NewzIntel.com

Category: Economy

  • MIL-OSI: American Coastal Insurance Corporation to Host Their 2024 Virtual Investor Day on December 4th at 11:00 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    ST. PETERSBURG, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”) the insurance holding company of American Coastal Insurance Company (“AmCoastal”), will host their 2024 Virtual Investor Day on Wednesday, December 4, 2024, at 11:00 a.m. Eastern Time.

    During the Investor Day, American Coastal’s management team will provide an in-depth presentation of the Company’s strategic initiatives, operation strategies, and financial outlook. The formal presentations will be followed by an interactive Q&A session.

    The event will be broadcast live via webcast in the Investor Relations section of the Company’s website at investors.amcoastal.com. A replay of the video broadcast will be available following the conclusion of the event.

    About American Coastal Insurance Corporation:
    American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

    Contact Information:                
    Alexander Baty                
    Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
    investorrelations@amcoastal.com
    (727) 425-8076        

    Karin Daly
    Investor Relations, Vice President, The Equity Group
    kdaly@equityny.com
    (212) 836-9623

    The MIL Network –

  • MIL-OSI Canada: Grow your career with Alberta’s public service

    Source: Government of Canada regional news

    Alberta called and the world answered. Hundreds of thousands of people are choosing Alberta as the place to find meaningful and well-paying work to support their families and their futures. Alberta’s public sector salaries are some of the strongest in Canada and with less tax, workers have more take-home pay. The cost of living is also lower than in many other jurisdictions, allowing for a better quality of life. New health care facilities will provide thousands of health care positions, and the 90 new schools that will be kick-started over the next three years will all need educators and support staff.

    To support Alberta’s growth, health and safety, there are many other occupations available, including corrections officers, sheriffs and paramedics. These roles, and many others, are available in the province’s big cities and rural areas.

    “Opportunity abounds in Alberta in both the private and public sectors. Working in the public sector provides individuals opportunities that span numerous sectors and skill levels while also being financially rewarding and providing an opportunity to have a positive impact in the daily lives of Albertans. We’re inviting everyone to see the full breadth of meaningful and impactful job opportunities available in our beautiful province.”

    Danielle Smith, Premier

    As the government continues its work to provide high-quality services to Albertans across the province, it is promoting its efficient and effective workforce. To inform people about the great career options in the public service, a provincial advertising campaign will run for the next six weeks. Print, radio, television and social media advertisements will share with Albertans that life, and work, are better here and to ask them to consider a career in the provincial public sector.

    Quick facts

    • Between July 1, 2023, and July 1, 2024, the province’s population expanded by more than 204,000 people, which is an annual growth rate of 4.4 per cent.
    • Alberta’s annual growth is comparable to the population in two new cities the size of Lethbridge or Red Deer.  
    • In the third quarter of 2024, Alberta’s population reached 4.9 million people.

    Related information

    • alberta.ca/BetterHere

    MIL OSI Canada News –

  • MIL-OSI Economics: ONLINE EVENT | Latin America – Spain Railway Dialogues ‘Rails towards a sustainable future”

    Source: CAF Development Bank of Latin America

    Under the title ‘Rails Towards a Sustainable Future’, this event aims to highlight the tremendous potential of rail as a mode of land transport capable of ensuring the mobility of large volumes of people and goods, boosting the economic, environmental, and social sustainability essential for the future. The Railway Dialogues will take place on November 13 and 14 at the La Moneda Cultural Center, gathering experts, government representatives, private companies, and financial institutions involved in the railway sector.

    The first day is designed to foster knowledge sharing and inter-institutional collaboration, creating an ideal setting for learning from expert insights, discovering best practices, and building valuable connections within the railway industry. Authorities from countries such as Chile, Brazil, Panama, Uruguay, and Spain will participate.

    The second day, organized by EFE as part of its 140th anniversary celebration, will address the challenges and opportunities in Chile’s railway sector, including a panel that brings in international railway perspectives with contributions from experts, authorities, and key institutions in the field.

    To mark this anniversary, the La Moneda Cultural Center will also host the exhibition ‘The Train Runs Along the Line‘, which explores the present and future of railways in Chile.

    This event wraps up a week of railway-related activities in Santiago, Chile. In the days leading up to it, the 60th Annual Assembly of the Latin American Railway Association (ALAF) and the Regional Assembly of the International Union of Railways (UIC) will take place.

    Date: November 13 and 14
    Time: 9:30 a.m. (Chile)*
    *The event will be streamed on this microsite

    MIL OSI Economics –

  • MIL-OSI Australia: Publicly available data to help understand tax compliance

    Source: Australian Department of Revenue

    Understand tax compliance in Australia

    An important feature of the Australian tax system is that the details of income earned and taxes paid by taxpayers are kept confidential. This applies for both people and entities. We believe this confidentiality supports full and honest disclosure to us.

    However, an interested person can use a range of tools to better understand a company’s tax position. New data sources are available to help the community understand more about the tax compliance of large corporate groups.

    We encourage community enquiries. These support an informed debate about tax compliance in Australia. Informed debate can balance speculation about low or no tax paid by some corporate groups. It can also address concern about non-compliance by the large corporate groups population in general.

    Sources of information

    Relevant sources of information about a company’s tax position include:

    • reports prepared by the corporate group itself, especially reports written under the voluntary tax transparency code
    • financial reports prepared by the corporate group and lodged, directly or indirectly, with the corporate regulator, ASIC
    • our annual publication of key financial and tax data relevant to large corporate groups under the corporate tax transparency measure
    • informed analysis and media commentary of particular corporate groups or industries including    
      • analysis of annual reports prepared by a corporate group in Australia
      • reports filed by the overseas headquarters of a multinational with operations in Australia.

    How large corporate groups are taxed

    In looking at the tax paid by a particular large corporate group, it is important to remember:

    • income tax isn’t paid on gross income, it’s paid on taxable income, meaning they may pay less or no tax in subsequent years
    • even very large corporate groups sometimes make losses that may mean they don’t pay tax in that year and, subject to integrity provisions in the law, they can carry forward and claim these as a tax deduction in future years
    • Australia generally doesn’t tax the offshore profits of corporate groups where they are comparably taxed overseas
    • the profits of businesses run through trusts are usually taxed at the investor level, not the trust level.

    Voluntary tax transparency code

    We encourage large corporate groups to adopt the voluntary tax transparency code (the Code). This includes entities treated as companies for Australian tax purposes and foreign multinationals with operations in Australia.

    The Code was developed by the Board of Taxation and endorsed by the Australian Government in the 2015–16 federal Budget. It’s designed to encourage greater transparency within the corporate sector, particularly by multinationals. It will improve the community’s understanding of the corporate sector’s compliance with Australia’s tax laws.

    We’re encouraged by the number of corporates volunteering to produce tax performance reports. By 31 August 2023:

    • over 140 corporates published reports for 2021–22
    • over 120 corporates published to date for 2022–23
    • over 20 corporates published to date for 2023–24.

    We believe this will support more informed community debate about the tax system.

    The first Voluntary Tax Transparency Code reportExternal Link for 2015–16 was published on data.gov.au in September 2016. It is updated as we receive more reports from businesses and currently includes 8 years of data. Over 210 corporates have become signatories to the Code.

    Requirement to lodge general purpose financial statements

    Most large corporates file detailed accounts with ASIC. These general purpose financial statements (GPFS) provide some tax payment details, including:

    • the amount they expect to pay as tax liabilities
    • a tax note explaining material tax adjustments, for example, profits and dividends or both from a foreign subsidiary may be exempt for income tax purposes, but treated as income in the accounts
    • any amended assessment received, subject to principles of materiality
    • information on substantial tax disputes, where the reporting entity has to disclose contingent liabilities under the Corporations Act 2001.

    Some large global entities with Australian operations may not have been required to provide full GPFS to ASIC. Sometimes they’ve been able to lodge special purpose financial statements. Separately, grandfathering provisions provided exemptions from filing GPFS with ASIC for some Australian large private companies.

    However, recent changes made to legislation means these companies will no longer be exempt from lodging financial statements with ASIC. The exemption now only applies to financial years ending on or before 9 August 2022 when the Act received royal assent.

    For income years beginning on or after 1 July 2016, legislation now requires significant global entities to lodge GPFS with us if they don’t already provide them to ASIC. We pass these to ASICExternal Link and they make them public in their document register.

    This measure increases the transparency of large multinational companies operating in Australia. Since its introduction, we’ve sent over 15,000 GPFS to ASIC.

    Corporate transparency report

    We publish limited tax details of certain large corporate taxpayers in accordance with tax returns as lodged. This is part of a global push to improve transparency and inform public debate about tax policy.

    The law requires us to publish this information each year. We also provide supporting commentary to give context to the data and help users understand the tax adjustments that may be relevant in arriving at the taxable income. Importantly, this data doesn’t get updated for subsequent ATO-initiated amendments to the returns lodged.

    The information published is drawn from tax return labels and covers:

    • name
    • ABN
    • total income
    • taxable income
    • tax payable
    • petroleum resource rent tax (PRRT) payable.

    Many companies prepare additional information available to the public that provides context to the data we publish.

    We released the 2022–23 Report of entity tax information in November 2024, published on data.gov.au.

    For more information, see:

    Other sources of information

    Some media and professional analysts study corporations and/or industries. These reports sometimes draw on detailed financial updates filed by multinational enterprises in their home jurisdiction. They can indicate taxes paid globally and sometimes taxes paid here in Australia.

    Other analyses of a corporate group’s financial and tax position might arise upon a significant or material event. This may include a merger, acquisition or takeover proposal, or a major change in their financial position following receipt of an amended tax assessment.

    MIL OSI News –

  • MIL-OSI Australia: Tax and Corporate Australia

    Source: Australian Department of Revenue

    An effective tax system supports the social benefits we all enjoy. The key to an effective tax system is a high level of willing participation. This is built on the community having confidence:

    • that all taxpayers are paying the right amount of tax
    • in us as administrators.

    We share our tax system insights with you to improve awareness and encourage voluntary compliance.

    The community is especially concerned with the income tax compliance of large corporate groups. This population is made up of 2,081 groups. Each has a turnover of more than $250 million and makes a significant contribution to our tax system and the Australian economy.

    Based on our detailed knowledge of the system, most large corporate groups pay the right amount of tax. There will always be some who deliberately avoid their tax obligations. Our message to businesses operating in Australia is clear: you must pay the right amount of tax on the profits you earn here.

    We take our responsibility to the Australian community seriously. Here you can find out how we are:

    • improving the system for those who want to comply
    • taking firm action against those who choose not to.

    We hope it provides you with an increased understanding of how Australia’s tax system is operating for the largest corporations.

    MIL OSI News –

  • MIL-OSI Australia: We assist and assure the tax compliance of large corporate groups

    Source: Australian Department of Revenue

    How we engage with large corporate groups

    One of our strategic aims is to sustainably reduce the tax gap. We know old approaches centred on active compliance programs of reviews and audits will not achieve that aim. Instead, our first focus is on active prevention.

    We believe the majority of taxpayers prefer to avoid tax risk where possible. To do so, they need to know where our concerns lie and our compliance stance on various aspects of the law or areas of the economy. Our goal is to only have taxpayers entering into disputes with us where they know what our position is and have made a conscious decision to operate contrary to it.

    To achieve this goal, we’re more explicit about where we have concerns. We communicate our thinking across all aspects of our compliance activities. We’re more creative and flexible in the type and form of guidance we produce. This means we now have tailored guidance products for specific purposes as well as our traditional public rulings.

    Public guidance also supports community confidence in the system by letting the public know we are identifying and dealing with matters of concern.

    Through early engagement and private advice, we also work directly with large corporate groups. This helps to identify higher risk transactions and reduce disputes. It allows us to work with the taxpayer to agree on the appropriate tax treatment before they lodge their tax return.

    Sometimes we can’t avoid disputes, and we’ll pursue matters through audit and to litigation where necessary. The community expects us to take strong action against deliberate non-compliance where we find it. A credible compliance presence also deters others from pushing the bounds of acceptable behaviour.

    Population-wide approaches to preventing non-compliance

    Large corporate groups have multiple tax obligations. The complexity in fulfilling these obligations can be costly. We’re improving the system to give more certainty and reduce corporate administrative costs. This includes continuing our focus on public guidance.

    We’ll continue to monitor the environment to understand what’s happening in the economy, tax system and business. This will ensure we provide relevant and timely guidance.

    We’ll also consult with stakeholders on their needs, so our advice is practical and contemporary. This consultation has already resulted in us developing new guidance products.

    Law companion rulings

    Law companion rulings (LCRs) provide practical certainty, in the form of a public ruling, on how we will apply significant new law. LCRs cover income tax, super and GST measures.

    Recent LCRs include:

    • LCR 2021/1 OECD hybrid mismatch rules – targeted integrity rule
    • LCR 2021/3 Temporary full expensing.

    Practical compliance guidelines

    Practical compliance guidelines (PCGs) are designed to provide a practical compliance solution where there is uncertainty, impracticality or discord between the law and current commercial practices. They may also provide our view of what constitutes a low or high-risk activity or arrangement in relation to a specific area of the law. PCGs issued cover income tax, excise and GST matters.

    Recent PCGs include:

    • PCG 2021/1 Application of market value substitution rules when there is a buy-back or redemption of hybrid securities – methodologies for determining market value for investors holding their securities on capital account
    • PCG 2021/5 Imported hybrid mismatch rule – ATO’s compliance approach
    • PCG 2024/1 Intangibles migration arrangements.

    Taxpayer alerts

    We use taxpayer alerts to flag arrangements of concern with the community, taxpayers and advisers.

    Each taxpayer alert describes an arrangement and our concerns about it. Taxpayer alerts don’t provide our interpretation of the law but outline where we currently have concerns and what we’re doing to address them. They also invite taxpayers to seek advice from independent advisers or us. We encourage this if they have or are considering entering into a similar arrangement as described in an alert.

    Taxpayer alerts help taxpayers and their advisers make more informed decisions. They stop the proliferation of tax schemes. They also support community confidence in the tax system.

    Recent taxpayer alerts include:

    • TA 2020/1 Non-arm’s length arrangements and schemes connected with the development, enhancement, maintenance, protection and exploitation of intangible assets
    • TA 2020/2 Mischaracterised arrangements and schemes connected with foreign investment into Australian entities
    • TA 2020/3 Arrangements involving interposed offshore entities to avoid interest withholding tax
    • TA 2020/4 Multiple entry consolidated groups avoiding capital gains tax through the transfer of assets to an eligible tier-1 company prior to divestment
    • TA 2020/5 Structured arrangements that provide imputation benefits on shares acquired where economic exposure is offset through use of derivative instruments
    • TA 2022/2 Treaty shopping arrangements to obtain reduced withholding tax rates.

    Working with the tax profession

    Advisers play an important role helping taxpayers meet their tax and super obligations. Because the laws are complex, we encourage taxpayers to seek high quality tax advice.

    Most tax professionals provide support for the integrity of the tax system. We work with the tax profession and explain our concerns to them at the earliest opportunity. In this way, we support them to provide appropriate advice to their clients. We also use our strong relationships with tax professionals and their representative bodies to develop our approaches.

    The Large Market Tax Advisor Principles (published August 2022) are a voluntary framework developed by the 4 largest tax advisory firms with input from the ATO and Tax Practitioners BoardExternal Link (TPB). All firms offering tax advisory services may choose to adopt the principles.

    The 4 firms have each published the principles and explanatory information on their websites, see:

    Firms that adopt and follow the principles provide added confidence to their clients, the community and the ATO about the quality of their tax advice. Adopting the framework provides confidence the firm has processes in place aimed at preventing it from being involved in proscribed engagements and particular governance arrangements for when it is advising on higher risk engagements.

    We do not regulate the framework, but we will work closely with the firms to understand how the principles are operating in practice.

    The design and publication of the framework is a positive innovation for the Australian tax profession. Increasing transparency of the role of advisers further strengthens the integrity of the tax system.

    We also seek to positively influence ethical and professional standards in a range of areas relevant to tax advisers.

    We’ll act quickly with advisers who undermine the integrity of the tax system or facilitate non-compliance. In addition to the regulatory work of the TPB, we collaborate with professional associations to uphold the reputation of the tax profession. In serious cases, promoter penalty laws may apply to promoters of tax avoidance schemes.

    The types of behaviour that cause us concern include:

    • engaging in conduct designed to frustrate and prevent the collection of facts and information and the proper administration of tax laws
    • the promotion of tax avoidance schemes.

    On 6 August 2023, the Government announced a range of reform measures to strengthen the regulatory framework to combat advisor misconduct, focused on deterring the promotion of tax exploitation schemes to large market taxpayers. We will act quickly and decisively to ensure the tax system is protected from abuse.

    Using our formal information gathering powers

    We issue formal notices to advisers and their firms known to be associated with arrangements covered by our taxpayer alerts. The notices ask for information and documents for taxpayers to whom they provided advice.

    We issue the notices to identify:

    • information about the involvement of certain known taxpayers in the schemes
    • any other taxpayers who may have been involved in the schemes
    • who designed the schemes, why they were designed and the processes involved in their design
    • what promotion of these schemes has taken place.

    We pursue a range of cases to obtain documents, including testing claims for legal professional privilege, and for the consequences of breaching information notices, which include criminal sanctions.

    Legal professional privilege

    Legal professional privilege (LPP) protects confidential communications between a lawyer and their client for the dominant purpose of providing or seeking legal advice. LPP also protects confidential communications prepared for the dominant purpose of actual or reasonably anticipated legal proceedings.

    LPP is an important common law right, as it:

    • protects a client’s privacy
    • encourages full disclosure between the client and their lawyer when obtaining and providing legal advice or services.

    We want taxpayers to get high quality advice, as this underpins the self-assessment system. Most advisers, whether at accounting or law firms, provide this and support the tax system.

    We had been concerned that in some instances, taxpayers and their advisers were incorrectly claiming LPP in an attempt to withhold material facts and evidence from us.

    In some cases, it appeared that non-legal services or services provided by non-lawyers had been artificially packaged under a purported legal services engagement to support a subsequent LPP claim.  In other cases, we saw:

    • blanket claims of privilege being made over thousands or tens of thousands of documents
    • the over-claiming of privilege
    • a lack of transparency in claims.

    This risked constraining the application of the law for the provision of information to us and hindering our audit function.

    These issues largely arose in large business privilege claims where we had issued a notice requiring them to produce information as part of an audit. In most of our engagements with large businesses, they provide us with information we need and we do not experience difficulties with managing LPP claims.

    In recognition of the need for greater coverage in education and better practices to improve its use and understanding, we developed the Compliance with formal notices – claiming legal professional privilege in response to formal notices – Legal professional privilege protocol (LPP Protocol).

    This protocol:

    • helps taxpayers and advisers making LPP claims in response to requests for information and documents we make under our formal information gathering powers
    • contains our recommended approach for identifying communications covered by LPP and making LPP claims to us
    • will result in a more efficient resolution of LPP claims for taxpayers and the ATO if steps are followed and properly embedded in a firm’s engagement and legal services practices.

    Businesses that choose not to follow the protocol and do not provide sufficient information to support their LPP claims can expect further enquiries from us.

    One-to-one engagement with large corporate groups

    We engage one-to-one with large corporate groups. This gives us assurance over approximately two-thirds of all corporate income tax.

    Differentiated engagement

    We assess the risk of each corporate group in the entire population based on our professional judgment of the:

    • transparency of their engagement with us
    • choices and behaviours evidenced in their tax affairs
    • level of risk they exhibit.

    We use the outcomes of our assessment to tailor our engagement with each large corporate group.

    Given Australia’s highly concentrated corporate tax base and the significant impact the Top 100 public and multination businesses can have on the health of our tax system, we engage with them on an ongoing basis to manage their compliance and assure their tax performance.

    We seek to clarify issues and risks as they arise. Being transparent about issues that concern us provides a catalyst to resolve them early.

    For more information about our differentiated engagement, see:

    How we gain confidence the right amount of tax is being paid

    We’re focusing on whole-of-taxpayer profiling and risk assessment using our justified trust methodology. This helps us understand the taxpayer’s business model and any tax planning motivation and opportunities they may have.

    The profile and risks involved tell us what we need to do to gain confidence each taxpayer is paying the right amount of tax.

    We’re taking a structured approach to gain this confidence by considering:

    • the taxpayer’s tax risk management and governance framework
    • whether the taxpayer is involved in any arrangements we’ve indicated we’re concerned about or consider high risk
    • understanding the tax impacts of current business activities, particularly any significant and new transactions the taxpayer has entered into
    • if the taxpayer’s accounting and tax or GST results vary, understanding why this is the case.

    Our effective tax borne (ETB) methodology provides an approach to analyse the income tax and economic performance of corporate groups. It identifies an economic group’s worldwide profit from Australian-linked business activities and the Australian and offshore tax paid on that profit.

    Essentially, the ETB determines the weighted average of the cash tax paid ratios (cash tax paid over Australian-linked profits) for each jurisdiction. Analysing and understanding a taxpayer’s ETB provides evidence of the absence of risk and assists in identifying risk.

    For more information see Appendix 3External Link – Senate Economics References Committee report on corporate tax avoidance.

    Helping corporates strengthen their tax governance

    We developed the Tax risk management and governance review guide primarily for large public businesses. It articulates better practices that boards and management can adopt to enhance governance and manage tax risk.

    The guide is designed to help businesses self-evaluate their governance framework and manage their strategic and operational tax risks. It sets out what we believe to be better tax corporate governance practices. We also provide guidance for privately owned groups to help them develop or improve the effectiveness of their tax governance framework.

    Both guides are what we recommend, rather than mandate.

    Where we are satisfied that companies have strong and lived governance, we can have increased confidence in their financial and tax reporting.

    For more information, see Tax governance for privately owned groups.

    Active prevention: one-to-one

    We recognise that willing participation supports a healthy and strong tax system. Approaches that prevent tax risks support willing participation better than corrective approaches. Our one-to-one active prevention approach seeks to influence taxpayer behaviour. We get involved before the taxpayer reports the tax outcomes of their business transactions to us.

    We apply active prevention approaches to the largest corporate taxpayers. This is important because their compliance influences not only the revenue base but also the willing participation of other taxpayers. Our one-to-one prevention includes our:

    • pre-lodgment compliance reviews
    • private rulings
    • advance pricing arrangements.

    It may also include informal guidance and interactions.

    The key is that taxpayers have openly and transparently discussed their plans and their view of the tax implications. Active prevention succeeds when clients modify their behaviour based on the concerns we raise.

    We estimate the wider revenue effects of these strategies wherever possible. Most techniques are evidence-based. We use information supplied by clients to estimate the difference in tax paid due to engaging early. This allows us to understand their proposed tax position and the impact of shifting that position, where necessary.

    Private rulings

    Early engagement discussions are a key tool we use to assist large corporate groups seeking advice on complex transactions they are considering or have already implemented. These discussions allow for timely identification and management of tax risks. It enables businesses to enter into transactions with confidence.

    Taxpayers also have the option to provide a draft ruling for review and endorsement by us. We’ll still review the arrangement proposed and ensure the appropriate application of the law before any ruling is issued. This will deliver a more streamlined process and improve the client experience.

    We recognise taxpayers are not obliged to follow our advice under our self-assessment system. Where our risk identification processes have identified a concern, we may engage in compliance activities to test if the transaction is implemented in materially the same manner as described in the private ruling request.

    As part of our assurance reviews of the largest taxpayers, we seek confirmation of facts where we provided advice to ensure it has been followed.

    Pre-lodgment compliance reviews

    Pre-lodgment compliance reviews (PCRs) are a key approach to ensuring prevention before correction. Through early engagement and a transparent relationship, we are able to work with large corporate groups to identify and resolve potential compliance concerns as they arise and before tax returns are lodged.

    Advance pricing arrangements

    Advance pricing arrangements (APAs) lock in compliant outcomes by agreeing on the criteria for transfer prices in advance of transactions occurring. They can eliminate the need for costly post-lodgment reviews and audits. They also give the community more confidence in the compliance of multinational enterprises.

    Before we agree to an APA, we need to understand the entire value chain and allocation of profits globally. We apply the same structured approach we use to gain confidence in the tax paid by large corporate groups to our analysis to determine the basis for any APA we enter into. We don’t simply look at the immediate transaction between the Australian entity and the related party.

    Under an APA, taxpayers provide us with an annual compliance report. This demonstrates how they have complied with the terms of their APA.

    The APA and our review of the annual compliance reports assure us the taxpayer is reporting the appropriate revenue on these related party transactions in their tax returns.

    MIL OSI News –

  • MIL-OSI United Nations: Leadership for Peace Means ‘Living Up to UN Charter’, Says Secretary-General at Security Council Debate

    Source: United Nations – Peacekeeping

    Following are UN Secretary-General António Guterres’ remarks to the Security Council’s high-level debate on “Leadership for peace:  united in respect of the UN Charter, in search of a secure future”, in New York today:

    I thank the Government of Slovenia for convening this high-level debate on Leadership for Peace.

    The topic is rooted in a fundamental truth:  Peace is never automatic.  Peace demands action.  And peace demands leadership.

    Instead, we’re seeing deepening geo-political divisions and mistrust.  Impunity is spreading, with repeated violations of international law and the UN Charter.   Conflicts are multiplying, becoming more complex and deadlier. All regions are affected.

    And civilians are paying the steepest price.  From Gaza to Ukraine to Sudan and beyond — wars grind on, suffering grows, hunger deepens, lives are upended, and the legitimacy and effectiveness of the United Nations, and this Council, are undermined.

    Leadership for peace requires action in at least two key areas.

    First — leadership for peace means all Member States living up to their commitments in the UN Charter, in international law and in recent agreements such as the Pact for the Future.

    Among other things, the Pact calls for strengthening tools and frameworks to prevent conflict, sustain peace and advance sustainable development, with the full, equal and meaningful participation of women.

    It calls for updating our tools for peace operations to allow for more agile, tailored responses to existing, emerging and future challenges.

    It reinforces the commitment to all human rights — civil, political, economic, social and cultural.

    It includes initiatives around disarmament, peacebuilding, and managing threats posed by lethal autonomous weapons and artificial intelligence and in new domains, including outer space and cyberspace.

    It calls for measures to quickly address complex global shocks. And it contains a new push to reform key institutions of global governance, including the global financial architecture and this very Council.

    The Pact is a down-payment on these reforms.  But we will need strong political will to implement them and rebuild the legitimacy and effectiveness of this Council.  Which brings me to my second point about leadership for peace.

    Leadership for peace means ensuring that the UN Security Council acts in a meaningful way to ease global tensions and help address the conflicts that are inflicting so much suffering around the world.

    Geopolitical divisions continue to block effective solutions.  A united Council can make a tremendous difference for peace.  A divided Council cannot.  It is imperative that Council Members spare no effort to work together to find common ground.  And it has proven capable of doing so in some key areas.

    From currently overseeing 11 peacekeeping operations on three continents, involving nearly 70,000 uniformed peacekeeping personnel…

    To resolutions that help keep vital humanitarian aid flowing to the world’s hotspots…

    To the landmark resolution 2719 (2023), which provides for African-Union led peace support operations authorized by the Council to have access to UN assessed contributions…

    To the groundbreaking resolutions that recognized the clear implications of peace and security challenges on the lives of women and youth…

    To this Council’s growing ties to regional and subregional organizations to foster consensus and peace.  These examples — and more — prove that forging peace is possible.

    When we consider the most difficult and intractable conflicts on this Council’s agenda, peace can seem an impossible dream.

    But I strongly believe that peace is possible if we stick to principles.  Peace in Ukraine is possible.  By following the UN Charter and abiding by international law.

    Peace in Gaza is possible.  By sparing no effort for an immediate ceasefire, the immediate release of all hostages, and the beginning of an irreversible process towards a two-State solution.

    Peace in Sudan is possible.  By sending a clear message to the warring parties that all Members of this Council — including the five permanent Members — will not tolerate the horrific violence and desperate humanitarian crisis being unleashed on innocent civilians.

    The situations on this Council’s agenda are complex and do not have quick fixes.  But the scale of the challenge should not deter us.  Our only hope for progress on peace is active collaboration and unity among Council Members.

    Today, I call on all Members to live up to this great responsibility, and to the promise of the UN Charter.  Contribute to this Council’s success — not its diminishment.  Let’s ensure that this Council serves as an effective and representative forum for peace — today and in the years to come.

    MIL OSI United Nations News –

  • MIL-OSI Europe: Press release – Hearing of Commissioner-designate Apostolos Tzitzikostas

    Source: European Parliament 3

    On Monday evening, the Transport and Tourism Committee questioned Apostolos Tzitzikostas, Greek candidate for the sustainable transport and tourism portfolio.

    The committee chair and political group coordinators will meet without delay to assess the performance and qualification of the Commissioner-designate.

    Competitive transport, which respects environment

    In his introductory speech, Mr Tzitzikostas stressed that if confirmed as Commissioner for sustainable transport and tourism he will focus on enhancing the competitiveness of the EU’s transport sector, sticking to the agreed timetable for its green and digital transitions, completing the Trans-European Transport (TEN-T) network by the established deadlines, enhancing transport safety, and ensuring the enforcement of current EU rules. To push for transport decarbonisation solutions, such as the production of sustainable fuels and the development of charging infrastructure, he committed to presenting a sustainable transport investment plan in 2025, while on competitiveness he pledged to develop an EU industrial action plan for automotive sector.

    On the modal shift, the Commissioner-designate said he would present a plan to connect EU capitals and large cities by high-speed rail, including night trains. In addition, Mr Tzitzikostas committed to presenting a single digital booking and ticketing option for rail in the first year of his mandate.

    On tourism, he said the EU must maintain its number one destination raking in the world. He committed to a strategy for sustainable tourism, to support the industry and preserve the well-being of local communities.

    European solutions, working conditions, modal shift

    Several MEPs asked the Commissioner-designate to support the EU’s transport and tourism sectors and look for solutions at the EU level. Cutting red tape, less reporting requirements and a pause on new proposals without undertaking an impact assessment were some of the demands presented by MEPs to Mr Tzitzikostas.

    MEPs also asked questions on working conditions in the transport sector, especially in aviation and maritime, and secured a commitment from Mr Tzitzikostas for a comprehensive evaluation of the situation in this area within his first 100 days.

    Members questioned Mr Tzitzikostas on the review of aviation service and air passenger right rules, the modal shift from road to rail, concrete proposals to encourage high-speed and night trains, the development of clean corporate fleet as well as additional measures to ensure transport safety.

    Mr Tzitzikostas was also quizzed on specific measures to rescue the EU’s automotive industry, on financial support needed to complete the TEN-T network as well as plans to ensure maritime security and the disruption of Russia’s shadow vessels fleet.

    You can watch the video recording of the full hearing here.

    Press point

    At the end of the hearing, the Chair of the Transport and Tourism Committee, Ms Elissavet Vozemberg, held a press point outside the meeting room: watch it here.

    Next steps

    Based on the committee recommendations, the Conference of Presidents (EP President Metsola and political group chairs) is set to conduct the final evaluation and declare the hearings closed on 21 November. Once the Conference of Presidents declares all hearings closed, the evaluation letters will be published.

    The election by MEPs of the full college of Commissioners (by a majority of the votes cast, by roll-call) is currently scheduled to take place during the 25-28 November plenary session in Strasbourg.

    MIL OSI Europe News –

  • MIL-OSI Video: Clean Energy Shift Risks Widening Inequalities – UN Vice Chief | Briefing | United Nations

    Source: United Nations (Video News)

    Deputy Secretary-General Amina J. Mohammed today (4 Nov) said, “there is a danger that the clean energy transition could reproduce and amplify inequalities of the past: With developing countries – rich in the renewables critical to the transition – banished to the bottom of those value chains, their people are exploited, and their environment in jeopardy as others grow wealthy on their resources.”

    Presenting the report of the Secretary-General’s Panel on Critical Energy Transition Minerals, Mohammed said, “we are in the midst of a quiet revolution. The way we power our economies and societies is changing. Renewables have never been cheaper or more accessible, and the acceleration in their roll-out is staggering but uneven.”

    Mohammed said, “the Panel’s report identifies ways governments, industry, and the United Nations can work to embed justice and equity in critical energy transition mineral value chains and ensures that they spur sustainable development, respect people, protect the environment, and power prosperity in resource-rich developing countries.”

    She said the report, “outlines seven guiding principles that prioritize human rights, environmental protection, and inclusive development while also insisting on responsible trade and investment.”

    One of the Panel’s Co-chairs, Ambassador Nozipho Mxakato-Diseko of South Africa, said, “these minerals are so essential to the transition of the world to a low carbon economy, that it’s important that there’s understanding amongst member states, there’s understanding among countries that are producing and endowed with these minerals and countries that consume these minerals that tend to be very strong.”

    Above all, Mxakato-Diseko said, there is need for cooperation and understanding and trust between big powers.”

    The South African Ambassador said, “this is an area where one country cannot benefit alone to the detriment of other countries. We either all do something to address climate change together or we don’t, and we sink together. We either act together to save the world and address climate change, or we don’t together, and we perish. And history will not be kind on us.”

    The report indicates that effective climate action and the global deployment of renewable energy technologies relies on the sufficient, reliable and affordable supply of critical energy transition minerals (CETMs). For the energy transition to be just, these minerals must be extracted, processed, transformed and recycled sustainably and equitably.

    According to the International Energy Agency (IEA), reaching net-zero globally by 2050 would require the demand for CETMs to increase three and a half times by 2030, with even steeper demand for key commodities such as lithium (8 times), graphite (7 times), and nickel (7 times).

    The report states that countries with large reserves of CETMs could, with careful action-orientated planning, have an opportunity to transform economies, create green jobs, and foster sustainable local, regional and global development, especially for developing countries and communities.

    https://www.youtube.com/watch?v=80-fMeKTZF0

    MIL OSI Video –

  • MIL-OSI Video: 2024 Mundell-Fleming Lecture: Do Cash Transfers Stimulate the Macroeconomy?

    Source: International Monetary Fund – IMF (video statements)

    Join us as Stanford University’s Valerie Ramey delivers the 2024 Mundell-Fleming Lecture: ‘Do Cash Transfers Stimulate the Macroeconomy?’ at the Annual Research Conference. November 15 at 1:30 PM ET. https://www.imf.org/en/News/Seminars/Conferences/2024/11/14/2024-jacques-polak-annual-research-conference

    https://www.youtube.com/watch?v=K73qDh55I3Q

    MIL OSI Video –

  • MIL-OSI Canada: West Coast ports work stoppage: Joint statement

    Source: Government of Canada regional news

    “Alberta’s government is disappointed and dismayed that yet another work stoppage is occurring in Canada’s transportation sector that has the potential to create widespread damage to Canadians, our country’s economy and our reputation as a reliable trading partner.

    “Alberta is a landlocked province that relies on the safe, dependable movement of goods to and from West Coast ports. These ports export about $50 million worth of Alberta’s key commodities every day including agricultural, energy and manufacturing-related products. A prolonged work stoppage will disrupt the movement of these products, backlog other transportation networks such as rail and trucking and damage the economies of Alberta and Canada.

    “Our government respects the collective bargaining process and encourages the employers and the ship and dock forepersons union to continue working with federal mediators towards an agreement to ensure there are minimal disruptions at West Coast ports.

    “We also call on the federal government to take whatever steps are necessary to maintain critical port operations. Going forward, we encourage the federal government to respond proactively and more effectively to labour disputes affecting essential components of our transportation and supply chain networks, especially those with a limited number of service providers wherein disruptions lead to severe and widespread consequences due to the lack of alternative options.

    “We are calling on the federal government to urgently intervene with binding arbitration, and improve its strategy for managing labour relations, especially within federally regulated transportation sectors. The work stoppages we are seeing every year are a clear indication of the breakdown in these relations and require immediate attention to re-establish stability in our supply chains.”

    MIL OSI Canada News –

  • MIL-OSI New Zealand: New rules mean faster payment times for small businesses

    Source: New Zealand Government

    New requirements for government agencies to pay their invoices faster and adopt labour-saving technology are an important part of our plan to rebuild the economy and support small businesses, Small Business and Manufacturing Minister Andrew Bayly and Economic Development Minister Melissa Lee say.

    “The Government is ambitious about lifting New Zealand’s economic productivity and improving public sector efficiency, which means adopting smarter ways of working,” Mr Bayly says.

    “Government agencies are a large client for businesses up and down the country, supplying everything from stationery and furniture, through to services such as software, security and research. 

    “The 33 central government agencies send and receive 1.6 million invoices annually, with the total number for all 135 government agencies likely many more millions.

    “Prompt payment is especially important for small businesses which have limited cash reserves – an unpaid or late invoice can be the difference between being able to pay staff on time or not.

    “Given 97 per cent of all businesses in New Zealand are small businesses, it is crucial for our broader economic success that government agencies pay their invoices quickly.

    “There are also significant productivity gains from adopting eInvoicing, instead of paper or emailed PDF invoices. eInvoicing allows invoices to be processed digitally, reducing instances of human error and fraud. Estimates suggest that adopting eInvoicing could generate productivity savings of $4.4 billion over the next 10 years.”

    Having invoices paid on time can mean a world of difference to small and medium sized businesses, Ms Lee says.

    “Government agencies should be leading by example, and that’s why I’m rewriting Rule 51 of the Government Procurement Rules so more government agencies adopt eInvoicing and pay their suppliers promptly. 

    “Government agencies spend approximately $51.5 billion a year on procurement. We can leverage this purchasing power to drive innovation and productivity, and boost our economy.

    “From 1 January 2026, agencies that send or receive more than 2,000 domestic invoices a year must have eInvoicing systems in place. These agencies will be required to pay all domestic eInvoices within five business days.

    “To facilitate faster payments in the meantime, I am setting an explicit requirement for around 135 government agencies to pay 90 per cent of all domestic invoices within 10 business days, from 1 January 2025. This will increase to 95 per cent from 1 January 2026. 

    “These changes will help to move money faster around our economy and drive significant economy-wide productivity improvements.”

    Notes to editor

    • A list of agencies required to apply the Government Procurement Rules is available here: www.procurement.govt.nz/about-us/mandate-and-eligibility/.  
    • A wider review of the Government Procurement Rules is currently underway. MBIE will provide recommendations on updated Government Procurement Rules in 2025.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: The International Solar Alliance (ISA) Announces New Office Bearers for 2024 – 2026

    Source: Government of India (2)

    The International Solar Alliance (ISA) Announces New Office Bearers for 2024 – 2026

    Republic of India and Republic of France retain the Presidency and Co-Presidency of the ISA Assembly

    Posted On: 04 NOV 2024 6:04PM by PIB Delhi

     The seventh session of the ISA Assembly in progress at the iconic Bharat Mandapam in New Delhi today elected its President and Co-president for a period of two years from 2024 to 2026. While the Republic of India was the sole contender for the post of President, the Co-Presidency was contested between the Republic of France and Grenada, with the Republic of France emerging victorious.

    The Rules of Procedure of the Assembly of the International Solar Alliance provide for the election of the President, Co-President, and Vice Presidents.

    The Assembly elects the President and Co-President, with due regard to equitable geographical representation. The four regional groups of the ISA Members include Africa; Asia and the Pacific; Europe and Others; and Latin America and the Caribbean. Eight Vice Presidents of the Standing Committee, two from each of the four ISA geographical regions, are selected based on seniority in terms of submitting the instrument of ratification to the depositary on a rotation basis from the ISA Member Countries in the specific region.

    The Republic of Ghana and the Republic of Seychelles will hold office as Vice Presidents for the Africa region; the Commonwealth of Australia and the Democratic Socialist Republic of Sri Lanka for Asia and the Pacific region; the Federal Republic of Germany and the Republic of Italy for Europe and the Others region; Grenada and Republic of Suriname from the Latin America and the Caribbean region.

    As the apex decision-making body of ISA, the Assembly holds significant authority and responsibility. It represents each Member Country and makes crucial decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective.

    The Assembly meets annually at the ministerial level at the ISA’s seat, underscoring the regularity and importance of these gatherings. It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost, and scale of finance.

    The Seventh Session of the ISA Assembly is currently deliberating on the ISA’s key initiatives, focusing on three critical issues: energy access, energy security, and energy transition. These discussions aim to address and find solutions to these pressing global concerns.

    The ISA’s governance bodies, the Assembly, the Standing Committee, and the Regional Committees, offer an integrated approach to governance and decision-making within the Alliance. These Meetings extend the ISA Secretariat the opportunity to enhance cooperation with ISA Member Countries, as well as provide Member Countries with the ability to improve collaboration among themselves and mutually identify avenues of cooperation and partnership.

     

     

    About the International Solar Alliance

    The International Solar Alliance is an international organisation with 120 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.

    ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life.

    With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

    ***

    Navin Sreejith

    (Release ID: 2070661) Visitor Counter : 23

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: The International Solar Alliance Announces the Selection of its third Director General

    Source: Government of India (2)

    Posted On: 04 NOV 2024 6:02PM by PIB Delhi

    The seventh session of the ISA Assembly in progress in New Delhi today selected Mr Ashish Khanna from the Republic of India as its third Director General. The other office candidates included Mr Wisdom Ahiataku —Togobo from Ghana and Mr Gosaye Mengistie Abayneh from Ethiopia.

    The Director General of ISA plays a crucial role in supporting the Assembly in advancing the International Solar Alliance mandate. This includes supporting to Member Countries in addressing common challenges and engaging in coordinated action to scale up the deployment of solar energy globally.

    The outgoing Director General, Dr Ajay Mathur, wishing his successor luck, said, “As I step down from my role, I want to take a moment to welcome Mr Ashish Khanna to this incredible journey ahead warmly. Serving in this position has been an honour, and I am confident you will bring unique energy, vision, and passion to this office and role. Your leadership will undoubtedly steer this Alliance to new heights, building on the progress achieved while carving your legacy. The challenges ahead are great, but so are the opportunities. My simple advice is to trust your intuition, lean on the support around you, and know that you have the skills to make a lasting impact. I wish you the very best as you begin this new chapter.”

    As part of the selection process, the three candidates presented to the ISA Member Country representatives, focusing on their vision for a solar energy-dominant world and the role of the Alliance.

    Mr Ashish Khanna, Director General – Designate, ISA, expounding on his plans for expanding ISA’s reach and impact, said the focus has to shift from ‘what’ to ‘how’ as most countries are aware of what needs to be done, but require assistance in reaching those goals. He added that the Alliance will benefit from participating in international fora, where the motivation should be twofold: to explore collaborations, work together, and learn from each other’s experiences. Moving forward, he said he looks forward to building on what is working well and grooming existing partnerships, and he stressed purity of intent and passion for results.”

    Dr Ajay Mathur, who has led the Alliance since 2021, will conclude his tenure on 14 March 2025. Under his leadership, the Alliance has achieved significant milestones, including a monumental rise in Member & Signatory Countries tallying at 103 and 17, respectively, the completion and launch of demonstration projects, and the successful identification of 50 start-ups with potential to dynamise their countries’ journey towards solar energy. His contributions have laid strong foundations to equal challenges that global solar deployment presents under the broad ambits of investments – via the Global Solar Facility, infrastructure through setting up of solar demonstration projects, and indigenisation – via the STAR-Centres and other ISA programme-related trainings.

    Across the three priority areas of work: advocacy and analytics, capacity building, and programmatic support, drawing a spotlight on the Alliance’s accomplishments under his leadership.

    • He steered the aggregation of 9.5 GW of project proposals, including notable projects like a 360 MW solar PV bid in Cuba and a 400 MW approval in Ethiopia. Guided the preparation of feasibility studies for ground-mounted projects and solar rooftop DPRs in Comoros, Sao Tome & Principe, and Bangladesh. Pilot projects are advancing in Ethiopia, and assessments are ongoing in nine countries. Mini-grid assessments in Ethiopia, Somalia, and Guinea, as well as solar water pumping studies, were completed in 10 countries.
    • The STAR-C initiative, the stellar capacity-building ISA offering, has trained over 900 professionals through six centres, with 10 new centres planned. Regulatory workshops in eight countries have trained over 265 policymakers. ISA also drives knowledge management through its Knowledge Series, Solar Data Portals, and Green Hydrogen Innovation Centre. Flagship reports Easing of Doing Solar and World Solar Reports on Technology, Investment and Finance have been published annually since 2020 and 2022, respectively. The latest addition to this repertoire, ‘Unleashing the Role of Solar: In Advancing Economic, Social, And Environmental Equity’ report, focuses on exploring the global adoption of solar (and renewables) through the lens of socio-economic and developmental priorities for each archetype, utilising a diverse set of indicators across finance, technology, and policy enablers.
    • Among the innovative financial tools, ISA’s Global Solar Facility, launched at COP27, aims to unlock $50M in commercial capital for underserved regions, with its first project in the Democratic Republic of the Congo. While the SolarX Startup Challenge, launched at COP27, mentors 50 scalable solar solutions from Africa and Asia-Pacific, supporting the creation of a project pipeline. ISA continues to lead global collaboration on solar energy through events at the Conference of Parties. Since COP27, ISA has been hosting a solar-focussed space, The Solar Hub, and took its advocacy efforts a notch up with the launch of the first International Solar Festival in September 2024, further cementing its role in the global solar transition.

    Speaking of his legacy, Dr Mathur noted, “I would like to be remembered as the Director General who provided some degree of direction for the globalisation of solar energies while in office at the Alliance.”

    About the International Solar Alliance

    The International Solar Alliance is an international organisation with 120 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.

    ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life.

    With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

    ***

    Navin Sreejith

    (Release ID: 2070660) Visitor Counter : 23

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: The International Solar Alliance Hosts the Seventh Session of its Annual Assembly with representatives from 103 Member & 17 Signatory Countries

    Source: Government of India (2)

    Posted On: 04 NOV 2024 5:54PM by PIB Delhi

    The International Solar Alliance (ISA) is hosting the seventh session of its Assembly here in the Indian capital with ministers from 29 countries.

    Speaking at the inaugural ceremony, the Hon’ble Minister for New and Renewable Energy, India, in his capacity as the President of the ISA Assembly, Shri Pralhad Joshi said: “It is my great honour to stand before you today at the Seventh Session of the Assembly of the ISA. Today, we find ourselves at a key turning point in our mission to reshape the global energy future. Solar energy, once just a vision, is now a powerful reality, leading the world toward a cleaner and more sustainable path. The progress we’ve made together is undeniable, and the true potential of solar energy is unfolding, showing us just how transformative it can be.” He further added, “As a coalition of 120 Member and Signatory countries, ISA has been at the forefront of mobilising resources and facilitating the deployment of solar projects worldwide, particularly in Least Developed Countries (LDCs) and Small Island Developing States (SIDS). I’m proud to state that ISA has successfully completed 21 out of 27 demonstration projects, showcasing our collective ability to make significant strides in solar energy deployment and support sustainable development across the globe. These successful projects are a testament to our shared commitment and dedication. I congratulate and dedicate the eleven demonstration projects and the seven STAR- Centres launched today to the people of these countries.”

    The Hon’ble President also highlighted key interventions of ISA, which are globally pushing the solar agenda. The Solar Data Portal, a platform that delivers real-time data on solar resources, project performance, and investment opportunities across countries, transforms how governments, investors, and developers engage with solar projects by providing transparent and actionable insights. The Global Solar Facility aims to unlock commercial capital for solar projects in underserved regions, especially Africa. A pilot project is underway in the Democratic Republic of Congo, and commitments of USD 39 million from India, ISA, Bloomberg, and Children’s Investment Fund Foundation are on track to be operationalised by COP29.

    In addition, the SolarX Startup Challenge has successfully identified and supported innovative, scalable solutions for the solar sector. The 2024 edition announced 30 winners from the Asia and Pacific region, including India, and preparations are underway to host the Third Edition of the challenge for the Latin America and Caribbean region.

    The monthly ISA Knowledge Series and the Green Hydrogen Innovation Centre, launched at the G20 Ministerial, are advancing solar energy research and development to expand knowledge-sharing and advocacy. Global events like the International Solar Festival, CEO Caucus, and the ISA pavilion ‘Solar Hub’ at the Conference of Parties since COP27 have encouraged global participation and advocacy for solar as a preferred energy source.

    The Co-President of the ISA Assembly, H.E. Mr H.E. Thani Mohamed Soilihi, France’s Minister of State for Development, Francophonie and International Partnerships, via a video message, said:

    “I would like to thank the Secretariat of the International Solar Alliance for its significant work in developing the organisation and setting out ambitious programmes year after year. France has honoured its pledge at the outset of the International Solar Alliance to contribute €1.5 billion to finance solar projects in the organisation’s Member Countries. That is why we renewed our financial support for the Alliance in 2024, which is based on three priorities: First, support for the STAR-C programme which plays a key role in local capacity building. Second, France wishes to facilitate access to financing for developing economies which are transitioning towards sustainable development. Third, France wants to step up the ISA Secretariat’s internationalisation process to increase its outreach. France will continue to support the International Solar Alliance, to enhance collaboration and speed up the development of solar energy. It will thus encourage new partner countries to join the Alliance and will synergise with the initiatives and organisations in developing renewable energies.”

    In his welcome address, Dr Ajay Mathur, Director General of the International Solar Alliance, said, “We are pleased to have honourable ministers from our member, signatory, and prospective countries present here today. Our collective presence symbolises our intention—to explore groundbreaking solutions, exchange expertise, and strengthen partnerships that will drive a new era of solar transformation. In this spirit of global cooperation, we find the collective strength to confront the critical challenges of our time. Over the past years, the Assembly has helped shape the ISA into a global leader in the international arena as the definitive voice on driving energy transition through the deployment of solar energy solutions. This year, too, the Assembly shall be taking up some major initiatives and programmes into consideration that will be laying the foundation for the future.”

    The Assembly will also consider the budgets and work plans for the coming year and include updates on ISA’s priority areas of work, programmes, and projects. An important topic of discussion will be the guidelines for the Viability Gap Funding (VGF) Scheme, which provides for 10% to 35 % of the total solar project cost to be given as a grant for developing solar projects in LDCs and SIDS identified by the countries themselves, provided 90% of the project cost is locked in. Proposals from countries will be considered on a first-come, first-served basis until the annual budget provisions of ISA USD 1.5 million per year are available. The VGF can be availed for solar projects set up by government/government institutions or independent developers/beneficiaries selected through a process per the respective country policies.

    This year’s proceedings will also consist of the election of the president and co-president, who will take over office immediately after the Assembly for the period: 2024 – 2026. The selection of the new Director General, who will assume office in March of 2025, will also be announced.

    The Assembly will be followed by a day-long High-Level Technology Conference on Clean Technologies, which will witness the launch of the third edition of ISA’s flagship report series on technology, investment, and market—the World Solar Reports. The Assembly proceedings will culminate on 6 November 2024 with delegates marking a visit to a farm site in NCT of Delhi to witness first-hand the practical implementation of agrivoltaic system, which entails using the same land for solar energy production and agriculture.

    About the ISA Assembly:

    The Assembly is ISA’s yearly apex decision-making body, representing each Member Country. This body makes decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective. The Assembly meets annually at the ministerial level at the ISA’s seat. It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost, and scale of finance. The Sixth Assembly of the ISA is deliberating on the key initiatives of ISA on three critical issues: energy access, energy security, and energy transition.

    About the Demonstration Projects:

    In May 2020, ISA initiated Demonstration Projects to meet the needs of Least Developed Countries (LDCs) and Small Island Development States (SIDS). The aim was to exhibit solar technology applications that can be scaled up and build the capacity of Member Countries to replicate these solar-powered solutions.

    1. Bhutan: Solar cold storage at the National Post Harvest Centre in Paro
    2. Burkina Faso: Solarisation of two primary healthcare centres in the rural communes of Louda and Korsimoro in the north centre region
    3. Cambodia: Solarisation of primary and secondary schools in Koh Rong city
    4. Cuba: Solar water pumping system at the Hatuey Indian Experimental Station (EEIH) in Perico, Matanzas
    5. Djibouti:  Installation of two off-grid solar-powered cold storage units in Omar Jaga’a in the Arta region and Dougoum village in the Tadjourah region
    6. Ethiopia: Solar-powered water pumps in Gedeo Zone, Irgachefe Woreda community
    7. Mauritius: Solarisation of the Jawaharlal Nehru Hospital in Rose Belle
    8. Samoa: Solar streetlights implemented across 46 locations
    9. Senegal: Solar cold storage in the Borough of Ndande, within the Municipality of Theippe in the Kebemer Department
    10. The Gambia: Solar water pumping systems in Wassadou and Julangel
    11. Tonga: Solar water pumping project in four villages on Tongatapu

    About the STAR-Centre Initiative:

    Solar Technology Application Resource-Centre (STAR-C)are equipped with specialised training facilities, tools, and structured learning modules designed to cultivate a highly skilled solar workforce. To date, ISA has successfully established and operationalised STAR Centers in seven countries: Ethiopia, Somalia, Cuba, Côte d’Ivoire, Kiribati, Ghana, and Bangladesh. Since their launch, these centres have trained professionals in various aspects of solar energy, preparing them to contribute effectively to the sector’s rapid expansion.

    About the International Solar Alliance

    The International Solar Alliance is an international organisation with 120 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.

    ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life.

    With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

    Navin Sreejith

    (Release ID: 2070655) Visitor Counter : 57

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Honoring Artisans: PM Vishwakarma Yojana

    Source: Government of India

    Posted On: 04 NOV 2024 5:31PM by PIB Delhi

    On the occasion of the 77th Independence Day, Prime Minister Narendra Modi unveiled a significant initiative aimed at empowering artisans and craftspeople across India: the PM Vishwakarma Yojana. Launched on September 17, 2023, during Vishwakarma Jayanti at the India International Convention and Expo Centre in Dwarka, New Delhi, this scheme reflects the government’s commitment to supporting traditional craftsmanship. Approved by the Cabinet Committee on Economic Affairs, chaired by PM Modi on August 16, 2023, the PM Vishwakarma Yojana aims to uplift individuals skilled in various traditional crafts, thereby preserving India’s rich cultural heritage.

    The scheme targets a vital segment of the workforce engaged in the informal or unorganised sector, where artisans—referred to as Vishwakarma—work with their hands and tools in occupations such as blacksmithing, goldsmithing, pottery, carpentry, and sculpting. These skills are often passed down through generations, adhering to the guru-shishya model of mentorship and training, which fosters the continuity of age-old traditions. By enhancing the quality and market accessibility of artisans’ products, the PM Vishwakarma Yojana seeks to integrate these skilled individuals into both domestic and global value chains.

    Since its launch, the scheme has garnered remarkable interest, with 25.8 million applications submitted. Out of these, 2.37 million applicants have successfully

     *As of Nov 4, 2024

    registered after completing a thorough three-step verification process. Moreover, nearly 1 million registered artisans have benefited from toolkit incentives of up to Rs 15,000 through e-vouchers, enabling them to acquire modern tools that enhance their craftsmanship. The PM Vishwakarma Yojana stands as a testament to the Indian government’s dedication to revitalizing traditional crafts and supporting the artisans who embody the nation’s cultural diversity and heritage.

     

    Highlights Of the Scheme
    • PM Vishwakarma Yojana is fully funded by the Union Government with a financial outlay of ₹13,000 crore for a period of five years (FY 2023-24 to FY 2027- 28).

     

     The Vishwakarmas are registered free of charge through Common Services Centres using a biometric-based PM Vishwakarma Portal.

     

    • The artisans and craftspeople are provided recognition through a PM Vishwakarma Certificate and an ID Card.
    • They receive collateral-free credit support of up to ₹1 lakh (first tranche) and ₹2 lakh (second tranche) with a concessional interest rate of 5%. The interest subvention by the Government of India will be to an extent of 8% and provided upfront to the banks.

     

    • The scheme further provides craftsmen with methods of skill upgradation involving basic and advanced training, a toolkit incentive of ₹15,000 and incentives for digital transactions and marketing support.

     

     

    Key Benefits

     

    • Enhanced Access to Tooling Facilities: Improves MSMEs’ access to tooling resources, boosting their efficiency and productivity.
    • Industry-Ready Manpower: Provides training programs to equip participants with skills that meet industry standards.
    • Support for Process and Product Development: Facilitates development initiatives within relevant sectors to enhance competitiveness.
    • Consultancy and Job Work Services: Offers tailored consultancy and job work to address the specific needs of various industries.

     

    Who Can Apply

     

    • Industrial Units: Targeted specifically for the MSME sector.
    • Training Program Eligibility: Open to individuals from school dropouts to those holding an M.Tech degree.

    25 traditional trades are covered under PM Vishwakarma Yojana

    PM Vishwakarma Yojana is an endeavour to uplift the Vishwakarmas of India who work tirelessly with their hands and tools, connecting them to the mainstream of development and making them self-reliant.

    The scheme provide support to artisans and craftspeople in rural and urban areas across India and will aid the poverty-alleviation efforts of the Government.

     

    References

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=195607 https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1948891

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1949410#:~:text=Under%20PM%20 Vishwakarma%20scheme%2C%20the,concessional%20interest%20rate%20of%205%25

    https://twitter.com/mygovindia/status/1692433142777315339  https://pmvishwakarma.gov.in/

    https://msme.gov.in/sites/default/files/MSMESchemebooklet2024.pdf

    https://pmvishwakarma.gov.in/Home/FAQ#:~:text=Carpenter%20(Suthar)%2C%20Boat%20Maker,Mat%20maker%2F%20Coir%20Weaver%2F%20Broom

     

    To read the guidelines click here For more information click here

    Click here to download PDF

    ****

    Santosh Kumar/Ritu Kataria/Ishita Biswas

    (Release ID: 2070639) Visitor Counter : 42

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Department of Labor seeks reinstatement, back wages from Pennsylvania manufacturer that allegedly fired worker for raising safety concerns

    Source: US Department of Labor

    YORK, PA – The U.S. Department of Labor has filed suit against a York manufacturing company alleging the company wrongly terminated an employee who raised safety concerns when directed to use a ladder to move stock items when they believed a forklift would be safer.

    Filed in the U.S. District Court for the Middle District of Pennsylvania, the action follows an investigation by the Occupational Safety and Health Administration that determined Red Lion Controls Inc. violated the whistleblower provisions of the Occupational Safety and Health Act by firing the employee for refusing to use a ladder to complete the task. 

    Specifically, the employee reported that they could not maintain the required three points of contact to ensure ladder safety and needed to use a forklift. Investigators also learned the company negated the employee’s concerns and responded that the task could “easily” be done while on a ladder and suggested other employees were able to use a ladder to complete the task. After the employee held firm, the company terminated them. 

    “Every worker deserves a safe workplace and the freedom to report unsafe conditions without the threat of retaliation,” said OSHA Regional Administrator Michael Rivera in Philadelphia. “Employers must understand that retaliation or termination for speaking up about hazards is not only unlawful but undermines the protections meant to keep workers safe.”

    The department’s suit asks the court to hold Red Lion Controls liable for illegal retaliation, and to reinstate them and pay back wages and damages.

    “When employees exercise their right to report unsafe workplace conditions and face any form of retaliation, we will pursue all legal remedies to ensure employees are made whole and employers do not engage in similar conduct in the future,” said Regional Solicitor of Labor Samantha Thomas in Philadelphia.

    A subsidiary of HMS Networks AB, a provider of industrial information and communication technology, Red Lion Controls Inc. serves customers in factory automation, alternative energy, oil and gas, power and utilities, transportation, water and wastewater industries.  

    OSHA’s Whistleblower Protection Program enforces the whistleblower provisions of 25 whistleblower statutes protecting employees from retaliation for reporting violations of various workplace safety and health, airline, commercial motor carrier, consumer product, environmental, financial reform, food safety, health insurance reform, motor vehicle safety, nuclear, pipeline, public transportation agency, railroad, maritime, securities, tax, criminal antitrust, and anti-money laundering laws. For more information on whistleblower protections, visit OSHA’s Whistleblower Protection Programs webpage.

    # # #

    Editor’s note: The U.S. Department of Labor does not release the names of employees involved in whistleblower complaints.

    Media Contact: 

    Leni Fortson, 215-861-5102, uddyback-fortson.lenore@dol.gov

    Release Number:  24-2264-PHI

    MIL OSI USA News –

  • MIL-OSI Security: FBI New York Prioritizes Election Security in Preparation for November 5 Voting

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

    In keeping with our standard election day protocol, FBI New York has stood up an election command post in preparation for the November 5 election. The command post is staffed 24 hours a day to provide a centralized location for assessing election-related threats in our area of responsibility.

    The FBI has a duty to plan for a host of potential scenarios related to election fraud, voter suppression, foreign malign influence, malicious cyber activity against election infrastructure, and threats to election workers. We are committed to protecting the American public’s right to a fair and safe election.

    For decades, the FBI has served as the primary agency responsible for investigating allegations of federal election crimes, including campaign finance violations, ballot/voter fraud, and civil rights violations. In close partnership with the Department of Justice (DOJ), the FBI established the Election Threats Task Force to identify and address reported threats targeting election workers.

    The FBI takes our responsibility very seriously, and works closely with our federal, state, and local partners to identify and stop any potential threats to public safety. We gather and analyze intelligence to determine whether individuals might be motivated to take violent action for any reason, including due to concerns about the election.

    It is vital the FBI, our law enforcement partners, and the public work together to protect our communities as Americans exercise their right to vote. We encourage the public to remain vigilant and immediately report any suspicious activity to law enforcement. The FBI takes all threats of violence seriously, including threats targeting those who do the critical work of administering free and fair elections throughout the U.S.

    The Justice Department has long recognized that the states—not the federal government— are responsible for administering elections, determining the validity of votes, and tabulating the results, with challenges handled by the appropriate election administrators, officials, legislatures, and courts. The Department’s role is limited to investigating and prosecuting violations of federal election laws and deterring criminal conduct.

    FBI New York encourages citizens to report allegations of election fraud and other election abuses to the FBI at 1-800-CALL-FBI.

    MIL Security OSI –

  • MIL-OSI Security: FBI Cleveland Seeking Forensic Accountant Candidates

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

    The FBI seeks qualified candidates to apply to become the next forensic accountant for our downtown Cleveland, Ohio, location.  This is an on-site role and mission-critical hiring position not posted on fbijobs.gov or usajobs.gov. 
      
    Education: Bachelor’s degree or higher from a U.S.-accredited college or university in accounting or a related field, such as business administration, finance, or public administration that included or was supplemented by 24 semester hours in accounting. The 24 hours may include up to six hours in business law. 
     
    Preferred professional experience includes: 

    • A minimum of three to five years of full-time, post-collegiate experience in public accounting/audit, forensic accounting, and/or internal audit 
    • Certifications such as Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), or Certified in Financial Forensics (CFF) are a plus.  

    Information regarding FBI work eligibility can be found at fbijobs.gov/eligibility.   

    Information regarding the Forensic Accountant position can be found in our “Forensic Accountant” PDF.

    GS-9-12 
    $62,630-$118,069 

    To apply: Please send resumes by November 15 to applicants.cv@fbi.gov with “Forensic Accountant” in the subject line.

    MIL Security OSI –

  • MIL-OSI Security: Former Miami-Dade Corrections Officer Pleads Guilty to $150,000 COVID-19 Fraud

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

    MIAMI – Yesterday, Daniel Fleureme, 56, of Miami-Dade County, a former Miami-Dade Corrections and Rehabilitation Department (MDCRD) Corrections Officer, pled guilty to wire fraud for defrauding a COVID-19 relief program by fraudulently obtaining an Economic Injury Disaster Loan from the U. S. Small Business Administration (SBA).

    The Coronavirus Aid, Relief and Economic Security (CARES) Act was designed to provide emergency financial assistance to the millions of Americans who were suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act were Economic Injury Disaster Loans (EIDLs) to eligible small businesses experiencing substantial financial disruptions. These EIDLs were provided directly to borrowers by the SBA.

    On July 27, 2020, Fleureme, while he was employed full-time by MDCRD as a Corrections Officer, submitted to the SBA a false and fraudulent EIDL application claiming to be the 100% owner of a sole proprietorship operating under the company legal and DBA names of “Daniel Fleureme.” In this fraudulent application, Fleureme claimed that he had owned the business since its creation on Feb. 15, 2017, and stated that the business had three employees as of Jan. 31, 2020. Fleureme’s EIDL application also falsely certified that for the 12-month period prior to Jan. 31, 2020, his sole proprietorship had gross revenues of $450,000 and a cost of goods sold of only $97,000. As a result of this fraudulent EIDL application, Fleureme received approximately $150,000 in EIDL proceeds from the SBA.

    He is scheduled to be sentenced on Jan. 7, 2025, at 11:00 a.m., before U.S. District Judge Jose E. Martinez in Miami. Fleureme faces up to 20 years in prison for the wire fraud conviction. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    U.S. Attorney for the Southern District of Florida Markenzy Lapointe and Special Agent in Charge Jeffrey B. Veltri of the FBI, Miami Field Office, Inspector General Felix Jimenez of the Miami-Dade County Office of Inspector General (M-DC OIG), and Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA OIG), Eastern Region, made the announcement.

    The FBI’s Miami Area Corruption Task Force, which includes task force officers from the M-DC OIG, working in conjunction with SBA OIG, investigated the case.  Assistant U.S. Attorney Edward N. Stamm is prosecuting the case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On Sept. 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud.  The Strike Force combines law enforcement and prosecutorial resources and focuses on large-scale, multistate pandemic relief fraud perpetrated by criminal organizations and transnational actors, as well as those who committed multiple instances of pandemic relief fraud. The Strike Force uses prosecutor-led and data analyst-driven teams to identify and bring to justice those who stole pandemic relief funds. Additional information regarding the Strike Force may be found at https://www.justice.gov/opa/pr/justice-department-announces-covid-19-fraud-strike-force-teams.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 24-cr-20407.

    ###

    MIL Security OSI –

  • MIL-OSI Security: St. Louis County Woman Accused of Three Different Frauds

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

    ST. LOUIS – A woman from St. Louis County, Missouri was indicted Wednesday and accused of aiding a romance fraud conspiracy and committing a nearly $40,000 pandemic relief loan fraud as well as a separate mortgage fraud.

    Shirley Waller, 42, was indicted on three counts of wire fraud, two counts of mortgage fraud and one count of conspiracy to commit mail fraud, wire fraud and use of an assumed name to commit mail fraud.

    The indictment accuses Waller of applying for and receiving a Paycheck Protection Program loan of $19,235 for a Michigan business in 2021, as well as a second loan for a St. Louis resale shop. Waller used the proceeds of the first loan on personal flights to Ghana, Germany and Jamaica instead of approved business purposes, the indictment says.

    On May 14, 2022, Waller applied for a home loan of more than $196,000 by lying about her marital status, salary and job and by submitting counterfeit W-2 forms and paystubs, the indictment says.

    Finally, the indictment accuses Waller of aiding scammers who tricked a 71-year-old St. Louis County woman into believing that she was in an online relationship with a U.S. military surgeon deployed overseas. Scammers told the victim to send $30,000 in cash to Waller’s address, the indictment says. The shipment was tracked on its journey by several IP addresses in Nigeria. In a two-week period, at least 35 Express Mail shipments sent to Waller’s address by other victims were also tracked by Nigerian IP addresses, the indictment says. Waller would open the packages and forward the cash to others via cryptocurrency transactions and other means, it says.

    Charges set forth in an indictment are merely accusations and do not constitute proof of guilt.  Every defendant is presumed to be innocent unless and until proven guilty.

    “The U.S. Postal Inspection Service is charged with defending the nation’s mail system from illegal use.  With the collaborative efforts of our federal law enforcement partners, Postal Inspectors investigate fraudsters who utilize the U.S. Mail to perpetuate financial schemes to defraud others in order to enrich themselves.  Postal Inspectors seek justice for victims, including the multiple individual consumer and business victims in this investigation,” said Inspector in Charge, Ruth Mendonça, who leads the Chicago Division of the U.S. Postal Inspection Service, which includes the St. Louis Field Office.

    Each mail theft charge carries a potential penalty of up to 5 years in prison, a $250,000 fine, or both prison and a fine.

    The U.S. Postal Inspection Service, the Town and Country Police Department and the FBI investigated the case. Assistant U.S. Attorney Tracy Berry is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI: Stronghold Digital Mining Sets Third Quarter 2024 Earnings Conference Call for Wednesday, November 13 at 8:30 a.m. Eastern Time

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) — Stronghold Digital Mining, Inc. (NASDAQ: SDIG) (“Stronghold”, or the “Company”) will host a conference call on Wednesday, November 13 at 8:30 a.m. Eastern Time to discuss its operations and financial results from the third quarter 2024. A press release detailing these results will be issued before the market opens on the same day.

    Stronghold management will provide prepared remarks, followed by a question-and-answer period.

    A live webcast of the call will be available on the Investor Relations page of the Company’s website at ir.strongholddigitalmining.com. To access the call by phone, please use the following link Stronghold Digital Mining Third Quarter 2024 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, please register a minimum of 15 minutes before the start of the call.

    A replay will be available on the Company’s Investor Relations website shortly after the event at ir.strongholddigitalmining.com.

    About Stronghold Digital Mining, Inc.
    Stronghold is a vertically integrated Bitcoin mining company with an emphasis on environmentally beneficial operations. Stronghold houses its miners at its wholly owned and operated Scrubgrass Plant and Panther Creek Plant, both of which are low-cost, environmentally beneficial coal refuse power generation facilities in Pennsylvania.

    Investor Contact:

    Matt Glover or Alec Wilson
    Gateway Group, Inc.
    SDIG@gateway-grp.com
    1-949-574-3860

    Media Contact:

    contact@strongholddigitalmining.com

    The MIL Network –

  • MIL-OSI: TeraWulf Announces October 2024 Production and Operations Update

    Source: GlobeNewswire (MIL-OSI)

    Accelerating delivery of 72.5 MW high-performance computing (HPC) hosting capacity by end of Q2 2025

    8.1 EH/s of operational self-mining capacity, up 62% year-over-year

    EASTON, Md., Nov. 04, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today provided its unaudited monthly production and operations update for October 2024.

    October 2024 Production and Operations Highlights

    • Self-Mined Bitcoin: TeraWulf mined 150 bitcoin, with an average daily production rate of approximately 4.8 bitcoin.
    • Operating Capacity: The Company maintained 8.1 EH/s of operational self-mining capacity, reflecting a 62.0% increase year-over-year.
    • Power Cost: Achieved an average power cost of $36,789 per bitcoin mined, equivalent to approximately $0.048/kWh, excluding proceeds from demand response and ancillary services.
    • Miner Refresh Program: The miner refresh at Lake Mariner progressed with the replacement of older S19 Pro/J-Pro and M30s+ models with approximately 12,200 S19 XP miners received in connection with sale of the Company’s interest in the Nautilus Cryptomine facility.
    Key Metrics1 October 2024 September 2024
    Bitcoin Self-Mined Lake Mariner   150   140
    Bitcoin Self-Mined Nautilus2   —   36
    Value per Bitcoin Self-Mined3 $ 65,427 $ 60,168
    Power Cost per Bitcoin Self-Mined $ 36,789 $ 35,109
    Avg. Operating Hash Rate (EH/s)4   6.8   8.2
    Nameplate Miner Efficiency (J/TH)5   22.0   24.6

    Management Commentary

    “October marked another productive month, with TeraWulf mining 150 bitcoin and sustaining an average daily production of around 5 bitcoin,” said Sean Farrell, Senior Vice President of Operations at TeraWulf. “In line with our previously outlined plans, we are accelerating the transition to more efficient mining hardware by replacing older miners at Lake Mariner with S19 XP models. We are also working closely with Bitmain’s warranty department on a recovery plan to repair and replace 1.5 EH of mining equipment with a target completion by the end of the year. Furthermore, we have established a dedicated Business Development and Performance Optimization team, focused on integrating advanced IT and software solutions to improve our operational hash rate and overall efficiency. Building 5, which has been designed to handle higher heat exhaust of the latest generation miners, remains on track to be operational in Q1 2025.”

    Farrell added, “The proceeds from our recent sale of equity interest in Nautilus and successful convertible notes financing have positioned us to fast-track the expansion of our HPC and AI initiatives at Lake Mariner. We are targeting the delivery of 72.5 MW of HPC hosting capacity by the end of Q2 2025, which will allow us to meet the growing demand for high-performance computing solutions.”

    Production and Operations Update

    As of October 31, 2024, TeraWulf’s operational bitcoin mining capacity included 195 MW at the Lake Mariner facility. With the reinstallation of XP miners from Nautilus underway, the Company expects its total self-mining hash rate to increase to approximately 8.7 EH/s.

    In October, the Company’s miners operated at an average hash rate of 6.8 EH/s, with adjustments made for demand response events and performance optimization strategies to maximize profitability.

    On the WULF Compute front, TeraWulf continues its rapid progress in large-scale HPC hosting infrastructure at Lake Mariner. Notable progress includes the recent completion of a 2.5 MW HPC/AI proof-of-concept project designed to accommodate current and next-gen GPU technology. Additionally, construction of CB-1, a 20 MW HPC hosting facility with Tier 3-grade redundancy features, is on schedule for completion in Q1 2025. Preparations for CB-2, a 50 MW HPC hosting facility, are also progressing as key components have already been secured, ensuring timely delivery by the end of Q2 2025.

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Investors:
    Investors@terawulf.com

    Media:
    media@terawulf.com

    1 The Company’s share of the earnings or losses from operations at the Nautilus Cryptomine facility is reflected within “Equity in net income (loss) of investee, net of tax” in the consolidated statements of operations. Accordingly, operating results of the Nautilus Cryptomine facility are not reflected in revenue, cost of revenue or cost of operations lines in TeraWulf’s consolidated statements of operations. The Company uses these metrics as indicators of operational progress and effectiveness and believes they are useful to investors for the same purposes and to provide comparisons to peer companies. All figures except Bitcoin Self-Mined are estimates and remain subject to standard month-end adjustments.
    2 The Company sold its 25% equity interest in the Nautilus Cryptomine facility effective October 2, 2024.
    3 Computed as the weighted-average opening price of bitcoin on each respective day the Bitcoin Self-Mined is earned.
    4 While nameplate mining inventory as of October 31, 2024 for Lake Mariner is estimated at 8.1 EH/s, actual monthly hash rate performance depends on a variety of factors, including (but not limited to) performance tuning to increase efficiency and maximize margin, scheduled outages (scopes to improve reliability or performance), unscheduled outages, curtailment due to participation in various cash generating demand response programs, derate of ASICS due to adverse weather and ASIC maintenance and repair. Performance in October is especially impacted by miner fleet upgrade work.
    5 Nameplate miner efficiency excludes auxiliary load.

    The MIL Network –

  • MIL-OSI: Phunware to Report Third Quarter 2024 Financial Results on Thursday, November 7, 2024

    Source: GlobeNewswire (MIL-OSI)

    Management to Host Business Update Conference Call on Thursday, November 7, 2024 at 4:30 p.m. ET

    AUSTIN, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announces it will report third quarter 2024 financial results after the U.S. financial markets close on Thursday, November 7, 2024 and will host a live conference call at 4:30 p.m. ET to discuss the results, recent leadership changes, ongoing initiatives and upcoming milestones. Following management’s formal remarks, there will be a question-and-answer session.

    To listen to the conference call, interested parties within the U.S. should dial 1-888-506-0062 (domestic) or 973-528-0011 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and use Participant Access Code 704558 to be joined into the Phunware conference call.

    The conference call will also be available through a live webcast that can be accessed at Phunware 3Q24 Earnings Webcast. A webcast earnings call replay will be available approximately one hour after the live call until November 7, 2025 with this same weblink.

    A telephonic replay of the call will be available until November 21, 2024 by dialing 1-877-481-4010 (or 919-882-2331 for international callers) and using replay access code 51482.

    About Phunware

    Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, digital advertising, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

    Phunware’s mission is to achieve unparalleled connectivity and monetization through widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, digital asset holders, and market participants. Phunware is poised to expand its software products and services audience through its new platform, utilize and monetize its patents and other intellectual property, and reintroduce its digital asset ecosystem for existing holders and new market participants.

    For more information on Phunware, please visit www.phunware.com. To better understand and leverage generative AI and Phunware’s mobile app technologies, visit https://ai.phunware.com/advocacy.

    Safe Harbor / Forward-Looking Statements

    This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions are intended to identify forward-looking statements. For example, Phunware is using forward-looking statements when it discusses the adoption and impact of emerging technologies and their use across mobile engagement platforms.

    The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

    By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

    Investor Relations Contact:

    Chris Tyson, Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    PHUN@mzgroup.us
    www.mzgroup.us

    Phunware Media Contact:

    Joe McGurk, Managing Director
    917-259-6895
    PHUN@mzgroup.us

    The MIL Network –

  • MIL-OSI: Christopher Campise Named Chief Information Officer of Five Star Bank

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., Nov. 04, 2024 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI), parent company of Five Star Bank (“Five Star” or the “Bank”) and Courier Capital, LLC, announced that Christopher Campise has joined as Senior Vice President, Chief Information Officer of the Bank.

    In this role, Mr. Campise will lead the development and implementation of the Bank’s technology strategies, systems, and processes, while further enhancing the information technology infrastructure to support the organization’s long-term objectives. Mr. Campise will report to W. Jack Plants II, Executive Vice President, Chief Financial Officer and Treasurer.

    “Chris brings tremendous experience to Five Star Bank in terms of his proven ability to lead and execute IT strategy that advances business goals and objectives,” said Mr. Plants. “His varied experience, including in other highly regulated industries, will serve him well here and we are pleased to be benefitting from his fresh perspective and results-driven approach.”

    Mr. Campise joins Five Star from Delaware North Companies, where he served as Senior Director of Enterprise Architecture since 2021. Prior to that, Chris helped lead enterprise architecture during his seven year tenure at Highmark Blue Cross Blue Shield and spent nine years with the University at Buffalo. Earlier in his career, he worked at several Wester New York technology and software companies.

    Mr. Campise, who is based at Five Star Bank Centre in Amherst, N.Y., previously served as a board member of Habitat for Humanity Buffalo and the Gartner Advisory Board. He is also a past volunteer with Mission: Ignite and InfoTech WNY. Mr. Campise earned his B.S. in Computer Science from Canisius College.

    About Financial Institutions, Inc. and Five Star Bank
    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.2 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    For additional information contact:
    Kate Croft
    Director, Investor and External Relations
    716-817-5159
    klcroft@five-starbank.com

    The MIL Network –

  • MIL-OSI: First Pacific Bancorp Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    WHITTIER, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) — First Pacific Bancorp (the “Company”) (OTC Pink: FPBC), the holding company for First Pacific Bank (the “Bank”), today reported consolidated results for the third quarter ending September 30, 2024, underscored by the sixth consecutive quarter of profitability.

    Highlights for the third quarter of 2024 include:

    • Total assets ended Q3 2024 at $434 million, up $14 million from $420 million at year end 2023.
    • Total deposits ended the third quarter of 2024 at $342 million, up $9 million since year end 2023.
    • Total loans ended the third quarter of 2024 at $268 million, down $7 million from year end 2023.
    • Asset quality remains excellent with minimal levels of classified or non-performing assets.
    • The Bank ended the third quarter with a strong capital position, with a leverage capital ratio of 8.8% and a total risk-based capital ratio of 12.8%.
    • As of September 30, 2024, cash and cash equivalents totaled $49 million, including funds invested overnight, up $27 million since year end 2023.
    • Unused borrowing capacity from credit facilities in place on September 30, 2024, totaled $143 million.

    For the third quarter ending September 30, 2024, the Company realized a pre-tax, pre-provision profit of $345 thousand, compared to a pre-tax, pre-provision profit of $272 thousand in Q2 2024. Net income for the third quarter of 2024 was $249 thousand, up from $198 thousand in Q2 2024. For the nine months ending September 30, 2024, the Company reported $608 thousand in net income, up from a net loss of $219 thousand reported for the nine months ending September 30, 2023.     

    Asset quality remains excellent with minimal non-performing assets and the allowance for credit losses is 1.16% of total loans.  

    “We are encouraged by our results, as evidenced by six consecutive quarters of profitability,” said Joe Matranga, Chairman of the Board of Directors. “We continue to maintain a solid capital, liquidity, and financial standing and are well-positioned to execute our strategy and deliver sustainable, long-term value for our stakeholders.”

    “Our third-quarter results reflect a strong and consistent period of profitability, driven by increased core deposit growth, stable credit quality, and a disciplined approach to expense management,” said Nathan Rogge, President and Chief Executive Officer. “We are pleased with our performance and continue to look for opportunities to expand our customer base through strategic investments in technology and innovation that aim to enhance the customer experience.”

    ABOUT FIRST PACIFIC BANK

    First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. Since opening in 2006, the Bank has offered a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.

    FORWARD-LOOKING STATEMENTS

    This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and First Pacific Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. Forward-looking statements relate to, among other things, our business plan, and strategies, and can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and similar expressions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that might cause such differences include, but are not limited to: successfully realizing the benefits of our business strategy and plans,; changes in general economic and financial market conditions, either nationally or locally, in areas in which First Pacific Bank conducts its operations; effects of inflation and changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; impact of any natural disasters, including earthquakes; effect of governmental supervision and regulation, including any regulatory or other enforcement actions; legislation or regulatory changes which adversely affect First Pacific Bank’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events, or circumstances after the date of such statements except as required by law.  

    Contacts

    — Summary Financial Tables Follow —

    First Pacific Bancorp          
    Consolidated Balance Sheets          
    (Unaudited)          
      Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023
    ASSETS          
    Cash and due from banks $ 23,584,084   $ 4,671,483   $ 7,317,500   $ 4,308,149   $ 4,240,871  
    Fed funds sold & int-bearing balances   25,520,000     37,860,000     37,575,000     18,060,000     20,410,000  
    Total cash and cash equivalents   49,104,084     42,531,483     44,892,500     22,368,149     24,650,871  
               
    Debt securities (AFS)   3,041,852     3,077,666     5,138,340     5,257,049     5,266,653  
    Debt securities (HTM)   101,260,391     102,202,926     103,474,749     104,343,133     105,447,814  
    Total debt securities   104,302,243     105,280,592     108,613,089     109,600,182     110,714,467  
               
    Construction & land development   23,067,204     24,651,513     25,480,398     27,070,749     24,721,763  
    1-4 Family residential   58,082,570     68,588,393     68,521,663     66,567,165     64,925,441  
    Multifamily residential   28,966,811     26,800,829     26,947,419     27,128,177     28,484,194  
    Nonfarm, nonresidential real estate   99,715,860     94,643,169     97,893,840     99,627,812     99,859,450  
    Commercial & industrial   57,342,017     53,504,969     54,785,564     53,938,659     55,374,111  
    Consumer & Other   780,639     1,831,036     1,123,918     865,849     569,736  
    Total loans   267,955,101     270,019,909     274,752,802     275,198,411     273,934,695  
    Allowance for loan losses   (3,109,975 )   (3,109,975 )   (3,109,975 )   (3,109,975 )   (2,974,427 )
    Total loans, net   264,845,126     266,909,934     271,642,827     272,088,436     270,960,268  
               
    Premises, equipment, and ROU net   1,452,886     1,714,833     1,992,588     2,268,671     1,850,187  
    Goodwill, core deposit & other intangibles   1,287,129     1,298,084     1,313,367     1,328,651     1,343,934  
    Bank owned life insurance   5,257,550     5,227,763     5,198,654     5,170,521     5,142,322  
    Accrued interest and other assets   7,505,380     7,476,554     7,415,609     7,392,301     7,616,948  
               
    Total Assets $ 433,754,398   $ 430,439,243   $ 441,068,634   $ 420,216,911   $ 422,278,997  
               
    LIABILITIES AND SHAREHOLDERS’ EQUITY          
    Deposits:          
    Noninterest-bearing demand $ 129,473,091   $ 144,240,187   $ 133,945,262   $ 121,348,095   $ 130,982,957  
    Interest-bearing transaction accounts   24,660,000     24,797,108     28,166,207     34,716,150     47,304,776  
    Money market and savings   143,270,628     143,497,864     148,732,230     139,011,862     131,505,430  
    Time deposits   44,388,137     41,060,590     38,662,227     38,235,413     22,504,646  
    Total deposits   341,791,856     353,595,749     349,505,926     333,311,520     332,297,809  
               
    Borrowings   50,000,000     35,000,000     50,000,000     45,000,000     50,000,000  
    Accrued interest and other liabilities   3,430,132     3,781,444     3,936,909     4,530,208     2,934,831  
    Total liabilities   395,221,988     392,377,193     403,442,835     382,841,728     385,232,640  
               
    Shareholders’ Equity:          
    Capital stock and APIC   37,117,627     36,970,386     36,788,606     36,699,786     36,508,987  
    Retained earnings   2,151,305     1,902,788     1,705,174     1,543,264     1,487,800  
    Accum other comprehensive income   (736,522 )   (811,124 )   (867,981 )   (867,867 )   (950,430 )
    Total shareholders’ equity   38,532,410     38,062,050     37,625,799     37,375,183     37,046,357  
               
    Total Liabilities and Shareholders’ Equity $ 433,754,398   $ 430,439,243   $ 441,068,634   $ 420,216,911   $ 422,278,997  
               
    First Pacific Bancorp          
    Consolidated Income Statements – Quarterly          
    (Unaudited)          
               
      Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023
    INTEREST INCOME          
    Loans, including fees $4,817,174 $4,655,844 $4,700,535 $4,653,303   $4,458,616  
    Debt securities 499,268 514,613 543,857 544,330   585,047  
    Fed funds & int-bearing balances 450,166 573,022 410,685 258,178   271,266  
    Total interest income 5,766,608 5,743,479 5,655,077 5,455,811   5,314,929  
               
    INTEREST EXPENSE          
    Deposits 1,790,578 1,687,121 1,746,032 1,542,541   1,408,092  
    Borrowings 444,250 524,599 507,390 705,324   567,115  
    Total interest expense 2,234,828 2,211,720 2,253,422 2,247,865   1,975,207  
               
    Net interest income 3,531,780 3,531,759 3,401,655 3,207,946   3,339,722  
               
    Provision for credit losses – – – 101,538   191,428  
               
    Net interest income after provision 3,531,780 3,531,759 3,401,655 3,106,408   3,148,294  
               
    NONINTEREST INCOME          
    Service charges, fees and other income 106,628 96,460 108,365 108,769   122,367  
    Sublease income 53,975 52,970 53,872 53,872   53,384  
    Gains (losses) on sale of assets 15,335 – – (12,982 ) 101,844  
    Gains on early payoff of debt – 144,325 – –   123,077  
    Total noninterest income 175,938 293,755 162,237 149,659   400,672  
               
    NONINTEREST EXPENSE          
    Salaries and benefits 2,154,290 2,182,674 2,178,486 1,954,029   2,311,113  
    Occupancy and equipment 374,069 363,695 368,816 384,088   377,795  
    Other expense 834,281 1,007,247 794,158 894,440   823,677  
    Total noninterest expense 3,362,640 3,553,616 3,341,460 3,232,557   3,512,585  
               
    Income before income tax expense 345,078 271,898 222,432 23,510   36,381  
               
    Income tax expense (benefit) 96,563 74,281 60,524 (31,955 ) (15,550 )
               
    Net Income (Loss) $248,515 $197,617 $161,908 $55,465   $51,931  
               
    Earnings per share basic (QTR) $0.06 $0.05 $0.04 $0.01   $0.01  
    Weighted average shares outstanding (QTR) 4,288,851 4,283,351 4,281,653 4,231,841   4,174,529  
               
    First Pacific Bancorp    
    Consolidated Income Statements – Year-to-Date    
    (Unaudited)    
         
      Sep 30, 2024 Sep 30, 2023
    INTEREST INCOME    
    Loans, including fees $14,173,553 $12,051,909  
    Investment securities 1,557,738 1,735,019  
    Fed funds & int-bearing balances 1,433,873 742,649  
    Total interest income 17,165,164 14,529,577  
         
    INTEREST EXPENSE    
    Deposits 5,223,731 3,201,945  
    Borrowings 1,476,239 1,735,403  
    Total interest expense 6,699,970 4,937,348  
         
    Net interest income 10,465,194 9,592,229  
         
    Provision for credit losses – 804,428  
         
    Net interest income after provision 10,465,194 8,787,801  
         
    NONINTEREST INCOME    
    Service charges, fees and other income 311,453 347,054  
    Sublease income 160,817 158,202  
    Gains (losses) on sale of assets 15,335 142,075  
    Gains on early payoff of debt 144,325 123,077  
    Total noninterest income 631,930 770,408  
         
    NON INTEREST EXPENSE    
    Salaries and benefits 6,515,450 6,604,574  
    Occupancy and equipment 1,106,580 1,086,189  
    Other expense 2,635,686 2,230,137  
    Total noninterest expense 10,257,716 9,920,900  
         
    Income before income tax expense 839,408 (362,691 )
         
    Income tax expense (benefit) 231,368 (143,307 )
         
    Net Income (loss) $608,040 ($219,384 )
         
    Earnings (loss) per share basic (YTD) $0.14 ($0.06 )
    Weighted average shares outstanding (YTD) 4,284,634 3,912,161  
    First Pacific Bancorp            
    Quarterly Financial Highlights            
    (Unaudited)            
        Quarterly
        2024 2024 2024 2023 2023
    ($$ in thousands except per share data)   3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
    EARNINGS            
    Net interest income $ 3,532   3,532   3,402   3,208   3,340  
    Provision for loan losses $ 0   0   0   102   191  
    Noninterest income $ 176   294   162   150   401  
    Noninterest expense $ 3,363   3,554   3,341   3,233   3,513  
    Income tax expense $ 97   74   61   (32 ) (16 )
    Net income $ 249   198   162   55   52  
                 
    Basic earnings per share $ 0.06   0.05   0.04   0.01   0.01  
    Weighted average shares outstanding   4,288,851   4,283,351   4,281,653   4,231,841   4,174,529  
    Ending shares outstanding   4,291,927   4,283,351   4,283,351   4,231,841   4,231,841  
                 
    PERFORMANCE RATIOS            
    Return on average assets   0.23 % 0.18 % 0.15 % 0.05 % 0.05 %
    Return on average common equity   2.58 % 2.10 % 1.73 % 0.59 % 0.56 %
    Yield on loans   6.98 % 6.97 % 6.84 % 6.69 % 6.60 %
    Yield on earning assets   5.58 % 5.52 % 5.49 % 5.35 % 5.26 %
    Cost of deposits   2.05 % 1.96 % 2.05 % 1.89 % 1.70 %
    Cost of funding   2.32 % 2.28 % 2.35 % 2.37 % 2.09 %
    Net interest margin   3.42 % 3.40 % 3.31 % 3.15 % 3.30 %
    Efficiency ratio   90.7 % 92.9 % 93.8 % 96.3 % 93.9 %
                 
    CAPITAL            
    Tangible equity to tangible assets   8.61 % 8.57 % 8.26 % 8.61 % 8.48 %
    Book value (BV) per common share $ 8.98   8.89   8.78   8.83   8.75  
    Tangible BV per common share $ 8.68   8.58   8.48   8.52   8.44  
                 
    ASSET QUALITY            
    Net loan charge-offs (recoveries) $ 0   0   0   0   0  
    Allowance for loan losses (ALLL) $ 3,110   3,110   3,110   3,110   2,974  
    ALLL to total loans   1.16 % 1.15 % 1.13 % 1.13 % 1.09 %
    Nonperforming loans $ 991   77   160   61   0  
                 
    END OF PERIOD BALANCES            
    Total loans $ 267,955   270,020   274,753   275,198   273,935  
    Total assets $ 433,754   430,439   441,069   420,217   422,279  
    Deposits $ 341,792   353,596   349,506   333,312   332,298  
    Loans to deposits   78.4 % 76.4 % 78.6 % 82.6 % 82.4 %
    Shareholders’ equity $ 38,532   38,062   37,626   37,375   37,046  
    Full-time equivalent employees   44   44   46   45   44  
                 
    AVERAGE BALANCES (QTRLY)            
    Total loans $ 273,960   267,766   275,578   276,016   268,186  
    Earning assets $ 410,298   416,965   412,791   404,210   400,993  
    Total assets $ 424,199   430,830   426,592   417,595   414,457  
    Deposits $ 346,142   346,032   341,226   323,300   329,121  
    Shareholders’ equity $ 38,267   37,788   37,443   37,179   36,469  

    The MIL Network –

  • MIL-OSI Canada: Supporting the condominium and construction sectors

    Source: Government of Canada regional news

    [embedded content]

    The Service Alberta Statutes Amendment Act, 2024, proposes changes to the Condominium Property Act, the Prompt Payment and Construction Lien Act (PPCLA), and the Public Works Act that will make life easier for Albertans.

    If passed, the bill would make amendments to the Condominium Property Act to provide the framework for establishing the long-anticipated Condominium Dispute Resolution Tribunal. The tribunal will make it easier and more affordable for condominium owners and corporations to resolve common disputes outside the court system.  

    “Our work with condominium owners, board members, managers and others in the sector has reinforced the need for changes that will meet the needs of condominium owners and residents. This legislation will improve condominium governance, provide additional measures for consumer protection and establish a mechanism for easy access to dispute resolution.”

    Dale Nally, Minister for Service Alberta and Red Tape Reduction

    The bill would also establish that chargebacks to owners for damage they have caused will be treated as contributions (condominium fees), which will better protect the overall financial health and well-being of the condominium community.

    Other amendments include the provision of a simple form of voting for simple matters, such as approving a meeting agenda. Additionally, the bill will establish the basis for technical requirements for newly built condominiums to protect consumers against structural or other defects in the construction of condominiums.

    “CCI North Alberta is pleased to support the introduction of these legislative changes. These amendments will increase consumer protection and will improve the lives of condominium owners, boards and the industry. Our organization applauds the legislative protection for volunteer condominium board members acting in good faith, similar to protections offered to other volunteers in the non-profit community. We thank the ministry for its efforts in bringing these amendments forward.”

    Hugh Willis, co-chair Government Advocacy, CCI North Alberta

    Additional amendments would result in all construction projects following the same set of prompt payment rules, which were established in legislation in 2021. Before now, Alberta’s government always prioritized prompt payment for government contracts, but the rules in the PPCLA only applied to private sector projects.

    “On behalf of the Electrical Contractors Association of Alberta, and the entire construction sector, we extend our sincere thanks to the Alberta government for listening to industry concerns and taking decisive action by subjecting itself to Alberta’s Prompt Payment Legislation. This critical step demonstrates the government’s commitment to fairness and transparency in our sector.”

    Jason Kuziw, president, Electrical Contractors Association of Alberta

    The amendments proposed in the Service Alberta Statutes Amendment Act, 2024, bring forward changes and recommendations commonly heard from Albertans in the respective sectors.    

    Quick facts

    Prompt Payment and Construction Lien Act and Public Works Act amendments

    • The Public Works Act (PWA) governs projects administered by the Crown.
    • Amendments to the PWA would:
      • Extend a prompt payment and adjudication framework to Alberta government projects under the PWA.
        • This includes mandated payment timelines and invoicing provisions including a 31-day billing cycle from prime to owner unless testing or commissioning is required.
      • Utilize the nominating authority as established in Part 5 of the PPCLA and associated regulations.
      • Mirror the PPCLA amendments for adjudication, arbitration and an action in court to proceed in parallel.
      • Apply to public construction projects through legislation but exclude maintenance projects related to upkeep of capital assets and special scope contracts which are projects delivered using a public-private partnership method.
      • Not introduce statutory requirements for holdback or liens on any government project.
    • The PPCLA creates rules for the timing of payments in Alberta’s construction industry and sets out a streamlined adjudication process for disputes related to payment or work performed as an alternative to the courts. The PPCLA came into force in August 2022.
    • Amendments to the PPCLA would:
    • Clarify the adjudication process to ensure an efficient option for dispute resolution.
    • Address the act’s rigidity of including consulting professions like engineers and architects in the PPCLA, allowing them to opt out of holdback requirements and lien rights on a project-by-project basis.
    • Remove ambiguity around when a construction contract is complete. It would clarify when final payment under a contract or subcontract is considered to have been made and make adjudication available for 30 days after that date.
    • Amendments to the PPCLA will come into force upon proclamation while changes to the Public Works Act come into effect in Spring 2025.

    Related information

    • Improving the condominium and construction sectors
    • Condominium Rules Consultation
    • Bill 30: Service Alberta Statutes Amendment Act, 2024

    Multimedia

    • Listen to the news conference
    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI Video: The women behind America’s trucks

    Source: United States of America – Federal Government Departments (video statements)

    Truck drivers move our economy—and we can’t leave any talent on the table.

    We applaud the growing number of women who are getting behind the wheel and are committed to improving conditions for all drivers, from more truck parking to fewer barriers to entry.

    https://www.youtube.com/watch?v=OYlF4Lfka7k

    MIL OSI Video –

  • MIL-OSI New Zealand: Economy – Financial system remains resilient amidst economic downturn – Reserve Bank of NZ

    Source: Reserve Bank of New Zealand

    5 November 2024 – Risks to New Zealand’s financial system remain contained, Deputy Governor Christian Hawkesby says in releasing the November 2024 Financial Stability Report.
     
    Financial stability is critical for economic wellbeing. Trust and confidence in our financial system is essential for ensuring New Zealanders can safely save, borrow, and manage financial risk.

    Globally and in New Zealand, interest rates are declining as inflation subsides. Debt servicing costs are nearing their peak and beginning to decline, with advertised mortgage rates falling over the past six months. This shift will make mortgage costs more manageable for households.

    However, domestic economic challenges remain. Many households and businesses are feeling financial pressure and rising unemployment is posing challenges for some borrowers. Banks anticipate a slight increase in non-performing loans, albeit still below levels seen in previous recessions.

    “New Zealand banks are well positioned to continue supporting households and businesses, including effectively handling any potential loan defaults,” Mr Hawkesby says. “Our financial institutions are well prepared to ensure that credit remains available for households and businesses. The strength of our financial system means we are able to weather economic uncertainties and challenges, including increased geopolitical tensions.”

    We are supportive of efforts to improve competition in the banking sector – including the Commerce Commission market study and Parliament’s Select Committee enquiry. The Report outlines the initiatives we are undertaking to advance this work in our role as a prudential regulator and central bank.

    The implementation of the Deposit Takers Act is progressing swiftly. Our efforts this year have focused on developing standards for deposit takers, with the Depositor Compensation Scheme on track to launch by mid-2025.
     

    More information

    Read our November Financial Stability Report : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=63022eac0b&e=f3c68946f8
    The November Financial Stability media conference starts at 1pm. See all event details. See full event details: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=d531d439c5&e=f3c68946f8
    In this media conference, we will be taking questions from the public through an online chatbox connected to the livestream. Please note that questions from media representatives in the room will be prioritised.
    Read our update on the housing market : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=7eedfe2ad3&e=f3c68946f8
    Read our assessment of geopolitical risks: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=add80d3e93&e=f3c68946f8
    Read about the results of the 2024 Reverse Stress Test : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=b1fce6d62c&e=f3c68946f8
    What is the Financial Stability Report: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=77bc49db11&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI USA: Governor Newsom statement on passing of Quincy Jones

    Source: US State of California 2

    Nov 4, 2024

    Sacramento, California – Governor Gavin Newsom issued the following statement today on the passing of musician, producer, and composer Quincy Jones:

    “A titan of music, culture, and philanthropy, Quincy Jones brought the world endless joy with his optimistic spirit and colossal imagination. Not a day goes by without hearing a masterpiece that Quincy produced or hearing about the good he created with his generous heart. Jen and I — and all of California — mourn the loss of this great humanitarian and artist.”

    Press Releases, Recent News

    Recent news

    Nov 2, 2024

    News Welcome to The California Weekly, your Saturday morning recap of top stories and announcements you might have missed. News you may have missed1. ❤️ SUPPORTING CALIFORNIA KIDSThe Department of Health Care Services (DHCS) broke ground on a new behavioral health…

    Nov 1, 2024

    News What you need to know: Governor Newsom and Attorney General Rob Bonta have reached a settlement with La Habra Heights to bring the city into compliance with state housing law. SACRAMENTO — Governor Gavin Newsom and Attorney General Rob Bonta today announced the…

    Nov 1, 2024

    News What you need to know: California will be home to a first-of-its-kind research & development facility made possible by the Biden-Harris Administration’s CHIPS & Science Act. SACRAMENTO – Today, Governor Newsom celebrated California’s selection by the U.S….

    MIL OSI USA News –