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Category: Business

  • MIL-OSI USA: FACT SHEET: UPDATE: Biden-⁠ Harris Administration Continues Life-Saving Preparations for Hurricane  Milton

    US Senate News:

    Source: The White House
    The Biden-Harris Administration continues to mobilize a whole-of-government effort to prepare for the impacts of Hurricane Milton, including pre-positioning resources and personnel and expediting debris removal efforts in Florida. These actions supplement the ongoing response and recovery efforts to the impacts of Hurricane Helene across the Southeast and Appalachia.
    Today, President Biden was briefed by members of his Administration who are driving preparations for Hurricane Milton and recovery efforts for Hurricane Helene. The President directed his team to do everything possible to save lives and help communities before, during, and after these extreme weather events.
    The President urges everyone to be aware of the evacuation orders that are in effect in multiple Florida counties. Shelters are open, and evacuation assistance is available. If you are told to evacuate, do so immediately for your safety and that of your loved ones. If you need a safe place to go nearby, text SHELTER & your zip code to 43362 to get a list of open shelters near you.
    Yesterday, President Biden had calls with Florida Governor Ron DeSantis and Tampa Mayor Jane Castor to get firsthand reports on recovery efforts for Hurricane Helene and to discuss preparations for Hurricane Milton. The President also spoke with National Weather Service Director Ken Graham, who briefed the President in detail on the forecast and expected impacts of Hurricane Milton for the State of Florida. 
    At the direction of President Biden, FEMA Administrator Deanne Criswell was on the ground in Tampa, Florida, yesterday, where she met with local leaders to coordinate preparations ahead of Milton’s landfall.
    Yesterday, President Biden quickly approved the Governor of Florida’s request for a pre-landfall emergency declaration. Under an emergency declaration, FEMA provides direct Federal support to states for life-saving activities and other emergency protective measures, such as evacuation, sheltering, and search and rescue. Earlier today, the President also approved an emergency declaration request from the Chairman of the Seminole Tribe of Florida.
    The Administration has been in touch with officials from the State of Florida, as well as more than 60 local officials in cities and counties along the likely path of impact, to ensure needs are met in advance of the storm. The Administration has also been in touch with officials from the Seminole and Miccosukee Tribes. The Administration has also reached out to state officials in South Carolina and Georgia and will continue outreach efforts based on Hurricane Milton’s latest trajectory.
    FEMA has sufficient funding to both support the response to Hurricane Milton and continue to support the ongoing response to and recovery from Hurricane Helene– including funding to support first responders and provide immediate assistance to disaster survivors.
    Additional updates include:
    Pre-Staging Personnel and Resources
    FEMA is pre-staging a full slate of response capabilities in Florida and the region, including seven FEMA Incident Management Assistance Teams, eight FEMA Urban Search & Rescue and swift water rescue teams, three U.S. Coast Guard Swift Water Rescue teams, four Health Care System Assessment Teams, five Disaster Medical Assistance Teams and an Incident Management Team from the U.S. Department of Health and Human Services.
    Additional pre-staged capabilities include U.S Army Corps of Engineers temporary power teams, debris experts and a roofing team, U.S. Environmental Protection Agency debris removal and wastewater experts, and 300 ambulances. In addition, the U.S. Department of Defense is posturing and staging forces to support FEMA and state partners including helicopters for search-and-rescue operations and to enable movement of personnel, equipment and commodities; and High Water Vehicles.  
    FEMA has five incident staging bases with commodities including food and water. Right now, FEMA currently has 20 million meals and 40 million liters of water in the pipeline to deploy as needed to address ongoing Helene and Milton response efforts and can expand as needed.
    Protecting Public Health and Health Care Systems
    Today, U.S. Department of Health and Human Services (HHS) Secretary Xavier Becerra declared a Public Health Emergency for Florida to address the health impacts of Hurricane Milton, the second public health emergency declaration for the state to aid in a hurricane response within the past two weeks.
    The Department’s Administration for Strategic Preparedness and Response (ASPR) pre-positioned approximately 100 responders in Atlanta along with medical equipment and supplies to support the delivery of health care services in Florida following the landfall of Hurricane Milton. The deployed personnel include ASPR Health Care Situational Assessment Teams who stand ready to work with state officials to assess the storm’s impacts on hospitals, nursing homes, dialysis centers, and other health care facilities and a Disaster Medical Assistance Team (DMAT) from ASPR’s National Disaster Medical System (NDMS) for rapid response following health care assessments. A second DMAT is being pre-positioned in Atlanta to support additional response to either Hurricane Helene or Hurricane Milton, as needed.
    In addition to the assessment teams and disaster medical system personnel, ASPR deployed personnel from an Incident Management Team and Regional Emergency Coordinators who integrate with FEMA, state health authorities, and emergency response officials to anticipate and assist Florida in meeting public health and medical needs in the wake of the storm. Logisticians and security personnel are also pre-positioned to provide support. ASPR is prepared to facilitate Public Health Emergencies for Hurricane Milton upon request. ASPR has also supported the HHS emPOWER program, which is available to identify the number of Medicare beneficiaries in affected zips codes who rely on electricity-dependent durable medical equipment and certain healthcare services, such as dialysis, oxygen tank, or home health, to help anticipate, plan for, and respond to the needs of at-risk citizens in potentially impacted areas.
    Preparing for Impacts to Infrastructure
    The Department of Transportation is deploying a Federal Aviation Administration (FAA) Air Traffic Field Incident Response (FIR) team to Florida and pre-staging operations in Jacksonville to prepare support for any impacted towers and airports. The team will work with the state and local authorities and the Department of Defense within the established Emergency Operations Center. The Department of Transportation is also deploying the FAA Communication Support Team (CST), which plays a critical role in supporting communication restoration at impacted airports. Specifically, the CST will set up Starlink and Mobile Phone Bonding kits, which increase signal stability and data throughout the region. The FAA is placing aircraft on standby to transport personnel from various agencies, mobilize resources, and support damage assessments to infrastructure.
    In addition, similar to the approach on Hurricane Helene, the FAA will continue to closely coordinate with the Department of Defense, the Armed Services, including Active Duty and National Guard units, and State Emergency Operations Centers to support their use of drones to support response and recovery.  Drones can play a critical role in supporting search and rescue operations and damage assessments by providing real time video, imagery, and sensor capabilities in hard-to-reach places.       The Department of Transportation’s Federal Highway Administration is coordinating with the Florida Department of Transportation and monitoring the situation to be prepared to support.
    The Environmental Protection Agency is working closely with Federal, state, local, and Tribal partners to support water systems, prepare for debris management, and ensure facilities, including Superfund sites, maintain critical public health and environmental protections while they recover from Hurricane Helene and prepare for Hurricane Milton. The agency has personnel on the ground in regional and national operations centers who are continuing to respond to Hurricane Helene and are preparing to offer support, guidance, and assistance to the State of Florida and everyone in the new storm’s path.
    Additional Pre-Landfall Preparations
    The Department of the Interior’s U.S. Geological Survey (USGS) is deploying wave sensors at eight locations in Florida between Naples and Crystal River to measure the coastal waves caused by the storm. USGS Field crews are also installing one rapid-deployment gauge on the Sunshine Skyway bridge in St. Petersburg, Florida. This specialized piece of equipment is a fully-functional streamgage designed to be deployed quickly and temporarily to measure and transmit real-time water level data in emergency situations. This data can be used by decision makers and emergency managers to monitor water levels as they work to save lives and property.
    The Department of Energy’s Energy Response Organization remains activated to respond to storm impacts. Via the Electricity Sub-Sector Coordinating Council and Oil and Natural Gas Sub-Sector Coordinating Council, the Department of Energy has been coordinating continuously with energy sector partners on both the ongoing Hurricane Helene response and potential impacts from Hurricane Milton.
    The U.S. Department of Housing and Urban Development (HUD) has notified local public housing authorities and owners of its assisted multifamily and heath care properties within the State of Florida to immediately implement all appropriate safety protocols for residents and workers. HUD is committed to ensuring that residents of its assisted homes and properties receive critical information that can save lives during extreme weather events. HUD is also conducting outreach and communications on the programmatic flexibilities and waivers that can be utilized to assist communities and survivors.
    The Export-Import Bank of the United States (EXIM) announced it is extending measures to assist customers, U.S. exporters, and financial institutions impacted by Hurricane Helene and forecasted to be impacted by Hurricane Milton. EXIM is offering assistance to allow businesses and financial institutions that participate in EXIM’s programs to return to their business concerns when appropriate and without penalty due to missed deadlines or other timeliness issues.

    MIL OSI USA News –

  • MIL-OSI Global: Is sustainable development possible? Only if we take a unified approach

    Source: The Conversation – Canada – By Davide Elmo, Professor, Keevil Institute of Mining Engineering, University of British Columbia

    With this year’s annual United Nations Framework Convention on Climate Change Conference of the Parties (COP29) summit set to take place in a little over a month in Azerbaijan, the world’s attention once again turns to climate change, resource security and the goals of sustainable development.

    The aims of sustainable development are to build a system that meets the needs of society without compromising the ability of future generations to fulfil their own. The UN adopted 17 sustainable development goals in 2015 and real progress has been made in advancing some of them. But can true sustainable development be achieved, and how might it work in practice?

    I am an engineer with experience in mining and geotechnics. To help answer these questions, I have been researching the interplay between sustainability challenges in the natural resource sector, the evolving concept of the circular economy and the implications of economic models founded upon sustained growth.



    Read more:
    Mining the depths: Norway’s deep-sea exploitation could put it in environmental and legal murky waters

    Striking a balance between resource extraction and environmental sustainability is essential for the continued existence of human societies and the risks of biodiversity loss must be accounted for in all resource extraction activities. At the same time, the need to protect the rights of all people — including Indigenous rights — remains paramount.

    To help better understand the nuances of sustainable development, in my forthcoming research I propose a model of the impact(s) of human activities on the Earth’s planetary boundaries, which I refer to as the (un)sustainable machine.

    Sustainable mining requires looking at the practices required to ensure long-term economic development remains in equilibrium with environmental and social considerations. The (un)sustainable machine model describes the delicate balancing acts at play, highlighting the intricate relationship between what drives minerals demand and consumption and how these forces impact Earth’s planetary boundary.

    (Un)sustainable development

    While progress may be being made in some areas of sustainable development — particularly around areas of poverty and malnutrition — as a planetary system, the report is much less positive. Take, for example, the issue of recycling.

    Can recycling keep up with increased demand and counter resource extraction? Over 3.3 billion tonnes of metals are produced globally each year, and most demand predictions show rising consumption of metals in the coming decades.

    Models developed by the World Bank indicate that by 2050, secondary supply (recycling) for aluminum, copper and nickel could meet about 60 per cent of the demand. Despite the enthusiasm among researchers and economists, however, these long-term projections indicate the difficulty of transitioning to a circular economy. Indeed, these predictions show that a 40 per cent unmatched demand must continue being supplied by primary sources like mining.



    Read more:
    Slow mining could be a solution to overconsumption in an increasingly fast-paced world

    In my model, recycling is represented as a set of springs resisting the extraction of additional mineral resources. To achieve 100 per cent recycling of the entire spectrum of the mineral resources, our economy needs to solve problems that are not achievable with today’s technology. Furthermore, when developed on an industrial scale, recycling plants raise some of the same environmental challenges of large mineral processing and smelting plants.

    Amidst this backdrop, the circular economy has presented itself as a transformative solution predicated on keeping products and materials in use, and regenerating natural systems. It challenges the linear extract-produce-dispose approach and questions the sustainability of perpetual economic growth, especially in a world with finite resources and known environmental constraints. Analogous to the (un)sustainable machine model, I also propose the model of the (un)sustainable cone of demand and consumption.

    The (un)sustainable cone model highlights the discrepancy between an economic concept based on the idea of a closed-loop system (circular economy) and the current financial framework based on the idea that infinite growth is possible. The larger the unbalanced cross-sectional area of the (un)sustainable cone of demand and consumption, the larger the stresses imposed upon Earth’s planetary boundaries.

    A different path?

    To remain within Earth’s planetary boundaries requires solutions beyond simple technical means. Actions by a few individuals are not sufficient. As engineers, we often believe it is possible to develop solutions to mitigate the anthropogenic impacts on Earth’s planetary boundaries. However, by doing so, we fail to realize that finite barriers to growth remain and that our engineering solutions may in time become part of the problem.



    Read more:
    GDP is not enough to measure a country’s development. What if we used the Sustainable Development Goals instead?

    It is essential for individuals who are not economists or environmental scientists to think about the meaning of sustainability in the context of extracting mineral resources. At the same time, economists and social-environmental scientists need to recognize that when it comes to mineral resources, policies and permitting regulations should not be addressed separately from the technical and economic aspects of mining engineering problems.

    To paraphrase the work of eminent American social scientist Garrett Hardin:

    Therein is the tragedy. Each financial market is locked into a system that compels it to increase its value without limit – in a world with finite resources. Earth’s ruin is the destination toward which all companies rush, each pursuing its own best interest in a market that (only) believes in the benefits of the shareholders.

    Simply put, while both policy and technology are necessary to achieve true sustainability, unless our efforts are unified across discipline and economies, there is little hope for staying within the finite bounds of what our planet can provide.

    Davide Elmo receives funding from NSERC (Natural Sciences and Engineering Research Council of Canada) and MITACS

    – ref. Is sustainable development possible? Only if we take a unified approach – https://theconversation.com/is-sustainable-development-possible-only-if-we-take-a-unified-approach-237438

    MIL OSI – Global Reports –

  • MIL-OSI Global: Hysterectomy is more common, and occurs at younger ages, for women with less education

    Source: The Conversation – Canada – By Erin A. Brennand, Gynecologist & Associate Professor, University of Calgary

    Nearly one in three Canadian women over age 60 has had their uterus removed. (Shutterstock)

    Hysterectomy is one of the most common inpatient surgeries. Currently, nearly one in three Canadian women aged 60 and older have had their uterus removed.

    While this rate is falling, mainly due to greater use of non-surgical treatments for many gynecological conditions, hysterectomy appears to be normalized in Canada. Many women and some physicians view hysterectomy as a routine part of aging or natural step after childbearing.

    This cultural acceptance is a problem because, in the long term, hysterectomy appears to be associated with an increased risk of heart problems and other chronic illnesses.

    In Canada, approximately 35,000 hysterectomies are performed annually. The majority are for non-cancerous conditions such as abnormal uterine bleeding, fibroid growths, and pelvic organ prolapse.

    In Alberta, the rate of hysterectomy is more than 20 per cent higher than the national rate (328 versus 269 per 100,000 adult women), and Canadian Institute for Health Information (CIHI) data shows the province has had a comparatively higher rate since 2010.

    Hysterectomy and education

    Within our team of medical professionals and health researchers, we know hysterectomy can have long-term health consequences and that it is overused in certain patient populations. Our research focuses on female reproductive health across the lifespan, with an overarching vision to make the future of women’s health a priority. We want to understand who is most at risk for poor health outcomes and identify strategies to reduce avoidable harm.

    In a recent study, we investigated whether women with lower levels of education were more likely to have a hysterectomy, and at what ages.

    We analyzed data from Alberta’s Tomorrow Project, a large, long-term study tracking health and chronic illness in Albertans. We studied almost 35,000 women over a 15-year period. The findings were stark: 29.7 per cent of women with a high school diploma or less had a hysterectomy, compared to 14.7 per cent with a university degree.

    After we accounted for several social and medical factors, it appeared that women with a high school education were roughly 1.7 times as likely to have a hysterectomy than those with a university education. Even women with a college degree were approximately 1.6 times as likely to have a hysterectomy than those who were university educated.

    We also found that less education meant women were more likely to have surgery at a younger age, and before menopause. This timing is important because when performed before natural menopause, hysterectomy appears to increase the risk of cardiovascular disease, osteoporosis and earlier onset of menopause symptoms.

    Social disparities

    Our findings raise important questions about social disparities in Canadian medical care. We know that women with lower levels of education often face economic challenges that can limit access to alternative treatments.

    For example, if employment does not provide extended health benefits to cover the costs of medical management, women may view surgery — which is covered by Canada’s universal health-care system — as their only viable option. Moreover, they may have less access to health-care providers who are familiar with newer, non-surgical treatments, or who are willing to offer them.

    Women with precarious employment or multiple roles at work and home may not be able to cope with unpredictable symptoms, such as unpredictable uterine bleeding, leading them to choose a more definitive treatment earlier.

    Our research also questions whether health-care providers may be more likely to recommend surgery to women with less education, possibly due to biases or assumptions about women’s ability to afford or manage non-surgical treatments.

    It is also possible that women with less education may have lower health literacy, affecting their ability to make informed decisions, or to participate in shared decision-making. Being less likely to question a doctor’s recommendations or seek second opinions could lead to a higher likelihood of surgery.

    It is evident that despite medical advances reducing the need for hysterectomy, there are significant variations in its use across different groups of women. This suggests some surgeries are not driven by medical necessity and may be avoidable. Our study adds to growing evidence calling for greater attention to the social determinants of female reproductive health. We expect it will require multiple approaches to address these disparities.

    To begin with, it is essential to improve information about, and access to, non-surgical treatments for all women, including tailoring this as needed for those with less education. One potential area of improvement is Canada’s recent commitment to federal coverage for birth control, since this can provide excellent treatment for conditions such as heavy uterine bleeding.

    Investment in pelvic floor physiotherapy is also necessary to ensure non-surgical treatment for pelvic organ prolapse is available to everyone.

    Secondly, there is an urgent need for increasing awareness among health-care providers about the importance of shared decision-making and addressing unconscious bias.

    Lastly, interventions to improve health literacy among women with lower education levels are critical to enable patients to be more active participants in their health-care decisions. It could also reduce the likelihood of experiencing a potentially avoidable hysterectomy and subsequent long-term health issues.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Hysterectomy is more common, and occurs at younger ages, for women with less education – https://theconversation.com/hysterectomy-is-more-common-and-occurs-at-younger-ages-for-women-with-less-education-237937

    MIL OSI – Global Reports –

  • MIL-OSI: Canoe EIT Income Fund Announces 2024 Voluntary Cash Redemption

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 08, 2024 (GLOBE NEWSWIRE) — Canoe EIT Income Fund (“Canoe” or the “Fund”)(TSX – EIT.UN) today announced the 2024 voluntary cash redemption.

    Voluntary Annual Cash Redemption

    The redemption date for the Fund’s annual voluntary cash redemption will be December 6, 2024. Unitholders are entitled to redeem units of the Fund at a price equal to 95% of the Average Net Asset Value (NAV) of the three trading days preceding the December 6, 2024 redemption date, less direct costs. Direct costs are expected to be less than 1%. If all redemption requests exceed 10% of the aggregate outstanding units of the Fund on November 15, 2024, the final day to submit units for redemption, the Fund will process redemptions to this maximum on a pro-rata basis based on the total number of units tendered. Payment for units that have been tendered and accepted for redemption will be made on or before December 31, 2024.

    Unitholders wishing to redeem their units must provide notice of their intent to do so with their investment advisor or brokerage office no later than November 15, 2024. Please note that investment firms may impose an earlier deadline in order to facilitate the processing of redemption requests. Unitholders are strongly urged to consult their investment advisor or brokerage office directly to confirm their internal deadlines. Registered unitholders (those who hold a physical share certificate in their name) should contact the Fund’s transfer agent, Alliance Trust Company, at 1-877-537-6111 to redeem their units. Units that have been submitted for redemption will remain eligible for the October 2024 and November 2024 distributions, which are paid in November 2024 and December 2024, respectively.

    Please note that any redemption requests made by non-resident unitholders may be subject to withholding tax.

    Key Dates

    October 8 – November 15, 2024 Unitholders may tender units for redemption
    December 3,4,5 2024 Redemption price determined based on Average NAV of these trading days
    December 6, 2024 Redemption date
    December 31, 2024 Payment of redemption proceeds on or before this date
       

    About Canoe EIT Income Fund

    Canoe EIT Income Fund is one of Canada’s largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality securities. The Fund is listed on the TSX under the symbol EIT.UN, and is actively managed by Robert Taylor, Senior Vice President and Chief Investment Officer, Canoe Financial.

    About Canoe Financial

    Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing approximately $18.0 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.

    Contact
    Investor Relations
    1–877–434–2796
    info@canoefinancial.com

    Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

    The Fund makes monthly distributions of an amount comprised in whole or in part of Return of Capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the fund, which could reduce the fund’s ability to generate future income. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the Fund on http://www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated. This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.

    The MIL Network –

  • MIL-OSI Economics: IMF Staff Completes 2024 Article IV Mission to Timor-Leste

    Source: International Monetary Fund

    October 8, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • Timor-Leste’s growth is expected to rise in 2024, supported by an increase in public spending and strong credit growth. From a high level in 2023, inflation has fallen sharply and is projected to continue easing with the moderation of global food prices.
    • A key policy priority is ensuring that Timor-Leste’s substantial savings are best utilized to support development while achieving fiscal sustainability. Improving the composition and quality of public spending would boost growth, while containing overall spending is needed to preserve fiscal sustainability.
    • Promoting private sector development requires well-sequenced structural reforms, and the authorities are rightly prioritizing an ambitious agenda of legal reforms of the financial sector.

    Washington, DC: An International Monetary Fund (IMF) team led by Mr. Yan Carrière-Swallow visited Dili during September 25-October 8 to conduct discussions for the 2024 Article IV consultation with Timor-Leste. At the conclusion of the discussions, Mr. Carrière-Swallow issued the following statement:

    “Timor-Leste has made impressive progress since its independence. Yet, the economy remains under-diversified and highly dependent on the public sector. The IMF stands ready to continue providing capacity development to assist the government’s development and reform efforts.

    “Growth is expected to rise in 2024, supported by an increase in public spending and strong credit growth, and will maintain its momentum in 2025. From a high level in 2023, inflation has fallen sharply and is projected to continue easing with the moderation of global food prices. Risks to the outlook are balanced.

    “The draft 2025 budget contains an appropriate increase in spending on capital projects, health, and education, but also an excessive increase in recurrent spending. Large fiscal deficits are expected to persist as spending remains high, requiring excess withdrawals from the Petroleum Fund that will lead to its full depletion by the end of the 2030s. We recommend a 10-year reform scenario that supports economic diversification through structural reforms and gradually reduces fiscal deficits to stabilize the Petroleum Fund.

    “We welcome the government’s ambitious financial sector reform agenda to address structural impediments to lending, which is essential for private sector development. We recommend accelerating the issuance of land titles, which would offer a crucial source of collateral to households and businesses seeking credit from banks.

    “The team had fruitful discussions with Prime Minister Kay Rala Xanana Gusmão, Minister of Finance Santina Cardoso, Central Bank Governor Hélder Lopes, other senior officials, development partners, the private sector, and civil society. On behalf of the IMF team, I would like to thank the Timorese authorities for their hospitality and excellent cooperation.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    @IMFSpokesperson

    MIL OSI Economics –

  • MIL-OSI Economics: IMF Reaches Staff-Level Agreement with Papua New Guinea on a Resilience and Sustainability Facility (RSF) Arrangement and the Third Reviews Under the Extended Credit Facility and the Extended Fund Facility

    Source: International Monetary Fund

    October 8, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country or a virtual staff visit. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • The Papua New Guinea authorities and the IMF team reached staff-level agreement on the request for access under the Resilience and Sustainability Facility (RSF) for about US$265 million to enhance resilience to climate change. The IMF Executive Board will consider the request in the coming weeks.
    • The authorities and the IMF team also reached staff-level agreement on the third reviews of the authorities’ reform program supported by the IMF’s Extended Credit Facility and the Extended Fund Facility.
    • Papua New Guinea’s outlook remains positive, with economic growth increasing to 4.5 percent in 2024, and the authorities continue to make progress in implementing their homegrown economic reform program.

    Port Moresby, Papua New Guinea: An International Monetary Fund (IMF) team led by Mr. Tahsin Saadi Sedik, visited Port Moresby from September 26 to October 9, 2024, to review progress under the authorities’ homegrown economic reforms supported by the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements of SDR684.3 million (about US$918 million), and to discuss the authorities’ request for access to the Resilience and Sustainability Facility (RSF).

    At the conclusion of the mission, Mr. Saadi Sedik issued the following statement:

    “I am pleased to announce that IMF staff and the Papua New Guinea (PNG) authorities have reached a staff-level agreement on (i) the policies needed to complete the third reviews of the ECF and EFF arrangements; and (ii) a new 24-month RSF arrangement with access of SDR197.4 million (about US$265 million), which will run in parallel to the ECF-EFF arrangements, to support the authorities’ policy agenda aimed at enhancing resilience to climate change.

    “To enhance PNG’s capacity to address challenges posed by climate change and reinforce its resilience, the proposed RSF arrangement, subject to approval by the IMF Executive Board, would help build policy buffers and contribute to enhancing the effective implementation of PNG’s climate commitments. PNG would become the first Pacific Island country to benefit from RSF support. Building on these commitments, reforms under the proposed RSF arrangement will focus on strengthening disaster risk management capacity, supporting the inclusion of climate considerations in public investment decisions, encouraging the development of green finance, and enhancing mitigation policies. These reforms, which will be supported by capacity development activities from PNG’s international partners, are expected to catalyze financing for climate and sustainable development. 

    “The completion of the third reviews of the ECF-EFF, upon approval by the Executive Board of the IMF, would allow for the immediate disbursement of SDR94.75 million (approximately US$127 million) in financing, bringing the total IMF financial support disbursed thus far under the ECF-EFF arrangements to SDR321.12 million (about US$430 million). Adding the new RSF support, the total IMF commitment under all these arrangements would be SDR881.72 million (about US$1.19 billion).

    “Papua New Guinea’s economic outlook remains positive. Growth is expected to increase to 4.5 percent in 2024 from 2.9 percent in 2023, supported by the resumption of activities at the Porgera gold mine and improvements in access to foreign exchange. Average headline inflation is projected to remain historically low at 1.3 percent in 2024, while core inflation, which excludes volatile items such as betel nut, is projected to moderately increase to 3.9 percent in 2024, while staying below the historical average, mainly driven by food and transportation costs. Gross international reserves stood at US$3.2 billion at end-June 2024, providing space to continue implementing central banking reforms.

    “Performance since the start of the ECF-EFF arrangements has been strong. The government of PNG has continued to make progress in implementing its structural reform agenda, focused on advancing budget repair, modernizing central banking, and improving governance. These reforms are bearing fruit, with notable positive outcomes including: (i) the easing of foreign exchange shortages, which contributes to improving the business environment; (ii) the reduction of excess liquidity in the banking sector, which enhances monetary policy transmission; (iii) a lower fiscal deficit, which strengthens public debt sustainability; and (iv) progress in the operationalization of the anti-corruption framework.

    “The government remains committed to an ambitious fiscal consolidation strategy set out in its 13-year budget repair plan. After reducing the fiscal deficit by 0.9 percentage points of GDP in 2023, while creating space for more social spending, the authorities are on track to deliver an additional 0.4 percentage points of GDP reduction in 2024. The authorities remain committed to implementing their prudent borrowing strategy aimed at preserving debt sustainability.

    “The Bank of Papua New Guinea (BPNG) has continued to actively implement its roadmap of reforms to help alleviate foreign exchange shortages, gradually return to kina convertibility, and modernize its monetary policy operations. The increased flexibility of the exchange rate under the de facto crawl-like arrangement, combined with the BPNG’s foreign exchange intervention strategy, has supported improved access to foreign exchange, particularly for essential import orders. The reduction of the structural misalignment of the kina will help enhance the competitiveness of PNG’s exports, including in the agricultural sector, and thus increase rural incomes and improve living standards. The BPNG continues monitoring developments in domestic financial markets and stands ready to calibrate its policy stance accordingly. The BPNG is also modernizing its monetary policy operations, enabling commercial banks to improve their liquidity management. Amendments to the Central Banking Act, adopted in September by Parliament, have significantly improved the mandate, governance, and autonomy of the BPNG.

    “The governance and anti-corruption frameworks are being strengthened. The Independent Commission Against Corruption (ICAC), benefiting from a significant increase in funding, has successfully defined its operational procedures and set up more secure information systems.

    “The IMF will continue to work closely with the Papua New Guinea authorities and stands ready to help them, not only through financing and policy advice, but also through technical assistance.

    “The IMF staff team is grateful to the authorities for their warm hospitality, productive collaboration, and candid policy dialogue. The IMF team held meetings with Minister for Treasury Ian Ling-Stuckey, Governor of BPNG Elizabeth Genia, Secretary of Treasury Andrew Oaeke, and other senior government officials. The team also had constructive meetings with representatives from the private sector and development partners.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    @IMFSpokesperson

    MIL OSI Economics –

  • MIL-OSI USA: Brown Calls on Administration to Provide Disaster Loans to Small Businesses Affected by May Explosion in Downtown Youngstown

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH) called on the Biden Administration to grant Ohio’s request to make Economic Injury Disaster Loans (EIDL) available to Youngstown businesses impacted by the downtown Realty Tower explosion on May 28, 2024.

    In a letter to U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman and Associate Administrator Francisco Sánchez Jr., Brown detailed the impact of the explosion on local businesses and urged SBA to provide assistance. The letter follows an official request from the state that was submitted on Monday.

    “While downtown businesses have re-opened, many were significantly impacted and have requested help. Following the May explosion, I heard directly from businesses, workers, and residents who were negatively affected by the explosion. Business owners shared the economic challenges this emergency brought, and I urge you to answer their call for support,” Brown wrote.

    In July, Brown called on the Secretary of the Treasury and the IRS Commissioner to declare that relief payments Youngstown residents received from the Red Cross, the United Way, and Enbridge Gas in connection to the explosion be deemed tax exempt. Brown is pushing the IRS to declare the tragic explosion “of a catastrophic nature,” and qualify the payments as nontaxable. Earlier that week, Brown hosted a roundtable with government officials, businesses, workers and residents of downtown Youngstown who have been negatively affected by the May 28 Realty Tower Explosion. Brown and residents discussed the ongoing recovery efforts.

    Full text of the letter can be found HERE or below.

    Dear Administrator Casillas Guzman and Administrator Sanchez: 

    I write to urge you to act swiftly on the request by Ohio Governor Mike DeWine for the Small Business Administration (SBA) to make Economic Injury Disaster Loans (EIDL) available to Youngstown businesses impacted by the downtown explosion on May 28, 2024. 

    The explosion resulted in one fatality, nine serious injuries, and massive property damage. In addition, the event displaced hundreds of residents from their homes, forced several businesses to close temporarily, and required the demolition of a historic building.

    While downtown businesses have re-opened, many were significantly impacted and have requested help. Following the May explosion, I heard directly from businesses, workers, and residents who were negatively affected by the explosion. Business owners shared the economic challenges this emergency brought, and I urge you to answer their call for support. In his request for SBA EIDL assistance, Governor DeWine has found that the sustained losses to businesses meet the threshold for SBA disaster assistance and that businesses are in need of financial assistance not otherwise available on reasonable terms.

    I fully support Governor DeWine’s request and urge your prompt consideration. Thank you for your attention to this urgent matter. 

    Thank you,

    MIL OSI USA News –

  • MIL-OSI USA: Brown, Columbus Leaders Take on Predatory Investors That Drive Up Local Housing Prices

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    COLUMBUS, OH – Today, U.S. Senator Sherrod Brown (D-OH) was joined by local leaders and community members in Columbus to call for passage of his Stop Predatory Investing Act, which would take away tax breaks for big investors that buy up large numbers of homes, driving up local housing prices. Brown, who serves as Chair of the Senate Banking, Housing, and Urban Affairs Committee, also toured a home being constructed for purchase by a Columbus homebuyer, not an investor. The Stop Predatory Investing Act would prohibit an investor who acquires 50 or more single-family rental homes from deducting interest or depreciation on those properties. Right now, two big Wall Street-backed investors own nearly 12,000 Ohio single-family homes in just three markets – including nearly 3,800 homes in Columbus. And the true extent of the problem is likely much larger, because other large investors, like private equity firms, that own homes throughout Ohio aren’t required to report how many homes they own.

    “In too many communities in Ohio, big investors funded by Wall Street are buying up homes and driving up prices. So many families who have worked for years saving to buy a house end up getting out-bid over and over by outside investors, and they can’t afford to compete,” said Brown. “We introduced the Stop Predatory Investing Act to fight back by striking right at the core of what makes this a profitable business venture for deep-pocketed investors: by taking away tax breaks they don’t need, we cut deep into their profit.”

    Brown was joined by Carlie Boos, Executive Director of the Affordable Housing Alliance of Central Ohio, Janene Parham, a realtor with Red 1 Realty and Co-Founder of Renew Homes Ohio, and Curtiss L. Williams, Sr., President and CEO of the Central Ohio Community Improvement Corporation.

    “It’s not a fair fight when these LLCs are offering to close on a home two hours after it shows up on a listing service, when they’re willing to pay cash, when they’re willing to buy as-is, no inspection, sight-unseen. Our homebuyers cannot go toe-to-toe with high-tech algorithms backed by an unlimited supply of cash. Thankfully, this is a problem that can be fixed. Most immediately, we can take away the incentives and tax breaks that make it more alluring to invest in a home than live in one. I want to thank Senator Brown, Curtiss Williams, and Janene Parham for their continued leadership in this effort,” said Carlie Boos.

    “As a realtor with over 25+ years and advocate for affordable housing. I have seen a lot of shifts of the market. This may be one of hardest, especially for buyers purchasing within the 180k –325k price range,” said Janene Parham. “Predatory Investment Corporation is having a negative effect on our housing market for buyers and renters in most vulnerable communities. Regulation has to happen now in order to stabilize and make home ownership affordable.”

    “We want to thank Senator Brown and his team for their support of affordable housing initiatives across Ohio and nationally. We appreciate his work to introduce legislation that would help keep homes accessible to working individuals and families in Franklin County,” said Curtiss L. Williams, Sr. “When we take corporations and investors out of the equation, our community is able to focus on creating sustainable pathways to homeownership and affordable rentals.”

    Private equity and other Wall Street-backed outside investors are a growing problem in Ohio housing markets, driving up local housing prices and pushing homeownership further out of reach for too many working families. In the second quarter of 2024, investors bought more than 14% of homes in Columbus according to Redfin. Large, out-of-state investors use technology and all-cash offers to outcompete individual buyers. And because investors often target the same types of affordable starter homes as first-time homebuyers, they deny families the opportunity to build wealth through homeownership.

    Brown has long fought to protect Ohio’s homeowners and renters from bad actors in the housing market and has fought to improve access to affordable homeownership. In July, Brown introduced the Housing Acquisitions Review and Transparency (HART) Act to increase competition in the housing market by requiring corporations and private equity firms that buy up large numbers of houses and apartments to report those transactions to antitrust enforcers. Brown has held hearings with Cleveland’s Director of Building and Housing Sally Martin and the Port of Greater Cincinnati Development Authority President and CEO Laura Brunner about the harm that investors have caused Ohio communities, renters, and aspiring homeowners. Brown also held a listening session where tenants from across the country described the harm they’d experienced renting from institutional investor landlords. 

    Legislative text of the Stop Predatory Investing Act can be found here, and a summary of the bill can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Markey Celebrates Port of New Bedford’s Completion of North Terminal Expansion

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    $42.7 million project increases the Port’s economic competitiveness

     

    Left: Sen. Markey, Sen. Warren, Rep. Keating, Mayor Mitchell and other officials cutting the ribbon at the North Terminal expansion project 

    Right: Senator Markey speaking at the ribbon-cutting 

    Boston (October 8, 2024) – Senator Edward J. Markey (D-Mass.), a member of the Senate Environment and Public Works Committee, today joined Senator Elizabeth Warren (D-Mass.), Representative Bill Keating (MA-09), New Bedford Mayor Jon Mitchell, and local administrators and elected officials at a ribbon-cutting to celebrate the successful completion of the North Terminal expansion project, a maritime facility that will strengthen the Port’s competitiveness in fishing, offshore wind, and other industries. The expansion, which has created 630 linear feet of new bulkhead and 5.05 additional acres of terminal area, will support growing infrastructure needs of port users and ensure long-term economic growth for New Bedford and the South Coast region. With upgraded bulkheads, new berthing facilities, enhanced dredging, and expanded laydown space, North Terminal is designed to streamline logistics for businesses and facilitate future Port expansions. 

    The expansion of North Terminal is the latest piece of the modernization of the Port of New Bedford. Over the past ten years, the Port has seen the largest set of infrastructure upgrades in generations, which will top $1 billion upon completion.  

    “The Port of New Bedford is a triple threat: the number one fishing port by value in the nation, an innovator on offshore wind development, and a regional leader in maritime technology industries,” said Senator Markey. “This expanded infrastructure will be a game changer for New Bedford and beyond. I look forward to working with the City as they continue to put historic investments into their port infrastructure.” 

    Funding for the $42.7 million project came from a mix of local, state and federal sources, including: 

    • FY18 Department of Transportation BUILD Grant 

    $   15.6M 
    • FY19 MassWorks Dredging Grant 

    $   11.4M 
    • Commonwealth of Massachusetts 

    $     1.0M 

    $   11.8M 
    • City of New Bedford (through the American Rescue Plan Act) 

    $     2.3M 
    • New Bedford Port Authority 

                      $     0.6M 
    • Total Infrastructure Investments

    $   42.7M 

    “The Port of New Bedford is the primary driver of economic activity in Southeastern Massachusetts. The North Terminal expansion project was a critical step to advancing the Port’s ability to meet the emerging demands of New Bedford’s offshore wind and maritime technology industries. I thank Senators Markey and Warren, Rep. Keating and the rest of the federal delegation, Gov. Healey and our state delegation, and everyone at the New Bedford Port Authority and on the local level for helping us overcome various legal, financial and engineering challenges to get this project to the finish line,” said Jon Mitchell, Mayor of New Bedford. 

    “This project came to fruition because of the continuing commitment our federal, state, and local leaders make to position the Port of New Bedford for the future. The North Terminal project exemplifies our obligation to provide first-rate infrastructure that supports the thriving maritime industries of New Bedford. This development will allow us to meet the needs of our fishing fleet, welcome new offshore wind ventures, and foster regional economic growth,” said Gordon Carr, Executive Director of the New Bedford Port Authority. 

    Senator Markey has secured funding for various projects for the Port of New Bedford. In 2018, Senator Markey led a letter of support for the Port of New Bedford and helped secured $15 million from the “Better Utilizing Investments to Leverage Development” (BUILD) grant to improve the infrastructure and environment.   

    In 2023, Senator Markey, Senator Warren, and Congressman Keating helped secure $24.4 million in Maritime Administration Port Infrastructure Development Program funding for the Leonard’s Wharf Extension project. Senators Markey and Warren also secured $4 million in FY24 Congressionally Directed Spending for New Bedford and Fairhaven Harbor for the US Army Corps of Engineers to dredge and repair damaged areas of the steel sector gates.  

    MIL OSI USA News –

  • MIL-OSI: Norwood Financial Corp Announces Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    HONESDALE, Pa., Oct. 08, 2024 (GLOBE NEWSWIRE) —

    James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (NASDAQ Global Market – NWFL) and its subsidiary Wayne Bank, announced that the Board of Directors has declared a $0.30 per share cash dividend, which is payable November 1, 2024, to shareholders of record as of October 18, 2024. The $0.30 per share equals the per share dividend declared in the second quarter of 2024 and represents a 3.5% increase over the cash dividend declared in the third quarter of 2023.

    Mr. Donnelly commented, “The Board is extremely pleased to provide our shareholders with this quarterly dividend. It reflects the Company’s financial strength and strong capital position which has contributed to our solid performance.”

    Norwood Financial Corp, through its subsidiary, Wayne Bank operates fifteen offices in Northeastern Pennsylvania and fourteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. As of June 30, 2024, Norwood had total assets of $2.235 billion, loans outstanding of $1.641 billion, total deposits of $1.811 billion and total capital of $182.2 million. The Company’s stock is traded on the Nasdaq Global Market under the symbol “NWFL”.

    Forward-Looking Statements.

    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

       
    CONTACT: John M. McCaffery
      Executive Vice President and Chief Financial Officer
      NORWOOD FINANCIAL CORP
      (272) 304-3003
      http://www.waynebank.com
       

    The MIL Network –

  • MIL-OSI Submissions: Business – Moody’s Wins Top Ranking in ChartisRiskTech100 for Third Consecutive Year

    Source: Moody’s Corporation Investor Relations

    NEW YORK – Moody’s Corporation (NYSE:MCO) has been awarded the number-one overall ranking in the Chartis RiskTech100® 2025 report, marking Moody’s third consecutive year in the top position.

    The Chartis RiskTech100 is the most comprehensive study of the world’s leading providers of risk and compliance technology. The top ranking recognizes Moody’s unmatched ability to provide its customers with a holistic view of their risks through research, data, and analytics.

    “Winning the top award from Chartis for a third year in a row is a strong testament to how Moody’s stays on the cutting edge of developments in risk management technology,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “We seek to constantly innovate across our suite of products and solutions and put new technologies and insights into the hands of our customers as quickly as possible.”

    In addition to earning the highest overall position, Moody’s won in 12 individual categories:

    Market Presence (new)
    Strategy
    Functionality
    Banking
    Insurance
    Climate Risk
    Credit Portfolio Management (new)
    Financial Crime – Data
    Credit Data – Wholesale
    Credit Data – Collateralized Loan Obligation (CLO)
    Credit Risk for the Banking Book
    Current Expected Credit Losses (CECL)

    “In maintaining its position at the top of the RiskTech100, Moody’s has demonstrated its effective and strategic use of the latest technology to enable its data and analytics to be efficiently accessed, distributed, and consumed,” said Sid Dash, Chief Researcher at Chartis. “Moreover, Moody’s continues to expand and develop its analytical tools and functionality across a variety of business lines, from banking to insurance and securitization to compliance.”

    The 2025 winners of RiskTech100 were selected through a nearly year-long process involving vendor briefings and discussions with risk technology buyers and end-users. The research directors and lead analysts at Chartis Research then made the final decisions.

    Chartis Research is the leading provider of research and analysis on the global market for risk technology. Their goal is to support enterprises that drive business performance through improved risk management, corporate governance, and compliance. Chartis strives to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.

    For more information on Moody’s innovation and technology, visit Moodys.com/Innovation.

    ABOUT MOODY’S CORPORATION

    In a world shaped by increasingly interconnected risks, Moody’s (NYSE: MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 15,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive. Learn more at moodys.com.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Australia – Have Aussies lost their ambition? Only 11% consider career progression a priority

    Source: Robert Walters

    • Only 11% of professionals consider career progression a top priority in their professional lives 
    • Higher level job ads remaining vacant for over a year, as candidates want fewer responsibilities 
    • 47% say work-life balance is top priority when considering a new job 
    • 32% of new managers feel unsupported, 26% experience imposter syndrome and 20% feel overwhelmed and overworked.

    Recent research by recruitment specialists, Robert Walters, reveals that only 11% of professionals consider career progression as a top priority in their professional lives.

    When respondents were asked about the most appealing aspect of career progression, 47% emphasised the importance of work-life balance. Additionally, 29% expressed a preference for increased learning opportunities, while 21% highlighted promotions and job title changes. Just 4% cited increased responsibilities as a key factor.

    The study further highlights the significance of work-life balance, with 43% of job seekers considering it the primary deciding factor when evaluating new job opportunities. In comparison, 22% prioritise a competitive salary, 19% focus on company culture, and just 17% prioritise career growth opportunities.

    These findings coincide with the observation made by Robert Walters that candidates are increasingly seeking lower-level roles over management positions. Moreover, higher level positions are remaining vacant for extended periods, up to over a year, with potential candidates expressing concerns over the excessive responsibilities associated with these positions.

    Work-life balance takes centre stage

    Jane Lowney, Senior Director at Robert Walters Brisbane also mentioned that the current workforce, especially among Gen Z, is more driven by work-life balance. The increased demand for managers to handle remote work and other factors such as office culture has significantly increased the pressure and responsibilities associated with management roles, stressing that there has been a noticeable shift in the mindset of professionals when it comes to career advancement.

    Jane said, “less individuals are interested in ‘climbing the corporate ladder’ as they question the value of management positions and the additional responsibilities they entail. Salary no longer comes first, work-life balance is now the priority, so people are hesitant about taking on more responsibilities. This trend could be concerning when we think about the potential consequences on retention of teams and the need to attract leaders over time.”  

    Manager roles have evolved

    Further research from the recruitment experts also emphasises the necessity for increased support for newly promoted managers. Among 2,000 managers surveyed, 32% admitted to feeling lacking in support, while 26% confessed to experiencing imposter syndrome. Additionally, 20% expressed feelings of being overwhelmed and overworked.  in their managerial roles. Only 22% reported feeling empowered and adequately supported in their positions.

    Jane further explains the evolving role of managers in today’s world. “Previously, managers focused primarily on motivating employees and ensuring productivity. However, in the modern workforce, managers are expected to take on several additional responsibilities such as cultivating team culture and inclusivity, driving digital and AI adoption as well as identifying mental health struggles among team members, and effectively communicate challenging news such as delayed promotions or stagnant pay raises.”

    Jane emphasised that it is essential to provide comprehensive training to equip managers with the skills necessary to navigate the complexities of the modern workforce. Current training protocols must be revised to align with the ever-changing demands of the workforce, acknowledging the need for ongoing support and development for newly appointed managers.

    Case Study

    Gen Z top biller Maddy Shelest, Principal Consultant at Robert Walters Sydney was recently given a promotion from managing consultant to manager. However, she quickly realised that she was happier with fewer managerial responsibilities. After only 6 months in the new role, she made the decision to sidestep into an individual contributor role.  

    Maddy said, “Ensuring a healthy work-life balance is a top priority for me, and I already observed a change in this aspect in the few weeks I was a manager. I found myself carrying work-related concerns home, which wasn’t as much of a problem when I was in a lower position. I soon realised that this added stress wasn’t worth it, so I quickly made the decision to step down. I believe that the conventional career path no longer resonates with the modern workforce. People have learnt how to say no and feel more comfortable deviating from traditional routes of career progression.”  

    Maddy also highlighted the new complexities of the modern workforce, saying “todays managers have added responsibilities regarding mental health and the need to manage remote work. Being a manager isn’t the same as it might have been 10 years ago.”

    She also emphasised that as a young manager, being only 25 when she was promoted, she faced challenges in establishing boundaries between her friendships and her role as a manager. She said, “Being friends with my team members before I became their manager made me feel somewhat uncomfortable. There’s such an expectation to be the ‘cool’ manager, which made it difficult for me to transition from being their friend to managing them. I also think my age posed difficulties in providing guidance in certain situations. For instance, at 25, I was going through similar experiences as my team members and dealing with my own challenges, so it was difficult for me as a 25-year-old to offer advice to other individuals of the same age.”

    Maddy said the decision was also influenced by the nature of the billing industry, which already places a high workload and pressure on individuals. She said, “Adding the additional pressures of management on top of billing responsibilities and expectations was not something I wanted to take on. When I was a manager, I noticed my billings went down. It was high stress, low reward. I prefer to focus on maximising my billing potential and did not want to divert my energy and time towards the complexities of managing people.”

    To keep up with the evolving workforce, organisations need to adapt their training and support programs for new managers. It is evident that the role of managers has undergone significant changes, and as such, their training should be updated accordingly. Additionally, employee priorities have shifted, with a greater emphasis on time outside of work and work-life balance, especially in the post-Covid era. With the introduction of Gen Z into the workforce, it is imperative for organisations to take steps to make manager positions more appealing to this generation.  

    About Robert Walters  

    Robert Walters is one of the world’s leading specialist professional recruitment consultancies with a global presence spanning 31 countries. The Australian business recruits across the fields of accounting & finance, banking, engineering & operations, general management, human resources, information technology, legal, risk management, compliance & audit, sales, marketing & communications, secretarial & business support and supply chain & procurement.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Australia – CommSec nudges 3 million users as mobile and international trading takes off

    Source: Commonwealth Bank of Australia (CBA)

    Nearly half of CommSec customers and 75 per cent of CommSec Pocket users are under 40.

    Young Australians are flocking to self-directed investing according to CommSec with new accounts increasing by 37 percent year-on-year, taking Australia’s leading digital investment platform to almost 3 million customers.  

    According to CommSec data , investors under 40 make up nearly half of all CommSec’s customers and 48 per cent of trades are now made via mobile.  

    The analysis also reveals the popularity of international trading and CommSec Pocket, with new accounts up 96 per cent and 50 per cent respectively over the year to June 30, 2024.

    CommSec’s international trading platform offers a fast account set-up experience and easy access to 13 international equity markets including the US, Canada, Japan and the UK, with brokerage rates starting from USD$5 on US markets.

    Through CommSec Pocket, investors with as little as $50 can build an investing portfolio over time by choosing from ten themed investment options, providing the opportunity to align their investments to their interests, whether that be tech, sustainability leaders, or the biggest 200 companies on the Aussie market, or globally.

    “The growing popularity of our international trading platform and CommSec Pocket points to investor demand for a simple, accessible, low-cost trading experience and we’re pleased to see significant customer growth across both platforms over the past year,” said CommSec Executive General Manager James Fowle.

    “With investors under 40 making up nearly half of our 2.9 million customers, CommSec’s low-cost, intuitive and educational investment platform has been built to meet the needs of the next generation of investors. Likewise, our investment in delivering a market-leading mobile experience continues to gather momentum as trading via this channel grows across our customer base,” Mr Fowle added.

    Female investors now make up 38 per cent of CommSec accounts, with data indicating that they were more likely to invest in the ASX200 than their male counterparts over the past year.

    The CommSec data revealed a number of additional insights into customers:

    343,000 new CommSec accounts opened in FY241
    The five most traded domestic shares by value2:

    BHP Group Ltd (ASX:BHP)
    Commonwealth Bank of Australia (ASX:CBA)
    Fortescue Ltd (ASX: FMG)
    Woodside Energy Group Ltd (ASX:WDS)
    Pilbara Minerals (ASX:PLS)
     

    The five most traded international shares by value:

    NVIDIA Corp (NASDAQ:NVDA)
    Tesla Inc (NASDAQ:TSLA)
    ProShares UltraPro QQQ (NASDAQ:TQQQ)
    Apple Inc (NASDAQ:AAPL)
    MicroStrategy Inc (NASDAQ) MSTR

    5 August 2024 was the highest value trading day since 14 June 2022, coinciding with a 3% drop in the S&P 500 index following a disappointing U.S. employment report.

    CommSec is Australia’s leading online broker, offering the best mobile trading solutions for self-directed retail investors and has been recognised by Canstar for its category leading features. CommSec is a subsidiary of the Commonwealth Bank of Australia.

    For more information, visit: commsec.com.au

    1CommSec customer insights as at 30/6/24
    2CommSec customer insights in the six months to 29/9/24

    MIL OSI – Submitted News –

  • MIL-OSI Russia: Financial News: Stocks Turned to Growth in September, Ruble Continues to Decline

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    In September, the Moscow Exchange Index grew for the first time since May — by 7.8%. The stock market was positively influenced, in particular, by news about dividends of individual companies.

    The weakening of the ruble continued. Against this background, citizens sold more currency than they bought for the first time since August last year.

    OFZ yields have increased, which has been accompanied by a negative revaluation of banks’ securities portfolios. However, its size is limited and does not have a significant impact on the overall stability of the banking sector.

    Read more in the next issue “Review of Financial Market Risks”.

    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.

    http://vvv.kbr.ru/press/event/?id=21063

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI USA: SCHUMER STATEMENT ON EPA REMOVAL OF ROCHESTER EMBAYMENT FROM LIST OF THE GREAT LAKES’ MOST POLLUTED AREAS

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    New York, N.Y. – U.S. Senate Majority Leader Charles E. Schumer released the following statement on the removal of the Rochester Embayment from the U.S. Environmental Protection Agency’s list of the Great Lakes’ most environmentally degraded areas:
    “I was thrilled to lead the charge and secure $9.5 million in federal Great Lakes Restoration Initiative funding to finally rebuild the Braddock Bay barrier beach that Hurricane Agnes washed away in 1972 in the Town of Greece,” said Senator Charles Schumer. “In the four years since its reconstruction, Braddock Bay has been transformed from a pollution hotspot into a thriving area with healthy restored habitats for wildlife and improvements that returned tourism, boating, and recreation to the waterfront. The Braddock Bay restoration was the last of 14 major pollution- and ecologically-impaired hotspots along Rochester’s Lake Ontario and Genesee River embayment coastline – from Webster to Parma – that have now been cleaned up and restored thanks to federal GLRI funding. The water is cleaner, birds and fish are more abundant, beach closures are down, and the Rochester coastline can now be removed from the EPA’s list of ‘Areas of Concern.’ I fought to secure a historic $1 billion for the Great Lakes Restoration Initiative in the Bipartisan Infrastructure Law with moments like this in mind. Investing in the Great Lakes means investing in the future of New York, and I will always fight for funding so our community can enjoy the full natural beauty and economic energy of the wonderful communities along the Great Lakes.”
    Schumer has helped deliver nearly $14 million in federal funding through the federal Great Lakes Restoration Initiative (GLRI) to fund eight habitat restoration projects, including $9.5 million for the Braddock Bay restoration project. Thanks to those projects, 275 acres of habitat and 30,000 linear feet of wetland channeling have been restored to improve connectivity and biodiversity in the bay.
    Schumer has been a relentless champion for the Great Lakes, including securing a historic $1 billion – the largest ever single investment – in the Great Lakes Restoration Initiative (GLRI) as a part of the bipartisan Infrastructure Investment & Jobs Law. Since its inception in 2010, Schumer noted, the GLRI has had a significant impact on Upstate New York. Schumer has long been a champion for the Great Lakes, fighting off budget cuts to the GLRI in 2019 and working to secure a multimillion-dollar increase in authorization levels for the program in 2018.

    MIL OSI USA News –

  • MIL-OSI Russia: Financial news: Three Federal Treasury deposit auctions will take place on 10/09/2024

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 10/09/2024
    Unique identifier of the application selection 22024514
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 569,000
    Placement period, in days 2
    Date of deposit 10/09/2024
    Refund date 10/11/2024
    Interest rate for placement of funds (fixed or floating) FIXED
    Minimum fixed interest rate for placement of funds, % per annum 18.14
    Basic floating interest rate for placement of funds –
    Minimum spread, % per annum –
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 09:30 to 09:40
    Preliminary applications: from 09:30 to 09:35
    Applications in competition mode: from 09:35 to 09:40
    Formation of a consolidated register of applications: from 09:40 to 09:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 09:40 to 10:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 10:00 to 11:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 10:00 to 11:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n
    Application selection parameters
    Date of the selection of applications 10/09/2024
    Unique identifier of the application selection 32024019
    Deposit currency rubles
    Type of funds funds of the Social Fund of Russia (SFRR)
    Maximum amount of funds placed in bank deposits, million monetary units 46.5
    Placement period, in days 75
    Date of deposit 10/09/2024
    Refund date 12/23/2024
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Special
    Minimum amount of funds placed for one application, million monetary units 1
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:30 to 12:40
    Pre-applications: from 12:30 to 12:35
    Applications in competition mode: from 12:35 to 12:40
    Formation of a consolidated register of applications: from 12:40 to 12:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:40 to 13:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 13:00 to 14:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 13:00 to 14:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

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

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

    Application selection parameters
    Date of the selection of applications 10/09/2024
    Unique identifier of the application selection 22024515
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 30,000
    Placement period, in days 98
    Date of deposit 10/10/2024
    Refund date 01/16/2025
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 15:30 to 15:40
    Pre-applications: from 15:30 to 15:35
    Applications in competition mode: from 15:35 to 15:40
    Formation of a consolidated register of applications: from 15:40 to 15:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 15:40 to 16:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 16:00 to 17:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 16:00 to 17:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

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

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

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

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

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

    https://www.moex.com/n73836

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Banking and Finance – ASB lowers mortgage rates

    Source: ASB

    ASB has today announced reductions to its fixed mortgage rates, with several short and mid-term rates falling by up to 16 basis points.  

    ASB’s Executive General Manager Personal Banking Adam Boyd says “We’re pleased to lower our mortgage rates across some popular terms in response to dips in wholesale rates, and we know mortgage rates trending downwards in recent months will be a relief for many households. We’re optimistic this relief will be extended to more Kiwi with the OCR decision this afternoon.”

    ASB has also reduced its term deposit rates by between 5 and 20 basis points each.

    All rate decreases are effective immediately for new and current customers.

     

    Fixed home lending term

    New rate

    Previous rate

    Rate decrease

    6-month

    6.75%

    6.85%

    -0.10%

    1-year

    6.19%

    6.35%

    -0.16%

    18-month

    5.89%

    5.99%

    -0.10%

    2-year

    5.69%

    5.79%

    -0.10%

    3-year

    5.69%

    5.79%

    -0.10%

     

     

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: BusinessNZ – ACC accounts under pressure

    Source: BusinessNZ

    Better claims management and more transparent levy-setting are needed to return ACC Accounts to financial health, BusinessNZ says.
    BusinessNZ’s submission on ACC’s levy-setting for 2025-28 notes that some ACC Accounts are currently underfunded, a situation which will lead to unjustified pressure on future levy payers.
    BusinessNZ Chief Executive Katherine Rich says ACC needs to be adequately resourced to ensure injured people receive rapid and cost-effective treatment and rehabilitation where required while at the same time being responsive to levy payers to minimise overall costs.
    “While we understand why ACC is proposing levy increases across the various Accounts, many levy payers will not welcome the proposed increases – which will add further pressure on businesses, workers and motor vehicle owners during challenging economic times and cost-of-living pressures.
    “The Government is responding to the economic challenge by seeking to restrain core Crown operating spending and has called on local government to focus on ‘doing the basics brilliantly.’ We believe ACC should do likewise.”
    Mrs Rich says there’s concern at the fact that the Earners Account is currently only 90% funded, with a shortfall of $1.6 billion, and given proposed levy rates, will fall to only 67% funded in 10 years.
    “ACC legislation requires all Accounts to be fully funded to ensure they can meet the lifetime cost of current claims. We believe this legal requirement is currently not being met.
    “There is also concern at the longer-term trend of claim volumes rising faster than population growth.
    “We believe ACC should proactively improve systems for accepting, managing and monitoring claims, and should manage all Accounts transparently, without cross-subsidies.
    “It is important that the businesses, workers and vehicle owners contributing levies to the ACC Scheme have confidence that the Scheme is being funded and managed according to its statutory requirements,” Mrs Rich said.
    The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Iraq

    Source: New Zealand Ministry of Foreign Affairs and Trade – Safe Travel

    • Reviewed: 9 October 2024, 10:56 NZDT
    • Still current at: 9 October 2024

    Related news features

    If you are planning international travel at this time, please read our COVID-19 related travel advice here, alongside our destination specific travel advice below.

    Do not travel to Iraq including the Kurdistan region due to the volatile and unpredictable security situation, the ongoing threat of terrorism, violent extremism and organised crime (level 4 of 4).

    New Zealanders currently in Iraq despite our advice who have concerns for their safety are strongly advised to depart as soon as possible.

    Iraq

    As there is no New Zealand diplomatic presence in Iraq, the ability of the government to assist New Zealand citizens requiring consular assistance is severely limited. We offer advice to New Zealanders about contingency planning that travellers to Iraq should consider.

    Security Situation
    The security situation in Iraq remains highly volatile and could deteriorate further, with little or no warning. The terrorist group Islamic State of Iraq and the Levant remains active in parts of the country, as do other violent extremist groups engaged in sectarian, ethnic and tribal violence and organised crime. Political instability, crime and corruption, and civil unrest are also common in Iraq.

    Terrorism
    There is a continuing threat of violent attacks across Iraq from terrorist groups. Suicide bomb attacks, roadside bombs, car bombs, rocket attacks, drone attacks and small arms attacks occur frequently. Thousands of people have been killed and injured in these attacks throughout Iraq.

    Attacks can occur without warning at anytime, anywhere in Iraq. Terrorists, violent extremists and both pro and anti-government militias continue to conduct frequent and lethal attacks on a wide range of targets in Iraq.

    Targets include Iraqi Security Forces, government offices, large public gatherings, places of worship, airports, sites frequented by foreigners and residential areas to maximise casualties. While attacks can happen at any time, there is a heightened threat during religious and public holidays. There is also a heightened threat of attacks against Western interests.

    While the security situation in the Kurdistan region is slightly different to the rest of Iraq, there remains a risk of attacks by terrorist groups. Terrorist groups remain active close to the Kurdish region and the security situation in the region could deteriorate quickly.

    Kidnapping/Crime
    Violent crime, kidnapping and corruption are widespread throughout Iraq. Organised criminal groups, militia and tribal groups pose a significant threat. Although violent crime does occur during the day, security conditions get much worse after dark.

    Kidnapping for ransom and hostage taking by extremists and militant groups for ideological reasons, political gain or ransom is a significant threat throughout Iraq. Over the past decade a large number of foreign nationals have been kidnapped in Iraq, including aid workers, security contractors, journalists and soldiers.  Many hostages have been killed or remain missing.

    Women and girls in particular may be subject to harassment or mistreatment. Some sectors of Iraqi society and institutions have been known to overlook allegations of domestic violence against women when it is committed by close family members.

    Civil Unrest
    Political rallies and protests happen frequently in Baghdad and Basra and to a lesser extent Erbil. They can turn violent quickly and have led to injury and death in the past. Political rallies and protests also present viable targets for terrorists.  Police may use tear gas, water cannons and live ammunition to disperse crowds. 

    New Zealanders in Iraq are advised to avoid all demonstrations, protests and large public gatherings as even those intended as peaceful have the potential to turn violent with little warning. Comply with any instructions issued by the local authorities, including any curfews or vehicle bans. Monitor local and international media, review personal security plans and be aware of your surroundings. If unexpectedly in the vicinity of a protest or demonstration, exercise caution and leave the area quickly, find a safe location, remain indoors and follow any local advice.

    Security Forces
    Iraqi Security Forces and international coalition forces are engaged in an ongoing terrorist counter insurgency across central and northern Iraq. They also have a strong presence across the rest of Iraq and conduct targeted airstrikes against militants.

    Security restrictions like curfews and vehicle bans can be imposed at short notice.

    Security checkpoints are common place and often ad hoc, however false checkpoints have also been used to launch attacks, kidnapping, robbery and murder.

    Iraq has a large number of diverse security forces. They do not all enjoy cooperative relationships with one and other.

    Turkish and Iranian security forces have also been known to conduct military incursions targeting terrorist or militia groups across Iraq’s northern borders.

    Local travel
    Travel across Iraq can be extremely dangerous and there continue to be fatal attacks involving roadside bombs and small arms fire.

    There is also an ongoing threat from armed carjacking and robbery. Attacks happen during the day, but travelling at night is more dangerous.

    Domestic and international border crossings and Iraqi airports may close with little or no notice. Avoid travel to border areas as clashes, air strikes and other violent incidents are common. Sensitive border areas, especially with Syria and Turkey, are military targets.

    Piracy
    Pirate attacks and armed robbery against ships occur in coastal waters, particularly in the northern Persian Gulf, Gulf of Oman, Northern Arabian Sea, Gulf of Aden and Bab El Mandeb regions. Mariners should take appropriate precautions. For more information, view the International Maritime Bureaus’ piracy report. 

    Mosul Dam
    The Government of Iraq has taken and continues to take measures to improve the structural integrity of the Mosul Dam. A dam failure could cause significant flooding and disruptions to essential services from Mosul to Baghdad, along the Tigris River as well as areas adjoining the dam. A failure of the Mosul Dam cannot be predicted. Monitor local media reports and prepare contingency plans. 

    General Travel Advice
    Although homosexuality is not explicitly illegal under Iraqi law, people of the same sex who engage in consensual sexual acts may be prosecuted under other provisions of law, such as public indecency, and local attitudes towards LGBTQI+ people may be hostile. Violence, harassment and discrimination against LGBTQI+ people does occur, you are advised to exercise discretion.

    New Zealanders who decide to travel to Iraq are strongly encouraged to: 

    • Consult a reputable security company (with experience in Iraq) for advice on security arrangements. Security arrangements should be reviewed on a regular basis. Such measures may mitigate the risks to your safety but cannot eliminate them entirely.
    • Ensure that appropriate personal security protection measures are in place at all times including a robust contingency plan. The New Zealand government will not be arranging an evacuation for New Zealand citizens, should commercial options for departure cease.
    • Avoid areas of military activity at all times including border areas, as these areas are dangerous, often the target of military operations and not always clearly defined.
    • Have a comprehensive travel insurance policy in place that includes provision for medical evacuation by air. You should check that your travel insurance policy covers travel in Iraq – exclusions may well apply.
    • Be highly security conscious at all times, particularly in public places when travelling by road and close to government offices.
    • New Zealanders are advised to respect religious and social traditions in Iraq to avoid offending local sensitivities. 
    • Follow restrictions imposed by the local authorities and seek local advice on any changes to curfews. Exercise particular caution at checkpoints, a uniform is not a guarantee that the wearer is acting in an official capacity.
    • Monitor local developments closely through media and other information sources on possible new safety and security risks. Follow instructions from local authorities. Remain vigilant and alert to your surroundings.

    New Zealanders who decide to live or travel in Iraq against our advice are strongly advised to register their details with the Ministry of Foreign Affairs and Trade.

    Travel tips

    The New Zealand Embassy Abu Dhabi, United Arab Emirates is accredited to Iraq

    Street Address Level 25, Suite 2503, International Tower, Capital Centre, Abu Dhabi, UAE Postal Address PO Box 62292, Abu Dhabi Telephone +971 2 496-3333 Fax +971-2-496-3300 Email nzembassy.abu.dhabi@mfat.govt.nz Web Site http://www.mfat.govt.nz/united-arab-emirates Hours Mon-Wed 0900-1600, Thu 0900-1530, Fri 0900-1130 Notarial Services: By appointment only, please email to arrange Note Facebook: @nzembassyuae Twitter: @nzinuae

    See our regional advice for the Middle East

    Top of page

    MIL OSI New Zealand News –

  • MIL-OSI Russia: IMF Staff Completes 2024 Article IV Mission to Timor-Leste

    Source: IMF – News in Russian

    October 8, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • Timor-Leste’s growth is expected to rise in 2024, supported by an increase in public spending and strong credit growth. From a high level in 2023, inflation has fallen sharply and is projected to continue easing with the moderation of global food prices.
    • A key policy priority is ensuring that Timor-Leste’s substantial savings are best utilized to support development while achieving fiscal sustainability. Improving the composition and quality of public spending would boost growth, while containing overall spending is needed to preserve fiscal sustainability.
    • Promoting private sector development requires well-sequenced structural reforms, and the authorities are rightly prioritizing an ambitious agenda of legal reforms of the financial sector.

    Washington, DC: An International Monetary Fund (IMF) team led by Mr. Yan Carrière-Swallow visited Dili during September 25-October 8 to conduct discussions for the 2024 Article IV consultation with Timor-Leste. At the conclusion of the discussions, Mr. Carrière-Swallow issued the following statement:

    “Timor-Leste has made impressive progress since its independence. Yet, the economy remains under-diversified and highly dependent on the public sector. The IMF stands ready to continue providing capacity development to assist the government’s development and reform efforts.

    “Growth is expected to rise in 2024, supported by an increase in public spending and strong credit growth, and will maintain its momentum in 2025. From a high level in 2023, inflation has fallen sharply and is projected to continue easing with the moderation of global food prices. Risks to the outlook are balanced.

    “The draft 2025 budget contains an appropriate increase in spending on capital projects, health, and education, but also an excessive increase in recurrent spending. Large fiscal deficits are expected to persist as spending remains high, requiring excess withdrawals from the Petroleum Fund that will lead to its full depletion by the end of the 2030s. We recommend a 10-year reform scenario that supports economic diversification through structural reforms and gradually reduces fiscal deficits to stabilize the Petroleum Fund.

    “We welcome the government’s ambitious financial sector reform agenda to address structural impediments to lending, which is essential for private sector development. We recommend accelerating the issuance of land titles, which would offer a crucial source of collateral to households and businesses seeking credit from banks.

    “The team had fruitful discussions with Prime Minister Kay Rala Xanana Gusmão, Minister of Finance Santina Cardoso, Central Bank Governor Hélder Lopes, other senior officials, development partners, the private sector, and civil society. On behalf of the IMF team, I would like to thank the Timorese authorities for their hospitality and excellent cooperation.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/08/pr24360-timor-leste-imf-staff-completes-2024-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Rep. Gabe Vasquez Touts Good Paying Jobs, Inflation Reduction Act at Array Technologies

    Source: United States House of Representatives – Representative Gabe Vasquez’s (NM-02)

    ALBUQUERQUE, N.M. – Today, October 2, U.S. Representative Gabe Vasquez (N.M.-02) toured Array Technologies and spoke with executives, site leaders and New Mexico’s Energy, Minerals and Natural Resources Department officials about the impact of the Inflation Reduction Act (IRA) on solar manufacturing.

    “New Mexico’s homegrown company, Array Technologies, is creating domestic manufacturing jobs thanks to the Inflation Reduction Act. These jobs are leading the way to securing our domestic energy supply and harnessing the power of our natural resources. Array’s new facility in my district will employ over 300 New Mexicans, powering the growth of the West Mesa,” said Vasquez. “Array’s expansion is expected to inject over $300 million into the local economy over the next decade. This is the kind of economic impact that strengthens our district and keeps families here in New Mexico.” 

    During the roundtable, they discussed plans for the new production facility in the district and how these investments will bring more good-paying jobs to the area. Array Technologies, an Albuquerque-based global leader in solar tracking systems, recently broke ground on a new production facility on Albuquerque’s West Side. 

    The IRA is a game changer for renewable energy. The 45X Advanced Manufacturing Production Tax Credit is directly supporting the growth of solar manufacturing at Array. This credit incentivizes domestic production, which means more investments in local workforces and supply chains. These efforts, along with the strategic investments in solar manufacturing, are part of Vasquez’s broader commitment to ensuring New Mexico remains a hub for renewable energy innovation.

    Once fully operational, Array’s new facility will increase production of solar tracker systems, key elements of utility-scale solar installations. Thanks to the domestic content bonus credit from the IRA, Array is on track to offer 100 percent U.S.-made solar trackers by 2025, strengthening local supply chains and creating more opportunities.

    ###

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement with Papua New Guinea on a Resilience and Sustainability Facility (RSF) Arrangement and the Third Reviews Under the Extended Credit Facility and the Extended Fund Facility

    Source: IMF – News in Russian

    October 8, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country or a virtual staff visit. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • The Papua New Guinea authorities and the IMF team reached staff-level agreement on the request for access under the Resilience and Sustainability Facility (RSF) for about US$265 million to enhance resilience to climate change. The IMF Executive Board will consider the request in the coming weeks.
    • The authorities and the IMF team also reached staff-level agreement on the third reviews of the authorities’ reform program supported by the IMF’s Extended Credit Facility and the Extended Fund Facility.
    • Papua New Guinea’s outlook remains positive, with economic growth increasing to 4.5 percent in 2024, and the authorities continue to make progress in implementing their homegrown economic reform program.

    Port Moresby, Papua New Guinea: An International Monetary Fund (IMF) team led by Mr. Tahsin Saadi Sedik, visited Port Moresby from September 26 to October 9, 2024, to review progress under the authorities’ homegrown economic reforms supported by the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements of SDR684.3 million (about US$918 million), and to discuss the authorities’ request for access to the Resilience and Sustainability Facility (RSF).

    At the conclusion of the mission, Mr. Saadi Sedik issued the following statement:

    “I am pleased to announce that IMF staff and the Papua New Guinea (PNG) authorities have reached a staff-level agreement on (i) the policies needed to complete the third reviews of the ECF and EFF arrangements; and (ii) a new 24-month RSF arrangement with access of SDR197.4 million (about US$265 million), which will run in parallel to the ECF-EFF arrangements, to support the authorities’ policy agenda aimed at enhancing resilience to climate change.

    “To enhance PNG’s capacity to address challenges posed by climate change and reinforce its resilience, the proposed RSF arrangement, subject to approval by the IMF Executive Board, would help build policy buffers and contribute to enhancing the effective implementation of PNG’s climate commitments. PNG would become the first Pacific Island country to benefit from RSF support. Building on these commitments, reforms under the proposed RSF arrangement will focus on strengthening disaster risk management capacity, supporting the inclusion of climate considerations in public investment decisions, encouraging the development of green finance, and enhancing mitigation policies. These reforms, which will be supported by capacity development activities from PNG’s international partners, are expected to catalyze financing for climate and sustainable development. 

    “The completion of the third reviews of the ECF-EFF, upon approval by the Executive Board of the IMF, would allow for the immediate disbursement of SDR94.75 million (approximately US$127 million) in financing, bringing the total IMF financial support disbursed thus far under the ECF-EFF arrangements to SDR321.12 million (about US$430 million). Adding the new RSF support, the total IMF commitment under all these arrangements would be SDR881.72 million (about US$1.19 billion).

    “Papua New Guinea’s economic outlook remains positive. Growth is expected to increase to 4.5 percent in 2024 from 2.9 percent in 2023, supported by the resumption of activities at the Porgera gold mine and improvements in access to foreign exchange. Average headline inflation is projected to remain historically low at 1.3 percent in 2024, while core inflation, which excludes volatile items such as betel nut, is projected to moderately increase to 3.9 percent in 2024, while staying below the historical average, mainly driven by food and transportation costs. Gross international reserves stood at US$3.2 billion at end-June 2024, providing space to continue implementing central banking reforms.

    “Performance since the start of the ECF-EFF arrangements has been strong. The government of PNG has continued to make progress in implementing its structural reform agenda, focused on advancing budget repair, modernizing central banking, and improving governance. These reforms are bearing fruit, with notable positive outcomes including: (i) the easing of foreign exchange shortages, which contributes to improving the business environment; (ii) the reduction of excess liquidity in the banking sector, which enhances monetary policy transmission; (iii) a lower fiscal deficit, which strengthens public debt sustainability; and (iv) progress in the operationalization of the anti-corruption framework.

    “The government remains committed to an ambitious fiscal consolidation strategy set out in its 13-year budget repair plan. After reducing the fiscal deficit by 0.9 percentage points of GDP in 2023, while creating space for more social spending, the authorities are on track to deliver an additional 0.4 percentage points of GDP reduction in 2024. The authorities remain committed to implementing their prudent borrowing strategy aimed at preserving debt sustainability.

    “The Bank of Papua New Guinea (BPNG) has continued to actively implement its roadmap of reforms to help alleviate foreign exchange shortages, gradually return to kina convertibility, and modernize its monetary policy operations. The increased flexibility of the exchange rate under the de facto crawl-like arrangement, combined with the BPNG’s foreign exchange intervention strategy, has supported improved access to foreign exchange, particularly for essential import orders. The reduction of the structural misalignment of the kina will help enhance the competitiveness of PNG’s exports, including in the agricultural sector, and thus increase rural incomes and improve living standards. The BPNG continues monitoring developments in domestic financial markets and stands ready to calibrate its policy stance accordingly. The BPNG is also modernizing its monetary policy operations, enabling commercial banks to improve their liquidity management. Amendments to the Central Banking Act, adopted in September by Parliament, have significantly improved the mandate, governance, and autonomy of the BPNG.

    “The governance and anti-corruption frameworks are being strengthened. The Independent Commission Against Corruption (ICAC), benefiting from a significant increase in funding, has successfully defined its operational procedures and set up more secure information systems.

    “The IMF will continue to work closely with the Papua New Guinea authorities and stands ready to help them, not only through financing and policy advice, but also through technical assistance.

    “The IMF staff team is grateful to the authorities for their warm hospitality, productive collaboration, and candid policy dialogue. The IMF team held meetings with Minister for Treasury Ian Ling-Stuckey, Governor of BPNG Elizabeth Genia, Secretary of Treasury Andrew Oaeke, and other senior government officials. The team also had constructive meetings with representatives from the private sector and development partners.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/08/pr24359-papua-new-guinea-imf-reaches-sla-rsf-arrangement-3rd-rev-ecf-eff

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Cassidy Hosts Second Rural Community Funding Summit

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    SHREVEPORT – This morning, U.S. Senator Bill Cassidy, M.D. (R-LA) hosted his second Rural Community Funding Summit of 2024, together with Minden Mayor Nick Cox, the Louisiana Municipal Association, the Police Jury Association of Louisiana, and LITACorp. Cassidy encouraged local officials in attendance to take advantage of his Infrastructure Investment and Jobs Act (IIJA), and the opportunities it provides.
    “When I was negotiating the bipartisan infrastructure bill, I was thinking of mayors, police jurors and city council members gaining access to dollars to build roads, fix water and sewage issues and extend high-speed broadband throughout Northwest Louisiana,” said Dr. Cassidy. “This summit completes the connection between appropriating our federal tax dollars back to our state and these community leaders learning how to use this money.”
    Webster Parish alone will benefit from over $17 million in the IIJA as of last summer, including over $9.2 million to build a new overpass over Louisiana Highway 531, along with other improvements near the overpass. Improvements will also be made to the stretch of Louisiana Highway 159 between Country Club Drive and Benson Road, and to the Minden and Springhill Airports.
    Representatives from numerous federal and state agencies, including the U.S. Department of Agriculture Rural Development and the Delta Regional Authority, were present. Cassidy was thanked for his efforts by Mayor Cox.
    “Senator Cassidy’s infrastructure bill has been enormously helpful in improving our roads and upgrading our airports, and we appreciate the chance to learn more about the opportunities in his bill to improve the services we provide to our residents,” said Mayor Cox. “This is great for Minden and great for the region.”

    MIL OSI USA News –

  • MIL-OSI: ThreeD Capital Inc. Announces New Investor Relations Agreement

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 08, 2024 (GLOBE NEWSWIRE) — ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK / OTCQX:IDKFF) a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, is pleased to announce today that it has entered into an agreement (the “Agreement”) with PHK Investments LLC (“PHK”) to provide investor relations services to the Company. Pursuant to the Agreement, the Company will pay a fixed monthly fee of £6,875 (approximately $9,356 CAD) (the “Monthly Fee”) and up to £20,000 (approximately $27,218 CAD) in monthly ad spend which includes the use of third-party social media influencers and web-based platforms, if requested by the Company. Additionally, the Company will issue 100,000 stock options exercisable into common shares of ThreeD at an exercise price of $0.90 per share. Half of the options vest in six months and the remaining half vest in 12 months. The stock options will expire two years from the grant date if unexercised.

    PHK is entirely arm’s length to ThreeD. PHK may be contacted at 7 Bell Yard, London, WC2A 2JR, +442089492259, hector@phkinvestments.com. PHK’s services shall be provided through various mediums as may be determined between the parties from time to time, including social media, email, in-person networking, website deliverables, and video development.

    The services provided by PHK are to commence as of October 8, 2024 and will continue for a 12-month term (resulting in an annual fee of £82,500, approximately $112,275 CAD). PHK will engage with investors through various digital marketing and social media platforms, to facilitate greater investor awareness and widespread dissemination of ThreeD Capital’s news.

    Hector, CEO of PHK said, “We are delighted to be further delivering value and strengthening our relationship with ThreeD. We are happy to take options at such a premium to the current stock price, as we believe in the Company and feel it is trading at a discount given its asset value and growth trajectory. We look forward to what the future holds for ThreeD as it continues to expand its portfolio with its promising investments.”

    About ThreeD Capital Inc.

    ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors.  ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.

    For further information: 
    Matthew Davis, CPA  
    Chief Financial Officer and Corporate Secretary
    davis@threedcap.com  
    Phone: 416-941-8900

    The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

    Forward-Looking Statements

    This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of Canadian securities laws including, without limitation, statements with respect to the future investments by the Company. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although the Company believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

    The MIL Network –

  • MIL-OSI USA: During Children’s Health Month, New Hampshire Congressional Delegation Applauds More Than $19 Million Headed to New Hampshire to Protect Children from Lead Poisoning

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan
    (Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH), a senior member of the U.S. Senate Appropriations Committee, and Maggie Hassan (D-NH), alongside Representatives Annie Kuster (NH-02) and Chris Pappas (NH-01), applauded the announcement of more than $19 million headed to New Hampshire from the U.S. Department of Housing and Urban Development’s (HUD) Lead Hazard Reduction Grant program to help protect families with small children from the dangers of lead-based paint exposure. Specifically, the New Hampshire Housing Finance Authority is receiving $7.75 million, the City of Nashua is receiving $7.7 million and Sullivan County is receiving $4 million through the grant program.
    “Lead-based paint poses a serious health threat to children, and in states like New Hampshire where many of our neighborhoods have older housing stock, we must make every effort to protect families,” said Senator Shaheen. “This federal funding will help protect Granite State children from lead poisoning and exposure to other dangerous contaminants in their homes.”
    “New Hampshire’s children need safe places to live in order to thrive, but lead-based paint in older homes continues to jeopardize their health and development,” said Senator Hassan. “This federal funding to fix homes with lead paint is not only an important investment in the health of our children, but it also will preserve access to affordable housing in New Hampshire – giving more Granite Staters the safe homes and communities that they deserve.”
    “The science is clear: there is no safe amount of lead exposure—particularly for young children,” said Congresswoman Kuster. “I’m pleased to join the rest of the delegation in welcoming these resources heading to Nashua, Bedford, and Newport to help remediate older homes and apartments that contain lead paint and protect our communities from hazardous chemicals.”
    “The health of our children must always be a top priority, and protecting them from lead and other hazardous materials is essential in this effort,” said Congressman Pappas. “These funds will help New Hampshire families address lead-based paint and other health issues within our older housing supply to ensure our kids can grow up in a safe environment. I’ll continue working to address the needs of our children, families, and communities.”
    As a Senior Member of the U.S. Senate Appropriations Committee, Shaheen helps lead an annual letter with Senator Jack Reed (D-RI) to fellow appropriators requesting funding for the Office of Lead Control and Healthy Homes at HUD, which administers the Lead Hazard Reduction and Healthy Homes grant programs, as well as funding for the Childhood Lead Poisoning Prevention Program through the Centers for Disease Control and Prevention (CDC). Shaheen and Hassan helped negotiate, and the full delegation supported, the Bipartisan Infrastructure Law, which invested a historic $15 billion to identify and replace lead service lines. 

    MIL OSI USA News –

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

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – Low-interest federal disaster loans are available to California businesses and residents affected by the Boyles Fire that occurred Sept. 8–11, announced Administrator Isabella Casillas Guzman of the U.S. Small Business Administration. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Gavin Newsom’s authorized representative, Director Nancy Ward of the California Office of Emergency Services, on Oct. 1.

    The disaster declaration makes SBA assistance available in Colusa, Glenn, Lake, Mendocino, Napa, Sonoma and Yolo counties.

    “SBA’s mission-driven team stands ready to help California’s small businesses and residents impacted by the Boyles Fire,” said Administrator Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

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

    “Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” continued Sánchez. “Beginning Thursday, Oct. 10, SBA customer service representatives will be on hand at the following Disaster Loan Outreach Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Sánchez added. The center will be open on the days and times indicated below. No appointment is necessary.

    LAKE COUNTY
    Disaster Loan Outreach Center
    Clearlake City Hall
    14050 Olympic Dr.
    Clearlake, CA  95422

    Opens 12 p.m., Thursday, Oct. 10

    Closed Monday, Oct. 14 in observance of Columbus Day

    Mondays – Fridays, 8 a.m. – 5 p.m.

    Closes 5 p.m. Thursday, Oct. 31

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

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

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

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

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

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

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

    The deadline to apply for property damage is Dec. 6, 2024. The deadline to apply for economic injury is July 7, 2025.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News –

  • MIL-OSI USA: SBA Offers Disaster Assistance to Idaho Small Businesses Economically Impacted by Wildfires, including the Bench Lake and Wapiti Fires

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses economically impacted by wildfires, including the Bench Lake and Wapiti Fires that began July 11, SBA’s Administrator Isabella Casillas Guzman announced today. SBA acted under its own authority to declare a disaster following a request received from Gov. Brad Little on Oct. 4.

    The disaster declaration makes SBA assistance available in Blaine, Boise, Butte, Custer, Elmore, Lemhi and Valley counties in Idaho.

    “SBA’s mission-driven team stands ready to help Idaho’s small businesses impacted by wildfires, including the Bench Lake and Wapiti Fires,” said Administrator Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help these businesses.”

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

    “Beginning Wednesday, Oct. 9, SBA customer service representatives will be available at the following virtual Business Recovery Center to answer questions about SBA’s disaster loan program, explain the application process and help each business owner complete their application,” Sánchez continued. The virtual center will be open on the days and times indicated below. No appointment is necessary.

    VIRTUAL BUSINESS RECOVERY CENTER
    Monday – Friday
    8:00 a.m. – 4:30 p.m. Pacific Time
    FOCWAssistance@sba.gov
    (916) 735-1501

    Opens at 8 a.m., Wednesday, Oct. 9

    “Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” Sánchez added.

    “These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Sánchez said.

    Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 3.25 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.

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

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

    The deadline to apply for economic injury is July 7, 2025.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News –

  • MIL-OSI USA: Alachua, Baker, Bradford, Collier, Duval, Putnam, Union Counties Eligible for FEMA Assistance After Hurricane Helene

    Source: US Federal Emergency Management Agency

    Headline: Alachua, Baker, Bradford, Collier, Duval, Putnam, Union Counties Eligible for FEMA Assistance After Hurricane Helene

    Alachua, Baker, Bradford, Collier, Duval, Putnam, Union Counties Eligible for FEMA Assistance After Hurricane Helene

    TALLAHASSEE, Fla. – As the state of Florida and FEMA prepare for Hurricane Milton, President Biden approved seven additional counties for assistance for Hurricane Helene.

    Homeowners and renters in Alachua, Baker, Bradford, Collier, Duval, Putnam and Union counties who had uninsured or underinsured damage or loss caused by Hurricane Helene can apply for FEMA disaster assistance.

    FEMA may be able to help with serious needs, displacement, temporary lodging, basic home repair costs, essential personal property loss or other disaster-caused needs. These counties along with Charlotte, Citrus, Columbia, Dixie, Franklin, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Jefferson, Lafayette, Lee, Leon, Levy, Madison, Manatee, Pasco, Pinellas, Sarasota, Suwannee, Taylor and Wakulla counties are authorized for FEMA Individual Assistance.

    Homeowners and renters can apply to FEMA online at DisasterAssistance.gov. You can also apply using the FEMA mobile app or by calling FEMA’s helpline toll-free at 800-621-3362. Lines are open every day and help is available in most languages. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. To view an accessible video on how to apply visit Three Ways to Apply for FEMA Disaster Assistance – YouTube. 

    What You’ll Need When You Apply

    • A current phone number where you can be contacted.
    • Your address at the time of the disaster and the address where you are now staying.
    • Your Social Security number.
    • A general list of damage and losses.
    • Banking information if you choose direct deposit.
    • If insured, the policy number or the agent and/or the company name.

    If you have homeowners, renters or flood insurance, you should file a claim as soon as possible. FEMA cannot duplicate benefits for losses covered by insurance. If your policy does not cover all your disaster expenses, you may be eligible for federal assistance.

    For the latest information about Florida’s recovery, visit fema.gov/disaster/4828. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.

    kirsten.chambers

    MIL OSI USA News –

  • MIL-OSI USA: FEMA Individual Assistance Now Available for More Virginians

    Source: US Federal Emergency Management Agency

    Headline: FEMA Individual Assistance Now Available for More Virginians

    FEMA Individual Assistance Now Available for More Virginians

    BRISTOL, Va. — Residents of Bedford, Bland, Carroll, Pittsylvania, Russell, and Wise counties and the city of Radford are now eligible to apply for assistance from FEMA under the Individual Assistance Program. FEMA assistance can help with costs from damage and losses due to Tropical Storm Helene.  

    Residents of the city of Galax, as well as Giles, Grayson, Montgomery, Pulaski, Smyth, Tazewell, Washington and Wythe counties, remain eligible for assistance. 

    FEMA may be able to help you pay for essential items, temporary housing, home repairs and other needs due to the disaster, including:

    • Essential items such as water, food, first aid, prescriptions, infant formula, breastfeeding supplies, diapers, medical supplies and equipment, personal hygiene items and fuel for transportation;
    • Financial assistance to help pay for hotel stays, stays with family and friends, or other options while you look for a rental unit as well as rental assistance if you are displaced because of the disaster;
    • Repair or replacement of a vehicle, appliances, room furnishings, personal or family computer;
    • Books, uniforms, tools, computers and other items required for school or work, including self-employment; and
    • Moving and storage fees, medical expenses, childcare and funeral expenses.

    For more information about the types of FEMA assistance available under the Individual Assistance Program, visit: fema.gov/ia.

    You can apply for disaster assistance today: 

    To watch an accessible video about how to apply, visit FEMA Accessible: Registering for Individual Assistance – YouTube.

    FEMA has set up a rumor response webpage to clarify our role in the Helene response. Visit Hurricane Helene: Rumor Response | FEMA.gov. 

    For more information on Virginia’s disaster recovery, visit vaemergency.gov,  the Virginia Department of Emergency Management Facebook page , fema.gov/disaster/4831 and facebook.com/FEMA.  

    ###

    FEMA’s mission is helping people before, during, and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia. Follow us on X at x.com/FEMAregion3 and on LinkedIn at linkedin.com/company/femaregion3.

    To apply for FEMA assistance, please call the FEMA Helpline at 1-800-621-3362, visit https://www.disasterassistance.gov/, or download and apply on the FEMA App. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. Multilingual operators are available (press 2 for Spanish and 3 for other languages). Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency, or economic status.

    erika.osullivan

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Tuberville Joins Fox Business to Discuss Biden-Harris Administration’s Slow FEMA Response

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    “FEMA is worried more about diversity, equity, inclusion, and climate change than they are helping the people of North Carolina, South Carolina, and Georgia.”

    WASHINGTON – Yesterday, U.S. Senator Tommy Tuberville (R-AL) joined “Kudlow” on Fox Business Network with guest host David Asman to discuss the Biden-Harris administration’s slow FEMA response to victims of Hurricane Helene, amid reports of money being allocated to house illegal immigrants and Vice President Harris touting the administration’s move to send another $157 million to Lebanon. 

    Excerpts from Senator Tuberville’s interview can be found below, and his full remarks can be found on YouTube or Rumble.

    ON MAYORKAS CLAIMING FEMA IS OUT OF MONEY

    ASMAN: “Senator, thanks so much for being here. Appreciate it. You know, there’s a big question about whether the administration is contradicting itself now based on what they’ve said before about 1.) whether FEMA has enough money to deal with all these crises, these emergencies, and 2.) whether or not they waylaid a lot of that money for spending on migrants.”

    “So, it was pretty frank. He said, ‘We don’t have the funds to make it through the season.’ Now the question is, why? Senator, on the one hand, they’re saying this. On the other hand, they say exactly the opposite. I leave it to you now to try to figure out what’s going on here.”

    TUBERVILLE: “Well, our country is in a mess and we are in a mess. And this administration, David, has no clue what they’re doing. I’ve been in the Senate now for going on four years, and it’s been like this the entire time. Now, when it comes to spending money, they know how to do that, but they don’t know how to prepare for anything. Let’s go back to North Carolina. First of all, it’s not about money at North Carolina in the first few days. It’s about security. People on the ground like the military, helping find people that are stranded, opening up roads, doing the things to get communication into the area in North Carolina. They heard zero from FEMA for five or six days. It was a disaster. And it’s continued to be a disaster—more people still missing, but David, this administration—Mayorkas being the leader of this pack when it comes to some kind of security, whether it’s the border, or whether it’s FEMA—he’s never prepared. He always blames somebody else. Another blaming President Trump for all this is going on. These people know how to spend money, but that’s the only thing they know how to do. They can’t do anything other than just spend the taxpayers’ money, and they usually waste it when it comes to that.”

    ASMAN: “Well, and then they misappropriated. I mean, on the one hand, yes, you know, last week, [Karine] Jean-Pierre was saying that they haven’t used any money from FEMA for the migrants. But in 2022, she said very clearly funding is also available through FEMA’s emergency food and shelter program. That’s money that was going to the migrants. That’s money that the folks in Appalachia need right now.”

    TUBERVILLE: “Yeah. And we’ve all known that. They’ve been spending billions of dollars on the illegals coming across the border. Once they get here, they take care of them much more than they take care of our veterans or the homeless people living in this country. David, I was coming from Bogotá, Colombia, a few weeks ago, and half the plane was filled with Venezuelans and people from South America that our government and taxpayer money—they were flying people on those planes to Houston. It was a commercial airliner, and then they were going places from there. It is a disaster. It’s getting worse every day. But this group could care less. All they want [are] votes, David. They don’t want to take care of any American citizen. They want votes to get reelected to carry this power on for another four years and Heaven help us if that happens.”

    ASMAN: “And by the way, those folks that were on the plane with you haven’t been vetted. I mean, it’s quite clear that some of them—they just had to arrest, ICE just had to arrest some horrible people. They were child molesters from a bunch of different countries that were flown in and clearly, they hadn’t been vetted because if they had, they would have found out they had a horrible record from where they came from.”

    TUBERVILLE: “Exactly. And it’s gonna get worse before it gets better. Our prayers are out to the people of North Carolina, Georgia, South Carolina. But, David, let me tell you. I’ve lived in the South for all my life. I’ve been through hurricanes. I went through a terrible one in [Hurricane] Andrew back in ‘91 in Miami when I was coaching down there. There’s one coming named ‘Milton’ coming at Tampa. Right now, it’s a Category Five. It’s supposed to go down a little bit, but that usually never happens. The people of Tampa need to prepare to get out. Thank God, we have Governor DeSantis [who is] preparing for this because I promise you one thing, FEMA is nowhere to be found.”

    ON VP HARRIS BRAGGING ABOUT SENDING MONEY TO LEBANON

    ASMAN: “Well, meanwhile, while Mayorkas says we are running out of money for FEMA, Vice President Kamala Harris was bragging over the weekend about sending money to Lebanon of all places. She put out an X post saying, ‘I am concerned about the security and well-being of civilians suffering in Lebanon and will continue working to help meet the needs of all the civilians there.’ All the civilians there, what about the civilians here?”

    TUBERVILLE: “Well, this is for a longer conversation, David, but that’s a war there. Our friend and ally, Israel is fighting for their livelihood over there. And we’re funding both sides. We’re giving some money, some weapons to Israel, but now we’re sending money to Lebanon who they’re fighting. We continue to do this. We’re sending money to Hamas. We’re building ports for Hamas. We’re letting Iran run rampant in terms of making money to fund all this stuff. […] It is out of control. All they’re trying to do is sell the people in Michigan and some of these areas that have people from Islamic countries that, ‘Hey, we’re taking care of your people over there. Vote for us in four or five weeks. And we promise you, we’ll help you again.’ We care nothing about the American people, and it’s out of control and [I] hope the American people see what’s going on.”

    ON DEI STANDARDS IN FEMA

    ASMAN: “Senator, one more on FEMA for you. The chief of FEMA—a woman named ‘Deanne Criswell’—claims it’s disinformation to essentially tell the truth of what the administration including Mayorkas, including Jean-Pierre, have been saying about money being used from FEMA for migrants, etcetera. Now she’s the one who last year signed a pledge to, and I’m quoting here, ‘instill equity in disaster relief.’ Do you know what equity in disaster relief is?”

    TUBERVILLE: “Well, we probably could ask the ex-Secret Service Director who is the same way when she was all DEI—diversity, equity, and inclusion—in terms of the Secret Service. They almost got President Trump killed. Now the same thing here, people are dying because FEMA is worried more about diversity, equity, inclusion, and climate change than they are helping the people of North Carolina, South Carolina, and Georgia. Again, these people have no clue about organization and taking care of the people that they are being paid to take care for. So, they need to get off their tails and go to work. But, again, we’ve got another terrible tragedy getting ready to happen here in 36 hours. I hope they get their stuff together. If they need the money, we will pass it for them. But unfortunately, they’ve wasted $20 billion on these illegals coming in for four years, and that has created more disaster than anything else.”

    ASMAN: “Senator Tommy Tuberville, great to see you, sir, and we do pray for those folks in the in the line of fire from Milton. I appreciate it.”

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.

    MIL OSI USA News –