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Category: Commerce

  • MIL-OSI Africa: Government activities for the week 30 September – 4 October

    Source: South Africa News Agency

    Monday, September 30, 2024

    On Monday, 30 September, Deputy President Paul Mashatile is in the United Kingdom for the second leg of his working visit. The purpose of the visit is to improve trade and investment relations between South Africa and the United Kingdom. The visit will conclude on Friday, 4 October.

    On Monday, 30 September, Minister of Electricity and Energy Dr Kgosientsho Ramokgopa hosts the Renewable Energy Seminar in Midrand, Gauteng.

    On Tuesday, 1 October, President Cyril Ramaphosa will launch, on behalf of government, Phase 2 of the Business and Government Partnership.

    From Tuesday, 1 October, Public Service and Administration Minister Mzamo Buthelezi leads the South African delegation at the International Conference on Theory and Practice of Electronic Governance (ICEGOV). The conference ends on 4 October.

    On Tuesday, 1 October, Employment and Labour Minister Nomakhosazana Meth briefs media on inspections and compliance raids in South Africa. 

    On Wednesday, 2 October, the Deputy Minister of Cooperative Governance and Traditional Affairs, Dr Namane Dickson Masemola, leads an important oversight visit to the Northern Cape, focusing on the ZF Mgcawu and Pixley Ka Seme District Municipalities.

    On Friday, the South African Navy will host the SA Navy Festival in the East Dockyard, Simon’s Town, over the period 4 – 6 October.  – SAnews.gov.za

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    MIL OSI Africa –

    January 23, 2025

  • MIL-Evening Report: Qatar Airways is set to acquire 25% of Virgin Australia. Who will be the winners?

    Source: The Conversation (Au and NZ) – By Dr Rico Merkert, Professor in Transport and Supply Chain Management and Deputy Director, Institute of Transport and Logistics Studies (ITLS), University of Sydney Business School, University of Sydney

    Peter Gudella/Shutterstock

    Qatar Airways has announced plans to buy a 25% minority stake in Virgin Australia from its owner, US private equity firm Bain Capital.

    The two airlines have already had a strong relationship as “codeshare partners” since 2022. Codesharing is where airlines agree to sell seats on each other’s flights. This new announcement, however, is a big step up.

    All of this will, of course, be subject to approval from both Australia’s Foreign Investment Review Board and the Australian Competition and Consumer Commission (ACCC). But there could be a range of winners if it goes ahead.

    Perhaps most importantly for Australian travellers, the move means Virgin Australia will be able to compete as it once did on long-haul international routes.

    This is because a proposed “wet lease” agreement – in which one airline provides full aircraft, crew and relevant services to another – could see Virgin Australia start operating its own flights from Brisbane, Melbourne, Perth and Sydney to Doha as early as mid-2025.

    It’s also a win for Bain Capital, which had been trying to offload some of its stake in the airline after acquiring it in crisis in 2020.

    So with the prospect of a renewed international foothold for Virgin Australia, could we soon see more competition – and real consumer benefits – on the “Kangaroo Route” between Australia and Europe?

    Clearer skies for Qatar?

    As you might remember, Qatar Airways’ previous attempts to expand in Australia haven’t always gone smoothly.

    Today’s announcement comes little more than a year after Transport Minister Catherine King controversially blocked a request by Qatar to double the number of flights its state-owned airline Qatar Airways was allowed to fly into major Australian airports.

    Given the intense public backlash to this decision, it’s possible a renewed application by Qatar would have been more successful. A large expansion of flights by Turkish Airlines was later quietly approved.

    But this new deal may diminish the need to try again. By wet-leasing wide-body aircraft so Virgin Australia can operate its “own” long-haul routes to Doha (connecting into Europe), Qatar will effectively bypass the need to get government approval for the additional flights.



    Read more:
    What will putting the interests of Qantas ahead of Qatar Airways cost? $1 billion per year and a new wave of protectionism of legacy carriers

    The ‘Kangaroo Route’ still needs more flights

    Back in 2023, my calculations suggested Qatar’s application to expand should have been approved. Capacity on the Kangaroo Route was only back to 70% of pre-COVID levels. That meant the major players operating flights – including the Qantas–Emirates alliance – could charge significantly more than before the pandemic.

    Using the latest flight schedule data, we can show that the capacity between Australia and the Middle East is still 17% below what it was before the pandemic. If Virgin Australia’s proposed long-haul re-entry goes ahead, we could see much more capacity on these routes, and a formidable challenger to the Emirates–Qantas arrangement.



    Read more:
    What will putting the interests of Qantas ahead of Qatar Airways cost? $1 billion per year and a new wave of protectionism of legacy carriers

    Likely a win for Virgin and Qatar

    It’s easy to see why Virgin and Qatar might be excited. The deal will extend Virgin Australia’s reach – and that of its frequent flyers – into Europe and other destinations via Doha. But this goes both ways, and could also mean more demand on its domestic network.

    Similarly, the additional flights into Doha will feed Qatar Airways’ network, an airline that seems to be going from strength to strength.

    Despite historical troubles at Doha’s main airport, Qatar Airways is now one of the world’s largest airlines. It has once again been ranked as the world’s best airline by the independent air transport rating organisation Skytrax.

    Both airlines were also keen to point out benefits of the partnership they said would go beyond additional services and increasing competition in the Australian market.

    These include the potential to work together towards various sustainability initiatives and on developing Western Sydney’s aviation ecosystem, providing exciting new opportunities for employment and training.

    Not yet a done deal

    However, they’re still a long way from the finishing line. Whether this deal will actually materialise remains to be seen.

    It is worth noting this is not the first time Virgin Australia has been part-owned by an airline in the Middle East. Before Virgin Australia’s collapse into administration in April 2020, Etihad held a 21% equity stake.

    Further, it remains to be seen what aircraft Virgin Australia will actually get access to and how the service will be perceived. Qatar Airways is guaranteed a transaction win through the wet-lease, without taking on the brand and profit risks of operating these services.

    How much concern this will stir at Qantas also remains to be seen, but one thing is clear. Project Sunrise – Qantas’ plan to bypass the Middle Eastern hubs and connect Australia directly with Europe – could soon become much more important.

    Emirates is unlikely to emerge as the winner of this move, now set to face increased competition not only on services connecting Australia with the Middle East, but also across its broader network through Dubai.

    Qatar Airways acquiring a stake in Virgin Australia will also create interesting dynamics within the Oneworld Alliance, in which both Qantas and Qatar Airways are key partners. There are certainly interesting times ahead.

    Dr Rico Merkert receives funding from the ARC and various industry partners. He loves to work with and for airlines, including Qantas and Virgin Australia.

    – ref. Qatar Airways is set to acquire 25% of Virgin Australia. Who will be the winners? – https://theconversation.com/qatar-airways-is-set-to-acquire-25-of-virgin-australia-who-will-be-the-winners-240204

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025

  • MIL-OSI: Revenues of Latino-Owned Businesses Grew Last Year, But Earnings Fell Due to Rising Expenses, per 2024 Biz2Credit Study

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 01, 2024 (GLOBE NEWSWIRE) — Biz2Credit’s 2024 Latino-Owned Business Study found that while revenues of Latino-owned companies increased (+11.6%), expenses rose more (+ 22.7%), resulting in lower earnings in 2023-24 than in 2022-23 (-$41.1K).

    The annual study examined the performance of Latino-owned small to midsized companies — from early stage to established companies — in the U.S. from July 1, 2023, to June 30, 2024. It examines financial indicators including annual revenue, operating expenses, age of business, and credit scores of both Latino-owned and non-Latino-owned companies.

    “Revenues for small businesses rose overall, largely because of inflation. Earnings were down overall, but the average drop for Latino-owned businesses was not as sharp as for non-Latino-owned businesses,” said Rohit Arora, CEO of Biz2Credit and Biz2X, who oversaw the research. “When we analyzed earnings performance, Latino-owned businesses outperformed the others.”

    Key findings: Latino-owned vs. non-Latino-owned Businesses

    1. The average annual revenue of Latino-owned businesses increased by 11.6% from $601,636 in 2022-23 to $671,360 in 2023-24. Meanwhile, the average annual revenue for non-Latino Businesses increased by 11.5% from $667,204 in 2022-23 to $744,027 in 2023-24.
    2. Average earnings (Annual Revenue – Operating Expenses) for Latino-owned businesses dropped from $113,268 in 2022-23 to $72,168 in 2023-24, a drop of $41,100. Meanwhile, non-Latino-owned businesses declined from $159,365 to $94,237, a drop of $65,128. Overall, earnings across all businesses decreased by 40% year over year.
    3. Operating expenses for Latino-owned firms increased by 22.7% from $488,368 in 2022-23 to $599,192 in 2023-24, resulting in earnings decrease of 36.3% for Latino firms. Meanwhile, operating costs for non-Latino-owned companies increased 28% from $507,849 in 2022-23 to $649,790 in 2023-24, resulting in a 40.9% drop in earnings.
    4. The average personal (FICO) credit score* for Latino owned business increased from 641 in 2022-23 to 647 in 2023-24. In comparison, the personal credit score for non-Latino-owned business increased from 648 to 659 during the same timeframe.
    5. The age of business for Latino-owned business increased from 54 months (4.5 years) in 2022-23 to 64 months in 2023-24. This is an indication of the staying power of Latino-owned companies. In comparison, non-Latino-owned businesses were in operation for an average of 79 months (slightly more than 6.5 years).
    6. The average approved funding amount** for Latino-owned businesses rose from $55,396 in 2022-23 to $75,680 in 2023-24. The amount was $16,662 lower than that for non-Latino-owned businesses, which had $92,342 in 2023-24, up from $75,912 in 2022-23.
    7. The percentage of financing applications submitted by Latino-owned businesses, relative to the total number of submitted applications, increased slightly from 14.8% in 2022-23 to 15% in 2023-24. In 2024, financing applications by Latino-owned businesses increased 14.13% (year-over-year) compared to 2023. That surpassed applications by non-Latino owned businesses, which grew 12.78% year-over-year.
    8. The funding rate for Latino-owned businesses stands at 32%, slightly higher than the 31% rate for non-Latino-owned businesses. The average funded amounts** were $62,371 for Latino-owned businesses and $76,503 for non-Latino-owned firms.
    9. Construction accounted for the largest industry category of Latino-owned companies examined in the study, followed by Other Services (except Public Administration), Accommodation and Food Services, Retail Trade, and Transportation and Warehousing.
    10. By state, nearly one-quarter (24%) of funding requests from Latino-owned firms came from Florida, followed closely by California (19.4%), and then Texas, New York, and New Jersey.

    “Inflationary pressures significantly hurt the earnings of all small businesses in the last year, and Latino-owned firms were not immune. While their revenues rose in 2023-24, their expenses increased almost twice as much,” said Arora. “Profits for Latino-owned companies seeking financing were down 36% on average, as a result.”

    “Many factors combined, including increased labor costs, rising fuel prices, and overall inflation. High interest rates also pinched companies that borrowed money for working capital or expansion,” Arora added. “The good news is that the growth rate of inflation has been easing a bit, and the Federal Reserve has lowered interest rates, thus bringing down the cost of capital.”

    *Average credit score is derived from the personal FICO credit score of business owners
    ** Average approved funding amounts and average funding sizes are determined by the qualifications of funding applications, including FICO scores and business revenues. any discrepancies are driven by these financial metrics.

    Impact of Latino-owned businesses on the U.S. Economy

    The U.S. is home to over 63 million Latinos, accounting for roughly 19% of the nation’s population. Latinos contribute a staggering $3.2 trillion to the economy and own nearly 5 million businesses that collectively generate more than $800 billion annually, according to the Stanford Graduate School of Business Latino Entrepreneurship Initiative (SLEI).

    Further, Latino entrepreneurs are starting businesses at more than twice the rate of the general U.S. population. This increase has led to a higher proportion of new businesses being owned by immigrants overall. In 2023, immigrants were responsible for 36% of new business launches, up from 25% in 2019, according to the U.S. Census Bureau.

    Latino immigrants significantly outpace other groups in business ownership, and they comprise 52% of all Latino-owned businesses. In contrast, only 7% of White-owned employer businesses are immigrant-owned, according to the SLEI. Further, Latino-owned businesses are set to revolutionize the U.S. economy, as Latinos are projected to make up 29% of the population by 2050 and contribute a staggering $1.4 trillion to the U.S. economy, according to JPMorgan Chase.

    Methodology

    Biz2Credit’s 2024 Latino-Owned Business Study is an annual review of the financial performance of Latino-owned small to midsized businesses in the United States, categorized by revenue generation. The study reviewed over 121,000 funding requests from both Latino-owned and non-Latino-owned businesses across all 50 states and 20 industries by analyzing credit inquiries and applications from July 2023 to June 2024.The analysis focused on variables such as submitted applications, annual revenue, operating expenses, business age, personal credit (FICO) scores*, funding rates, and average loan sizes. The study offers insights into the performance of Latino-owned private companies over the past year, using 2022-2023 data to compare average revenue and expenses year-over-year for 2023-2024.

    About Biz2Credit
    Founded in 2007, Biz2Credit has helped thousands of companies access more than $8 billion in small business financing. The company is expanding its industry-leading Biz2X® technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit http://www.biz2credit.com, Instagram, Facebook, and X (formerly Twitter).

    Media Contact: John Mooney, (908) 720-6057, john@overthemoonpr.com

    The MIL Network –

    January 23, 2025

  • MIL-OSI Economics: Swaminathan J: Governance in Small Finance Banks – driving sustainable growth and stability

    Source: Bank for International Settlements

    Chairpersons and Directors of the Boards of Small Finance Banks; Chief Executive Officers of SFBs; Executive Directors, Chief General Managers and colleagues from the Reserve Bank of India; ladies and gentlemen. A very good morning to all of you.

    It is an honour to address this distinguished gathering in the inaugural conference of Board of Directors of Small Finance Banks organised by the RBI. As has been mentioned, this conference is in continuation of the Reserve Bank’s efforts to reach out to its supervised entities through a direct dialogue with their Boards and Top Management. Our objective is to reaffirm the importance of good governance for maintaining financial stability and fostering sustainable growth.

    In his address1 to the Directors of Public and Private Sector Banks last year, the Governor outlined a comprehensive 10-point charter that addressed key aspects such as the role of the Board, its independence, the importance of setting the tone from the top, etc. His speech serves as an excellent blueprint for regulatory expectations from the Boards of Directors, and I encourage you to review it if you haven’t already.

    Today, I would like to discuss three key issues with you: (i) the vital role of Small Finance Banks in promoting financial inclusion, (ii) the necessity of strengthening governance and assurance functions for sustainable growth, and (iii) important considerations regarding business models and risks that Boards should be mindful of.

    Important Financial Inclusion objective of SFBs

    As you are aware, the licensing of Small Finance Banks was introduced a decade ago, in 2014, with the primary objective of advancing financial inclusion. Beyond serving as a vehicle to mobilise savings, SFBs were also envisioned to extend affordable credit to underserved and unorganised sectors, such as small and marginal farmers as well as small business units, by leveraging technology to reduce costs and improve accessibility.

    India, today, stands at a pivotal moment in her development trajectory. In the last 75 years, we have transformed ourselves from an agrarian economy into one driven by industry and services. However, translating our GDP into higher per capita Gross National Income comparable to developed economies will require a comprehensive approach towards inclusive and sustainable economic growth. This will inter-alia entail education, skill development, employment generation, and more pertinently further deepening of financial inclusion. Thus, the goal for small finance banks is not ‘small’. On the contrary, it is very significant, as SFBs play a crucial role in extending financial services to the underserved, fostering entrepreneurship, and driving inclusive growth that will be essential for India’s progress towards becoming a high-income economy.

    In a developing country like India, it is imperative for the financial sector, including small finance banks to strike a balance between profitability and social objectives. This can be achieved through a strategic focus on sectors that deliver high social impact, ensuring that financial growth is aligned with the broader goal of inclusive development. It is therefore essential for SFBs to actively participate in extending credit under various Government Sponsored Schemes to promote greater accessibility of affordable credit, especially among the vulnerable sections of the society.

    As the target group of such lending is mostly the marginalised and underserved sections of the society, it is essential for the SFBs to adopt responsible lending practices. It is disheartening to come across egregious practices by some SFBs, such as charging excessive interest rates, collecting instalments in advance as well as not adjusting such advance collections against loan outstanding, levying of usurious fees, etc. It is also observed that grievance redressal mechanism is far from adequate in most SFBs.

    I therefore feel that periodically reviewing how your bank is fulfilling its financial inclusion objectives is an area that Boards should give much deeper consideration to. It is not just about meeting regulatory requirements such as priority sector lending but also about assessing the true impact of your efforts on underserved communities. Boards can reflect on whether the bank is genuinely reaching marginalised groups, such as low-income households, small businesses, and rural populations, and how effectively it is using technology and innovative products to bridge financial gaps, as these were the objectives of having a differentiated licensing for SFBs.

    Strengthening Governance

    An effective governance framework is the foundation of resilient and well managed institutions, especially in the context of banks. There needs to be a clear division of responsibilities between the Board and the management to ensure smooth functioning of the bank. While the Board is responsible for setting the overall strategic direction, establishing policies, and ensuring that the bank adheres to regulatory frameworks and ethical standards, the management is responsible for the execution of the Board’s strategy and operations. It is the Board’s role to provide oversight, asking the right questions and holding the management accountable for executing the bank’s strategy within the agreed risk appetite.

    In this context, it is imperative that the views of the Board are clearly articulated and documented in the minutes of the meetings of the Board and its various sub-committees. It is said that the ‘palest ink is better than the best memory’. Proper documentation serves as a vital record of the Board’s deliberations, decisions, and rationale behind those decisions, ensuring transparency and accountability in governance. Clear minutes not only provide a historical account of the Board’s discussions but also serve as a reference for future decision-making, helping to maintain continuity and clarity in governance practices.

    Boards should prioritise proper succession planning for top management. Having just one Whole Time Director (WTD) can create potential vulnerabilities, especially in times of transition or unforeseen circumstances. Without a well-thought-out succession plan, the bank may face leadership gaps that could disrupt operations and affect strategic decision-making. A broader pool of experienced leaders also contributes to better governance and more resilient management structures. We observe that while the SFBs are strengthening their Boards by bringing in new directors, some SFBs are yet to ensure the presence of at least two Whole Time Directors. I would request these banks to expeditiously consider appointing more WTDs.

    Empowering Assurance Functions

    Boards should accord due importance to assurance functions, namely, risk management, compliance and internal audit. These functions play a critical role in identifying and mitigating risks, ensuring compliance with laws and regulations as well as safeguarding the organisation’s integrity.

    Boards should ensure that heads of assurance functions are positioned appropriately within the organisational hierarchy and granted direct access to the Board. Dual-hatting, or combining assurance responsibilities with operational or management duties, undermines the independence and objectivity of assurance functions by creating conflicts of interest. Therefore, any dual hatting of assurance functions, should be avoided.

    Key risks to reflect upon

    Small Finance Banks have demonstrated strong growth since their inception, now accounting for 1.18 percent of total banking assets (as of March 2024). This is a substantial rise from 0.44 percent in March 2018. The deposit base has grown at a 32 per cent compounded annual growth rate (CAGR) over the last five years whereas net advances recorded a CAGR of 26 per cent. While the business growth in Small Finance Banks is indeed impressive, it is imperative that Boards remain vigilant for hidden and emerging risks that could jeopardise their long-term success.

    In this context, I would like to highlight a few areas that Boards could keep in mind.

    Business model

    Firstly, I would urge Boards to consider the sustainability of their growth strategies and business models by conducting a thorough review of both the liability and asset sides of the balance sheet. Specifically, they should assess whether there is an overdependence on high-cost term deposits or bulk deposits from a limited number of institutions. Additionally, they should evaluate any substantial asset exposures that could adversely impact the bank if they were to sour. These are essential aspects that the Board and its Risk Management Committee must scrutinise to ensure long-term stability and resilience.

    Credit risks

    Secondly, I would like to emphasise proper credit risk underwriting. While many banks have expanded into unsecured retail lending, hoping to leverage the diversification benefits it offers, there is an underlying correlation risk that becomes more pronounced during economic downturns. In such scenarios, the credit profile of a large segment of borrowers can be significantly impacted, leading to higher default rates. This highlights the importance of rigorous underwriting processes that carefully assess the creditworthiness of borrowers, rather than relying solely on automated systems or algorithms. Effective underwriting should consider a comprehensive range of factors, including income stability, credit history, and the overall economic environment, to ensure that loans are made judiciously.

    Further, while digital lending solutions have streamlined the process and made access to credit easier, on-the-ground presence for collections remains crucial. Resorting to coercive recovery practices as a means of mitigating risk is not a sustainable solution. Such practices not only harm the bank’s reputation but can also lead to legal and regulatory repercussions. A better approach is to implement collection strategies that prioritise communication and collaboration with borrowers. This includes strictly adhering to fair practices code and adopting an empathetic approach while dealing with stressed loan book.

    Cyber-security risk and third-party dependencies

    Thirdly, I would like to address the issue of cyber security and IT vulnerabilities. Being relatively new entities, SFBs have used technology to enhance their product offerings and customer service. However, with their increasing digital footprint, these banks face significant operational risks from growing cyber threats, digital frauds, and possible data breaches.

    The cyber security landscape is evolving rapidly, and SFBs must stay ahead of emerging threats to protect their customers’ data and maintain operational resilience. The SFBs should adopt robust business continuity plans and effective IT outsourcing strategies. There is also a need to ensure rigorous change management processes, comprehensive data protection measures, vigilant transaction monitoring, stringent access controls and network security protocols. These measures will help SFBs to significantly enhance their IT resilience against possible disruptions.

    Operational Risk

    Fourthly, while I have covered cybersecurity threats, I would also like boards of SFBs to be mindful of the larger issue of operational risks. During periods of rapid growth, the focus on increasing market share, launching new products, and acquiring customers can lead to a neglect of essential risk management practices. For example, hastily onboarding new customers without thorough KYC due diligence or rushing the deployment of technology solutions without adequate testing can increase the likelihood of frauds, errors and service disruptions. Growth is important for the success of Small Finance Banks. However, it must not come by overlooking operational controls.

    Another significant area of concern for operational risk is the high attrition rate among staff in Small Finance Banks. While the branch network and employee headcounts are expanding, the sector faces a very high attrition rate of nearly 40 per cent, particularly among frontline staff and junior management. Such elevated turnover, though mostly at the entry and junior management levels, poses substantial operational risks, as it can lead to a loss of institutional knowledge, disruption in service delivery, and increased training costs for new hires. To mitigate these risks, Board-level efforts are essential to focus on employee retention strategies at all levels. Further, the absence of succession planning for critical managerial positions is a common issue across SFBs, which requires immediate attention from Boards to ensure a smooth transition of leadership and maintain operational effectiveness.

    Conclusion

    In conclusion, SFBs with their outreach to rural and semi-urban areas, are intended to be one of the key enablers in credit offerings to individuals, weaker sections, entrepreneurs, SHGs/JLGs and MSMEs. They have a large role to play in achieving our aspirational goal of becoming a developed nation by 2047.

    As RBI celebrates 90 years of its foundation this year, we have set deepening financial inclusion as one of our cherished objectives for RBI@100. RBI, with its continued commitment towards a financially inclusive India, has taken several measures to support these segments ranging from Priority Sector Lending targets to the introduction of TReDS for MSMEs. A new chapter in this book is the Unified Lending Interface (ULI) platform which aims at “enabling frictionless credit” with the ‘new trinity’ of JAM-UPI-ULI, further propelling India’s growth story.

    SFBs should strive to harness this opportunity and other such opportunities offered by latest technological innovations for efficient and cost-effective service delivery. Further, with robust governance and effective board oversight, SFBs can capitalise on their strengths while meeting growth and stability objectives.

    With this, I wish you all the best for the coming sessions and hope that you find these sessions professionally enriching and stimulating. Thank you!

    MIL OSI Economics –

    January 23, 2025

  • MIL-OSI: Forex Expo Dubai 2024 Breaks Records with Unprecedented Attendance and Sponsors

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 01, 2024 (GLOBE NEWSWIRE) — Forex Expo Dubai 2024 is set to make history as it breaks records with the highest-ever number of attendees and sponsors in its esteemed legacy. Welcoming participants from across the globe, the event expects more than 15,000+ attendees and features 200+ sponsors, making it the largest gathering of traders, investors, and financial professionals in the Middle East. 

    Celebrating Women in the FX Industry 

    In addition to its record-breaking success, Forex Expo Dubai 2024 is proud to celebrate the growing influence of women in the online trading and financial industries. This year’s event will honour the exceptional contributions of women leading innovation and transformation in the forex sector. Our distinguished women speakers will share insights on topics ranging from trading strategies to fintech advancements, empowering the next generation of female professionals. 

    Featured speakers include: 

    • Razan Assaf, Compliance Manager, Kama Capital LLC
    • Elena Kupriianova, Chief Marketing Officer, Spotware Systems Ltd.
    • Negin Negahdari, Senior Business Development, Exness
    • Maria Gaibor, Senior Business Development Manager, VT MARKETS
    • Nilima Akter, Head of Marketing, Space World Capital
    • Luna Tajik, Chief Executive Officer, Finest 
    • And many more 

    Their participation highlights Forex Expo Dubai’s commitment to promoting diversity, inclusion, and gender equality within the financial sector. 

    A Special Thanks to Our 200+ Exhibitors 

    Forex Expo Dubai 2024 proudly showcases over 200 exhibitors from around the world, featuring the latest trends, technologies, and opportunities in the trading space. We extend our deepest appreciation to all exhibitors for their invaluable contributions, which have solidified this event as a must-attend for industry professionals. 

    To Register, Users Can Click Here: https://bit.ly/4dppQX5 

    About Forex Expo Dubai 2024 

    Forex Expo Dubai 2024 is the premier event for the global trading community, offering a platform for industry leaders, investors, and professionals to connect, learn, and explore the latest trends in online trading. With a focus on innovation, education, and networking, Forex Expo Dubai is where the future of trading comes to life. 

    Contact

    Ms
    ANJALI KUMARI
    HQMENA
    anjali@hqmena.com

    The MIL Network –

    January 23, 2025

  • MIL-OSI Europe: Seeds for local growth

    Source: European Investment Bank

    Before starting her animal feeds company, Nancy Githuku ran a small poultry and dairy farm in eastern Nairobi. “Business was alright,” she says, “but I had a big challenge accessing quality feeds. So I decided to venture into the business of sourcing and selling animal feeds.”

    Githuku saw a lot of potential to build her animal feeds business, but she had trouble finding affordable loans. “Most banks wanted me to produce collateral, like a title deed or logbook, as security for a loan, which I didn’t have,” she says.

    The lack of collateral for loans is common in emerging markets like Kenya, especially for women. Most property ownership documents for land, homes or cars are in the names of men. This makes it hard for women to get business loans or other forms of financial help. During the COVID-19 pandemic, businesses run by women were particularly hard hit, as credit from other sources like families and friends dried up.

    EIB Global, the European Investment Bank’s international development arm, has invested nearly €700 million in Kenya since 1976 to help small and medium companies work with local financial institutions. Through deals known as intermediated lending, the European Union’s financial arm offers financing to local banks so they can give more loans to small businesses.

    Githuku received a loan from the Co-operative Bank, which had in turn been backed by the European Investment Bank in one of these intermediated deals. “The funding I received didn’t require collateral or a guarantor,” she says. “This took a heavy load off my shoulder. And the interest rate was subsidised, meaning the loan was way more affordable than what was available in the market.”

    MIL OSI Europe News –

    January 23, 2025

  • MIL-OSI Asia-Pac: Food Corporation of India (FCI) installs modern video surveillance system in its depots

    Source: Government of India (2)

    Posted On: 01 OCT 2024 1:10PM by PIB Delhi

    As a part of 100 Days Achievements of Department of Food and Public Distribution under Ministry of Consumer Affairs, Food and Public Distribution, the Food Corporation of India (FCI) has initiated the upgradation of the current analog CCTV surveillance system to a modern IP-based CCTV surveillance system in its storage depots. Approximately 23,750 cameras would be installed across 561 FCI-owned depots. This transition is based on a successful Proof of Concept (POC) conducted by the Quality Council of India (QCI) at FSD Shyamanagar. The implementation of this new IP-based system will significantly enhance monitoring capabilities through high-resolution imaging, improved scalability, and remote access.

    The Food Corporation of India is crucial to India’s foodgrain management, playing a key role in the procurement, storage, and distribution of food grains. This efficiency not only bolsters the nation’s food security but also supports agricultural development. Among its many functions, storage is vital for fulfilling the needs of the Public Distribution System and various welfare schemes initiated by the Government of India, ensuring that buffer stocks are maintained nationwide. With over 500 FCI-owned depots scattered across the country, effective surveillance of these storage operations is essential at all times.

    Over the years, FCI has installed CCTV cameras across various depots to ensure their effective surveillance. In 2013-14 CCTV cameras were installed in 61 depots, with their number increasing to 67 in 2014-15 and extending to 446 own depots by 2018. Currently, a total of 516 FCI depots are under CCTV surveillance. Live Web Feed of these cameras is available on FCI website in “See your depot” tab.

    CCTV Cameras installed in the new surveillance system will support onboard analytics features like camera tempering, camera field of view change, camera blur/out of focus, motion detection and trip wire etc. This new Surveillance system will feature the establishment of a centralized Command Control Centre (CCC) and a Network Operating Centre (NoC) at FCI Headquarters.

    The health of the installed system will be centrally monitored through the Command Control Centre (CCC), along with a provision for storing incidental data on demand basis. It will also offer advanced video analytics and strengthened security measures, enabling FCI to effectively oversee and manage day-to-day operations across its depots. The proposed system will also include environmental and humidity sensors on pilot basis, which will further enhance its functionality. These sensors will enable the monitoring of environmental conditions, providing valuable data for assessing their impact and ensuring optimal conditions for the system’s performance in the future.

    ***

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    MIL OSI Asia Pacific News –

    January 23, 2025

  • MIL-OSI Video: Panel discussion: Systemic liquidity

    Source: European Central Bank (video statements)

    This panel discussed systemic liquidity risk, highlighting how market and funding strains can affect the financial system, often necessitating intervention from central banks and authorities. The panel explored methods for detecting and addressing vulnerabilities proactively, and strategies for mitigating the impact if such risks materialise.

    Chair: Stephen Cecchetti, Professor, Brandeis International Business School, Vice-Chair of the ESRB Advisory Scientific Committee

    Panellists:

    Linda Goldberg, Financial Research Adviser, Federal Reserve Bank of New York

    Rafael Repullo, Professor, Centre for Monetary and Financial Studies

    Hyun Song Shin, Economic Adviser, Bank for International Settlements

    Erik Thedéen, Governor, Sveriges Riksbank

    https://www.youtube.com/watch?v=tVwtRNBPfq0

    MIL OSI Video –

    January 23, 2025

  • MIL-OSI Submissions: Universities – Earthly pleasures: Ecologists show how ‘white noise’ is ‘music’ to microbes – Flinders

    Source: Flinders University

    Music and noise can evoke many responses in humans. Now Flinders University scientists are using soundwaves in soil to aid ecosystem recovery.  
    In their latest study, experts led by microbial ecologist Dr Jake Robinson, demonstrate the benefits of acoustic stimulation on the growth rate and sporulation of a plant growth-promoting fungus.  
    “In our experiments, we show that the acoustic stimulation resulted in increased fungal biomass and enhanced Trichoderma harzianum spore activity compared to controls,” says Dr Robinson in a new article in Biology Letters.  
    “We strive to find novel ways to speed up and improve levels of beneficial fungi and other microbes in degraded soils. It could have wide-ranging benefits for restoring degraded landscapes and farming land to feed the world.”

    The researchers previously found a monotonous ‘white noise’ – set at 80 dB sound pressure level – also increased a similar response in soil bacteria E. Coli.
    “Think of the monotone sound an old-school radio makes in between channels,” explains Dr Robinson.  

    The fungus T. harzianum was selected for the latest study because of its known beneficial effects on plants, such as disease protection, plant growth and improved nutrient utilisation. In agriculture, it has been shown to parasitises other fungi which are often plant pathogens.    
    Dr Robinson says one of the next steps will be to study the benefits of various microbial growth on plant health, and then seek to scale up the experiment outside the lab.  
    “While still in its early stages, the next steps will involve studying the microbiome response mechanisms, the flow-on effect on plants and how to work out how to scale it up in the field. 
    “We also need to understand whether this approach could have any potential cascading or unintended consequences,” he adds.  
    In the absence of large-scale ecosystem restoration and effective monitoring strategies, 95% of the Earth’s land is projected to be degraded by 2050. The United Nations’ global initiative – the Decade of Ecosystem Restoration 2021-2030 – forecasts that 75% of the world’s soils described as degradation could increase to more than 90% by 2050. 
    Urbanisation, deforestation, overgrazing and other harmful practices has led us to this dire situation, which is now affecting human health and undermining food production and natural ecosystems, researchers say.
    Coauthor of the new article, Associate Professor Martin Breed from the Restoration Ecology lab at Flinders University’s College of Science and Engineering, says the potential for this kind of approach is vital in a bid to head off biodiversity loss and speed up ecosystem restoration. 
    Sonic restoration: acoustic stimulation enhances plant growth-promoting fungi activity (2024) by Jake M Robinson, Amy Annells, Christian Cando-Dumancela and Martin F Breed will be published in Biology Letters (Royal Society Publishing) on 2 October 2024. 
    https://doi.org/10.1098/rsbl.2024.0295 
    Funding: M Breed is funded by the Australian Research Council (grants DP210101932, LP190100051 and LP190100484) and the New Zealand Ministry of Business Innovation and Employment (grant UOWX2101).
    Acknowledgements. We acknowledge that this research was conducted on the land of the Kaurna people in Tarntanya (Adelaide, South Australia).

    MIL OSI – Submitted News –

    January 23, 2025

  • MIL-OSI: Hut 8 Announces Early Payoff of Outstanding Loan

    Source: GlobeNewswire (MIL-OSI)

    Anchorage Digital converted entire ~$38 million loan balance to common shares at a price of $16.395 per share

    Strengthens Company’s financial position as it advances pipeline of AI and mining infrastructure opportunities

    MIAMI, Oct. 01, 2024 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today announced the conversion of the entire ~$38 million outstanding balance of its subsidiary’s outstanding loan with Anchorage Lending CA, LLC, a subsidiary of Anchor Labs, Inc. d/b/a Anchorage Digital (“Anchorage Digital”), into common stock of the Company (the “Conversion”).

    “Hut 8 stands out for its conviction to innovation — it’s a key reason that we originally backed them with a loan, and it’s the same reason we’ve now converted that debt to equity,” said Nathan McCauley, Co-Founder and CEO of Anchorage Digital. “In an evolving market, Hut 8 has proven that they can adapt to meet the moment and come out stronger — for the benefit of the company and the digital asset ecosystem at large. We value that kind of resilience on our balance sheet, and our new ownership stake makes that clear.”

    “Our relationship with Anchorage Digital has been instrumental to our growth,” said Asher Genoot, CEO of Hut 8. “We are grateful for their continued support as we scale and diversify our business while maintaining an unwavering focus on disciplined and creative capital deployment.

    “With a strengthened balance sheet and decreased leverage, we believe we are even better positioned to advance discussions with prospective counterparties and execute on the development of next-generation mining and AI data centers.”

    Key Transaction Terms

    Anchorage Digital has converted the ~$38 million outstanding balance of the loan at a price of $16.395 per share of common stock of Hut 8 pursuant to a Debt Repayment Agreement (the “Debt Repayment Agreement”). The share price represents a 51% premium to the 20-Day VWAP through September 26, 2024, the day prior to the signing of the Debt Repayment Agreement.

    Upon completion of the Conversion, the outstanding loan and all other related obligations of the Company and its subsidiaries have been satisfied.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    Additional information, including the Debt Repayment Agreement, is available in the Form 8-K that the Company will file with the Securities and Exchange Commission.

    Upcoming Conferences & Events

    • October 7–9, 2024: Yotta 2024
    • October 15, 2024: USC Marshall Energy Business Summit 2024
    • November 13–14, 2024: Cantor Fitzgerald Crypto, Digital Assets & AI Infrastructure Conference 2024
    • November 19, 2024: Craig-Hallum 15th Annual Alpha Select Conference
    • November 19, 2024: Benzinga Future of Digital Assets Conference 2024

    About Hut 8 

    Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising twenty sites: ten Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one newly announced site in the Texas Panhandle. For more information, visit http://www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the Company’s advancement of its AI and mining infrastructure pipeline and the Company’s ability to continue scaling and diversifying its business while maintaining an unwavering focus on disciplined and creative capital deployment.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at http://www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at http://www.sedarplus.ca and EDGAR profile at http://www.sec.gov.

    Hut 8 Corp. Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Media Relations
    media@hut8.com

    The MIL Network –

    January 23, 2025

  • MIL-OSI Economics: Luis de Guindos: Expectations surveys, central banks and the economy

    Source: European Central Bank

    Welcome address by Luis de Guindos, Vice-President of the ECB, at the 5th joint ECB, Bank of Canada and Federal Reserve Bank of New York Conference on expectations surveys, central banks and the economy

    Frankfurt am Main, 1 October 2024

    It is my pleasure to welcome you to this fifth joint conference on expectations surveys organised by the European Central Bank, the Bank of Canada and the Federal Reserve Bank of New York.

    In my remarks today, I will delve into the fascinating world of expectations surveys and their relevance to central banks. I will review how useful expectations surveys have proven to be for central banks over the period since 2019, the year we held our first conference in this series. In addition, I will touch on the challenges facing central banks in using surveys. The fact that central banks generally operate under great uncertainty has come to the fore over the past five years. Today, too, we are facing huge uncertainty – not least in view of the many prevailing economic, financial and geopolitical risks. Yet, it is precisely in this unpredictable and highly complex landscape that surveys have come into their own.

    The return of survey expectations

    Over the past decade, central banks and other policymaking institutions have invested significantly in expectations surveys and have drawn increasingly on survey data for their policy analysis and research. These surveys cover consumers, firms, financial market participants and other experts, including professional forecasters. At the ECB, we can fortunately look to a wide array of such surveys covering diverse topics such as consumer expectations, household finance and consumption, access to finance of enterprises, the payment attitudes of consumers and bank lending. Since 2013, the ECB has also conducted a survey of wholesale market participants on credit terms and conditions, and it recently developed a new survey of monetary analysts to collect expert expectations about key monetary policy parameters and concepts. Finally, the ECB’s Survey of Professional Forecasters was launched back in 1999 at the start of Economic and Monetary Union. Its structured collection of data has supported a rich research programme investigating economic forecasts and expert expectations.[1]

    All ECB surveys can provide insights into how different economic agents form and update their expectations. They can reveal the potential biases in these expectations and the extent to which expectations feed into economic decisions. Surveys were indeed quite central to the economic debate in the 1950s and the 1960s but their role became more marginal when rational expectations were incorporated into economic modelling in the 1970s. Over the past ten years, however, economists have seen survey expectations clearly returning to the mainstream.[2] One could describe the recent growth in survey-based research as a “counter-revolution” following the earlier “revolution” centred on rational expectations. Today, while models based on rational expectations still form a useful reference point in our analysis and research, they are no longer thought to provide a solid basis for understanding business cycles, for gauging the risks of financial crises or for designing effective economic policies. The central insight gained from this new line of survey-based research is that many economic agents may systematically form expectations by using partial sets of information or by following subjective narratives about how the economy functions – for example by applying simple rules of thumb.[3] It is important to understand such subjective expectations, because these beliefs often underlie the economic choices and financial decisions that drive the economy.[4]

    Surveys have repeatedly proven their usefulness over the past five years. During the COVID-19 pandemic, they were especially useful in helping to track financial conditions for firms and households, as well as in estimating the labour market response to the pandemic shock. Online surveys were of great benefit during the pandemic as in-person survey interviews were hampered by lockdown restrictions. For example, the ECB’s Consumer Expectations Survey – an online survey which was fortuitously launched in early 2020 – helped us understand the severity of the pandemic-induced collapse in consumption and gauge the overall effectiveness of the major policy interventions by governments and other authorities at the time.[5]

    Insights from surveys during the recent period of high inflation

    More recently, the data collected in surveys strongly supported the analysis of the recent inflationary episode in the euro area.[6] During the early phase of the inflation surge in 2022, survey data helped to inform the central discussion on the likely persistence of the shock. For example, the observed increase in consumers’ medium-term expectations may have interacted with an increase in firms’ pricing power to make the original supply shocks more persistent than they would otherwise have been.[7]

    Forces that would gradually help bring inflation back down to our target were also visible in more recent survey data. For example, we could see how the rise in inflation and inflation expectations was acting as a major constraint on demand and consumer spending owing to its impact on real incomes. In August 2023 respondents to the ECB’s Consumer Expectations Survey were asked what actions they were planning to take in light of their expectations about future inflation. The results clearly showed that a much higher share of consumers planned to reduce their spending in response to the expectations of higher prices.[8] In addition, consumers indicated that they would start to shop around more and buy cheaper varieties of goods and services than they normally would. In a context where the ECB was taking decisive monetary policy action aimed at restoring price stability, these behavioural responses to higher inflation expectations also contributed to the gradual unwinding of the inflationary pressures across the euro area economy.

    Insights for financial stability analysis

    In addition to monetary policy, expectations surveys are now increasingly being used for other central bank tasks as well. This includes financial stability analysis. Here, surveys can help identify potential sources of financial risk not only in financial markets and the banking system, but also in the household and non-financial corporate sectors.[9] Even when there is no discernible financial stress at the aggregate level, the disaggregated or individual-level data typically provided by surveys can help us to identify emerging risks across particular sectors or socio-demographic groups.

    In financial stability analysis, the topic of financial literacy is receiving increased attention. In the first keynote lecture of the conference, Professor Annamaria Lusardi from Stanford University will talk about why financial literacy is relevant for central banks. One consideration for financial stability analysis is that less financially literate households may be less prepared to cope with adverse economic and financial shocks. Yet, these households tend to be the most exposed to such shocks and more heavily affected when they occur. Policies seeking to boost financial literacy may help borrowers to source loans that are cheaper to service, thus promoting more efficient and more sustainable debt management. These issues may be particularly relevant for real estate markets and housing, which will be the focus of the second keynote lecture of the conference, given by Professor Tarun Ramadorai from Imperial College London. Professor Ramadorai will discuss the importance of non-rational beliefs in the housing market and how household surveys can help inform policies that can address these frictions.

    Sustaining the quality and representativeness of surveys

    Our experiences with survey data also highlight the challenges that policymakers face when using these data. Survey data can be volatile and there is evidence of overreaction in both household and firm surveys of expectations. For this reason, surveys may provide a noisy signal for policymaking in practice, which complicates how these data should feed into the policy reaction function. In this respect, I hope the research presented at today’s conference can also help policymakers distinguish the signal from the noise that is always embedded in expectations data. These considerations underline the importance of the quality of the survey design, including the sampling and data collection methods. It is crucial that questions are designed to avoid the framing of responses and that the complexity of the questionnaires is managed appropriately to avoid survey fatigue, which may negatively affect data quality. As central banks are making increasing use of survey data, they need to continuously and carefully monitor these data to ensure responses remain representative of the underlying population’s beliefs and behaviour.

    Conclusion

    Let me conclude. Today, expectations surveys are an important part of the toolkit available to central banks for their policy analysis. These surveys reveal insights about the economy that would otherwise remain hidden from view. As a result, they can contribute to more robust policy decisions and better policy assessments.

    I would like to finish by thanking the presenters and participants in advance for their contributions and the conference organisers for putting together such an impressive programme. I wish you all a productive and successful two days of lively debate and discussion. I am confident that the insights that will emerge from sharing our experiences of different surveys across many countries and institutions will ultimately enhance the way in which we use expectations surveys to help guide policy decisions.

    MIL OSI Economics –

    January 23, 2025

  • MIL-OSI USA: Klobuchar Statement on Federal Approval of Minnesota Broadband Infrastructure Plan

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar
    WASHINGTON – U.S. Senator Amy Klobuchar (D-MN), a senior member of the Senate Commerce Committee, announced that the National Telecommunications and Information Administration (NTIA) at the U.S. Department of Commerce approved Minnesota’s plan for broadband infrastructure deployment. This development advances Minnesota to the next step in their planned affordable broadband rollout across the state.
    Klobuchar’s Accessible, Affordable Internet for All Act was incorporated into the Bipartisan Infrastructure Law and was the basis for the significant federal funding to Minnesota for expanding high-speed internet access.
    “Internet access is necessary for everything from education to healthcare, not to mention for keeping in touch with friends and family. However, many households in Minnesota currently don’t have a reliable broadband connection,” said Klobuchar. “That is why I fought to secure this game changing investment that will deliver affordable and reliable high-speed internet to everyone in Minnesota. With the approval of Minnesota’s rollout plan, we are one step closer to connecting every corner of our state.” 
    Klobuchar has long led efforts to expand broadband access, support rural broadband, and bridge the digital divide.
    In June 2023, Klobuchar announced that the U.S. Department of Commerce had awarded major federal funding through the Bipartisan Infrastructure Law to bring reliable, affordable, high-speed internet access to every household in Minnesota. The Accessible, Affordable Internet for All Act, Klobuchar’s legislation with Former House Majority Whip Jim Clyburn (D-SC) to expand high-speed internet nationwide, served as the basis for the program created by the Bipartisan Infrastructure Law. 
    In March 2023, Klobuchar and Senators John Thune (R-SD), John Hickenlooper (D-CO), and Jerry Moran (R-KS) reintroduced bipartisan legislation to expand broadband access to rural communities. The Reforming Broadband Connectivity Act would strengthen funding mechanisms for the Federal Communications Commission’s (FCC) Universal Service Fund (USF), which promotes universal access to broadband and other telecommunications services. Currently, the USF is primarily funded through landline fees, disproportionately impacting seniors, who are more likely to use landlines than other Americans. 
    In February 2023, Klobuchar introduced bipartisan legislation with Senator Shelley Moore Capito (R-WV) to strengthen broadband access for rural communities. The Rural Broadband Protection Act would ensure that providers applying for federal funding can reliably deliver broadband to underserved, rural communities. 
    In July 2021, Klobuchar introduced bipartisan legislation with Senator Chuck Grassley (R-IA) to expand rural broadband access by streamlining the funding process and removing barriers for broadband connectivity in hard-to-serve rural areas.

    MIL OSI USA News –

    January 23, 2025

  • MIL-OSI Security: Federal Agents Seize and Shut Down Royal Inn Hotel in Phoenix Due to Drug Trafficking and Other Unlawful Activities

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

    Owner, Operator, and Corporate Entity Charged with Travel Act violations, Money Laundering, and Maintaining a Drug Premises

    PHOENIX, Ariz. – Today, the Federal Bureau of Investigation and United States Marshal Service, in coordination with the Phoenix Police Department, executed search and seizure warrants at the Royal Inn hotel, located at 2510 West Palo Verde Drive in Phoenix. Federal agents seized control of the hotel and shut down its operations due to widespread prostitution and drug trafficking activities that have gone unabated by its owners and operators.

    Also today, the United States District Court unsealed a 44-count indictment returned by a federal grand jury on September 17, 2024, against the Royal Inn’s owner, operator, and corporate entity, among others. Specifically:

    • Varsha Patel, 56, of Chino Hills, California, the owner of Royal Inn, was charged with two counts of Using a Facility of Interstate Commerce in Aid of Racketeering, one count of Maintaining a Drug Premises, and 34 counts of Promotional Money Laundering. Varsha Patel was also charged with multiple counts of Making False Statements to Obtain a Small Business Administration Loan.
    • Sarang Hospitality LLC, aka Royal Inn, the Arizona corporation through which the hotel does business, was similarly charged with two counts of Using a Facility of Interstate Commerce in Aid of Racketeering, one count of Maintaining a Drug Premises, and 34 counts of Promotional Money Laundering.
    • Nilam Patel, 54, of Phoenix, the live-in operator and day-to-day manager of the Royal Inn, was also charged with two counts of Using a Facility of Interstate Commerce in Aid of Racketeering, one count of Maintaining a Drug Premises, and 34 counts of Promotional Money Laundering.
    • Four other individuals were charged with Distribution of Fentanyl and Methamphetamine for drug dealing at the Royal Inn: Anthony Curtis, 42, of Buckeye; Otis Childers, 31, of Phoenix; Chauntelle Mills, 24, of Phoenix; and Leonardo Guerrero, 49, of Phoenix.

    The indictment alleges that defendants Varsha Patel, Nilam Patel, and Sarang Hospitality LLC, operated the Royal Inn by primarily renting rooms to individuals engaging in prostitution and drug dealing. From 2017 through September 2024, these defendants used the funds they obtained from the Royal Inn room rentals to maintain and promote the Royal Inn’s operations; pay the mortgage on personal property located in Chino Hills, California; fund certificates of deposit; purchase life insurance policies; and pay for their own personal expenses.

    The indictment further alleges that Varsha Patel, Nilam Patel, and Sarang Hospitality LLC were aware that most activities at the Royal Inn were illegal acts of prostitution, drug dealing, and drug using. Over the course of several years, Phoenix Police Department officials repeatedly informed these three defendants of the drug dealing and prostitution activities on the property, of the hundreds of calls for service local police received, and of the need to abate the criminal activities taking place. Despite having been served with multiple abatement letters, these defendants continued to operate the Royal Inn to intentionally facilitate and profit from the criminal activities occurring on the premises. This included: renting rooms to persons who overtly engaged in prostitution, and to persons who distributed illegal drugs; directing the sex workers to attract sex buyers off the property, and to walk separate from the sex buyer while going to the room; directing the sex workers, pimps, and drug dealers to park off the property; alerting sex workers, pimps, and drug dealers of law enforcement presence; failing to request a credit card, together with a government-issued identification, in order to rent a room; failing to evict persons engaged in prostitution and drug dealing, thereby allowing lengthy stays at the Royal Inn without detection; and failing to call the police when criminal activities were occurring.

    A conviction for Using a Facility of Interstate Commerce in Aid of Racketeering carries a maximum penalty of five years in prison and a $250,000 fine. A conviction for Maintaining a Drug Premises carries a maximum penalty of 20 years in prison and a $500,000 fine. A conviction for Promotional Money Laundering carries a maximum penalty of 20 years in prison and a $500,000 fine. A conviction for Making False Statements to Obtain a Small Business Administration Loan carries a maximum penalty of two years in prison and a $250,000 fine. A conviction for Distribution of Fentanyl and Methamphetamine carries a maximum penalty of 20 years in prison and a $1,000,000 fine.

    An indictment is simply a method by which a person or entity is charged with criminal activity and raises no inference of guilt. A criminal defendant is presumed innocent until evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    The Federal Bureau of Investigation, United States Marshal Service, and Phoenix Police Department conducted the investigation in this case. Assistant U.S. Attorneys Gayle Helart and Patrick Chapman, United States Attorney’s Office, District of Arizona, Phoenix, are handling the prosecution.
     

    CASE NUMBER:           CR-24-01529-PHX-SPL
    RELEASE NUMBER:    2024-127_Patel

    MIL Security OSI –

    January 23, 2025

  • MIL-OSI USA: Transcript: Spotlighting CHIPS Workforce Training Program

    Source: US State of New York

    Earlier today, Governor Kathy Hochul attended a roundtable discussion between the U.S. Department of Commerce, American Federation of Teachers, and Micron Technology to celebrate and highlight the partnership created in Syracuse.

    VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

    AUDIO: The Governor’s remarks are available in audio form here.

    PHOTOS: The Governor’s Flickr page will post photos of the event here.

    A rush transcript of the Governor’s remarks is available below:

    Thank you. Thank you, Secretary Raimondo. I want to thank you for having your door wide open to us here in the State of New York. I was a brand new Governor. We had our first conversation about how do we land Micron? How do we make sure they come to New York? And we were able to work with Majority Leader Chuck Schumer and the local team here, led by the Mayor, Ben Walsh. I want to thank him for his engagement intensely. Our County Executive McMahon was very involved, as John Mannion, our Senator was very involved, but I had the best economic development team in the country led by Hope Knight. I want to give her a round of applause.

    I’ll be brief. I want to hear the question. We are so proud of this. I brag about it everywhere I go. Everybody now knows that this is going to be the home of Micron. And more important than having a company come to a physical place here in upstate New York, it telegraphs a confidence in our economy that is contagious.

    I can’t tell you the supply chain companies that are now coming even 50, 100 miles down the road as a result of this. So we’ve created a whole ecosystem with the decision to put forth a $10 billion from the State of New York for our own Green CHIPS and Science Act as well. So, this is how government working with local communities can make a difference, but it’s all about the workforce.

    And when I had my first meeting with the Micron leaders, supposed to be a quick meeting during a snowstorm in Syracuse a couple of winters ago, it ended up, April, right? It went on for hours, because I wouldn’t let him leave until Sanjay said yes.

    But he made me promise I would get him the workforce he needed. And of course he said, “No problem, we’re going to do it, this is New York.”

    And today is about that. This is about planting the seed in young people, and getting them excited about these careers that will lift their families out of their circumstances.

    And I thank Micron for going to the heart of the City of Syracuse where people do not have that chance. They do not have a family member who’s going to be able to show them the path forward. We will do that. And Micron’s local investments are making that difference. So every child has a shot at the American Dream when they get the education we’re going to be talking about here today and also replicating that all over the State of New York.

    So, this is why I’m most excited about this project of anything and the Biden-Harris administration made it happen. I’m forever grateful to them as well. Thank you, Madam Secretary.

    MIL OSI USA News –

    January 23, 2025

  • MIL-OSI USA: U.S. Senate Unanimously Passes Shaheen, Cornyn, Hassan, Rosen and Peters’ Bipartisan Resolution to Commemorate National Community Policing Week

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – A bipartisan resolution led by U.S. Senator Jeanne Shaheen (D-NH), along with U.S. Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Gary Peters (D-MI) and Jacky Rosen (D-NV) to commemorate National Community Policing Week has unanimously passed the U.S. Senate. Shaheen first introduced this resolution in 2017 to establish the first full week of October as National Community Policing Week, and it has passed the U.S. Senate each year since on a bipartisan basis. The bipartisan resolution recognizes the service and sacrifice of the law enforcement community and underscores the importance of community policing. Additionally, the resolution encourages civilians, law enforcement agencies and public servants to work together to find solutions to improve public safety, strengthen community relationships and build trust. 
    “When law enforcement and citizens develop meaningful local ties to collaborate on improving public safety, our communities are safer and stronger places to call home,” said Senator Shaheen, Chair of the Commerce, Justice, Science and Related Agencies Appropriations Subcommittee. “Our bipartisan resolution honors the immense sacrifice law enforcement officers make day in and day out and emphasizes the need to invest in community policing to foster trust and protect our citizens. I’m glad to see it pass the U.S. Senate without objection.” 
    “National Community Policing Week recognizes the dedication of our men and women in blue who risk their lives every day to keep our neighborhoods safe,” said Senator Cornyn. “This resolution reaffirms our commitment to effective community policing and fostering positive relationships between law enforcement and those they serve.” 
    “This bipartisan effort recognizes community policing, which is crucial for fostering trust between law enforcement and the public,” said Senator Hassan. “I will continue working across the aisle to support New Hampshire’s law enforcement officers as they serve our communities.” 
    “Building trust between residents and local law enforcement is key to the safety of our communities,” said Senator Peters. “I am proud to have helped lead this bipartisan resolution to commemorate National Community Policing Week and recognize the important work being done to strengthen our neighborhoods and keep people safe.” 
    “Nevada’s law enforcement officers work tirelessly to keep families across our state safe, including by strengthening the bonds between them and local communities,” said Senator Rosen. “Last year, I had the honor of being accompanied to the State of the Union by a Las Vegas Metropolitan Police officer who has been using innovative outreach strategies to reach the Latino community in Las Vegas. These law enforcement officers deserve our utmost respect and gratitude, which is why I’m proud to help pass this bipartisan resolution to honor their courageous work promoting strong relationships between agencies and the communities they serve.” 
    Full text of the bipartisan resolution can be found here. 
    As Chair of the Commerce, Justice, Science and Related Agencies Appropriations Subcommittee, Shaheen helps secure funding for the Department of Justice’s Community Oriented Policing Services (COPS) programs.    

    MIL OSI USA News –

    January 23, 2025

  • MIL-OSI USA: Shaheen Statement on Passage of the Continuing Resolution to Keep Government Open

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    Published: 09.25.2024

    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), a senior member of the U.S. Senate Appropriations Committee and Chair of the Commerce, Justice and Science Appropriations Subcommittee, today issued the following statement after Congress passed a continuing resolution that will keep the government funded through December 20:
    “On behalf of Granite Staters and all Americans, I’m glad we came to a bipartisan agreement to keep the government open, ensure service members and federal workers get their paychecks and continue providing access to critical services for families across the country. While it’s a relief the government will remain funded, stop-gap funding bills create inefficiencies within government that only serve to waste American taxpayer dollars and sow uncertainty in the economy. It’s my hope that we can work together to pass robust, bipartisan funding bills that will enhance our national security, continue to provide the services millions rely on and keep our economy strong.”

    MIL OSI USA News –

    January 23, 2025

  • MIL-OSI USA: Warren Criticizes Banking Regulators’ Inaction on NYCB’s “Systemic Failings” and Threats to Banking and Financial Stability

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    September 26, 2024
    Questions Heads of OCC, Federal Reserve on “Dereliction of Duty” Amid Pattern of Oversight Failures 
    “Given the ongoing threats from regional bank failures, I am deeply troubled by your …failure to answer our previous questions—and your inability or unwillingness to rein in unruly banks …If the OCC has indeed identified ‘systemic failings’ at NYCB, the agency must impose stronger controls on the bank.”
    Text of Letter (PDF)
    Washington, D.C. – Today, Senator Elizabeth Warren (D-Mass.) sent letters to Michael Hsu, Acting Comptroller of the Office of the Comptroller of the Currency (OCC), and Jerome Powell, Chair of the Federal Reserve (Fed), with renewed concern that the OCC and the Fed could allow New York Community Bank (NYCB) to escape regulatory oversight despite identifying “systemic failings” in the bank’s operation and management. She also calls for the OCC to consider implementing an Individual Minimum Capital Ratio (IMCR) given NYCB’s history and the risks it poses to the U.S. financial system.
    “Allowing NYCB to evade penalties under these circumstances would be a dereliction of duty and would represent a failure by the OCC and the Fed to ensure the safety and soundness of the banking system,” wrote Senator Warren. 
    The OCC’s record of failure with NYCB is now over three years old. The current threats to NYCB’s viability reflect a pattern of oversight failures by the OCC, which rubber-stamped  two risky mergers with Flagstar Bank and Signature Bank in a six month period. Following those mergers, NYCB teetered near failure as the OCC neglected to address the risks associated with the bank’s rapid growth until it was too late.
    “The OCC, as NYCB’s regulator, is tasked with overseeing NYCB’s risk management and yet did not raise flags related to NYCB’s internal struggles,” Senator Warren wrote. “On the brink of failure, NYCB accepted a capital infusion from private equity firms spearheaded by former Treasury Secretary Steven Mnuchin, who tapped fellow Trump-era financial regulator Joseph Otting as NYCB’s new CEO.” 
    Steven Mnuchin and Joseph Otting worked together for years, at OneWest bank, where they ran an operation that was deemed a “foreclosure machine,” which repossessed the homes of tens of thousands of American families between 2009 and 2015 and intensified the economic pain of the Great Recession. Under Mr. Mnuchin and Mr. Otting’s leadership, OneWest employed illegal tactics like “robo-signing”—falsifying key documents—to kick more than 36,000 families out of their homes. When they took the helm ofNYCB, the Fed and OCC were required to review Mr. Otting’s and Mr. Mnuchin’s character and fitness, which would have included their behavior at OneWest.
    The OCC and the Fed failures to appropriately supervise NYCB are becoming more clear with the new reports of “systemic failings” at the bank. 
    “Given the ongoing threats from regional bank failures, I am deeply troubled by your … inability or unwillingness to rein in unruly banks,” wrote Senator Warren. “If the OCC has indeed identified ‘systemic failings’ at NYCB, the agency must impose stronger controls on the bank.”
    Senator Warren is calling on the OCC to use its existing authority under Title 12, which allows the OCC to establish a higher minimum capital requirement for banks under its jurisdiction that present heightened risks to the financial system, by considering an Individual Minimum Capital Ratio for NYCB. 
    Senator Warren has led the fight to hold banking regulators accountable to establishing and enforcing guardrails around the banking industry and preventing harmful bank mergers to protect the financial system, economy, and consumers: 
    In April 2024, Senators Warren and Blumenthal probed the OCC for its regulatory failures amid NYCB’s financial spiral. 
    In March 2024, a year after the collapse of Silicon Valley Bank, Senator Warren sent a letter to three key banking regulators: Michael Barr, Vice Chair for Supervision of the Federal Reserve, Martin Gruenberg, Chair of the Federal Deposit Insurance Corporation, and Acting Comptroller Hsu, seeking an update on their progress in delivering on their public commitments to strengthen regulatory standards for banks with assets of $100 billion or more. 
    In February 2024, Senator Warren led 12 lawmakers urging the OCC and the Federal Reserve to block Capital One’s plan to acquire Discover Financial Services. Their letter also expressed concerns with the OCC’s proposed policy statement regarding merger approvals as essentially codifying a permissive approach.
    In December 2023, Senator Warren led 6 senators in a letter to Acting Comptroller Hsu, calling on OCC to allow states to move forward with their efforts to protect consumers from harmful bank practices. The senators criticized the OCC for overstepping its preemption authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which it used to block tough, state-level consumer protections.
    In August 2023, chairing a hearing of the Senate Banking, Housing, and Urban Affairs Committee Subcommittee on Economic Policy, Senator Warren highlighted the need for regulators to implement the strongest version of bank merger review guidelines in order to ensure stability in the financial system. 
    In June 2023, Senator Warren sent a letter to Assistant Attorney General Jonathan Kanter, Federal Deposit Investment Corporation Chairman Gruenberg, Acting Comptroller of the Currency Hsu, Federal Reserve Vice Chair for Supervision Michael Barr, and Treasury Secretary Janet Yellen, urging regulators to promote greater competition in the banking sector by toughening their stances on bank mergers and strengthening bank merger review guidelines.
    In May 2023, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Warren questioned Acting Comptroller Hsu on his decision to approve JPMorgan Chase’s purchase of First Republic Bank after its collapse. This merger allowed a large, poorly supervised bank to be swallowed by America’s largest bank, making it $200 billion larger than it was before.
    In May 2023, Senator Warren sent a letter to Acting Comptroller Hsu and FDIC Chair Gruenberg, questioning the terms of the sale of First Republic Bank to JP Morgan Chase and the rationale behind the OCC and FDIC’s approval of the deal. 
    In December 2022, Senators Warren and Tina Smith (D-Minn.) sent letters to three key banking regulators: the Federal Reserve, FDIC, and the OCC, raising concerns about the ties between the banking industry and crypto firms following FTX’s bankruptcy. The senators asked each regulator how they assessed the banking system’s exposure to crypto risks. 
    In December 2022, Senator Warren and Representative Ilhan Omar (D-Minn.) sent a letter to the heads of all U.S. banking regulators, including Acting Comptroller Hsu, calling on them to improve banking access for immigrant communities and communities of color.  
    In August 2022, Senators Warren, Dick Durbin (D-Ill.), Whitehouse, and Sanders sent a letter to the OCC, calling on it to rescind the previously issued cryptocurrency guidance and replace it with more comprehensive guidance, in coordination with other prudential regulators. 
    In September 2021, Senator Warren and Representative Jesús “Chuy” García (D-Ill.) reintroduced the Bank Merger Review Modernization Act, which would restrict harmful consolidation in the banking industry and protect consumers and the financial system from “Too Big to Fail” institutions, like those that caused the 2008 financial crisis.

    MIL OSI USA News –

    January 23, 2025

  • MIL-OSI USA: Baldwin Introduces Bill to Give Small Businesses, Entrepreneurs $50,000 Tax Break

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) introduced legislation to provide tax relief to entrepreneurs looking to start a small business and reduce barriers for startups. The Tax Relief for New Businesses Act would increase the startup tax deduction from $5,000 to $50,000 and allow businesses to write off more expenses to compensate for the increasing cost of starting a business. Currently, small business owners can only deduct up to $5,000 in startup costs in the first year, yet a recent survey found that they spend an average of $40,000 to get their businesses off the ground.
    “On Main Streets across Wisconsin, small businesses are creating jobs and contributing to our local economies. For too many entrepreneurs, starting a business can be out of reach and it’s our job to break down the barriers in their way so more Americans can pursue their dreams,” said Senator Baldwin. “This legislation is a commonsense step that will unlock opportunities for Wisconsin’s next generation of small businesses and help ensure they have the capacity to grow, innovate, and shape the future of the Badger state.”
    “If the US Senate passes this legislation it would help provide capital to reinvest in small business staff and get them to a stable, profitable bottom line much quicker. This would encourage existing and expanding businesses to invest and grow by improving cash flow in the early years of starting and growing the businesses. As a small business owner I strongly endorse this effort,” said TJ Semanchin, owner of Wonderstate Coffee in Viroqua, WI.
     “The Tax Relief for New Businesses Act is a game changer for entrepreneurs, offering substantial financial relief when it’s needed most,” said Scott Resnick, Wisconsin startup advocate. “By significantly increasing the deduction and allowing more flexibility for growing startups, this policy reduces the financial burden of launching a business and paves the way for greater innovation and job creation across the Wisconsin economy.”
    “TitletownTech supports policy that reduces early-stage financial pressure on entrepreneurs and increases likelihood of startup success,” said Jill Enos, Managing Partner of Titletown Tech in Green Bay.
    “Starting a business is a vote of confidence in the future,” said Richard Trent, Executive Director of Main Street Alliance. “Men and women all across the country start businesses that help our communities thrive. Small businesses are connected to their communities, sponsoring little league teams, providing employment and creating a robust culture and economy. But one of the most difficult parts of starting a business is having the capital to do so. A lack of generational wealth, unfair lending practices and discrimination make this difficult for too many. The Tax Relief for New Businesses Act is a huge step in the right direction to level the playing field and jump start Main Streets all across America.”
    “Repeated research has demonstrated that new businesses – ‘startups’ – are a critical driver of economic growth, job creation, and opportunity expansion,” said John Dearie, President of Center for American Entrepreneurship. “But launching a new business costs money. And because startup costs are incurred long before the first dollar of revenue, those costs can be a major obstacle to new business formation. That’s why the Tax Relief for New Businesses Act is so important. The Act would increase the tax deduction of startup costs from $5,000 to $50,000, expand the types of expenses eligible for the deduction, and stretch the phase-out threshold of the credit from $50,000 to $150,000, allowing entrepreneurs to write-off more of the costs required to launch their business once they become profitable. The legislation is powerfully pro-entrepreneurship, pro-growth, and pro-job creation. CAE thanks Senators Jacky Rosen (D-NV), Tammy Baldwin (D-WI), and Jeanne Shaheen (D-NH) for their leadership and looks forward to working with them to ensure swift passage of the legislation.”
    This legislation is also led by Senators Jacky Rosen (D-NV) and Jeanne Shaheen (D-NH) and endorsed by the Main Street Alliance and Center for American Entrepreneurship.

    MIL OSI USA News –

    January 23, 2025

  • MIL-OSI USA: Mullin, Lankford Urge EPA to Rescind Costly Waste Management Rule Hurting Oklahoma Businesses

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    Mullin, Lankford Urge EPA to Rescind Costly Waste Management Rule Hurting Oklahoma Businesses

    U.S. Senator Markwayne Mullin (R-OK), Ranking Member of the Environment and Public Works’ Chemical Safety, Waste Management, Environmental Justice, and Regulatory Oversight Subcommittee, was joined by Sen. James Lankford (R-OK) in sending a letter to Environmental Protection Agency (EPA) Administrator Michael Regan to express concern over a proposed rule regarding waste-to-energy (WTE) facilities. The EPA’s proposed rule would further tighten Maximum Achievable Control Technology (MACT) standards for existing WTE facilities while simultaneously removing compliance exceptions, leading to dramatic and unnecessary increases in compliance costs across Oklahoma without significant benefit. The lawmakers urged the EPA to reexamine its proposal prior to issuing a final rule to ensure that new standards are set consistent with actual data provided.
    “Municipal waste combustors, waste-to-energy (WTE) facilities, are a vital waste management technology that communities and businesses in Oklahoma use to divert waste from landfills, recycle metal, and generate renewable energy. Communities and businesses in Oklahoma, and across the country have invested billions of dollars to ensure these facilities are meeting the already stringent environmental standards set by your agency and by states,” write the lawmakers.
    “The EPA should be mindful of the fact that imposing standards that WTE facilities will never meet is well beyond EPA’s statutory authority,” the lawmakers continue.
    The full letter can be found here.
    Background:
    The proposed rule refers to the Standards of Performance for New Stationary Sources and Emission Guidelines for Existing Sources: Large Municipal Waste Combustors, Voluntary Remand Response and 5 Year Review (89 FR 4243), which includes a re-evaluation of the MACT floor determinations issued on January 23rd, 2024.
    The Clean Air Act (CAA) Amendments of 1990 established the MACT standards to ensure that all facilities in an industry sector meet the same standards as the top 12 percent of performing facilities. The EPA set these attainable standards, known as ‘MACT floors’, for WTE facilities twice, in 1995 and 2006.

    MIL OSI USA News –

    January 23, 2025

  • MIL-OSI USA: Rep. McGarvey Introduces Bill to Invest in Entrepreneurship, Reduce Recidivism

    Source: United States House of Representatives – Congressman Morgan McGarvey (Kentucky-03)

    September 26, 2024

    WASHINGTON, D.C. (September 26, 2024) – This week, Congressman Morgan McGarvey (D-KY-03) and Congressman Tim Burchett (R-TN-02) introduced H.R. 9841, the Prison to Proprietorship for the Formerly Incarcerated Act, bipartisan legislation that would provide in-depth entrepreneurship training to formerly- incarcerated individuals looking to start a business or enter the workforce. 

    “Nearly all incarcerated people will complete their sentence and return to their community—we have to make sure that we’re laying a strong foundation for success post-incarceration,” said Rep. McGarvey. “By providing a path to entrepreneurship for formerly-incarcerated Americans, my bill not only works to reduce recidivism, but also gives returning citizens the tools they need to start a business and achieve their American dream.”

    The Prison to Proprietorship for the Formerly Incarcerated Act would direct SCORE—a program within the Small Business Administration that offers free or low-cost mentorship and training to entrepreneurs—to provide formerly incarcerated individuals with one-on-one mentoring, workshops, and online instruction specifically tailored to their unique needs.

    “Around 95% of incarcerated people get released and end up back on the streets,” said Rep. Burchett. “We need to make sure they’re prepared to rejoin their communities, and teaching them entrepreneurial skills helps them get a fresh start.”

    BACKGROUND:

    Despite steps to reform and improve our criminal justice system, returning citizens face significant barriers to reentering the workforce, and studies have shown that recidivism rates tend to be higher for those individuals who lack employment. As reported by the Council for State Governments, states spent an estimated $8 billion on reincarceration costs for people who exited prison in 2022, and The Department of Justice estimates that 82 percent of individuals released from state prisons were rearrested at least once during the 10 years following release. 

    Programs that teach formerly incarcerated individuals leadership skills, financial literacy, networking, and how to develop a business plan reduce recidivism and create more opportunities for returning citizens. As the flagship agency tasked with supporting entrepreneurs and small businesses, the Small Business Administration has the expertise and experience to teach those skills.

    View text of the bill here.

    A one pager for the bill is available here.

    ###

    MIL OSI USA News –

    January 23, 2025

  • MIL-OSI USA: Governor Ron DeSantis Issues Updates on Preparedness Efforts Ahead of Hurricane Helene

    Source: US State of Florida

    TALLAHASSEE, Fla.—Today, Governor Ron DeSantis was joined by Major General John D. Haas, Florida Division of Emergency Management (FDEM) Executive Director, and Florida Department of Transportation Secretary Jared Purdue at the State Emergency Operations Center to provide updates ahead of landfall of Hurricane Helene. As of 8:00 am ET, Hurricane Helene’s maximum sustained winds have increased to 100 mph with higher gusts, making it a Category 2 hurricane. Additional strengthening is forecast, and Helene is expected to be a major hurricane when it reaches the Florida Big Bend coast tonight. Sixty-eight shelters are open throughout the state in preparation for severe impacts from Hurricane Helene, including 2 state-operated shelters in Tallahassee and DeFuniak Springs. These shelters have are housing over 2,500 residents from areas that may be severely affected by Hurricane Helene.

    Governor DeSantis issued Executive Order 24-209 on September 24, updating EO 24-208 and declaring a state of emergency for 61 counties. This allows state officials to make critical resources available to communities ahead of any potential storm impacts.

    Following Governor DeSantis’ request, FEMA approved the state’s pre-landfall disaster declaration request. This provides important federal resources and assistance, including personnel, equipment, and supplies, and makes available funding sources for emergency protective measures. The pre-landfall declaration request is for the 41 Florida counties included in Executive Order 24-208.

    Voluntary and mandatory evacuation orders are in effect in multiple counties statewide. Residents need to evacuate if they are under a mandatory evacuation order. Counties under evacuation orders can be found at FloridaDisaster.org/EvacuationOrders.

    Residents in the big bed area needing assistance finding or going to a shelter in the Big Bend region for Hurricane Helene can call (800) 729-3413. FDEM team members are conducting callbacks from messages received last night and accepting new calls today to facilitate shelter coordination. For additional resources and assistance, residents can call the State Assistance Information Line (SAIL) at (800) 342-3557. Assistance is available in English, Spanish, and Haitian-Creole.

    Watches and warnings in effect include:
    Hurricane Warning: Western Alachua, coastal Citrus, Columbia, Dixie, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, coastal Hernando, Jefferson, Lafayette, Leon, Levy, Liberty, Madison, western Marion, coastal Pasco, Suwannee, Taylor and Wakulla counties
    Hurricane Watch: Inland Citrus, inland Hernando, coastal Hillsborough, coastal Manatee, inland Pasco, Pinellas, coastal Sarasota
    Tropical Storm Warning: Central and eastern Alachua, Baker, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, inland Citrus, Clay, Collier,  DeSoto, Duval, Flagler, Glades, Hardee, Hendry, Highlands, inland Hernando, Hillsborough, Holmes, Indian River, Jackson, Lake, Lee, Miami-Dade, Monroe (including Florida Keys and Dry Tortugas), Manatee, central and eastern Marion, Martin, Nassau, Okeechobee, Orange, Osceola, Palm Beach, inland Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Union, Volusia, Walton, Washington
    Storm Surge Warning: Charlotte, Citrus, Collier, Dixie, Franklin, Gulf, Hernando, Hillsborough, Jefferson, Lee, Levy, Manatee, Monroe, Pasco, Pinellas, Sarasota, Taylor and Wakulla counties

    To learn more, residents can visit FloridaDisaster.org/Guide.  For updates on county resources available visit FloridaDisaster.org/Counties for a list of all 67 county emergency management contacts.

    State Preparedness Efforts

    • The Florida Division of Emergency Management (FDEM) activated the State Emergency Operations Center to Level 1 on Tuesday, September 24, and is leading coordination efforts for the State Emergency Response Team.
    • The State Emergency Response Team is engaged in over 1,150 missions to assist counties in their preparation efforts. These missions accomplish vital tasks like staging response resources, protecting critical infrastructure facilities like hospitals and utility stations, and coordinating personnel statewide.
    • There are 35,000 shelf-stable meals staged near the anticipated area of storm impact, ready to deploy for response.
    • Seven Urban search and rescue task forces are ready to deploy.
    • The Florida National Guard (FLNG) has mobilized nearly 3,500 Soldiers and Airmen in preparation for Hurricane Helene and can surge to 5,500 if needed.
    • The FLNG is postured to provide logistics support, law enforcement support, route clearance, search and rescue, commodity distribution, flood mitigation, aviation and other support as needed by the state.
    • The Florida State Guard (FSG) has prepared the following:
      • 250+ Soldiers ready to deploy.
      • 10 shallow water vessel boat teams
      • 7 flat-bottom-flood rescue skiffs
      • 2 amphibious rescue vehicles
      • 12 UTV’s
      • 15 Cut and toss crews
      • 7 search and rescue teams
      • 2 UH-60 Blackhawk for daytime aerial assessment and logistics missions
    • The Florida Department of Law Enforcement (FDLE) has positioned all assets, including aircraft, and is ready to respond for reconnaissance and damage assessments, including all backup satellite and communications systems. Portable towers have been staged for emergency communications.
    • FDLE is prestaging Telecommunication Emergency Response Taskforces for response to ensure continuity of service of the 911 system.
    • FDLE’s Criminal Justice Information Services received permission from the FBI to allow law enforcement agencies to perform criminal history queries on behalf of emergency shelters to determine the suitability of shelter staff who may care for vulnerable populations (children, the elderly, the disabled).
    • Nearly 2,000 Florida Department of Transportation (FDOT) team members work directly on storm response.
    • FDOT encourages drivers to download the FL511 app or visit FL511.com for road and bridge closures and potential detours that may be activated. Remember to always follow the direction of local law enforcement and emergency personnel.
    • FDOT issued an Emergency Order on September 23, lifting weight restrictions and allowing emergency response vehicles, including utility vehicles staging for rapid response, to bypass weigh stations.
    • FDOT Statewide Preparedness Efforts Include:
    • Road Ranger Service has expanded service to 24 hours in the storm impact areas.
      • 890 team members conducting pre-storm preparations.
      • 613 team members working in the field conducting pre-storm preparations.
      • 245 pieces of heavy equipment are being used for pre-storm preparations.
      • 307 team members staged for cut and toss operations
      • 120 bridge inspectors staged for deployment
      • 43 team members staged for UAV (drone) deployment
      • 40 large pumps staged
      • 688 generators staged to assist with traffic signal power
      • 4 ITS trailers are staged.
    • Seaports:
      • Port Key West, Panama City, Port St. Joe, Tampa Bay, SeaPort Manatee, Port St. Pete, Port of Fernandina, JAXPORT, and Port Canaveral are closed waterside.
    • Airports: Some flight cancellations or delays are being reported. Check with airlines directly on specific flight updates. The following airports have suspended service:
      • Tallahassee International Airport (TLH)
      • Tampa International Airport (TPA)
      • St. Pete-Clearwater International Airport (PIE)
    • Railroads:
      • Amtrak: Silver Star and Silver Meteor routes (New York to Miami) will terminate in Jacksonville
      • Amtrak: Silver Star and Silver Meteor routes (Miami to New York) will originate in Jacksonville
      • SunRail service has been suspended.
    • Freight Rail:
      CSX will limit operations in the Tampa area.
    • Florida Gulf & Atlantic will shut down operations except the Pensacola area.
    • Apalachicola Northern and BayLine have suspended operations
      • First Coast Railroad will shut down operations on 9/27 .
    • The following transit providers have made the following schedule modifications.
      • Service Suspended: Lakeland Area Mass Transit (Citrus Connection), Manatee County Area Transit, Sarasota County Area (Breeze) Transit, Lee County (LeeTran), Charlotte County, Jacksonville Transit Authority (JTA) Skyway and St. Johns River Ferry, St. Johns County (Sunshine Line), Bay County (Bayway), StarMetro, Big Bend Transit, Wakulla County Transit, Jackson County (JTrans), Calhoun County Transit, Liberty County Transit, Gulf County ARC suspending, LYNX, Marion County Transit, Key West Lower Key Shuttle, Hillsborough County (HART), Pasco County, Hernando County (The Bus)
    • The Florida Department of Veterans’ Affairs (FDVA) The VISN 8 Clinical Contact Center is operational 24/7/365 for virtual care and tele-emergency care and support to Veterans enrolled for VA Health Care in Florida. 1-877-741-3400. Visit https://department.va.gov/integrated-service-networks/visn-08 for more information.
    • Department of Management Services (DMS) is working to identify potential evacuation shelter sites for special needs and pet-friendly evacuees as far east as Lake City and west as Panama City.


    Health and Human Services

    • The Agency for Persons with Disabilities (APD) is tracking APD-licensed group homes in impacted areas to ensure client safety from Hurricane Helene. APD will provide necessary guidance for re-entry when it is appropriate to do so.
    • The Florida Department of Health’s (DOH) is deploying over 135 emergency response vehicles. Staging is currently in Leon, Liberty, Osceola, and Pinellas counties.
    • DOH has prepared for Special Needs Shelter operations to begin in areas of Helene’s path. A press release has been sent statewide for additional information on special needs shelters. To find a shelter near you, please visit the county emergency management page here.
    • DOH and the Agency for Health Care Administration have initiated Patient Movement Mission to support medical transport and evacuations of health care facilities.
    • The State Surgeon General signed Emergency Order 24-002, which:
      • Waives competitive procurement requirements in order to procure commodities, goods, and services expeditiously in response to the emergency.
      • Permits emergency medical transportation services to operate across county lines.
      • Permits Paramedics, Emergency Medical Technicians, and Medical Directors, as defined by Chapter 401, Florida Statutes, licensed in other U.S. states, territories, or districts to practice in Florida in response to the emergency without penalty.
      • Authorizes a reporting extension for the Prescription Drug Monitoring Program.
      • Authorizes an extension of the upcoming licensure renewal deadlines for Nursing Home Administrators, Radiological Personnel, and Athletic Trainers until October 31, 2024.
    • DOH and the Office of Insurance Regulation (OIR) sent information regarding early prescription refills permitted under Executive Order 24-209. This information was sent to the public, health insurers, managed care organizations, pharmacy benefit managers, pharmacy chains, and health care providers.
    • The Agency for Health Care Administration (AHCA) has activated reporting in the Health Facility Reporting System (HFRS) and has requested that all health care providers report their census, available beds, evacuation status, and generator status information. This information allows AHCA to assist health care providers in transferring patients if needed and ensure that health care providers in impacted areas have the necessary resources and adequate power.
    • AHCA made 537 provider calls for Hurricane Helene preparation ahead of landfall.
    • As of this morning, 80 health care facilities are reporting that they are evacuating.
      • 38 assisted living facilities
      • 26 nursing homes
      • 8 hospitals
      • 4 residential treatment facilities
      • 2 residential treatment centers for children and adolescents
      • 1 adult family care home, and 1 intermediate care facility for developmentally disabled
    • 100% of operating long-term care facilities have a generator on-site. The Generator Status Map for long-term care facilities is available here.
    • The Agency has waived all prior authorization requirements for critical Medicaid services until further notice.

    Infrastructure, Roads and State Closures

    • The Florida Highway Patrol (FHP) is assisting the Florida Department of Corrections with the evacuation of correctional facilities as needed.
    • FHP is assisting with evacuations in Taylor County and in Cedar Key in Levy County.
    • FHP is removing any abandoned or disabled vehicles left along roadways ahead of storm arrival.
    • FHP cut teams, along with FDOT road clearing teams, are staged and ready for post-storm deployment to provide aid to areas impacted by the storm.
    • Florida Department of Highway Safety and Motor Vehicles (FLHSMV) issued Emergency Order 24-05, in support of Executive Order 24-209 which: waives specific requirements for commercial motor vehicles providing emergency relief; and waives the replacement fees for driver’s license and identification credentials, vehicle registrations and titles, vessel registrations and titles and temporary parking permits for impacted individuals.
    • The Department of Children and Families (DCF) is working with the Community-Based Care Lead Agencies to contact foster families and group home providers to ensure preparedness. Two group homes are evacuating to safer locations.
    • DCF has contacted all licensed providers in potentially impacted areas to ensure disaster preparation plans are in place and unmet needs have been addressed.
    • The Department of Elder Affairs (DOEA) contacted all Area Agencies on Aging partners to receive updates on their ongoing preparation efforts and gather the status of any unmet needs.
    • The Florida Department of Education (FDOE) has been in contact with all school districts and state colleges and is ready to provide assistance immediately following Hurricane Helene. Currently, 68 school districts have announced closures in addition to 25 State Colleges and 11 Universities. For more information on school closures, visit fldoe.org/storminfo.
    • In preparation for Hurricane Helene. Currently, 65 school districts have announced closures in addition to 22 State Colleges and 9 Universities. For more information on school closures, visit fldoe.org/storminfo.
    • Following the issuance of the Governor’s Executive Order 24-209, the Florida Department of Environmental Protection (DEP) issued an Emergency Final Order allowing for the activation of disaster debris management sites to store and process storm-generated solid waste and debris.
    • DEP published a storm updates webpage to keep state park visitors updated of closures: FloridaStateParks.org/StormUpdates. Visitors with existing camping and cabin reservations at closed parks have been notified of their reservation status.

    Resources for Employees, Businesses and Consumers

    • The Florida Department of Business and Professional Regulation (DBPR) has partnered with the Florida Restaurant and Lodging Association to encourage more than 71,000 Florida-licensed lodging establishments to relax pet policies and waive pet fees for evacuees.
    • Through this effort, anti-price gouging information and emergency accommodations resources have also been provided.
    • DBPR has proactively communicated with more than 137,000 restaurant and lodging licensees to provide storm preparation and food safety resources.
    • The Florida Disaster Contractors Network has been activated to connect homeowners with licensed contractors and suppliers to perform emergency repairs.
    • DBPR encourages Florida’s licensed contractors who provide post-storm construction-related services to register with its Florida Disaster Contractors Network at DCNOnline.org.
    • FloridaCommerce has activated the private sector hotline at (850) 815-4925, open daily 8:00 a.m. to 5:00 p.m. Inquiries may also be emailed to ESF18@em.myflorida.com.
    • Updates on business closures and business resources are consistently being updated at FloridaDisaster.biz/CurrentDisasterUpdates.
    • VISIT FLORIDA has activated Emergency Accommodation Modules on Expedia and Priceline to provide real-time hotel availability and lodging resources for impacted Floridians and visitors.
    • Sandestin Golf and Beach Resort has crafted special offers for Evacuees and First Responders in need of accommodations during an evacuation. Please see the linked pages below for more information.
    • Rosen Hotels & Resorts activated its Florida Resident Distress Rates* for residents in the 61 counties where Governor Ron DeSantis declared a state of emergency. This initiative provides evacuees with a safe and affordable place to stay as they ride out the storm. For more information see https://www.rosenhotels.com/rosen-hotels-resorts-reduces-pricing-ahead-of-helene/
    • Visit website for CareerSource openings: careersourceflorida.com
    • Comcast has opened more than 52,000 public Xfinity WiFi hotspots in Florida. The free and public hotspots are open for all, including non-Xfinity customers. For more information click here.
    • Walmart is working with state partners to provide needed supplies after the storm has passed.
    • Publix has provided 10 pallets of water for shelters in Leon County.
    • CVS Health is working with state partners to prepare pop-up pharmacies in impacted areas.
    • UBER is providing Floridians free rides up to $35 each way to and from a state-approved shelter in counties under a state of emergency for Hurricane Helene. To get a ride users should use promo code HELENERELIEF.
    • The Florida Department of State, Division of Elections, has contacted the United States Postal Service (USPS) about election information and vote-by-mail ballots. The Division of Elections recommended that Supervisors of Elections t contact their local district USPS to discuss a mitigation plan for ballot mailing, delivery, and return.
    • The Florida Department of Agriculture and Consumer Services (FDACS) worked with Florida’s ports and fuel industry partners to ensure adequate fuel supplies are available, and with Florida’s agricultural partners so producers have adequate resources.
    • The Florida Forest Service staged equipment, like high-water vehicles.
    • The Commissioner of Agriculture, Wilton Simpson, has approved an Emergency Order temporarily suspending the intrastate movement requirements for animal transportation. In addition, the following states have waived their interstate import requirements for Florida pets, horses, and livestock leaving the state: Alabama, Georgia (does not include livestock), Mississippi, North Carolina, and South Carolina.
    • The Department of Revenue (FDOR) has issued Emergency Order 24-001: Taxing Authority Millage and Budget Hearings to assist local taxing authorities with altering their plans for annual budget hearings because of Helene. Department of Revenue bulletin PTO 20-07 provides further instructions for local taxing authorities during declared emergencies.
    • The Florida Fish and Wildlife Conservation Commission (FWC) has high-water vehicles staged to deploy.
    • 72 FWC officers and staff are ready to deploy with specialized equipment, such as:
      • 6 Airboats
      • 8 Shallow draft boats
      • ATVs/Side-by-sides
      • 71 high-water capable four-wheel drive vehicles
      • 3 aerial surveillance drones
      • 12 high-water capable swamp buggies/Fat Truck/UTVs
      • 4 SOG support trailers
      • 4 BERG self-sustainment container units
      • 4 Hygiene trailers
      • 2 Mobile command units
      • 6 Generators
      • 2 Water trailers
      • 1 Fuel trailer
    • The Florida Department of Corrections (FDC) has evacuated 22 satellite facilities and two major facilities and relocated 4,630 inmates into hardened housing units. Inmate visitation has been suspended statewide until Monday, September 30.  The FDC will be posting updates publicly and in real-time at FDC.myflorida.com/weather-updates
    • The Florida Department of Juvenile Justice (DJJ) have finalized storm preparations to ensure the safety and security of staff and youth in our care. This includes fueling all vehicles, moving vehicles in low-lying and flood-prone areas to higher ground, testing and ensuring adequate fuel supplies for generators in the event of loss of power, and ensuring food, medicine, and emergency supplies are stocked and ready.

    For previous updates see below:
    9/24/2024
    9/25/2024

    Follow FDEM on X, Instagram, and Facebook for updates and visit FloridaDisaster.org/Updates for information relating to Hurricane Helene.

    ###

    MIL OSI USA News –

    January 23, 2025

  • MIL-OSI USA: Sens. Moran, Duckworth, Boozman, Klobuchar Launch Senate Sustainable Aviation Caucus

    US Senate News:

    Source: United States Senator for Kansas – Jerry Moran

    WASHINGTON – U.S. Senators Jerry Moran (R-Kan.), Tammy Duckworth (D-Ill.), John Boozman (R-Ark.) and Amy Klobuchar (D-Minn.) recently launched the Senate Sustainable Aviation Caucus to promote the longevity of the aviation industry and the renewable fuels industry.

    “As the aviation industry strives for lower emissions and cleaner energy sources, the development and utilization of sustainable aviation fuel will be a critical element,” said Sen. Moran. “To help spur development, I am launching the Senate Sustainable Aviation Caucus. The caucus will work together to find ways to promote technologically innovative solutions to create a sustainable aviation industry and increase our nation’s competitiveness in the domestic production of sustainable aviation fuel.”

    “As we continue our work to reduce emissions and foster energy independence, one of the most important things we can do is make aviation more sustainable by increasing the use and supply of American-grown, American-made sustainable aviation fuel,” said Sen. Duckworth. “To help us do just that, I’m proud to join Senators Moran, Klobuchar and Boozman in launching the Senate’s first-ever Sustainable Aviation Caucus. With this new caucus, I look forward to continuing our work to protect and grow American SAF production for use around the world, while also reducing our carbon footprint and supporting our domestic farmers and economy.”

    “I’m pleased to join this initiative to promote education and policies that support sustainable industry practices,” said Sen. Boozman. “I look forward to working with leaders of the caucus and stakeholders to advance measures that continue to advance aviation in an environmentally sound manner.”

    “Airlines across the country are committed to developing technologies to reduce carbon emissions from air travel,” said Sen. Klobuchar. “The expanded use of sustainable aviation fuel will create jobs in rural areas, bolster our national security, and slash carbon emissions. This caucus aims to promote data, research, and innovation in sustainable aviation to ensure that the U.S. maintains its leadership in this field.”

    “The SAF Coalition is grateful to Senator Jerry Moran and his colleagues Senators Tammy Duckworth, John Boozman and Amy Klobuchar for their leadership in launching the bipartisan Senate Sustainable Aviation Caucus,” said Alison Graab, Executive Director of The SAF Coalition. “The formation of the caucus is a positive step towards strengthening national energy security, driving economic growth, and generating quality jobs across the country through the development and deployment of SAF. We look forward to working with the caucus and other SAF advocates to enhance incentives that expand SAF production and support our nation’s energy needs.”

    “GAMA applauds the bipartisan leadership of Senators Moran, Duckworth, Boozman and Klobuchar for launching the Senate Sustainable Aviation Caucus,” said Pete Bunce, President and CEO of the General Aviation Manufacturers Association (GAMA). “General aviation has been at the forefront of advancing technological and operational improvements that mitigate the industry’s impact on the environment. The Senate Sustainable Aviation Caucus will assist in fostering key partnerships between government and other stakeholders to further advance the industry’s sustainability commitments. We look forward to working with the caucus to highlight policies, initiatives and industry developments that will advance a more sustainable future for the aviation industry.”

    “Delta Air Lines applauds the bipartisan Senate Sustainable Aviation Caucus leadership and founding members for placing a spotlight on the importance of sustainable aviation policies and solutions, such as enabling the market for sustainable aviation fuel (SAF),” said Cherie Wilson, Vice President, Government Affairs – Sustainability, Delta Air Lines. “As on-road transportation increasingly electrifies, aviation demand for SAF will continue to grow exponentially. SAF is the most important lever we have to decarbonize aviation and ensure a more energy secure America, all while providing economic benefits for farmers and other agricultural value chain players across the SAF ecosystem. We look forward to working with the caucus on enabling policy solutions,”

    “We applaud Senators Moran, Klobuchar, Boozman and Duckworth for their bipartisan leadership advancing discussion in Congress to accelerate policy and dialogue around sustainable aviation solutions. The domestic adoption of cost competitive SAF is the most promising, in-production and scalable lever we have today to reduce lifecycle carbon emissions in aviation,” said Nick Boeyink, States Director, Americans for Clean Aviation Fuels. “Growing America’s clean aviation fuels market is a tremendous economic opportunity that will drive the creation of hundreds of thousands of American jobs while making our nation more energy secure. We look forward to working with members in both parties to build momentum for policies that will make American aviation more sustainable.”

    “Business aviation is leading in sustainability with a mission to achieve net-zero carbon emissions by 2050, through new technologies, including more efficient aircraft, electric aviation and sustainable aviation fuel,” said Ed Bolen, National Business Aviation Association (NBAA) President and CEO. “We commend Senators Moran, Duckworth, Boozman and Klobuchar for founding the bipartisan Senate Sustainable Aviation Caucus to help innovate toward a net-zero future, on the ground and in the air. Sustainable aviation technologies will strengthen the American economy by creating good-paying jobs in manufacturing, feedstock production and energy generation, as well as reducing America’s dependence on foreign energy sources and improving our national security.”

    “Gevo appreciates Senators Jerry Moran, Tammy Duckworth, John Boozman and Amy Klobuchar leading the bipartisan Senate Sustainable Aviation Caucus, which will provide a timely forum to bring more awareness to SAF and other sustainable aviation solutions,” said Lindsay Fitzgerald, Sr. Vice President of Public Affairs for Gevo. “Both co-chairs understand the key role farmers have when it comes to scaling SAF production, as well as the economic and energy security benefits that come from producing new energy resources for airlines and their customers. We look forward to working with the Caucus to advance our shared policy and sustainability goals and growing U.S. SAF.”

    “I recently joined Senator Moran?to break ground on an exciting new SAF project led by two Growth Energy members, and he understands why this industry is vital to our rural communities, our environment, and America’s ability to compete in a low-carbon economy,” said Emily Skor, CEO of Growth Energy. “This new caucus will bring together some of the bioeconomy’s most important champions, organized around the shared goal of decarbonizing aviation with American-made biofuels. We’re grateful to Senator Moran for leading this bipartisan, bicameral?effort.”

    Congresswoman Sharice Davids (KS-03) and Congressman Dusty Johnson (SD-AL) also created the Congressional Sustainable Aviation Caucus for members of the U.S. House of Representatives.

    MIL OSI USA News –

    January 23, 2025

  • MIL-OSI Global: Workplace wellbeing programmes often don’t work – but here’s how to make them better

    Source: The Conversation – UK – By Jolanta Burke, Senior Lecturer, Centre for Positive Health Sciences, RCSI University of Medicine and Health Sciences

    Research shows wellbeing programmes often have little impact. Lucky Business/ Shutterstock

    The World Health Organization (WHO) has just published alarming statistics showing that employee mental health issues result in a US$1 trillion (£747 billion) loss in productivity each year. The WHO has called on employers to take urgent action by introducing comprehensive wellbeing programmes to tackle the escalating mental health crisis in the workplace.

    But the problem is that many workplace wellbeing programmes don’t work. A UK study which looked at 46,336 employees from 233 organisations found there was no evidence that a range of common workplace wellbeing initiatives – including mindfulness and stress management classes, one-to-one mental health coaching, wellbeing apps or volunteering work – improved employee wellbeing.

    So despite companies investing over US$60 billion annually worldwide in wellbeing programmes, they appear to make little impact.

    There are a number of reasons why these programmes don’t work – and understanding them is the only way companies will be able to make these programmes effective.

    Motivation

    Organisations often opt for easy-to-implement initiatives, such as hosting wellbeing talks or offering mindfulness or yoga classes. They then complain that employees don’t attend or don’t appreciate them.

    Many employees say they don’t attend these activities because they find them irrelevant, unhelpful or they don’t value them enough to attend – meaning their workplace has failed in identifying their needs.

    Understanding what motivates people to participate in wellbeing programmes is crucial in improving its effectiveness. For example, one survey found employees were more interested in learning about healthy lifestyles than having a discussion about stress management. Although not directly related to mental wellbeing, prioritising these kinds of talks would have a greater effect on improving wellbeing in the end.

    Content matters

    Wellbeing programmes tend to be more effective for people whose wellbeing is average or below average. So when people with high levels of wellbeing participate in such programmes, they often see little benefit. This can make it appear the programme isn’t effective – when in reality, it still is for those who need it most.

    This is why it’s so important to determine what type of help employees need most when designing wellbeing programmes.

    For employees who aren’t experiencing poor mental health, a programme that primarily addresses depression or anxiety may be less effective as they’re probably already practising many of the strategies such programmes would discuss. But if the wellbeing programme goes beyond reducing symptoms and focuses on promoting flourishing, meaning and purpose in life, it could provide value to a broader audience.

    This is where a programme designed by an expert in positive psychology would be beneficial in workplaces. Positive psychology is the science of wellbeing. It focuses on building on the positive aspects of life that make life worth living – rather than solely addressing symptoms of mental ill health which only affect 10-20% of the population.But positive psychology measures still have a positive impact on those who experience mental health issues at the same time. They include such activities as identifying and using your character strengths at work, re-thinking your past events positively, learning optimism or practising gratitude.

    The content of workplace wellbeing programmes is crucial. Avoiding generic self-help approaches will enhance their overall impact.

    Everyone is different

    Factors such as whether or not an employee enjoys a specific wellbeing activity or programme, whether they believe that wellbeing can be changed or their level of distress when starting a programme can all affect whether or not workplace wellbeing initiatives work.

    Even a person’s genetics can significantly affect whether such programmes have any impact. Research shows that people who have a higher genetic predisposition towards change are more likely to benefit disproportionately from these programmes – and their positive effect tends to last longer.

    All of these factors should be carefully considered when designing a workplace wellbeing programme. And given how difficult this will make it to design one that’s effective, it’s important employee wellbeing programmes are actually developed by experts in the field – not consultants who lack in-depth knowledge of psychology.

    Implementation

    The way a wellbeing programme is implemented is just as important as its content – though this aspect is often overlooked by wellbeing consultants.

    For instance, overusing gratitude exercises can lead to disengagement from a programme. Similarly, offering too many wellbeing activity options can overwhelm participants and result in them discontinuing the programme.

    To maximise the impact a wellbeing programme has in the workplace requires careful attention not only to the content but also how it’s implemented.

    There are many nuances involved in designing a workplace wellbeing programme. Employers must ensure the programmes they offer not only promote wellbeing but also avoid causing unintended harm to others in the process. Consulting experts who know the nuances of psychology and of wellbeing programmes is key, as they will ensure programmes will be effective and helpful. Programmes that combine positive psychology and lifestyle medicine (which focus on helping people improve their health and fitness) may be particularly beneficial in workplaces.

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

    – ref. Workplace wellbeing programmes often don’t work – but here’s how to make them better – https://theconversation.com/workplace-wellbeing-programmes-often-dont-work-but-heres-how-to-make-them-better-239040

    MIL OSI – Global Reports –

    January 23, 2025

  • MIL-OSI: Proactis SA – announcement January 2024

    Source: GlobeNewswire (MIL-OSI)

        Proactis SA announces results for
    the 18 months period ended 31 January 2024

    Paris – 26thSeptember 2024 – Proactis SA (Euronext: PROAC), a leading provider of comprehensive spend management and business process collaboration solutions, today announced financial information for the year ended 31 January 2024, in accordance with the “European Transparency Obligations Directive” financial disclosure requirements.

    It should be noted at the outset that publication of the results for the year ended January 31, 2024, was originally scheduled for May 31, 2024. Unfortunately, Proactis SA was unable to keep to this timetable, as its statutory auditors were unwilling to issue their reports on the accounts for the period just ended before the completion of the audit of the accounts of Proactis SA’s parent company by the group’s UK auditors.

    Period ended 31 January 2024 – Key Results:

    The Proactis SA Board of Directors approved the accounts for the 18 months period ended 31 January 2024 on 10th September 2024, which have been formally certified by the auditors.  

    € Million   Period ended 31 January 2024 -18 Months   Year ended 31 July 2022 – 12 Months
       
    Revenue   17.9   14.4
       
    EBITDA (*)   2.0   2.8
       
    EBITDA as a % of revenue   11%   19%
    Net Earnings   (16.6)   0.3
       
    Operating Cashflow   3.2   2.3
       
    Cash   0.6   0.9
       
     
    (*) EBITDA: Operating result before depreciation and non-recurring items.    

    Presentation is done on 18 months due to the year-end date change to align with the Proactis Topco Limited Group year-end date change.

    Revenues

    Although the turnover of the Group looks greater due to the change in year-end; it is below the level of the prior period. This is mainly due to the non-renewal of 3rd party solution contracts at the end of contract, or non-renewal of contract in specific non-core product areas. Revenue as presented includes revenue from the Group management fees and split is as follow:

    € Million   Period ended
    31 January 2024    		   Year ended
    31 July 2022
       
             
    Revenue   17.9   14.4
             
    Operating revenue   11.3   9.8
    Management fees   6.6   4.6

    Goodwill Impairment

    Based on the value in use calculations established for the Proactis SA Group, it has been necessary to recognise an impairment. The value in use calculation reflects pipeline conversion delay and the slowdown in volume-related activities during the period under review. The recoverable amount was estimated based on their value in use of €3.3M. An impairment of €3.5M has therefore been recorded.

    Other operating expenses

    Proactis SA Group has recorded a depreciation of 10.9 million euros on the receivables it owns against the current accounts with sister entities. This write-down was recorded at the request of Proactis SA’s statutory auditors. These current accounts result from intra-group transfer pricing billing and are not likely to be repaid in the short term.

    Profitability

    The Company recorded an EBITDA for the period ended 31 January 2024 of €2.0M (€2.8M for the year ended 2022).

    Net Earnings were € (16.6)M versus year ended 31 July 2022: € 0.3M.

    Cashflow

    In the period ended 31 January 2024, the Group‘s operating cash-flow was €3.2M. Capital investment remained strong, at €3.0M, and was focused on the Company’s strategic solution suite; The Business Network. The Group had positive cash balances of €0.6M on 31 January 2024 (31 July 2022: €0.9M).

    * * * *

    About Proactis SA (https://www.proactis.com/proactis-sa), a Proactis Company

    Proactis SA connects companies by providing business spend management and collaborative business process automation solutions for both goods and services, through The Business Network. Our solutions integrate with any ERP or procurement system, providing our customers with an easy-to-use solution which drives adoption, compliance and savings.

    Proactis SA has operations in France, Germany, USA and Manila.

    Listed in Compartment C on the Euronext Paris Eurolist.

    ISIN: FR0004052561, Euronext: PROAC, Reuters: HBWO.LN, Bloomberg: HBW.FP

    Contacts
    Tel: +33 (0)1 53 25 55 00
    E-mail: investorContact@proactis.com

    * * * *

    Attachment

    • Proactis SA announcement January 2024

    The MIL Network –

    January 23, 2025

  • MIL-OSI United Kingdom: Defence and Security Advocate reappointed

    Source: United Kingdom – Executive Government & Departments

    Lord Lancaster’s appointment as the HMG Defence and Security Advocate extended by the Business and Trade Secretary.

    • Business and Trade Secretary Jonathan Reynolds extends Lord Lancaster’s contract as Defence and Security Advocate for a further three months.
    • Lord Lancaster will continue to engage with industry leaders, ministers and other key players both in the UK and overseas to build export relationships with the UK’s partners.

    Business and Trade Secretary Jonathan Reynolds has reappointed Lord Mark Lancaster as the Government’s Defence and Security Advocate, to drive the UK’s defence and security export success for a further three months until 20 December 2024.

    Lord Lancaster will report directly to the Business and Trade Secretary and will continue his programme of visits both overseas and at home to promote UK defence and security exports.

    Lord Lancaster was initially appointed in January 2023 and has brought a wealth of specialist defence experience to the role.  Major-General, Lord Lancaster, is Director of the Army Reserves and was a Defence Minister between 2015-2019.  He was also previously a Major in the Territorial Army, having served as part of NATO peacekeeping forces in Kosovo and Bosnia.

    Background

    • Previous news release

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    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom –

    January 23, 2025

  • MIL-OSI: PROACTIS SA – Press release 26.09.2024 ( publication date AFR)

    Source: GlobeNewswire (MIL-OSI)

    Publication date of the results and the Annual Financial Report fiscal period ended 31 January 2024

    SURESNES, France – (26 September 2024) — PROACTIS (ISIN code : FR0004052561) announces that, the publication of its results and Annual Financial Report for the year ended January 31, 2024, originally scheduled for May 31, 2024, will take place on September 26, 2024.

    PROACTIS SA’s Annual General Meeting of Shareholders will be held on October 17, 2024, at 1:30 pm.

    PROACTIS SA had obtained authorization from the President of the Nanterre Commercial Court to postpone this meeting until October 31, 2024.

    * * * *

    About Proactis SA (https://www.proactis.com/proactis-sa), a Proactis Company

    Proactis SA connects companies by providing business spend management and collaborative business process automation solutions for both goods and services, through The Business Network. Our solutions integrate with any ERP or procurement system, providing our customers with an easy-to-use solution which drives adoption, compliance and savings.

    Proactis SA has operations in France, Germany, USA and Manila.

    Listed in Compartment C on the Euronext Paris Eurolist.

    ISIN: FR0004052561, Euronext: PROAC, Reuters: HBWO.LN, Bloomberg: HBW.FP

    Contacts
    Tel: +33 (0)1 53 25 55 00
    E-mail: investorContact@proactis.com

    * * * *

    Attachment

    • PROACTIS SA – Press release 26.09.2024 ( publication date AFR)

    The MIL Network –

    January 23, 2025

  • MIL-OSI: ThoughtSpot Appoints Ketan Karkhanis as new Chief Executive Officer

    Source: GlobeNewswire (MIL-OSI)

    MOUNTAIN VIEW, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) — ThoughtSpot, the AI-Powered Analytics Company, today announced that the Company has appointed Ketan Karkhanis as Chief Executive Officer.

    Ketan is joining ThoughtSpot from Salesforce, where he has spent over a decade of his career. He most recently served as the Executive Vice President and General Manager of the Salesforce Sales Cloud business, leading one of the company’s largest cloud businesses that generated more than $7 billion last fiscal year. He returned to Salesforce in March 2022 after his time as the COO of Turvo, a supply-chain collaboration platform that was acquired by Lineage Logistics in 2022. Before that, Ketan was the Senior Vice President and General Manager of Salesforce Einstein Analytics, incubating the business from launch to over $300 million and a 30,000 strong user community.

    “During this time of accelerated transformation driven by the advent of generative AI, there is no better person to lead ThoughtSpot than Ketan,” said Ajeet Singh, Co-Founder and Executive Chairman of ThoughtSpot. “He is a customer-obsessed, employee-focused business leader with a deep experience in analytics and has built and led world-class SaaS businesses of significant scale. The ThoughtSpot Board believes that Ketan is the right leader to help ThoughtSpot capitalize on its foundational innovation and capture the massive market opportunity that lies ahead in AI-powered analytics.”

    Singh added, “Over the last six months, ThoughtSpot has made significant progress in accelerating its product roadmap, delivering genAI-driven value to customers that are migrating away from legacy visualization platforms, and centering its focus on durable growth at scale, all setting the table for our next CEO.”

    “Ketan has the passion and experience to lead ThoughtSpot in its next chapter,” said Ravi Mhatre, Founder and Managing Director of Lightspeed Venture Partners and the founding investor on ThoughtSpot’s Board of Directors. “This appointment comes at a perfect time for the market as analytics is redefined by genAI, and ensures that ThoughtSpot is best positioned to scale rapidly.”

    “ThoughtSpot has built a fundamentally different approach to analytics since its inception, squarely focused on democratizing data and empowering everyone to make data-driven decisions with its AI and search-driven analytics platform,” said Ketan Karkhanis, CEO of ThoughtSpot. “ThoughtSpot has a significant head start in innovation that is required for truly delivering on the expectations that genAI has created, with a proven solution that is delivering value to some of the largest and most complex enterprises in the world. I am extremely honored to have the opportunity to lead the company that finds itself intersecting with the genAI tailwinds at a perfect time, and is in a strong position to capitalize on this market opportunity by bringing unparalleled value to over a thousand customers across the globe.”

    Ketan has a Bachelor’s in Computer Science from PICT (Pune Institute of Computer Technology, India) and an MBA from Santa Clara University Leavey School of Business.

    About ThoughtSpot
    ThoughtSpot is the AI-Powered Analytics company. Our mission is to create a more fact-driven world with the easiest to use analytics platform. With ThoughtSpot, anyone can leverage natural language search to ask and answer data questions with confidence. ThoughtSpot enables everyone within an organization to limitlessly engage with live data in any major cloud data platform, making it easy to create and interact with granular, hyper-personalized, and actionable insights. Customers can take advantage of both ThoughtSpot’s web and mobile applications to improve decision-making for every employee, wherever and whenever decisions are made. With ThoughtSpot’s low-code developer-friendly platform, ThoughtSpot Embedded, customers can also embed AI-Powered Analytics to their products and services, monetizing their data and engaging users to keep them coming back for more. Organizations like Capital One, Daimler, Comcast, Cigna, Royal Bank of Canada, Nasdaq, and Unilever rely on ThoughtSpot to transform how their employees and customers take advantage of data. Try ThoughtSpot today and see for yourself.

    PR Contact:

    Lindsay Noonan
    Director of Communications, ThoughtSpot
    press@thoughtspot.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/88088950-4082-42c9-b99f-a944c31c28c8

    The MIL Network –

    January 23, 2025

  • MIL-OSI: Check Point Software Recognized as a Visionary in Endpoint Security in 2024 Gartner Magic Quadrant for Endpoint Protection Platforms

    Source: GlobeNewswire (MIL-OSI)

    REDWOOD CITY, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) — Check Point Software Technologies Ltd. (NASDAQ: CHKP), a leading cyber security platform provider of AI-powered, cloud delivered solutions, today announced that it has been recognized as a Visionary in the 2024 Gartner® Magic Quadrant™ for Endpoint Protection Platforms. Check Point Harmony Endpoint is shaping the future of workspace security with flexible deployment options and a unified security approach, offering robust endpoint protection tailored to organizations of any scale.

    Businesses today are grappling with more advanced cyber threats aimed particularly at endpoints, highlighted by Check Point Research’s report of a 30% increase in global cyber-attacks in the second quarter of 2024. Simultaneously, they must navigate the complexities of managing numerous security solutions. Check Point Harmony Endpoint mitigates these challenges by providing robust protection, with a 99.8% block rate against new malware, ransomware, and zero-day attacks. It ensures seamless security across diverse devices and networks, simplifying management and reducing operational costs.

    Gary Li, Vice President of Research Institute at Gotion High-Tech emphasized our features, stating that, “Check Point Harmony Endpoint satisfied all of our criteria and efficiently addressed our current cybersecurity risks. Its autonomous detection and response capability also enable our team to easily intercept attacks and prevent them from affecting users and endpoints.”

    “We’re thrilled that Gartner has acknowledged us for the second year in a row, as we consistently secure customer traction and provide our clients with comprehensive security solutions to safeguard them against the latest cyber-attacks,” said Ofir Israel, VP of Threat Prevention at Check Point Software Technologies. “We see endpoints being among the most vulnerable for compromise and persistently push the boundaries of innovation to ensure strong protection for businesses of all sizes.”

    Harmony Endpoint offers a robust and all-encompassing security solution for endpoints, featuring advanced EPP, EDR, and XDR functionalities, that safeguard remote workforces against the intricate threats of today’s digital environment. Harmony Endpoint is part of the Check Point Infinity Platform, a comprehensive platform that provides top-tier security across data centers, networks, cloud services, branch offices, and remote users, all managed through a unified interface.

    To download a complimentary copy of the Gartner® Magic Quadrant™ for Endpoint Protection Platforms visit our website and check out the blog.

    Discover how Harmony Endpoint can safeguard your workforce. Visit us for more information: https://www.checkpoint.com/solutions/endpoint-security/

    Follow Check Point via:
    LinkedIn: https://www.linkedin.com/company/check-point-software-technologies
    Twitter: https://www.twitter.com/checkpointsw
    Facebook: https://www.facebook.com/checkpointsoftware
    Blog: https://blog.checkpoint.com
    YouTube: https://www.youtube.com/user/CPGlobal

    Gartner Disclaimer
    Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

    GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

    About Check Point Software Technologies Ltd. 
    Check Point Software Technologies Ltd. (http://www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Platform Services for collaborative security operations and services.

    The MIL Network –

    January 23, 2025

  • MIL-OSI Translation: Biographical notice

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French 2

    Mylène Paradis (BA [communications], Université Laval, 1991; MA [journalism], Université Laval, 1993) joined the Department of Foreign Affairs and International Trade in 2002.

    Mylène Paradis (BA [communications], Université Laval, 1991; MA [journalism], Université Laval, 1993) joined the Department of Foreign Affairs and International Trade in 2002. At headquarters, she held positions with the Stabilization and Reconstruction Task Force and the Central America and Caribbean Bureau. She was Chief of Staff to the Deputy Minister of International Development and Director of the Global Health and Nutrition Branch. Abroad, she was posted to Madrid from 2005 to 2008. Throughout her career, she has held secondments to various departments, including the Privy Council Office, Citizenship and Immigration Canada and Health Canada. Most recently, she was Director General of Canadian Partnerships for Health and Social Development at Global Affairs Canada.

    Marianick Tremblay (BBA [civil and international law], Université de Sherbrooke, 1989; LL.B. Université de Sherbrooke, 1990) was called to the Quebec Bar in 1990 and joined External Affairs and International Trade Canada in 1993. At headquarters, she served as senior counsel in the Environmental Law Division, coordinator of the Human Security Program, and senior counsel for small arms. Ms. Tremblay also served as deputy director of the Brazil and Southern Cone Section, and then as director of Hemispheric Affairs, which included relations with the Organization of American States and coordination of the Canadian delegation’s participation in the Summit of the Americas. From 2018 to 2021, she served as director general of the Mobilization of Canadians in the Partnerships for Development Innovation Sector. She has served in various overseas postings, including Mexico (1995–1998), Morocco (2001–2005), Chile (2007–2010), and as Ambassador to El Salvador (2010–2012), Ecuador (2015–2018), and Colombia (2021–2024).

    Craig Weichel (BA Honours [History], Wilfrid Laurier University, 1994; MA [History], McMaster University, 1996) joined the Department of Foreign Affairs and International Trade in 1998. At headquarters, he worked in the U.S. General Relations, Northern Europe, Non-Proliferation and Disarmament (Nuclear), and United Nations divisions. He also headed the Natural Disaster Response and Civilian Security Policy Division and the North Korea Task Force. From 2007 to 2009, he was President of the Professional Association of Foreign Service Officers. Abroad, he served in New York with the Permanent Mission of Canada to the United Nations; in Vienna with the Canadian Delegation to the Organization for Security and Co-operation in Europe; in Rome and, more recently, in Washington, where he directed the embassy’s environment and energy program.

    Brenda Wills (Hons BComm, University of Manitoba, 2003; MSc [Sustainable Development], University of Sussex, 2021) is a Métis from Red River, Manitoba who joined the Department of Foreign Affairs and International Trade in 2004. Her first posting abroad was in Washington, D.C. as Second Secretary (Trade Policy). She subsequently served as First Secretary (Trade) in Chile, Senior Trade Commissioner and Counsellor (Trade) in Colombia, and Counsellor (Trade Policy) in Mexico City. At Headquarters, she worked in the Trade Policy and Negotiations Branch, first on negotiations with the European Union and the European Free Trade Association, and then on the Trans-Pacific Partnership negotiations as Deputy Director of Communications and Stakeholder Engagement. She also served as Chief of Staff to the Assistant Deputy Minister of International Business Development and Canada’s Chief Trade Commissioner. Most recently, she served as Senior Trade Commissioner and Counsellor (Commercial Affairs) in Singapore.

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

    MIL Translation OSI

    January 23, 2025

  • MIL-OSI Asia-Pac: Keynote address by SJ at seminar titled Hong Kong: The Common Law Gateway for Malaysian Businesses to China and Beyond in Kuala Lumpur, Malaysia (English only) (with photos)

    Source: Hong Kong Government special administrative region

    Keynote address by SJ at seminar titled Hong Kong: The Common Law Gateway for Malaysian Businesses to China and Beyond in Kuala Lumpur, Malaysia (English only) (with photos)
    Keynote address by SJ at seminar titled Hong Kong: The Common Law Gateway for Malaysian Businesses to China and Beyond in Kuala Lumpur, Malaysia (English only) (with photos)
    ******************************************************************************************

         Following is the keynote address by the Secretary for Justice, Mr Paul Lam, SC, at the seminar titled Hong Kong: The Common Law Gateway for Malaysian Businesses to China and Beyond in in Kuala Lumpur, Malaysia, today (September 26): Her Excellency Dato’ Sri Azalina (Minister in the Prime Minister’s Department (Law and Institutional Reform), Malaysia, Dato’ Sri Azalina Othman Said), 鄭學方代辦 (Chargé d’Affaires of the Chinese Embassy in Malaysia, Mr Zheng Xuefang), Dato’ Seri Gobalakrishnan (President, National Chamber of Commerce and Industry of Malaysia), ladies and gentlemen, distinguished guests,      I am very pleased to be here today. Firstly, I must thank all of you for joining our seminar. I was told that there are all together around 150 friends from Malaysia attending this event. It is a daunting task to speak right after such an eminent panel of speakers sharing their experiences and expertise.       I would like to begin by a very important fact. That is the relationship between China and Malaysia. The year of 2024 is extremely important because it marked the 50th anniversary of the establishment of the diplomatic ties between the two countries. I think the exact date was May 31, 1974. Fast forward, in June this year, the Premier of the People’s Republic of China, Mr Li Qiang, visited Kuala Lumpur. On that occasion, he renewed a co-operation agreement between the two countries for another five years. And fast forward, not too long ago, I think less than two weeks ago on September 20, the King of Malaysia Sultan Ibrahim Iskandar went to Beijing and met President Xi Jinping. He described the trip as a great success. ASEAN is now the number one trading partner of China, and I understand that Malaysia is going to be the chairman of ASEAN in 2025. So I have no question whatsoever that the relationship between China and Malaysia and ASEAN will be taken to a new height in the very near future.      Now, returning to Hong Kong. Many speakers have already mentioned the historical ties of people-to-people connection. Our Chief Executive actually came to Kuala Lumpur, Malaysia, in July 2023. On that occasion, 11 co-operation agreements and memorandum of understanding were signed. Your Minister of Investment, Trade and Industry actually came to Hong Kong a couple of weeks ago to attend the Hong Kong – ASEAN Summit. And right after that, the governments of Hong Kong and Malaysia announced that we are finalising the negotiation of establishing an Economic and Trade Office (ETO) in Kuala Lumpur and we are very hopeful that the ETO will be established very soon. Once again, that will signify another important development between Hong Kong and Malaysia. So the certainty is that we are going to see a much closer relationship or economic co-operation between the jurisdictions. And against this background, there must be a huge demand and need for legal co-operation between the two jurisdictions. That is exactly the purpose of my trip, joined by a group of very eminent lawyers from Hong Kong.      The message that we wish to convey is reflected by the theme of this seminar – Hong Kong: The Common Law Gateway for Malaysian Businesses to China and Beyond. In answer to one of the questions posed by the participants, we are not saying that Hong Kong is the only gateway. It is not an exclusive gateway, but it is a very unique gateway. It is unique because, as Janice (panel speaker Ms Janice Chew) has mentioned, I used six factors to describe why Hong Kong legal service is unique in the sense that it cannot be found elsewhere. Now I have to repeat the six factors, but I would like to put that in a different way so that my friends who have attended the Ho Chi Minh City event would not feel bored.      The first point is very important, which is also mentioned by some of the speakers — the stability of our common law system which is guaranteed to be continuing beyond 2047. Jern-fei (panel speaker Mr Ng Jern-fei, KC) mentioned that one of the linkage between Malaysia and Hong Kong is that we share the common law heritage. We are common law jurisdictions. In the past, there were questions as to whether the “one country, two systems” principle including our common law system can go beyond 2047. I think Elaine (panel speaker Ms Elaine Lo) gave a very good answer, she referred to government leases. But I can be even more specific. Firstly, I think that is one piece of freehold land in Hong Kong, the St John’s Cathedral. But subject to that, all land in Hong Kong is leasehold land. On July 5 this year, actually a very important legislation came into existence, that is known as the Extension of Government Leases Ordinance. The effect is that most leases in Hong Kong have been automatically renewed for 50 years in the sense that they will go beyond 2047. So it is not just a direction given by the central authorities. That has been given statutory force. I think that serves as a very good piece of evidence proving that the “one country, two systems” principle and the common law system will survive after 2047.      The second factor goes to the reliability of our judicial system. When it comes to reliability of judicial system, I think I have to mention two facts, the quality of our judges and the integrity of our system. I think one of the speakers referred to the fact that the judgments of our Court of Final Appeal (CFA) have been cited in many other common law jurisdictions. I do have the statistics between 2018 and 2024, there are 46 occasions on which CFA judgments have been cited in many common law jurisdictions. This figure is provided by the Judiciary, so I think it is quite reliable. When it comes to integrity, our Judiciary put a lot of emphasis to ensure that our judicial proceedings will remain to be of very high standard and there is no compromise. One example, nowadays we are very fond of using artificial intelligence (AI) in our work. Our Judiciary issued a guideline in July this year regulating the use of artificial intelligence in judicial proceedings, in short, telling the judges in what circumstances and for what purposes they can resort to AI. I think the purpose is to ensure that our judicial proceedings will not be compromised by the use of modern technology. So that’s the second point.      The third point is we have a very business-friendly legal environment. I can again give you some objective evidence. According to the World Competitiveness Yearbook 2024 compiled by the International Institute for Management Development in Switzerland, Hong Kong overall ranked the fifth, and when it comes to business legislation, the business law, Hong Kong ranked the first in the world. So that tells a lot about the quality of our business law. But we recognise that there is no room for complacency. And Elaine also mentioned one point about how we ensure that our business environment will be as attractive as possible to investors. She referred to a new listing rule. In March last year, the Hong Kong Stock Exchange introduced a Chapter 18C under the Listing Rules to allow specialist technology company to get listed in Hong Kong. And the first successful case actually took place on June 13 this year. A company named QuantumPharm Inc, stationed in Shenzhen and specialised in artificial intelligence and robotics, became a public listed company pursuant to Chapter 18C. Again, that is a very good piece of evidence showing the efforts that we have made to ensure that our laws and regulations will remain to be very business-friendly and attractive.      The fourth point is that we provide a very safe and secure environment – no exchange control, freedom of movement of funds and property. One of the participants asked a question about the ICAC (Independent Commission Against Corruption), that is a very important matter. In fact, in my very brief conversation with Her Excellency Minister right before we enter this room, this is a matter that we touched upon. Hong Kong is a very safe place because we have very clean law enforcement agencies to ensure that all the laws and regulations will be strictly enforced. There is a Corruption Perceptions Index compiled by an NGO (non-governmental organisation) called Transparency International. I think for the latest survey, Hong Kong ranked 14th out of 180 countries and territories. So that’s why you are so interested about ICAC, because it is the institution responsible for ensuring there is no corruption. So for all practical purpose, there is absence of corruption in Hong Kong.      The fifth point is the feature that distinguishes Hong Kong from any other common law jurisdictions. That is our connection, the connection with the Mainland legal system via a number of very important mutual legal assistance arrangements. Now Joanne (panel speaker Ms Joanne Lau) has mentioned one of them, the interim arrangement, but I would like to give another example, which is also very telling.      In January this year, a mutual legal arrangement concerning the mutual recognition and enforcement of judgments in civil and commercial matters by the courts of the Mainland and of the Hong Kong Special Administrative Region came into effect in Hong Kong. It means that a Hong Kong judgment, provided that certain criteria and conditions have been fulfilled, can be enforced and recognised in Mainland China, and vice versa. And I would like to compare the arrangement with the Hague Judgments Convention, because we have adopted the same principle. We are more liberal in the sense that while we are striking a balance between the interest of judgment creditor and the judgment debtor, the scope or the type of cases covered by this arrangement is even wider than the Hague Judgments Convention. It is because some types of intellectual property (IP) cases have been included in the arrangement, whereas IP cases have been completely excluded from the Hague Judgments Convention. So this is my fifth factor.      The last factor is also something very important. It is about the abundant supply of truly international legal practitioners. We have very good examples here. For example, Janice, she is dually qualified in Malaysia and Hong Kong. But she is just one of the numerous examples. There are around 13 000 solicitors, 1 600 barristers and more than 920 law firms in Hong Kong. Some of these firms have altogether 315 oversea offices and 85 offices in Mainland China. And we have 77 registered foreign law firms and more than 1 450 registered foreign lawyers. And I think three of them are qualified in Malaysia. So when you instruct a Hong Kong lawyer, you are not instructing a mere Hong Kong lawyer but you are instructing a global lawyer who is able to provide legal service not confining to matters concerning Hong Kong law.      Another important factor is that we are not just familiar with the common law, we are not just familiar with international law practice, we are also familiar with the Chinese culture – how things are done in our culture, why things are done in a certain way, why documents are drafted in a certain manner. And when it comes to legal service, what is important? It is not simply your knowledge about the law, it is how much you know your client, how much you know how the business community actually works. It is about knowing the people instead of knowing the law on paper.      So combining these six factors, I would venture to say that not only the gateway is a very scenic route, as mentioned by Jern-fei, but it is also a very unique route that you cannot find elsewhere. But to enable the very unique legal services to serve the interests of Malaysia, I think the pre-condition is that we have to know each other better and we have to have more platforms for regular exchanges and to explore opportunities for collaboration.      That’s why I am very delighted that in a moment, the Asian International Arbitration Centre in Malaysia is going to sign MOU (Memorandum of Understanding) with the SCIA (South China International Arbitration Center (HK)) and also with eBRAM (eBRAM International Online Dispute Resolution Centre). I am aware that you have many questions, but because of the time constraint, the panel speakers were not able to answer all the questions as pointed out about Alex (panel moderator Mr Alexander Tang). But right after this seminar we have a reception which I believe will last until 8pm. So I would encourage all of you to take the opportunity to have more exchanges and to make friends. I’m sure that all the members from the Hong Kong delegation will be more than happy to answer whatever questions that you have in mind.      I always like to use analogy to end my submission. I always describe the legal service offered by Hong Kong is something like you are entering a food plaza or food hall which consists of many different types of restaurants serving different cuisines. And the important point is that no matter what you want, no matter what you need, you name it and you will get it. So that is what Hong Kong undertakes to serve. And I do hope that today marked a new beginning of the collaboration between Malaysia and Hong Kong when it comes to legal co-operation. I look forward to meeting all of you very soon, perhaps right after the seminar or on other occasion. Thank you very much.

     
    Ends/Thursday, September 26, 2024Issued at HKT 23:55

    NNNN

    MIL OSI Asia Pacific News –

    January 23, 2025
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