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  • MIL-OSI Translation: Canadian Space Agency Astronaut Jeremy Hansen Visits Winnipeg and Montreal

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French 1

    Media Advisory

    Longueuil (Quebec), September 24, 2024 – From September 27 to 29, Canadian Space Agency (CSA) astronaut Jeremy Hansen will be in Winnipeg to speak about the Artemis II mission during which he will be the first Canadian to fly over the Moon. He will then pass through the Montreal region on October 1.

    He will speak to students, give presentations to the general public and give interviews to the media.

    Journalists wishing to attend one of the presentations or request an interview with CSA astronaut Jeremy Hansen should contact the Media Relations Office.

    Winnipeg

    Friday, September 27, 2024

    Hour What Or
    12:30 p.m. (CT) Presentation to 350 Chamber of Commerce members and Winnipeg students RBC Convention Centre375 York AvenueWinnipeg, ManitobaR3C 3J3
    7:00 p.m. (CT) Presentation to the general public (approximately 200 people) at the Manitoba Museum Manitoba Museum190 Rupert AvenueWinnipeg, ManitobaR3B 0N2

    Sunday, September 29, 2024

    Hour What Or
    2:00 p.m. (CT) Presentation to the general public (150 to 175 people) at the Royal Western Canadian Air Force Museum Royal Western Canadian Air Force Museum2088 Wellington AvenueWinnipeg, ManitobaR3H 1C5

    Montreal

    Tuesday, October 1, 2024

    Hour What Or
    10:20 a.m. (CT) Presentation to a hundred students from Cedar Street School Cedar Street School250 Cedar StreetBeloeil (Quebec)J3G 3M1

    Additional information

    – 30 –

    Information

    Canadian Space AgencyMedia Relations OfficeTelephone: 450-926-4370Email: asc.medias-media.csa@asc-csa.gc.caWebsite: www.asc-csa.gc.caFollow us in the social media!

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

    MIL Translation OSI

  • MIL-OSI Asia-Pac: Keynote speech by SJ at networking dinner of forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the keynote speech by the Secretary for Justice, Mr Paul Lam, SC, at the networking dinner of the forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam, on September 24:
     
    Ladies and gentlemen,
     
         Good evening, xin chào buổi tối. Frankly speaking, I do not think I can do a better job than all the eminent speakers who have spoken before me. So I am not going to say something new. Instead, I wish to do a very quick recap to sum up the key and essential points made by various speakers so that you can have a few takeaways after today’s event.

         I prefer to do it by once again referring to the theme of our forum, “The Common Law Gateway for Vietnamese Businesses to China and Beyond”, but I wish to focus on a few key phrases and do it in the reverse order. So I would like to focus on China and beyond first.

         We are lawyers coming from Hong Kong. As I said in my opening remarks, obviously there have been very close relationships between Hong Kong and Vietnam. But the reason why we are here is not simply because of Hong Kong, it is about something much bigger than Hong Kong. That is our country, China, and beyond.

         A number of speakers have referred to a very important concept known as the Guangdong-Hong Kong-Macao Greater Bay Area. And I wish to emphasise again the importance of the Greater Bay Area. You have been told that the Greater Bay Area consists of the Guangdong Province, in particular the nine cities in Guangdong Province, plus Hong Kong and Macao. To give you some ideas, the size of Greater Bay Area is almost like Croatia, a mid-size European country, with population around 86 million, similar to the population of Germany. If you look at what cities are situated within the Greater Bay Area, we have three very important cities: Guangzhou, of course, which is the capital of the province of Guangdong, a very important city in the southern part of China. And then you have Shenzhen, I think some of our speakers have mentioned Shenzhen, which is the innovation and high-tech hub, where you have the headquarters of Tencent, the factories of BYD and Huawei. All the advanced technology or high-tech innovative things are happening in Shenzhen, which is just across the border. And then of course you have Hong Kong, which is the international financial and trade centre.

         Although there are different bay areas in the world, we have the Tokyo Bay area, the San Francisco Bay Area, but I venture to say that they cannot be compared to Hong Kong because in the Greater Bay Area, you have one country but three different jurisdictions, including Mainland China, Hong Kong, and also Macao which used to be ruled by the Portuguese. So it is a very special place with huge potential. Hong Kong may well be your final destination for your business and business venture. But it also may not be your final destination. Maybe you will find much more opportunities in the Greater Bay Area in China. And then in China, very often there would be investments and other business ventures with other countries. So it is really “China and beyond”.

         Now moving to “Gateway”. I just mentioned that perhaps you will be more interested not just about opportunities for business investment in Hong Kong, but also those offered in Mainland China. And of course you would agree with me that legal service would be important. But you may wonder, if I wish to invest in Mainland China or co-operate with a Mainland partner, why shouldn’t I simply instruct a Mainland lawyer? Why shouldn’t I simply engage the legal service offered by Mainland China? And why should I do it via Hong Kong, which seems to be a little bit indirect or a bit convoluted. And of course, all the speakers who have spoken this afternoon have provided some very good answers. One of the key characteristics of this particular gateway, or using Hong Kong as a gateway, is our common law character, our common law tradition. But again, as pointed out by one of the participants who raised a question at the end of the first session, Hong Kong is definitely not the only common law jurisdiction in this world which can play the role as a gateway for the provision of legal service. I think my friend mentioned Singapore. Why not Singapore? Singapore is definitely a common law jurisdiction. Even in ASEAN, within the Southeast Asia, we have Malaysia which is also a common law jurisdiction. So it is our duty to explain to you a little further.

         What is so special about Hong Kong? I hate to compare Hong Kong with Singapore, but because this question has been raised, I think I have to answer that question as if I were being asked to answer that question by a judge in the court. So I have to give a direct answer. But as a government official, I have to be as diplomatic as possible. The way I put it is that we can and we will offer something that only Hong Kong can offer. We can offer something that Singapore will not be able to do. It is because of six factors, as the sum total of these six factors that make Hong Kong truly unique and peculiar, unparalleled. So what are these six factors? Now, here comes my summary of what you have heard this afternoon.

         First, Hong Kong provides a very stable legal environment. Stable in the sense that Hong Kong is the only common law jurisdiction within China. It is the only common law jurisdiction in China, and it will remain to be the only common law jurisdiction within China. The reason is that the common law system practiced in Hong Kong has been guaranteed by a constitutional document, which is our Basic Law. You can describe it as a mini-constitution. Now, there have been some queries in the past on certain wordings in our constitutional document. Some people questioned whether the principle of “one country, two systems” or the common law system practiced in Hong Kong will continue after 2047, which is the 50th anniversary of the resumption of sovereignty by China of Hong Kong. But that uncertainty has been removed very clearly by the leaders of China, in particular President Xi Jinping. Back in 2022, on July 1 when he came to Hong Kong, he made a very important speech, a very short speech. What is most telling is that in his very short speech, he mentioned the common law system in Hong Kong twice. He said that the common law system is a core element of the “one country, two systems” principle, which is a very good policy that is going to last basically forever. So there should be no doubt whatsoever that not only the principle of “one country, two systems”, but also our common law system will continue. So the first point “stability” – it is very stable.

         The second point is that our system is also very reliable. Now, that goes to the question of the existence of a very reputable and respected judiciary. When it comes to a judicial or legal system, two factors will be of crucial importance. First, quality, quality of justice, whether judges are smart enough to deliver true justice. Second, integrity, whether judges are seen to be able to discharge their duty fairly and impartially. Now, I think the Judiciary in Hong Kong fulfills these two very important essential criteria.

         In terms of quality, as my friends said this afternoon, all the judges, they enjoy very high standing in the world. Our Court of Final Appeal, I should mention that the judgments delivered by the judges of the Court of Final Appeal, they were cited in other common jurisdictions from time to time. And we have foreign judges sitting as part-time judges in Hong Kong. I also remember that one of the speakers mentioned the World Justice Project Rule of Law Index, Hong Kong ranked the 23rd out of 142 jurisdictions in the world. And I think we ranked the sixth in East Asia and the Pacific region. Ahead of the United States, and if I recall correctly, Spain, another major economy in the world.

         When it comes to integrity, once again my friends have informed you that how judges in Hong Kong are appointed. They are appointed completely independently by an independent statutory body. It is not possible for the executive to interfere with the performance of the judges. It is not possible for the executive to fire or sack any judges. And in fact, I have to tell you a very embarrassing piece of information which nobody dares mention, that is the Government lost cases before the court quite often. So I think that is a very good indication that judges in Hong Kong do exercise the judicial function very impartially.

         But for your interest, I am sure you would be concerned whether Mainland parties, in particular state-owned enterprises, or very important, powerful business entities in Mainland China, would they enjoy any undue advantage when they engage in litigation against foreign parties in Hong Kong? Once again I am very sure that if you look at records, if you look at judgments, we have open judgments, you will see many cases which are decided entirely on merits. Sometimes state-owned enterprises or Mainland parties win, sometimes they lose. But there is not a single piece of evidence suggesting that in deciding these cases, the court in Hong Kong has taken into account any consideration other than the law and the evidence. And the best evidence is contained in our judgments, which you can inspect and you can read for yourself. So this is the second factor: very reliable.

         Third factor: very business friendly. You have to remember that we have a bilingual legal system. So both English and Chinese are official languages. It is not just a working language, it is the official language by which we write our statute. We also use English in court proceedings, and very often in arbitration proceedings. This is an international language that is familiar to people outside Hong Kong, just like I am using English to communicate with you, hoping that you would be able to understand what I am trying to say.

         The second point as to why business friendly is about the content of the law, the content of our substantive law, in particular when it comes to international commercial law, investment law. They are all very international in the sense that its content is substantially similar to the law that you find in other developed countries, for example, the United Kingdom, Australia, and New Zealand. So the principles of substantive law would be very familiar to the international business community, so it is business friendly.

         The third point is that the Hong Kong Government has been very proactive to make Hong Kong a more attractive place for investment and doing business. I can give you some examples. For example, we are very active in promoting the establishment of family office in Hong Kong to encourage people to invest money to set up family office, in particular, for very resourceful families. In order to make this initiative attractive, we have amended our revenue law, our tax law, to lower our tax rate if you wish to set up family offices in Hong Kong. Another example is that our listing rules, IPO initial public offerings, if you wish to raise finance by getting your company publicly listed, the Hong Kong Stock Exchange has introduced a new scheme, it’s called SPAC (Special Purpose Acquisition Companies). The idea is very simple. It enables a company without any track record but so long as it fulfills some sorts of requirement to ensure that the investors’ interest will be protected, it will get the chance to be listed in Hong Kong. So I mean we are very proactive in making it more convenient. One of the speakers have mentioned about the difficulty of entering into Hong Kong because of the visa requirement. But as I said in my welcoming remarks, we are relaxing the restrictions or the requirement gradually. So starting from October last year, for the talents, they will be able to come to Hong Kong very easily. And for business travellers and for tourists, you will be able to obtain multiple visas very conveniently. And lastly, when it comes to arbitration, we have actually introduced a pilot scheme. At the moment, the arrangement is that if you are engaged and involved in the arbitration, no matter in what capacity, say, as arbitrator, as counsel, appearing for either party as a witness or even a party, you will be exempted from the need to obtain any visa if you come to Hong Kong for such purposes. So I would say that the difficulty is more apparent than real. So that is the third factor, business friendly.

         The fourth factor: it is very safe and secure to use Hong Kong as a platform for doing business and investment. You must be concerned whether your money, your property can go into Hong Kong and leave Hong Kong easily and freely, and what happens when your property and money is in Hong Kong. Under our constitutional document Basic Law, we guarantee freedom of movement of funds, money and goods. So you can come anytime and your money can leave anytime. There is no exchange control, there is no improper expropriation, and when your money and your property is in Hong Kong, it is completely safeguarded by a stringent set of regulations, not just by statutes, but by other important statutory bodies like the Hong Kong Monetary Authority, the Securities and Futures Commission. There are very strict regulations to ensure that your investment and your property will be protected. And of course, the quality and integrity of the law enforcement agencies will be important. One strength of Hong Kong is that there is no question, no issue or any concern about corruption at all. Hong Kong is the cleanest place, one of the cleanest places in the world that you can find. If you look at the figures, I think Hong Kong ranks among the top five when it comes to the absence of corruption.

         I wish to share a piece of information just to substantiate my confidence in the integrity of the financial market. A piece of latest news is that a British think tank just announced the Global Financial Centres Index. And Hong Kong had climbed back to the third place after New York and London. And this time we are ahead of Singapore. In 2022 up to last year, Hong Kong ranked the fourth for different reasons, but this year we managed to overtake Singapore to reclaim the third place, which I think is a very pertinent place. It served as a very good evidence of the competence of the people in Hong Kong’s financial market. So this is the fourth factor.

         The fifth factor is that Hong Kong provides dual connectivity. It allows you to connect to the world on the one hand, and also connect to the Mainland at the same time. My friend already said that Hong Kong has important legal connections with the rest of the world, for example, arbitral awards can be enforced and recognised because of the New York Convention. We have entered into a lot of arrangements with other international organisations. Important legal bodies would have their headquarters and offices in Hong Kong. Now this is where Singapore cannot be compared to Hong Kong – we have very special mutual legal assistance arrangements with Mainland China, which is made possible purely because Hong Kong is a part of China, though we practice different legal systems.

         I simply wish to refresh your memory by highlighting one example, which is the arrangement concerning the possibility of granting interim injunction in arbitral proceedings. As business people, it is no use at all to you to spend a lot of money on arbitration if at the end of the day, what you get is a piece of paper. What is the most important is that you will be able to enjoy the fruit in case you succeed in arbitration. That means pending the conclusion of the arbitration proceedings, you need to have sufficient safeguard to ensure that the asset at stake will be protected. In addition, sometimes it would require the preservation of evidence to ensure that the merit of case can be fully reflected in the course of the proceedings. The special arrangement is that if you start arbitral proceedings in Hong Kong by using one of the designated arbitration institutions, then the Mainland court will be very willing to provide you with the assistance by giving you the interim injunction, which is very useful. I don’t remember the figure, but the success rate is over 90 per cent. So this is the connectivity factor.

         The last factor which is most important, and is evident by the quality of the speakers who have spoken before me, that is Hong Kong has an abundant supply of truly international legal talent. If you are using our legal service, if you instruct a Hong Kong lawyer, you are not simply enjoying Hong Kong legal service. You are engaging a global counsel. You are engaging and instructing a truly international lawyer. And again, I wish to repeat or perhaps add some figures to substantiate my point. You were told that we have a divided legal profession consisting of barristers and solicitors. I give you the numbers again. I would stand to be corrected. At the moment, I think there are around 1 600 barristers in Hong Kong, and among them 108 are Senior Counsel. We have three Senior Counsel here with us today. So in a small group of 15 persons, we already have three Senior Counsel – Queenie Lau, SC, Derek Chan, SC, and myself. And when it comes to solicitors, the figures are even more impressive. I think we have more than 13 000 solicitors in Hong Kong. And the important thing is that, look at the number of law firms, we have more than 920 law firms. Among these 900 law firms, around 351 have foreign offices. So they are not local law firms, they have presence in other jurisdictions. And I think 80 something have offices in Mainland China. And when we come to registered foreign law firms, there are 77. As for registered foreign lawyers who specialised or qualified in different jurisdictions, I think the number exceeds 1 400. You can tell from the composition, not just the quantity or the number, but the composition, a lot of them are associated one way or the other with law firms in other jurisdictions. Either they have their own presence in other jurisdictions, or they are closely related with some other very close law firms in other jurisdictions. So my point is, when you get the service of a Hong Kong lawyer, you are getting world service. You don’t need to go anywhere. So this is the last factor, which I believe is the most important factor.

         And the other thing is that, as mentioned by some of our friends, when it comes to legal service, it is not just the legal knowledge that matters. At the end of the day, legal service is about resolving people’s problem. You have to understand culture. You have to understand the people. When you are doing business involving a Mainland element, because one of the speakers asked what the criteria of picking arbitrator or mediator are if Mainland element is involved, I think the answer should go beyond the choice of arbitrator and mediator. It goes to the choice of lawyer in general. I think you need to find someone who is not simply good at law but understands human nature and business culture. A good lawyer is somebody who is able to communicate with you, who can explain very technical matters in a way that you can understand, who can understand the whole business environment, who can understand why in a different jurisdiction, why in a different culture, things are done in a certain way, documents are drafted in a particular manner, why certain words are used, what’s the magic, what’s the hidden message. It is important for lawyers to be able to decipher all these subtle points. In Hong Kong, most of us are not just bilingual because we are Chinese, we understand the Chinese culture, we understand how things are done and said, but at the same time, we are trained by the common law tradition. So we are going to be a perfect interpreter, helping you to understand each other, to ensure that nothing will be lost in translation. I think that is a very important point when it comes to the choice of legal service.

         So to sum up, six factors: it’s stable, it’s reliable, it’s business friendly, it’s secure, it provides dual connectivity, it provides abundant supply of truly international legal talent.

         Maybe Singapore enjoys one or two or even five of the factors before, but I’m quite sure that if you do a checklist, Singapore will not be able to have all the ticks in all the six boxes. So it is really the sum total of these six factors which makes Hong Kong so unique.

         The last thing that I would like to say is that I would like you to visualise, to have a sort of mental picture as to what I am saying. I would like to draw an analogy. The legal service of Hong Kong provides is just like a multi-storey building. In one single building, you have a food hall consisting different types of restaurants. We have Michelin three star restaurants, we have restaurants serving Vietnamese food, and we have restaurants serving Chinese food. The point is whatever you need, they will be available, in terms of price or whatever. And the food will be extremely hygienic and the quality will be very high. I think that’s the concept, that’s the main picture that I would like you to have after today’s event. Thank you.      

    MIL OSI Asia Pacific News –

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

    Source: US State of Florida

    TALLAHASSEE, Fla.—At 9:30AM today, Governor DeSantis was joined by Kevin Guthrie, Executive Director for the Florida Division of Emergency Management (FDEM), for a press conference at the State Emergency Operations Center to provide updates on Tropical Storm Helene. Governor DeSantis issued Executive Order 24-209 on September 24, updating EO 24-208 and declaring a state of emergency for 61 counties, which allows for state officials to make critical resources available to communities ahead of any potential storm impacts.

    As of 11AM ET, Tropical Storm Helene officially formed over the Northwestern Caribbean Sea.

    Watches and warnings in effect include:

    Hurricane Watch: Bay, Calhoun, Charlotte, Coastal Collier, DeSoto, Gulf, Hardee, inland Hillsborough, Lake, Lee, inland Manatee, eastern Marion Mainland Monroe and Middle Keys (Monroe County), Orange, Osceola, Polk inland Sarasota, Seminole, and Sumter counties

    Tropical Storm Warning: Lower Florida Keys & Dry Tortugas (Monroe County)

    Tropical Storm Watch: Citrus, eastern Columbia, Dixie, Franklin, Gadsden, Gilchrist, Hernando, Coastal Hillsborough, Jefferson, Liberty, Leon, Levy, Coastal Manatee, western Marion, Pasco, Pinellas, Coastal Sarasota, Suwannee, Taylor and Wakulla counties

    Floridians are encouraged to know their risks from hurricane hazards and prepare for potential impacts from Tropical Storm Helene. To learn more, residents can visit FloridaDisaster.org/Guide.

    Counties have begun their preparation efforts including measures like sandbag stations. 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 a Level 1 on Tuesday, September 24 and is leading coordination efforts for the State Emergency Response Team.
    • FDEM is hosting twice-daily calls with all 67 counties to identify needs and to ensure the state is prepared to respond quickly and efficiently.
    • Additionally, FDEM is coordinating with state agencies, non-governmental organizations, and private sector partners to facilitate ongoing resource requests for counties, including requests for water, generators and support personnel.
    • Nearly 500 missions are being facilitated by the State Emergency Response Team to assist counties in their preparation efforts. These missions accomplish vital tasks like prestaging response resources, protecting critical infrastructure facilities like hospitals and utility stations, and coordinating personnel statewide.
    • 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
      • 1 UH-60 Blackhawk for daytime aerial assessment and logistics missions
    • The Florida Department of Law Enforcement (FDLE) is making plans to ensure continuity of operations in several critical areas including Missing Endangered Persons Information Clearinghouse and the Watch Desk.
    • FDLE logistics teams are moving and staging assets.
    • FDLE is identifying squads for deployment and staffing for local emergency operations centers.
    • FDLE’s mutual aid team is at the State Emergency Operations Center coordinating law enforcement missions.
    • The Florida Fish and Wildlife Conservation Commission (FWC) has readied high-water vehicles and all other storm response resources statewide so they may be rapidly deployed to assist Floridians in need in the event of damage or flooding.
    • The FWC is fully integrated into the State Emergency Operations Center, and local FWC law enforcement representatives are coordinating closely with county and city emergency operations centers.
    • FWC officers are ready to deploy and respond with a variety of specialized equipment as necessary, such as:
      • Airboats
      • Shallow draft boats
      • ATVs/Side-by-sides
      • Larger platform vessels
      • Four-wheel vehicles
    • FWC Special Operations Group (SOG) teams will serve as reconnaissance units for the State EOC and report on damage after the storm has made landfall.
    • FWC Aviation Section has been placed on standby and has readied all appropriate aircraft for potential deployment for EOC aerial assistance, reconnaissance, and post-storm damage assessments when needed.
    • The Florida Department of Corrections (FDC) is monitoring the storm and preparing mitigation measures, including:
      • Mobilizing evacuation assets
      • Locating areas of evacuation
      • Establishing liaisons in our local county and municipal EOCs for storm assistance
    • The Florida Department of Juvenile Justice (DJJ) offices and facilities are finalizing storm preparations to ensure the safety and security of staff and youth.
      • These actions include 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.
    • The Florida Department of State has been monitoring the storm for potential impacts and making preparations to secure historical properties.
    • The Florida Department of State, Division of Elections has been monitoring the storm and has been providing updates and information to Supervisors of Elections about potential impacts and resources available to their offices.
    • All Florida Department of Transportation (FDOT)  7 Districts, Central Office, and FDOT’s Turnpike Enterprise initiated statewide internal preparedness conference calls beginning Monday, September 23, which continue daily.
    • FDOT continues close coordination with State EOC officials and partners.
      • FDOT team members have begun staffing the State EOC.
      • Responding to county requests for personnel and assets.
    • FDOT Statewide Preparedness Efforts Include:
      • 667 team members working in offices, and EOCs conducting pre-storm preparations.
      • 490 team members working in the field conducting pre-storm preparations.
      • 193 pieces of heavy equipment being used for pre-storm preparations.
      • 164 team members staged for cut and toss operations
      • 90 bridge inspectors staged for deployment
      • 28 team members staged for UAV (drone) deployment
      • 20 large pumps staged
      • 634 generators staged to assist with traffic signal power
      • 4 ITS trailers staged.
      • Clearing shoulders in preparation for potential Emergency Should Use (ESU).
      • Currently analyzing flooding vulnerabilities for major roadways and bridges.
      • Inspecting and clearing drainage systems, monitoring flood-prone and currently saturated areas, and pre-positioning pumps as appropriate.
      • Securing high mast lighting, maintenance yards, active construction projects, rest areas/welcome centers, service plazas, and weigh stations.
        • Howard Frankland Bridge barges and cranes anticipated to be fully secured by Wednesday, 9/25
      • Replenishing fuel reserves, checking generator readiness, and pre-positioning assets as appropriate.
      • Completing repairs on malfunctioning vehicles and equipment in preparation for deployment.
      • Initiated communication with modal partners – seaports, airports, railroads, transit, and spaceports. All partners are currently in monitoring posture.
      • Staging ITS trailers, as well as drone teams and equipment are being prepped and ready to deploy as needed.
    • FDOT encourages drivers to download the FL511 app or visit FL511.com for road/bridge closures and potential detours that may be activated. Remember to always follow the direction of local law enforcement and emergency personnel.
      • Seaports are open and preparing for storm.
      • Airports are open and monitoring the storm.
      • Railroads are open and monitoring the storm.
      • Transit agencies are open and monitoring the storm.
      • Spaceport partners are open and monitoring the storm.
    • The Florida Department of Veterans’ Affairs (FDVA) has alerted the home administrators of its nine State Veterans’ Homes of the approach of the coming storm. They are implementing their hurricane preparation checklists.
    • FDVA’s facilities have main generators in case of loss of power.
    • FDVA is in contact with the U.S. Department of Veterans Affairs leadership in Florida to coordinate potential clinic closure announcements.
    • Volunteer Florida has begun the following preparation efforts:
      • Daily Coordination calls with Florida Voluntary Organizations Active in Disasters (VOAD);
      • Identifying partner capabilities, needs and gaps;
      • Ongoing coordination efforts with Community Emergency Response Teams (CERT); and
      • Identifying pre-staging locations of flood/cleanup kits, hygiene kits and tools.
      • Key Messaging to Partners:
        • Emphasizing the importance of “Cash, Confirm, Connect” strategy.
        • Promoting volunteer opportunities through Volunteer Connect.
        • Encouraging documentation of all donated resources and Volunteer hours.
        • Current rate of volunteer hours in the state of Florida is $31.61.
    • Florida Department of Management Services (FDMS) are 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.
    • FDMS identified a specific location to land helicopters and staff to potentially COOP from the EOC to Escambia County
    • FDMS is making early preparations with their vendors and have commenced for commodities as well as services.

    Health and Human Services

    • The Agency for Persons with Disabilities (APD) is hosting calls with regional leadership and partners to provide storm information and determine any anticipated unmet needs.
    • APD is preparing policy documentation for anticipated storm event actions and providing regional staff with curfew letters for providers in potential counties with issued curfews.
    • The Florida Department of Health’s (DOH) Office of Communications is distributing information on social media platforms regarding emergency health topics, including flood water safety, special needs shelters, boil water notices and more.
    • 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.
    • DOH is deploying over 130 emergency response vehicles. Staging is currently in Leon and Osceola counties.
    • The Pinellas County WIC office will close at 12:00 p.m. on 09/24/2024 and plan to re-open on 09/26/2024.
    • DOH’s Healthy Start program is reaching out to coalitions and providers located in areas of potential impact to ensure continuity of care for clients. Additionally, Healthy Start is alerting clients of potential weather impacts and connecting them to resources.
    • DOH’s Bureau of Women, Infant and Children (WIC) is alerting coordinators in areas of potential impact and preparing for remote operations, if needed.
    • DOH’s Bureau of Childcare Food is alerting providers in areas of potential impact and having them prepare for grab-and-go meals for clients post-landfall.
    • The Agency for Health Care Administration (AHCA) has been in communication with health care facilities as they are evaluating any potential evacuation plans.
    • AHCA will hold and participate in provider calls for TS9 preparation ahead of landfall. As of 10am today there are 4 facilities (3 ALFs and 1 nursing home) reporting that they are evacuating.
    • E-PLUS update:
      • 34 of the 41 (83%) counties in the EO have access to E-PLUS
      • Outreach is being conducted for counties with no access
      • Monitoring of the system will ramp up today
      • ENS Subscribers were notified of Special Needs Shelters Encounters that they may receive

    Infrastructure, Roads and State Closures

    • The Florida Highway Patrol (FHP) is Relocating FHP command bus from Jacksonville to Washington County for staging for post-landfall use due to the State EOC possibly being in the storm’s path.
    • Communication established with Troop Commander’s in the potential impacted areas.
    • FHP is staffing ESF-16 with four (4) sworn members and one (1) non-sworn member effective today 7:00 a.m.
    • FHP high-water rescue vehicles are prepared for use.
    • FHP is preparing high-water rescue vehicles.
    • Florida Highway Patrol’s Quick Reaction Force teams consisting of more than 120 members statewide stand ready to provide immediate response.
    • FHP remains in close communication with law enforcement and transportation partners and stands ready to assist with any potential impacts across the state.
    • FLHSMV issued Emergency Order 24-05, 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 preparing for Tropical Storm Helene and has secured supplies should the Hope Bus need to be deployed.
    • DCF is working with the Community-Based Care Lead Agencies to contact foster families and group home providers to ensure preparedness.
    • The State Mental Health Treatment Facilities have activated their disaster preparation plans and are assessing facility readiness.
    • DCF has begun contacting adult protective services clients to assess any needs and to ensure they have a plan in place.
    • DCF has begun contacting Continuums of Care, licensed child care facilities, and licensed Substance Use Disorder treatment facilities to ensure they are prepared.
    • DCF’s behavioral health staff and the Managing Entities stand ready to deploy behavioral health resources, as needed.
    • Through ESF 6, DCF is making preliminary preparations for staffing shelters, delivering emergency supplies, and directing generators to critical human services infrastructure.
    • The Department of Elder Affairs (DOEA) contacted all our Area Agencies on Aging partners and received the following updates:
    • Elder Options (PSA 3)
      • Staff have initiated call-downs to clients to assess their needs.
      • Providers have ordered emergency meals in case meal sites close.
      • You Thrive Florida meal sites in Hernando, Lake, and Sumter counties will be closed on Thursday and Friday, and clients will receive shelf-stable meals.
    • ElderSource (PSA 4) 
      • Staff have initiated call-downs to clients to assess their needs.
      • Area Agency on Aging of Pasco-Pinellas, Inc. (PSA 5)
      • Staff have initiated call-downs to clients to assess their needs.
      • Clients who require assistance with registering for the special needs registry are receiving assistance.
    • Senior Connection Center (PSA 6) 
      • Staff have initiated call-downs to clients to assess their needs.
      • Shelf-stable meals are being provided to individuals who express a need in case meal delivery services are disrupted later this week.
    • Area Agency on Aging for Southwest Florida, Inc. (PSA 8) 
      • Staff have initiated call-downs to clients to assess their needs.
    • The Florida Department of Education (FDOE) is contacting all school districts to assess needs in preparation for Tropical Storm Helene. For more information on school closures, visit https://www.fldoe.org/em-response/storm-info.stml.
    • The Florida Department of Environmental Protection (DEP) is working with Florida’s Water/Wastewater Agency Response Network, the Florida Rural Water Association and other response agencies to ensure preparations are underway to support drinking and wastewater facilities ahead of the anticipated heavy rains.
    • All significant hazardous waste facilities in potentially affected counties are being notified to ensure all pre-storm preparations are being made.
    • DEP has completed pre-storm beach surveys in all shoreline counties and staff are beginning to develop their post-storm response plan.
    • Florida’s water management districts are engaging to engage local governments and drainage operators throughout the state and are available to provide technical and other support, including deploying temporary pumps to alleviate localized flooding. As part of standard operations, DEP and Florida’s water management districts continue to monitor water systems and river levels as the storm’ develops.
    • 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 Consumer

    • The Florida Department of Business and Professional Regulation (DBPR) has organized Emergency Response Teams across 13 offices statewide, who are ready to deploy once it is safe to complete damage assessments and disaster inspections of licensed establishments.
    • DBPR has begun preparing personnel and securing and preparing fleet and resources ahead of potential impacts. DBPR is positioned to initiate continuity of operations protocols in all offices statewide.
    • Today, DBPR has proactively communicated with more than 137,000 restaurant and lodging licensees to provide storm preparation and food safety resources.
    • 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 is communicating and coordinating with private sector partners, encouraging them to review their emergency plans for their businesses and prepare their employees in advance of the weather event.
    • Updates on business closures and business resources are consistently being updated at FloridaDisaster.biz/CurrentDisasterUpdates.
    • CareerSource Florida hosted a call with 21 Local Workforce Development Boards and 38 Community Action Agencies across the state to prepare teams to assist local employees and employers after the weather event. To find your local career center visit careersourceflorida.com.
    • FloridaCommerce is working with private sector partner, the Florida Restaurant and Lodging Association, to assist with sheltering needs in advance of the storm.
    • The Florida Department of Agriculture and Consumer Services (FDACS) is coordinating with Florida’s ports and fuel industry partners to ensure adequate fuel supplies are available across Florida, as well as with Florida’s agricultural partners to ensure producers have adequate resources and support.
    • The Florida Forest Service is staging equipment, like high-water vehicles, to support recovery operations.
    • The Insurance Commissioner Yaworsky of the Office of Insurance Regulation (OIR) has begun calling property and casualty insurance companies with consumers in the projected path of Tropical Storm Helene and directed insurers to be prepared to implement their disaster claims-handling procedures and be able to provide prompt and efficient claims-handling service to impacted policyholders.
    • Insurers have been put on notice that the OIR is monitoring for appropriate and timely claims handling, and reminded of OIR’s fine authority for noncompliance.
    • The OIR, in coordination with the Florida Department of Health (DOH), sent information regarding early prescription refills permitted under Executive Order 24-208. This information was sent to the public, health insurers, managed care organizations, pharmacy benefit managers, pharmacy chains, and health care providers.
    • The OIR’s IMT has been activated.

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

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Senate and House Democratic Members to Attend Workers’ Rights Press Conference

    Source: US State of Georgia

    ATLANTA (September 24, 2024) — On Wednesday, September 25, at 1:00 p.m., members of the Senate and House Democratic Caucuses will attend the Workers’ Rights Press Conference at the Amazon ATL6 Warehouse.

    EVENT DETAILS:                      

    • Date: Wednesday, September 25, 2024
    • Time: 1:00 p.m.
    • Location: Amazon ATL6 Warehouse, 4200 N Commerce Drive, East Point, GA 30344
    • This event is open to the public.

    ABOUT THE MEETING:         

    Sen. Nan Orrock (D–Atlanta) and Rep. Kim Schofield (D–Atlanta) will be speaking at the event and addressing the concerns raised regarding Amazon’s treatment of employees. The Amazon ATL6 facility has faced allegations of Unfair Labor Practices, such as harassment, threats and intimidation of workers, which some believe may be aimed at discouraging organizing efforts. This summer, the National Labor Relations Board (NLRB) filed complaints against Amazon, alleging instances of worker interrogation, surveillance, and retaliation related to their collective activities. Additionally, the Occupational Safety and Health Administration (OSHA) has conducted multiple inspections of the ATL6 facility due to health and safety concerns.

    MEDIA OPPORTUNITIES:

    We kindly request that members of the media confirm their attendance in advance by contacting Jantz Womack at SenatePressInquiries@senate.ga.gov.

    # # # #

    Sen. Nan Orrock serves as the Democratic Caucus Secretary. She represents the 36th Senate District which includes portions of Fulton County. She may be reached at 404.463.8054 or by email at nan.orrock@senate.ga.gov.

    Sen. Sonya Halpern serves as Vice Chair of the Senate Democratic Caucus. She represents the 39th Senate District which includes neighborhoods across the five cities of Atlanta, College Park, City of South Fulton, East Point and Union City, all in Fulton County. She can be reached at 404.656.9644 or at sonya.halpern@senate.ga.gov

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Moran Receives Guardian of Small Business Award from National Federation of Independent Business

    Source: United States House of Representatives – Congressman Nathaniel Moran (TX-01)

    Washington, D.C. ­– Congressman Nathaniel Moran (R-TX-01) received the Guardian of Small Business Award from the National Federation of Independent Business (NFIB) for his efforts to support small businesses in East Texas and across the country. Congressman Moran received an 100% score from NFIB for his voting record in Congress on issues that impact small businesses.

    “I’m grateful to receive the NFIB Guardian of Small Business Award,” said Congressman Moran. “As a former small business owner, it’s a privilege to promote the right to own, operate, and help grow East Texas small businesses. I look forward to continuing the fight to protect Main Street businesses.”

    “The NFIB Guardian of Small Business Award is presented to Members of Congress with a demonstrated record of supporting America’s small and independent business owners,” said NFIB President Brad Close. “This Congress, small businesses faced tough economic headwinds, especially from inflation, labor shortages, and tax pressures at all levels of the government. We are proud to recognize the lawmakers from the 118th Congress who stood up for Main Street by taking pro-small business votes that would reduce taxes, eliminate burdensome government mandates, lower health insurance costs, and fuel the Main Street economy.”

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: Milestone for return of petroleum exploration

    Source: New Zealand Government

    Legislation reinstating offshore petroleum exploration has been introduced by the Coalition Government, a key step in addressing the significant energy security challenges felt by Kiwis across the country this winter.

    The Crown Minerals Amendment Bill reverses the ban on new oil and gas exploration beyond onshore Taranaki, signals the Government’s intent to reinvigorate investment in petroleum exploration, aligns decommissioning settings with best practice and provides certainty for potential investors.

    “This Bill delivers on commitments in both the National-NZ First and National-ACT coalition agreements and the Government’s promise to take urgent action to address energy security and affordability,” Resources Minister Shane Jones says.

    “Natural gas is critical to a secure and affordable supply of energy in New Zealand – now and into the future. Our gas fields are in decline and without further investment in existing and new fields to increase production, supply issues and high prices will persist when generation from our renewable energy sources is at capacity.

    “Limited gas supply doesn’t just make it more expensive to keep our lights on and our homes warm, it is squeezing our industrial users to the point that we are seeing production halting and large employers in regional New Zealand having to close their doors.

    “On top of removing the exploration ban, this legislation will better balance the regulatory burden, risk of decommissioning and give the regulator more flexibility in how exploration permits are issued, giving the sector confidence to get to work.

    “Our petroleum and mineral resources contribute billions of dollars to New Zealand’s GDP, create high-paying jobs and opportunities to develop skills and help to diversify regional economies. I’m not willing to let the significant benefits of this sector pass us by.” 

    A new tier of mineral permitting that will make it easier for people to undertake small-scale non-commercial gold mining activity is also introduced through the Bill.

    The Bill is expected to have its first reading this morning and will be referred to select committee with the aim of passing legislation by the end of this year. To achieve this, the select committee process will be undertaken in a condensed timeframe.

    For more information on the Bill, see 2024 Proposed amendments to the Crown Minerals Act 1991 | Ministry of Business, Innovation & Employment (mbie.govt.nz)

    MIL OSI New Zealand News –

  • MIL-OSI USA: Justice Department Sues Visa for Monopolizing Debit Markets

    Source: US State of North Dakota

    Visa’s Exclusionary and Anticompetitive Conduct Undermines Choice and Innovation in Payments and Imposes Enormous Costs on Consumers, Merchants, and the American Economy

    The Justice Department filed a civil antitrust lawsuit today against Visa for monopolization and other unlawful conduct in debit network markets in violation of Sections 1 and 2 of the Sherman Act.

    Filed in the U.S. District Court for the Southern District of New York, the complaint alleges that Visa illegally maintains a monopoly over debit network markets by using its dominance to thwart the growth of its existing competitors and prevent others from developing new and innovative alternatives.

    According to the complaint, more than 60% of debit transactions in the United States run on Visa’s debit network, allowing it to charge over $7 billion in fees each year for processing those transactions. The complaint further alleges that Visa illegally maintains its monopoly power by insulating itself from competition. For example, Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks. These agreements penalize Visa’s customers who route transactions to a different debit network or alternative payment system. In so doing, the complaint alleges, Visa locks up debit volume, insulates itself from competition, and smothers smaller, lower-priced competitors. Visa also induces would-be competitors to become partners instead of entering the market as competitors by offering generous monetary incentives and threatening punitive additional fees. As the complaint alleges, Visa coopted the competition because it feared losing share, revenues, or being displaced by another debit network altogether.

    “We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” said Attorney General Merrick B. Garland. “Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service.  As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.”

    Debit transactions are an important and popular part of the U.S. financial system. Millions of Americans prefer or must use debit for online and in-person purchases. Visa dominates debit network markets that facilitate these transactions, charging significant fees and stifling competition in the process. Visa’s systematic efforts to limit competition for debit transactions have resulted in billions of dollars in additional fees imposed on American consumers and businesses and slowed innovation in the debit payments ecosystem. Through this lawsuit, the Justice Department seeks to restore competition to this vital market on behalf of the American public.

    “Anticompetitive conduct by corporations like Visa leaves the American people and our entire economy worse off,” said Principal Deputy Associate Attorney General Benjamin C. Mizer. “Today’s action against Visa reminds those who would stifle competition rather than competing on price or investing in innovation that the Justice Department will never hesitate to enforce the law on behalf of the American people.”

    “Visa fears competition and innovation, and instead chooses unlawful cooperation and monopolization,” said Principal Deputy Assistant Attorney General Doha Mekki of the Justice Department’s Antitrust Division. “Visa abuses its power over its customers and buys off would-be rivals at the expense of American consumers, merchants, banks, and the competitive process itself. Today’s lawsuit holds Visa accountable for its conduct in a market that forms the backbone of American commerce.”

    Visa maintains enormous scale on both sides of the debit market — with merchants and their banks and with consumers and their banks — and the complaint alleges that Visa’s exclusionary practices extend, deepen, and protect what it refers to as an “enormous moat” around its business. When faced with the possibility that smaller debit networks or new technology entrants would threaten that position, Visa engaged in a deliberate and reinforcing course of conduct to cut off competition and prevent rivals from gaining the scale, share, and data necessary to compete for customers’ business:

    • Smaller Debit Networks: Visa uses leverage based on the large number of transactions that must run over Visa’s payment rails to impose expansive volume commitments on merchants and their banks, as well as on financial institutions that issue debit cards. These agreements are priced so that, unless all or nearly all debit volume runs over Visa’s payment rails, large disloyalty penalties can be imposed on all Visa transactions. Merchants cannot afford to use Visa’s smaller competitors for transactions where options do exist, even when those competitors offer lower per-transaction prices.
    • Tech Entrants: As Visa’s internal documents make clear, Visa feared that some technology companies and fintech startups with “network ambitions” would cut Visa out as the middleman between merchants, consumers, and their banks by offering a better or cheaper payment product. Visa aimed to stop that development by entering into agreements to pay potential competitors to partner instead of innovating. As Visa’s then-CFO put it: “Everybody is a friend and partner. Nobody is a competitor.”

    In 2020, the Justice Department filed a civil antitrust lawsuit to stop Visa from acquiring Plaid, a technology company that powers fintech apps developing disruptive options for online debit payments. The companies abandoned their planned $5.3 billion merger.

    Visa Inc. is a Delaware corporation headquartered in San Francisco. Visa has a global operating income of $18.8 billion and an operating margin of 64% in 2022. North America is among Visa’s most profitable regions with 2022 operating margins of 83%. Visa charges roughly $8 billion in network fees on U.S. debit volume annually. Globally, Visa processes $12.3 trillion in total payment volume.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta’s Sponsored Bill to Ban Medical Debt from Credit Reports Signed into Law

    Source: US State of California

    Tuesday, September 24, 2024

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    OAKLAND — California Attorney General Rob Bonta today issued a statement in response to Senate Bill 1061 (SB 1061) being signed into law by Governor Gavin Newsom. Authored by Senator Monique Limón (D- Santa Barbara) and cosponsored by the Attorney General, and many prominent advocacy organizations including the California Nurses Association, Health Access California, CALPIRG, Consumer Federation of California, and the National Consumer Law Center, SB 1061 will protect consumers from having their credit ruined by prohibiting medical debt from being reported on credit reports. Credit reports are meant to gauge an individual’s ability to repay future debt. Medical debt is often unforeseen and not a reliable indicator of financial risk, yet it can unfairly prevent consumers from getting loans, renting an apartment, or getting a job. This kind of debt on a credit report reflects the financial burden of illness, not an inability to manage finances, including payment of other bills, or posing a credit risk. 

    “When someone is scared and in pain, the last thing they should think about is whether seeking care will take away their ability to buy a house or land a job. Unfortunately, medical debt appearing on credit reports makes this a common experience for far too many people,” said Attorney General Rob Bonta. “California today chose to put a stop to this unnecessary and outdated practice. SB 1061 supports Californians’ fair access to essential economic opportunities and a brighter future.” 

    “I am proud to author legislation to provide relief to Californians suffering from the burden of medical debt,” said Senator Monique Limón. “No Californian should be unable to secure housing, a loan, or even a job because they accessed necessary medical care. California is stepping up to protect consumers impacted by the effects of medical debt.” 

    Medical debt continues to increase and is a barrier to employment, housing, and the promotion of healthcare access and equity. The Urban Institute reported 7.8% of California consumers with a credit report had a medical debt listed on it, increasing to 8.5% for Black Californians. People with medical debt are more likely to say debt has caused them to be turned down for a rental or a mortgage than people with student loans or credit card debt, increasing their risk of homelessness or being forced to live in substandard housing. Debt can also create barriers for finding employment as employers often use credit reports as a basis for hiring decisions, which in turn, makes it even more difficult to pay off medical debt. Many consumers are also forced to postpone important medical care due to medical debt, which may lead to further illness. In September 2023, the Consumer Financial Protection Bureau (CFPB) announced a rulemaking process to remove medical bills from consumers’ credit reports. In August 2024, Attorney General Bonta sent a letter to CFPB in support of the Bureau’s Proposed Rule which would prohibit the reporting of medical debt on credit reports. With the enactment of SB 1061, California now joins seven other states in supporting the CFPB and the Biden Administration by enacting state-level legislation against medical debt credit reporting. 

    # # #

    MIL OSI USA News –

  • MIL-OSI Translation: 24/09/2024 Communication of the Ministry of National Defense

    MIL AXIS Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    Comunicado lun24/09/2024The Council of Ministers adopted a draft act amending certain acts in order to support entrepreneurs employing Territorial Defense soldiers or Active Reserve soldiers, submitted by the Minister of National Defense.

    The draft law introduces tax preferences for entrepreneurs who employ soldiers of the Territorial Defense and Active Reserve. Business owners who apply for a public contract – for the implementation of which they employ the above-mentioned military – will also be able to take advantage of preferential conditions. The idea is to increase the attractiveness of territorial military service, increase the number of soldiers in the Polish Armed Forces and reduce the burden on employers. Soldiers of the Territorial Defense (OT) and Active Reserve (AR) who are called to perform military service cannot perform duties under the employment relationship. A sudden call may affect the rhythm of the company’s work and constitute a burden for the employer. Preferences for entrepreneurs may encourage the employment of OT and AR soldiers. Key solutions An entrepreneur who employs Territorial Defense or Active Reserve soldiers may take advantage of a tax relief. The tax relief applies to every employed OT or AR soldier. Its amount depends on the number and period of employment of soldiers. If a soldier has been in continuous service for 1 year, the employer may deduct PLN 12,000 from the tax base. The amount of the relief increases with each year of continuous service by the soldier. The maximum relief is PLN 24,000 if the length of service is 5 years.

    The possibility of deducting the tax relief will be valid until 2026.

    An entrepreneur who applies for a public procurement contract and will employ OT and/or AR soldiers for its implementation will be able to benefit from preferential treatment. This applies to public procurement contracts below the EU threshold (below PLN 25,680,260 in the case of construction works and PLN 663,105 in the case of supplies and services). The employment of OT and AR soldiers will be treated as a “quality criterion” that will apply in organizational units subordinate to and supervised by the Minister of National Defense. The value of this criterion will not be lower than 10%.

    The current severance pay paid to an employee who was called up for territorial military service will be replaced by an initial benefit. The initial benefit will be paid by the military unit. This will relieve employers who will not have to pay the severance pay and then apply for its refund. The benefit will be due after the soldier completes basic training. It will amount to 50% of the average salary in the second quarter of the previous year. In the second quarter of 2023, the average salary was PLN 7,005.76, so the benefit will amount to PLN 3,502.88. It will be exempt from personal income tax.

    The new regulations are to enter into force after 14 days from the date of publication in the Journal of Laws.

    MILES AXIS

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

    MIL Translation OSI

  • MIL-OSI: Freight Payments Platform Outgo Announces Milestones in Factoring Speeds, $15M from Top VCs

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Sept. 24, 2024 (GLOBE NEWSWIRE) — Outgo, the financial hub for freight carriers, today announced several milestones in its mission to fix freight payments for carriers, as well as a previously undisclosed equity fundraise. Outgo’s mission is to increase transparency and eliminate exorbitant rates, hidden fees, and long contracts with the most flexible and intelligent financial products in freight. To power this mission, Outgo revealed a previously undisclosed $15M fundraise from top venture capital investors. The company has deployed this investment to upend the freight payments experience, starting with factoring. Today, Outgo is announcing it is now the industry leader in funding speeds for carriers.

    Founded in 2021, Outgo today announced $15M in previously undisclosed funding led by Gradient Ventures, Construct Capital, with participation from Neo, PSL Ventures, Bezos Expeditions, Fintech Fund, Operator Stack and Upper90. Additionally, the company has secured a $50M credit facility raised from Upper90 for receivables purchasing.

    With this funding in hand, Outgo is rebuilding the entire factoring process and carrier experience with automation and technology at the forefront. This approach stands apart in an industry plagued by slow funding speeds, high fees and a general lack of transparency. Carriers typically wait 30 days or longer to receive payment and legacy factoring companies have not made meaningful improvements in funding speeds. However, Outgo today announced its commitment to four-hour funding speeds for carriers, but also that it over-delivers by approving 50% of invoices within 90 minutes, and 25% within 15 minutes. On top of that, funding is available to carriers 24/7, with no delays for banking holidays or transfer cutoffs.

    “The very purpose of factoring is to get carriers paid faster, but the industry has failed to innovate on speed, flexibility, and customer experience,” said Marcus Womack, Chief Executive Officer and co-founder of Outgo. “We have made it our first priority to bring flexibility and control to each and every corner of factoring experience, and to do so with the explicit purpose of accelerating fundings, and lowering carrier cost. We are thrilled to have the support of customers and investors who share our passion for improving carrier financial health.”

    The severe down-cycle in freight has decreased per-mile rates for carriers, and increased competition for work. At the same time, the elevated interest rate environment has led to higher factoring rates. However, Outgo’s dedicated focus on automation has allowed it to continue to offer 1% factoring options to carriers of all sizes, while also bucking the trend of predatory factoring practices by offering publicly posted pricing and low fees.

    “The Outgo team is truly dedicated to improving the lives and businesses that move freight in America,” said Zach Bratun-Glennon, Partner at Gradient Ventures. “The team has technology and fintech expertise to move freight financing into the future, as well as a highly customer-centric perspective from years of leadership at the world’s top logistics and freight companies.”

    “I rely on Outgo to get my funds fast, and at rates I just couldn’t get anywhere else,” said Vildana Hodzic of H&V Transport. “The fact that I can access funds within 15 minutes of completing a delivery feels like magic. Outgo is technically my factoring company, but it feels like something else entirely.”        

    Outgo’s vision is to revolutionize the freight payments experience for carriers, and it continues to rapidly build and launch financial products to help carriers grow their business and succeed.

    ABOUT OUTGO
    Outgo is a modern payments platform for freight. Outgo has rebuilt factoring to put the carrier first, and bundles banking and factoring to make funds instantly available. Founded by former executives at top transportation companies including Uber and Convoy, the company was launched in 2022 and is headquartered in Seattle. To learn more, visit https://www.outgo.com.

    Outgo Inc is a financial technology company, and is not a bank. Banking services provided by TransPecos Banks, SSB and Blue Ridge Bank, N.A., Members FDIC.

    The Outgo Business Visa Debit Card is issued by TransPecos Bank, SSB and Blue Ridge Bank, N.A., pursuant to a license from VISA U.S.A. Inc. and may be used everywhere Visa is accepted.

    The MIL Network –

  • MIL-OSI Asia-Pac: Swachhata Hi Seva – 2024 Campaign in full swing, DoC reviews progress

    Source: Government of India

    Posted On: 24 SEP 2024 9:22PM by PIB Delhi

    The progress of various activities being undertaken under Swachhata Hi Sewa – 2024 campaign for the Department of Commerce and its Attached Offices/ Subordinate Offices/ Autonomous organizations and PSUs was reviewed by the Additional Secretary, Shri Ajay Bhadoo on 24th September, 2024.

    The Department and its organizations have so far identified around 600 activities and more than 100 Cleanliness Target Units (CTUs) under the campaign. 

    The organizations apprised the progress of various activities being undertaken viz. ‘Ek Ped Maa Ke Naam’, Swachhata Pledge, awareness campaign, debates/ quiz competitions, human chains, cyclathons/ walkathons along with regular cleaning of CTUs/ Black spots around the office premises. Many organizations have also organized ‘Health Shivirs’ where preventive health check-ups were carried out for the Safai Mitras/ Sanitation workers.

    The organizations and the employees of the Department are enthusiastically participating in the various activities to create awareness among the masses and also cleanliness of the neighborhood. It was impressed upon them to undertake the activities in a meaningful and substantive way to make lasting impression.    

    As the preparatory phase of Special Campaign 4.0 is also in progress, all the organizations were also apprised about the list of preparatory activities to be undertaken by them during the duration of the campaign. Special emphasis was laid on the cleanliness within office premises, scrap disposal, record management including recording/ weeding of records, reduction of pendency of references received in the office including on CPGRAMS and ease/ simplification of rules and procedures.

    All the organizations were also impressed upon to maintain the momentum of Swachhata Hi Sewa – 2024 campaign by identifying more activities and CTUs for wider impact of the campaign leading to Swachh Bharat Diwas i.e. 2nd October, 2024. 

     

     

    ‘Ek Ped Maa ke Naam’ plantation drive activity carried out under Swachhata Hi Seva-2024 Campaign, in the presence of CMD, ED, GMs and other officials at ECGC Mumbai.

    Health check up for farm workers of the Rubber Board Central Experiment Station at Chethackal under ‘Safai Mitra Suraksha Shivir’ as part of Observance of Swachhata Hi Seva 2024 Campaign.

     

    Officers and Staff of the Office of the Development Commissioner, Kandla SEZ took Swachhata pledge on the occasion of Swachhata-2024.

     

    On September 19, 2024, Spices Board Divisional Office, Mangan, and Govt. Primary School students united for the Swachhata Pledge and a tree planting drive.

     

    On September 19, 2024, a quiz competition was organized by the Department of Commerce at Vanijya Bhawan, New Delhi for the officials of Department of Commerce, DPIIT and DGFT.

    ****

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Budget 2024-25 provided for an enhanced monetary limit for filing appeals related to Direct Taxes, Excise and Service Tax in various judicial fora

    Source: Government of India (2)

    Union Budget 2024-25 provided for an enhanced monetary limit for filing appeals related to Direct Taxes, Excise and Service Tax in various judicial fora

    Hon’ble Supreme Court today disposed off 573 direct tax cases in view of the revised monetary limit of filing of appeals

    The measures are expected to significantly reduce the burden of tax litigation and expedite the resolution of tax disputes in alignment with Government’s efforts to promote ‘Ease of Living’ and ‘Ease of Doing Business’

    CBDT and CBIC had issued necessary orders for implementation of the amendment

    Posted On: 24 SEP 2024 6:09PM by PIB Delhi

    The Hon’ble Supreme Court today disposed off 573 direct tax cases where the tax effect is less than ₹5 crore, in view of the revised monetary limit of filing of appeals.

    This significant milestone aligns with the government’s efforts to reduce tax litigation and promote Ease of Doing Business.

    The Union Budget 2024-25 provided for an enhanced monetary limit for filing appeals related to Direct Taxes, Excise and Service Tax in the Tax Tribunals, High Courts and Supreme Court and the limits were increased to ₹60 lakh, ₹2 crore and ₹5 crore respectively.

    In pursuant to the Budget 2024-25 announcement, the CBDT and CBIC had issued necessary orders to enhance the monetary limit for filing appeals in their respective domains. As a result, it is expected that the cases pending before various appellate fora will come down and reduce tax litigation.

     

    Direct Tax

    As per the announcements in the Union Budget 2024-25, the monetary thresholds for filing tax dispute appeals by the department were enhanced as follows:

    • For Income Tax Appellate Tribunal (ITAT): Increased from ₹50 lakh to ₹60 lakh.
    • For High Courts: Increased from ₹1 crore to ₹2 crore.
    • For Supreme Court: Increased from ₹2 crore to ₹5 crore.

     

    As a result of these revised limits, it is estimated that around 4,341 cases will be withdrawn from various judicial forums over the course of time:

    • ITAT: 717 cases
    • High Courts: 2,781 cases
    • Supreme Court: 843 cases

     

    Indirect Taxes

    Similarly, the limit for filing appeals for the specified legacy Central Excise & Service Tax cases was increased:

    • For CESTAT (Customs Excise and Service Tax Appellate Tribunal), the limit was increased to ₹60 lakh from ₹50 lakh
    • For the High Court, the limit was increased to ₹2 crore from ₹1 crore.
    • For the Supreme Court, the limit was increased to ₹5 crore from ₹2 crore.  

    As a result of these revised limits, it is estimated that around 1,044 cases pertaining to specified legacy Central Excise & Service Tax cases are estimated to be withdrawn from various judicial forums:

    • Supreme Court: 253 appeals
    • High Courts: 539 appeals
    • CESTAT: 252 appeals

     

    These measures on the Direct tax and Indirect tax front are expected to significantly reduce the burden of tax litigation and expedite the resolution of tax disputes.

    In addition, steps have been taken to deploy more officers dedicated to hearing and deciding appeals, particularly those involving significant tax amounts.

    These initiatives reflect the government’s commitment to providing a conducive environment for businesses and enhancing taxpayer services. By minimising litigation and simplifying tax procedures, the aim is to improve the ‘ease of living’ and Ease of Doing Business across the country.

    ****

    NB/KMN

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Commerce and Industry Minister Shri Piyush Goyal attends 22nd CREDAI National Conference on second day of Australia visit

    Source: Government of India (2)

    Commerce and Industry Minister Shri Piyush Goyal attends 22nd CREDAI National Conference on second day of Australia visit

    Shri Goyal attends reception hosted by Parliamentary Friends of India and Australia-India Business Council at NSW Parliament

    Posted On: 24 SEP 2024 6:07PM by PIB Delhi

    In his ongoing visit to Australia from September 23-26, 2024, Shri Piyush Goyal, Union Minister for Commerce & Industry, had a number of productive engagements on the second day (September 24). He was the Chief Guest at the 22nd National Conference of the Confederation of Real Estate Developers’ Associations of India (CREDAI) in Sydney. The Conference brought together about 1100 real estate developers from India to Australia.

    In his address, the Minister urged the real estate industry to adopt even more effective measures for the well being of millions of workers employed in it. He appreciated the contribution of the real estate sector to the growth of the Indian economy and encouraged them to consider expanding their operations in international markets such as Australia.

    The Minister met Hon. Chris Minns MP, Premier of New South Wales at NSW Parliament and discussed the growing business and community linkages between India and Australia and the contribution of NSW to these ties. Minister attended a reception hosted in his honour by the Parliamentary Friends of India and Australia-India Business Council (AIBC) at the Parliament in which Ministers and Parliamentarians from NSW, including The Hon Anoulack Chanthivong MP, Minister for Industry and Trade of NSW and the Co-chairs of the NSW Parliamentary Friends of India, participated.

    Several prominent business leaders based in Australia were also present. Minister thanked them for the warm reception and highlighted that the bipartisan support for close India-Australia ties gave strength to the bilateral partnership & deepening economic engagement.

    The Minister addressed a gathering of various key stakeholders in the bilateral economic relationship organized by Asia Link Business (ALB), Australia India Institute and KPMG. He participated in a fireside chat with the CEO of ALB, Mr. Leigh Howard, and answered a range of questions. Discussions focussed on fostering stronger India-Australia partnership in key sectors viz renewable energy, digitisation, infrastructure, education, critical minerals, tourism, fintech, agritech, space etc. Minister was presented with a copy of the report on ‘Doing Business in India’ by ALB which will help Australian businesses in leveraging the vast opportunities presented by the Indian market.

    Minister met several emerging Indian origin and Australian leaders in different sectors at an event organized by the High Commission of India and the India-Australia Business Community Alliance (IABCA). Addressing the gathering, the Minister said that these success stories were a reflection of the opportunities that strong India-Australia relations present for the mutual benefit of their people.

    Minister interacted with the Committee members of the Australian (Sydney) Chapter of the Institute of Chartered Accountants of India and encouraged them to act as a living bridge to promote business ties between India and Australia.

    In the forenoon, the Minister participated virtually in the meeting of the Indo-Pacific Economic Framework. He emphasised that collective efforts and forward-thinking action plans in critical sectors such as semiconductors, critical minerals for clean energy, chemicals and healthcare are crucial for unlocking the framework’s full potential.

    After concluding his productive 2-day visit to Sydney focussed on business and community interactions, Minister travelled to Adelaide where he will Co-chair with Senator The Hon Don Farrell, Minister for Trade and Tourism of Australia, the 19th Joint Ministerial Commission meeting scheduled for September 25, 2024.

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India AI Fellowship For B.Tech, M.Tech & PhD scholars

    Source: Government of India

    India AI Fellowship For B.Tech, M.Tech & PhD scholars

    Students and scholars to submit their nominations as per the prescribed guidelines by 30th September 2024

    Posted On: 24 SEP 2024 5:36PM by PIB Delhi

    IndiaAI- Independent Business Division (IBD) is inviting nominations of B.Tech & M.Tech students for IndiaAI fellowship. Subsequently, IndiaAI is also inviting Top 50 National Institutional Ranking Framework (NIRF) ranked research institutes to share their approval to participate in IndiaAI Fellowship for new PhD intakes researching in Artificial Intelligence.

    Nominations for B.Tech & M.Tech students

    Nominations for IndiaAI Fellowship are invited by IndiaAI from all B.Tech & M.Tech who are undertaking projects in AI. This fellowship support will supplement any existing fellowships and will cover the duration of the project one year for B.Tech. students, and two years for M.Tech. students.

    Students may submit their nominations on – https://indiaai.gov.in/article/proforma-for-submission-of-nominations-for-indiaai-fellowship-under-the-indiaai-mission  as per the prescribed guidelines by 30th September 2024.

    Fellowship opportunities for AI researchers in top institutes

    IndiaAI is offering fellowships to full time PhD scholars researching in the areas of Artificial Intelligence in the top 50 NIRF ranked Research Institutes. IndiaAI – IBD is inviting top 50 ranked research institutes to share their approval to participate in IndiaAI Fellowship and intake new PhD scholars in Artificial Intelligence. These scholars should not receive any scholarship / salary from any other organization at the time of enrolment into IndiaAI PhD Fellowship.

    Top 50 NIRF ranked Research Institutes are requested to submit their approval on the official letterhead signed and stamped by institute’s head agreeing to intake new PhD scholars as per the IndiaAI PhD fellowship guidelines to Smt. Kavita Bhatia, Sci ‘G’ & GC (AI & ET) on kbhatia@meity.gov.in by 30th September, 2024.

    Selection criteria for IndiaAI fellowship

    The actual selection of suitable candidates for the award of the IndiaAI Fellowship will be done by IndiaAI based on eligibility, relevance of the research proposal, profile of the student and availability of fellowships at the national level.

    About IndiaAI

    IndiaAI, an IBD under the Digital India Corporation (DIC) of the Ministry of Electronics and IT (MeitY), is the implementation agency of the IndiaAI Mission, which aims to democratize AI’s benefits across all strata of society, bolster India’s global leadership in AI, foster technological self-reliance, and ensure ethical and responsible use of AI.

    *****

    Dharmendra Tewari/Kshitij Singha

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India AI Fellowship For B.Tech, M.Tech & PhD scholars

    Source: Government of India

    India AI Fellowship For B.Tech, M.Tech & PhD scholars

    Students and scholars to submit their nominations as per the prescribed guidelines by 30th September 2024

    Posted On: 24 SEP 2024 5:36PM by PIB Delhi

    IndiaAI- Independent Business Division (IBD) is inviting nominations of B.Tech & M.Tech students for IndiaAI fellowship. Subsequently, IndiaAI is also inviting Top 50 National Institutional Ranking Framework (NIRF) ranked research institutes to share their approval to participate in IndiaAI Fellowship for new PhD intakes researching in Artificial Intelligence.

    Nominations for B.Tech & M.Tech students

    Nominations for IndiaAI Fellowship are invited by IndiaAI from all B.Tech & M.Tech who are undertaking projects in AI. This fellowship support will supplement any existing fellowships and will cover the duration of the project one year for B.Tech. students, and two years for M.Tech. students.

    Students may submit their nominations on – https://indiaai.gov.in/article/proforma-for-submission-of-nominations-for-indiaai-fellowship-under-the-indiaai-mission  as per the prescribed guidelines by 30th September 2024.

    Fellowship opportunities for AI researchers in top institutes

    IndiaAI is offering fellowships to full time PhD scholars researching in the areas of Artificial Intelligence in the top 50 NIRF ranked Research Institutes. IndiaAI – IBD is inviting top 50 ranked research institutes to share their approval to participate in IndiaAI Fellowship and intake new PhD scholars in Artificial Intelligence. These scholars should not receive any scholarship / salary from any other organization at the time of enrolment into IndiaAI PhD Fellowship.

    Top 50 NIRF ranked Research Institutes are requested to submit their approval on the official letterhead signed and stamped by institute’s head agreeing to intake new PhD scholars as per the IndiaAI PhD fellowship guidelines to Smt. Kavita Bhatia, Sci ‘G’ & GC (AI & ET) on kbhatia@meity.gov.in by 30th September, 2024.

    Selection criteria for IndiaAI fellowship

    The actual selection of suitable candidates for the award of the IndiaAI Fellowship will be done by IndiaAI based on eligibility, relevance of the research proposal, profile of the student and availability of fellowships at the national level.

    About IndiaAI

    IndiaAI, an IBD under the Digital India Corporation (DIC) of the Ministry of Electronics and IT (MeitY), is the implementation agency of the IndiaAI Mission, which aims to democratize AI’s benefits across all strata of society, bolster India’s global leadership in AI, foster technological self-reliance, and ensure ethical and responsible use of AI.

    *****

    Dharmendra Tewari/Kshitij Singha

    (Release ID: 2058277) Visitor Counter : 11

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India attends Ministerial Meeting of Indo-Pacific Economic Framework for Prosperity

    Source: Government of India

    India attends Ministerial Meeting of Indo-Pacific Economic Framework for Prosperity

    IPEF partners welcome upcoming entry into force of the Clean Economy Agreement, Fair Economy Agreement, and IPEF Overarching Agreement under Indo-Pacific Economic Framework for Prosperity

    IPEF partners commit to continued progress at virtual Ministerial Meeting

    Posted On: 24 SEP 2024 3:47PM by PIB Delhi

    Union Commerce and Industry Minister Shri Piyush Goyal along with 13 other IPEF Ministers virtually attended the third Ministerial meeting focused on IPEF Pillar II, III, and IV.                

    In particular, Minister Goyal along with other IPEF Ministers welcomed the upcoming entry into force of the Clean Economy Agreement, Fair Economy Agreement, and the Overarching Agreement on IPEF on October 11, 2024, October 12, 2024, and October 11, 2024, respectively, and emphasized the significant opportunities to further deepen economic cooperation and deliver concrete benefits under the IPEF agreements through ongoing collaboration.

    Supply Chain Resilience

    In the virtual meeting, IPEF Ministers reviewed and appreciated the substantive progress made to operationalize the Supply Chain Agreement, deepening cooperation to build more competitive and resilient supply chains, better prepare for, prevent, and respond to supply chain disruptions when they happen, and ensure that regional supply chains raise up workers and respect labor rights.  They outlined concrete next steps for the upcoming months, building on the progress made by the Supply Chain Agreement’s three bodies: the Supply Chain Council, Crisis Response Network, and Labor Rights Advisory Board.  IPEF partners also highlighted the meaningful collaboration taking place under the Supply Chain Agreement which includes:

    The IPEF Ministers noted that the three supply chain bodies – the Supply Chain Council (Council), the Crisis Response Network (Network), and the Labor Rights Advisory Board (LRAB) – met virtually in July to elect leadership in which India was elected as Vice Chair of the Council with US as Chair; Korea as Chair and Japan as Vice Chair of the Network; and the United States as Chair and Fiji as Vice Chair of the LRAB.

    Minister Goyal noted that the formation of Action Plan teams in the first in person meeting of supply chain council held in Washington last week, for three critical sectors – semiconductors, critical minerals with a focus on batteries, and chemicals which are highly relevant today given their supply/production concentration and the experience learned from disruptions faced during the COVID-19 pandemic.

     

    The world has witnessed exponential growth in demand for clean energy solutions to meet respective climate goals. The paradigm shift towards a sustainable and low-carbon future has brought to the forefront of the critical importance in securing a reliable supply of minerals which are critical for green transition.

    The use of specific minerals is indispensable for the sectors including clean energy, electronics, defence, transportation, telecommunications, fertilisers, and pharmaceuticals. One of the key challenges in supply chains is risk on account of concentration of global capacities or resources, which can add to price volatility and supply uncertainty. The work under the Action Plan team needs to address this global concentration of supply chains in any form.

    The growing population puts immense pressure on limited agricultural land for higher yields and in this context, the importance of resilient supply chains for Agro-chemicals has become extremely important. According to an estimate, the Global Agrochemicals Market (fertilizers, pesticides, adjuvants, and plant regulators) is projected to reach USD 282.2 billion by 2028 from USD 235.2 billion by 2023, at a CAGR of 3.7%.

    Minister Goyal emphasized that healthcare including pharmaceuticals and medical devices is an extremely relevant area due to over concentration of global production of APIs and Key Starting Materials (KSMs) which can severely impair supply chain resilience and impact our capacity to address the healthcare needs of our economies. Besides, the multimodal transport systems including multimodal transport corridors, upgrades of logistics infrastructure, enhanced technological interoperability and data flows among freight and logistics enterprises, are some of the key areas which need to be focused upon.  

    Minister Goyal noted that IPEF’s focus on Logistics and Movement of Good aligns perfectly with Prime Minister Shri Narendra Modi’s vision of Gati Shakti initiative, which aims to improve logistics and transportation infrastructure across India through evidence based integrated planning. Further, data and analytics on one hand will help identify new opportunities for collaboration for better resilience amongst IPEF supply chains and on other will help identify structural and systemic risks, enhancing the Council’s ability to address current challenges. He emphasized the workforce development which is a key cross cutting component of building resilient supply chains across the IPEF region should include efforts to identify skill gaps, support reskilling and upskilling, and ensure skill qualification comparability across the region to facilitate workforce mobility.

     

     

    Crisis Response Network

    IPEF Ministers emphasized the importance of collaboration under the Crisis Response Network to help partners timely understand risks in their supply chains. They also reflected on the emergency simulation exercise conducted during the Crisis Response Network (CRN) in person meeting to assist partners in creating tailored systems for real-time monitoring and crisis preparedness.

    Clean Economy

    Agreement on Clean Economy intends to accelerate efforts of IPEF partners towards energy security and transition, climate resilience and adaptation, GHG emissions mitigation; find/develop innovative ways of reducing dependence on fossil fuel energy; promote technical cooperation, workforce development, capacity building, and research collaborations; and collaborate to facilitate development, access, and deployment of clean energy and climate-friendly technologies.  The IPEF partners welcomed the progress made on the eight Cooperative Work Programs (CWPs), which serve as one of the primary mechanisms under the Clean Economy Agreement for facilitating cooperation among participating IPEF partners on priority topics. Each CWP, as developed by the proposing IPEF partner or partners, in consultation with the other IPEF partners, has different objectives and workstreams to carry forward the collaborative work.  During the virtual Ministerial, the IPEF partners commended the progress made on the Clean Economy Agreement since the successful Ministerial and inaugural Clean Economy Investor Forum in June.

    The IPEF partners welcomed the continued efforts to build and sustain longer-term cooperation among various groupings of interested partners on a range of climate solutions through the CWP mechanism, in furtherance of the overarching goals of the IPEF Clean Economy Agreement, especially w.r.t hydrogen, carbon markets, and small modular reactors (SMRs) and e-waste urban mining proposed by India.

    IPEF Ministers expressed great satisfaction over the very successful first IPEF investor Forum held in Singapore which provided a common platform to the investors and the project proponents together and facilitated them to gainfully engage on a wide array of investment opportunities including innovative ideas in the space of climate friendly technologies.

    Fair Economy

              By strengthening anti-corruption efforts and enhancing the efficiency of tax administration, the IPEF partners are demonstrating their commitment to increased transparency and predictability, and thereby will be better positioned to expand their trade, investment ties and ensure the benefits of trade are broadly shared throughout their economies.

    The IPEF partners welcomed the next steps to implement the Agreement, including operationalizing the Technical Assistance and Capacity Building Coordination Group that will coordinate technical assistance and capacity building (TACB) under the Agreement’s Capacity Building Framework. Some of the TACB initiatives highlighted include:-

    • The US Department of Commerce’s Commercial Law Development Program (CLDP)’s  two-year program will offer IPEF partners TACB to help with implementation of the anti-corruption provisions of the Agreement, primarily focused on enforcement training centered on foreign bribery, corporate liability, and compliance.
    • In August 2024, the US Treasury Department’s Office of Technical Assistance (OTA)’s virtual workshop served as a forum for the IPEF partners to discuss the importance of effective tax administration to support economic and development objectives.
    • In October 2024, the US State Department, with the Malaysia Anti-Corruption Commission and the United Nations Office on Drugs and Crime, will hold an IPEF workshop focused on the implementation and enforcement of foreign bribery laws and another IPEF workshop on preventing corruption in public procurement, including tools to improve the effectiveness of oversight mechanisms, appeal systems, and potential remedies and legal options.

    Minister Goyal underscored that peer learning, knowledge sharing and capacity building initiatives under the Fair Economy agreement will remain key to achieving its objectives. India, under the dynamic leadership of Prime Minister Narendra Modi, has established a robust anti-corruption regime and has already implemented several legislative, administrative, and regulatory measures to address both corruption and promote tax transparency. 

    Minister Goyal emphasized that the full potential of IPEF can only be realised if each partner country brings their respective strengths to the table whether it is technological advancements or investment capacity or market potential or requisite resources including skilled workforce, to address various challenges of supply chain resilience or green transition.

    The IPEF partners agreed that the Ministers will continue to monitor the progress made to further operationalize the Supply Chain Agreement, the Clean Economy Agreement, the Fair Economy Agreement, and the IPEF Overarching arrangement, and look forward to the first meetings of the ministerial-level IPEF Council and IPEF Joint Commission established under the IPEF Overarching  Agreement .

    About IPEF

    IPEF was launched on 23 May 2022 at Tokyo, Japan, comprising 14 countries – Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and USA. The IPEF seeks to strengthen economic engagement and cooperation among partner countries with the goal of advancing growth, economic stability and prosperity in the region.

    The framework is structured around four pillars relating to Trade (Pillar I); Supply Chain Resilience (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV). Agreement on Supply Chain Resilience (Pillars II) was signed in November 2023 and is in force since February 2024. Agreement on Clean Economy (Pillar-III), Agreement on Fair Economy (Pillar- IV) and the IPEF Overarching Agreement were signed by India early this week in Delaware, USA in the presence of the Prime Minister during his 3-day visit to the US.  India has maintained an observer status in Pillar-I.

    These agreements were negotiated in consultation with line Ministries/Departments including the Ministry of External Affairs and other relevant stakeholders.

     ***

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    MIL OSI Asia Pacific News –

  • MIL-OSI China: China-ASEAN Expo further drives economic, trade cooperation

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

    NANNING, Sept. 24 — Participants at the 21st China-ASEAN Expo, which kicked off on Tuesday in Nanning, south China’s Guangxi Zhuang Autonomous Region, emphasized the importance of deepening economic and trade cooperation between the two sides.

    The opening ceremony attracted about 1,100 participants, including Chinese and foreign leaders, government officials, entrepreneurs, scholars, and representatives from international organizations.

    The theme of this year’s expo focuses on “Upholding amity, sincerity, mutual benefit and inclusiveness for common development, creating a diamond crown new future — promoting development of a China-ASEAN Free Trade Area 3.0 and high-quality growth of this region.”

    Speaking at the opening ceremony, China’s Vice Minister of Commerce Li Fei said that the mutually beneficial and win-win cooperation between China and ASEAN countries has reached new levels.

    Bilateral economic and trade cooperation has continued to upgrade over the years, with positive progress achieved in negotiations for version 3.0 of the China-ASEAN Free Trade Area, Li said.

    The five-day event covers an exhibition area of nearly 200,000 square meters, with Malaysia as the country of honor.

    As part of the 50th-anniversary celebrations of the establishment of diplomatic relations between China and Malaysia, four events related to China-Malaysia enterprise cooperation matchmaking, China-ASEAN commodity trading innovation promotion, and the Malaysian durian shopping festival, will be held.

    In addition, a new section has been introduced to highlight strategic emerging industries, showcasing the latest developments and technologies in fields such as digital technology, new energy and intelligent connected vehicles.

    The expo has been standing as a testament to the enduring friendship, cooperation and shared prosperity between China and the ASEAN countries over the years, said Kao Kim Hourn, secretary-general of ASEAN, adding that since its inception in 2004, the expo has evolved into an important platform for dialogue, cooperation and development, covering sectors such as infrastructure, agriculture, technology, education and tourism.

    It has made important contributions to the economic integration between ASEAN and China, facilitating investment flows and cross-border economic opportunities, laying the foundation for building a more connected, resilient and dynamic region, Kao added.

    Since the first China-ASEAN Expo was held in 2004, the event has actively built a platform for ASEAN enterprises to enter the Chinese market.

    Official data shows that China has remained ASEAN’s largest trading partner for 15 consecutive years. In the first seven months of this year, bilateral trade reached 552 billion U.S. dollars, up 7.7 percent year on year.

    MIL OSI China News –

  • MIL-OSI: 2024 HP Work Relationship Index Reveals AI Users Have Healthier Relationships with Work

    Source: GlobeNewswire (MIL-OSI)

    News Highlights

    • Only 28% of knowledge workers from various industries around the world have a healthy relationship with work, a one-point increase compared to 2023
    • AI usage among knowledge workers surged to 66% in 2024, up from 38% last year; and workers who use AI are 11-points happier with their relationship with work than their colleagues who don’t
    • At least two-thirds of knowledge workers desire personalized work experiences; and 87% would be willing to forgo a portion of their salary to get it
    • Only 44% of leaders have confidence in their human skills; female business leaders are significantly more confident than their male counterparts

    PALO ALTO, Calif., Sept. 24, 2024 (GLOBE NEWSWIRE) — Today, HP Inc. (NYSE:HPQ) released the second annual HP Work Relationship Index (WRI), a comprehensive study that explores the world’s relationship with work. The study, which surveyed 15,600 respondents across industries in 12 countries, reveals that work is still not really working. Only 28% of knowledge workers have a healthy relationship with work, a one-point increase compared to last year’s findings. However, new findings hone in on two potential solutions to improve relationships with work: AI and personalized work experiences.

    “We know employer and employee expectations have evolved and we believe smart technology is key to meeting the needs of today’s workforce,” said Enrique Lores, President and CEO of HP Inc. “The future of work will be unlocked by using the power of AI to create solutions and experiences that drive business growth and enable individuals to achieve personal and professional fulfillment.”

    Personalized Work Experiences Can Lead to Healthier Relationships with Work

    In its second year, the study continued to analyze aspects of people’s relationships with work, including the role of work in their lives, their skills, abilities, tools, workspaces and their expectations of leadership. This year, WRI reveals a major universal need from knowledge workers: personalized work experiences.

    At least two-thirds of workers expressed a desire for personalized work experiences, including tailored workspaces, access to preferred technologies and flexible working environments. These experiences are crucial for improving relationships with work, and have positive implications for both employees and businesses:

    • 64% of knowledge workers say if work was tailored or customized to personal needs and preferences, they would be more invested in their company’s growth.
    • 69% of knowledge workers believe it would enhance their overall well-being.
    • 68% of knowledge workers stated it would incentivize them to stay with their current employers longer.

    This desire for personalization is so strong that 87% of knowledge workers would be willing to forgo part of their salary for it. On average, workers would be willing to give up to 14% of their salary with Gen Z workers giving up as much as 19%.

    AI Opens New Opportunities for Knowledge Workers to Enjoy Work and Improve Productivity

    AI usage among knowledge workers has surged to 66% in 2024, up from 38% last year. Workers who use AI are seeing the benefits, including a healthier relationship with work:

    • 73% feel that AI makes their jobs easier, and nearly 7-in-10 (69%) are customizing their use of AI to be more productive, indicating AI could be an ingredient to unlocking a more personalized work experience.
    • 60% state that AI plays a key role in improving their work-life balance.
    • 68% say AI opens up new opportunities for them to enjoy work.
    • 73% agree that a better understanding of AI will make it easier to advance their careers.

    Further, knowledge workers who use AI are +11-points happier with their relationship with work than their colleagues who don’t. Therefore, there is an urgency to get AI into the hands of workers sooner rather than later as non-AI users have shown increased fear of job replacement by AI, with 37% expressing concern, a +5-point increase from last year.

    Business Leaders Lack Confidence; Female Leaders Emerge as a Bright Spot

    While at the global scale the index highlights little change, countries that saw an increase in their individual work relationship index saw slight improvement across the six key drivers of a healthy relationship with work – most notably the Leadership and Fulfillment drivers. This year’s index revealed that trust in senior leadership remains a critical factor in a healthy work relationship, but there is a disconnect between the recognition of the importance of human skills (e.g., mindfulness, self-awareness, communication, creative-thinking, resilience, empathy, emotional intelligence) and leaders’ confidence to deliver:

    • While more than 90% of leaders acknowledge the benefits of empathy, only 44% feel confident in their human skills.
    • Only 28% of workers consistently see empathy from their leaders, despite 78% valuing it highly.

    However, this year’s research uncovered a bright spot: female leaders. On average, female business leaders are +10-points more confident in their hard skills (technical, computer, presentation, etc.), and notably +13-points more confident in human skills than their male counterparts. Additionally, female business leaders’ confidence in both skills grew over the past year (+10-points in human skills, +4-points in hard skills), while confidence among male business leaders remained stagnant in human skills and decreased in hard skills (-3-points).

    For more information on the HP Work Relationship Index, please visit the WRI website and to access the full report, please visit the HP Newsroom.

    Methodology

    HP commissioned an online survey managed by Edelman Data & Intelligence (DXI) that fielded between May 10 – June 21, 2024 in 12 countries: the US, France, India, UK, Germany, Spain, Australia, Japan, Mexico, Brazil, Canada, and Indonesia. HP surveyed 15,600 respondents in total – 12,000 knowledge workers (1,000 in each country); 2,400 IT decision makers (200 in each country); and 1,200 business leaders (100 in each country).

    HP Inc. Media Relations
    MediaRelations@hp.com

    The MIL Network –

  • MIL-OSI: Castellum, Inc. Announces $4.1 Million First New Contract Win with its Protégé, Epic Systems, Inc.

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Sept. 24, 2024 (GLOBE NEWSWIRE) — Castellum, Inc. (NYSE-American: CTM) (“Castellum”), a cybersecurity, electronic warfare, and software engineering services company focused on the federal government, announces that teaming with its protégé Epic Systems, Inc. (“Epic”), a new $4.1 million contract award with the National Science Foundation (“NSF”) supporting NSF’s Administrative Services Help Desk was awarded to Epic. Castellum’s subsidiary, Corvus Consulting, LLC, will have a 49% work share on the contract.

    “We are proud to share this major milestone win with our protégé, Epic. We are very committed to providing mentor support and meeting our obligations to help Epic grow and succeed with more and larger wins in the future. The Small Business Administration “Mentor-Protégé” program is an important part of our growth strategy that allows us to help disadvantaged businesses succeed and generate revenue from opportunities otherwise not available to Castellum,” said Glen Ives, President and Chief Executive Officer of Castellum.

    About Castellum, Inc.  

    Castellum, Inc. (NYSE-American: CTM) is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government – https://castellumus.com/.

    Cautionary Statement Concerning Forward-Looking Statements:  

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “anticipate,” “shooting to,” “intend,” “plan,” “foresee,” “likely,” “will,” “would,” “appears,” “goal,” “target” or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company’s revenue due to a delay in the U.S. Congress approving a federal budget or continuing resolution; and the Company’s ability to maintain the listing of its common stock on the NYSE American LLC. For a more detailed description of these and other risk factors, please refer to the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.

    Contact:

    Glen Ives
    President and Chief Executive Officer
    Phone: (703) 752-6157
    Contact: Info@castellumus.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c0de00ee-75fd-41d4-964f-ab1f3eeadab4

    The MIL Network –

  • MIL-OSI Reportage: BNZ FY23 Results: Solid performance as economy slows

    Source: BNZ statements

    BNZ announced a statutory net profit of $1,509 million for the 12 months to 30 September 2023, up 6.7% or $95 million on the previous year. The result reflects a strong first half, with a decline in Net Profit of 12.5% in the second half reflecting the broader economic slowdown in New Zealand.

    CEO Dan Huggins says challenging economic conditions have impacted business and household confidence and this has flowed through into BNZ’s result in the second half of the year.

    “Inflation, while softening, remains high, and as the official cash rate has risen, businesses and households have taken a more cautious approach to borrowing.

    “Despite the slowing economy and intense competition across the banking sector, we’ve continued to see growth across the business as more New Zealanders choose to bank with BNZ.

    “Customer deposits are up 5.8% to $78.5 billion compared to the same period last year. Home lending increased 5.3% to $57.7 billion, with nearly 5,000 home loan customers switching to BNZ from other lenders in the 12 months to 30 September.”

    Mr Huggins says BNZ remains strong, stable and well capitalised. “With more than $12 billion in total capital, we’re well positioned to continue supporting our customers and the New Zealand economy.”

    Supporting our customers 

    BNZ recognises the cost-of-living pressures that are challenging household budgets, and the concerns New Zealanders have about keeping safe from scams and frauds.

    “While most of our home lending customers have moved onto higher rates, we continue to proactively contact those who we have identified as potentially needing additional support,” says Mr Huggins.

    “With an increase in scams and fraud impacting more New Zealanders, protecting our customers and helping them stay safe online remains a priority. We continue to invest significantly in fraud protection measures, and we support the establishment of a multi-agency anti-scam centre and the introduction of account name and number matching, which will add additional layers of protection for New Zealanders.

    “We continue to work alongside our business customers as they navigate their way through a variety of ongoing challenges. The impacts of adverse economic conditions and this year’s severe weather events are still being felt by a number of our customers.

    “We have made $1 billion in low-cost lending available through our Business Recovery and Resilience Fund, committed more than $50 million in interest relief, and provided nearly $900,000 in cash and community grants,” says Mr Huggins.

    Outlook 

     Economic growth is expected to remain flat for the next 12 months, however, Mr Huggins says BNZ is cautiously optimistic that business and household confidence will begin to rebuild in 2024.

    “New Zealanders are resilient, and while the year ahead will remain challenging, we are optimistic about New Zealand’s future potential and prosperity. As BNZ has done for the past 160 years, we’ll continue to support our customers and New Zealand.”

     Key Financial Items

     Note: compared to the year ended 30 September 2022, unless otherwise stated.

     Statutory net profit of $1,509 million increased by $95 million, or 6.7%

    • Loans and advances to customers increased by $2.5 billion to $102 billion driven by home loan growth
    • Customer deposits and other borrowings increased $2.8 billion to $81 billion
    • KiwiSaver funds under management increased by $733 million, up 17%
    • Total Capital Ratio 15.7% – more than $12 billion invested in New Zealand

    An unaudited summary of financial information for the 12 months ended 30 September 2023 follows:

    The post BNZ FY23 Results: Solid performance as economy slows appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Reportage: BNZ’s new low-cost rate loans make it easier for businesses to invest in green assets

    Source: BNZ statements

    Sustainability is increasingly front of mind for New Zealand businesses, from small startups to large corporates. Surveys by the Sustainable Business Network (SBN) reveal a strong commitment to sustainable practices among NZ corporates, while Stats NZ has found that a third of local businesses are investing in climate change measures. Yet, as RNZ reports, a significant gap remains: While the vast majority of the country’s small to medium sized enterprises (SMEs) are concerned about sustainability, more than 40 per cent report that they lack the knowledge and resources to become more sustainable. 

    Recognising this gap, BNZ has announced a refresh of its Green Business Loan proposition, including a limited time, low-cost rate Green Asset Finance Loan. This initiative is designed to help SMEs finance no and low emission vehicles and machinery such as electric forklifts, cars, trucks and buses, at a market leading fixed interest rate of 5.5% p.a. for up to five years, capped at $500k per customer. 

    “At BNZ, we’ve made a strategic commitment to help build a resilient, regenerative and inclusive Aotearoa for the long term and helping our SME customers reach their sustainability goals plays a huge role in achieving that,” says Alex West, BNZ’s Head of Sustainable Finance – Growth Sectors. 

    Supporting businesses to be more sustainable is not only key for New Zealand to achieve its climate change commitments, but also brings a range of other benefits, from supporting biodiversity and enhancing water quality to improving labour practices and delivering better social outcomes for our communities. 

    And as West points out, it also makes strong business sense.  

    “Switching to electric and plug in hybrid vehicles with BNZ’s Green Asset Finance Loan can significantly reduce fuel and maintenance costs, in addition to the emissions benefits. Being sustainable doesn’t mean sacrificing your bottom line – it’s actually crucial for long term financial success,” he says. 

    While BNZ’s Green Asset Finance offer is focused on clean transport and machinery assets, West says that the Bank’s wider Green Business Loan proposition can support a diverse range of sustainability initiatives. 

    “At BNZ, we’re seeing a growing desire among our customers to embark on their own sustainability journeys. They range from those who are already incorporating sustainability into their businesses to many who are keen to make a difference but don’t know exactly where to start.  

    “Our role is to be there as a trusted advisor, to guide and support them through the process. We collaborate closely with our customers, understanding their unique needs and aspirations, and together, develop sustainable finance solutions to not only benefit their businesses but also contribute positively to our communities and environment.” 

    South Island Forklifts’ sustainable shift with BNZ 

    South Island Forklifts, a forklift rental company in Christchurch that has been operating since 1999, has made a major move towards sustainability, investing heavily in eco-friendly electric forklifts, with the help of a Green Business Loan from BNZ. 

    “We saw adopting green electric forklifts as a logical step for us,” says the owner of South Island Forklifts, Jason Donnithorne. “These forklifts are the future of our industry, and we are dedicated to assisting our customers switch to a more sustainable fleet. 

    In addition to the environmental benefits of eliminating the need to regularly change used engine and transmission oils, green electric forklifts also have lower operating costs than fuel-powered forklifts. This is because the electricity they use is typically much cheaper than diesel or gasoline.   

    “With BNZ’s Green Business Loan, we’ve been able to purchase these environmentally friendly machines, which not only match our sustainability values but also offer cost savings to our customers. 

    “Our aim is to set an example,” he says. “We want to show the industry that making sustainable choices is not just beneficial for the planet – it’s good for business too.” 

    To discover how a BNZ Green Business or Green Asset Finance Loan can help your business reach its sustainability goals, visit our website or speak to your banker.

    Summary: BNZ Green Asset Loan  

    • Low-cost rate loans are available to finance a broad range of green assets. 
    • Market leading interest rate of 5.5% p.a., fixed for up to 5 years. 
    • Maximum loan of up to $500,000 per customer. For lending over $500,000, speak to a BNZ banker about what we can do.
    • Available until 17 May 2024 or until the total amount available is exhausted, for new and existing business customers with their main banking relationship with BNZ.
    • Eligibility criteria, terms and fees apply, including those that apply to the base product. 

    The post BNZ’s new low-cost rate loans make it easier for businesses to invest in green assets appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Vanuatu

    Source: IMF – News in Russian

    September 3, 2024

    Washington, DC: On August 28, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Vanuatu.

    As Vanuatu was recovering from the natural disasters of 2023 and prolonged disturbance from the pandemic, the voluntary liquidation of Air Vanuatu in May 2024 created a major shock to the economy with substantial implications for growth and confidence. The loss of air connectivity has significant direct effects on economic activity through the decline in tourism and services, and on domestic and international labor mobility and cargo networks. Adverse developments in the Economic Citizenship Program (ECP) are also creating significant impairments to fiscal revenue and financial integrity.

    Assuming a resumption of international air connectivity by 2024Q3 and domestic connections to be restored gradually by end-2024, real GDP growth is expected to slow to 0.9 percent y/y in 2024 and recover to 1½ percent y/y in 2025 (from an estimated 2.2 percent y/y in 2023). Limited fiscal revenue and high costs associated with the airline liquidation are expected to exacerbate the deficit and reduce the government’s fiscal space. Consequently, capital spending will likely decline as expenditures are reprioritized, affecting medium- and long-term growth. Although foreign reserves will remain above the RBV’s benchmark, they are forecast to decline due to lower tourism earnings and remittances.

    While the loss of connectivity may produce price shocks, inflation, which peaked in 2023, will continue to decelerate as internal and external price pressures ease, supported by reduced demand from tourism and investment. Risks to the outlook remain tilted to the downside, including a worse-than-expected resolution of Air Vanuatu’s liquidation, political instability, geopolitical tensions, China’s slowdown, and severe natural disasters.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They noted the significant economic shock created by the voluntary liquidation of Air Vanuatu just as the economy was recovering from the multiple natural disasters of 2023. With real GDP growth expected to decelerate markedly in 2024, and the balance of risks tilted to the downside, Directors called for urgent measures to address the immediate risks to growth and stability, and then to rebuild buffers and tackle structural issues with accelerated policy reforms.

    Directors agreed that in the near term targeted and strategic support is needed to help stabilize the economy. Starting in 2025, they called for urgent fiscal consolidation to reduce sustainability concerns, including re‑establishing and adhering to the fiscal anchor. Against the backdrop of the voluntary liquidation of Air Vanuatu, as well as declining Economic Citizenship Program (ECP) proceeds, Directors also highlighted the structural revenue weakness in Vanuatu and supported calls to strengthen public finances. They emphasized the importance of stronger revenue mobilization, expenditure rationalization, efficiency enhancements for spending, and a strong adherence to the principles of responsible public financial management.

    Directors agreed that monetary policy remains appropriately accommodative, but fiscal dominance needs to be reduced. While recognizing that the exchange rate has acted as a buffer, they noted that it requires close monitoring, and welcomed the authorities’ efforts to review the currency basket.

    Directors stressed the importance of addressing bank asset quality concerns and enhancing safeguards against financial vulnerabilities, including through upgrading regulatory, supervisory, and monitoring practices. They also agreed that improving governance and reducing vulnerabilities to corruption should remain a priority. In this context, Directors emphasized the crucial importance of enhancing anti‑corruption frameworks and the transparency and supervision of SOEs, including through ensuring an expedited approval of the Commercial Government Business Enterprises Act.

    Directors commended the authorities’ efforts to adapt to climate impacts and build resilience against future disasters and called for these efforts to be accelerated. They agreed that investing in quality education and skills training and improving the ease of doing business are crucial to addressing labor and skills shortages in Vanuatu.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/03/pr24315-vanuatu-imf-exec-board-concludes-2024-art-iv-consult

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Submissions: Australia – CommBank Matildas on loan to Aussie businesses – CBA

    Source: Commonwealth Bank of Australia (CBA)

    Fifty CommBank business customers will have the opportunity to have the CommBank Matildas promote their business as the bank launches marketing support for its customers.

    CommBank’s business customers will have the opportunity to have some CommBank Matildas promote their business, as the bank launches further support to help its customers with the rising costs of doing business.

    The Aussie sporting legends will lend a helping hand to 50 customers across the country by promoting their business and helping spread the word about the products and services that particular business offers.

    Commonwealth Bank Executive General Manager Small Business Banking, Rebecca Warren, said many small business owners were facing challenges on multiple fronts as revenues decline with tightening household budgets and costs of doing business continue to rise.

    Recent research commissioned by CommBank1 shows 70 per cent of Australian small to medium businesses have had to cut costs in the last 12 months due to economic pressures, with marketing being one of the top categories where they’ve reduced spend.

    “Running a small business is hard work, and often stressful. We know that right now small business owners are finding it particularly tough, and our customers are showing incredible resilience,” Ms Warren said.

    “One of the best ways of maximising spending events, especially if you’re running a small business, is targeting your local community with promotions, and a little marketing budget can go a long way.

    “We wanted to see what else we could do to back our small business customers at this time, to complement our existing suite of measures to support with cash flow or expenses.

    “Whether you’re a dog walker on the Central Coast of NSW, a baker in Fremantle WA, or an online fashion brand based in Melbourne, our business customers could soon have some CommBank Matildas feature on their ads, all paid for by us. We’re excited to be shining a spotlight on some of the amazing businesses around the country.”

    The campaign is designed to boost the visibility of the winning businesses with their target audience, be it their local community or online target demographics, and help with the costs of marketing. Along with providing the opportunity to have some CommBank Matildas promote the winning business, CBA will be paying to run the ads in the business’ local area.

    To be eligible, applicants must hold an active CommBank Business Transaction Account, have an ABN and operate in Australia. The competition, which can be accessed online, launches today and closes on 1 December 2024. For full details, visit: commbank.com.au/backingbusiness

    1 YouGov research conducted on behalf of CommBank (August 2024)

    About YouGov research

    All figures, unless otherwise stated, are from YouGov. Total sample size was 510 adults. Fieldwork was undertaken between 1 – 7 August 2024. The survey was carried out online. The figures have been weighted and are representative of all Australian small and medium business owners and decision makers (aged 18+).

    MIL OSI – Submitted News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Togo

    Source: IMF – News in Russian

    September 6, 2024

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Togo.

    Following a series of shocks in recent years, Togo continues to face headwinds, including persistent challenges of food security and terrorist attacks, while broader development needs remain acute. Fiscal expansion implemented in response to the shocks has helped preserve robust economic growth but has also pushed up public debt, reversing the debt reduction achieved during the 2017–20 ECF-arrangement, eroding fiscal space and buffers to absorb shocks, and contributing to regional vulnerabilities in the West African Economic and Monetary Union (WAEMU). In response to these challenges, in March 2024, the International Monetary Fund approved the authorities’ request for a new arrangement under the Extended Credit Facility.

    Against a background of a substantial strengthening of fiscal revenue and a beginning of fiscal consolidation in 2023, the macroeconomic outlook is broadly favorable. Growth is expected to remain robust, while fiscal revenue is expected to rise further. There are no substantial domestic or external disequilibria, with low inflation and a well-contained current account deficit.

    The outlook is however subject to elevated risks, including from a potential intensification of terrorism, potential difficulties in securing affordable regional financing, and banking sector challenges. In the longer run, economic performance is also subject to the risk of weakening debt sustainability should efforts to achieve sufficient fiscal consolidation while maintaining robust growth disappoint.

    The 2024 Article IV consultation focused on how the Togolese authorities can best (i) anchor macroeconomic stability by ensuring fiscal consolidation to enhance debt sustainability, (ii) conduct structural reforms to lay the basis for sustained growth, and (iii) strengthen social inclusion to accelerate progress towards the Sustainable Development Goals and support medium-term growth prospects.  

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They commended the authorities’ policies, which enabled Togo to weather the series of shocks of recent years relatively well, with continued growth and progress towards the Sustainable Development Goals. However, significant challenges remain, including from the sharp increase in the debt burden in recent years and terrorist attacks at the northern border, while development needs remain acute. Against this background, Directors encouraged the authorities to maintain full commitment to the recently approved ECF arrangement with the Fund and continue their efforts to strengthen debt sustainability and implement reforms to boost inclusive growth and reduce poverty. These efforts should be well communicated to ensure social cohesion and supported by the Fund’s capacity development.

    Directors underscored the importance of continued growth‑friendly fiscal consolidation, guided by the dual fiscal anchor adopted under the ECF, to ensure debt sustainability and create fiscal buffers. They welcomed the recent large increase in fiscal revenue and called for further measures, comprising tax policy and revenue administration elements. Such measures could be considered as a part of an overarching fiscal strategy that considers taxation and spending together to help reach both efficiency and income distribution goals. In that context, creating space for priority spending, particularly on health and education, will be imperative to promote social inclusion while expanding cash transfers could further improve the social safety nets. The authorities should also continue to strengthen public financial management, including the oversight of state‑owned enterprises.

    Directors noted that to boost growth it will be important to strengthen the business environment, accelerate productivity gains, and attract more private investment. Strengthening of the governance and anti‑corruption frameworks will be key. In this regard, they encouraged the authorities to request an IMF governance diagnostic assessment. Directors noted the dynamic economic activity at the special economic zone while encouraging cautious implementation of industrial policies, considering their cost and benefits. The authorities should also continue addressing the existing financial sector vulnerabilities and increasing the capacity of banks to provide credit to the private sector. Improving access to infrastructure and utilities and building climate resilience, potentially with support by an RSF arrangement, remains key. Further enhancing data provision to the Fund is also important.

    It is expected that the next Article IV Consultation with Togo will be held in accordance with the Executive Board decision on consultation cycles for members with Fund arrangements.

    Table 1. Togo: Selected Economic and Financial Indicators, 2020–29

     

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    Estimates

    Projections

    (Percentage change, unless otherwise indicated)

    Real GDP

    2.0

    6.0

    5.8

    5.6

    5.3

    5.3

    5.5

    5.5

    5.5

    5.5

    Real GDP per capita

    -0.4

    3.5

    3.3

    3.1

    2.8

    2.8

    3.0

    3.0

    3.0

    3.0

    GDP deflator

    1.8

    2.5

    3.7

    2.9

    2.2

    2.0

    2.0

    2.0

    2.0

    2.0

    Consumer price index (average)

    1.8

    4.5

    7.6

    5.3

    2.7

    2.0

    2.0

    2.0

    2.0

    2.0

    GDP (CFAF billions)

    4,253

    4,621

    5,069

    5,507

    5,927

    6,366

    6,850

    7,371

    7,932

    8,536

    Exchange rate CFAF/US$ (annual average level)

    575

    554

    622

    606

    …

    …

    …

    …

    …

    …

    Real effective exchange rate (appreciation = –)

    -2.0

    -1.4

    2.3

    -5.4

    …

    …

    …

    …

    …

    …

    Terms of trade (deterioration = –)

    -1.3

    6.5

    -0.1

    4.4

    -2.7

    -2.5

    0.4

    1.1

    1.0

    0.7

    Monetary survey

     (Percentage change of beginning-of-period broad money)

    Net foreign assets

    14.1

    5.6

    -0.6

    6.2

    2.7

    2.4

    3.0

    2.8

    2.2

    2.2

    Net credit to government

    -1.6

    -0.3

    8.0

    0.2

    -2.9

    1.0

    1.2

    2.0

    0.2

    0.2

    Credit to nongovernment sector

    0.2

    6.0

    10.7

    1.5

    9.4

    4.0

    4.4

    4.6

    4.8

    4.8

    Broad money (M2)

    11.4

    12.3

    14.9

    8.5

    8.8

    7.4

    7.6

    7.6

    7.6

    7.6

    Velocity (GDP/end-of-period M2)

    2.1

    2.1

    2.0

    2.0

    2.0

    2.0

    2.0

    2.0

    2.0

    2.0

    Investment and savings

    (Percent of GDP, unless otherwise indicated)

    Gross domestic investment

    21.4

    23.4

    25.9

    28.0

    26.0

    24.4

    25.0

    25.8

    26.7

    27.2

    Government

    9.3

    8.2

    9.7

    11.5

    9.3

    7.3

    7.7

    8.3

    8.9

    9.4

    Nongovernment

    12.1

    15.2

    16.2

    16.5

    16.7

    17.1

    17.3

    17.5

    17.8

    17.8

    Gross national savings

    21.1

    21.2

    22.5

    25.1

    22.7

    21.0

    21.9

    23.3

    24.4

    24.9

    Government

    2.2

    3.6

    1.4

    4.8

    4.4

    4.3

    4.7

    5.3

    5.9

    6.4

    Nongovernment

    18.9

    17.6

    21.0

    20.3

    18.3

    16.8

    17.2

    18.0

    18.5

    18.5

    Government budget

    Total revenue and grants

    16.6

    17.1

    17.6

    19.8

    19.0

    18.8

    19.2

    19.7

    20.1

    20.5

    Revenue

    14.1

    15.3

    15.1

    16.8

    16.9

    17.3

    17.8

    18.3

    18.7

    19.3

    Tax revenue

    12.5

    14.0

    13.9

    14.8

    15.2

    15.7

    16.2

    16.7

    17.2

    17.7

    Expenditure and net lending (excl. banking sector operation)

    23.7

    21.8

    26.0

    26.6

    23.9

    21.8

    22.2

    22.7

    23.1

    23.5

    Overall primary balance (commitment basis, incl. grants)

    -4.7

    -2.5

    -5.9

    -3.9

    -4.0

    -0.5

    -0.6

    -0.8

    -1.0

    -1.1

    Overall balance (commitment basis, incl. grants, excl. banking sector operations)

    -7.0

    -4.7

    -8.3

    -6.7

    -4.9

    -3.0

    -3.0

    -3.0

    -3.0

    -3.0

    Overall balance (commitment basis, incl. grants)

    -7.0

    -4.7

    -8.3

    -6.7

    -6.4

    -3.0

    -3.0

    -3.0

    -3.0

    -3.0

    Overall primary balance (cash basis, incl. grants)

    -4.7

    -3.4

    -5.9

    -3.9

    -4.0

    -0.5

    -0.6

    -0.8

    -1.0

    -1.1

    Overall balance (cash basis, incl. grants, excl. banking sector operations)

    -7.1

    -5.6

    -8.3

    -6.7

    -4.9

    -3.0

    -3.0

    -3.0

    -3.0

    -3.0

    Overall balance (cash basis, incl. grants)

    -7.1

    -5.6

    -8.3

    -6.7

    -6.4

    -3.0

    -3.0

    -3.0

    -3.0

    -3.0

    External sector

    Current account balance

    -0.3

    -2.2

    -3.5

    -2.9

    -3.3

    -3.3

    -3.1

    -2.5

    -2.3

    -2.3

    Exports (goods and services)

    23.3

    23.7

    26.6

    25.5

    25.6

    25.5

    26.1

    26.3

    26.3

    26.2

    Imports (goods and services)

    -32.3

    -34.0

    -38.8

    -36.2

    -35.7

    -34.8

    -34.4

    -34.2

    -34.0

    -34.0

    External public debt1

    27.6

    27.3

    26.2

    25.9

    27.4

    28.7

    29.6

    30.4

    30.6

    30.2

    External public debt service (percent of exports)1

    6.9

    5.2

    8.3

    8.2

    8.4

    9.1

    9.1

    8.2

    7.2

    6.5

    Domestic public debt2

    34.6

    37.6

    41.2

    42.1

    42.4

    39.8

    36.9

    34.6

    32.8

    31.8

    Total public debt3

    62.2

    64.9

    67.4

    68.0

    69.8

    68.6

    66.5

    65.0

    63.4

    62.0

    Total public debt (excluding SOEs)4

    60.1

    63.0

    65.8

    66.6

    68.6

    67.6

    65.7

    64.3

    62.8

    61.5

    Present value of total public debt3

    …

    …

    …

    60.5

    61.0

    58.3

    54.7

    51.8

    49.1

    47.4

    Sources: Togolese authorities and IMF staff estimates and projections.

    1 Includes state-owned enterprise external debt.

    2 Includes domestic arrears and state-owned enterprise domestic debt.

    3 Includes domestic arrears and state-owned enterprise debt.

    4 Includes domestic arrears.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. (Article IV consultations with countries benefitting from Fund financial arrangements are held every other year.) A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.  

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/06/pr24320-togo-imf-exec-board-concludes-2024-aiv-consult

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Germany: Current monetary policy topics | Speech at the Commerzbank AG event “Geldpolitik in Zeiten der Inflation”

    Source: Deutsche Bundesbank in English

    Check against delivery.
    1 Words of welcome
    Ladies and gentlemen,
    I hope you have recharged your batteries after the summer and a holiday break, despite the eventful days we can look back on. Perhaps you are still relishing the sporting highlights you experienced from the comfort of your own armchair: the thrill of watching the Olympic Games and the Paralympics on TV at home.
    A “sports programme” of a somewhat different variety now awaits us: a broad repertoire of topics to cover in a short allotted speaking time. Let’s begin by discussing three questions that are always of crucial importance: Where is economy activity heading? Where is inflation heading? And where is monetary policy heading? These will be followed by three topics specific to monetary policy: balance sheet reduction, the changed operational framework for monetary policy, and monetary and fiscal policy interactions.
    2 Economic activity
    Let’s kick off with the economic situation as well as the outlook for the economy. German economic output shrank by 0.1% in the second quarter of this year, after expanding slightly at the beginning of the year. The main drags on activity were weak investment and the construction sector, but exports and private consumption contracted somewhat as well.
    Increased financing costs continued to squeeze investment activity, thus crimping domestic demand for industrial goods and construction work. Private investment also faced headwinds stemming from the intense uncertainty surrounding economic policy. On top of that, there was a countereffect in construction activity following the mild weather conditions in the first quarter. Moreover, industry in Germany is still feeling the pinch of weak foreign demand. Capacity utilisation in industry is now significantly below average, and that, too, is depressing investment.
    All these factors combined mean the domestic economy has been treading water since the start of Russia’s war of aggression against Ukraine more than two years ago. Stagnation might be more or less on the cards for full-year 2024 as well if the latest forecasts by economic research institutes are anything to go by.
    Hopes that industrial activity might pick up in the second half of the year have dimmed considerably according to the sentiment indicators observed in recent months. And consumer restraint is looking more stubborn than our Bundesbank experts were expecting when we published our Forecast for Germany in June. For all this, though, it is still true to say that sharply rising wages, easing inflation and robust labour market developments are opening up more and more scope for spending. Households could leverage that scope to gradually step up their consumption. Looking ahead to next year, the economic research institutes are expecting to see tentative economic growth of between ½ and 1%. The Bundesbank will be publishing its new Forecast for Germany in December.
    Ladies and gentlemen, one point I have stressed on multiple occasions in the past is that we should not talk our country down as a business location. That is not to say, of course, that we should not pinpoint weaknesses and resolutely tackle problems. An overly pessimistic mindset can be damaging. But what can also be damaging is viewing a situation through rose-tinted spectacles or blindly trusting that everything will somehow fix itself of its own accord. There is no doubt that Germany is not seeing as much investment as we would like. And industry is struggling with a difficult competitive environment. Barriers need to be dismantled here.
    At this point, allow me to make a passing remark in light of recent events: if businesses are to get to grips with – and finance – their future challenges, we will need banks that are strong and robust. In any possible mergers, what matters is that the institution that comes about as a result is one that fits that bill in the best possible way.
    As far as the topic of barriers is concerned, I do not wish to go beyond my allotted time. Allow me, then, to run through just some of the initiatives that could boost the attractiveness of a business location: cutting as much red tape as possible, and speeding up administrative procedures like approval processes. As for greening the economy, policymakers should ensure greater planning security. Digital infrastructure and education, in particular, are in need of improvement. In addition, politicians should act to boost the labour supply because staff shortages are bound to worsen further as demographic change makes itself felt.
    Headlines claiming that Germany is a millstone around the neck of the euro area[1] make for unpleasant reading. But the simple fact is that when the largest Member State’s economy is weak, the average across the bloc will be depressed as a result. The euro area economy as a whole has gained some traction in the first two quarters of this year (recording quarter-on-quarter growth rates of 0.3% and 0.2%, respectively). In their latest projections, ECB staff are forecasting modest economic growth of 0.8% in full-year 2024, rising slightly to 1.3% next year.
    The outlook is uncertain, particularly given what remains a tense geopolitical environment. Neither in Ukraine nor in the Middle East has the situation eased. The outcome of the presidential election in the United States is another source of economic uncertainty. Last week’s TV debate gave us a taste of what is to come.Europe might end up losing out if, say, the United States adopts a more protectionist trade policy, takes government action to support the country as a business location, or turns its back on multilateral cooperation (on issues such as climate action, NATO and the WTO).
    There’s good news as well, though: the labour market in the euro area is as robust as ever, as unemployment hit an all-time low of 6.4% in July. Germany’s economy hasn’t recovered yet, so its labour market hasn’t improved, but nor did it deteriorate significantly. Because firms in Germany have largely refrained from scaling back their workforces during the ongoing spell of economic weakness, they see little need overall for new hires. Even if they are certainly finding it difficult to fill vacancies in some areas.
    An analysis by the ECB has found that labour hoarding – that is, keeping staff in reserve – is still above pre-pandemic levels in the euro area. Because profit margins were high at times, firms were able to hoard staff to a greater extent or for longer than usual when the situation or outlook deteriorated, the ECB noted.[2]
    If profit margins now start to normalise, they will probably reduce the scope for firms to undertake labour hoarding. In addition, labour hoarding suggests that there will be fewer hires than usual as the economy recovers. Instead, productivity is more likely to rise. The new projections include an increase in euro area labour productivity of around 1% in both 2025 and 2026, following stagnation in the current year and a decline of just under 1% last year. Taken in isolation, this would dampen unit labour costs and thus inflation.
    3 Inflation
    This brings us to question number two concerning the outlook for prices. On this point, the focus is not only on the weak productivity growth observed so far, but also on the strong wage growth at the current juncture. For Germany, the latest wage deals have increased pay levels significantly. And relatively high wage settlements look set to be reached in the forthcoming pay negotiations as well. Understandably, the trade unions are looking to achieve lasting compensation for the real wage losses accumulated over the past three years.
    Because inflation compensation bonuses will only be exempt from taxes and social contributions until the end of this year, the trade unions are now stepping up their demands for permanent wage increases. The still high willingness to strike and persistent widespread shortage of labour suggest that wage growth will remain comparatively strong. The longer-term outlook, too, indicates that labour scarcity in Germany wil
    l remain a key factor driving robust wage growth and thus high inflation in the domestic economy.
    In the euro area, growth in negotiated wages slowed significantly in the second quarter. However, this was due in part to a one-off effect in Germany (owing to inflation compensation bonuses paid out in the previous year but absent this year). The persistent labour market tightness in the euro area means that a quick let-up in wage dynamics is unlikely.
    With wage pressures easing only slowly, the disinflation process is proving to be slow and arduous. Right now, inflation is not yet where we on the ECB Governing Council want it to be. Headline euro area inflation stood at 2.2% in August, down from 2.6% one month earlier. That significant decline mainly came about due to energy prices. Whilst it is true that German inflation – as measured by the Harmonised Index of Consumer Prices – has reached 2.0%, I’m afraid to say that, for the time being, that level is probably not yet here to stay. Services inflation in the euro area is still worryingly high, coming in at 4.1% at last count. Core inflation has eased only marginally, dropping to 2.8%.
    According to the latest ECB staff projections, euro area price inflation will be back at the 2% mark at the end of 2025. The journey there remains uncertain and include a few bends. For instance, inflation rates are expected to edge somewhat higher again towards the end of this year due to energy prices being in decline in the fourth quarter of last year.
    Overall, though, we have made huge advances towards safeguarding price stability. As the disinflation process plays out, inflation expectations have also receded the way we want them to, and the risk of higher inflation expectations has diminished in the view of markets and surveyed experts. This would suggest that inflation expectations are well anchored. It is now up to us on the ECB Governing Council to prove our staying power. If we achieve that, we will soon make it over the finishing line.
    4 Monetary policy
    The third question I asked at the beginning has basically been answered: the phase of steep tightening was followed by nine months of unchanged key interest rates, after which the ECB Governing Council subsequently loosened the reins somewhat in June and now again in September.
    We don’t know yet how things will unfold, but it is certain that key interest rates will not go back down as quickly and sharply as they went up! The intervals between the potential moves may vary depending on the incoming data, as monetary policy must remain tight enough for long enough to ensure that the inflation rate returns to the 2% target over the medium term. Assumptions to that effect about key interest rates also form the basis for the ECB’s projections.
    Ladies and gentlemen, public opinions on the best time for an interest rate move vary. This is due, not least, to the fact that the risks cannot be clearly quantified and that monetary policy time lags are impossible to measure with certainty. It is important for me to see inflation stable at the 2% target as soon as possible. To get there, we will not pre-commit to any path in our decisions going forward. Instead, we will continue to examine incoming data with an open mind. We are not flying on autopilot when it comes to interest rate policy.
    4.1 Reducing the balance sheet
    I will now turn to the three topics specific to monetary policy. The key interest rates are the central lever with which to adjust the monetary policy stance. In addition, gradual balance sheet reduction also influences the direction of monetary policy. This is because the length of the balance sheet is ultimately driven by previous accommodative non-standard measures.
    Banks’ repayment of loans under the longer-term refinancing operations has thus far been the primary contributory factor towards reducing the Eurosystem’s total assets. Remaining outstanding funds borrowed under targeted longer-term refinancing operations (TLTROs) are now only relatively small (around €76 billion). Next week will be the penultimate maturity date, and in December of this year the last repayments of funds borrowed under TLTROs will be made.
    Moreover, the Eurosystem’s large bond holdings are gradually declining, by an average of €25 to €30 billion per month (since July 2023), through the discontinuation of reinvestments under the APP, the largest such purchase programme. Since July of this year, reinvestments under the pandemic emergency purchase programme (PEPP) have been reduced by an average of €7.5 billion per month and will also be fully discontinued at the end of 2024.
    The process of significantly shrinking current total assets of just under €6,500 billion is not done just yet. So far, the markets have taken the Eurosystem’s balance sheet reduction (starting from a peak of over €8,800 billion) in their stride. I am confident about the future, too.
    On the ECB Governing Council, I am one of those who has been advocating for reducing the Eurosystem’s footprint in financial markets. This process will take time. It is closely linked to how monetary policy is implemented and passed through to the financial markets. That is why I now wish to briefly address, as the second of my three topics specific to monetary policy, the changes to the operational framework for implementing monetary policy adopted in mid-March.
    4.2 Changes to the operational framework for implementing monetary policy
    You might be thinking: what a dry, hard-to-digest topic, and right after lunch to boot! However, addressing these seemingly annoying details is worth the time and effort. This is because the new operational framework for implementing monetary policy will determine how central bank liquidity is provided to banks in the future and how short-term money market rates will evolve going forward.
    With excess liquidity in the banking system declining, but still high for the time being, little will change at first: we will continue to regularly lend central bank liquidity to banks at the quantities demanded and a fixed interest rate, with a wide range of bonds and other claims being eligible collateral for these loans. The reserve ratio for determining banks’ non-remunerated compulsory deposits with the Eurosystem remains unchanged at 1%.
    On this very day, the gap between the main refinancing operations rate and the deposit facility rate narrowed from 50 to 15 basis points. This operational adjustment will incentivise bidding in the weekly tenders. Short-term money market rates are therefore likely to continue to evolve in the vicinity of the deposit facility rate, given limited fluctuations. In the process, we will observe the compatibility of our operational framework with market principles.[3]
    The ECB Governing Council also agreed to introduce, at a later stage, new structural longer-term refinancing operations and a structural portfolio of securities. These transactions are intended to make a contribution to covering the banking sector’s structural liquidity needs. But that is a way off yet. That’s because, as already mentioned, banks’ excess liquidity and Eurosystem bond holdings are still very sizeable.
    We will now gain experience and gather insights. A review of the key parameters of the operational framework is scheduled for 2026. However, adjustments can be made earlier if necessary.
    4.3 Monetary and fiscal policy interactions
    My third topic specific to monetary policy, monetary and fiscal policy interactions, is a perennial theme. Generally, the combination of the two policy areas determines how accommodative or restrictive the overall effect on the economy is.
    In some times of crisis, such as during the coronavirus pandemic, monetary and fiscal policy can work together in the pursuit of their respective objectives. In times of high inflation, however, there may be potential for conflict. At the very least, fiscal policy should not undermine a restrictive monetary policy in the fight against inflation, but rather support it as much as possible.This year and next, the euro area fiscal stance is likely to have a roughly neutral effect, i.e. not generate any additional inflationary pressure. However, the expiry of crisis support measures is the reason why the deficit ratio is expected to decline. Seen from this perspective, fiscal policy is not restrictive.
    The ECB projects that the euro area debt ratio will remain close to 90%. In some Member States, government debt is worryingly high, with no signs of a trend reversal happening any time soon. Monetary policy should ignore this. This is because the Member States will have to be able to deal with the interest rate level that is warranted from a monetary policy perspective. Governments ought to brace themselves for higher interest rate levels.
    The new EU fiscal rules entered into force at the end of April. However, it is not yet clear what concrete requirements for fiscal consolidation will follow. In July, the existence of excessive deficits was established for seven countries, including the euro area countries France, Italy, Belgium, Slovakia and Malta. It will be crucial to implement the new rules in such a way that high debt ratios actually fall. This would require setting ambitious targets, and governments would then have to comply with them more ambitiously than in the past.
    Setting priorities will remain the key fiscal policy challenge at any rate And this will not get any easier if additional expenditure, for example for climate action, defence or in view of demographic pressures, is moved higher on the priority list.
    This is true even in Germany, where the debt ratio is no longer far from the 60% limit. In this case, it may indeed make sense to expand the fiscal scope somewhat by means of a moderate reform of the debt brake just as long as Germany complies with the European debt rules. The Bundesbank has put forward proposals to achieve that goal.
    5 Concluding remarks
    Ladies and gentlemen,
    After three questions and three topics, I would like to end with a triad. Democracy, freedom and openness are core values on which our society, our daily coexistence, and our prosperity are based. We are living in challenging times. This is exemplified by the elections in France and three eastern German federal states as well as, this coming November, in the United States. For the future, it remains to be hoped that we can maintain democracy, freedom and openness as a secure basis.
    Thank you for your attention.

    Footnotes:
    Konjunktur: Wirtschaft in Euro-Zone wächst – jedoch nicht in Deutschland (wiwo.de), Wirtschaft in Euro-Zone wächst trotz Bremsklotz Deutschland 0,2 Prozent (msn.com)
    European Central Bank, Higher profit margins have helped firms hoard labour, Economic Bulletin, Issue 4/2024, pp. 54‑58.
    See Nagel, J., Reflections on the Eurosystem’s new operational framework | Deutsche Bundesbank, speech at the Konstanz Seminar on Monetary Theory and Monetary Policy, 16 May 2024.

    MIL OSI

    MIL OSI German News –

  • MIL-OSI Asia-Pac: Centre constitutes committee for formulating framework on Repairability Index in Mobile and Electronics Sector

    Source: Government of India (2)

    Centre constitutes committee for formulating framework on Repairability Index in Mobile and Electronics Sector

    Committee to recommend robust framework for Repairability Index to empower consumers and promote sustainable practices within tech industry

    Posted On: 24 SEP 2024 3:14PM by PIB Delhi

    The Department of Consumer Affairs (DoCA), Government of India has constituted a committee of experts under the chairmanship of Shri Bharat Khera, Additional Secretary, DoCA to recommend a robust framework for Repairability Index and to empower consumers and promote sustainable practices within the tech industry. By developing Repairability Index, DoCA seeks to provide consumers with greater transparency of repair information for their products and foster a more sustainable technology industry.

    In a significant step towards promoting consumer rights and sustainability, the National Workshop on the Right to Repair in the Mobile and Electronics Sector convened on August 29, 2024 has brought together industry stakeholders to establish a consensus in terms of framework for evaluating components for repairability index, fostering longevity in product design, and democratizing access to repair information as well as the availability of spare parts even after products are discontinued.

    It is considered that mobile and electronics have the fastest-growing demand and shortest lifespan. During the deliberation in the workshop, it was widely accepted that the framework on Repairability Index aimed to provide consumers with essential information about product repairability besides seamless access to spare parts will enable informed purchasing decisions.

    Repairability Index will be a consumer-focused indexing that enables consumers to take a product related decision, based on its repairability. Further, it can standardize how repairability is assessed, making it easier for consumers to compare products based on repairability indexing thereby creating an ecosystem of informed choices across mobile and electronics products.

    By standardizing the assessment of repairability, the index will create an ecosystem where consumers can easily compare products and choose options that align with the ethos of mindful consumption of products and sustainability. Thus, enabling repair would not only ensure the availability of affordable repair options but will also improve consumer satisfaction by bridging the information gaps for repairing the products.

    Key components of the Repair Ecosystem include:

    1. Comprehensive Repair Information: Access to repair manuals/DIYs, diagnostics, and a list of necessary tools and parts.
    2. Accessible Spare Parts: Easily identifiable and timely delivery of spare parts.
    3. Affordable Tools: Inexpensive, widely available, and safe tools for consumers.
    4. Modular Design: Key components designed for independent access and modularity.
    5. Economic Feasibility: Ensuring that the cost of repair parts and labor is affordable for consumers.

     

    Taking into account the above necessities the committee is expected to recommend enabling framework for Policies/Rules/Guidelines which support repairability and integration of repairability index with the extant regulatory provisions in mobile and electronics sector to enhance consumer experiences in reusing the mobile and electronics products they own.

    The members of the Committee include: Shri Anupam Mishra, Joint Secretary, DoCA, senior representatives from MiETY and MSME, Shri Dr. Alok Kumar Srivastava, Director General NTH, Dr. ABS Shalini, Director, DoCA, Shri Pankaj Mohindroo, Chairman – Indian Cellular Electronics Association, the stakeholders from companies namely: Shri Raj Shau, Sr. Director and Group leader – Samsung Electronics, Ms. Aditi Chaturvedi, Government Affairs and Policy Head for platform and Devices, Google India, Shri Vasudeep, Head – Enterprise Business (India Region) HMD Mobiles India Pvt. Ltd., Ms Pushpa Girimaji, Consumer Activist and other representatives from the companies. The committee will submit a comprehensive report including a framework for repairability index in Indian context by 15thNovember, 2024.

    ****

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Sep 23, 2024 HandyDART Workers Vote to Ratify Contract with Transdev

    Source: US Amalgamated Transit Union

    Union Wins Pay Increases and Other Improvements

    Vancouver, BC  – HandyDART workers, members of ATU Local 1724-Vancouver, BC, voted to approve a strong collective bargaining agreement with contractor Transdev after reaching the deal last Friday.

    At a September 3 rally attended by ATU International President John Costa and allies, the more than 600 Metro Vancouver HandyDART workers walked off the job after Transdev refused to address the Union’s concerns over, wages, high worker turnover, and the skyrocketing use of taxis at HandyDART.

    “This is a great day for our members to ratify this contract,” said Local 1724 President/Business Agent Joe McCann “Our strike showed the power of fighting for our rights. We are thankful for the outpouring of support from our riders, fellow union members, and elected officials, many of whom walked our picket lines. After months of negotiations, this contract recognizes our members for the heroes they truly are.”

    The new contract includes significant wage increases that address the staffing shortages, and the Union was also able to push back on the use of taxis through creative language on shift scheduling and reporting.

    “It was inspiring to join our HandyDART members on their picket lines. This contract is a testament to their solidarity, resolve, and unity,” said ATU International President John Costa. “It is a win not only for our HandyDART workers but for the seniors and people with disabilities who rely on our members for safe and reliable transportation.”

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Algernon Yau visits Singapore

    Source: Hong Kong Information Services

    Secretary for Commerce & Economic Development Algernon Yau met senior officials and business leaders in Singapore to deepen trade and economic ties, and explore collaboration opportunities during his visit from September 22 to 24.

    ​Mr Yau updated representatives from major business chambers of Singapore on Hong Kong’s latest developments and measures on assisting enterprises in setting up businesses in the city.

    They include the Singapore Business Federation, the Association of Small & Medium Enterprises of Singapore, the Singapore International Chamber of Commerce and the Singapore Chinese Chamber of Commerce & Industry.

    He appealed to the Singaporean business sector to leverage Hong Kong’s unique advantages to explore the vast opportunities in the Mainland market, particularly the Guangdong-Hong Kong-Macao Greater Bay Area.

    Yesterday, Mr Yau had a lunch meeting with Deputy Prime Minister and Minister for Trade & Industry of Singapore Gan Kim Yong to discuss various trade and economic issues, and the regional economic landscape.

    Mr Yau thanked Singapore for supporting Hong Kong’s application for joining the Regional Comprehensive Economic Partnership (RCEP).

    He noted that Hong Kong always treasures Singapore as a valuable economic partner both on its own and as a member of the Association of Southeast Asian Nations (ASEAN) family.

    By joining the RCEP, Hong Kong can contribute to the wider and deeper economic co-operation and integration in the region, Mr Yau added.

    ​The commerce chief also paid a courtesy call on the Chinese Ambassador to Singapore Cao Zhongming to update him on Hong Kong’s latest situation. 

    ​Mr Yau then attended a dinner with Hong Kong entrepreneurs and executives working in Singapore to hear more about their work and lives.

    Today, ​he met Singapore Economic Development Board Chairman Png Cheong Boon to learn about Singapore’s latest developments and exchange views on investment promotion, saying he looked forward to further collaboration between Hong Kong and Singapore in different areas with a view to fostering even closer relations between the two economies.

    Noting that Hong Kong and Singapore have long been enjoying close and cordial bilateral trade and economic relations, Mr Yau highlighted that Singapore is Hong Kong’s fourth-largest trading partner and largest partner among the ASEAN member states in merchandise trade, as well as Hong Kong’s seventh-largest investor and sixth-largest destination of outward investment.

    The commerce chief will return to Hong Kong this evening.

    MIL OSI Asia Pacific News –

  • MIL-OSI: PayMate Announces Intent to Acquire DigiAsia

    Source: GlobeNewswire (MIL-OSI)

    Valuing DigiAsia at US $400 Million

    Introduces PayMate in Indonesia with Immediate Market Share Expansion, Targeting 2025 Public Listing

    MUMBAI, India and NEW YORK, Sept. 24, 2024 (GLOBE NEWSWIRE) — PayMate India (“PayMate”), a leading provider of B2B payments and services with reputable investors such as Visa & Lightbox, today announced that it has entered into a binding term sheet (the “Proposed Transaction”) for the potential acquisition of DigiAsia Bios Pte Ltd., Singapore, a leading Fintech-as-a-Service (FaaS) company in Indonesia and a fully owned subsidiary of DigiAsia Corporation (NASDAQ: FAAS) (“DigiAsia”).

    Under the terms of the Proposed Transaction, an enterprise valuation of US $400 Million for DigiAsia’s business has been determined. Additionally, post the Proposed Transaction, PayMate intends to invest up to US $25 Million in cash, the aggregate financing structure and terms will be finalized in mutual agreement. PayMate and DigiAsia will continue joint due diligence on both entities, identification of the right transaction structure, entering into definitive agreements and the necessary corporate and regulatory approvals of PayMate and DigiAsia which is expected to take up to 60 days. Subsequent to the closing of the Proposed Transaction, PayMate intends to initiate proceedings to list the combined entity in India.

    About PayMate

    PayMate India Ltd – a leading digital B2B payments company that empowers businesses of all sizes to enhance financial efficiency and streamline B2B payments. The platform simplifies and digitizes B2B payment processes, optimizing working capital, and ensuring timely supplier payments. PayMate’s solutions encompass Accounts Payable, Accounts Receivable, Invoice Discounting, Cross Border and Embedded Finance. In FY24, PayMate processed USD 10.5 billion in transactions, serving over 522,000 customers worldwide. With a strong presence in India, CEMEA, and APAC regions, PayMate is the trusted partner for businesses seeking to streamline payment processes.

    For more information, visit https://paymate.in/ or follow us on LinkedIn.

    About DigiAsia

    DigiAsia is a leading Fintech as a Service (FaaS) provider operating a B2B2X model offering its complete Fintech solution in emerging markets. DigiAsia’s fintech architecture offers small and medium business enterprises (SMEs) comprehensive embedded finance APIs to streamline processes across the commerce value chain of distributors and customers. DigiAsia’s embedded fintech solutions equally address democratizing digital finance access that supports financial inclusion of underbanked merchants and consumers in emerging markets resulting in growth for enterprise business. The suite of B2B2X solutions provided by DigiAsia include, but are not limited to, cashless payments, digital wallets, digital banking, remittances and banking licenses. DigiAsia has recently established a strategic initiative to develop its embedded FaaS enterprise solution with AI capabilities in Southeast Asia, India, and the Middle East, with plans for global expansion. For more information, please visit DigiAsia’s Corporate website here or Investor Relations website here.

    Forward-Looking Statements:

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “project”, “targets”, “optimistic”, “confident that”, “continue to”, “predict”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements including, but not limited to, statements concerning DigiAsia and the Company’s operations, financial performance and condition are based on current expectations, beliefs and assumptions which are subject to change at any time. DigiAsia cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world including those discussed in DigiAsia’s Form 20-F under the headings “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time. All forward-looking statements are applicable only as of the date it is made and DigiAsia specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.

    PayMate Contact DigiAsia Company Contact:
       
    Vishvanathan Subramanian Subir Lohani
       
    Wholetime Director & Chief Financial Officer Chief Financial Officer and Chief Strategy Officer
       
    91-22-2661 6178 646-480-0142
       
    Email: corporate@paymate.co.in Investor Contact:
       
      MZ North America
       
      Email: FAAS@mzgroup.us

    The MIL Network –

  • MIL-OSI: From AI Bounties to DEX 3.0: Orderly Network’s Pioneering Presence at TOKEN2049

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Sept. 24, 2024 (GLOBE NEWSWIRE) — Web 3.0 liquidity layer, Orderly Network, proudly sponsored this year’s Singapore edition TOKEN2049, one of the most prestigious events for global leaders in the Web3 space. As a key player in Web3 trading, Orderly Network showcased its vision and cutting-edge innovations throughout the week across multiple events, highlighting its work in the convergence of AI and DeFi, and providing thought leadership into the evolving landscape of decentralized trading and the potential role these technologies may play in the future of Web3.

    A key meeting of minds in the emerging AI meets DeFi space, Orderly Network and Google Cloud teamed up last Tuesday, 17 September to host a cast of decision-makers and crypto KOL’s at their highly anticipated ‘Bounty Bash’ event. This collaborative initiative marked the announcement of the Orderly Network x Google Cloud Bounty – Unleashing the Power of AI Trading Agents program, developed in partnership with Google Cloud and Empyreal. The program is designed to empower developers to build AI agents capable of autonomously trading on Orderly’s decentralized infrastructure, contributing to the future of Web3 trading and decentralized finance by making it easier than ever for new users to gain results and confidence trading.

    A key highlight in the week was the keynote presentation of Orderly Network Co-Founder Ran Yi at the TOKEN2049 event. Entitled ‘DEXs 3.0 and the Transition from CEX to DEX’, in his address, Ran shared key insights into the evolution of DEXs and the forward path toward greater adoption. As a TradFi and DeFi veteran, Ran’s discussion explored his unique perspective on how the future of DEXs lies in combining the strengths of CEXs—such as intuitive user experiences, deep liquidity, high performance, and lower trading costs—with the inherent benefits of DEXs, including transparency, permissionless access, interoperability, and decentralized governance.

    This keynote presentation built on an overarching theme for the week – how centralized and decentralized worlds can work together to grow the space by producing more compelling solutions for users.

    At Caladan’s Liquidity Day event, in a panel discussion aptly named ‘The CEX and DEX Transition’, Ran had delved into the growing convergence between centralized and decentralized trading platforms. Discussing the potential for building a powerful DEX that could rival Binance in the decentralized space, he further emphasized the importance of fostering innovation while maintaining user trust and security.

    At Morph Consumer Day, Ran joined a star-studded cast that included well-known trader and Orderly supporter Nani XBT on stage to discuss ‘The Future of Consumer DeFi & Stablecoins’. In this session, Ran delved into the growing convergence between centralized and decentralized trading platforms, examining the role of DeFi and stablecoins in shaping the next generation of consumer-facing financial services.

    To conclude a week of engaging discussions and transformative ideas, Orderly Network also co-hosted the official TOKEN2049 afterparty, AFTER2049, joining forces with several other prominent projects in celebrating the successes of the event and fostering deeper connections within the community.

    Supporting imagery can be found here

    For more information on the Orderly Network and its innovative solutions for liquidity, please visit https://orderly.network/

    About Orderly Network

    Orderly Network is a cloud liquidity infrastructure for Web3 trading. Built on omnichain architecture, Orderly enables deep liquidity for any asset across multiple blockchains. Focused on a future of DeFi that’s open to all, Orderly empowers developers to fluidly create a comprehensive array of financial products for any level of trader, without the risks of wrapped asset movement through cross-chain bridging.

    Learn more at orderly.network

    For PR enquiries related to this release, please contact pr@orderly.network

    Official Website | Twitter | Telegram | Discord | LinkedIn

    The MIL Network –