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Category: DJF

  • 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 Submissions: Hong Kong: T-shirt sedition sentencing shows malice of new national security legislation – Amnesty International

    Source: Amnesty International

    Responding to the 14-month prison sentence handed to Hong Kong man Chu Kai-pong for wearing a “seditious” T-shirt and mask, Amnesty International’s China Director Sarah Brooks said:

    “Just when you thought the human rights situation in Hong Kong couldn’t get any bleaker, a man is condemned to more than a year in prison just because of the clothing he chose to wear. This is a blatant attack on the right to freedom of expression.

    “The conviction and sentencing of Chu Kai-pong over his choice of clothing also highlights the sheer malice of Hong Kong’s new Article 23 law, which expands the government’s powers to punish so-called ‘seditious’ acts.

    “Chu Kai-pong is the first person convicted under this legislation, but its vague wording, vast scope and repressive nature leaves Hong Kongers fearing that he will not be the last. We once again urge the Hong Kong authorities to repeal this law.

    “The government must also end its use of  ‘sedition’ laws to crack down on dissent under the pretext of protecting ‘national security’. Chu Kai-pong has committed no internationally recognized crime and he must be released immediately.”

    Background

    Chu Kai-pong was today sentenced to one year and two months in jail for “doing with a seditious intention an act or acts that had a seditious intention” under section 24 of the Safeguarding National Security Ordinance (SNSO), the new national security legislation enacted in March 2024 based on Article 23 of the city’s Basic Law.

    He is the first person charged, convicted and sentenced under the SNSO. He was arrested on 12 June 2024, the anniversary of the 2019 anti-extradition protests, for wearing a T-shirt bearing the 2019 protest slogan, “Liberate Hong Kong, Revolution of Our Times”, and a yellow mask printed with the letters “FDNOL”, the abbreviation of another protest slogan, “Five Demands, Not One Less”. He has already been detained for more than 3 months and denied bail.

    He was also charged with two other offences – loitering and failure to produce proof of identity for inspection – but these were dropped after he pleaded guilty to the sedition charge.

    According to section 24 of the SNSO, a person convicted of sedition can be imprisoned for seven years. If the sedition is conducted in collusion with an “external force”, the maximum sentence rises to 10 years. The offence was previously punishable by up to two years.

    Hong Kong’s Legislative Council voted unanimously on 19 March 2024 to pass the SNSO under Article 23 of the Basic Law, Hong Kong’s mini-constitution. The SNSO increases penalties for acts relating to sedition and contains many troubling provisions, such as the vague and broadly worded crime of “external interference”.

    According to Amnesty International’s records, 12 people have been arrested for sedition – and three charged – under the SNSO since its enactment.

    MIL OSI – Submitted News –

  • MIL-OSI Russia: Moscow Metro: new Potapovo station opens on Moscow’s oldest Line 1

    Source: Moscow Metro

    On September 5, the Mayor of Moscow, Sergey Sobyanin, inaugurated a new station on Line 1, named Potapovo. This station marks the ninth metro stop within the New Moscow area, aiming to enhance commuting convenience.

    The station’s standout features include being the first heated above-ground metro station and boasting a futuristic design. The introduction of Potapovo station brings several benefits to the area.

    Key advantages include:

    • Accelerated travel to various social facilities, educational institutions, and the Big Circle Line. For example, travel to the Prospect Vernadskogo station on the Big Circle Line is now 2.5 times faster.
    • Daily travel time savings of up to 40 minutes for passengers.
    • Improved accessibility for nearby residential complexes, affecting 50,000 Muscovites who now have a metro within walking distance.
    • Up to a 25% reduction in congestion at the Buninskaya Alleya, Tepliy Stan, and Novomoskovskaya stations.
    • A 10% decrease in traffic on Kaluzhskoe Highway.

    With the opening of Potapovo, over 200,000 residents of Kommunarka and surrounding areas now have access to new convenient routes. By 2030, the TiNAO (New Moscow) area is expected to have 27 rail transit stations, including MCD. This development follows Mayor Sobyanin’s efforts to enhance TiNAO’s transport infrastructure, – said Deputy Mayor for Transport Maksim Liksutov.

    The city’s first heated above-ground station is located along the Solntsevo-Butovo-Varshavskoe highway corridor, near the intersection with Alexandra Monakhova Street.

    The last decade has been transformative for Line 1, the oldest in the Moscow Metro, inaugurated in 1935. While it had only 19 stations before 2014, it now comprises 27 active stations. The extension of the so-called red line into new city territories stands as a significant milestone in Moscow’s metro development program.

    Looking ahead, the introduction of the new Stolbovo electric depot is planned, which is expected to double the train frequency on the southern radius of the line.

    MIL OSI Russia News –

  • MIL-OSI United Nations: As floods hit dozens of countries, WFP urges investment to protect weather-battered communities

    Source: World Food Programme

    Photo: WFP/Mumit M. Bangladesh is currently grappling with severe floods that have impacted nearly 6 million people, particularly in the southeastern and northeastern regions of the country.

    ROME – As the United Nations World Food Programme (WFP) responds to flood emergencies across the globe, the agency is calling for investment and concerted action to prepare vulnerable communities for more frequent extreme climate events that threaten to damage crops, displace communities and disrupt food systems.

    The number of floods in WFP’s areas of operation has increased this year, with at least 21 countries already facing significant flooding, and more expected. The floods exacerbate ongoing crises and threaten food security, while also slowing down efforts to deliver critical relief. In 2023, climate extremes drove 72 million people into crisis or emergency levels of hunger, a 26 percent increase from the previous year. 

    “Rich and poor countries alike are suffering severe floods and record-breaking storms, and with each passing year extreme climate events are becoming the new normal,” said WFP Assistant Executive Director Valerie Guarnieri. “When flood events come on top of conflict, displacement and hunger, they multiply the strain on communities and governments. Investing in early action and preparedness is essential to protect people’s access to food and this is a core priority for WFP.”

    In 2023, WFP assisted almost 18 million people in 60 countries with solutions and services to manage climate risks. WFP’s support for early warning systems and ‘anticipatory action’ – where help arrives before disaster strikes – reached 36 countries, covering over 4.1 million people. WFP-supported climate risk insurance programmes provided 5.1 million people in 27 countries with financial protection.

    In flood-affected Bangladesh, WFP recently provided cash assistance to 120,000 families before floods hit – one of WFP’s largest anticipatory action programmes to date. WFP has also been supporting cash-for-work schemes that help rebuild critical infrastructure. From Bangladesh to Somalia, WFP is working with governments and communities to analyse climate risks, strengthen early warning systems and expand climate protection.

    “Climate shocks are predictable. By investing in preparedness, we can help reduce the impact of extreme weather and safeguard food security amid the climate crisis,” said Guarnieri. Evidence generated by WFP in Bangladesh and Nepal shows that anticipatory action investments have reduced the cost of humanitarian responses to floods in affected areas by up to 50 percent.

    The recent spate of floods worldwide has seen WFP responding on several fronts, most recently in Asia and West Africa. 

    • In Myanmar, on the government’s request, WFP is gearing up to expand its flood response operations to also reach those affected by Yagi, one of the strongest typhoons to hit Southeast Asia in decades. 
    • In Laos, WFP teams are on the ground helping the government and partners assess needs and, over the coming days, 100 metric tonnes of rice will be distributed to affected families. 
    • Chad, Mali, Niger, and Nigeria have been among the hardest hit in some of the worst flooding Western and Central Africa have ever experienced, with more than four million people have been affected. WFP is ramping up its support, targeting a million people across the region – distributing food and cash. WFP is also advocating for expanded anticipatory action and improvements to early warning systems to help respond more effectively. 
    • In war-torn Sudan, the worst floods in 40 years are adding to the misery caused by the war. WFP has provided food assistance to 41,000 people affected by the flooding and continues operations to assist those affected by the conflict. But floods are complicating the delivery of lifesaving aid.
    • In South Sudan, massive flooding is affecting over 735,000 people, most of whom already face extremely high levels of food insecurity. WFP has been planning for a worst-case scenario and initially plans to reach 1.2 million people from mid-September. The flooding is also creating challenges for WFP’s logistics operations, with a sharp increase in airdrops as many communities have become inaccessible.

    Forecasts suggest major flooding events will likely continue across Asia, the Sahel, Sudan and South Sudan over the next few months. As La Niña takes over from El Niño, floods and increased tropical storm activity are more likely in Southern Africa, northern South America and Southeast Asia. In addition to the La Niña pattern, the current extremely warm ocean temperatures are fuelling what is expected to be an exceptionally active 2024 hurricane season in the Caribbean.

    For photos, click here.

    #                 #                   #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on X, formerly Twitter, via @wfp_media 

    MIL OSI United Nations News –

  • MIL-OSI Germany: Die deutsche Zahlungsbilanz in July 2024

    Source: Deutsche Bundesbank in English

    Current account surplus down
    Germany’s current account recorded a surplus of €16.0 billion in July 2024, down €4.6 billion on the previous month’s level. This was attributable to a lower goods account surplus and a higher deficit in invisible current transactions, which comprise services as well as primary and secondary income.
    The surplus in the goods account fell by €2.1 billion to €19.5 billion in July because expenditure increased more sharply than receipts. The deficit in invisible current transactions grew by €2.5 billion to €3.5 billion, which was chiefly due to the deficit in the services account widening by €3.1 billion (to €10.0 billion). This increase was primarily attributable to the overall rise in expenditure, with higher spending on IT services and charges for the use of intellectual property playing a key role here. Moreover, the deficit on the secondary income account expanded by €0.6 billion to €5.2 billion. While government and non-government expenditure fell, receipts declined even more sharply, mainly owing to lower general government revenue from current taxes on income and wealth. By contrast, net receipts on primary income went up by €1.2 billion to €11.7 billion. Although revenue went down, chiefly as a result of residents’ reduced receipts from portfolio investment and other investment income, expenditure decreased more strongly, with lower dividend payments to non-residents in particular contributing to this decline.
    Portfolio investment sees net capital exports
    Germany’s cross-border portfolio investment recorded net capital exports of €8.5 billion in July, after net capital imports of €3.5 billion in June. Domestic investors purchased foreign securities worth €19.2 billion net, adding foreign mutual fund shares (€9.9 billion), bonds (€5.8 billion), shares (€2.4 billion) and money market paper (€1.2 billion) to their portfolios. Foreign investors acquired German securities worth €10.7 billion net, purchasing bonds in particular (€21.2 billion) – these were exclusively public bonds on balance. They bought €0.6 billion net worth of mutual fund shares. By contrast, non-residents had net sales of money market paper (€9.9 billion) and parted with a small volume of shares (€1.1 billion).
    In July, transactions in financial derivatives resulted in net outflows of €5.9 billion (€4.8 billion in June).
    Direct investment generated net capital imports of €1.9 billion in July (following net capital exports of €3.5 billion in June). Foreign enterprises stocked up their direct investment funds in Germany by €8.2 billion. They increased their volume of intra-group loans (€6.7 billion) and also, to a limited extent, their equity capital (€1.5 billion). Viewed in terms of transactions, German foreign direct investment rose by €6.3 billion. German enterprises stepped up their equity capital abroad by €7.6 billion. With regard to intra-group credit transactions, redemptions predominated on balance (€1.3 billion).
    Other statistically recorded investment – which comprises loans and trade credits (where these do not constitute direct investment), bank deposits and other investments – registered net outflows of capital amounting to €24.7 billion in July (following €9.4 billion in June). The higher net claims of monetary financial institutions, which rose by €51.9 billion, made a particularly large contribution to this amount. Enterprises and households (€2.0 billion) and general government (€1.1 billion) likewise recorded net capital exports in July. The Bundesbank’s net external claims declined by €30.2 billion. This was due to lower TARGET claims on the ECB, which went down by €42.0 billion. However, the Bundesbank’s external liabilities in the form of currency and deposits also decreased at the same time.
    The Bundesbank’s reserve assets fell – at transaction values – by €1.2 billion in July.

    MIL OSI

    MIL OSI German News –

  • MIL-OSI Germany: German balance of payments in July 2024

    Source: Deutsche Bundesbank in English

    Current account surplus down
    Germany’s current account recorded a surplus of €16.0 billion in July 2024, down €4.6 billion on the previous month’s level. This was attributable to a lower goods account surplus and a higher deficit in invisible current transactions, which comprise services as well as primary and secondary income.
    The surplus in the goods account fell by €2.1 billion to €19.5 billion in July because expenditure increased more sharply than receipts. The deficit in invisible current transactions grew by €2.5 billion to €3.5 billion, which was chiefly due to the deficit in the services account widening by €3.1 billion (to €10.0 billion). This increase was primarily attributable to the overall rise in expenditure, with higher spending on IT services and charges for the use of intellectual property playing a key role here. Moreover, the deficit on the secondary income account expanded by €0.6 billion to €5.2 billion. While government and non-government expenditure fell, receipts declined even more sharply, mainly owing to lower general government revenue from current taxes on income and wealth. By contrast, net receipts on primary income went up by €1.2 billion to €11.7 billion. Although revenue went down, chiefly as a result of residents’ reduced receipts from portfolio investment and other investment income, expenditure decreased more strongly, with lower dividend payments to non-residents in particular contributing to this decline.
    Portfolio investment sees net capital exports
    Germany’s cross-border portfolio investment recorded net capital exports of €8.5 billion in July, after net capital imports of €3.5 billion in June. Domestic investors purchased foreign securities worth €19.2 billion net, adding foreign mutual fund shares (€9.9 billion), bonds (€5.8 billion), shares (€2.4 billion) and money market paper (€1.2 billion) to their portfolios. Foreign investors acquired German securities worth €10.7 billion net, purchasing bonds in particular (€21.2 billion) – these were exclusively public bonds on balance. They bought €0.6 billion net worth of mutual fund shares. By contrast, non-residents had net sales of money market paper (€9.9 billion) and parted with a small volume of shares (€1.1 billion).
    In July, transactions in financial derivatives resulted in net outflows of €5.9 billion (€4.8 billion in June).
    Direct investment generated net capital imports of €1.9 billion in July (following net capital exports of €3.5 billion in June). Foreign enterprises stocked up their direct investment funds in Germany by €8.2 billion. They increased their volume of intra-group loans (€6.7 billion) and also, to a limited extent, their equity capital (€1.5 billion). Viewed in terms of transactions, German foreign direct investment rose by €6.3 billion. German enterprises stepped up their equity capital abroad by €7.6 billion. With regard to intra-group credit transactions, redemptions predominated on balance (€1.3 billion).
    Other statistically recorded investment – which comprises loans and trade credits (where these do not constitute direct investment), bank deposits and other investments – registered net outflows of capital amounting to €24.7 billion in July (following €9.4 billion in June). The higher net claims of monetary financial institutions, which rose by €51.9 billion, made a particularly large contribution to this amount. Enterprises and households (€2.0 billion) and general government (€1.1 billion) likewise recorded net capital exports in July. The Bundesbank’s net external claims declined by €30.2 billion. This was due to lower TARGET claims on the ECB, which went down by €42.0 billion. However, the Bundesbank’s external liabilities in the form of currency and deposits also decreased at the same time.
    The Bundesbank’s reserve assets fell – at transaction values – by €1.2 billion in July.

    MIL OSI

    MIL OSI German 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

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  • MIL-OSI Germany: Executive Board consultation regarding the recommendation by the Bundesrat’s Financial Committee

    Source: Deutsche Bundesbank in English

    The consultation of the Deutsche Bundesbank’s Executive Board pursuant to section 7 (3) of the Bundesbank Act regarding the nomination of Dr Fritzi Köhler-Geib as a member of the Deutsche Bundesbank’s Executive Board took place on Tuesday, 17 September 2024.
    The Executive Board did not raise any objections. The outcome of the consultation has been communicated to the Bundesrat.

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  • MIL-OSI Germany: Invitation to bid multi-ISIN auction – Reopening of two Green German Federal securities

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

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  • MIL-OSI Germany: Invitation to bid Federal –Treasury discount paper (Bubills)

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

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  • MIL-OSI Germany: Reopening of Federal Treasury notes – Auction result

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

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  • MIL-OSI Germany: The Bundesbank invites the public to its Open Day in Frankfurt’s city centre

    Source: Deutsche Bundesbank in English

    The Bundesbank is once again offering the public a glimpse backstage. On 14 and 15 September, the German central bank is hosting an Open Day at its Regional Office in Hesse in Frankfurt’s city centre. We want to give everyone the opportunity to experience up-close how the Bundesbank operates. Our Open Day will offer entertaining and straightforward insights into the work we do day-in, day-out to ensure stable prices and a stable financial system, says Bundesbank President Joachim Nagel.
    President Nagel will be participating in interviews and discussions at the two-day weekend event, along with other Executive Board members. He will be joined on stage by Frankfurt’s Lord Mayor, Mike Josef, for a discussion of Frankfurt’s importance as a financial centre for Europe. Bundesbank experts will also take to the stage to talk with the audience about issues such as inflation, financial stability and a digital euro.
    History buffs will have the chance to visit an exhibition on the history of the Deutsch Mark in the former Reichsbank building. This will also be the venue for short talks about “From the Reichsbank to the Bundesbank”, a new study published in March on the history of the German central bank in the period from 1924 to 1970.
    Great prizes are up for grabs in the Bundesbank’s quiz show, and there will be live music to set the mood. Visitors will get another chance to touch a real gold bar in our popular gold room. A virtual reality cinema will enable the visiting public to experience areas otherwise inaccessible to them, such as the Bundesbank’s gold vault or the meeting room of the ECB Governing Council. In info tents spaced across the entire premises, our staff will be on hand to explain the Bundesbank’s many tasks, from A to Z.
    The street Taunusanlage, which borders the Regional Office premises, will be accessible for pedestrians on both days of the event. This will leave more space for visitors to really get to know the Bundesbank than at previous open days. A wide range of food and drink will be available in our food truck zone. In addition, the Regional Office canteen will open its doors to the public for the first time this year. Many of our stands are also aimed at younger visitors, who will have a chance to show off their sporting prowess at our football workshops on Taunusanlage, for example. They will also be able to touch counterfeit money and try out games on the theme of banking supervision.
    The Bundesbank experience will begin before you even reach the entrance. But visitors can also take a tour inside our main building – a real gem for fans of art and architecture, says Ulf Slopek, President of the Regional Office in Hesse.
    More information on the event and how to get there
    The Open Day will be held in Frankfurt’s city centre at the Bundesbank’s Regional Office in Hesse, Taunusanlage 5, from 11:00 to 18:00 on Saturday, 14 September and on Sunday, 15 September.
    Visitors can enter via the main entrance on Taunusanlage. Please be ready to provide a valid official photo ID and avoid bringing large bags to the event. Bags will be checked; they can be left for the duration of the event in a designated tent.
    The Regional Office in Hesse is located centrally in Frankurt’s city centre. The nearest public transport stops are Taunuslage, Willy-Brandt-Platz and Hauptbahnhof, which are only a few minutes’ walk away. We therefore ask visitors to use public transport wherever possible.
    There is barrier-free access to many activities, including the virtual reality cinema, the info tents, the kids’ area and the gold room. Sign language interpreting will be provided at a number of the on-stage interviews.
    The on-stage events will be shielded by a rain cover. The outdoor programme may be reduced in the event of heavy rain or storms. The indoor programme will continue as planned whatever the weather.

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  • MIL-OSI Germany: Auction result – Federal Treausury discount paper (Bubills)

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

    MIL OSI German News –

  • MIL-OSI New Zealand: Stats NZ information release: International travel: July 2024

    Source: Statistics New Zealand

    International travel: July 2024 – 11 September 2024 – International travel covers the number and characteristics of overseas visitors and New Zealand resident travellers (short-term movements) entering or leaving New Zealand.

    Key facts
    Monthly arrivals – overseas visitors
    Overseas visitor arrivals were 221,800 in the July 2024 month, an increase of 8,000 from the July 2023 month. The biggest changes were in arrivals from:

    • Australia (up 11,400)
    • China (up 10,000)
    • United States (down 13,100).

    July 2023 saw a boost in overseas visitor arrivals from the United States, coinciding with the FIFA Women’s World Cup 2023 hosted by New Zealand and Australia.

    Visit our website to read this information release:

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: New Zealand net migration rate down from peak – Stats NZ media and information release: International migration: July 2024

    Source: Statistics New Zealand

    New Zealand net migration rate down from peak – 11 September 2024 – International migration in the July 2024 year increased New Zealand’s population by 13 more people for every 1,000 already living here, according to provisional estimates from Stats NZ.

    The net migration rate of 13 per 1,000 in the July 2024 year was down from a rate of 26 per 1,000 in the October 2023 year.

    “New Zealand’s net migration rate is down on last year, but is still relatively high by historical standards,” population indicators manager Tehseen Islam said.

    High net migration rates in 2023 and 2024 mainly reflect the large number of migrant arrivals to New Zealand following the relaxation of COVID-19-related travel and border restrictions, both in New Zealand and overseas, from 2022.

    Visit our website to read this news story and information release and to download CSV files:

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Stats NZ information release: Local authority statistics: June 2024 quarter

    Source: Statistics New Zealand

    Local authority statistics: June 2024 quarter – 10 September 2024 – Local authority statistics provides information on the performance of core non-trading activities of New Zealand’s territorial and regional councils.

    Visit our website to read this information release and to download CSV files:

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: GDP decreases 0.2 percent in the June 2024 quarter – Stats NZ media and information release: Gross domestic product: June 2024 quarter

    Source: Statistics New Zealand

    GDP decreases 0.2 percent in the June 2024 quarter – 19 September 2024 – New Zealand’s gross domestic product (GDP) fell 0.2 percent in the June 2024 quarter, following a 0.1 percent increase in the March 2024 quarter, according to figures released by Stats NZ today.

    Retail trade and accommodation; agriculture, forestry, and fishing; and wholesale trade industries all fell.

    “Activity in retail trade and wholesale trade has been in steady decline since 2022,” national accounts industry and production senior manager Ruvani Ratnayake said.

    Forestry and logging drove the fall in the agriculture, forestry, and fishing industry. This is mirrored by a fall in exports of forestry primary products.

    Despite the overall fall in GDP, 7 out of the 16 industries increased. The largest rise was in manufacturing.

    Visit our website to read this news story and information release and to download CSV files:

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Food prices increase 0.4 percent annually – Stats NZ media and information release: Selected price indexes: August 2024

    Source: Statistics New Zealand

    Food prices increase 0.4 percent annually – 12 September 2024 – Food prices in New Zealand increased 0.4 percent in the 12 months to August 2024, following a 0.6 percent increase in the 12 months to July 2024, according to figures released by Stats NZ today.

    Higher prices for restaurant meals and ready-to-eat food and grocery food drove the annual increase in food prices, up 3.6 percent and 2.4 percent, respectively.

    The price increase in restaurant meals and ready-to-eat food was due to higher prices for lunch/brunch, hamburgers, and takeaway coffees.

    The price increase in grocery food was due to higher prices for olive oil, chocolate blocks, and butter.

    Visit our website to read this news story and information release and to download CSV files:

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Stats NZ information release: Electronic card transactions: August 2024

    Source: Statistics New Zealand

    Electronic card transactions: August 2024 – 12 September 2024 – The electronic card transactions (ECT) series cover debit, credit, and charge card transactions with New Zealand-based merchants. The series can be used to indicate changes in consumer spending and economic activity.

    Key facts
    All figures are seasonally adjusted unless otherwise specified.

    Values are at the national level and are not adjusted for price changes.

    August 2024 month
    Changes in the value of electronic card transactions for the August 2024 month (compared with July 2024) were:

    • spending in the retail industries increased 0.2 percent ($10 million)
    • spending in the core retail industries increased 0.4 percent ($25 million).

    Visit our website to read this information release and to download CSV files:

     

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Transport – Road freight transport sector concerned at workforce gap for transport projects

    Source: Ia Ara Aotearoa Transporting New Zealand

    National road freight association Ia Ara Aotearoa Transporting New Zealand has expressed concerns that construction workforce shortages could disrupt the government’s ambitious infrastructure plans, including much needed roading improvements.
    Recent media reporting has revealed officials advised the coalition Government that the engineering and construction workforce will have to increase by more than 50% by 2026/2017 in order to deliver their intended infrastructure programme. This follows consistent workforce warnings from officials, including in the Ministry of Transport’s November 2023 briefing to the Incoming Minister of Transport.
    Dom Kalasih, Interim Chief Executive of Transporting New Zealand, says that a combination of long-term infrastructure planning, domestic workforce development, and flexible migration settings will be needed to deliver the infrastructure New Zealand desperately needs.
    “If the Government doesn’t get our infrastructure planning processes, domestic training and migration settings right, their programme just won’t get delivered and New Zealand won’t get the benefit of safer, more productive and efficient transport infrastructure.
    “We’ve had a series of really positive infrastructure announcements, and we’ll see more once the Fast-track Approvals bill proceeds – let’s get focused on delivery.”
    Kalasih said the Government had taken some positive first steps regarding infrastructure planning and providing assurance to private sector infrastructure partners.
    “The government’s establishment of the National Infrastructure Agency, and the move to a 10-year National Land Transport Programme are both highly positive developments, that will provide more certainty to commercial partners including engineering and construction firms.”
    Kalasih said that more clarity was required from the government on how migrant workers would be utilised to fill labour gaps.
    “We’d really encourage the Government to consider how we can make our immigration settings more welcoming to the skilled migrants we need. These construction workforce shortages are being well sign-posted, let’s get the work underway now.”
    “Last year’s temporary pathway to residency for bus and truck drivers was really effective at addressing critical labour shortages that were disrupting the transport system. However, our sector had to wait till things hit crisis-point until we saw government intervention. We need to be looking ahead.”
    Kalasih says that ensuring that the Government’s vocational and tertiary education reforms provided industry led, fit-for-purpose training, with a focus on in-work study, would also be key to success in the medium to long term.
    “The transport and automotive sector was clear in our recent submission on the Te Pūkenga reforms: we need vocational training to deliver graduates who are work-ready and adaptable.”
    About Ia Ara Aotearoa Transporting New Zealand
    Ia Ara Aotearoa Transporting New Zealand is the peak national membership association representing the road freight transport industry. Our members operate urban, rural and inter- regional commercial freight transport services throughout the country.
    Road is the dominant freight mode in New Zealand, transporting 92.8% of the freight task on a tonnage basis, and 75.1% on a tonne-km basis. The road freight transport industry employs over 34,000 people across more than 4,700 businesses, with an annual turnover of $6 billion.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Development News – Consent granted for Birkenhead development – EPA

    Source: Environmental Protection Authority

    An independent panel has approved resource consent, subject to conditions, for the construction of the Verran Mews residential development in Birkenhead, Auckland.
    Sweet New Zealand Co. Limited applied for resource consent under the COVID-19 Recovery (Fast-track Consenting) Act 2020. The application involves subdividing approximately 2.6 hectares of land in Birkenhead.
    The resource consent conditions are in the decision report on the page linked below.
    The decision comes 129 working days after the application was lodged with the Environmental Protection Authority.
    The Environmental Protection Authority is not involved in the decision-making. We provide procedural advice and administrative support to the panel convenor, Judge Laurie Newhook, and the expert consenting panel he appoints.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Transport – Cook Strait ferry woes another reminder on the need for safe reliable ferries

    Source: Ia Ara Aotearoa Transporting New Zealand

    National road freight association Ia Ara Aotearoa Transporting New Zealand is concerned to hear this morning that Bluebridge’s ferry, the MV Connemara, had reported engine trouble in Cook Strait.
    Dom Kalasih, interim chief executive of Transporting New Zealand, says he understands the prompt response with tug assistance and the professionalism of the Bluebridge crew meant no one was at risk, which is always a relief.
    “I’m sure the team at Bluebridge will be even more concerned than us to determine what has gone wrong and I’ll stick to my rule of refraining from speculation as to what went wrong.”
    “But my stance, and that of Transporting New Zealand, is that no matter who is operating the ferry services across the strait, we all need a reliable, safe platform that is cost effective and fit for purpose.”
    “It’s also a reminder of the perils of having less ships rather than more. The iReX scheme would have had two large ferries. I think the magic number is closer to three.”
    About Ia Ara Aotearoa Transporting New Zealand 
    Ia Ara Aotearoa Transporting New Zealand is the peak national membership association representing the road freight transport industry. Our members operate urban, rural and inter- regional commercial freight transport services throughout the country.
    Road is the dominant freight mode in New Zealand, transporting 92.8% of the freight task on a tonnage basis, and 75.1% on a tonne-km basis. The road freight transport industry employs over 34,000 people across more than 4,700 businesses, with an annual turnover of $6billion.  

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Fraudulent website and social media page related to Dah Sing Bank, Limited

    Source: Hong Kong Government special administrative region

    Fraudulent website and social media page related to Dah Sing Bank, Limited
    Fraudulent website and social media page related to Dah Sing Bank, Limited
    **************************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Dah Sing Bank, Limited relating to a fraudulent website and a social media page, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.           The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).           Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the website or social media page concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

     
    Ends/Tuesday, September 24, 2024Issued at HKT 17:50

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Government Cuts – Further frontline job cuts at NZDF threatens New Zealand’s security – PSA

    Source: PSA

    Civilian workforce already cut to the bone
    NZDF’s decision to likely further cut its civilian workforce risks undermining New Zealand’s ability to guard against external threats here and around the Pacific.
    NZDF told staff yesterday that a looming major restructure will ‘likely result in a further reduction in the civilian workforce’ to meet funding pressures.
    “There is nothing more frontline than the defence of the nation, so this decision is just more evidence of the Government’s reckless and short-sighted approach to cost cutting,” said Duane Leo, National Secretary for Public Service Association Te Pūkenga Here Tikanga Mahi.
    NZDF has already accepted some 200 voluntary redundancies, around 8% of its civilian workforce. This comes on top of a decision not to offer any pay increases during bargaining for a new collective agreement, prompting industrial action (see below).
    “The Government should be funding NZDF properly at a time of rising threats to our security. It’s just another broken promise from a government that promised no cuts to the frontline.
    “The threat of further job cuts just rubs salt into the wounds of an already stretched civilian workforce with many staff dealing with double their usual workload.
    “They do such vital work supporting the men and women in uniform across all branches of NZDF, here and overseas.
    “To further reduce the number of civilian workers will add just cause more stress. It’s a recipe for disaster. Our members are just gobsmacked that their roles should be so disrespected by NZDF. We urge the Government to rethink this irresponsible approach to saving money.”
    Background – NZDF industrial action
    PSA members will work to rule from 9am on 18 September, ending 5pm 31 October. The loading and unloading of ships at Kauri Point in Auckland is regarded as an essential service and members there and must give 14 days’ notice of industrial action. Their work to rule begins 9am on 2 October and finishes 5pm 31 October.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: CPENGRAMS brings Financial Empowerment for Family Pensioners and Super-Senior Pensioners

    Source: Government of India

    CPENGRAMS brings Financial Empowerment for Family Pensioners and Super-Senior Pensioners

    CPENGRAMS Ensures Redressal of Long Pending Pension Grievances

    Posted On: 24 SEP 2024 2:29PM by PIB Delhi

    The Department of Pension and Pensioners’ Welfare (DoPPW) is committed towards effective and expeditious redressal of grievances through Centralized Pension Grievance Redress and Monitoring System (CPENGRAMS), an online portal. To ensure this, the grievances are monitored in terms of pace and quality of the redressal by conducting Inter-Ministerial Review Meetings (IMRMs), both in physical and virtual mode.

    The resolution of these cases including those of Family Pensioners and Super-senior Pensioners has brought financial stability and social empowerment in the life of pensioners. Some of the noteworthy resolved grievances including payment of additional family pension to the 112 years old spouse and sanction of arrears of Liberalized family pension to the 85 years old spouse after 28 years, are as under:

    1.    Ms. Rajo (Samaspur, New Delhi): – “Payment of arrears of the Additional Family Pension amounting to more than Rs. 11.60 lakh to the 112-year-old spouse after 18 years.”
    2.   Ms Prakasho Devi (Kishtwar, Jammu & Kashmir): – “Payment of Liberalized Family Pension arrears, amounting to Rs. 13.18 lakh to the 85 yrs old spouse after 28 years”.
    3.  Sh. Rajkumar (Bhiwani, Haryana): – “Payment of Arrears of pension and Commuted Value of Pension (CVP) amounting to Rs. 16.37 lakh after 5 years of retirement”.
    4.   Ms. Sarvati Devi (Jhunjhunu, Rajasthan): – “Payment of Life Time Arrears (LTA) amounting to Rs. 13.66 lakh to the spouse after 15 years.”
    5.   Ms. Geetha Bhai (Bangalore, Karnataka): – “Resumption of Family Pension to the childless widow and payment of arrears amounting to Rs. 14 lakh after 7 years.”
    6.  Sh. Mahabir Singh (Jhajhar, Haryana): – “Payment of arrears of the Disability element of the pension amounting to Rs. 11.50 lakh after 03 years”
    7.  Ms. S Sathya Devi (Karur, Tamil Nadu): – “Sanction of Additional Family Pension and payment of arrears to the spouse amounting to Rs.7.34 Lakh”
    8.  Sh. Bhanwar Lal Jat (Jodhpur, Rajasthan): – “Sanction of arrears of the Disability Element of the pension  w.e.f. 24.09.2012 to 31.05.2023 amounting to Rs. 8 lakh after 12 years”
    9.   Sh. Dharam Paul (Jhajhar, Haryana): – “Payment of Capitalized Value of Pension amounting to Rs.  9 Lakh after 05 years of the retirement”.
    10. Sh. Lakhwinder Singh (Ambala, Haryana): – “Sanction of Disability Pension arrears amounting to Rs. 9.80 lakh pending since September, 2003”.

    *****
     

    AG

    (Release ID: 2058204) Visitor Counter : 48

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: RESULT OF CENTRAL ARMED POLICE FORCES (ASSISTANT COMMANDANTS) EXAMINATION, 2023

    Source: Government of India

    Posted On: 24 SEP 2024 2:37PM by PIB Delhi

    On the basis of the result of written part of CAPF (ACs) Examination, 2024 held by UPSC on 04th August, 2024, the candidates with the under-mentioned Roll Numbers have qualified for Physical Standards Test/ Physical Efficiency Tests and Medical Standards Tests. 

    2.   The candidature of these candidates is Provisional, subject to their being found eligible in all respects. The candidates will be required to produce the original certificates in support of their claims pertaining to age, educational qualifications, community etc. at the time of the Personality Test.  They are, therefore, advised to keep the said prescribed certificates ready and check before hand the requirement of certificates in accordance with the important instructions available on the website of the Commission before appearing in the Personality Test.

    3.   The candidates who have been declared qualified in the written examination have to first get themselves registered on the relevant page of the Commission’s website before filling up of the Detailed Application Form (DAF) ONLINE along with uploading of the scanned copies of relevant certificates/documents in support of their eligibility, claim of reservation etc. through the Commission’s Website i.e. http://www.upsc.gov.in which will be made available on the Commission’s website in due course.  Important instructions regarding filling up of the DAF and submitting the same ONLINE to the Commission will also be available on the website.

    4. The Indo Tibetan Border Police (Nodal Authority nominated by Ministry of Home Affairs) will intimate to the candidates about the date, time & venue of the Physical Standards Tests/ Physical Efficiency Tests (PET) & Medical Standards Tests, to be conducted by them.  Intimation for the conduct of PST/PET/MST will be uploaded by the Nodal Force (ITBP) on its recruitment website . E-Admit Cards will be sent online through the said website of the Nodal Force and intimation to the candidates will also be sent through their registered e-mail ID. Candidates may regularly check the website of the Nodal Force and their mail box including SPAM Folder in the mail box. In case, any candidate does not receive/download the E-Admit Card for Physical Standards Tests/ Physical Efficiency Tests (PET) &  Medical  Standards Tests  (MST) in  due Course of time, he/she may contact the HQ, DG, Indo Tibetan Border Police on Telephone No. 011-24369482/ 011-24369483 & e-mail IDcomdtrect@itbp.gov.in and U.P.S.C. through letter or FAX immediately, to facilitate delivery of communications to them promptly.

    5. Candidates who have finally submitted his Detailed Application Form (DAF) will be issued E-Admit Card by the Nodal Authority i.e. ITBP to appear for the PST/PET &MST. The candidates will have to produce the E-Admit Card along with hard copy of finally submitted DAF and photo identity proof viz. Aadhar card, Driving License, Passport, Voter I Card etc. at the allotted centers for appearing at the PST/PET/MST.

    6.   Candidates are advised to intimate change in their address, if any, to the HQ, DG, Indo Tibetan Border Police, Block No. 2, CGO Complex, Lodhi Road, New Delhi-110 003 or contact at Telephone No. 011-24369482/ 011-24369483 & e-mail ID comdtrect@itbp.gov.inor U.P.S.C. through letter or FAX immediately, to facilitate delivery of communications to them promptly.

    7.  The marks-sheets of all candidates who have not qualified will be uploaded on the Commission’s website after the publication of final result (after conducting Personality Test) and will remain available on the website for a period of 30 days.

    8.  The candidates can access their marks-sheet after keying in their Roll Numbers and date of birth. The printed/hard copies of the marks-sheet would, however, be issued by UPSC to candidates based on specific request accompanied by a self-addressed stamped envelope. Candidates desirous of obtaining printed/hard copies of the marks sheets should make the request within thirty days of the display of the marks on the Commission’s website, beyond which such requests would not be entertained.

    9. Union Public Service Commission has a Facilitation Counter at its Campus. Candidates may obtain any information/clarification regarding their examinations/result on working days between 10.00 AM to 5.00 PM in person or over telephone Nos. (011) 23385271/23381125/23098543 from this Counter.

    MOBILE PHONES ARE BANNED IN THE CAMPUS OF UPSC

    Click here to see Result

    ***

    AG

    (Release ID: 2058207) Visitor Counter : 70

    MIL OSI Asia Pacific 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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    AD/NS

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  • MIL-OSI Asia-Pac: President of India graces the opening ceremony of the 16th Asian Organisation of Supreme Audit Institution Assembly

    Source: Government of India (2)

    President of India graces the opening ceremony of the 16th Asian Organisation of Supreme Audit Institution Assembly

    Audits and evaluations by SAIs not only safeguard public funds but also enhance public confidence in governance: President Murmu

    Posted On: 24 SEP 2024 12:39PM by PIB Delhi

    The President of India, Smt. Droupadi Murmu graced the opening ceremony of the 16th Asian Organisation of Supreme Audit Institution (ASOSAI) Assembly, being organised by the Comptroller and Auditor General (CAG) of India, in New Delhi today (September 24, 2024).

    Speaking on the occasion, the President said that the CAG of India plays a key role in ensuring transparency and accountability in the country’s public finance. It was not without reason that the Indian Constitution vested the office of CAG with a wide mandate and complete autonomy. She was happy to note that the office of the CAG has lived up to the expectations of the Constitution-makers. It follows a strict code of ethical and moral conduct that ensures the highest order of probity in its functioning.

    The President said that the mandate of public sector audits has expanded beyond traditional auditing to include assessing the effectiveness of public welfare schemes and projects, ensuring that they serve all citizens equitably. She stated that in an increasingly technology-driven world, more and more public services are being delivered using technology. Audit, therefore, needs to keep up with technological evolution in order to be able to perform its oversight functions effectively.

    The President said that today, we are at a critical juncture where emerging digital technologies like artificial intelligence, data analytics, machine learning and geo-spatial technology are becoming the backbone of modern governance. Digital Public Infrastructure (DPI) serves as the foundation to support and enhance the functioning of the digital economy and services provided to citizens.  From digital identities to e-governance platforms, DPI has the potential to revolutionise the delivery of public services and goods, making them more accessible, efficient, and inclusive.

    The President said that in many parts of the world, women and vulnerable sections of the society have less access to digital technologies, fewer opportunities to develop digital skills, and are under-represented in the digital economy. This divide not only limits their ability to access essential services but also perpetuates inequality. This is where the role of Supreme Audit Institutions (SAIs) becomes crucial. As auditors, they have the unique responsibility and opportunity to ensure that digital public infrastructure is designed and implemented in a way that is inclusive and accessible to all.

    The President said that the financial world is often beset by opaque accounting practices. In this setting, the role of independent Supreme Audit Institutions is to see that public resources are managed efficiently, effectively and with the utmost integrity. Audits and evaluations by SAIs not only safeguard public funds but also enhance public confidence in governance.

    The President said that The institution of CAG of India has a rich history of public auditing. She expressed confidence that SAI India, as hosts of the 16th ASOSAI Assembly, will have a lot to offer in the deliberations of the learned minds gathered in the Assembly. She congratulated SAI India for assuming the Chairmanship of ASOSAI for the period 2024 to 2027. She expressed confidence that under the able stewardship of the CAG of India, ASOSAI will reach new heights, fostering greater cooperation and innovation among the members.

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    MJPS/SR/SKS

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  • MIL-OSI Asia-Pac: Raksha Mantri Shri Rajnath Singh inaugurates 41st Indian Coast Guard Commanders’ Conference in New Delhi

    Source: Government of India

    Raksha Mantri Shri Rajnath Singh inaugurates 41st Indian Coast Guard Commanders’ Conference in New Delhi

    “ICG is India’s foremost guard ensuring security of our vast coastline”

    RM exhorts ICG to become a technology-oriented force to deal with conventional & future threats

    Reiterates Govt’s resolve to build an Aatmanirbhar Coast Guard; 31 ICG ships, worth over Rs 4,000 crore, being built by Indian shipyards

    Posted On: 24 SEP 2024 1:32PM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh inaugurated the 41st edition of Indian Coast Guard (ICG) Commanders’ Conference in New Delhi on September 24, 2024. The three-day meeting serves as a vital forum for ICG Commanders to engage in meaningful discussions on strategic, operational & administrative matters in the backdrop of the evolving geopolitical landscapes and complexities of maritime security.

    Addressing the senior Commanders at the Coast Guard Headquarters, the Raksha Mantri described ICG as India’s foremost guard, ensuring the security of the country’s vast coastline through constant monitoring of the Exclusive Economic Zone, and prevention of illegal activities such as terrorism and trafficking of arms, drugs & humans. Commending the bravery & dedication with which the ICG personnel serve the nation in the times of distress, he paid tributes to the bravehearts who lost their lives in a recent operation near Porbandar.

    Shri Rajnath Singh termed the contribution of ICG in protecting the nation from internal disasters as unparalleled. He extolled its quick response during an oil spill off Chennai after Cyclone Michaung, which averted a major damage to the coastal ecosystem of the area.

    Sharing his vision to make ICG as one of the strongest Coast Guards, the Raksha Mantri emphasised the need to move forward from being a human-oriented to a technology-oriented force to deal with conventional as well as emerging threats in today’s unpredictable times. He underlined the importance of ultra-modern technology on maritime borders, stating that it acts as a force multiplier to further strengthen the security system of the country.

    “The world is going through a phase of technological revolution. In this era of Artificial Intelligence, Quantum Technology and drones, the field of security is witnessing significant changes. Given the current geopolitical situation, maritime threats will increase in the future. We need to be alert and ready. The importance of manpower will always remain, but the world should know us as a technology-oriented Coast Guard,” Shri Rajnath Singh said.

    While the Raksha Mantri stressed on the benefits of incorporating latest technology, he exhorted the Commanders to remain wary of its negative side. He termed technology as a double-edged sword and called upon ICG to be proactive, vigilant and prepared to tackle the potential challenges.

    Shri Rajnath Singh reiterated the commitment of the Government, led by Prime Minister Shri Narendra Modi, to modernise & bolster the Armed Forces and ICG with indigenous platforms & equipment. On the efforts being made to attain ‘Aatmanirbharta’, he stated that 31 ships for ICG, worth more than Rs 4,000 crore, are being built by Indian shipyards. He also highlighted the approvals accorded by the Defence Acquisition Council to enhance the capabilities of ICG, which include procurement of Multi-Mission Maritime Aircraft, Software Defined Radios, Interceptor Boats, Dornier aircraft and Next Generation Fast Patrol Vessels. Asserting that the three Services are evolving themselves with changing times, the Raksha Mantri urged the ICG to continue improving itself, creating a unique identity, gaining expertise in its domain, and moving forward with renewed vigour.

    The Raksha Mantri also paid tributes to late ICG DG Rakesh Pal who passed away due to a heart attack in Chennai recently. He described him as a kind-hearted and capable officer whose untimely death, he said, is an irreparable loss.

    Defence Secretary Shri Giridhar Aramane, Secretary (Defence Production) Shri Sanjeev Kumar and Secretary (Ex-Servicemen Welfare) Dr Niten Chandra were among the senior officers present on the occasion.

    During the course of the conference, the ICG Commanders will also interact with the Chief of Defence Staff, as well as the Chief of the Naval Staff and the Engineer-in-Chief. The discussions are designed to foster collaboration among the Services across the full spectrum of maritime security, while also promoting the growth and infrastructure development of ICG.

    The conference provides a platform for senior ICG leaders to meticulously evaluate key operational, material, logistical, HR development, training, and administrative initiatives undertaken over the past year. They will also deliberate on vital milestones essential for the protection of the maritime interests of the nation. The Commanders will assess ongoing ICG projects designed to bolster Indigenisation through the ‘Make in India’ initiative, harmonising with the Government’s vision of ‘Aatmanirbhar Bharat’.

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    VK/SR/Savvy

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  • MIL-OSI Asia-Pac: INDIAN NAVAL SHIP TALWAR ARRIVES IN MOMBASA, KENYA

    Source: Government of India (2)

    Posted On: 23 SEP 2024 8:01PM by PIB Delhi

    Indian Navy’s frontline stealth frigate, INS Talwar, arrived in Mombasa, Kenya, on 22 Sep 24. The visit aims to strengthen ties further and reaffirm India’s commitment to constructive collaboration and mutual growth.

    During the ship’s stay in the harbour, personnel from both navies will engage in a wide range of professional interactions and cross-exchange visits to enhance cooperation and bolster interoperability.

    India and Kenya share a strong bond built on a foundation of centuries-old historical ties. As geographic neighbours linked by the Indian Ocean, the two nations cherish a natural partnership, further strengthened over the years by regular high-level visits, increasing trade and investment, and extensive people-to-people contact.

    Maritime cooperation between India and Kenya is guided by the Vision Statement ‘BAHARI’, meaning ‘Ocean’ in Swahili. Prime Minister Shri Narendra Modi and Kenyan President William Samoei Ruto released the Joint Vision Statement in December 2023 during the Kenyan president’s state visit to India.

    INS Talwar was commissioned on 18 June 2003 and is part of the Indian Navy’s Western Fleet, based in Mumbai under the Western Naval Command. Captain Jithu George commands the ship, which has a complement of approximately 300 personnel.

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