NewzIntel.com

Category: Business

  • MIL-OSI: Gevo Acquires CultivateAI for its Verity Business Unit

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD, Colo., Sept. 26, 2024 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) has acquired Cultivate Agricultural Intelligence, LLC (“CultivateAI”) for $6 million in cash, with the opportunity for the sellers to receive additional earn-out payments. Gevo will fold CultivateAI into its wholly owned Verity subsidiary to accelerate Verity’s business development and growth. CultivateAI is a proven business with expected 2024 revenue of $1.7 million and corresponding positive cash flow. CultivateAI provides agricultural data to clients through a software as a service (“SaaS”) platform.

    Gevo expects to combine CultivateAI’s digital agriculture data and analytics platform with Verity’s carbon accounting and tracking solutions to provide the highest quality data-driven solutions for carbon abatement in food, feed, fuels, and industrial markets, while simultaneously helping farmers improve their operations, sustainability, and profitability. CultivateAI’s SaaS platform is a cloud-based, mobile platform that helps farm operators, agronomists, ag-service providers, and researchers make informed, data-driven decisions with real-time analytics.

    “Adding CultivateAI and its inventive approach to Verity will help us grow revenue by providing the most complete set of data-driven analytics services to farmers, agronomists, and researchers,” said Dr. Paul Bloom, Head of Verity and Chief Carbon Officer of Gevo. “With this acquisition, Verity is speeding up our development and increasing the value we will deliver to our customers.”

    Verity is at the forefront of creating the ability to track, verify, and empirically value carbon intensity across the full carbon lifecycle. By adding the tools and existing business from CultivateAI, Verity will benefit from the addition of clients outside the biofuel segment as well as additional revenue streams.

    “We are constantly looking for this kind of development that delivers new streams of untapped revenue to the company,” said Dr. Pat Gruber, CEO of Gevo. “As we accelerate development of Verity, we expect to see these customer relationships and revenue opportunities grow as customers seek out new products and services that help them understand their businesses better. These new business elements support our mission of growing an efficient circular economy, and delivering shareholder returns by adding scalable revenue opportunities now.”

    About Gevo
    Gevo’s mission is to convert renewable energy and biogenic carbon into sustainable fuels and chemicals with a net zero or better carbon footprint. Gevo’s innovative technology can be used to make a variety of products, including sustainable aviation fuel (“SAF”), motor fuels, chemicals, and other materials. Gevo’s business model includes developing, financing, and operating production facilities for these renewable fuels and other products. It currently runs one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States. It also owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo emphasizes the importance of sustainability by tracking and verifying the carbon footprint of its business systems through its Verity subsidiary.

    For more information, see http://www.gevo.com.

    About Verity
    Verity is at the forefront of creating the ability to track, verify, and empirically value carbon intensity across the full carbon lifecycle. Verity Holdings, LLC is a wholly owned subsidiary of Gevo, Inc.

    For more information, see http://www.veritytracking.com.

    About CultivateAI
    CultivateAI is a cloud-based, mobile platform that helps its customers make informed, data-driven decisions with real-time analytics. Its trusted insights are designed to help agricultural operations increase production, manage risk, and maximize profitability.

    For more information, see cultivateagi.com.

    Forward Looking Statement
    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, CultivateAI and its operations, the integration of CultivateAI into Verity, CultivateAI’s expected financial results and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations, and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2023 and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

    Media Contact
    Lindsay Fitzgerald
    Senior Vice President of Public Affairs
    PR@gevo.com

    Investor Contact
    Eric Frey, PhD
    Vice President of Finance & Strategy
    IR@Gevo.com

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Surat People’s Co-operative Bank Limited, Surat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated September 23, 2024, imposed a monetary penalty of ₹61.60 lakh (Rupees Sixty One Lakh and Sixty Thousand only) on The Surat People’s Co-operative Bank Limited, Surat (the bank), for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters’, ‘Loans and advances to directors and their relatives, and firms/concerns in which they are interested’, ‘Maintenance of Deposit Accounts’ and ‘Customer Service’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2022 and March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty.

    The bank had:

    1. not classified loan accounts of certain borrowers as non-performing assets;

    2. sanctioned/ renewed loans where the relatives of directors were interested / stood as surety / guarantor;

    3. levied and recovered penal charges from certain inoperative savings bank/current accounts for non-maintenance of minimum balances in those accounts; and

    4. levied charges on certain customers for sending SMS alerts despite not having mobile numbers of such customers on record.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1167

    MIL OSI Economics –

  • MIL-OSI: LPL Financial Welcomes GreenPoint Wealth Management

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Sept. 26, 2024 (GLOBE NEWSWIRE) — LPL Financial LLC, announced today that financial advisors Jeff Minucci, CFP®, and David Ryzman, CFP®, have joined LPL Financial’s broker-dealer, RIA and custodial platforms. They reported having served approximately $150 million in advisory, brokerage and retirement plan assets* and join LPL from Osaic.

    For more than 20 years, Minucci and Ryzman have collaborated in various roles within the financial services industry, eventually becoming business partners in the independent space. They specialize in developing innovative strategies to help meet their clients’ retirement planning objectives and use robust financial education to encourage their clients to better understand their financial portfolios.

    “We believe in a comprehensive approach, which includes designing plans tailored to each individual client to help reduce risk and tax implications, while focusing on long-term performance, sustainable retirement income and effective estate protection,” Minucci said.

    With the move to LPL, the McKinney, Texas-based advisors have launched a new firm, GreenPoint Wealth Management.

    “We wanted to create our own identity and shape our practice on our terms,” Ryzman said. “After a thorough due diligence process, we felt LPL was the ideal landing spot to support our continued growth. We appreciate LPL’s strong reputation as a leading wealth management firm. We’ve also found that LPL has streamlined processes that make it much easier to do business, which then gives us more time to spend taking care of our clients.”

    Scott Posner, LPL Executive Vice President, Business Development, said, “We extend a warm welcome to Jeff and David and congratulate them on the launch of GreenPoint Wealth Management. Through integrated capabilities and comprehensive business management solutions, LPL is driving flexibility and efficiency, enabling independent financial advisors to focus on growth, entrepreneurialism and putting their clients first.”

    Related

    Advisors, learn how LPL Financial can help take your business to the next level.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

    Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. GreenPoint Wealth Management and LPL Financial are separate entities.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    *Value approximated based on asset and holding details provided to LPL from end of year, 2023.

    Media Contact: 
    Media.relations@LPLFinancial.com 
    (704) 996-1840

    Tracking #633622

    The MIL Network –

  • MIL-OSI: Wearable Devices Boldly Welcomes Meta’s Neural Control Entry to the AR/VR/XR Market

    Source: GlobeNewswire (MIL-OSI)

    Yokneam Ilit, Israel, Sept. 26, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in AI-based gesture control technology, today applauded Meta’s entrance into the gesture control space with its announcement at Meta Connect 2024.

    “Welcome, Meta. Seriously,” declared Wearable Devices’ Chief Executive Officer Asher Dahan. “Competition only fosters innovation, and we are encouraged to see Meta’s nascent commitment to the neural interface sector which we at Wearable Devices have been advancing and perfecting for over a decade.”

    With its award-winning Mudra Band and Mudra Link neural gesture control devices, both of which empower users with hands-free digital navigation, Wearable Devices long ago redefined the way people interact with technology. The Company has repeatedly demonstrated the transformative nature of neural interface technology, enabling users to control digital environments using their thoughts and intentions, opening new doors for hands-free interaction with devices and digital experiences.

    “Meta’s new move into this field validates the immense potential and growing importance of neural control,” added Mr. Dahan. “Clearly, we at Wearable Devices have been onto something big all along as the trailblazers in neural wearables, and we look forward to continuing to push boundaries alongside other key players in the space.”

    In the past year, the Mudra Band has enhanced the experience of thousands of users, showcasing its proven value. While Meta presented its neural wristband as a ‘Purposeful Product Prototype’ for smart glasses, we offer a versatile solution that controls computers, applications, and smart glasses.

    Wearable Devices has long been at the forefront of gesture control innovation, having won the prestigious ‘Best of CES Innovation Award’ in 2021 for its Mudra Band, the first neural interface wristband.

    For more information, visit http://www.wearabledevices.co.il.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits and advantages of the Company’s devices and technology . All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Walter Frank
    IMS Investor Relations
    203.972.9200
    wearabledevices@imsinvestorrelations.com

    Media Contact:

    Steve Schuster
    Rainier Communications
    steve@rainierco.com
    +1-508-868-5892

    The MIL Network –

  • MIL-OSI: Deutsche Bank ADR Virtual Investor Conference: Presentations Now Available for Online Viewing

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Sept. 26, 2024 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Deutsche Bank Depositary Receipts Virtual Investor Conference (“dbVIC”) held September 24th and 25th are now available for online viewing.

    REGISTER NOW AT: https://bit.ly/3ZHifQf

    The company presentations will be available 24/7 for 90 days.

    September 24th


    September 25    th

    To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit http://www.virtualinvestorconferences.com.

    About Virtual Investor Conferences®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    Media Contact: 
    OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

    Virtual Investor Conferences Contact:
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Companjon to enable global car rental company Carwiz to offer its customers the opportunity to cancel their reservations for any reason and receive compensation

    Source: GlobeNewswire (MIL-OSI)

    • The partnership agreement was signed today by representatives from both parties during Carwiz’s third annual company conference in Zagreb, Croatia
    • The Cancel For Any Reason protection is a first in the global car rental industry and will initially be available for reservations made within the EEA
    • Carwiz customers can receive up to 80% of the value of their booking if they need to cancel – no questions asked, no documentation required
    • Companjon will serve as technology provider, underwriter, and risk carrier

    DUBLIN, Sept. 26, 2024 (GLOBE NEWSWIRE) — Leading insurtech Companjon today signed a partnership agreement with Carwiz International, one of the fastest growing car rental franchise companies worldwide, to offer Carwiz customers the ability to cancel their reservations for any reason and recover most of the booking cost. The offering, initially available to customers booking within the EEA, is an industry-first and is a key part of Carwiz’s ambition to deliver top-tier car rental services. Companjon will serve as the technology provider, underwriter, and risk carrier of the cancellation protection.

    Carwiz customers will be able to add-on Cancel For Any Reason at the time of booking for an additional fee that is optimized to the specific details of the car rental. The customer can then seamlessly cancel their booking up to 48 hours before the rental start time – no questions asked, no documentation required – and receive up to 80% of the booking cost. The payout is offered to the customer instantly upon confirmation of cancellation.

    Carwiz CEO, Krešimir Dobrilović, said “We are excited to sign this agreement today, in the presence of the larger Carwiz team, which demonstrates our commitment to providing our customers with an exceptional car rental experience. The ability to cancel for any reason, an industry first, creates a new level of flexibility and convenience for customers who are faced with unexpected situations and circumstances. We look forward to continuing our work with Companjon to launch this unique protection to any customer booking from within the EEA in the following weeks.”

    Companjon CEO, Matthias Naumann, said: “We are proud to be Carwiz’s trusted insurtech partner and enable them to raise the standard for customer experience in the car rental industry with our Cancel For Any Reason solution. We share in Carwiz’s ambition to go where no one has gone before and applaud their boldness to set themselves apart from their competition by being ‘right there when life happens’ for their customers. We look forward to launching the offering with them before year’s end and celebrating its success with the Carwiz team in due course.”

    Companjon, established in 2020, seeks to change the way people think about insurance. The company has implemented a variety of tailored, dynamic insurtech products with globally recognized brands in the travel, mobility, live events and entertainment, and fintech sectors. Its unparalleled end-to-end solution design leverages the latest technology, like machine learning and artificial intelligence, to delight its business partners’ customers through protection that enhances flexibility and convenience across 32 countries in Europe and North America.

    About Companjon 

    Companjon is a leading B2B2C insurtech start-up specializing in fully digital, AI-driven embedded insurance. Its modern, end-to-end insurance solutions enable companies to delight their customers and drive more business value from stronger brand loyalty and new ancillary revenue opportunities. Companjon designs, builds, and underwrites its dynamic solutions on a 100% cloud-based platform capable of issuing 32,000 policies per second, integrating API gateways easily, and leveraging the latest advanced technology. It has been recognized as one of the World’s Top Insurtech Companies 2024 by CNBC and one of the world’s most innovative insurtechs by FinTech Global for three consecutive years (2021-2023).

    Companjon seeks to change the way people think about insurance by creating seamless and positive experiences when things don’t go as planned: being right there when ‘life’ happens. The company is registered in Ireland and regulated by the Central Bank of Ireland.

    http://www.companjon.com

    Media Contact:
    Kimberly Littlefield
    +353 (0)86 107 0416
    press@companjon.com

    The MIL Network –

  • MIL-OSI United Kingdom: That’s a wrap: deal done for biggest sport and health investment in region

    Source: City of Plymouth

    A mind-boggling 26 leases and other legal agreements, three key sports teams, numerous sports funding and community organisations – the starting pistol has well and truly been fired on the biggest sport and health investment Plymouth has seen since the opening of the Life Centre.

    Plymouth Argyle Football Club, Plymouth Argyle Community Trust, Plymouth Albion RFC, Plymouth City Council and Devonport Community Leisure Limited have now finished the negotiations and deals around parcels of land and buildings in and around the Brickfields site in Devonport.

    With the complex paperwork complete, start on site for this transformational project is about to get underway.

    Councillor Sue Dann, Cabinet Member for Customer Services, Sports and Leisure said: “It’s been a hugely complex scheme and is the most significant sports pitch hub development in Devon and Cornwall. All the players involved have been dedicated to the idea of this transformational sports regeneration scheme – not just for the elite super fit athletes but for creating revitalised facilities for the people of Plymouth – and Devonport in particular – to help them remain healthy and well.”

    To give an idea of the complexities behind the scheme, Devonport Community Leisure Ltd had to relinquish their lease on the Brickfields building to enable the work on the hub to start. The hub is going to be run by Plymouth Argyle Community Trust, who have considerable experience of managing a community hub at Manadon. The athletic club is getting a new club house, but that means the old one will need to be demolished.

    All the facilities had to comply with the exacting standards of the sports organisations in terms of ensuring the pitches are built to the right specifications. The timetabling of planned work is all designed to cause as little interruption as possible to programmed sporting events. Tied into all of these are funding agreements from organisations such as the Football Foundation and the Government’s Youth Investment Fund.

    Part of this massive puzzle has included creating a pétanque terrain nearby for Plymouth Petanque club who had a terrain on the Brickfields site. Ensuring there is capacity for parking for visitors was also another consideration – and an underused car park is to be utilised at weekends for visitors.

    Stoke Damerel Community College is to become the new home of hockey for the west of Plymouth, with a new, 2G sand pitch for both school and community use with modern flood lighting for all year round use. It will also be used for other sports and for the day-to-day PE needs of the college. A smaller rubber-crumb 3G surface is being built for football and contact rugby training and will replace the standing 20-year-old artificial surface. An improved grass playing pitch is also planned.

    Work on these facilities is underway but for now all eyes are on the start of work at Brickfields. At the core of the proposals is a new permanent home for Plymouth Argyle’s youth wing, the Argyle Academy, and Plymouth Argyle Women.

    Extensive community and sport facilities include new grass and all-weather 3G pitches, athletics facilities for the City of Plymouth Athletics Club and other users, play zones exclusively for public use, better public access, landscaped public areas, and parking.

    Work on the community hub on the site of the former Brickfields sports centre has been progressing. The new hub, which will deliver much needed accessible and affordable community space to connect people and offer a wide range of wellbeing services.

    Who is involved: the big players

    • Plymouth City Council
    • Plymouth Argyle FC
    • Plymouth Argyle Community Trust
    • Plymouth Albion RFC
    • Devonport Community Leisure Ltd

    On the team:

    • Livewell South West
    • City of Plymouth Athletic Club
    • Plymouth Petanque
    • Football Foundation
    • Sport England
    • Rugby Football Union
    • England Hockey
    • The Department for Digital, Culture, Media & Sport (DCMS)
    • Ministry of Defence

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: SFST’s speech at Bloomberg Buy-Side Forum Hong Kong (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Bloomberg Buy-Side Forum Hong Kong today (September 26): Jeffrey (Global Head of Buy-Side Enterprise Sales of Bloomberg, Mr Jeffrey Leckstein), Manju (APAC Head of Buy-Side Product Sales of Bloomberg, Ms Manju Sakhrani), Irene (Head of Sales, Greater China Buy-Side of Bloomberg, Ms Irene Lam), distinguished guests, ladies and gentlemen,     Good morning. I am very delighted to join you all at the Bloomberg Buy-Side Forum Hong Kong. This flagship event brings together influential business leaders and decision makers to explore timely and transformative topics that are reshaping the asset and wealth management industry. And this is very timely. Just last week the Federal Reserve cut interest rates by 0.5 percentage points. Hong Kong quickly followed suit and the news was cheered by investors and financial markets. Also, Hong Kong ranked third globally in the Global Financial Centres Index 36 Report published two days ago, up by one place from the previous issue. Back in April this year, I had the pleasure of meeting Mr Michael Bloomberg in New York to discuss global financial trends. During my visit to the Big Apple, I also spoke about the “ABCs” of Hong Kong’s role as a global financial centre: an “anchor” for financial stability, a “buffer” against risk and a “capstan” with a strategic location in Asia. Today I would like to focus on the “D” word – “dividends”Overview     Today’s agenda explores new prospects for growth and innovation in the Asia Pacific markets, covering key topics including risk management, automation, data and technology, and more. A common factor is that all of these topics are conducive to long-term, sustainable growth and dividends for investors and the industry.     As with our ongoing efforts to boost Hong Kong’s position as the region’s premier international financial centre, Hong Kong offers three distinct types of dividends, namely “diversification”, “succession” and “silver” dividends. These will surely help investors and the industry embrace new opportunities and unleash their potential. Let me tell you how.Diversification dividend     First, Hong Kong is well poised to provide a diversification dividend with our unique geographical, functional, product and service offerings. All this ensures an excellent platform for diversification, supported by our “one country, two systems” advantages and our role as a financial “super connector” linking Mainland China and global markets. We offer abundant investment opportunities, a full suite of professional services and a top-notch regulatory framework.     In terms of investment opportunities, last year the AUM (assets under management) of Hong Kong’s asset and wealth management business reached about US$4 trillion (HK$31.193 trillion). What’s more, over half of the funds were sourced from international investors outside Hong Kong and the Mainland. In fact, in 2023, Hong Kong was the world’s second-largest cross-boundary wealth management centre, after Switzerland. Hong Kong is also Asia’s largest hedge fund hub and our private equity capital under management ranks second in Asia after the Mainland.     As China’s hub for offshore Renminbi (RMB) business, Hong Kong holds about one trillion in RMB deposits, and processes about 80 per cent of the global offshore RMB payments. We will continue to expand our RMB-denominated investment and risk-management products to suit users’ needs. For the wider financial market, we will also continue to diversify and deepen the products and services we offer, ranging from new fund structures to listing platforms.Mutual access     Mutual market access between the Mainland and Hong Kong continues to expand in scope and capacity. Up to August this year, the total turnover (including buy and sell trades) of northbound trading of Stock Connect reached about RMB20,000 billion, while that of southbound trading exceeded HK$5,600 billion. This demonstrates our pivotal role for international and Mainland enterprises as well as investors to raise funds and make investments.     The Hong Kong stock market has also seen many recent achievements. The average daily turnover of ETFs (exchange traded funds) listed in Hong Kong reached HK$11.8 billion in 2023, an increase of 20 per cent compared to 2022 (HK$9.8 billion). The derivatives market also saw the average daily trading volume of futures and options reaching 1.35 million contracts last year, further rising to over 1.5 million contracts in the first half of this year. This showcases Hong Kong’s ongoing development as an international risk management centre.     In April, the China Securities Regulatory Commission announced five new measures to support the development of Hong Kong’s financial sector. These include expanding the scope of ETFs under Stock Connect as implemented in July. The measures would also bring long-term structural enhancements to the Hong Kong market, such as including REITs (real estate investment trusts) under Stock Connect, further enriching the choice of products available.Green and sustainable finance     Meanwhile, sustainable development and technology are the emerging major forces shaping the financial industry. Demand for green finance is growing worldwide, as part of the global green transformation. Statistics show that the Asian region will require some US$66 trillion in climate investment over the next 30 years.     Zooming into Hong Kong’s green and sustainable finance market, the total green and sustainable debt (including both bonds and loans) issued in Hong Kong amounted to US$50 billion. Among which, the volume of green and sustainable bonds arranged in Hong Kong topped the Asian market, accounting for 37 per cent of the total share.        We will continue to develop Hong Kong into an international green technology and green finance centre through five key directions, namely building a green technology ecosystem; green finance application and innovation; green certification and alignment with international standards; training talents; and enhancing exchanges and co-operation with the Greater Bay Area and international markets.Virtual assets and fintech     Hong Kong is a prime destination for the development of digital finance and for fintech companies to establish or expand their business locally, regionally and globally. We are home to eight virtual banks, four virtual insurers and two licensed virtual assets trading platforms. There are also around 1 000 fintech companies operating in Hong Kong. They cover a variety of businesses including mobile payment, cross-border wealth management, AI (artificial intelligence) financial consultancy, wealth and investment management, regulatory technology and many more.     With the rapid development of the virtual asset market, Hong Kong issued the Policy Statement on Development of Virtual Assets in October 2022. We are also among the first jurisdictions to adopt a comprehensive framework to regulate virtual asset activities with robust investor protection.     Premising on a balance between appropriate regulation and market development, we will continue to provide an enabling environment and support measures. This will help to sustain the development of digital and decentralised finance, and facilitate responsible and healthy industry development. For example, we are actively establishing regulatory regimes for both stablecoin issuers and over-the-counter (OTC) trading of virtual assets. We will introduce the bill for regulating stablecoin issuers into the Legislative Council within this year. We are also reviewing the consultation feedback for virtual asset OTC trading to examine ways to improve the proposed regulatory framework.Succession dividend     Moving on to succession dividend, which is growing in prominence here. That’s because Hong Kong is home to over 2 700 single-family offices and 12 500 ultra-high-net-worth individuals. These figures speak of the city’s appeal for family offices and asset owners looking to diversify their asset portfolios and sustain family wealth for future generations.     Last year, we published the Policy Statement on Developing Family Office Businesses in Hong Kong. Since then, a series of measures have been implemented to create a favourable environment for wealth management and succession planning, adding to the already diverse investment opportunities available in the city.     To name a few, the profits tax exemption regime for single family offices’ eligible investments was introduced last year, to provide tax certainty and attract family offices to set up in Hong Kong. We also launched the New Capital Investment Entrant Scheme (CIES) in March this year, offering a clear pathway for asset owners to reside and pursue development in Hong Kong. The new scheme has been well-received by asset owners and talents outside Hong Kong. So far, we have received over 550 applications, potentially bringing HK$16.5 billion of capital to the city.     Besides attracting professionals, we are also committed to nurturing talents for the family office sector. Last year, we established the Hong Kong Academy for Wealth Legacy. The Academy not only provides training but also fosters collaboration, networking and knowledge-sharing between the industry and next-generation asset owners.     This brings me to a fast-emerging category of impact investing. We are working to foster charitable endeavours that would make a positive impact on society. The Academy will launch the “Impact Link” later this year. It will provide a repository platform to connect family offices and asset owners with high-potential and high-social impact charitable programmes. This will further enhance family offices’ engagement in charitable projects to create positive change and realise the full potential of philanthropy.     Art collections and investments are also gaining popularity among family offices, and Hong Kong is an ideal hub for this with our simple tax system and zero tariff on art trading. We are the second-biggest city for contemporary art sales after New York, recording US$414 million in the year 2022-23. By leveraging Hong Kong’s rich art and culture scene, we will continue to consolidate our position as a leading art exhibition and trading centre to create a dynamic ecosystem for art collection and investments for family offices and other investors.     Beyond creating a thriving family office ecosystem, we recognise that each family office has its unique needs and preferences. The dedicated family office team of Invest Hong Kong is here to offer one-stop support services specifically catered to the needs of each family office. Through key events such as the annual Wealth for Good in Hong Kong Summit, we will continue to deepen our connections with global family offices, supporting their evolving needs and garnering dividends from succession and legacy planning.Silver dividend     My third topic today is the silver dividend. Similar to many developed economies, Hong Kong faces the challenge of a rapidly ageing population. By 2046, over one-third of our population will be aged 65 or above. While this trend poses significant challenges, it also creates opportunities.     Among other things, an ageing population underscores the importance of accumulating sufficient savings to support post-retirement life. With this in mind, the Government launched the Mandatory Provident Fund (MPF) system back in 2000, to help our workforce save up for their retirement. As of June this year, our MPF system was managing a total of HK$1,230 billion of assets, representing an increase of about 126 per cent over the past 10 years. MPF investment with stable returns     Enabling the general public to feel and share the benefits brought about by the development of financial services has always been our goal. In recent years, our society, particularly among those who will soon retire, has clear aspirations for financial products that offer stable returns amid a changing economic environment. This is evident in the overwhelming response to the Silver Bond issuance last year – where the total application amount (around HK$71.7 billion) and the number of applications (323 789 valid applications) were at record highs.     Likewise, our MPF scheme members have similar aspirations. The Government and the Mandatory Provident Fund Schemes Authority (MPFA) persistently strive to widen the scope of permissible investments to improve risk-adjusted returns. For instance, in June 2022, the Central People’s Government, the People’s Bank of China, and the three Mainland policy banks were added to the list of “exempt authority” to facilitate MPF investment in sovereign bonds. It provides scheme members with greater access to one of the world’s largest bond markets. In June last year, we also put in place a mechanism to earmark a certain proportion of Government green bonds for priority investment by MPF funds.     These measures allow MPF fund managers to consider more investment instruments with stable returns in their portfolio management for the benefit of scheme members. As of June this year, MPF funds invested HK$8.3 billion and HK$600 million in sovereign bonds and government green bonds respectively, representing an increase of 159 per cent and 50 per cent respectively before the facilitative measures were put in place.Diversification and optimisation of MPF investment     We believe that our robust asset and wealth management industry is serving the MPF system well. It offers world-class investment management services along with a diverse range of financial products and innovative market arrangements.     In view of the growing internationalisation of the Mainland’s equity market, back in 2020, we included the Shanghai and Shenzhen stock exchanges in the list of “approved stock exchanges”, facilitating MPF investments into Mainland A-shares. Since the inclusion of the two stock exchanges, the exposure of MPF funds to Mainland A-shares has soared by 111 per cent to HK$24 billion as of June this year. Not only has this been welcomed by the market, it also provides more diversified investment opportunities for MPF assets.Fee reduction and eMPF Platform     Apart from offering a more diversified range of investment products for MPF scheme members, the Government and the MPFA are determined to explore and take forward more cost saving initiatives by leveraging innovation and technology. Launched in June this year, the eMPF Platform is a good example of how innovation and technology could resolve long-standing pain points in MPF scheme administration. They also create room for fee reductions for the ultimate benefit of scheme members.     We expect that the eMPF Platform will be fully implemented by end-2025. Through standardising, streamlining and automating different MPF administration processes, this first-of-its-kind centralised platform will significantly reduce the average MPF administration fee. This publicly funded digital infrastructure will also lower the entry barrier for newcomers to the MPF industry.   Closing     Ladies and gentlemen, I know you have a busy day ahead. So let me conclude by stressing the importance of joining hands in building, investing and enjoying the diversification dividend, succession dividend and silver dividend in Hong Kong. This forum is the perfect opportunity to share ideas and strengthen collaboration to achieve a more stable, sustainable and prosperous financial future in Hong Kong and far beyond.     I wish you all a rewarding forum today and the best of health and business. Thank you. 

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Murphy, Rojas Op-Ed For Hearst Connecticut: The Housing Crisis Is Holding Back CT

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    September 25, 2024

    HARTFORD–U.S. Senator Chris Murphy (D-Conn.) and Connecticut State Representative Jason Rojas (D-East Hartford) on Wednesday co-authored an op-ed for Hearst Connecticut arguing that Connecticut’s housing crisis requires all levels of government – local, state, and federal – to work together and take action. Murphy and Rojas lay out the scope of this nationwide problem that has acutely impacted people in Connecticut and propose a range of potential policy solutions to spur the construction of more affordable homes, help first-time home buyers, and drive down costs.
    “There is a housing crisis all across America today, but there’s no doubt the situation is especially dire in our state,” the members wrote. “A new report shows that Connecticut has one of the tightest rental markets in the country, with just a 3.5 percent vacancy rate. That kind of inventory shortage does two things. First, it drives up prices. Nationally, half of all renters have to set aside more than 30 percent of their paycheck each month for housing, but in Connecticut, nearly 500,000 of our citizens are spending more than 50 percent of their income on rent. Second, it makes it very hard for renters without good credit to find any landlord who will rent to them. At the end of last year, the number of people experiencing homelessness in Connecticut hit a record high. Homeownership — the core of the American dream — is also increasingly out of reach for the people we represent. Connecticut ranks 49th in the nation in new housing construction, and the slow pace of construction combined with high interest rates means it’s harder than ever for a young family to buy their first house.”
    Murphy and Rojas argued for more tax credits to build new affordable housing stocks – a proven policy incentive: “Vice President Kamala Harris has proposed a first-ever tax incentive for developers who build starter homes sold to first-time buyers and an expansion of existing tax credits to spur construction of more affordable rental housing. Combined these two policies could add 3 million new homes to the marketplace. We should also increase support for other existing, effective programs such as the HOME Investment Partnerships Program and National Housing Trust Fund that have been underfunded but are crucial in helping finance affordable housing projects. House Bill 5474, which passed both chambers of Connecticut’s legislature in May, encourages the development of duplexes, triplexes, and similar ‘middle’ housing, with the hope of increasing affordable housing stock. Public Act 23-207 created financial incentives for the development of workforce housing aimed at Connecticut’s middle class.”
    On getting more people into stable homes quickly, Murphy and Rojas urged greater investment in voucher programs, along with incentives to increase landlord participation and reduce waitlists: “The Choice in Affordable Housing Act would incentivize more landlords to participate in the Housing Choice Voucher Section 8 program through one-time incentive payments to landlords, security deposit payments, and bonuses to public housing agencies employing a landlord liaison. There’s no doubt we also need to increase our investment in voucher programs to get more people off waitlists and into homes. Connecticut currently boasts a waitlist of more than 6,700 applicants to its premier rental voucher program, the Rental Assistance Program (RAP), despite it not having been open for new applicants for over a decade. State and federal resources should be levied to tackle this crisis and move people into safe, stable homes.”
    On Connecticut’s zoning laws, Murphy and Rojas wrote: “But the reality is that no amount of incentives for developers or voucher programs can overcome Connecticut’s restrictive zoning laws. About 90 percent of the state is zoned for single-family housing. The federal government has a limited role in changing zoning rules, but the Yes In My Backyard (YIMBY) Act would encourage localities to eliminate discriminatory and burdensome zoning and land use policies to increase supply of affordable housing. It would also increase transparency around why a community is not adopting anti-discriminatory policies. The Majority Leaders’ Roundtable on Affordable Housing, a group comprised of interested legislators and subject-matter experts, has held meetings since 2023 and is working toward a solution that will loosen restrictions for developers while still preserving the character of Connecticut’s many unique towns.”
    They concluded: “Every community is different and there is no easy fix or one-size-fits-all solution for this crisis. It will require all levels of government to summon the political will and courage to engage in difficult conversations, pursue wholehearted reform, and make serious investments in affordable housing. We should be honest that sweeping progress won’t happen overnight. Driving down costs and completing construction takes time, but that makes our action — and partnership — all the more urgent.”
    Read the full op-ed HERE.

    MIL OSI USA News –

  • MIL-OSI Economics: Annual Meeting Opening Remarks by AIIB President

    Source: Asia Infrastructure Investment Bank

    Your Excellency Shavkat Mirziyoyev, President of the Republic of Uzbekistan,
    Distinguished Governors of the Asian Infrastructure Investment Bank, Honored Guests, Ladies and Gentlemen:

    Assalomu alaykum.

    It is my great honor to welcome you all to the Ninth Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank. On behalf of AIIB, I extend my deepest appreciation to the Republic of Uzbekistan for the gracious hospitality shown to the delegations for this Annual Meeting, the first in Central Asia.

    Your Excellency President Mirziyoyev, it is with the greatest of pleasure that AIIB has invited its Members to Uzbekistan to witness the accelerating prosperity that is gaining increasing momentum under your visionary leadership and ambitious reform agenda. Your historic visit to AIIB’s Headquarters in January this year was most significant for our bilateral relationship. With your Government’s ambitious program of nation building projects such as New Tashkent, major investments in transport, social infrastructure like hospitals and schools, and boundless potential in renewable energy, I look forward to AIIB doubling or even tripling its investment in Uzbekistan over the next 5 to 10 years.

    Distinguished Governors, we meet today at a storied center of cultural, economic and intellectual exchange. Standing at the crossroads of ancient trade routes, Samarkand’s rising prosperity began with the emergence of the Silk Road which wove across continents, tying Eurasia ever-tighter together.

    With free trade and cross border investment came a steady flow of new wealth, new ideas and new technology – stimulating scientific understanding of the world as it was then known. Underpinning this flourishing prosperity was connectivity: not just physical but, more importantly, intellectual and societal.

    Well-known are the underground ‘karez’ wells which nourished life in this dry climate, and the caravanserai that provided haven for intellectual exchange between travelers beyond commercial and business interests. Along these ancient arteries of infrastructure an intellectual lifeblood pulsed, circulating between nations of this region and spilling over into the wider world.

    It was only several hours from here that the father of algebra,

    Al-Khwarizmi, was born around 780. His ideas and writings spread to nations along the Silk Road, profoundly influencing the advance of mathematics in Europe. Indeed, his Latin name of Algoritmi is the root word for ‘algorithms’, the computations which energize today’s digital economy.

    Ladies and Gentlemen, the ancient Silk Road serves as an inspiration to us all. Such great intellectual achievements remind us that humanity is most productive, most innovative, and most prosperous when human minds meet and mingle. When people come into contact with each other, brilliant ideas sparkle.

    AIIB’s investments intend to bring regions together to ensure that global trade, technology and capital flows will continue without disruption. This helps us push the boundaries of human potential to still further distant areas. In an era of creeping geo-fragmentation, escalating climate chaos, and a hold-up in development, investing in infrastructure that connects Asia with the rest of the world is more important than ever.

    Since its inception nine years ago, AIIB has resolutely supported members amidst the rough-and-tumble of global events. Over this period, AIIB has approved financing to the tune of USD54.7 billion for 285 projects across 37 members. The development outcomes are multifold, and astounding. Our projects have connected people, 710 million strong, to urban mass transport and upgraded over 49,000 kilometers of transportation infrastructure. Thanks to our projects, there are 8.7 million people who now have access to safe drinking water. Less visibly but no less important, 22.8 million tons of CO2 emissions have been quietly averted annually.

    AIIB’s financing growth has been remarkable by historical standards. This is a great credit to the guidance to the Board of Governors and the Board of Directors. It is also a credit to the Bank’s management and staff, who deserve to be fully recognized and appreciated. Let us give them a big round of applause.

    AIIB’s funding position continues to be firmly based on triple-A ratings by all three major credit rating agencies. This year to date, the Bank has successfully issued bonds equivalent to USD 9 billion and AIIB bonds trade in line with MDB peers. Since 2022, the Bank’s administrative expenses have been fully covered by operating income. The Bank’s financial discipline strengthens its enduring ability to grow financial support for Members over time, complementing other measures under consideration from the MDB CAF review.

    Distinguished Governors, AIIB continues to double down on its client centric approach. In June this year, the structure of our investment operations was fine-tuned so as to streamline the Bank’s deployment of technical and financial expertise, and to heighten client relationships with a particular focus for private-sector financing and mobilization.

    AIIB has remained laser focused on developing financial tools which help members withstand shocks and enhance resilience. In June, Climate Policy-Based Financing (CPBF) was introduced to support Members’ efforts to improve the enabling environment for climate action, helping to mobilize private capital to push for national climate plans. The introduction of CPBF marks a new milestone in the Bank’s journey towards the achievement of the Sustainable Development Goals.

    This new initiative underscores our dedication to building resilient infrastructure for all, and our growing role in addressing global challenges. The Bank’s climate financing is expected to exceed 60% of its lending in 2024, well above the target of 50%.

    Excellencies: AIIB is truly a 21st century Bank. It is majority-owned by emerging and developing countries, follows the highest governance standards and relations between its governing bodies and clients are based on trust and client-centricity. This Bank is your Bank! AIIB’s most cherished principle is accountability. We in AIIB hold ourselves, each and every one of us, accountable for our decisions and actions. We adhere firmly to our most ardent vow made at the launch of the Bank’s operations that we will consistently live up to the expectations of our shareholders and stakeholders.

    Your Excellencies, distinguished guests, ladies and gentlemen: As we convene for our Ninth Annual Meeting, let us remember that we are building a future for generations to come. The theme of this Annual Meeting, “Building Resilient Infrastructure for All,” is not just a watchword, a call to action. It is the action! As we gather here along the ancient Silk Road, let us strive together to pave the path for sustainable development, regional and global integration, and prosperity for all.

    Thank you very much.

    MIL OSI Economics –

  • MIL-OSI: EFI Expands Relationship with Global Strategic Partner DPI

    Source: GlobeNewswire (MIL-OSI)

    LONDONDERRY, N.H., Sept. 26, 2024 (GLOBE NEWSWIRE) — Electronics For Imaging, Inc. today reported its subsidiary, EFI Cretaprint S.L.U., has licensed its Building Materials digital printing business to its current global strategic partner, DPI, an innovative technology company with a network of dealers that specializes in research, development, production, sales, and service for high-speed industrial digital printing solutions.

    “This strategic partnership strengthens DPI’s role as the exclusive provider of service and support for EFI’s ceramic digital printers and spare parts, leveraging EFI’s renowned know-how, trademarks, and uncompromising quality standards,” said Scott Schinlever, Chief Operating Officer for EFI’s global inkjet business. “DPI’s expanded role in delivering support to our global customer base reflects the trust and expertise they’ve demonstrated over the years. As part of this agreement, DPI will manage both current and future product and service needs, ensuring that customers continue to receive the high-quality support they have come to expect from EFI.”

    With this agreement, DPI’s global network of dealers and services technicians will take on an expanded service footprint, further enhancing its capacity to meet the evolving needs of customers around the world. “This latest stage in our relationship with EFI allows us to bring comprehensive coverage for customers using these cutting-edge technologies,” said Eddie Cheng, General Manager of DPI. “We’re excited to continue building on our partnership and look forward to showcasing these products and our expanded role at the upcoming TECHNA Expo.” DPI will be exhibiting in Hall 4, Booth 104 at the TECHNA Expo, taking place 24 to 27 September in Rimini, Italy.

    To learn more about EFI’s portfolio of innovative digital inkjet products and support services, visit http://www.EFI.com.

    About EFI
    EFI™ is a global technology company, leading the worldwide transformation from analog to digital imaging. We understand our customers want breakthrough technologies to lead them through their digital journey. That’s why we’re passionate about driving their business growth with a scalable portfolio of products, solutions, services, support, and world-class partnerships for the manufacturing of signage, packaging, textiles, ceramic tiles, building materials, commercial print, and personalized documents with a wide range of printers, inks, digital front ends, and workflow software. They work together to increase profits, cut costs, improve productivity, and optimize efficiency – job after job, year after year. We are devoted to our customers. And we definitely believe we have the right people, technology and experience to help them achieve their business goals. (http://www.efi.com)

    Follow EFI online:

    Follow us on Twitter: https://twitter.com/EFIPrint
    Find us on Facebook: http://www.facebook.com/EFIPrint
    View us on YouTube: http://www.youtube.com/EFIDigitalPrintTech

    NOTE TO EDITORS: The EFI logo is a registered trademark of Electronics For Imaging, Inc. in the U.S. and/or certain other countries. EFI is a trademark of Electronics For Imaging, Inc. in the U.S. and/or certain other countries.

    Nothing herein should be construed as a warranty in addition to the express warranty statements provided with EFI products and services.

    Contact:
    Holly O’Rourke, EFI
    News3@efi.com

    The MIL Network –

  • MIL-OSI New Zealand: Economy – Reserve Bank of New Zealand releases banking competition select committee submission

    Source: Reserve Bank of New Zealand – Te Pūtea Matua

    26 September 2024 – The Reserve Bank of New Zealand – Te Pūtea Matua supports efforts to improve competition in banking services, including in agricultural and business banking. Competition is a fundamental contributor to the efficiency of the financial system, supporting broader economic prosperity and well-being.

    Our submission to Parliament’s Finance and Expenditure Committee Inquiry into Banking Competition, published today, outlines the RBNZ’s financial stability mandate, and highlights areas where we can support competition in the banking sector.

    We agree with the Commerce Commission’s problem definition that a more competitive banking market is desirable, Deputy Governor Christian Hawkesby says.

    “The Deposit Takers Act that passed in 2023 requires us to take into account competition, and we are doing so by ensuring we take a proportionate approach to regulation while focusing on managing the biggest risks to banks and the financial system.”

    “We keep our rules and standards under review to ensure they can best deliver on our mandate. This includes striking the right balance between stability and competition. An example of this is our active consideration on how we can progress the recommendations for the Reserve Bank from the Commerce Commission’s market study into personal banking services,” Mr Hawkesby says

    “Competition is also relevant to our other roles as a central bank, including our stewardship of the money and cash system. We are currently reviewing the access policy for our inter-bank settlement system, and investigating the potential role digital cash could play in supporting innovation in the financial system. Together with our co-regulators and industry, are working to improve Māori access to capital and basic bank accounts.”

    The submission also details the Reserve Bank’s approach to setting capital requirements for different types of bank lending. These requirements are an essential tool to promote banks’ financial resilience. Capital is the funding of a bank from its owners, and acts as the buffer protecting creditors such as depositors from losses.  

    Our framework is based on matching the level of capital required with the underlying risk of a bank’s lending through the use of risk weights. This is consistent with global practice. We have published a new RBNZ Bulletin article alongside our submission that analyses how risk weights affect bank lending. The Bulletin highlights domestic and international evidence showing the impact of risk weights on the availability and pricing of loans is low compared to other factors.

    “The Commerce Commission’s market study highlighted high levels of customer inertia as a key barrier to competition. Efforts to reduce real and perceived barriers to switching banks and supporting innovation through open banking is key to promoting competition,” Mr Hawkesby says.

    More information

    Submission on Finance and Expenditure Select Committee Inquiry into banking competition (PDF, 378KB) https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=4d1c93a0a3&e=f3c68946f8
    Reserve Bank Bulletin: How risk weights affect bank lending  https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=651ca9ee10&e=f3c68946f8
    Parliament Select Committee Inquiry into Banking Competition https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=e6c8d5275e&e=f3c68946f8
    Keynote speech by Deputy Governor Christian Hawkesby: Resilience as a pathway to prosperity https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=b05e115364&e=f3c68946f8
    RBNZ Submission on Personal banking services market study: Draft report (PDF, 355KB) https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=1163a8498b&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI China: ​Universal Music launches label division in China’s GBA

    Source: China State Council Information Office 3

    Universal Music Greater China, a division of Universal Music Group, announced on Sept. 24 the launch of Universal Music China Greater Bay Area, a new label division covering the Guangdong-Hong Kong-Macao Greater Bay Area in China.

    Night view of Luohu district in Shenzhen, south China’s Guangdong province. The Guangdong-Hong Kong-Macao Greater Bay Area is one of China’s most open and economically vibrant regions. [Photo/Xinhua]

    The new division, headquartered in Shenzhen, marks the first time a major international music company has established an office specifically focused on serving the Greater Bay Area, home to over 86 million people and one of the world’s most populous urban areas.

    Gary Chan, managing director of Universal Music Hong Kong and senior vice president of Universal Music Greater China, will lead the new division, aiming to enrich the area’s music scene. By embracing its economic and cultural vibrancy, this initiative aims to elevate both the local and global appeal of the region’s diverse musical heritage.

    “The launch of Universal Music China Greater Bay Area represents a strategic expansion, leveraging the vast market potential and unique cultural atmosphere of the Greater Bay Area,” said Timothy Xu, chairman and CEO of Universal Music Greater China. “We eagerly anticipate welcoming the outstanding talents from this region to join us in driving forward the next era of Chinese pop music. In this pursuit, we are setting our sights on transforming the Greater Bay Area into a trendsetting hub that epitomizes creativity, vitality, and connectivity, crafting fresh musical expressions and innovative entertainment experiences.”

    The Greater Bay Area, which includes nine cities in Guangdong province and the special administrative regions of Hong Kong and Macao, is a significant economic and cultural hub. It contributed 11.1% to China’s GDP in 2023 and generates nearly a quarter of the country’s music performance revenue. The region’s rich Cantonese cultural heritage has profoundly shaped local and Asian pop culture, resonating with audiences worldwide.

    The announcement stated that the new label would assemble a “robust” local team to handle marketing, talent scouting and artist management in the area. Its mission is to transform the local music scene “by blending global musical trends with the Greater Bay Area’s vibrant and youthful energy.” The company noted that this approach leverages the region’s musical heritage and entertainment industry, aiming to create unique “experiences that captivate audiences worldwide.”

    Adam Granite, executive vice president of Market Development at Universal Music Group, said: “Our commitment to the Greater Bay Area is part of Universal Music Group’s global strategy to invest in local and regional music scenes, particularly in rapidly growing markets like China. By deepening our roots in local cultures and enhancing support for local artists, we aim to elevate the Chinese music landscape and introduce its unique sounds on the world stage.”

    Regarding China as a key music market, Universal Music Greater China has already established offices in Beijing, Hong Kong, Shanghai and Taiwan to support growth across the region.

    MIL OSI China News –

  • MIL-OSI China: RMB, stocks rally amid China’s stimulus

    Source: China State Council Information Office 3

    The renminbi rallied to its strongest level in more than a year and Chinese equities continued their rebound on Wednesday, after a potent policy package lifted investors’ confidence in the Chinese economy, which is expected to sail through headwinds.

    Economists, investment banks and asset managers said that policymakers’ more decisive stance to shore up the economy, a global interest rate cut cycle, and low asset valuations have combined to make it a potentially good time to invest in Chinese financial assets, which are expected to attract more foreign inflow in the months ahead.

    However, they cautioned that the forecast may be contingent upon the implementation of further policy support to address economic challenges, with the most urgent priorities being additional fiscal spending to bolster domestic demand and direct funding to alleviate property sector woes.

    On Wednesday, the renminbi, or Chinese yuan, rose to 6.9951 against the US dollar in the offshore market, up 158 basis points from the previous close and past the 7-per-dollar milestone for the first time in 16 months.

    Guan Tao, global chief economist at BOCI China, said that the renminbi’s rally is attributable to both Tuesday’s policy release, which strengthened investors’ confidence in China’s economy, and the US Federal Reserve’s interest rate cut last week, which narrowed the yield spreads between US and Chinese bonds.

    Looking ahead, Guan said the renminbi is likely to register two-way fluctuations against the dollar, with limited possibility of one-sided, drastic appreciation because uncertainties remain surrounding the Fed’s pace of rate cuts, including that the Fed might even reconsider rate hikes if the US economy turns out to be overheated.

    Moreover, the People’s Bank of China, the country’s central bank, is expected to take measures to prevent any renminbi exchange rate overshooting if needed, and has accumulated rich experience in this regard, said Guan, who had served as head of the Balance of Payments Department at the State Administration of Foreign Exchange.

    Guan added that in the base case scenario, in which the United States achieves a soft landing while the Fed continues rate cuts, foreign institutions may continue to boost holdings in renminbi-denominated bonds, especially treasury bonds.

    As of August, overseas institutions’ holdings in China’s interbank bond market had risen for 12 consecutive months, an increase in foreign holdings of as much as 1.34 trillion yuan ($190.7 billion), according to the PBOC’s Shanghai head office.

    Upbeat sentiment

    The upbeat sentiment was seen in the A-share market as well. The Shanghai Composite Index went up 1.16 percent to Wednesday’s close of 2,896.31 points, extending a jump of 4.15 percent on Tuesday, the biggest rise in about four years.

    “I believe that this may be a good time to revisit Chinese stocks,” said David Chao, global market strategist for the Asia-Pacific region (excluding Japan) at Invesco, a global investment management company.

    Chao said China has fired off a meaningful monetary stimulus salvo, which may potentially usher trillions of renminbi in liquidity if fully implemented, sending a strong signal that the government is responding to economic headwinds.

    Major package

    On Tuesday, China’s top financial regulators unveiled a set of measures that some analysts said might be the country’s biggest monetary stimulus package following the pandemic.

    This includes a 20 basis point reduction in the seven-day reverse repo rate, a key policy benchmark of interest rates, as well as a 50 basis point cut to rates on existing mortgages and another 50 basis point cut to the reserve requirement ratio, apart from other steps supportive of the property and stock markets.

    The PBOC started to put the package into action by lowering the one-year medium-term lending facility rate, a policy rate, by 30 basis points to 2 percent on Wednesday.

    A Goldman Sachs report said on Wednesday that the latest stimulus package would be strong enough to catalyze a policy-induced rally in shares listed in Hong Kong and on the Chinese mainland, though it would be unlikely to “turn things around fundamentally”.

    The report said a relending program unveiled on Tuesday will allow listed companies to borrow inexpensive money to shore up stock prices and boost investor sentiment, while the stock stabilization fund that is under policy study, if launched, might help fend off systemic risks in the stock market, as indicated by experiences in other markets.

    While the PBOC introduced two new policy tools aimed at boosting stock market liquidity, the China Securities Regulatory Commission released a guideline on Tuesday to encourage mergers and acquisitions and a draft rule to strengthen listed companies’ market capitalization management.

    Yet more could be done, with Goldman Sachs saying that “we would turn more aggressive on A shares when signs of property market stabilization emerge or policy momentum further strengthens”.

    Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Bank, underlined the importance of beefing up fiscal support, as “monetary easing would be less effective without proactive fiscal policy”.

    It is likely that the government will increase bond issuance to accelerate government spending, Ding said, adding that investor sentiment could improve if policymakers decide to broaden the use of bond proceeds, especially to reduce home inventory.

    Ding said that Standard Chartered Bank analysts retain the base case forecast that the renminbi will stay within the range of between 7 and 7.1 against the dollar by the end of the year.

    MIL OSI China News –

  • MIL-OSI China: Potential US port strike could cripple global supply chain

    Source: China State Council Information Office

    Containers are seen in the process of logistics operations at Maher Terminal owned by the Port Authority of New York and New Jersey in Bayonne, New Jersey, the United States, on Oct. 19, 2021. [Photo/Xinhua]

    The International Longshoremen’s Association (ILA), a North American labor union, recently threatened to go on strike if a new agreement cannot be reached before the existing contract expires on Sept. 30.

    Experts worry that a potential large-scale port strike could have a devastating impact on the U.S. economy and cripple the global supply chain.

    According to media reports, the ILA is advocating for significant wage increases in the new six-year agreement, arguing that inflation has completely eaten into any raises and wages over the past six years.

    The ILA also demands a total ban on the automation of cranes, gates, and container movements used to load freight at over 30 U.S. ports.

    As the deadline approaches, there is increasing concern that a large-scale port strike in the United States could become a reality. This could potentially be the first major strike to occur along the East Coast and Gulf of Mexico ports since 1977.

    About three-fifths of container shipments to the United States are transported through the East and Gulf Coasts, and according to logistics experts, it is not feasible for the West Coast ports to handle the entirety or a significant majority of these shipments if they were redirected.

    “Even a two-week strike could disrupt supply chains until 2025,” Grace Zwemmer, associate U.S. economist with Oxford, warned in a new report.

    According to transportation analysts at JPMorgan, a strike could cause a daily economic loss of 5 billion U.S. dollars, equivalent to approximately 6 percent of the country’s daily gross domestic product.

    Even if shippers turn to West Coast ports, congestion may occur, leading to cargo delays and significant increases in shipping costs.

    In response to the situation, some international shipping companies are preparing for a shutdown of all ports along the East Coast.

    Market expectations of a breakdown in labor negotiations causing another disruption in the supply chain have led to an increase in stock prices for shipping giant Maersk Group, which has risen nearly 20 percent in the past two weeks as of Tuesday.

    Mike DeAngelis, the senior director of international solutions for freight visibility platform FourKites, believes the potential port strike will only exacerbate the current difficulties.

    “We’re facing a perfect storm — with the Red Sea disruptions preventing normal access to the Suez Canal, and the Panama Canal’s still-reduced capacity, an ILA strike would effectively choke off major arteries of global trade,” DeAngelis said.

    MIL OSI China News –

  • MIL-OSI China: Asia-Pacific still faces challenges but resilient: ADB

    Source: China State Council Information Office

    A customer buys bread at a supermarket in Quezon City, the Philippines on Sept. 25, 2024. [Photo/Xinhua]

    Asia and the Pacific still faces challenges but remains resilient, according to an updated Asian Development Bank (ADB) report released on Wednesday.

    The Asian Development Outlook September 2024 maintained its gross domestic product (GDP) forecast for the Asia-Pacific region at 5 percent, unchanged from its July forecast. The growth outlook for next year was maintained at 4.9 percent.

    Inflation in the region was forecast at 2.8 percent for 2024, while inflation for 2025 was 2.9 percent, the report showed.

    The report revises the growth forecast for 2024 in East Asia to 4.6 percent.

    The outlook for growth in the Caucasus and Central Asia was better than expected at 4.7 percent, while the growth forecast for the Pacific was revised upward to 3.4 percent, driven by an increase in tourist arrivals.

    In South Asia, the growth outlook for this year was unchanged at 6.3 percent, while a decline in public investments and slower-than-expected export recovery imply that the growth forecast for Southeast Asia slightly drops to 4.5 percent.

    ADB Chief Economist Albert Park said growth in developing Asia remained robust during the first half of 2024, fueled by solid domestic demand and export growth.

    “We expect growth in developing Asia will remain robust this year and next,” Park told an online news conference.

    Park said that inflation has continued to moderate, creating more space for monetary policy easing. However, he said that disinflation remains uneven.

    Policymakers in the region need to stay vigilant to keep growth and inflation on track, Park said, pointing out such downside risks as a rise in protectionism, worsening geopolitical tensions and adverse weather conditions.

    MIL OSI China News –

  • MIL-OSI China: Chang’e-6 lunar samples to be displayed at Airshow China

    Source: China State Council Information Office 2

    Lunar samples collected by China’s Chang’e-6 mission from the far side of the moon will be on display at the 15th China International Aviation and Aerospace Exhibition, also known as Airshow China, the State Administration of Science, Technology and Industry for National Defense announced Wednesday.
    The Chang’e-6 return capsule will also be showcased, allowing the public to witness the advancements of China’s space industry, said Li Yang, an official with the agency.
    The airshow is scheduled for Nov. 12-17 in Zhuhai, a city in south China’s Guangdong Province, and will feature various types of aircraft and carrier rockets.
    According to Hao Changfeng, spokesperson for China Aerospace Science and Technology Corporation, the company will present nearly 200 high-tech products, including first-time exhibits such as the Chang’e-6 probe and the Long March-8A carrier rocket. “About 150 items will be debuting, with new exhibits making up 75 percent of the display,” said Hao.
    Wu Jiwei, spokesperson for the Aviation Industry Corporation of China, announced that the company will showcase more than 260 products, emphasizing advancements in new quality productive forces.
    Since its inception in 1996, Airshow China has become an important window for showcasing advanced aviation and aerospace technologies and equipment from home and abroad. It has also become an international platform for promoting business cooperation in aviation and aerospace technologies and equipment. 

    MIL OSI China News –

  • MIL-OSI New Zealand: Health Provision – New Dunedin hospital: Southerners deserve better – NZNO

    Source: New Zealand Nurses Organisation

    The Government’s announcement today that it will scale back the new Dunedin hospital will negatively impact patient care, the New Zealand Nurses Organisation (NZNO) Tōpūtanga Tapuhi Kaitiaki O Aotearoa says.
    “Southerners deserve more than half a hospital or a slow rebuild of the old hospital,” says NZNO delegate Linda Smillie.
    “These decisions will negatively impact patient care. There is a real risk that nurses will not be able to provide the appropriate level of care their patients need.”
    The Government knows the cost of infrastructure projects always blow out because of rising building costs, she says.
    “This is cost cutting by stealth. The Government must find the additional funding needed to build this much-needed health facility.
    “If the Government can find $3 billion to give to landlords and $216 million for tobacco companies, they can find the additional funding needed to build the new Dunedin hospital.
    “Repurposing the existing hospital doesn’t make sense because it is not fit for purpose, and inpatient and outpatient areas need to in close proximity. This option has been well investigated previously and deemed to be unfeasible,” Linda Smillie says.
    NZNO urges Dunedin residents to join them and march on Saturday against the decision to stop the construction and to show the Government how important the new hospital is.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Money Market Operations as on September 25, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 558,492.52 6.55 5.10-6.85
         I. Call Money 10,906.90 6.68 5.10-6.80
         II. Triparty Repo 383,880.85 6.49 6.24-6.65
         III. Market Repo 162,306.77 6.67 5.50-6.85
         IV. Repo in Corporate Bond 1,398.00 6.80 6.80-6.85
    B. Term Segment      
         I. Notice Money** 176.75 6.54 6.00-7.00
         II. Term Money@@ 526.00 – 6.95-7.50
         III. Triparty Repo 5,217.85 6.59 6.50-6.75
         IV. Market Repo 473.26 6.66 6.66-6.66
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 25/09/2024 1 Thu, 26/09/2024 5,549.00 6.75
    4. SDFΔ# Wed, 25/09/2024 1 Thu, 26/09/2024 83,582.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -78,033.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 20/09/2024 14 Fri, 04/10/2024 25,002.00 6.52
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Tue, 24/09/2024 2 Thu, 26/09/2024 50,003.00 6.62
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00
    Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 4.00
    Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,495.66  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     87,990.66  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     9,957.66  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on September 25, 2024 1,004,354.64  
         (ii) Average daily cash reserve requirement for the fortnight ending October 04, 2024 1,005,433.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ September 25, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 06, 2024 427,689.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
     Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1159

    MIL OSI Economics –

  • MIL-OSI: ARBOR REALTY SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Arbor Realty Trust, Inc. – ABR

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Sept. 25, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until September 30, 2024 to file lead plaintiff applications in a securities class action lawsuit against Arbor Realty Trust, Inc. (“ABR” or the “Company”) (NYSE: ABR), if they purchased the Company’s securities between May 7, 2021 and July 11, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.

    Get Help

    Arbor Realty investors should visit us at https://claimsfiler.com/cases/nyse-abr/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Arbor Realty and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On March 14, 2023, NINGI Research reported that “ABR has been hiding a toxic real estate portfolio of mobile homes with a complex web of real and fake holdings companies for more than a decade.” On this news, the price of ABR shares fell from $12.99 per share on March 13, 2023, to $12.12 per share on March 14, 2023, and then $11.53 per share on March 15, 2023. Then, on July 12, 2024, Bloomberg reported that the Company was the subject of a probe by federal prosecutors and the Federal Bureau of Investigation in New York that were “inquiring about lending practices and the company’s claims about the performance of their loan book.” On this news, the price of ABR shares fell from $15.53 per share on July 11, 2024, to $12.89 per share on July 12, 2024.

    The case is Martin v. Arbor Realty Trust, Inc., No. 24-cv-05347.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit http://www.claimsfiler.com.

    The MIL Network –

  • MIL-OSI New Zealand: Next steps on the New Dunedin Hospital

    Source: New Zealand Government

    The Government is seeking advice on two options for delivering the New Dunedin Hospital project within its existing funding appropriation to ensure the people of Dunedin get the modern, fit-for-purpose medical facilities they need.

    At the same time, Ministers have warned that much-needed upgrades to other regional hospitals could be at risk if budget blow-outs at New Dunedin Hospital aren’t addressed, Infrastructure Minister Chris Bishop and Health Minister Dr Shane Reti said today.

    “The project had approved funding of $1.59 billion under the previous government. In March this year, Cabinet agreed to authorise a further $290 million in capital funding due to cost pressures. The current appropriation is therefore $1.88 billion,” Mr Bishop says.

    “We now know that the New Dunedin Hospital, as currently designed, can’t be delivered within that appropriation. In fact, despite the project’s original 2017 cost estimates of $1.2 – $1.4 billion, it’s now possible it could approach $3 billion, which would make it one of the most expensive hospitals ever built in the southern hemisphere. 

    “This cost simply cannot be justified when hospitals around New Zealand are crying out for maintenance, upgrades and new facilities. Dr Reti and I are concerned that badly needed infrastructure upgrades to Whangarei, Nelson, Hawke’s Bay, Palmerston North and Tauranga hospitals may be put at risk if New Dunedin continues to go so far over budget. 

    “Because of our concerns regarding the project, earlier this year Cabinet commissioned a one-off independent review into the project which was undertaken by independent expert Robert Rust, former chief executive of Health Infrastructure New South Wales.

    “Today we are releasing Mr Rust’s report and its findings to the public. The people of Dunedin deserve transparency about this problematic and poorly-managed project – and so do all the taxpayers who are funding it.”

    The Rust Review found that ‘the delivery of the NDH project as currently scoped and planned is probably not achievable within the approved budget and that there remains significant uncertainty as to the cost of the Inpatients Building.’

    Dr Reti says the uncertainty is due to several factors that not only impact its financial achievability but also go to the heart of whether the new hospital can deliver the health outcomes promised. 

    “The Rust Review makes it clear that, even now, the specifics and scope of the project are still being debated,” Dr Reti says.

    “To make matters worse, insufficient money had been set aside for other associated costs such as a pathology lab, refurbishment of the existing facilities and car parking which are collectively estimated at an additional $400 million. No business cases have been prepared for any of these additional elements of the project. 

    “Compounding our concerns is the fact that recent project pricing came in several hundred million dollars over the hospital’s appropriation, even without including the pathology lab, refurb of existing facilities or car parking.

    “Health NZ and Infrastructure Commission advice has made it clear that this project was troubled from the moment the site was selected in 2018 and has been trapped by this poor decision making ever since.

    “The extraordinary cost premiums associated with the land purchase and demolition costs, contaminated ground, piling difficulty, flood level risk, and an extremely constrained construction site flanked on three sides by state highways made it an unattractive project for contractors and suppliers, further driving up construction costs. Since the 2017 Business Case, the cost per square metre to build the hospital has increased by 200% from $10,000 per sqm to $30,000 per sqm.”

    Ministers have instructed Health NZ that the project is to be delivered within its current appropriated budget of $1.88 billion, and to provide urgent advice on two options for delivering it:

    1. Revision of the project’s specification and scope within the existing structural envelope, such as reducing the number of floors, delaying the fit-out of some areas until they’re needed, and/or identifying further services that can be retained on the existing hospital site or in other Health NZ buildings within Dunedin among other possible solutions.
    2. A staged development on the old hospital site including a new clinical services building and refurbishing the existing ward tower.

    Officials will deliver this advice in the coming weeks.

    “We’re incredibly frustrated by the challenges in delivering these much-needed, modern, fit-for-purpose hospital facilities, just as the people of Dunedin and its surrounding regions are. We remain committed to finding a solution, but we must now take urgent steps to apply the long overdue rigour which all taxpayers would rightly expect,” Mr Bishop says.

    MIL OSI New Zealand News –

  • MIL-OSI China: 3rd global digital trade expo highlights AI innovations, low-altitude economy

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

    The exhibition area of humanoid robots is pictured at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. The third Global Digital Trade Expo opened in Hangzhou on Wednesday, showcasing the latest technological innovations and business development of the digital economy sector. [Photo/Xinhua]

    HANGZHOU, Sept. 25 — The third Global Digital Trade Expo opened in Hangzhou, capital of east China’s Zhejiang Province, on Wednesday, showcasing the latest technological innovations and business development of the digital economy sector.

    Themed “Digital Trade, Global Access,” this year’s edition has attracted more than 1,500 enterprises from home and abroad, among which over 300 are international companies. Over 30,000 purchasers have signed up for the event, with more than 6,000 of them from foreign countries and regions.

    A total of 446 new products and technologies are scheduled to be showcased at the five-day expo. Notably, this year’s expo has set up special exhibition areas for robots equipped with artificial intelligence (AI) innovations and the smart traffic solutions of the low-altitude economy.

    The size of China’s low-altitude economy is estimated to have exceeded 500 billion yuan (about 70.1 billion U.S. dollars) in 2023, with its scale expected to rise to 2 trillion yuan by 2030, according to the Civil Aviation Administration of China (CAAC).

    Co-hosted by the Zhejiang provincial government and China’s Ministry of Commerce, the event is currently China’s only digital trade themed expo at the national level. China’s digital industry has seen robust growth in recent years, reporting a total revenue of 32.5 trillion yuan in 2023.

    This photo taken on Sept. 25, 2024 shows the launching ceremony of the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province. [Photo/Xinhua]
    Sales staff promote African products via livestreaming during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    This photo taken on Sept. 25, 2024 shows the China Pavilion at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province. [Photo/Xinhua]
    A visitor poses for photos at the booth of “Black Myth: Wukong” during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    Staff members promote products via livestreaming at the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the Smart City Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People use VR devices to enjoy virtual concerts during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the Kazakhstan Pavilion at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the Thailand Pavilion at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    Visitors try the games at the booth of “Black Myth: Wukong” during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    This photo taken on Sept. 25, 2024 shows the main entrance to the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province. [Photo/Xinhua]
    A visitor learns about a driverless aircraft at the Smart Mobility Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    Staff members promote products at the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    This photo taken on Sept. 25, 2024 shows a view outside the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province. [Photo/Xinhua]
    A foreign merchant consults about a small intelligent translation device at the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    People visit the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]
    Staff members showcase a smart office desk at the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Fraudulent websites, internet banking login screens and phishing emails related to Dah Sing Bank, Limited

    Source: Hong Kong Government special administrative region

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

         The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Dah Sing Bank, Limited relating to fraudulent websites, internet banking login screens and phishing emails, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

         The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

         Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites, login screens or emails concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Department of Defense and U.S. Small Business Administration Announce First Licensed and Green Light Approved Funds for the Small Business Investment Company Critical Technology Initiative

    Source: United States Department of Defense

    The Department of Defense (DoD) and the U.S. Small Business Administration (SBA) today announced the first group of Small Business Investment Company (SBIC) Licensees and Green Light Approved investment funds approved under the Small Business Investment Company Critical Technology Initiative (SBICCT Initiative). This first group collectively plans to invest over $2.8 billion into over 1,000 portfolio companies.

    The SBICCT Initiative’s primary objective is to attract and scale private investment into technology areas critical to economic and national security. Funds licensed under the SBICCT Initiative are eligible for access to SBA guaranteed loans designed to enhance fund-level investment returns. Each fund can access up to $175 million in loans which can be accessed through the new Accrual Debenture, which aligns with the cash flows of longer duration and equity-oriented investment strategies and may also be accessed through the longstanding SBA Standard Debentures that aligns to credit strategies. DoD also provides Program Related Initiatives intended to drive value in the implementation of the Licensee’s respective investment strategies.

    The SBICCT Initiative was announced by Secretary of Defense Lloyd Austin and SBA Administrator Isabel Casillas Guzman in December 2022. Through this first-of-its-kind partnership, DoD’s Office of Strategic Capital (OSC) and SBA’s Office of Investment and Innovation (OII) aim to increase private investment in critical technologies, including component-level technologies and production processes vital to U.S. economic and national security interests.

    “This first group of SBICCT Initiative funds represents a consequential milestone in demonstrating the power of public-private partnerships to build enduring advantage by growing and modernizing our supply chains, strengthening our economic and national security, and benefiting the development and commercialization of critical technologies that are key drivers of our U.S. industrial base,” said Heidi Shyu, Under Secretary of Defense for Research and Engineering. “I am proud of the collaborative work between OSC and our SBA OII colleagues to stand up and advance this important program.”

    These investment funds, as well as representatives of the SBA and DoD and investment industry advisors, gathered today at the Hall of Heroes at the Pentagon to celebrate this accomplishment.

    “SBA and DoD entered into this historic initiative to ensure America maintains its global competitive edge,” said SBA Administrator Isabella Casillas Guzman. “Today we are proud to recognize the early results of our Agencies’ collaboration and partnership with the U.S. investment community to fill capital access gaps vital to our national and economic security.”

    The SBICCT Initiative formally launched and began accepting SBIC applications in fall 2023. In early July 2024, the SBA granted the first SBICCT Initiative license. Just three months later, as of October 22, 2024, after taking the significant step to submit a formal application and undergo the rigorous underwriting and due diligence process, 4 funds are Licensed and 9 are Green Light Approved by SBA to raise private capital.

    These 13 funds, taken along with the other investment funds nearing the end of the diligence process, collectively project to invest over $4 billion in nearly 1700 portfolio companies focused on all 14 DoD Critical Technology Areas and component-level technologies and production processes. In addition, these funds plan to invest across asset classes including seed, venture, growth, buyout, direct lending, special situations, and fund-of-funds.

    Interest in the SBICCT Initiative continues to grow, as over 100 funds have expressed interest in the Initiative. Additional applications are expected in future quarterly filing windows. The next filing deadline is November 15, 2024. For more information on the SBICCT Initiative and the application process, please see the Investment Policy Statement here.

    About the Office of Strategic Capital

    Established by Secretary of Defense Lloyd J. Austin III in December 2022, the Office of Strategic Capital has a mission to attract and scale private capital for national and economic security priorities. Follow the work of the Office of Strategic Capital at https://www.osc.mil.

    MIL OSI USA News –

  • MIL-OSI USA: VIDEO: Grassley Presses USDA to Act Now to Protect U.S. Farmland

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a lifelong family farmer and a Senate Agriculture Committee member, is urging the Department of Agriculture (USDA) to share with key national security agencies its data on foreign-owned farmland.  

    “USDA is sitting on a treasure trove of data that federal partners could use to help protect American farmers.”

    Download video HERE.

    In a letter to Agriculture Secretary Tom Vilsack, Grassley notes the Agricultural Foreign Investment Disclosure Act of 1978 – which he cosponsored as a member of the House of Representatives – requires USDA to “collect, track and report reliable data on foreign investments in U.S. agricultural land.” To enhance transparency and curtail malign foreign investments, the Government Accountability Office (GAO) issued a January 2024 report recommending USDA share this data with the Committee on Foreign Investment in the United States (CFIUS) in a more timely fashion. While USDA agreed with GAO’s recommendations, it has yet to take the necessary steps to address GAO’s guidance and improve its data sharing standards. 

    “It is crucial that USDA continue to improve its processes for collecting, tracking, and reporting data on foreign ownership and investment in U.S. agricultural land. Further, it is essential that USDA provide CFIUS and its member agencies with access to timely and detailed information on these transactions to ensure that all potential national security risks receive a thorough review,” Grassley wrote to Vilsack.   

    Read Grassley’s full letter HERE. 

    Learn more about Grassley’s work to protect American farmland through his:

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Pressley Statement on Steward Hearing and Ralph De La Torre

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    WASHINGTON – Congresswoman Ayanna Pressley (MA-07) issued the following statement on Steward Healthcare CEO Ralph De La Torre’s refusal to comply with a subpoena to appear before Congress today. Congresswoman Pressley represents many patients and workers served by Carney Hospital in Dorchester as well as St Elizabeth’s Hospital in Brighton.

    “We cannot allow companies like Steward Health Care and their CEO Ralph De La Torre to get away with ravaging our healthcare system and leaving our hospitals, patients, and workers behind. But De La Torre’s refusal to come before the Senate today is the latest in a series of cowardly attempts to avoid responsibility, and he must be held in contempt of Congress.

    “I’m grateful to the Senate HELP Committee, Chairman Sanders, and Senator Markey for holding this critical hearing, and for the Massachusetts nurses who came forward to expose the shameful impact of Steward’s greed. We won’t stop fighting to hold Steward and De La Torre fully accountable for the public health crisis they created.”

    In Congress, Rep. Pressley has repeatedly demanded accountability and transparency from Steward executives, and she has been worked with her colleagues at the federal and local levels to ensure care remains accessible and Steward’s other facilities remain open.

    • In July 2024, Rep. Pressley and Rep. Lynch rallied with colleagues, patients, and providers to speak out against Steward’s abrupt closure of Carney Hospital in Dorchester.
    • In July 2024, Rep. Pressley issued a statement on the announcement by Steward Health Care of the closure of hospitals in Massachusetts, including Carney Hospital in Dorchester.
    • In May 2024, Rep. Pressley issued a statement condemning Steward’s filing for Chapter 11 bankruptcy and failure to protect patients and workers.
    • In February 2024, Rep. Pressley joined members of the Massachusetts congressional delegation in seeking answers from Cerebrus on the private equity firm’s role in creating the current financial challenges at Steward hospitals, which threaten access to medical care for thousands of people in eastern Massachusetts.
    • In January 2024, following a Boston Globe report indicating that Steward Health Care System is in dire financial condition, Rep. Pressley, Sen. Warren, and the Massachusetts congressional delegation pressed Steward to brief them on Steward’s financial position, the status of their Massachusetts facilities, and their plans to ensure the communities they serve are not abandoned. 

    ###

    MIL OSI USA News –

  • MIL-Evening Report: ChatGPT is changing the way we write. Here’s how – and why it’s a problem

    Source: The Conversation (Au and NZ) – By Ritesh Chugh, Associate Professor – Information and Communications Technology, CQUniversity Australia

    Shutterstock

    Have you noticed certain words and phrases popping up everywhere lately?

    Phrases such as “delve into” and “navigate the landscape” seem to feature in everything from social media posts to news articles and academic publications. They may sound fancy, but their overuse can make a text feel monotonous and repetitive.

    This trend may be linked to the increasing use of generative artificial intelligence (AI) tools such as ChatGPT and other large language models (LLMs). These tools are designed to make writing easier by offering suggestions based on patterns in the text they were trained on.

    However, these patterns can lead to the overuse of certain stylistic words and phrases, resulting in works that don’t closely resemble genuine human writing.

    The rise of stylistic language

    Generative AI tools are trained on vast amounts of text from various sources. As such, they tend to favour the most common words and phrases in their outputs.

    Since ChatGPT’s release, the use of words such as “delves”, “showcasing”, “underscores”, “pivotal”, “realm” and “meticulous” has surged in academic writing.

    And although most of the research has looked specifically at academic writing, the stylistic language trend has appeared in various other forms of writing, including student essays and school applications. As one application editor told Forbes, “tapestry” is a particularly common offending term in cases where AI was used to write a draft:

    I no longer believe there’s a way to innocently use the word ‘tapestry’ in an essay; if the word ‘tapestry’ appears, it was generated by ChatGPT.

    Why it’s a problem

    The overuse of certain words and phrases leads to writing losing its personal touch. It becomes harder to distinguish between individual voices and perspectives and everything takes on a robotic undertone.

    Also, words such as “revolutionise” or “intriguing” – while they might seem like they’re giving you a more polished product – can actually make writing harder to understand.

    Stylish and/or flowery language doesn’t communicate ideas as effectively as clear and straightforward language. Beyond this, one study found simple and precise words not only enhance comprehension, but also make the writer appear more intelligent.

    Lastly, the overuse of stylistic words can make writing boring. Writing should be engaging and varied; relying on a few buzzwords will lead to readers tuning out.

    There’s currently no research that can give us an exact list of the most common stylistic words used by ChatGPT; this would require an exhaustive analysis of every output ever generated. That said, here’s what ChatGPT itself presented when asked the question.

    Possible solutions

    So how can we fix this? Here are some ideas:

    1. Be aware of repetition

    If you’re using a tool such as ChatGPT, pay attention to how often certain words or phrases come up. If you notice the same terms appearing again and again, try switching them out for simpler and/or more original language. Instead of saying “delve into” you could just say “explore”, or “look at it closely”.

    2. Ask for clear language

    Much of what you get out of ChatGPT will come down to the specific prompt you give it. If you don’t want complex language, try asking it to “write clearly, without using complex words”.

    3. Edit your work

    ChatGPT can be a helpful starting point for writing many different types of text, but editing its outputs remains important. By reviewing and changing certain words and phrases, you can still add your own voice to the output.

    Being creative with synonyms is one way to do this. You could use a thesaurus, or think more carefully about what you’re trying to communicate in your text – and how you might do this in a new way.

    4. Customise AI settings

    Many AI tools such as ChatGPT, Microsoft Copilot and Claude allow you to adjust the writing style through settings or tailored prompts. For example, you can prioritise clarity and simplicity, or create an exclusion list to avoid certain words.

    By being more mindful of how we use generative AI and making an effort to write with clarity and originality, we can avoid falling into the AI style trap.

    In the end, writing should be about expressing your ideas in your own way. While ChatGPT can help, it’s up to each of us to make sure we’re saying what we really want to – and not what an AI tool tells us to.

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

    – ref. ChatGPT is changing the way we write. Here’s how – and why it’s a problem – https://theconversation.com/chatgpt-is-changing-the-way-we-write-heres-how-and-why-its-a-problem-239601

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Murphy Administration Releases New Reports Highlighting the Urgent Need to Continue Improving Health Care Affordability

    Source: US State of New Jersey

    Findings show that while New Jersey benefits from high-quality care, health care costs have risen rapidly over nearly a decade

    TRENTON – The Murphy Administration today released a trio of reports assessing the quality and affordability of health care in New Jersey. These reports serve as a critical first step to understanding and addressing the health care affordability challenge impacting individuals and families both in the state and across the nation. Together, the reports show that a lack of affordable health care continues to burden New Jerseyans, and they will be instrumental in supporting the development of innovative and collaborative approaches to address high costs.

    The reports come on the heels of recently enacted legislation that protects consumers from harmful medical debt and builds upon a significant foundation of health care affordability and accessibility initiatives championed by Governor Murphy. This includes record enrollment into quality, affordable health coverage through Get Covered New Jersey, enhanced Medicaid benefits, a landmark legislative package aimed at prescription drug affordability and transparency, and increased prescription drug assistance for low-income seniors, which have brought financial relief to New Jersey residents as well as provided a strong foundation for long-term solutions that expand access to affordable health care.

    “We’ve taken critical steps toward addressing the rising cost of health care in New Jersey, but these reports underscore the urgency to continue our progress in making high-quality health care more affordable for all,” said Governor Phil Murphy. “It’s time to ramp up our work to transform our health care system so that it delivers the best care possible at a price that every New Jerseyan can afford.”

    Commissioned by the New Jersey Health Care Affordability, Responsibility and Transparency (HART) Program, a joint initiative of the Governor’s Office of Health Care Affordability and Transparency (OHCAT) and the Department of Banking and Insurance (DOBI), the reports represent an important milestone in advancing the State’s long-term strategy to mitigate the unsustainable rate of health care cost growth. Most significantly, they bring greater transparency to health care spending, providing everyone in the state with a shared understanding of how rapidly health care costs are growing and the factors contributing to high costs and cost growth.

    “We’re all feeling the financial strain of inflation and the rising costs of daily life. These reports serve as a critical landmark in our efforts to make high-quality health care more affordable and accessible for everyone in our state, and set the stage for more work to come,” said OHCAT Director Shabnam Salih. “Using this information, advocates, policymakers, and leaders in the health care industry can make evidence-based decisions about how to bring better value and cost savings to New Jersey residents and businesses.”

    The three reports released today include:

    • First Annual Cost Growth Benchmark Report: 2018-2019, which is based on comprehensive aggregate spending data submitted by health insurance carriers operating in NJ. The report finds that statewide health care spending grew 4.5 percent between 2018 and 2019, increasing from $10,061 to $10,509 per person. Health care spending growth varied by market, with the highest growth in the commercial insurance market (8.7%), followed by Medicaid (4.4%) and Medicare (0.2%). This is the first of the HART Program’s annual Cost Growth Benchmark Reports, which offer insights into the year-over-year change in total health care spending in New Jersey in the last full year before the COVID-19 public health emergency. Following the first program year, future reports will compare annual health care spending to New Jersey’s health care cost growth benchmark, a target to slow spending growth.
    • Health Care Spending Trends for New Jersey Residents with Commercial Insurance, 2016–2021, which is based on detailed claims data for approximately 25% of New Jerseyans with employer-sponsored insurance, obtained through the Health Care Cost Institute. The findings show that rising health care prices — and not increased use of services — are driving spending growth in the commercial sector. According to the report, spending per person in New Jersey is growing faster than the national average rate, a gap that has widened from 12 percent in 2016 to 15 percent in 2021.
    • The Health Care Landscape in New Jersey: Select Indicators of Quality, Access, and Affordability, which summarizes New Jersey’s performance on a select set of measures of quality, access, and affordability that are obtained through secondary sources. The report finds that health care affordability has generally worsened because of increased spending for out-of-pocket medical costs and health care premiums, while quality and access have remained consistent or improved, compared with previous years. One exception is primary care, where use has fallen. The report highlights the health inequalities among New Jerseyans, with the medical cost burden highest among people with low incomes. White residents fared the worst on the affordability measure of medical cost burden. Residents of Hispanic and Latino heritage fared the worst in terms of access, and Black residents experienced the worst health outcomes. Counties that performed better than the state average on measures of quality were more likely to be in North or Central Jersey, while counties that performed worse on those measures were more likely to be in South Jersey.

    Additionally, pursuant to Executive Order No. 217, the Department of Banking and Insurance has prepared a report regarding health insurance affordability standards that has been posted on the Department’s website.

    “The reports released today allow for greater transparency around costs and improved understanding of New Jersey’s health care landscape, which will drive strategies to limit cost growth over time,” said Department of Banking and Insurance Acting Commissioner Justin Zimmerman. “New Jersey is committed to increasing access to quality, affordable health care. While strides have been made through the establishment of Get Covered New Jersey, the state’s Official Health Insurance Marketplace, state subsidies to make plans more affordable, caps on certain prescription drugs, and the implementation of out-of-network reforms, it is clear we have more work ahead to connect residents with care they can afford.”

    By facilitating the reporting of health care costs in the state and using data to understand the causes of rising health care costs, these reports can inform whole-of-government strategies to reduce health care cost growth while sustaining or improving quality of care, reflecting the Governor’s commitment to put in place long-term solutions that will benefit generations to come.

    Across New Jersey, hospitals and health care providers, carriers, employers, consumer groups, union groups, and policy organizations have signaled their commitment to working collaboratively to make health care more affordable, signing onto a compact to meet the State’s established benchmark for health care spending growth. This benchmark acts as a statewide goal for how much health care spending should grow each year to be affordable, bringing it in line with projected increases in wages and the state economy.

    MIL OSI USA News –

  • MIL-OSI USA: Laws to Increase Transparency Into Utility Rate Changes

    Source: US State of New York

    Governor Kathy Hochul today signed legislation to increase transparency and accountability in the public utility rate-setting process.

    “Today, we are taking bold steps to ensure New Yorkers have greater transparency into the utility rate changes that impact their daily lives,” Governor Hochul said. “New Yorkers deserve to know why there is an increase in rates and how the revenue will be spent. These laws represent a new chapter of a fair, open and trustworthy utility system for New Yorkers.”

    Legislation S.9188/A.9827 requires the Public Service Commission to publish certain information prior to a major rate change by a public gas or electric utility, including an explanation of why the rate change is requested and a summary of how the proposed revenue will be spent. The legislation will provide public education about the rate process with minimal additional cost, allowing for expanded transparency and accessibility.

    State Senator Leroy Comrie said, “Consumers have for far too long been left in the dark when it comes to utility rate increases, with providers offering little explanation or accountability. With the cost of energy delivery and development constantly rising, these bills will bring greater transparency, protections from unjustified rate hikes, and add a financial deterrent to would-be bad actors. I thank Governor Hochul for her steadfast leadership and continuing to work to protect New Yorkers.”

    Assemblymember Didi Barrett said, “Across the state, New Yorkers are struggling with increased utility costs, so it is especially important that we do all we can to help them understand the implications of the often complex and confusing utility rate case process. This legislation increases transparency and helps keep ratepayers informed. I thank Senator Comrie and Governor Hochul for their partnership in getting this important bill passed and signed into law.”

    Legislation S.6710/A.3746 establishes civil penalties for making false material statements to the Public Service Commission in relation to a rate proceeding. The penalty will be up to $250,000 for any utility corporation and its officers, agents or employees that knowingly make a false material statement, representation or certification to the Public Service Commission in any rate proceeding.

    State Senator James Skoufis said, “Simplifying and improving the transparency surrounding the process of major rate increases – and holding bad actors accountable – is an essential step toward increasing public understanding and ensuring utility companies are responsible to ratepayers. I am gratified to see the Governor enact S.9188 into law.”

    Assemblymember Simcha Eichenstein said, “In the past, there have been instances where customers of public utilities have been subject to rate hikes based on false or misleading information. This legislation institutes severe penalties on utility companies that knowingly and deliberately provide false testimony to the Public Service Commission to justify an unfair rate increase, at the expense of hardworking New Yorkers who are already struggling to pay their utility bills. Thank you, Governor Hochul, for recognizing the importance of this issue and helping to ensure that ratepayers will no longer suffer the consequences of false material statements.”

    MIL OSI USA News –

  • MIL-OSI Economics: ICC calls for united action to end plastic pollution at NY Climate Week 

    Source: International Chamber of Commerce

    Headline: ICC calls for united action to end plastic pollution at NY Climate Week 

    In a keynote speech at a high-level roundtable hosted by ICC, Mr Varin emphasised ICC’s commitment in securing an ambitious, workable and effective agreement that rallies everyone, everywhere – including the business community – to end plastic pollution once and for all. 

    “We are confident that the spirit of collaboration and common purpose that brought the gavel down on the initial resolution in Nairobi, will prevail in advancing its mandate and delivering a historic agreement to spearhead the change the planet and humanity deserves.”

    Philippe Varin, ICC Chair.

    The event brought together leaders from the United Nations Environment Programme (UNEP), government and regional group representatives as well as senior business executives from sectors across the plastics industry to discuss what is concretely needed to get an effective agreement finalised and how businesses can support these efforts. 

    A crucial role for business 

    Mr Varin highlighted the vital role business has to play in providing the expertise and the solutions that will be needed to tackle the plastics challenge at the required scale and speed across value chains.   

    “The global business community needs an agreement that provides the enabling frameworks and policies to drive innovation and accelerate business action across all sectors and geographies, including for MSMEs. This will be indispensable for businesses to effectively deliver on the objectives of the agreement and spur impactful change,” he added. 

    The fifth session of the Intergovernmental Negotiating Committee to develop an international legally binding instrument on plastic pollution, including in the marine environment (INC-5), will take place from 25 November to 1 December 2024 in Busan, Republic of Korea. 

    “With only one negotiating session left this year to conclude an agreement, it will be critical to make the best use of the limited time left to advance towards a robust agreement that sets the foundation for a truly circular economy for plastics.”

    Raelene Martin, ICC Head of Sustainability

    Clear plans for intersessional work will be essential to build common ground on key issues and ICC is continuing to provide input to the process on behalf of over 45 million companies in more than 170 countries. 

    MIL OSI Economics –