Category: Business

  • MIL-OSI Economics: “The Art of Resilience”: The Documentary Series on Solutions from Latin America and the Caribbean that are Changing the World

    Source: CAF Development Bank of Latin America

    The episodes emphasize resilience, the innovation of their protagonists, and how collaboration within communities is driving significant transformations in the region. In the first season, which consists of three episodes, entrepreneurs and community leaders share their work in areas contributing to the achievement of the Sustainable Development Goals (SDGs).

    “It is essential to highlight the global solutions that originate in our region: the faces, ideas, achievements, and Latin American and Caribbean projects that often go unnoticed. We want to show the world that Latin America and the Caribbean is a region of solutions. Change is possible when we act collectively, and each of us can make a difference,” said Sergio Díaz-Granados, Executive President of CAF.

    Each episode also features artists who contribute music, culture, and art, creating a deep emotional connection with the audience—something that enhances the transformative power of art and culture in our societies.

    “We are proud and excited to showcase the powerful stories of communities positively transforming our region. As UNDP, we believe this initiative will bring us closer to the common goals that unite us as a society and will help foster inclusive, resilient, and sustainable development in Latin America and the Caribbean, leaving no one behind. By valuing our multicultural richness, protecting our lush biodiversity, and promoting social enterprises led by youth and local communities, we create a better present while preserving options for future generations,” affirmed Michelle Muschett, Regional Director of UNDP for Latin America and the Caribbean.

    The series has been produced by WaterBear Network in partnership with the Resilient Foundation and aims to spotlight local initiatives that promote the achievement of the 2030 Agenda and its 17 SDGs.

    “We are at a crucial moment where the stories of resilience and transformation in Latin America and the Caribbean deserve to be told. With ‘The Art of Resilience,’ we want to inspire others to see the strength that resides in our communities and how, through collaboration and creativity, we can build a more inclusive and sustainable future. Every initiative we present is a testament to the fact that change is possible and that together we can make a difference,” added María López, Executive Director of Detonante.

    The premiere took place in New York during Climate Week and included a screening of the series followed by a discussion with the creators, who shared their perspectives on sustainable development in the region.

    A public viewing will be held during COP16, which will take place in Cali, Colombia, in October 2024.

    • For more information and to join the campaign For All #ElCambioPosible, visit www.elcambioposible.com and follow the conversation on social media (Instagram: @elcambioposible). 
    • The series is available on the WaterBear Network streaming platform starting September 26 at www.waterbear.com
    • It will be featured at COP16 in Cali, Colombia, in October 2024.

    MIL OSI Economics

  • MIL-OSI: Bitget lists Hamster Kombat (HMSTR) on Spot with 12,500,000 Tokens in Rewards and 25% in Rebates

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Sept. 27, 2024 (GLOBE NEWSWIRE) —

    Bitget, the world’s leading cryptocurrency exchange and Web3 company, has announced the listing of Hamster Kombat (HMSTR) on its spot trading platform, offering users an opportunity to benefit from a substantial rewards pool and rebates. This campaign, spanning from September 26, 10:00 PM to October 3, 10:00 PM (UTC+8), aims to engage users with a total prize pool of 12,500,000 HMSTR tokens and up to 25% in rebates for eligible participants.

    During this promotion, users can enjoy zero fees when purchasing crypto using a credit or debit card or through cash conversion after topping up their fiat balance via bank deposit. This initiative aims to make crypto trading more accessible and appealing, especially for those new to the Bitget platform. By simplifying the process and minimizing costs, Bitget is enhancing the user experience, allowing more traders to explore and engage with the HMSTR token.

    Participants need to register for the promotion through the designated ‘Register Now‘ button to qualify. As the campaign progresses, users who buy crypto during the promotion period can potentially earn up to a 25% rebate in HMSTR tokens. The rebate amount is based on the participant’s trading volume relative to the total trading volume of all users involved in the campaign. This creates an environment that not only rewards active traders but also encourages higher engagement with the HMSTR listing.

    The total prize pool of 12,500,000 HMSTR tokens will be distributed on a first-come, first-served basis, emphasizing the importance of prompt participation. The distribution of rewards will take place within five business days following the conclusion of the campaign, ensuring transparency and efficiency in the reward allocation process. However, it’s crucial to note that this campaign is exclusively available for newly registered Bitget users. Sub-accounts, institutional users, API traders, and market maker accounts are not eligible for this promotion, maintaining fairness in the campaign’s structure.

    The listing of Hamster Kombat (HMSTR) on Bitget’s spot trading platform shows the exchange’s commitment to expanding its portfolio and providing users with opportunities to engage in diverse crypto projects. As HMSTR garners more attention within the crypto community, this campaign serves as a strategic step in introducing new assets and fostering active trading.

    By offering zero fees and substantial rebates, Bitget provides its users and traders with added incentives. The HMSTR listing and its accompanying promotional campaign present a significant opportunity for traders to explore the token’s potential while benefiting from Bitget’s user-centric approach to crypto trading.

    To participate in the campaign for HMSTR, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

    For more information, users can visit: WebsiteTwitterTelegramLinkedInDiscordBitget Wallet

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice. For more information, see our Terms of Use.

    Contact

    PR

    Simran

    Bitget

    media@bitget.com

    The MIL Network

  • MIL-OSI Translation: Deputy Prime Minister welcomes delivery of new all-electric TTC buses

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French 1

    Press release

    $349 million federal investment delivers results: 340 all-electric buses for the TTC

    September 27, 2024 – Toronto, Ontario – Department of Finance Canada

    Public transit gets Canadians where they need to go, creates new jobs in Canada’s manufacturing and construction sectors, reduces pollution and traffic congestion, makes life more affordable, and keeps people and communities connected as they grow. That’s why the federal government is investing in a better public transit system.

    Today in Toronto, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, joined by Gary Anandasangaree, Minister of Crown-Indigenous Relations, and Olivia Chow, Mayor of Toronto, highlighted how the federal government is working with the City of Toronto to improve the speed of public transit for Torontonians.

    In April 2023, the federal government and the City of Toronto announced a joint investment of $700 million to secure the supply of 340 battery-electric buses for the Toronto Transit Commission (TTC). The first two of these 340 electric buses have now joined the TTC’s fleet. All 340 electric buses are expected to be in service by the end of 2026.

    This investment will help the TTC, Canada’s largest public transit system, achieve its goal of electrifying its entire bus fleet by 2040.

    Strengthening Toronto’s electric bus fleet is just one part of the federal government’s work to improve public transit in Toronto, and across the country. To connect people across the Greater Toronto Area, the federal government is investing $10.4 billion in four major transit projects: the Scarborough Subway Extension, the Eglington Crosstown LRT Extension, the Ontario Line and the Yonge North Subway Extension. And in July, the federal government launched the Canada Public Transit FundThrough this ongoing, permanent program, the government will invest an average of $3 billion per year to help cities and communities provide better public transit systems for Canadians.

    Quotes

    “Our government knows that improving public transit is essential to ensuring our economy reaches its full potential. That’s why we’re making historic investments in reliable and sustainable transit infrastructure. Today, delivering new all-electric TTC buses is just one way we’re helping the TTC grow. This investment will give Torontons a faster, cleaner way to get around.”

    – The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

    Quick Facts

    Total funding for public transit in Toronto announced since 2015 is $10.4 billion. This includes the following projects:

    November 2023: New TTC streetcars. December 2022: Capacity improvements at Bloor-Yonge Station. 2021: New Scarborough Subway Extension, Eglinton Crosstown West Line, Ontario Line and Yonge North Subway Extension.

    Through the Zero-Emission Public Transit Fund, the federal government is supporting public transit and school bus operators who want to equip themselves with electric buses. In addition, the government is making possible the purchase of 5,000 zero-emission buses and the construction of related infrastructure, such as charging stations.

    In Budget 2024, the government announced that any community seeking long-term, predictable funding through the new Canada Public Transit Fund must take steps to directly increase its housing supply. These measures include:

    Eliminate all mandatory minimum parking requirements within 800 metres of a high-frequency transit line. Allow high-density housing to be built within 800 metres of a high-frequency transit line. Allow high-density housing to be built within 800 metres of post-secondary institutions. Conduct a housing needs assessment for all communities with a population greater than 30,000.

    The Canada Public Transit Fund will provide:

    $2 billion per year on average, or $20 billion over 10 years, for the metropolitan region agreements component. $500 million per year on average, or $5 billion over 10 years, for the base funding component. $500 million per year on average, or $5 billion over 10 years, for the targeted funding component.

    Through the Investing in Canada Infrastructure Program, the federal government is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities.

    In Ontario, the public transit component of the Investing in Canada Infrastructure Program has already supported more than 400 projects to improve public transit. The federal government has committed $8.3 billion, and the provincial government has committed $7.3 billion.

    Related links

    Contact persons

    Media may contact:

    Katherine CuplinskasDeputy Director of CommunicationsOffice of the Deputy Prime Minister and Minister of FinanceKatherine.Cuplinskas@fin.gc.ca

    Media RelationsDepartment of Finance Canadamediare@fin.gc.ca613-369-4000

    General Inquiries

    Phone: 1-833-712-2292Teletypewriter: 613-369-3230Email: financepublic-financepublique@fin.gc.ca

    Stay connected

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

    MIL Translation OSI

  • MIL-OSI USA: REP LIEU CELEBRATES UCLA SELECTION FOR MICROCHIP INDUSTRY DEVELOPMENT GRANT

    Source: United States House of Representatives – Congressman Ted Lieu (33 District of California)

    LOS ANGELES – Today, Congressman Ted Lieu (D-Los Angeles County) issued the following statement after the announcement that the UCLA Samueli School of Engineering has been tentatively selected to receive grant funding for their analog and digital chip design program. The anticipated funding will establish a Center for Education of Microchip Designers (CEMiD) to support undergraduate and graduate engineering students at universities across the country. 

    The Department of Commerce’s CHIPS for America’s workforce development program and this funding were made possible through the CHIPS and Science Act of 2022, which Congressman Lieu supported when it passed the House. 

    “I am pleased to congratulate UCLA on this well-deserved funding and anticipated establishment of CEMiD to continue our nation’s leadership in semiconductor development,” said Congressman Lieu. “Thanks to President Biden and Democrats’ passage of the CHIPS and Science Act in 2022, we’ve seen historic investment in microchip research, development and manufacturing that has strengthened our workforce. UCLA’s CEMid program will bolster our microchip industry by training the next generation of semiconductor researchers and developers, and will support the professors and engineers who train them. I look forward to seeing all that our brilliant UCLA students and faculty can do with this exciting funding!”

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    MIL OSI USA News

  • MIL-OSI USA: Smith, Craig, Colleagues Introduce Bipartisan Bill to Codify Year-Round E15

    Source: United States House of Representatives – Congressman Adrian Smith (R-NE)

    Washington, D.C. – Today, Reps. Adrian Smith (R-NE) and Angie Craig (D-MN) along with Reps. Dusty Johnson (R-SD), Nikki Budzinski (D-IL), Mariannette Miller-Meeks (R-IA), and Sharice Davids (D-KS) introduced the Nationwide Consumer and Fuel Retailer Choice Act. This bipartisan, bicameral legislation would extend the Reid vapor pressure (RVP) volatility waiver to enable the year-round, nationwide sale of ethanol blends up to 15 percent. Smith, Craig, and Johnson are co-chairs of the Congressional Biofuels Caucus.

    The bill is the House companion to the Senate bill S. 2707 introduced by Sen. Deb Fischer (R-NE).

    “At a time when agricultural producers are struggling, uncertainty in the energy market is looming, and consumers are paying more at the pumps, the United States cannot afford to leave any opportunity to boost energy production on the table,” said Rep. Smith. “Since I first introduced similar legislation, I have been pushing EPA to allow the uninterrupted sale of E15. Flexibility and greater consumer choice strengthens the U.S. fuel market, and Nebraska’s farmers have the capacity to meet demand. I thank Rep. Craig, Sen. Fischer, and my House colleagues for their cooperation to unlock this sustainable fuel source and provide relief for hard-working Americans at the fuel pump.”

    “Homegrown biofuels are tools we have right now to address climate change, strengthen our nation’s energy infrastructure and lower costs for Americans at the gas pump,” said Rep. Craig. “This bill is the kind of commonsense legislation we need more of in Washington and I’m proud to be a part of the bipartisan coalition fighting for year-round E15 in the House.”

    “E15 supports our farmers, is cleaner for the environment, and lowers the price of gas. Our bipartisan legislation is the only permanent, nationwide solution to unleashing the power of year-round E15. It’s why we’ve been able to bring together a diverse group of stakeholders from the oil/gas, biofuel, ag, and transportation sectors to support our legislation. I am confident that a path forward exists in both the Senate and the House and look forward to working with Congressman Smith to ensure our bill becomes law,” said Sen. Fischer.

    “Securing year-round availability of E15 would provide certainty to the fuel sector, improve the production and supply of American-made fuel, and help drive down the prices at the pump,” said Rep. Johnson. “I am proud to help lead this effort and will continue working to get year-round E15 signed into law.”

    “Higher blends of biofuels help folks save money at the gas pump, reduce our dependence on foreign oil, cut carbon emissions and support critical markets for Illinois family farmers,” said Rep. Nikki Budzinski. “I’m proud to represent one of our nation’s top corn-producing regions and to champion biofuels production on behalf of my constituents – including as a co-lead of the Nationwide Consumer and Fuel Retailer Choice Act. Producers and consumers need more certainty and I’m confident that this legislation can take us across the finish line to secure year-round E-15.”

    “The EPA’s temporary waivers allowing the sale of E15 in the summer are not a viable long-term solution for Iowa’s energy leadership,” said Rep. Miller-Meeks. “This legislation will allow for permanent, nationwide sales of E15 which will lower costs for Americans at the gas pump, reduce emissions, and put an end to fuel supply disruptions. I urge the House and Senate to pass our bipartisan bill to unleash our domestic energy potential.”

    “I’m proud to help introduce this bipartisan bill that would enable permanent, nationwide sales of E15, helping families save at the gas pump while supporting our agricultural community and enhancing our nation’s energy security. This is how Congress should function: both parties coming together to address the most pressing challenges facing everyday folks,” said Rep. Davids.

    Click here to read the bill.

    In the House, additional cosponsors of the Nationwide Consumer and Fuel Retailer Choice Act include Reps. Darin LaHood (R-IL), Eric Sorensen (D-IL), Mike Flood (R-NE), Sam Graves (R-MO), Ashley Hinson (R-IA), Randy Feenstra (R-IA), Dan Kildee (D-MI), Brad Finstad (R-MN), Elissa Slotkin (D-MI), Mary Miller (R-IL), Mark Alford (R-MO), Jake LaTurner (R-KS), Ron Estes (R-KS), Greg Landsman (D-OH), Marcy Kaptur (D-OH), Mike Carey (R-OH), Michelle Fischbach (R-MN), Greg Pence (R-IN), Max Miller (R-OH), Tracey Mann (R-KS), Ann Wagner (R-MO), Robin Kelly ( D-IL), Mike Bost (R-IL), Zach Nunn (R-IA), Michael Guest (R-MS), Don Bacon (R-NE), Blaine Luetkemeyer (R-MO), Buddy Carter (R-GA), and Jason Smith (R-MO).

    Sen. Fischer’s Senate companion to the bill is cosponsored by Sens. Tammy Duckworth (D-IL), Shelley Moore Capito (R-WV), Pete Ricketts (R-NE), John Thune (R-SD), Mike Rounds (R-SD), Roger Marshall (R-KS), Joni Ernst (R-IA), Chuck Grassley (R-IA), Jerry Moran (R-KS), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Roger Wicker (R-MS), Tammy Baldwin (D-WI), and Dick Durbin (D-IL).

    BACKGROUND:

    In Congress, Rep. Smith has long championed the issue of year-round availability of E15. This past year, he pushed the administration to extend the availability of E15 during the summer to provide American consumers with access to an affordable biofuel alternative at their local gas station.

    The Nationwide Consumer and Fuel Retailer Choice Act has broad support from stakeholders. Below are statements in support of the bipartisan legislation:

    “Drivers across Nebraska deserve year-round access to E-15 fuel — and thankfully, Representative Smith is answering that call. Families nationwide will benefit from the lower prices and lower emissions it will bring — and hardworking ethanol producers here in Nebraska will gain the certainty they deserve when filling that demand. We appreciate Representative Smith and his colleagues for taking up this bill in the House, and we call on every member of Congress to pass this bipartisan legislation in both chambers as soon as possible,” said Renewable Fuels Nebraska Executive Director Dawn Caldwell.

    “Providing for year-round access to E15 is a practical step in saving money for consumers, reducing emissions for our environment and is approved for 95% of the vehicles on the road today,” said Chris Grams, President of the Nebraska Corn Growers Association. “We deeply value and appreciate the continual leadership of Representative Smith in his efforts to introduce this much needed approach to advance the use of ethanol across the United States. Year-round E15 creates a positive impact and develops demand for farmers locally, statewide and nationally.”

    “We thank our renewable fuel supporters in the House for introducing this bipartisan legislation and continuing to fight for fair market access for E15 and our nation’s farmers and ethanol producers. With just a few months left in this Congress, we urge lawmakers to swiftly adopt this bill and deliver a win for American families seeking cleaner, lower-cost fuel options,” said Renewable Fuels Association President and CEO Geoff Cooper.

    “E15 is one of the best ways to lower costs for consumers while also reducing our carbon emissions. For the past six summers, hardworking families across America have enjoyed big summer savings on E15 ranging from 10 to 30 cents per gallon, with some locations selling the fuel for more than a dollar less per gallon,” said Growth Energy CEO Emily Skor. “But over the last three summers, those savings were only possible thanks to last-minute intervention by EPA. This bill will finally fix the outdated law that threatens to take E15 off the market when consumers need it most during the busy summer driving season. We thank Representative Smith (R-Neb.), Representative Craig (D-Minn), and the bipartisan group of cosponsors for their leadership to ensure we preserve consumer access to lower-carbon, more-affordable fuel options nationwide all year round. With bipartisan bills now introduced in both chambers of Congress, this is our chance to finally get this commonsense legislation across the finish line.”

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    MIL OSI USA News

  • MIL-OSI Global: Hurricane Helene power outages leave over 3 million in the dark – history shows poorer areas often wait longest for electricity to be restored

    Source: The Conversation – USA – By Chuanyi Ji, Associate Professor of Engineering, Georgia Institute of Technology

    Strong winds from Hurricane Helene, one of the most powerful storms to hit the Southeast, flooded roads and cut power in multiple states. AP Photo/Mike Carlson

    Hurricane Helene left more than 3 million homes and businesses in the dark across Florida, Georgia and the Carolinas after hitting Florida’s Big Bend region as a powerful Category 4 storm late on Sept. 26, 2024. As Helene’s rains moved inland, officials warned that fixing downed utility lines and restoring power would take several days in some areas.

    Electricity is essential to just about everyone – rich and poor, old and young. Yet, when severe storms strike, socioeconomically disadvantaged communities often wait longest to recover.

    That isn’t just a perception.

    We analyzed data from over 15 million consumers in 588 U.S. counties who lost power when hurricanes made landfall between January 2017 and October 2020. The results show that poorer communities did indeed wait longer for the lights to go back on.

    A 10 percentile drop in socioeconomic status in the Centers for Disease Control and Prevention’s social vulnerability index was associated with a 6.1% longer outage on average. This corresponds to waiting an extra 170 minutes on average for power to be restored, and sometimes much longer.

    The top map shows the total duration of power outages over eight storms by county. The lower map is a comparison with socioeconomic status taken into account, showing that counties with lower average socioeconomic status have longer outages than expected.
    Ganz et al, 2023, PNAS Nexus

    Implications for policy and utilities

    One likely reason for this disparity is written into utilities’ standard storm recovery policies. Often, these polices prioritize critical infrastructure first when restoring power after an outage, then large commercial and industrial customers. They next seek to recover as many households as they can as quickly as possible.

    While this approach may seem procedurally fair, these recovery routines appear to have an unintended effect of often making vulnerable communities wait longer for electricity to be restored. One reason may be that these communities are farther from critical infrastructure, or they may be predominantly in older neighborhoods where power infrastructure requires more significant repairs.

    Commercial areas are often higher on the priority list for faster power recovery in an outage. This store was still closed for several days during Texas’ widespread outages in 2021.
    Montinique Monroe/Getty Images

    The upshot is that households that are already at greater risk from severe weather – whether due to being in flood-prone areas or in vulnerable buildings – and those who are least likely to have insurance or other resources to help them recover are also likely to face the longest storm-caused power outages. Long outages can mean refrigerated food goes bad, no running water and delays in repairing damage, including delays in running fans to dry out water damage and avoid mold.

    Our study spanned 108 service regions, including investor-owned utilities, cooperatives and public utilities. The differential impact on poorer communities did not line up with any particular storm, region or individual utility. We also found no correlation with race, ethnicity or housing type. Only average socioeconomic level stood out.

    How to make power recovery less biased

    There are ways to improve power recovery times for everyone, beyond the necessary work of improving the stability of power distribution.

    Policymakers and utilities can start by reexamining power restoration practices and power infrastructure maintenance, such as replacing aging utility poles and trimming trees, with disadvantaged communities in mind.

    Power providers already have granular data on power usage and grid performance in their service regions. They can begin experimenting with alternative recovery routines that consider the vulnerability of their customers in ways that do not substantially affect average recovery duration.

    People in some Fort Myers, Fla., neighborhoods still lacked water and electricity more than a week after Hurricane Ian in 2022.
    Montinique Monroe/Getty Images

    For socioeconomically vulnerable regions that are likely to experience long outages because of their locations and possibly the aging energy infrastructure, utilities and policymakers can proactively ensure that households are well prepared to evacuate or have access to backup sources of power.

    For example, the U.S. Department of Energy announced in October 2023 that it would invest in developing dozens of resilience hubs and microgrids to help supply local power to key buildings within communities when the wider grid goes down. Louisiana plans several of these hubs, using solar and large-scale batteries, in or near disadvantaged communities.

    Policymakers and utilities can also invest in broader energy infrastructure and renewable energy in these vulnerable communities. The U.S. Department of Energy’s Justice40 program directs that 40% of the benefit from certain federal energy, transportation and housing investments benefit disadvantaged communities. That may help residents who need public help the most.

    Severe weather events are becoming more common as global temperatures rise. That increases the need for better planning and approaches that don’t leave low-income residents in the dark.

    Chenghao Duan, a Ph.D. student at Georgia Tech, also contributed to this article. This is an update to an article originally published on Feb. 7, 2024.

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

    ref. Hurricane Helene power outages leave over 3 million in the dark – history shows poorer areas often wait longest for electricity to be restored – https://theconversation.com/hurricane-helene-power-outages-leave-over-3-million-in-the-dark-history-shows-poorer-areas-often-wait-longest-for-electricity-to-be-restored-240001

    MIL OSI – Global Reports

  • MIL-OSI Global: US home insurance rates are rising fast – hurricanes and wildfires play a big role, but there’s more to it

    Source: The Conversation – USA – By Andrew J. Hoffman, Professor of Management & Organizations, Environment & Sustainability, and Sustainable Enterprise, University of Michigan

    The U.S. has seen a large number of billion-dollar disasters in recent years. AP Photo/Mark Zaleski

    Millions of Americans have been watching with growing alarm as their homeowners insurance premiums rise and their coverage shrinks. Nationwide, premiums rose 34% between 2017 and 2023, and they continued to rise in 2024 across much of the country.

    To add insult to injury, those rates go even higher if you make a claim – as much as 25% if you claim a total loss of your home.

    Why is this happening?

    There are a few reasons, but a common thread: Climate change is fueling more severe weather, and insurers are responding to rising damage claims. The losses are exacerbated by more frequent extreme weather disasters striking densely populated areas, rising construction costs and homeowners experiencing damage that was once more rare.

    Hurricane Ian, supercharged by warm water in the Gulf of Mexico, hit Florida as a Category 4 hurricane in October 2022 and caused an estimated $112.9 billion in damage.
    Ricardo Arduengo/AFP via Getty Images

    Parts of the U.S. have been seeing larger and more damaging hail, higher storm surges, massive and widespread wildfires, and heat waves that kink metal and buckle asphalt. In Houston, what used to be a 100-year disaster, such as Hurricane Harvey in 2017, is now a 1-in-23-years event, estimates by risk assessors at First Street Foundation suggest. In addition, more people are moving into coastal and wildland areas at risk from storms and wildfires.

    Just a decade ago, few insurance companies had a comprehensive strategy for addressing climate risk as a core business issue. Today, insurance companies have no choice but to factor climate change into their policy models.

    Rising damage costs, higher premiums

    There’s a saying that to get someone to pay attention to climate change, put a price on it. Rising insurance costs are doing just that.

    Increasing global temperatures lead to more extreme weather, and that means insurance companies have had to make higher payouts. In turn, they have been raising their prices and changing their coverage in order to remain solvent. That raises the costs for homeowners and for everyone else.

    The importance of insurance to the economy cannot be understated. You generally cannot get a mortgage or even drive a car, build an office building or enter into contracts without insurance to protect against the inherent risks. Because insurance is so tightly woven into economies, state agencies review insurance companies’ proposals to increase premiums or reduce coverage.

    The insurance companies are not making political statements with the increases. They are looking at the numbers, calculating risk and pricing it accordingly. And the numbers are concerning.

    The arithmetic of climate risk

    Insurance companies use data from past disasters and complex models to calculate expected future payouts. Then they price their policies to cover those expected costs. In doing so, they have to balance three concerns: keeping rates low enough to remain competitive, setting rates high enough to cover payouts and not running afoul of insurance regulators.

    But climate change is disrupting those risk models. As global temperatures rise, driven by greenhouse gases from fossil fuel use and other human activities, past is no longer prologue: What happened over the past 10 to 20 years is less predictive of what will happen in the next 10 to 20 years.

    The number of billion-dollar disasters in the U.S. each year offers a clear example. The average rose from 3.3 per year in the 1980s to 18.3 per year in the 10-year period ending in 2024, with all years adjusted for inflation.

    With that more than fivefold increase in billion-dollar disasters came rising insurance costs in the Southeast because of hurricanes and extreme rainfall, in the West because of wildfires, and in the Midwest because of wind, hail and flood damage.

    Hurricanes tend to be the most damaging single events. They caused more than US$692 billion in property damage in the U.S. between 2014 and 2023. But severe hail and windstorms, including tornadoes, are also costly; together, those on the billion-dollar disaster list did more than $246 billion in property damage over the same period.

    As insurance companies adjust to the uncertainty, they may run a loss in one segment, such as homeowners insurance, but recoup their losses in other segments, such as auto or commercial insurance. But that cannot be sustained over the long term, and companies can be caught by unexpected events. California’s unprecedented wildfires in 2017 and 2018 wiped out nearly 25 years’ worth of profits for insurance companies in that state.

    To balance their risk, insurance companies often turn to reinsurance companies; in effect, insurance companies that insure insurance companies. But reinsurers have also been raising their prices to cover their costs. Property reinsurance alone increased by 35% in 2023. Insurers are passing those costs to their policyholders.

    What this means for your homeowners policy

    Not only are homeowners insurance premiums going up, coverage is shrinking. In some cases, insurers are reducing or dropping coverage for items such as metal trim, doors and roof repair, increasing deductibles for risks such as hail and fire damage, or refusing to pay full replacement costs for things such as older roofs.

    Some insurances companies are simply withdrawing from markets altogether, canceling existing policies or refusing to write new ones when risks become too uncertain or regulators do not approve their rate increases to cover costs. In recent years, State Farm and Allstate pulled back from California’s homeowner market, and Farmers, Progressive and AAA pulled back from the Florida market, which is seeing some of the highest insurance rates in the country.

    In some cases, insurers are restricting coverage. Roof repairs, like these in Fort Myers Beach, Fla., after Hurricane Ian, can be expensive and widespread after windstorms.
    Joe Raedle/Getty Images

    State-run “insurers of last resort,” which can provide coverage for people who can’t get coverage from private companies, are struggling too. Taxpayers in states such as California and Florida have been forced to bail out their state insurers. And the National Flood Insurance Program has raised its premiums, leading 10 states to sue to stop them.

    About 7.4% of U.S. homeowners have given up on insurance altogether, leaving an estimated $1.6 trillion in property value at risk, including in high-risk states such as Florida.

    No, insurance costs aren’t done rising

    According to NOAA data, 2023 was the hottest year on record “by far.” And 2024 could be even hotter. This general warming trend and the rise in extreme weather is expected to continue until greenhouse gas concentrations in the atmosphere are abated.

    In the face of such worrying analyses, U.S. homeowners insurance will continue to get more expensive and cover less. And yet, Jacques de Vaucleroy, chairman of the board of reinsurance giant Swiss Re, believes U.S. insurance is still priced too low to fully cover the risk from climate change.


    Climate change is a major factor in the rising cost of insurance. Join us for a special free webinar with experts Andrew Hoffman of the University of Michigan and Melanie Gall of Arizona State University to discuss the arithmetic behind these rising rates, what climate change has to do with it, and what may be coming in your future insurance bills.

    Wednesday, October 9, 2024, 11:30 a.m. PT/2:30 p.m. ET.
    Register for the webinar here.


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

    ref. US home insurance rates are rising fast – hurricanes and wildfires play a big role, but there’s more to it – https://theconversation.com/us-home-insurance-rates-are-rising-fast-hurricanes-and-wildfires-play-a-big-role-but-theres-more-to-it-238939

    MIL OSI – Global Reports

  • MIL-OSI Asia-Pac: Speech by FS at Hong Kong Association Luncheon in London (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the Hong Kong Association Luncheon in London, the United Kingdom, today (September 27, London time):
     
    Adrian (Chairman of the Hong Kong Association, Mr Adrian Cartwright), members of the Hong Kong Association, ladies and gentlemen, friends of Hong Kong all,

         Good afternoon. I’m delighted to join you, once again, over a welcome lunch.

         The one consistent theme of my trip, first to Spain, now in London, has been the many speaking occasions.
     
         Last night’s Hong Kong Dinner was truly splendid and savory, and now I’m pleased to speak to the Hong Kong Association -thank you for the privilege – because you are very much invested in Hong Kong.
     
         I’m always pleased to speak at such times, especially when the topic is Hong Kong, and particularly to an audience as invested in Hong Kong as you are.

    The state of Hong Kong’s economy
     
         I have much to share, but let me start with a quick update on Hong Kong’s economy. 

         â€‹Last year, our GDP grew by 3.3 per cent as we recovered from the pandemic, and we achieved 3 per cent growth in the first half of this year. 

         The three main drivers fueling our economic growth are: exports, investments, and private consumption. Goods exports have seen significant growth, with Hong Kong serving as a major re-export hub for the Mainland, rising by over 7 per cent in the first half of the year. 

         â€‹For exports of services, tourism remains a key component. It is steadily recovering, with around 30 million visitors in the first eight months of this year, an increase of 44 per cent compared to last year. We expect 46 million visitors for the whole of 2024. 

         With improving economic and business prospects, but amid complex external environment, investment, from both the public and private sectors, expanded by more than 3 per cent in the first half of this year. 

         â€‹Private consumption has been bumpy. It is challenging given changes to the spending patterns of tourists and our residents. 

         Our stock market remains one of Asia’s leading exchanges, with a capitalisation in excess of 3 trillion pounds – 11 times our GDP. The measures announced, earlier this week by the Central Authorities to cut rates, reduce reserve requirement ratios and provide more support to the property sector – is boosting market confidence. The effects are already visible on Hong Kong’s stock market, with record high transactions! Before that, the China Securities Regulatory Commission announced measures in April 2024 that would encourage leading Mainland enterprises to list in Hong Kong. 

         Residential property market prices have fallen by over 6 per cent from the end of last year to August this year – and more than 25 per cent compared to its peak in September 2021. We know property market is an important pillar to any economy, so we remain vigilant, and has been monitoring the market closely. So far, our assessment is that it has been an orderly adjustment. 

         This February, we removed all the demand-side management measures for the residential property market. Overall, the property market is now stabilising. 

         The commencement of the monetary easing cycle by the Federal Reserve will provide support to both the economy and the property sector. 
         
         Currently, inflation is at around 1 per cent, and unemployment is lying low, at just 3 per cent. 

         â€‹Overall, we expect Hong Kong to grow between 2.5 per cent to 3.5 per cent this year. 

         Looking into the future, our economic development will be heading in eight discrete directions: internationally, as finance, trade, shipping, aviation and innovation and technology centres; and, regionally, as Asia Pacific’s legal and dispute resolution centre and intellectual property trading centre. We are committed, too, to becoming the East-meets-West centre for international cultural exchange. 

         Allow me now to highlight two of them: financial services and innovation and technology. 

         Let me start with financial services. Besides traditional areas that we are good at, we are working to become an international green finance and green technology hub. 

    Green and Sustainable Finance
     
         Green transition is a global agenda, bringing along responsibilities and opportunities. 
         â€‹
         Hong Kong has established a clear roadmap to achieve carbon neutrality by 2050, while reducing emissions by 50 per cent by 2035 from our 2005 levels. 

         â€‹We are taking a multi-pronged approach to realise this goal by addressing emission sources: first, achieving net-zero electricity generation by phases; second, enhancing energy efficiency in buildings through the promotion of green building practices; third, promoting green transport, particularly electric vehicles; and fourth, reducing waste. 

         Indeed, the Hong Kong SAR Government (Hong Kong Special Administrative Region Government) will invest more than 20 billion pounds in the next 15 to 20 years to implement climate change mitigation and adaptation measures. 

         However, the International Energy Agency has projected that the global energy transition finance gap will reach $3 trillion a year by 2030 and rise to $4.5 trillion a year by 2040. 

         â€‹Hong Kong is Asia’s No. 1 for green finance: for instance, we issue, over the past three years, 48 billion pounds of green bonds and debts per year on average, accounting for one-third of Asia’s market. But there is much more that we can achieve. 

         One is on green standards. Earlier this year, the Hong Kong Monetary Authority released the Hong Kong Green Taxonomy (Hong Kong Taxonomy for Sustainable Finance), which is compatible with the Common Ground Taxonomy developed by China and the EU (European Union), to assist the financial sector in assessing the “greenness” of projects. 

         Similarly, the Hong Kong Stock Exchange also impose ESG (environmental, social and governance) disclosure requirements for listed entities. 

         â€‹Just a few days ago, the Hong Kong Institute of Certified Public Accountants released the draft financial reporting standards which it plans to implement in August next year. The proposed Hong Kong standards follow those issued by the International Sustainability Standards Board, ISSB. 

         In the realm of green tech, start-ups are a powerhouse for many green innovative solutions, fully reflecting our younger generation’s passion for the environment and a sustainable future. 

         You might have met the delegation of start-ups from the Hong Kong Science Park and Cyberport who are with me on this trip to the United Kingdom. Some of them are engaged in green tech, and while others are engaged in different fields, but they share a common goal: to change people’s lives for the better. 

         We are working to attract more green start-ups in our innovation ecosystem. 

         By the way, our Science Park annually organises an elevator pitch competition where the start-ups have to sell their ideas in just 60 seconds in the lift of Hong Kong’s tallest skyscraper. The winner this year is from Munich seeking to establish a lithium battery recycle plant. 
     
    Innovation and Technology
     
         Let me now turn to innovation and technology. Our focus areas are: AI and big data analytics, biotech and health sciences, fintech and new energy and new materials. 

         The key success factor for the development of AI are algorithms, computing capabilities, data and use case scenarios. Under the “one country, two systems” arrangements, Hong Kong has unique advantages because we are the hub converging the Mainland and international data, and the Greater Bay Area provides us with ample use case scenarios. 

         In order to expedite the development of the eco-system of the aforementioned industries, we have set up the Hong Kong Investment Corporation, HKIC. 

         With six billion pounds at its disposal, the HKIC has a dual mandate. While it seeks financial returns, it also promotes the development of target industries that are crucial for the long-term competitiveness and economic vitality of Hong Kong. The HKIC serves as a tool for the Hong Kong SAR Government to invest and/or co-invest in enterprises, start-ups and important projects. 

         The ​HKIC is “patient capital”. It has already initiated several strategic partnerships in the areas of hard tech, biotech and new energy. 

         What distinguishes the HKIC from other sovereign funds is its investment approach to channel private capital into strategic industries through a collaborative approach, by bringing together like-minded private equity funds, venture capitalists, investors, and even entrepreneurs.

         This is particularly important for start-ups, especially those with original and disruptive technologies because their development cycles are often long, and patient capital is crucial for their success.

         Going forward, the HKIC will expand its collaboration with overseas partners to maximise impact. Next January, the HKIC will host a Roundtable for International Sovereign Wealth Funds, inviting sovereign wealth funds and financial leaders to explore investment opportunities and develop collaborative partnerships. In fact, this September, the HKIC also staged a Hong Kong Start-up Investment and Development Summit. 

         Ladies and gentlemen, I hope to leave ample time for questions, so I will conclude my remarks here. My sincere thanks, once again, to the Hong Kong Association for this welcome opportunity to speak to you. 

         I’m happy now to take your questions. 

         â€‹Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Luján, Cantwell, Tester, Baldwin, Rosen Introduce Bill to Prevent Fentanyl Trafficking Through U.S. Transportation Networks

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján
    Legislation would boost detection of illegal drug smuggling by air, sea, rail & road
    Bill gains backing by Narcotics Officers, Major City Chiefs, Forensic Science Labs, State Criminal Investigative Agencies, HIDTA Leaders
    WASHINGTON, D.C. – Commerce Committee Democrats, U.S. Senators Ben Ray Luján (D-N.M.), Maria Cantwell (D-Wash.), Jon Tester (D-Mont.), Tammy Baldwin (D-Wisc.), and Jacky Rosen (D-Nev.) introduced legislation to crack down on the trafficking of illicit synthetic drugs, like fentanyl, using the U.S. transportation network. The bill would create first-ever inspection strategies to stop drug smuggling by commercial aircraft, railroads, vehicles and ships. The legislation would boost state, local and Tribal local law enforcement resources, deploy next generation, non-intrusive detection technologies and increase inspections at ports of entry.
    “The flow of fentanyl into the country has devastated far too many communities across New Mexico and the United States,” said Senator Luján. “This bill would crack down on the trafficking of deadly drugs by implementing innovative inspection strategies for U.S. transportation networks and provide law enforcement with the tools they need to combat fentanyl smuggling. It is time for Congress to act to keep our communities safe and put an end to the fentanyl crisis.”
    “Drug traffickers should not be allowed to exploit the U.S. transportation system to smuggle fentanyl and precursor chemicals to make illicit synthetic drugs,” Senator Cantwell said. “Our bill equips federal, state, local and tribal law enforcement with the tools they need to curb drug smuggling by accelerating the development of non-intrusive technologies to inspect our commercial aircraft, trucks, trains and ships – while boosting resources to deploy this technology and drug-sniffing dogs, improving forensic science at crime labs, and building a better system to share intelligence and information between federal authorities and the private sector.”
    “The deadly flow of fentanyl into Montana communities is tearing families apart and it’s making our state less safe,” said Senator Jon Tester. “If we’re going to end illicit drug trafficking, we’re going to have to come at this issue from all sides, and that means strengthening our southern border, funding law enforcement, and securing the transportation systems allowing bad actors to get these drugs into our communities. I’m proud to have introduced this bill to give our law enforcement agencies the tools they need to combat illicit drug trafficking and make our transit systems safer for all Montanans.”
    “I’ve heard from parents who lost children, law enforcement fighting on the front lines, and advocates – all demanding we do more to stop the scourge of fentanyl,” said Senator Baldwin. “I’m fighting this crisis on all fronts – from stopping the precursor chemicals being manufactured in China, to boosting access to overdose reversal drugs, and everything in between. I’m proud to lead this legislation to give our law enforcement the tools they need to stop drug traffickers from using American airports, railways, ports, and roads to smuggle fentanyl into our communities.”
    “Most synthetic fentanyl is smuggled into our country, making its way to communities across Nevada and destroying families,” said Senator Rosen. “I’m doing everything I can to stop the flow of illicit drugs and support law enforcement. That’s why I’m proud to introduce this bill to develop a national strategy to prevent fentanyl smuggling and increase inspections at Ports of Entry on our border.”
    According to U.S. Government authorities, drug traffickers exploit the U.S. transportation network to smuggle fentanyl, precursor chemicals and other illicit drugs into and throughout the country. Once drugs have entered the country, drug traffickers continue to rely on the national transportation network—trucks, trains and commercial aircraft—to move their product to its final destination.
    The Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act of 2024 (S. 5285) would:
    Read the summary here and bill text here.
    Create a National Prevention Plan: Directs the Office of National Drug Control Policy (ONDCP) to develop a comprehensive national strategy that examines the entire U.S. transportation network and ports of entry to prevent the smuggling of illicit synthetic drugs.
    Boost Illegal Drug Detection by Air, Sea, Rail and Road: The bill establishes four new transportation-specific inspection programs—private and commercial aircraft, railroads, commercial vehicles and maritime vessels—to expand detection across all transportation modes and prevent interstate smuggling. State, local, Tribal and territorial law enforcement would carry out inspections using non-intrusive technologies and canines, in coordination with federal law enforcement authorities – and without unduly delaying the movement of goods or interrupting interstate commerce.
    Deploy High-Tech Detection Tools: Directs the Office of Science and Technology Policy (OSTP) and the ONDCP to accelerate new emerging, non-intrusive technologies, including integrating AI and quantum, to detect illicit synthetic drugs. National laboratories, including Pacific Northwest National Laboratories, are already developing next-generation technologies for fentanyl detection. AI could help increase capacities to integrate multiple sources of data and overcome challenges in identifying fentanyl when it is mixed with other opioids to evade detection.
    Increase Port of Entry Drug Detections: Currently, only 1-2 percent of passenger vehicles and 15-17 percent of commercial vehicles are scanned at U.S. ports of entry. The bill requires Customs and Border Protection (CBP) to inspect 100 percent of motor vehicles and railroads entering the country through a port of entry within five years, and all civil air cargo and maritime cargo within ten years.
    Support Law Enforcement Workforce, Technology and Training: Authorizes the Secretary of Homeland Security to provide grants to state, local, Tribal and territorial law enforcement to acquire new technology and canines and support overtime and other program-related expenses. It would also increase federal support to state and local crime scene investigators and forensics laboratories to process evidence related to fentanyl crimes and deaths.
    Improve Data and Information Sharing to Prevent Drug Trafficking: Requires the Director of ONDCP to create a public-private task force to improve intelligence and information sharing among federal, state and local authorities and the private sector to combat drug trafficking.
    “The National Narcotic Officers’ Associations’ Coalition applauds Senator Cantwell for her work on the Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act. The surge in drug poisoning deaths, especially from fentanyl, shows that more needs to be done. We know that a large portion of illegal narcotics are trafficked through our transportation systems, and this legislation will provide the needed resources such as advanced detection technology and canines to enhance law enforcement’s ability to conduct inspections on our nation’s transportation systems,” said Eric Brown, President of the National Narcotic Officers’ Associations’ Coalition.
    “The Major Cities Chiefs Association thanks Senator Cantwell for taking an innovative approach to fentanyl interdiction with the Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act. In cities across the country, resources are strained and the fentanyl crisis is a factor. Federal support is welcome as MCCA member agencies work to curb this crisis and promote safer communities and public health. We look forward to additional engagement on the matter as it moves forward in Congress,” said Laura Cooper, Executive Director of the Major Cities Chiefs Association.
    “Deaths and adverse events from illicit synthetic drugs continue to be at epidemic proportions, yet funding for forensics labs remains stagnant.  This bill prioritizes resources for the professionals on the front lines of the fight against illicit drugs, including fentanyl and other novel psychoactive substances.  We commend members of the Commerce Committee for taking this approach to ensure our forensic experts have the necessary resources and data to combat this epidemic,” said Matthew Gamette, Chair of the Consortium of Forensic Science Organizations.
    “The Association of State Criminal Investigative Agencies (ASCIA) appreciates Senator Cantwell’s introduction of the Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act of 2024. While recent figures show progress in reducing drug poisoning deaths in the U.S., we are nowhere near where we need to be to protect Americans from the ongoing threat.  This bill would strengthen the ability of agencies at all levels of government to detect and disrupt drug trafficking,” said Drew Evans, President of the Association of State Criminal Investigative Agencies.
    “The National High Intensity Drug Trafficking Area (HIDTA) Directors Association appreciates Senator Cantwell’s efforts to combat the fentanyl crisis and her support for providing critically needed tools and resources for state, local, tribal and federal law enforcement to interdict fentanyl shipments before negatively impacting the communities across the country. Given the profound impact fentanyl has had on families, schools, and communities, this bill will be instrumental in enabling law enforcement agencies participating in the HIDTA program to develop new and innovative strategies to tackle this crisis,”  said F. Mike McDaniel, President of the National High Intensity Drug Trafficking Area (HIDTA) Directors Association.

    MIL OSI USA News

  • MIL-OSI: Bybit Receives Full License in Kazakhstan

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Sept. 27, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce that it has been granted a full license by the Astana Financial Service Authority (AFSA). This significant milestone enables Bybit to operate as a fully authorized market institution in Kazakhstan, marking another step in the company’s global expansion.

    Under full authorization from AFSA, Bybit Kazakhstan will offer a comprehensive range of services, including operating a digital asset trading facility, providing custody, dealing in investments as both an agent and principal, and managing investments. Bybit’s new licensing opens many opportunities for users in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.

    “Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “With this full license, we are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”

    With this license, Bybit Kazakhstan will now offer various products, including spot and derivatives trading, margin trading, and crypto loans. The Bybit Kazakhstan website, under the domain “bybit.kz,” is scheduled to launch in mid-October 2024. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.

    This new chapter for Bybit in Kazakhstan solidifies the company’s commitment to fostering innovation and growth within the global cryptocurrency landscape. With a fully regulated platform, Bybit is poised to deliver enhanced services that meet the highest standards of compliance and security. Bybit looks forward to building strong relationships with traders in Kazakhstan and across the CIS region, empowering them to navigate the dynamic world of digital assets with confidence.

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

    For more details about Bybit, users can visit Bybit Press

    For media inquiries, users can contact: media@bybit.com

    For more information, users can visit: https://www.bybit.com

    For updates, users can follow: Bybit’s Communities and Social Media

    Contact
    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    The MIL Network

  • MIL-OSI USA: Warren, Whitehouse, Casar, Lawmakers Slam 35 Companies for Paying Their Executives More Than They Pay in Federal Income Taxes

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    September 27, 2024
    Text of Letters (PDF)
    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Sheldon Whitehouse (D-R.I.), and Representative Greg Casar (D-Texas) led their colleagues in slamming 35 major companies that have been paying their executives more than they pay in federal income taxes. The lawmakers point to this as an additional reason why Congress must reform the tax code in 2025 to ensure that big corporations are paying what they owe.
    “For decades, big businesses and the wealthy have skirted their responsibility to pay federal income taxes, leaving hardworking Americans to foot the bill,” wrote the lawmakers. “As Congress considers what to do when some provisions of the 2017 law expire next year, it is critical that we ensure that large, profitable businesses are paying their fair share.” 
    In the first five years following the $2 trillion Tax Cuts and Jobs Act (TCJA) passed by Republicans and signed by President Trump in 2017, 35 companies raked in $277 billion in domestic profits. These companies then paid an average effective income tax rate of just 14.1 percent, almost a third less than the 21 percent statutory rate. Instead of these gains “trickling down” to workers, the corporations paid their executives $9.5 billion – more than they paid in federal income taxes. While executives were making $989,000 per year or more, an average raise of $50,000 per executive, 90 percent of workers saw no earnings increase.
    The most egregious examples of these companies – and the ones the lawmakers wrote to – include: Tesla, TMobile, Netflix, AIG, Ford, NextEra, Darden, MetLife, Duke Energy, First Energy, DISH, Principal Financial, American Electrical Power, Kinder Morgan, Dominion, Oneok, Williams, Xcel Energy, NRG Energy, Salesforce, DTE Energy, Ameren, Sempra Energy, US Steel, Entergy, AmerisourceBergen, PPL, CMS Energy, Evergy, Voya Financial, Atmos Energy, Alliant Energy, Match Group, UGI, and Agilent Tech.
    “Next year, Congress has an opportunity to take bigger strides in reforming our tax code – to raise the corporate rate, close loopholes, and hold big businesses to the same standards as everyday working Americans who pay their fair share,” concluded the lawmakers.
    In addition to Senators Warren and Whitehouse, and Representative Casar, the letters were also signed by Senators Jeff Merkley (D-Ore.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), and Peter Welch (D-Vermont), as well as Representatives Jan Schakowsky (D-Ill.), Eleanor Norton (D-D.C.), Mark Pocan (D-Wis.), Pramila Jayapal (D-Wash.), Hank Johnson (D-Ga.), Rashida Tlaib (D-Mich.), Bennie Thompson (D-Miss.), Delia Ramirez (D-Ill.), and Barbara Lee (D-Calif.). 
    Senator Warren has led the fight to close tax loopholes for the wealthy and giant corporations to ensure a more fair tax system: 
    In July 2024, Senator Warren called on Treasury Secretary Janet Yellen to fully implement the 15% Corporate Alternative Minimum Tax signed into law by President Biden in the Inflation Reduction Act two years ago to preemptively stop corporate attempts to avoid paying their fair share.
    In June 2024, Senator Warren delivered remarks at the Washington Center for Equitable Growth to set the agenda on taxes ahead of the 2025 tax fight and urge Democrats to back President Biden’s agenda to tax the rich. Senator Warren’s call came as Congress prepared for major tax policy changes as a large portion of the 2017 Republican tax cuts for the wealthy were set to expire. 
    In March 2024, Senator Warren, along with U.S. Representatives Pramila Jayapal (D-Wash.) and Brendan Boyle (D-Pa.), reintroduced the Ultra-Millionaire Tax Act, popular, comprehensive legislation that would bring in at least $3 trillion in revenue over 10 years by requiring that the top 0.05 percent of American households chip in 2 cents for every dollar of wealth over $50 million. The newly introduced version of the bill included stronger rules on trusts, a common method the ultra-wealthy utilize to avoid paying taxes that cost the federal government between $5 and $7 billion annually. 
    In November 2023, at a hearing of the Senate Finance Committee, Senator Warren called out efforts by lobbyists for giant corporations trying to extend three of the biggest corporate giveaways in the Trump tax cuts: bonus depreciation, R&D expensing, and looser limits on net interest deduction. 
    In October 2023, Senators Warren, Sheldon Whitehouse (D-R.I.), Chris Van Hollen (D-Md.), and Bernie Sanders (I-Vt.) sent a letter to Secretary Janet Yellen and Internal Revenue Service (IRS) Commissioner Daniel Werfel, urging them to proactively use the Treasury Department’s rulemaking authority to close tax loopholes that create inconsistency and unfairness in the tax system and threaten the government’s ability to raise important revenue.
    In August 2023, Senators Warren, Bob Casey (D-Pa.), Richard Blumenthal (D-Conn.), and Sanders sent a letter to the Treasury and IRS, urging them to quickly propose and implement strong rules that close loopholes exploited by crypto tax evaders.
    In April 2023, Senator Warren sent a letter to Secretary Yellen and Commissioner Werfel, urging them to follow through on the commitments of the Biden administration by examining and taking concrete steps to address racial inequities in tax benefits and enforcement.
    In March 2023, Senators Warren, Van Hollen, Sanders, and Whitehouse sent a letter to Treasury Secretary Janet Yellen, urging her to use the full extent of the Treasury Department’s regulatory authority to crack down on the ultra-wealthy’s use of trusts to dodge paying their fair share in taxes.

    MIL OSI USA News