Source: African Development Bank Group Benin has pledged $2 million to the next replenishment of the African Development Fund, the concessional window of the African Development Bank Group.
The country’s Minister of Economy and Finance, Romuald Wadagni, made the announcement in Cotonou, at the opening session of the Mid-Term Review of the 16th Replenishment of the…
Some industry concerns, however, have been addressed20 min read
Yesterday, the Federal Government introduced the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 (the Bill) to the Parliament, marking a significant shift in Australia’s merger regime. From 1 January 2026, Australia will adopt a mandatory and suspensory administrative merger process. New merger authorisation and informal clearance applications can no longer be made after 30 June 2025 and 31 December 2025 respectively.
The Bill sets out the legal framework for the new merger regime and key elements, including the control test, notification thresholds, ACCC and Tribunal review timelines, the suspensory rule, the substantial lessening of competition and public benefit tests and transitional arrangements.
While the Government has incorporated some feedback from businesses and the legal community provided during the consultation stage, concerns remain about the complexity of the regime, the volume of transactions it may capture and the ACCC’s ability to review mergers efficiently as a result. Businesses should carefully plan their timelines to avoid having to restart the process under the new regime during the transitional period.
However, despite some concerns, there are some positive changes. Amongst these, the Tribunal’s new evidence rules and ACCC waiver powers introduce important and beneficial new procedural aspects. In this Insight, we outline the key elements of the Bill and explore what its passage through Parliament could mean for the future of mergers in Australia.
Key takeaways
The Bill introduces a package of reforms that replaces Australia’s existing merger review framework with a single mandatory and suspensory administrative merger regime, which will come into effect on 1 January 2026. New merger authorisation and informal clearance applications can no longer be made after 30 June 2025 and 31 December 2025 respectively. From 1 January 2026, if an acquisition reaches the notification threshold and an exemption does not apply, it must be notified to the ACCC and cannot be ‘put into effect’ or it will be void.
The announced thresholds include only monetary factors (including a three-year cumulative turnover threshold), suggesting the Government will not be proceeding with market concentration thresholds. The Treasurer also has the ability to designate acquisitions that must be notified.
Acquisitions that do not result in control or a change in control are not required to be notified. While the concept of control is aligned with the Corporations Act, it is subject to several modifications when considering whether the ‘control exemption’ applies. Acquisitions of shares in listed entities and other bodies corporate under Chapter 6 of the Corporations Act are also not required to be notified if the acquisition does not result in a person’s voting power in that entity increasing to more than 20% or between 20% and 100%.
The ACCC will assess the acquisition against the new and expanded ‘substantial lessening of competition test’ (SLC test) of whether an acquisition, in all the circumstances, will lead to an effect, or likely effect, of creating, strengthening or entrenching a substantial degree of power in the market. Unlike the exposure draft, this SLC test will only apply to mergers and not the Competition and Consumer Act (CCA) generally.
The public benefits test will remain unchanged in the CCA, ie that the ACCC may determine that an acquisition can be put into effect if it is satisfied the acquisition will result in public benefits that outweigh any detriment. In the exposure draft, it had been proposed that the public benefit would need to substantially outweigh any detriment to the public, but this has since been removed in the Bill.
A confidential review process can be requested for certain hostile takeover bids and a notification waiver process is available to allow the ACCC to waive notification on a case-by-case basis. Similarly, voluntary transfers of business under the Financial Sector (Transfer and Restructure) Act will be reviewed by the ACCC confidentially, with no information or documents included on the acquisitions register until the ACCC makes a determination.
While the Tribunal cannot generally have regard to material that was not before the ACCC when making its determination, it has been empowered under the Bill to seek further information, documents and evidence in certain circumstances. One new circumstance is where the notifying party was not given a reasonable opportunity to make submissions to the ACCC in respect of new information relevant to the ACCC’s determination. This is a new addition, and one that is certainly welcome.
While the ACCC states in its statement of goals for merger reform implementation that it expects about 80% of mergers to be cleared within 15 to 20 business days, the complexity—together with the potential volume of mergers captured—raises significant concerns about the ability of the ACCC to review mergers promptly. Transacting parties will need to factor in specific timeframes for review of public benefits after the ACCC’s determination on competition effects.
Notifiable acquisitions
What types of acquisitions are caught?
The new regime requires that the following types of acquisitions by corporations or persons be notified where the ‘control’ and ‘monetary’ thresholds are met:
shares in the capital of a body corporate or corporation;
any assets of a person or corporation; or
any other acquisition the Minister, following consultation and by legislative instrument, determines should be notifiable or exempt.
The new regime also applies to partnerships and unit trusts as if they were a ‘person’ (subject to certain modifications, eg obligations being imposed on each partner or trustee (where there are multiple trustees), but capable of being discharged by the one). It also applies to acquisitions of units in a unit trust and an interest in a managed investment scheme as if those entities were bodies corporate and the units/interest were shares. This represents an expansion from previous legislation, addressing gaps identified in the exposure draft. The concept of ‘indirect’ acquisition has also been removed from the Bill.
Control test
Notification will be required where the above acquisitions result in the acquirer gaining control or practical influence over the business.
In this context, ‘control’ refers to the capacity to determine the outcome of decisions regarding the target’s financial and operating policies. Assessing whether such control exists requires consideration of both the practical influence that may be exerted (rather than the rights enforceable) and any practice or pattern of behaviour affecting the financial or operating policies of the entity. In aligning more closely with the definition of control in the Corporations Act 2001 (Cth), the Bill provides greater clarity on the concept of control as compared to the exposure draft.
However, the Bill modifies the concept of ‘control’ in certain ways, such as:
a person is taken to be able to control the target if it and one of its associates jointly have the capacity to control the target; and
for an acquirer that is a special purpose vehicle—the rule that deems an entity not to have control if it is under a legal obligation to exercise its influence for the benefit of others, is disregarded.
Exemptions
Certain acquisitions are exempt from notification, including:
acquisitions that do not result in control (ie the capacity to determine the outcome of decisions regarding the target’s financial and operating policies), including a change in control;
acquisitions of shares in the capital of a listed company, listed scheme or a large unlisted company (ie more than 50 members) (Chapter 6 entity) where the acquiring party’s voting power does not exceed 20% or does not move from above 20% to below 100%. This aligns with the takeovers threshold in the Corporations Act. When determining whether an acquisition meets the voting power threshold, a person is not considered to have acquired a ‘relevant interest’ in the shares until a conditional contract becomes binding (eg where a person has an option to acquire shares). This is a shift away from what was presented in the exposure draft;
internal restructures and reorganisations of involving related bodies corporate, or conducted through a trust or partnership; and
ordinary business transactions other than those involving land and patents.
Unlike the exposure draft, the Bill does not adopt the rebuttable presumption of control which had seen stakeholder concerns surrounding its ambiguity around acquisitions with lower voting power thresholds. The Bill also does not adopt the express exclusions for temporary holdings of shares or acquisitions. This is likely to be a significant issue for many businesses, so it will need to be considered further. It may be that it is intended to be covered by the waiver process or the Chapter 6 entity voting power exemption.
Further, parties can request that notification of a proposed ‘surprise hostile takeover’ (ie where the target is not aware of the proposed bid) be withheld from publication on the acquisitions register for up to 17 business days, or indefinitely if the ACCC decides to cease its review (including at the bidder’s request) within that period. However, this only applies to unconditional bids (or those subject only to prescribed occurrence conditions), and there is a range of requirements, such as the bidder committing to filing the bidder’s statement one business day after receiving the ACCC determination, which may expose the bidder to market risk.
Thresholds
While the regulations are yet to be released, the Government response has confirmed that the new regime will have the following notification thresholds:
Economy wide monetary thresholds
Targeted notification requirements and exceptions
Notification waiver: the new law also introduces a notification waiver process, wherein parties to an acquisition can apply to the ACCC to relieve them of the obligation to notify an acquisition that would otherwise be required to notified. The notification waiver does not, however, exempt an acquisition from the operation of section 50.
Ministerial determinations: the Bill incorporates a power for the Minister to make a determination that could require certain potentially anti-competitive mergers to be notified, in response to evidence-based analysis and consultation regarding high-risk sectors of the economy.
Further consultation on exceptions and targeted notification: the Government response indicates that it intends to consult further on whether certain categories of transactions should be notifiable or exempt, including:
requiring notification if a target is a non-listed body corporate, at least one merger party has Australian turnover of at least $200 million and the acquisition results in the acquirer holding more than 20% voting power; and
exempting land acquisitions involving residential property development or by any business that is primarily engaged in buying, selling or leasing property and which does not intend to operate a commercial business (other than leasing) on the land (unless those acquisitions are captured by additional targeted notification requirements).
The Government has also said it will ‘ensure’ that acquisitions unlikely to have an impact on Australia will not need to be notified. It is not clear how this will be applied at this point.
Proposed targeted screening tool
A targeted screening tool is currently being explored as a low-cost approach to capture acquisitions below the monetary thresholds in select concentrated regions and sectors. This means that all mergers where the target business or asset operates in the designated sub-industries, sector, goods or services or regions above a minimum turnover threshold (which is yet to be determined) would need to register with the ACCC.
A Ministerial determination could require acquisitions found through the screening tool to be in high-risk or concentrated markets to notify or provide more information to the ACCC.
The merger would only be notifiable if the ACCC requests notification within 5 to 10 business days.
Notification rules and requirements
The Bill details various changes to the notification and information-gathering requirements under the mandatory merger regime.
Who has the obligation to notify?
There is an obligation on the principal party (ie, the person(s) who acquire the shares / assets) to make a notification to the ACCC. A notification may be made jointly if there are multiple parties to the transaction.
Material changes of fact
Parties have an ongoing obligation to notify the ACCC of any material changes of fact to the notification until the ACCC makes its determination.
What constitutes a material change of fact is left to the discretion of the ACCC, but examples of material changes of fact may include: (i) the immediate or short-term exit of a major competitor, (ii) the destruction of assets that are relevant to the ACCC’s assessment of the notified acquisition; or (iii) significant regulatory change.
If a change of fact will materially impact the ACCC’s investigation, it has the ability to:
extend the determination period by the number of days that the ACCC was without information of the relevant change; or
could also effectively ‘re-start the clock’.
Penalties
The Bill introduces pecuniary penalties for contravention of the obligation to notify the Commission; the prohibition on putting into effect stayed acquisition; and a new civil penalty for providing false or misleading information to the ACCC or the Tribunal in relation to an acquisition.
Transitional arrangements
Both the current informal merger filing process and the merger authorisation process will be phased out.
From 1 January 2026, the new mandatory merger regime will come into effect and, if a proposed transaction is notifiable—in that it meets the relevant merger thresholds and control test—it will have to be notified to the ACCC under the new regime. Businesses will no longer be able to voluntarily notify the ACCC via its informal clearance process from 1 January 2026, or use the merger authorisation process from 1 July 2025.
Between 1 July 2025 and 31 December 2025, merging parties can choose to voluntarily notify the ACCC of their proposed acquisition under the new regime. There is no obligation to do so, however, and merging parties can continue to voluntarily notify the ACCC of a transaction under the informal process during this period.
The formal merger authorisation process will remain in effect until 31 December 2025, but merging parties can only lodge applications for merger authorisations up until 30 June 2025.
The new mandatory merger regime will not apply to acquisitions notified to the ACCC before 1 January 2026 where the ACCC has:
granted merger authorisation; or
advised the merging parties that it does not intend to take action under s50 of the CCA (ie cleared the transaction under the informal process); and
where the merging parties have put that acquisition into effect within 12 months of the ACCC’s decision.
To the extent that merging parties do not put the acquisition into effect during that period, they will need to re-notify the ACCC under the new mandatory regime. Similarly, if merging parties do not have informal clearance or a merger authorisation decision by 31 December 2025, the proposed acquisition will need to be re-notified to the ACCC under the new regime.
Section 50 of the CCA, which is the section under which the ACCC currently assesses informal merger filings, was slated to be repealed under the exposure draft. Under the proposed Bill, however, Treasury has retained s50 for application to non-notifiable/non-notified acquisitions.
Acquisitions will be suspended in various circumstances
An acquisition is stayed (ie suspended) in the following circumstances:
the acquisition is required to be notified to the ACCC but has not been;
the acquisition has been notified but has not been finally considered by the ACCC, or is the subject of an ongoing Tribunal review (ie there has not been a final determination);
the ACCC has determined that the notified acquisition must not be put into effect and has not subsequently determined that the acquisition is of substantial public benefit; or
the notification of the acquisition has become ‘stale’ (ie 12 months have lapsed since the ACCC’s determination that the acquisition may proceed). This time limit has been imposed in recognition of the fact that market conditions can materially change within a year of an ACCC determination, such that an acquisition that may have had substantial public benefits no longer does, or it now substantially lessens competition when previously it did not.
These types of acquisitions cannot be put into effect, or else they will be void.
Substantial lessening of competition test
In its July 2024 merger law reforms consultation, Treasury proposed that the interpretation provision of ‘lessening of competition’ in the CCA be expanded beyond the inclusion of ‘preventing or hindering competition’, to define that ‘substantial lessening of competition‘ in a market includes creating, strengthening or entrenching a substantial degree of power in any market.
In the Bill tabled to Parliament, this extended substantial lessening of competition test is retained, but its operation has been limited to the process of merger authorisations only, rather than having general application within the CCA.
The Bill states that the ACCC must have regard to ‘all relevant matters’ and provides guidance in the Explanatory Memorandum that economic factors to which the ACCC could be expected to have regard to include:
market position of the parties (including their economic and financial power);
whether the acquisition would result in the removal of a vigorous and effective competitor;
the nature of competition (and potential competition) in the market;
the effect of acquisition on the conditions for competition in the market;
structural and / or other conditions affecting competition, including the level of market concentration;
the conditions and barriers to entry and expansion, and the impact of the acquisition on those barriers;
the nature and strength of competitive constraints, including from outside of the market;
the degree of product and/or service differentiation;
the degree of dynamism;
the degree of countervailing power; and
the extent to which the acquisitions may give rise to efficiencies that could not otherwise be obtained, and the extent to which those efficiencies may benefit consumers.
A number of these will be quite familiar as they incorporate many of the existing ‘merger factors’ contained in s50(3) of the CCA, being factors the ACCC must currently take into account in assessing whether an acquisition would have the effect or likely effect of substantially lessening competition under the current regime. However, these factors will no longer appear in the legislation under the new regime.
As with the previous exposure draft, the ACCC will be allowed to consider the cumulative effect of all acquisitions put into effect by the merging parties within three calendar years of the date the merger filing was lodged, whether those acquisitions were individually notifiable or not. The notifiable acquisition (ie the acquisition the ACCC is assessing) will be taken to have the effect, or be likely to have the effect, of substantially lessening competition in any market if the cumulative effect of the current acquisition and any acquisitions in the preceding three years by the merging parties in the same industry would be, or be likely to be, to substantially lessen competition in any market.
Aside from its SLC assessment, the ACCC now also has the power to consider and reject ‘goodwill provisions’ in sale agreements. Generally, provisions in business sale contracts that are solely to protect the goodwill of a business for the purchaser are exempt from the prohibitions against anti-competitive conduct in the CCA. Under the Bill, however, the ACCC will be able to declare that the goodwill exemption does not apply, eg where the contract includes a non-compete clause and its duration and/or geographic scope is broader than necessary for the protection of the purchaser in respect of the goodwill of the business.
Public benefit test
As foreshadowed in April and July 2024, a public benefit assessment of an acquisition which may otherwise be anti-competitive will only take place after the ACCC’s competition assessment.
In the Bill, there are no changes to the current public benefit test. The previous exposure draft proposed a public benefit test that introduced the concept of a ‘substantial’ outweighing of any detriment to the public, which has now been removed, as has the concept of a ‘substantial’ public benefit. The ACCC will continue to have broad discretion to consider what constitutes a public benefit. However, in making its determination (and whether to impose any conditions on an acquisition), the ACCC must consider the object of the CCA and all relevant matters, including the interests of consumers.
Processes for transparency of ACCC decisions
Public register
The Bill establishes a register of notified acquisitions that must be published by the ACCC.
Certain information and documents must be included on the register within one business day from when the determination, decision or notification (as applicable) is made. These include:
a copy of each determination;
the ACCC’s statements of reasons for making the determination;
a copy of the notice stating that a notification is subject to a Phase 2 review; and
details of each merger notification, including at least the names of the merging parties, a short description of the proposed acquisition and affected products and/or services, and a review timeline.
Information gathering
The Bill seeks to give additional clarity regarding the timing for the ACCC’s information gathering powers, and confirms the ACCC non-compulsory powers to request information through inviting interested persons to make written submissions, requesting additional information and consulting with reasonable and appropriate persons for the purposes of making a determination.
The ACCC must not take into account information that is received, or request information (unless written consent is provided), within 15 business days of the end of the Phase 2.
ACCC review timelines
The timelines within which the ACCC must make a determination on notified acquisitions are:
For Phase 1: up to 30 business days after the acquisition has been notified. Alternatively, if no issues are identified, a ‘fast-track’ determination may be made after 15 business days.
For Phase 2: if a determination is not made during Phase 1 and the ACCC is satisfied the notified acquisition could have the effect or likely effect of substantially lessening competition, it has up to an additional 90 business days to complete its review.
However, the Bill allows the ACCC to extend these periods under certain conditions, including:
extending the Phase 2 determination period by the number of days the ACCC has not given notice of competition concerns after the 25th business day of the Phase 2 determination period for a duration that the notifying party agrees to;
extending the determination period by no more than 15 days to consider a commitment or undertaking offered by the notifying party;
extending the determination period by the number of days after the due date that the notifying party responds to a request for information;
following a notice by the ACCC no sooner than 10 business days after a s155 notice is issued to a party to the acquisition, the determination period is extended by the number of days between the extension notice being received and the date the information is furnished; and
adjusting the notification date if the ACCC becomes aware of a material change of fact, with the determination then required to be made ‘within a reasonable period’ after the ACCC identifies that change.
Therefore, in practice, these timeframes may not provide businesses with the degree of certainty intended, including if pre-consultation is engaged in. However, if the ACCC does not make a determination within the set timeframe and no applicable extension periods apply, the acquisition is automatically deemed approved.
Tribunal merits review
The Bill provides for a limited merits review by the Competition Tribunal to affirm, set aside or vary a determination of the ACCC in relation to a proposed acquisition.
The exposure draft included a proposed ‘fast-track’ process for Tribunal review, which has since been removed. However, if a party requests a review of an ACCC internal decision (ie the effective notification date or date of application), the Tribunal must make a decision within 14 days.
Both merging parties and third parties can apply for the ACCC’s determination to be reviewed by the Tribunal. Factors relevant when considering whether to grant a third party (ie not one of the merging parties) the right to review the ACCC’s decision include: the person’s interest in the matter, the efficient administration of the acquisitions provisions, whether there are any reasonable prospects of success, and any other matter the Tribunal considers relevant.
In its review of an ACCC determination, the Tribunal cannot generally have regard to material that was not before the ACCC when making its determination. It is empowered, however, to seek further information, documents and evidence in the following circumstances:
via consultations with any consumer associations or consumer interest groups;
via consultations with a technical expert (such as economic or industry experts);
information requests from the Tribunal to the ACCC;
where the notifying party was not given a reasonable opportunity to make submissions to the ACCC in respect of new information relevant to the ACCC’s determination. This is a new addition, and one that is certainly welcome;
where there is new, relevant information available that was not in existence at the time of the ACCC’s determination; and
where the Tribunal requires additional information for the sole purpose of clarifying existing information.
The Tribunal must make its decision in relation to a review of an ACCC determination between 45 and 90 days, and may extend that for up to 60 days in certain circumstances. Judicial review of Tribunal decisions will be available in the Federal Court.
What’s next?
Subject to the passage of the Bill, the new laws will come into effect on 1 January 2026 and allow for voluntary notification under the new regime from 1 July 2025.
If you would like to discuss the Bill, the impact it may have on your business and the steps you can take in the meantime to prepare for it, please get in touch with us.
Source: People’s Republic of China – State Council News
China, ASEAN poised to tap greater trade potential with major FTA upgrade progress
VIENTIANE, Oct. 10 — Leaders of China and ASEAN countries announced here on Thursday the substantial conclusion of the Version 3.0 China-ASEAN Free Trade Area (FTA) upgrade negotiations, paving the way for one of the world’s most populous and robust FTAs to play a bigger role in boosting regional development amid rising global protectionism.
The announcement was made at the 27th China-ASEAN Summit, part of a series of leaders’ meetings on East Asia cooperation starting Wednesday, including the 27th ASEAN Plus Three (APT) Summit and the 19th East Asia Summit.
The important outcome provides institutional safeguards for China and ASEAN to build the super-sized markets together, said Chinese Premier Li Qiang when addressing the meeting, hailing it as a significant step in spearheading East Asian economic integration as well as in demonstrating their unequivocal support for multilateralism and free trade.
Both China and ASEAN have confirmed that they will accelerate work involving legal reviews and domestic procedures to promote the signing of the 3.0 upgrade protocol in 2025, China’s Ministry of Commerce said on Thursday in a statement.
The construction of the China-ASEAN Free Trade Area was completed in 2010, and Version 3.0 FTA negotiations began in November 2022.
“The China-ASEAN FTA 3.0, which is improved and more open, will promote mutual benefit and win-win results,” said Yong Chanthalangsy, representative of Laos to the ASEAN Intergovernmental Commission on Human Rights. “China and ASEAN are a community of shared future. The joint efforts of both sides to build a more open China-ASEAN FTA 3.0 are also the embodiment of the spirit of a community with a shared future for mankind.”
The Chinese premier voiced hope to explore with ASEAN more ways and means to connect and share the markets, so as to generate stronger, more lasting development impetus for both sides and provide more solid support for the shared prosperity of the region and the world at large.
China has remained ASEAN’s largest trading partner for 15 consecutive years, while ASEAN has been China’s top trading partner for four consecutive years.
Official data show that in the first seven months of this year, their trade reached 552 billion U.S. dollars, up 7.7 percent year on year, accounting for about one-sixth of China’s total foreign trade volume in the same period.
“With a combined population of more than 2 billion people, the market of China and ASEAN is a huge one,” Chanthalangsy noted. “China and ASEAN, geographically close with respective advantages and strong economic complementarity, can support each other and need each other at the same time. The China-ASEAN FTA 3.0 will make commodity circulation and trade between both sides more convenient, and inject new momentum into their respective economic development.”
The efforts of China and ASEAN are in tune with the theme of the 44th and 45th ASEAN Summits, “ASEAN: Enhancing Connectivity and Resilience,” which highlights the bloc’s ambition to respond to various pressing challenges and seize opportunities to build a more integrated, connected and resilient regional community.
China will always firmly support ASEAN integration, community building, and its strategic independence, and stands ready to work with ASEAN countries to elevate the China-ASEAN comprehensive strategic partnership to a higher level, Li said.
As Chinese President Xi Jinping has noted, China will continue to follow the principle of amity, sincerity, mutual benefit and inclusiveness, and work with other countries in the region to build a better Asian community.
To this end, the premier said, China and ASEAN need to create a multidimensional connectivity network to enable unimpeded development for Asia in the future, expand cooperation in emerging industries to enhance the sustainability of growth for Asia in the future, and deepen people-to-people and cultural exchanges to solidify the foundation of friendship for Asia in the future.
The ASEAN leaders attending the summit applauded the robust growth momentum of the ASEAN-China comprehensive strategic partnership, noting that cooperation between ASEAN and China in various fields has yielded fruitful results, which has greatly improved the well-being of people in the region.
“This upgrade to the FTA is an important move, especially in this time of growing protectionism in the world,” Singaporean Prime Minister Lawrence Wong said during the ASEAN-China Summit.
The results from this summit will “not only benefit China and the ASEAN countries, but also help enhance the stability and prosperity of the Asia-Pacific region,” said Seun Sam, a policy analyst at the Royal Academy of Cambodia.
Also on Thursday, Li attended the 27th APT Summit, where he highlighted China’s readiness to have in-depth exchanges of views with all parties on major regional cooperation issues and contribute to making the region an important engine for global development.
Li said that China will continue to work with all parties to give full play to the APT cooperation mechanism, support ASEAN’s centrality in the regional architecture, promote the long-term, sound and stable development of the region, and inject more certainty and positive energy into Asia and the world.
The premier called for sustained efforts to enhance the resilience of regional development, improve the stability and competitiveness of regional industrial systems, and implement the Regional Comprehensive Economic Partnership (RCEP) agreement with high quality.
“China looks forward to accelerating the restart of China-Japan-ROK Free Trade Area negotiations,” he added.
Leaders present at the meeting said that the world is witnessing rising complexity and uncertainty, and that the APT cooperation, which has made important contributions to maintaining regional stability and promoting regional development, is facing an opportunity of further development.
MILES AXLE Translation. Region: Russian Federation –
Source: State University of Management – Official website of the State –
GUU and Profit Service presented a joint project for the production of small-sized drones intended for use in anti-drone systems.
The basis for the development was a model of an unmanned aerial vehicle, previously created and patented by one of the members of the project team formed at the State University of Management.
A joint team of the university and the company, which included GUU postgraduate student Vladimir Kutkov, performed at the in-person stage of the competitive selection of projects, organized by the National Technological Initiative Foundation, which took place at the site of the Federal Center for Unmanned Aircraft Systems in the Rudnevo Industrial Park.
The industrial partner plans to launch production of a new type of aircraft, developed by engineers of the Engineering Project Management Center of the State University of Management together with specialists from the Profit Service company based on the presented scientific and technical background, in the first quarter of 2025.
In addition, specialists from the Engineering Project Management Center of the State University of Management took part in a strategic session on the application of various types of radio-technical means and systems to solve problems in developing the unmanned aircraft systems industry, organized by the Department for Coordination of Educational Organizations of the Ministry of Education and Science of Russia. The event was held at MIREA.
Representatives of the State University of Management outlined a number of promising areas based on the integrated use of diverse unmanned systems, as well as complexes that combine unmanned aircraft with ground robots and other technical means and systems.
The outcome of the meeting was a list of areas in which various universities are ready and have the opportunity to develop new technologies of radio engineering, communication and navigation equipment for unmanned aviation.
Subscribe to the TG channel “Our GUU” Date of publication: 11.10.2024
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.
Source: United Nations Economic Commission for Europe
On the heels of the Summit of the Future and adoption of the Pact for the Future, the first Hamburg Sustainability Conference (7-8 October) gathered international policy makers, business leaders and civil society to discuss ways to accelerate SDG implementation. Attending the conference, UNECE Executive Secretary Tatiana Molcean presented UNECE tools and initiatives that are already laying the foundation for strengthened international cooperation necessary to deliver result-oriented solutions, at the Mayors’ Panel on achieving sustainable cities of the future.
The Executive Secretary recalled that cities are key partners in achieving sustainable development as they are on the frontlines of addressing humanity’s most pressing problems. In its work UNECE applies a comprehensive approach to urban challenges and it supports local and regional authorities across various key areas, each contributing to the creation of more resilient, representative, and sustainable urban environments. Some of the most important initiatives include:
Forum of Mayors to gather city leaders to exchange knowledge and local solutions, and engage with international policy and decision-making;
PIERS methodology to score infrastructure and public-private partnership (PPP) projects against SDGs;
Opening the Sustainable Finance Forum, which bridges the Hamburg Sustainability Conference and the upcoming COP29, the Executive Secretary drew attention to the immense investments needed for the energy transition: to achieve the objectives of the Paris Agreement, USD 5 trillion are needed annually from now until 2030 in the energy sector alone. Yet, 2023 saw USD 1.8 trillion invested in the energy transition, which represents an increase of 17% over the previous year. Hard-to-abate sectors and small businesses face even greater challenges in securing such financing.
Aiming to address these gaps, the Forum brought together investors, decision makers and energy transition project leaders. Of some 250 initiatives mapped, 10 projects from South-Eastern Europe and Central Asia requiring financing of over USD 15 billion were shortlisted for showcasing at COP29.
With its PIERS methodology UNECE can help governments and financial actors to align their infrastructure and PPPs projects with the SDGs, thus advancing climate action and resilient infrastructure for a sustainable future. The shortlisted projects will benefit from training on PIERS, helping to strengthen accountability, transparency and investor readiness.
The Sustainable Finance Forum was convened by UNECE, the United Nations High-Level Climate Champions, DZ BANK, the European Commission, and the German Chapter of the International Chamber of Commerce (ICC Germany) to strengthen the work of international partners in the field of transition finance.
The topic of strengthening the contribution of public and private capital providers to climate action was on the agenda of the Executive Secretary’s bilateral meetings on the margins of the Hamburg Sustainability Conference, particularly during her discussion withMahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda for Sustainable Development.Mr.Mohieldinand Ms. Molcean agreed that an appropriate business environment is important to attract private investors and financiers to drive the transition. They also exchanged about the role of the Carbon Border Adjustment Mechanism and its impact on neighbouring countries to the EU and the role of organisations such as UNECE in supporting adaptation. They also discussed targeted taxation in helping emerging markets embrace the energy transition.
Meeting with the Secretary General of the International Chamber of Commerce (ICC), John Denton, the Executive Secretary highlighted the importance of involving the private sector to accelerate SDG implementation, as well as the joint work by UNECE and ICC to promote the global use of digital trade standards.
In discussion with Bärbel Kofler, Parliamentary State Secretary at the Federal Ministry for Economic Cooperation and Development of Germany, Ms. Molcean stressed the role of UNECE as a standard setter and an effective regional cooperation platform to advance sustainable development across diverse fields, including energy, environment, gender equality and transport among many others.
MILES AXLE Translation. Region: Russian Federation –
Source: Central Bank of Russia –
MFIs will have to eliminate practices that lead to citizens becoming over-indebted
Director of the Central Bank Department Ilya Kochetkov talks about how people are drawn into a chain of endless borrowing and what measures the regulator will use to combat this.
About 20% of loans issued by microfinance organizations are spent by so-called dependent clients of organizations on sports betting, online casinos, etc. — this estimate was given in an interview with Izvestia by the head of the non-bank lending department of the Central Bank, Ilya Kochetkov. He also reported that a third of expensive loans — with an overpayment of 100% or more — can be classified as usurious, when organizations bypass regulations and drag people into a debt hole. In order to stop this vicious practice, the Central Bank proposes to introduce a number of measures, in particular, the mechanism of “one loan in one hand.” However, as Ilya Kochetkov stated, this restriction will only apply to expensive loans. It is also planned to establish a three-day “cooling-off period” after the repayment of obligations to microfinance organizations.
“First of all, measures will be taken to protect citizens”
— In August, the Central Bank published a report for public discussion describing what was effectively a reform of the microfinance market. The changes proposed by the regulator are indeed serious, which is why they caused a strong reaction from the market. How is the discussion going with industry participants?
— The main goal of the changes proposed in the report is to create conditions for the development of companies that provide loans to businesses, but at the same time it is necessary to eliminate practices that lead to an increase in the indebtedness of citizens on consumer loans.
Indeed, the market has responded actively to our proposals. We have received feedback from self-regulatory organizations (SROs) and most of the largest industry participants. Several stages of discussion have already taken place. In early September, we held a meeting with representatives of microfinance organizations, SROs, infrastructure and public organizations, and the scientific and expert community. Last week, the proposals described in the report were conceptually supported at a meeting of the Financial Market Committee in the State Duma. And on October 14, we plan to discuss the feedback received with market representatives.
— Did any of the proposals from market representatives interest the Central Bank and will they be taken into account when preparing amendments to the legislation?
— Speaking about preliminary results, among the comments received there are proposals that we are ready to listen to. For example, the market suggests reducing the period for providing information to credit history bureaus. Currently, it is two days. We support this initiative. This will allow companies to track the receipt and repayment of loans in real time.
Also, a number of MFIs pointed out excessively strict requirements for capital and investment attraction. We are ready to take these proposals into account and adjust individual prudential requirements (aimed at avoiding risks and ensuring stability. — Izvestia) taking into account the opinions of companies.
— As I understood from the discussion of your proposals in the State Duma, the deputies are extremely determined and are ready to prepare and adopt a bill in the near future, almost in the autumn session. Will this be a separate law or will amendments be made to existing ones? When can we expect the bill to be adopted?
— Changing the configuration of the MFI market will require a comprehensive revision of legislation and regulations. They will be introduced into the law on microfinance activities and microfinance organizations, the law on consumer credit (loan), the law on the Bank of Russia and about 20 more laws. It is assumed that this will take place in several stages over three years.
First of all, measures aimed at protecting citizens will be implemented: the introduction of the “one loan per hand until repayment” rule, the establishment of a “cooling-off period” and a reduction in the maximum overpayment on consumer loans.
“The ban will only apply to the most expensive loans”
— Has the Central Bank already decided how the “one loan per person” rule will work? Will the restriction apply to all MFIs and will liabilities in banks, many of which now offer the “money until payday” product, be taken into account?
— It is planned that the ban will apply only to the most expensive MFI loans, for which the total cost of credit (TCC) exceeds 100% per annum. A person will not be able to have two such obligations. The purpose of this measure is to protect citizens from excessive indebtedness. If a person already has one such loan, then until it is repaid, no MFI will have the right to issue him a second expensive loan. At the same time, if a person has a bank loan or a loan with TCC up to 100%, the ban will not apply.
In addition, it is planned to establish a “cooling-off period” between receiving loans. This is done so that the borrower has the opportunity to take a more thoughtful and balanced approach to their obligations, and companies cannot issue new loans to pay off current debts.
— What kind of “cooling off period” will this be?
— We plan for it to be three days.
— Recently, in a review of retail lending trends, the Central Bank indicated that many borrowers have both a bank loan and a loan from an MFI. The regulator has consistently tightened macroprudential measures for borrowers with a high debt burden, who, having been refused by a bank, went to refinance in an MFI, where money is more expensive. Doesn’t it make sense to also take into account obligations to banks when imposing restrictions?
— Requirements for calculating the debt burden ratio (DBR) and macroprudential limits (MPL) for issuing loans to the most indebted borrowers are established not only for banks, but also for microfinance organizations. Yes, the limits were initially different — they were more lenient for microfinance organizations. But since the fourth quarter of this year, the same MPL values for loans with a high DBR have been in effect for microfinance organizations. This allows us to avoid regulatory arbitrage and limit the growth of indebtedness.
When calculating the borrower’s DTI, MFIs are required to include in his monthly expenses all payments on existing loans and credits. If the DTI is more than 50%, MFIs will be able to issue such a person a loan only within the limits established by the MPL.
— You recently said that restrictions on the maximum daily interest rate for microfinance organizations may be introduced. To what extent?
— For several years, we have been systematically working to reduce the cost of loans for individuals. During this time, the APR has been reduced from more than 1000% to 292% per annum, and the maximum overpayment has been reduced from four times the loan amount to 130%. But even now, MFI loans remain quite expensive for individuals, since most of them are issued at the maximum possible rate. We see potential for further reduction of the daily interest rate; specific values are currently being worked out. We are also considering various options for prudential regulation to encourage MFIs to differentiate rates and provide more favorable conditions for quality clients.
According to our estimates, a more effective measure to reduce debt load could be to limit the maximum amount of borrower overpayment. Currently, it is 130% of the loan amount. As an operational measure to reduce the cost of loans for citizens, we propose reducing the borrower overpayment to 100% of the amount. That is, conditionally: if you took a loan from an MFO for 1,000 rubles, then taking into account all interest, penalties, etc., you will still return no more than 2,000 rubles.
— SRO “Mir” proposes to review the criteria for “loans until payday”, reducing them to 15 thousand rubles and shortening the term of issue, and only then introduce a limit on them. Do you agree with this proposal?
— Indeed, the criteria for a payday loan — up to 30 thousand rubles and up to 30 days — are outdated. MFIs artificially extend loan terms or increase their amounts in order to circumvent regulatory restrictions. That is why a comprehensive review of consumer loan regulation is required, and restrictions should be introduced based not on formal criteria, but on the cost of the product. Therefore, we propose introducing stricter regulation for loans with an APR greater than 100%.
“Companies that do not accept the new rules of the game will have to leave the market”
— The head of the Central Bank Elvira Nabiullina has repeatedly said that usurious microfinance organizations should leave the market. What kind of organizations are these and what is their share?
— In a number of cases, consumer loans from microfinance organizations remain quite burdensome for citizens. High-quality, conscientious borrowers receive money on the same terms as less reliable clients. Although, based on the risks, the conditions for the former should be more favorable. The current model creates an excessive burden on solvent citizens and does not encourage companies to more carefully select borrowers.
Moreover, there is a practice of hidden loan refinancing on the market. Instead of stopping the accrual of interest when the overpayment reaches 130%, MFIs issue a new loan to a person and include previously accrued interest in its body. So-called loan chains are formed. As a result, the MFI client’s debt grows like a snowball.
According to our estimates, about a third of all expensive consumer loans issued by MFIs are part of such “chains” that lead to an increase in the indebtedness of citizens. The introduction of a limit on one loan per person and a cooling-off period is aimed at curbing such practices. Companies that do not accept the new rules of the game will have to leave the market.
— In your report, you indicated that many people have developed an “addiction to microfinance organization loans”; they borrow money to bet on sports or in online casinos. Are there any estimates of how much is borrowed for these purposes?
— Based on the analysis of actual spending on bank cards of several million MFI clients, we conclude that up to 20% of the amount of issued loans is spent on these purposes. At the same time, for some companies, the share of such loans may significantly exceed the average value, and individual clients spend all the funds they borrowed from the MFI on these purposes.
— Won’t it turn out that by squeezing unscrupulous players out of the market, you will simultaneously push MFIs and their clients into the “gray” and even “black” zone?
— This question is asked every time there is a plan to strengthen regulation in the MFI sector. We expect that the market will hear our arguments and respond to them by changing approaches and eliminating negative practices. We expect that this will be a change in the essence of business models, product lines, approaches to assessing the quality of borrowers, and not a search for various options to bypass regulation. This is important both for the image of the market and for its future, given the constantly emerging initiatives to ban MFIs.
As for “going into the shadows”, it is very important that citizens understand all the risks of turning to “black” creditors. Such companies operate outside the legal field and do not comply with the requirements established by law. Citizens are threatened with high rates, incorrect collection methods and other risks.
The Bank of Russia is working to combat the activities of illegal lenders. Last year, almost 2,000 illegal lenders were identified, and in the first nine months of this year, more than 1,300. We publish information about them on our website, where there is a special section. This helps promptly warn citizens about the risks.
We work closely with law enforcement agencies — we pass on all the data on the identified illegals. The organizers are brought to administrative responsibility. There are facts of initiating criminal cases. Together with the Prosecutor General’s Office and Roskomnadzor, we block the websites of illegal companies. Now this happens very quickly — within a few days.
— Since you yourself mentioned the ban on microfinance organizations… A corresponding bill has been introduced for many years, but as far as I understand, it has not been seriously considered. Why can’t the idea of closing the microfinance organization market be realized?
— We understand that MFIs are often associated with something dubious and semi-criminal. This image is largely formed by illegal lenders operating outside the legal field, as well as high rates and negative practices on the market, which I have already mentioned. But let’s look at the market as a whole. MFIs are an important part of the country’s financial market; they allow people to quickly and easily get money for a short period. It is also important to note that the MFI market is not only expensive loans, but also money for business, POS lending for large purchases. The rates on them are comparable to those of banks.
We proposed a concept for changing this market to eliminate negative aspects, make it more transparent and regulated. MFIs will have to adapt to new restrictions, eliminate practices that lead to citizens becoming over-indebted.
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.
Work to repair the boundary walls and back gardens for three homes in Keyham, following the bomb incident earlier this year has been completed.
As part of the ongoing support Plymouth City Council has given residents most impacted by the Keyham bomb incident in February, the Council called on the support of the local construction industry to repair the damage left behind by the Army.
Building Plymouth is an award winning, Council-led partnership with the construction industry. With nearly 70 member organisations, they engage with clients, contractors, consultants and the supply chain and have delivered a number of successful community initiatives to help improve the quality of life in the city.
As a gesture of goodwill, Building Plymouth arranged for local contractors, consultants and suppliers to work together to help repair the damage that was left in the gardens after the incident. Over recent months, eighteen local companies volunteered their time, materials and equipment equivalent value to £40,000 in-kind to support residents in Keyham who’s properties were damaged by the army during the efforts to remove the unexploded bomb.
The first phase of the repair works involved repairing the boundary line at the rear of the properties – rebuilding the walls, erecting fencing and installing new back gates in order to make the area fully secure. The second phase of the works was to restore two gardens located either side of where the bomb was safely removed. This included creating new garden designs, laying the new decking, installing steps and fencing, reinstating destroyed masonry, as well as creating a stylish pergola.
Councillor Tudor Evans, Leader of Plymouth City Council, said: “I have been overwhelmed by the kindness of our construction industry. They have stepped in and helped these homeowners and their work has truly been outstanding. The gardens have not only been restored, but the craftmanship and skills shown have been second to none.
“Whilst it is not the Council’s role to pay for repairs to private properties following an emergency, together with Building Plymouth we have done everything we can to support the homeowners in Keyham. I would like to thank all the construction companies who have given their time, materials, equipment, collectively providing £40,000 in-kind support. You are a credit to Plymouth.”
One of the homeowners, Martyn Hammond, said: “The quality of work is outstanding! It didn’t feel like too much trouble and they listened to what I had previously and went over and above to reinstate my garden. I feel so happy to have my garden back again, considering back in February when this area was like a big sack of sand and now, I’m getting my plants restocked and am back in my happy place to sit and chill again. Thank you so much to everyone who has helped to make this happen.”
Resident Lee Elliott added: “We can’t express our gratitude enough to the skilled workforce who have been here to help us – the quality of work is top quality, the carpentry is out of this world, everything has gone to regulation with no corners cut. It was a kind freebie but everyone has completely gone above and beyond! Thank you to everyone involved particularly Obedair Construction who stepped in to help restore our garden and exceeded our expectation and the Award Group for doing our boundary fencing and back gate installation to give back our privacy. We have finally got our little sanctuary back.”
Steve Warren-Brown, Managing Director from YGS Landscapes who acted as overall managing contractor on the garden projects, said: “Working brilliantly together as a team of volunteers through the Building Plymouth partnership has delivered a positive legacy after such a traumatic experience for three affected residents. As a local landscaping contractor, we knew we should play our part in helping to recover the Keyham gardens and it has been amazing to see so many construction friends stepping up to help. Thank you to everyone involved, this is another fantastic team effort coordinated through Emma Hewitt’s inspiring leadership of our Building Plymouth partnership.”
Emma Hewitt, Building Plymouth Lead for Plymouth City Council, said: “It has been a real privilege to get to know the residents through leading this garden recovery project and am delighted that we have exceeded their expectations. We couldn’t have made this happen without the generosity of the local construction industry. I continue to be so proud of what we achieve together through Building Plymouth, a huge thank you to everyone involved.”
Many of the contractors who gave their time for free.
The companies involved in this project were:
YGS Landscapes – the landscaping contractor managing design and delivery of the overall project and installation of the decking and steps in one garden
Travis Perkins Plymouth – supplying building and landscaping materials for the entire boundary line and two gardens reinstatement
Foot Anstey – providing legal advice and drafting the memorandum of understanding for residents to agree to the scope of works being offered
Airey and Coles – undertaking the structural assessment of remaining stone wall and providing the design and advice of delivering the new boundary line
South West Highways – providing advice on highways and ensuring traffic management and resident communications
Gilpin Demolition – dismantling of the existing boundary wall to make the structure safe ahead of the works
Award Group – erecting fencing and installing the new back gates
The Plym Group – erecting blockwork and repairing stonewall damage
Obedair Construction – delivered one complete back garden including laying the new decking, installation of steps, reinstating destroyed masonry, as well as building a pergola
Richard Harding Ltd – provided carpentry services to help deliver one of the back gardens
Arborcure – installed the specialist fencing in one garden
Red Air Media – filming onsite to track the progress of the community project
Jewson – providing the free hire of a micro digger and mixer
SAN JUAN, Puerto Rico, Oct. 11, 2024 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced it is fulfilling an order by the Florida Army National Guard for its Teal 2 drones. The drones will be used to support the ongoing disaster response to Hurricane Milton, which has left more than 3 million people without power.
“Our drones are specifically designed for the defense industry, but we understand that our warfighters’ roles extend beyond combat, especially during natural disasters,” said Jeff Thompson, CEO of Red Cat. “Small, portable drones like our Teal 2, built for the toughest environments, can be invaluable for first responders in damage assessment and search and rescue missions. We are proud to support the Florida Army National Guard soldiers in their efforts to assist with the aftermath in Milton.”
Red Cat subsidiary Teal Drones builds its Teal 2 system, designed to support U.S. and allied military operations, public safety organizations, and government agencies, at its Utah facility. Teal 2 is a cost-effective, man-portable sUAS designed to “Dominate the Night™” that has best-in-class night vision, multi-vehicle control support, and a fully modular design. It is both Blue UAS Certified and FAA Remote ID approved.
About Red Cat, Inc. Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a bleeding-edge Family of ISR and Precision Strike Systems including the Teal 2, a small unmanned system offering the highest-resolution thermal imaging in its class, the Edge 130 Blue Tricopter for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at http://www.redcat.red.
Forward Looking Statements This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on August 8, 2024. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.
The Peruvian coastal capital of Lima is approximately 4,970 miles south of Naval Hospital Bremerton.
Yet Lt. Renzo D. Sobrevilla has seamlessly bridged that distance from South American to North America as a Navy Medical Service Corps officer assigned to NHB.
In conjunction with October recognized by the Department of Defense as [National] Hispanic Heritage Month, Sobrevilla reflected on his roots, culture, and lineage.
“Hispanic Heritage Month, celebrated from September 15 to October 15, is a time of great pride for me,” said Sobrevilla. “It’s an opportunity to recognize the vibrant contributions of Hispanic Americans and celebrate the rich cultures, histories, and traditions of the Hispanic community.”
“As someone with Hispanic roots, I take pride in celebrating the Hispanic community’s rich cultures, histories, and traditions,” continued Sobrevilla. “I value the diversity of the Hispanic diaspora. I appreciate the influence of countries which have contributed immensely to the arts and culture in the U.S.”
With this year’s Hispanic Heritage Month theme, ‘Pioneers of Change: Shaping the Future Together,’ Sobrevilla notes that the premise is directly applicable to his responsibility at NHB which is dedicated to ensuring that the right material, contracted services and healthcare equipment are in the right place at the right time to provide medical and dental care to active duty, retirees and their families at NHB and three branch health clinics.
“The theme is significant in my role at the command. It highlights the importance of diversity and collaboration in shaping the future. It’s about how a diverse community, like ours, can come together to bring about positive change, not just within our command but also in the broader context of Navy Medicine,” stated Sobrevilla, who started from humble beginnings to embark upon his chosen career path.
“As an immigrant, I always encourage my Sailors to take full advantage of the opportunities the Navy provides. Starting as an E-1 and working my way up, I’ve seen firsthand how hard work, dedication, and motivation can turn the American dream into reality. Becoming an MSC officer was a pivotal moment for me and proof that with the right attitude, anyone can succeed,” remarked Sobrevilla.
His interest in Navy Medicine began after he enlisted in the Navy in 2007. Several influential leaders set the foundation for him to pursue a career in the medical field. After completing his Bachelor of Science in Finance and Accounting from Northeastern University, Sobrevilla merged his growing healthcare interest with leadership and chose the Navy’s most diverse corps, MSC, which offers a number of healthcare administrator specialties.
“The Navy Medical Service Corps appealed to me because of its commitment to diversity and inclusivity. This career has allowed me to work in various settings, each contributing to the mission of Navy Medicine,” shared Sobrevilla, NHB Materiel Management Department head, who has been part of Navy Medicine since 2016 and served in various roles, including as a plans, operations, and medical Intelligence officer, comptroller, and logistics officer.
Sobrevilla epitomizes the value of education, having attained his Master of Healthcare Administration with Executive Concentration, Specialization in Management, Education and Training Management, and Healthcare Management from George Mason University. He is currently completing his dissertation for his Doctor of Business Administration at Grand Canyon University.
He can also add linguistic chops to a growing curriculum vitae.
“Thanks to my parents’ heritage, I am bilingual in Italian and Spanish,” Sobrevilla added, noting that the best part of his career has been the opportunity to work with diverse people from all over the world. “There’s the sense of fulfillment that comes from making a positive impact in their lives through Navy Medicine.”
Sobrevilla is optimistic that staff, as well as patients and visitors, look favorable on NHB’s Hispanic Heritage Month recognition.
“I hope others take away an appreciation for the contributions of Hispanic Americans to our society, both within the military and in broader cultural contexts,” exclaimed Sobrevilla. “It’s about understanding the importance of diversity and how it strengthens our Navy and our country.”
When asked to sum up his experience with Navy Medicine, Sobrevilla replied, “Navy Medicine has been a transformative journey, offering me the opportunity to grow both personally and professionally. It’s a testament to the fact that with hard work and a strong work ethic, anything is possible.”
Question for written answer E-001900/2024 to the Commission Rule 144 Fabio De Masi (NI)
Recent press reports[1] quote the owner of social media platform X, Mr Elon Musk, stating that the Commission offered him a deal specifying that X should change its policies in order to avoid a court case that could potentially lead to fines.
I therefore ask the Commission:
Has any sort of deal been offered to X or to other social media companies, such as TikTok and Meta, in any form, in order to avoid court cases that would have been initiated based on the Digital Services Act (DSA)[2]? And if so, which directorate-general was in contact with the social media companies to discuss with them how to adhere to the DSA?
Question for written answer E-001940/2024 to the Commission Rule 144 Lefteris Nikolaou-Alavanos (NI)
For thousands of working people and their families, housing is an explosive issue. In Greece, 74.2% of tenants spend more than 40% of their income on accommodation, while 74% of young people are still living ‘with Mum and Dad’. The price of buying a house has also gone up enormously, by 66.4% as compared to 2017, as also reflected in data from the Bank of Greece.
In view of the above:
1.What is the Commission’s view of the demand for no auctioning of social housing or of business premises for the self-employed, as expressed in the ongoing mass mobilisations that have stopped working-class properties going under the hammer and ordinary families, often including even members with disabilities, unemployed people, etc. being turned out of their houses?
2.What does it think of the fact that the ‘My Home 2’ and ‘Upgrading My Home’ programmes financed by the RRF (Recovery and Resilience Facility), using money that comes out of the heavy taxes paid by ordinary people, are in practice a burden on working-class households with loans, producing a further skyrocketing of prices in the real-estate construction, operation and management sectors, the building materials industry and the banking sector, and boosting the profitability of their business groups?
3.What is its view regarding the need for integrated housing planning under the responsibility of the state, aimed at meeting the needs of working people and involving the re-establishment of ΟΕΚ (the Greek Workers’ Housing Organisation) and support for an exclusively state-run construction programme, a ban on the auctioning-off of social housing, an upgrading and expansion of student halls of residence and the use of apartments and hotels for free accommodation for students?
In the absence of specific rules on claims regarding the ‘green’ nature of products, how can consumers be sure that such claims are reliable, comparable and verifiable throughout the EU? On 22 March 2023, the European Commission put forward a proposal for a directive on green claims. The proposed directive would require companies to substantiate the voluntary green claims they make in business-to-consumer commercial practices, by complying with a number of requirements regarding their assessment (e.g. taking a life-cycle perspective). In Parliament, the file was allocated jointly to the Committees on Internal Market and Consumer Protection (IMCO) and on Environment, Public Health and Food Safety (ENVI). Parliament adopted its first-reading position on 12 March 2024 and the Council approved a general approach on 17 June 2024. Interinstitutional negotiations are now about to begin. Third edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.
Interview with Dr. Alaa Slih Hamadto, a cleantech entrepreneur from Sudan.
Dr. Alaa Slih Hamadto is the CEO and founder of Solar Foods, a clean technology startup and pioneer in the dried food industry in Sudan. Solar Foods purchases produce from smallholder farmers, dries it with solar energy, and packages it in an environmentally friendly manner that meets the needs of both the retail and wholesale market.
Dr. Hamadto was a participant of the panel “Women, Peace, and Security: How to Promote Stability in Conflict-affected Countries by Funding Female Entrepreneurs” at the 5th World Entrepreneurs Investment Forum in Bahrain on 16 May 2024.
Headline: Huawei Wins GSMA Digital Nation Award, Vows Support for Carriers’ Growth in the Mobile AI Era
[Seoul, Republic of Korea, October 11, 2024] During GSMA Mobile 360 (M360) Asia Pacific 2024 in Seoul, Korea, Huawei won a Digital Nation Award for ‘Excellence in Innovation Video’ for “Smart 5G Warehouse – Future of Logistics,” a short video showing how 5G technology is driving digital transformation across multiple industries, including logistics. At the event, a senior Huawei leader also described various new pathways for carriers to monetize the vast new markets that 5G and AI open up.
A screenshot from the video showcasing the 5G warehouse
“Smart 5G Warehouse” was shot at the Indonesia’s First 5G Smart Warehouse and 5G Innovation Center in Bekasi Regency, West Java, Indonesia. It highlights how 5G enhances operational efficiency and creates new growth opportunities, contributing to Indonesia’s Golden Vision 2045 of a modern digital economy.
In a keynote to the M360 audience, James Chen, President of Huawei Carrier Business, emphasized the pivotal role AI will play in shaping the future of the mobile industry. With the convergence of 5G-A and AI, operators are entering an era where personalized services can be delivered at scale, unlocking new opportunities for growth.
James Chen delivering his keynote speech
Exploring Large-Scale Personalization in Carrier Services
Chen further highlighted the new possibilities that 5G opens up for carriers. 5G New Calling uses AI technology to provide a rich, personalized experience for users. Powered by AI large models, it can be upgraded to a personal intelligent assistant, providing real-time suggestions during conversations and supporting intent recognition across various scenarios. As of September 2024, over 22 million users in China had subscribed to this service.
In the Asia-Pacific region, Chen noted, Huawei has partnered with local carriers in Hong Kong to test new AI applications, including real-time digital humans. In Thailand, Huawei collaborated with carriers to trial real-time multilingual translation, with the Thai language translation already meeting business requirements.
Another product that 5G enables is Cloud Phone, Chen said. Leveraging the advantages of network, cloud, and computing power, Cloud Phone delivers a near-real device experience while addressing key pain points such as insufficient storage, fast data consumption in gaming, and the inability of low-end phones to support high-quality games. Enhanced by AI, Cloud Phone is being revitalized, allowing each user to set up their own unique AI assistant, precisely accessing more third-party AI applications, and gradually becoming the gateway to personal AI in the future.
A New Era of 5G/5G-A and AI Integration
“We are still in the early stages of the AI revolution, and the impact of generative AI on the future is beyond imagination,” said Chen. Chen predicted that by 2030, around 8 billion AI-powered assistants will be integrated into households globally, while AI robots, numbering between 1 and 3 billion, will play a critical role in industries like manufacturing, inspection, and research and development. He urged telecom operators to explore new business models, turning personalized user experiences into new commercial value.
“We are still in the early stages of the AI revolution, and the opportunities that generative AI will bring to the future are beyond imagination,” said Chen. He predicted that by 2030, around 8 billion AI-powered assistants will be integrated into households globally, while the number of AI robots will range between 1 and 3 billion. AI will play a pivotal role in industries such as manufacturing, inspection, and research and development. Chen encouraged telecom operators to collaboratively explore new business models, turning personalized user experiences into new commercial value.
Headline: Huawei Wins GSMA Digital Nation Award, Vows Support for Carriers’ Growth in the Mobile AI Era
Oct 11, 2024
[Seoul, Republic of Korea, October 11, 2024] During GSMA Mobile 360 (M360) Asia Pacific 2024 in Seoul, Korea, Huawei won a Digital Nation Award for ‘Excellence in Innovation Video’ for “Smart 5G Warehouse – Future of Logistics,” a short video showing how 5G technology is driving digital transformation across multiple industries, including logistics. At the event, a senior Huawei leader also described various new pathways for carriers to monetize the vast new markets that 5G and AI open up.
A screenshot from the video showcasing the 5G warehouse
“Smart 5G Warehouse” was shot at the Indonesia’s First 5G Smart Warehouse and 5G Innovation Center in Bekasi Regency, West Java, Indonesia. It highlights how 5G enhances operational efficiency and creates new growth opportunities, contributing to Indonesia’s Golden Vision 2045 of a modern digital economy.
In a keynote to the M360 audience, James Chen, President of Huawei Carrier Business, emphasized the pivotal role AI will play in shaping the future of the mobile industry. With the convergence of 5G-A and AI, operators are entering an era where personalized services can be delivered at scale, unlocking new opportunities for growth.
James Chen delivering his keynote speech
Exploring Large-Scale Personalization in Carrier Services
Chen further highlighted the new possibilities that 5G opens up for carriers. 5G New Calling uses AI technology to provide a rich, personalized experience for users. Powered by AI large models, it can be upgraded to a personal intelligent assistant, providing real-time suggestions during conversations and supporting intent recognition across various scenarios. As of September 2024, over 22 million users in China had subscribed to this service.
In the Asia-Pacific region, Chen noted, Huawei has partnered with local carriers in Hong Kong to test new AI applications, including real-time digital humans. In Thailand, Huawei collaborated with carriers to trial real-time multilingual translation, with the Thai language translation already meeting business requirements.
Another product that 5G enables is Cloud Phone, Chen said. Leveraging the advantages of network, cloud, and computing power, Cloud Phone delivers a near-real device experience while addressing key pain points such as insufficient storage, fast data consumption in gaming, and the inability of low-end phones to support high-quality games. Enhanced by AI, Cloud Phone is being revitalized, allowing each user to set up their own unique AI assistant, precisely accessing more third-party AI applications, and gradually becoming the gateway to personal AI in the future.
A New Era of 5G/5G-A and AI Integration
“We are still in the early stages of the AI revolution, and the impact of generative AI on the future is beyond imagination,” said Chen. Chen predicted that by 2030, around 8 billion AI-powered assistants will be integrated into households globally, while AI robots, numbering between 1 and 3 billion, will play a critical role in industries like manufacturing, inspection, and research and development. He urged telecom operators to explore new business models, turning personalized user experiences into new commercial value.
“We are still in the early stages of the AI revolution, and the opportunities that generative AI will bring to the future are beyond imagination,” said Chen. He predicted that by 2030, around 8 billion AI-powered assistants will be integrated into households globally, while the number of AI robots will range between 1 and 3 billion. AI will play a pivotal role in industries such as manufacturing, inspection, and research and development. Chen encouraged telecom operators to collaboratively explore new business models, turning personalized user experiences into new commercial value.
SINGAPORE, Oct. 11, 2024 (GLOBE NEWSWIRE) — Amidst a global stock market resurgence, EBC Financial Group (EBC) is enhancing liquidity for five major stock indices, including the U.S. Dow Jones, Nasdaq, S&P 500, the A50 (China), and the Hang Seng Index (Hong Kong). This strategic move aims to provide investors with more optimised, efficient trading across all global sessions by reducing trading costs and offering greater access. The global stock market is going through big changes, with lots of money flowing in and companies going public again (IPO boom). This is making stock markets around the world rise.
As market valuations rise and capital flows increase globally, these enhancements position investors to capitalise on key opportunities emerging in this pivotal moment for financial markets. EBC, a global financial broker, is here to help investors make the most of these opportunities. They do this by using advanced technology to offer low-cost, high-quality access to markets where big financial players (banks, institutions) operate. In short, EBC helps investors get better deals and access to big markets at low costs.
Liquidity Strengthens Major Indices Amid Global Recovery The ongoing recalibration of global stock markets is driven by several interconnected factors: fresh capital entering the system, a resurgence in IPO activity, and a series of market corrections that are realigning valuations. Emerging markets, once considered high-risk due to volatility, are now benefiting from new regulatory changes that boost investor returns, particularly in dividend payouts.
David Barrett, CEO of EBC Financial Group (UK) Ltd, offered an early prediction in June that undervalued markets were set to rebound. “Value reversion is a powerful force,” Barrett said at the time, emphasising that markets under pressure were now ripe for capital returns. He also noted that emerging markets, bolstered by new dividend regulations, are enhancing their attractiveness to global investors.
The past months have borne out these predictions. Since the start of 2024:
All three major U.S. stock indices (Dow Jones, Nasdaq, and S&P 500) have hit new all-time highs since the start of 2024, driven by fresh investment and increased investor confidence.
Asian markets, particularly in China and Hong Kong, are experiencing their most significant gains in a decade, marking them as central to global growth.
Why EBC’s Liquidity Enhancement Matters EBC’s liquidity enhancement couldn’t have come at a better time. As the world’s investors hunt for undervalued assets, EBC has strengthened its ability to offer the lowest trading costs for five major stock indices, giving traders a unique edge in the market.
Tighter spreads:
Dow Jones Index (U30USD): Spread reduced to 1.00, reflecting a reduction of up to 70%.
S&P 500 Index (SPXUSD): Spread reduced to 0.31, with reductions reaching 64%.
Nasdaq Index (NASUSD): Spread reduced to 0.70, with reductions as high as 85%, the most significant improvement.
Hang Seng Index (HSIHKD): Spread reduced to 6.50, achieving a reduction of up to 55%.
China A50 Index (CNIUSD): Spread reduced to 6.00, marking a reduction of 14%.
Wider access: Whether you’re trading in the Asian, European, or U.S. markets, EBC ensures that you’ll benefit from these cost-saving improvements, no matter the time zone.
EBC’s role in implementing these reductions positions them among institutions actively working to streamline market access for a diverse range of investors.
The Role of IPOs and Global Capital Flows Global capital is not simply flowing into traditional assets. A fresh wave of initial public offerings (IPOs) is reshaping the investment landscape, offering new opportunities for growth in sectors ranging from fintech to renewable energy. These IPOs, while centred in key regions, are attracting worldwide attention, pulling in capital from investors eager to capitalise on new and emerging trends.
“The market’s expectation for interest rate cuts has shifted the landscape,” Barrett said, adding that the rise of fintech IPOs, in particular, shows no signs of slowing down. As the global economy shifts into a new phase of monetary policy—with central banks signaling lower interest rates—investors are now betting on sustained growth in these innovative sectors.
With this, liquidity enhancements in major indices such as the Nasdaq and the Hang Seng are not simply reactive measures—they are strategic moves by institutions like EBC to prepare for the next wave of market activity. As more capital moves across borders, liquidity becomes essential for efficient, low-cost trading. The reduced spreads and enhanced market access make these indices more attractive to institutional and individual investors alike.
These developments come at a time when emerging markets are increasingly seen as key pillars of global growth, particularly as advanced economies grapple with inflationary pressures and slow economic recovery. The influx of liquidity into major indices reflects a broader confidence in global market resilience and the promise of continued returns in the months ahead.
Investors’ Next Steps: Navigating the Shift As global capital searches for growth, liquidity becomes more than a technical feature—it’s a vital asset in a world where time and access to markets matter. This period of heightened activity may well define the next phase of global finance, one in which agility, market awareness, and access to liquidity will determine winners and losers.
EBC Financial Group’s liquidity enhancements across major indices align with broader market trends and provide investors with the tools they need to navigate these changes efficiently. By lowering costs and ensuring stability in key markets, EBC is laying the groundwork for investors to capture opportunities in the global markets of tomorrow.
Investors, particularly those focused on long-term wealth appreciation, would do well to remain vigilant. The liquidity enhancements we are seeing today are laying the foundation for future market opportunities. Those who understand these shifts and act accordingly will find themselves well-positioned in a rapidly evolving global financial landscape.
About EBC Financial Group Founded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. EBC has quickly established its position as a global brokerage firm, with an extensive presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, Sydney, the Cayman Islands, and across emerging markets in Latin America, Southeast Asia, Africa, and India. EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.
Recognised by multiple awards, EBC prides itself on adhering to the leading levels of ethical standards and international regulation. EBC Financial Group’s subsidiaries are regulated and licensed in their local jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA), EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA), EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).
At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.
EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue.
Announcement on Open Market Operations No.200 [2024]
(Open Market Operations Office, October 11, 2024)
In order to keep liquidity adequate at a reasonable level in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB94.2 billion through quantity bidding at a fixed interest rate on October 11, 2024.
MILES AXLE Translation. Region: Russian Federation –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Alexander Novak held the 35th meeting of the Federal Headquarters for Gasification
October 11, 2024
Alexander Novak held the 35th meeting of the Federal Headquarters for Gasification
October 11, 2024
Alexander Novak held the 35th meeting of the Federal Headquarters for Gasification
October 11, 2024
Previous news Next news
Alexander Novak held the 35th meeting of the Federal Headquarters for Gasification
Deputy Prime Minister Alexander Novak held the 35th meeting of the Federal Headquarters for Gasification. The event was attended by representatives of the Ministry of Energy, Gazprom Mezhregiongaz LLC, the Federal Antimonopoly Service, the Federal State Budgetary Institution REA of the Ministry of Energy, regional headquarters for gasification and the Government Coordination Center.
According to the Ministry of Energy, since the start of the pre-gasification program, more than 1.85 million applications have been submitted from households for gas supply. 1.32 million contracts have been concluded, which is 96% of the number of applications accepted. The rate of contract conclusion in the third quarter increased by 6% compared to the second quarter, and compared to the first quarter, the growth was 37.4%. Under more than 1 million contracts (81% of those concluded), gas has been supplied to the boundaries of plots, 656 thousand households have received gas in their homes, with 174 thousand of them since the beginning of 2024.
In addition, work is being systematically carried out to connect gas to social, educational and medical institutions. 944 applications have been received from them, 820 contracts have been concluded. According to 459 of them, gas has been brought to the boundaries of the site.
In Russia, according to Gazprom Mezhregiongaz, as of October 3, 10,810 garden non-profit partnerships (SNT) were identified during the inventory that meet the criteria for additional gasification. This work continues. In these SNT, more than 932 thousand households are not gasified, more than 340 thousand houses are defined as residential. Additional gasification will be carried out by 2030 in those SNTs where technical conditions will allow gas pipelines to be connected and where the owners of residential buildings at general meetings give consent to the work on public lands.
Aleksandr Novak drew the special attention of the headquarters participants to the need to speed up the work on bringing gas both to the boundaries of the plots and to residential buildings. And he asked to intensify the work on informing citizens about the possibilities of receiving a comprehensive gas connection service by gas distribution organizations, and not by private companies, where the service may cost more. The Deputy Prime Minister instructed to consider the advisability of changing part of the regulatory documentation on gasification based on the proposals of Gazprom Mezhregiongaz.
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.
Source: United Kingdom UK House of Lords (video statements)
Learn with the Lords Day brought students from across the country to Parliament to learn more about the role and work of the House of Lords and meet a Lords member.
Hear from the students who took part about what they learned.
Source: United Kingdom UK House of Lords (video statements)
Did you know you can apply for a free Learn with the Lords session for your school? A member of the House of Lords will visit your class to deliver a presentation and answer questions from pupils.
The Learn with the Lords programme brings @UKParliament to life for students and helps them develop a better understanding of the vital role of the UK Parliament’s second chamber.
Hear from teachers who took part in a special Learn with the Lords Day, which brought students from across the country to Parliament to learn more about the role and work of the House of Lords and meet a Lords member.
In September, we sold savings bonds worth PLN 5,775 million. In September, we sold the following bonds: 3-month (OTS1224) – PLN 127.8 million, 1-month (ROR0925) – PLN 1,881.1 million, 2-year (DOR0926) – PLN 415.9 million, 3-year (TOS0927) – PLN 2,087.0 million, 4-year (COI0928) – PLN 925.6 million, 10-year (EDO0934) – PLN 299.5 million. The most frequently purchased instruments were 3-year bonds – TOS. Individual buyers allocated PLN 2,087.0 million for their purchase (36% share in the sales structure). Interest was also enjoyed by 1-year bonds – ROR (33%) and 4-year – COI (16%). Next, savers chose 2-year bonds – DOR (7%) and 10-year – EDO (5%) and 3-month – OTS (2%). Customers allocated nearly PLN 38.4 million for the purchase of family bonds dedicated to beneficiaries of the Family 800 program. Family bonds are directed exclusively to people receiving benefits under the Family 800 program, who want to save for the future needs of their children. The beneficiaries of the program have different obligations depending on the amount of the childcare benefit granted. Family bonds are available for sale on an ongoing basis, so you can purchase them at any time. All types of bonds can be purchased at PKO Bank Polski branches and Customer Service Points of the PKO Bank Polski Brokerage House and in the network of bond sales points of Bank Polska Kasa Opieki SA. Our bonds are also constantly available online in bank services and the PeoPay mobile application.
September – most frequently chosen bonds
In September, our clients allocated nearly PLN 5.8 billion for the purchase of retail bonds. The greatest interest was enjoyed by 3-year TOS bonds with a fixed interest rate – 36% share in sales. Another eagerly chosen savings product from our offer were 1-year bonds with a variable interest rate, based on the reference rate of the National Bank of Poland, which constituted 33% of the total sales value.
– comments Jurand Drop, Undersecretary of State in the Ministry of Finance. October is the month of saving
October 31st is World Savings Day, which is to remind us how important it is to manage our finances wisely and consciously. It is worth making generating and increasing savings a permanent element of household budgets. Treasury bonds support diez processors. All you need to do is choose the type of bond in which you want to invest your funds, deposit them and the rest is done automatically, without any additional costs. The registration account where our instruments are recorded is kept free of charge. Depending on the selected bond, interest is paid on an ongoing basis – during the life of the bond or at the end of the selected period. The maintenance-free nature of bonds is a great benefit for our clients, who can devote the time saved to other activities.
– adds Minister Gota.Savings bonds in retail sales
Type of bond
Offer de Details (sale from October 1-31)
Selling price
OTS01253-monthly
Three-month bonds are bonds with a fixed interest rate of 3.00% per annum. Interest is calculated on the value of PLN 100, and interest is paid after the end of saving (after three months from the date of purchase).
PLN 100100.00 PLN when exchanging
ROR10251-annual
Annual bonds are variable-rate bonds. In the first month, the interest rate is 5.75% per annum. In subsequent monthly interest periods, the interest rate is equal to the NBP reference rate and a fixed margin of 0.00%. Interest is paid monthly.
PLN 10099.90 PLN when exchanging
DOR10262-year-old
Two-year bonds are variable-rate bonds. In the first month, the interest rate is 5.90% per annum. In subsequent monthly interest periods, the interest rate is equal to the NBP reference rate and a fixed margin of 0.15%. Interest is paid monthly.
100 PLN99.90 PLN when exchanging
TOS10273-year-old
Three-year bonds are bonds with a fixed interest rate of 5.95% per annum. In the first year, interest is calculated from the value of PLN 100, and in subsequent years from the value increased by the interest for the previous year (so-called capitalization of interest). Interest is paid after the savings have ended.
100 PLN99.90 PLN when exchanging
COI10284-year-old
Four-year bonds are bonds that pay interest based on inflation.1 The interest rate in the first year of saving is 6.30%. In subsequent years, the interest rate is equal to inflation plus a fixed margin of 1.50%. Interest is paid after each year of saving.
100 PLN99.90 PLN when exchanging
EDO103410 summer
Ten-year bonds are bonds whose interest rate is based on inflation1. The interest rate in the first year of saving is 6.55%. In subsequent years, the interest rate is equal to inflation and a fixed margin of 2.00%. In the first year, interest is calculated on the value of PLN 100, and in subsequent years on the value increased by the interest calculated for the previous year (so-called capitalization of interest). Interest is paid after the savings are completed.
100 PLN99.90 PLN when exchanging
ROS10306-year family bond
Family Six-Year Bonds are bonds intended for beneficiaries of the Family 800 program. Their interest rate is preferential in relation to the bond included in the standard offer and is based on inflation1. The interest rate in the first year of saving is 6.50%. In the following years, the interest rate is equal to inflation and a fixed margin of 2.00%. In the first year, interest is calculated from the value of PLN 100, and in the following years from the value increased by the interest calculated for the previous year (so-called capitalization of interest). Interest is paid after the savings are completed.
100 PLN
ROD103612 summer family obligation
Family Twelve-Year Bonds are bonds intended for beneficiaries of the Family 800 program. Their interest rate is preferential in relation to the bond included in the standard offer and is based on inflation1. The interest rate in the first year of saving is 6.80%. In the following years, the interest rate is equal to inflation and a fixed margin of 2.50%. In the first year, interest is calculated from the value of PLN 100, and in the following years from the value increased by the interest calculated for the previous year (so-called capitalization of interest). Interest is paid after the savings are completed.
100 PLN
1 the rate of increase in the prices of consumer goods and services, adopted for 12 months and announced by the President of the Central Statistical Office (GUS) in the month preceding the first month of a given interest period. How can I buy Treasury bonds? State Treasury bonds can be purchased: How to open an IKE-Bonds Account and an IKZE-Bonds Account? An IKE-Bonds Account or an IKZE-Bonds Account can be opened at any branch of PKO Bank Polski or POK of the PKO BP Brokerage House. You can also obtain remote access to your IKE- and IKZE-Bonds Account under the terms and conditions specified in the “Regulations on the use of access to the Registered Account in the field of Treasury bonds via telephone or the Internet”.
Sweden is an active force for child and maternal care, sexual and reproductive health and rights (SRHR) and other health care around the world. Support to health care in Ukraine, access to SRHR, and fundamental health and vaccination campaigns are important focus areas. Cooperation with civil society is also being strengthened. The annual development assistance for health report, published today, 11 October, outlines all of this and much more.
“Investments in global health lead to a safer and healthier world, in which more people are given the conditions to live and shape their own prosperity. Sweden’s broad efforts for global health and SRHR are often critical – not least operations to get vaccines and medicines to those most in need, but also our efforts to strengthen health and medical care in low- and middle-income countries,” says Minister for International Development Cooperation and Foreign Trade Benjamin Dousa.
Last year, Sweden’s development assistance for health totalled approximately SEK 5.7 billion. The annual development assistance for health report outlines Sweden’s overall support to global health and SRHR. It has been published every year since 2012 and is based on statistics from the Ministry for Foreign Affairs and the Swedish International Development Cooperation Agency (Sida).
In 2023, bilateral health assistance to Ukraine increased, helping to ensure access to basic and life-saving care – an area that has been hard-hit following Russia’s full-scale invasion. The Government’s drive to support civil society organisations has contributed to preventive measures in low- and middle-income countries, including against sexual and gender-based violence.
SACRAMENTO – Governor Gavin Newsom today announced the following appointments:
Kristen Erickson-Donadee, of Folsom, has been appointed Director of the California Department of Child Support Services. Erickson-Donadee has been Chief Deputy Director at the California Department of Child Support Services since 2020 and has served in several roles there since 2009, including Chief Counsel, Assistant Chief Counsel, Attorney and Contract Attorney. She was an Attorney at the Sierra Nevada Regional Department of Child Support from 2006 to 2012. Erickson-Donadee earned a Juris Doctor degree from the University of California, Davis School of Law and a Bachelor of Arts degree in Economics from California State University, Sonoma. This position requires Senate confirmation and the compensation is $226,334. Erickson-Donadee is a Democrat.
Jay Wierenga, of Sacramento, has been appointed Deputy Secretary of Communications at the California Business, Consumer Services, and Housing Agency. Wierenga has served as Communications Director at the California Fair Political Practices Commission since 2014. He was Principal at Jay Alan Communications from 2012 to 2014. Wierenga was Vice-President at Aderfo Group from 2011 to 2012. He was a Strategic Communications Advisor at the U.S. Department of Homeland Security from 2011 to 2012. Wierenga served as Director of Communication and Deputy Director of Public Affairs at the California Governor’s Office of Homeland Security from 2007 to 2011. He was Director of Communications at the California Conservation Corps in 2007. Wierenga was an Anchor, Co-Host and Managing Editor at KFBK-AM from 2003 to 2007. He was an Anchor at KTXL-TV from 2000 to 2003 and at KHPO-TV from 1995 to 1999. Wierenga is a member of the KVIE-TV Community Advisory Board. He earned a Bachelor of Arts degree in Communications, Radio and TV from Dordt University. This position does not require Senate confirmation and the compensation is $160,200. Wierenga is a Democrat.
Hayley Figeroid, of Carmichael, has been appointed Deputy Director of Strategic Initiatives at the Office of Data and Innovation, where she has served as Head of Government Relations since 2022. Figeroid held several positions at Covered California from 2018 to 2022, including Assistant Deputy Director of Plan Management, Senior Manager of Distribution Services and Manager of the Certification Services Team. She was an Exam Specialist at the Contractors State License Board from 2016 to 2018. Figeroid was a Provider Enrollment Analyst at the California Department of Health Care Services from 2015 to 2016. She was an English Teacher at St. Francis High School from 2010 to 2015. Figeroid is a member of California Women Lead and the Sacramento State Alumni Association. She earned a Master of Education degree in Educational Administration and Leadership from Concordia University, a Master of Arts degree in English Literature from California State University, Sacramento and a Bachelor of Arts degree in English from the University of San Francisco. This position does not require Senate confirmation and the compensation is $165,000. Figeroid is registered without party preference.
Ludmil Alexandrov, of San Diego, has been appointed to the Carcinogen Identification Committee. Alexandrov has been Chief Scientific Officer at io9 since 2021, and a Professor at the University of California, San Diego since 2017. He was a J Robert Oppenheimer Distinguished Postdoctoral Fellow at the Los Alamos National Laboratory from 2014 to 2017. Alexandrov was a Consultant at Deloitte from 2007 to 2009. He is a member of the American Association for Advancement of Science, the Environmental Mutagenesis and Genomics Society, the American Association for Cancer Research, the American Statistical Association, and the International Society for Computational Biology. Alexandrov earned a Doctor of Philosophy degree in Cancer Genetics from the University of Cambridge, a Master of Science degree in Computational Biology from the University of Cambridge and a Bachelor of Science degree in Computer Science from the Neumont College of Computer Science. This position does not require Senate confirmation and there is no compensation. Alexandrov is registered without party preference.
Dean Felsher, of San Mateo, has been appointed to the Carcinogen Identification Committee. Felsher has been an Oncologist, Cancer Scientist and Professor at Stanford University since 1999 and Director of Translational Research and Applied Medicine since 2011. He was an Oncology Fellow at the University of California, San Francisco from 1994 to 1999. Felsher earned a Doctor of Medicine degree in Medicine and Molecular Biology and a Doctor of Philosophy degree in Molecular Biology from the University of California, Los Angeles. He earned a Bachelor of Arts degree in Chemistry from the University of Chicago. This position does not require Senate confirmation and there is no compensation. Felsher is a Democrat.
Mark Toney, of Lakeport, has been reappointed to the State Bar of California Board of Trustees, where he has served since 2020. Toney has been Executive Director of The Utility Reform Network since 2008. He was Executive Director of the Center for Third World Organizing from 2000 to 2004 and Executive Director of Direct Action for Rights and Equality from 1986 to 1994. He was Lead Organizer at Workers’ Association for Guaranteed Employment from 1982 to 1985. Toney is a member of the Board of Directors of the National Whistleblower Center. He earned a Doctor of Philosophy degree in Sociology from the University of California, Berkeley and a Bachelor of Arts degree in Political Science from Brown University. This position requires Senate confirmation and the compensation is $50 per diem. Toney is a Democrat.
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For Immediate Release: GOVERNOR GREEN ESTABLISHES HISTORIC INAUGURAL HAWAIʻI STATE LGBTQ+ COMMISSION
Posted on Oct 10, 2024 in Latest Department News, Newsroom
DEPARTMENT OF HUMAN SERVICES
KA ʻOIHANA MĀLAMA LAWELAWE KANAKA
JOSH GREEN, M.D.
GOVERNOR
KE KIAʻĀINA
RYAN I. YAMANE
DIRECTOR
KA LUNA HOʻOKELE
JOSEPH CAMPOS II
DEPUTY DIRECTOR
KA HOPE LUNA HOʻOKELE
TRISTA SPEER
DEPUTY DIRECTOR
KA HOPE LUNA HOʻOKELE
FOR IMMEDIATE RELEASE
October 10, 2024
GOVERNOR GREEN ESTABLISHES HISTORIC INAUGURAL HAWAIʻI STATE
LGBTQ+ COMMISSION
HONOLULU — The state of Hawaiʻi has established an advisory body to develop and improve the state’s interaction with its lesbian, gay, bisexual, transgender, queer, plus (LGBTQ+) citizens in accordance with HRS 369. The commission, one of few in the country, is comprised of eight voting members.
Commission Chair – Kathleen O’Dell, Ph.D. (she/her) – representing the City and County of Honolulu
Michael Golojuch Jr. (he/him) – representing the City and County of Honolulu
Secretary (temporary) Joe Tolbe (he/him) – representing Maui County
Finance Director Shanda Brack (she/her) – representing the Hawai‘i Sexual and Gender Minority working group out of the Department of Health
Sandy Harjo-Livingston, Ph.D. (he/him/they/them) – representing the City and County of Honolulu
Philip Steinbacher, Ph.D. (he/him) – representing Kaua‘i County
Joseph “Rocco” Vick (he/him) – representing Hawai‘i County
Richard Velasquez (he/him) – representing the City and County of Honolulu
The commission operates administratively under the Department of Human Services.
“The eight commissioners come to the table with a wide range of diverse and relevant experience and history,” stated commission Chair O’Dell. “It’s easy to feel how committed the members are and how enthusiastically they honor the responsibilities they are charged to take on.”
The commissioners were sworn in on June 28, 2024. by Lt. Governor Sylvia Luke. June 28 was selected by the commissioners as it commemorates the 55th Anniversary of the Stonewall Uprising, a significant date in LGBTQ+ history and efforts toward equality.
Powers and duties of the commission include creating public awareness and understanding of the responsibilities, needs, potentials and contributions of Hawai’i’s LGBTQ+ community; maintaining contacts with appropriate federal, state, local and international agencies concerned with the status of Hawaiʻi’s LGBTQ+ community; recommending legislative and administrative action on equal treatment and opportunities for members of Hawai’i’s LGBTQ+ community, and submitting to the governor and legislature an annual report with recommendations.
In addition to the eight voting members, the commission includes six ex officio, nonvoting members or their designees, including the superintendent of the Department of Education, the president of the University of Hawai‘i system, the director of Labor and Industrial Relations, the director of Human Resources Development, the director of Human Services; and the director of the Department of Health.
Honolulu Mayor Rick Blangiardi invited members of the commission to attend the ceremony for Honolulu Pride Month to raise the Pride flag above the Frank F. Fasi Civic Center Grounds and to proclaim the Wilhelmina Tenney Rainbow Shower Tree as the “Official Pride Tree of Honolulu.” This took place on Tuesday, October 1, 2024 in front of the Frank F. Fasi Municipal Building. Commissioners also helped to celebrate the beginning of Pride Month at the Aliʻiōlani Hale that evening and attended a round table discussion featuring current Hawaiʻi Supreme Court Justice Sabrina McKenna,and former Hawaiʻi Supreme Court Justices Steve Henry Levinson and Daniel R. Foley. They discussed Hawaiʻi’s entrance onto the marriage equality stage. The evening concluded with the debut of a traveling exhibition “Kaulike No Nā Mea A Pau: Toward Queer Justice in Hawaiʻi.”
Additionally, the commission will be participating in the Honolulu Pride Parade at 4:00 pm, Saturday, October 19, 2024, down Kalākaua Avenue. Honolulu Pride is celebrated in October to coincide with LGBTQ+ History Month, National Coming Out Day and Spirit Day.
Photos courtesy of the State of Hawaiʻi LQBTQ+ Commission
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MILES AXLE Translation. Region: Russian Federation –
Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
Rosneft’s production and processing enterprises released more than 3.3 million fish fry of various species into their natural habitat in August–October.
Preservation of biological diversity in the regions of presence, including replenishment of water resources with valuable fish species, is one of the main priorities of Rosneft’s environmental activities. At the request of oil workers, young fish are grown in nurseries, where optimal conditions for development are created: appropriate temperature conditions, high-quality nutrition and optimal water composition, which increases the chances of survival of the fry in the natural environment.
In the Khanty-Mansiysk Autonomous Okrug, RN-Yuganskneftegaz employees released more than 1.5 million young Siberian sturgeon into water bodies. Tyumenneftegaz specialists released more than 200,000 young muksun, a valuable species of the whitefish family, into the Baibalakovskaya channel, from where the grown fish migrate to the Ob River. Kondaneft also replenished the rivers of the Ob-Irtysh basin with 440,000 sturgeon young, and Sibneftegaz with 140,000 young broad whitefish.
Employees of the Slavneft-Krasnoyarskneftegaz and RN-Vankor enterprises released more than 650 thousand young sterlet of the Yenisei population into the Yenisei River in the Sukhobuzimsky District of the Krasnoyarsk Territory. The release site was determined by ichthyologists taking into account the hydrological conditions of the water body, temperature, chemical composition of the water, as well as the natural food base necessary for this type of fish. Together with young specialists of RN-Vankor, schoolchildren from the Movement of the First took part in the release.
Employees of the East Siberian Oil and Gas Company released more than 17,000 grayling fry into the Yenisei River in the Republic of Khakassia. The Yenisei waters were also replenished by RN-Shelf-Arktika – the company’s ecologists released almost 110,000 fry of the endangered Siberian sturgeon into the river. Thanks to the systematic work on artificial stocking, which is carried out by the Company’s subsidiaries, the population of valuable fish species in Siberian reservoirs has grown significantly in recent years.
During the summer-autumn period, Bashneft released more than 100,000 sterlet, muksun, and salmon fry into the reservoirs of the Republic of Bashkortostan and the Khanty-Mansi Autonomous Okrug, which helps restore the ecosystems of the rivers and lakes of these regions. In September, a batch of 100,000 sterlet fry bred in specialized fish farms of the Holy Mother of God Kazan Monastery was released into the Belaya River in Bashkortostan, as well as into the Nizhnekamsk Reservoir in the Republic of Tatarstan. The sterlet was carefully transported to the release site in vehicles equipped with special devices for supplying and regulating oxygen levels and monitoring water temperature. Activists from the children’s and youth organization “Movement of the First” took part in the release of the fry.
Workers of the Novokuibyshevsk Oil Refinery, together with their children and activists of the “Movement of the First”, released 13 thousand sterlet fry into the Volga near the village of Vinnovka in the Samara Region. The enterprise has been systematically engaged in the reproduction of the Volga’s bioresources for 10 years.
Employees of the Syzran Oil Refinery, together with members of the Movement of the First, released more than 40,000 sterlet fry into the Saratov Reservoir. The sterlet is a native Volga fish that, due to a number of unfavorable factors, is on the verge of extinction. Thanks to a special program, in which Rosneft enterprises are also participating, the sterlet population in the Volga is gradually growing.
The Company’s subsidiaries located in the Irkutsk Region took part in the fish stocking campaign. Verkhnechonskneftegaz released 19,000 carp fry (each fry weighs 0.5 g) into the Belaya River. Under favorable conditions, the carp fry reaches a weight of 1-1.5 kg in a year. Employees of the Angarsk Petrochemical Company released 1,500 fry of the Baikal population of Siberian sturgeon, listed in the Red Book of Russia, into Lake Baikal. This is the second year in a row that ANHK has released this valuable representative of cartilaginous fish. In natural spawning conditions, the survival rate of Baikal sturgeon is low, so breeding fish in an artificial environment and subsequent stocking is an effective way to maintain the population of fish species valuable to the region.
Department of Information and Advertising of PJSC NK Rosneft October 11, 2024
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.
The October update of the WTO’s Global Trade Outlook and Statistics largely reaffirms the April forecast, pointing to a gradual recovery in merchandise trade despite widening regional conflicts and increasing policy uncertainty. However, at the regional level, we have seen weaker-than-expected European trade and stronger-than-expected Asian exports.
Since the last report, inflation has fallen, as expected, in advanced economies, prompting central banks to begin lowering interest rates. We expected these developments to boost consumption and investment, thereby increasing demand for imports. In particular, we projected that Asian economies would lead the trade recovery, while North America, Europe and other regions would contribute more modestly, yet positively.
Broadly speaking, these expectations have materialized. As shown in Chart 1, we now anticipate a 2.7% increase in global merchandise trade volume in 2024, slightly up on our previous estimate of 2.6%. However, the forecast for 2025 has been revised downward, from 3.3% to 3.0%. Trade growth in 2024 and 2025 will likely be accompanied by real global GDP growth of 2.7% at market exchange rates, both this year and next.
While the overall figures for global trade and output have remained stable, notable shifts in regional trade growth are emerging. Downside risks to the forecast have also intensified, particularly with the escalation of the conflict in the Middle East, which could further disrupt trade flows.
Two key differences stand out between the current forecast and the previous one. First, trade growth in European economies has been weaker than expected, affecting both imports and exports. Second, export growth in Asian economies has been stronger than expected.
As illustrated in Chart 2, Asia is expected to contribute more than any other region to global export growth in 2024, adding 2.8 percentage points to the projected 3.3% growth in exports. The region is also expected to contribute 1.4 percentage points to the 2.0% import growth foreseen for this year. Meanwhile, North America is expected to contribute 0.6 percentage points to import growth in 2024, partly offsetting Europe’s negative contribution of -0.8 percentage points. Regional trade contributions should stabilize in 2025, aligning more closely with medium-term trends.
The stronger-than-expected export performance in Asia has been driven by increased exports of electronics, automotive products and other manufactured goods from China, with other Asian economies such as India, Viet Nam and Singapore also reporting robust export growth. On the downside, Europe’s export decline has been led by a contraction in the automotive and chemicals sectors, both of which are concentrated in Germany.
The outlook for services trade remains more positive than for goods, with the value of global commercial services trade in US dollars rising 8% year-on-year in the first quarter of 2024. More comprehensive services data will be released later this month, but continued strong growth is anticipated for the second quarter.
Returning to merchandise trade, we are seeing increasing evidence of trade fragmentation driven by geopolitical concerns. Trade is increasingly conducted among like-minded economies, a trend accelerated by the war in Ukraine. However, we have yet to observe a broader shift towards regionalization or near-shoring on a global scale.
Source: United Kingdom – Executive Government & Departments
One of the largest factories in the global offshore wind sector will expand and support even more jobs after UK Export Finance worked with Korean investors to secure new financing.
UK Export Finance and Korea Trade Insurance Corporation have guaranteed new financing for a major South Korean investment into Teesside.
This has unlocked new £225 million in financing from Standard Chartered Bank and HSBC UK for SeAH Steel Holding’s construction of a wind tech factory near Redcar.
The financing supports an additional investment which will help the mega-factory to produce wider range of components for the offshore wind sector and meet latest industry demands.
Based in Teesside, one of the world’s largest offshore wind technology factories will become even bigger after new government support for a South Korean investor.
Supported by backing from UK Export Finance (UKEF), SeAH Wind UK has now made an additional £225 million investment into wind technology manufacturing in Teesside. This brings their total investment into the site at Teesworks Freeport up to £900 million.
This was made possible after SeAH Steel Holding received financial guarantees from UKEF and Korea Trade Insurance Corporation (K-Sure) – the UK and South Korean export credit agencies – meaning that it could access £225 million in new financing for its ongoing factory build.
UKEF and K-Sure first supported the project in 2023. New support brings their joint backing for this project up to £590 million, with Standard Chartered Bank and HSBC UK providing the finance.
Wind monopiles act as the foundation for most offshore wind turbines and are critical to the growth of the global renewable energy sector. Upon completion of the factory, SeAH Wind UK will export to US and European markets.
New financing means that the factory will be able to produce even bigger monopiles and a wider range of products to meet industry demands, supporting the UK’s place in the global offshore wind supply chain.
The project will create up to 750 jobs by 2027 – a milestone in the development of a thriving offshore wind and renewables industry in North-East England.
Chris Sohn, Chief Executive of SeAH Wind UK, said:
With the proactive support of UKEF, our project is progressing smoothly. As we approach the completion of the factory construction, we are committed to ensuring its successful finalisation. We aim to become the first monopile manufacturing company in the UK and make a significant contribution to the UK economy.
Tim Reid, CEO of UK Export Finance, said:
This investment shows that there is international confidence in the UK economy and its ability to support the industries of tomorrow.
UK Export Finance is helping to secure overseas investment in Teesside and around the UK through its financing offer. By working with HSBC UK, Standard Chartered and K-Sure to support investment into this project, the government is bolstering North-East England’s position as a leader in renewable energy expertise.
Ian Stuart, CEO of HSBC UK, said:
We are delighted to provide our continuing support to SeAH Group for its new offshore wind monopile manufacturing factory in Teesside, North-East England. Through its expanded manufacturing capabilities, the factory will significantly contribute to the needs of the offshore wind industry and play an essential role in addressing the growing demand for renewable energy. This project underscores the importance of export finance in helping our clients grow their operations globally and facilitating their journey to net zero.
Yoshi Ichikawa, Head of Structured Export Finance for Europe, Standard Chartered, said:
We are proud to build on our previous financing provided in November 2023, to support SeAH Group’s additional investment and enhancement of the UK supply chain in the wind sector. It is an example of the important role we play in helping our clients and sectors to make credible progress on their net zero ambitions, while supporting economic development across our markets.
SeAH Wind UK, a subsidiary of South Korean steel company SeAH Steel Holding, announced its decision to invest and broke ground at Teesworks Freeport in 2022.
The ongoing construction has already created major contracts for the UK supply chain in manufacturing, construction and logistics, including a £100 million contract for British Steel.
UKEF’s support was provided under the Export Development Guarantee (EDG) product, which is available for overseas companies investing in new UK exporting opportunities and has also secured a major investment into Welsh paper manufacturing at Shotton Mill, Deeside.
Notes to editors
UKEF’s Export Development Guarantee (EDG) helps companies who export from or plan to export from the UK access high-value loan facilities for general working capital or capital expenditure purposes.
Of the new financing, UKEF guaranteed over £157 million whilst K-Sure guaranteed over £67 million.
This follows previous financing worth £367 million in 2023, of which £257 million was guaranteed by UKEF and £110 million by K-Sure.
Mr. Chair, Prime Minister Siphandone, thank you for your warm welcome and congratulations on your leadership of ASEAN this year.
Distinguished leaders of ASEAN,
Excellencies,
Ladies and gentlemen,
For nearly six decades, the family of South-East Asian countries has blazed a path of collaboration.
Every day, you grow more integrated, dynamic and influential.
And our ASEAN-UN partnership is growing ever stronger, too and it is today a strategic partnership from the UN point of view.
The ASEAN-UN Plan of Action is making important progress across the political, security, economic and cultural fronts.
I am particularly grateful for the important contribution of ASEAN members to our peacekeeping operations. Allow me to express my total solidarity with the Indonesian delegation. Two Indonesian peacekeepers [serving in Lebanon] were wounded by Israeli fire. We are together with you and the Indonesian people at this time.
I also welcome your work on the preparation of the Community Vision 2045.
This region has always been about looking ahead.
And so is the Pact for the Future, adopted last month at the United Nations.
We need to keep looking ahead.
Let me point to four key areas.
First, connectivity — your theme for the year.
We start with a fundamental objective: technology should benefit everyone.
Across Southeast Asia, broadband and mobile internet connectivity has soared. Yet the digital divide persists.
And a new divide is now with us — an Artificial Intelligence divide.
Every country must be able to access and benefit from these technologies.
And every country should be at the table when decisions are made about their governance.
The Pact for the Future includes a major breakthrough — the first truly universal agreement on the international governance of Artificial Intelligence that would give every country a seat at the AI table.
It also calls for international partnerships to boost AI capacity building in developing countries.
And it commits governments to establishing an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations.
Second, finance.
International financial institutions can no longer provide a global safety net – or offer developing countries the level of support they need.
The Pact for the Future says clearly: we need to accelerate reform of the international financial architecture.
To close the financing gap of the Sustainable Development Goals.
To ensure that countries can borrow sustainably to invest in their long-term development.
And to strengthen the voice and representation of developing countries.
This includes calling on G20 countries to lead on an SDG Stimulus of $500 billion a year.
Substantially increasing also the lending capacity of Multilateral Development Banks.
Recycling more Special Drawing Rights.
And restructuring loans for countries drowning in debt.
Third, climate.
ASEAN countries are feeling the brunt of climate chaos – disasters like Super Typhoon Yagi – while the 1.5 degree goal is slipping away.
We need dramatic action to reduce emissions.
The G20 is responsible for 80 per cent of total emissions – they must lead the way.
I welcome the pioneering Just Energy Transition Partnerships in Indonesia and Vietnam.
By next year, every country must produce new NDCs aligned with limiting the global temperature rise to 1.5 degrees Celsius.
Developed countries must keep their promises to double adaptation finance.
And we need to see significant contributions to the new Loss and Damage Fund.
Every person must be covered by an alert system by 2027, through the United Nations’ Early Warnings for All Initiative.
We must secure also an ambitious outcome on finance at COP29.
Fourth and finally, peace.
I recognize your constructive role in continuing to pursue dialogue and peaceful means of resolving disputes from the Korean Peninsula to the South China Sea. And I salute you for doing so in full respect of the UN Charter and international law – including the UN Convention on the Law of the Sea.
Meanwhile, Myanmar remains on an increasingly complex path.
Violence is growing.
The humanitarian situation is spiralling.
One-third of the population is in dire need of humanitarian assistance. Millions have been forced to flee their homes.
Seven years after the forced mass displacement of the Rohingya, durable solutions seem a distant reality.
I support strengthened cooperation between the UN Special Envoy and the ASEAN Chair on innovative ways to promote a Myanmar-led process, including through the effective and comprehensive implementation of the ASEAN Five-Point Consensus and beyond.
The people of Myanmar need peace. And I call on all countries to leverage their influence towards an inclusive political solution to the conflict and deliver the peaceful future that the people of Myanmar deserve.
Excellencies,
ASEAN exemplifies community and cooperation.
You are far more than the sum of your parts.
In a world with growing geopolitical divides, with dramatic impacts on peace and security and sustainable development, ASEAN is a bridge-builder and a messenger for peace.
Peace that is more necessary than ever, when we see the immense suffering of the people in Gaza, now extended to Lebanon, not forgetting Ukraine, Sudan, Myanmar and so many others.
Allow me to tell you that the level of death and destruction in Gaza is something that has no comparison in any other situation I have seen since I became Secretary-General.
I am extremely grateful for your constant efforts to keep our world together.
You play a key role in shaping a world that is prosperous, inclusive and sustainable with respect for human rights at its heart.
And you can always count on my full support and that of the United Nations in this essential effort.
Luis de Guindos, Vice-President of the ECB, gives the Welcome speech for the 5th Joint BoC – ECB – NY Fed Conference on 1. October, 2024 in Frankfurt, Germany.