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  • MIL-OSI New Zealand: Health Investigation – Woman’s rights to appropriate care for diabetes breached by Health NZ Te Tai Tokerau

    Source: Health and Disability Commissioner

    A woman’s rights to receive an appropriate standard of care were breached over a two month period, which included several admissions to Kaitaia Hospital, said Deputy Commissioner Rose Wall in a report published today.
    The woman’s rights under the Code of Health and Disability Services Consumers’ Rights (the Code) were breached by Health New Zealand Te Tai Tokerau (previously Te Whatu Ora) for care by multiple staff.
    The woman suffered from multiple complications from Type 2 diabetes. On several occasions she presented, or was admitted, to Kaitaia Hospital for treatment. Following a deterioration in her symptoms, and subsequent hospital admission, she underwent a toe amputation, followed by a below-knee amputation and further surgery. Sadly, she died from a bacterial infection in her right groin.
    Ms Wall Found Health NZ Te Tai Tokerau breached the Code for failing to provide services to the woman with reasonable care and skill.
    “Health NZ Te Te Tokerau was the group provider with overall responsibility for ensuring that the woman received timely intervention to try to avert the profound difficulties she ultimately experienced,” Ms Wall said.
    During the woman’s two-week hospital admission, the clinicians failed to assess and consider the cause of her ulcers adequately, Ms Wall said.
    In addition, she was seen on multiple occasions over two months and despite a clear need, was not referred to the vascular service or the diabetes clinic. “In my view this was a failing of multiple staff over the course of her care,” Ms Wall said.
    Ms Wall also made an adverse comment about the registered nurse at the medical centre who assessed the woman’s foot and incorrectly classified the extent of disease present. This led to an inappropriate referral to the community podiatry service, rather than the diabetes clinic.
    Ms Wall acknowledged, however, that the nurse was working within a system where guidance and terminology were confusing, which enhanced the likelihood of an error.
    In relation to the community podiatrist who returned the referral to the system administrator, Ms Wall made an educational comment. The community podiatrist correctly identified that the referral should go to the diabetes clinic but did not provide adequate clarity in her explanation for her referral rejection. Ms Wall acknowledged issues with the referral system that did not have a default requirement to leave a note of explanation. 
    In addition to the investigation into the care provided to the woman, Ms Wall also investigated whether the Primary Health Organisation contracted by Northland District Health Board to deliver community podiatry services in Northland (PHO 1) provided an appropriate standard of care to multiple consumers from July 2017 to June 2020.
    Considering the overall community podiatry services in Northland, Ms Wall made an adverse comment about PHO1.
    “I am critical that PHO 1 did not provide an adequate community podiatry referral system and processes, which affected multiple consumers,” Ms Wall concluded.
    While noting that PHO 1 was removed from the Companies Register in March 2022 and no longer has legal status, Ms Wall wrote to Manatū Hauora|Ministry of Health and the Health NZ National Office highlighting her concerns.
    Since the events, a number of changes have been made by Health NZ, with further recommendations outlined by Ms Wall in her report.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Remarks to launch of Sean Turnell’s Lowy Institute paper, ‘Best Laid Plans’

    Source: Australian Government – Minister of Foreign Affairs

    Even with my highest hopes, when I became Foreign Minister I would not have imagined in little more than two years I would be here with Sean, at his book launch.

    One of the very first tasks on my desk when I first became Foreign Minister was to get Sean out of prison in Myanmar.

    It was perfectly clear how difficult this would be. We all know how brutal and oppressive the regime in Myanmar is.

    We know the escalating conflict and worsening humanitarian crisis in Myanmar.

    We are all appalled by the reports of widespread human rights abuses and atrocities.

    According to a recent report of the United Nations High Commissioner for Human Rights on the situation in Myanmar, at least 5,350 civilians have been killed.

    And half of the population is living below the poverty line, primarily due to the military violence since the 2021 coup.

    And of course Sean had spent years working to improve the lives of the people of Myanmar.

    Working as an adviser to Aung San Suu Kyi, at the invitation of the elected government of the day, to serve the people of Myanmar, and help them realise their hopes for their country.

    His work reinforcing the catastrophic failure of the junta.

    And so there was not a lot of cause for optimism about Sean’s release.

    Sean’s return was an extraordinary moment of relief for all of his family, friends and supporters, as well as the Australian Government, our regional partners and ASEAN members. Each of whom played important roles in securing Sean’s release.

    The multifaceted nature of the work behind Sean’s release was one factor in my decision to ask my department to review its approach to supporting Australians detained in complex circumstances overseas.

    That review included consulting with partners, stakeholders, and former detainees to ensure our methods are fit for purpose.

    We have deeply appreciated our engagement with Sean as part of these efforts.

    We are now better equipped to manage these complex and often highly distressing cases, which we handle on a case-by-case basis to ensure the safety and protection of the individual.

    We don’t ever want to jeopardise the welfare or safety of an Australian overseas.

    We also recognise that a level of public understanding and in some cases, public pressure, can contribute to better outcomes.

    In my position, I have to make a judgment about the best way to balance these options, always with their welfare front of mind.

    Always considering the best way to deploy the full range of resources at Australia’s disposal when pushing to secure their release, and to support families back home.

    And always seeking ways to refine and improve on this work.

    I look to the Senate’s Inquiry into the wrongful detention of Australian citizens overseas to provide suggestions that are both constructive and principled.

    I note we are also joined tonight by Cheng Lei and Kylie Moore-Gilbert, who went through their own terrible experiences.

    And while there are certainly aspects in common, the approach in each case is different, uniquely tailored to the circumstances and the country in which they were detained.

    Sean, we are so grateful to have you back in the country and with us tonight, and of course to see you resume your work as a world-leading expert on Myanmar’s economy.

    Which brings me to this important book.

    ‘Best Laid Plans’ documents Sean’s work in Myanmar, and his efforts to help reform Myanmar’s economy in that brief period of democracy between 2015 and 2021.

    It illustrates the sheer scale and ambition of Sean’s work with so many dedicated reformers in Myanmar.

    And it reinforces the tragedy of the country’s trajectory since the military coup in 2021.

    That coup was the latest setback for Myanmar and its people, who had seen their hopes for their country supressed yet again, following attempts before 1962 and again in 1988 to forge a more democratic and inclusive future.

    The regime’s actions in 2021 reversed years of political, economic and development gains.

    It has created the largest and most complex crisis in the Indo-Pacific; with humanitarian, economic, political and security dimensions.

    And it has caused enormous suffering for the people of Myanmar.

    The UN estimates approximately a third of the population – some 18.6 million people – are in need of humanitarian assistance and more than 3.4 million are internally displaced.

    Today, I announce Australia will provide a further $9 million through the Australian Humanitarian Partnership, to support communities and conflict affected populations in Myanmar.

    This will aid the delivery of life-saving food, water and shelter, as well as essential protection, education and health services for those most in need, including women, girls and people with disabilities.

    In his book, Sean also reflects on the atrocities in Rakhine state, which precipitated so much of the continuing violence against and the ongoing targeting of Rohingyas who live there, by the regime and other actors.

    The plight of the Rohingya people deserves greater focus in our region – which is why I visited Cox’s Bazar in May this year to talk with community leaders and humanitarian workers who have experienced the consequences of the regime’s actions.

    The Rohingya crisis is Australia’s largest humanitarian response.

    With my announcement today, successive governments–both Labor and Coalition–will have contributed some $880 million in assistance for Rohingya, their host communities in Bangladesh and people across Myanmar since 2017.

    We support the rights of Rohingyas to live safely as citizens in Myanmar.

    We want to see conditions put in place that would allow Rohingyas to return in a voluntary, safe, dignified and sustainable way.

    And until such time as a safe and dignified return is possible, Australia will continue to support displaced Rohingyas in Bangladesh. 

    The Australian people are decent and want to help.

    We are generous with our humanitarian aid – but it is not a long-term answer.

    Reform is desperately needed to drive growth.

    As Sean shows us in this book, Myanmar’s economy continues to face a range of constraints.

    The World Bank forecasts GDP growth of one per cent in 2024-25 financial year, a revision from 2023 projection of 2 percent growth.

    Businesses face operational difficulties as a result of foreign currency, labour and electricity shortages and rapidly rising prices.

    And conflict has enabled illicit economic activities to thrive, including narcotics production, scam centres and human trafficking.

    The regime is losing ground, but there is no sign its position is softening.

    Despite territorial losses and a bleak economic outlook, the regime has not changed its approach.

    And opposition groups are divided.

    As a result, Myanmar is at risk of further fragmentation.

    The current trajectory is not sustainable for the regime or for the region.

    We want the regime to take a different path–to fulfil its commitment under ASEAN’s Five Point Consensus, and engage meaningfully and positively with ASEAN representatives.

    There must be much more safe access for humanitarian assistance across the country, so that all those who are in need can receive support.

    There must be an end to the violence, including the targeting of civilians.

    The regime’s violent repression of its people is why the Albanese Government has applied sanctions on key members of the regime responsible for atrocities, as well as on commercial entities with direct links to the Myanmar military regime and why we will continue to keep our targeted sanctions towards Myanmar under review.

    But sanctions can only achieve so much.

    Genuine, inclusive dialogue is vital to any political resolution – as out of reach as that seems now.

    Ultimately, a political resolution in Myanmar will require dialogue between all the actors, including the regime, and a genuine willingness for a legitimate return to civilian-led democratic government.

    I have said before that we can’t only deal with those who share our views if we are to effect change.

    That was our approach in engaging with the Myanmar regime to secure Sean’s release.

    Which is why in 2022, ahead of Sean’s release, I spoke twice directly with the regime’s then-Foreign Minister, U Wunna Maung Lwin.

    Not just to argue for a positive outcome for Sean, but so I could directly register Australia’s objections to the regime’s actions.

    I also met earlier this year with the National Unity Government’s Minister for Foreign Affairs, Madam Zin Mar Aung.

    Peace requires dialogue, which is why Australia will continue to engage with and listen to the many groups and voices working for democracy in Myanmar, including but not limited to the NUG. And why we will continue to support inclusive dialogues that lay the groundwork for future political transitions.

    Australia stands ready to work with ASEAN and other partners to find pathways that may encourage dialogue between all players, to lend our voice to messages to the regime to take a different path, and to bring to the table any support that will help make a difference. 

    We are also supporting efforts to strengthen civil society and build resilience, along with local-level governance initiatives for communities in areas outside regime control.

    We do all this because as Sean so powerfully reminds us, the people of Myanmar have not lost hope for their country – so we must not lose hope in them.

    We must remain resolute in our support for the people of Myanmar. They have demonstrated their courage and commitment to democracy in decades’ long struggles, with determined resilience in the face of the most horrific adversity.

    Tonight we celebrate not just Sean’s contribution, but all those in Myanmar who continue to work for change.

    We stand with them, and share their ambitions for a better future.

    Sean, congratulations on this achievement.

    We admire your dedication and ongoing commitment to the people of Myanmar.

    It is my pleasure to officially launch your book.

    MIL OSI News –

  • MIL-OSI Russia: Mongolia: Concluding Statement of the 2024 IMF Staff Visit

    Source: IMF – News in Russian

    October 14, 2024

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    • A critical priority for the new coalition government is to manage the current commodity boom prudently to effectively implement its ambitious reform and investment agenda.
    • Building external and fiscal buffers will help create the necessary policy space to implement the ambitious investment program and other reforms in line with the economy’s absorptive capacity while maintaining external and internal balance. In the current situation, achieving these goals requires fiscal policy tightening, adherence to fiscal rules, tight monetary and macroprudential policies, and enhanced financial supervision.
    • Progress on soft infrastructure related to legislative, regulatory, and institutional frameworks is just as important as building hard infrastructure, to strengthen the business climate and governance. Priorities include upgrading important regulations, ensuring regulatory coherence, and boosting central bank operational independence. The introduction of a nominal debt ceiling with strong deterrence is a major and welcome step forward. So will be the planned and overdue energy tariff reforms, which will be essential to ensure reliable national energy supply. Infrastructure projects should be well prioritized and effectively implemented with proper feasibility studies, strengthened medium-term fiscal planning and sound public investment management.

    The economy: A commodity boom

    A booming mining sector, record high coal exports, and strong household and government spending have led to buoyant economic activity despite a large contraction in agriculture due to the severe winter. The large and permanent wage and pension increases in the 2023−2024 budgets, large dividend payouts by Erdenes Tavan Tolgoi, government support programs, and a minimum wage hike helped raise household incomes and salary‑backed consumer credit, boosting consumption and imports. Strong revenue collection and backloaded capex registration have contributed to a budget surplus despite significant public spending increases. Public debt declined to 47 percent of GDP at end-2023, consistent with IMF staff estimates of the appropriate debt anchor for Mongolia.

    Headline inflation has eased and lies within the BOM’s 6±2 target band. The decline is largely due to softer import prices, supported by a small exchange rate (ER) appreciation, and has led to policy rate cuts. However, core inflation remains sticky and has ticked up to the upper limit of the target band in August. Moreover, credit growth in the bank and non-bank financial (NBFI) sectors, especially consumer loans, has been rapid, exceeding long-term trends and has prompted the BOM to tighten reserve requirements and debt service to income (DSTI) limits for consumer loans. Household debt is rising rapidly, especially for some segments of borrowers.

    External vulnerabilities declined despite a marked deterioration in the current account deficit due to strong imports and softer coal export prices. FDI and other financing inflows have helped support gross international reserves (GIR) which remains broadly at end-2023 levels (US$4.7 billion at end-August, 3.3 months of imports or 96 percent of the ARA metric). Well-executed external debt refinancing and the BOM’s repayment of half of the outstanding PBOC swap line have reduced external debt risks, resulting in a sovereign credit ratings upgrade.

    Outlook: Continuing commodity boom, robust growth, but rising imbalances

    Growth is expected to remain robust in 2024−25 reflecting strong mining sector growth, bolstered by the increased production of higher‑grade copper and stronger coal exports to China, and the expansionary, and procyclical 2024 supplementary and draft 2025 budgets. Assuming the government’s spending plans on mega projects[1] is gradually phased in in line with external financing, fiscal deficits are expected to rise through 2029, raising gross financing needs, public debt, and fiscal risks. The output gap is estimated to remain positive through 2028.

    Expansionary fiscal policies are likely to widen Mongolia’s external and internal imbalances. Inflation is expected to continue to rise in 2024H2 and remain above target till 2026 due to the lagged effects of the substantial fiscal stimulus in the pipeline, additional stimulus from the 2024 supplementary and 2025 budgets, energy tariff increases, and strong credit growth. Current account deficits are expected to persist due to the high import intensity of investment projects, reducing GIR buffers, despite FDI and new external borrowing. 

    The forecasts are subject to considerable uncertainty related to the implementation pace, financing, and private sector participation in mega projects, which is still under discussion. The greater the reliance on domestic financing, the larger the impact on GIR, ER, and inflation given the high import intensity of capex. However, procuring external financing to the tune of 67 percent of 2024 GDP within 4−5 years will be difficult. Realistically, therefore, investments are likely to proceed gradually, as implementation runs into capacity and financing constraints, thereby improving macroeconomic outcomes relative to current forecasts.

    The outlook is also subject to downside risks stemming from commodity price volatility, uncertainty related to Chinese demand for coal, disruptions in fuel imports from Russia, and delays at China’s Tianjin port, a major transit point for Mongolia’s imports. Potential production and export delays in copper due to regulatory and procedural barriers pose risks. Natural disasters and geopolitical developments add uncertainty. On the upside, commodity prices or exports to China could be stronger than expected, especially in the near term. Moreover, new mining production could come onstream over the medium-term, boosting exports.

    Policies: Prudent commodity boom management to sustain growth momentum

    A. Fiscal tightening and adherence to fiscal rules: the top policy priority

    Fiscal policy tightening is necessary to ensure external and internal balance, build buffers during the current boom and to reduce the burden on monetary policy in confronting inflationary risks. To achieve fiscal consolidation while boosting investment, additional measures are needed to reduce current spending and boost non-mining revenues, such as containing the wage bill, targeting social assistance, increasing progressivity in personal income taxes, reducing tax exemptions, and tax and customs administration reforms (IMF 2023 Report).

    Reorienting spending toward infrastructure investment could enhance productivity, provided it is well managed and aligned with the economy’s absorptive capacity. The government should proceed cautiously given Mongolia’s external vulnerabilities, import dependence, limited domestic financing capacity, tighter global financing conditions, and weaknesses in public investment management (PIM). Building buffers during the boom helps create the fiscal space for a gradual, more effective implementation of critical public investment priorities. A more effective Medium-Term Fiscal Framework (MTFF) including capital expenditures is needed to guide capital spending and anchor fiscal and external risks. Investments should be well-prioritized based on proper feasibility studies, with sound implementation of PIM and PPP legislative frameworks to avoid corruption and unproductive projects.

    The adoption of a nominal debt ceiling of 60 percent of GDP is a major step forward in strengthening Mongolia’s fiscal rules, as it boosts transparency and accountability, and includes strong deterrence measures. Retaining the structural deficit ceiling helps contain excessive deteriorations in fiscal balances. Nevertheless, neither rule will be able to constrain spending sufficiently in the near term since the debt limit is not binding at present. The procyclicality of the new expenditure rules helps support spending when the economy is booming, and requires spending cuts when it is not, thereby aggravating economic cycles. The rules will need to place some constraints on total spending, which would also preempt potential spending misclassifications (IMF staff stand ready to assist the government in developing appropriate total spending constraints that could allow the government to undertake spending related to its reform and investment plans). Frequent changes in fiscal rules should be avoided as they undermine the effectiveness of the rules as a policy anchor.

    B. Ensuring tighter domestic financial conditions

    Monetary and macroprudential policies should continue to ensure that domestic financial conditions remain tight. Given the expected rise in inflation in the absence of fiscal consolidation, the BOM should ensure real policy rates remain high until there is greater certainty regarding the stabilization of inflation within the target band. In this regard, maintaining an unchanged monetary policy stance in September 2024 would have been better aligned with the BOM’s assessment of the inflationary outlook. The tightening of DSTI limits and reserve requirements to slow excessive credit growth in the banking sector, on the other hand, were timely and appropriate measures, though more maybe needed (below). The government’s plans to resume domestic debt issuances to establish a yield curve should help improve monetary policy transmission.

    C. Building external buffers to strengthen resilience, increase policy space for reforms

    External buffers should be increased to strengthen resilience to external shocks and create the room for an effective implementation of the government’s reform priorities. The BOM should allow greater ER flexibility to help absorb external shocks. The government should use its ability to monitor export contracts to better enforce SOE repatriation and the currency settlement law and undertake reforms to attract new FDI and external private financing (below). The newly established BOM-MOF-MOED working group to align the pace of investments with external stability considerations, is an excellent initiative and should help inform the government’s investment plans and the MTFF.

    D. Ensuring a sound financial sector

    Financial sector supervision should remain vigilant about emerging risks, notably credit risk, given the exceptionally strong credit growth across the financial sector. Enhanced financial soundness indicators during periods of strong economic and rapid credit growth can mask underlying vulnerabilities. It would be important to align the planned reduction in DSTI limits for NBFIs with the lower bank DSTI limits rapidly to prevent regulatory arbitrage to contain explosive consumer credit growth. Supervisors should ensure that DSTI limits are being effectively enforced, accelerate the use of FICO credit scoring, and discourage over‑leveraged consumers from additional borrowing by improving financial literacy. Adherence to NBFI regulations and a rapid approval of the upgraded NBFI regulatory framework would help reduce risks. BOM and FRC supervisors should identify and reduce interlinkages between banks and NBFIs to pre-emptively reduce financial sector vulnerabilities and systemic risks including through targeted onsite supervisions and special provisioning requirements, if necessary. The BOM Governor should be allowed to exercise powers granted by the Central Bank Law to nominate key personnel responsible for financial sector supervisory oversight immediately to facilitate financial sector risk management and reforms.

    The financial sector’s ability to lend to credit worthy entities should be strengthened through broader reforms. Insolvency and creditor rights must be improved to assist financial sector institutions address poor asset quality expeditiously. To keep banking sector reforms on track to meet the new end-2026 deadline, the BOM should continue to monitor the development of time-bound plans for shareholder diversification. Shareholder limits should be increased to ensure the effective management and operation of banks, including by allowing selected IFIs to invest in multiple banks.

    E. Strengthening soft infrastructure is just as important for sustainable growth

    Improving Mongolia’s business climate and governance is critical for strong and sustainable growth. Key priorities for soft infrastructure reform are—a strengthened Investment Law to cut red tape; accelerated overhaul of the Minerals Law; and approval of amendments to the SOE, Insolvency and the draft Whistleblower Laws. Effective enforcement of SOE governance reforms, and a strong judiciary is also necessary, as is ensuring the operational independence of BOM. The planned energy tariff reform is long overdue and necessary to secure energy supply to households and businesses while boosting long-term growth. Tariff increases should be well communicated, appropriately paced, and supported by targeted but temporary assistance to poor households to alleviate transition costs. Ensuring regulatory coherence with tax laws and effective tax dispute resolution processes would facilitate the operation of existing FDI projects and attract new FDI. The new Sovereign Wealth Fund is welcome but a strong governance framework for its sub-funds should be quickly established.

    An IMF team visited Ulaanbaatar to conduct the discussions during September 25–October 1, 2024. The IMF mission would like to thank the Mongolian authorities for frank and constructive discussions and their kind hospitality.

    Table 1. Mongolia: Selected Economic and Financial Indicators, 2021−29

     

    2021

    2022

    2023

    		  

    2024

    2025

    2026

    2027

    2028

    2029

    Actual

    Projections
           

    (In percent of GDP, unless otherwise indicated)

    		  

    National Accounts

    		        

       Nominal GDP (in USD million)

    15,286

    17,146

    20,315

    23,669

    27,242

    29,120

    31,569

    34,024

    36,400

       Real GDP growth (percent change)

    1.6

    5.0

    7.4

    5.5

    7.0

    6.0

    5.5

    5.5

    5.0

       Contributions to Real GDP (ppts)

    		        

          Domestic Demand

    17.6

    11.4

    5.6

    		  

    20.2

    8.3

    7.6

    10.0

    8.8

    7.2

             Exports of G&S

    -7.5

    13.9

    17.9

    		  

    1.6

    7.3

    6.5

    0.9

    2.8

    4.5

             Imports of G&S

    -8.5

    -20.3

    -16.2

    		  

    -16.4

    -8.6

    -8.2

    -5.4

    -6.1

    -6.6
             

       Consumption

    67.9

    65.8

    57.5

    		  

    61.5

    60.4

    61.5

    63.0

    63.6

    63.2

    Private

    53.0

    51.9

    44.5

    		  

    46.7

    45.8

    47.1

    48.7

    49.4

    48.9

    Public

    14.9

    13.9

    13.0

    		  

    14.7

    14.6

    14.4

    14.3

    14.2

    14.2

       Gross Capital Formation

    36.7

    42.3

    33.9

    		  

    35.9

    35.4

    35.3

    35.5

    35.8

    36.0

     Gross Fixed Capital Formation

    26.8

    29.8

    25.3

    		  

    26.6

    28.4

    29.3

    29.3

    29.6

    29.8

    Public

    6.8

    7.1

    7.4

    		  

    9.9

    10.3

    10.0

    10.0

    10.0

    10.0

    FDI

    13.5

    14.2

    10.7

    		  

    8.6

    9.3

    10.3

    9.9

    9.4

    9.1

    Domestic Private (including SOEs)

    6.5

    8.6

    7.3

    		  

    8.1

    8.8

    9.0

    9.4

    10.2

    10.6

       Gross national saving

    22.9

    28.9

    34.5

    		  

    29.0

    27.7

    27.0

    26.3

    26.2

    26.7
                         

    Prices

    		                    

       Consumer Prices (Avg; percent change) 1/

    7.4

    15.2

    10.3

    		  

    6.5

    9.0

    8.3

    7.6

    7.2

    6.7

       Consumer Prices (EoP; percent change) 1/

    13.9

    13.2

    7.9

    		  

    7.5

    9.5

    7.6

    7.5

    6.8

    6.5

       Copper prices (US$ per ton)

    9317

    8829

    8491

    		  

    9298

    9450

    9550

    9584

    9584

    9584

       Coal prices (US$ per ton)

    150

    123

    131

    		  

    115

    105

    105

    105

    105

    105

       GDP deflator (percent change)

    14.4

    17.7

    21.8

    10.0

    8.9

    6.7

    8.1

    7.1

    6.6

    General government accounts

       Primary balance (IMF definition)

    9.7

    2.2

    4.3

    1.8

    0.3

    0.3

    -0.3

    -0.4

    -0.1

       Total revenue and grants

    32.8

    34.4

    34.6

    37.6

    36.5

    35.6

    34.7

    34.4

    34.8

       Primary expenditure and net lending

    23.2

    32.2

    30.3

    35.9

    36.2

    35.4

    35.0

    34.9

    34.9

       Interest

    1.9

    1.5

    1.6

    1.4

    1.3

    1.3

    1.5

    1.5

    1.6

       Overall balance (IMF definition)

    7.8

    0.7

    2.7

    0.4

    -1.0

    -1.1

    -1.8

    -2.0

    -1.7

    Non-mineral primary balance (in percent of GDP)

    2.0

    -6.3

    -5.7

    -10.3

    -11.1

    -10.6

    -10.4

    -10.2

    -9.9

       Gross financing needs

    2.5

    3.8

    15.3

    5.2

    4.1

    10.1

    7.1

    7.8

    7.0

       General government debt 2/

    67.7

    64.5

    46.8

    42.4

    40.0

    40.7

    42.4

    44.8

    47.3

          Domestic

    3.2

    4.4

    3.4

    3.6

    3.0

    3.3

    3.5

    3.8

    4.0

          External

    64.6

    60.1

    43.4

    38.7

    37.0

    37.5

    38.9

    41.0

    43.3

    Monetary sector

    Broad money growth (percent change)

    13.8

    6.5

    26.8

    20.0

    15.9

    11.9

    12.3

    11.8

    14.2

    Reserve money growth (percent change)

    6.5

    39.9

    7.4

    20.1

    13.7

    11.9

    12.3

    11.8

    12.1

    Credit growth (percent change)

    18.1

    8.6

    22.0

    24.0

    16.0

    14.2

    13.5

    13.5

    13.5

    Balance of payments

    Current account balance

    -13.8

    -13.4

    0.6

    -6.9

    -7.7

    -8.3

    -9.2

    -9.5

    -9.3

    Exports of goods 3/

    53.2

    57.5

    68.5

    62.7

    60.0

    58.9

    55.1

    53.1

    53.3

    Imports of goods

    44.3

    50.3

    46.1

    48.8

    45.4

    45.4

    43.7

    43.7

    43.7

    Gross official reserves (in USD million) 4/

    4366

    3400

    4921

    5027

    5140

    5828

    6736

    7159

    7580

          (In months of imports)

    4.3

    3.0

    3.7

    		  

    3.6

    3.4

    3.7

    4.0

    4.0

    4.0

    Net International Reserves (NIR) 7/

    779.1

    -796.6

    570.3

    		  

    …

    …

    …

    …

    …

    …

    (net of bank’s FX deposits held at the BOM)

    3612

    1949

    3612

    		  

    …

    …

    …

    …

    …

    …

    Net international reserves (NIR) 5/

    779

    -797

    720

    …

    …

    …

    …

    …

    …
                 

    Exchange rate

    		                    

    Togrog per U.S. dollar (eop)

    2849

    3445

    3411

    		  

    …

    …

    …

    …

    …

    …
                         

    Sources: Mongolian authorities; and IMF staff projections.                                                                                                                                      

    		    

    1/ Will be revised to reflect planned energy subsidy removal.

    2/ Excludes BOM liabilities to PBOC. Domestic debt includes government’s liabilities to BOM related to the TDB settlement with regard to Erdenet as well as DBM’s domestic FX borrowing and DBM’s borrowing from BOM.

    3/ The projections assume coal export volumes for 2024 and 2025 in line with the 2025 medium-term fiscal framework (75 and 80 million tons, respectively), gradually rising to 95 million tons by 2029, reflecting higher coal demand from China and better coal transportation services; Oyu Tolgoi’s revised medium-term copper production and FDI plans; and updated information on SOE off-take contracts.

    4/ Gross official reserves includes drawings from the PBOC swap line and IMF SDR allocation in 2021.

    5/ NIR is defined as GIR excl. commercial banks’ and government’s US$ deposits held at the BOM, the PBOC swap line, and liabilities to the IMF.
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/14/mcs-mongolia-concluding-statement-of-the-2024-imf-staff-visit

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Canada: Government of Canada announces projects to protect and empower Canadian consumers

    Source: Government of Canada News

    News release

    October 10, 2024 – Ottawa, Ontario

    Canadian consumers require strong consumer advocacy groups to represent their interests.

    Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced four projects that will support efforts to ensure Canadians make informed purchases. Through the Canadian Consumer Protection Initiative, formerly the Contributions Program for Non-profit Consumer and Voluntary Organizations, the government announced more than $900,000 in funding over the next two years.

    The funded projects cover a variety of affordability-related topics with a focus on challenges in the retail sector, and important issues like barriers to competition in the grocery sector.

    These efforts align with the Government’s goal to enhance affordability, transparency and support for consumers so they can make informed choices.  

    Quotes

    “The input and experience of strong consumer advocacy groups are essential to informing our continued efforts to make life more affordable for Canadians and to ensure that the interests of consumers are impartially represented. That’s why we have made it a priority to fund timely, independent research that will help inform consumer protection policy in Canada.”

    – The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

    Quick facts

    • The Canadian Consumer Protection Initiative has an annual budget of $5 million for the next five years. 

    • ISED’s Office of Consumer Affairs manages this program on behalf of the Government.

    • Funding available through the Initiative helps Canadian consumer organizations produce high quality, independent and timely research on consumer issues, as well as strengthen capacity building for consumer organizations to help fulfil their mandates.

    Contacts

    Audrey Milette
    Press Secretary
    Office of the Minister of Innovation, Science and Industry
    audrey.milette@ised-isde.gc.ca

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

    Stay connected

    Find more services and information at Canada.ca/ISED.

    Follow Innovation, Science and Economic Development Canada on social media.
    Twitter: @ISED_CA, Facebook: Canadian Innovation, Instagram: @cdninnovation and LinkedIn

    MIL OSI Canada News –

  • MIL-OSI USA: Rhode Island Gets $1.6 Million Small Businesses Opportunity Grant

    Source: United States House of Representatives – Representative Seth Magaziner (RI-02)

    Federal grant will support the state-administered RI Rebounds Technical Assistance Program

    PROVIDENCE, RI – U.S. Senators Jack Reed and Sheldon Whitehouse and Congressmen Seth Magaziner and Gabe Amo announced $1,600,000 in competitive grant funding for the Rhode Island Commerce Corporation to better support small businesses in the construction, transportation, and renewable energy industries through the RI Rebounds Technical Assistance Program. Administered through the State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP) that was reauthorized and expanded by the American Rescue Plan Act, this award will assist underserved and very small businesses in Rhode Island. 

    Rhode Island’s application for this $1.6 million SSBCI grant was chosen from a share of $75 million in federal funding nationwide to provide critical technical assistance to small businesses and entrepreneurs – helping these small companies access financing opportunities.

    This latest grant comes on top of the $61.7 million in federal SSBCI funding Reed and Whitehouse secured last year to promote small business growth and entrepreneurship across the Ocean State.

    “I helped pass the American Rescue Plan Act to deliver pandemic relief to help small businesses stay afloat, recover and grow, and position themselves for long-term success.  This latest round of federal funding will help connect more small businesses with access to capital and other tools to compete, grow, and strengthen Main Street businesses in communities across the state,” said Senator Jack Reed.

    “Our delegation is dedicated to helping Rhode Island’s entrepreneurs create well-paying jobs,” said Senator Sheldon Whitehouse. “This federal investment – made possible by the American Rescue Plan – will provide technical support to small businesses with the goal of growing the local economy.”

    “Behind every small business is an entrepreneur who had the courage to turn their dreams into reality, and we need to keep that spirit alive in Rhode Island,” said Representative Seth Magaziner. “This federal funding will help small businesses receive the technical assistance they need to create good jobs and opportunities for working Rhode Islanders.”

    “After working to help implement President Joe Biden’s American Rescue Plan and its critical provisions that support small businesses, I’m glad to build upon this effort as a member of the Rhode Island’s congressional delegation,” said Congressman Gabe Amo. “Growing a business is never easy, but with this federal funding for Rhode Island Commerce, we’re helping to bring down barriers so that every entrepreneur with a vision and a dream can compete on a level playing field.” 

    “This funding will provide critical technical assistance services to ensure even our state’s smallest entrepreneurs have the resources they need to grow and thrive” said Rhode Island Secretary of Commerce Liz Tanner. “I thank our state’s Congressional delegation and the Biden Administration for their continued support of our small businesses.”

    BACKGROUND

    Signed into law in 2021, the American Rescue Plan Act reauthorized and expanded SSBCI, which provides nearly $10 billion to support small businesses and help them the access the capital they need to invest in job-creating opportunities. SSBCI provides funds to states, the District of Columbia, territories, and Tribal governments to promote entrepreneurship, support small business ownership, and democratize access to capital across the country, including in underserved communities.

    Earlier this year, the Department of Treasury announced that Rhode Island was approved to use $773,624 in SSBCI allocation formula-based technical assistance grant funding to support RI Commerce in providing legal, accounting, and financial advisory services to underserved and very small businesses preparing to apply for support from state and/or federal small business programs, including connecting companies directly with the state’s SSBCI-supported capital programs.

    A fact sheet summarizing the funding that Rhode Island and 13 other states received can be found HERE. 

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Ministry of Rural Development & National Institute of Rural Development and Panchayati Raj to organize SARAS Ajeevika Mela in Gurugram from 13th October to 29th October 2024

    Source: Government of India (2)

    Ministry of Rural Development & National Institute of Rural Development and Panchayati Raj to organize SARAS Ajeevika Mela in Gurugram from 13th October to 29th October 2024

    More than 900 rural women artisans from around 30 states will participate in the SARAS Mela

    SARAS Mela will also have a learning pavilion and knowledge sharing pavilion specifically for capacity building of women self-help groups

    Posted On: 10 OCT 2024 6:04PM by PIB Delhi

    The Ministry of Rural Development and National Institute of Rural Development and Panchayati Raj (NIRDPR) is organizing the SARAS Ajeevika Mela for the third consecutive year from 13th October to 29th October 2024 at Leisure Valley Ground in Sector 29, Gurugram. More than 900 rural women artisans from around 30 states are participating in the SARAS Mela. The fair will showcase products from different states such as Tussar sarees, Bagh prints, Patola sarees from Gujarat, Katha sarees from West Bengal, Rajasthani prints, Chanderi sarees from Madhya Pradesh, woolen products and natural food products from Himachal-Uttarakhand, wooden products from Karnataka and Andhra Pradesh, various dry fruits and handloom products from Jammu and Kashmir, Palash products and natural food from Jharkhand along with different  varieties of products from rural culture across India will be on display at the fair.

    In the fair, self help group’s Didis will be provided with knowledge about Various Ministries of the Government (various departments of Ministry of Rural Development, Ministry of Agriculture and Farmers Welfare, Ministry of Micro, Small and Medium Enterprises, Rural Development, Ministry of Commerce and Industry, Ministry of Textiles etc.) through special capacity building of women self help groups learning pavilion and knowledge sharing pavilion. Under various ministries’ schemes, the Didi’s of the self help groups will be connected and informed about various means of livelihood and various training programs will also be organized for their skill development.

    Apart from this, a SARAS Food Court will also be set up in Gurugram SARAS Mela featuring 50 live food stalls from about 25 states. There will be dishes from all over India including Rajasthani Kair Sangri-Gatta ki Sabzi, Bengal’s Fish Curry, Telangana Chicken, Bihar’s Litti Chokha, Punjab’s Sarso Ka Saag and Makki Ki Roti. Cultural programs will be organized every day in the fair and arrangements have also been made for a kid’s zone for children’s sports and entertainment. Lakhs of visitors and customers from the national capital region including Delhi-Gurugram will participate in the fair. All arrangements are being made keeping in mind the convenience of the visitors. Keeping transparency in mind, arrangements have been made for online registration/nomination of self-help groups in this SARAS Aajeevika Mela. B.C. Sakhi and journalist sisters from Jharkhand and Uttar Pradesh will also participate in the fair.

    This time, a North-East Pavilion has also been set up at the Gurugram SARAS Mela so that priority can be given to the North-Eastern states and state-wise pavilions will be made for each state to give them priority. Medical help desk and ambulance facilities will be available for health services at the fair. The contribution of Gurugram district administration and Haryana State Livelihood Mission is also being taken to provide various facilities to the women of self-help groups and to make the fair a success.

    With the support of the Ministry of Rural Development (Government of India) and the National Institute of Rural Development and Panchayati Raj (NIRDPR), SARAS Melas have been organized for the last 26 years. This has provided employment opportunities to lakhs of rural women and lakhs of women have learned marketing skills as well.

    The Ministry of Rural Development, in collaboration with National Institute of Rural Development and Panchayati Raj (NIRDPR) under Deen Dayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM), is providing a marketing platform through SARAS Melas to rural women self-help groups to sell their products. Through SARAS Melas, members of rural women self-help groups get an opportunity to directly communicate with urban customers, know the market interest and accordingly determine the pricing of their products by improving the packaging of their products.

    Through SARAS Melas, women of rural self-help groups are not only creating livelihood opportunities but are also setting a great example of women empowerment in the country. This is definitely a milestone in the livelihood journey. SARAS Melas are being organized continuously since the year 1999. The living standards of lakhs of women have improved through these fairs.

    ******

    SS

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation, Shri Amit Shah addresses 119th Annual Session of PHD Chamber of Commerce and Industry in New Delhi as the Chief Guest

    Source: Government of India (2)

    Union Home Minister and Minister of Cooperation, Shri Amit Shah addresses 119th Annual Session of PHD Chamber of Commerce and Industry in New Delhi as the Chief Guest

    Shri Narendra Modi, first as Chief Minister and then as Prime Minister of the country for the third consecutive term, has been winning the trust of people in a democratic way for the last 23 years

    PM Modi is a rare combination of vision, experience and commitment

    PHD Chamber of Commerce and Industry is an important link between industry and the government

    PHD Chamber should implement policies, plans and vision of the government and communicate the pressing issues of industry to the government

    In the last 10 years, Prime Minister Modi has laid the foundation of making India rank one in every field in the World

    PM Modi took the country out of ‘policy paralysis’ and established the politics of performance

    Indian economy, which earlier figured among the ‘Fragile Five’, has emerged as a ‘bright spot’ in the World, under the leadership of PM Modi  

    The public banking system, which was in shambles before 2014, has earned a profit of ₹1.40 lakh crore in FY 2023-24, under the leadership of Prime Minister Modi  

    By abolishing more than 2000 colonial laws and more than 39,000 compliances, Modi government made the lives of people easier

    PM Modi has established a research foundation at a cost of ₹50 thousand crores, which will take India to the top in the field of research in the world in the next 25 years

    Union Home Minister Shri Amit Shah pays tribute to the renowned industrialist Ratan Tata on his demise

    Ratan Tata ji was a respected figure not only in Indian industrial sector but globally as well, he has left behind a legacy which will continue to guide leaders in the industrial sector for a long time

    Ratan Tata ji worked to build a good society by solving all the problems of the country through his trust

    Posted On: 10 OCT 2024 7:04PM by PIB Delhi

    Union Home Minister and Minister of Cooperation, Shri Amit Shah today addressed the 119th Annual Session of PHD Chamber of Commerce and Industry (PHDCCI) in New Delhi as the Chief Guest. The theme of this year’s annual session was ‘Viksit Bharat @ 2047: Marching Towards the Peak of Progress’. Around 1500 business persons, Chartered Accountants, bankers, advocates etc. from the industry participated in the event.

    Union Home Minister Shri Amit Shah began his address with tributes to the renowned industrialist Shri Ratan Tata, who passed away last night in Mumbai. Shri Amit Shah said that Shri Ratan Tata has been a respected figure not only in the Indian industrial sector but globally as well. He took charge of the Tata Group at a time when the group needed several changes, and Ratan Tata patiently transformed all the businesses of his group and working practices. Shri Shah said that even today, the Tata Group stands as a pole star in India’s industrial landscape. He added that Ratan Tata led his industrial group to a prominent position in the country and globally while adhering to integrity and following all the rules and regulations. Shri Shah also said that through his Trust, Ratan Tata made efforts to address the country’s various problems and contribute to building a better society. He said that Shri Ratan Tata’s legacy will continue to guide industry leaders for a long time.

    Union Home Minister said that this year is going to be a decisive one for Indian industry, and it is at such a time that the 119th annual convention of PHD Chamber of Commerce and Industry (PHDCCI) is being organized. He said that today, there seems to be a crisis of trust in countries worldwide. He said that Shri Narendra Modi, first as the Chief Minister and then as the Prime Minister of the country, has continuously been winning the trust of the people democratically for the past 23 years. Shri Shah said that without stability, policies cannot be implemented effectively and security and development cannot be ensured. He added that stability brings continuity in policies, ideas, and development. Shri Shah further said that PM Modi has get this vast country rid of many problems over the past 10 years and he is now leading the nation for the third consecutive time.

    Shri Amit Shah said that today’s theme ‘Viksit Bharat @ 2047: Marching Towards the Peak of Progress’ is very appropriate. He said that Prime Minister Modi has set two major goals before us: India will become a fully developed nation when the country celebrates the centenary of its independence in 2047 and by 2027, India will become the world’s third-largest economy. He said that to achieve these two goals, PM Modi has been working tirelessly for the past 10 years through various policies and programs. Shri Shah emphasized that PM Modi has implemented visionary policies aimed at developing infrastructure in the country, making India a global manufacturing hub, creating an investment-friendly ecosystem, building a skilled work-force, promoting research and development, pioneering India in emerging technologies like advanced computing, and initiating new ventures in fields like deep-sea exploration, the maritime economy, and space. He added that Prime Minister Modi has not only formulated these policies but also made continuous efforts to ensure their implementation.

    Union Home Minister said that PHD Chamber of Commerce and Industry is a bridge between the industry and the Government. He said that in the coming times, PHD Chamber has to implement the policies, plans and vision of the government and convey the problems of the industry to the government. He added that we have achieved a lot in the last 10 years. Infrastructure like the world’s longest highway tunnel, the world’s highest railway bridge, Mumbai’s world-famous Trans-Harbour Link and Kolkata’s underwater metro have been built in the last 10 years. Shri Shah said that in Andaman-Nicobar Islands and Lakshadweep, work has been done to utilize business opportunities and strengthen these islands from a security point of view by bringing connectivity to remote areas through underwater optical fibre.

    Shri Amit Shah said that every Indian took great pride when Indian flag was hoisted at the Shiva Shakti Point on the Moon. Connecting the underdeveloped regions of the country through the SagarMala project, weaving a network of Vande Bharat Express trains to open a new avenue for comfortable travel in the country, advancing in semiconductor manufacturing to meet not only ours but also needs of the entire world, bringing a new revolution in electric vehicles, and increasing FDI to record levels, making India the fourth-largest holder of foreign exchange reserves in the world, are significant achievements for us.

    Union Home Minister said that we are the fastest-growing start-up economy in the world. We have successfully launched the world’s largest digital payment system, which many countries are now adopting. He said that along with this, Prime Minister Modi has introduced the world’s largest grain storage plan based in cooperatives. Shri Shah said that from food security to health security, we have covered all dimensions, and in the past 10 years under PM Modi’s leadership, the foundation has been laid for India to be at the forefront in every field over the next 25 years. He said that when vision, experience, and commitment come together in one individual, and that individual is the Prime Minister, the country benefits immensely, and Shri Narendra Modi is an excellent example of this.

    Shri Amit Shah said that India is a democracy where people decide who should lead the government. He said that without a comparative study, we cannot make a proper evaluation of the work done. He emphasized the need to look at the comparative situation of the country in 2014 and 2024. He stated that before 2014, everyone used to say that our country was suffering from policy paralysis and no policies were being made, but PM Modi ended this policy paralysis, created numerous policies and brought in politics of performance. Shri Shah added that today, there is no sector where a permanent policy hasn’t been formulated. Earlier, India was amongst the “Fragile Five,” but today, the International Monetary Fund (IMF) calls us a “bright spot” in the global economy.

    Union Home Minister and Minister of Cooperation highlighted that under infrastructure development, projects like the Zoji La tunnel, Chenab rail bridge, and the bridge in Assam are there for everyone to see. He said that earlier, India used to have double-digit inflation, but today we are confidently moving toward double-digit growth. He said that for many years, India’s growth rate has been the highest among G20 countries. Shri Shah said that global investors had lost confidence in India, but today India has become a preferred destination for manufacturing. Shri Shah said that in 2021-22, we attracted a record Foreign Direct Investment (FDI) of $85 billion. He said that today we are leading in many sectors like digital payments. Before 2014, scams worth ₹12 lakh crore had taken place, but in the 10 years of the Modi government, even our opponents cannot accuse us of corruption.

    Shri Amit Shah said that during previous government, terrorism, bomb blasts, and Naxalism had become severe issues for the country, but today we can confidently say that whether it’s Kashmir, Left-Wing Extremism affected areas, or the Northeast, we have successfully eliminated terrorism and extremism. He mentioned that in the Ease of Doing Business rankings, India was previously placed at the 142nd position, but today we have risen to the 63rd position. He also highlighted that the entire banking system was in a fragile state, but in 2023-24, government banks earned a profit of ₹1.40 lakh crore. New policies have been introduced in every sector, helping the country move forward.

    Union Home Minister said that if the country wants to progress, it must have a new education policy, and Prime Minister Shri Narendra Modi brought a New Education Policy that has globalized education while incorporating our heritage. He said that initiatives like GST, Digital India, Bharatmala, SagarMala, PM Gati Shakti, and Startup India have propelled the country forward in all directions.

    Shri Amit Shah said that under the leadership of Prime Minister Shri Narendra Modi and the principle of “Minimum Government, Maximum Governance”, 2,000 outdated colonial laws have been abolished, and over 39,000 compliances across various sectors have been eliminated. He highlighted that in the past 10 years, 80 crore people have been receiving 5 kg of free grain per person, houses provided to 4 crore poor, 15 crore households have received piped water, more than 11 crore people have been given free gas connections, and over 12 crore toilets have been built under the leadership of Prime Minister Shri Narendra Modi. Shri Shah said that Prime Minister Modi has alleviated the concerns of millions and transformed India into a market of 130 crore people. He said that when 60 crore people are excluded from the country’s development process, the country can never progress. Today, with 130 crore people engaged in the nation’s development process, our growth rate has surged upward.

    Union Home Minister and Minister of Cooperation said that the Modi government has made significant efforts in the field of research. He said that for the first time, a research foundation has been established with a budget of ₹50,000 crore. He expressed confidence that in the next 25 years, India will be at the forefront of global research. Shri Shah mentioned that Prime Minister Modi has worked extensively across various sectors. In terms of internet users, India ranks second in the world, while it ranks first in global Fintech adoption and smartphone data consumption. He further highlighted that today half of the world’s daily digital transactions take place in India.

    Shri Amit Shah said that Indian industries must now work towards changing both their size and scale. He emphasized the need for companies to go global and that to establish India’s dominance worldwide, our chambers and industries need to make decisive moves.

    *****

    RK/ASH/PR/PS

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: SBA to Help Pennsylvania Businesses Affected by Drought

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) announced today that federal Economic Injury Disaster Loans (EIDLs) are available in Pennsylvania for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses from drought that began on Sept. 24.

    The declaration includes the primary county of Greene, and the adjacent counties of Fayette and Washington in Pennsylvania, and Marshall, Monongalia and Wetzel in West Virginia.  

    “Working capital loans from the SBA are essential to eligible small businesses when the Secretary of Agriculture declares a disaster due to farmers’ crop losses,” said Francisco Sánchez, Jr., associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “These loans help sustain rural economies when a disaster occurs.”

    Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.  Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions. 

    The loan amount can be up to $2 million with interest rates of 4% for small businesses and  
    3.25% for private nonprofit organizations, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition. Eligibility is based on the size of the applicant, type of activity and its financial resources. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits. 

    For information and to apply online visit SBA.gov/disaster. Applicants may also call the SBA’s Customer Service Center at (800) 6592955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    Submit completed loan applications to SBA no later than June 2, 2025. 

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News –

  • MIL-OSI USA: SBA Business Recovery Centers in Illinois Close for Indigenous People’s Day

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) announced today it will temporarily close its Business Recovery Centers in Cook and St. Clair Counties, on Monday, October 14 in observance of the Indigenous People’s Day Holiday.  The Centers will resume normal operations on Tuesday, Oct. 15.    

    Customer Service Representatives at SBA’s Business Recovery Center can assist applicants complete their disaster loan application, accept documents for existing applications, and provide updates on an application’s status. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Disaster Recovery Center in advance. The centers will operate as indicated below until further notice.

    Business Recovery Center (BRC) 
    Cook County   

    SBA District Office

    332 S. Michigan Ave. Suite 600

    Chicago, IL 60604

    Hours:            Monday – Friday, 9 a.m. to 5 p.m.

    Closed:          Saturday and Sunday

    Closed Monday, Oct. 14 for Holiday

    Business Recovery Center (BRC) 
    St. Clair County   

    Southwestern IL Justice & Workforce Development Campus, Library Room

    2300 W Main Street

    Belleville, IL 62226

    Hours:            Monday – Sunday, 8 a.m. to 7 p.m.

    Closed Monday, Oct. 14 for Holiday

    With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover.  FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. Do not wait on the decision for a FEMA grant; apply online and receive additional disaster assistance information at sba.gov/disaster.  

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

    The filing deadline to return applications for physical property damage is Nov. 19, 2024. The deadline to return economic injury applications is June 20, 2025.

    ###

    About the U.S. Small Business Administration  

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

    MIL OSI USA News –

  • MIL-OSI USA: US Department of Labor approves up to $10M in initial funding to support disaster recovery jobs, training for North Carolina after Hurricane Helene

    Source: US Department of Labor

    WASHINGTON – The U.S. Department of Labor today announced the approval of up to $10 million in initial emergency grant funding to North Carolina to support disaster-relief jobs and training services in 25 counties to help respond to Hurricane Helene.

    On Sept. 26, 2024, Hurricane Helene made landfall in Florida as a Category 4 storm and quickly moved inland, pushing through Georgia and the Carolinas as a tropical storm. The storm brought the worst flooding in a century to North Carolina, resulting in more than 100 deaths and wiping out entire towns with catastrophic mudslides and floodwaters. More than one million customers lost power and over 100,000 customers remained without power more than a week after the storm. 

    “The Employment and Training Administration is committed to ensuring workers in North Carolina affected by Hurricane Helene have access to grant funding and assistance,” said Assistant Secretary for Employment and Training José Javier Rodríguez. “This Dislocated Worker Grant provides critical support by providing jobs to affected workers while helping North Carolina in its recovery efforts.”

    The Federal Emergency Management Agency issued an emergency declaration on Sept. 26, 2024, and a major disaster declaration on Sept. 28, 2024, enabling the state to request federal assistance for recovery efforts in the following 25 counties: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Clay, Cleveland, Gaston, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Transylvania, Watauga, Wilkes and Yancey.

    The National Dislocated Worker Grant – supported by the Workforce Innovation and Opportunity Act of 2014 – allows the North Carolina Department of Commerce, Division of Workforce Solutions to provide people with temporary disaster-relief jobs for cleanup and the delivery of humanitarian assistance to address immediate, basic needs for those displaced by Hurricane Helene. The funding also enables the state to provide training and services to individuals in the affected communities. 

    The department’s Employment and Training Administration oversees National Dislocated Worker Grants, which expand the service capacity of dislocated worker programs at the state and local levels by providing funding assistance in response to large, unexpected economic events that lead to significant job losses.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Ministry of Health & Family Welfare celebrates World Mental Health Day and two years of Tele MANAS

    Source: Government of India (2)

    Ministry of Health & Family Welfare celebrates World Mental Health Day and two years of Tele MANAS

    Theme of this year’s World Mental Health Day Prioritises Mental Health at Workplace

    Tele MANAS Mobile App, WHO’s Tele MANAS Rapid Assessment Report and a Selfcare Module for Employees released

    Posted On: 10 OCT 2024 3:51PM by PIB Delhi

    The Union Health Ministry celebrated the completion of two years of National Tele Mental Health Programme, Tele Mental Health Assistance and Networking across States (Tele MANAS) on World Mental Health Day, here today. The theme of this year’s World Mental Health Day is: “It is time to prioritize Mental Health at Workplace”.

    Smt. Aradhana Patnaik, Additional Secretary, MoHFW & Managing Director, National Health Mission (NHM) launched the Tele MANAS app and Tele MANAS video call facility in the presence of Dr. Roderico H. Ofrin, World Health Organization (WHO) Representative to India, Shri Saurabh Jain, Joint Secretary, MoHFW, Dr. Partima Murthy, Director, National Institute of Mental Health and Neuro Sciences (NIMHANS) and other senior officers from the Ministry.

    Tele MANAS app is a comprehensive mobile platform that has been developed for providing support for mental health issues. The app has a library of information including tips on self-care, recognizing distress signals, managing early signs of stress, anxiety, and emotional struggles. It facilitates engagement of the user through mind challenges, games and mindfulness practices providing a user-friendly experience. The app will help users connect for free and get confidential mental health support through trained mental health professionals across India, 24×7 for immediate counseling.

    Video consultations in Tele MANAS is another upgrade to the already existing audio calling facility. This will be undertaken by the mental health professionals who are taking audio call escalations to get further information about the caller as part of history taking and clarification. This can also enable a brief physical examination or a Mental State Examination (MSE) for the caller to confirm any findings. This facility will be initially launched in the states of Karnataka, Jammu & Kashmir and Tamil Nadu and later scaled up to the whole country.

     

    In her inaugural address, Smt. Aradhana Patnaik stated that “Mental health is fundamental to health and plays a crucial role in enabling individuals, families and communities to function at their highest level, work productively and contribute to society. Unhealthy work environments and other unfavorable working conditions have an impact on one’s general health, well-being, mental health, and involvement or productivity at work. There is a need for creating a good work environment and work-life balance for more productive results in the workplace.”

     

    She stated that “Tele MANAS has reached a significant milestone, having handled over 14.5 lakh calls since its launch.”

    Underlining the importance of adolescent mental health and issues faced by the adolescent population, Smt. Patnaik stressed “the need for Information, Education, and Communication (IEC)  to ensure awareness about the Tele MANAS App”. 

    Talking about mental health in the workplace, Dr. Roderico H. Ofrin, WHO Representative to India, stated that issues like gender inequity, disrespectful unsupportive colleagues, lack of work-life balance, and job satisfaction lead to mental health challenges for the employees in the workplace. He emphasized the responsibility of employers and managers to create a supportive work environment.

    Congratulating the Ministry for two years with the successful implementation of Tele-MANAS, he stated that “WHO review of Tele-MANAS has shown a successful model for mental health. It has the potential to work well. The primary healthcare especially the Ayushmann Arogya Mandirs have proven to be successful in improving mental health and well-being of the people”. He also highlighted the importance of collective efforts of all stakeholders to enhance mental health at the workplace. 

    Tele MANAS reflects the government’s commitment to nurturing the nation’s mental well-being. The Tele MANAS toll-free helpline numbers 14416 or 1-800-891-4416 offer multi-language support in 20 languages and have been pivotal in facilitating communication between callers and mental health professionals.

    The Report of Tele MANAS rapid assessment by World Health Organizations (WHO) and a Selfcare Module for Employees titled ‘Taking charge of your mental health- because it matters” was also released at the event.

     

    In order to evaluate the performance and progress of Tele MANAS, a rapid assessment was organized by MoHFW in coordination with WHO India, World Health Organization (WHO) Regional Office for South-East Asia (WHO SEARO), WHO Headquarters & NIMHANS. The assessment was based on desk reviews of national data and primary data collected from four states/Union Territories- Jammu and Kashmir, Karnataka, Madhya Pradesh, and Odisha. The report appreciates the novel initiative of the Government of India and highlights some significant milestones achieved by Tele MANAS in providing mental health support and its robust technological architecture.

    The booklet ‘Taking Charge of Your Mental Health- Because It Matters” focuses on the efforts that individuals could make to maintain mental health and well-being. The booklet attempts to clear some of the misconceptions regarding mental health and offers a few strategies that individuals could try to explore by themselves. It also specifically focuses on stress arising out of difficult workplace situations.

     

    The event further had roundtable discussions with a variety of panelists coming from a diversified group of people that include Ministry of Health & Family Welfare, Ministry of Ayush, Ministry of Labour and Employment, Institutions such as National Institute of Mental Health and Neuro Sciences (NIMHANS), All India Institute of Medical Sciences (AIIMS) New Delhi, Institute of Human Behaviour and Allied Sciences (IHBAS), WHO, Industry associations such as Federation of Indian Chambers of Commerce & Industry (FICCI)/ Confederation of Indian Industry (CII) and NAT Health (Healthcare Federation of India), Development partners such as Program for Appropriate Technology in Health (PATH), organizations promoting wellness such as Art of Living Foundation and Arogya World, and Civil society organization like Jan Sahas.

    The topics discussed during the sessions included policies and frameworks to foster mental health resilience at workplaces; Mental Wellbeing at Informal Workplaces / Challenges, Opportunities, and Inclusive Solutions; and Preventive Mental Health- The Role of Holistic Practices in Promoting Well-being. The panelists also explored the role of Ayushman Arogya Mandirs (AAMs) & Tele MANAS in promoting mental health support. Furthermore, Union Health Ministry has sought active participation from other Ministries of the Government to implement employee engagement activities designed to support mental health in the workplace.

     

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    MV

    HFW/Tele MANAS app launched at World Mental Health Day Celebration/10th October 2024/1

    (Release ID: 2063830) Visitor Counter : 100

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: BusinessNZ – Energy policy a boost to business confidence

    Source: BusinessNZ

    The Government’s policy statement on electricity should provide a business confidence boost within the energy sector, the BusinessNZ Energy Council (BEC) says.
    Executive Director Tina Schirr welcomes the Government’s approach in addressing the energy trilemma – sustainability, security and equity – as the road to affordability, and encourages everyone to take a broader view of the energy equation.
    “Beyond electrification, we must consider clean fuel solutions for our large energy users, including shipping and aviation – which connect us to the rest of the world. 
    “The fix for our energy sector won’t come solely from constructing more infrastructure at pace. It’s critical to rethink how we can manage and develop a smarter energy system. Increased generation is part of the journey, but another core area of focus will be energy efficiency going forward. We should be guided by a principal to do better – not necessarily more, in energy.
    “Achieving good energy outcomes requires collaboration across the sector and across political lines. A multi-party strategy and agreed direction of travel can provide the best stability and confidence needed for long-term investments.
    “By empowering people and businesses to adopt cleaner technologies and fostering a stable regulatory environment, we can build a resilient and sustainable energy system.”
    “Today’s announced policy statement will assist in developing an energy strategy to guide investment, which the Government plans to release by the end of this year.
    The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

    MIL OSI New Zealand News –

  • MIL-OSI Security: Defense News: SECNAV Del Toro As-Written Remarks at the San Francisco Fleet Week Office of Small Business Programs Event

    Source: United States Navy

    Introduction/Thank You

    Good afternoon, everyone!

    It is great to be here with you all here in San Francisco.

    Ms. Washington, thank you for your kind introduction, and for your work removing barriers to entry for our small business partners—and for your tireless efforts growing their number.

    Mr. Horton, Mr. Manalisay, thank you for helping coordinate this wonderful event and all the work you do on behalf of our small business partners.

    Most importantly, I would like to thank you all—the members of our nation’s small businesses—for being here and engaging with us. 

    From my vantage point as Secretary of the Navy, a healthy, diverse industrial base made up of companies of all sizes—founded by American entrepreneurs from all walks of life—is absolutely crucial to the success of our Navy and our Marine Corps.

    I look forward to meeting with several of you today—to hear your business stories and to learn more about your products and services. 

    I encourage all of you to engage with our DON Office of Small Business Programs team to identify ways we can work together.

    We in the Department of the Navy are laser-focused on building and maintaining relationships with the small businesses that comprise our defense ecosystem.

    DON Small Business Goals FY24/FY25

    We are committed to investing in your businesses, procuring the goods and services our Department needs to be successful in our assigned missions.

    In Fiscal Year 2024, we spent nearly $21 billion on contracts with small businesses. Breaking that number down further, we spent:

    $7.9 billion on contracts with Small Disadvantaged Businesses,

    $3 billion on contracts with Service-Disabled Veteran Owned Small Businesses,

    $3 billion on contracts with Women Owned Small Businesses,

    and $2 billion on HUBZone prime contracts with small businesses.

    The overall, Small Disadvantaged Business, Service-Disabled Veteran Owned Small Business and HUBZone amounts are all records for the Department of the Navy.

    We didn’t just break records—we exceeded our goals for the percentage of contract dollars awarded to small businesses across all four of the subcategories.

    Those are the facts—and we aim to set new records and exceed our goals again in Fiscal Year 2025.

    And these contracts didn’t just go to companies that already have existing contracts or relationships with the Navy either.

    In Fiscal Year 2024, we had 1,538 new small businesses join our ecosystem nationwide—and they were awarded contracts worth a total of $1.22 billion.

    Here in the Bay Area, the Office of Naval Research is working with companies like Atomic—headquartered in Pleasanton—for the design, development, and building of atomic clocks to reduce the size, weight, and power of the clocks while ensuring it still operates at peak performance at sea.

    That contract alone is worth $2.89 million.

    Or, as another example, Naval Information Warfare Systems Command is working with Arize AI—headquartered in Berkeley—for AI machine learning to develop algorithms for underwater threat detection.

    That contract is worth $451 thousand.

    While the Fiscal Year 2024 numbers aren’t finalized yet for this area, I can tell you that in Fiscal Year 2023, we partnered with Small Businesses here on contracts worth a total of $526 million.

    I don’t know how many of you remember the total nationwide number I mentioned earlier—but contracts awarded to Bay Area small businesses make up a full two percent of Department of the Navy small business contracts.

    Closing

    There are very few areas of our country as critical to the success of our Navy and Marine Corps—and the health and wellbeing of our Sailors and Marines—than this area.

    There are no shortages of engagements on the horizon between our Department and this community.

    I look forward to working with our small businesses to provide our Navy and Marine Corps team with the support, systems, and platforms we need to confront the global challenges we face today.

    I’m excited to meet with all of you today and learning about what the Department of the Navy can do to remove the barriers to entry for your businesses—and what you can do to help the Department!

    Thank you again, and may God bless our Sailors, Marines, civilians, and their families.

    MIL Security OSI –

  • MIL-OSI Security: Court Prohibits Two Texas Physicians from Prescribing Opioids and Imposes $1.2M in Civil Penalties for Alleged Unlawful Opioid Distribution

    Source: United States Attorneys General

    A federal court has prohibited two Dallas-area physicians from prescribing opioids and other controlled substances and imposed a total of $1.2 million in judgments against them in a case alleging the physicians violated the Controlled Substances Act (CSA), the Justice Department announced today.

    In a civil complaint filed in 2019 in the Northern District of Texas, the United States alleged that Cesar B. Pena Rodriguez M.D. and Leovares A. Mendez M.D. violated the CSA by issuing prescriptions for opioids and other powerful drugs outside the usual course of professional practice and not for a legitimate medical purpose. The complaint alleged that the defendants issued thousands of prescriptions without apparent regard for patient harm, including prescriptions for a combination of an opioid, a short-acting benzodiazepine, and a muscle relaxer — a dangerous and frequently-abused drug cocktail known as the “trinity.” In an order filed Oct. 8, the court imposed a $291,451 civil penalty judgment against Mendez in addition to a $914,021 civil penalty judgment against Pena Rodriguez entered earlier this year.

    “Prescribing opioids for no legitimate purpose betrays the trust placed in our medical professionals and significantly threatens the communities they serve,” said Principal Deputy Assistant Attorney General Brian Boynton, head of the Justice Department’s Civil Division. “The Justice Department will continue to use every available tool to stop doctors who fail to uphold their obligation to prescribe controlled substances lawfully.”

    “Doctors are charged with protecting and healing us when we are sick and vulnerable. Instead of healing vulnerable members of our community, these doctors sought to profit off of their addictions,” said U.S. Attorney Leigha Simonton for the Northern District of Texas. “The U.S. Attorney’s Office’s Civil Division, in conjunction with our partners in the Consumer Protection Branch, sought immediate injunctive relief to prevent these doctors from prescribing to addicts and have now terminated their ability to ever put their patients at risk in this way again.”

    “Peña-Rodríguez and Mendez were distributing deadly controlled substances mix known as the ‘trinity’ outside the course of a legitimate medical need, simply to get rich,” said Special Agent in Charge Eduardo A. Chávez of the Drug Enforcement Administration (DEA) Dallas. “Following our successful criminal prosecution, we issued a trinity of ourselves through not just criminal penalties, but now civil and administrative ones as well. Standards for our medical professionals must stay high because patients deserve a doctor they can trust. We will continue to partner with the U.S. Attorney’s Office to seek all avenues of justice and accountability against all medical providers who violate their code of conduct.”

    The defendants agreed to consent judgments to settle the allegations in the complaint. The orders entered by the court permanently prohibit Pena Rodriguez and Mendez from ever again prescribing, dispensing, administering or distributing controlled substances. The orders also bar them from holding DEA registrations or working at, supervising or owning a medical practice where controlled substances are present.

    In a separate criminal action, Pena Rodriguez previously pleaded guilty to one count of conspiracy to unlawfully distribute controlled substances. Mendez was found guilty at a jury trial of one count of conspiracy to distribute a controlled substances and six counts of unlawful distribution of controlled substances. Mendez was sentenced to seven years in prison. Dr. Pena Rodriquez was sentenced to two years in prison.

    The DEA investigated the case.

    Assistant U.S. Attorney Sarah Delaney for the Northern District of Texas and Trial Attorney Scott B. Dahlquist of the Civil Division’s Consumer Protection Branch prosecuted the case.

    The claims made in the complaint are allegations that the United States would need to prove by a preponderance of the evidence if the case proceeded to trial.

    MIL Security OSI –

  • MIL-OSI USA: To Celebrate Hispanic Heritage Month, Reed Leads Tour of Latino-Owned Small Businesses

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    CENTRAL FALLS, RI – In an effort to highlight the Ocean State’s vibrant Latino culture, restaurants, and small businesses, U.S. Senator Jack Reed today teamed up with the City of Central Falls and the Rhode Island Hispanic Chamber of Commerce to celebrate Hispanic Heritage Month and lead a special walking tour along Broad Street in Central Falls.
    The theme of this year’s Hispanic Heritage Month is “Pioneers of Change: Shaping the Future Together.” Hispanic Heritage Month is observed annually from September 15 to October 15.  It is a time to appreciate and celebrate the colorful cultures, rich histories, and diversity of the nation’s Hispanic population whose ancestors came from Spain, Mexico, the Caribbean, and Central and South America.
    The special walking tour: “Un recorrido por los negocios hispanos que impulsan y elevan a nuestras comunidades” (“A tour of hispanic businesses that fuel and uplift our communities”), featured several small businesses, both new and long-standing establishments, and amplified ventures that are helping power the local economy forward while also giving back to their neighbors.
    “The theme of this year’s Hispanic Heritage Month is about shaping the future.  As we saw during today’s walking tour, Mayor Rivera, the Rhode Island Hispanic Chamber of Commerce, and Central Falls’ diverse small business community have embodied that theme through their actions, advocacy, and commitment to their neighbors,” said Senator Reed.  “I will continue to stand with Rhode Island’s vibrant and diverse Hispanic and Latino communities to ensure that the future of our state remains strong, prosperous, and welcoming to all who want to plant their roots here.”
    “Central Falls celebrates the rich cultural contributions of our Latino and Hispanic communities and is home to many Latino-owned small businesses that make our city vibrant,” said Central Falls Mayor Maria Rivera.  “Thank you, Senator Reed, for your incredible partnership and support for Latino communities across Rhode Island, and to the Hispanic Chamber of Commerce for ensuring these businesses have the resources they need to succeed.”
    At the beginning of the tour, Senator Reed joined Mayor Rivera, Oscar Mejias, and members of the community for lunch at La Hacienda Restaurant, a family-owned restaurant dishing out authentic Salvadoran Mexican cuisine. The group then visited a host of local businesses that help the community celebrate together, eat together, and join together.
    The tour included stops at Krystal’s Flower Shop, a small business providing specialty floral arrangements and decorations for celebrations and ceremonies; Esperanza Convenience Store; Tony’s Shoe Service; Rossell’s Beauty Salon, a community institution that has been a fixture on Broad Street for nearly 30 years; and Elsy Nutrition, a family-owned small business promoting the importance of good nutrition.
    Hispanic or Latino residents now make up 18 percent of Rhode Island’s population, up from 12.4 percent in 2010, according to the latest numbers from the U.S. Census Bureau.  The Ocean State has long been home to thriving Colombian, Dominican, Guatemalan, Puerto Rican, and Mexican communities among others, each with its own unique traditions and identities within the Hispanic community that all contribute to Rhode Island’s shared culture and heritage.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Stansbury Leads Letter Urging Speaker Johnson to Call House Back Into Session to Vote on Emergency Disaster Relief Funding

    Source: United States House of Representatives – Representative Melanie Stansbury (N.M.-01)

    ALBUQUERQUE—Congresswoman Melanie Stansbury (NM-01) led a letter urging House Speaker Mike Johnson (LA-04) to bring the U.S. House of Representatives back into session to approve necessary funding for the Federal Emergency Management Agency (FEMA) and the Small Business Administration (SBA) to fulfill their Hurricane Helene and Milton relief missions. Recent legislation has provided initial relief funds but falls critically short of what will be necessary to address the scale of destruction and the recovery needs for Fiscal Year 2025. From Milton and Helene, to wildfires and flooding at home in New Mexico, replenishment of federal disaster funds is critically needed. 

    61 Members of Congress signed the letter.  

    “I want to send everyone who is in the path of Hurricane Milton my prayers,” Congresswoman Stansbury said. “This is a difficult time, especially as Hurricane Helene made landfall just a few days ago. In New Mexico, our communities experienced a catastrophic fire and flooding in Lincoln and Otero counties and are still recovering. But beyond that, we need to make sure that all families and all communities across the United States can access necessary disaster relief funds. That’s why I co-led this letter. We must do the work to ensure our communities are safe.” 

    “We write to you amidst a season marked by unprecedented natural disasters and increasingly severe weather events that have left communities across our nation in dire need of additional and comprehensive disaster relief funding,” wrote the Members. “The funds previously allocated were a necessary first step, allowing for an initial response to the immediate aftermath of these disasters. However, as recovery efforts continue, it is abundantly clear that these funds will not suffice.” 

    As representatives of the American people, it is our duty to ensure that every community has the resources to recover and rebuild in the wake of devastation. This is not merely a matter of policy but a profound obligation to the citizens we serve, who depend on their government for support in their most critical times of need,” the Members continued. “Therefore, we strongly urge you to bring the US House of Representatives back into session to approve the necessary funding that will empower FEMA and the SBA to fulfill their disaster relief missions. Our communities cannot wait, and we must act swiftly to provide them with the assurance that their government will stand by them.” 

    A full copy of the letter can be found by clicking here, or reading below: 

    Dear Speaker Johnson,  

    We write to you amidst a season marked by unprecedented natural disasters and increasingly severe weather events that have left communities across our nation in dire need of additional and comprehensive disaster relief funding. 

    Recent legislation has provided initial relief funds, yet these provisions fall critically short of what will be necessary to address the scale of destruction and the recovery needs for Fiscal Year 2025. We, therefore, urge you to immediately reconvene the US House of Representatives so that it can pass robust disaster relief funding.  

    The funds previously allocated were a necessary first step, allowing for an initial response to the immediate aftermath of these disasters. However, as recovery efforts continue, it is abundantly clear that these funds will not suffice. 

    Furthermore, the frequency and intensity of these extreme weather events are a clarion call for proactive measures. The Federal Emergency Management Agency (FEMA) must be equipped not only to respond to current disasters but also to adequately prepare for future events. This requires substantial funding that ensures FEMA can maintain a state of readiness and provide immediate assistance when disasters strike. Additionally, the Small Business Administration disaster relief loan program must be replenished as soon as possible to help business owners rebuild their enterprises and communities. 

    As representatives of the American people, it is our duty to ensure that every community has the resources to recover and rebuild in the wake of devastation. This is not merely a matter of policy but a profound obligation to the citizens we serve, who depend on their government for support in their most critical times of need. 

    Therefore, we strongly urge you to bring the US House of Representatives back into session to approve the necessary funding that will empower FEMA and the SBA to fulfill their disaster relief missions. Our communities cannot wait, and we must act swiftly to provide them with the assurance that their government will stand by them. 

    Thank you for your attention to this urgent matter. We hope for your leadership in reconvening the House and ensuring that our nation is prepared to meet the challenges posed by natural disasters. 

    ###

    MIL OSI USA News –

  • MIL-OSI China: China, ASEAN issue joint statement on conclusion of FTA upgrade negotiations

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

    BEIJING, Oct. 10 — Leaders from China and the Association of Southeast Asian Nations (ASEAN) on Thursday announced the substantial conclusion of Version 3.0 China-ASEAN Free Trade Area (FTA) upgrade negotiations and issued a joint statement, according to China’s Ministry of Commerce.

    The statement covers existing areas of the China-ASEAN FTA agreement as well as emerging areas that have great cooperation potential, including the digital economy, the green economy and supply chain interconnectivity, the ministry said.

    It said that the conclusion of the negotiations demonstrates the unswerving commitment of both sides to protecting a rules-based trading environment, deepening economic integration and pragmatic cooperation in a complex global environment, and accelerating post-pandemic economic recovery.

    Both China and ASEAN have confirmed that they will accelerate work involving legal reviews and domestic procedures to promote the signature of the 3.0 upgrade protocol in 2025, the ministry said.

    The construction of the China-ASEAN Free Trade Area was completed in 2010, and Version 3.0 China-ASEAN FTA negotiations began in November 2022.

    MIL OSI China News –

  • MIL-OSI Submissions: Australia – Newcastle Airport lands sustainability funding – CBA

    Source: Commonwealth Bank of Australia (CBA)

    CommBank supports the growing gateway to the Hunter with a $235m Green Sustainability-Linked Loan.

    Newcastle Airport has successfully converted $235m of funding from CommBank to support sustainability initiatives over the next five years.

    CommBank acted as sole coordinator in the deal and will provide funding through an innovative Green Sustainability-Linked Loan (GSLL). The Green Loan component can fund energy efficient buildings, renewable energy, energy efficiency, pollution prevention and control, electric vehicle transportation and biodiversity initiatives.

    The Sustainability-Linked Loan ties interest rates to performance on three sustainability outcomes, building on existing achievements:

    Set and work towards a science-based target for reducing scope 3 emissions, caused indirectly throughout the airport’s supply chain. As part of this, the airport will work with airlines and tenants to reduce supply chain emissions installing infrastructure to support stakeholders to meet their goals, collaborating on mutually beneficial initiatives and advocating for sustainable aviation fuel (SAF) alternatives for the aviation industry.

    Maintaining the third-highest level in Airport Carbon Accreditation (ACA), one of only two airports in Australia to do so. The ACA independently assesses and recognises the efforts of airports to manage and reduce their carbon emissions. Newcastle Airport’s accreditation showcases its commitment to sustainable practices and environmental stewardship.

    Waste reduction – committing to reducing waste to landfill for the entire airport precinct by collaborating with precinct stakeholders, investing in diversion initiatives and waste education programs.

    The new loan builds on Newcastle Airport’s commitment to achieving net zero scope 1 and scope 2 carbon emissions by 2030. Some of the important ways the airport has progressed on its commitment include:

    Designing and building energy efficient structures: the new terminal build has received a 5-Star Green Star ‘Designed’ Record of Achievement from the Green Building Council of Australia. Innovation hub Astra Aerolab buildings under development are also targeting the same accreditations. The expanded terminal at Newcastle Airport achieving a 5 Star Green Star rating is a testament to its high level of sustainability and environmental performance.

    Renewable energy: new carpark roof now supports 1236 solar panels.
    New partnership with an Australian renewable energy retailer, allowing energy requirements to be met entirely through renewable sources. This is a significant step towards the airport’s commitment of achieving net zero scope 2 emissions well ahead of its original 2030 target.

    Newcastle Airport CEO Dr. Peter Cock thanked CommBank for its support and said the loan funding will play a crucial role in delivering the airport’s sustainability promise and is fundamental to its commitment of being the airport the region deserves.

    “The people of the Hunter have high expectations,” Dr Cock said. “Ongoing investment in energy-saving and green initiatives is a key driver of Newcastle Airport’s leadership in the sustainable energy space. The Hunter is a region in transition, and Newcastle Airport is committed to enabling that shift towards our region and nation achieving net zero.

    “Our partnership with CommBank contributes to global sustainability efforts and aligns with our goal to become the green gateway to NSW.”

    CommBank General Manager Regional and Agribusiness Banking, Vanessa Nolan-Woods, said: “We’re delighted to continue our ongoing partnership with Newcastle Airport and play a role in helping to support the growth and sustainability of the Hunter and Newcastle region.

    “Newcastle Airport is already making strong progress in the transition to net-zero and its desire to set ambitious new environmental targets as part of this new funding arrangement demonstrates a continued commitment to achieving sustainable outcomes and the development of a world-class gateway to the Hunter region.”

    Commenting on CBA’s commitment to the region, Ms Nolan-Woods said: “We have expanded our Business Banking and customer support teams on the ground to better support growth in the region. We are also incredibly proud of our specialist sustainable finance team who work with our bankers and their customers to help them innovate and accelerate sustainability objectives.”

    CBA is committed to supporting the aviation and transport sectors with sustainable finance. Recent transactions include:

    • Dysons Group: Structured financing to support electrification of bus fleet following Victorian Government’s award of 10-year metropolitan bus contract.
    • GoZero Group: Asset finance to support GoZero school bus electrification in New South Wales
    • North Queensland Airport: Sustainability-Linked Loan tied to better biodiversity outcomes and partnership with First Nations peoples.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Shaheen, Hassan, Pappas Deliver Remarks at New Hampshire Life Sciences Inaugural Event and Celebrate Granite State Innovation

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Salem, NH) – Today, U.S. Senators Jeanne Shaheen (D-NH), a senior member of the U.S. Senate Appropriations Committee, and Maggie Hassan (D-NH), along with U.S. Representative Chris Pappas (NH-01), delivered remarks at the inaugural celebration of New Hampshire Life Sciences. This statewide life sciences association fosters economic growth and awareness of the life sciences industry in New Hampshire, bringing world-class talent and innovation to the state. You can find photos from today’s event here.
    “Fueling local economies and growing industries, including New Hampshire’s innovative life sciences industry, requires collaboration,” said Senator Shaheen. “That’s why I’m glad to see so many companies and organizations in this association developing cutting-edge therapies right here in the Granite State that will save lives in the state and beyond. The formation of New Hampshire Life Sciences will help improve lives, all while growing our state’s economy and creating good-paying jobs.” 
    “Today’s Live Free Life Science celebration reaffirms that anyone who wants to innovate, research, or create should come to the Live Free or Die State,” said Senator Hassan. “Life sciences companies are advancing cutting-edge science while creating good paying jobs and are an example of the many innovative businesses that choose to make New Hampshire home.”   
    “New Hampshire has always been a place that has driven innovation and technology, and today’s inaugural Live Free Life Science Event and Celebration further proves that,” said Congressman Pappas. “Our life science industry is driving economic growth, employing thousands, and accomplishing innovative work that is saving lives. I want to thank New Hampshire Life Sciences for convening this summit to connect businesses, share information and resources, and plan for the future of life sciences here in the Granite State.” 
    “The strength of New Hampshire’s life sciences industry was on full display at our Live Free Life Science event, and we are thrilled by the engagement from industry and elected leaders from across the state,” said Andrea Hechavarria, President & CEO of NHLS. “There has been incredible momentum generated over our first year in operation, creating a springboard for our work to help grow the Granite State’s cutting-edge life sciences companies.”
    As Chair of the U.S. Senate Commerce, Justice, Science and Related Agencies Appropriations Subcommittee, Shaheen leads efforts to promote American innovation and accelerate long-term sustainable economic growth. Last month, Shaheen, Hassan and Pappas celebrated the grand-opening of Novocure’s North American flagship facility located in downtown Portsmouth which will house a world-class training and development center, bringing physicians and scientists from around the world to New Hampshire and creating hundreds of high paying jobs in the state.
    In July, the New Hampshire Congressional delegation welcomed $44 million in federal funding awarded to the ReGen Valley Tech Hub through the bipartisan CHIPS and Science Act to accelerate Southern New Hampshire’s growth into a global epicenter for the production and distribution of regenerative cells, tissues and organs. Last year, Shaheen, Hassan and Pappas visited the Advanced Regenerative Manufacturing Institute (ARMI) to celebrate the ReGen Valley Consortium’s Tech Hub designation.  
    Prior to that, Shaheen and Hassan hosted Commerce Secretary Raimondo at ARMI following Economic Development Administration’s (EDA) selection of Southern New Hampshire’s BioFabrication Cluster as a Build Back Better Regional Challenge (BBBRC) awardee. This separate $44 million award– which Shaheen, Hassan, and Pappas also advocated for – is being used as a down payment to establish Southern New Hampshire’s leading role in regenerative tissue and organ production.   

    MIL OSI USA News –

  • MIL-OSI USA: October 10th, 2024 Heinrich Unveils N.M. Minority Business Development Center’s New Office in Albuquerque

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    Heinrich was instrumental in establishing and standing up the Minority Business Development Center in New Mexico
    ALBUQUERQUE, N.M. – U.S. Senator Martin Heinrich (D-N.M.), Chairman of the U.S. Joint Economic Committee, joined Albuquerque Mayor Tim Keller, community leaders, and small business owners to unveil a new, larger office space for the New Mexico Minority Business Development Center (Business Center) as part of a new Business Resource Center that will also house the City of Albuquerque’s Small Business Office.
    Heinrich wrote the legislative provision that established and funded the New Mexico Business Center in 2020, securing more than $2.5 million in federal resources through the U.S. Department of Commerce’s Minority Business Development Agency for its staffing and programming.

    U.S. Senator Martin Heinrich (D-N.M.) participates in a ribbon cutting ceremony to welcome the newly expanded office space for the New Mexico MBDC in Albuquerque, October 10, 2024.
    “Local businesses are the beating hearts of our communities and backbone of our economy. That’s why, four years ago, I wrote the federal legislative provision that re-opened New Mexico’s Minority Business Development Center and fought to fund its operations. And it’s why I am so pleased to celebrate this expanded Center in Albuquerque and the locations now open in Las Vegas and Las Cruces,” said Heinrich. “With the $2.5 million-plus in federal resources I’ve been able to deliver, we are expanding support for local businesses across our state as they create the types of careers New Mexicans can build their families around, in their home communities.”  
    Background:
    The federal Minority Business Development Agency’s (MBDA) mission is to promote the growth and global competitiveness of Minority Business Enterprises (MBE) in order to unlock the country’s full economic potential. The MBDA supports a national network of Business Centers and technical assistance programs that help entrepreneurs and small business owners overcome obstacles and grow their businesses.
    In 2018, New Mexico’s previous Minority Business Development Center closed. In 2020, Heinrich authored report language in Fiscal Year (FY) 2021 Appropriations Bills that required the U.S. Commerce Department’s Minority Business Development Agency to re-open a new Business Center in New Mexico. 
    Heinrich then worked closely with the City of Albuquerque and the Albuquerque Hispano Chamber of Commerce to secure an initial $300,000 in federal funding to help establish the new Business Center, along with delivering $1.875 million in federal funding to support the first five years of its operations. 
    In subsequent funding cycles, Heinrich has secured additional federal resources to expand the staffing and services offered by the Minority Business Development Agency in New Mexico. 
    In the FY2023 Appropriations Bills, Heinrich secured $200,000 in Congressionally Directed Spending (CDS) to help the Business Center hire two more business advisors based in Las Cruces and expand the reach of their services throughout New Mexico. 
    In the FY2024 Appropriations Bills, Heinrich secured an additional $200,000 CDS to help the Business Center launch a new technical assistance project that will provide professional business development services to support and promote the growth and success of minority-owned businesses across the state. 
    Earlier this year, Heinrich included $300,000 in Congressionally Directed Spending within the FY2025 Financial Services and General Government Appropriations Bill, which advanced out of the Senate Appropriations Committee in August, to help the Business Center create a Food and Beverage “New to Export” Cohort that will provide comprehensive support to business enterprises looking to export their products.
    Heinrich recently welcomed the opening of a new Minority Business Development Centerin Las Cruces, thanks to the federal funding he secured in the FY2023 Appropriations Bills, and an additional $183,000 award from the MBDA and $20,000 from the City of Albuquerque to open a new Rural Minority Business Development Center in Las Vegas.    

    MIL OSI USA News –

  • MIL-OSI China: 136th Canton Fair to gather over 30,000 enterprises offline

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

    BEIJING, Oct. 10 — Over 30,000 enterprises from home and abroad will be in physical attendance at the 136th session of the China Import and Export Fair, popularly known as the Canton Fair, the Ministry of Commerce said on Thursday.

    The fair will be held in Guangzhou in three phases between Oct. 15 and Nov. 4, and is set to include 55 exhibition areas covering 1.55 million square meters.

    Approximately 390,000 digital and smart products will be showcased at this session, skyrocketing 300 percent from the 135th Canton Fair, and the number of green and low carbon products will be up 130 percent from the previous session, according to ministry official Xiao Lu.

    As of Wednesday, about 125,000 overseas buyers from 203 countries and regions have expressed their willingness to attend the 136th fair.

    A record high of over 750 trade promotion activities will be held this session, alongside approximately 400 activities to launch new products, with that number up by over 30 percent from the previous fair.

    The functions of the online platform for the 136th Canton Fair have been optimized further, the ministry said, noting that 48,000 enterprises have uploaded 3.75 million products to the platform, with both of those figures reaching historic highs.

    Launched in 1957 and held twice yearly, the Canton Fair is considered a major gauge of China’s foreign trade.

    MIL OSI China News –

  • MIL-OSI China: China’s services trade reports rapid growth

    Source: China State Council Information Office 3

    A robot poses during the 2024 China International Fair for Trade in Services (CIFTIS) at the China National Convention Center in Beijing, capital of China, Sept. 12, 2024. [Photo/Xinhua]

    China’s services trade saw rapid growth in the first eight months of the year, including a steep increase in the trade of travel-related services, official data showed on Thursday.

    The country’s services trade totaled nearly 4.89 trillion yuan (691.24 billion U.S. dollars) between January and August, up 14.3 percent year on year, according to the Ministry of Commerce.

    Services exports exceeded 2 trillion yuan, up 13.3 percent, and services imports jumped 15.1 percent to over 2.88 trillion yuan, resulting in a deficit of 874.88 billion yuan.

    Trade in travel-related services skyrocketed 45 percent to surpass 1.33 trillion yuan, and trade in knowledge-intensive services rose 4.4 percent to nearly 1.9 trillion yuan.

    MIL OSI China News –

  • MIL-OSI China: China Booth debuts at 2024 IMEX America

    Source: China State Council Information Office 3

    China presented a fresh image in the global MICE tourism market, business insiders told Xinhua Thursday when IMEX America 2024 concluded in Las Vegas.

    MICE, meaning Meetings, Incentives, Conferences, and Exhibitions, is a type of business travel that involves large groups of people gathering for meetings, conferences, incentives, and exhibitions.

    According to a report released by the Fortune Business Insights in September, the global MICE market was valued at 904.30 billion U.S. dollars in 2023 and is projected to grow from 970.76 billion dollars in 2024 to 1,932.73 billion dollars by 2032.

    It’s the reason why China prompted its MICE tourism resource in the most important annual exhibition of the industry by debuting a booth for the first time, Wu Dawei, the China National Tourist Office Los Angeles Director, explained to Xinhua.

    China aims at showing the country’s new look in the global MICE travel market and providing global buyers with a rich variety of MICE travel options, he noted.

    “During the exhibition, the Chinese delegation held several rounds of meetings with hundreds of international buyers to discuss in-depth cooperation in conference planning, product design and event organization in the future, which is expected to inject new vitality into China’s MICE market,” he said.

    Debra Brown from SmartBird World Travel in Atlanta, visited the China Booth on the first day of the exhibition. She planned to discuss with the China National Tourist Office Los Angeles about a conference she is organizing in Nanjing next year.

    The China Booth was joined by the cultural and tourism departments of Beijing, Shanghai, Shaanxi, and Chongqing, along with several MICE service providers from China, and Air China that provides flexible and efficient transportation solutions for international MICE groups by leveraging its extensive route network and convenient transfer services.

    They held multiple rounds of meetings with buyers from across the globe, showcasing China’s rich historical and cultural resources, its modern conference facilities and international business environment while exploring new opportunities for collaboration.

    “These discussions are expected to inject new vitality into China’s MICE tourism market,” Wu said.

    Lu Jiangtao, representative from the Shanghai Municipal Bureau of Culture and Tourism, said that the largest city of China is positioning itself as the primary entry point for inbound tourism to the country.

    “Participating in the exhibition allows Shanghai to gain a deeper understanding of the latest trends and market demands in the global MICE industry,” he said.

    Guan Ting from Beijing BTG Tourism Development Co. told Xinhua that he had engaged with several professional counterparts worldwide at the three-day show to explore new markets and opportunities.

    “It will positively impact our group’s future development in the international market,” he said. BTG is a subsidiary of Beijing Capital Tourism Group.

    IMEX America is the largest trade show for the global meetings, events and incentive travel industry. This year’s show, kicked off Tuesday, attracted thousands of buyers and participants.

    MIL OSI China News –

  • MIL-OSI China: US CPI up 2.4% in September

    Source: China State Council Information Office

    A vehicle gets refueled at a gas station in Arlington, Virginia, the United States, Aug. 14, 2024. [Photo/Xinhua]

    U.S. consumer inflation in September increased 2.4 percent from a year ago, after climbing 2.5 percent in August and 2.9 percent in July, the U.S. Labor Department reported Thursday.

    According to the report released by the Bureau of Labor Statistics, the Consumer Price Index (CPI) — a broad measure of goods and services costs across the U.S. economy — increased 0.2 percent on a seasonally adjusted basis in September, the same increase as in August and July.

    The latest inflation report showed that the so-called core CPI, which excludes food and energy, increased 0.3 percent in September, as it did the preceding month. In July, it rose 0.2 percent.

    The core CPI has risen 3.3 percent over the last 12 months, indicating continued inflation pressure. In August, the 12-month core inflation rate held at 3.2 percent.

    The index for shelter rose 0.2 percent in September, and the index for food increased 0.4 percent. Together, these two indexes contributed over 75 percent of the monthly all-items increase.

    The energy index fell 1.9 percent over the month, after declining 0.8 percent the preceding month.

    Indexes that increased in September include shelter, motor vehicle insurance, medical care, apparel, and airline fares. The indexes for recreation and communication were among those that decreased over the month.

    After its meeting held on Sept. 17 to 18, the U.S. Federal Reserve slashed the target range for the federal funds rate by 50 basis points to 4.75 percent to 5 percent, amid cooling inflation and a weakening labor market. This marks the first rate cut in over four years and signals the start of an easing cycle.

    U.S. Fed Chair Jerome Powell has said that if the economic data stay stable, future rate cuts are expected to be smaller than the half-percentage-point reduction in September.

    The Fed will hold its next policy meeting from Nov. 6 to 7. As of Thursday, the probability of the Fed cutting rates by 25 basis points at the November meeting is over 80 percent, showed the Chicago Mercantile Exchange Group’s FedWatch Tool, which acts as a barometer for the market’s expectation of the Fed funds target rate.

    MIL OSI China News –

  • MIL-OSI Russia: Heading for your own business: how the MBM Business School helps aspiring entrepreneurs

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Find an idea for a business, register your business, learn the basics of marketing and develop a strategy for promoting your personal brand – these and other important knowledge for entrepreneurs can be obtained in“MBM Business School”Any Muscovite who wants to open their own business and run it successfully can become a participant in free classes.

    In October, the MBM Business School celebrated its seventh anniversary. During this time, more than 16 thousand people have completed their studies there. Every second graduate opens your own business. Read about how experts help aspiring entrepreneurs to identify their target audience, study the market and modern trends, and work through legal and accounting issues in the mos.ru article.

    Come up with an idea and create your own brand

    Many people dream of switching from a paid job to their own business in order to freely manage their time, gain financial independence, set goals and achieve results. But starting a business and achieving success is not so easy: it requires not only courage and organizational skills, but also certain knowledge and skills. During the five-day free course at the MBM Business School, students will be helped to find an entrepreneurial idea, taught how to prepare effective presentations, “package” a product or service, analyze the market and promote a brand on social networks.

    “Every day, different speakers address the participants of the classes with specific topics. I talk about the importance of social networks for expanding the audience, attracting customers and increasing brand awareness. At the same time, it is better to limit yourself to two or three social networks at first, because you may not have enough time and energy for more. The next important point is to choose a social network that is used more often by the target audience. For example, Odnoklassniki is preferred by older people than users of the social network VKontakte. In addition, during the class, we have time to create a Telegram channel, come up with a name for it and invite the first subscribers,” says Alexandra Lynova, an expert in visual communication in digital and social media at the MBM Business School.

    To register for the school, you don’t necessarily have to have a ready-made entrepreneurial idea: anyone who wants to start their own business can join. For the convenience of participants, classes are held in person or online.

    “Everyone has entrepreneurial skills, and it’s never too late to change your life. For example, a man over 60 years old became a participant in the last cohort of the MBM Business School. He had worked in journalism all his life, and now he is thinking about his own publishing business. We also had a mother of many children who was inspired by the idea of creating a network of fitness clubs for women with small children. Experts help aspiring entrepreneurs in all matters,” continues Alexandra Lynova.

    Sobyanin: Entrepreneurs can receive educational support from the cityThe country’s first youth entrepreneurship hub has been created in Moscow — Sobyanin

    Set goals and find mentors

    The training at the MBM Business School is structured in such a way that students not only receive theoretical knowledge, but also complete practical tasks and adopt the experience of experts. Thus, the founder and director of the online educational center Diana Ipkeeva came to the MBM Business School a year ago with an already working project, but without a specific understanding of where to move next. Experts helped her refine the concept, formulate the mission and values.

    “I always wanted to work for myself, and after moving to Moscow, my husband and I started tutoring Russian and mathematics. As a result, there were so many students that we decided to open our own educational center and attract other teachers. But I didn’t know where to get them, how to train them and employ them. At the MBM Business School, I became convinced that people needed my idea, received tremendous support from teachers and other entrepreneurs, mastered accounting and legal aspects, and learned the rules of marketing,” says Diana Ipkeeva.

    After training, the entrepreneur added English to the list of subjects at her educational center, tripled the number of teachers, and the number of students increased several times.

    “On this course I found two mentors who still support me. New plans appeared, an understanding of where to grow further, we already have goals planned for two years in advance. I recommend the MBM Business School to anyone who wants to start their own business. These five days are enough to understand whether a person is ready to become an entrepreneur or if it is better for them to work for hire. For those who are not ready, this will help to avoid mistakes and disappointments, and if after the classes a person is strengthened in their desire, they will be informed enough to boldly follow this path,” the mos.ru interlocutor believes.

    From maternity leave to entrepreneurship

    Participants of the MBM Business School take various industry streams: courses for the self-employed, social business, education, restaurant business, beauty industry, marketplace business and women’s entrepreneurship. The latter is in demand among young mothers.

    “My target audience is aspiring female entrepreneurs who dream of being successful in their favorite business. And most of them are mothers who have two, three or even four children. It is important for me to show how a woman can achieve success at a comfortable pace and attract grateful clients, relying on her personal qualities,” says Oksana Sharaya, entrepreneur, coach and women’s trainer at the MBM Business School.

    One of her students, working as a marketer at a bank, decided to start her own jewelry business during the coronavirus pandemic. After completing the course, the aspiring entrepreneur created a business project, registered as self-employed, and today is the owner of a successful jewelry brand.

    “The main thing in training is the search for meaning. A female entrepreneur must understand what she can bring to this world and who will benefit from it. In classical business, it is absolutely unimportant for an entrepreneur and his target audience to have similar values, but for women’s self-realization it is important. In addition, women, as a rule, have good organizational skills and can be unobtrusive leaders, and they implement these qualities in business, inspiring and supporting their employees,” Oksana Sharaya is sure.

    Women entrepreneurs are invited to take part in the MBM mini-intensive

    Overcome the crisis and expand your business

    Participation in the MBM Business School helps aspiring entrepreneurs to work out an idea, form a concept for their brand, and strengthen their business and personal qualities. Offline stream participants prepare projects that they present at the end of the program — a business plan or strategy for developing their company. For example, fashion designer and head of a shoe fashion house Daria Detkina, studying at the business school in 2018 helped her get out of the crisis and find a new direction in her favorite business.

    “Working in one company, I grew from a designer to a creative director. At the same time, private orders began to come in, and I became more and more immersed in the world of entrepreneurship. And after 2014, I finally decided to go into my own business. Fortunately, I quickly found clients, and then a business partner. However, three years later, I realized that I needed to change somehow. Then I learned about the MBM Business School,” says Daria Detkina.

    After participating in the program, the fashion designer decided to create not only custom-made shoes, but also limited collections, and provide services to entrepreneurs who want to produce shoes under their own brand. Darya Detkina has a workshop, a production facility with 3D equipment, and a photo studio, and she recently rented another space, where she is currently renovating.

    “At business school, they told us how to analyze the target audience, create unique offers, explained accounting and legal subtleties. I save all these lectures and often review them. But the most valuable thing for me in my studies was networking. When you communicate with similarly charged, motivated people, it is very inspiring,” says the mos.ru interlocutor.

    The next stream of the MBM Business School will begin offline classes on October 14. You can register for participation by link.

    State Budgetary Institution “Small Business of Moscow” also holds free forums, seminars, trainings, conferences for entrepreneurs, which help to improve professional competencies and find like-minded people. You can get advice on opening and running your own business and learn more about measures to support entrepreneurs on the website “Small Business of Moscow”, in person at business service centers and by phone: 7 495 225-14-14.

    Support for entrepreneurs is provided within the framework of the national project “Small and medium entrepreneurship and support for individual entrepreneurial initiatives”. More information about this and other national projects implemented in Moscow can be found on a special page.

    Starting with coffee: entrepreneurs are invited to join the new MBM training projectInvent, produce and sell: what entrepreneurs are taught in the courses of the State Budgetary Institution “Small Business of Moscow”The number of small and medium entrepreneurs in the education sector has grown by 27 percent in three years

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

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

    https://vvv.mos.ru/nevs/item/144990073/

    MIL OSI Russia News –

  • MIL-OSI Economics: Samsung’s AI-Powered Home Appliances Are Becoming More Secure With Knox Matrix

    Source: Samsung

    Samsung Electronics is taking protection to the next level with Samsung Knox, the proprietary security platform safeguarding its AI home appliances, alongside additional solutions. The company aims to strengthen the security of not only individual products but also interconnected devices, providing users with peace of mind when using AI home appliances.
     
    At Samsung Developer Conference 2024 (SDC24), Samsung announced plans to extend Knox Matrix from mobile devices and TVs to home appliances following Samsung Knox’s expansion. Knox Matrix provides integrated protection for interconnected devices, allowing them to mutually monitor for security threats and notify users of threat-blocking measures.
     
    ▲ Jong-Hee Han, Vice Chairman, CEO and Head of Device eXperience (DX) Division at Samsung Electronics, delivers the SDC24 keynote address.
     
    In addition, Samsung plans to introduce mobile biometric authentication to its home appliances next year — eliminating the need to enter IDs and passwords and preventing login information from being exposed.
     
     
    Detecting Security Threats and Notifying Users
    All Samsung smart home appliances1 are safeguarded by Samsung Knox, a holistic and multi-defense security platform that protects users’ data from external threats including malicious software. Nonetheless, Samsung set out to build a secure environment for interconnected devices since strong connectivity between devices creates an improved user experience and protection against data exposure in the age of AI home appliances.
     
    Knox Matrix is a security solution that comprehensively protects connected devices and networks using private blockchain technology. The system consists of Trust Chain, Cross Platform and Credential Sync.
     
    ▲ Knox Matrix is comprised of three main technical elements.
     
    Based on blockchain technology, Trust Chain allows connected devices to monitor each other for security threats and notifies users of threat-blocking measures if there is a problem with the security status. Cross Platform ensures consistent security standards are applied to connected devices, even if they run on different operating systems (OS) and platforms. Credential Sync encrypts data shared between devices and synchronizes credentials to maintain security.
     
    First introduced to the 2024 Bespoke 4-Door Refrigerator with AI Family Hub , Credential Sync uses end-to-end encryption (E2EE) technology to share data between devices on the server. Information can be safely shared between connected devices, and existing user data can be restored when a new product is purchased.
     
    Samsung plans to expand the application of Knox Matrix’s Trust Chain, Cross Platform and Credential Sync to major products such as the refrigerator with AI Family Hub beginning next year.
     
     
    Introducing Biometric Authentication
    At SDC24, Samsung also announced that Passkey will be introduced next year to the refrigerator with AI Family Hub as well as home appliances equipped with the 7-inch AI Home LCD screen. Part of Credential Sync, Passkey is a digital credential that allows users to log in to home appliance apps and websites2 using biometrics such as fingerprints on their smartphones.
     
    With the increasing use of apps and web services, the risk of password leaks is on the rise. Passkey alleviates this concern and eliminates the inconvenience of having to remember passwords for each login.
     
    Furthermore, Samsung is planning to apply Knox Vault to its AI home appliances starting next year to further improve hardware-based security. Samsung home appliances equipped with Knox Vault will store sensitive personal information such as passwords and biometric data on a separate hardware security chip — protecting sensitive information from OS-based security breaches or physical hacks.
     
     
    Expanding Recognition From Top-Tier Organizations
    Samsung is committed to improving the reliability of its AI home appliances by expanding security verification from authorized organizations. In February, the Bespoke 4-Door Flex Refrigerator with AI Family Hub + became the first in the global home appliance industry to receive the highest rating of Diamond in the IoT Security Rating conducted by leading certification company UL Solutions. Now, five products including the Bespoke AI Laundry Combo and the Bespoke Jet Bot Combo AI have received the same rating — setting an industry record.3
     
    ▲ The Bespoke AI Laundry Combo received the Diamond security rating from UL Solutions.
     
    UL Solutions’ IoT Security Rating uses a five-level rating system based on rigorous testing of hacking risks and the security capabilities of smart home appliances. The Diamond rating requires passing stringent evaluations including detecting malicious software tampering, preventing illegal access attempts and anonymizing user data. Samsung plans to expand Diamond certification to even more of its AI home appliances.
     
    Additionally, Samsung conducts internal cyberattack simulations at least once a quarter to verify the security of its AI home appliances. The company’s software developers perform these hacking tests on products and services to identify vulnerabilities and create updates to address any security flaws.
     
    “As the connected ecosystem of AI home appliances expands, the importance of security is growing exponentially,” said Miyoung Yoo, EVP and Head of the Software Development Team, Digital Appliances Business at Samsung Electronics. “Samsung will continue to develop security solutions and achieve new certifications to ensure that users can experience peace of mind when using AI home appliances and services in Samsung’s ecosystem.”
     
     
    1 Samsung Knox is applied to select appliances launched in 2018 and later.2 Available on websites that support the international Fast Identity Online (FIDO) standard.3 As of August 2024.

    MIL OSI Economics –

  • MIL-OSI China: The Ninth Round of China-ASEAN FTA 3.0 Negotiations was Held in Bangkok, Thailand

    Source: People’s Republic of China Ministry of Commerce

    The Ninth Round of China-ASEAN FTA 3.0 Negotiations was Held in Bangkok, Thailand

    From August 30 to September 3, 2024, the ninth round of China-ASEAN FTA 3.0 negotiations was held in Bangkok, Thailand, joined by nearly 200 officials from competent authorities of China, ten ASEAN countries and the ASEAN Secretariat. Both sides implemented the consensus of Chinese and ASEAN leaders and accelerated the negotiations with positive progress.

    The China-ASEAN FTA 3.0 Upgrade Negotiations were launched in November 2022 by Chinese and ASEAN leaders. The upgrade will expand and deepen economic and trade cooperation between China and ASEAN, adding new substance to the China-ASEAN comprehensive strategic partnership.

    (All information published on this website is authentic in Chinese. English is provided for reference only.)

    MIL OSI China News –

  • MIL-OSI: NBPE Announces September Monthly NAV Estimate

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    NBPE Announces September Monthly NAV Estimate

    11 October 2024

    NB Private Equity Partners (NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 September 2024 monthly NAV estimate.

    NAV Highlights (30 September 2024)

    • NAV per share was $27.37 (£20.40), a total return of (0.3%) in the month
    • Year to date NAV TR of 0.9%
    • $73 million invested in new and follow on investments year to date
    • $391 million of available liquidity at 30 September 2024
    As of 30 September 2024 YTD 1 Year 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised    		 0.9% 4.3% (2.8%)
    (1.0%)    		 70.9%
    11.3%    		 172.2%
    10.5%
    MSCI World TR (USD)*
    Annualised    		 19.3% 33.0% 30.7%
    9.3%    		 89.1%
    13.6%    		 175.2%
    10.7%
    Share price TR (GBP)*
    Annualised    		 0.8% 6.4% 14.1%
    4.5%    		 76.0%
    12.0%    		 245.2%
    13.2%
    FTSE All-Share TR (GBP)*
    Annualised    		 9.9% 13.4% 23.9%
    7.4%    		 32.2%
    5.7%    		 83.6%
    6.3%

    * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

    Portfolio Update to 30 September 2024

    NAV performance during the month driven by:

    • 0.2% NAV increase ($2 million) from the receipt of private company valuation information
    • 0.2% NAV increase ($3 million) from positive FX movements
    • 0.3% NAV decrease ($4 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
    • 0.4% NAV decrease ($5 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

    Realisations from the portfolio continue in 2024

    • $160 million of realisations received year to date, driven by Action, Cotiviti and previously announced sales of Melissa & Doug, FV Hospital and Safefleet as well as sales of public stock and continued realisations from the legacy income investment portfolio

    $391 million of total liquidity at 30 September 2024

    • $181 million of cash and liquid investments with $210 million of undrawn credit line available

    $73 million invested in 2024 in new and follow-on investments

    • $25 million invested in FDH Aero, a leading parts distributor to the aerospace and defense industry
    • $38 million invested into two U.S. healthcare businesses, Benecon and Zeus
    • $10 million of additional new and follow on investments

    Portfolio Valuation

    The fair value of NBPE’s portfolio as of 30 September 2024 was based on the following information:

    • 6% of the portfolio was valued as of 30 September 2024
      • 6% in public securities
    • 94% of the portfolio was valued as of 30 June 2024
      • 93% in private direct investments
      • 1% in private funds

    For further information, please contact:

    NBPE Investor Relations         +44 (0) 20 3214 9002
    Luke Mason                              NBPrivateMarketsIR@nb.com 

    Kaso Legg Communications   +44 (0)20 3882 6644

    Charles Gorman                        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    Supplementary Information (as at 30 September 2024)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer                        68.9 5.4%
    Osaic 2019 Reverence Capital Financial Services                        62.7 4.9%
    Solenis 2021 Platinum Equity Industrials                        58.2 4.6%
    BeyondTrust 2018 Francisco Partners Technology / IT                        42.0 3.3%
    Branded Cities Network 2017 Shamrock Capital Communications / Media                        40.1 3.2%
    Monroe Engineering 2021 AEA Investors Industrials                        38.3 3.0%
    Business Services Company* 2017 Not Disclosed Business Services                        37.1 2.9%
    True Potential 2022 Cinven Financial Services                        35.8 2.8%
    Kroll 2020 Further Global / Stone Point Financial Services                        31.4 2.5%
    Constellation Automotive 2019 TDR Capital Business Services                        30.9 2.4%
    Marquee Brands 2014 Neuberger Berman Consumer                        30.8 2.4%
    Staples 2017 Sycamore Partners Business Services                        30.7 2.4%
    GFL (NYSE: GFL) 2018 BC Partners Business Services                        30.5 2.4%
    Fortna 2017 THL Industrials                        28.7 2.3%
    Viant 2018 JLL Partners Healthcare                        27.2 2.1%
    Stubhub 2020 Neuberger Berman Consumer                        26.6 2.1%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT                        25.8 2.0%
    FDH Aero 2024 Audax Group Industrials                        25.3 2.0%
    Agiliti 2019 THL Healthcare                        25.3 2.0%
    Benecon 2024 TA Associates Healthcare                        25.2 2.0%
    Solace Systems 2016 Bridge Growth Partners Technology / IT                        24.4 1.9%
    Addison Group 2021 Trilantic Capital Partners Business Services                        23.8 1.9%
    USI 2017 KKR Financial Services                        23.2 1.8%
    Auctane 2021 Thoma Bravo Technology / IT                        22.5 1.8%
    Excelitas 2022 AEA Investors Industrials                        21.9 1.7%
    Qpark 2017 KKR Transportation                        21.5 1.7%
    AutoStore (OB.AUTO) 2019 THL Industrials                        21.3 1.7%
    Exact 2019 KKR Technology / IT                        20.1 1.6%
    Renaissance Learning 2018 Francisco Partners Technology / IT                        19.4 1.5%
    Bylight 2017 Sagewind Partners Technology / IT                        18.7 1.5%
    Total Top 30 Investments                            $938.5 73.8%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 76%
    Europe 23%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 23%
    Consumer / E-commerce 20%
    Industrials / Industrial Technology 17%
    Financial Services 14%
    Business Services 12%
    Healthcare 9%
    Other 4%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 11%
    2017 19%
    2018 16%
    2019 14%
    2020 12%
    2021 16%
    2022 5%
    2023 2%
    2024 5%
    Total Portfolio 100%

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $481 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The PRI identified the firm as part of the Leader’s Group, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit http://www.nb.com for more information. Data as of June 30, 2024.

    1Based on net asset value.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

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    The MIL Network –

  • MIL-OSI: Ageas announces exclusive negotiations to strengthen its partnership with UK over 50s specialist Saga

    Source: GlobeNewswire (MIL-OSI)

    Ageas announces that it has entered into exclusive negotiations with Saga plc, the UK specialist provider of products and services to people aged over 50, to establish a 20-year partnership with Saga Services Limited (SSL) for the distribution of personal lines Motor and Home insurance products to Saga’s customers. Alongside this, Ageas would also acquire Saga’s Insurance Underwriting business, AICL (Acromas Insurance Company Limited), which together form the Proposed Transaction.

    The Proposed Transaction aligns perfectly with Ageas’s recently unveiled Elevate27 strategy, to capitalise on its robust Non-Life presence across Europe, while accelerating solutions targeted at an ageing population, a rapidly expanding customer segment where the Group and Ageas UK already has real strength and expertise. Furthermore, it presents Ageas with the opportunity to enhance its position as a leading personal lines insurer in the UK, adding scale to a core European market of the Group. By combining Saga’s insights with Ageas UK’s personal lines insurance expertise particularly in this customer segment, the partnership offers a unique competitive advantage in the expanding over 50s market.

    Under the Proposed Transaction, Ageas UK, a subsidiary of Ageas, would enter into a 20-year Affinity Partnership with SSL, Saga’s Insurance Broking business, which distributed in excess of GBP 479 million in Gross Written Premiums (GWP) in the 12-month period ended 31 July 2024 across its motor and home insurance products. The Proposed Transaction represents a total cash payment of GBP 147.5 million, subject to customary completion adjustments, with a potential additional contingent consideration of up to GBP 60 million, subject to meeting agreed policy volumes and profitability targets. Completion of the AICL transaction remains conditional on the signing of definitive transaction documentation and regulatory approvals. As of January 2024, AICL’s Own Funds (Unrestricted Tier1) and Solvency Capital Requirement stand at GBP 83 million and GBP 54 million, respectively.

    Based on the initial consideration and including capital synergies, the estimated impact on the Ageas Group Solvency is – 5%.

    The Proposed Transaction will not affect the Group’s current share buyback programme.

    Background on Saga

    Saga, created over 70 years ago, is a specialist in the provision of products and services for people over 50. The Saga brand is one of the most recognised and trusted in the UK. Saga is known for its high level of customer service and its high-quality, award-winning products and services including cruises and travel, insurance, personal finance and media. (http://www.saga.co.uk)

    Hans De Cuyper, CEO of Ageas said: “We eagerly anticipate further strengthening our partnership with Saga, a well-known brand in the UK. This proposed deal aligns seamlessly with the Ageas Group recently launched Elevate27 strategy, which aims to leverage our strong European presence in Non-Life, add scale to our business, and benefit from material capital diversification. This transaction allows us to grow in a market where we already have real strength and expertise. Ageas has a longstanding tradition of successful partnerships, and we are confident that this collaboration with Saga will open new avenues for creating and accelerating profitable growth.”

    Ant Middle, CEO of Ageas UK said: “This proposed deal with Saga aligns perfectly with our strategy to profitably grow in UK personal lines and in creating powerful partnerships to the benefit of our customers. Deepening our relationship with Saga unlocks even more opportunity to increase our competitiveness in a rapidly expanding over 50s customer segment; an area where we already have real strength and expertise. It also draws on our strengths of technical and operational excellence, and customer care, providing more potential for us to leverage the significant investments made in our business over the last three years and offer our expertise in meeting the unique needs of Saga’s customers.”

    Mike Hazell, CEO of Saga plc said: “We are hugely excited at the opportunity to grow our home and motor Insurance business through this proposed partnership with Ageas. The coming together of Saga’s fantastic brand and Ageas’s unrivalled expertise in operating successful affinity insurance partnerships, would create a winning combination. Our joint reputation for delivering exceptional products and services to people over 50 means this partnership would allow us to serve even more customers with great products at excellent value. Saga is a unique business with a long heritage, great people and loyal customers. We have been clear for some time that developing a partnership approach is the right strategy, providing us with a capital-light route to growth and the ability to reduce debt, leading to the creation of long-term sustainable value for all our stakeholders.”

    Whilst Ageas and Saga are in exclusive negotiations, the Proposed Transaction remains subject to the parties agreeing binding documentation as well as regulatory approvals, and therefore there is currently no certainty that it will occur. A further announcement will be made in due course, as appropriate.

    Proposed terms

    Affinity Partnership

    • The Affinity Partnership would be for a 20-year term, with the ambition to ‘go live’ by the end of 2025.
    • Ageas UK would pay Saga an upfront consideration of GBP 80 million payable at or around the ‘go live’ date.
    • Additionally, Saga may receive contingent consideration of up to GBP 30 million in 2026 and up to GBP 30 million in 2032, subject to certain policy volume and profitability targets being met.
    • SSL would receive commission on the GWP generated over the term of the Affinity Partnership representing the value that SSL will continue to provide through the Partnership.

    Ageas acquisition of AICL

    • Ageas UK would acquire AICL for a total consideration of GBP 67.5 million, subject to customary completion adjustments.
    • Completion of the AICL transaction is targeted in Q2 2025 and is conditional on the signing of definitive transaction documentation and certain regulatory approvals.

    Ageas is a listed international insurance Group with a heritage spanning almost 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 44,000 people and reported annual inflows of more than EUR 17 billion in 2023.

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  • MIL-OSI New Zealand: Luxon wraps up East Asia Summit

    Source: New Zealand Government

    The annual East Asia Summit (EAS) held in Laos this week underscored the critical role that the Association of Southeast Asian Nations (ASEAN) plays in ensuring a peaceful, stable and prosperous Indo-Pacific, Prime Minister Christopher Luxon says.

    “My first participation in an EAS has been a valuable opportunity to engage with leaders on complex issues facing our region, from geopolitical tensions to expanding trade. In my statement, I emphasised the importance of regional security to our collective economic prosperity,” Mr Luxon says.

    Mr Luxon confirmed New Zealand will hold an ASEAN-New Zealand Commemorative Leaders’ Summit in Malaysia in November 2025. 

    “This will be a fitting way to mark 50 years of New Zealand-ASEAN dialogue relations next year,” Mr Luxon says.

    “My Government is lifting the energy New Zealand brings to our relationships across Southeast Asia and we continue to deepen our ties with ASEAN. This includes work to upgrade to a New Zealand-ASEAN Comprehensive Strategic Partnership.”

    Mr Luxon held bilateral talks with the leaders of Cambodia, India, the Philippines, Viet Nam and Thailand. He also delivered a speech to the ASEAN Business and Investment Summit.

    “I had a lengthy and warm bilateral with Prime Minister Modi, who invited me to visit India in the new year. We discussed the many connections between India and New Zealand, how we could grow the relationship further, and the contribution the 300,000 India diaspora make to New Zealand both culturally and economically.

    “I also sat with Prime Minister Modi at the Leaders’ Gala dinner where we continued our conversation. We will look at finding a mutually agreeable time to visit India early in 2025.”

    Prime Minister Luxon also met with the Prime Ministers of Canada and Australia in Laos. Prime Ministers Trudeau, Albanese and Luxon traversed common interests such as their work together on the troubling situation in the Middle East, CPTPP, and the Commonwealth.

    Mr Luxon arrives back in New Zealand on Saturday.

    MIL OSI New Zealand News –