iliad Group became Europe’s fifth-largest operator by number of retail Mobile subscribers (excluding M2M) and it remains the fifth-largest Fixed Broadband operator.

    To find out more

    http://www.iliad.fr/en

    Follow us

    X: @Groupeiliad

    LinkedIn: Groupe iliad

    Contacts

    Investor relations: ir@iliad.fr
    Press relations: presse@iliad.fr

    Attachment

    The MIL Network

  • MIL-OSI Security: California Man Sentenced to Seven Years in Federal Prison for Orchestrating $23 Million Fraud Scheme

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

    CHICAGO — A California man has been sentenced to seven years in federal prison for orchestrating a fraudulent investment scheme that swindled investors out of $23.1 million.

    SEAN GRUSD formed three funds that he claimed would invest in private financial technology companies.  Beginning in 2021, Grusd provided potential investors with marketing materials containing numerous falsehoods about the funds’ purported investment history and successes.  Among other things, the promotional materials falsely claimed that one of Grusd’s funds had been an early investor in successful startup companies, such as Instacart, Coinbase, and Shippo.  Grusd also falsely claimed that he had graduated from a prestigious law school and that he managed the personal portfolio of the CEO of a large investment management firm.  Based on these and other false representations, more than a dozen victims invested $23.1 million in Grusd’s funds.

    Instead of investing the victims’ money, Grusd transferred the funds to his personal bank accounts and spent the money on a lavish lifestyle, including high-end automobiles, luxurious condos in Chicago and Montreal, and lavish travel and entertainment expenses.  Many of the victims had invested a significant portion of their life savings with Grusd.

    Grusd, 32, of Los Angeles, Calif., pleaded guilty last year in federal court in Chicago to a wire fraud charge.  In addition to the seven-year prison term, U.S. District Judge Sara L. Ellis on Wednesday ordered Grusd to pay more than $21 million in restitution to his victims.

    The sentence was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI.

    “Defendant’s fraud was brazen and unmitigated,” Assistant U.S. Attorney Corey B. Rubenstein argued in the government’s sentencing memorandum.  “It was an appalling stream of deliberate choices over almost two years targeting numerous victims and resulting in huge losses.”

    MIL Security OSI

  • MIL-OSI USA: Warren Celebrates 5 New Zero-Emission School Buses for Worcester Public Schools

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    October 22, 2024

    Warren Celebrates 5 New Zero-Emission School Buses for Worcester Public Schools 

    Boston, MA – U.S. Senator Elizabeth Warren (D-Mass.) celebrated the announcement that the Worcester Public Schools will replace 5 school buses with zero-emission, clean school buses through the U.S. Environmental Protection Agency 2023 Clean School Bus Rebate program. 

    The Clean School Bus Program has awarded funding to replace nearly 9,000 natural gas and diesel buses across the country. Funding for the Clean School Bus Program comes from the Bipartisan Infrastructure Law, which provided $5 billion to transform the country’s fleet of school buses.

    “Our children shouldn’t have to breathe in dangerous exhaust while getting to and from school,” said Senator Warren. “I’ve fought hard for clean energy investments for our Commonwealth. Now, Central Massachusetts’ families will have cleaner air, even more buses that are cheaper to repair and don’t guzzle up gas, and savings for the Worcester Public Schools.” 

    Senator Warren has advocated for federal funding to jumpstart the transition to all-electric public vehicles and rail and to help tackle the climate crisis: 

    • In July 2024, Senators Warren and Markey and Representatives Lynch, Pressley, and Keating announced nearly $60 million in funding for Massachusetts communities to transition to low- or zero-emission buses. This upgrade is improving bus fleets, reducing transit systems’ reliance on fossil fuels, and curbing diesel-related air pollution along major transit corridors for Black, Brown, and low-income communities who are disproportionately harmed by the impacts of the climate crisis.
    • In May 2024, Senator Elizabeth Warren and Congressman Robert Garcia (D-Calif.) reintroduced the BUILD GREEN Infrastructure and Jobs Act, which would authorize the U.S. Department of Transportation to distribute $500 billion over ten years to electrify and modernize public vehicles  and build new electric transportation infrastructure across the country.
    • In January 2024, Senators Elizabeth Warren and Ed Markey (D-Mass.) announced that the Environmental Protection Agency awarded Massachusetts funding for 85 electric school buses under the Clean Bus Grant Program to help school districts replace polluting diesel school buses with electric or low-emission school buses. 
    • In July 2023, Senator Elizabeth Warren sent a letter to the Massachusetts Municipal Association, Massachusetts Association of School Superintendents and 33 Commonwealth municipalities, highlighting the benefits of electrifying the Commonwealth’s school bus fleets and encouraging the Associations and their members to take full advantage of the newly-announced EPA Clean School Bus Grants Program Notice of Funding Opportunity. 
    • In August 2022, Congress passed the Inflation Reduction Act, which included $1 billion for states, municipalities, tribes, and nonprofit school transportation associations to use for clean heavy duty vehicles, like school and transit buses and garbage trucks, all in part funded by Senator Elizabeth Warren’s Corporate Profits Minimum Tax to ensure America’s largest corporations pay at least 15% of their massive profits in federal taxes. 
    • In May 2021, Senator Warren and Congressman Levin (D-Mich.) introduced the Buy Green Act of 2021. First announced in March 2021, the bill would establish $1.5 trillion in federal procurement commitments over the next ten years to purchase American-made clean, renewable, and emission-free energy products for federal, state, and local use. The bill also establishes a grant program for U.S. companies to invest in clean energy manufacturing.
    • In May 2021, in a Senate Finance Committee hearing, Senator Warren made the case for large-scale federal investments in green infrastructure, as well as her Wealth Tax and other tax proposals as a way to pay for these investments. 
    • In April 2021, in a Senate Banking, Housing, and Urban Affairs Committee hearing, Senator Warren made the case for the need to tackle climate change by investing in our nation’s clean energy infrastructure, including the replacement of buses powered by diesel with electric buses. 

    MIL OSI USA News

  • MIL-OSI USA: Disaster Recovery Center in Wytheville, Va. Will Open Oct. 23

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center in Wytheville, Va. Will Open Oct. 23

    Disaster Recovery Center in Wytheville, Va. Will Open Oct. 23

    BRISTOL, Va.– A Disaster Recovery Center (DRC) will be opening in at the Heritage Preservation Center at 115 West Spiller Street in Wytheville, Va. on Wednesday, Oct. 23, 2024, at 8 a.m. Disaster survivors can visit any DRC to receive assistance. This will be the seventh DRC open in the impact area; to find the DRC closest to you, including addresses and hours, visit FEMA.gov/drc or text DRC and a ZIP code to 43362. A Disaster Recovery Center is an accessible facility that survivors can visit in person to learn more about FEMA and other agencies providing disaster assistance in Virginia. Residents, property owners, and business owners can go to a DRC to apply for assistance and obtain resources from other agencies based on their needs. Survivors do not need an appointment at a DRC to receive assistance. The center is located at:Wythe CountyHeritage Preservation Center115 West Spiller StreetWytheville, VA 24382Hours of operation:Monday – Saturday, 8 a.m. to 6 p.m.Closed SundaysSurvivors do not have to visit a DRC to register with FEMA. You can call 800-621-FEMA (3362). The toll-free telephone line operates seven days a week. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. You can also register online at DisasterAssistance.gov or through the FEMA App on your phone.The deadline to apply for FEMA disaster assistance is Dec. 2, 2024.If you have received a letter from FEMA about your application status, visit a DRC to learn more about next steps. DRC staff can help you submit additional information or supporting documentation for FEMA to continue to process your application and answer any questions you may have. Learn more about what to expect at a DRC here.FEMA has set up a rumor response webpage to clarify our role in the Helene response. Visit Hurricane Helene: Rumor Response.For more information on Virginia’s disaster recovery, visit vaemergency.gov, the Virginia Department of Emergency Management Facebook page , fema.gov/disaster/4831 and facebook.com/FEMA.  ###FEMA’s mission is helping people before, during and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia. Follow us on X at x.com/FEMAregion3 and on LinkedIn at linkedin.com/company/femaregion3.To apply for FEMA assistance, please call the FEMA Helpline at 1-800-621-3362, visit https://www.disasterassistance.gov/, or download and apply on the FEMA App. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. Multilingual operators are available (press 2 for Spanish and 3 for other languages). Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency, or economic status. 
    erika.osullivan
    Tue, 10/22/2024 – 19:07

    MIL OSI USA News

  • MIL-OSI USA: Temporary FEMA Center Open in Valdosta

    Source: US Federal Emergency Management Agency

    Headline: Temporary FEMA Center Open in Valdosta

    Temporary FEMA Center Open in Valdosta

    ATLANTA – Georgia residents who live in the Valdosta area and are unable to visit one of FEMA’s eight Disaster Recovery Centers throughout the state can apply for assistance in person at a temporary location. This center is only open from Tuesday, October 22 to Saturday, October 26 from 8 a.m. to 5 p.m. at the following address: Temporary FEMA Center2108 E. Hill AvenueBuilding DValdosta, GA, 31601Valdosta homeowners and renters who had home or property damage due to Tropical Storm Debby, damage Aug. 4-22, and/or Hurricane Helene can visit this center to apply for FEMA assistance, update their cases and ask questions. People who require additional services are encouraged to visit the Disaster Recovery Center located at the former Church of the Nazarene at 4344 Forest Street Extension, Valdosta, GA, 31605, which is open Monday to Saturday from 8 a.m. to 7 p.m. and Sundays from 1 p.m. to 6 p.m. until further notice.When visiting a center to apply for FEMA assistance, have the following with you: A current phone number where you can be contacted.Your address at the time of the disaster and the address where you are now staying.Your Social Security number.A general list of damage and losses.Banking information if you choose direct deposit.If insured, the policy number or the agent and/or the company name.If you have homeowners, renters or flood insurance, you should file a claim as soon as possible. FEMA cannot duplicate benefits for losses covered by insurance. If your policy does not cover all your disaster expenses, you may be eligible for federal assistance.While people can apply in person at the center, residents are encouraged to fill out their application online at DisasterAssistance.gov or on the FEMA App, as these are the quickest and most convenient ways. Another way to apply is by calling the FEMA Helpline at 1-8-00-621-3362, which is open every day and help is available in most languages.For the latest information about Georgia’s recovery, visit FEMA’s Hurricane Debby Georgia page or FEMA’s Hurricane Helene Georgia page. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.
    larissa.hale
    Tue, 10/22/2024 – 19:29

    MIL OSI USA News

  • MIL-OSI USA News: Statement by Vice President Kamala  Harris on Americans Saving Nearly $1 Billion on Prescription Drugs Thanks to the Inflation Reduction  Act

    Source: The White House

    All Americans should be able to access the health care they need – no matter their income. That is why our Administration fought to lower health care costs with the Inflation Reduction Act, legislation that I was proud to cast the tie-breaking vote on in the Senate. During the first half of this year alone, we now know that nearly 1.5 million people with Medicare have already saved nearly $1 billion because of our law’s cap on out-of-pocket prescription drug costs. 
     
    Additionally, we have been able to cut prescription drug costs, cap the cost of insulin at $35 a month for seniors, and lower premiums for those on Medicare. Our Administration has also reached unprecedented agreements with pharmaceutical companies to lower prices for the first 10 drugs selected for the Medicare price negotiation program – ten of the most widely used and expensive drugs that treat conditions ranging from cancer to diabetes. And there is still much more to come.
     
    I have seen the impact of fighting to protect patients up close. As Attorney General, I held Big Pharma accountable for their deceptive and illegal practices – winning settlements that amounted to more than $7 billion against pharmaceutical companies for their unsafe and unfair tactics. I will never stop fighting for the health, wellbeing, and financial stability of the American people.

    # # #

    MIL OSI USA News

  • MIL-OSI USA News: Remarks by Vice President Harris and Liz Cheney at a Campaign Event | Royal Oak,  MI

    Source: The White House

    Royal Oak Music Theatre
    Royal Oak, Michigan

    4:31 P.M. EDT

    MS. SHRIVER:  Okay.  Here we go.  Sit back.  We’ve got 40 — 40 minutes, and we’re going to move quick.  Okay?

    So, I want this to be like a kitchen table.  Like, just think that we’re sitting around the kitchen table and we’re jamming about all kinds of stuff.  That’s the feeling I want to have at this —

         MS. CHENEY:  This is like a Kennedy family kitchen table.

         MS. SHRIVER:  It — yeah.  (Laughter.)

         MS. CHENEY:  Most people don’t have this many, you know?

         THE VICE PRESIDENT:  That’s good.  That’s good.

    MS. SHRIVER:  That’s right.  It’s raucous.  It’s — it’s hot, but it’s fun.  That’s what it’s going to be like. 

    So, this is — I was saying before both of you walked out, this is historic — so I hope everybody takes this in for a minute — to have a leader of the Republican Party and the vice president of the United States.  (Applause.) 

    So, let me begin with you, Madam Vice President.  Did you ever think in your wildest dreams that you would be running for president alongside Liz Cheney, who would be advocating for you, campaigning for you — a member of a opposing party putting herself on the line for you?

    THE VICE PRESIDENT:  So, let me just start by thanking everyone.  Thank you all for taking time out of your busy lives to be here and have this conversation. 

    And I think we are all here together because we have many things in common.  First and foremost, we love our country.  We love our country.  (Applause.) 

    You know, so, Maria, perhaps not, but — (laughter).

    MS. SHRIVER:  Perhaps.

    THE VICE PRESIDENT: Perhaps not. 

    But let me say this.  So, you mentioned, you know, my background.  So, I started my career as a prosecutor, and most of my career has been spent outside of Washington, D.C., not in Washington, D.C.  And for most of my career, let me just tell you, I never once asked a victim of crime, a witness, “Are you a Democrat, or are you a Republican?”  Never.  It never would have even occurred to me to ask that.  What I did ask everyone: “Are you okay?” 

    And when I think, then, about what is at stake in this election, I think that’s the biggest question.  And it is a moment where, born out of our love of our country, born out of, for me, having taken the oath of office to the Constitution of the United ta- — States at least six times, I believe what is at stake in this election is so fundamental for us as Americans.  And it is about: Do we take seriously the importance of a president who obeys the oath to be loyal to the Constitution of the United States?  Do we prioritize a president of the United States who cares about rule of law, much less the spirit with which they approach this most powerful position? 

    There’s so much about this last era — when I talk about “turn the page,” that’s what I’m referring to, like the last decade — that has been about some powerful forces suggesting that the measure of the strength of a leader is based on who you beat down instead of what I think most of us believe, regardless of your party affiliation, that the real measure of the strength of a leader is based on who you lift up.

    And — (applause) — and so, for that reason, I’m not surprised that Liz Cheney and I are on the same stage 15 days before the election.  (Applause.)  You know?

    MS. SHRIVER:  Okay.  Well, maybe you’re not surprised, but I’m surprised.

    THE VICE PRESIDENT:  (Laughs.)

    MS. SHRIVER:  And I think a lot of people are surprised.  So, I want to know: Are you surprised?  Are you surprised that you’re out here campaigning for a Democrat, campaigning for Kamala Harris, against the party that you’ve been a part of your entire life?

    MS. CHENEY:  You know, what I would say, first of all, is we all know — everyone who watched January 6th knows, you know, what Donald Trump is willing to do.  He lost the election, he tried to overturn it and seize power, and then he sat in his dining room and he watched the attack on television.  He watched it.  People pleaded with him to tell the mob to leave, and he wouldn’t.  And he watched law enforcement officers be brutally beaten.  He watched it. 

    That’s a depravity that, to me and — and, you know, I think to anyone who’s taken the oath of office, makes someone absolutely unfit ever to be president again.

    Now — (applause) — I — I could have just said, you know, I’m going to do everything I can to work against Donald Trump, and there are a lot of Republicans who have said that.

    MS. SHRIVER:  Yes.

    MS. CHENEY:  I have decided — and I am very proud and I’m honored to have made the decision — to endorse Vice President Harris.  (Applause.) 

    And — and I have gotten to spend time with Vice President Harris.  I have had the chance to talk with her about how important it is that we have two strong parties in our country, about the kind of president that I know she’ll be. 

    And I think all of us — it doesn’t matter what party you’re in — we all know this is a good and an honorable and a great nation, and we have to have leaders — you might say, “I’m not going to agree on every issue” — but we have to have leaders who take that seriously.  We have to have leaders who are going to be sincere. 

    And — and as a mother, I want my children to know that there is someone sitting in the Oval Office that they can look up to, someone who can be a role model.  And I’m incredibly proud and I know that Vice President Harris will be that.  (Applause.)

    MS. SHRIVER:  Right.

    THE VICE PRESIDENT:  And — and, Maria, let me just add one thing also, because it bears repeating.  I have seen a lot of Republicans go up to Liz Cheney and thank her.  And they may not be doing it publicly — they may not be doing it publicly, because I think she has shown, to your point, extraordinary courage, especially in this environment, post January 6th, where there’s something — an undercurrent that is violent in terms of the language and the tenor. 

    And for her to show the courage she has shown is extraordinary.  But she’s — I’ve seen Republicans come up to her and — and I — from my vantage point, she’s actually not alone.  (Applause.)

    MS. SHRIVER:  And so, I want to talk about that, because there are a lot of people who are scared.  Scared to vote —

    THE VICE PRESIDENT:  Yeah.

    MS. SHRIVER:  — for you.  Scared about the environment.  Scared to talk about politics. 

    How scary was it for you, personally, to make this decision?  What has been the personal cost for you to do so?

    MS. CHENEY:  It — it was not — it wasn’t scary at all, in terms of making this decision, because when I look at the — the nature of the threat that Donald Trump poses and — and, look, Donald Trump is doing everything he can to try to get people to forget about what he did — what he did on January 6th. 

    And — and when you think about that level of instability, the level of erratic decision-making, the misogyny, that’s not someone that you can entrust with the power of the Oval Office. 

    And so, I — I think that we are facing a — a choice in this election.  It’s not about party; it’s about right and wrong. 

    And — and I certainly have many Republicans who will say to me, “I can’t be public.”  They do worry about a whole range of things —

    MS. SHRIVER:  Right.

    MS. CHENEY:  — including violence.  But — but they’ll do the right thing. 

    And I would just remind people: If you’re at all concerned, you can vote your conscience and not ever have to say a word to anybody.  (Applause.)  And there will be millions of Republicans who do that on November 5th — vote for Vice President Harris.

    MS. SHRIVER:  Yes.

    I — I love that you said you weren’t scared at all, because most people will talk today about “I’m afraid to say anything on social media.”  “I’m afraid to speak in my place of worship.”  “I’m aprai- — afraid to speak where I work.”  “I’m afraid.” 

    How are you not afraid?

    MS. CHENEY:  Well, I think that — that the point you’re making is a really important one.  Think about what’s happened in our country, the level of vicious, vitriolic attack. 

    You know, when — when Donald Trump says that his political opponents are the enemy within and when he contemplates deploying force against them, the response that we all have should not be to be so afraid we don’t act.  It should be: Vote him out.  Defeat him.  Defeat him.  Vote for Vice President Harris.  (Applause.)

    THE VICE PRESIDENT:  And, Maria, I’m going to add to that.

    MS. SHRIVER:  Yeah.

    THE VICE PRESIDENT:  I — I would add to that an additional point, which is — and don’t think it’s a sick sense of humor and relegate it to simply being that.  You know, I’ve said many times, I do believe Donald Trump to be an unserious man, but the consequences of him ever being in the White House again are brutally serious.

    And — and take it from the people who know him best: his former chief of staff when he was president; two former Defense secretaries; his national security advisor; and, of course, his vice president, who have all in one way or another used the word that he is “unfit” to be president again and is dangerous. 

    Listen to the report that — what his former chairman of the Joint Chiefs of Staff, a general, said about him: that he is “fascist to the core.” 

    And these are people who were in his administration, who worked closely with him in the Oval Office and the Situation Room. 

    And so, I would caution us also — you know, because some people find it humorous what he says and — and think it’s just silly.  But understand how brutally serious it is.

    AUDIENCE MEMBER:  Lock him up!

    THE VICE PRESIDENT:  Well, the courts will take care of that.  We’ll take care of November, yes.  (Applause.)  (Laughs.)  We’ll take care of November. 

    But it is brutally serious, because to — to the congresswoman’s point, anyone has — who has openly said, as he has, that he would terminate the Constitution of the United States should never again stand behind the seal of the president of the United States — never again.  (Applause.)

    MS. SHRIVER:  So, Madam Vice President, I wanted to ask you — several people that I talked to in preparation for this — when I asked them, they said, “Well, I — I want to vote for the vice president, but I just don’t feel like I know her.  I don’t know enough about her.  I see the ads, but I don’t have a feel for her.”  What are three things you can tell this audience about you that aren’t in your ads, that people aren’t telling people on the robocalls, that perhaps they just wouldn’t know that might give them a feeling for who you are as a woman?

    THE VICE PRESIDENT:  How much time do we have?  (Laughter.)

    MS. SHRIVER:  We’re at the kitchen table. 

    THE VICE PRESIDENT:  I — I have lived a full life.  (Laughter.)

    I am a wife.  I am a mother.  I am a sister.  I am a godmother.  I love to cook. 

    I started my career as a prosecutor, in large part — there are many reasons but one very fundamental is, when I was young, one of my best friends in high school, I learned, was being molested by her stepfather.  And I told her, when I learned, she had to come live with us.  I talked to my mother about it.  “Of course, she has to come live with us,” and she did.  And I decided I wanted to take on a career and a life that was about protecting the most vulnerable. 

    I served as attorney general of California two terms.  I was the — the top law enforcement officer of the biggest state in the country.  And doing that work, it included prosecuting transnational criminal organizations for the trafficking of guns, drugs, and human beings.  I did the work of taking on the big banks during the foreclosure crisis and delivered $20 billion for homeowners who had been targeted with predatory lending practices.  (Applause.)  I took on the big pharmaceutical companies on behalf of consumers.

    As vice president of the United States, my priorities have been many, including, to your point, the work that you and I have done over the years focusing on women’s health.  One of my priorities is — has been maternal mortality. 

    But I — I have only had one client in my career: the people.  And my belief is that there is great nobility in public service if one understands that they hold the office in the public trust.  It is not about personal power.  It is about what you can do that lifts up the condition of people. 

    And there is so much about how I think about my responsibility, and I am here to ask for your vote — is that I do — I intend to be a president for all Americans, understanding that the vast majority of us have so much more in common than what separates us. 

    And this era that was kind of initiated by Donald Trump has not only been exhausting, it has been harmful to us as a nation.  The notion that a president of the United States would encourage Americans to point fingers at each other, that — that there would be a suggestion that we are a divided country, that — instead of knowing we have so much more in common than what separates us.

    I have, as vice president, met over 150 world leaders: presidents, prime ministers, chancellors, and kings.  My most recent overseas trips as vice president — which were relatively close to, then, the election — our allies have expressed real concern. 

    I’ve shared this before, but, you know, when we walk in a room representing the United States of America, we should walk in that room, especially leaders, chin up, shoulders back, knowing that we have the self-appointed and earned authority to talk about the importance of democracy and rule of law. 

    But the thing about being a role model — it’s all role models who are here — people watch what you do to see if it matches up to what you say.  People around the world are watching this election, I promise you.  And my — one fear I have is I hope and I pray that we, the American people, understand not only what is at stake for us in this election but how much we mean to the rest of the world. 

         There is so much at stake in this election.

         MS. SHRIVER:  Liz Cheney, tell us real quick — I want to get to our first question.  But you’ve been traveling with the vice president.  You’ve been working with her.  You’ve been spending human time with her.  Tell the audience what you see that perhaps, you know, the camera doesn’t get or the ads don’t get so that they can get a sense of her that you have. 

         MS. CHENEY:  Well, I — I think that what I can tell you is that what the vice president is saying about wanting to be a president for all Americans, caring deeply about this country, those are things that — that come across very, very clearly and very directly. 

         And — and, look, I — I’m a conservative.  The very first campaign I ever volunteered in was for President Gerald Ford in 1976, and — and ever since then, I have been voting for Republicans.  I’ve never voted for a Democrat.  And —

         MS. SHRIVER:  Wow.

         MS. CHENEY:  And so, the — the fact that — that I — I believe so strongly that in this election — in this election, we need to elect the person who is the responsible adult — (laughter and applause) — and — and we need —

         And — and there is a lot — both parties do it.  There is a lot of vilification that goes on.

         MS. SHRIVER:  Yeah.

         MS. CHENEY:  And — and I think it’s really important for people to — to think very carefully about the power that we’re going to invest in the president of the United States and what it would mean to — to give that power to Donald Trump. 

         Don’t take my word for who he is.  Listen to him every day.  Look at what he did.  Remember that the people, as the vice president said, who are opposing him are the people who know him best, the people who worked most closely with him. 

         And so, I would just say I — I know that the vice president has had the range of experience, has — as vice president, as senator, as attorney general of California.  She is supremely qualified to be president of the United States.  I think there — there — sometimes there are some men who suggest that she’s not.  But if you look at her qualifications, there’s no question.  And that she’s somebody that I know I can count on who will put the good of this country first, there’s just no question.  (Applause.)

         MS. SHRIVER:  Okay.  I want to go — I want to go over here to Cecelia.  Cecelia Borland, can you stand up?  You have a question.

         Cecelia grew up in Birmingham, Michigan, which was a Republican stronghold as she grew up.  She now lives with her husband.  They’re raising two children in Berkley, Michigan, and she’s here with a question for the vice president.

         Q    Thank you both for coming to Michigan today for this important event.  I’d like to start by saying, personally, thank you, Representative Cheney, for — to you and your father for exemplifying putting country over party.  (Applause.) 

         And, Madam Vice President, I hope you had a wonderful birthday yesterday. 

         THE VICE PRESIDENT:  (Laughter.)  Thank you.  (Applause.)  Thank you.

         Q    From the shootings at Oxford High School to my alma mater, Michigan State University, to an attack at a kid’s splash pad this summer just a few miles away from here, the issue of gun violence hits very close to home for our community. 

         Just yesterday, I learned from our school district that my preschooler will be going through his first active shooter drill.

         THE VICE PRESIDENT:  Yeah.

         Q    As a gun violence survivor and mother of two young children, the issue of gun violence and the safety of my children in their schools and in our community is my top priority.

         Madam Vice President, if you are elected president and there is a Republican majority in Congress, how will you work with them to make impactful and immediate progress around gun violence, especially in our children’s schools?

         THE VICE PRESIDENT:  Right.  Thank you —

         MS. SHRIVER:  Thank you.

         THE VICE PRESIDENT:  — Cecelia.  And thank you and — for your courage to speak up about this.

         So — well, we have done it, actually, in the last four years.  We had a bipartisan group of — of folks in Congress who came together for the Safer Communities Act, which is the first meaningful piece of gun safety legislation in 30 years.  And so, it’s a good step, and it really does tell us that we have a will within the United States Congress to work in a bipartisan way.  And — and then-Congresswoman Cheney was one of those Republicans that actually voted for it. 

         I — this is how I think of the issue.  And it is through the — the lens of many experiences, including act- — I’m so sorry about your kids going through active shooter drills.  It’s — our kids did.  It’s traumatic that our children — you know, growing up, I’ll speak for myself, we had fire drills.  Right?

         Our children are now learning how to keep themselves safe if there’s an active shooter at their school. 

         I did a tour last year of — of colleges — with college-aged kids, so I also did some trade schools.  And I would ask the room — the auditorium would be packed — college-age kids — and I’d ask them, “Raise your hand if at any point between kindergarten and 12th grade you had to endure an active shooter drill.”  Almost every hand went up. 

         Our kids are growing up where they are learning that they may be unsafe in the classroom where they should be absorbing the wonders of the world. 

         One kid said to me, “Yeah” — we were talking about this — and said to me, “Yeah, that’s why I don’t like going to fifth period.”  I said, “Why, sweetheart?  Why don’t you like going to fifth period?”  “Because in that classroom, there’s no closet,” in which to hide. 

         So, we — when we think of this issue, we must also consider the trauma that is the trauma of — the direct trauma for those who have been directly affected by gun violence, including that to our kids who are in schools across our country doing this — not to mention their teachers, who want to teach and not also have to worry about will they be able to physically protect a child from a bullet.

         Here’s how I think about it in terms of the macro point.  We have been pushing, as a country, I think, a false choice that suggests you’re either in favor of the Second Amendment or you want to take everyone’s guns away.  And that’s a false choice. 

         I’m in favor of the Second Amendment.  I have talked about the fact both Tim Walz and I are gun owners.  I also believe we need reasonable gun safety laws, assault weapons bans, red flag laws, universal background checks.  (Applause.)  And — and reports say that the majority of NRA members agree on, for example, universal background checks. 

         What is a universal background check?  It’s just common sense.  Here’s what it is: You just might want to know before someone can buy a lethal weapon whether they’ve been found by a court to be a danger to themselves or others.  You just might want to know.  It’s common sense.  (Applause.)  We need commonsense gun safety laws. 

         And I will continue — I’ve done it throughout my career — work with all of our colleagues across the aisle.  And I know that we can make progress. 

         But this is not — I’m not trying to take anybody’s guns away from them.  But we need reasonable gun safety laws.

         MS. SHRIVER:  Okay.  I want to come back to the issue of public safety in a minute.  But first we want to go to Martin.  Thank you, Cecelia, very much.  Martin Howrylak.  He’s a former Republican member of the Michigan House of Representatives, and he’s here with a question about national security.

         Q    Well, thank both of you for being here this afternoon.  I really appreciate your coming to the state of Michigan to — to be here.  I would like to ask: What can the U.S. do politically, economically, or militarily to deter Russia from continuing its war on the independent nation of Ukraine while simultaneously strengthening our own U.S. security interests?

         THE VICE PRESIDENT:  Thank you, Martin. 

         MS. SHRIVER:  Go ahead.

         THE VICE PRESIDENT:  So, I was actually in Munich at the Munich Security Conference delivering a speech when I first met with President Zelenskyy of Ukraine, and it was just days before Russia invaded. 

         I’ve now met with President Zelenskyy, I think, seven times, because the United States has rightly taken a position as a leader — a global leader on international rules and norms — that we must stand in support of one of the most important international rules and norms, which is the importance of protecting sovereignty and territorial integrity, the importance of standing strong in opposition to the notion that, in this case, Russia would attempt to change borders by force, to invade another nation — a sovereign nation by force. 

         And sadly, there is a huge difference between my opponent and me on this very fundamental issue. 

         Back to the conversation about — there was a time when we used to — there was a phrase that I’ll paraphrase that, basically, politics ends at the — at the sea line, at the — at the — you know, at the — the boundaries of our country, that there are certain things — in particular, the matters of national security — where it’s not about partisanship; it’s about where should America stand in terms of supporting our allies and standing for certain principles.

         I’ll — I’ll give you, as a — as a point of reference for me in terms of how I feel about this, on the partisan issue.  

         I — for the four years that I was in the United States Senate, my favorite committee was the Senate Intelligence Committee.  And I served on that committee, and we would meet in a room that’s called a SCIF.  And it’s — it’s basically a — (laughs) — it’s a very secure room.  No press, with all due respect, is allowed in.  No cameras.  Everyone has to leave their cell phone outside. 

         It’s a bipartisan committee, and we would go in that room and receive classified information from America’s intelligence community, sometimes our military leaders, about hot spots around the world and threats to our national security.  And when we went in that room — and this is why it was my favorite committee — people would take off their suit jacket, roll up their sleeves, have a cup of coffee on the table.  And we weren’t Democrats or Republicans; we were Americans. 

         And that is so important on a number of issues we are discussing this afternoon but, in particular, on national security. 

         My opponent, however, has made it a thing of his to admire dictators and autocrats around the world.  He exchanged love letters with Kim Jong Un.  Remember that?  He has openly praised the president of Russia. 

         Most recently, the report is, in the height of COVID — remember everyone was scrambling to get their hands on COVID tests?  Remember when Americans were dying by the hundreds every day?  And Donald Trump secretly sent COVID tests to the president of Russia for his personal use. 

         He has said — Donald Trump — “I will solve the matter of Ukraine and Russia in a day.”  Read through and understand what he is saying.  He would surrender.  He would have Ukraine surrender its fight against an aggressor violating its sovereignty. 

         If Donald Trump were president, Vladimir Putin will be sitting in Kyiv.  And understand what that would mean for America and our standing around the world. 

         But thankfully, there has been bipartisan support — and to your point of what — where you stand — on this very fundamental issue.  But this is a — this is a very vivid example of what is at stake in this election.  Because Donald Trump has been very clear: He would give away the shop.  He has been manipulated and is so clearly able to be manipulated by favor and flattery, including from dictators and autocrats around the world. 

         And America knows that that is not how we stand.  That is not how we fight.  We fight in favor of our strength and our role as a leader in bringing the Allies together and standing for foundational and fundamental principles.

         MS. SHRIVER:  Congressman Cheney — (applause) — I know, kind of, the issue of national security is one of the big reasons you’re here and supporting the vice president.  Can you expand on that answer and add your thoughts to it?

         MS. CHENEY:  Yeah.  You know, I think that if — if you look at where the Republican Party is today, there’s been a really dangerous embrace of isolationism, a dangerous embrace of tyrants. 

         The president, you know, even just today, he heaps praise on the world’s most evil people while he attacks, you know, with venom, his political opponents here at home. 

         And, you know, the — the reality is that since the end of World War II, America has led.  And we’ve led — and that has been necessary to defend our freedom.  And we can’t do it by ourselves, though.  We need our allies. 

         And when Donald Trump says that he’s going to withdraw from NATO, when he invites Vladimir Putin to invade NATO, when he suggests that it is Zelenskyy’s fault that Ukraine was invaded, I mean that is — that i- —

         For anybody who is a Republican who is thinking that, you know, they might vote for Donald Trump because of national security policy, I ask you, please, please study his national security policy.  Not only is it not Republican, it’s dangerous.  And without allies, America will find our very freedom and security challenged and threatened. 

         And one final point on this: Don’t think that Congress can stop him. 

         THE VICE PRESIDENT:  Yeah.

         MS. CHENEY:  People say, “Well, you know what, he can’t really do the worst, you know, because Congress will step in.”  All he has to do is what he’s doing — is say, “I won’t fulfill our NATO treaty obligations,” and — and NATO begins to unravel. 

         So, it is — it is an incredibly dangerous thing to think about a foreign policy, a national security policy led by somebody who is — is as unstable as Donald Trump is.  And it’s a risk we just simply can’t take as a nation. 

         MS. SHRIVER:  Thank you.

         THE VICE PRESIDENT:  And I’m going to add for emphasis that — let’s also be clear about on the subject, specifically of Ukraine, Donald Trump’s approach would be to surrender.  Understand what that would mean.  That is signaling to the president of Russia he can get away with what he has done. 

    Understand — look at the map — Poland would be next.  NATO, our Allies, are — the reason that they have been so thankful for the position of strength we have taken in bringing the Allies together is because they are fully aware of and remember — to the congresswoman’s point — World War II.  Remember, this — this concept of isolation — we were once there as a nation, and then Pearl Harbor happened. 

    Let’s remember recent history.  Europe remembers it well.  We — then when we got attacked, Pearl Harbor, we jumped in, and it is because America jumped in that we were ultimately able to win that war, and it should be a constant reminder to us — we have to remember history — that isolationism, which is exactly what Donald Trump is pushing — pull out of NATO, abandon our friends — isolationism is not insulation.  It is not insulation.  It will not insulate us from harm in terms of our national security. 

    So, I say that to emphasize a point that the congresswoman made, and the other point I’d make is also check out where he’s been on how he thinks about America’s military and service members.  One of the great, great American heroes, a prisoner of war, John McCain.  Remember how he talked about John McCain?  He said he didn’t like him because he got caught. 

    You look — he’s called members of our military “suckers” and “losers.”  And then look at how some of the highest-ranking members of our military, including what I mentioned earlier, the chairman — the former chairman of the Joint Chiefs of Staff, a dedicated member, leader in our mil- — in America’s military, how he has assessed Donald Trump — fascism “to his core.”

    So, there we are.

    MS. SHRIVER:  There are your talking points for the kitchen table.  (Applause.)

    Our final question is from Courtney.  Courtney, can you stand?  Courtney is — Courtney Gabbara Agrusa is a wife, a mom, an attorney, and she’s a proud Chaldean, and she is here with a question.  Courtney.

    Q    Thank you so much.  Good evening, Madam Vice President Harris and Representative Cheney.  My name is Courtney Gabbara Agrusa, and I am a first-generation Chaldean American.  Chaldeans are Indigenous Iraqis who are Catholic, and we are predominantly in the metro Detroit area.  Chaldeans are a very close-knit community, but the recent political climate has really begun to divide us. 

    THE VICE PRESIDENT:  Yeah.

    Q    While I know that you have discussed several bipartisan proposals over the course of your campaign, what would you say to people like myself who are part of these traditionally conservative communities who want to move forward, but are feeling the pref- — the pressures of the political divide?

    THE VICE PRESIDENT:  Thank you.  And I’ve actually met with — with members and leaders in the Chaldean community, and thank you for being here. 

    You know, I think that there is something at stake that is about core values, as well as what is at stake in terms of the risk and the danger.  And I would offer you an example of what I think would be an important issue that would affect the Chaldean community and all Americans, for example, the issue of — of how we think about health care in America. 

    So, I know enough about the culture and to know that it is reflective of who we are as Americans in general.  We respect our elders; we take care of them.  So, I will share with you a specific proposal that is an extension of how I think about things. 

    I — actually a personal story, I took care of my mother when she was sick.  And for anyone taking care of or who has taken care of an elder relative, you know what that is.  It’s about trying to cook something they feel like eating.  It is trying to find clothes that don’t irritate their skin or help them put on a sweater.  It’s about trying to figure out something you can say that will bring a smile to their face or make them laugh.  It’s about dignity. 

    And we now have, in particular in our country, a lot of people doing that and also raising young kids.  We call them the sandwich generation, right in the middle.  It’s a lot.  And the way the system currently works — well, God willing, you may have enough resources, you can hire somebody to come in and help. 

    If not, you may have to spend down all of your savings to be able to qualify for Medicaid or you may have to quit your job to be able to do what you need to do to take care of your children and take care of your relative — your older relative.  That’s just not right, and it’s not fair. 

    So, part of my proposal and the plan is that we’re going to now reconfigure so that Medicare covers home health care for our seniors, right?  It’s about dignity.  (Applause.)

    So, in addition to everything that we’ve discussed already about national security, what is at stake — something like this, because I absolutely do believe America is ready for a new generation of leadership that is taking on issues clear-eyed about what is going on that affects everybody — it doesn’t matter their political party; issues that are fundamentally about dignity, also about economic issues; and taking it on in a way that we relieve the American people of the burdens that get in the way of productivity and a certain quality of life.  And this is one example of that. 

    I believe we need to have an economy that I call an opportunity economy, where everyone has the opportunity to thrive — not just get by but get ahead. 

    And this is one example I would offer under the broader point, which is about, let’s move forward, taking on problems from a commonsense approach that is about just practical work. 

    Look, I am a capitalist.  I am a pragmatic capitalist.  I will work as I have with the private sector.  I believe we have to invest in America’s economy and in America’s industry and America’s entrepreneurs, and we can, at the same time, take care of those that are the most in need of just a little support to be able to not just get by but get ahead.

    MS. SHRIVER:  Thank you, Courtney. 

    Liz, I just want to — we have two minutes left — (applause) — and when you hear the phrase a “new way forward,” when you hear “country over party,” what does that mean to you? 

    We’re two weeks out, what does a new way forward mean for families like everybody here, for your children, my children, everybody’s children, young men?

    MS. CHENEY:  Yeah, I —

    MS. SHRIVER:  What is it like?

    MS. CHENEY:  I think that, you know, we’re — we’re at a moment now where, when you think about America and — and the beacon of hope that we have been for so many years for so many communities, also how tremendously enriched we have been by communities — immigrants who want to come here and build a life, all of that depends upon fundamentally defending the rule of law, fundamentally defending our Constitution.  That’s — that’s what makes all of our opportunity and our freedom possible.

    And — and at the same time that we’re that beacon for the world, you know, it’s also because — because we’re a good nation —

    THE VICE PRESIDENT:  Yeah.

    MS. CHENEY:  — and because you know when — when you — when you look at who our leader is going to be, what — what Donald Trump represents is — is, in many ways, just cruel and — and not — not the kind of dignity and — and the kind of person that we all want to be able to look up to. 

    But — but what I would say is that if people are uncertain, if people are thinking, “Well, you know, I’m a conservative, I don’t know that I can support Vice President Harris,” I would say I don’t know if anybody is more conservative than I am.  (Laughter.)  And — and I understand the most conservative value there is is to defend the Constitution.  And if we don’t come together to do that then — (applause) —

    And so, just to — to finish that, I would say, to me, a new way forward is this: It’s what you’re seeing up here.  It’s having a president who will listen, having a president who will say, “I’m not, you know, necessarily sure I agree with you on this issue or that issue, but let’s talk about it.”

    THE VICE PRESIDENT:  Yeah.

    MS. CHENEY:  “Why do you want, you know, that policy?  Why do you believe that?”  Someone who is willing to honor and respect all perspectives and points of views.  And there’s only one candidate in this race who does that, and that’s Vice President Harris.  (Applause.)

    MS. SHRIVER:  In fact, a lot of polling of undecided voters who call themselves “the exhausted majority” said, I just want leaders who listen —

    THE VICE PRESIDENT:  Yeah.

    MS. SHRIVER:  — to one another.  I just want leaders who speak respectfully to one another.  I want to see decency.  I want to see people I can look up to.  And, unfortunately, that’s considered a new way forward as the — as Representative Cheney —

    MS. CHENEY:  Yeah, let’s do that.  Let’s do that. 

    MS. SHRIVER:  Yeah, let’s do that.

    MS. CHENEY:  Yeah, let’s do that. 

    MS. SHRIVER:  Let’s make that a way forward. 

    The final word, Madam Vice President.  You know, everybody I talked to says, you know, “I have to turn off the news.  I can’t read anything.  I’m meditating.  I’m doing yoga.  I’m doing — I’m so anxious.  I just don’t even know.  I’m eating gummies.”  All kinds of things, you know?  (Laughter.) 

    What are you doing?  What are you doing —

    THE VICE PRESIDENT:  Not eating gummies.  (Laughter and applause.)

    MS. SHRIVER:  Okay, we got that clear.  But how do you — I mean, how do you handle this — the anxiety, the stress, the turmoil?  Everybody is freaked out.  I — I talked to the gentleman up there, and he’s like, “I’m so scared.” 

    THE VICE PRESIDENT:  Yeah.

    MS. SHRIVER:  A woman was like, “I’m so anxious.  I can’t sleep.”  Do you sleep?

    THE VICE PRESIDENT:  You know, I wake up in the middle of the night usually these days, to be honest with you, but I work out every morning.  I — I think that’s really important to just kind of — you know, mind, body, and spirit. 

    But let me — let me just say this —

    MS. SHRIVER:  No, say more about that.

    THE VICE PRESIDENT:  — we — but I —

    MS. SHRIVER:  Say more.

    THE VICE PRESIDENT:  — but — I will.  I work out.  I try to eat well.  You know, I love my family, and I make sure that I talk to the kids and my husband every day.  We’ve been — Doug and I’ve been kind of tr- — you know, traveling.  We’re trying to cover a lot of ground, so we’re not with each other every day these days, but my family grounds me in every way. 

    But let me, if I can just speak to the — what people are feeling.  You — we cannot despair.  We cannot despair.  You know, the nature of a democracy is such that I think there’s a duality. 

    On the one hand, there’s an incredible strength when our democracy is intact, an incredible strength in what it does to protect the freedoms and rights of its people.  Oh, there’s great strength in that.  And it is very fragile.  It is only as strong as our willingness to fight for it.  And so, that’s the moment we’re in. 

    And I say, do not despair, because in a democracy, as long as we can keep it — in our democracy, the people, every individual has the power to make a decision about what this will be, and that’s — and so let’s not feel powerless.  Let’s not let the som- — and I get it — overwhelming nature of this all make us feel powerless, because then we have been defeated, and that’s not our character as the American people. 

    We are not one to be defeated.  We rise to a moment, and we stand on broad shoulders of people who have fought this fight before for our country.  And in many ways, let us look at the challenge then that we are being presented and not be overwhelmed by it.  The baton is now in our hands to fight for — not against, but for — this country we love. 

    That’s what we have the power to do.  So, let’s own that — dare I say, be joyful in what we will do in the process of owning that, which is knowing that we can and will build community and coalitions and remind people that we’re all in this together.  Let’s not let the overwhelming nature of this strip us of our strength. 

    That’s how I feel about this.  (Applause.)  You know, that’s how I feel about this.  You know?  Yeah.  

    MS. SHRIVER:  So, I want to — I want to thank everybody here.  You heard from the vice president, from Congresswoman Cheney, do not despair.  I think you got a great glimpse into who this woman is, who this woman is, what brings them together, why they’re here, why they want to earn your vote, why they wanted to speak with you today. 

    And I want to leave you with this quote from Ralph Waldo Emerson that I think speaks to this moment.  It says,

    “Whatever course you decide upon, there is always someone to tell you that you’re wrong.  There are always difficulties arising which tempt you to believe that your critics are right.  To map out a course of action and follow it to the end requires great courage.” 

    So, I leave you with that.  All of you are courageous people.  Do not despair. 

    Thank you so much for spending your time.  Brava.  (Applause.)

                                 END                5:18 P.M. EDT

    MIL OSI USA News

  • MIL-OSI USA: Van Hollen, Cardin, Ivey Highlight $1.15 Million in Direct Federal Investments for Youth Services and Restoration Projects in Prince George’s County

    Source: United States House of Representatives – Congressman Glenn Ivey – Maryland (4th District)

    Recently, U.S. Senators Chris Van Hollen and Ben Cardin and Congressman Glenn Ivey (all D-Md.) were in Prince George’s County to highlight $1,150,000 in direct federal investments they secured for youth services and environmental restoration projects in the community. The lawmakers fought for these investments in the federal funding bills passed and signed into law for Fiscal Year 2024.

    “We fought for these direct investments in Prince George’s County with key goals in mind: building stronger communities and empowering our future leaders. Funding for the Laurel Boys & Girls Clubs will enable them to maintain safe spaces for after-school activities, and resources for restoring the Laurel Dam ruins will preserve the historic landmark that this City was built around while enhancing outdoor recreational opportunities. These are investments in the preservation of our local history and the wellbeing of Marylanders today and for generations to come,” said Senator Van Hollen.

    “The dam ruins at Laurel’s Riverfront Park and the Laurel Boys and Girls Club are at the heart of the community and tell the city’s origin story. These are stories that need to be told,” said Senator Cardin. “Investment in these historic places preserves our history and culture while creating economic and educational opportunities for Laurel’s residents,” said Senator Cardin.

    “Investing in our communities begins with raising the quality of life for residents.  Creating a beautiful, safe and environmentally friendly park space in the ruins of a dam along the Patuxent River gives people of Laurel and beyond a look into it’s storied history as a mill town and its future with the walkable Riverfront Park.  Keeping kids safe and promoting their wellbeing is a down payment on our leaders of tomorrow.  Keeping one of the oldest boys and girls clubs in the region thriving gives a glimpse of that future.  With the leadership of Maryland’s federal delegation bringing these grant monies, Laurel’s future is as bright as ever,” said Congressman Glenn Ivey (MD-04). 

    Senators Van Hollen, Senator Cardin and Congressman Ivey were joined by Laurel Council President James Kole to celebrate $850,000 in direct federal funding they secured to stabilize, protect, and restore the Dam Ruins at the City’s Riverfront Park. The project involves renovating the observation deck, improving drainage to control erosion, and repairing signage around the dam.

    “I am thankful and  thrilled to receive this funding, which will help us preserve and enhance the Laurel Dam Ruins, an important piece of our town’s history. This investment ensures that future generations can appreciate its significance while improving safety and access for our community. Our goal is to make the Ruins a destination place  for all to enjoy,” said City of Laurel Mayor Keith Sydnor.

    The lawmakers then visited the Boys and Girls Club of Laurel to highlight $300,000 for renovations at the clubhouse. The funds will allow the Boys and Girls Club to continue providing after-school activities and a positive, safe learning environment for middle and high school students.

    “We are so thankful for the continued support and leadership by Senator Van Hollen, Senator Cardin, and Congressman Ivey. This federal funding will enable us to make some of the critical renovations to our center and continue providing the care and services that impact the lives of our community’s children every day,” said Adrian Rousseau, President of the Laurel Boys and Girls Club.

     

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    MIL OSI USA News

  • MIL-OSI Security: CISA and USPIS Release Two Election Mail Security Resources

    Source: US Department of Homeland Security

    WASHINGTON – Today, the Cybersecurity and Infrastructure Security Agency (CISA) and the United States Postal Inspection Service (USPIS) joined together to release an Election Mail Security Public Service Announcement (PSA) and a training video for election officials on securely and safely handling potential toxic hazards in election mail. The PSA affirms the incredible efforts local and state officials have invested, through the federal government, in ensuring security and integrity of the elections process, and specifically how seriously CISA and USPIS take the security of election related mail. As CISA leads federal efforts to ensure election officials have the resources they need to defend against the range of cyber and physical threats to election infrastructure, USPIS ensures the safe and secure delivery of election mail, and the protection of election officials from potentially dangerous mail.    

    “CISA, alongside our federal partners like the US Postal Inspection Service, are committed to helping those on the frontline of our democratic process have the tools and resources necessary to accomplish their incredible mission while staying safe from the range of hazards they may face,” said CISA Director Jen Easterly. “Together we can protect America’s election infrastructure against new and evolving threats and that is our continued goal for Protect 2024 here at CISA.”  

    “We have a shared commitment, with our close partner CISA, to ensure the safety of election workers and the security of election mail, in part through the education and empowerment of voters and election officials,” said Chief Postal Inspector Gary Barksdale. “Today’s releases are another way we are delivering on that commitment.”  

    Everyone has a part to play when it comes to helping to ensure the safe and secure delivery of election mail. Americans can do the following:   

    • Don’t let incoming or outgoing mail sit in your mailbox.  Pick up election mail from your mailbox as soon as its delivered.  
    • Don’t leave your mail unattended for extended periods.  
    • Return outgoing election mail in your local post office or hand directly to a postal employee 
    • Many states have online tracking tools to help track the status of your ballot.  If you believe there’s an issue with the receipt or delivery of your ballot, contact your local election office to verify the status of your ballot prior to contacting USPS.  

    To report suspicious mail and election mail-related security or criminal incidents contact USPIS at (877) 876-2455 or you can report election mail crimes at uspis.gov/report. To view the CISA and USPIS PSA and training video, please visit CISA and USPIS Election Mail Security Resources on CISA.gov. and check out #Protect2024 for the latest information regarding election security at CISA. 

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    About CISA 

    As the nation’s cyber defense agency and national coordinator for critical infrastructure security, the Cybersecurity and Infrastructure Security Agency leads the national effort to understand, manage, and reduce risk to the digital and physical infrastructure Americans rely on every hour of every day.

    Visit CISA.gov for more information and follow us on XFacebookLinkedIn, Instagram

    MIL Security OSI

  • MIL-OSI USA: NREL Explores How Corporate Procurement Can Advance Renewable Energy Deployment

    Source: US National Renewable Energy Laboratory

    Clean Energy Buyers Provide Price Certainty Needed for Renewable Energy Investments


    Through a new partnership, an NREL team is investigating the role of corporate investments in accelerating clean energy development. Photo from Getty Images

    The transition to a decarbonized power system requires significant investments in clean energy generation, transmission, and storage. However, securing that investment capital is a key challenge.

    For example, many power systems models focus solely on costs and overlook a critical factor: risk exposure to investors. If unaccounted for, this could ultimately lead to an overestimate of the actual deployment of renewable energy needed in our power system.

    Corporate investors are increasingly purchasing renewable electricity in the “voluntary market,” providing the price stability needed for initial project investments. Image by NREL

    Alongside compliance buyers such as utilities, corporate investors—known as “offtakers”—are increasingly buying the electricity from renewables directly as part of a “voluntary market,” offering the type of price certainty to renewables projects that is needed for their initial capital investment.

    This rapidly growing role of corporates in renewables procurement brings new research questions, including how voluntary market activity drives renewables deployment and how a diversity of voluntary market approaches (such as hourly matching and emissions matching) impacts power systems operations.

    To address these research gaps, the National Renewable Energy Laboratory (NREL) is partnering with Meta, one of the largest corporate buyers of renewable energy globally. Together, NREL and Meta are collaborating on a series of reports that will allow greater insight into corporate renewables procurement and the enabling conditions for clean energy investment.

    In a first research project, NREL—in collaboration with research consultancy Aquilo Energy GmbH—will investigate the common traits of corporate buyers and their future role in renewables procurement.

    “We hope to inform corporate buyers and regulators about the characteristics of renewables procurement and its impacts in today’s power markets,” research partner Philipp Beiter from Aquilo Energy GmbH said. “As corporations’ roles as offtakers grows, a greater body of research can explore their exact role in mitigating power price risks and the interaction of corporations’ long-term contracts with other power market features.”

    Why Corporate Offtake Matters

    NREL has led research on U.S. corporate procurement with its annually published market report Status and Trends in the U.S. Voluntary Green Power Market. Additionally, a 2023 perspectives article in Nature Energy showed that long-term contracts (so called “contracts for difference”) established between power producers and offtakers are necessary for renewables financing because they offer a level of price stability that is largely absent in wholesale electricity markets. Rather than constituting a subsidy, these long-term contracts—whether offered by utilities, governments, or corporations—serve the purpose of risk management and are becoming lasting and fundamental market features.

    The 2023 perspectives article was meant to stimulate a timely discussion about the impact of greater long-term contracts diffusion on electricity market mechanisms and risk allocation, which this research effort between Meta and NREL builds upon.

    “De-risking renewable generation revenue is critical for securing financing for the construction of renewable projects,” said Jenny Heeter, NREL’s principal investigator on the project. “We hope to explore how corporations manage these risks and whether that could limit future renewable energy deployment.”

    Through this work, the NREL researchers aim to explain that even when renewable energy costs are competitive with fossil fuels, long-term offtake agreements are typically still needed for their deployment. Recognizing this dynamic is crucial for policy and power systems planning, which often overstates renewable energy demand and underappreciates the importance of corporate procurement in driving renewable energy deployment.

    This research is funded by Meta Inc., one of the world’s largest renewable energy buyers. Since 2020, Meta has matched 100% of its electricity use with renewable energy.

    Read more about NREL’s energy analysis research, and subscribe to NREL’s energy analysis emails to receive updates.

    MIL OSI USA News

  • MIL-OSI USA: Read With NASA: Books, More to Inspire Young Explorers

    Source: NASA

    Stories open up new worlds and spark curiosity in readers of all ages – and NASA is using the power of storytelling to encourage the Artemis Generation to explore STEM (science, technology, engineering, and mathematics). Through the below list of reading resources – books, comics, and graphic novels written and illustrated by NASA experts, and video read-alongs by astronauts – students will find themselves exploring the Moon, piloting a cutting-edge aircraft, searching for life among the stars, and more.
    Come along with NASA on a journey of discovery!
    Story Time With NASA Astronauts (Grades Pre-K to 4)
    Take your reading adventure out of this world! In this video playlist, astronauts read storybooks aloud from aboard the International Space Station and other locations around NASA.
    Kids Club Picture Show (Grades Pre-K to 4)
    View cool pictures from NASA missions and more! This curated collection of fascinating photos introduces young explorers to a variety of topics across NASA. Each photo includes a short description with the option to hear it read aloud.
    Astro-Not-Yet Storybooks (Grades K-4)
    These storybooks follow along as an ambitious classroom of students learn about the International Space Station, NASA’s Commercial Crew Program, and important STEM concepts such as microgravity and sound waves. The books are available in English and Spanish.
    The Adventures of Kennedy and Duke Storybook (Grades K-4)
    This book follows the experiences of Kennedy, a fictional young girl who discovers an amateur radio during a visit to her grandfather’s farm. While learning to use the radio, she communicates with Duke, an astronaut living and working aboard the International Space Station. Also available in Spanish.

    You Are Going (Grades K-4 and 5-8)
    Through “You Are Going,” readers get a glimpse into NASA’s Artemis campaign. Learn about NASA’s powerful megarocket, the SLS (Space Launch System), as well as the Orion spacecraft, the Gateway, and other important elements that will help make these pioneering flights possible. Also available in Spanish and French.
    Hooray For SLS (Grades K-4)
    NASA is working to send humans back to the Moon to live, learn, and explore through the Artemis campaign – and as members of the Artemis Generation, today’s students are invited to be part of the story. “Hooray for SLS!” is the first in a series of children’s books introducing young explorers ages 3 to 8 to the SLS rocket and other components of the Artemis missions.
    The Adventures of Commander Moonikin Campos and Friends Comics (Grades K-4 and 5-8)
    Although no astronauts flew around the Moon on the Artemis I mission, the mission included a crew of manikins – Commander Moonikin Campos and two identical manikin torsos – outfitted with sensors to capture data during the flight. This webcomic explains what the manikins experienced on the Artemis I mission around the Moon. Also available in Spanish.

    Aeronautics Leveled Readers (Grades K-4, 5-8, and 9-12)
    The history of American aviation comes to life through these stories written at elementary, middle school, and high school levels. Students will read about important figures in aviation such as Amelia Earhart and the Tuskegee Airmen, as well as mini biographies of NASA employees Danielle Koch, Maria Cabellero, and Red Jensen.

    First Woman Graphic Novels (Grades 5-8, 9-12, and Higher Education)
    This graphic novel series takes readers into the world of fictional astronaut Callie Rodriguez, the first woman to explore the Moon. Build on the story’s lessons with the accompanying hands-on activities and videos designed for use in K-12 informal education settings. Also available in Spanish.
    Astrobiology Graphic Novels (Grades 5-12)
    Produced within NASA’s Astrobiology Program, “Astrobiology” is a graphic novel series that explores the many facets of astrobiology: the study of the origin, evolution, and distribution of life in the universe. Some novels are also available in Japanese, Korean, or Spanish editions. 
    Explore Further
    There’s more to explore! Check out NASA’s STEM Search for additional resources for each grade level, including hands-on activities, games, educator guides, and more. Visit NASA’s Learning Resources for the latest news and resources from the agency’s Office of STEM Engagement.

    MIL OSI USA News

  • MIL-OSI USA: News 10/22/2024 ICYMI on WJHL: Blackburn Lauds Volunteers, Promises FEMA Oversight After Floods

    US Senate News:

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

    NASHVILLE, Tenn. – U.S. Senator Marsha Blackburn (R-Tenn.) spoke with WJHL News Channel 11 during her trip to Northeast Tennessee on Friday, where she received an update from local and state officials on repairs following Hurricane Helene:

    Click here to watch Senator Blackburn’s interview with News Channel 11.

    Blackburn lauds volunteers, promises FEMA oversight after floods

    Murry Lee
    WJHL News Channel 11

    U.S. Sen. Marsha Blackburn (R-TN) was in Northeast Tennessee surveying damage left by Hurricane Helene on Friday.

    Blackburn toured damage in parts of Northeast Tennessee like Washington and Greene counties. Blackburn went to the remains of the Highway 107 Kinser Bridge and examined the amount of debris in the area.

    News Channel 11 spoke with Blackburn in Greene County during a meeting with local leaders like County Mayor Kevin Morrison and EMA Director Heather Sipe.

    “We are working on flood damage and of course, the response here with the EMA with the mayor, with your local elected officials has really been exemplary,” Blackburn said. “And our team has worked really closely with them. We’re standing up the multi-agency resource centers. We are doing pop-up office hours, and Michael and Kim in our office are working with people to be sure that they recover those Social Security and VA and income tax documents.”

    Blackburn told News Channel 11 it is critical that people and businesses receive the care and attention required after the natural disaster.

    “What we want to do is make certain that FEMA stays on the ground, that individuals are able to apply for all the resources that are available to them, and that FEMA processes these claims in a timely manner, whether it is something for the county, for businesses, or for individuals,” she said.

    Blackburn’s office has also created a web page to direct flood-impacted Tennesseans to resources like FEMA individual assistance and Multi-Agency Resource Centers.

    The senator also praised the volunteer spirit of Tennessee during her visit.

    “Tennessee has the best volunteers and the best communities, and people have stepped up,” she said. “I think it is just so inspiring how they’ve come forward with water and food and furniture and clothing, and the communities are partnering up to help everybody in Upper East Tennessee and help them rebuild. We have so many families that have really lost everything.”

    Blackburn stated that part of the process going forward will be to ensure federal agencies like FEMA and the U.S. Department of Transportation (DOT) fulfill their obligations in the months to come.

    “What we will do is just continue,” Blackburn said. “It’s mostly oversight. There will be some funding provisions and we want to make certain that the agencies are funded adequately so that they respond appropriately to the needs that are there in the communities. And then looking at the oversight for how FEMA and the Small Business Administration and DOT, those agencies that respond in times of disaster to make certain that they do that in the proper manner.”

    RELATED:  

    MIL OSI USA News

  • MIL-OSI USA: Congressman Cohen Reintroduces the School Bus Safety Act

    Source: United States House of Representatives – Congressman Steve Cohen (TN-09)

    WASHINGTON – Congressman Steve Cohen (TN-9), a senior member of the Committee on Transportation and Infrastructure, today reintroduced the School Bus Safety Act to implement safety recommendations from the National Transportation Safety Board (NTSB), including installation of seat belts for every seat and safety measures such as stability control and automatic braking systems. The measure, being introduced during National School Bus Safety Week, would also create a grant program to help school districts modify their school buses to implement the safety specifications. Congressman Cohen first introduced a version of the bill in 2018. Senator Tammy Duckworth of Illinois and Senator Sherrod Brown of Ohio have introduced a companion measure in the Senate.

    Congressman Cohen made the following statement:

    “There is no more precious cargo than school-aged children entrusted by their parents for a ride to school. The commonsense measures recommended by the NTSB and called for in this legislation will save young lives. I am pleased to reintroduce this legislation with Senators Duckworth and Brown to make school buses across the country safer while helping financially strapped school districts modify their school bus fleets to meet the new specifications. We’ve seen too many deaths and serious injuries in school bus accidents in Tennessee and elsewhere, and it is past time we act to save young lives.”

    “Congressman Cohen is a champion for transportation safety, and I applaud his sponsorship of the School Bus Safety Act,” National Transportation Safety Board Chair Jennifer Homendy said. “School buses are often touted as the safest vehicles on our roads, and yet the NTSB continues to investigate crashes that result in preventable fatalities and injuries involving children, adults who accompany them, and other road users. I’m pleased that the legislation introduced by Rep. Cohen would advance longstanding NTSB safety recommendations, such as requiring school buses to have three-point safety belts and collision-avoidance technology, among other vital safety enhancements. Every school bus crash serves as a painful reminder of the cost of inaction. I thank Rep. Cohen for his leadership and look forward to working with Congress to ensure U.S. school buses are as safe as possible. The NTSB will not rest until the number of lives lost to school bus tragedies is ZERO.”

    The School Bus Safety Act would require the Department of Transportation issue rules requiring all school buses include:

    • A three-point safety belt, which includes a seat belt across a lap as well as a shoulder harness to help protect passengers by restraining them in case of a collision;
    • An Automatic Emergency Braking System, which helps prevent accidents and crashes by detecting objects or vehicles ahead of the bus and braking automatically;
    • An Event Data Recorder (EDR) that can record pre- and post-crash data, driver inputs, and restraint usage when a collision does occur;
    • An Electronic Stability Control (ESC) System that will use automatic computer-controlled braking of individual wheels to assist the driver to remain in control of the vehicle;
    • A Fire Suppression System, which addresses engine fires; and
    • A Firewall that prohibits hazardous quantities of gas or flame to from passing from the engine compartment to the passenger compartment.

    According to the National Highway Traffic Safety Administration (NHTSA) from 2013 to 2022, there were 976 fatal school-transportation-related crashes, and 1,082 people of all ages were killed in those crashes — an average of 108 fatalities per year.  Congressman Cohen has been a strong advocate of increasing school bus safety, originally introducing this legislation in September of 2018.

    The School Bus Safety Act is supported by the National Safety Council, Advocates for Highway and Auto Safety, the Center for Auto Safety, the National Sheriffs’ Association, the American Academy of Pediatrics, the National Parent Teacher Association (PTA) and Consumer Reports.

    Endorsing organization statements:

    “Every child deserves to get to and from school safely,” said Lorraine Martin, president and CEO of the National Safety Council. “This critical legislation will ensure school buses are equipped with the latest in life-saving technology, including seat belts — a common-sense solution that keeps kids safe. We commend Rep. Cohen for his leadership and look forward to working with him and his Congressional colleagues to advance this measure and protect our country’s youngest travelers.” 

    “Every child deserves a safe journey to and from school, and no family should endure the heartbreak of losing a child in a preventable crash. Essential protections like three-point seat belts and automatic emergency braking (AEB) should be standard on all school buses to help prevent and reduce the impact of crashes. We are grateful to Rep. Steve Cohen (D-TN) for championing the School Bus Safety Act in the House of Representatives to ensure vulnerable child passengers are secure.” said Cathy Chase, President, Advocates for Highway and Auto Safety (Advocates)

    “When children are traveling on a school bus, it is imperative that there are commonsense safeguards in place to protect and keep them safe. The American Academy of Pediatrics has long advocated for needed improvements to school bus safety that can save lives and prevent serious injuries, including seat belts and other safety measures. We applaud Representative Steve Cohen (D-Tenn.) for introducing the School Bus Safety Act and call for its swift passage. It is time we enact these long overdue safety measures,” said American Academy of Pediatrics President Benjamin Hoffman, MD, FAAP. 

    “Child safety is the chief concern for parents—during the school day and while traveling to and from school,” said Yvonne Johnson, president of National PTA, the nation’s oldest and largest child advocacy association. “PTA supports standards, regulations and features to help keep children safe while they board, exit and ride on school buses, and our association applauds Representative Cohen for introducing the School Bus Safety Act.” 

    “America’s school buses lack much of the essential safety equipment protecting us in our cars every day, which is why the Center for Auto Safety commends Representative Cohen for the reintroduction of the School Bus Safety Act.  The School Bus Safety Act would protect schoolchildren with effective seat belts and fire prevention, modernize the school bus fleet with automatic emergency braking and electronic stability control, and put in place better data collection on school bus crashes.”  — Michael Brooks, Executive Director, Center for Auto Safety

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    MIL OSI USA News

  • MIL-OSI Video: The Exchange Name Tape Plant produces over 60K name tags a month for all U.S. military branches.

    Source: United States Department of Defense (video statements)

    —————
    A small staff of 15 at the Name Tape Plant, which is run by the Army and Air Force Exchange Service, at Fort Knox, Ky. creates quality products for U.S. military clothing stores all over the world. The plant produces name tapes for work and dress uniforms, in addition to keychains, luggage tags, and other miscellaneous items. The plant is certified by the Institute of Heraldry, the designer of insignia for various U.S. government agencies and the armed forces.

    For more on the Exchange Name Tape Plant, visit: https://www.defense.gov/News/Feature-Stories/Story/Article/3926882/this-small-kentucky-plant-makes-most-of-the-us-militarys-name-tags/

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

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

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

    MIL OSI Video

  • MIL-OSI USA: Cell & Gene Therapy Innovation Hub Coming to Long Island

    Source: US State of New York

    Governor Kathy Hochul today unveiled plans for New York BioGenesis Park, a groundbreaking $430 million Cell and Gene Therapy Innovation Hub in Nassau County, Long Island. To be developed by The Albanese Organization, Inc., this state-of-the-art facility would catalyze CGT research, development, clinical manufacturing, and commercialization across New York State. With a historic $150 million state investment—the largest nationwide for a cell and gene therapy hub—NYBGP would accelerate the delivery of new therapies from lab to patient in New York’s diverse communities. This transformative hub aims to establish New York as the leading global destination for CGT innovation, driving economic growth, attracting top talent, and revolutionizing patient care statewide and beyond.

    “With this groundbreaking hub, New York has the opportunity to stake its claim as the epicenter of cell and gene therapy innovation,” Governor Hochul said. “We’re not just advancing medical science; we’re creating a powerhouse that will drive our economy, generate thousands of high-skilled jobs, and bring hope to millions facing life-threatening diseases. This investment reaffirms our commitment to leading the future of healthcare and ensuring that the next medical breakthrough happens right here in New York.”

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    Empire State Development President, CEO, and Commissioner Hope Knight said, “The selection of a developer with proven expertise ensures the Long Island CGT Center would be a beacon of excellence from inception to operation. ESD’s landmark investment not only underscores New York’s commitment to leadership in life sciences but also catalyzes a transformative shift in our biotechnology landscape. By creating high-quality jobs, attracting world-class talent, and fostering groundbreaking innovation, New York BioGenesis Park would cement New York’s position at the forefront of cell and gene therapy globally, driving economic growth and scientific advancement in equal measure.”

    New York State Department of Health Commissioner Dr. James McDonald said, “This groundbreaking and transformative investment puts New York State at the forefront of emerging gene and cell therapy sciences, creating a centralized hub of innovation and advancement in patient care. I thank Governor Hochul for her commitment to investing in the future of medical research and therapeutic technologies that will give hope to patients fighting cancer and other devastating diseases.”

    The Cell and Gene Therapy Innovation Hub is a critical component of the statewide Cell and Gene Therapy initiative announced in Governor Hochul’s 2023 State of the State address. With the $430 million New York BioGenesis Park on Long Island and the $98 million expansion at Roswell Park Comprehensive Cancer Center in Buffalo, these projects represent a combined total investment of over half a billion dollars in Cell and Gene Therapy innovation across New York.

    The Albanese Organization, Inc., a Long Island-based developer with more than 70 years of experience in managing successful public-private partnerships, was selected following a Request for Proposals issued in December 2023. Albanese is conditionally selected to lead the comprehensive process to design, finance, build, market, tenant, and operate the Long Island Cell and Gene Therapy Center. This selection ensures that the project will be executed from conception to operation with an experienced development team, leveraging Albanese’s extensive expertise in developing large life science innovation campuses.

    Albanese Organization Chairman Russell Albanese, said, “The Albanese Organization and our development team are honored and excited to be designated by Empire State Development to enter into this public private partnership that will realize the Governor’s vision to create a ‘Hub of the Future’ for Cell and Gene Therapy in Lake Success, Long Island. This transformative development will serve as a significant catalyst for advancing cell therapy research, development, clinical manufacturing, and commercialization across the State that will lead to increased access to transformative, life-saving treatments. The Hub will also further amplify and expand the economic engine that is the life sciences industry within New York State, and specifically Long Island.”

    With this groundbreaking hub, New York has the opportunity to stake its claim as the epicenter of cell and gene therapy innovation.”

    Governor Hochul

    Cell and gene therapies are revolutionary treatments that modify a patient’s cells or genes to combat diseases at their source. Offering hope for previously incurable conditions—including cancers, genetic disorders, and autoimmune diseases—these approaches target illnesses at the cellular and genetic levels. They have the potential to provide more effective, longer-lasting treatments with fewer side effects than traditional methods. Advancements in these therapies could revolutionize healthcare, paving the way for personalized medicine and new possibilities for patients who have exhausted other treatment options.

    New York BioGenesis Park is envisioned as a cutting-edge, full-service campus dedicated to advancing cell and gene therapies and accelerating their commercialization. At full build-out, the 700,000-square-foot park would create an end-to-end Cell and Gene Therapy innovation and supply center, featuring interconnected areas for public engagement, research, manufacturing, and collaboration. The project would be developed in multiple phases, with Phase One comprising a 331,000-square-foot facility on Northwell Health’s campus in Lake Success, including the first Cell and Gene Therapy Tower and Contract Development and Manufacturing Organizations (CDMO) Tower. Phase One is already poised to advance, with conditional commitments from two anchor tenants; one would operate the CDMO, the other would operate the incubator.

    A cornerstone of New York BioGenesis Park is its incubator, supported by a $50 million investment from ESD’s Long Island Investment Fund. This facility will empower early-stage therapeutic developers by offering state-of-the-art wet lab space, shared equipment, office space, and other essential resources. This nurturing environment would provide Cell and Gene Therapy companies with access to specialized equipment, mentoring, and stage-appropriate financial guidance. As a critical component of New York BioGenesis Park, the incubator is poised to catalyze the growth of promising Cell and Gene Therapy companies by providing them with resources and support, unlocking their potential for innovation and success.

    This initial phase is expected to create approximately 830 full time union construction jobs and a combined estimate of 700 jobs related to Cell and Gene Therapy development and provision of services and technologies required by Cell and Gene Therapy developers, such as Contract Development and Manufacturing Organizations, vector developers, and advanced diagnostic providers, as well as staff required for operation of the Center. Phase Two would further expand lab and office space, enhancing the park’s capabilities for Cell and Gene Therapy companies and service providers.

    Empire State Development Board Chairman Kevin Law said, “New York BioGenesis Park represents a transformative investment in Long Island’s future and New York State’s position as a global leader in biotechnology advancements. This project not only promises to create hundreds of high-skilled jobs but also establishes a world-class ecosystem for cell and gene therapy innovation. By leveraging Long Island’s exceptional talent pool and research institutions, we’re laying the foundation for breakthroughs that will save lives and drive economic growth for decades to come.”

    LIREDC Co-Chairs Linda Armyn and Dr. Kimberly R. Cline said, “The New York BioGenesis Park represents a transformative investment in Long Island’s future and solidifies our region’s position at the forefront of biotechnology innovation. This visionary project not only promises to create high-quality jobs and drive economic growth, but it also establishes Long Island as a global hub for cell and gene therapy research and development. By leveraging our region’s world-class academic institutions, skilled workforce, and entrepreneurial spirit, New York BioGenesis Park will catalyze breakthroughs that will save lives and shape the future of healthcare.”

    Assemblywoman Gina Sillitti said, “New York State’s $150 million investment in a gene therapy research hub at Lake Success is a transformative step in developing Long Island’s biotechnology sector. I thank Governor Hochul for championing this initiative, which will create hundreds of jobs and further solidify Long Island’s place as a national leader in cutting-edge medical research and treatments.”

    Roswell Park Comprehensive Cancer Center President and CEO Candace S. Johnson, PhD said, “New York is already a leader in the science of making ‘living cures’ from our own cells. With these historic investments in the Roswell Park GMP Engineering & Cell Manufacturing Facility and New York BioGenesis Park, Governor Kathy Hochul and Empire State Development are making sure our teams are supported by an innovation infrastructure powerful enough to transform their curiosity into cures”

    New York Blood Center Enterprises President and CEO Christopher D. Hillyer, MD said, “The creation of the Long Island Center for Cell and Gene Therapy represents a critical investment in the future of medicine. New York Blood Center Enterprises and Comprehensive Cell Solutions are extremely proud to be part of the team that will position New York as a global leader in life sciences, particularly in cell and gene therapy, offering new hope to patients facing diseases once thought untreatable.”

    Northwell Health President and CEO Michael J. Dowling said, “We are committed to supporting New York State in establishing this innovative cell and gene therapy hub on Long Island. The facility will be a game changer for physician-scientists, researchers and innovative companies, some of which are already working together in the region to advance novel biomedical treatments in the fight against cancer and other devastating diseases, offering new hope for our diverse communities across the state.”

    Cold Spring Harbor Laboratory President and CEO Bruce Stillman, PhD said, “The New York State cell and gene therapy initiative on Long Island will be a most welcome addition to the region’s biomedical research enterprise, and Cold Spring Harbor Laboratory looks forward to partnering with the CGT initiative. We thank Governor Hochul and Empire State Development for pioneering this exciting research expansion.”

    New York BioGenesis Park would foster strong ties with academic and medical institutions throughout New York, creating a robust ecosystem for Cell and Gene Therapy innovation. Collaborating with the Empire State Cellular Therapy Consortium and world-class institutions like Cold Spring Harbor Laboratory, the Feinstein Institutes, Northwell Health, Roswell Park, Stony Brook University, Weill Cornell, Columbia University and others around the state. New York BioGenesis Park would enhance research synergies and accelerate medical breakthroughs. This ecosystem would bring together experts in advanced Cell and Gene Therapy therapies, offering specialized facilities, services, and resources to both tenants and collaborating institutions. By facilitating cutting-edge science, innovative technology development and novel approaches to clinical trials, New York BioGenesis Park would ensure New York’s institutions remain globally competitive in groundbreaking Cell and Gene Therapy research and commercialization.

    The New York BioGenesis Park and the Cell and Gene Therapy manufacturing expansion at Roswell Park would create a powerful, interconnected network that leverages complementary resources and capabilities at both ends of the state. By fostering a comprehensive ecosystem that spans from basic research to clinical application and commercialization, New York is positioning itself as the nation’s leading destination for Cell and Gene Therapy research, development, and manufacturing.

    The Long Island Cell and Gene Therapy Innovation Hub stands to serve as a cornerstone of New York’s $620 million Life Science Initiative. Aimed at establishing the state as a national leader in the broader life sciences industry—including biotechnology, pharmaceuticals, and medical technology—the initiative allocates $320 million for strategic programs to attract new technologies, promote investment in emerging fields, and stimulate life science business growth and employment statewide. This multifaceted approach seeks to spur the development of a world-class research cluster, enhance the state’s ability to commercialize groundbreaking research, and drive economic growth. By solidifying New York’s position in life sciences innovation, the initiative advances Cell and Gene Therapy development and strengthens the state’s global competitiveness. Read New York State’s Life Science Initiative Strategic Plan here.

    MIL OSI USA News

  • MIL-OSI Russia: Financial news: Three Federal Treasury deposit auctions will take place on 10/23/2024

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 10/23/2024
    Unique identifier of the application selection 22024544
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 247 400
    Placement period, in days 2
    Date of deposit 10/23/2024
    Refund date 10/25/2024
    Interest rate for placement of funds (fixed or floating) FIXED
    Minimum fixed interest rate for placement of funds, % per annum 18.14
    Basic floating interest rate for placement of funds
    Minimum spread, % per annum
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 09:30 to 09:40
    Pre-applications: from 09:30 to 09:35
    Applications in competition mode: from 09:35 to 09:40
    Formation of a consolidated register of applications: from 09:40 to 09:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 09:40 to 10:00
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 10:00 to 11:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 10:00 to 11:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n
    Application selection parameters
    Date of the selection of applications 10/23/2024
    Unique identifier of the application selection 22024539
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 20,000
    Placement period, in days 182
    Date of deposit 10/23/2024
    Refund date 04/23/2025
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:30 to 12:40
    Preliminary applications: from 12:30 to 12:35
    Applications in competition mode: from 12:35 to 12:40
    Formation of a consolidated register of applications: from 12:40 to 12:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:40 to 13:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 13:00 to 14:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 13:00 to 14:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

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

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

    Application selection parameters
    Date of the selection of applications 10/23/2024
    Unique identifier of the application selection 22024540
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 30,000
    Placement period, in days 91
    Date of deposit 10/24/2024
    Refund date 01/23/2025
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 15:30 to 15:40
    Preliminary applications: from 15:30 to 15:35
    Applications in competition mode: from 15:35 to 15:40
    Formation of a consolidated register of applications: from 15:40 to 15:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 15:40 to 16:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 16:00 to 17:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 16:00 to 17:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

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

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

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

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

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

    https://www.moex.com/n74200

    MIL OSI Russia News

  • MIL-Evening Report: ‘They do not respect our land. They do not respect our people’. Brazil’s traditional people take on BHP in one of the world’s biggest class actions

    Source: The Conversation (Au and NZ) – By Ebony Birchall, Lecturer, Law School, Macquarie University

    Australian mining giant BHP is at the centre of one of the world’s largest class actions, the trial for which started this week in London.

    The Fundão Dam in Mariana, Brazil, co-owned by BHP, collapsed in 2015 spilling a gigantic wave of toxic mud across 700 kilometres of land. Nineteen people were killed, villages and livestock wiped out, vast areas of land rendered uninhabitable and rivers and water supplies contaminated.

    Corporate accountability

    The class action has renewed questions about the responsibilities multibillion-dollar corporations have to local communities.

    Leaders of the traditional people groups impacted by the disaster visited Australia with their lawyer Tom Goodhead from international legal firm Pogust Goodhead to raise awareness of the case two weeks ago.

    Goodhead told a public forum at Macquarie University this was a case of corporate negligence and putting profit before safety. He said the operators were warned of the risk of dam collapse and continued to push operations beyond what was safe.

    The class action is brought on behalf of more than 600,000 claimants. The trial is expected to run for 12 weeks and will be heard in the UK, because this is where BHP was headquartered at the time of the disaster.

    The UK courts will apply the Brazilian laws, which say environmental polluters must pay for the damage they cause.

    Can BHP fix this?

    The claimants’ lawyers say the case is valued at more than A$68.8 billion. The figure is based on an estimation of the impact of the disaster on land, culture and sacred places, as well as some form of recompense for the lost lives.

    Maycon Krenak, one of the Krenak chiefs, explained:

    [the] river has always been there for us to guarantee our livelihoods. It is a sacred space for us. The river is where we carry out our sacred practices. That’s where we sing, where we dance, where we gather. The new leaders, [our] children, have to learn how to swim in a water tank of a thousand litres.

    BHP is reported as saying its Renova Foundation, established in 2016, has spent more than A$11.5 billion to compensate victims and remediate the environment.

    But Thatiele Monic, president of the Vila Santa Efigênia and Adjacências Quilombola Association said the victims don’t trust the foundation.

    In the same way that the mining company invades our land, the Renova Foundation also is invading our space and our territories. They do not respect our land. They do not respect our people, and they are creating more and more conflict. So that people are essentially giving up pursuing this.

    Poor human rights record

    Australian corporations operating overseas have a poor record on human rights.

    Two weeks ago, a preliminary report of the Panguna Mine Legacy Impact Assessment uncovered human rights violations, including risks to life, at Rio Tinto’s abandoned Panguna mine in Bougainville, Papua New Guinea.

    The gold and copper mine triggered a brutal civil war between 1988 and 1998. Despite decades passing since the mine was decommissioned, the recent report confirms the mine continues to pose risks to life and safety due to the collapsing mine and ongoing contamination down rivers and into new areas.

    Australian mining corporations have also been linked to death and destruction in their operations in Africa.

    Corporate activities within Australia have impacted our own Aboriginal and Torres Strait Islander Peoples. For example, Rio Tinto’s explosion at Juukan Gorge destroyed sites of cultural significance dating more than 46,000 years.

    Where Australia stands

    The Australian government has endorsed the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises both of which outline corporations’ human rights obligations.

    The UNGPs say states should set out clearly the expectation that corporations in their jurisdiction respect human rights in all their operations – even those occurring overseas.

    The Human Rights Law Centre found in a 2018 report on this topic that the Australian government was not doing enough to hold corporations to account.

    It found Australian corporations operating overseas did so with impunity. Efforts to seek justice locally is often thwarted by corruption, lack of resources or ineffective legal process. At the same time, attempts by overseas communities to take legal action in Australian courts face enormous hurdles and rarely succeed.

    This is why cases like the class action for claimants in Mariana are crucial for corporate accountability.

    In my 2023 report with colleagues Surya Deva and Justine Nolan, we found this kind of litigation can raise awareness, facilitate broader industry developments and shape laws and policy.

    Our report also found litigation needs to be supported by strong regulatory responses from governments, and complementary advocacy like shareholder or consumer engagement.

    Cost of litigation

    Litigation comes with significant risks to victims and their allies.

    In a controversial development for corporate accountability in Australia, oil and gas giant Santos is using legal processes to challenge environmental groups who supported traditional owners opposing their Barossa gas project. Santos’ tactics, if allowed to continue, could limit public interest litigation in the future.

    Thatiele Monic ended her speech at the Macquarie University event with a question worth repeating

    This has happened in Brazil, but it has happened in many other places, and if we don’t do anything about it, and we don’t talk about it, it will continue to happen in many more other places. This is not the future I want for myself and for my people. I’d like to know. What future do you want for yourselves?

    Ebony Birchall is affiliated with Macquarie University’s B&HR Access to Justice Lab.

    ref. ‘They do not respect our land. They do not respect our people’. Brazil’s traditional people take on BHP in one of the world’s biggest class actions – https://theconversation.com/they-do-not-respect-our-land-they-do-not-respect-our-people-brazils-traditional-people-take-on-bhp-in-one-of-the-worlds-biggest-class-actions-241777

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Farmers and Merchants Bancshares, Inc. Reports Earnings of $3,421,623 or $1.09 per Share for the Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    HAMPSTEAD, Md., Oct. 22, 2024 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the nine months ended September 30, 2024 was $3,421,623, or $1.09 per common share (basic and diluted), compared to $5,003,107, or $1.63 per common share (basic and diluted), for the same period in 2023. Higher interest expense as a result of the Federal Reserve rate increases over the last two years was the primary reason for the decline in net income. The Company’s return on average equity during the nine months ended September 30, 2024 was 8.53% compared to 13.45% for the same period in 2023. The Company’s return on average assets during the nine months ended September 30, 2024 was 0.57% compared to 0.91% for the same period in 2023. Loan growth for the nine months ended September 30, 2024 was $49 million, an annualized growth rate of 12.5%.

    Net income for the three months ended September 30, 2024 was $1,123,127, or $0.36 per common share (basic and diluted), compared to $1,432,139, or $0.46 per common share (basic and diluted), for the third quarter of 2023. The Company’s return on average equity during the three months ended September 30, 2024 was 8.05% compared to 11.54% for the same period in 2023. The Company’s return on average assets during the three months ended September 30, 2024 was 0.56% compared to 0.77% for the same period in 2023.

    Net interest income for the nine months ended September 30, 2024 was $722,419 lower when compared to the same period in 2023 due to a decrease in the net interest margin to 2.67% for the nine months ended September 30, 2024 from 3.04% for the same period in 2023. The decline in the net interest margin was partially offset by a $62.7 million increase in average interest earning assets to $775.9 million for the nine months ended September 30, 2024 from $713.2 million for the same period in 2023. Higher interest expense was the driving factor in the lower net interest income. The Federal Reserve interest rate decreased by 0.50% in late September after aggregate increases of 5.25% from March 2022 through August 2023. The net aggregate increase of 4.75% caused the cost of deposits and borrowings to increase by 119 basis points to 2.71% for the nine months ended September 30, 2024 from 1.52% for the same period in 2023. In addition, average interest bearing liabilities increased by $69.9 million to $624.5 million for the nine months ended September 30, 2024 from $554.6 million for the same period in 2023. The taxable equivalent yield on total average interest-earning assets increased 64 basis points to 4.86% for the nine months ended September 30, 2024 from 4.22% for the same period in 2023, partially offsetting the higher cost of funds. Despite the recent Federal Reserve rate decrease and the projected decreases in November and December of 2024, no significant improvement in the net interest margin is expected during the remainder of 2024.

    The Bank entered into several interest rate swaps structured as fair value hedges during 2023 and 2024, some in combination with the purchase of mortgage backed securities, which are intended to offset the impact of higher interest expense by improving interest income on debt securities. The notional amount of interest rate swaps outstanding at September 30, 2024 was approximately $99 million. Our loan portfolio is comprised primarily of commercial real estate loans with fixed rates for five-year terms. As those loans reprice, our net interest margin should improve. In addition, our current strategy is to increase the diversification of our portfolio with commercial and industrial loans, which are typically adjustable rate loans and would provide an immediate higher yield in today’s interest rate environment.

    No provision was recorded for credit losses for the nine months ended September 30, 2024. For the nine months ended September 30, 2023, we recorded a $570,000 recovery.

    Noninterest income increased by $160,505 for the nine months ended September 30, 2024 when compared to the same period in 2023, primarily as a result of a $142,794 gain on insurance proceeds for our Upperco location and a $34,180 increase in service charges on deposit accounts, offset by $31,922 loss on the sale of debt securities. Noninterest expense was $1,117,921 higher in the nine months ended September 30, 2024 when compared to the same period in 2023, due primarily to a $488,857 increase in other expenses, a $311,155 increase in occupancy and furniture and equipment costs, and a $317,909 increase in salaries and benefits. The increase in other expenses was due primarily to costs associated with our core system conversion that is projected to be completed in the fourth quarter of 2024, ATM related expenses, and legal fees incurred for stockholder matters. Also, the Bank’s FDIC assessment expense increased due to higher FDIC assessment rates. The increase in occupancy and furniture and equipment was due primarily to the renovations and new equipment for the Upperco location which was placed in service at the end of the first quarter and the new Towson location that was placed in service during the second quarter. The increase in salaries and benefits was due to normal annual salary increases as well as the hiring of several new employees primarily in the commercial loan production department.

    Income taxes decreased by $668,351 during the nine months ended September 30, 2024 when compared to the same period in 2023 due to lower earnings before taxes. The effective tax rate decreased to 22.5% for the nine months ended September 30, 2024 from 24.9% for the same period last year due to an increase in the amount of nontaxable income included in pretax income year over year.

    Total assets increased to $818 million at September 30, 2024 from $800 million at December 31, 2023. Loans increased to $572 million at September 30, 2024 from $523 million at December 31, 2023, an annualized rate of increase of 12.5%. Investments in debt securities decreased to $180 million at September 30, 2024 from $184 million at December 31, 2023. Deposits decreased to $674 million at September 30, 2024 from $681 million at December 31, 2023. The Company’s tangible equity was $52 million at September 30, 2024 compared to $45 million at December 31, 2023.

    The book value of the Company’s common stock increased to $18.81 per share at September 30, 2024 from to $16.74 per share at December 31, 2023. Book value per share at September 30, 2024 was reflective of the $14 million unrealized loss, net of income taxes, on the Bank’s available for sale (“AFS”) investment portfolio as a result of the significant rise in interest rates over the last 30 months. Changes in the market value of the AFS investment portfolio, net of income taxes, are reflected in the Company’s equity, but are not included in the income statement. The AFS investment portfolio is comprised of 62% government agency mortgage backed securities which are fully guaranteed, 33% investment grade non agency mortgage backed securities, 1% investment grade corporate and municipal bonds, and 4% subordinated debt of other community banks. There is no indication of credit deterioration in any of the bonds and we intend to hold these investments to maturity, so no actual losses are anticipated. There is no impact on regulatory capital because the Bank elected many years ago to not include in the calculation of regulatory capital changes in the market value of the AFS investment portfolio regardless of whether they are positive or negative.

    The Bank began utilizing the Federal Reserve Bank’s Bank Term Funding Program (“BTFP”) during the second quarter of 2023 and had borrowings of $54,000,000 outstanding at September 30, 2024, with a maturity date of January 15, 2025, an increase of $21,000,000 from December 31, 2023. Eligible collateral for the BTFP includes mortgage backed securities which are valued at par instead of market providing greater availability than other facilities. The BTFP also provides competitive fixed rates for up to a one-year term and advances can be refinanced or paid off in full or in part at any time. The Federal Reserve Bank stopped new BTFP advances on March 11, 2024. This facility, along with our Federal Home Loan Bank facility, other borrowing lines available, unpledged securities, brokered deposit access, and cash, provided us with access to approximately $332 million of liquidity at September 30, 2024.

    Gary A. Harris, President and CEO, commented “We are pleased that our loan portfolio has grown at an annualized rate of 12.5% during the first nine months of the year, demonstrating that our investment in additional loan production staff and facilities is paying off. Our asset quality remains high and our liquidity position remains strong. Due to the sunsetting of our existing core operating system, our core system conversion will occur on October 28, 2024. While it will increase our expenses in 2024, the new system will be a substantial digital upgrade that will position the bank for future growth, provide for significant efficiency gains and an enhanced customer experience moving forward. The Federal Reserve interest rate decreased by 50 basis points in September and additional cuts are expected over the remainder of 2024 and 2025. These cuts are too late in 2024 to have any significant impact on our net interest margin, but should provide for improvement in 2025.”

    About the Company

    The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, Eldersburg, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.

    Forward-Looking Statements

    The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.

     
     
    Farmers and Merchants Bancshares, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (Unaudited)
         
      September 30, December 31, *
        2024     2023  
         
    Assets
         
    Cash and due from banks $ 16,271,388   $ 44,404,473  
    Federal funds sold and other interest-bearing deposits   570,479     285,864  
    Cash and cash equivalents   16,841,867     44,690,337  
    Certificates of deposit in other banks   100,000     100,000  
    Securities available for sale, at fair value   159,499,031     164,084,673  
    Securities held to maturity, at amortized cost less allowance for credit losses of $36,894 and $35,627   20,197,994     20,163,622  
    Equity security, at fair value   531,958     507,130  
    Restricted stock, at cost   1,016,000     863,500  
    Mortgage loans held for sale   759,200      
    Loans, less allowance for credit losses of $4,190,882 and $4,285,247   571,562,379     523,308,044  
    Premises and equipment, net   7,441,171     6,583,452  
    Accrued interest receivable   2,362,330     2,180,734  
    Deferred income taxes, net   6,736,681     8,312,482  
    Other real estate owned, net   1,226,245     1,242,365  
    Bank owned life insurance   15,218,368     14,930,754  
    Goodwill and other intangibles, net   7,028,178     7,034,424  
    Other assets   7,009,579     5,939,309  
      $ 817,530,981   $ 799,940,826  
         
    Liabilities and Stockholders’ Equity
         
    Deposits    
    Noninterest-bearing $ 108,442,303   $ 115,284,706  
    Interest-bearing   565,302,419     565,678,145  
    Total deposits   673,744,722     680,962,851  
    Securities sold under repurchase agreements   2,885,496     6,760,493  
    Federal Home Loan Bank of Atlanta advances   5,000,000     5,000,000  
    Federal Reserve Bank advances   54,000,000     33,000,000  
    Long-term debt, net of issuance costs   11,799,931     13,212,378  
    Accrued interest payable   2,581,429     1,482,773  
    Other liabilities   8,357,055     7,344,040  
        758,368,633     747,762,535  
    Stockholders’ equity    
    Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,145,974 in 2024 and 3,116,966 shares in 2023   31,460     31,170  
    Additional paid-in capital   30,837,137     30,398,080  
    Retained earnings   41,826,204     39,433,185  
    Accumulated other comprehensive loss   (13,532,453 )   (17,684,144 )
        59,162,348     52,178,291  
      $ 817,530,981   $ 799,940,826  
    * – Derived from audited consolidated financial statements    
     
    Farmers and Merchants Bancshares, Inc. and Subsidiaries
    Consolidated Statements of Income
    (Unaudited)
         
      Three Months Ended September 30, Nine Months Ended September 30,
        2024     2023     2024     2023  
             
    Interest income        
    Loans, including fees $ 7,901,509   $ 6,609,039   $ 22,021,236   $ 19,023,308  
    Investment securities – taxable   1,623,113     996,586     4,794,495     2,528,793  
    Investment securities – tax exempt   141,258     137,254     415,629     416,626  
    Federal funds sold and other interest earning assets   180,572     258,818     860,922     469,721  
    Total interest income   9,846,452     8,001,697     28,092,282     22,438,448  
             
    Interest expense        
    Deposits   3,910,840     2,239,808     10,243,652     5,010,624  
    Securities sold under repurchase agreements   13,069     12,110     49,113     23,949  
    Federal Home Loan Bank advances and other borrowings   64,713     39,289     109,230     452,272  
    Federal Reserve Bank advances   647,882     378,500     1,910,411     391,763  
    Long-term debt   125,103     145,001     387,408     444,953  
    Total interest expense   4,761,607     2,814,708     12,699,814     6,323,561  
    Net interest income   5,084,845     5,186,989     15,392,468     16,114,887  
             
    Recovery of credit losses       (75,000 )       (570,000 )
             
    Net interest income after recovery of credit losses   5,084,845     5,261,989     15,392,468     16,684,887  
             
    Noninterest income        
    Service charges on deposit accounts   209,078     195,566     621,179     586,999  
    Mortgage banking income   43,035     33,585     66,362     92,514  
    Bank owned life insurance income   102,831     89,748     287,614     261,595  
    Loss on sale of debt securities           (31,922 )    
    Fair value adjustment of equity security   19,808     (13,769 )   13,837     (15,343 )
    Loss on disposition of furniture and equipment   (5,157 )       (5,157 )    
    Gain on insurance proceeds           142,794      
    Other fees and commissions   81,425     78,096     234,688     243,125  
    Total noninterest income   451,020     383,226     1,329,395     1,168,890  
             
    Noninterest expense        
    Salaries   1,878,411     1,916,804     5,848,178     5,643,742  
    Employee benefits   548,892     348,048     1,596,751     1,483,278  
    Occupancy   274,580     229,135     798,597     645,398  
    Furniture and equipment   327,198     246,896     897,503     739,547  
    Other   1,042,142     1,005,065     3,165,922     2,677,065  
    Total noninterest expense   4,071,223     3,745,948     12,306,951     11,189,030  
             
    Income before income taxes   1,464,642     1,899,267     4,414,912     6,664,747  
    Income taxes   341,515     467,128     993,289     1,661,640  
    Net income $ 1,123,127   $ 1,432,139   $ 3,421,623   $ 5,003,107  
             
    Earnings per share – basic $ 0.36   $ 0.46   $ 1.09   $ 1.63  
    Earnings per share – diluted $ 0.36   $ 0.46   $ 1.09   $ 1.63  
             
    Contact: Mr. Gary A. Harris
      President and Chief Executive Officer
      (410) 374-1510, ext. 1104
       

    The MIL Network

  • MIL-OSI USA: Cell & Gene Therapy Innovation Hub Coming to Long Island

    Source: US State of New York

    Governor Kathy Hochul today unveiled plans for New York BioGenesis Park, a groundbreaking $430 million Cell and Gene Therapy Innovation Hub in Nassau County, Long Island. To be developed by The Albanese Organization, Inc., this state-of-the-art facility would catalyze CGT research, development, clinical manufacturing, and commercialization across New York State. With a historic $150 million state investment—the largest nationwide for a cell and gene therapy hub—NYBGP would accelerate the delivery of new therapies from lab to patient in New York’s diverse communities. This transformative hub aims to establish New York as the leading global destination for CGT innovation, driving economic growth, attracting top talent, and revolutionizing patient care statewide and beyond.

    “With this groundbreaking hub, New York has the opportunity to stake its claim as the epicenter of cell and gene therapy innovation,” Governor Hochul said. “We’re not just advancing medical science; we’re creating a powerhouse that will drive our economy, generate thousands of high-skilled jobs, and bring hope to millions facing life-threatening diseases. This investment reaffirms our commitment to leading the future of healthcare and ensuring that the next medical breakthrough happens right here in New York.”

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    Empire State Development President, CEO, and Commissioner Hope Knight said, “The selection of a developer with proven expertise ensures the Long Island CGT Center would be a beacon of excellence from inception to operation. ESD’s landmark investment not only underscores New York’s commitment to leadership in life sciences but also catalyzes a transformative shift in our biotechnology landscape. By creating high-quality jobs, attracting world-class talent, and fostering groundbreaking innovation, New York BioGenesis Park would cement New York’s position at the forefront of cell and gene therapy globally, driving economic growth and scientific advancement in equal measure.”

    New York State Department of Health Commissioner Dr. James McDonald said, “This groundbreaking and transformative investment puts New York State at the forefront of emerging gene and cell therapy sciences, creating a centralized hub of innovation and advancement in patient care. I thank Governor Hochul for her commitment to investing in the future of medical research and therapeutic technologies that will give hope to patients fighting cancer and other devastating diseases.”

    The Cell and Gene Therapy Innovation Hub is a critical component of the statewide Cell and Gene Therapy initiative announced in Governor Hochul’s 2023 State of the State address. With the $430 million New York BioGenesis Park on Long Island and the $98 million expansion at Roswell Park Comprehensive Cancer Center in Buffalo, these projects represent a combined total investment of over half a billion dollars in Cell and Gene Therapy innovation across New York.

    The Albanese Organization, Inc., a Long Island-based developer with more than 70 years of experience in managing successful public-private partnerships, was selected following a Request for Proposals issued in December 2023. Albanese is conditionally selected to lead the comprehensive process to design, finance, build, market, tenant, and operate the Long Island Cell and Gene Therapy Center. This selection ensures that the project will be executed from conception to operation with an experienced development team, leveraging Albanese’s extensive expertise in developing large life science innovation campuses.

    Albanese Organization Chairman Russell Albanese, said, “The Albanese Organization and our development team are honored and excited to be designated by Empire State Development to enter into this public private partnership that will realize the Governor’s vision to create a ‘Hub of the Future’ for Cell and Gene Therapy in Lake Success, Long Island. This transformative development will serve as a significant catalyst for advancing cell therapy research, development, clinical manufacturing, and commercialization across the State that will lead to increased access to transformative, life-saving treatments. The Hub will also further amplify and expand the economic engine that is the life sciences industry within New York State, and specifically Long Island.”

    With this groundbreaking hub, New York has the opportunity to stake its claim as the epicenter of cell and gene therapy innovation.”

    Governor Hochul

    Cell and gene therapies are revolutionary treatments that modify a patient’s cells or genes to combat diseases at their source. Offering hope for previously incurable conditions—including cancers, genetic disorders, and autoimmune diseases—these approaches target illnesses at the cellular and genetic levels. They have the potential to provide more effective, longer-lasting treatments with fewer side effects than traditional methods. Advancements in these therapies could revolutionize healthcare, paving the way for personalized medicine and new possibilities for patients who have exhausted other treatment options.

    New York BioGenesis Park is envisioned as a cutting-edge, full-service campus dedicated to advancing cell and gene therapies and accelerating their commercialization. At full build-out, the 700,000-square-foot park would create an end-to-end Cell and Gene Therapy innovation and supply center, featuring interconnected areas for public engagement, research, manufacturing, and collaboration. The project would be developed in multiple phases, with Phase One comprising a 331,000-square-foot facility on Northwell Health’s campus in Lake Success, including the first Cell and Gene Therapy Tower and Contract Development and Manufacturing Organizations (CDMO) Tower. Phase One is already poised to advance, with conditional commitments from two anchor tenants; one would operate the CDMO, the other would operate the incubator.

    A cornerstone of New York BioGenesis Park is its incubator, supported by a $50 million investment from ESD’s Long Island Investment Fund. This facility will empower early-stage therapeutic developers by offering state-of-the-art wet lab space, shared equipment, office space, and other essential resources. This nurturing environment would provide Cell and Gene Therapy companies with access to specialized equipment, mentoring, and stage-appropriate financial guidance. As a critical component of New York BioGenesis Park, the incubator is poised to catalyze the growth of promising Cell and Gene Therapy companies by providing them with resources and support, unlocking their potential for innovation and success.

    This initial phase is expected to create approximately 830 full time union construction jobs and a combined estimate of 700 jobs related to Cell and Gene Therapy development and provision of services and technologies required by Cell and Gene Therapy developers, such as Contract Development and Manufacturing Organizations, vector developers, and advanced diagnostic providers, as well as staff required for operation of the Center. Phase Two would further expand lab and office space, enhancing the park’s capabilities for Cell and Gene Therapy companies and service providers.

    Empire State Development Board Chairman Kevin Law said, “New York BioGenesis Park represents a transformative investment in Long Island’s future and New York State’s position as a global leader in biotechnology advancements. This project not only promises to create hundreds of high-skilled jobs but also establishes a world-class ecosystem for cell and gene therapy innovation. By leveraging Long Island’s exceptional talent pool and research institutions, we’re laying the foundation for breakthroughs that will save lives and drive economic growth for decades to come.”

    LIREDC Co-Chairs Linda Armyn and Dr. Kimberly R. Cline said, “The New York BioGenesis Park represents a transformative investment in Long Island’s future and solidifies our region’s position at the forefront of biotechnology innovation. This visionary project not only promises to create high-quality jobs and drive economic growth, but it also establishes Long Island as a global hub for cell and gene therapy research and development. By leveraging our region’s world-class academic institutions, skilled workforce, and entrepreneurial spirit, New York BioGenesis Park will catalyze breakthroughs that will save lives and shape the future of healthcare.”

    Assemblywoman Gina Sillitti said, “New York State’s $150 million investment in a gene therapy research hub at Lake Success is a transformative step in developing Long Island’s biotechnology sector. I thank Governor Hochul for championing this initiative, which will create hundreds of jobs and further solidify Long Island’s place as a national leader in cutting-edge medical research and treatments.”

    Roswell Park Comprehensive Cancer Center President and CEO Candace S. Johnson, PhD said, “New York is already a leader in the science of making ‘living cures’ from our own cells. With these historic investments in the Roswell Park GMP Engineering & Cell Manufacturing Facility and New York BioGenesis Park, Governor Kathy Hochul and Empire State Development are making sure our teams are supported by an innovation infrastructure powerful enough to transform their curiosity into cures”

    New York Blood Center Enterprises President and CEO Christopher D. Hillyer, MD said, “The creation of the Long Island Center for Cell and Gene Therapy represents a critical investment in the future of medicine. New York Blood Center Enterprises and Comprehensive Cell Solutions are extremely proud to be part of the team that will position New York as a global leader in life sciences, particularly in cell and gene therapy, offering new hope to patients facing diseases once thought untreatable.”

    Northwell Health President and CEO Michael J. Dowling said, “We are committed to supporting New York State in establishing this innovative cell and gene therapy hub on Long Island. The facility will be a game changer for physician-scientists, researchers and innovative companies, some of which are already working together in the region to advance novel biomedical treatments in the fight against cancer and other devastating diseases, offering new hope for our diverse communities across the state.”

    Cold Spring Harbor Laboratory President and CEO Bruce Stillman, PhD said, “The New York State cell and gene therapy initiative on Long Island will be a most welcome addition to the region’s biomedical research enterprise, and Cold Spring Harbor Laboratory looks forward to partnering with the CGT initiative. We thank Governor Hochul and Empire State Development for pioneering this exciting research expansion.”

    New York BioGenesis Park would foster strong ties with academic and medical institutions throughout New York, creating a robust ecosystem for Cell and Gene Therapy innovation. Collaborating with the Empire State Cellular Therapy Consortium and world-class institutions like Cold Spring Harbor Laboratory, the Feinstein Institutes, Northwell Health, Roswell Park, Stony Brook University, Weill Cornell, Columbia University and others around the state. New York BioGenesis Park would enhance research synergies and accelerate medical breakthroughs. This ecosystem would bring together experts in advanced Cell and Gene Therapy therapies, offering specialized facilities, services, and resources to both tenants and collaborating institutions. By facilitating cutting-edge science, innovative technology development and novel approaches to clinical trials, New York BioGenesis Park would ensure New York’s institutions remain globally competitive in groundbreaking Cell and Gene Therapy research and commercialization.

    The New York BioGenesis Park and the Cell and Gene Therapy manufacturing expansion at Roswell Park would create a powerful, interconnected network that leverages complementary resources and capabilities at both ends of the state. By fostering a comprehensive ecosystem that spans from basic research to clinical application and commercialization, New York is positioning itself as the nation’s leading destination for Cell and Gene Therapy research, development, and manufacturing.

    The Long Island Cell and Gene Therapy Innovation Hub stands to serve as a cornerstone of New York’s $620 million Life Science Initiative. Aimed at establishing the state as a national leader in the broader life sciences industry—including biotechnology, pharmaceuticals, and medical technology—the initiative allocates $320 million for strategic programs to attract new technologies, promote investment in emerging fields, and stimulate life science business growth and employment statewide. This multifaceted approach seeks to spur the development of a world-class research cluster, enhance the state’s ability to commercialize groundbreaking research, and drive economic growth. By solidifying New York’s position in life sciences innovation, the initiative advances Cell and Gene Therapy development and strengthens the state’s global competitiveness. Read New York State’s Life Science Initiative Strategic Plan here.

    MIL OSI USA News

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 22.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    22 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 22.10.2024

    Espoo, Finland – On 22 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,523,949 4.37
    CEUX 400,000 4.36
    BATE
    AQEU
    TQEX
    Total 1,923,949 4.37

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 22 October 2024 was EUR 8,399,769. After the disclosed transactions, Nokia Corporation holds 180,158,582 treasury shares.

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

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

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

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

    Attachment

    The MIL Network

  • MIL-OSI Security: Fishers Woman Facing Federal Charges for Fraud and Forging Signature of a Federal Judge

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

    INDIANAPOLIS— A federal grand jury has returned an indictment charging Christi Lee Dodd, 51, of Fishers, Indiana, with wire fraud and forging the signature of a federal judge. 

    According to the court documents, Dodd first filed for Chapter 7 bankruptcy in the Southern District of Indiana in January 2015. In April 2015, a federal bankruptcy judge issued a signed discharge order releasing Dodd from liability for any remaining debts not resolved in the bankruptcy proceedings.

    In December 2019, Dodd again filed for Chapter 13 bankruptcy in the Southern District of Indiana, but later decided not to proceed and moved to have the 2019 case dismissed. In June 2022, the bankruptcy court dismissed Dodd’s 2019 bankruptcy petition. The court did not issue a discharge order in the 2019 case, and none of Dodd’s unpaid debts were resolved.

    In 2023, Dodd allegedly created and forged a discharge order purporting to absolve her of debts related to her 2019 Chapter 13 bankruptcy petition. Dodd emailed the fraudulent document to a financial institution purportedly proving that she had received a discharge in her 2019 bankruptcy case so that she could obtain a line of credit to pay outstanding debts owed by the trucking business she owned.

    The emailed document was purportedly filed in Dodd’s second bankruptcy case with the heading, “DISCHARGE OF DEBTOR IN A CHAPTER 13 CASE.” As alleged in the indictment, the forged document was in fact created by Dodd using the discharge order from her first bankruptcy under Chapter 7 and contained the forged signature of the judge who issued the 2015 discharge order.

    “Protecting the integrity and efficiency of the bankruptcy system is an important priority of the Department of Justice. Our office is committed to working closely with our partners at the U.S. Trustee Program to uphold the law and protect the interests of debtors and creditors,” said Zachary A. Myers, United States Attorney for the Southern District of Indiana.

    “The filing of a fraudulent court order containing the forged signature of a bankruptcy judge strikes at the very core of the integrity of the bankruptcy system and will not be tolerated,” said Nancy J. Gargula, United States Trustee for Indiana and the Central and Southern Districts of Illinois (Region 10).  “We are grateful for U.S. Attorney Myers and our law enforcement partners for their commitment to protect the integrity of the bankruptcy process in the Southern District of Indiana., as demonstrated by this indictment.”

    The FBI and U.S. Trustee’s Office is investigating this case in collaboration with the Southern District of Indiana Bankruptcy Fraud Working Group. The United States Trustee Program is the component of the Department of Justice responsible for overseeing the administration of bankruptcy cases and litigating to enforce the bankruptcy laws. If convicted, Dodd faces up to twenty-five years in federal prison.

    U.S. Attorney Myers thanked Assistant U.S. Attorney Adam Eakman, who is prosecuting this case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI

  • MIL-OSI USA: Governor Cooper Announces Environmental Justice Advisory Council Report Outlining Dozens of Recommendations to Advance Environmental Justice in North Carolina

    Source: US State of North Carolina

    Headline: Governor Cooper Announces Environmental Justice Advisory Council Report Outlining Dozens of Recommendations to Advance Environmental Justice in North Carolina

    Governor Cooper Announces Environmental Justice Advisory Council Report Outlining Dozens of Recommendations to Advance Environmental Justice in North Carolina
    mseets

    Today, Governor Roy Cooper announced the release of the Governor’s Environmental Justice Advisory Council report, representing a significant step towards addressing Environmental Justice (EJ) concerns in North Carolina. This comprehensive report comes as a result of the reestablishment of the Secretary of Environmental Quality’s Environmental Justice and Equity Advisory Board in October 2023 by Governor Cooper’s Executive Order No. 292.

    The Council’s report contains 14 bold recommendations to advance environmental justice and ensures state agencies incorporate environmental justice in future decision-making processes. The report also includes over 40 recommendations from the Council’s Environmental Justice Hub and Mapping Tool, Cumulative Impacts, Community Engagement, and Training subcommittees.

    “As the birthplace of the environmental justice movement, North Carolina is working to level the playing field for impacted communities and preserve and protect our natural lands and resources,” said Governor Cooper. “This report provides important recommendations that will help identify and address environmental justice challenges across our state.”

    Executive Order 292 directs a whole-of-government approach and instructs the Governor’s Office and Cabinet agencies to incorporate environmental justice considerations into their policies and programs to the extent permitted by law. It also encourages Cabinet agencies to use the statewide environmental justice mapping tool. Since the signing of EO 292, The Council has actively engaged with affected communities, holding council meetings in Wayne, Halifax, and Stanley counties and participating in a tour of the West Badin community. The Council’s Environmental Justice Hub and Mapping Tool, and Public Engagement Subcommittees have held virtual and in-person meetings to gather public feedback on the directives in the Executive Order, ensuring that the voices of the people are heard and valued in this process. Cabinet agencies have worked to incorporate EJ into policies and programs. Cabinet agencies draft EJ goals, incorporating public and Council feedback. The Department of Information Technology lead the development of the Environmental Justice Hub, a central location for EJ information, including awarded grants, and the Environmental Justice Mapping Tool which includes environmental, health and socioeconomic data from across departments.

    “When implemented, our recommendations constitute an evidenced-based and data-driven roadmap for achieving Environmental Justice in our state,” said Jim Johnson, PhD, EJ Advisory Council Co-Chair and Director of the Urban Investment Strategies Center at the Frank Hawkins Kenan Institute of Private Enterprise. “We want to ensure that North Carolina is a safe, healthy, and resilient place to live, work, play, and do business for all North Carolinians and support state agencies’ engagement in this work.”

    “We also initiate a framework for assessing the cumulative impacts of multiple environmental harms on many communities,” said Virginia Guidry, PhD, EJ Advisory Council Co-Chair and NCDHHS Environmental Justice Lead. “We must measure and reduce these burdens to achieve environmental justice in North Carolina.”

    The unanimously approved 14 recommendations are as follows:

    1. Creating an Office of Environmental Justice within the Governor’s Office of Public Engagement.

    2. Collaborating with EJ leaders to ensure the EJ Mapping Tool accurately reflects areas impacted by EJ issues.

    3. Creating a North Carolina-specific EJ index.

    4. Reviewing the EJ Hub and Mapping Tool for accessibility.

    5. Developing a process to review, respond to and implement input received on the EJ hub.

    6. Recommending cabinet agencies engage with community members around data collection and review.

    7. Developing a cumulative impacts guidance document.

    8. Recommending cabinet agencies review information gaps identified by the EJ Hub & Mapping Subcommittee and within their agency and provide a list of additional data they can supply; develop legislative language that authorizes such data collection and analysis, as needed.

    9. Engaging community leaders and EJ organizations in meeting planning.

    10. Seeking advice from tribal organizations and other relevant entities on the needs and best processes for engaging with these communities.

    11. Documenting and sharing public feedback and responses on public engagement events; evaluating and addressing barriers to engagement.

    12. Requiring EJ training for all state and local government employees.

    13. Cataloging and sharing EJ-relevant state resources to prevent duplication of efforts.

    14. Clarifying the definition of EJ to increase familiarity and ease of use.

    The full text of the recommendations can be found on pages 3-4 of the report.

    Read North Carolina’s Governor’s Environmental Justice Advisory Council Report here.

    Read Governor Cooper’s  Executive Order No. 292 here.

    ###

    Oct 22, 2024

    MIL OSI USA News

  • MIL-OSI Europe: Press release – Parliament approves up to €35 billion loan to Ukraine backed by Russian assets

    Source: European Parliament

    On Tuesday, MEPs gave their green light to an extraordinary loan of up to €35 billion to Ukraine, to be repaid with future revenues from frozen Russian assets.

    With 518 votes in favour, 56 against and 61 abstentions, Parliament endorsed the new macro-financial assistance (MFA) to help Ukraine against Russia’s brutal war of aggression. This loan is the EU’s part of a G7 package agreed last June, to provide up to $50 billion (approximately €45 billion) in financial support to Ukraine. The final amount that the EU will contribute could be lower, depending on the size of the loans provided by other G7 partners.

    The Ukraine Loan Cooperation Mechanism, a newly established framework, will make future revenues from the frozen Russian Central Bank assets located in the EU available to Ukraine. These funds will help Ukraine service and repay the EU’s MFA loan as well as loans from other G7 partners. While the mechanism’s funds can be used to service and repay loans, Kyiv may allocate the MFA funds as it sees fit.

    The new MFA funds will be disbursed until the end of 2025. The loan is conditional upon Ukraine’s continued commitment to uphold effective democratic mechanisms, respect human rights, and further policy conditions to be set out in a memorandum of understanding. Additionally, the management and control systems outlined in the Ukraine Plan, along with specific measures to prevent fraud and other irregularities, will apply to the MFA loan.

    Quote

    “Ukraine continues to resist Russian aggression, with its brave citizens fighting not only for their own existence and freedom, but to defend democracy, human rights, freedom, and international law for all of us. The need for financial support is both immense and urgent. Russia must pay for attacking Ukrainians and brutally destroying the country’s infrastructure, cities, villages, and homes. The burden of rebuilding Ukraine will be shouldered by those responsible for its destruction, namely Russia,” rapporteur Karin Karlsbro (Renew, SE) said.

    Next steps

    EU governments already endorsed the proposal, and the Council plans to adopt the regulation by written procedure after Parliament’s vote. The regulation will enter into force on the day after its publication in the Official Journal of the EU.

    Background

    In September, the Commission announced a €35 billion EU loan for Ukraine as part of a plan by G7 partners to issue loans of up to $50 billion (about €45 billion). Future revenues coming from the frozen Russian state assets would finance the loans. Approximately €210 billion in assets from the Central Bank of Russia are held in the EU and remain frozen under sanctions imposed over Moscow’s invasion of Ukraine in February 2022. EU governments decided to set aside the profits from these assets, and use them to support both military efforts and reconstruction in Ukraine.

    MIL OSI Europe News

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the People’s Republic of China’s misinterpretation of UN Resolution 2758 and its continuous military provocations around Taiwan – B10-0134/2024

    Source: European Parliament

    Markéta Gregorová, Ville Niinistö, Maria Ohisalo, Hannah Neumann, Diana Riba i Giner, Nicolae Ştefănuță, Erik Marquardt
    on behalf of the Verts/ALE Group

    B10‑0134/2024

    European Parliament resolution on the People’s Republic of China’s misinterpretation of UN Resolution 2758 and its continuous military provocations around Taiwan

    (2024/2891(RSP))

    The European Parliament,

     having regard to its recommendation of 21 October 2021 to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy on EU-Taiwan political relations and cooperation[1],

     having regard to its resolution of 7 June 2022 on the EU and the security challenges in the Indo-Pacific[2],

     having regard to its resolution of 15 September 2022 on the situation in the Strait of Taiwan[3],

     having regard to its resolution of 13 December 2023 on EU-Taiwan trade and investment relations[4],

     having regard to its recommendation of 13 December 2023 to the Council and the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy concerning EU-China relations[5],

     having regard to the joint communication of the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 16 September 2021 on the EU strategy for cooperation in the Indo-Pacific (JOIN(2021)0024),

     having regard to the Strategic Compass for Security and Defence – For a European Union that protects its citizens, values and interests and contributes to international peace and security, approved by the Council on 21 March 2022 and endorsed by the European Council on 24 March 2022,

     having regard to NATO’s 2022 Strategic Concept,

     having regard to the statement by the spokesperson of the European External Action Service of 14 October 2024 on China’s latest military drills,

     having regard to the G7 Foreign Ministers’ statement of 3 August 2022 on preserving peace and stability across the Taiwan Strait,

     having regard to United Nations General Assembly Resolution 2758 (XXVI) of 25 October 1971 on the restoration of the lawful rights of the People’s Republic of China in the United Nations,

     having regard to Article 7 of the United Nations Framework Convention on Climate Change (UNFCCC) of 9 May 1992,

     having regard to Rule 5 of the Standing Rules of Procedure of the Assembly of the International Civil Aviation Organization (ICAO),

     having regard to Article 4 of the Constitution of the International Criminal Police Organization (Interpol),

     having regard to Article 8 and Article 18, paragraph (h), of the Constitution of the World Health Organization (WHO),

     having regard to Rule 136(2) of its Rules of Procedure,

    A. whereas the statutes of most international organisations tasked with addressing global issues including climate change, the preservation of human health and the suppression of transnational crime, such as the WHO, the UNFCCC, Interpol and the ICAO, provide opportunities for non-state entities to participate without infringing on the rights of member states;

    B. whereas the People’s Republic of China (PRC) has made instrumental use of UN Resolution 2758 as a legal basis for its position that Taiwan is part of the PRC and a foundational element of its One China principle; whereas UN Resolution 2758 does not include the words ‘Republic of China’ or ‘Taiwan’, but only states that the PRC will represent ‘China’ at the UN, and does not make any determination regarding the status of Taiwan; whereas, however, the PRC continues to misinterpret UN Resolution 2758 to block Taiwan’s meaningful participation in international organisations;

    C. whereas the EU and Taiwan are like-minded partners that share the common values of freedom, democracy, human rights and the rule of law; whereas the EU remains decisively committed to its One China policy;

    D. whereas following the Taiwanese President Lai Ching-te’s annual speech on 10 October 2024, the PRC, on 14 October 2024, conducted a comprehensive military exercise across the Taiwan Strait, amounting to the fourth round of large-scale war games in just over two years;

    E. whereas the median line, which was set up in a decades-old tacit agreement between both sides of the Taiwan Strait, was designed to reduce the risk of conflict by keeping the military aircraft from both sides of the Strait at a safe distance and thus prevent fatal miscalculations; whereas the PRC’s People’s Liberation Army violated the median line only four times between 1954 and 2020, but now routine incursions reflect Beijing’s intent to irreversibly reset long-standing benchmarks;

    F. whereas on 14 October 2024, China also deployed 17 vessels from its coast guard, which was a larger deployment than in a previous exercise held in May this year, when coast guard vessels had been deployed for the first time; whereas four formations of Chinese coast guard ships patrolled the island and briefly entered its restricted waters; whereas the very frequent deployment of coast guard ships by the PRC in the Taiwan Strait, in what they consider ‘law enforcement’ missions, sends a clear message of sovereignty from the PCR, keeps constant pressure on Taiwanese authorities and causes a dangerous increase in the risk of collisions, in what is one of the most concrete indications of China’s intention to erode the status quo;

    G. whereas full-scale military exercises by the PRC have also been coupled with cyberattacks against Taiwanese authorities and other grey-zone activities such as cognitive and legal warfare and disinformation, aimed at discouraging the Taiwanese population, eroding Taiwanese legitimate sovereign rights and, ultimately, instilling the belief that reunification is inevitable;

    H. whereas on 16 October 2024, the authorities of the PRC stated ‘We are willing to strive for the prospect of peaceful reunification with the utmost sincerity and endeavour, but we will never commit ourselves to renouncing the use of force,’ reiterating Xi Jinping’s landmark speech at the opening of the Chinese Communist Party’s 20th Party Congress in October 2022; whereas Xi Jinping also referred to permanent military pressure in the Taiwan Strait as ‘new normality’; whereas Chinese diplomats even threatened ‘re-education’ of Taiwanese people after reunification;

    I. whereas the PRC has been behaving aggressively across a vast area of the Indo-Pacific and exerting varying degrees of military or economic coercion, which has led to disputes with neighbours such as Japan, India, the Philippines and Australia;

    1. Strongly reiterates its commitment to the EU’s One China policy and to maintaining peace and stability across the Taiwan Strait, in the whole Indo-Pacific region and beyond;

    2. Expresses the view that UN Resolution 2758 does not establish the PRC’s sovereignty over Taiwan; underlines how Taiwan has proven to be a very reliable partner in dealing with the many challenges of our time and supports Taiwan’s participation in meetings, mechanisms and activities of relevant international organisations, particularly the WHO, the UNFCCC, Interpol and the ICAO; calls on the Commission and the Member States to promote Taiwan’s inclusion in such international forums in accordance with their statutory rules;

    3. Strongly condemns the PRC’s practice of regularly resorting to comprehensive military exercises in the Taiwan Strait; is very concerned by the increasing, unwarranted mobilisation of the PRC coast guard, which confirms that the PRC considers the waters around Taiwan as its own and increases the risks of accidents; considers this to be yet another worrying confirmation that China is deliberately jeopardising the status quo in the Taiwan Strait;

    4. Is very concerned at the adoption of guidelines for punishing ‘diehard “Taiwan independence” separatists for conducting or inciting secession’ jointly announced by the Supreme People’s Court, the Supreme People’s Procuratorate, the ministries for public security and state security and the justice ministry in June 2024, which could lead to harsh punishments for the crime of secession, up to and including the death penalty; strongly condemns the sentencing of one Taiwanese activist to nine years in prison in September this year, after his arrest while in the PRC in 2022, as well as the constant harassment of Taiwanese people working and living in the PRC;

    5. Expresses concern at the expectation that China will become more aggressive militarily in the Taiwan Strait, as well as in the Indo-Pacific region more broadly;

    6. Urges the PRC authorities to restore full respect for the Taiwan’s Strait median line and to put a stop to all other grey-zone actions against Taiwan;

    7. Remains resolutely opposed to any unilateral change in the Taiwan Strait and against the will of Taiwanese citizens; remains equally strongly opposed to the threat or use of force, and stresses that any attempt by Beijing to subjugate Taiwan would come at an extraordinarily high price for the PRC;

    8. Commends Taiwan for the remarkable democratic journey it has undertaken over the last 30 years, solidly anchored upon freedoms, the rule of law, democratic institutions and free and fair elections; highlights the recognition of same-sex marriage by Taiwan in 2019, the first such recognition in Asia; strongly encourages Taiwan to keep working towards the abolition of the death penalty;

    9. Welcomes the very responsible reactions by the Taiwanese political elite to provocations by the PRC and expresses its great respect for the whole of Taiwanese society for its extraordinary resilience and strength;

    10. Welcomes the latest annual speech by President Lai Ching-te, who also appealed to China to work with him for peace; considers this to be an encouraging sign of movement towards stronger unity within the Taiwanese political spectrum; highlights that Taiwanese sovereignty is supported across the whole political spectrum and finds its best expression in the conducting of free and fair elections and in the maturity of Taiwanese democracy;

    11. Stresses that the EU and Taiwan are like-minded partners and share common values of freedom, democracy, human rights and the rule of law, thereby making Taiwan a strategically important partner for the EU in the Indo-Pacific region;

    12. Acknowledges that the ‘One Country, Two Systems’ principle does not provide any credible prospect for the preservation of the status quo in the Taiwan Strait; stresses the need to further develop EU-Taiwan relations with the preservation of peace and democracy at their core;

    13. Highlights the importance of coupling dialogue with deterrence; stresses the need, hence, to identify a fully-fledged and multidimensional strategy that would ensure that any unilateral change in the status quo in the Taiwan Strait would come at a prohibitively high cost to the PRC;

    14. Welcomes the posting of a liaison officer at the European Economic and Trade Office in Taiwan to coordinate joint efforts to tackle disinformation and interference as a first important step towards deeper EU-Taiwan cooperation, and calls for the EU to further deepen cooperation with Taiwan in this key area;

    15. Stresses the need to strengthen the focus on the PRC’s grey-zone activities against Taiwan and to renew EU support for the resilience of Taiwanese society and democracy as a whole; encourages, with this in mind, increased scientific, cultural and political interaction at the highest level possible, as well as the deepening of parliamentary diplomacy and visits; prioritises the creation of a common civic space with Taiwan by fostering exchanges and common activities with Taiwanese civil society and media organisations; underlines the importance of the people-to-people dimension of this cooperation;

    16. Stresses the crucial role of Taiwan in the global supply chain of key high-tech sectors, notably semiconductors; welcomes the recent investment projects by Taiwanese companies in some Member States and underlines the importance for Taiwan’s security of continuing to deepen its investments in the EU; calls on the Commission and the Member States to start working on a resilient supply chain agreement with Taiwan or other bilateral agreements to deepen the economic relationship; highlights the potential for cooperation on foreign direct investment screening policy and on tackling economic coercion and retaliation;

    17. Reiterates the importance of respecting international law, in particular the UN Convention on the Law of the Sea with its provisions on the obligation to settle disputes by peaceful means, and on maintaining freedom of navigation and overflight;

    18. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the governments and parliaments of the member states of the United Nations, and the Government and Legislative Yuan of Taiwan.

     

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Closure of the Somport and Bielsa border crossings – P-001667/2024(ASW)

    Source: European Parliament

    The Commission is aware of the closure of road RN134 in France, leading to Spain through the Somport tunnel. The Commission is concerned about the severe consequences that this disruption will have for the economy of the regions on both sides of the border, not only for road hauliers, but also local companies and their employees.

    It is the Commission’s understanding that traffic along road RN134 became de facto impossible following the damage caused by extreme rainfall in the area.

    The Commission has contacted the French authorities, who have reported that the Inter-Department Directorate for The Atlantic Roads (DIRA) has now carried out a technical assessment on the ground, based on which it presented a proposal to repair the damage.

    According to this proposal, the DIRA estimates that the works would be concluded during 2025, although the traffic could already be restored in January 2025.

    The Commission does not oversee the road works carried out by Member States. Nevertheless, the Commission trusts that the responsible bodies will work diligently to reestablish the traffic as soon as possible.

    The Commission also understands, based on the explanations received, that the French authorities opened a dialogue with their Spanish counterparts, including two meetings on 10 and 24 September 2024.

    The Commission is committed to monitor and ensure the safe flow of passengers and goods along this section of the comprehensive trans-European transport network.

    Last updated: 22 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Briefing – VAT in the digital age – 22-10-2024

    Source: European Parliament

    Value added tax (VAT) is one of the key revenue raisers in national budgets, accounting on average for almost a fifth of all tax revenue collected in the EU; and yet, sizeable amounts of VAT revenue are lost to fraud. Moreover, VAT rules place a considerable administrative burden on businesses. On 8 December 2022, to help fight VAT fraud and reduce this burden, the European Commission tabled a three-part proposal for a directive on VAT in the digital age. The proposal has three main objectives. The first is to introduce an EU-wide reporting system on intra-EU business-to-business (B2B) transactions, whereby companies would share, in real-time, data drawn from electronic invoices with the authorities. This would allow Member States to keep a close eye on the trail of VAT collected and to intervene when there is suspicion of fraudulent practices. The second objective involves introducing a harmonised framework for charging VAT in passenger transport and short-term accommodation platforms. The third is to adopt measures lowering VAT compliance costs for businesses operating across borders. For the proposal to become a directive, the Council must vote unanimously to adopt it, after consulting the European Parliament and the European Economic and Social Committee. Third edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

    MIL OSI Europe News

  • MIL-OSI Russia: Coming Soon: Speech by IMF Managing Director Kristalina Georgieva at the 2024 Annual Meetings Plenary

    Source: IMF – News in Russian

    Coming Soon: Speech by IMF Managing Director Kristalina Georgieva at the 2024 Annual Meetings Plenary

    October 25, 2024

    Annual Meetings Chairman, Ahmed Munawar, Chairperson and Governor, Maldives Monetary Authority, World Bank Group President Ajay Banga, and Managing Director of the International Monetary Fund Kristalina Georgieva speak at the October 25th plenary session of the Annual Meetings in Washington D.C.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/25/sp102524-annual-meetings-plenary

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Russia: Transcript of World Economic Outlook October 2024 Press Briefing

    Source: IMF – News in Russian

    October 22, 2024

    Speakers:
    Pierre‑Olivier Gourinchas, Director, Research Department, IMF
    Petya Koeva Brooks, Deputy Director, Research Department, IMF
    Jean‑Marc Natal, Division Chief, Research Department, IMF

    Moderator:
    Jose Luis De Haro, Communications Officer, IMF

    Mr. De Haro: OK. I think we can start. First of all, welcome, everyone. Good morning for those who are joining, as online. I am Jose Luis De Haro with the Communications Department here at the IMF. And once again, we are gathered here today for the release of our new World Economic Outlook, titled Policy Pivot Raising Threats. I hope that by this time, all of you have had access to a copy of the flagship. If not, I would encourage you to go to IMF.org. There, you’re going to find the document, but also, you’re going to find Pierre‑Olivier’s blog, the underlying data for the charts, videos, and other assets that I think are going to be very, very helpful for your reporting. And what’s best, that to discuss all the details of the World Economic Outlook that, to be joined here today by Pierre‑Olivier Gourinchas, the Economic Counsellor Chief Economist and the Director of the Research Department. Next to him are Petya Koeva Brooks. She is the Deputy Director of the Research Department. And also with us, Jean‑Marc Natal, the Division Chief at the Research Department. We are going to start with some opening remarks from Pierre‑Olivier, and then we will proceed to take your questions. I want to remind everyone that this press conference is on the record and that we will also be taking questions online.

    With no further ado, Pierre‑Olivier, the floor is yours.

    Mr. Gourinchas: Thank you, Jose, and good morning, everyone. Let me start with the good news. The battle against inflation is almost won. After peaking at 9.4 percent year on year in the third quarter of 2022, we now project headline inflation will fall to 3.5 percent by the end of next year, and in most countries, inflation is now hovering close to central bank targets.

    Now, inflation came down while the global economy remained resilient. Growth is projected to hold steady at 3.2 percent in 2024 and 2025. The United States is expected to cool down, while other advanced economies will rebound. Performance in emerging Asia remains robust, despite the slight downward revision for China to 4.8 percent in 2024. Low‑income countries have seen their growth revised downwards, some of it because of conflicts and climate shocks.

    Now, the decline in inflation without a global recession is a major achievement. Much of that disinflation can be attributed to the unwinding of the unique combination of supply and demand shocks that caused the inflation in the first place, together with improvements in labor supply due to immigration in many advanced countries. But monetary policy played a decisive role, keeping inflation expectations anchored.

    Now, despite the good news, on inflation, risks are now tilted to the downside. This downside risks include an escalation in regional conflicts, especially in the Middle East, which could cause serious risks for commodity markets. Policy shifts toward undesirable trade and industrial policies could also significantly lower output, a sharp reduction in migration into advanced economies, which can unwind some of the supply gains that helped ease inflation in recent quarters. This could trigger an abrupt tightening of global financial conditions that would further depress output. And together, these represent about a 1.6 percent of global output in 2026.

    Now, to mitigate these downside risks and to strengthen growth, policymakers now need to shift gears and implement a policy triple pivot.

    The first pivot on monetary policy is already underway. The decline in inflation paved the way for monetary easing across major central banks. This will support activity at a time when labor markets are showing signs of cooling, with rising unemployment rates. So far, however, this rise has been gradual and does not point to an imminent slowdown. Lower interest rates in major economies will also ease the pressure on emerging market economies. However, vigilance remains key. Inflation in services remains too elevated, almost double prepandemic levels, and a few emerging market economies are seeing rising price pressures, calling for higher policy rates. Furthermore, we have now entered a world dominated by supply shocks, from climate, health, and geopolitical tensions. And this makes the job of central banks harder.

    The second pivot is on fiscal policy. It is urgent to stabilize debt dynamics and rebuild much‑needed fiscal buffers. For the United States and China, current fiscal plans do not stabilize debt dynamics. For other countries, despite early improvements, there are increasing signs of slippage. The path is narrow. Delaying consolidation increases the risk of disorderly adjustments, while an excessively abrupt turn toward fiscal tightening could hurt economic activity. Success requires implementing, where necessary, and without delay, a sustained and credible multi‑year fiscal adjustment.

    The third pivot and the hardest is toward growth‑enhancing reform. This is the only way we can address many of the challenges we face. Many countries are implementing industrial and trade policy measures to protect domestic workers and industries. These measures can sometimes boost investment and activity in the short run, but they often lead to retaliation and ultimately fail to deliver sustained improvements in standards of living. They should be avoided when not carefully addressing well‑identified market failures or narrowly defined national security concerns.

    Economic growth must come, instead, from ambitious domestic reforms that boost innovation, increase human capital, improve competition and resource allocation. Growth‑enhancing reforms often face significant social resistance. Our report shows that information strategies can help improve support, but they only go so far. Building trust between governments and citizens and inclusion of proper compensation measures are essential features.

    Building trust is an important lesson that should also resonate when thinking about ways to further improve international cooperation to address common challenges in the year that we celebrate the 80th anniversary of the Bretton Woods Institutions. Thank you.

    Mr. De Haro: Thank you, Pierre‑Olivier. Before we open the floor for your questions, let’s remind some ground rules. First of all, if you have any question that it is related to a country program or a country negotiation, I would recommend not to formulate that question here. Basically, those questions can be formulated in the different regional press briefings that are going to happen later this week.

    Also, if you want to ask a question, just raise your hand, wait until I call you. Identify yourself and the outlet that you represent. And let’s try to keep it to just one question. I know that there are going to be many, many questions. We might not be able to take all of you. So please be patient. There are going to be many other opportunities to ask questions throughout the week.

    Let me start—how I am going to start. I am going to start in the center. A couple of questions here. Then I am going to go to my right, and then I am going to go there. I am going to start in the first row, the lady with the white jacket, thank you.

    QUESTION: Thank you, Jose, for taking my question. I am Moaling Xiong from Xinhua News Agency. I want to ask about the geopolitical tensions that was mentioned in the report. It says there are rising geopolitical tensions. So far, the impact has been limited. But further intensification of geopolitical rifts could weigh on trade, investment, and beyond. I wonder whether Pierre‑Olivier, could you talk a little bit about what are the economic impacts of growing geopolitical tensions? Thank you.

    Mr. Gourinchas: Thank you. This is, of course, a very important question. This is something that we are very concerned about, the rising geoeconomic fragmentation, trade tensions between countries, measures that are disrupting trade, disrupting cross‑border investment. This is something that we have looked at in our World Economic Outlook report. In Chapter 1, we have a box that evaluates the impact of various adverse measures, measures that could be taken by policymakers or various of shocks that would impact output. And when we look at the impact that rising trade tensions could have, there are two dimensions of this. One is, of course, you are increasing tariffs, for instance, between different blocs. That would disrupt trade. That will misallocate resources. That will weigh down on economic activity. But there is also an associated layer that comes from the uncertainty that increases related to future trade policy. And that will also depress investment, depress economic activity and consumption. When we put these two together, what we find is, we find an impact on world output that is on the order of about 0.5 percent of output levels in 2026. So it’s a quite sizable effect of both an increase in tariffs between different countries and an increase in trade policy uncertainty.

    Mr. De Haro: OK. I’m going to continue here in the center. We’re going to go to the gentleman on the third row. Yep. There. There, third row, there. Third row. Thank you.

    QUESTION: Hi. Thanks very much for taking my question. I just want to ask about the inflation side of the WEO. You mentioned just now inflation, you know, the battle is almost won. I am just wondering, there’s sort of a divergence between the advanced economies and emerging markets and developing economies. When do you expect inflation to sort of fall toward that 2 percent target in emerging markets and developing economies? Thanks.

    Mr. Gourinchas: Yes. So inflation, the progress on inflation has been more pronounced for advanced economies, and now we expect advanced economies to be back to their target sometime in 2025 for most of them. For emerging markets and developing economies, there is more variation, and we see an increase in dispersion of inflation, so a lot of countries have made a lot of progress. You look, for instance, at emerging Asia. There are inflation levels very similar to advanced economies for a number of them. You look at other regions—in the Middle East, for instance, or sub‑Saharan Africa—and you have countries that still have double‑digital inflation rates and will maybe take more time to converge back. So we see an increased divergence that reflects some of the shocks that are specific to some of these regions. Of course, conflict or climate‑related shocks can have an impact on inflation, and that’s what we’re seeing in these two regions I mentioned.

    Mr. De Haro: OK. Now I’m going to move to my right. The first row here, the lady with the red suit.

    QUESTION: Hello. This is Norah from Asharq Business with Bloomberg from Dubai.

    Pierre, you mentioned that the geopolitical tensions could account for 0.5 percent of output if things kind of get out of hand. To what extent is this a very optimistic number here? Because we’re talking about tensions not only in the Middle East. You have things going down in the Taiwan Strait. We have the Russian‑Ukraine war still ongoing. And there is a very big risk that shipping lines, straits might get disrupted. And this would affect very substantially the price of oil and other commodities. To what extent this would affect output—again, global output and inflation levels? Would inflation be a big risk again if major commodities prices increased substantially?

    Mr. Gourinchas: Yes. So you are absolutely right. The scenario I was referring to earlier is a scenario where we have increased trade disruptions, tariffs, and trade policy uncertainty. But one can think also about geopolitical tensions impacting commodity market or shipping. Now, this is not something that we looked at in this report. That’s something that we had looked at in our April report. And in April, when we looked at the potential for escalation in conflicts in the Middle East, the impact it could have on oil prices or on shipping costs, we found that this would very much be in the nature of adverse supply shock. It would negatively impact output, and it would increase inflation pressures. Now, the numbers we had when we did that exercise back in April, they’re still very relevant for the environment we’re in now. And that was one of the layers I showed today, is that it would reduce output by another about 0.4 percent by 2026 and would increase inflation by something on the order of 0.7 percent higher inflation in 2025. So this is something that is very much on top of the other tensions that I mentioned. This is why we are living in this world where there are multiple layers of risk that could be compounding each other.

    Mr. De Haro: I’m going to stay here. First row, here. Thank you.

    QUESTION: Thank you. My name is Simon Ateba. I am with Today News Africa Washington, D.C. I would like you to talk a little bit more about the situation in Africa. I know two years ago it was about COVID and then Ukraine. What do you see now? And what are some of the recommendations for sub‑Saharan Africa? Thank you.

    Mr. Gourinchas: So sub‑Saharan African region is one that is seeing growth rates that are fairly steady this year, compared to last year, at about 3.6 percent, and then expected to increase to about 4.2 percent next year. So we’re seeing some pickup in growth from this year to next year. But now, this is certainly a region that’s been adversely impacted by weather shocks and, in some cases, conflict. So the growth remains subdued and somewhat uneven, and that’s certainly something that we are concerned about.

    Let me turn it over to my colleague Jean‑Marc Natal to add some color.

    Mr. Natal: I would be happy to. Do you hear me? OK.

    So yes, so there has been over the last year, year and a half, there has been some progress in the region. You saw, you know, inflation stabilizing in some countries going down even. And reaching close—level close to the target. But half of them is still at distance, large distance from the target. And a third of them are still having double‑digital inflation.

    In terms of growth, as Pierre‑Olivier mentioned, it’s quite uneven, but it remains too low. The other issue is debt in the region. Obviously, it is still high. It has not increased. It has stopped increasing, and in some countries already starting to consolidate. But it’s still too high. And the debt service is correspondingly still high in the region. So the challenges are still there. There has been some progress. So in terms of the recommendation, in countries where inflation is very high, you would recommend, you know, tight monetary policy and in some cases, when possible, helped by consolidation on the fiscal side.

    It’s complicated. In many countries, you know, there are trade‑offs, and, you know, consolidating fiscal is difficult when you also have to provide for relief, like in Nigeria, for example, due to the flooding. So targeting the support to the poor and the vulnerable is part of the package when you consolidate. I will stop here.

    Mr. De Haro: OK. I am moving to my left. I am going to go to the gentleman in the first row.

    QUESTION: Thank you very much. Joel Hills from ITV News. We know that the chancellor in the United Kingdom is planning on changing the fiscal rule on debt to allow for—to borrow more for investment. Pierre‑Olivier, do you support this idea? And what, in your view, are the risks? And should the U.K. government continue to target a fall in debt of some description or a rise in public sector net worth?

    Mr. De Haro: Pierre‑Olivier, before you answer, are there any other questions on the U.K. in the room? I am going to take just two more from this group of U.K. reporters on my right that they are very eager. Just two questions more. We do not want to overwhelm—

    QUESTION: Alex Brummer from the Daily Mail in London. Again, around the chancellor’s upcoming budget. In your opening remarks, you referred to the possibility of abrupt changes in fiscal policy, disrupting what might happen to economies. U.K., according to your forecast, is in a quite good place in terms of growth heading upward. Do you fear that too strong a change in direction in fiscal policy in the U.K. could affect future growth?

    Mr. De Haro: Just one more question.

    QUESTION: Mehreen Khan from The Times. You mentioned that there are some countries at risk of fiscal slippage because governments have promised to do their consolidation have struggled to execute. Is the U.K. in that group? Also, the IMF has previously recommended that countries are under fiscal strain should—can keep sort of investment flowing if they do shift to measures like public sector net worth. Is that still a recommendation that you stand by in particular relevance for the U.K.?

    Mr. De Haro: And to give Pierre‑Olivier a little bit of time, I just want to remind everyone that we will have regional press briefings later this week, and some of these questions can be brought to all heads of departments that are going to be talking later on in the week. Pierre‑Olivier?

    Mr. Gourinchas: First, I will make three quick remarks. We are going to wait and see at the end of this month, on October 30, the details of the budget that will be announced by the U.K. government. And at that point, we’ll be able to evaluate and see the detail of the measures and how they will impact the U.K. economy.

    The broader question, I think, is relevant for many countries, not just the U.K. And it goes to the second pivot I mentioned, this narrow path in terms of fiscal consolidation. I think when countries have elevated debt levels, when interest rates are high, when growth is OK but not great, there is a risk that things could escalate or get out of control quickly. And so there is a need to bring debt levels down, stabilize them when they are not stabilized and rebuild fiscal buffers. That is true for many countries around the world. And if you are not doing that—and that is getting to the question that was asked by the gentleman on the right here—if you’re not doing that, that’s when you find yourself potentially later on at the mercy of market pressures that will force an adjustment that is uncontrolled to a large extent. At which point you have very few degrees of freedom, so you do not want to get in that position. And I think the effort to stabilize public debt has to be seen in that context.

    Now, the other side of the narrow path is, of course, if you try to do too much too quickly, you might have an adverse impact on growth. And you have to be careful there because we do have important—most countries have important needs when it comes to spending, whether it’s about central services, what we think about healthcare, or if we think about public investment and climate transition. So we need to protect also the type of spending that can be good for growth. So finding ways—and this is something that our colleagues in the Fiscal Monitor report emphasize, finding ways to consolidate by reducing expenditures where it’s needed. Maybe raising revenues. Often, it’s a combination of both but doing so in a way that is least impactful on growth. It’s country by country. There is no general formula. But that’s kind of the nature of the exercise.

    That pivot, that second pivot is absolutely essential. At the point we’re at again precisely because we’re in a world in which there will be more shocks and countries need to be prepared and need to have some room on the fiscal side to be able to build that.

    Mr. De Haro: OK. Last question on this side. Then I will go online, and then I will go around the room again. The gentleman in the second row.

    QUESTION: Thanks, Jose. Pierre‑Olivier, a question on Argentina. The IMF is maintaining its projections for the country for next year, improving GDP and inflation, 45 percent at the end of the year. Oh, yes. Sorry. Alam Md Hasanul from International.

    A question on Argentina. The IMF is maintaining its projections for next year, but I wanted to see if you could give us a little bit more detail on, where do you see the economy going. And if it’s accurate to say at this point that the worst of the crisis is in the past? Thanks.

    Mr. De Haro: We have received other questions regarding Argentina online from Lilliana Franco. Basically, she wants to know what’s behind our expectations for inflation for 2025. And I think that there are other Argentine reporters in the room. I see them in the back. Please, if somebody can get them the mic and we can get all the questions on Argentina and then move on to other regions. There. There. Those two, please. Try to keep it short.

    QUESTION: Hi. Patricia Valli from El Cronista. You mentioned the need to keep going with the reforms. And the government in Argentina is implementing a series of reforms. What’s the take of the IMF in terms of these? And if they are perhaps hurting the most vulnerable due to the increase of poverty numbers in Argentina in the past report?

    QUESTION: Hello. Juan Manuel Barca from Clarín Newspaper. I want to know if you raised your employment projection compared to the April—compared to the July forecast.

    Mr. Gourinchas: Yes. So let me first state at the outset that our projections for Argentina have not been updated since July, and the reason for this is because there are ongoing program discussions between the authorities and the Fund. And so while that process is going on, we did not update the projections for the October round.

    Now, to come to the question that was asked on the left. There are two things that are relevant for Argentina, two main things. One is what’s happening on the inflation side. Here, I think the progress has been very substantial. We are now seeing month‑on‑month inflation in Argentina close to 3.5 percent, and this is down from about 25 percent month on month back in December of last year. So very, very significant decline in the inflation rate. So that’s something to acknowledge. And the hope is, of course, that the measures in place will continue to improve the situation on that front.

    On the growth front, what we are saying is that activity has contracted substantially in the first half of the year, but there are signs that it’s starting to gradually recover. Now how much again, I cannot give you an update because we do not have it as of now. But there are signs that there is a recovery in real wages and in private credit and activity.

    Now, of course, this has been difficult for the Argentine economy, the decline in growth of that nature. And that’s something that, again, we are engaged in discussions with the authorities on the best way forward. I cannot comment more than that.

    Mr. De Haro: OK. Now I am going to get a question from our colleagues on WebEx. I think that Weier is there.

    QUESTION: I have a question on China. Given China’s recent implementation of various stimulus measures, such as support for the real estate—real sector and interest rate reductions and other economic incentives, we’ve already seen a major boost in its capital market. So how do you assess the potential impact of these developments on China’s economic recovery and growth perspective?

    Also, how the external effects, such as the Federal Reserve’s easing monetary path, will play a role here. Thank you.

    Mr. De Haro: Before you answer on the Federal Reserve, there’s other questions on China of a similar nature. Recent stimulus announced by the Governor and its effects.

    Mr. Gourinchas: OK. So China, as I mentioned in my opening remarks, we have a slight downward revision for its 2024 growth, compared to our July projections to 4.8 percent. And that’s a revision that’s coming largely due to a weaker second quarter of the year. And that weaker second quarter of the year is reflecting continued decline in confidence in the household and corporate sector and also the continued problems in the property sector in China.

    Now, this is something that, of course, is a top priority to address for the Chinese authorities. And we’ve seen a number of measures that have been announced since the end of last month. First measures, monetary and financial measures announced by the People’s Bank of China, and then some fiscal measures that were announced a few weeks ago.

    These measures in general go in the right direction, from our perspective. They are trying to improve the situation in the property sector. They’re trying to, for instance, lowering borrowing rates or trying to improve the balance sheet of the property developers.

    In our view, in our assessment, the measures announced at the end of last month by the PBOC, although they go in the right direction, are not sufficient to lift growth in a substantially material way. And that’s why our forecast is still at about 4.8 percent for 2024 and is unchanged for next year, at 4.5 percent.

    The new, more recent measures announced a few weeks ago by the Ministry of Finance are not incorporated in our forecast. We are waiting to see the details. I should mention, however, that since then, there has also been a release of the Q3 growth for China, and this has also been a little bit on the disappointing side. So I would say that what we’re seeing in terms of where the Chinese economy might be going is a little bit of a downward revision coming from the Q3 forecast and then potentially some measures that will help lift the economy going forward.

    Mr. De Haro: OK. So we have an additional question online. Basically, it comes from a reporter in Israel who wants to know how the current conflict is affecting the region and the global economy. Also, if there’s any other questions regarding the ongoing conflict, we can go here in the first row, please.

    QUESTION: Hi. Amir Goumma from Asharq with Bloomberg. With the GCC countries increasingly focusing and diversifying their economies away from oil now, how the IMF sees the progress and how you assess that with geopolitical tensions that may affect the attraction of the investment?

    Mr. Gourinchas: OK. So on the impact of the conflict in the Middle East on the countries in the region, and more broadly, let me ask my colleague Petya Koeva Brooks to come in.

    Ms. Koeva Brooks: Sure. Indeed, the conflict has inflicted a heavy toll on the region, and our hearts go to all who have been affected by it. We are monitoring the situation very closely. And what we could say at this stage is apart from the enormous uncertainty that we see is that the fallout has been the hardest in the countries in the region, at the epicenter of the conflict. We’ve seen significant declines in output in West Bank, in Gaza. Lebanon has also been hard hit. Now, we’ve also seen impact in the—on the economy in Israel, although there, I think the—so far at least, the impact has been smaller.

    Now, beyond that, there has also been an impact on commodity prices, on oil prices. We’ve seen quite a lot of volatility, though, as other factors have also come in, such as the concerns about global demand kind of have pushed prices in the opposite direction.

    Now, beyond that, when it comes to specific countries in the GCC region, when it comes to, for instance, Saudi Arabia, we’ve seen there, actually the non‑oil output has done very well, and we do have a small downward revision in the overall growth rate, but that is pretty much because of the voluntary oil cuts that have now been extended through November. Let me stop here. Thank you.

    Mr. De Haro: OK. We are coming here to the center of the room. I’m going to go way back. The gentleman in the blue shirt that I think is the third row from the back. Yep. There. He has—there, there, there. A little bit. Can you stand up? Yep. Perfect. And then I will go with you, with the lady.

    QUESTION: Thank you for doing this. Your alternative scenario about the trade war does not seem so far from reality. Indeed, especially if Trump wins the elections. So could you augment about that? Thank you.

    Mr. De Haro: We have a couple of questions similar to that nature.

    Mr. Gourinchas: Yes. So, I mean, of course, I will first preface by saying we are not commenting on elections or potential platforms here at the IMF. What we are seeing and when we’re looking at the world economy goes beyond what might be happening in a single country. This is why the scenario that we are looking at in Box 1.2 of our World Economic Outlook is one that focuses on, if you want, an escalation of trade tensions between different regions—whether the U.S., the European Union, or China. And the numbers I quoted earlier are reflecting our model estimates of the cumulative impact of this increase in tensions. So I think that this is something that we are very concerned about. We’ve seen a very sharp increase in a number of trade‑distorting measures implemented by countries since 2019, roughly. They’ve gone from 1,000 to 3,000, so tripling of trade‑distorting measures implemented by countries, and 2019 was not a low point. That was already something that was above what we were seeing in the 2010s. So there is definitely, you know, a direction of travel here that we are very concerned about because a lot of these trade‑distorting measures could reflect decisions by countries that are self‑centered but could be ultimately harmful not just to the global economy, but this is the benefits of doing a scenario analysis like the one we did. They are also hurtful for the countries that want to implement them, as well, because the impact on global trade also makes the residents of a country poorer.

    Mr. De Haro: OK. I’m going to take a question from WebEx and then I’m going to go to you. I think that we have a question on the U.S. Please go ahead.

    QUESTION: My question would be regarding the U.S. resilience toward inflation shock. I remember talks about this during the April meetings and the April report. And I wanted to ask you whether you’re still committed to this forecast of the U.S. resiliency, and whether we can still see the risk of recession in the U.S. since recent talks about the unemployment data, it has not always come to the expectations of what the bond market or the stock exchange thinks.

    So is the U.S. still as resilient as you saw it in April this year?

    Mr. Gourinchas: Yes. So, I mean, the news on the U.S. is good in a sense. We have had an upgrade in growth forecasts for 2024 and 2025. The historical numbers have also been revised, so even upgraded 2023, that is already sort of behind us. But the numbers came in, and they were stronger than what was realized. And that strong growth performance has been happening in a context of a continued disinflation. There have been some bumps in the road. The disinflation may not have been proceeding, especially earlier in the year, as quickly as was projected, but lately it has been quite substantial.

    So what accounts for this is two things that are really important there. One is, there is strong productivity growth that we see when we look at the U.S. That’s somewhat unlike other advanced economies, in fact. When we look around the world. And the second is also a very significant role that immigration has played, the increase in foreign‑born workers in the U.S. that have been integrated fairly quickly into the labor force. Now, the increase in unemployment that we’ve seen recently—I just showed it in my opening remarks—reflects to a large extent the fact that you have this increase in foreign‑born workers. And it takes—they have been integrated quickly in the labor force, but still there was an influx of them or there was an influx of them, and it’s taken a little bit of time to absorb them. And that’s what is reflected in the increased unemployment rate. So the labor market picture remains one that is fairly, fairly robust, even though it has cooled off but from very, very tight levels. Growth is solid. So I think the answer to the question that was posed, I think a risk of a recession in the U.S. in the absence of a very sharp shock would be somewhat diminished.

    Now, that is really what paved the way when you think about what the Federal Reserve is doing, seeing this inflation coming down a lot but noticing the increase in unemployment, pivoting away from just fighting inflation, that fight is almost done, and now being more concerned about, maybe what might be happening going forward with the labor market and wanting to make sure that that cooling off of the labor market does not turn into something that is more negative.

    Mr. De Haro: OK. The clock here says that I have seven minutes that I can push a little bit, but we go there. Then we will go to this side. And come back here and maybe end around here.

    QUESTION: Thank you very much. My name is Hope Moses‑Ashike from Business Day Nigeria. So I am right here in this room, in April, you projected the Nigeria economy to grow by 3.3 percent, and you cited improved oil sector, security, and then agriculture. So I want to understand, what has changed since then in terms of Nigeria’s growth and the factors you mentioned? Thank you.

    Mr. Gourinchas: Thank you. Jean‑Marc, do you want to comment on Nigeria?

    Mr. Natal: Yes. Rightly so. We revised growth for Nigeria in 2024 by .2 down. And, you know, things are volatile, I suppose, because the reason for the revision is precisely issues in agriculture related to flooding. And also issues in the production of oil related to security issues, and also maintenance issues that have pushed down the production of oil. So these two factors have played a role.

    Mr. De Haro: OK. We go to this side. I’m going to go to the front row, the lady with the white jacket. Thank you.

    QUESTION: Thank you. So this is still a follow‑up question since you just answered on Nigeria. What’s the IMF’s projection for the social impacts on full subsidy removal, especially when you—full subsidy removal and forex unification in terms of poverty, inequality, and food insecurity? And also, can give us your medium‑term projections for Nigeria’s growth? Thank you.

    Mr. Gourinchas: So I am afraid on this one I will have to go back and check because I do not have the number ready on the impact of the removal of the fuel subsidies specifically that you asked about. I do not know if my colleagues—

    Mr. De Haro: And I would encourage you to formulate this question in the press briefing for the regional outlook for the African Department. Probably there, you will get your answer, but reach out to us bilaterally and then we will get you the question.

    We are going to stay—we’re going to go to the gentleman in the back. Yep.

    QUESTION: Thanks very much. Andy Robinson of La Vanguardia, Barcelona, Spain. There seems to be a strange sort of divergence in the euro zone economy in which Spain—you have revised upwards Spain’s GDP growth forecast a whole point, percentage point, whilst Germany is languishing. Could I ask you, is Spain’s performance sustainable? And Germany’s in a recession?

    Also, one other question. You seem in your box on inflation and wage share and profit share, wage share you seem to be suggesting if there’s any danger of increasing inflation in the future, it’s more an excessive profit share than exactly wage? Could you tell me if that’s a correct interpretation? Thanks.

    Mr. Gourinchas: Yes. So just a few words on the euro area in general. And then I will let my colleague Petya come in on Spain. We do see some divergence across the different countries of the euro area. And one of the drivers is how reliant they are on manufacturing, as one of the key sectors in domestic production. And what you are seeing is, there is a general weakness in manufacturing and that’s heating countries like Germany. While countries that are maybe a bit more reliant on services, including tourism—and Spain is one of them—are seeing a better performance.

    Now, on the second part of your question, and I will turn it over to Petya, on the profit share and wages. We’re seeing now wage growth that is in excess of inflation. And sometimes people say, well, that’s a problem because that means, you know, maybe that cannot be sustained and therefore there will be more inflation. Well, not quite. That’s not the view we have here at the Fund. A lot of the increase in wages in excess of inflation right now—so that’s an improvement in real wages in standards of living—is reflecting a catchup phenomenon. It’s after years during which inflation was higher than wage inflation, wage increase. So real wages are catching up. They are covering lost ground.

    Now, during those years when inflation was higher than wages, profit margins somewhere were higher in the economy. And that is the profit margin that is being eroded back. So it’s not that we’re squeezing profits inordinately right now. It’s just they’re coming back more toward their historical level as real wages are catching up, and that’s not necessarily a concern in terms of inflation dynamics going forward. With this, let me turn it over to Petya.

    Ms. Koeva Brooks: Thank you. Indeed Spain does stand out as one of the countries with a substantial upward revision for this year. We’re now projecting growth to be 2.9, after last year, when it was 2.7. So what’s behind this revision is the positive surprises that we’ve already seen, especially in the second quarter, as well as some of the revisions to the back data.

    And then when we look at the composition of these surprises, again, it was net exports and the receipts from tourism that were a substantial contributor. But also, private consumption and investment also played a role, which may imply that some of the impact of the national recovery plan and the EU funds that are being used could—we could already be seeing the impact of that. And then when we move forward, we are expecting a slowdown in growth next year, but, again, if these—if this investment continues, of course, that would be a very positive factor behind the recovery. Thanks.

    Mr. De Haro: OK. I have time for just one question because literally, we have 15 seconds. So I’m going to go with the gentleman here.

    QUESTION: Thank you. Barry Wood, Hong Kong Radio. Mr. Gourinchas, in April you said likely we will see one rate cut in the United States. We’ve seen it. The data, as you just said, is very good. Would further rate cuts be counterproductive?

    Mr. Gourinchas: Well, in our projections, of course, we need to make some assumptions about what central banks, and this round of projection is no exception. So in our projections just released today, we’re assuming that there will be two more rate cuts by the Fed in 2024 and then four additional rate cuts in 2025. And that would bring the policy rate towards the terminal rate that is around 2.75, 3. Why do we see the additional rate cuts? Well, in part it’s the progress on inflation. And then as I mentioned earlier, as an answer to an earlier question, the fact that we’re seeing the labor markets cooling and therefore the concern for the Fed is now to make sure that that last part of the disinflation process is not one that is going to hit activity. In the Chapter 2 of our report, we describe how that last mile could be somewhat more costly because, as the supply constraints have eased and moved away, it becomes harder to bring down inflation in that last mile without hurting economic activity, so it’s important to also adjust the policy rate path in a direction of a little bit more easing, as the economy is smooth landing.

    Mr. De Haro: OK. As in life, all good things have to come to an end. But before that, I want to thank you all, on behalf of Pierre‑Olivier, Petya, and Jean‑Marc. Also, on behalf of the Communications Department and a couple of reminders for all of you, the Global Financial Stability Report press briefing is going to happen in this same room at around 10:15 a.m. Tomorrow morning, you have the press briefing for the Fiscal Monitor, and later on in the week, you will have the Managing Director’s press briefing and all the regional press briefings that we’ve been talking about. I want to encourage you to go to IMF.org, download the flagships, the World Economic Outlook, and if you have any questions, comments, feedback, everything to media at IMF.org. So have a great day.

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    https://www.imf.org/en/News/Articles/2024/10/22/tr102224-weo-transcript

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