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Category: Business

  • MIL-OSI USA: CFTC Orders Piper Sandler to Pay $2 Million for Recordkeeping and Supervision Failures for Firm-Wide Use of Unapproved Communication Methods

    Source: US Commodity Futures Trading Commission

    Washington, D.C. — The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Piper Sandler Hedging Services LLC, an introducing broker, for failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements, and failing to diligently supervise matters related to its business as a CFTC registrant.

    The order requires Piper Sander to pay a $2 million civil monetary penalty; to cease and desist from further violations of recordkeeping and supervision requirements; and to engage in specified remedial undertakings. Piper Sandler admits the facts detailed in the order.

    Cases Background

    The order finds that from at least 2019 to the present, Piper Sandler employees, including those at senior levels, communicated using unapproved communication methods, including messages sent via personal text. The firm was required to keep certain of these written communications because they related to the firm’s business as a CFTC registrant. These written communications generally were not maintained and preserved by Piper Sandler, and the firm generally would not have been able to provide them promptly to the CFTC if and when requested. 

    The order further finds the use of unapproved communication methods violated Piper Sandler’s internal policies and procedures, which broadly prohibited business-related communication taking place via unapproved methods. Further, some of the same supervisory personnel responsible for ensuring compliance with the firm’s policies and procedures themselves used non-approved methods of communication to engage in business-related communications, in violation of firm policy.

    Since December 2021, the CFTC has imposed $1.207 billion in civil monetary penalties on 26 financial institutions for their use of unapproved methods of communication, in violation of CFTC recordkeeping and supervision requirements. [See CFTC Press Release Nos. 8470-21; 8599-22; 8699-23; 8701-23; 8762-23; 8763-23; 8794-23; 8880-24; 8943-24; 8945-24]

    Related Civil Actions

    The Securities and Exchange Commission recently announced entry of an order filing and settling charges against a Piper Sandler affiliate and imposing a civil monetary penalty for recordkeeping and supervision violations related to the use of unapproved methods of communication.

    ******

    The Division of Enforcement staff responsible for these actions are Devin Cain; Alejandra de Urioste; R. Stephen Painter, Jr.; Lenel Hickson, Jr.; and Manal M. Sultan.

    MIL OSI USA News –

  • MIL-OSI USA: Dissenting Statement of Commissioner Caroline D. Pham on Off-Channel Communications Enforcement Action

    Source: US Commodity Futures Trading Commission







    /PressRoom/SpeechesTestimony/phamstatement092324

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  • MIL-OSI Canada: Additional Support to Estevan and Coronach Regions for Coal Transition

    Source: Government of Canada regional news

    Released on September 23, 2024

    The Government of Saskatchewan is investing $10 million to build new economic opportunities and support coal transition efforts in the Estevan and Coronach regions. 

    “This investment by the Government of Saskatchewan will develop a strong business environment in the communities that are most impacted by the federal government’s decision to force the closure of coal power facilities by 2030,” Crown Investments Corporation Minister Dustin Duncan said. “The funding will directly contribute to economic development and investment attraction, bringing new projects and ideas to grow local economies and keep these communities strong and vibrant.”

    As Saskatchewan continues its own plan to build out grid capacity to support a growing province, retaining and developing our skilled workforce and technical expertise through business opportunities in Estevan, Coronach and area is critical to facilitate the unprecedented energy transition.

    The newly announced funding is in addition to the $10 million invested by the provincial government in 2020 to support coal transition in the area. The new investment will be equally distributed to the two community regions: 5 million to the Coronach region and $5 million to the Estevan region.

    “Today’s investment shows our government’s commitment to coal reliant communities by building their capacity to rise to the significant economic challenges imposed by the federal government’s decision to close coal power plants by 2030,” Agriculture Minister and MLA for Wood River David Marit said. “I am pleased to see the economic growth that has been created in the Coronach region through the 2020 investment provided by the Government of Saskatchewan, and this additional investment will further boost the positive economic trajectory of Southern Saskatchewan.”

    “With the challenges imposed by the federal government’s decision to force the shutdown of Saskatchewan’s coal fired power plants, retaining and reskilling the workforce in this sector through business opportunities in this region is crucial,” Highways Minister and MLA for Estevan Lori Carr said. “Power generation has always been an important part of Estevan’s economy, and with the recent SaskPower announcement that identified two high-potential Small Modular Reactor sites in the Estevan area, our community has many new opportunities to look forward to.”

    Government will provide $5 million to South Saskatchewan Ready, an economic partnership of nine rural communities and RMs in the Coronach region, and $5 million to the Municipal Coal Transition Committee, comprised of representatives from the City of Estevan, RM of Estevan, RM of Coalfields, and the Town of Bienfait. Both organizations will administer the new funding in partnership with local municipalities. 

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    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI USA: Dissenting Statement of Commissioner Summer K. Mersinger Regarding Settlement With Piper Sandler Hedging Services, LLC

    Source: US Commodity Futures Trading Commission

    I respectfully dissent from the Commission’s[1] enforcement action settling charges against Piper Sandler Hedging Services, LLC (“Piper Sandler” or “Respondent”).

    Despite the Commodity Futures Trading Commission imposing more than $1.1 billion in offline communication-related civil monetary penalties across more than 20 recent actions[2], I fear this particular case sends the message that everything is a business record, even if such a conclusion has no foundation in the Commodity Exchange Act (“CEA”) or CFTC regulations.

    Enforcement is one of many tools available in our regulatory toolbox to promote a culture of compliance with our regulated entities.  Our policy divisions can conduct targeted examinations, issue guidance, and work with our self-regulatory organizations on their compliance efforts.  Our enforcement authorities should not be our default tool and should only be wielded after ensuring our expectations for compliance with our regulations are clearly communicated to impacted entities.  Only after the Commission fulfills that fundamental responsibility should we use our enforcement function to pursue those who either have no interest in complying or who have failed in their attempts to comply.

    As I have said before, regulation through enforcement is the antithesis of regulatory clarity and transparency.[3]  Unfortunately, without providing additional clarity into how our Division of Enforcement is approaching recordkeeping requirements, including those in Regulation 1.35 which are implicated in today’s settlement, regulated entities and their associated persons are left to determine what constitutes a violation under the looming threat of a visit from our enforcement attorneys.

    Transaction-Related Records Should Be Preserved

    I do not dispute that business related records identified under the CEA and CFTC regulations must be preserved to facilitate an effective regulatory and enforcement program, and I have approved other offline communication cases when the surrounding circumstances warrant such support.  However, the mere existence of business-related communications occurring through unofficial channels is not necessarily a violation.  The threshold inquiry is whether an entity failed to preserve a record they were required to preserve.

    Conclusory statements in settlement orders that business related communications occurred via unofficial channels offer no explanation on how a particular respondent violated the CEA or CFTC regulations.  More importantly, these statements fail to offer any guidance to other similarly situated entities on compliance with these requirements to avoid becoming the next respondent in a CFTC enforcement matter.

    Recordkeeping Requirements Are Not One Size Fits All

    The CEA and CFTC regulations do not require every record of every business activity to be preserved.  Instead, Congress developed a recordkeeping framework which varies based on the category of the entity.[4]  Under this umbrella, the Commission and its staff have developed recordkeeping requirements tailored to respective market participants.

    For example, Section 4g(a) of the CEA requires introducing brokers (IBs), to “keep books and records pertaining to such transactions and positions … as may be required by the Commission.”[5]  Compare that to Section 4n of the CEA, which requires registered commodity pool operators and commodity trading advisors to “maintain books and records and file such reports in such form and manner as may be prescribed by the Commission.”  It is significant that Section 4g of the CEA, the section at issue in today’s enforcement action, is limited to records pertaining to transactions and positions, whereas Section 4n of the CEA lacks such limitation.[6]

                Regulation 1.35 – Tailored Transactional Records

    The Commission has consistently respected these statutory distinctions when adopting numerous modifications to Regulation 1.35, its principal recordkeeping rule for intermediaries, including IBs.

    Regulation 1.35 imposes categorical recordkeeping requirements on futures commission merchants, retail foreign exchange dealers, IBs and designated contract market and swap execution facility members.[7]  In fact, the basic provisions of Regulation 1.35 have remained in place since as early as 1938.[8]  Importantly, Regulation 1.35 requires preservation of records related to transactions and has never, or at least for the past 86 years, contained a general mandate to preserve all records.[9]

    Regardless of intermediary, Regulation 1.35 identifies two major types of records required to be maintained: (1) transaction records (consisting of both “commodity interest and related records” and “original source documents”); and, (2) pre-trade communications (both “oral” and “written”).[10]  All of the key record types defined in Regulation 1.35 are framed around the statutory construction discussed above and therefore, must be related to transactions—in a commodity interest and any related cash or forward transactions.[11]  Furthermore, Regulation 1.35(a) requires the records, except for pre-trade communications, to be “kept in a form and manner that allows for the identification of a particular transaction.”[12]  When the Commission first added the “particular transaction” provision to the regulation, it stated the purpose of the rule would be satisfied “when a market participant can identify those records that pertain to a particular transaction,”[13] versus requiring that all records on all transactions be maintained in a specific manner.

    The rule has been expanded several times as both new registrants have been added to the Commission’s jurisdiction and as technological changes have necessitated revised requirements.[14]  In each case, the Commission has carefully balanced the application of these requirements, not only on different market participants and intermediaries, but also by size and type within certain categories.  These revisions were done to acknowledge that for certain intermediaries, particularly IBs, the burden and costs associated with complying with Commission’s recordkeeping requirements may be significant without substantial benefit.[15] 

    Most importantly in this regard, small IBs – those earning less than $5 million in aggregate gross revenue over a three-year period – have been specifically carved out of certain recordkeeping requirements in Regulation 1.35.  Again, this was done citing the Commission’s concerns “regarding costs and the availability of relevant technology,” and further noting such a balancing would, “achieve the Commission’s objectives and the benefits of promoting market integrity and protecting customers albeit at lower cost.”[16]  Like many rules in Part 1 of the CFTC’s regulations, Regulation 1.35’s requirements vary by entity size and type, reflect the Commission’s long history of carefully weighing the cost and benefits of recordkeeping requirements, and strategically balance these policy considerations.

    Any action by the Commission should respect these important considerations made when adopting our rules around recordkeeping requirements.  Recognizing that our rules must evolve as technology and businesses evolve, the Commission’s approach to this evolution should be clear and should only occur in a public and transparent manner.  Using enforcement to influence that change is the opposite of clarity and transparency.

    The Pitfalls of Interpreting Settlements

    Despite statutory and regulatory intricacies, of the more than 20 recent settlements related to violations of both Section 4g of the CEA and Regulation 1.35, most of these settlement orders[17] include essentially the same boilerplate language in the legal discussion section of the order.  

    The sole application of law to facts in the legal discussion section of these orders is or closely mirrors the following, “[a]s a result of the widespread use of unapproved methods of communication by [firm or their] employees, which communications were not preserved and maintained, [respondent[s]] failed to keep full, complete, and systematic records of all transactions relating to its business of dealing in commodity interests, in violation of Section 4g of the Act and Regulation 1.35.”[18]

    Unfortunately, neither the fact nor the summary sections of these orders facilitate a greater understanding of the regulation, the alleged violation, or how the regulation has been applied in the settlement.  Furthermore, these orders refer to “business-related communications”, “messages related to [ the respondent’s] business as a Commission registrant”, “unapproved communication methods … to engage in firm business”, and “conducted firm business via unapproved methods.”  These generic references, such as “business” and “firm”, fail to describe the substance of the communications at issue or to explain the kind of record that serves as the basis for the alleged violation.  Without more information and context, others subject to the same regulations have limited ability to understand potential compliance risks and costs when deciding whether to remain in or to exit a line of business subject to CFTC regulation.

    No doubt, the inability to accurately gauge compliance risks and the costs of records management systems could lead to further consolidation in the industry, a trend we are already witnessing.

    A Clearer Path Forward

    Without additional context or further clarification by the Commission, entities subject to Section 4g of the CEA and Regulation 1.35 are left with little insight into how the Division of Enforcement construes violations when settling these matters.

    Unfortunately, I cannot support further settlements with IBs concerning offline communications violations until such time as the Commission as a whole, not just the Division of Enforcement, uses the actual words of the statute and the implementing regulation to clarify how an IB can properly comply with recordkeeping requirements.

    For these reasons, I respectfully dissent.

    [1] This statement will refer to the Commodity Futures Trading Commission as the “Commission”, “CFTC”, or “Agency.” All web pages cited herein were last visited on September 11, 2024.

    [4] See e.g., 7 U.S.C. §§ 6(a), 6g(a), 6i, 6n(3)(A), 6r(c), 6s, 6t, 7b-3(f)(10).

    [5] 7 U.S.C. § 6g(a) (emphasis added).

    [6] Had Congress intended to impose on introducing brokers broader recordkeeping requirements as it did in Section 4n of the CEA, it could have amended Section 4g to match the preexisting language of Section 4n. Compare, 7 U.S.C. § 6g with 7 U.S.C. § 6n.  Congress had such opportunity but declined to do so when both sections of the CEA were last modified by the Futures Trading Act of 1982, which broadened Section 4g’s recordkeeping requirements to include introducing brokers (IBs).  Pub. L. 97–444, title II, §209, Jan. 11, 1983, 96 Stat. 2302.

    [7] 17 C.F.R. § 1.35.

    [8] GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT, 17 CFR, 1938 ed. [901, 913].

    [10] 17 C.F.R. § 1.35(a)(1)(i), (ii) and (iii) (emphasis added).

    [11] 17 C.F.R. § 1.35(a)(1)(i) and (iii).

    [12] 17 C.F.R. § 1.35(a)(5).

    [13] Records of Commodity Interest and Related Cash or Forward Transactions, 80 FR 80247, 80249 (Dec. 24, 2015).  When the Commission modified Regulation 1.35(a)(5) to eliminate the form and manner provision, it slightly modified the particular transaction provision; however, the operative language described in the quote above was unaffected.

    [14] This includes the addition of IBs in 1982. Supra n.6.  As well as the more recent addition of members of swap execution facilities in the 2012 amendments. See Adaption of Regulation to incorporate Swap, Notice of Proposed Rulemaking, 76 FR 33066, 33072 (June 7, 2011).

    [15] Adaptation of Regulations to Incorporate Swaps—Records of Transactions, Final Rule,77 FR 75523, 75528 (Dec. 21, 2012).

    [16] Id.

    [17] In re JPMorgan Chase Bank, N.A., CFTC No. 22-07, 2021 WL 6098347 (Dec. 17, 2021) (consent order) ($75 million CMP); In re Bank of Am., N.A., CFTC No. 22-38, 2022 WL 4733591 (Sept. 27, 2022) (consent order) ($100 million CMP); In re Barclays Bank PLC, CFTC No. 22-39, 2022 WL 4733593 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Goldman Sachs & Co. LLC, CFTC No. 22-40, 2022 WL 4733598 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Nomura Glob. Fin. Prods. Inc., CFTC No. 22-41, 2022 WL 4733602 (Sept. 27, 2022) (consent order) ($50 million CMP); In re UBS AG, CFTC No. 22-42, 2022 WL 4733603 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Jefferies Fin. Servs., Inc., CFTC No. 22-43, 2022 WL 4733600 (Sept. 27, 2022) (consent order) ($30 million CMP); In re Morgan Stanley & Co. LLC, CFTC No. 22-44, 2022 WL 4733603 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Cantor Fitzgerald & Co., CFTC No. 22-45, 2022 WL 4733597 (Sept. 27, 2022) (consent order) ($6 million CMP); In re Citibank, N.A., CFTC No. 22-46, 2022 WL 4733594 (consent order) (Sept. 27, 2022) ($75 million CMP); In re Credit Suisse Int’l, CFTC No. 22-47, 2022 WL 4733595 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Deutsche Bank AG, CFTC No. 22-48, 2022 WL 4733596 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Bank of Nova Scotia, CFTC No. 23-25, 2023 WL 3455084 (May 11, 2023) (consent order) ($15 million CMP); In re HSBC Bank USA, N.A., CFTC No. 23-27, 2023 WL 3496489 (May 12, 2023) (consent order) ($30 million CMP); In re Wedbush Secs. Inc., CFTC No. 23-37, 2023 WL 5089708 (Aug. 8, 2023) (consent order) ($6 million CMP); In re Wells Fargo Bank NA, CFTC No. 23-36, 2023 WL 5089709 (Aug. 8, 2023) (consent order) ($75 million CMP); In re Société Générale, CFTC No. 23-35, 2023 WL 5089710 (Aug. 8, 2023) (consent order) ($75 million CMP); In re BNP Paribas S.A., CFTC No. 23-33, 2023 WL 5089707 (Aug. 8, 2023) (consent order) ($75 million CMP); In re Interactive Brokers Corp., CFTC No. 23-56, 2023 WL 6442571 (Sept. 29, 2023) (consent order) ($20 million CMP); In re Oppenheimer & Co. Inc., CFTC No. 24-04, 2024 WL 1236474 (Mar. 19, 2024) (consent order) ($1 million CMP); In re Cowen & Co., CFTC No. 24-11, 2024 WL 3844670 (Aug. 13, 2024) (consent order) ($3 million CMP).

    [18] Id. Both CFTC No. 24-04 and CFTC No. 24-11 omit the word widespread in front of the word use. However, the orders otherwise follow the quotation above.

    MIL OSI USA News –

  • MIL-OSI USA: Misclassification of Drugs, Program Administration and Program Integrity Updates Under the Medicaid Drug Rebate Program Final Rule

    Source: US Department of Health and Human Services

    The Centers for Medicare & Medicaid Services’ (CMS’) final rule advances policies to promote the efficient operation of the Medicaid Drug Rebate Program (MDRP). This includes policies to implement new statutory authorities included in the Medicaid Services Investment and Accountability Act of 2019 (MSIAA) to address situations in which manufacturers incorrectly report or misclassify their drugs in the MDRP. The final rule also enhances MDRP integrity and strengthens policies that will ensure greater consistency and accuracy of drug information reporting, timely data collection, and efficient operation of the MDRP.

    Identifying and Correcting Misclassified Drug Information and Addressing Late Reporting

    MIL OSI USA News –

  • MIL-OSI Europe: In-Depth Analysis – Banking Market Integration in Europe and Insolvency Law – 23-09-2024

    Source: European Parliament

    Despite considerable progress towards a Banking Union in the euro area, banks in the EU continue to be subject to widely varying insolvency law as applied to their lending customers. This paper provides evidence that bank interest margins tend to be higher in countries with weaker loan enforcement. Higher bank interest margins are a sign of less efficient bank intermediation, and hence the evidence of this paper suggests that bank intermediation is less efficient in countries with weaker loan enforcement. This policy-induced national variability in bank efficiency is incompatible with banking union.

    MIL OSI Europe News –

  • MIL-OSI Europe: Leading African fund managers receive awards for supporting promising entrepreneurs and start-ups across the continent

    Source: European Investment Bank

    • First Circle Capital, SpeedInvest and Knife Capital achievements awarded for their work in African venture capital.
    • The Africa Venture Finance Programme at Oxford’s Saïd Business School hosted 41 prominent African and Africa-focused venture capital fund managers, with more than half of them being women.
    • The programme is funded by the EU, through Boost Africa, and by the AfricaGrow Technical Assistance Facility financed by the Federal Ministry for Economic Cooperation and Development through KfW

    African venture capital (VC) fund managers First Circle Capital, SpeedInvest and Knife Capital have all received awards recognising their success in supporting promising entrepreneurs and start-ups across African countries. The awards were presented during the Africa Venture Finance Programme, a week-long, in-person course, organised for the third time at Oxford university’s Saïd Business School from 9 to 13 September 2024. The programme aims to support VC fund managers investing in early and growth-stage technology companies in Africa, with Boost Africa and AfricaGrow hosting 41 leading fund managers from 31 African VC funds.

    The ‘Most Promising Fund Manager’ award was given to the all-female team from First Circle Capital, who invest in and support early-stage fintech founders.

    The ‘Best Deal’ award went to SpeedInvest for their investment in Moove, a rapidly growing company providing vehicle financing and supply solutions.

    Lastly, the ‘Lifetime Achievement Award’ was presented to Keet van Zyl, founding partner of South Africa-based Knife Capital, in recognition of his contributions to the venture ecosystem and leadership.

    “We are proud of Boost Africa’s role in supporting a vibrant and resilient VC ecosystem in Africa and helping African entrepreneurs transform their ideas into successful businesses,” said EIB Vice-President Ambroise Fayolle. “The EIB is committed to financing new technology and ideas that will address the global challenges we all face.”

    The shortlisted candidates were peer-selected by fellow fund managers, and a panel of judges composed of limited partners determined the winners from the shortlisted candidates. Investors from funds including Partech, AfricInvest, TLcom, Norssken, Speedinvest came together to discuss innovative solutions for Africa’s unique challenges. The five-day event allowed participants to share expertise and facilitate discussions to drive rapid growth in Africa’s technology venture capital sector. Attendees from all over the continent took part, with more than half of them being women, reflecting increased gender inclusiveness within venture capital leadership.

    Several Oxford academics joined the group discussions covering a wide range of topics such as the growing need for innovative funding instruments and the influence of artificial intelligence (AI) on the continent’s future. Additionally, several prominent African investors attended the forum to share best practices and discuss the way forward. Participants engaged with representatives from different development finance institutions and international organisations. This included Andrea Clerici, Director for Corporate Finance & Global Activities at the European Investment Bank, and delegates from the European Commission and the Organisation of African, Caribbean and Pacific States.

    “The opportunity to exchange confidential insights, discuss inherent challenges, and ultimately build deeper human bonds is essential for strengthening our collective ability to build our VC ecosystem together. No other conference or event has provided anywhere near as much value as this one.” – Nivesh Pather, Principal at Norrsken22.

    “It is important for me to always be learning. The trends in our part of the world are equal parts cyclical and rapidly evolving. We heard so many fresh perspectives and voices coupled with experience. I left Oxford with a renewed commitment to focus on the how.” –  Ory Okolloh, Partner at Verod-Kepple Africa Ventures.

    “This year’s Africa Venture Finance Programme proved once again the enormous potential of venture capital in Africa. A whole new generation of investors are taking the long view on building an entire new ecosystem. At Oxford Saïd Business School we are proud to be part of supporting this journey which will transform African economies, one startup at a time!” – Thomas Hellmann, Professor of Entrepreneurship and Innovation, Saïd School of Business, Oxford University

    The Africa Venture Finance Programme is supported by the EU via the Boost Africa programme and by the AfricaGrow Technical Assistance Facility.

    Background information

    About Boost Africa

    Boost Africa is a joint initiative between the European Investment Bank and the African Development Bank (AfDB) to enable and enhance entrepreneurship and innovation across Africa in a commercially viable way. It addresses a current gap in the African market by providing early-stage venture capital paired with skills development.

    Boost Africa focuses on financial intermediaries investing in innovative business models and start-ups developing digital solutions across various sectors including, inter alia, information and communication technologies (ICT), healthcare, climate mitigation and adaptation, education, financial services, and manufacturing sectors. There is a particular emphasis on financial intermediaries focusing on youth and women and on sectors where innovation can improve the quality of people’s lives, in particular for lower-income households.

    Boost Africa Technical Assistance Facility, part of the broader Boost Africa programme, provides bespoke support to strengthen the core professional and operational skills of partner fund managers and their investees to realise growth potential among innovative tech start-ups and high growth SMEs in Africa. The Facility is funded by the European Commission and the Organisation of African, Caribbean and Pacific States, through the 11th European Development Fund. The funding is managed by the European Investment Bank (EIB) and implemented by Adam Smith Europe, part of the Adam Smith International Group.

    About AfricaGrow

    The AfricaGrow Fund of Funds is a blended finance vehicle managed by Allianz Global Investors and serves as a catalyst for private capital into Africa by providing a de-risked capital structure for institutional investors, fostering indirect investments into African Small and Medium Enterprises (SMEs) and start-ups via local Private Equity and Venture Capital fund investments. Its LPs are DEG, KfW – on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ) and Allianz insurance companies.

    As a legally independent entity, AfricaGrow is a central instrument of the Compact with Africa (CwA) initiative, which was launched in 2017 under the 50 German G20 presidency. The Technical Assistance Facility is funded by the German Ministry for Economic Cooperation and Development (BMZ) through KfW, while the fund is managed by Allianz Global Investors and advised by DEG Impact GmbH.

    About the EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

    MIL OSI Europe News –

  • MIL-OSI USA: Mobile Disaster Recovery Center Open in Baker County

    Source: US Federal Emergency Management Agency

    Headline: Mobile Disaster Recovery Center Open in Baker County

    Mobile Disaster Recovery Center Open in Baker County

    TALLAHASSEE, Fla. — FEMA has opened Mobile Disaster Recovery Center in Baker County to provide one-on-one help to Floridians affected by Hurricane Debby.

    Center location:

    Baker County
    Baker County Fairgrounds
    5567 Lauramore Road
    Macclenny, FL 32063
    Open 10 a.m.–8 p.m. Monday-Thursday

    When this center moves to a new location, details will be provided to the public. 

    To find other center locations for Hurricane Debby go to fema.gov/drc or text “DRC” and a Zip Code to 43362. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology. 

    Homeowners and renters in Alachua, Baker, Citrus, Columbia, Dixie, Gilchrist, Hamilton, Hillsborough, Jefferson, Lafayette, Levy, Madison, Manatee, Pinellas, Sarasota, Suwannee and Taylor counties can visit any open center to meet with representatives of FEMA, the State of Florida and the U.S. Small Business Administration. No appointment is needed.

    The quickest way to apply for FEMA assistance is to go online to DisasterAssistance.gov. You can also apply using the FEMA App for mobile devices or calling toll-free 800-621-3362. The telephone line is open every day and help is available in most languages. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. To view an accessible video on how to apply visit Three Ways to Apply for FEMA Disaster Assistance – YouTube. 

    For the latest information about Florida’s recovery, visit fema.gov/disaster/4806. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.

    kirsten.chambers

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: U.S. Climate Alliance launches Governors’ Climate-Ready Workforce Initiative, aims to train 1 million new registered apprentices by 2035

    Source: Washington State News

    Gov. Jay Inslee, who co-founded the bipartisan U.S. Climate Alliance in 2017, joined his co-chairs and national climate advisor Ali Zaidi at Climate Week NYC to announce a new workforce initiative. This initiative complements programs already underway in Washington state to help more people train for jobs and careers in clean energy, climate resiliency and restoration.

    Full press release below. A livestream of the press event is available at USCA’s Climate Week NYC webpage.

    U.S. Climate Alliance launches Governors’ Climate-Ready Workforce Initiative, aims to train 1 million new registered apprentices by 2035

    NEW YORK, NY — The U.S. Climate Alliance, a bipartisan coalition of 24 governors representing approximately 60 percent of the U.S. economy and 55 percent of the U.S. population, today launched the Governors’ Climate-Ready Workforce Initiative to grow career pathways in climate and clean energy fields, strengthen workforce diversity, and jointly train 1 million new registered apprentices by 2035 across the Alliance’s states and territories.

    Today’s announcement was made at a Climate Week NYC event featuring Alliance co-chairs New York Governor Kathy Hochul and New Mexico Governor Michelle Lujan Grisham, founding member Washington Governor Jay Inslee, and White House National Climate Advisor Ali Zaidi.

    “In New York, we’re showing how climate action and economic growth go hand-in-hand,” said New York Gov. Kathy Hochul. “As a co-chair of the U.S. Climate Alliance, I’m proud to be collaborating with states, industry leaders, labor unions, higher education and community organizations to create the jobs of the future required to build a clean, equitable, and resilient economy. A skilled and well-prepared workforce will drive innovation, create new businesses, and ensure a sustainable, resilient future for our country.”

    “We need a climate-ready workforce — from EV technicians and heat pump installers to solar panel manufacturers — to meet our carbon reduction goals,” said New Mexico Gov. Michelle Lujan Grisham. “The Executive Order I’m issuing today in conjunction with the Alliance’s new Workforce Initiative will help ensure that workers from all backgrounds have access to the skills and training needed for high-quality, climate-ready jobs across New Mexico.”

    “We’re aligning our ambitious climate policies with workforce development to have 1 million more workers poised to take these good-paying, union jobs that serve our communities and strengthen our economies,” said Washington Gov. Jay Gov. Inslee. “These are economy-wide jobs, not just in clean energy but building trades, land management, clean technology and more. Climate Alliance states have a track record of meeting our ambitious goals and that momentum continues today.”

    “Under President Biden and Vice President Harris’s leadership, we are bringing down the barriers to economic opportunity, lowering costs for American families, and catalyzing a renaissance of American-made manufacturing that is creating jobs across America. In fact, just last year, we added over 250,000 new American energy jobs — with clean energy jobs growing twice as fast as the rest of the sector,” said White House National Climate Advisor Ali Zaidi. “Governors across America are at the forefront of our efforts to spur growth in union jobs, expand American energy production, and invest in the economic success of our communities. Today’s announcement will help capitalize on our momentum to create a climate-ready workforce that is rebuilding our nation’s infrastructure, communities, and industrial strength.” 

    The Initiative’s launch comes as historic federal investments, combined with ambitious state climate action, have unleashed a significant expansion of good-paying and union jobs in climate-ready fields — with millions more anticipated in the coming years under the Biden-Harris administration’s Inflation Reduction Act and Infrastructure Investment and Jobs Act. This includes high-quality jobs not only in clean energy and clean technology sectors — such as wind, solar, electric vehicles, energy efficiency, and batteries — but also in fields associated with climate resilience and natural climate solutions.

    Under this Initiative, Alliance states and territories will collaborate to collectively support 1 million new workers in completing Registered Apprenticeship programs across the coalition by 2035. These programs, registered with the U.S. Department of Labor or federally approved State Apprenticeship Agencies, provide an especially valuable and proven career pathway, empowering workers to earn while they learn in key climate-ready occupations and industries.

    Alliance members will also advance a series of collective goals aimed at strengthening and expanding pathways into a wide variety of climate-ready professions critical to building a clean, equitable, and resilient net-zero future. The Initiative’s goals include boosting job quality and ensuring climate-ready employment pathways lead to good-paying, high-quality jobs; expanding opportunities for workers from underrepresented and underserved communities; and promoting the use of stackable and portable credentials in climate-ready fields to build transferable skills, support reskilling and upskilling, and strengthen workers’ economic mobility. A full list of the Initiative’s goals can be found here.

    Finally, to advance sector-specific strategies, Alliance members will work together through new multi-state cohorts focused on in-demand, climate-ready fields. These cohorts will provide a platform for states and territories to increase collaboration, share evidence-based practices, engage experts and stakeholders, and develop sectoral workforce solutions that can be scaled across the country. Cohorts to be launched in the Initiative’s first year will focus on careers in the following areas:

    • Clean Energy, Fuels, and Technologies: Led by Michigan and New Jersey, this cohort will focus on careers in the design, construction, and maintenance of a clean, affordable, and resilient power system; the manufacturing and deployment of zero-emission vehicles and technologies; and the development and distribution of alternative, low-carbon fuels.
    • Clean Buildings and Industry: Led by Maine and Massachusetts, this cohort will focus on careers in the engineering, design, construction, retrofitting, maintenance, and operation of buildings and industrial processes that are clean, energy-efficient, healthy, and resilient.
    • Resilient Communities and Lands: Led by Arizona and Vermont, this cohort will focus on careers in the development and maintenance of safe, livable, and resilient communities; preparedness for and response to climate impacts such as extreme heat, wildfires, severe storms, flooding, and drought; and the deployment of natural climate solutions and climate-smart stewardship of our lands and waters. 

    The Initiative will be led by Alliance states and territories with support from the Alliance’s Secretariat. In implementing the Initiative, Alliance members will customize efforts to meet their individual needs and challenges, while working together to achieve the collective goals. States and territories will also collaborate directly with their workforce development system partners, labor unions, higher education institutions, industry, and other key partners that bring substantial expertise and experience in this work.

    This Initiative builds on a number of federal-state collaborations between the Alliance’s members and the Biden-Harris Administration, including a White House convening with Alliance governors’ offices in May focused on creating good-paying jobs and mobilizing a diverse workforce in climate and clean energy.

    Additional information on the Governors’ Climate-Ready Workforce Initiative can be found here.

    MIL OSI USA News –

  • MIL-OSI Security: Illinois Bank President Sentenced to Jail for Falsifying Records

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    BENTON, Ill. – The former president of a bank in southern Illinois was sentenced Thursday for his role in falsifying bank records to facilitate real estate loans.

    Steven Cook was fined $6,000 and sentenced to 50 hours of community service and two weekends in the Jackson County jail. 

    He will also likely be banned from the banking industry for life.

    Cook fraudulently facilitated three different sales of commercial real estate to Lawler and Maze Properties LLC in 2022. Cook was the president of SouthernTrust Bank at the time, and was also on the bank’s board of trustees and was a member of its loan committee. The bank has branches in Marion, Vienna and Goreville, Illinois.

    Cook approved one loan that funded the sale of seven commercial rental properties in Williamson and Franklin counties from Results Home Buyers 2 to Lawler and Maze. The transaction was a new purchase of real estate, not a refinance, and the buyers were not using any cash to fund the purchase.  But during an April 6, 2022, meeting with the seller and buyer, Cook and the others agreed to fraudulently make it appear as if the loan was a refinancing. Cook also agreed that the bank would supply the cash for the purchase. They agreed to backdate documents to falsely indicate the buyer purchased the properties on Feb. 1, 2022, for a falsely inflated price of $545,152. The documents also falsely indicated that the bank was refinancing 80% of that loan, with the buyers bringing 20% in cash to the sale. The bank’s loan to the buyers was approved by the bank’s loan committee based upon the false information.

    Results Home Buyers 2 is partially owned by former Williamson County State’s Attorney Brandon Zanotti.

    In August of 2022, Cook facilitated a second real estate transaction for the purchase of four properties by Lawler and Maze. Cook, the seller and Lawler and Maze agreed that the real estate contract would falsely list a sales price of $413,000 instead of the actual price of $330,400, and falsely state that the buyer would supply $82,600 in cash.

    In November of 2022, Cook facilitated an additional loan to Lawler and Maze for the purchase of a property in Marion. Bank documents falsely stated that the borrowers would supply $21,500 cash.

    Cook pleaded guilty in U.S. District Court in Benton in June to three felony counts of aiding and abetting the making of a false bank entry. Zanotti pleaded guilty in March to one count of the same crime. He was sentenced in May to two years of probation, a $5,000 fine and 20 hours of community service.  His conduct we reported to the Illinois Attorney Registration and Disciplinary Commission.

    Lawler and Maze, LLC is owned by Justin Maze and David Lawler, who each entered into a pretrial diversion program in which they acknowledged their involvement in the criminal conduct by aiding and abetting Zanotti and Cook. As a condition of pretrial diversion, Maze was required to resign from his position as Williamson County Circuit Clerk and agreed not to seek re-election to any public office. Lawler’s conduct was reported to the Illinois Attorney Registration and Disciplinary Commission.

    “The FBI works daily to disrupt fraudulent activity and we recognize the impact it has on banking institutions,” said FBI Springfield Field Office Special Agent in Charge Christopher Johnson. “FBI Springfield will continue to dedicate investigative resources for targeting fraud in its many forms to protect the integrity of the banking process.”

    “FHFA-OIG will continue to relentlessly investigate and pursue the prosecution of mortgage-related fraud, no matter who commits the crimes. Officers of financial institutions who have a duty to conduct honest business must be held accountable. We are proud to have partnered with our FBI colleagues and with Special Assistant United States Attorney Hal Goldsmith,” said Korey Brinkman, Special-Agent-in-Charge of FHFA OIG’s Midwest Regional Office.

    The FBI Springfield Field Office and the Federal Housing Finance Agency Office of Inspector General investigated the case. The prosecution was handled by Special Attorney Hal Goldsmith from the Eastern District of Missouri. The U.S. Attorney’s Office for the Southern District of Illinois was recused from the case.

    Anyone with information about mortgage-related fraud can report it by contacting the Federal Housing Finance Agency – Office of Inspector General Hotline at 800-793-7724 or via the web at https://www.fhfaoig.gov/ReportFraud#hotlineform

    MIL Security OSI –

  • MIL-OSI United Nations: Statement by Principals of the IASC on the situation in the Occupied Palestinian Territory – These atrocities must end

    Source: World Food Programme

    NEW YORK/GENEVA/ROME/WASHINGTON – As world leaders gather in New York for the 79th United Nations General Assembly, and as the threat of a wider regional escalation looms, we renew our demand for an end to the appalling human suffering and humanitarian catastrophe in Gaza.

    We mourn the loss of innocent life everywhere, including those killed on October 7 and during the 11 months of conflict since then. 

    We urgently call for a sustained, immediate and unconditional ceasefire. This is the only way to end the suffering of civilians and save lives.

    All hostages and all those arbitrarily detained must be released immediately and unconditionally. 

    Humanitarians must have safe and unimpeded access to those in need.

    We cannot do our jobs in the face of overwhelming need and ongoing violence. More than 41,000 Palestinians in Gaza – the majority of them civilians, including women, children, older persons and at times entire families – have reportedly been killed, and more than 95,500 have been injured, according to the Ministry of Health in Gaza. It is estimated that a quarter of the injured in Gaza, or around 22,500 people, will require lifelong specialized rehabilitation and assistive care including individuals with severe limb injuries, amputations, spinal cord damage, traumatic brain injuries, and major burns.

    More than 2 million Palestinians are without protection, food, water, sanitation, shelter, health care, education, electricity and fuel – the basic necessities to survive. Families have been forcibly displaced, time and time again, from one unsafe place to the next, with no way out. 

    Women and girls’ dignity, safety, health and rights have been severely compromised. 

    The risk of famine persists with all 2.1 million residents still in urgent need of food and livelihood assistance as humanitarian access remains restricted.

    Healthcare has been decimated. More than 500 attacks on health care have been recorded in Gaza.

    Aid hubs have been forced to relocate and re-build many times over; convoys carrying life-saving aid have been shot at, delayed and denied access; and relief workers have been killed in unprecedented numbers. The number of aid workers killed in Gaza in the past year is the highest ever in a single crisis.

    Unnecessary and disproportionate force unleashed in the West Bank, combined with escalating settler violence, house demolitions, forced displacement and discriminatory movement restrictions, have caused increased fatalities and casualties.

    The war is also jeopardizing the future for all Palestinians and rendering eventual recovery far from reach.

    Meanwhile, close to 100 hostages remain in Gaza, while freed hostages have reported ill treatment, including sexual violence.

    The parties’ conduct over the last year makes a mockery of their claim to adhere to international humanitarian law and the minimum standards of humanity that it demands. 

    Civilians must be protected and their essential needs must be met. There must be accountability for serious violations of international humanitarian and human rights law.

    Humanitarian and aid organizations have been doing their utmost to provide relief in Gaza and the West Bank, often at great personal risk, and with many aid workers paying the ultimate price. 

    Our capacity to deliver is indisputable if we are granted the access we need. The first round of the polio vaccination campaign, reaching more than 560,000 children under the age of 10, is but one example. The second round of vaccinations must be carried out safely and reach all children in Gaza.

    We urge world leaders, once again, to wield their influence to ensure respect for international humanitarian law, international human rights law and the rulings of the International Court of Justice – through diplomatic pressure and cooperation in ending impunity. 

    Let us be clear: The protection of civilians is a bedrock principle for the global community and in all countries’ interest. Allowing the abhorrent, downward spiral caused by this war in the Occupied Palestinian Territory to continue will have unimaginable, global consequences. 

    These atrocities must end.

    Signatories:

    • Ms. Joyce Msuya, Acting Emergency Relief Coordinator and Under-Secretary-General for Humanitarian Affairs (OCHA)
    • Ms. Sofia Sprechmann Sineiro, Secretary General, CARE International 
    • Dr. Qu Dongyu, Director-General, Food and Agriculture Organization (FAO) 
    • Ms. Amy E. Pope, Director General, International Organization for Migration (IOM) 
    • Mr. Tom Hart, President and Chief Executive Officer, InterAction
    • Ms. Tjada D’Oyen McKenna, Chief Executive Officer, Mercy Corps
    • Mr. Volker Türk, United Nations High Commissioner for Human Rights (OHCHR) 
    • Ms. Paula Gaviria Betancur, United Nations Special Rapporteur on the Human Rights of Internally Displaced Persons (SR on HR of IDPs)  
    • Mr. Achim Steiner, Administrator, United Nations Development Programme (UNDP) 
    • Ms. Janti Soeripto, President and Chief Executive Officer, Save the Children US 
    • Ms. Anacláudia Rossbach, Executive Director, United Nations Human Settlement Programme (UN-Habitat) 
    • Mr. Filippo Grandi, United Nations High Commissioner for Refugees (UNHCR)  
    • Dr. Natalia Kanem, Executive Director, United Nations Population Fund (UNFPA) 
    • Ms. Catherine Russell, Executive Director, UN Children’s Fund (UNICEF)  
    • Ms. Sima Bahous, Under-Secretary-General and Executive Director, UN Women 
    • Ms. Cindy McCain, Executive Director, World Food Programme (WFP)  
    • Dr. Tedros Adhanom Ghebreyesus, Director-General, World Health Organization (WHO)

    [1] The United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) fully supports the statement and the call by Principals of the IASC, for a sustained, immediate and unconditional ceasefire.

    MIL OSI United Nations News –

  • MIL-OSI Economics: Piero Cipollone: From dependency to autonomy: the role of a digital euro in the European payment landscape

    Source: European Central Bank

    Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament

    Brussels, 23 September 2024

    It is a pleasure to be here today to meet the new members of this Committee and to update you on the status of the digital euro project. Let me also congratulate Madame Lalucq on her election as ECON Chair.

    The ECB appreciates the open and valuable exchanges we have had with the ECON Committee on the digital euro since the beginning of the project. I am fully committed to continuing these exchanges and look forward to our future discussions.

    Today I will focus on three key areas. First, Europe’s dependency on foreign players for retail payments. Second, the benefits of a digital euro for everyone, including consumers, merchants and banks. And third, the progress we have made on the digital euro project so far.

    Foreign dominance in the European payment landscape

    Fast-forward to the year 2030. Imagine you are at the football World Cup in Spain. You want to buy a drink, but you can only pay with Alipay. This scenario is not as far-fetched as it may seem: this summer, buying tickets for the European Football Championships in Germany was only possible with Chinese or American means of payment.

    Could you imagine this happening in the United States? Going to the finals of the American football league, for example, and having no American means of payment available? I certainly cannot.

    The Eurosystem will of course continue to ensure that people in Europe can pay with cash.[1] However, cash is becoming less and less popular as digital payments and online shopping grow.[2]

    For example, more and more people are buying their groceries online. But you can’t use cash to pay for these. More often than not, the only option is PayPal or an international card scheme like Visa or Mastercard.

    And more and more people are using digital wallets like PayPal or Apple Pay on their mobile phones. By 2027 these platforms are expected to handle 40% of e-commerce and 27% of in-store payments in Europe.[3]

    At the same time, the share of companies in the euro area not accepting cash has been increasing significantly.[4]

    These developments are contributing to the marginalisation of elderly and less tech-savvy people. They also make us dependent on non-European companies, which is risky.

    Imagine what would happen if you could not pay digitally. For example, two weeks ago significant parts of the European card payments market were shut down for almost an entire day.[5] Just like with electricity, gas or water, we don’t think about payments until they stop working. For energy, we had to learn this the hard way following Russia’s invasion of Ukraine. For payments, we owe it to Europeans to do better.

    We need our own strong digital payments system.[6] We can achieve this by bringing central bank money into the digital era with the introduction of a digital euro: a digital form of cash, issued by the central bank and available to everyone in the euro area.[7]

    A digital euro would strengthen Europe’s financial sovereignty and resilience because it would be built with European technology and infrastructure. It would empower Europe to independently develop and manage digital payment solutions, supporting the further deepening of the Single Market.[8]

    But most importantly, the digital euro would offer tangible benefits to all stakeholders – consumers, merchants and banks.

    Benefits for European citizens

    We strongly support the Single Currency Package[9], which will ensure that cash remains widely accessible and accepted. At the same time, it will pave the way for a digital euro, which would take the advantages of cash into the digital world.

    Consumers could use a digital euro for all payments, everywhere in the euro area, also when shopping online. With a digital euro, making or receiving payments would be free of charge and as easy as using cash today. Consumers would need to use only one device and remember just one password. In addition, having a single means of payment for all circumstances would make it easier for users to have an overview of their expenditure.

    Importantly, a digital euro would seek to promote digital financial inclusion by ensuring that no one is left behind.[10] It would be accessible to everyone across the euro area, via a mobile app or a physical card, so everyone can choose the technology that they are most comfortable with, no matter how old or tech-savvy they are.

    Finally, a digital euro would offer the best possible privacy and data protection afforded by the current technology used in large payment systems.[11] From the outset, ensuring user privacy has been a central focus of the digital euro project.

    A digital euro would be available both online and offline.[12] With the offline functionality, users would enjoy cash-like privacy. The details of your offline payments would only be known to you and the recipient. For online payments, too, we would ensure that your personal data remain your own. The Eurosystem will not be able to identify you, nor directly link you to your payments.[13]

    New opportunities for merchants

    A digital euro would also bring new opportunities for European merchants.

    Right now, merchants in Europe are largely dependent on a handful of dominant online or card payment methods, often relying on non-European providers. International card schemes currently account for 64% of card transactions in the euro area.[14]

    This costs European merchants a lot of money. They collectively pay a significant amount each year to international card schemes like Visa or Mastercard. And the cost is mostly borne by smaller merchants, who incur charges three to four times higher than those of their larger competitors.[15]

    A digital euro would include safeguards for merchants by capping the fees they pay to banks for processing payments.[16] A digital euro would thus narrow the gap between what smaller and larger merchants are charged for digital payments.

    By providing a true alternative to existing payment solutions, a digital euro would also put all merchants, large and small, in a stronger position to negotiate better conditions with other providers. Finally, it could provide a safety net for merchants in case of network or power outages, thanks to its offline functionality.[17]

    Benefits for banks

    Banks would benefit too, particularly in our rapidly evolving payment landscape, in which new players – especially big tech companies from outside Europe – are increasingly entering the market. The banks would be remunerated for the services they offer, while the Eurosystem would cover the costs of the digital euro scheme and infrastructure.

    When you compare a digital euro with services like PayPal or Apple Pay, the benefits for banks become even clearer. For instance, banks do not earn anything if people top up their PayPal wallet via direct debit. And with Apple Pay, banks actually have to pay a fee just to let their cards be used in Apple Wallet.

    A digital euro would also open up a new source of revenue by allowing banks to provide value-added services to their customers.[18]

    We are working closely with the market to ensure that a digital euro leverages the existing standards as much as possible, which would keep costs down and support Europe’s competitive payment landscape.[19]

    Moreover, cards and applications currently available in only one or a handful of Member States could use these standards to reach customers across the euro area without the need to invest in new acceptance infrastructure. Therefore, a digital euro would mean that European payment service providers could offer their customers the convenience of using their product everywhere in the euro area – just like international card companies. It would also strengthen banks’ negotiating positions vis-à-vis these companies.

    Finally, banks and other payment service providers would be responsible for distributing a digital euro, thus serving as the sole point of contact for digital euro users. So a digital euro could help banks retain their customers in the face of growing payments competition.

    Project preparation phase at full speed

    Let me now give you a brief update on where we stand with the project.[20]

    We started the investigation phase back in 2021 and are now at the midpoint of the preparation phase, with roughly one more year to go.

    One of our key focus areas during this phase is to develop a methodology for determining the maximum amount of digital euro a person could hold at any time.[21] The holding limits are important to ensure financial stability and prevent large-scale transfers from bank deposits to digital euro, especially during crises.

    These limits would be high enough to avoid negatively affecting the digital euro user experience.[22]

    Experts from the ECB, the national central banks in the Eurosystem and national competent authorities, building on their unique know-how, have started to identify the factors that could influence the holding limit calibration, on the basis of three key areas defined in the draft Regulation: usability, monetary policy and financial stability.[23]

    While the exact holding limits would be defined closer to the potential launch and on the basis of a well-defined governance process enshrined in the draft Regulation,[the ECB’s Governing Council will decide whether to move to the next phase of the project. But the Governing Council will not take any decision about the issuance of a digital euro before the legislative act has been adopted.

    Conclusion

    To conclude, introducing a digital euro across the euro area would take time, but it is key for Europe’s future. Countries across the world are exploring retail central bank digital currencies. If we want to be standard-setters and keep our position among the frontrunners, we need to move swiftly.

    A digital euro is a common European project, which is why we are talking to all the relevant stakeholders and carefully listening to their views and concerns. I also remain committed to engaging regularly with the European Parliament.

    Introducing a digital euro that all banks and other providers make available to their customers and that all merchants accept, everywhere in the euro area, would take several years. Market participants need certainty to invest in the digital euro and this requires coordination between co-legislators and the central bank.

    I appreciate all the work that the ECON Committee has done on the digital euro so far. The legislative discussions are now in your hands. The ECB is of course ready to engage with the negotiating team and to provide continued technical support when needed.

    It is important that the legislative and technical work advance in parallel, swiftly and in close cooperation. Together, we can ensure that the digital euro strengthens Europe’s financial sovereignty and serves all its citizens.

    MIL OSI Economics –

  • MIL-OSI Translation: Minister of Justice and Attorney General of Canada announces appointments to the Quebec judiciary

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French

    September 23, 2024– Ottawa (Ontario) – Department of Justice Canada

    The Honourable Arif Virani, Minister of Justice and Attorney General of Canada, today announced the following appointments under the judicial application process established in 2016. This process emphasizes transparency, merit and the diversity of the Canadian population, and will continue to ensure the appointment of jurists who meet the highest standards of excellence and integrity.

    Mathieu Piché-Messier, partner and national leader in commercial litigation at Borden Ladner Gervais LLP in Montreal, is appointed a judge of the Superior Court of Quebec for the district of Montreal. Justice Piché-Messier replaces Justice PH Bélanger (Montreal), who resigned effective May 24, 2024.

    Lysane Cree, an administrative judge at the Tribunal administratif de déontologie policière in Montreal, is appointed a judge of the Superior Court of Quebec for the district of Montreal. Justice Cree replaces Justice M. Lachance (Montreal), who was appointed to the Court of Appeal effective June 17, 2024.

    Horia Bundaru, a partner at Norton Rose Fulbright Canada LLP in Montreal, is appointed a judge of the Superior Court of Quebec for the district of Montreal. Justice Bundaru replaces Justice K. Kear-Jodoin (Montreal), who elected to become a supernumerary judge effective July 16, 2024.

    Quote

    “I wish Judges Piché-Messier, Cree and Bundaru every success in their new roles. I am confident that they will serve the people of Quebec well as members of the Superior Court of Quebec.”

    – The Honourable Arif Virani, Minister of Justice and Attorney General of Canada

    Biographies

    Judge Mathieu Piché-Messier was born and raised in Montreal. He received his Bachelor of Civil Law from the Faculty of Law of the University of Sherbrooke in 1997. He was admitted to the Quebec Bar in 1998.

    Since 2000, Justice Piché-Messier has practiced commercial litigation at Borden Ladner Gervais where, after being named partner in 2006, he held the position of Head of the Commercial Litigation Group in Montreal for seven years and was then appointed National Business Leader – Commercial Litigation. His practice focused on the areas of extraordinary remedies and commercial litigation in the areas of anti-fraud, high technology, industrial espionage, privacy and identity theft, international arbitration, aeronautics, defamation and intellectual property. A litigator, author and speaker, he was inducted as a Fellow of the American College of Trial Lawyers in 2018, a Fellow of Litigation Counsels of America in 2021, and was named Advocatus Emeritus (Ad. E.) of the Barreau du Québec in 2022. He has also been recognized by his peers to appear in the editions of Chambers, The Best Lawyers and Benchmark Litigation as one of the 50 best litigators in Canada.

    Justice Piché-Messier has been a member of the boards of the Barreau du Québec, the Barreau de Montréal and the Canadian Bar, Québec Division. He has also been president of the Centre d’accès à l’Information juridique du Québec (CAIJ) and the Young Bar Association of Montreal. Involved in the Montreal community, he has sat on the boards of Cirque Éloize, Ballets Jazz de Montréal, Enfants-retour and Make-a-Wish.

    Judge Piché-Messier and his partner, Me Natacha Lavoie, are the happy parents of Vincent and Victoria.

    Justice Lysane Cree is originally from the Kanien’kéhaka (Mohawk) Nation and received a Bachelor of Arts in Political Science with a minor in Northern Studies from McGill University in 1996, before earning a Bachelor of Civil Law and a Bachelor of Common Law from McGill University in 2000. She was called to the Quebec Bar in 2003, the New York State Bar in 2012 and the Ontario Bar in 2020.

    Justice Cree began her practice with Hutchins Legal Inc. and focused on Indigenous law issues and working with First Nations governments in several provinces and occasionally in New York State for sixteen years. While still in private practice, she began working part-time in the area of police ethics with the Police Ethics Committee (now the Tribunal), hearing cases involving Indigenous police services in the province of Quebec. She then worked as a decision-maker with the Discipline Committee of the Chambre de la sécurité financière from 2019 to 2021 before becoming a full-time administrative judge with the Tribunal administratif de déontologie policière. During this time, she was involved with the Council of Canadian Administrative Tribunals, serving as a member of the Tribunal’s Excellence Committee and the Truth and Reconciliation Committee.

    Judge Cree is an avid equestrian and enjoys spending time with her horses.

    Justice Horia Bundaru immigrated to Canada at the age of eleven with his parents and younger sister. He received a BCL/LL.B. from McGill University’s Faculty of Law in 2005 and was called to the Quebec Bar in 2006.

    Justice Bundaru spent his entire career at Norton Rose Fulbright Canada LLP, where he became a partner in 2016 and where, at the time of his appointment, he was a director of the Litigation Group in Montreal. A well-known litigator, his practice focused on commercial litigation, construction law and energy law. Since 2016, he has taught civil procedure and drafting at the École du Barreau.

    Justice Bundaru has chaired the Quebec Branch of the Canadian Bar Association, the Liaison Committee of the Montreal Bar with the Superior Court (Civil Division) and the Salon VISEZ DROIT. At the time of his appointment, he was chair of the Liaison Committee with the Court of Appeal and a member of the Conseil de la magistrature du Québec. He is listed in the Canadian Legal Lexpert Directory, Benchmark Litigation Canada as a “litigation star”, Thomson Reuters Stand-out Lawyers, The Legal 500 Canada and Best Lawyers in Canada. In 2022, he was inducted as a Fellow of the Canadian College of Construction Lawyers.

    Judge Bundaru is passionate about literature and is an avid cross-country skier and tennis player. With his partner Maya, also a lawyer, he has two daughters, Ariane and Éloïse.

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

    MIL Translation OSI

  • MIL-OSI Translation: 23/09/2024 Meeting of the Minister of Finance with the EU Commissioner for Economy

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    Meeting of the Minister of Finance with the EU Commissioner for Economy23.09.2024

    On September 23, 2024, Finance Minister Andrzej Domański met with Paolo Gentiloni, EU Commissioner for Economic Affairs. The discussion focused on the current economic situation in the European Union and Poland, including the potential impact of flooding. Undersecretary of State Paweł Karbownik also participated in the meeting. During the conversation, issues related to Poland’s preparation of a medium-term budgetary and structural plan, which will define the framework for fiscal policy for 2025-2028, were raised. In accordance with the new rules of economic governance in the EU, Member States are required to submit such plans to the European Commission by mid-October. Minister Domański presented Poland’s strategy for exiting the excessive deficit procedure, which Poland was subject to this year, paying particular attention to military expenditure, which is responsible for a part of the deficit of the general government sector.

    MILES AXIS

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

    MIL Translation OSI

  • MIL-OSI Security: Nine Individuals Indicted in $28 Million Illegal Opioid Distribution Conspiracy Three Doctors and a Clinic Owner Among Those Indicted

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

    An indictment was unsealed today charging nine individuals with conspiracy to illegally distribute prescription drugs, announced U.S. Attorney Dawn N. Ison.

    U.S. Attorney Ison was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson of the Federal Bureau of Investigation and Special Agent in Charge Mario Pinto, of the Department of Health and Human Services, Office of Inspector General (HHS-OIG).
    Charged in the indictment are:
    Dr. Charles Wasson, 70, Orchard Lake, MI Dr. Maurice Potts, 65, Detroit, MI
    Dr. Bruce Kaplan, 83, Commerce Township, MI
    Sharlene Dawson (aka Sharlene Crawford), 55, Detroit, MI Desiree King, 41, Sterling Heights, MI
    Lanise Gortman, 53, Warren, MI Aaron Thomas, 42, Southfield, MI Valecia Logan, 33, Detroit, MI and Antoine Arnold, 38, Mt. Clemens, MI

    The indictment alleges that from June 2021 through September 2024, Sharlene Dawson (aka Sharlene Crawford), owner of P&A Aftercare, located in Southfield, Michigan, hired Drs. Charles Wasson, Maurice Potts, and Bruce Kaplan to issue controlled substance prescriptions for a cadre of “fake” patients, without medical necessity and outside the usual course of professional medical practice, in exchange for cash payments. According to the indictment, the “fake” patients were recruited by Lanise Gortman, Aaron Thomas, Valecia Logan, and Antoine Arnold. These recruiters would fill the prescription at area pharmacies and sell the controlled substances on the street. The indictment further alleges that Desiree King ran the front office at P&A Aftercare and worked closely with the recruiters to facilitate the issuance of the controlled substance prescriptions.
    The primary prescription controlled substances illegally prescribed by the doctors named in the indictment included Schedule II controlled substances Oxycodone, Oxycodone-Acetaminophen (Percocet), and Hydrocodone-Acetaminophen (Norco). While most of the unlawful controlled substance prescriptions were paid for in cash, both controlled and non-controlled

    “maintenance” medications were billed to health care benefit programs by pharmacies. It is also alleged that billings to the Medicare and Medicaid programs for medically unnecessary prescription drug medications and maintenance medications during this conspiracy exceeded
    $20 million.

    The case was investigated by special agents of the Federal Bureau of Investigation and the Department of Health and Human Services, Office of Inspector General, and it is being prosecuted by Assistant United States Attorneys Lisandra Fernandez-Silber and Regina R. McCullough. The Eastern District of Michigan is one of the twelve districts included in the Opioid Fraud Abuse and Detection Unit, a Department of Justice initiative to combat the opioid epidemic.

    An indictment is only a charge and is not evidence of guilt. Each defendant is entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.
     

    MIL Security OSI –

  • MIL-OSI Security: One of the Largest Methamphetamine Distributors in New England Sentenced to 23 Years in Prison

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Defendant believed to be responsible for distributing more than 660 pounds of methamphetamine over the course of six months

    BOSTON – The leader of a nationwide drug trafficking ring has been sentenced in federal court in Boston. During the investigation over 160 pounds of pure methamphetamine, as well as an AK-47, a Glock with no serial number, two loaded Smith & Wesson handguns and over 4,200 rounds of ammunition were seized. An illegal marijuana grow operation with hundreds of marijuana plants was also dismantled.

    Reshat Alkayisi, 63, a Turkish national residing in Covington, R.I., was sentenced on Sept. 17, 2024 by U.S. District Court Judge Nathaniel M. Gorton to 23 years in prison to be followed by five years of supervised release. In April 2024, Alkayisi pleaded guilty to five counts of a second superseding indictment, charging him with conspiracy to distribute and to possess with intent to distribute 500 grams or more of methamphetamine; possession of a firearm in furtherance of a drug trafficking offense; money laundering conspiracy; and two counts of money laundering. 

    “This defendant was one of the largest methamphetamine distributors in New England, whose massive drug operation fueled addiction and devastation across our communities. He is now going to pay a very heavy price for the havoc he wreaked across Massachusetts. This sentencing sends a powerful message to anyone engaged in pumping deadly narcotics onto our streets,” Acting United States Attorney Joshua S. Levy. “As demonstrated by this prosecution, the dedicated prosecutors and law enforcement partners will be relentless in our efforts to disrupt and dismantle drug trafficking operations and ensure that individuals like Mr. Alkayisi are held accountable.”

    “Reshat Alkayisi was the leader of a nationwide drug trafficking organization that pushed massive amounts of methamphetamine onto New England streets, and profited from the pain and misery of others,” said Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “Thankfully, this 23-year sentence officially puts his 24/7 operation, protected in part by illegal firearms, including an AK-47, out of business. Operation Ice Cats is an example of how the FBI and our partners are hard at work dismantling dangerous trafficking operations as we work to make our communities safer.”

    “DEA stands committed to keeping highly addictive drugs like methamphetamine off the streets of Massachusetts,” said Acting Special Agent in Charge Stephen Belleau, Drug Enforcement Administration, New England Field Division. “This substantial sentence not only holds Mr. Alkayisi accountable for his crimes but serves as a warning to those traffickers who are contributing to the drug crisis in New England and throughout America. This investigation demonstrates the strength of collaborative law enforcement efforts and our strong partnership with the U.S. Attorney’s Office.”

    In late 2020, Alkayisi was identified as a large-scale methamphetamine trafficker, who distributed multi-pound quantities to distributor customers throughout the New England area. Between October 2020 and April 2021, 12 controlled purchases of methamphetamine were made from the drug trafficking organization—two of which were delivered personally by Alkayisi and one that was negotiated with Alkayisi and delivered by a co-conspirator. 

    Intercepted communications revealed that Alkayisi supplied multiple distributor customers with supplier quantities of pure methamphetamine. Alkayisi also regularly bragged to these distributors about quality of his methamphetamine, saying, “You’re gonna get nice, big crystals,” and “Ur contacts should b happy with the size of product.” Alkayisi also operated a large-scale marijuana grow out of his Rhode Island residence, including while on probation for a state conviction for unlawful marijuana distribution.

    Alkayisi typically charged his distributor customers $5,000 to $6,000 per pound of methamphetamine and utilized multiple methods to conceal the nature of these proceeds. These included paying the bail of his distributors, structuring cash deposits to avoid reporting requirements, utilizing peer-to-peer transfers and purchasing vehicles with cash. Alkayisi also created and utilized a shell company to launder his proceeds and recruited and directed others, including his wife, to launder his drug proceeds for him.

    On June 1, 2021, four packages were seized containing a total of approximately 100 pounds of 100% pure methamphetamine that were picked up on behalf of Alkayisi from a UPS store in Rhode Island. Each of the boxes were addressed to Alkayisi’s shell company, which he used to launder his drug proceeds. 

    On June 25, 2021, another package was seized, destined for Alkayisi that contained approximately 30 pounds of 100% pure methamphetamine. In total, approximately 160 pounds of methamphetamine was seized throughout the investigation from controlled purchases, motor vehicle stops and package seizures.

    During a search of Alkayisi’s residence in Rhode Island, an AK-47 assault rifle, a Glock handgun with no serial number, over 4,200 rounds ammunition and over $23,000 cash were also seized. Additionally, numerous electronics, including a computer that contained a ledger documenting Alkayisi’s methamphetamine sales for January through June of 2021 was seized. Based on the ledger, as well as the seizures, Alkayisi was responsible for over 660 pounds of methamphetamine over the course of six months. Law enforcement also located his large unlawful marijuana grow operation with hundreds of marijuana plants in all stages of production for distribution. 

    Alkayisi is the seventh defendant to be sentenced in the case. All remaining defendants have pleaded guilty and are awaiting sentencing.

    Acting U.S. Attorney Levy, FBI SAC Cohen and DEA Acting SAC Belleau made the announcement. Valuable assistance was provided by the Massachusetts, Rhode Island, New Hampshire and Maine State Police; Massachusetts Department of Correction; Norfolk County Sherriff’s Office; and Concord, Hudson, Peabody, Reading, Watertown and Waltham Police Departments. Assistant U.S. Attorneys Alathea Porter and Katherine Ferguson of the Criminal Division are prosecuting the case.

    This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    MIL Security OSI –

  • MIL-OSI USA News: Remarks as Prepared for Delivery by First Lady Jill  Biden at an Event to Launch Partnership for a Lead-Free  Future

    Source: The White House

    New York City, New York

    Thank you.

    It’s great to be with so many world leaders, your Excellencies from Malawi, the Dominican Republic, and Nepal.

    Director General of the World Health Organization and President Banga of the World Bank, I’m glad to see you both again. And I appreciate your support of this new coalition.

    I’m also grateful to Open Philanthropy, which has been at the forefront of the fight against lead poisoning in children for many years.

    To Cathy Russell and Administrator Power: thank you for inviting me to join you today.

    Cathy and I have known each other for decades. Beyond the causes we both care so deeply about—from expanding opportunities for women to protecting and lifting up children—I’m grateful for our friendship. You and the team at UNICEF take on some of the world’s toughest challenges and you make a difference in every life you touch. Thank you.

    And Samantha Power, Joe’s intrepid Administrator of USAID, I am inspired by all that you do. The only thing greater than your determination to tackle humanitarian challenges around the world is your optimism for creating a healthier, safer, brighter future for people everywhere.

    Several years ago, I traveled to Jordan.

    There, I met Ms. Maha, a principal of an all-girls’ school.

    More and more families were arriving to her community from Syria after fleeing violence. And Ms. Maha’s school was already at capacity.

    One day, a mother showed up, desperate to enroll her daughter.

    The mother had tried and been turned away at so many other schools.

    So, with tears in her eyes, she pleaded with Ms. Maha to find a place for her daughter.

    Ms. Maha loves her students. And she said, “I think love is giving as much as you can.”

    So she made a promise.

    Send your daughter to class with a chair, and she can enroll.

    In the days that followed, more and more young girls showed up—carrying any chair they could find—so they could go to school and learn.

    As educators, we don’t sit with problems.

    We solve them.

    I saw this in the classrooms I visited in rural Malawi.

    The teachers found inventive ways for their students to learn through songs, rhythm, and repetition.

    Even from my own experience, like four years ago, when the pandemic hit and schools in the United States went silent.

    Overnight, educators had to learn how to use Zoom and reimagine lesson plans so we could reach our students.

    Our world is full of complexities and conflicts.

    But for the problems we can solve we can’t hesitate.

    In Principal Maha’s words: We must give as much as we can.

    Every year, the United Nations General Assembly meets to recognize our shared challenges and to find ways to overcome them.

    Right now, around the world, parents give their children toys so they can learn and play.

    They prepare meals with everyday cookware to keep their family fed.

    All the while, dangerous amounts of lead seep into their lives.

    And the consequences are irreversible.

    These children will never reach the full potential they were born with because lead poisoning is so pervasive.

    But it’s a problem we can solve.

    I’m proud that this new partnership is committing more than $150 million, which will jumpstart efforts to end childhood lead exposure in developing countries.

    This funding is 10 times more than what’s been spent annually on this problem to date.

    And it has a coalition behind it: Partners—from governments to industry to advocates—who will phase out lead from everyday products, enforce safe standards, and create a lead-free future for every child.

    Through the Partnership for a Lead-Free Future, UNICEF and USAID believe we can end childhood lead poisoning by 2040.

    Education is my life’s work.

    And I often think of what leaders might learn from teachers, who know that the future isn’t some far off place.

    It’s right before them, in their students who are striving to learn and grow. 

    Teachers who don’t stop at problems, they push through.

    Teachers who love what they do. And love is giving as much as you can.

    Children will reach for the promise that resides within them—if we do our part, everything we can, to break down the barriers in their way.

    It’s going to take all of us, pulling up chairs and joining this coalition to end lead poisoning.

    That future is within our grasp.

    Let’s reach for it, together.

    ###

    MIL OSI USA News –

  • MIL-OSI USA News: U.S.-UAE Joint Leaders’ Statement Dynamic Strategic  Partners

    Source: The White House

    His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and President Joseph R. Biden Jr. met today at the White House during an official visit of His Highness President Sheikh Mohamed bin Zayed to the United States.  The visit is the first-ever by a President of the United Arab Emirates to Washington and marks the leaders’ fourth bilateral meeting in the Biden-Harris Administration.  The leaders affirmed the enduring U.S.-UAE strategic and defense partnership, bolstered areas of deepening cooperation in advanced technology and investments, and discussed global and regional matters.  The leaders pledged to pursue new opportunities to strengthen their economic and defense partnership; promote peace and stability across the Middle East and wider region; and deliver global leadership on issues of shared importance.  The five decades of U.S.-UAE ties and friendship are rooted in a strong foundation of close collaboration that has underpinned our countries’ prosperity and security. 

    The leaders welcomed the significant progress between the United Arab Emirates and the United States during their tenure through cooperation in building trusted technology ecosystems, the Partnership for Global Infrastructure and Investment (PGI), the U.S.-UAE Partnership for Accelerating Clean Energy (PACE) initiative, and the Economic Policy Dialogue (EPD), all of which serve to uplift economic and trade ties between the two countries. 

    On particular issues of discussion:

    Dynamic Strategic Partnership: Trade and Advanced Technology

    Our countries’ strong foundation of partnership is reflected in our close alignment on key economic objectives and in the excellence of our private sectors that generate more than $40 billion of bilateral trade annually and an access of $26 billion of U.S. exports to the UAE.  The Leaders charted an ambitious course for the United Arab Emirates and the United States to lead global efforts to develop and expand new fields central to the global economy, particularly in advanced technologies and the clean energy required to power Artificial Intelligence.

    They welcomed the partnership between Microsoft and UAE’s Group 42 (G42) through Microsoft’s $1.5 billion investment in April 2024.  This investment is accelerating joint AI development to bring advanced AI and digital infrastructure to countries in the Middle East, Central Asia, and Africa.

    The leaders further welcomed Microsoft and G42’s ongoing digital transformation in Kenya, which will leverage 1GW of geothermal energy to power data-centers to enable the deployment of cloud infrastructure and AI services for the public sector and regulated industries as well as enterprises.  Further, the partnership will support the development of local Large Language Models and the establishment of an East African Innovation Lab.  Additionally, the partnership hopes to encourage international and local connectivity investments, and collaboration with the government of Kenya to enable digital transformation programs across East Africa.

    These initiatives mark the beginning of our partnership and investments in the responsible deployment of advanced technologies, clean energy, and frontier technologies that will be the engine that powers our interconnected world.

    To meet the promise of this transformational moment and harness the potential of leading-edge technologies to improve human welfare globally, President Biden and His Highness President Sheikh Mohamed bin Zayed welcomed the Common Principles for Cooperation on AI, endorsed today by National Security Advisor Jake Sullivan and UAE National Security Advisor Tahnoon bin Zayed, and through which the United States and the United Arab Emirates aim to further strengthen cooperation, develop regulatory frameworks, promote the safe and trusted deployment of critical and emerging technologies, and enable enhanced support for joint private-public sector research and academic exchanges.  

    Building on our collaboration in the field of advanced technology, this partnership incorporates safeguards to protect the national security of both countries, enable trusted investments and entrepreneurship, and facilitate cross-border innovation, while creating jobs and facilitating the protection of advanced U.S. technologies and respect for international principles, best practices, and human rights.  Moving forward, the leaders decided to promote the expansion of relationships among scientific, academic, and research and development communities. 

    Strengthening Critical Infrastructure and Supply Chain Resiliencies

    The leaders reviewed progress on efforts to build a more interconnected, integrated world in committing to secure and resilient supply chains through the Partnership for Global Infrastructure and Investment (PGI). 

    His Highness President Sheikh Mohamed bin Zayed and President Biden discussed progress on the landmark India-Middle East-Europe Economic Corridor (IMEC) launched at the 2023 G20 Leaders’ Summit in New Delhi together with the leaders of India, Saudi Arabia, France, Germany, Italy, and the European Union.  The leaders reaffirmed that the corridor – connecting India to Europe by ship-to-rail connections through the United Arab Emirates, Saudi Arabia, Jordan, Israel, and Europe through Greece – will generate economic growth, incentivize new investments, increase efficiencies and reduce costs, enhance economic unity, generate jobs, lower greenhouse gas emissions, and enable the transformative integration of Asia, Europe, and the Middle East. 

    They underscored that this transformative partnership has the potential to usher in a new era of international connectivity to facilitate global trade, expand reliable access to electricity, facilitate clean energy distribution, and strengthen telecommunication. The two leaders emphasized the importance of joint initiatives to promote a circular economy, reduce waste, facilitate recycling, and advance sustainable practices, underscoring their commitment to innovation for resource efficiency and environmentally responsible growth.

    The leaders also reaffirmed their commitment to continue their efforts with international partners and the private sector to connect the continents to commercial hubs and facilitate the development and export of clean energy; support existing trade and manufacturing synergies; strengthen food security and supply chains; and link energy grids and tele-communication lines through undersea cables to expand access to electricity, enable innovation of advanced clean energy technology, and connect communities to secure and stable internet.

    The leaders additionally discussed the importance of ongoing efforts to cooperate on strategic investments in hard infrastructure and critical minerals-supply chains in Africa and emerging markets globally.  These investments aim to diversify sourcing of critical minerals that are essential components to clean energy and advanced technologies, including batteries, wind turbines, semiconductors, and electric vehicles.  President Biden recognized the United Arab Emirates’ leadership in strategic investments globally to ensure reliable access to critical infrastructure including, ports, mines, and logistics hubs through the Abu Dhabi Investment Authority, the Abu Dhabi Developmental Holding Company, Abu Dhabi Ports, and DP World. 

    Both leaders committed to remain in close touch on future investment opportunities and maintain cooperation on strategic investments.  

    The leaders additionally highlighted that the U.S.–UAE 123 Agreement, which provides a comprehensive framework for peaceful nuclear cooperation based on a mutual commitment to nuclear nonproliferation, is the “gold standard” for securing and propelling the next generation of technologies.

    Partnering to Protect our Planet Through the Clean Energy Transition

    The leaders underscored the importance of U.S.-UAE leadership at COP28, which galvanized world leaders to take action and address the climate crisis.  President Biden thanked His Highness President Sheikh Mohamed bin Zayed for his extraordinary commitment that was central to the groundbreaking outcomes at COP28 in Dubai resulting in the UAE Consensus. 

    The two leaders recognized that this moment represents a unique opportunity to create sustainable and clean energy jobs, revitalize communities, improve quality of life, and power digital infrastructure with renewable energy across both countries and around the globe.  In this context, the two leaders affirmed their shared commitment to protecting our precious planet and securing a sustainable future for humanity through united leadership across various platforms, including the upcoming COP29 and beyond, which will serve to advance climate action and strengthen global partnerships.

    The two leaders expressed their determination to leverage visionary initiatives, including the Partnership for Accelerating Clean Energy (PACE), the Agricultural Innovation Mission for Climate (AIM4C), the First Movers Coalition, the Net Zero Producers Forum, the Global Methane Pledge, Carbon Management Challenge, the Oil and Gas Decarbonization Charter (OGDC), the Industrial Transition Accelerator (ITA), the Global Biofuels Alliance, and Global Flaring and Methane Reduction (GFMR) Trust Fund; and encourage commercial partnerships to decarbonize our energy systems, reduce emissions in pursuit of a net zero economy, and deliver prosperity to future generations. 

    President Biden and His Highness President Sheikh Mohamed bin Zayed reaffirmed their strong commitment to collaborate on sustainability and climate resilience, emphasizing their commitment to addressing global challenges through innovative solutions. The two leaders underscored their joint efforts in advancing agri-tech and vertical farming innovations, key drivers in enhancing food security for future generations. They highlighted ongoing cooperation in humanitarian initiatives aimed at addressing food insecurity in vulnerable regions, particularly through agricultural development and capacity building in climate affected areas. Recognizing the impact of climate change on public health, the leaders emphasized the need to integrate health resilience into comprehensive climate action strategies.

    President Biden also congratulated the United Arab Emirates on its many successes in its two Years of Sustainability (2023-2024), including the recent announcement on co-hosting the next UN Water Conference in 2026 with Senegal, noting the critical importance of accessible and affordable clean water to all; and its significance within various sectors in the clean energy transition, addressing climate change, and the sustainable development agenda.

    Partnership to Accelerate Clean Energy (PACE)

    Under the U.S.-UAE Partnership to Accelerate Clean Energy (PACE) initiative, the United States and the UAE are announcing several initiatives that will continue our efforts to ensure a swift and smooth transition towards clean energy. The United States and United Arab Emirates remain committed to investing together in Africa and working to end energy poverty across sub-Saharan Africa.  Today, the UAE-based Averi Finance and AMEA Power are both private sector partners under the U.S.-led Power Africa Initiative, joining an existing partnership with UAE-based company Phanes. As private sector partners, these firms will be offered tailored assistance from transaction advisors and technical experts and can benefit from services offered by participating U.S. government departments and agencies.

    To support the Power Africa initiative, Averi Finance intends to facilitate $5 billion in investments, build 3GW of power generation projects, construct over 3,000 kilometers of transmission or distribution lines, establish over 500,000 new home and business connections, and aim for a CO2 equivalent reduction or avoidance of 90 million tons.  AMEA Power and Power Africa have recently entered into a partnership to accelerate power projects.  AMEA Power is targeting 5GW of renewable energy capacity in Africa by 2030, and to realize this target, intends to mobilize $5 billion in capital. 

    Additionally, under PACE, ADNOC has announced a 35 percent stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas.  This facility aims to produce up to approximately 900,000 tons of low-carbon ammonia per year, enabling the transition to cleaner fuels in hard-to-abate sectors.  Plynth Energy – a recently established Abu Dhabi government-owned early-stage fund focused on fusion technologies and supply chains – invested in the U.S. company Zap Energy, which plans to build scalable and commercially-viable fusion energy.  This investment will help fund the further development of Zap Energy’s small-format commercial fusion technology. Zap Energy is a participant in the U.S. Department of Energy’s (DOE) Milestone-Based Fusion Development Program, and will receive DOE funding based on reaching development milestones to support the design of a fusion pilot plant.

    Lastly, as two of over 155 participants in the Global Methane Pledge, the U.S. and the UAE will accelerate their respective domestic methane reductions, work together to support countries undertaking methane abatement, and call on others to do the same by advancing methane reduction projects, strengthening methane standards and regulations, addressing methane super emitter events, and identifying appropriate financing for methane reduction.

    Partners in Space Exploration

    As founding nation members of the Artemis Accords, His Highness President Sheikh Mohamed bin Zayed and President Biden reinforced the U.S. and UAE’s groundbreaking cooperation in space, the future of human exploration, and our shared interest in deepening our understanding of the universe. 

    The leaders recalled the role of this partnership in the historic launch of the first Arab probe to Mars, the Hope Probe in 2021, and the resulting and ongoing global scientific collaboration and contribution to the study of Mars’ atmosphere.  This strategic partnership in deep space missions is further exemplified by the UAE Space Agency’s announcement of the Emirates Mission to the Asteroid Belt, the first multi-asteroid tour and landing mission to the main belt, with the partner, Laboratory for Atmospheric and Space Physics at the University of Colorado Boulder.

    The leaders highlighted the January 2024 Mohammed bin Rashid Space Center agreement with NASA for the Center to provide an airlock for Gateway, humanity’s first space station to orbit the Moon supported by NASA’s missions for long-term Moon exploration under the Artemis Program.  The airlock will allow crew and equipment transfers to-and-from the habitable environment of Gateway’s pressurized modules to the vacuum of space.  This agreement will also enable the first Emirati astronaut to fly to the Gateway for joint exploration of the Moon. 

    This cooperation builds on NASA and the UAE’s previous human spaceflight collaboration.  In 2019, Hazaa Al Mansouri became the first Emirati astronaut to fly to space during a visit to the International Space Station (ISS), where he worked with NASA to perform experiments and educational outreach.  A second Emirati astronaut, Sultan Al Neyadi, launched to the ISS in 2023, where he participated in the floating laboratory’s scientific research to advance human knowledge and improve life on Earth.  The leaders welcomed continued training of astronauts, including two Emirati astronaut candidates in training at the Johnson Space Center, as well as ongoing work on Mars research and scientific studies to support mutual exploration goals.

    Sharing the common spirit and ambition of humanity’s journey in space, the leaders reaffirmed the principles of the Artemis Accords to explore and use outer space for peaceful purposes and usher in a new era of exploration, as well as obligations under the Outer Space Treaty, including the requirement that countries not place in orbit around the Earth any objects carrying nuclear weapons or any other kind of weapons of mass destruction.

    Partners in Security and Defense

    His Highness President Sheikh Mohamed and President Biden praised the strong security and defense partnership with the UAE.  President Biden strongly affirmed the United States’ commitment to the United Arab Emirates’ security and territorial defense, and to facilitating its ability to obtain necessary capabilities to defend its people and territory against external threats.  The leaders reaffirmed their commitment to a strong bilateral security and defense relationship and to expanding defense and security cooperation to bolster joint defense capabilities against external threats, including through the Department of Defense’s State Partnership Program.

    The leaders affirmed a shared vision of an interconnected, peaceful, tolerant, and prosperous region as outlined by President Biden during the GCC+3 Summit Meeting in Jeddah, Saudi Arabia, on July 16, 2022.  They reviewed the proud legacy of standing shoulder-to-shoulder, in peace and in conflict, including the UAE’s support for American-led counterterrorism missions since the attacks in New York, Pennsylvania, and Washington on September 11, 2001, to deter threats, de-escalate conflicts, and reduce tensions globally.  Specifically, the leaders recalled the United States and the United Arab Emirates standing alongside each other in the global coalition against Da’esh, and prior conflicts: Somalia, the Balkans, Iraq, Afghanistan, and Libya.

    The leaders reviewed ongoing initiatives and investments in advanced systems that have made the United Arab Emirates one of the most capable U.S. military partners in the region, in addition to a robust schedule of bilateral and multilateral exercises.  They underscored the importance of strengthening efforts to combat regional threats, advance counterterrorism initiatives, reinforce maritime security and counter-piracy efforts, increase security cooperation, and intercept illicit shipments of weaponry and technology. 

    The leaders discussed deepening investment in U.S. defense systems and acknowledged that military-to-military cooperation with the United Arab Emirates’ armed services helps ensure interoperability with the United States through the provision of advanced defense articles and services.  They further decided to explore potential investment in our most advanced defense systems and to maintain regular exchanges to deepen partnership in research and development. 

    The leaders reaffirmed the 2017 Defense Cooperation Agreement, an important step for both countries that underscored their vital and longstanding collaboration in defeating terrorist groups, such as Da’esh and al-Qaida, securing regional stability, and combatting threats against their common interests including terrorist financing.  They underscored the importance of the annual Joint Military Dialogue as the foremost bilateral defense forum for advancing the U.S.-UAE defense partnership, including reviewing shared security interests, as well as discussing strategic objectives for the relationship and challenges in the region, such as maritime security, counter-piracy, counterterrorism cooperation, and domain awareness in the Middle East, the Indian Ocean, and East Africa.  They further noted the recognition by the Security Council in Resolution 2686 that hate speech, racism, racial discrimination, xenophobia, related forms of intolerance, gender discrimination and acts of extremism can contribute to driving the outbreak, escalation and recurrence of conflict.   

    Designation as a Major Defense Partner of the United States

    Acknowledging the U.S. and UAE’s deepening security partnership and cooperation in advanced technology and acquisition, shared interest in preventing conflict and de-escalation, President Biden today recognized the United Arab Emirates as a Major Defense Partner of the United States, joined by only India, to further enhance defense cooperation and security in the Middle East, East Africa, and the Indian Ocean regions.  This unique designation as a Major Defense Partner will allow for unprecedented cooperation through joint training, exercises, and military-to-military collaboration, between the military forces of the United States, the UAE, and India, as well as other common military partners, in furtherance of regional stability.

    Both leaders committed to close and sustained cooperation among our militaries. 

    Partners in a Stable, Integrated, and Prosperous Middle East and Wider Region

    The leaders stressed the importance of reaching a peaceful solution to the dispute over the three islands, Greater Tunb, Lesser Tunb, and Abu Musa, through bilateral negotiations or the International Court of Justice, in accordance with the rules of international law including the UN Charter.

    The leaders discussed persisting and emerging threats to peace and stability in the Middle East and the wider region.  They renewed their commitment to upholding international law, particularly international humanitarian law, work with parties to resolve conflicts and protect civilians, and to provide urgently needed aid to alleviate human suffering.  They reiterated the importance of sustainable and enduring solutions to the security threats in the region, including those posed by non-state terrorist actors.  They discussed the enduring importance of the Abraham Accords and continuing on the path of peace, integration, and prosperity in the region.

    The leaders discussed the war in Gaza. They underscored their commitment to continue working together towards ending the conflict, calling for a lasting and sustainable ceasefire and the release of hostages and detainees in accordance with the United Nations Security Council Resolution (UNSCR) 2735, and affirmed that all sides to the conflict must adhere to their obligations under international humanitarian law. President Biden commended the UAE’s extraordinary humanitarian efforts in Gaza, which have been critical in addressing the humanitarian crisis, including through the launch of a maritime corridor for movement of aid, opening a field hospital in Gaza, and supporting evacuations of wounded civilians and cancer patients.

    The two leaders emphasized the ongoing need for the urgent, unhindered, and sustained delivery of life-saving humanitarian assistance, at a scale commensurate with the growing needs among the civilian population throughout Gaza.  They called on all parties to ensure the safety, security, and sustained access of aid workers to all those in need, and to create the conditions needed to facilitate an effective humanitarian response in Gaza.

    His Highness President Sheikh Mohamed commended the mediation efforts by the United States, along with Egypt and Qatar, to reach a lasting and sustainable ceasefire and hostage release deal to help end the war in Gaza.  His Highness also echoed the principles laid out by President Biden on May 31, 2024, and stressed the importance of building on this proposal in order to create a serious political horizon for negotiation.  To that end, the leaders discussed a path to stabilization and recovery that responds to the humanitarian crisis, establishes law and order, and lays the groundwork for responsible governance.  The leaders expressed their commitment to the two-State solution, wherein a sovereign and contiguous Palestinian state lives side-by-side in peace and security with Israel, as the only way to resolve the Israeli-Palestinian conflict in accordance with the internationally-recognized parameters and the Arab Peace Initiative.  They stressed the need to refrain from all unilateral measures that undermine the two-State solution, and to preserve the historic status quo of Jerusalem’s holy sites, recognizing the special role of the Hashemite Kingdom of Jordan in this regard.

    On the conflict in Sudan, the leaders expressed their deep concern over the tragic impact the violence has had on the Sudanese people and on neighboring countries.  Both leaders expressed alarm at the millions of individuals who have been displaced by the war, the hundreds of thousands experiencing famine, and the atrocities committed by the belligerents against the civilian population.  They stressed that there can be no military solution to the conflict in Sudan and underscored their firm and unwavering position on the imperative for concrete and immediate action to achieve a lasting cessation of hostilities, the return to the political process, and transition to civilian-led governance.

    Both leaders reaffirmed their shared commitment to de-escalate the conflict, alleviate the suffering of the people of Sudan, ensure humanitarian assistance reaches the Sudanese people, and prevent Sudan from attracting transnational terrorist networks once again. Noting their shared concern about the risk of imminent atrocities, particularly as fighting continues in Darfur, they underscored that all parties to the conflict must comply with their obligations under international humanitarian law, and all individuals and groups that commit war crimes must be held accountable.  The leaders emphasized that the priority right now must be the protection of civilians, particularly women, children and the elderly, securing humanitarian pauses in order to scale up and facilitate the movement of humanitarian assistance into the country and across conflict lines, and ensuring the delivery of aid to those in need, especially to the most vulnerable.

    Partners in Cyberspace

    The leaders emphasized that safety and stability in cyberspace is critical for digital economic growth and development, and reaffirmed their commitment to an open, interoperable, secure, and reliable internet, underpinned by the multistakeholder model of internet governance. 

    They committed to deepen cooperation on cybersecurity and to enhance cyber collaboration to protect critical infrastructure, counter malicious cyber activity by state and non-state actors, and noted that the UAE’s significant contributions to the International Counter Ransomware Initiative reflects the strength of our cooperation.  The leaders committed to promote stability in cyberspace based on the applicability of international law including the United Nations Charter, the promotion of voluntary norms of responsible state behavior during peacetime, and the development and implementation of confidence building measures between states. 

    Looking Forward

    The United States and the United Arab Emirates are both entrepreneurial nations, joined together by a relentless focus on the future.  Our aspirations are rooted in a common resolve to pursue innovative partnerships in new fields, including AI, food security, infrastructure investment, and supply chain resilience, even as we continue to strengthen the foundational element of our partnership: our longstanding people-to-people ties.  These connections between our countries drive progress and expand horizons, from clean energy technologies, to AI, defense cooperation, space exploration, and ongoing coordination across priority areas of science, education, and culture.  This first-ever official visit by a President of the United Arab Emirates to the United States sets a new foundation for our countries’ cooperation for decades to come

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Van Hollen, Shaheen, Colleagues Urge FHFA to Implement Stronger Energy Efficiency Standards for New Federally-Backed Homes

    US Senate News:

    Source: United States Senator for Maryland Chris Van Hollen
    September 23, 2024
    Today, U.S. Senators Chris Van Hollen (D-Md.) and Jeanne Shaheen (D-N.H.) were joined by Senators Cory Booker (D-N.J.), Martin Heinrich (D-N.M.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.) in writing to Federal Housing Finance Agency (FHFA) Director Sandra Thompson urging the Agency to set a minimum energy efficiency standard for new homes built using loans backed by government-sponsored enterprises, such as Fannie Mae, Freddie Mac, and Ginnie Mae. In response to a question from Senator Van Hollen during a Senate Banking, Housing, and Urban Affairs Committee hearing earlier this spring, Director Thompson suggested that FHFA would do so this summer – but it has not yet taken such action. In their letter, the Senators ask Director Thompson for an updated timeline for a decision, while calling on FHFA to act swiftly in order to improve home energy efficiency and ultimately save money for American homeowners and renters.
    “We are writing to urge the Federal Housing Finance Agency (FHFA) to phase in a minimum energy efficiency standard for Enterprise-backed mortgages on new homes. Such a standard would save homeowners and renters money and make the housing market more consistent and stable,” the Senators began. “When asked at a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs last April, you indicated an intention to make a decision about this potential action on or about the end of the second quarter. As we are now rapidly approaching the end of the third quarter, we respectfully request an update on your intended timeline for a decision and for the Enterprises to begin implementation.”
    Outlining the benefits of a minimum energy standard, they wrote, “Aligning new home energy standards with updated model codes will save money for homeowners and renters across the country. HUD and USDA found that the increased initial costs of construction are more than made up for by lower monthly energy costs. […] Beyond these financial benefits, updated codes help save lives by protecting families from the impacts of extreme weather events, particularly utility outages during heat waves and cold snaps. Updated energy codes can also yield better indoor air quality and reduce exposure to pollutants that can have negative health impacts including asthma, heart disease and lung cancer.”
    “This year is an ideal time for FHFA to make these changes. The Bipartisan Infrastructure Law and Inflation Reduction Act provided over $1.2 billion of federal funding to help states and localities update their building codes. Already, multiple state and local governments, as well as HUD and USDA have adopted the updated building codes,” they Senators continued.
    They concluded, “We urge you to move quickly to adopt modern energy standards for new homes utilizing Enterprise-backed mortgages to align with other federally backed housing construction, and ask you for an update on your timeline for taking this action. These standards will support a stable, efficient housing market by reducing wasted energy, improving health outcomes, and lowering costs for both renters and homeowners across the country.”
    This letter is supported by Americans for Financial Reform, Rocky Mountain Institute, and the National Electrical Manufacturers Association.
    The full text of the letter is available here and below.
    Dear Director Thompson:
    We are writing to urge the Federal Housing Finance Agency (FHFA) to phase in a minimum energy efficiency standard for Enterprise-backed mortgages on new homes. Such a standard would save homeowners and renters money and make the housing market more consistent and stable. When asked at a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs last April, you indicated an intention to make a decision about this potential action on or about the end of the second quarter. As we are now rapidly approaching the end of the third quarter, we respectfully request an update on your intended timeline for a decision and for the Enterprises to begin implementation.
    FHFA has the opportunity to match or exceed the standards recently adopted by the Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA) for their residential mortgage programs. This action would support consistency and further the expansion of resilient, energy-saving construction practices across the housing market.
    Your authority to take this action is clear from Public Law 110-289, the Housing and Economic Recovery Act of 2008, as well as from other actions FHFA and the government-sponsored enterprises have undertaken in alignment with their missions and obligations. Freddie Mac’s research has found that energy efficiency improvements can reduce risks associated with mortgage-backed securities, in part due to better resale values. Research also suggests that during major economic disruptions, energy efficiency may reduce mortgage defaults.
    Aligning new home energy standards with updated model codes will save money for homeowners and renters across the country. HUD and USDA found that the increased initial costs of construction are more than made up for by lower monthly energy costs. For a typical home purchased with a 30-year mortgage, energy bill savings more than make up for small increases to down payments and monthly mortgage payments. High-performance homebuilders and multifamily property developers in diverse markets have found the incremental up-front costs of at- or above-code performance to be closer to 1% or, in some cases, negative.
    Beyond these financial benefits, updated codes help save lives by protecting families from the impacts of extreme weather events, particularly utility outages during heat waves and cold snaps. Updated energy codes can also yield better indoor air quality and reduce exposure to pollutants that can have negative health impacts including asthma, heart disease and lung cancer.
    This year is an ideal time for FHFA to make these changes. The Bipartisan Infrastructure Law and Inflation Reduction Act provided over $1.2 billion of federal funding to help states and localities update their building codes. Already, multiple state and local governments, as well as HUD and USDA have adopted the updated building codes.
    When energy codes raise the floor on building performance, 45L tax incentives for builders to achieve certifications – such as ENERGY STAR® for Residential New Construction and Zero-Energy Ready Homes (ZERH) – frequently mean that the smartest path for developers is to build to these higher standards. ZERH homes use about 40% less energy than a typical home, opening the door to Greenhouse Gas Reduction Fund financing, green MBS opportunities, and – most importantly – even cleaner air, lower bills, and more secure housing for households nationwide. If FHFA also requires updated building codes, it will reduce or eliminate the need for developers to understand numerous different codes.
    In summary, we urge you to move quickly to adopt modern energy standards for new homes utilizing Enterprise-backed mortgages to align with other federally backed housing construction, and ask you for an update on your timeline for taking this action. These standards will support a stable, efficient housing market by reducing wasted energy, improving health outcomes, and lowering costs for both renters and homeowners across the country.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Union Minister of Communications and Development of North Eastern Region Shri Jyotiraditya M. Scindia addresses a press conference in New Delhi today on the significant achievements of the first 100 days of Ministry of Development of North Eastern Region

    Source: Government of India

    Union Minister of Communications and Development of North Eastern Region Shri Jyotiraditya M. Scindia addresses a press conference in New Delhi today on the significant achievements of the first 100 days of Ministry of Development of North Eastern Region

    Increase of around 314% in expenditure from ₹24819 Cr in FY 2014-15 to ₹1,02,749.46 Cr in FY 2023-24 by 54 Central Ministries to NER

    Increase of Around 152% In Budget Allocation for DoNER Ministry From ₹2,332 Cr  (FY 2014-15) To ₹5,892 Cr (FY 2023-24)

    In Comparison To Period 2009-2014, A 384% Increase in Average Annual Budget Allocation  under Railways Totaling ₹9,970 Cr (FY 2023-24). 1,909 Km Increase in Railway Tracks

    In 100 days 6 Projects worth ₹419.13 Cr have been sanctioned including  for establishing  a State Cancer Institute at Itanagar, Arunachal Pradesh under PM-DevINE

    Policy reforms for simplification of Scheme Guidelines and Streaming of release of funds

    Posted On: 23 SEP 2024 9:44PM by PIB Delhi

    Union Minister of Communications and Development of North Eastern Region  Shri JyotiradityaScindia addressed a press conference in New Delhi today on the important initiatives, decisions and achievements of the last ten years and first 100 days  of the third term of Prime Minister Shri Narendra Modi.

    On this occasion,  Union Minister Shri JyotiradityaScindia launched the ‘EkPedMaaKeNaam’ mobile application along with Union MoS for Department of Telecommunications, Dr. Pemmasani Chandra Sekhar. This campaign, launched on World Environment Day, 2024, encourages citizens to plant trees to honour their mothers, promoting nationwide environmental awareness and action. By leveraging technology, this  app empowers individuals to contribute to a greener India, fostering a culture of sustainability and community engagement.

     

     

    Addressing the media persons, Union Minister highlighted   the development activities in North Eastern Region by various Ministries/Department of Government of India. He informed that more than ₹5 lakh Cr  has been allocated in NER under 10% Gross Budgetary Support by 54 Ministries. The expenditure in NER has increased from ₹24819 Cr in FY 2014-15 to ₹1,02,749.46 Cr in FY 2023-24.  There is also 152% increase in Budget allocation of MDoNER from ₹2332 Cr in 2014-25 to Rs.5892 Cr in 2023-24.

     

    He said that during the  first ten years of Modi Government, there is 384% of increase in average Annual Budget Allocation of Railways  totaling ₹9970 Cr in 2023-24.  The Annual commissioning was 66.6 KM/year during 2009-2014 which has increased by 170% to   179.78 Km/Year (2014-23). There is 1,909 Km increase in Railway Tracks.19 Railway projects worth ₹81941 Cr are in different stages of execution.

    Talking about the revolutionary work done by the government in the last 10 years, he also highlighted completion of 46,296 Km Rural Roads under Pradhan Mantri Gram SadakYojana (PMGSY) with an expenditure of ₹47,279 Cr. He made a mention of laying foundation stone and inauguration of many projects in NER  by Hon’ble PM  on 9th March, 2024 including inauguration of Sela Tunnel  for all weather connectivity to Tawang. Increase in number of airports from 9 to 17 (including operationalization of 72 routes under Udan Scheme), increase in Number of National  Waterways from 1 to 20 and an expenditure of ₹21,151 Cr on education  and establishment of 843 new Schools in NER during last ten years was also mentioned by Hon’ble Minister.

    100 Days Achievements:

    • Union Minister said that the during first 100 days of Modi 3.0, MDoNER has sanctioned 6 Projects worth ₹ 419.13 Cr under PM-DevINE, including establishment of State Cancer Institute at Itanagar, Arunachal Pradesh, 3 Projects worth ₹152.6 Cr. under NESIDS (OTRI)including augmentation of Water Supply System at Namsai Township in Arunachal Pradesh and 5 Projects worth ₹ 370.16 Cr under NESIDS (Roads).

    • Union Minister has informed that guidelines of various Schemes of MDoNER have been simplified to jointly consider concept note and DPR of project proposals in one go to reduce the lead time in conceptualization and sanction of projects substantially. Financial and sectoral demarcation among the schemes of MDoNER have been rationalized and issued on 21.08.2024, to prevent duplication of sanction of projects. Funds flow process for projects sanctioned under Schemes of MDoNER/NEC  has been simplified to enable the release of funds for projects in 4 installments only.

    • MDoNER  has empanelled the Third Party Technical Inspection (TPTI) Agencies and Project Quality Monitors (PQMs) through NEDFi for inspection of ongoing projects to  strengthen the monitoring and inspection mechanism of ongoing projects sanctioned under various schemes of MDoNER.

    • Union Minister informed that  for supporting new Start-ups, Manipur Strart-up Venture Fund  with an initial corpus of Rs. 30 Crhas been initiated and two Start-ups  have received in-principle investment commitments from this fund.

    • The Ministry is organizing Ashtalakshmi Mahotsav-2024 from 6th to 8th December, 2024 at Bharat Mandapam, New Delhi to promote rich heritage, handicrafts, handloom, agri-produce and craft tourism of the North Eastern States.

    • North East Science and Technology (NEST) Cluster for innovation ecosystem: The Ministry of DoNER approved NEST on 13.8.2024, North east Science & Technology Cluster (NEST cluster) ecosystem exclusively for the North eastern Region similar to the S&T Cluster of the Office of the Principal Scientific Advisor. 4 Verticals have been approved viz. (i) Innovation Hub on Grassroots Technologies,  (ii) Technology Hub for Artificial Intelligence & Semiconductor (iii) CoE for Innovation in Bamboo based Technology, Entrepreneurial promotion & skill development and Skill Development and (iv) Innovation Centre on Biodegradable, eco-friendly Plastics & Solid-Waste Management. The objective of the NEST cluster is to identify and address the issues and challenges of the people of NER through the technological interventions for the holistic development of North Eastern Region.

    • Launch of North Eastern Region Agri-Commodity e-Connect (NE-RACE) Portal: It is a transformative step for the agricultural sector in North East, aligning with Hon’ble Prime Minister’s vision of ‘Vocal for Local’ and opening global markets to our farmers.The North Eastern Council (NEC) under the Ministry of Development of North Eastern Region (MDoNER) in collaboration with North Eastern Development Finance Corporation Limited (NEDFi) launched on 12th July 2024  a digital initiative called North Eastern Region Agri-Commodity E-Connect (NE-RACE) to provide market linkage for agricultural and horticultural products from the North Eastern Region (NER) in both fresh and processed forms. The NE-RACE digital platform is funded by NEC and is developed and managed by the NEDFi.

    • Development of various Portals – On 22nd July, 2024, a portal was launched for robust monitoring and evaluation of the projects being implemented under various scheme of Government of India’s 54 Ministries/Departments (non-exempted under 10% GBS). The said portal has been developed. All the Ministries have been sensitized through a live demo on 6th September, 2024. This portal will help in robust monitoring and evaluation of the projects being implemented under various scheme of Government of India’s Ministries/Departments. Similarly, a portal has been developed to capture the expenditure being made under the 10% GBS of the 54 non-exempted Ministries/Departments. The expenditure details monitored will be State- wise and scheme-wise by respective Ministries/Departments. The portal will capture expenditure details State wise and scheme wise therefore ensuring effective evaluation and monitoring.

    ***

    MG/PD

    (Release ID: 2058063) Visitor Counter : 31

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Advisory Firm Atom Investors, Charged with Recordkeeping Violations, Avoids Civil Penalty Because of Self-Reporting, Substantial Cooperation, and Prompt Remediation

    Source: Securities and Exchange Commission

    The Securities and Exchange Commission today announced charges against Texas-based registered investment adviser Atom Investors LP for its failure to maintain and preserve off-channel communications in violation of the recordkeeping provisions of the federal securities laws. The Commission did not impose a penalty because Atom Investors self-reported the conduct, promptly remediated the violations, and provided substantial cooperation to Commission staff in an investigation of another entity.

    According to the order, in 2021, the Commission staff issued a subpoena to Atom Investors for documents in connection with an investigation into a third party. In responding to the subpoena, Atom Investors discovered that, over a more than three-year period, it had failed to preserve records subject to the recordkeeping requirements of the federal securities laws, including records that were responsive to the Commission staff’s subpoena. This included communications by personnel at senior levels of the firm. Some of these records related to recommendations and advice to purchase or sell securities.

    “This enforcement matter highlights the risk to investors when firms don’t comply with their recordkeeping obligations: because of Atom Investors’s longstanding failures to preserve required communications, including communications by Atom Investors’s senior personnel, we were hampered in our investigation into a third party,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “At the same time, this resolution shows that the full benefits of cooperation are available in recordkeeping matters. Atom Investors’s self-reporting and prompt remedial efforts weighed heavily in the Enforcement Division’s decision to recommend that the Commission not impose a penalty, which the Commission accepted. This resolution should serve as a model for other investment advisors that are not currently in compliance with federal recordkeeping requirements.”

    The SEC’s order finds that Atom Investors violated the recordkeeping provisions of the federal securities laws. Without admitting or denying the SEC’s findings, Atom agreed to cease and desist from further violations of the securities laws and to a censure.

    The SEC’s investigation was conducted by Wendy E. Pearson and Sarah S. Nilson, assisted by Stephen Kam, and supervised by Finola H. Manvelian, all of the Los Angeles Regional Office.

    MIL OSI USA News –

  • MIL-OSI USA: United  States and United Arab Emirates Cooperation on Artificial  Intelligence

    US Senate News:

    Source: The White House
    Building on the common vision of President Joseph R. Biden, Jr. and President H.H. Sheikh Mohamed bin Zayed Al Nahyan to advance safe, secure, and trustworthy artificial intelligence (AI), U.S. Assistant to the President for National Security Affairs Jake Sullivan and UAE National Security Advisor H.H. Sheikh Tahnoon bin Zayed Al Nahyan reaffirmed the shared intention of the United States (U.S.) and the United Arab Emirates (UAE) to promote cooperation in AI and related technologies. This statement also signals our shared commitment to develop a government-to-government memorandum of understanding on AI between the U.S. and the UAE.
    Common Principles for Cooperation
    We recognize the tremendous potential of AI for good, including to accelerate economic growth, transform education and healthcare, create jobs, and drive environmental sustainability. At the same time, we acknowledge the challenges and risks of this emerging technology and the vital importance of safeguards and protections with respect to the most advanced technologies.
    Recognizing the importance for each of our nations to pursue their own national AI and advanced technologies strategies, and in order to fully realize the benefits of AI and technology, the U.S. and the UAE affirm the importance of deepening bilateral ties and strengthening cooperation between our governments, companies, and workforces.
    In particular, we intend to closely collaborate to:
    Advance Safe, Secure, and Trustworthy AI: Foster acceptance of international AI frameworks, principles, and standards to help ensure the responsible and reliable development and use of AI technologies that are explainable and equitable, that safeguard human rights and fundamental freedoms, that promote international norms, best practices, and the interoperability in AI governance.
    Align Regulatory Frameworks to Strengthen Innovation Ecosystems: Further the alignment of regulatory frameworks and rules for AI and related technologies to safeguard national security interests, enable trusted investments and entrepreneurship, and facilitate cross-border innovation, while facilitating protection of advanced technologies and respect for international principles and best practices
    Promote Ethical AI Research and Development: Conduct ethical AI research and development by prioritizing research addressing bias, discrimination, and ensuring fairness in AI algorithms.
    Broadening and Deepening Cooperation in AI Protection and Cybersecurity: Promote an open, interoperable, secure, and reliable cybersecurity environment and cyber incident response strategies that foster efficiency and resilience of critical infrastructure, whilst managing related emerging technology risks.
    Facilitate Opportunities for Trusted Trade and Investment: Support and facilitate bilateral investment and efficient licensing to seize opportunities for developing robust and secure AI infrastructure.
    Talent Development and Exchange: Foster talent development to facilitate knowledge exchange and development between the nations through joint training programs and workshops for AI researchers, engineers and policymakers.
    Promote Clean Energy for the AI Future: Build on our ongoing bilateral cooperation through the U.S.-UAE Partnership for Accelerating Clean Energy (PACE) to meet the energy demands of AI systems with clean energy sources, consistent with our shared commitment to combatting climate change.
    Support AI for Sustainable Development in Developing Countries: Foster inclusive, responsible, and sustainable capacity building with respect to AI and AI infrastructure to address the world’s greatest challenges, and close digital divides, globally, and in particular across the Middle East and North Africa.
    Conclusion
    President Joseph R. Biden, Jr. and President H.H. Sheikh Mohamed bin Zayed Al Nahyan directed relevant officials to develop a U.S.-UAE government-to-government memorandum of understanding to build upon this shared vision overseen by a High-Level Mechanism which includes the appropriate talents and experience to accomplish the task.
    The U.S. and the UAE look forward to deepening collaboration across AI and related technologies to propel their strategic partnership forward, delivering a more prosperous, secure future for their peoples, underpinned by a shared commitment to safe, secure, and trustworthy AI.
    Jake Sullivan                                                                                   U.S. Assistant to the President for National Security Affairs                        
    Tahnoon bin Zayed Al NahyanUAE National Security Advisor

    MIL OSI USA News –

  • MIL-OSI USA: Exercise Caution with Crypto Asset Securities: Investor Alert

    Source: Securities and Exchange Commission

    TLDR:  The SEC’s Office of Investor Education and Advocacy continues to urge investors to be cautious if considering an investment involving crypto asset securities.  Investments in crypto asset securities can be exceptionally volatile and speculative, and the platforms where investors buy, sell, borrow, or lend these securities may lack important protections for investors.  The risk of loss for individual investors who participate in transactions involving crypto assets, including crypto asset securities, remains significant.  The only money you should put at risk with any speculative investment is money you can afford to lose entirely.  Investors should understand that:

    1. Those offering crypto asset investments or services may not be complying with applicable law, including federal securities laws.  Under the federal securities laws, a company may not offer or sell securities unless the offering is registered with the SEC or an exemption to registration is available.  Similarly, the law requires parties such as securities broker-dealers, investment advisers, alternative trading systems (ATS), and exchanges to register with the SEC, a state regulator, and/or a self-regulatory organization (SRO), such as FINRA.  Moreover, entities and platforms involved in lending or staking crypto assets may be subject to the federal securities laws. 

    Registration of a securities offering requires the issuer to disclose important information about the company, the offering, and the securities offered to the public.  Unregistered offerings in crypto asset securities may not provide key information that investors need to make informed decisions.  For example, registration typically requires an issuer to include financial statements audited by an independent public accounting firm registered with the Public Company Accounting Oversight Board (PCAOB).  Audited financial statements play an important role in making sure investors are provided the information they need to understand the securities in which they want to invest.  Issuers of unregistered crypto asset securities offerings might not provide audited financial statements, depriving investors of this key information.

    Proof of Reserves is a term crypto asset entities, including trading platforms and/or entities that issue crypto assets securities, use to describe a voluntary method for offering evidence that in the aggregate an entity has sufficient reserve assets to cover what is held for customers and/or accounts at a given point in time. Crypto asset entities may be offering these types of assessments as a way to satisfy customers that their funds are safe and available upon demand.  However, these types of services may not provide any meaningful assurance that these entities hold adequate assets to back their customers’ balances.  Further, crypto asset entities might use these in lieu of audited financial statements in order to obscure and confuse customers about the safety of their assets.  For example, a proof of reserves typically:

    • may only provide a snapshot of what is, for example, held by an entity in certain wallets or accounts, or backing customer assets as of a point-in-time;
    • may not disclose management’s activities during the period between the snapshots (for example, use of customer crypto assets in crypto asset lending or other activities); 
    • does not tell customers the whole story about the entity’s liabilities and, for example, whether the customer has to “stand in line” behind other creditors if the entity fails; and
    • may not offer protection against the entity moving customer assets shortly after a proof of reserves is completed.

    In addition, a proof of reserves is not as rigorous, or as comprehensive, as a financial statement audit and may not provide any level of assurance.  For example, audited financial statements typically require audits of a complete set of financial statements performed by a registered public accounting firm in accordance with PCAOB auditing standards.  With so-called proof of reserves, there are no specific audit requirements for the engagement or the information reported, allowing an entity full discretion to manage the terms of the engagement.  For example:

    • the extent and frequency of assessments performed around customer assets;
    • the determination of the reserves (for example, which wallets and accounts are examined as part of the assessment);
    • the level of assurance provided (for example, reasonable, limited, or no assurance) and the standards applied;  
    • the type of third-party assurance provider engaged (i.e., accountant or non-accountant assurance providers, affiliated or independent); and 
    • whether the results are made public, including the extent and format of the information shared. 

    Investors should be aware that this level of management discretion undermines any suggestion that a proof of reserves offers protections similar to a financial statement audit.  In sum, investors should exercise extreme caution when relying on proof of reserves to conclude that a crypto asset entity has sufficient reserve assets to meet customer liabilities.

    Similarly, registration with the SEC by an entity as a “broker-dealer” and/or “investment adviser” provides important protections for investors.  Some of those benefits include rules around custody of assets, fees, conflicts of interest, standards of conduct, and minimal capital requirements for broker-dealers.  For example, a broker-dealer must comply with custody requirements such as the customer protection rule, which requires broker-dealers to safeguard customer assets and to keep customer assets separate from the firm’s assets – increasing the likelihood that customers’ securities and cash can be returned to them in the event of the broker-dealer’s failure.  In addition, a broker-dealer making recommendations of securities or investment strategies involving securities (including crypto asset securities) to retail customers is subject to Regulation Best Interest, which requires broker-dealers to make recommendations in the retail customers’ best interest, and requires compliance with specific disclosure, care, conflict of interest, and compliance obligations. 

    Recordkeeping and reporting rules require a broker-dealer to make and keep current ledgers reflecting all assets and liabilities.  Moreover, financial responsibility rules require that broker-dealers routinely prepare financial statements.  These books, records, and financial reporting requirements assist securities regulators in examining for compliance with the federal securities laws.  Crypto asset entities not offering these types of protections put investors at risk.  

    ATSs, which are marketplaces for securities, must be registered broker-dealers and members of an SRO, such as FINRA.  In addition to complying with federal securities laws and its SRO’s rules, an ATS must comply with Regulation ATS, which includes filing disclosures with the SEC about the ATS’s operations and securities trading and protecting its users’ trading information.       

    SEC-registered investment advisers that hold or have the ability to obtain possession of their clients’ funds or securities are required to maintain those assets with a qualified custodian, like a bank or broker-dealer.  SEC-registered investment advisers that have “custody” of client funds and securities are also generally required to undergo an annual “surprise examination” in which an independent public accountant verifies the existence of these assets and to make and keep records showing all purchases and sales for each client.  

    Also, unlike SEC-registered entities, crypto asset securities trading platforms or other intermediaries (such as so-called “crypto exchanges”) may offer a combination of services that are typically performed by separate firms that may each be required to be separately registered with the SEC, a state regulator, or a SRO.  The commingling of these functions, exchange, broker-dealer and custodial functions, for example, creates conflicts of interest and risks for investors.  SEC-registered entities are subject to a number of rules to minimize these risks and conflicts of interests, in some cases by separating the functions into legally separate and unaffiliated entities.  Registered broker-dealers, ATSs, and investment advisers are also subject to examination by regulators.  None of the major crypto asset entities is registered with the SEC as a broker-dealer, exchange, or investment adviser—so investors may not get the protections afforded by the rules applicable to these entities.  

    In particular, no crypto asset entity is registered with the SEC as a national securities exchange (like, for example, the New York Stock Exchange or the Nasdaq Stock Market).  And no existing national securities exchange currently trades crypto asset securities.  As a result, investors in crypto asset securities may not benefit from rules that protect against fraud, manipulation, front-running, wash sales, and other misconduct when intermediaries for those products do not comply with the federal securities laws that apply to registered exchanges.

    Investors who hold registered securities with registered broker-dealers also generally benefit from protections offered by the Securities Investor Protection Corporation (SIPC).  Similarly, people who place deposits in banks enjoy insurance, up to a defined limit, provided by the Federal Deposit Insurance Corporation (FDIC).  The National Credit Union Administration (NCUA) insures deposits in federal credit unions.  There are no such protections for accounts that you place with crypto asset entities.    

    In sum, investors in crypto asset securities should understand they may be deprived of key information and other important protections in connection with their investment.  

    2.  Investments in crypto asset securities can be exceptionally risky, and are often volatile.  Over the last year, the crypto asset space has been exceptionally volatile – and a number of major platforms and crypto assets have become insolvent and/or lost value.  Investments in crypto asset securities continue to be subject to significant risk, including:

    • volatility and illiquidity in the crypto asset markets;
    • the potential for the company holding your crypto assets to fail or go bankrupt;
       

      Investors who deposit funds or crypto assets with a crypto asset securities entity might cease to have legal ownership of those assets and might not be able to get those assets back when they want to.  Over the past year, a number of crypto asset entities have faced severe financial difficulties, sometimes resulting in suspending customers’ ability to withdraw their assets.  Some crypto asset entities have entered bankruptcy proceedings, and it is unclear how much of their holdings (if any) customers might be able to recover.  Investors need to be wary of claims that “you always retain ownership of your crypto assets” and “you can withdraw your assets whenever you like.”

    • unpredictability, including that the market for a particular crypto asset security may disappear altogether or the crypto asset security may no longer be tradable anywhere;
    • sometimes highly concentrated and opaque ownership and control structures;
    • enforcement of laws and regulations by federal, state, or foreign governments that may restrict the use and exchange of crypto assets;
    • unauthorized lending or transfers of customers’ crypto asset securities, or halting of customer withdrawals;
    • the inability for an investor to be made whole should fraud, default, or a mistake occur; 
    • technical glitches, hacking, or malware; and
    • lack of investor protections due to crypto asset securities entities not acting in compliance with applicable law.

    3. Fraudsters continue to exploit the rising popularity of crypto assets to lure retail investors into scams, often leading to devastating losses.  Crypto asset securities-related investments continue to be replete with fraud, including bogus coin offerings, Ponzi and pyramid schemes, and outright theft where the project promoter simply disappears with investors’ money.  

    Some promoters use social media to find and entice new investors with testimonials about returns made on deposits and investments, but what is not mentioned is that the promoter is often paying investor withdrawals out of new investor funds – a Ponzi scheme.  Moreover, recovering money from the wrongdoers can be nearly impossible.  In part, that can be because of the anonymity or pseudonymity associated with crypto assets.  However, the SEC and state regulators continue to bring enforcement actions in this space.

    Celebrity endorsements:  It is never a good idea to make an investment decision just because someone famous says a product or service is a good investment.  A celebrity endorsement does not mean that an investment is appropriate for all investors, or even that it is legitimate.  Often, a celebrity is getting paid to promote the investment opportunity, including those involving crypto assets.  Even if a celebrity endorses an investment opportunity, you should consider the potential risks and opportunities to determine whether it is right for you.

    Learn more about investment fraud, including how to spot “red flags” of a scam, in our Investor Bulletin, What You Can Do to Avoid Investment Fraud.
     
    4.    Having an investing plan, as well as understanding your risk tolerance and time horizon, can be critical to your investing success.

    What are the best saving and investment products for you? The answer depends on when you will need the money, your goals, and whether you will be able to sleep at night if you purchase a risky investment (one where you could lose your entire principal). Before making any investment, consider these tips:

    • Create and follow an investment plan.  Do not let short-term emotions about investments disrupt your long-term investment objectives.  If you are considering short-term investments, think about how much of your overall portfolio you should allocate to these types of investments.
    • Pay off credit cards or other high interest debt first.  No investment strategy pays off as well as, or with less risk than, eliminating high interest debt.  
    • Consider the importance of asset allocation and diversification.  Asset allocation involves dividing your investments among different assets, such as stocks, bonds, and cash.  The allocation that works best for you changes at different times in your life, depending on how long you have to invest and your ability to tolerate risk.
    • Understand risk.  All investments have risk.  While some regulated institutions may offer retail investors ways to gain exposure to crypto asset securities, even when using a regulated entity, investors should ask questions and make sure they understand the terms of the investment.  Never invest if you do not understand the product – including the risks involved.

    MIL OSI USA News –

  • MIL-OSI USA: Travel Advisory: RIDOT to Close Portion of Main Road in Tiverton for Culvert Replacement During the Weekend of September 27-30

    Source: US State of Rhode Island

    On Friday, September 27 at 8 p.m., the Rhode Island Department of Transportation (RIDOT) will begin a weekend closure of a portion of Main Road (Route 77) in Tiverton for the rapid replacement of a culvert for Quaket Creek, which runs under the road just south of its intersection with Nanaquaket Road. The road will reopen by 6 a.m. on Monday, September 30.

    During the weekend, motorists will be required to detour using Bulgarmarsh Road (Route 177) to the north of the closure area or East Road (Route 179) south of the closure area to reach Crandall Road (Route 81). RIDOT will post trail blazing detour signage so drivers can easily follow the detour. Motorists should plan additional travel time.

    While the road is closed, RIDOT will demolish the old culvert and install prefabricated box culvert sections and repave the road. This approach avoids three months of lane closures which would be more disruptive to residents and businesses.

    RIDOT may have temporary single-lane alternating traffic patterns at the culvert leading up to the closure and for two weeks after it. The full closure will be limited to the September 27-30 weekend.

    All construction projects are subject to changes in schedule and scope depending on needs, circumstances, findings and weather.

    The replacement of this culvert is made possible by RhodeWorks and the Bipartisan Infrastructure Investment and Jobs Act. RIDOT is committed to bringing Rhode Island’s infrastructure into a state of good repair while respecting the environment and striving to improve it. Learn more at www.ridot.net/RhodeWorks.

    MIL OSI USA News –

  • MIL-OSI Banking: Samsung in America: 2024 Environmental Toolkit

    Source: Samsung

    As a global company, Samsung believes the key to a greener future begins with an everyday approach to sustainability. Since the launch of our expanded environmental strategy in September 2022, we continue to address the environmental impact in every stage of our product’s lifecycle and place sustainable innovation at the forefront of our products and user experience. Our environmental strategy reflects Samsung’s sustained dedication to being a responsible business – both within the U.S. and around the world.
    This updated toolkit is a reference guide highlighting how everyday changes, at Samsung’s scale, result in a meaningful impact on our environment. Highlights include:
    Our thoughtfully designed products can help our customers reduce their environmental impact as they go about their daily lives. We also believe in the importance of recycling and reusing materials, and provide ways to close the loop on electronic waste. For instance, our Certified Re-Newed program extends the life of older mobile devices, providing consumers the exceptional performance they expect from our new products by refurbishing with 100% genuine Samsung parts and providing the same warranty as any new device.. And through our community engagement efforts, such as Solve for Tomorrow, Global Goals App and volunteerism we work to improve environmental literacy and support innovative solutions to address society’s greatest challenges – including climate change.

    Samsung has a long history of climate action, and we’re proud of the strides we have made to enhance our positive impact. Our comprehensive strategy includes commitments to achieve enterprise-wide net zero carbon emissions for all operations in the Device eXperience Division by 2030 (Mobile eXperience, Visual Display, Digital Appliances, Networks, and Health & Medical Equipment), and across all global operations and the Device Solutions Division (Memory, System LSI, and Foundry) by 2050. Samsung’s sustainability commitments encompass an enterprise-wide effort to enhance resource circularity throughout the entire product lifecycle, from raw material sourcing to recycling and recovery. In addition, we’re making bigger investments in new and emerging technologies to reduce emissions from process gases, as well as to conserve and restore water in our operations and to continue to reduce power consumption in consumer products.
    But we also recognize there is much more work to be done, and our business must continue adapting to changing societal and consumer needs. That’s why we are working to continue advances in product energy efficiency, expand our use of renewable energy, eliminate all single-use plastic from our mobile packaging by 2025, recycle 7.5 million metric tons of e-waste and reuse 500,000 tons of recycled plastics globally in our products by 2030 – a goal we exceeded last year. We are committed to driving positive changes across our operations while helping our customers reduce their footprint.
    We invite you to further explore our sustainability commitments and continued progress in our newly updated 2024 Environmental Toolkit. To download the full toolkit, click here. To download individual briefs, please see Environmental Strategy, Product Energy Efficiency, Product Stewardship, Sustainable Materials, Sustainable Operations, and Sharing Our Values.

    MIL OSI Global Banks –

  • MIL-OSI USA: What You Need to Know About the End of LIBOR – Investor Bulletin

    Source: Securities and Exchange Commission

    You may have recently read in the financial press about the phase-out of LIBOR.  You may be affected by the transition away from LIBOR if you hold securities, financial instruments or financial products that have exposure to LIBOR.  The SEC’s Office of Investor Education and Advocacy (OIEA) wants to help you understand how the transition away from LIBOR could impact your investments and financial situation, and where you can go for additional information.

    What’s LIBOR?

    U.S.-dollar LIBOR is a benchmark interest rate set by input from a panel of banks.  It has been used to set the interest rate in floating rate, adjustable rate or variable rate instruments or loans, in which the interest rate periodically resets (such as every three months or every year) over the life of the instrument or loan.  LIBOR was used once in over $200 trillion of financial instruments, ranging from sophisticated financial and investment derivatives to bonds, bank loans and consumer products, like adjustable rate mortgages and student loans.

    Replacing LIBOR

    In recent years, however, U.S.-dollar LIBOR is being phased out in response to concerns that the benchmark was being manipulated.  The publication for one-week and two-month U.S.-dollar LIBOR ceased at the end of 2021.  The remaining tenors of U.S.-dollar LIBOR are scheduled to cease publication after June 30, 2023. 

    The end of LIBOR has precipitated the need for an alternative benchmark rate.  In March 2022, Congress enacted the Adjustable Interest Rate (LIBOR) Act.  This Act provides a process and protections for transitioning to an alternative rate in contracts with terms that do not provide for a clear transition.  The Federal Reserve Board adopted a final rule in December 2022 implementing the LIBOR Act and specified benchmarks based on the Secured Overnight Financing Rate (SOFR) as the replacement rates.

    Secured Overnight Financing Rate (SOFR).  SOFR is a broad measure of the cost of borrowing overnight collateralized by U.S. Treasury securities.  It is based on observable transactions in the repurchase market.  The Alternative Reference Rate Committee (ARRC), an industry-led group in which the SEC and other departments and agencies of the U.S. government participate, recommended SOFR as the LIBOR replacement rate.

    What do I need to know?

    Some investments you own, such as mutual funds, ETFs, closed-end funds, business development companies (BDCs), municipal and corporate bonds, and individual stocks, may either be LIBOR-based financial instruments or have exposure to such instruments. 

    For instruments that are subject to the LIBOR Act, the replacement rate will be a SOFR-based rate.  Other LIBOR-based financial instruments that already provide for a clear transition from LIBOR may have other non-SOFR-designated replacement rates, such as the U.S. prime rate. 

    Synthetic U.S.-dollar LIBOR.  The Financial Conduct Authority in the United Kingdom, LIBOR’s regulator, recently required the continued publishing of “synthetic” U.S.-dollar LIBOR for a period of 15 months after June 30, 2023 for use in certain cases to aid in the transition.

    How may I be affected?

    You may be affected by the transition away from LIBOR if you hold securities, financial instruments or financial products that have exposure to LIBOR.

    Municipal, corporate and FHLB bonds.  If you are directly invested in a variable or floating rate municipal, corporate or FHLB bond that relies on LIBOR as a component for the periodic variable rate adjustment, then the cessation of LIBOR will have direct implications for you.  Review any disclosures provided by the issuer of the bond.  You can utilize our EDGAR database to review disclosures by issuers of corporate bonds.  For municipal bonds, you may access information at the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (EMMA) website.  You can find offering disclosure regarding FHLB bonds on their website.  In addition, it may be worthwhile to have a discussion with your broker or investment adviser about your specific exposure and how the LIBOR transition may affect your specific bond holdings.

    Individual stocks.  Many companies use sophisticated financial and investment instruments and derivatives as a means to manage the company’s financial situation and risk profile.  Many of these instruments and derivatives may incorporate a variable interest rate based on LIBOR. 

    To further understand how a company may be affected by the LIBOR transition, you may review the company’s periodic disclosure in our EDGAR database.  Companies that have material risk exposure to the LIBOR transition should discuss such risks in their annual reports on Form 10-K and quarterly reports on Form 10-Q.  A search for the term “LIBOR” in the document can be a quick way to find the relevant discussions.  The SEC’s Division of Corporation Finance has encouraged public companies and asset-backed securities issuers to keep investors informed about the progress toward risk identification and mitigation, and the anticipated impact on the company, if material, and expects disclosures to evolve as companies provide updates to reflect transition efforts and the broader market and regulatory landscape.    

    Asset-backed securities.  Asset-backed securities are securities whose income payments come from a pool of specific debt obligations, such as mortgages, credit card obligations or car loans.  Mortgage-backed securities (MBSs) issued by Fannie Mae, Freddie Mac and Ginnie Mae are types of asset-backed securities.  New LIBOR-based securities are no longer being issued by these entities, except for certain re-securitizations, which will cease on June 30, 2023.  If you invest in asset-backed securities, then you may want to have a conversation with your broker or investment adviser about how the LIBOR transition may affect your specific holdings of asset-backed securities.  Fannie Mae and Freddie Mac have also prepared frequently asked questions relating to the LIBOR transition that you may want to review.   

    Mutual funds and ETFs.  Mutual funds and ETFs that you own may have invested in individual stocks, municipal bonds, corporate bonds, bank loans and/or securitizations that have risks related to the LIBOR transition.  You along with your broker or investment adviser may want to assess the nature and character of the mutual funds and ETFs you are invested in to determine how much exposure to LIBOR transition risk you have.  Certain types of a mutual funds or ETFs may merit closer review, particularly those investing in companies in the real estate, banking, or insurance industries or specific municipal and corporate bonds, including floating rate debt, and bank loans. 

    You can review a fund’s principal strategies and risk disclosure in its prospectus.  The SEC’s Division of Investment Management has encouraged funds affected by the LIBOR transition to provide investors with tailored risk disclosures that specifically describe the impact of the transition on their holdings.

    Adjustable rate mortgages.  Many adjustable rate mortgages—a mortgage where the interest rate adjusts to the then prevailing market rate after a period of time—are tied to LIBOR as the reference rate.  In 2016, there was an estimated $1.2 trillion in residential mortgages with an interest rate based on LIBOR. 

    If you have an adjustable rate mortgage based on LIBOR, consider consulting with your lender or loan servicer or read the documentation to understand how you may be affected by the LIBOR transition. Read this blog from the Consumer Financial Protection Bureau (CFPB) for more information. 

    Student loans.  Similar to adjustable rate mortgages, student loans can have variable rates based on LIBOR.  If you have a variable rate student loan, consult with your lender or loan servicer or read the documentation to understand how you may be affected by the LIBOR transition.  If you are planning on obtaining a new student loan or refinancing an existing one, consider the LIBOR transition in your decision making.

    Other consumer products.  Other consumer credit products such as credit cards, auto loans and personal loans and lines of credit can also have variable rates based on LIBOR.  You should review the financial products that you hold, particularly those that operate with a variable interest rate, in light of the LIBOR transition.

    Additional Resources

    To learn how the SEC is addressing the LIBOR transition, see the Staff Statement on LIBOR Transition, the Office of Municipal Securities Staff Statement on LIBOR Transition In The Municipal Securities Market, and the Staff Statement on LIBOR Transition—Key Considerations for Market Participants.

    To learn more about adjustable rate mortgages, see the CFPB’s Consumer Handbook on Adjustable Rate Mortgages (CHARM) booklet.

    For additional investor educational information, see the SEC’s website for individual investors, Investor.gov.

    Call OIEA at 1-800-732-0330, ask a question using this online form, or email us at Help@SEC.gov.

    Receive Investor Alerts and Bulletins from OIEA email or RSS feed.  Follow OIEA on Twitter.  Like OIEA on Facebook.

    MIL OSI USA News –

  • MIL-OSI USA: Warren, Khanna, Lawmakers Urge Biden Administration to Develop Strong Guardrails for Carbon Sequestration Tax Credit

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    September 23, 2024
    “The absence of robust requirements has severely hindered the effectiveness of 45Q.”
    Text of Letter (PDF)
    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Angus King (I-Maine), along with Representatives Ro Khanna (D-Calif.), Alma Adams (D-N.C.), Pramila Jayapal (D-Wash.), and Jan Schakowsky (D-Ill.), wrote to the U.S. Department of the Treasury (Treasury), the Internal Revenue Service (IRS), and the U.S. Environmental Protection Agency (EPA), urging the agencies to develop strong guardrails for the 45Q tax credit, which is designed to encourage carbon capture and sequestration (CCS) projects. 
    The 45Q credit was initially designed to incentivize investment in CCS and emission reductions. However, the credit has been primarily used to “increase oil production from aging wells, canceling out most of the emissions reduction benefit.” In 2022, Congress expanded the tax credit through the Inflation Reduction Act (IRA), allowing more companies to claim the credit and receive more money per ton of carbon captured. The IRS is expected to release updated guidelines about the tax credit later this year, and the Department of Treasury has estimated that the 45Q tax credit could cost taxpayers up to $30.3 billion over the next ten years.
    In 2020, the Treasury Inspector General for Tax Administration (TIGTA) found that between 2010 and 2019, 87% of tax credit claims, worth almost $900 million dollars, were awarded to taxpayers who did not meet the EPA’s verification requirements. Currently, IRS examiners are not required to coordinate with EPA personnel to confirm the amount of carbon sequestered by companies claiming the credit, even allowing self-certification in some instances.  
    The lawmakers make three recommendations for the tax credit to be effective. First, the IRS should require independent, third-party verification of carbon sequestration. Second, the IRS and the EPA must coordinate effectively through a memorandum of understanding to more effectively share basic data about the credit’s implementation. Third, the IRS should require stricter record-keeping requirements and establish a 12-year recapture period, during which every company receiving the tax credit needs to maintain detailed records of their carbon sequestration amounts. 
    The following organizations endorsed the letter: Taxpayers for Common Sense, Evergreen Action, the Vessel Project, Port Arthur Community Action Network, Better Bayou, Healthy Gulf, Eco-Justice Collaborative, Science Roundtable on Carbon Capture and Storage, Food and Water Watch, Ohio River Valley Institute, Better Path Coalition, No False Solutions PA, Save Our Illinois Land, Physicians for Social Responsibility Pennsylvania, Mid-Ohio Valley Climate Action, Center for Coalfield Justice, Watchdogs of Beaver County, Clean Air Council and Environmental Health Project. 
    “We need an end to weak oversight and poor safeguards that could allow some of the richest companies in the world to take public money without delivering the real, measurable climate benefits the policy intended. The IRS must act decisively to ensure this tax credit is used only as a genuine tool for carbon reduction by implementing robust, enforceable guardrails. This is the administration’s chance to stop subsidizing climate pollution and ensure the credit has real oversight,” said Craig Segall, Senior Vice President, Evergreen Action.
     “Senator Warren, Representative Khanna, and their Congressional colleagues are asking for what every taxpayer deserves – guardrails and transparency measures that ensure the 45Q tax credit is being used appropriately and effectively to reduce greenhouse gas emissions,” said Autumn Hanna, Vice President of Taxpayers for Common Sense. “To date the vast majority of the carbon capture tax credit has gone to companies pumping carbon into wells to get more oil. But the country can’t afford to give more unchecked subsidies to the oil and gas industry. With an estimated cost of more than $30 billion by 2033, we must take strong steps to avoid any chance of fraud or abuse.”
    The lawmakers requested a briefing from the three agencies by October 4, 2024. 
    Senator Warren has long worked to protect taxpayer money and ensure strong implementation of climate policy: 
    In June 2024, Senator Elizabeth Warren and Representative Sean Casten (D-Ill.) led a letter to the Federal Reserve Board (Fed), Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), urging regulators to stop their obstruction of global financial regulators’ work to tackle climate-related financial risks. The lawmakers also called out the weaknesses revealed by the Fed’s 2023 “pilot scenario analysis” exploring six major banks’ resilience to climate-related financial risks.
    In May 2024, Senator Elizabeth Warren and Congressman Robert Garcia (D-Calif.) reintroduced the BUILD GREEN Infrastructure and Jobs Act, which would authorize the U.S. Department of Transportation to distribute $500 billion over ten years to electrify and modernize public vehicles and rail and build new electric transportation infrastructure across the country. The bill would also create 1 million new jobs, save $100 billion annually in health damages, and prevent 4,200 deaths per year from air pollution.
    In April 2024, Senator Elizabeth Warren and Representatives Sean Casten (D-Ill.) and Veronica Escobar (D-Texas), urged the Federal Acquisition Regulation (FAR) Council, composed of the Department of Defense (DoD), General Services Administration (GSA), and the National Aeronautics and Space Administration (NASA), to finalize the Federal Supplier Climate Risks and Resilience Rule as quickly as possible.
    In March 2024, Senator Elizabeth Warren (D-Mass.), released a statement describing the Securities and Exchange Commission’s (SEC) finalized climate risk disclosure rule as “the bare minimum.”
    In September 2023, Senators Elizabeth Warren, Bernie Sanders (I-Vt.), Martin Heinrich (D-N.M.), Ed Markey (D-Mass.), Sheldon Whitehouse (D-R.I.), and Jeff Merkley (D-Ore.) called on the Treasury Department to take key actions pertaining to climate and climate-related financial risk to avert the impending environmental and economic crises.
    In September 2023, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Elizabeth Warren urged Chair Gensler to quickly finalize a strong climate risk disclosure rule, reminding him that he has a mandate to protect investors and strong public support.
    In March 2023, Senators Elizabeth Warren, Sheldon Whitehouse (D-R.I.), and Representatives Dan Goldman (D-N.Y.) and Jamie Raskin (D-M.D.) and 47 of their colleagues sent a letter to SEC Chair Gary Gensler, urging him to protect investors and finalize a strong climate disclosure rule without further delay.
    In September 2022, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Elizabeth Warren called on SEC Chair Gary Gensler to protect investors and stand up to fossil fuel lobbying by issuing a strong climate risk disclosure rule quickly.
    In June 2022, Senator Elizabeth Warren led a comment letter with Senators Sheldon Whitehouse (D-R.I.) and Brian Schatz (D-Hawaii) on the SEC’s mandatory climate disclosure rule, highlighting several areas for improvement and key elements that the SEC should preserve in its final rule, including strong Scope 3 emissions disclosure requirements.
    In March 2022, Senator Elizabeth Warren led a letter with Senators Sheldon Whitehouse (D-R.I.) and Brian Schatz (D-Hawaii) urging the SEC to require disclosure of anti-climate lobbying activities in the Commission’s rule.
    In May 2021, Senator Elizabeth Warren and then-Congressman Andy Levin (D-Mich.) introduced the Buy Green Act to use the enormous breadth of U.S. federal procurement to help fight the climate crisis, spur innovation, and boost demand for American-made clean energy products at home and in the rapidly-growing markets for green products abroad.
    In May 2021, Senator Elizabeth Warren and then-Congressman Andy Levin (D-Mich.) introduced the National Institutes of Clean Energy Act of 2021, legislation that would invest $400 billion over the next ten years to establish and operate a new system of institutes at the Department of Energy dedicated to research and development (R&D) of advanced clean energy technologies.
    In April 2021, Senator Elizabeth Warren and Representative Sean Casten (D-Ill.) reintroduced the Climate Risk Disclosure Act of 2021 which would reduce the chances of environmental and financial catastrophe by requiring public companies to disclose more information about their exposure to climate-related risks.
    In March 2021, Senator Elizabeth Warren unveiled the BUILD GREEN Infrastructure and Jobs Act which would invest $500 billion over ten years in state, local, and tribal projects to jumpstart the transition to all electric public vehicles and rail and help modernize the nation’s crumbling infrastructure. 

    MIL OSI USA News –

  • MIL-OSI USA: Van Hollen, Sherman Introduce Bicameral Legislation to Eliminate Corporate Insiders’ Unfair Advantage in Stock Sales

    US Senate News:

    Source: United States Senator for Maryland Chris Van Hollen
    September 23, 2024
    Legislation closes 8-K trading gap, preventing executives from profiting before significant problems are disclosed to the SEC, public
    U.S. Senator Chris Van Hollen (D-Md.), a member of the Senate Banking, Housing and Urban Affairs Committee, and Congressman Brad Sherman (D-Calif.), a member of the House Financial Services Committee, have reintroduced the 8-K Trading Gap Act. This bicameral legislation prevents executives and other corporate insiders, including foreign issuers, from profiting off the gap between the occurrence of a significant event – such as bankruptcy or an acquisition – and its legally-mandated disclosure to the Securities and Exchange Commission (SEC) and the general public. Under current law, companies have four days to file the 8-K disclosure form with the SEC, but they are not barred from trading in advance of the filing – giving them an unfair advantage. The 8-K Trading Gap Act would close this gap by requiring the SEC to write a rule to prohibit insiders from making trades during this four-day period.
    “The 8-K trading gap gives corporate executives a major loophole to cash in on their stocks when major changes are about to hit – before shareholders and the public are made aware. With the 8-K trading gap, insiders get a several-day head start to make lucrative financial moves prior to a major stock price-altering announcement. Our legislation will close this harmful loophole to prevent insiders from benefitting from this unfair advantage while ensuring a fairer market for the public,” said Senator Van Hollen.
    “The integrity of our capital markets rely on transparency and equal access to information and trading opportunities for all market participants,” said Congressman Brad Sherman. “As Ranking Member of the Subcommittee on Capital Markets, investor protection is at the forefront of my priorities. Our capital markets remain the envy of the world because Congress passed laws to make them transparent and fair. This bill is a vital step toward safeguarding our markets and ensuring that everyone plays by the same set of rules.”
    This legislation has been endorsed by the Healthy Markets Association.
    The text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Call for bids: Promoting sustainable mining in Peru

    Source: United Kingdom – Executive Government & Departments

    The British Embassy in Lima is seeking bids for a practical action research project that will build insights to push forward mining and human rights in Peru.

    The British Embassy in Lima is seeking bids for a practical action research project that will build insights on how to push forward mining and human rights in Peru. Results from the project should inform partner interventions and policymaking and strengthen the UK’s reputation as an ally to sustainable growth in Peru.

    1.       Background

    The UK is a global promoter of responsible business practices: it aims to ensure that companies abide by human rights standards in all their activities, as it benefits business and communities, and contributes to the goal of building democratic societies and sustainable development. The UK was the first country to produce a National Action Plan based on the UN Guiding Principles on Business and Human Rights and is a member of a cross-government Working Group on Business and Human Rights. As such, the FCDO supports countries in adhering to the UNGPs and other voluntary commitments.

    Globally, the past years have seen an explosion of mandatory and voluntary regulation regarding responsible business practices, such as the UN Guiding Principles on Business and Human Rights, the Voluntary Principles on Security and Human Rights, the ILO’s Tripartite declaration of principles concerning multinational enterprises and social policy. Similarly, the OECD has adopted Guidelines for Multinational Enterprises on Responsible Business Conduct and a Due Diligence Guidance for Responsible Business Conduct.

    These regulations play a role in Peru’s business ecosystem. During a 2017 visit by the UN Working Group on Business and Human Rights, the government committed to creating a National Action Plan on Business and Human Rights. The final 2021-2025 Plan was published in June 2021 -the second in the region- after multistakeholder consultations. While it is currently in its implementation phase, the Mesa Multiactor has had limited activity. In 2020, the OECD recommended that Peru effectively implement existing laws and policies regarding responsible business practices. Further, CSOs have proposed a bill that would regulate human rights due diligence.

    In this context, a critical area of impact for business and human rights is Peru’s mining sector. Mining activity concentrates significant, long-term foreign investment, and is increasingly affected by human rights standards. Despite continued efforts from mining companies, in an environment that is still adapting to responsible mining practices it remains difficult to mitigate the negative externalities of business operations and reduce barriers. These difficulties are compounded by the growth of illegal and informal mining, which represents a significant portion of resource extraction.

    Across the region, valuable efforts have been made to map existing National Action Plans, policies, legislation, and best practices (see, for example, Danish Institute of Human Rights, 2019; KAS, 2023; UNHCHR, 2022; Global NAPS; SNMPE, 2023). However, there is space to move research into action to ensure the National Action Plan on Business and Human Rights, UN Guiding Principles and similar voluntary documents become a reality. As such, the British Embassy would like to support an action research project that would push forward mining and human rights in Peru. This falls in line with Priority Theme 3 (Business and Human Rights) of our country Human Rights and Gender Equality Strategy 2023-2025.

    2.       Objective and scope of work

    The objective of the work is to support the UK’s commitment to sustainable growth and human rights in Peru. Projects should adopt a practical action research approach, with clear research and programmatic components. Successful bidders will demonstrate a creative, impactful approach to ensure that voluntary standards in business and human rights are clear for Peruvian stakeholders and move the field forward towards effective implementation.

    Bids should look to demonstrate their ability to deliver a project that includes:

    a) Research and analysis.

    • A comprehensive assessment of the current state of formal and informal mining and human rights in Peru, referencing existing national and international voluntary. commitments, with emphasis on OECD guidelines.
    • Map the existing mining and human rights ecosystem in Peru, with emphasis on barriers and facilitators action. Proposals that include informal mining in their mapping will be especially welcome.

    b) Technical assistance

    • Provide technical assistance to relevant stakeholders, including but not limited to government agencies, mining companies and civil society organizations, to support the implementation of voluntary commitments on business and human rights.
    • Monitor and evaluate the progress and impact of technical assistance.

    3.       Project Budget

    Project proposals of up to £60,000 = S/274,800 / $72,000. We are looking for projects that can begin in October 2024 and be completed by March 2025. Implementers should spend 100% of their allocation by March 2025.

    4.       Assessment

    Bids will be assessed against the following criteria:

    • strategic fit – alignment with stated objectives and scope of work expected.
    • project viability – including a realistic description of methodology and activities to deliver the outcome and deliverables (outputs) within the project duration and sustainability after the project ends.
    • stakeholder management – including the capacity of the implementing organisation to engage with key stakeholders, including diverse business, government and civil society stakeholders present in Peru, and involve local/international expertise to deliver expected outcomes.
    • project design – including clear achievable objectives and outputs
    • value for money
    • risk management
    • experience and understanding of the current mining and human rights context in Peru.

    5.       How to Bid

    Please complete the attached “Project Proposal Form” and “Activity Based Budget” using the guidance provided.

    Completed forms should be sent in standard document and spreadsheet formats in English or Spanish to BEProjectsPeru@fcdo.gov.uk by 11:59pm September 26, with “Call for bids Mining and Human Rights” in the subject line of your email.

    Bids submitted after this date will not be considered. Bids can be submitted at any time up to the indicated deadline.

    Bidders will be notified via email of the outcome of assessments in early October. Due to the volume of bids expected, we will not be able to provide feedback on unsuccessful bids.

    Organisations can submit up to a maximum of 2 proposals; bids for projects that include engagement with stakeholders outside of Lima are particularly welcome.

    Please also familiarise yourself at an early stage with the standard ‘Grant Agreement Template’ attached.

    What to Include in the Bid Form?

    • Overview of project or activity.
    • How it fits with the UK’s approach to the relevant priority; and why the UK should fund the project or activity.
    • How the project or activity will create an impact and lead to change.
    • Rationale– including why the project or activity should take place now.
    • Where relevant, evidence of support from Peruvian government actors for the project or activity and that it complements their own strategy.
    • Information about how the impact will be sustained after the project or activity has been completed.

    Proposals must be submitted on the authorised forms and include an activity-based budget (ABB) in soles/US dollars. Value for money is an important selection criterion and if you do not submit a detailed ABB then your proposal will not be considered. 

    6.       Key documents

    7.       Contacts

    Please contact BEProjectsPeru@fcdo.gov.uk. with any questions or queries.

    Updates to this page

    Published 23 September 2024

    MIL OSI United Kingdom –

  • MIL-Evening Report: The power of nostalgia: why it’s healthy for you to keep returning to your favourite TV series

    Source: The Conversation (Au and NZ) – By Anjum Naweed, Professor of Human Factors, CQUniversity Australia

    Janet Julie Vanatko/Shutterstock

    How often do you find yourself hitting “play” on an old favourite, reliving the same TV episodes you’ve seen before – or even know by heart?

    I’m a chronic re-watcher. Episodes of sitcoms like Blackadder (1983–89), Brooklyn Nine-Nine (2013–21), Doc Martin (2004–22) and The Office US (2005–13) – a literal lifetime of TV favourites – are usually dependable in times of stress.

    But recently, ahead of an exceptionally challenging deadline, I found myself switching up my viewing. Instead of the escapist comedy I normally return to, I switched to Breaking Bad (2008–13), a nail-biting thriller with a complex reverse hero narrative – and immediately felt at ease.

    What do our re-viewing choices tell us about ourselves? And is it OK that we keep returning to old favourites?

    Fictional stories, real relationships

    Although one-sided, the relationships we form with characters in our favourite TV shows can feel very real. They can increase a sense of belonging, reduce loneliness – and keep pulling us back in.

    When we rewatch, we feel sadness, wistful joy and longing, all at the same time. We call the sum of these contradictions nostalgia.

    Originally coined in the 17th century to describe Swiss soldiers impaired by homesickness, psychologists now understand nostalgic reflection as a shield against anxiety and threat, promoting a sense of wellbeing.

    We all rely on fiction to transport us from our own lives and realities. Nostalgia viewing extends the experience, taking us somewhere we already know and love.

    Bingeing nostalgia

    The COVID-19 pandemic triggered a wave of nostalgia viewing.

    In the United States, audience analyst Nielsen found the most streamed show of 2020 was the American version of The Office, seven years after it ended its television run. A Radio Times survey found 64% of respondents said they had rewatched a TV series during lockdown, with 43% watching nostalgic shows.

    We were suddenly thrown into an unfamiliar situation and in a perpetual state of unease. We had more time on our hands, but also wanted to feel safe. Tuning into familiar content on television offered an escape – a sanctuary from the realities of futures unknown.

    Revisiting connections with TV characters gave us a sense of control. We knew what lay in their futures, and the calm and predictability of their arcs balanced the uncertainty in ours.

    Nostalgia as a plot point

    Nostalgia has been in the DNA of television since some of the earliest programming decisions.

    Every December, broadcasters scramble to screen one of the many versions of A Christmas Carol, Charles Dickens’ much-retold and family-friendly ghost story, which also features nostalgia as a plot device.

    First screened on live TV in New York City in 1944, on the still-new technology, the broadcast continued a 100-year-old tradition of the classic appearing on stage and cinema screens.

    Settling in around the telly for A Christmas Carol connects us to the holiday period and a heartwarming metamorphosis. Ebeneezer Scrooge revisits long-lost versions of himself and turns from villain to hero and our old friend in a single night.

    For viewers, revisiting this character at the same time every year can also reconnect us with our past selves and create a predictable pattern, even in the frenzy of the silly season.

    Real-world (re)connection

    The neuroscience of nostalgic experiences is clear. Nostalgia arises when current sensory data – like what you watch on TV – matches past emotions and experiences.

    It triggers a release of dopamine, a reward-system neurotransmitter involved in emotion and motivation. Encountering nostalgia is like autoloading and hitting play on past positive experiences, elevating desire and regulating mood.

    So, nostalgia draws on experiences encoded in memory. The TV shows we choose to rewatch reflect our values, our tastes, and the phases of life we have gone through.

    Perhaps this is a reason why reboots of our favourite shows sometimes fall flat, and ultimately set fans up for disappointment.

    I still remember the crushing disillusion I felt while watching the reboot of Knight Rider (2008–09). I immediately turned to social media to find a community around my nostalgic setback

    Stronger through stress

    Going back to my challenging deadline, what was it about the nostalgic experience of watching Breaking Bad that made it different?

    Breaking Bad evokes a particular phase in my life. I binged the first three seasons when writing up my PhD thesis. Walter White’s rise and fall journey towards redemption is enmeshed in the nostalgia of a difficult time I made it through.

    The predictability of Walter White’s arc on second viewing was an unlikely haven. It’s escalating high-stakes drama mirrored my rising stress, while connecting me to who I was when I first enjoyed the show.

    The result? “Dread mode” switched off – even as my anti-heroes marched again to their dire cinematic comeuppance. Reality, past and present, could be worse.

    Anjum Naweed 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. The power of nostalgia: why it’s healthy for you to keep returning to your favourite TV series – https://theconversation.com/the-power-of-nostalgia-why-its-healthy-for-you-to-keep-returning-to-your-favourite-tv-series-237753

    MIL OSI Analysis – EveningReport.nz –