Category: Commerce

  • MIL-OSI USA: SBA Stands Ready to Assist Havasupai Tribe Businesses and Residents Affected by the Flooding

    Source: United States Small Business Administration

    “As communities across the Southeast continue to recover and rebuild after Hurricanes Helene and Milton, the SBA remains focused on its mission to provide support to small businesses to help stabilize local economies, even in the face of diminished disaster funding,” said Administrator Isabel Casillas Guzman. “If your business has sustained physical damage, or you’ve lost inventory, equipment or revenues, the SBA will help you navigate the resources available and work with you at our recovery centers or with our customer service specialists in person and online so you can fully submit your disaster loan application and be ready to receive financial relief as soon as funds are replenished.”

    SACRAMENTO, Calif. – Low-interest federal disaster loans are now available to Havasupai Tribe businesses and residents as a result of President Biden’s major disaster declaration, U.S. Small Business Administration’s Administrator Isabel Casillas Guzman announced.

    The declaration covers the Havasupai Tribe as a result of the flooding that occurred Aug. 22-23.

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

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

    “SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”

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

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

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

    On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

    Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

    As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at (800) 659-2955.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI Europe: President Meloni attends Italy-Libya Business Forum in Tripoli

    Source: Government of Italy (English)

    The President of the Council of Ministers, Giorgia Meloni, travelled to Tripoli today to participate in the first Italy-Libya Business Forum to be held in Libya for over ten years.

    The Business Forum gathered together high-level representatives from the Italian and Libyan business communities, and was structured across four sector-specific working groups dedicated to: energy; fishing and agro-industry; healthcare and pharmaceuticals; and, infrastructure and design. There was also a session focusing on the forms of public support available to Italian companies intending to do business in Libya provided by ICE [Italian Trade and Investment Agency], SACE [Italian Export Credit Agency] and SIMEST.

    During her opening address, the President of the Council of Ministers, who was accompanied by Minister of Enterprises and Made in Italy Adolfo Urso, announced that ITA Airways would be resuming direct flights to Libya in January next year, testifying to the gradual and steady strengthening of cooperation between the two nations.

    In the margins of the Business Forum, President Meloni had a bilateral meeting with the Prime Minister of the Libyan Government of National Unity, Abdul Hamid Dabaiba.
    Their discussion focused on the various areas of the continuously growing bilateral cooperation. Among the sectors in which Italy and Libya collaborate, the two leaders addressed the issue of migration management, in relation to which President Meloni stressed the need to intensify efforts to combat human trafficking at the same time as boosting cooperation with nations of origin and of transit, in the context of the Rome Process and the Trans-Mediterranean Migration Forum which was held in Tripoli in July.

    In closing, there was also unanimous agreement to work together with the goal of creating equal partnerships with African nations within the framework of the concrete projects launched as part of the Mattei Plan for Africa.

    [This video is available in Italian only]

    MIL OSI Europe News

  • MIL-OSI United Kingdom: Welsh Secretary sees plans for a new clean energy hub

    Source: United Kingdom – Executive Government & Departments

    The Secretary of State for Wales has visited Associated British Ports and Dow in Barry as part of the UK Government’s mission to deliver economic growth.

    Welsh Secretary Jo Stevens at ABP Barry.

    The Secretary of State for Wales has visited two major employers in Barry in the Vale of Glamorgan as part of the UK Government’s mission to deliver economic growth. 

    Welsh Secretary Jo Stevens was given a tour of the Port of Barry and heard about Associated British Ports (ABP) and px Group’s plan for a Clean Growth Hub which aims to establish a cutting-edge facility where businesses can attract direct investment and create jobs.

    The plan aims to transform a large area of the operational port into an area of green, high-growth infrastructure investment. It is designed to attract companies involved in innovative industries such as battery materials, rare earth metal processing and green energy manufacturing.

    Earlier the same day the Welsh Secretary also visited Dow, a material sciences company, based on Cardiff Road, Barry. The site manufactures silicones for use in automotive, aerospace, energy infrastructure, construction and other industries across the UK and Europe. It employs more than 600 people with the majority living in the Vale of Glamorgan, as well as partnering with hundreds of suppliers – many based in and around Barry and South Wales.

    The Welsh Secretary heard about how Dow contributes to the growth of the regional economy and about the company’s plans for the future.

    Welsh Secretary Jo Stevens said:

    My number one mission is to deliver investment and jobs to Wales so it was fantastic to hear about the Port of Barry’s exciting plans for the Clean Energy Hub which will attract business and investors while helping achieve our mission of making Britain a clean energy superpower.

    We want to work in partnership with business to drive growth, opportunity and prosperity, so it was also great to spend time at Dow and see the work that they do to realise these ambitions in South Wales.

    Ralph Windeatt, ABP Group Head of Business Development, said:

    I was delighted to welcome the Secretary of State for Wales to our Port of Barry to discuss our plans for a Clean Growth Hub. 

    Associated British Ports’ five ports in South Wales are already becoming hubs at the heart of the green energy transition. With our partners px Group, we want to transform the Port of Barry to expand low-carbon, high-growth infrastructure investment. These plans will build on the low-carbon infrastructure we already have in place, including solar and wind power and green hydrogen production with our partners at EDF Hynamics and ESB International. 

    Our plans for a Clean Growth Hub will create jobs, mobilise inward investment and boost local prosperity and opportunity.

    Andrew Laney, Senior Site Manufacturing Director at Dow, Barry said:

    Dow is a business that plays a key role in South Wales, both socially and economically. The silicones we manufacture for so many industrial sectors across Wales, UK and Europe are proudly ‘Made in Barry’. 

    We were pleased to show the Secretary of State the operations on site and discuss how South Wales manufacturing can be well-recognised in the UK Government’s Industrial Strategy consultation.

    ENDS

    Updates to this page

    Published 29 October 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Museum of Oxford to mark 90th anniversary of historical Oxford events with a trilogy of plays

    Source: City of Oxford

    The Museum of Oxford is commemorating the 90th anniversary of three pivotal events in the city’s history with a trilogy of plays.

    Written by local playwright Peter Cann and directed by Tim Eyres, these performances bring to life Oxford’s working-class struggles during a turbulent year in 1934.

    Cutteslowe Walls

    The first play in the trilogy, The Cutteslowe Walls, recounts how a working-class community in North Oxford was separated from a nearby private estate by 9ft-high walls – which became known as “snob walls”. Built in December 1934, the walls stood for 25 years despite a long campaign to have them removed. The initial campaign to remove the walls was led by Abe Lazarus, a prominent trade unionist and communist organiser. Reginald Gibbs, a local councillor, also played a key role in these early efforts. After Reginald’s passing, his son Edmund and daughter-in-law Olive Gibbs continued the fight and the walls were finally demolished in 1959.

    The Lord Mayor of Oxford, Cllr Mike Rowley, will attend the premiere of The Cutteslowe Walls on 2 November.

    “I am honoured to be part of this commemoration. The Cutteslowe Walls symbolised a time of division in our city’s history, but the efforts of campaigners like Abe Lazarus and the Gibbs family remind us of the power of community and perseverance in fighting for fairness. This trilogy of plays allows us to reflect on these important struggles, while celebrating the spirit of unity that ultimately brought the walls down.”

    The Lord Mayor of Oxford, Councillor Mike Rowley

    Oxford’s Inferno

    The second play, Oxford’s Inferno, recounts the 1934 strike at the Pressed Steel factory in Cowley, which produced car bodies for the Morris car works. Workers walked out in protest against poor pay and harsh working conditions. The strike, initially involving 100 workers, soon grew to 1,000, led to the formation of a strong union that left a lasting impact on Oxford and beyond.

    Little Edens

    The final part of the trilogy, Little Edens, will be performed on December 7. Returning after a successful staging at the museum last year, the play focuses on the Florence Park Rent Strike. In September 1934, tenants of the newly built Florence Park estate began withholding rent in protest at poor living conditions. The homes, built by unskilled labourers, quickly deteriorated, prompting residents— many of whom had relocated from areas hit hard by the Great Depression, such as South Wales and Tyneside — to take action. After months of complaints, the residents embarked on a bitter rent strike, facing the threat of eviction. The strike highlighted the difficult conditions faced by many working-class families in Oxford.

    The trilogy performances are as follows:

    • Oxford’s Inferno and The Cutteslowe Walls: Saturday, 2 November at 2.30pm and 5.30pm (all sold out)
    • Little Edens: Saturday 7 December at 2.30pm and 5.30pm

    Tickets for the December performances are available from the Museum of Oxford shop or through Eventbrite.

    Comment

    “These stories show how working-class communities in Oxford shaped the city’s identity and contributed to wider social change. From fighting unfair working conditions to standing up against poor housing, the events portrayed in these plays demonstrate the resilience and solidarity of Oxford’s people. It’s great that these powerful stories can be shared with audiences at the Museum of Oxford.”

    Councillor Alex Hollingsworth, Cabinet Member for Business, Culture and an Inclusive Economy

    MIL OSI United Kingdom

  • MIL-OSI USA: NASA Relaunches Mentor-Protégé Program to Fill Supply Chain Gaps

    Source: NASA

    In an effort to grow new commercial markets that support the future of space exploration, scientific discovery, and aeronautics research, NASA is preparing to relaunch its Mentor-Protégé Program for contractors on Friday, Nov. 1.
    The program originally was launched to encourage NASA prime contractors, or mentors, to enter into agreements with eligible small businesses, or protégés. These agreements were created to enhance the protégés’ performance on NASA contracts and subcontracts, foster the establishment of long-term business relationships between small businesses and NASA prime contractors, and increase the overall number of small businesses that receive NASA contracts and subcontract awards.
    “The NASA Mentor-Protégé Program is a critical enabling tool that allows experienced companies to provide business developmental assistance to emerging firms,” said Dwight Deneal, assistant administrator for NASA’s Office of Small Business Programs (OSBP). “The program enables NASA to expand its industrial base of suppliers, as prime and subcontractors, to assist in executing the mission and programs throughout the agency.”
    The program’s relaunch follows an assessment of its policies and procedures by OSBP to ensure it continues to support NASA’s missions and addresses any supply chain gaps at an optimal level.
    To provide more information about the program and its relaunch, OSBP will host an online lunch and learn event on Thursday, Nov. 7, at 1:00 p.m. EST. The event is open to all current and potential mentors and protégés who want to learn more about changes in the program, qualifications to participate, and how to apply.
    “We are excited about rolling out the enhanced NASA Mentor-Protégé Program,” said David Brock, lead small business specialist for OSBP. “The program’s new focus will allow large businesses to mentor smaller firms in key areas that align with NASA’s mission and opportunities within the agency’s supply chain.”
    One key change expands eligibility to all small businesses, in addition to minority-serving institutions, including Historically Black Colleges and Universities, and Ability One entities. This expansion enables the program to support an inclusive environment for more small businesses and underserved communities to interact with NASA and its contractors.
    The program also will focus on engaging businesses within a select number of North American Industry Classifications System (NAICS) codes and specific industry sectors, such as research and development and aerospace manufacturing. These adjustments will allow the program to better support NASA’s long-term strategic goals and mission success.
    The program is designed to benefit both the mentor and the protégé by fostering productive networking and contract opportunities. In a mentor-protégé agreement, mentors build relationships with small businesses, developing a subcontracting base and accruing credit toward their small business subcontracting goals. In addition, protégés receive technical and developmental assistance while also gaining sole-source contracts from mentors and additional contracting opportunities.
    NASA is responsible for the administration and management of each agreement. The OSBP oversees the program and conducts semi-annual performance reviews to monitor progress and accomplishments made as a result of the mentor-protégé agreement.
    To apply to be a mentor, companies must be a current NASA prime contractor with an approved small business contracting plan. Companies also must be eligible for the receipt of government contracts and be categorized under certain NAICS codes. Potential protégés must certify as a small business within NAICS size standards.
    Find more information about participating in NASA’s Mentor-Protégé Program at:
    https://www.nasa.gov/osbp/mentor-protege-program

    MIL OSI USA News

  • MIL-OSI Economics: Trade finance resilience and low credit risk persist amid global challenges, confirms ICC 

    Source: International Chamber of Commerce

    Headline: Trade finance resilience and low credit risk persist amid global challenges, confirms ICC 

    The International Chamber of Commerce (ICC), along with partners Global Credit Data (GCD) and Boston Consulting Group (BCG), has released its 2024 Trade Register Report, reaffirming the resilience of trade finance instruments and the continued low credit risk across products despite ongoing geopolitical and economic challenges . 

    The 2024 report confirms that trade, supply chain and export finance continue to exhibit low risk, with default rates remaining low across all regions and asset classes overall. When defaults do occur, they are generally idiosyncratic, stemming from well-known commercial, geopolitical or macroeconomic factors. As global trade faces ongoing geopolitical and economic pressures, these financial products continue to serve as vital tools for mitigating risk and maintaining liquidity, supporting the stability of trade flows. 

    The ICC Trade Register remains the leading, authoritative global source on credit risk and broader market dynamics in trade and supply chain finance. Its data set represents nearly a quarter of all global trade finance transactions. This 2024 edition includes extended market insights and data on global trade and trade finance. New features include insights from ICC and BCG’s practitioner survey on key trends and opportunities in trade and supply chain finance as well as a comprehensive data pack with analysis on credit risk in trade finance, available for member banks or for separate purchase through ICC.  

    This year, ICC and GCD demonstrated the value of high-quality, representative data in shaping trade finance regulations through their contributions to emerging regulation on Basel III capital treatment. Krishan Ramadurai, outgoing Chair of the ICC Trade Register Project, encourages more banks to participate in the project and says that more data will only reinforce the point that trade finance is a low default asset class.  

    The ICC Trade Register continues to look beyond credit risk, with detailed analysis on market trends and competitive dynamics across the trade and supply chain finance market.  

    Ravi Hanspal, Partner at BCG, said: 

    “Despite ongoing headwinds, we are seeing the trade and supply chain finance market continue to evolve rapidly. Banks are observing that customers are now prioritising leading service and digital capabilities more than ever, driving a step-change in investment by banks in technology to accelerate seamless trade.” 

    Marilyn Blattner-Hoyle, Global Head of Trade Finance and Working Capital Solutions at Swiss Reinsurance Company, said:  

    “ICC’s Trade Register and its deep data over many cycles is perhaps the most critical publication in the trade industry. The Register’s role in sharing quantitative and qualitative statistics underpins the power of trade as well as the stability of trade-related credit risks. It helps us to get comfortable insuring more trade with our bank clients, thus making trade and the world more resilient together. We use the Register in our actuarial assessments as well as our internal/external advocacy. We are proud to be the first insurance sponsor of the publication, affirming the important role of insurance in the global trade ecosystem.” 

    Christian Hausherr, Product Manager for SCF at Deutsche Bank and member of ICC Trade Register Steering Committee, said:  

    “In its thirteenth year after being established, the ICC Trade Register proves its relevance and importance to the trade finance community. Since then, the data approach as well as the scope of the Trade Register have been materially enhanced by the team managing the publication process on an annual basis. As of today, the Trade Register offers unique insights not only into trade finance risk, but also provides valuable macro-economic insights to its readers.” 

    ICC Policy Manager Tomasch Kubiak thanks member banks for their ongoing contributions.

    “ICC is very appreciative of all the efforts member banks are putting in yet again for an enhanced version of the ICC Trade Register. This year’s project provides a full insight into meaningful trends in global trade finance as well as complete data collected from our members, which is now available on demand,”  

    he said.

    Read or purchase the full ICC Trade Register Report. 

    MIL OSI Economics

  • MIL-OSI Canada: Minister Valdez to make important announcement on health care for Indigenous communities 

    Source: Government of Canada News

    The Honourable Rechie Valdez, Minister of Small Business, will make an important announcement on bringing new health care innovations to Indigenous communities across British Columbia.

    October 29, 2024 – Toronto, Ontario 

    The Honourable Rechie Valdez, Minister of Small Business, will make an important announcement on bringing new health care innovations to Indigenous communities across British Columbia.

    A media availability will follow the announcement.

    Date: Wednesday, October 30, 2024

    Time: Event will start at 2:30 pm (ET). Media are asked to arrive at 2:15 pm (ET).

    Location:

    Rogers Communications
    The Velma Rogers Graham Theatre
    333 Bloor Street East
    Toronto, Ontario

    Members of the media are asked to contact ISED Media Relations at media@ised-isde.gc.ca to confirm their attendance.

    Media representatives wishing to attend must present credentials.

    Callie Franson
    Senior Communications Advisor and Issues Manager
    Office of the Minister of Small Business
    callie.franson@ised-isde.gc.ca
    613-297-5766

    Media Relations
    Innovation, Science and Economic Development Canada
    media@ised-isde.gc.ca

    Follow Canada Business on social media.

    MIL OSI Canada News

  • MIL-OSI: Coco Pool Corp. and Viridian Metals Corp. Announce TSXV Conditional Acceptance and Filing of Filing Statement for Their Qualifying Transaction

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. news wire services or for dissemination in the United States

    VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) — Coco Pool Corp. (“Coco”) (TSXV: CCPC.P), a capital pool company, is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (“TSXV”) for the closing of its proposed amalgamation transaction with Viridian Metals Corp. (“Viridian”) which transaction (the “Transaction”) is intended to constitute Coco’s Qualifying Transaction (within the meaning of Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange (the “Exchange”).

    Coco has filed a filing statement that is dated effective October 28, 2024 (the “Filing Statement”) and certain additional documents, including a 43-101 Technical Report on Viridian’s Kraken Project with the TSXV and on Coco’s SEDAR+ profile at www.sedarplus.ca.

    Further to its comprehensive news release dated August 2, 2024, Coco will acquire Viridian by way of a three cornered amalgamation of Coco, 16217494 Canada Inc., a wholly owned subsidiary of Coco, and Viridian under the Canada Business Corporations Act. In connection with the Qualifying Transaction, Coco will change its name to Viridian Metals Inc. (the “Resulting Issuer”). It is anticipated that the common shares of the Resulting Issuer will trade under the ticker “VRDN”.

    All details of the Transaction as disclosed in Coco’s comprehensive news release dated August 2, 2024 remain the same other than Viridian is currently conducting an additional non-brokered private placement (the “Viridian Private Placement”) of between 714,286 and 1,428,571 units of Viridian (“Viridian Units”), at a price of $0.35 per Viridian Unit for aggregate gross proceeds of a minimum of $250,000 and a maximum $500,000. Each Viridian Unit is comprised of one common share of Viridian (each a “Viridian Share”) and one half of one common share purchase warrant, with each whole warrant (each a “Viridian Warrant”) entitling the holder thereof to acquire one Viridian Share at a price of $0.45 for a period of 60 months from the date of issuance.

    “Receiving conditional approval for our TSXV listing marks an important step in Viridian’s growth strategy. We are excited about the future as we move closer to unlocking the potential of our assets and bringing value to our shareholders. We look forward to continuing our journey as a publicly traded company on such a respected exchange,” said Tyrell Sutherland, CEO, Viridian Metals.

    The Viridian Private Placement is expected to close prior to the completion of the Transaction and the Viridian Shares and Viridian Warrants comprising the Viridian Units will be exchanged for common shares and common share purchase warrants of the Resulting Issuer, as applicable, pursuant to the terms of the amalgamation agreement entered into between the parties as described in the Filing Statement. The closing of the Viridian Private Placement is a condition precedent to the closing of the Transaction.

    It is now currently anticipated that, immediately prior to the closing of the Transaction, there will be approximately between 46,619,224 and 47,333,509 Viridian Shares issued and outstanding (including Viridian Shares issued pursuant to the Viridian Private Placement) and between 9,022,081 and 9,379,224 Viridian Warrants issued and outstanding (including Viridian Shares issued pursuant to the Viridian Private Placement). The value of the consideration for the Viridian Shares pursuant to the Transaction is between $12,120,998.20 (assuming completion of the minimum amount of the Viridian Private Placement) and $12,306,712.30 (assuming completion of the maximum amount of the Viridian Private Placement).

    The fully diluted capitalization of the Resulting Issuer is expected to be as follows:

    Description of Issue Number of Resulting Issuer Shares After Giving Effect to the Transaction Assuming Minimum Viridian Private Placement Percentage of Total Number of Resulting Issuer Shares After Giving Effect to the Transaction Assuming Maximum Viridian Private Placement

    Percentage of Total

    Outstanding Coco Consolidated Shares prior to the Amalgamation 2,852,000 4.84% 2,852,000 4.75%
    Issuable to the Viridian Shareholders 46,619,224 79.13% 47,333,509 78.91%
    Issuable on the exercise of existing Coco stock Options 285,196 0.48% 285,196 0.48%
    Issuable on the exercise of existing Coco Warrants 138,000 0.23% 138,000 0.23%
    Issuable on the exercise of Viridian Warrants 9,022,081 15.31% 9,379,224 15.64%
    Fully diluted share capital 58,916,501 100.00% 59,987,929 100.00%

    Additional information in respect of the Transaction, Coco, Viridian and the Resulting Issuer can be found in the Filing Statement. In accordance with the policies of the TSXV, Coco’s common shares are currently halted from trading and will remain so until such time as required by TSXV policies.

    Coco Shareholder Meeting

    Coco was required to hold a meeting to seek approval of the shareholders of Coco (the “Coco Shareholders”) of certain matters in respect of the Transaction.

    Coco held its annual general and special meeting on September 12, 2024 where, along with resolutions commonly placed before shareholders at an annual general meeting, the Coco Shareholders approved, conditional upon the completion of the Transaction:

    (ii) the name change of Coco to “Viridian Metals Inc.”;
    (iii) the consolidation of the common shares of Coco on the basis of 0.46 of a post consolidation common share for each pre consolidation common share;
    (iv) the election of directors of the Resulting Issuer following the closing of the Transaction as agreed between Viridian and Coco and as set out in the Filing Statement; and
    (v)  the adoption of a new omnibus equity incentive plan of the Resulting Issuer.

    The completion of the Transaction is subject to a number of conditions including, but not limited to, the required approvals of the shareholders of Viridian, receipt of all required regulatory approvals, including final Exchange approval, and satisfaction of other customary closing conditions. Assuming all conditions for closing are satisfied, closing of the Transaction is expected to occur on or about November 4, 2024 or such other date as Coco and Viridian may determine.

    Further Information

    Coco will provide further details in respect of the Transaction in due course by way of a subsequent news release, however, Coco will make available to the Exchange, all information, including financial information, as may be requested or required by the Exchange.

    For further information, please contact:

    All information contained in this news release with respect to Coco and Viridian was supplied by the respective party, for inclusion herein, without independent review by the other party, and each party and its directors and officers have relied on the other party for any information concerning the other party.

    Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

    Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

    The TSX Venture Exchange has not in any way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.

    Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    Cautionary Statement Regarding Forward Looking Information

    This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Coco and Viridian with respect to future business activities and operating performance.

    Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) expectations regarding whether the Transaction will be consummated, including whether conditions to the consummation of the Transaction will be satisfied including, but not limited to, the necessary regulatory approvals and the timing associated with obtaining such approvals, if at all; (ii) the business plans and expectations of the Resulting Issuer; and (iii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Viridian, Coco or the Resulting Issuer, as applicable, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to Viridian, Coco and the Resulting Issuer, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.

    Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Viridian and Coco’s respective management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects Viridian’s and Coco’s current beliefs and is based on information currently available to Viridian and Coco and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to:, Viridian, Coco or the Resulting Issuer; completion of the Transaction; satisfying the conditions precedent and covenants in the Amalgamation Agreement; satisfying the requirements of the Exchange with respect to the Transaction; meeting the minimum listing requirements of the Exchange, and anticipated and unanticipated costs and other factors referenced in this news release and the Filing Statement, including, but not limited to, those set forth in the Filing Statement under the caption “Risk Factors”. Although Viridian and Coco have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, Viridian and Coco disclaim any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

    Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Viridian and Coco have attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Viridian and Coco do not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

    The MIL Network

  • MIL-OSI: Outside Analytics Awarded $215M Deneir Analytics & Visualization Ecosystem IDIQ Contract & Task Order 1

    Source: GlobeNewswire (MIL-OSI)

    BROOMFIELD, Colo., Oct. 29, 2024 (GLOBE NEWSWIRE) — Today SMX announced that Outside Analytics has been awarded the Deneir Analytics & Visualization Ecosystem (DAVE) Small Business Innovation Research (SBIR) Phase 3 Indefinite Delivery/Indefinite Quantity (IDIQ) contract and initial task order. The contract includes performance over five years with three option years and a ceiling value of $215 million. The DAVE IDIQ, awarded by GSA, accepts any Department of Defense (DoD) or Intelligence Community funding, providing a significant acquisition vehicle for rapid fulfillment of all-domain data processing, analytics, and visualization needs.

    The DAVE IDIQ is designed to provide a wide range of software capabilities that enhance time dominant, data-driven decision-making. These capabilities include open frameworks for real-time, all-domain data integration, advanced sensor processing and analytics, and intuitive data visualizations to transform high throughput complex data sets into actionable insights.

    The initial Task Order awarded allows Outside Analytics to continue development and integration of real-time sensor data processing, analytics, and visualization platforms in support of USSF, Space Systems Command (SSC). The Task Order focuses on rapid capability delivery into the Overhead Persistent Infrared (OPIR) Tools Applications Processing (TAP) Lab in Boulder, CO, which has become an integral environment for developing and transitioning R&D technologies for the operational community since its inception in 2016.

    “We’re excited to continue our collaboration with USSF under this award and for the ability to address Joint All-Domain needs across the DoD via the broader DAVE IDIQ,” said Ben Tarr, Co-Founder of Outside Analytics. “This award underscores our commitment to innovation and advancement of the mission in remote sensing data processing, analytics, and visualization.”

    “The DAVE IDIQ award reinforces our commitment to growth in the National Security Space ecosystem and the investment thesis behind our partnership with OA,” said Peter LaMontagne, CEO at SMX. “We couldn’t be more excited to have Ben and the Outside Analytics team as a part of our SMX family, delivering innovative, mission-relevant solutions to important space clients. This is a signature win for SMX.”

    The DAVE contract will enable Outside Analytics to work closely with various federal entities, providing the tools and insights needed to address mission-critical challenges. Outside Analytics software platforms and capabilities drive operational efficiency and informed decision-making across the federal landscape.

    About Outside Analytics + SMX
    Outside Analytics was acquired by SMX, a leader in next-generation cloud, C5ISR, and advanced engineering and IT solutions, in 2023. OA specializes in geospatial analytics and visualization, time dominant detection and tracking, and remote sensing systems. Together, SMX and Outside Analytics deliver scalable and secure solutions combined with the mission expertise needed to accelerate outcomes for the Department of Defense, Intelligence Community, Public Sector, Fortune 1000 and other public and private sector clients.

    For inquiries about this press release, please contact us at communications@smxtech.com.

    The MIL Network

  • MIL-OSI USA: Rep. Barragán Announces $411 Million in Funding for Port of Los Angeles to Electrify Based on Barragán’s Climate Smart Ports Act

    Source: United States House of Representatives – Representative Nanette Diaz Barragán (CA-44)

    FOR IMMEDIATE RELEASE

    29 October 2024

    Contact: Kevin G. McGuire, 202-538-2386 (mobile)

    Kevin.McGuire@mail.house.gov

    Washington, DC – Today, Congresswoman Nanette Barragán (CA-44) announced the Port of Los Angeles (POLA) has been awarded a $411 million grant award from the EPA Clean Ports Program to replace diesel equipment and trucks with human operated, zero-emission technology, clean energy microgrids, electric charging, shore power, and more.

    “This grant is a game-changer for the Port of LA and our port communities,” said Rep. Barragán. “Today’s funding announcement is the direct result of a five-year effort by my office to work with labor, environmental justice groups, industry, and ports, to secure billions of dollars to clean up ports across the country. It will help the Port of LA and ports across the country transition to zero-emission, human operated equipment. This investment will significantly reduce pollution from ports and help our nearby port communities breathe cleaner air.”

    “The men and women of the ILWU are thrilled to learn of this over $400 Million investment, by the U.S. EPA, in the environmental and economic well-being of our members and local communities. Human operated, zero-emission cargo handling equipment is the gold standard for maritime port operations not only because it protects good jobs while cleaning the air, but is also the most efficient and cost-effective in terms of port operations, while additionally providing the necessary safeguards against cyber threats to our national security,” said Gary Herrera, President, International Longshore and Warehouse Union (ILWU), Local 13.

    “This transformative investment will be a tremendous boost to our efforts to meet our ambitious zero emission goals, improve regional air quality, and combat climate change, while accelerating the port-industry’s transition to zero emissions across the country,” said Port of Los Angeles Executive Director Gene Seroka. “This grant will fund over 400 pieces of ZE cargo handling equipment, replacing nearly one-third of the diesel equipment currently on our docks, and eliminating over 40,000 tons of greenhouse gas emissions annually. This successful application is the culmination of a deep partnership with environmental justice groups, labor, the private sector, and stakeholders at all levels of government, and we’ll continue to work with our local communities to ensure this investment delivers benefits in their neighborhoods. We thank Congresswoman Barragán, the EPA and the Biden-Harris Administration for their unprecedented support of our ambition and look forward to delivering on our commitment to cleaner air for future generations.”

    POLA processes the highest volume of containerized cargo in the United States, supporting 1 in 15 jobs in Los Angeles and 1.4 million jobs nationwide. However, cargo handling equipment (CHE) at POLA is a significant source of pollution, emitting over 500 tons of nitrogen oxides and other harmful emissions annually and contributing to high rates of asthma, cancer, and other health consequences.

    The grant, made possible by Congresswoman Barragán’s Climate Smart Ports Act, whose funding was included in the Inflation Reduction Act, will reduce air pollution and improve public health by helping the port transition to 100% zero-emissions terminal operations by 2030. In addition to the federal grant, POLA and its partners will also match $200 million for the project, totaling over $600 million to meet their clean air goals.

    In line with the Climate Smart Ports Act, which was supported by the ILWU and several community-based organizations, the funds must be used for human-operated equipment and technology.

    This grant will allow POLA to meet ZE goals by:

    • funding the acquisition of approximately 400 pieces of ZE CHE and associated charging infrastructure to replace nearly 30% of POLA’s diesel-burning CHE fleet;
    • procuring 250 ZE drayage trucks and associated charging infrastructure;
    • installing cutting-edge power management systems with solar generation and battery
    • providing energy storage capacity to power additional ZE CHE;
    • establishing one of the first shore-power support systems for auto carrier vessels to; and
    • eliminating nearly 41,500 tons of carbon dioxide emissions and 55 tons of NOx emissions annually.

    POLA and Harbor Community Benefit Foundation will also carry out an ambitious community-driven grant program to empower port-adjacent communities to award grants for zero-emission equipment, and offer opportunities for career engagement and workforce development.

    This large-scale deployment of zero-emission equipment will support continued commercialization while helping California meet its climate goals, improve air quality in nearby communities, promote sustainable maritime practices, and protect and create good-paying jobs.

    Rep. Barragán led a California Delegation letter of 19 members in support of the EPA grant.

    # # #

    Congressmember Nanette Barragán represents California’s 44th District.  She sits on the House Energy and Commerce Committee and works on environmental justice and healthcare issues.  She is also Chair of the Congressional Hispanic Caucus (CHC).

    MIL OSI USA News

  • MIL-OSI Russia: “Entrepreneurs need meta-competencies that help them adapt to new conditions”

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Photo: TASS

    Entrepreneurs lack the knowledge to run a successful business, and they are willing to pay for their education. It is important that they have access to verified content. At the same time, only those programs that adapt content to new challenges while maintaining high educational standards, as is the case at HSE, can be in demand.

    A press conference was held at TASS, where the results of the PRIM sociological study (“Entrepreneurs of Russia: Research Monitoring”) for the first nine months of 2024 were presented.

    This study is regularly conducted by the Russian Ministry of Economic Development together with Sber and the Public Opinion Foundation. The quarterly survey involves 600 active entrepreneurs, 600 self-employed individuals and 2,200 other respondents. The emphasis is on the entrepreneur’s personality – their moods and expectations, problems and needs. This time, the experts focused on business education.

    According to Deputy Minister of Economic Development of the Russian Federation Tatyana Ilyushnikova, the business education market in Russia is growing and is expected to exceed 100 billion rubles by the end of the year. Almost 80% of the entrepreneurs surveyed note that they lack the knowledge to run a business, and 40% of those surveyed have undergone training in the last three years or are currently undergoing it. This is not about classical education in the generally accepted sense, but about short training formats.

    They are offered, in particular, within the framework of the flagship project “My Business”, created under the auspices of the Ministry of Economic Development of Russia and successfully competing with market platforms. “It is important for entrepreneurs to receive information from verified sources, which is a guarantee of its quality,” emphasized Tatyana Ilyushnikova.

    The study showed that entrepreneurs prefer flexible training formats — webinars with the possibility of feedback, text materials that can be studied at a convenient pace, video lectures. “Although educational tracks are provided free of charge in the state support system, 75% of entrepreneurs are ready to pay more than 20 thousand rubles a month for the necessary knowledge,” the deputy minister said.

    Deputy Chairman of the Board of Sberbank Anatoly Popov added that young entrepreneurs are more actively seeking knowledge than their experienced colleagues. In-person training is also in demand, as it expands the opportunities for networking. The survey showed that 71% of those who completed the training noted improvements in their business.

    Alexander Lind, CEO of the educational platform Lerna.ru, emphasized that small businesses are focused on quickly learning specific skills, while large businesses invest in long-term educational programs in fundamental areas.

    Natalia Ababiy, Managing Partner of the online platform Distant Global, said that meetings with real entrepreneurs who talk about their experiences are of particular interest.

    Roman Levkovich, Director of Public Relations at the National Research University Higher School of Economics, emphasized the importance of the brand of providers of training programs for entrepreneurs, be it the My Business project or leading universities. He also confirmed the growing need for business education using the example of the National Research University Higher School of Economics: “One of the leaders in business education in Russia — Higher School of Business “We see double-digit growth every year, and over the last year the number of MBA students has grown by 50%.”

    According to Roman Levkovich, entrepreneurs need not only solid knowledge, but also meta-competences that help them adapt to new conditions. They also need to master modern digital technologies. “Only those programs that adapt content to new challenges while maintaining high educational standards can be in demand,” says the HSE Public Relations Director.

    One of these challenges is the introduction of AI and other digital tools: HSE has continuing education programs that teach entrepreneurs how to use them. Another challenge is the changing geopolitical situation associated with the turn to the East, and the university is implementing programs that help build successful businesses with China and other Eastern countries. A number of continuing education programs are being created together with businesses, including a joint intensive course “Scaler» for top managers of small technology companies.

    According to Roman Levkovich, HSE is seriously investing in the development of DPO. Created marketplace — a catalog of DPO programs, where you can not only choose a program, but also pay for it, and after training receive a certificate (which, however, does not exclude the possibility of a personal visit to the university for a consultation on choosing a program). From November 14 to 16, the HSE will host the 1st Moscow DPO Forum “Challenges of digitalization and new university solutions“.

    The HSE Public Relations Director noted that it is the university that determines the professions and business areas that will be in demand in the future. He also described the university as an environment of like-minded people, where leaders of the entrepreneurial community can communicate with their peers — not just exchange experiences, but also adopt competencies from colleagues with whom they study. “When you come to an advanced university, you can be sure that you will be taught advanced skills that will be in demand in the near and distant future,” concluded Roman Levkovich.

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

    MIL OSI Russia News

  • MIL-OSI Security: Midwest Manufacturer To Pay Over $3.6 Million To Resolve Allegations It Received Paycheck Protection Program Loan In Violation Of Employee Size Rules

    Source: Office of United States Attorneys

              GRAND RAPIDS – U.S. Attorney for the Western District of Michigan Mark Totten today announced that Exo-s US LLC, a manufacturing company with plants and offices located in Coldwater, Michigan, and Howe, Indiana, has agreed to pay $3,628,819.44 to resolve allegations that it violated the False Claims Act by falsely obtaining a Paycheck Protection Program (PPP) loan for which it was ineligible.

              “The Paycheck Protection Program provided important relief to eligible small businesses and other entities,” said U.S. Attorney Mark Totten. “Today’s resolution demonstrates our continued commitment to work with the Small Business Administration to protect taxpayer dollars and investigate allegations of fraud on critical government programs.”

              When Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020 and the American Rescue Plan Act (ARPA) in 2021, it enacted a program to provide emergency financial assistance to individuals and businesses suffering economic and public health effects caused by the COVID-19 pandemic. ARPA continued the CARES Act’s PPP loan program administered by the Small Business Administration (SBA), creating a second-draw PPP loan that allowed eligible businesses that had previously received a PPP loan to apply for a second loan.  One of the eligibility requirements for receiving this second-draw loan was that the applicant had no more than 300 employees, including employees of affiliated entities.

              In March 2021, Exo-s US LLC obtained a second-draw PPP loan, which the SBA subsequently forgave. The United States alleges that the company was not eligible for this loan because Exo-s US LLC and its affiliates had more than 300 employees.

              “The favorable settlement in this case is the product of enhanced efforts by federal agencies such as the Small Business Administration working with the U.S. Attorney’s Office, other federal law enforcement agencies, as well as financial institutions or private individuals who uncover misconduct to recover the lending program’s damages,” said Therese Meers, SBA General Counsel.

              The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act against Exo-s US LLC. Under the qui tam provisions of the False Claims Act, a private party can file an action on behalf of the United States and receive a portion of the settlement or judgment. Here, the United States elected to take over the case, investigated it, and negotiated the settlement. The qui tam case is captioned U.S. ex rel. GNGH2 Inc. v. Exo-s US LLC, No. 1:24-cv-264 (W.D. Mich.).

              The resolution obtained in this matter was the result of a coordinated effort between the U.S. Attorney’s Office for the Western District of Michigan and the SBA. Assistant United States Attorney Andrew J. Hull investigated this case.

              The claims resolved by the settlement are allegations only and there has been no determination of liability.

    # # #

    MIL Security OSI

  • MIL-OSI Canada: Alberta’s business sector is booming

    Source: Government of Canada regional news

    Thanks to Alberta’s highly productive economy, cutting red tape, and business-minded policies, Alberta has become the small business hub of Canada.

    With strong, common-sense policies, Alberta is attracting more new business than ever before. Alberta saw an average of 1,945 more active businesses between January and July when compared with the same period last year. This 1.6 per cent increase far surpassed the Canadian average of 0.6 per cent. Alberta is the top destination for business innovation and creation, nationwide.

    “Alberta is the economic engine of Canada and thanks to the strength of our business community, we are further diversifying our economy with strong, business-friendly policies that attract job-creating investment and sustain the Alberta Advantage that we are known for.”

    Matt Jones, Minister of Jobs, Economy and Trade

    Alberta’s active businesses numbers can be attributed to Alberta’s highly skilled and productive workforce, competitive business policies and low tax rates.

    Making up 95 per cent of businesses in the province, Alberta’s small businesses employ almost 35 per cent of our private sector workforce and contribute 27 per cent of the province’s GDP.

    “Small businesses are the heartbeat of Alberta, driving innovation and community spirit. They create jobs, support local economies and foster a sense of belonging. Investing in these enterprises is investing in a strong economic future for our province. We are proud to see such positive growth in our small business community in Q3.”

    Tany Yao, parliamentary secretary for Small Business and Northern Development

    Many sectors are leading the charge, with Alberta’s world-class tourism industry continuing its strong performance in 2024. Alberta saw a notable increase in the number of active businesses in tourism transportation, travel services, recreation and entertainment, and food and beverage services. In fact, Alberta’s overall tourism businesses increased by 3.2 per cent in the first seven months of 2024 – the second-highest increase in Canada.

    “Alberta has the fastest-growing economy in the country right now, with more new businesses starting, and productivity levels significantly higher than the national average. Higher productivity means higher paycheques and better living standards for Albertans. Maintaining and increasing the focus on economic growth and productivity, as well as energizing our key industries, will be critical to ensuring a bright economic future for our province.”

    Adam Legge, president, Business Council of Alberta

    Alberta’s government is taking action to make sure the province remains a place where small businesses can start up, grow and thrive.

    Alberta remains the best place to live, work, do business, invest and raise a family. Alberta’s government has a plan for ensuring sustainable provincial growth, supported by productive industries, and an ever-expanding resource extraction sector.

    Related news

    • Small Business Week: Parliamentary Secretary Yao (Oct. 20,2024)

    MIL OSI Canada News

  • MIL-OSI USA: Wyden, Merkley, Kaine, Markey, Van Hollen and Booker Warn U.N. Cyber Convention Could Justify Spying and Censorship By China, Russia and Other Authoritarian Regimes

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    October 29, 2024
    U.N. Convention Against Cybercrime Lacks Safeguards Against Abuse; Senators Urge Admin To Seek Better Balance To Protect Journalism and Human Rights
    Washington, D.C. – U.S. Senator Ron Wyden, D-Ore., and five Democratic senators urged the Biden Administration to make clear a United Nations cyber convention should not be used to justify censorship, spying and human rights abuses by authoritarian governments like Russia and China, in a letter released today.
    “We fear the Convention will legitimize efforts by authoritarian countries like Russia and China to censor and surveil internet users, furthering repression and human rights abuses around the world,” the senators wrote. “While the Executive Branch’s efforts to steer this treaty in a less-harmful direction are commendable, more must be done to keep the Convention from being used to justify such actions.”
    Senators Tim Kaine, D-Va., Jeff Merkley, D-Ore., Edward J. Markey, D-Mass., Chris Van Hollen, D-Md., and Cory Booker, D-N.J. cosigned the letter, which was sent to Secretary of State Antony Blinken, Attorney General Merrick Garland, Commerce Secretary Gina Raimondo and National Security Advisor Jake Sullivan. 
    The U.N. Convention Against Cybercrime was originally proposed by Russia in 2017 as an alternative to an existing treaty on cybercrime. The U.N. convention is expected to come up for a vote in the U.N. General Assembly as soon as December. 
    A broad array of advocates for journalism, human rights and national security have warned that the convention could be abused by authoritarian regimes to repress political dissent and censor independent reporting, and have urged changes to the measure.  
    The senators thanked the Biden Administration for seeking changes to improve the convention, but warned that the final document does not go far enough to protect journalists, cybersecurity researchers and human rights advocates against surveillance and censorship by authoritarian regimes. 
    “As the UNGA considers the Convention, the United States must not align itself with repressive regimes by supporting a Convention that undermines human rights and U.S. interests,” the senators wrote. “Instead, the United States should lead the charge at the U.N., with allies and partners, for a more balanced and rights-respecting approach to cybercrime. Upholding the values of freedom and human rights is essential not only for U.S. global standing but also for the protection of vulnerable communities worldwide.”
    Read the full letter to the administration here.

    MIL OSI USA News

  • MIL-OSI Economics: ICC and Palestine Emerging team up to foster sustainable prosperity in the Middle East

    Source: International Chamber of Commerce

    Headline: ICC and Palestine Emerging team up to foster sustainable prosperity in the Middle East

    In addition to causing devastating human losses in the region, the ongoing conflict in the Middle East has led to substantial negative economic consequences. Prior to the war, Palestine already had one of the lowest GDP per capitas in the region. Under the Palestine Emerging growth scenario, GDP can more than double to potentially reach US$36 billion by 2050, compared to US$19 billion for the base case. Palestine Emerging develops and validates ideas, turning them into detailed plans and investable projects.

    Formalising the partnership, ICC and Palestine Emerging committed to a set of joint initiatives aimed at growing the Palestinian economy, to the benefit of the Middle East region at large. These include training for Palestinian SMEs, building export capacity and promoting investment opportunities in Palestine. ICC and Palestine Emerging will also work together to identify opportunities to reduce trade barriers, accelerate dispute resolution and increase cross-border trade.

    Palestine Emerging Executive Director Shireen Shelleh said:

    More than just support, this Trade Gamechanger can reshape a key macroeconomic factor, to significantly accelerate the Palestinian economy. Our partnership with ICC, the global body for commerce, will help produce a step-change for economic development and cross-regional collaboration as we work to prepare more investable conditions in the West Bank and ultimately in Gaza.

    ICC Secretary General John W.H. Denton AO said:

    ICC is uniquely positioned to support the economic reconstruction and recovery of conflict-affected areas, leveraging the knowledge and know-how from across our global network. Our partnership with Palestine Emerging – which draws on unique contributions from regional and international actors – will advance our ultimate goal to enable business to support peace and prosperity for everyone, everywhere in line with our founding purpose.

    About Palestine Emerging

    Palestine Emerging is a pro-bono coalition of over 100 leaders and experts from Palestinian business leaders, international financial organisations and global economic development experts, coalesced around a robust economic blueprint of what needs to happen for Gaza and the West Bank to see substantial reconstruction and a sustainable road to prosperity and economic growth.

    MIL OSI Economics

  • MIL-OSI Security: Return to Nature Funeral Home Owners Plead Guilty in Federal Court

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

    DENVER – The United States Attorney’s Office for the District of Colorado announces that Jon Hallford, 44, and Carie Hallford, 47, pleaded guilty today to one count each of conspiracy to commit wire fraud.

    According to the plea agreements for each, the Hallfords were the co-owners of Return to Nature Funeral Home, which operated both in the Colorado Springs area and in Penrose, Colorado. In October 2023, residents in the Penrose area reported a foul odor emanating from the Return to Nature facility. After obtaining a search warrant, FBI, CBI, and local law enforcement investigators found the remains of approximately 190 deceased persons inside the building in various states of decomposition.  Some of the remains discovered had dates of death as far back as 2019.  As part of their fraud scheme, the Hallfords misled customers of the funeral home into believing that the remains of their loved ones would be buried or cremated per their wishes and the terms of the parties’ contracts.

    As part of their plea agreements, the Hallfords also admitted that they conspired together to defraud the U.S. Small Business Administration of over $800,000 in COVID-19 pandemic relief funds, which they obtained under the government’s Economic Injury Disaster Loan program.

    Sentencing will be held at a later date. Each defendant faces up to twenty years in federal prison.

    United States District Court Judge Nina Y. Wang presided over the hearing. The FBI Denver Field Office and The United States Small Business Administration Office of Inspector General investigated the case.  Several other state and local law enforcement agencies including the Colorado Bureau of Investigation, the Colorado Springs Police Department, the El Paso County Coroner’s Office, the Fremont County Sheriff’s Office, and the Fremont County Coroner’s Office have made significant contributions to this case. The prosecution was handled by Assistant United States Attorneys Tim Neff and Craig Fansler.

    MIL Security OSI

  • MIL-OSI: C&F Financial Corporation Announces Net Income for Third Quarter and First Nine Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $5.4 million for the third quarter of 2024, compared to $5.8 million for the third quarter of 2023. The Corporation reported consolidated net income of $13.9 million for the first nine months of 2024, compared to $18.7 million for the first nine months of 2023. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Nine Months Ended  
    Consolidated Financial Highlights (unaudited)   9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Consolidated net income (000’s)   $ 5,420     $ 5,777     $ 13,889     $ 18,658  
                                     
    Earnings per share – basic and diluted   $ 1.65     $ 1.71     $ 4.15     $ 5.41  
                                     
    Annualized return on average equity     9.74 %     11.28 %     8.47 %     12.22 %
    Annualized return on average tangible common equity1     11.16 %     13.19 %     9.74 %     14.18 %
    Annualized return on average assets     0.86 %     0.96 %     0.75 %     1.04 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are pleased with our results from the third quarter,” commented Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Both loans and deposits demonstrated solid growth, and the community banking segment showed increased earnings when compared to the previous quarter. Despite market and industry challenges, the consumer finance and mortgage banking segments remained profitable. Our net interest margin was relatively flat when compared to the second quarter, which was expected, and asset quality, liquidity and capital all remain strong.”

    Key highlights for the third quarter and first nine months of 2024 are as follows.

    • Community banking segment loans grew $158.5 million, or 16.6 percent annualized, and $185.6 million, or 14.9 percent, compared to December 31, 2023 and September 30, 2023, respectively;
    • Consumer finance segment loans grew $8.8 million, or 2.5 percent annualized, and $6.1 million, or 1.3 percent, compared to December 31, 2023 and September 30, 2023, respectively;
    • Deposits increased $69.8 million, or 4.5 percent annualized, and $107.5 million, or 5.3 percent, compared to December 31, 2023 and September 30, 2023, respectively;
    • Consolidated annualized net interest margin was 4.13 percent for the third quarter of 2024 compared to 4.29 percent for the third quarter of 2023 and 4.12 percent in the second quarter of 2024;
    • The community banking segment recorded provision for credit losses of $700,000 and $1.7 million for the third quarter and first nine months of 2024, respectively, compared to $500,000 and $1.6 million for the same periods in 2023;
    • The consumer finance segment recorded provision for credit losses of $3.0 million and $8.1 million for the third quarter and first nine months of 2024, respectively, compared to $1.6 million and $4.3 million for the same periods in 2023;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.36 percent of average total loans for the first nine months of 2024, compared to 1.75 percent for the first nine months of 2023;
    • Mortgage banking segment loan originations were $157.0 million for the third quarter of 2024, an increase of $27.3 million, or 21.1 percent, and an increase of $11.0 million, or 7.5 percent, compared to the third quarter of 2023 and the second quarter of 2024, respectively;
    • During the third quarter of 2024, the community banking segment opened a new retail banking branch in Colonial Heights, Virginia and announced the closure of its Hampton, Virginia branch in the fourth quarter of 2024.

    Community Banking Segment. The community banking segment reported net income of $5.3 million and $13.9 million for the third quarter and first nine months of 2024, respectively, compared to $5.7 million and $17.7 million for the same periods in 2023. The decreases in community banking segment net income were due primarily to:

    • higher interest expense due primarily to higher rates on deposits and higher balances of interest-bearing deposits, partially offset by lower balances of borrowings;
    • higher salaries and employee benefits expense for the first nine months of 2024, as compared to the same period in 2023, which have generally increased in line with market conditions. Salaries and employee benefits expense decreased to $8.9 million for the three months ended September 30, 2024, compared to $9.1 million and $9.4 million for the three months ended June 30, 2024 and March 31, 2024, respectively, due primarily to a reduction in headcount through attrition;
    • higher occupancy expense related to branch network improvements, including the relocation of a branch and the opening of a new branch; and
    • higher data processing and consulting costs related to investments in operational technology to improve resilience, efficiency and customer experience;

    partially offset by:

    • higher interest income resulting from the effects of higher interest rates on asset yields and higher average balances of loans, offset in part by lower average balances of securities; and
    • higher wealth management services income as assets under management increased 19.0 percent for the first nine months of 2024, as compared to the same period in 2023.

    Average loans increased $186.5 million, or 15.2 percent, for the third quarter of 2024 and increased $158.4 million, or 13.2 percent, for the first nine months of 2024, compared to the same periods in 2023, due primarily to growth in the construction, commercial real estate, and residential mortgage segments of the loan portfolio. Average deposits increased $135.8 million, or 6.8 percent, for the third quarter of 2024 and increased $101.2 million, or 5.1 percent, for the first nine months of 2024, compared to the same periods in 2023, due primarily to higher balance of time deposits, partially offset by decreases in savings and interest-bearing demand deposits and noninterest-bearing demand deposits.

    Average loan yields and average costs of interest-bearing deposits were higher for the third quarter and first nine months of 2024, compared to the same periods of 2023, due primarily to the effects of the higher interest rate environment.

    The community banking segment’s nonaccrual loans were $628,000 at September 30, 2024 compared to $406,000 at December 31, 2023. The community banking segment recorded provision for credit losses of $700,000 and $1.7 million for the third quarter and first nine months of 2024, respectively, compared to $500,000 and $1.6 million for the same periods of 2023. At September 30, 2024, the allowance for credit losses increased to $17.5 million, compared to $16.1 million at December 31, 2023. The allowance for credit losses as a percentage of total loans decreased to 1.22 percent at September 30, 2024 from 1.26 percent at December 31, 2023. The increases in provision and allowance for credit losses are due primarily to growth in the loan portfolio. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $351,000 for the third quarter of 2024, compared to a net loss of $5,000 for the same period of 2023, due primarily to:

    • higher gains on sales of loans due to higher volume of mortgage loan originations; and
    • higher mortgage banking fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits, and data processing expenses.

    The mortgage banking segment reported net income of $1.0 million for the first nine months of 2024, compared to $568,000 for the same period of 2023, due primarily to:

    • lower variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits, as well as mortgage banking loan processing expenses and data processing expenses;
    • lower occupancy expense due to an effort to reduce overhead costs;
    • higher mortgage banking fee income; and
    • relatively unchanged gains on sales of loans and mortgage loan production volume;

    partially offset by:

    • lower mortgage lender services income due lower mortgage loan production volume across the industry.

    The sustained elevated level of mortgage interest rates, combined with higher home prices and lower levels of inventory, has led to a level of mortgage loan originations in 2024 and 2023 for the industry that is lower than recent historical averages. Mortgage loan originations for the mortgage banking segment were $157.0 million for the third quarter of 2024, comprised of $15.0 million refinancings and $142.0 million home purchases, compared to $129.7 million, comprised of $11.9 million refinancings and $117.8 million home purchases, for the same period in 2023. Mortgage loan originations for the mortgage banking segment were $397.3 million for the first nine months of 2024, comprised of $34.3 million refinancings and $363.0 million home purchases, compared to $400.6 million, comprised of $40.2 million refinancings and $360.4 million home purchases, for the same period in 2023. Mortgage loan originations in the third quarter of 2024 increased $11.0 million compared to the second quarter of 2024 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the third quarter and first nine months of 2024, the mortgage banking segment recorded a reversal of provision for indemnification losses of $100,000 and $375,000, respectively, compared to a reversal of provision for indemnification losses of $200,000 and $435,000 in the same periods of 2023. The mortgage banking segment increased reserves for indemnification losses during 2020 based on widespread forbearance on mortgage loans and economic uncertainty related to the COVID-19 pandemic. The release of indemnification reserves in 2024 and 2023 was due primarily to improvement in the mortgage banking segment’s assessment of borrower payment performance, lower volume of mortgage loan originations in recent years and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $311,000 and $1.1 million for the third quarter and first nine months of 2024, respectively, compared to net income of $682,000 and $2.3 million for the same periods in 2023. The decreases in consumer finance segment net income were due primarily to:

    • higher provision for credit losses due primarily to increased net charge-offs and loan growth; and
    • higher interest expense on variable rate borrowings from the community banking segment as a result of higher interest rates and higher balances of borrowings;

    partially offset by:

    • higher interest income resulting from the effects of higher interest rates on loan yields and higher average balances of loans;
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs; and
    • lower loan recovery expense related to growth in loans with stronger credit quality and efficiency initiatives within the collections department.

    Average loans increased $8.3 million, or 1.8 percent, for the third quarter of 2024 and increased $3.0 million, or less than one percent, for the first nine months of 2024, compared to the same periods in 2023. The consumer finance segment experienced net charge-offs at an annualized rate of 2.36 percent of average total loans for the first nine months of 2024, compared to 1.75 percent for the first nine months of 2023, due primarily to an increase in the number of delinquent loans and repossessions and a higher average charge-off per unit as a result of larger loan amounts due to higher automobile values during 2020 and 2021 and a decline in wholesale values of used automobiles since then. At September 30, 2024, total delinquent loans as a percentage of total loans was 3.49 percent, compared to 4.09 percent at December 31, 2023, 3.30 percent at September 30, 2023, and 3.51 percent at June 30, 2024. Delinquency and loss rates have generally returned to pre-pandemic levels due to the passage of time since the expiration of stimulus and enhanced unemployment benefits that benefitted borrowers.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. The average amounts deferred on a monthly basis during the third quarter and first nine months of 2024 were 1.91 percent and 1.70 percent of average automobile loans outstanding compared to 2.20 percent and 1.83 percent during the same periods during 2023. The allowance for credit losses was $23.2 million at September 30, 2024 and $23.6 million at December 31, 2023. The allowance for credit losses as a percentage of total loans decreased to 4.87 percent at September 30, 2024 from 5.03 percent at December 31, 2023, primarily as a result of growth in loans with stronger credit quality while balances of loans with lower credit quality declined. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of September 30, 2024, the Corporation’s uninsured deposits were approximately $607.6 million, or 28.5 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $455.6 million, or 21.3 percent of total deposits as of September 30, 2024. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $287.4 million and borrowing availability was $583.8 million as of September 30, 2024, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $415.6 million as of September 30, 2024.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $142.3 million at September 30, 2024 from $109.5 million at December 31, 2023 due primarily to higher borrowings from the FHLB. Borrowings decreased $4.7 million from $147.0 million at September 30, 2023.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities and the issuance of brokered certificates of deposit.

    Capital and Dividends.   The Corporation declared a quarterly cash dividend for the third quarter of 2024 of $0.44 per share, which was paid on October 1, 2024. This dividend represents a payout ratio of 26.7 percent of earnings per share for the third quarter of 2024. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital requirements, and expected future earnings.

    Total consolidated equity increased $10.4 million at September 30, 2024, compared to December 31, 2023, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by share repurchases and dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of rising market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest and unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale decreased to $17.2 million at September 30, 2024 compared to $25.0 million at December 31, 2023 due primarily to fluctuations in market interest rates of debt securities.

    As of September 30, 2024, the most recent notification from the FDIC categorized the C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at September 30, 2024, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at September 30, 2024. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses became realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    In December 2023, the Board of Directors authorized a program, effective January 1, 2024, to repurchase up to $10.0 million of the Corporation’s common stock through December 31, 2024. During the third quarter and first nine months of 2024, the Corporation repurchased 60,520 shares, or $3.2 million, and 149,594 shares, or $7.3 million, of its common stock under this share repurchase program, respectively.

    About C&F Financial Corporation.  The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $61.78 per share on October 28, 2024. At September 30, 2024, the book value per share of the Corporation was $70.29 and the tangible book value per share was $62.13. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 32 banking offices and four commercial loan offices located throughout eastern and central Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia, North Carolina, and West Virginia. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered in Alabama, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, increases in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine and in the Middle East) or other major events, or the prospect of these events
    • average loan yields and average costs of interest-bearing deposits
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative/regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market area
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the non-prime automobile finance markets and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansions and consolidations plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections by the Corporation thereunder

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)
     
       
    Financial Condition   9/30/2024    12/31/2023    9/30/2023  
    Interest-bearing deposits in other banks   $ 32,507   $ 58,777   $ 53,407  
    Investment securities – available for sale, at fair value     409,045     462,444     460,653  
    Loans held for sale, at fair value     44,677     14,176     25,469  
    Loans, net:                    
    Community Banking segment     1,414,576     1,257,557     1,230,694  
    Consumer Finance segment     454,062     444,931     446,787  
    Total assets     2,550,904     2,438,498     2,421,705  
    Deposits     2,135,891     2,066,130     2,028,429  
    Repurchase agreements     28,643     30,705     28,660  
    Other borrowings     113,683     78,834     118,388  
    Total equity     227,958     217,516     200,380  
                                     
        For The     For The  
        Quarter Ended     Nine Months Ended  
    Results of Operations   9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Interest income   $ 36,131     $ 31,686     $ 103,151     $ 91,729  
    Interest expense     11,442       7,224       31,476       17,964  
    Provision for credit losses:                                
    Community Banking segment     700       500       1,650       1,550  
    Consumer Finance segment     3,000       1,550       8,100       4,250  
    Noninterest income:                                
    Gains on sales of loans     1,825       1,220       4,814       4,930  
    Other     6,947       4,994       18,774       16,882  
    Noninterest expenses:                                
    Salaries and employee benefits     13,921       12,921       41,625       40,841  
    Other     9,170       8,605       26,989       25,969  
    Income tax expense     1,250       1,323       3,010       4,309  
    Net income     5,420       5,777       13,889       18,658  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,070       28,423       94,166       81,999  
    Interest income on securities-FTE     2,958       3,134       9,033       9,589  
    Total interest income-FTE     36,417       31,936       104,010       92,424  
    Net interest income-FTE     24,975       24,712       72,534       74,460  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          9/30/2024      9/30/2023     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Securities:                                  
    Taxable   $ 318,834     $ 1,828   2.29 % $ 414,036     $ 2,207   2.13 %
    Tax-exempt     119,253       1,130   3.79     110,182       927   3.37  
    Total securities     438,087       2,958   2.70     524,218       3,134   2.39  
    Loans:                                  
    Community banking segment     1,411,337       19,797   5.58     1,224,791       15,887   5.15  
    Mortgage banking segment     40,232       597   5.90     30,210       517   6.79  
    Consumer finance segment     481,124       12,676   10.48     472,811       12,019   10.09  
    Total loans     1,932,693       33,070   6.81     1,727,812       28,423   6.53  
    Interest-bearing deposits in other banks     38,756       389   3.99     38,507       379   3.90  
    Total earning assets     2,409,536       36,417   6.02     2,290,537       31,936   5.54  
    Allowance for credit losses     (40,879 )               (41,014 )            
    Total non-earning assets     158,063                 151,070              
    Total assets   $ 2,526,720               $ 2,400,593              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 323,019       540   0.67   $ 341,707       505   0.59  
    Money market deposit accounts     293,789       1,104   1.49     304,309       782   1.02  
    Savings accounts     178,417       23   0.05     204,042       29   0.06  
    Certificates of deposit     801,669       8,524   4.23     571,499       4,316   3.00  
    Total interest-bearing deposits     1,596,894       10,191   2.54     1,421,557       5,632   1.57  
    Borrowings:                                  
    Repurchase agreements     27,207       117   1.72     29,440       95   1.29  
    Other borrowings     93,961       1,134   4.83     122,250       1,497   4.90  
    Total borrowings     121,168       1,251   4.13     151,690       1,592   4.20  
    Total interest-bearing liabilities     1,718,062       11,442   2.65     1,573,247       7,224   1.83  
    Noninterest-bearing demand deposits     537,796                 577,382              
    Other liabilities     48,330                 45,124              
    Total liabilities     2,304,188                 2,195,753              
    Equity     222,532                 204,840              
    Total liabilities and equity   $ 2,526,720               $ 2,400,593              
    Net interest income         $ 24,975             $ 24,712      
    Interest rate spread               3.37 %             3.71 %
    Interest expense to average earning assets               1.89 %             1.25 %
    Net interest margin               4.13 %             4.29 %
                                       
        For the Nine Months Ended  
          9/30/2024      9/30/2023     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Securities:                                  
    Taxable   $ 340,297     $ 5,665   2.22 % $ 441,204     $ 7,017   2.12 %
    Tax-exempt     119,931       3,368   3.74     104,549       2,572   3.28  
    Total securities     460,228       9,033   2.62     545,753       9,589   2.34  
    Loans:                                  
    Community banking segment     1,357,962       55,671   5.48     1,199,560       45,375   5.06  
    Mortgage banking segment     30,759       1,411   6.13     26,713       1,312   6.57  
    Consumer finance segment     477,768       37,084   10.37     474,738       35,312   9.94  
    Total loans     1,866,489       94,166   6.74     1,701,011       81,999   6.45  
    Interest-bearing deposits in other banks     30,197       811   3.59     33,072       836   3.38  
    Total earning assets     2,356,914       104,010   5.89     2,279,836       92,424   5.42  
    Allowance for loan losses     (40,670 )               (41,192 )            
    Total non-earning assets     155,935                 150,826              
    Total assets   $ 2,472,179               $ 2,389,470              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 326,540       1,569   0.64   $ 359,157       1,578   0.59  
    Money market deposit accounts     295,257       3,177   1.44     323,630       2,121   0.88  
    Savings accounts     181,880       85   0.06     213,940       91   0.06  
    Certificates of deposit     753,114       23,140   4.10     509,424       9,447   2.48  
    Total interest-bearing deposits     1,556,791       27,971   2.40     1,406,151       13,237   1.26  
    Borrowings:                                  
    Repurchase agreements     26,774       325   1.62     32,048       273   1.14  
    Other borrowings     91,024       3,180   4.66     122,984       4,454   4.83  
    Total borrowings     117,798       3,505   3.97     155,032       4,727   4.07  
    Total interest-bearing liabilities     1,674,589       31,476   2.51     1,561,183       17,964   1.54  
    Noninterest-bearing demand deposits     533,113                 582,573              
    Other liabilities     45,835                 42,108              
    Total liabilities     2,253,537                 2,185,864              
    Equity     218,642                 203,606              
    Total liabilities and equity   $ 2,472,179               $ 2,389,470              
    Net interest income         $ 72,534             $ 74,460      
    Interest rate spread               3.38 %             3.88 %
    Interest expense to average earning assets               1.78 %             1.05 %
    Net interest margin               4.11 %             4.37 %
                       
        9/30/2024
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $   $ 75,000
    Borrowings from FHLB     254,445     60,000     194,445
    Borrowings from Federal Reserve Bank     314,385         314,385
    Total   $ 643,830   $ 60,000   $ 583,830
                   
    Asset Quality   9/30/2024   12/31/2023  
    Community Banking              
    Total loans   $ 1,432,109   $ 1,273,629  
    Nonaccrual loans   $ 628   $ 406  
                   
    Allowance for credit losses (ACL)   $ 17,533   $ 16,072  
    Nonaccrual loans to total loans     0.04 %   0.03 %
    ACL to total loans     1.22 %   1.26 %
    ACL to nonaccrual loans     2,791.88 %   3,958.62 %
    Annualized year-to-date net charge-offs to average loans     0.01 %   0.01 %
                   
    Consumer Finance              
    Total loans   $ 477,300   $ 468,510  
    Nonaccrual loans   $ 1,101   $ 892  
    Repossessed assets   $ 522   $ 646  
    ACL   $ 23,238   $ 23,579  
    Nonaccrual loans to total loans     0.23 %   0.19 %
    ACL to total loans     4.87 %   5.03 %
    ACL to nonaccrual loans     2,110.63 %   2,643.39 %
    Annualized year-to-date net charge-offs to average loans     2.36 %   1.99 %
                                     
        For The     For The  
        Quarter Ended     Nine Months Ended  
    Other Performance Data   9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Net Income (Loss):                                
    Community Banking   $ 5,337       $ 5,685       $ 13,920       $ 17,742    
    Mortgage Banking     351         (5 )       1,021         568    
    Consumer Finance     311         682         1,142         2,261    
    Other1     (579 )       (585 )       (2,194 )       (1,913 )  
    Total   $ 5,420       $ 5,777       $ 13,889       $ 18,658    
                                     
    Net income attributable to C&F Financial Corporation   $ 5,389       $ 5,789       $ 13,797       $ 18,536    
                                     
    Earnings per share – basic and diluted   $ 1.65       $ 1.71       $ 4.15       $ 5.41    
    Weighted average shares outstanding – basic and diluted     3,258,420         3,391,624         3,323,942         3,426,845    
                                     
    Annualized return on average assets     0.86   %     0.96   %     0.75   %     1.04   %
    Annualized return on average equity     9.74   %     11.28   %     8.47   %     12.22   %
    Annualized return on average tangible common equity2     11.16   %     13.19   %     9.74   %     14.18   %
    Dividends declared per share   $ 0.44       $ 0.44       $ 1.32       $ 1.32    
                                     
    Mortgage loan originations – Mortgage Banking   $ 156,968       $ 129,658       $ 397,324       $ 400,559    
    Mortgage loans sold – Mortgage Banking     146,143         140,214         367,449         389,465    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   9/30/2024     12/31/2023
    Market value per share   $ 58.35     $ 68.19
    Book value per share   $ 70.29     $ 64.28
    Price to book value ratio     0.83       1.06
    Tangible book value per share1   $ 62.13     $ 56.40
    Price to tangible book value ratio1     0.94       1.21
    Price to earnings ratio (ttm)     10.30       9.87

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   9/30/2024   12/31/2023   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     13.8 %   14.8 %   8.0 %
    Tier 1 risk-based capital ratio     11.6 %   12.6 %   6.0 %
    Common equity tier 1 capital ratio     10.5 %   11.3 %   4.5 %
    Tier 1 leverage ratio     9.8 %   10.1 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     13.4 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.1 %   12.9 %   6.0 %
    Common equity tier 1 capital ratio     12.1 %   12.9 %   4.5 %
    Tier 1 leverage ratio     10.1 %   10.3 %   4.0 %

    ________________________
    1 The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2 All ratios at September 30, 2024 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2023 are presented as filed.
    3 The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Nine Months Ended  
        9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 222,532       $ 204,840       $ 218,642       $ 203,606    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,242 )       (1,507 )       (1,303 )       (1,572 )  
    Average noncontrolling interest     (573 )       (484 )       (670 )       (668 )  
    Average tangible common equity   $ 195,526       $ 177,658       $ 191,478       $ 176,175    
                                     
    Net income   $ 5,420       $ 5,777       $ 13,889       $ 18,658    
    Amortization of intangibles     65         69         195         205    
    Net (income) loss attributable to noncontrolling interest     (31 )       12         (92 )       (122 )  
    Net tangible income attributable to C&F Financial Corporation   $ 5,454       $ 5,858       $ 13,992       $ 18,741    
                                     
    Annualized return on average equity, as reported     9.74   %     11.28   %     8.47   %     12.22   %
    Annualized return on average tangible common equity     11.16   %     13.19   %     9.74   %     14.18   %
                                 
        For The Quarter Ended     For The Nine Months Ended
        9/30/2024     9/30/2023     9/30/2024   9/30/2023
    Fully Taxable Equivalent Net Interest Income1                            
    Interest income on loans   $ 33,021     $ 28,369     $ 94,014   $ 81,845
    FTE adjustment     49       54       152     154
    FTE interest income on loans   $ 33,070     $ 28,423     $ 94,166   $ 81,999
                                 
    Interest income on securities   $ 2,721     $ 2,938     $ 8,326   $ 9,048
    FTE adjustment     237       196       707     541
    FTE interest income on securities   $ 2,958     $ 3,134     $ 9,033   $ 9,589
                                 
    Total interest income   $ 36,131     $ 31,686     $ 103,151   $ 91,729
    FTE adjustment     286       250       859     695
    FTE interest income   $ 36,417     $ 31,936     $ 104,010   $ 92,424
                                 
    Net interest income   $ 24,689     $ 24,462     $ 71,675   $ 73,765
    FTE adjustment     286       250       859     695
    FTE net interest income   $ 24,975     $ 24,712     $ 72,534   $ 74,460

    ____________________
    1 Assuming a tax rate of 21%.

                   
        9/30/2024     12/31/2023
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 227,340       $ 216,878  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,211 )       (1,407 )
    Tangible equity attributable to C&F Financial Corporation   $ 200,938       $ 190,280  
                   
    Shares outstanding     3,234,363         3,374,098  
                   
    Book value per share   $ 70.29       $ 64.28  
    Tangible book value per share   $ 62.13       $ 56.40  
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network

  • MIL-OSI USA: Speech by FDIC Chairman Martin J. Gruenberg to the Center for Financial Studies at Goethe University Frankfurt – “A Tale of Two Unions – Deposit Insurance in the United States and Europe”

    Source: US Federal Deposit Insurance Corporation FDIC

    CategoriesBusiness, Commerce, MIL-OSI, United States Federal Government, United States Government, United States of America, US Commerce, US Federal Deposit Insurance Corporation FDIC, US Federal Government, US Insurance Sector, USA

    MIL OSI USA News

  • MIL-OSI USA: Pallone Delivers $54.9 Million Federal Boost for Zero-Emission Ferry Project, Driving Cleaner Transit Solutions for Highlands and Central New Jersey

    Source: United States House of Representatives – Congressman Frank Pallone (6th District of New Jersey)

    Major Investment Made Possible Through Historic Inflation Reduction Act Championed by Pallone

    Highlands, NJ – Congressman Frank Pallone, Jr. has announced a major win for central New Jersey with $54.9 million in federal funding from the Environmental Protection Agency’s (EPA) Clean Ports Program to advance zero-emission high-speed ferries through Seastreak, LLC. This award will support the deployment of zero-emission ferries and essential charging infrastructure, aimed at cutting dangerous pollution and easing travel between New Jersey and Manhattan. Pallone, who helped author the Inflation Reduction Act as the top Democrat on the House Energy and Commerce Committee, championed Seastreak’s proposal as a model for clean, efficient transit in coastal communities.

    “Bringing these federal dollars back to New Jersey means cleaner air, less traffic on our busiest routes, and a long-term boost for communities like Highlands,” said Pallone. “This project is about more than cutting dangerous pollution; it’s about strengthening our local economy and supporting sustainable transit solutions that benefit residents and businesses alike. Projects like this put New Jersey on the cutting edge of homegrown, clean energy.”

    Headquartered in Atlantic Highlands, Seastreak operates a vital ferry service for thousands of central New Jerseyans daily. This funding allows the company to take a critical first step in its fleet overhaul, advancing zero-emission technology and setting a national example in coastal air quality improvement. The project also includes workforce development initiatives, such as training partnerships with local schools and industry groups.

    “Seastreak is committed to being the one of the most environmentally friendly passenger ferry operators in the country,” said James D. Barker, Seastreak Vice President. “High-speed electric ferry technology is a new and quickly evolving space. With this grant, we are excited to contribute to a new frontier in maritime technology while continuing our efforts to improve air quality within the communities we serve. We’re grateful for Congressman Pallone’s work in Congress to make this project possible.”

    Additionally, the Port Authority of New York and New Jersey (PANYNJ) will receive $344 million to expand zero-emission equipment across port operations. Programs like the ZE Equipment for Ports (ZEEP) Voucher Incentive Program and Green Drayage Accelerator (GDA) will help replace polluting cargo vehicles and install new charging stations to reduce harmful port emissions affecting neighboring communities.

    EPA announced the selection of 55 applicants across 27 states and territories to receive nearly $3 billion nationwide through EPA’s Clean Ports Program.

    “Our nation’s ports are critical to creating opportunity here in America, offering good-paying jobs, moving goods, and powering our economy,” said EPA Administrator Michael S. Regan. “Today’s historic $3 billion investment builds on President Biden’s vision of growing our economy while ensuring America leads in globally competitive solutions of the future. Delivering cleaner technologies and resources to U.S. ports will slash harmful air and climate pollution while protecting people who work in and live nearby ports communities.”

    The EPA’s Clean Ports Program, funded by the Inflation Reduction Act, reduces climate pollution from our nation’s ports.  It aims to cut harmful diesel pollution, including criteria pollutants, greenhouse gases, and air toxics, both at ports and in near-port communities by funding transformative infrastructure deployment and air quality planning. The EPA will work closely with Seastreak and PANYNJ to finalize agreements, ensuring these projects fulfill their commitment to cleaner, healthier communities across the New Jersey region.

    MIL OSI USA News

  • MIL-OSI USA: Arrington Meets with Constituents Across West Texas

    Source: United States House of Representatives – Congressman Jodey Arrington (TX-19)

    Lubbock, TX – House Budget Chairman Jodey Arrington (TX-19) recently concluded a West Texas Tour, during which he visited various areas of his Congressional District to tour hospitals, meet with small business owners and local leaders, and speak with constituents about their concerns.

    Andrews County

    “I had a great time in Andrews County visiting with local leaders discussing the economic hardships facing our communities,” said Chairman Arrington. “Biden and Harris have launched an all-out assault on Rural America – our agriculture and energy economy, our working families, and our values – and communities like Andrews are paying the price. We need to rein-in Washington, return to pro-energy policies, and put an end to the welfare state by unleashing the full potential of the American economy and, most importantly, the American people.”

    Gaines County

    “I had a great time meeting with friends and fellow West Texans at a townhall in Gaines County, answering questions and speaking about the direction of our country,” said Chairman Arrington. “We all agree, there needs to be a sense of urgency because our nation is at a historic inflection point: we will either renew our faith in God and freedom or submit to the rise of socialism and the tyranny of a woke and weaponized federal government.”

    Martin County

    “Our great nation does not reap the benefits of energy independence and food security without excellent rural health care keeping our hard-working, freedom-loving workers in Rural America healthy and taken care of, and nobody understands this better than the Martin County Medical Hospital District,” said Chairman Arrington. “Recognized as one of the Top 20 Critical Access Hospitals in 2023 and 2024, we take great pride in having one of the best hospitals in the country right in our backyard. Keep up the great work!”

    Howard County

    “I had the privilege of joining the Big Spring Economic Development Corp and Big Spring Chamber of Commerce for a Howard County Community Roundtable,” said Chairman Arrington. “Communities like Big Spring have suffered under the skyrocketing inflation, excessive regulation, and woke policies that have become the hallmark of the Biden-Harris administration. Fortunately, we have the opportunity to chart a new path and restore prosperity for hardworking families.”

    Mitchell County

    “I had the privilege of speaking to the Mitchell County Farm Bureau about the importance of supporting our cowboys and plowboys in West Texas and ensuring they have the resources they need to succeed,” said Chairman Arrington. “Unfortunately, in Washington, many politicians take Rural America and the men and women who feed, fuel, and clothe our nation for granted. That’s why I’ll never stop fighting for them and making sure our hardworking farmers and ranchers have a voice in our nation’s capital.”

    Taylor County

    “Great to join my friends at Hendrick Medical Center who recently celebrated their 100th year anniversary of faithful service to Abilene and the Big Country,” said Chairman Arrington. “Hendrick’s story is one of resilience and community support, and, since the beginning, Hendrick Health has always been driven by its Christian mission to provide compassionate care to all in need. I’m thankful for their commitment to providing healthcare to a growing region and delivering exceptional care to thousands of West Texans every year.”

    ###

    MIL OSI USA News

  • MIL-OSI United Kingdom: Pay boost for millions of workers next year

    Source: United Kingdom – Executive Government & Departments

    Chancellor announces pay rise for over 3 million workers next year, as National Living Wage rises by 6.7%.

    • Chancellor announces pay rise for over 3 million workers next year, as National Living Wage rises by 6.7%
    • Pay boost worth £1,400 a year for an eligible full-time worker – a significant move towards delivering a genuine living wage.
    • 18-20 National Minimum Wage will rise by £1.40 per hour – the largest increase on record – and marks first step towards a single adult rate.

    Over 3 million workers will receive a pay boost after the Chancellor confirmed the National Living Wage will increase from £11.44 to £12.21 an hour from April 2025.  

    The 6.7% increase – which is worth £1,400 a year for an eligible full-time worker – is a significant step towards delivering the manifesto commitment to make sure the minimum wage is a genuine living wage.  

    The National Minimum Wage for 18 to 20-year-olds will also rise from £8.60 to £10.00 an hour – the largest increase in the rate on record. This £1.40 increase will mean full-time younger workers eligible for the rate will see their pay boosted by £2,500 next year. This marks the first step towards aligning the National Minimum Wage and National Living Wage to create a single adult wage rate, which would take place over time. 

    The move comes ahead of the Budget tomorrow which will fix the foundations to deliver change by fixing the NHS and rebuilding Britain, while ensuring working people don’t face higher taxes in their payslips. 

    It builds on the commitment to be a pro-business, pro-worker, pro-growth Government. It delivers a key plank of the Plan to Make Work Pay, which is already set to boost the pockets of the lowest paid workers by up to £600 a year through the Employment Rights Bill.  

    The plan will boost productivity, creating a workforce that is fit and ready to help us deliver our first mission to kickstart economic growth – with good jobs and growth in every part of the country making everyone, not just a few, better off.

    Chancellor of the Exchequer Rachel Reeves said:

    This Government promised a genuine living wage for working people. This pay boost for millions of workers is a significant step towards delivering on that promise.

    Business Secretary Jonathan Reynolds said:

    Good work and fair wages are in the interest of British business as much as British workers.

    This government is changing people’s lives for the better because we know that investing in the workforce leads to better productivity, better resilience and ultimately a stronger economy primed for growth.

    Deputy Prime Minister Angela Rayner said:

    A proper day’s work deserves a proper day’s pay.

    Our changes will see a pay boost that will help millions of lower earners to cover the essentials as well as providing the biggest increase for 18–20-year-olds on record.

    The minimum hourly wage for an apprentice is also boosted next year, with an 18-year-old apprentice in an industry like construction seeing their minimum hourly pay increase by 18.0%, a pay bump from £6.40 to £7.55 an hour.     

    These increases will mean 3.5 million workers will receive a pay rise this year in total. They confirm the Low Pay Commission’s recommendations, whose advisory remit was overhauled by ministers in July to consider the cost of living.

    Hilary Jones, Ethics Director at Lush Cosmetics said:

    Lush staff making and selling our  products are crucial to our success, so we commit to the Living Wage Foundation’s independently calculated real living wage rates each year to feel confident our rates of pay are fair and that our staff can afford what they need to thrive, not just survive.  In these tough times where the cost of living continues to rise, it is great to see the Government increase minimum wage closer to these calculations to support the hardest working and most vulnerable workers across the UK.

    Baroness Philippa Stroud, Chair of the Low Pay Commission, said:

    The Government have been clear about their ambitions for the National Minimum Wage and its importance in supporting workers’ living standards. At the same time, employers have had to deal with the adult rate rising over 20 per cent in two years, and the challenges that has created alongside other pressures to their cost base.

    It is our job to balance these considerations, ensuring the NLW provides a fair wage for the lowest-paid workers while taking account of economic factors. These rates secure a real-terms pay increase for the lowest-paid workers. Young workers will see substantial increases in their pay floor, making up some of the ground lost against the adult rate over time.

    Updates to this page

    Published 29 October 2024

    MIL OSI United Kingdom

  • MIL-OSI USA: Georgia Farmers, Ranch Hands May be Eligible for FEMA Assistance

    Source: US Federal Emergency Management Agency 2

    Georgia Farmers, Ranch Hands May be Eligible for FEMA Assistance

    ATLANTA – Georgia farmers and ranch hands whose tools or equipment were damaged by Hurricane Helene or Tropical Storm Debby, damage Aug. 4–20, 2024, may be eligible for disaster assistance. FEMA assistance is available to replace disaster-damaged essential tools, supplies, equipment and items required for employment or for self-employment.Coverage for Tools and EquipmentFamily-owned farms typically have a variety of equipment needed to conduct business. These include, but are not limited to, tractors, plows, seeders or planters, harvesters, sprayers, hay balers and utility vehicles. These items are all potentially eligible for FEMA disaster assistance if the applicant can show that they were damaged by the disaster, the applicant does not have another working item that can meet this need, and the loss of the item was not covered by insurance. Crops and livestock are not “tools and equipment” because they are the products of a farming operation, whereas tools and equipment are the means of production.Ranch hands may be eligible for assistance to replace disaster-damaged tools and equipment not covered by insurance when they can show these items are required by their employer.Assistance is based on a need to replace disaster-damaged essential tools, supplies, equipment, items required by an employer as a condition of employment or required for education. This includes disaster-damaged tools and equipment, or other items required for a specific trade or profession that are not provided or supplied by the employer, including a computer.Many of these items have substantial costs, but it is important to remember that assistance for uninsured or underinsured occupational tools is limited to the maximum amount of Other Needs Assistance an applicant may receive. Additional assistance to help meet these needs may also be available from the U.S. Small Business Administration and the U.S. Department of Agriculture.The U.S. Department of Agriculture’s Farm Service Agency offers Livestock Assistance, Farm Loans and help for farmland damage and crop losses. Visit Disaster Assistance Programs (usda.gov) to learn more.How To Apply for FEMA Individual AssistanceVisit a FEMA Disaster Recovery Center. To find your nearest Disaster Recovery Center, visit fema.gov/drc.Call FEMA at 800-621-3362. Multilingual operators are available. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA your number for that service.Apply at DisasterAssistance.gov.Download and use the FEMA app.FEMA programs are accessible to people with disabilities and others with access and functional needs.To view an accessible video on how to apply, visit Three Ways to Apply for FEMA Disaster Assistance – YouTube.Homeowners, renters, businesses, and nonprofit organizations can apply for long-term, low-interest disaster loans from the U.S. Small Business Administration (SBA) to cover losses not fully compensated by insurance and other sources. Apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at sba.gov/disaster.For the latest information about Georgia’s recovery, visit fema.gov/helene/georgia and fema.gov/disaster/4821. Follow FEMA on X at x.com/femaregion4 or follow FEMA on social media at: FEMA Blog on fema.gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel. Also, follow Administrator Deanne Criswell on Twitter @FEMA_Deanne.
    larissa.hale
    Tue, 10/29/2024 – 17:38

    MIL OSI USA News

  • MIL-OSI USA: Brownley Secures $42M in Federal Funding to the Port of Hueneme to Reduce Emissions and Improve Air Quality

    Source: United States House of Representatives – Julia Brownley (D-CA)

  • MIL-OSI USA: Murphy Introduces Bipartisan Legislation to Protect Medicare for Physicians and Patients

    Source: United States House of Representatives – Representative Stephanie Murphy (D-Fla)

    Washington, D.C. — Congressman Greg Murphy, M.D. issued the following statement after introducing the bipartisan Medicare Patient Access and Practice Stabilization Act, to support physicians and protect access to care for Medicare beneficiaries. 

    “America’s physicians are at a breaking point and access to high-quality, affordable care is at risk for millions of Medicare patients,”said Congressman Greg Murphy, M.D. “When a physician sees a Medicare patient, they do so out of the goodness of their heart, not because it makes financial sense. Medical inflation is much higher and the cost of seeing patients continues to rise. Unfortunately, reimbursements continue to decline, putting immense pressure on doctors to retire, close their practices, forgo seeing new Medicare patients, or seek a less efficient employment position. This bipartisan legislation would stop yet another year of reimbursement cuts, give them a slight inflationary adjustment, and protect Medicare for physicians and patients alike.”

    “Medicare payments to physicians are just not keeping pace with our economic realities and the cost of care,” said Congressman Jimmy Panetta. “Our bipartisan legislation would not only prevent harmful cuts but also would adjust provider reimbursements for inflation.  Such a law would expand seniors’ access to quality healthcare by helping medical providers continue their care for Medicare beneficiaries.”

    “Access to quality healthcare is a something every senior deserves, but declining Medicare reimbursement is putting that access at risk,” said Congresswoman Mariannette Miller-Meeks. “The bipartisan Medicare Patient Access and Practice Stabilization Act is crucial to reversing the damaging trend of cuts that threaten our healthcare providers, especially in underserved communities. We must act now to prevent further burnout and consolidation in our system, ensuring that every Medicare beneficiary receives the care they need and deserve.”

    “Having an outdated Medicare reimbursement rate for physicians makes it harder for healthcare professionals to provide high-quality care, putting patients at risk,” said Congressman Ami Bera, M.D.Physicians, unlike the rest of the players in health care, have never received an inflationary update and consistently received cuts. This bill ensures a more stable Medicare payment system, allowing providers to focus on delivering care rather than worrying about losing their practice. With this bipartisan effort, we are working toward a system that supports both patients and doctors.”

    “All patients deserve timely access to healthcare from quality physicians in their communities,” said Congressman Larry Bucshon, M.D. “Inadequate Medicare reimbursement threatens that access. I have long fought to correct the current trend of cutting reimbursement levels year after year, and I am proud to join my bipartisan colleagues to introduce the Medicare Patient Access and Practice Stabilization Act. The current path toward further consolidation, physician burnout, and closure of medical practices must be corrected.”

    “Over the past 22 years, adjusting for inflation, physicians have essentially taken a 26% pay cut from Medicare,” said Congresswoman Kim Schrier, M.D. “Their reimbursement has been flat or declining, while overhead costs have increased by about 47%: rent, labor, equipment, and insurance. I cannot think of another profession whose compensation has dropped by 26% over 2 decades. Physicians have been holding their breath, year after year, hoping that Congress will act to avert these devastating decreases in reimbursement. Without adequate reimbursement, solo and small practice physicians—most often in rural or underserved areas—are already closing their doors.  It’s up to Congress to ensure that physicians are fairly compensated and can continue to practice, so that all Medicare patients have access to high-quality, affordable care, and I am proud to co-sponsor legislation that will achieve just that.”

    “As a physician, I recognize that year after year cuts to Medicare reimbursement jeopardizes access to care for our nation’s seniors,” said Congressman John Joyce, M.D. “We must work in Congress to create a more sustainable long-term solution to ensure that Medicare patients continue to receive the high-quality affordable care that they deserve. While we continue this important work, I am proud to co-lead the Medicare Patient Access and Practice Stabilization Act, in order to protect access for Medicare beneficiaries and support Medicare physicians in the face of these proposed cuts.”

    “As an emergency medicine physician, I know how important it is for families and individuals I serve to have access to the necessary health care services they rely on,” said Congressman Raul Ruiz M.D. “I am deeply concerned about the impact the outdated Medicare reimbursement rate has on health care access for my constituents. That is why I am co-leading the ‘Medicare Patient Access and Practice Stabilization Act’ that will move us away from a system where every year seniors’ access to essential care is threatened due to potential cuts.”

    Background
    In July 2024, the Centers for Medicare & Medicaid Services (CMS) proposed a rule that would decrease Medicare reimbursement for physician services by 2.8% beginning on January 1, 2025. Compounded with CMS’ own estimates of a projected 3.6% increase in practice cost expenses for next year, physicians will be faced with an 6.4% cut unless Congress acts.

    According to the American Medical Association, when adjusted for inflation, Medicare reimbursement for physician services has declined 29% from 2001 to 2024. 

    Medicare reimbursement cuts for physicians have significant ripple effects across our health care system, particularly in rural and underserved areas.

    The decline in reimbursement rates, while wages and operational costs continue to rise, is forcing many physician practices to consider layoffs, reduced services, or office closure.

    At a time when we’re facing a physician shortage and a historic number of doctors are nearing retirement age, these cuts risk accelerating physician burnout and reducing access to care for Medicare patients.

    Supporting Organizations
    Academy of Nutrition and Dietetics, Academy of Orthopaedic Physical Therapy, ADVION (formerly National Association for the Support of Long Term Care), Alliance for Headache Disorders Advocacy, Alliance for Physical Therapy Quality and Innovation, Alliance of Specialty Medicine, Alliance of Wound Care Stakeholders, Ambulatory Surgery Center Association, American Academy of Audiology, American Academy of Dermatology Association, American Academy of Family Physicians, American Academy of Hospice and Palliative Medicine, American Academy of Neurology, American Academy of Ophthalmology, American Academy of Oral and Maxillofacial Pathology, American Academy of Otolaryngology–Head and Neck Surgery, American Academy of Pain Medicine, American Academy of Physical Medicine and Rehabilitation, American Academy of Sleep Medicine, American Association for the Study of Liver Diseases, American Association of Child and Adolescent Psychiatry, American Association of Hip and Knee Surgeons, American Association of Neurological Surgeons, American Association of Nurse Anesthesiology, American Association of Oral and Maxillofacial Surgeons, American Association of Orthopaedic Surgeons, American Chiropractic Association, American Clinical Neurophysiology Society, American College of Allergy, Asthma and Immunology, American College of Cardiology, American College of Chest Physicians, American College of Emergency Physicians, American College of Gastroenterology, American College of Mohs Surgery, American College of Obstetricians and Gynecologists, American College of Osteopathic Family Physicians, American College of Osteopathic Internists, American College of Physicians, American College of Radiation Oncology, American College of Radiology, American College of Rheumatology, American College of Surgeons, American Gastroenterological Association, American Geriatrics Society, American Glaucoma Society, American Health Care Association, American Medical Association, American Medical Group Association, American Medical Rehabilitation Providers Association, American Medical Women’s Association, American Occupational Therapy Association, American Optometric Association, American Osteopathic Association, American Physical Therapy Association, American Physical Therapy Association – Private Practice Section, American Podiatric Medical Association, American Psychiatric Association, American Psychological Association Services, American Society for Clinical Pathology, American Society for Dermatologic Surgery Association, American Society for Gastrointestinal Endoscopy, American Society for Radiation Oncology, American Society of Breast Surgeons, American Society of Cataract and Refractive Surgery, American Society of Colon & Rectal Surgeons, American Society of Dermatopathology, American Society of Diagnostic and Interventional Nephrology, American Society of Echocardiography, American Society of Hand Therapists, American Society of Nuclear Cardiology, American Society of Pediatric Nephrology, American Society of Plastic Surgeons, American Society of Retina Specialists, American Society of Transplant Surgeons, American Speech-Language-Hearing Association, American Urogynecologic Society, American Urological Association, Association for Clinical Oncology , Association of American Medical Colleges, Association of Clinicians for the Underserved, Association of Diabetes Care & Education Specialists, Association of Women in Rheumatology, Brain Injury Association of America, California Medical Association, CardioVascular Coalition, Clinical Social Work Association, Coalition of State Rheumatology Organizations, College of American Pathologists, Community Oncology Alliance (COA), Congress of Neurological Surgeons, Dialysis Vascular Access Coalition, Digestive Health Physicians Association, Digestive Health Physicians Association, Emergency Department Practice Management Association, Endocrine Society, Federation of American Hospitals, Free2care, Healthcare Business Management Association, Heart Failure Society of America, Heart Rhythm Society, Indiana Associations Pathologists, Infectious Diseases Society of America, Infusion Providers Alliance, LUGPA, Massachusetts Medical Society, Medical Group Management Association, National Association of ACOs, National Association of Rehabilitation Providers and Agencies, National Association of Spine Specialists, National Infusion Center Association, National Rural Health Association, North Carolina Rheumatology Association, Office-Based Facility Organization, Outpatient Endovascular and Interventional Society, Pediatrix Medical Group, Inc., Physician-Led Healthcare for America, Physicians Advocacy Institute, Post-Acute and Long-Term Care Medical Association, Practicing Physicians of America, Renal Physicians Association, Society for Cardiovascular Angiography and Interventions, Society for Vascular Surgery, Society of American Gastrointestinal and Endoscopic Surgeons, Society of General Internal Medicine, Society of Gynecologic Oncology, Society of Hospital Medicine, Society of Interventional Radiology, Society of Thoracic Surgeons, Texas Medical Association, and the US Oncology Network.

    MIL OSI USA News

  • MIL-OSI USA: Rep. Barry Moore introduces legislation to protect Veteran small businesses

    Source: United States House of Representatives – Congressman Barry Moore

    Washington, D.C. — Rep. Barry Moore (AL-02), Rep. Terri Sewell (AL-07), and Rep. Jake Ellzey (TX-06) introduced legislation to expand opportunities for Veteran-owned small businesses. This legislation amends the Small Business Act to include surviving children in the definition of small business concern owned and controlled by service-disabled Veterans.

    This would allow the children of deceased service-disabled Veteran small business owners to temporarily run the business for a transition period of no more than three years after the Veteran small business owner passes away.

    “As a Veteran and former small business owner, I know that these businesses are the lifeblood of families and communities,” said Congressman Moore. “This vital legislation allows these family businesses to gracefully transition without losing their service-disabled Veteran owned small business designation and encourages them to hire another service-disabled Veteran in the future.”

    “We must do all that we can to support our Veterans, especially those who experience disabilities related to their service. This legislation makes an important update to federal law to support small businesses owned by service-disabled Veterans and their families. I’m grateful for the partnership of Congressman Moore on this issue.” – Congresswoman Terri Sewell

    “This bill addresses a significant gap in the current Small Business Act by recognizing the critical role that adult children often play in service-disabled Veteran-owned small businesses,” said Congressman Jake Ellzey. “By expanding the definition to include surviving children, we are ensuring that the legacy of our Veterans can continue through their families, providing much-needed stability for these businesses and the communities they serve. This legislation honors the sacrifices of our Veterans while supporting their families.”

    “Small businesses like ours are the backbone of every American community. We are delighted that Representatives Moore, Sewell and Ellzey are advocating on behalf of the Veteran-owned small business community. Two generations of our family have worked for decades alongside our employees – many of whom are Veterans themselves – to build a business that has helped VA fulfill its mission to America’s Veterans for over 40 years. For families and businesses like us, this modernization of current law is critically needed. By including surviving children alongside surviving spouses in existing law, small businesses like ours can stabilize and continue business operations, for the benefit of our employees and the veterans we serve, within the spirit of existing law. This is timely, and we urge all members of the House to support this important bill.” – Dr. Alfred Seawright, CEO of Medical Place in Montgomery, Alabama

    ###

    MIL OSI USA News

  • MIL-OSI USA: Budd, Tillis, Colleagues to Propose Bill to Replenish SBA Disaster Loan Program

    US Senate News:

    Source: United States Senator Ted Budd (R-North Carolina)

    Washington, D.C. — Senators Ted Budd (R-NC) and Thom Tillis (R-NC), alongside Senators Tim Scott (R-SC), Bill Cassidy, M.D. (R-LA), and Rick Scott (R-FL), announced plans to introduce legislation that would replenish the Small Business Administration (SBA) Disaster Loan Program.

    On October 15th, the SBA announced the Disaster Loan Fund had run out of money.

    Senator Budd said in a statement:

    “The citizens of Western North Carolina are some of the toughest and most resilient people in this country. As they recover and rebuild their communities, they must be able to access disaster loans from SBA. This recovery will take many years, and I look forward to working with my colleagues to cut through the delays and provide WNC with the resources they need as quickly as possible.”

    Senator Tillis said:

    “The SBA Disaster Loan Program running out of funds risks delays in processing the loans of those affected by Helene and Milton and their ability to get their lives back on track. That is why I am leading legislation to replenish this fund when Congress returns to Washington, and I look forward to working across the aisle to pass a long-term disaster aid package that will provide additional resources to help make the victims of these hurricanes whole again.”

    Senator Cassidy said:

    “Hurricanes Francine, Helene, and Milton hit us hard, but Louisianans and Americans are resilient. This funding is essential to help small businesses recover from these storms and support our local economies.”

    Senator Rick Scott said:

    “We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds. This is especially important in the wake of Hurricanes Helene and Milton which devastated Florida, North Carolina and communities across the Southeast U.S. I continue to call on Leader Schumer to immediately reconvene the Senate so we can fund disaster relief functions at FEMA, the SBA, USDA and other agencies to get folks what they need and deserve. I won’t stop fighting to get this done and am proud to join my colleagues to introduce a bill that funds SBA disaster loans and makes sure the federal government is a reliable partner as families continue their recovery.”

    MIL OSI USA News

  • MIL-Evening Report: What is necro-branding? And what’s it got to do with Elvis, Princess Diana and Taylor Swift?

    Source: The Conversation (Au and NZ) – By Chris Baumann, Professor in Business, Macquarie University

    bissig/Shutterstock

    Do you own any memorabilia depicting Elvis, Princess Diana, David Bowie, Prince or Michael Jackson? Perhaps a beloved t-shirt, a favourite mug, a special keyring or a novelty plate? You might not know it, but you are participating in something known as “necro-branding”.

    Necro-branding is where the image of a celebrity is sold to the public, perhaps by their estate or by their fans, long after the celebrity has died.

    These necro-branded items act almost like talismans, helping us preserve the past and remind us of an era long gone.

    Necro-branding is also shaping up to be a multibillion-dollar industry. Even the stars of today – such as Taylor Swift – will inevitably one day become the necro-brands of tomorrow.

    And with the astonishingly rapid development of artificial intelligence (AI), we can expect celebrities’ images to be “reincarnated” even more in the future, and their legacies extended far beyond death.

    Necro-branding is everywhere

    As colleagues and I argued in our recent paper in the journal Celebrity Studies, the quintessential necro-branded celebrity is Elvis Presley.

    From Elvis impersonators to countless items of Elvis memorabilia, the Elvis brand has only increased after the star’s death. Elvis-themed postage stamps issued by the US Postal Service reportedly became the top-selling commemorative postage stamps of all time. He’s also appeared on stamps issued by countries all around the world, such as the Republic of Congo, Rwanda, and Burundi.

    As we explain in our recent paper:

    At the time of his death, Elvis was worth an estimated US$5 million dollars ($40  million in today’s terms), but by 2022, it was estimated that Elvis Presley Enterprises has a net worth of between $400 million and $500 million. The use of his image on merchandise and memorabilia contributes to the continuation of his legacy.

    And it’s not just necro-branding marketed to older fans; younger generations are also a target with Elvis marketing.

    Think, for example, of the stratospherically successful early-2000s dance track version of A Little Less Conversation, by Dutch musician Junkie XL. Or, for instance, of the way Elvis tracks are woven throughout the Disney animated movie Lilo and Stitch.

    Of course, Elvis is not the only necro-branded celebrity. David Bowie, Prince, Michael Jackson, John Lennon and Johnny Cash are other obvious examples, with countless pieces of merchandise bearing their images. Their brand value has increased once the star has passed away.

    Deceased royals – such as Princess Diana and, more recently, Queen Elizabeth – are another obvious example, especially because living royals already enjoy such massive brand values.

    Necro-branding works because of the deep connection fans feel with celebrities. One study of fans of NBA basketballer Kobe Bryant found that as fans’ grief and shock waned, other stronger emotional responses, such as love, actually increased.

    Another 2024 study analysing fans of Johnny Cash and John Lennon suggested that fans acted “religiously” in honouring the memories of these beloved musicians.

    Marilyn Monroe is another heavily necro-branded celebrity. As we argue in our recent paper

    Her brand has shown strong durability in terms of earnings and is now licensed to the same management group that owns the bulk of the Elvis brand, Authentic Brands Group (ABG). Monroe often made the top ten list of earners in the Dead Celebrities List from 2001 to 2008.

    Necro-branding and AI

    AI already plays a pivotal role in branding of celebrities, alive and dead, and will no doubt be used more in future to extend the marketability of today’s celebrities.

    Think, for instance, of the way some of the recordings from the past are imperfect. Elvis footage from the 1970s often has good sound quality, but the actual video footage reflects the technology of the time.

    While this can be partially rectified with remastering, future AI-powered technology will allow entire reproductions of shows, with all imperfections removed.

    Perhaps, many decades from now, an AI-generated version of Taylor Swift will be performing for fans of that era. Whole personas can be altered to meet the demands of different generations of fans, maintaining their legacy indefinitely.

    Brand new songs can be performed by a necro-celebrity who never actually sang them, or songs from other entertainers (dead or alive) can be performed by the avatar of a dead singer.

    AI has already been used to create a version of the song Barbie Girl sung in the “voice” of Johnny Cash, alongside a medley of other pop hits.

    A whole new frontier

    Even if you’re new to the term, you’re already part of the necro-branding market. And there is more to come once AI advances and consumers can no longer distinguish between fake and real.

    The lines will become blurry, as the branding of necro-celebrities become a whole new frontier for marketing and AI develops ever faster and better.

    Joanne Soviner, a year 12 student at North Sydney Girls High School, contributed to this article.

    Chris Baumann 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. What is necro-branding? And what’s it got to do with Elvis, Princess Diana and Taylor Swift? – https://theconversation.com/what-is-necro-branding-and-whats-it-got-to-do-with-elvis-princess-diana-and-taylor-swift-240989

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Address to the Australian Bureau of Agricultural and Resource Economics and Sciences

    Source: Australian Treasurer

    I acknowledge the Ngunnawal people, on whose traditional lands we meet, and pay respect to all First Nations people here today.

    Economist John Crawford started his public service career in the 1940s working under Nugget Coombs in the Department of Post‑War Reconstruction (Miller 2007, Uhr 2006).

    After taking a strong interest in agriculture, tariffs and trade in his academic studies, Crawford became the director of the Department’s rural and regional planning divisions (Powell & Macintyre 2015).

    Those planning divisions evolved into the Bureau of Agricultural Economics which would serve as the Commonwealth agency responsible for examining proposals for settling returned soldiers on productive farms.

    With Crawford as the inaugural director, the Bureau would assess ‘the suitability of climate and soil, the adequacy of the farm areas and likely economic viability of the farms’ (Powell & Macintyre 2015).

    It was a significant task because no one wanted to repeat the costly mistakes of the 1920s where nearly 12,000 soldier settlers abandoned their farms within a few years.

    But Crawford saw greater potential for the Bureau.

    He proposed broader functions such as studies on the outlook for primary industries, land use investigations and research to promote certain commodities (Powell & Macintyre 2015).

    The Bureau of Agricultural Economics, Crawford and its broader functions transferred to the Department of Commerce and Agriculture in 1946.

    Through various departmental leadership roles, Crawford went on to be one of the great public administrators of his generation.

    John Crawford is the only economist ever to be recognised as the Australian of the Year, winning the award in 1981 for his work as ‘one of the foremost architects of Australia’s post‑war growth’ (Australian of the Year n.d) (I can’t help noting in passing that we’re probably due for another economist to take the top gong).

    Meanwhile, the Bureau has broadened its economic knowledge base and has added names to its title over the years as it merged with other research agencies (ABARES n.d).

    Some 80 years and dozens of outlook conferences later, the Australian Bureau of Agricultural and Resource Economics and Sciences continues to uphold John Crawford’s best traditions.

    In his words, providing a ‘fact‑finding service’ and providing ‘the material and critical analyses of problems with which policy can be better made’ (Crawford 1952).

    Recognising the ongoing importance of your work, our government announced additional funding in last year’s Budget to help:

    • improve regional data sources
    • collect information on low‑emissions technology, and
    • examine the effect of emissions policies on agriculture and regions (DAFF 2023).

    Concentrating on competition in agriculture

    As a kid who attended an agricultural high school, I’ve always been fascinated by farming. But competition is my primary reason for being here today.

    Since at least the days of Adam Smith, economists have spruiked the virtues of competition (Leigh 2022).

    Industries with plenty of competitors tend to deliver better prices, more choices and stronger productivity growth.

    Uncompetitive markets tend to deliver higher prices, lower wages, less choice, and less innovation. A lack of competition leads to problems that can be difficult to undo.

    Today, I will talk about one problem that has only become worse in the recent decades: market concentration.

    When I took on the competition portfolio, a friend issued me a challenge: ‘How many Australian industries can you name that are not dominated by a few big firms?’ (Leigh 2024a).

    It’s a tough ask.

    Applying the rule of thumb that a market is concentrated if the largest 4 firms control one‑third or more, research by Adam Triggs and I found over half of the industries in the Australian economy are concentrated markets (Leigh & Triggs 2016).

    Indeed, many people asked to take on my friend’s challenge might well answer ‘farming’. And it turns out that for many commodities – though not all – farming is quite competitive.

    A straightforward source of market concentration data are the annual industry estimates produced by IBIS World. They estimate the market share of the top 4 firms for several hundred industries.

    A round‑up of IBIS World data on the market share of the largest 4 companies in parts of the agricultural supply chain shows farmers are often caught in the middle.

    Upstream, farmers deal with concentrated markets for their inputs.

    The largest 4 companies in fertiliser manufacturing in Australia have a combined market share of 62 per cent (IBIS World 2024a).

    The largest 4 in hardware and building supplies retailing control about 49 per cent of the market (IBIS World 2024b).

    And the market share for garden supplies retailing is about 33 per cent for the largest 4 firms (IBIS World 2024c).

    Downstream, farmers deal with concentrated markets for processing, freight and retailing.

    According to IBIS World industry reports, there is concentration in fruit and vegetable processing, with the largest 4 companies holding about 34 per cent of the market (IBIS World 2023).

    For meat processing, market share of the largest 4 companies is 44 per cent with JBS Australia, Thomas Food International and Teys Australia being the dominant players (IBIS World 2024d).

    For rail freight transport, the 4 largest including Aurizon and Pacific National have a combined 64 per cent market share (IBIS World 2024e).

    For shipping freight transport in Australia, the market share of 2 companies – ANL and Maersk – amounts to about 85 per cent (IBIS World 2024f).

    When it comes to supermarkets and grocery stores in Australia, it is well documented that Coles and Woolworths account for two‑thirds of the market (IBIS World 2024g).

    These figures show that the agricultural supply chain is highly concentrated at the national level.

    However, for many farmers, their options are even more limited than these figures suggest, as transport costs and risk of spoilage further limit the commercially viable options available to them.

    To further illustrate the point about farmers being caught in the middle, today I will draw on case studies from a series of reports where concerns have been raised about market concentration harming farmers.

    And I will finish by outlining our actions to improve competition laws, to revitalise competition policy in Australia and to make the economy more productive.

    Digging in

    First, we should never underestimate the importance and efficiency gains of farm equipment and machinery.

    Historian James Burke argues the entire modern world is the result of the plough (Harford 2017).

    Increasing farm productivity meant communities could build up a surplus of food, people could settle in one place and everyone’s job no longer had to be finding food (Leigh 2024b).

    Knowing where your next meal was coming from allowed craftspeople to specialise, it allowed trade to flourish, and it allowed people to think about improving the world around them.

    Any list of top Australian inventions typically includes Richard Bowyer Smith and his brother Clarence’s invention in 1876 of the stump‑jump plough (Dictionary of Biography n.d).

    These days, we are no longer talking about the humble plough.

    We are talking about a billion‑dollar farm machinery industry consisting of hi‑tech harvesters, tractors and seeding machinery (DAFF 2022).

    John Deere has more software development engineers than mechanical design engineers (Patel 2021).

    For farmers, machinery represents a significant capital investment involving upfront and ongoing costs (ACCC 2021).

    But many Australian farmers feel they have no genuine choice or ability to shop around.

    The Australian Competition and Consumer Commission’s 2021 market study found farm machinery markets are concentrated at the manufacturer and dealership levels (ACCC 2021).

    Compared to car manufacturers, agricultural machinery makers have greater ability to leverage their market share in new sales to reduce competition in the market for servicing, repairs and parts.

    Warranties restrict the purchaser to a single authorised dealer for servicing and repairs.

    And tech restrictions mean independent repairers or farmers can’t access the parts, manuals and diagnostic software they need to carry out repairs.

    In short, farmers have few choices when buying machinery but even less choice when servicing or repairing that equipment.

    The Productivity Commission further examined difficulties accessing repair data as part of the right to repair inquiry (PC 2021).

    It agreed restrictions harm farmers through higher repair prices, reduced access and choice, and greater financial risks from repair delays.

    The Productivity Commission recommended the government intervene by introducing a repair supplies obligation on agricultural machinery.

    This would require manufacturers to provide access to repair information and diagnostic software tools to machinery owners and independent repairers on fair and reasonable commercial terms.

    As you may know, I have advocated for the need for access to service and repair information over many years.

    In July 2022, I launched Australia’s first right to repair law, the Motor Vehicle Service and Repair Information Sharing Scheme.

    The government is currently monitoring how this scheme is operating for the benefit of independent repairers and consumers.

    Extending right to repair to other sectors, such as agriculture, is a good thing for the economy, businesses and consumers.

    I am pleased there have been negotiations between Australian farmers and the farm machinery industry to consider putting in place a voluntary right to repair arrangements for the sector.

    I encourage parties to continue those negotiations as voluntary arrangements are a great opportunity to foster collaboration and flexibility and can often lead to innovative and effective outcomes.

    Seeds of doubt

    Seeds are the next input I want to cover.

    The US Department of Agriculture’s Economic Research Service examined the seed sector as part of its paper on concentration and competition in agribusiness (MacDonald J et al. 2023).

    The 2023 paper found the seed sector ‘has become highly integrated with agricultural chemicals and more concentrated, with fewer and larger firms dominating supply’.

    Using 2021 annual report data, it said Bayer, ChemChina’s Syngenta Group, Corteva and BASF were the biggest players in global sales for seeds and agricultural chemicals.

    The Economic Research Service found seed prices rose significantly as markets became more concentrated but said the evidence was mixed on the influence of other factors.

    Between 1990 and 2020, the average seed price went up by 270 per cent and the average price for genetically modified varieties rose 463 per cent (MacDonald J et al. 2023).

    Despite the higher seed costs, the paper said it could be argued that genetically modified varieties resulted in ‘significant productivity gains to farmers’.

    It also said higher seed prices may have supported research and development with the number of patents for new crop varieties doubling compared to earlier decades.

    Still, there are not many other industries where the price of a key input has grown fivefold in thirty years.

    Mergers have changed the global seed and farm chemical industry in recent years, and questions remain about what it means for prices and innovation in the long term.

    Sour competition grapes

    Wine grapes arrived with the first fleet in 1788 as cuttings collected en route by Captain Arthur Phillip.

    They were planted at Sydney Cove but withered and died without producing any fruit.

    Which is why it’s called the Rum Rebellion, not the Chardonnay Coup.

    Nevertheless, a fledging wine industry struggled to its feet through booms and busts of the 1800s and by the turn of the century had taken root.

    In the most recent year for which statistics are available, Australia exported 621 million litres of wine (Wine Australia 2024). That figure exceeds domestic wine sales, estimated at 444 million litres.

    There are more than 2,000 wineries and approximately 6,000 grape growers across our 65 wine growing regions.

    They have over 160,000 full and part‑time employees.

    But while the terroir may be good, the vineyard not a level playing field.

    A wine grape market study completed by the Australian Competition and Consumer Commission in 2019 found a highly concentrated industry (ACCC 2019).

    Issues in the supply chain included a lack of competition, potential unfair contract terms, a lack of price transparency, and imbalanced risk allocation in favour of winemakers over grape growers.

    The largest 1 per cent of winemakers accounted for over 80 per cent of wine production.

    Four retailers account for over 80 per cent of sales by value in the domestic retail liquor market.

    The 5 largest winemakers account for an estimated 87 per cent of volume in the Australian wine export market.

    And the trend has been towards even greater consolidation of large winemakers in recent years.

    Change is never easy in agricultural industries subject to boom‑and slump cycles of over production in the good times and consolidation in the bad.

    In 2021 the ACCC found that commercial practices in the wine grape industry had improved since their 2019 report but warned that regulatory action may be necessary without further reforms in payment times and transparency.

    Industry is taking steps to improve transparency but there is still work to be done to ensure a fair and functioning wine, grape and retail market.

    In August, we appointed former competition minister Craig Emerson to lead an independent impact analysis of the wine and grape sector’s regulatory options (Collins 2024).

    Dr Emerson’s report will examine fair trading, competitive relationships, contracting practices and risk allocation.

    Competition beef

    Those problems are not unique to the grape and wine industry.

    In 2023, the National Farmers Federation released an issues paper criticising the lack of transparency and competition across Australia’s agricultural supply chains (NFF 2023).

    The National Farmers Federation said reduced competition meant farmers weren’t receiving the incomes they deserved with long‑term consequences for competitiveness, economic and environmental sustainability and profitability.

    Those concerns echoed the Australian Competition and Consumer Commission’s cattle and beef market study of 2017. That study found evidence that conflicts of interest regularly arise in saleyard transactions when buyers bid for livestock on behalf of multiple clients, and when agents represent both a cattle seller and a cattle buyer in the same transaction (ACCC 2017).

    The report pointed out that cattle auctions have characteristics that make it easier for cartels to develop, including repeated interactions with the same auctioneers, who are often linked by social networks that make it easier to ‘punish’ auctioneers who break away from agreed anti‑competitive bidding practices. Other problematic behaviours included the exclusion of rival agents, and a lack of transparency around saleyard weighing protocols.

    There is a cyclical element to many concerns about competitiveness in the market structure of the Australian cattle and beef industry.

    An ongoing concern is the impact on producers of market concentration and buyer power during tough times, such as droughts.

    Seasonal and cyclical fluctuations in supply can also affect the profitability of meat processors, dampening incentives for new entrants and reducing competition through mergers or acquisitions of incumbents.

    The 2017 report found that the top 5 Australian processors account for around 57 per cent of total cattle slaughter (ACCC 2017).

    A follow‑up report by the Australian Competition and Consumer Commission 2 years later found that the industry had taken some steps towards improving transparency in dealings between processors and farmers, but, again, there was still work to do (ACCC 2019).

    Super concentrated

    Another highly concentrated part of the agricultural supply chain in Australia are supermarkets.

    Coles and Woolworths account for about 67 per cent of national retail sales (Mulino 2024, ACCC 2024 p147).

    Only 2 OECD countries – New Zealand and Norway – have a greater market share of sales controlled by 2 supermarkets (ACCC 2024 p148).

    Earlier this year, the House of Representatives Standing Committee on Economics handed down an excellent report on the inquiry into promoting economic dynamism, competition and business formation.

    The Committee received evidence on the high market share in the supermarket sector, profit margins, and the power imbalance in the relationship between the major supermarkets and farm‑gate producers.

    The report said: ‘Many agricultural suppliers are at risk of that power imbalance being used to negotiate outcomes that affect profitability and, therefore, the capacity and willingness to invest.’

    At the same time as the Parliamentary inquiry, our government is taking action on several fronts.

    Food and Grocery Code of Conduct

    First, we are making sure the Food and Grocery Code of Conduct is working effectively and fairly.

    The voluntary Code was introduced in 2015 to improve behaviour in the way supermarkets deal with suppliers – including growers where they supply directly to supermarkets.

    Dr Craig Emerson’s independent review found the Code is ‘needed to address persistent bargaining power imbalances between supermarkets and their smaller suppliers’ (Emerson 2024).

    Dr Emerson made 11 recommendations for improving the Code and the government announced in June that it will adopt them all (Treasury 2024a).

    The Code will be made mandatory with Coles, Woolworths, Aldi and Metcash subject to million‑dollar penalties for serious breaches.

    There will be improvements to the dispute resolution mechanisms. There will be a pathway for anonymous complaints from suppliers and whistle‑blowers, and guards against retribution by supermarkets.

    We released exposure drafts for consultation in September and we aim to introduce legislation into the Parliament later this year.

    Supermarket inquiry

    Second, we understand more needs to be done to achieve a competitive and sustainable food and grocery sector.

    So, we directed the Australian Competition and Consumer Commission to undertake a 12‑month inquiry into supermarket pricing.

    It allows the watchdog to conduct a deep dive into competition and pricing practices in the supermarket sector for the first time in more than 15 years.

    The Australian Competition and Consumer Commission’s interim report released in September said, ‘Australia’s supermarket industry is changing’ but remains ‘highly concentrated’ (ACCC 2024).

    In the era of online shopping, loyalty programs and data technology, Coles and Woolworths have expanded their share of take‑home food and grocery sales by a combined 3.7 percentage points since 2006–07.

    Supermarkets have also expanded into broader ‘ecosystems’ beyond grocery retailing but in highly complementary areas such as advertising and data analytics, pet products, telco and insurance services (ACCC 2024 p161).

    As well as conducting consumer surveys as part of the inquiry, the Australian Competition and Consumer Commission held 7 roundtables to listen to farmers and fresh produce wholesalers.

    Although no conclusions have been made, the interim report highlighted concerns from fresh produce suppliers about information asymmetries, power imbalances and specific practices that have enabled supermarkets to transfer disproportionate risk and cost onto suppliers.

    In the next phase of the inquiry, the Australian Competition and Consumer Commission will undertake 14 case studies to examine supermarket profit margins and how profits are distributed in the supply chain.

    And it will hand a final report to the government in February 2025.

    CHOICE retail reports

    Third, we announced funding for consumer group CHOICE to produce quarterly reports on retail grocery prices.

    The CHOICE reports will compare grocery prices at different retailers, highlighting those charging the most and the least.

    We have already seen the first 2 ‘basket of goods’ quarterly reports using data from March and June to help consumers make informed decisions about what they’re buying and where they shop (Leigh 2024c).

    Other measures

    Earlier this month, the Australian Government announced around $30 million in additional funding to the ACCC to crack down on misleading and deceptive pricing practices and unconscionable conduct in the supermarket and retail sectors.

    This will strengthen the ACCC’s ability to proactively monitor behaviour and investigate concerns about supermarkets and retailers falsely justifying higher prices.

    In addition to this crackdown, the Treasurer will work closely with states and territories through the Council on Federal Financial Relations to reform planning and zoning regulations, which will help boost competition in the supermarket sector by opening up more sites for new stores (Albanese 2024).

    Strengthening protections against unfair contract terms

    Unfair contract term protections are another area where we have already made improvements.

    Unfair contract terms are terms that are clearly lopsided – for example by allowing the more powerful party to unilaterally change prices, or cancel the contract.

    Under the former government, such terms were unenforceable, but it was not an offence to include them in a contract.

    Fertiliser

    For example, last year the Australian Competition and Consumer Commission investigated complaints about fertiliser companies using contracts in a way that could disadvantage farmers (ACCC 2023).

    Contract terms allegedly gave larger suppliers the right to unilaterally vary the quantity delivered or to terminate the agreement and restricted buyers from raising issues about defects.

    Fertiliser suppliers co‑operated and changed the contract terms to address the Australian Competition and Consumer Commission’s concerns.

    Potatoes

    In another example, the Federal Court in 2019 declared Mitolo Group, Australia’s largest potato wholesaler, used unfair terms in contracts with growers (ACCC 2019).

    The court declared contract terms that allowed Mitolo to unilaterally determine or vary the price paid to growers as void.

    Terms preventing growers from selling potatoes to other purchasers and terms stopping farmers from selling their property unless the buyer entered into a contract with Mitolo were also declared void.

    Stronger laws

    More broadly, the problem is the laws weren’t stopping the use of unfair terms, which remain prevalent in standard form contracts.

    A court could declare a contract term to be unfair and therefore void and unenforceable, but until our government took office, the law didn’t allow penalties to be imposed.

    We have fixed that. In 2022, we delivered on our promise to strengthen unfair contract term laws (Leigh & Collins 2022).

    We introduced civil penalty provisions outlawing the use of, and reliance on, unfair terms in standard form contracts.

    And we extended the coverage of the protections.

    We lifted the eligibility cap from businesses with less than 20 employees to businesses with less than 100 employees, or annual turnover of less than $10 million.

    The most significant merger reforms in decades

    Merger regulation is one of the key pillars of competition law (Leigh 2024a).

    It acts as the ‘preventive medicine’ against the few mergers that substantially lessen competition.

    But feedback suggests our system isn’t as healthy as it could be.

    The Competition Taskforce found Australia’s ‘ad hoc’ merger process is unfit for a modern economy and said we lag best practice in other countries.

    In response, we have announced the most significant reforms to merger settings in almost 50 years.

    The proposed reforms will make Australia’s merger approval system faster, stronger, simpler, targeted and more transparent.

    Revitalising National Competition Policy

    The Albanese government is working with state and territories to revitalise National Competition Policy.

    There is consensus that pro‑competitive reforms are worth doing and we are aiming for agreement by the end of the year.

    The original National Competition Policy underpinned a generation of growth from the 1990s (Leigh 2024d).

    While it left us in a good position, the economy has changed, and the nation now faces new challenges that the original policy could not have anticipated.

    These include digitalisation, the growth in human services, the net zero transformation and supporting Australia’s most vulnerable (Treasury 2024b).

    Trade opportunities

    We are also looking to improve competitiveness overseas as well as at home.

    Our farmers are internationally competitive with Australia exporting around 72 per cent of the total value of agricultural, fisheries and forestry production (ABARES 2024).

    Historically, Australia’s farmers have been among the strongest advocates of trade liberalisation. The old ‘protection all round’ strategy meant that Australian farmers paid more for imported farm machinery, and faced tariffs from other countries to which they exported their produce.

    Reductions in Australia’s domestic tariffs under the Whitlam, Hawke and Keating governments made farm equipment more affordable. It also bought Australia international credibility – enabling us to spearhead reform through the creation in 1986 of the Cairns Group of Fair Trading Nations, to advocate for liberalisation of global trade in agricultural goods (cairnsgroup.org).

    Today, our government is building on that legacy. Invested: Australia’s Southeast Asia Economic Strategy said, ‘Australia is already a key partner in helping Southeast Asia meet its food security needs’, and notes that ‘there is strong potential to develop this trade relationship further towards 2040’ (DFAT 2023).

    So, trade forms a significant part of our broader economic agenda.

    And as Trade Minister Don Farrell observes, we are ‘delivering on our commitment to secure new trade and investment opportunities for Australian exporters, producers, farmers and businesses’ (Farrell 2024).

    Closing remarks

    Let me finish by saying, competitive markets matter in all parts of the Australian economy, but especially in the farm sector.

    As the Australian Competition and Consumer Commission’s Mick Keogh crisply puts it: ‘there are many farmers, but few processors or wholesalers, and even fewer major retailers’ (Keogh 2021).

    As my analysis of IBIS World data shows, small‑scale farmers are often the meat in a market concentration sandwich.

    Upstream, there is often no choice about dealing with large‑scale providers on inputs.

    Downstream, there is often no choice about negotiating with larger processors and retailers.

    And through various examples from many reports over several years, we can see that market concentration hurts farmers.

    Higher prices for inputs.

    Less choice for repairs.

    Power imbalances in negotiating contracts.

    A lack of transparency around prices.

    And potentially unfair contract terms.

    I’m pleased to say, as outlined today, the government is focused on practical solutions to improve our competition settings.

    And we appreciate the expertise and insights of the Australian Bureau of Agricultural and Resource Economics and Sciences.

    Thank you.

    Note: My thanks to officials in the Australian Treasury for invaluable drafting assistance.

    References

    Albanese, A; Chalmers, J. (2024) ‘Helping Australians get fairer supermarket prices through stronger protections and greater competition’, [media release] The Treasury, accessed 1 October 2024.

    Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) n.d About ABARES – Our History, online content.

    Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) (2024) Snapshot of Australian Agriculture 2024, ABARES Insights.

    Australian Competition and Consumer Commission (ACCC) (2024) Supermarkets inquiry interim report.

    Australian Competition and Consumer Commission (ACCC) (2017) Cattle and Beef Market Study – Final Report.

    Australian Competition and Consumer Commission (ACCC) (2019a), Transparency improving in cattle and beef industry, media release issued 20 August 2019.

    Australian Competition and Consumer Commission (ACCC) (2020) Perishable agricultural goods inquiry Final Report.

    Australian Competition and Consumer Commission (ACCC) (2021) Agricultural Machinery Market Study.

    Australian Competition and Consumer Commission (ACCC) (2023) Fertiliser suppliers amend unfair contract terms after ACCC investigation Accessed 21 August 2023.

    Australian Competition and Consumer Commission (ACCC) (2019b) Court penalises potato wholesaler for breaching the Horticulture Code and declares unfair contract terms void, Accessed 2 August 2019.

    Australian of the Year Awards (n.d) Sir John Crawford AC CBE – In Memoriam.

    Cairns Group, The. (n.d) About The Cairns Gro…~https://www.cairnsgroup.org/Pages/Introduction.aspx

    Collins (2024) Supporting Australia’s wine industry [media release] The Treasury, accessed 23 August 2024.

    Department of Agriculture, Fisheries and Forestry (2022) Snapshot – Australian agricultural machinery imports Accessed 4 November 2022.

    Department of Agriculture, Fisheries and Forestry (2023) Boosting capabilities to support a sustainable agriculture sector Budget 2023–2024 fact sheet, Australian Government.

    Department of Foreign Affairs and Trade (2023) Invested: Australia’s Southeast Asia Economic Strategy to 2040, a report for the Australian Government accessed September 2023.

    Dictionary of Biography, Australian. Richard Bowyer Smith entry, Biography – Richard …~https://adb.anu.edu.au/biography/smith‑richard‑bowyer‑13201

    Emerson C (2024) Independent Review of the Food and Grocery Code of Conduct Final Report, [final report] Treasury.

    Farrell D (2024) Press conference, Parliament House Accessed 17 September 2024.

    Harford T 27 November (2017) How the plough made the modern economy possible BBC World Service.

    IBIS World (2024a) ‘Agricultural machinery manufacturing in Australia’, Industry Report, February 2024.

    IBIS World (2024b) ‘Hardware and building supplies retailing in Australia’, Industry Report, February 2024.

    IBIS World (2024c) ‘Garden supplies retailing in Australia’, Industry Report, March 2024.

    IBIS World (2024d) ‘Meat processing in Australia’, Industry Report, June 2024.

    IBIS World (2024e) ‘Rail freight transport in Australia’, Industry Report, September 2024.

    IBIS World (2024f) ‘Water freight transport in Australia’, Industry Report, May 2024.

    IBIS World (2024g) ‘Supermarkets and grocery stores in Australia, Industry Report, August 2024.IBIS World 2023, ‘Fruit and vegetable processing in Australia’, Industry Report, August 2023.

    Keogh M (2021) Competition in Australian agriculture Speech to the National Farmers’ Federation accessed 11 June 2021.

    Leigh A 28 November (2022) Look overseas to see the virtues of more competition [opinion piece] The Australian.

    Leigh A 27 August (2024a) Why new rules in competition are sure to be game‑changing [opinion piece] The Canberra Times.

    Leigh A (2024b) The Shortest History of Economics, Black Inc.

    Leigh A (2024b) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

    Leigh A (2024c) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

    Leigh A (2024d) Competition reform will ensure flourishing future [opinion piece] The Australian.

    Leigh A and Collins J (2023) Labor delivering on promise to ban unfair contract terms [media release] Accessed 26 July 2022.

    Leigh A and Triggs A (2016), Markets, Monopolies and Moguls: The Relationship between Inequality and Competition. Australian Economic Review, 49: 389–412.

    MacDonald J, Dong X, and Fuglie K (2023) Concentration and Competition in U.S. Agribusiness United States Department of Agriculture Economic Research Service, Economic Information Bulletin No.256.

    Miller J (2007) Sir John Grenfell (Jack) Crawford (1910–1984) Australian Dictionary of Biography, Volume 17, 2007, ANU.

    Mulino D (2024) Better Competition, Better Prices Report on the inquiry into promoting economic dynamism, competition and business formation, House of Representatives, Standing Committee on Economics.

    National Farmers’ Federation (NFF) (2023), Issues Paper, Market Price Transparency, National Farmers’ Federation Issues Paper.

    Patel N 15 June (2021) John Deere turned tractors into computers – what’s next, The Verge.

    Powell G & Macintyre S (2015) Land of opportunity: Australia’s post‑war reconstruction, National Archives of Australia Research Guide.

    Productivity Commission (PC) (2021) Right to Repair Inquiry Report No.97, accessed 29 October 2021.

    Treasury (2024a) Government response to the Independent Review of the Food and Grocery Code of Conduct, Treasury.

    Treasury (2024b) National Competition Policy fact sheet Treasury.

    Uhr J (2006) The Crawford Doctrine: An informal sketch Australian National University, accessed 21 June 2006.

    Whitnall T and Pitts N (2020) Meat Consumption ABARES.

    Wine Australia (2024), Market insights, Australian wine sector at a glance, Wine Australia.

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  • MIL-OSI Security: Commander of U.S. Indo-Pacific Command Speaks at Pacific Tech 2024

    Source: United States INDO PACIFIC COMMAND

    Adm. Samuel J. Paparo, commander of U.S. Indo-Pacific Command, delivers a keynote speech at the Pacific Tech / Pacific Defense Contracting 2024 Conference, in Honolulu, Oct. 28.

    Hosted by Hawaii Technology Development Corporation, PACTECH 2024 is a forum for government and defense industry leaders to build relationships with federal Small Business Innovation Research and Small Business Technology Transfer programs.

    USINDOPACOM is committed to enhancing stability in the Indo-Pacific region by promoting security cooperation, encouraging peaceful development, responding to contingencies, deterring aggression and, when necessary, fighting to win.

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  • MIL-OSI Asia-Pac: Speech by SCED at Hong Kong FinTech Week 2024 (English only)

    Source: Hong Kong Government special administrative region

    Speech by SCED at Hong Kong FinTech Week 2024 (English only)
    Speech by SCED at Hong Kong FinTech Week 2024 (English only)
    ************************************************************

         Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the second day of the Main Conference of Hong Kong FinTech Week 2024 today (October 29): Distinguished guests, ladies and gentlemen,      Good morning.      Welcome to day two of the Main Conference of Hong Kong FinTech Week 2024. It is my pleasure to join you all here this morning.        Hong Kong has all along attached great importance to developing fintech businesses, with a view to developing our city as an ideal destination for fintech firms from around the world. As a symbol of this goal, Invest Hong Kong (InvestHK) has been organising the flagship Hong Kong FinTech Week since 2016 to gather the global fintech stakeholders, including investors, professionals and practitioners, in Hong Kong to discuss the latest developments and explore new opportunities.       Being the premier annual international fintech event in Asia, this mega event has been receiving overwhelming support and serving as a great platform over time for Hong Kong’s expanding fintech business. With its theme “Illuminating New Pathways in Fintech”, Hong Kong FinTech Week this year is expected to attract more than 30 000 visitors, and over 800 speakers and 700 exhibitors from over 100 economies. In fact, such a scale can hardly be matched by other similar fintech events. I am glad that you are in the right place today, and I can assure you of an exciting series of events in the rest of Hong Kong FinTech Week.      Being a “super connector” and a “super value-adder”, Hong Kong acts as an important gateway between the Mainland and the overseas markets. Our city is a place where we advocate entrepreneurship and innovation, and also a perfect launch pad for fintech companies to be groomed locally and globally.        Under “one country, two systems”, Hong Kong continues to maintain our uniqueness as one of the most liberal and easiest places to do business in the world. In terms of foreign direct investment, Hong Kong remains the world’s fourth largest destination as revealed in the World Investment Report 2024; Hong Kong is once again ranked in 2024 as the freest economy by the Fraser Institute; and we are ranked the third globally, the first in the Asia-Pacific region as well as one of the top 10 fintech hubs around the globe according to the recent Global Financial Centres Index report.      These recognitions are attributed to our institutional advantages including a robust common law legal system, an independent judiciary, a simple and low tax system, world-class professional services, and many others, which are the very foundation of Hong Kong’s success as an ideal place for fintech companies to thrive.      Coupled with an array of new business-friendly initiatives announced in the 2024 Policy Address this month, all businesses in Hong Kong, including the fintech sector, could benefit from them. For example, the updated Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) provides more flexibility and convenience for Hong Kong companies to invest and do business on the Mainland. All companies based in Hong Kong, regardless of their place of origin, can all benefit from the latest CEPA enhancements. My friends, I strongly recommend that you set up your fintech and related financial operations in Hong Kong in order to enjoy these advantages.        Apart from companies, we also have good news for individuals. For non-Chinese Hong Kong permanent residents, they are now eligible for the Mainland travel permit since July this year. This groundbreaking measure provides unprecedented convenience for visits to the Mainland for various purposes, including business, leisure or family trips, multiple times within a validity period of five years. Additionally, if you are a non-permanent Hong Kong resident who is also a foreign staff member of a Hong Kong-registered company, the validity period of your multiple-entry visa has now been extended to a maximum of five years to facilitate your Mainland trips. To experience the convenience brought by the two new measures, I would suggest that our overseas friends apply for the permit or multiple-entry visa, if eligible.       In fact, we note that Hong Kong’s competitiveness and business-friendly environment, which I have mentioned above, has already been highly recognised by many fintech companies. In 2024, we are home to over 1 100 fintech companies, representing a 14 per cent year-on-year increase according to InvestHK’s statistics. In the first nine months of this year, InvestHK has helped 470 overseas and Mainland enterprises to establish or expand their business in Hong Kong, and over 23 per cent of them are from the fintech, financial services and related sectors. The above encouraging results have explained Hong Kong’s attractiveness to the global fintech community.     As always, InvestHK, being the Government’s investment promotion agency and your best business partner in Hong Kong, will assist your companies to set up or expand business here. With InvestHK’s extensive and sophisticated global network, you will have no difficulty in receiving their valuable advice and unfailing support even if your companies are located outside Hong Kong. Taking the golden opportunity today, I would encourage you all approach InvestHK and see what advice they can offer you from the investment promotion perspective.      Finally, I would like to give my big thanks to our fintech friends here today for your participation in and strong support for FinTech Week and confidence in Hong Kong, especially those who have joined the event for years. I hope you enjoy today’s conference and explore more business opportunities. And don’t forget to take a walk through our city to enjoy the delicious food and beautiful scenery in Hong Kong.        Thank you.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 12:15

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