Category: Economy

  • MIL-OSI USA: Hickenlooper, Warren Urge Fed to Cut Interest Rates Even Further

    US Senate News:

    Source: United States Senator for Colorado John Hickenlooper

    Seventh letter from Hickenlooper to the Fed warns that high interest rates are still raising costs for American families

    WASHINGTON – U.S. Senators John Hickenlooper and Elizabeth Warren urged the Federal Reserve to cut the federal interest rate by a further 50 basis points ahead of its November Federal Open Market Committee meeting.

    “Given the Fed’s confidence in inflation moving towards its target of 2 percent, now is the time to lift its restrictive policies and proceed with additional rate cuts,” Hickenlooper and Warren wrote. “If the Fed moves forward with more rate cuts, housing prices and mortgage rates would thus also likely drop, allowing more families to achieve the American dream.”

    After months of Hickenlooper and Warren calling on the Fed to cut the federal funds rate, the Fed finally lowered it by 50 basis points in September, the first cut since 2020. The Fed explained: “[t]he Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance.” Recent economic data shows that inflation has fallen to 2.1 percent, the lowest since February 2021. 

    However, even as the economy remains strong, housing costs are too high and the demand for workers may be waning due to high federal interest rates.

    “As we tackle the housing affordability crisis across the United States, it is critical that we build more housing. Lowering interest rates is key to unlocking more supply: rate cuts will lower of the cost of capital, helping to tackle inflation by spurring more housing construction and consequently lowering housing prices,” the senators continued.

    This most recent letter comes after Hickenlooper called on the Fed multiple times to consider the negative impacts of its continued interest rate hikes on American families:

    • In September 2024, Hickenlooper and his colleagues sent a letter urging the Fed to cut the federal interest rate to help lower costs for working families, ahead of its September Federal Open Market Committee meeting which led to a 50 basis point cut
    • In August 2024, Hickenlooper and his colleagues sent a letter to the Fed asking them to cut interest rates to stop undermining working class Americans.
    • In June 2024, Hickenlooper and his colleagues sent a letter to the Fed, urging them to cut the federal interest rates that have increased housing and insurance costs for working families.
    • In January 2024, Hickenlooper and his colleagues sent a letter to the Fed calling on them to cut interest rates and address the affordable housing crisis
    • In January 2023, Hickenlooper sent a letter to the Fed cautioning against another interest rate increase in the face of rising layoffs and reduced employment
    • In October 2022, Hickenlooper called on the Fed to pause rate hikes in a letter to Chair Powell

    For full text of the letter, click HERE.

    MIL OSI USA News

  • MIL-OSI Submissions: Economy – Affirm needs strategic positioning amid regulatory shifts in the crowded UK BNPL market, says GlobalData

    Source: GlobalData

    Following the news that the US-based buy now pay later (BNPL) startup Affirm has entered the UK market;

    Phoebe Hodgson, Associate Analyst, Banking and Payments at GlobalData, offers her view:

    “The BNPL market in the UK is becoming increasingly saturated. According to GlobalData’s 2024 Financial Services Consumer Survey*, only 21% of respondents in the UK have used an online BNPL service while buying goods and services. This limited adoption, coupled with an already concentrated market, where 75% of the UK market is held by five BNPL providers, suggests Affirm may find it challenging to position itself among the well-established competitors like Klarna, PayPal and Zilch.

    “Affirm’s unique selling points, such as extended loan periods and strategic partnerships, could help distinguish it, but it will have to overcome significant obstacles. One of the biggest hurdles is the evolving regulatory environment. The UK government seeks to regulate the BNPL product further, treating it as if it were a credit product, subjecting them to stricter consumer protections and potentially reducing the appeal for BNPL for both providers and consumers alike. Soon to be under stricter regulations, Affirm must work under pressure to assert itself among the UK customers, who are more cautious of debt amid high living costs and economic uncertainty. Furthermore, with competitors already moving towards innovative product extensions, and compliance initiatives, Affirm’s market entry may need to be more than just a product push – it must be a strategic positioning exercise to resonate with cautious UK consumers.”

    *Global survey conducted online in Q2 2024 among 67,292 consumers across 41 markets globally. The survey explores global consumer behaviors, purchasing preferences, and attitudes across the most important banking products. The UK’s sample is 5,003.

    About GlobalData

    4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

    MIL OSI – Submitted News

  • MIL-OSI New Zealand: Infrastructure Sector – Have we got it right? New Zealand Infrastructure Commission seeks feedback as it develops the National Infrastructure Plan

    Source: New Zealand Infrastructure Commission

    The New Zealand Infrastructure Commission has published Testing our thinking: Developing an enduring National Infrastructure Plan to share its initial thinking and seek feedback as it develops the National Infrastructure Plan. When completed, the 30-year Plan will help inform decision-making by both central and local government, giving the infrastructure industry more confidence to invest in the people, technology and equipment they need to build more efficiently.
    “The infrastructure we depend on today was built and paid for by previous generations. We need to leave future generations with just as strong a legacy, while making sure we don’t overly burden them with the costs. This will mean making careful choices about where we spend our infrastructure dollar, understanding what our needs are, while also allowing flexibility for the needs we can’t foresee,” says Peter Nunns, Acting General Manager – Strategy.
    “In the discussion document we outline some of the ways we’re looking at addressing this through the Plan. This includes forecasting long-term infrastructure needs, looking at current investment intentions, and independently reviewing unfunded infrastructure proposals to give decision-makers a menu of high-quality vetted proposals through the Infrastructure Priorities Programme. We will also provide advice about how we can build capability to plan and build infrastructure better, how we can take better care of our existing assets, and how we can regulate and govern infrastructure better.”
    “We obviously don’t have a monopoly on good ideas so to develop the National Infrastructure Plan we need to hear from people who provide and use infrastructure. We’ve released a discussion document to help to test our thinking on our long-term infrastructure needs and how we can address them. We welcome and encourage your feedback,” says Nunns.
    Background
    Part of the role of the New Zealand Infrastructure Commission is to help build a shared, long-term view of New Zealand’s infrastructure needs and priorities. The New Zealand Instructure Commission is required to produce strategic, independent advice on the long-term needs for New Zealand’s infrastructure every five years. This advice is delivered to the Minister for Infrastructure, and the Government must develop its response. In May 2022, the Commission published New Zealand’s first Infrastructure Strategy, making recommendations for improving New Zealand’s infrastructure system. The National Infrastructure Plan will build on the Strategy and include recommendations to meet New Zealand’s infrastructure challenges.
    The Minister for Infrastructure has asked the Commission to lead in the development of the Plan. To help inform our thinking for the Plan, the Commission is seeking input from Māori/iwi organisations, across central and local government, and with the private sector and the public.
    A draft of the Plan will be delivered to the Minister for Infrastructure in mid-2025. Following public consultation and feedback from the Minister, the Commission will finalise the Plan which will be delivered to the Government in late 2025.
    Notes for Editors
    The discussion document includes four key sections, summarised below:
    Section One: Why we need a National Infrastructure Plan
    This section discusses the drivers for a National Infrastructure Plan, including:
    • The need to balance greater certainty about our infrastructure needs so we can plan and prioritise, with the flexibility to allow for changing needs and unforeseen events.
    • The challenge of investment efficiency. International comparisons show New Zealand’s invests in infrastructure at a similar or even higher level than other OECD countries, but we rank near the bottom for the efficiency of that spend.
    • A need to find new ways to meet our infrastructure needs. Research has show that if we were to simply build all the public infrastructure we may think we need, it would cost 9.6% of our GDP – almost twice what we are currently spending and more than we’ve spent in the past. Instead we can look at what we can afford and get better use from what we’ve got.
    • A need to improve the way we govern infrastructure. New Zealand ranks poorly against other high-income countries on infrastructure governance practices
    • The opportunity to better coordinate infrastructure planning, delivery and operations. This enables infrastructure investment to be focused on the right things at the right times, reduced project costs, and delivery of more affordable services.
    Section Two: Our long-term Needs
    This section sets out our approach to identifying infrastructure needs through a system-wide view. This means considering the infrastructure we already have and the factors that may increase or decrease the need for investment in the future.
    We will take a realistic view on what financial resources we are likely to have for infrastructure investment, based on what we have spent in the past.
    We outline eight factors that will influence our long-term investment needs:
    • the need to renew existing infrastructure as it wears out
    • population growth and demographic change
    • economic development and changing standards
    • construction price inflation
    • resilience to natural hazards
    • decarbonising our economy
    • technology change
    • shortage of existing infrastructure.
    Section Three: What Infrastructure is Already Planned
    The Infrastructure Commission already gathers and shares data on current or planned infrastructure projects through the National Infrastructure Pipeline. This data, alongside other information gathered by the Treasury or published by infrastructure providers, helps to paint a picture of investment intentions.
    In this section, we discuss our approach to comparing the information on current investment we get from these and other sources of information, with the data we’re gathering about long-term trends from our infrastructure needs analysis. By comparing these, we can see where New Zealand may be over or under-investing in infrastructure, where there are trade-offs between different investment paths, and where we still have gaps in our knowledge.
    In taking this approach, a National Infrastructure Plan can provide decision-makers with a guide for infrastructure investment.
    Section Four: Changing the approach
    This section discusses areas where change to our infrastructure system could get us better results. These include:
    Our capability to plan and build. This means:
    • improving our approach to investment management
    • growing the infrastructure workforce and building project leadership capability
    • finding ways to reduce the cost of our projects.
    Taking care of what we have. This means
    • getting better at asset management, or looking after our existing infrastructure
    • improving our resilience, and preparing for greater disruption from shocks like natural hazards
    • ensuring our infrastructure contributes to achieving a net zero carbon economy.
    Getting the settings right. This means:
    • making sure we have the right institutional settings to get the best from our infrastructure system
    • considering the way we pay for infrastructure, including the potential for methods like congestion charging or volumetric charging which can both guide investment and help manage demand
    • making sure regulation, like our consenting system, enables efficient and timely infrastructure development. 

    MIL OSI New Zealand News

  • MIL-OSI USA: SBA Disaster Assistance Available to New Mexico Private Nonprofit Organizations

    Source: United States Small Business Administration

    “As communities across the Southeast continue to recover and rebuild after Hurricanes Helene and Milton, the SBA remains focused on its mission to provide support to small businesses to help stabilize local economies, even in the face of diminished disaster funding,” said Administrator Isabel Casillas Guzman. “If your business has sustained physical damage, or you’ve lost inventory, equipment or revenues, the SBA will help you navigate the resources available and work with you at our recovery centers or with our customer service specialists in person and online so you can fully submit your disaster loan application and be ready to receive financial relief as soon as funds are replenished.”

    SACRAMENTO, Calif. – Low-interest federal disaster loans are now available to certain private nonprofit organizations in New Mexico following President Biden’s federal disaster declaration for Public Assistance as a result of severe storm and flooding that occurred Oct. 19-20, announced Administrator Isabel Casillas Guzman of the U.S. Small Business Administration. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.

    These low-interest federal disaster loans are available in Chaves County.

    “Private nonprofit organizations should New Mexico Department of Homeland Security and Emergency Management Recovery Bureau by calling (505) 476-9600, emailing recovery.unit@dhsem.nm.gov or visiting https://www.dhsem.nm.gov to obtain information about applicant briefings,” said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “At the briefings, private nonprofit representatives will need to provide information about their organization,” continued Sánchez. The Federal Emergency Management Agency will use that information to determine if the private nonprofit provides an “essential governmental service” and is a “critical facility” as defined by law. FEMA may provide the private nonprofit with a Public Assistance grant for their eligible costs. SBA encourages all private nonprofit organizations to apply with SBA for disaster loan assistance.

    SBA may lend private nonprofits up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

    For certain private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help with meeting working capital needs caused by the disaster. Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the nonprofit suffered any property damage.

    “SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” Sánchez continued. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”

    The interest rate is 3.25 percent with terms up to 30 years. The deadline to apply for property damage is Dec. 31, 2024. The deadline to apply for economic injury is Aug. 1, 2025.

    Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

    On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

    Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

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

    ###

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

    MIL OSI USA News

  • MIL-OSI USA: FORT Economist James Meldrum and the Wildfire Research Team win the 2024 CO-LABS Governor’s Awards for High Impact Research: Pathfinding Partnerships Award

    Source: US Geological Survey

    Filter Total Items: 28

    Living with wildfire in Lake Wenatchee, Chelan County, Washington: 2022 Data report

     Community wildfire readiness includes actions taken by residents, including wildfire risk mitigation at the parcel level and evacuation preparedness. This report presents results from two data collection efforts in the Lake Wenatchee Fire & Rescue service district in Chelan County, Washington: parcel level rapid wildfire risk assessments and household surveys sent to the owners of assessed parcel

    Authors

    Julia Goolsby, Patricia A. Champ, Suzanne Wittenbrink, Colleen Donovan, Kris King, Hannah Brenkert-Smith, James Meldrum, Christopher M. Barth, Carolyn Wagner, Chiara Forrester

    Living with wildfire in Stemilt Basin, Chelan County, Washington: 2022 Data report

    Homeowner wildfire risk mitigation and preparedness are important components of community wildfire readiness. This report presents data collected via rapid wildfire risk assessments to describe the parcel-level wildfire risk of properties within the Stemilt basin, Chelan County, Washington study area. The report also describes household survey data collected from homeowners in the study area, incl

    Authors

    Julia Goolsby, Patricia A. Champ, Suzanne Wittenbrink, Colleen Donovan, Hilary Heard, Hannah Brenkert-Smith, James Meldrum, Christopher M. Barth, Carolyn Wagner, Chiara Forrester

    Living with wildfire in Santa Fe: 2021 Data Report

    The City of Santa Fe is well known for arts, food, and architecture, but it also faces significant risk of wildfire. In 2020, the City of Santa Fe partnered with the Wildfire Research (WiRē) team with the goal of better understanding the needs of residents within the study area and their level of support for wildfire risk mitigation programs. The resulting project centers on two types of property-

    Authors

    James Meldrum, Julia Goolsby, Colleen Donovan, Porfirio Chavarria, Hannah Brenkert-Smith, Patricia A. Champ, Christopher M. Barth, Carolyn Wagner, Chiara Forrester

    Rethinking cost-share programs in consideration of economic equity: A case study of wildfire risk mitigation assistance for private landowners

    Public agencies and organizations often deliver financial assistance through cost sharing, in which recipients contribute some portion toward total costs. However, cost sharing might raise equity concerns if it reduces participation among populations with lower incomes. Here, we revisit a past study using a richer dataset (n=1,689) to assess whether stated income levels affect survey respondents’

    Authors

    James Meldrum, Patricia A. Champ, Hannah Brenkert-Smith, Christopher M. Barth, Abby Elizabeth McConnell, Carolyn Wagner, Colleen Donovan

    The devil is in the details: Variation in public acceptance of fuels treatments across western fire-prone communities

    Implementation of broad landscape management goals to confront the wildfire crisis occurs at the project level and is subject to public scrutiny. Although the research literature demonstrates broad public acceptability of fuels treatments, a closer examination of the studies reveals notable variation in acceptance. Survey data from thirteen western U.S. communities using the same measures of accep

    Authors

    Hannah Brenkert-Smith, Julia Goolsby, Patricia A. Champ, James Meldrum, Colleen Donovan, Carolyn Wagner, Christopher M. Barth, Chiara Forrester, Suzanne Wittenbrink

    Living with wildfire in Genesee Fire Protection District, Jefferson County, Colorado: 2022 data report

    Genesee Fire Protection District (GFPD) and members of the Board contacted the Wildfire Research Center (WiRē) early in 2021. GFPD serves a community of approximately 1,500 homes and 3,600 residents. The community borders the south side of I-70 and runs south up varied topography with varied vegetation to approximately 8,000 feet of elevation and is considered to be at extremely high risk of wildf

    Authors

    Hannah Brenkert-Smith, Dorie Dalton, Jason Puffett, Patricia A. Champ, Christopher M. Barth, James Meldrum, Colleen Donovan, Carolyn Wagner, Julia Goolsby, Chiara Forrester

    Living with wildfire in Emigration Canyon, Utah: 2022 data report

    Located in North Central Utah, Emigration Canyon is a prominent and historic canyon that runs northeast from Salt Lake City into the higher elevations of the Wasatch Mountains. The Wasatch Range is characterized by steep, rocky slopes and 26-44 millimeters of annual rainfall, both of which contribute to a high threat of wildfire. The area’s landscape is diverse with oak woodland at the lower eleva

    Authors

    Julia Goolsby, Hannah Brenkert-Smith, Dax Reid, James Meldrum, Patricia A. Champ, Christopher M. Barth, Colleen Donovan, Carolyn Wagner

    Living with wildfire in Park County, Colorado 2021 data report

    Wildfire affects many types of communities and is a particular concern for communities in the wildland urban interface (WUI), such as those of Park County, Colorado. The core intent of this project was to provide evidence to support the Platte Canyon Fire Protection District (PCFPD) and Fire Adapted Bailey in their wildfire mitigation and education programming. This report describes wildfire risk

    Authors

    Hannah Brenkert-Smith, Patricia A. Champ, Abby Elizabeth McConnell, Jamie Gomez, Christopher M. Barth, James Meldrum, Colleen Donovan, Carolyn Wagner, Julia Goolsby

    Actionable social science can guide community level wildfire solutions. An illustration from North Central Washington, US

    In this study we illustrate the value of social data compiled at the community scale to guide a local wildfire mitigation and education effort. The four contiguous fire-prone study communities in North Central Washington, US, fall within the same jurisdictional fire service boundary and within one US census block group. Across the four communities, similar attitudes toward wildfire were observed.

    Authors

    Patricia A. Champ, Hannah Brenkert-Smith, Jonathan P Riley, James Meldrum, Colleen Donovan, Christopher M. Barth, Carolyn J Wagner

    Wildfire imagery reduces risk information-seeking among homeowners as property wildfire risk increases

    Negative imagery of destruction may induce or inhibit action to reduce risks from climate-exacerbated hazards, such as wildfires. This has generated conflicting assumptions among experts who communicate with homeowners: half of surveyed wildfire practitioners perceive a lack of expert agreement about the effect of negative imagery (a burning house) on homeowner behavior, yet most believe negative

    Authors

    Hilary Byerly Flint, Patricia A. Champ, James Meldrum, Hannah Brenkert-Smith

    You vs. us: Framing adaptation behavior in terms of private or social benefits

    Private actions to mitigate and adapt to climate change may have benefits to both the individual and society. In some cases, an individual may be motivated by appeals that highlight benefits to others, rather than to oneself. We test whether such prosocial framing influences information-seeking behavior to address wildfire risk among homeowners. In a field experiment across ten communities in west

    Authors

    Hilary Byerly Flint, Paul Cada, Patricia A. Champ, Jamie Gomez, Danny Margoles, James Meldrum, Hannah Brenkert-Smith

    Living with wildfire in Grand County, Colorado: 2021 data report

    Wildfire affects hundreds of wildland-urban interface communities each year, and yet most communities lack data reflecting the conditions before an event. This study was conducted before the devastating 2020 East Troublesome Fire1, which spread across 193,812 acres and resulted in two lives lost and 366 homes and 214 other structures burned. The fire’s dramatic run threatened over 7,000 structures

    Authors

    Hannah Brenkert-Smith, Abby Elizabeth McConnell, Schelly K. Olson, Adam C. Gosey, James Meldrum, Patricia A. Champ, Jamie Gomez, Christopher M. Barth, Colleen Donovan, Carolyn Wagner, Julia Goolsby

    MIL OSI USA News

  • MIL-OSI: Announcement of New Revolving Credit Facility

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”) today reported that on October 31, 2024, the Company entered into a new, $1.0 billion, five-year, revolving credit facility (the “Credit Agreement”) among WLFC, certain wholly-owned subsidiaries of WLFC, as guarantors, the lenders party thereto from time to time (the “Lenders”), and Bank of America, N.A., as administrative agent, collateral agent, swing line lender, and letter of credit issuer. The Credit Agreement replaced the existing $500.0 million revolving credit agreement, dated as of June 7, 2019 (as amended and restated, the “Existing Credit Agreement”), among WLFC, the lenders party thereto from time to time and MUFG Bank, Ltd. as agent.

    Under the Credit Agreement, WLFC may request an additional increase of the aggregate commitments from time to time up to an aggregate additional $250.0 million from the lenders, who may elect to make such increase available, upon the satisfaction of certain conditions.

    Proceeds from the revolving credit facility may be used for general corporate purposes. The credit facility will be available on a revolving basis until October 31, 2029, and WLFC may request to extend the maturity, subject to lender approval.

    Loans under the Credit Agreement will bear interest based on a floating rate (Term SOFR) plus a margin. In addition, WLFC has agreed to pay Bank of America, N.A. an unused line fee, quarterly in arrears, as well as pay other fees to Bank of America, N.A. and to the Lenders as separately agreed upon in writing.

    The Credit Agreement also requires WLFC to maintain, as of the last day of each Measurement Period (as defined in the Credit Agreement), commencing with the last day of the fiscal quarter ending December 31, 2024, a Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of no less than 2.25 to 1.00, and a Consolidated Leverage Ratio (as defined in the Credit Agreement ) of no greater than 4.25 to 1.00 through June 30, 2025 and no greater than 4.00 to 1.00 thereafter.

    “We are very excited to have closed our new, expanded revolving credit facility,” said Scott B. Flaherty, the Company’s Chief Financial Officer. “Our new facility will provide incremental capital to support the growth we are experiencing across the WLFC platform.”

    Willis Lease Finance Corporation

    Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and pandemics; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.

     CONTACT: Scott B. Flaherty
      EVP & Chief Financial Officer
      561.413.0112

    The MIL Network

  • MIL-OSI: Natural Gas Services Group, Inc. Sets Reporting Date for its 2024 Third Quarter Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    Midland, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — Natural Gas Services Group, Inc. (NYSE:NGS), a leading provider of natural gas compression equipment, technology and services to the energy industry, will host a conference call to review its third-quarter financial results on Friday, November 15, 2024 at 8:30 a.m. (EST), 7:30 a.m. (CST). The Company’s Q3 2024 financial and operating results for the nine months ended September 30, 2024 will be disseminated via press release and made available on the Company’s website (www.ngsgi.com) after market close on Thursday, November 14, 2024.

    To join the conference call, kindly access the Investor Relations section of our website at www.ngsgi.com or dial in at (800) 550-9745 and enter conference ID: 167298 at least five minutes prior to the scheduled start time. Please note that using the provided dial-in number is necessary for participation in the Q&A section of the call. A recording of the conference will be made available on our Company’s website following its conclusion. Thank you for your interest in our company’s updates.

    About Natural Gas Services Group, Inc.

    Natural Gas Services Group is a leading provider of natural gas compression equipment, technology and services to the energy industry. The Company designs, rents, sells and maintains natural gas compressors for oil and natural gas production and plant facilities, primarily using equipment from third-party fabricators and OEM suppliers along with limited in-house assembly. The Company is headquartered in Midland, Texas, with a fabrication facility located in Tulsa, Oklahoma, a rebuild shop located in Midland, Texas, and service facilities located in major oil and natural gas producing basins in the U.S. Additional information can be found at www.ngsgi.com.

    For Additional Information:

    Anna Delgado-Investor Relations
    (432) 262-2700
    ir@ngsgi.com
    www.ngsgi.com

    The MIL Network

  • MIL-OSI: CFC Launches New Investment Product to Retail Investors

    Source: GlobeNewswire (MIL-OSI)

    DULLES, Va., Nov. 04, 2024 (GLOBE NEWSWIRE) — The National Rural Utilities Cooperative Finance Corporation (CFC) is excited to announce the launch of a Retail Subordinated Notes program, which will allow CFC to issue subordinated deferrable notes from time to time to retail investors.

    “Adding retail subordinated notes to our funding mix allows us to diversify our investor base and access the market more frequently,” CFC Senior Vice President and Chief Financial Officer Ling Wang said. “This additional funding source provides CFC with greater financial flexibility, enhancing our ability to meet our members’ financing needs.”

    The offerings will be made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) by means of a prospectus and prospectus supplement. A pricing supplement describing the terms of the offering will be filed with each issuance. Prospective investors should read the prospectus supplement and the accompanying prospectus included in the registration statement and other documents CFC has filed with the SEC for more complete information about CFC and the offering of the Subordinated Notes. Copies of the prospectus and the prospectus supplement may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov. Interested investors should contact their broker to obtain additional information.

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

    About CFC

    Created and owned by America’s electric cooperative network, the National Rural Utilities Cooperative Finance Corporation (CFC)—a nonprofit finance cooperative with over $36 billion in assets to serve the needs of our member-owners. CFC is an equal opportunity provider. www.nrucfc.coop.

    Contacts:   Brad Captain
        Corporate Relations Group
        publicrelations@nrucfc.coop
        800-424-2954

    The MIL Network

  • MIL-OSI USA: ICYMI—Hagerty Joins Mornings with Maria to Discuss Failed Economic and Foreign Policies of Biden-Harris Administration

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    NASHVILLE, TN—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking and Foreign Relations Committees, today joined Mornings with Maria on Fox Business to discuss the failed economic and foreign policies of the Biden-Harris Administration and their sharp contrast with the successful policies of the Trump Administration. 

    *Click the photo above or here to watch*
    Partial TranscriptHagerty on the failed economic policies of the Biden-Harris Administration: “Well, the economic policies of this Administration under Kamala Harris have been an absolute disaster for America. If you look at it, 72 percent of American people think that this country is on the wrong track, and the number one issue, Maria, is the fact that real wages have gone down. Inflation has destroyed and devastated families here in America, and I think the only thing keeping the market up right now is the anticipation, and frankly, the sheer hope that President Trump gets reelected on Tuesday.”
    Hagerty on the failed foreign policies of the Biden-Harris Administration: “Well, if you look at the foreign policy of this Administration, it’s absolutely pathetic. Under President Trump, we had no wars. Under [Joe] Biden and [Kamala] Harris, this has been a complete disaster. It goes back to the failed withdrawal from Afghanistan where Kamala Harris was the quote, ‘last voice in the room.’ That was an absolute disgrace and a disaster that embarrassed our nation like nothing in our lifetimes, Maria. And that invited and precipitated, I think, and emboldened our adversaries around the world. You look at what happened with Iran: the day that this Administration came into office, they stopped enforcing sanctions against Iran. I worked very closely with President Trump and in his Administration to impose maximum sanctions on Iran, to put maximum pressures on them, to get our allies to stop buying oil from Iran. It worked. What we did was we made Iran basically broke. We stopped the funding of Hamas, stopped the funding of Hezbollah, the Houthis had no funds. We saw peace break out in the Middle East. President Trump was able to move our embassy to Jerusalem. He was able to take out Soleimani and Al-Baghdadi. He even did the Abraham Accords, which was the foundation, I think, of peace and prosperity in the Middle East. Iran could do nothing about it. As soon as [Joe] Biden comes into office, as soon as [Kamala] Harris comes into office, they start allowing the funds to flow, and we have terrible wars outbreaking in the Middle East.”
    Hagerty on Kamala Harris running conflicting advertisements on Israel stance: “Well, she wants to [have it both ways]. It’s a complete lack of integrity. And if you talk about having it both ways, we have seen her flip-flop on every major policy. It’s like an avatar, Maria. The media have helped support this. Again, the partisan media, not yourself, have helped support creation of a candidate that’s nowhere close to where Kamala Harris from San Francisco, the most liberal Senator in the United States Senate, has been for her entire political career. Now they’re trying to create something entirely different, entirely false. They send one message into Michigan. They’ll send a completely different message into Pennsylvania to try to appeal to Jewish voters. I think the American public can see right through this.”
    Hagerty on Iran changing its nuclear policy to produce nuclear weapons: “Well, I remind you, we wouldn’t be in a position for Iran to respond at all were President Trump in office because we brought Iran to its knees. That’s got to happen again. If Kamala Harris gets into office, I think Iran’s going to have free range to do whatever they want to do, because they’re going to continue to allow Iran to bring billions of dollars in. They’re going to continue to allow them to pump [oil]. They’re going to continue to allow Iran to sell weapons to Russia. Iran has had free reign under Kamala Harris, and at the same time, you see her bringing in people like Liz Cheney, others that all want to see war breakout in the Middle East. I think what we’ve got to do is look directly at what the past has shown us. We’ve got a track record with President Trump That has delivered peace and prosperity. We’ve got a track record with Kamala Harris that has delivered nothing but agony and war in the Middle East and around the world.”
    Hagerty on the top priority of a second Trump Administration: “Well, for me, Maria, our foreign policy is derived directly from the strength of our economy. We have the most amazing, the most prosperous economy in the world. Access to that economy is absolutely critical. President Trump understands that. Let’s get our economy moving again. That’s what the people of America need to see. We need to see security at our southern border. We have a national security risk like we’ve never seen before. No one’s better than you in reporting on this. But then we’ve got to turn around and deal with strength and credibility with our adversaries. No one in the world believes that Kamala Harris can deal with Vladimir Putin, can deal with Xi Jinping, can deal with the Ayatollah. She has no credibility whatsoever. President Trump has and will.”

    MIL OSI USA News

  • MIL-OSI Global: Friends like these: What a second Trump term may mean for the CDC, and how it affects Canada

    Source: The Conversation – Canada – By Kevin Quigley, Scholarly Director of the MacEachen Institute for Public Policy and Governance, Dalhousie University

    Should Donald Trump be re-elected on Tuesday, the U.S. Centers for Disease Control and Prevention (CDC) is likely facing a major shake-up. Many Republicans were frustrated by the CDC’s performance during the pandemic. Project 2025, authored by leading Republicans with ties to Trump, describes the CDC as incompetent and arrogant.

    In fact, no matter who wins the United States presidential election on Nov. 5, the Trump administration’s response to the COVID-19 pandemic is a cautionary tale for Canada.

    While there is significant and justifiable criticism to be leveled at Trump about his administration’s handling of the pandemic in the early stages, as former chief medical advisor to the president, Dr. Anthony Fauci noted to Congress in 2024, the U.S. health system is not designed for an effective co-ordinated response to a health crisis.

    Trump and the CDC

    There was clearly a disconnect between Trump and the CDC during the pandemic. For weeks in early 2020, President Trump had described the threat as low risk; he said that the situation was under control in the U.S. and that only a few cases had been reported.

    While the president was on a return flight from India, Dr. Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases at the CDC, announced that the situation in the U.S. was about to change quickly and severely. Officials say that Trump was very upset by the announcement and concerned about potential lockdowns causing panic and disruption to financial markets.

    Throughout the early stages of the pandemic, the actions of the CDC sparked a high degree of politicization. The Trump administration was criticized for interfering with the CDC’s operations and censoring internal experts. Disagreements between federal and state political leaders and public health experts led to inconsistencies in public health messaging, reporting, enforcement of directives and timing of public health restrictions.

    The CDC itself was not above criticism. The agency’s infrastructure had been neglected for decades, and years of declining funding resulted in insufficient preparations for a possible pandemic. The CDC had also been criticized for being too insular and academic.

    The CDC made key mistakes, particularly regarding surveillance and testing. It was criticized for underestimating the threat of the virus and overestimating its ability to design, manufacture and distribute a test quickly.

    Rapid responses are crucial during such events, and the early stages of the U.S.’s pandemic response provides salient lessons for Canada, both about its relationship with the U.S. and to global threats more generally.

    Pre-event planning is necessary, but audits and world rankings of emergency preparedness can be unreliable. In 2019, Johns Hopkins University ranked the U.S. as the best prepared country in the world to address a health crisis. The pandemic demonstrated that it was not.

    Canada needs to establish a strong and independent capacity to assess health threats. Trump’s early handling of the pandemic has been widely criticized, yet the Canadian government’s speaking points in the early stages were the same: the virus was low risk. It was only when the CDC and the World Health Organization increased its threat assessment that Canada followed suit.

    Lessons from the pandemic

    Borders can re-assert themselves. Despite decades of global political and economic agreements that saw a freer flow of goods, services and people, many western governments were unable or unwilling to assume the risks associated with letting those from other jurisdictions cross their borders, and as such, imposed strict rules to prevent non-citizens from entering. This aggressive stance was ironic and unforeseen, as during previous public health crises such as the H1N1 flu episode in 2009-10, many governments underscored that closing borders had little impact on disease spread.

    The weaknesses of supply chains were highlighted as the global economy shut down in March 2020. Canada’s Minister of Finance Chrystia Freeland described competition for medical supplies and personal protective equipment (PPE) as resembling the “wild west.” Shipment delays, order shortages, trade restrictions and defective or contaminated items prevented governments from effectively procuring supplies.

    Global manufacturing capabilities for vaccines were below what was needed, with only about a dozen countries able to produce COVID-19 vaccines early on, including the U.S. More than any other country, the U.S. enabled the rapid development and production of the vaccine, highlighting Canada’s considerable dependence on the U.S. Canada has since funded vaccine manufacturing initiatives, but the investments have produced little to-date.

    The adage “When the U.S. sneezes, the world catches a cold” applies nowhere more than in Canada. Should Trump be re-elected, the CDC will likely exist on a smaller budget with a reduced role internationally. This will increase Canadian vulnerabilities.

    Whatever the criticisms, the CDC has more capacity and influence than any other health agency in the world. If Canada cannot depend on strong and co-ordinated response from the U.S. administration during a health crisis, Canada has to be better prepared to adapt. Lessons from the pandemic provide a powerful to-do list.

    Kevin Quigley is the Scholarly Director of the MacEachen Institute for Public Policy and Governance, an independent, non-partisan research institute located at Dalhousie University.

    ref. Friends like these: What a second Trump term may mean for the CDC, and how it affects Canada – https://theconversation.com/friends-like-these-what-a-second-trump-term-may-mean-for-the-cdc-and-how-it-affects-canada-242673

    MIL OSI – Global Reports

  • MIL-OSI Canada: Updated fiscal statutes benefit Albertans

    Source: Government of Canada regional news

    [embedded content]

    If passed, the Financial Statues Amendment Act would provide alternative financing options to help expand mortgage financing options for all Albertans. The bill also includes amendments to provide more support for parents who have lost a child, and standardizes indexing across government to help Albertans with the cost of living by creating a consistent and stable system. In addition, a new annual adjustment system would enable a more consistent and flexible approach to determining the amount that benefits and taxes will be impacted. The legislation would also introduce a new tax on electric vehicles, as was announced in Budget 2024.

    “This bill proposes a number of important changes. I’m particularly pleased that if passed, Alberta would be the first jurisdiction in Canada to make legislative changes that would permit provincial financial institutions to offer alternative financing options.”

    Nate Horner, President of Treasury Board and Minister of Finance

    Alternative financing options would provide homebuyers with more options for mortgage financing. All Albertans who want to buy a home can apply for this financing option.

    Additional changes being proposed in the Financial Statutes Amendment Act include continuing Alberta Child and Family Benefit payments to parents of deceased children for six months after their child passes away. These amendments would align with similar federal changes under the Canada Child Benefit program.

    “Families experiencing the unimaginable loss of a child face enough challenges. The proposed changes to the Alberta Child and Family Benefit will not only help lighten the financial burden, but offer a measure of comfort during their darkest moments.”

    Searle Turton, Minister of Children and Family Services

    Other changes in the proposed bill include:

    • Standardizing indexation rates across government. Government is also introducing a system to enable a more consistent and flexible approach for these annual enhancements. This change ensures Albertans continue to receive annual cost-of-living increases to personal income taxes and important support programs.
    • Amendments to the Fuel Tax Act to implement an electric vehicle tax of $200 annually. This is in line with what drivers of a typical internal combustion engine vehicle pay in fuel tax and is a fair way for all drivers to contribute to public services, such as keeping our roads and highways safe and smooth.
    • Technical changes to align Alberta’s taxation of multi-jurisdictional tax filers who have a split income with that of other provinces in order to meet the requirements of the federal-provincial Tax Collection Agreement.

    Related information

    • Updating financial laws
    • Bill 32: Financial Statutes Amendment Act, 2024

    Multimedia

    • Watch the news conference
    • Listen to the news conference

    MIL OSI Canada News

  • MIL-OSI New Zealand: First steps towards National Infrastructure Plan

    Source: New Zealand Government

    Infrastructure Minister Chris Bishop has welcomed the first steps from the Infrastructure Commission in developing New Zealand’s 30-year National Infrastructure Plan.

    The Commission today released a discussion document which outlines the Commission’s thinking in developing the 30-year plan, including looking at what’s needed over the next 30 years, what our planned investments are over the next decade, and what the gap is between the long-term needs and planned investments.

    “The development of a 30-year National Infrastructure Plan has been widely welcomed across the infrastructure sector and was a National Party campaign commitment. The Infrastructure Commission has been tasked with delivering the Plan.

    “The Plan will consist of four components:

    1. An Infrastructure Needs Assessment which provides analysis of New Zealand’s long-term needs – and what we can afford – across the next 5-30 years
    2. A strengthened National Infrastructure Pipeline which will provide a national view of upcoming projects in the next ten years
    3. The Infrastructure Priorities Programme (IPP) which will involve a structured independent review of unfunded projects and initiatives, and
    4. Priority reforms, which will improve the way we select, invest in, deliver and maintain our infrastructure.

    “The National Infrastructure Plan will help deliver greater stability for infrastructure and help New Zealand plan for, fund and deliver important projects into the future.

    “I am keen that the Plan enjoys bipartisan support. I have asked that the Infrastructure Commission brief other political parties on the Plan and have proposed that once the Plan is finalised, a special debate is held in Parliament to discuss it.” 

    “To help inform development of the National Infrastructure Plan, the Infrastructure Commission is seeking input from across central and local government, from Māori/iwi organisations, the private sector and the public. The discussion document is open for consultation until the 10th of December and I encourage people to have their say.

    “In addition to the National Infrastructure Plan, the Government is focusing on improving the fundamentals of our infrastructure system. Next month the new National Infrastructure Agency will be up and running, strengthening the Government’s private finance and commercial capability. The NIA will act as the Crown’s ‘shopfront’ to receive unsolicited proposals and to facilitate private sector investment in infrastructure, partner with agencies, and in some cases, local government on projects involving private finance, and administer central government infrastructure funds.

    “I expect to receive a draft of the plan in mid-2025. Following public consultation and feedback, the Commission will finalise the plan and deliver it to Ministers by the end of 2025.”

    Link to National Infrastructure Plan discussion document: https://tewaihanga.govt.nz/national-infrastructure-plan/discussion-document

    MIL OSI New Zealand News

  • MIL-OSI Australia: Visit to Australia by India’s Minister for External Affairs

    Source: Australian Government – Minister of Foreign Affairs

    This week I will welcome India’s Minister for External Affairs Dr S Jaishankar to Canberra, for the 15th Australia-India Foreign Ministers’ Framework Dialogue.

    Australia and India are close partners with strong strategic, economic and community ties – almost one million Australians trace their heritage to India.

    We share a vision for an Indo-Pacific region that is peaceful, stable and prosperous.

    Ahead of 2025 – the fifth year of our Comprehensive Strategic Partnership – the Foreign Ministers’ Framework Dialogue is an opportunity to take stock of the progress we have made, and to chart the way forward for the next phase in our relationship.

    Minister Jaishankar and I will discuss how we can advance our cooperation in important sectors – including science and technology, clean energy, trade and investment – and how we can deepen our defence and maritime security engagement.
                                     
    India is the world’s fastest growing major economy, and on track to be the third largest by the end of the decade. India is an essential partner as we diversify our trade links and secure our supply chains.

    Minister Jaishankar and I will also attend ‘Raisina Down Under’, the Australian iteration of India’s Raisina Dialogue. This is an important forum to share views on the trends shaping our region.

    I look forward to what will be my 19th meeting with Minister Jaishankar and continuing to advance the Australia–India relationship.
     

    MIL OSI News

  • MIL-OSI China: Chinese premier pledges broader opening-up for foreign-funded firms

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

    Chinese Premier Li Qiang holds a symposium with select exhibitors and buyers attending the seventh China International Import Expo (CIIE) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    SHANGHAI, Nov. 4 — Chinese Premier Li Qiang on Monday said that China will open its doors wider to the outside world, regardless of how the international environment changes.

    Li made the remarks during a meeting with select exhibitors and buyers attending the seventh China International Import Expo (CIIE), including Synopsys, General Electric Company, MSD and China FAW Group Co., Ltd.

    The foreign-funded enterprises at the meeting expressed optimism about the Chinese market, saying that they will deepen their presence and increase investment in the country.

    Despite a sluggish global economic recovery, China’s overall economic operations have remained generally stable and seen progress, Li said, stressing that the Chinese market is still one of the best choices for global enterprises.

    China will continue easing market access and push for the orderly expansion of opening-up in sectors like telecommunication, education, culture and medical care, the premier said.

    He pledged to continue improving the business environment and provide equal opportunities in accessing production factors, qualification licensing and participation in government procurement, among other areas.

    Li expressed the hope that China will become not only an export destination for foreign enterprises, but also a land of investment and entrepreneurship, facilitating closer links between China and the global market.

    He noted his expectation that Chinese and foreign entrepreneurs will continue to support economic globalization firmly, work together to promote technological advancement and industrial upgrading, and foster new growth engines for the world economy.

    Chinese Premier Li Qiang holds a symposium with select exhibitors and buyers attending the seventh China International Import Expo (CIIE) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    MIL OSI China News

  • MIL-OSI Australia: Australian Deputy PM: New Chair of the National Film and Sound Archive Board

    Source: Minister of Infrastructure

    The Albanese Labor Government has today announced the appointment of Ms Annette Shun Wah as the next Chair of the National Film and Sound Archive of Australia (NFSA) Board, and the reappointment of Mrs Lucinda Brogden AM as a member of the NFSA Board.

    A treasured national collecting institutions now in its 40th anniversary year, the NFSA collects, preserves and shares Australia’s audiovisual culture – providing an unbroken record of Australian creativity and diversity.

    Minister for the Arts, Tony Burke, said the Albanese Labor Government had safeguarded the NFSA’s future after a decade of chronic underfunding by the Coalition – and these two appointments would help the iconic cultural institution thrive. 

    “Both Annette and Lucinda have accomplished and varied careers in their respective fields, and both have a strong commitment to preserving Australia’s audiovisual legacy. 

    “We want to protect our beloved cultural institutions and part of that is ensuring you have experienced, knowledgeable and representative voices leading the way.

    “I want to thank the current Chair of the Board, Caroline Elliott, whose term ends in December and who has guided the Archive in its commitment to implement the National Cultural Policy, Revive.”

    Ms Annette Shun Wah is currently the Programming Adviser of the Adelaide Festival Centre’s OzAsia Festival, where she was Artistic Director from 2020-2023, and also serves as Director of the Board of the Sydney Theatre Company. 

    Ms Shun Wah has had an extensive career across radio, television, publishing and theatre, including as an actor, host, producer and writer on a range of shows and feature films since 1982. In 1996, she was nominated for an Australian Film Industry award for her supporting role in Australia’s first foreign language feature film, Floating Life

    In 2018, Ms Shun Wah was inducted into the Adelaide Festival Centres Walk of Fame, and in 2023 was awarded an Honorary Master of Fine Arts from the National Institute of Dramatic Art. She was appointed as the Deputy Chair of the NFSA Board in October 2023 and will commence as the Chair of the Board in December 2024.

    Mrs Lucinda Brogden AM has been a member of the NFSA Board since December 2021 and has more than 30 years’ experience in accounting, finance and organisational psychology. She currently serves on a number of boards including as Chair of the Diabetes Australia Research Trust, Director of the Corporate Mental Health Alliance, Director at Australian Unity, and a Director of Be Kind Sydney.

    Mrs Brogden was also formerly the Chair and Commissioner of the National Mental Health Commission Advisory Board and Director of the Sydney Community Foundation.

    In 2019, Mrs Brogden was awarded the Member of the Order of Australia for significant service to workplace mental health and wellbeing. 

    Lucinda is proud to be a great-niece of the late Ken G Hall AO. As a child she used to play with Ken’s Oscar and Logie; both are now in the care of the National Film and Sound Archive.

    MIL OSI News

  • MIL-OSI Australia: New Chair of the National Film and Sound Archive Board

    Source: Australian Ministers for Regional Development

    The Albanese Labor Government has today announced the appointment of Ms Annette Shun Wah as the next Chair of the National Film and Sound Archive of Australia (NFSA) Board, and the reappointment of Mrs Lucinda Brogden AM as a member of the NFSA Board.

    A treasured national collecting institutions now in its 40th anniversary year, the NFSA collects, preserves and shares Australia’s audiovisual culture – providing an unbroken record of Australian creativity and diversity.

    Minister for the Arts, Tony Burke, said the Albanese Labor Government had safeguarded the NFSA’s future after a decade of chronic underfunding by the Coalition – and these two appointments would help the iconic cultural institution thrive. 

    “Both Annette and Lucinda have accomplished and varied careers in their respective fields, and both have a strong commitment to preserving Australia’s audiovisual legacy. 

    “We want to protect our beloved cultural institutions and part of that is ensuring you have experienced, knowledgeable and representative voices leading the way.

    “I want to thank the current Chair of the Board, Caroline Elliott, whose term ends in December and who has guided the Archive in its commitment to implement the National Cultural Policy, Revive.”

    Ms Annette Shun Wah is currently the Programming Adviser of the Adelaide Festival Centre’s OzAsia Festival, where she was Artistic Director from 2020-2023, and also serves as Director of the Board of the Sydney Theatre Company. 

    Ms Shun Wah has had an extensive career across radio, television, publishing and theatre, including as an actor, host, producer and writer on a range of shows and feature films since 1982. In 1996, she was nominated for an Australian Film Industry award for her supporting role in Australia’s first foreign language feature film, Floating Life

    In 2018, Ms Shun Wah was inducted into the Adelaide Festival Centres Walk of Fame, and in 2023 was awarded an Honorary Master of Fine Arts from the National Institute of Dramatic Art. She was appointed as the Deputy Chair of the NFSA Board in October 2023 and will commence as the Chair of the Board in December 2024.

    Mrs Lucinda Brogden AM has been a member of the NFSA Board since December 2021 and has more than 30 years’ experience in accounting, finance and organisational psychology. She currently serves on a number of boards including as Chair of the Diabetes Australia Research Trust, Director of the Corporate Mental Health Alliance, Director at Australian Unity, and a Director of Be Kind Sydney.

    Mrs Brogden was also formerly the Chair and Commissioner of the National Mental Health Commission Advisory Board and Director of the Sydney Community Foundation.

    In 2019, Mrs Brogden was awarded the Member of the Order of Australia for significant service to workplace mental health and wellbeing. 

    Lucinda is proud to be a great-niece of the late Ken G Hall AO. As a child she used to play with Ken’s Oscar and Logie; both are now in the care of the National Film and Sound Archive.

    MIL OSI News

  • MIL-OSI China: Chinese premier meets Uzbek PM in Shanghai

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

    Chinese Premier Li Qiang meets with Uzbek Prime Minister Abdulla Aripov, who is here for the 7th China International Import Expo, in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    SHANGHAI, Nov. 4 — Chinese Premier Li Qiang on Monday met with Uzbek Prime Minister Abdulla Aripov, who is in Shanghai for the 7th China International Import Expo.

    On China-Uzbekistan ties, Li noted that the two heads of state have met twice this year, reaching important common understandings on developing an all-weather comprehensive strategic partnership for a new era, and on building a China-Uzbekistan community with a shared future from a higher starting point.

    China will work with Uzbekistan to transform those common understandings into concrete actions and cooperation results so as to bring more benefits to the people of the two countries, Li said.

    China and Uzbekistan should always view their relations from a strategic, long-term perspective, provide firm mutual support on issues concerning each other’s core interests and major concerns, and be trustworthy friends and partners, Li said.

    The two countries should further align their development strategies, expand economic and trade cooperation, strengthen connectivity infrastructure construction, and build the China-Kyrgyzstan-Uzbekistan railway into a flagship project of the Belt and Road cooperation, he said.

    Li also stressed tapping into cooperation potential in emerging industries such as new energy, the digital economy, artificial intelligence, cross-border e-commerce, 5G and green mining.

    China stands ready to strengthen cooperation with Uzbekistan in areas such as culture, education, tourism and poverty reduction, and to facilitate the people-to-people exchange, Li said.

    The two countries should continue to strengthen their coordination and cooperation within multilateral mechanisms such as the United Nations, the Shanghai Cooperation Organization (SCO) and the China-Central Asia Mechanism, and safeguard the legitimate rights and interests of the two countries and all other developing countries, he added.

    Aripov spoke highly of China’s development achievements and its increasing global influence, saying China has been sharing its development opportunities and achievements with the world.

    Uzbekistan firmly abides by the one-China principle and supports the Belt and Road Initiative, Aripov said, expressing the willingness to expand practical cooperation on trade, investment, energy, manufacturing, connectivity, people-to-people exchange, and transportation and logistics.

    He also stressed jointly combating the “three evil forces” of terrorism, extremism and separatism.

    Uzbekistan is ready to strengthen coordination and cooperation with China within the framework of the SCO and the China-Central Asia Mechanism to promote the greater development of Uzbekistan-China relations, he said.

    Chinese Premier Li Qiang meets with Uzbek Prime Minister Abdulla Aripov, who is here for the 7th China International Import Expo, in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    MIL OSI China News

  • MIL-OSI: Bitget Brings Early Access to Zircuit (ZRC) with Pre-Market Launch Ahead of Spot Trading

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Nov. 04, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of Zircuit (ZRC) on its pre-market trading platform, providing early access to this new token before it enters spot trading. Users can now engage in ZRC/USDT trades on Bitget’s platform, giving traders an exclusive opportunity to interact with ZRC ahead of its full listing.

    Bitget’s pre-market trading platform allows users to engage in over-the-counter transactions of new tokens before their official listing. This feature offers a peer-to-peer marketplace where buyers and sellers can negotiate prices, facilitating advanced liquidity and strategic investment opportunities. Participants can secure coins at favorable prices, allowing for optimized investments without the immediate need for sellers to possess the coins.

    Zircuit, a fully EVM-compatible protocol, leverages zero-knowledge rollup technology to provide a highly efficient, scalable environment for transactions. This new addition aligns with Bitget’s focus on integrating advanced blockchain solutions, enhancing user experience, and expanding digital asset availability. With a total supply of 10 billion tokens, ZRC represents Bitget’s commitment to broadening its offerings and introducing technologies that support secure and effective blockchain interactions.

    Through Bitget’s pre-market trading platform, users can explore trades and set prices before an asset’s public listing. This OTC (over-the-counter) setup enables buyers and sellers to agree on terms and reserve liquidity in advance, offering flexibility and access to price discovery prior to market entry. Unlike typical spot trading, pre-market trades on Bitget allow sellers to complete transactions even if they do not initially hold the required coins, as long as they acquire them before the final delivery time. This unique structure is designed to empower both parties to achieve optimal trading results.

    The pre-market launch of Zircuit highlights Bitget’s continuous efforts to provide flexible, user-centric solutions in the evolving digital asset landscape. This initiative reaffirms Bitget’s drive to offer innovative trading opportunities that accommodate diverse user needs and enhance accessibility within the crypto sector.

    Bitget has established itself as one of the leading crypto spot trading platforms, offering a diverse selection of over 800 coins and more than 900 trading pairs across various ecosystems, including Ethereum, Solana, Base, and recently, TON. The pre-market platform, launched in April 2024, has facilitated early access to over 150 high-profile projects such as EigenLayer (EIGEN), Zerolend (ZERO), Notcoin (NOT), and ZkSync (ZKSYNC), providing a unique opportunity for investors to engage with emerging tokens at an early stage. The addition of ZRC to this lineup further enhances Bitget’s commitment to offering users access to promising Web3 projects.

    For more information on Zircuit tokens on Pre-market, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin priceEthereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more. 

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: WebsiteTwitterTelegramLinkedInDiscordBitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0d74c17b-7ff1-480e-860e-8637bed3ed20

    The MIL Network

  • MIL-OSI USA: Senator Reverend Warnock, Colleagues Urge Federal Agencies Expand Outreach on Discharging Student Loan Debt in Bankruptcy

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock, Colleagues Urge Federal Agencies Expand Outreach on Discharging Student Loan Debt in Bankruptcy

    New data shows vast majority of borrowers using the new guidance received recommendations for either full or partial debt discharge
    ICYMI from Business Insider: More student-loan borrowers are taking advantage of an updated route to get rid of their debt in bankruptcy court, top Democratic senators say
    Senator Reverend Warnock, lawmakers: “We encourage your agencies to continue to expand awareness of the guidance so that the 43 million borrowers in the United States… may be able to access relief if they need to file for bankruptcy”
    Washington, D.C. – Today, U.S. Senators Reverend Raphael Warnock (D-GA), Elizabeth Warren (D-MA), Dick Durbin (D-IL), and Sheldon Whitehouse (D-RI) urged the Department of Justice (DOJ) and Department of Education (ED) to continue expanding awareness to student loan borrowers who are struggling financially about available resources to discharge their student loans in bankruptcy.
    In November 2022, the DOJ and ED issued guidance to DOJ attorneys that sought to streamline the process of discharging student loans in bankruptcy. Prior to this change, borrowers had to undergo a confusing, invasive, and time-consuming process in bankruptcy court to prove repayment would constitute an “undue hardship.”
    “The ‘undue hardship’ standard historically set an unnecessarily high bar that essentially required borrowers to demonstrate a certainty of hopelessness to obtain relief,” wrote the senators.
    99.9% of borrowers who filed bankruptcy from 2011 to 2019 did not have their student loans discharged — borrowers came to believe that there was no way out of the crushing weight of student loans, even through bankruptcy. Since DOJ and ED’s new process was announced, more and more borrowers have received relief. New data obtained by Senator Warren’s office show that, under the Biden administration’s new guidance, 85% of borrowers who sought relief received recommendations for either full or partial debt discharge.
    The high rates of total or partial discharge for those who have applied through the new guidance suggest that many other borrowers could also qualify if they applied. The senators are pushing to expand awareness on the more transparent, fair, and accessible process.
    “We thank you for your agencies’ ongoing commitment to helping borrowers struggling with student debt and urge continued outreach to expand awareness of the streamlined process for qualified borrowers,” concluded the senators.
    Senator Reverend Warnock has long advocated for comprehensive action to address the student loan crisis and has continued pushing the Administration to deliver meaningful student debt relief. Most recently, Senator Warnock led the first Senate Banking committee hearing in over a decade to focus on private student loans and explored the lack of data and transparency in that market and loan servicing concerns while highlighting the potential legislative and regulatory recommendations and measures to stop these abusive practices and to better protect students and taxpayers. Additionally, in August of 2023, the Senator pushed President Biden to swiftly fulfill his promise to deliver targeted student debt cancellation to working and middle-class families following the misguided SCOTUS decision overturning the President’s student debt cancellation.
    The letter can be found HERE and text of the letter is below:
    Dear Attorney General Garland and Secretary Cardona:
    We are writing today to highlight and support your agencies’ progress in making it easier for borrowers struggling financially to discharge their student loans in bankruptcy. In November 2022, the Department of Justice (DOJ) and Department of Education (ED) released guidance to DOJ attorneys that sought to streamline the process of discharging student loans in bankruptcy. In the time since, more and more borrowers have taken advantage of this guidance and received relief.
    The 1978 Bankruptcy Code allowed borrowers to discharge their federal student loans by demonstrating that repayment would impose an “undue hardship” on the borrower or by showing that the loan became due at least five years before the borrower’s bankruptcy filing. Subsequent amendments benefitting lenders, however, removed the second option. Further, the “undue hardship” standard historically set an unnecessarily high bar that essentially required borrowers to demonstrate a certainty of hopelessness to obtain relief. The federal government’s aggressive challenges in bankruptcy court against students who pursued undue hardship claims only exacerbated the issue. The lack of clarity resulted in a situation where 99.9% of borrowers who filed bankruptcy from 2011 to 2019 did not have their student loans discharged and remained burdened by student loans even after exiting the bankruptcy process.
    In November 2022, after we advocated for a more simplified and transparent process, DOJ and ED published new guidance to make it easier for borrowers to discharge student loans through bankruptcy. The guidance outlined a more transparent, fair, and accessible process designed to empower borrowers burdened with crippling student loan debt who previously had no clear pathway for relief.
    Previously unpublished data obtained by our offices show the impressive growth of the program thus far. For example, while only roughly 200 borrowers attempted to discharge student debt in each of Fiscal Years (FY) 2021 and 2022, that number rose to 648 in FY 2023. In less than eight months in FY 2024, nearly 900 borrowers sought to discharge their student loans in bankruptcy, adding up to 1,520 borrowers since the guidance was implemented.
    Equally important, both unpublished and publicly available data show that the overwhelming majority of those who sought discharge using the new guidance were provided debt relief through full or partial discharge. The Biden Administration recommended approximately seven in 10 borrowers who filed using the updated guidance for full student loan debt discharge. The Administration recommended another 15% of borrowers receive partial debt discharge, meaning 85% of borrowers using the new guidance received recommendations for either full or partial debt discharge. Critically, courts accepted those recommendations in 98% of cases, meaning borrowers received real relief at the end of this process.
    ED and DOJ deserve praise for the complete turnaround of student loan bankruptcy outcomes and you should continue to build on the successes of the streamlined guidance so that more borrowers with crushing student loan debt can find relief. We encourage your agencies to continue to expand awareness of the guidance so that the 43 million borrowers in the United States, who carry a total of $1.6 trillion dollars in student loan debt, may be able to access relief if they need to file for bankruptcy. The high rates of total or partial discharge for those who have applied through the new guidance suggest that many other borrowers would also qualify if they have applied. For years, borrowers came to correctly believe that there was essentially no way out of the crushing weight of student loans, even through bankruptcy. ED and DOJ have changed this narrative and you should continue to educate potentially qualifying borrowers, their attorneys, and other individuals and organizations who work to help borrowers. 
    We thank you for your agencies’ ongoing commitment to helping borrowers struggling with student debt and urge continued outreach to expand awareness of the streamlined process for qualified borrowers. Further, for Congress and the public to better assess your agencies’ plans to increase borrowers’ access to relief through bankruptcy, please provide responses to the following questions by November 12, 2024:
    What types of education and outreach have your agencies already used to reach borrowers regarding the new guidance?
    What are your agencies’ plans for continued and improved education and outreach about the streamlined process to borrowers who may benefit from it? 
    What specific goals do your agencies have for measuring the success of increased education and outreach to borrowers who may benefit from the streamlined process? How will these goals change over time if at all? 
    Do your agencies have systems in place so that borrowers who have filed for bankruptcy can track their filing? If a system does not yet exist, what resources do your agencies need to create one? 
    How much time elapses, on average, between a borrower’s bankruptcy filing and a discharge determination entered by a court under the new process? Please provide a timeline of the different phases of the process (e.g., filing of an adversary proceeding, review by the assigned DOJ attorney, review by ED, recommendation filed by DOJ and ED) and how long each phase typically takes.
    Do your agencies track or record the reasons for denial of discharge based on the factors considered under the guidance? If so, please describe the 3-5 most common reasons you have identified.
    Do your agencies track or record student loan discharge outcomes by region? If so, please describe any regional trends you have observed.
    How can Congress support your agencies as you increase your education and outreach efforts to borrowers?

    MIL OSI USA News

  • MIL-OSI USA: Virginia Company and Two Senior Executives Charged with Illegally Exporting Millions of Dollars of U.S. Technology to Russia

    Source: US State Government of Utah

    Eleview International Inc., Oleg Nayandin, 54, of Fairfax, Virginia, and Vitaliy Borisenko, 39, of Vienna, Virginia, made their initial appearance today in the Eastern District of Virginia pursuant to a now unsealed complaint charging them with conspiracy to violate the Export Control Reform Act.

    “As alleged, the defendants — a Virginia company and two of its senior executives — conspired through three evasion schemes to circumvent the export restrictions imposed on Russia following its invasion of Ukraine,” said Assistant Attorney General Matthew G. Olsen of the Justice Department’s National Security Division. “U.S. companies are responsible for complying with laws that protect our national security. The National Security Division is committed to holding accountable individuals and companies who violate these laws and place financial profit over our collective security.”

    “This company allegedly used not one, not two, but three different schemes to illegally transship sensitive American technology to Russia,” said Assistant Secretary for Export Enforcement Matthew S. Axelrod of the Department of Commerce, Bureau of Industry and Security (BIS). “Today’s charges, against both the company and two top executives, are a prime example of our work to bring to justice both the companies and the corporate executives alleged to have circumvented our rules in search of a fatter bottom line.”

    “We must not allow critical systems and technologies to be transferred to anyone who may use them against America and our global partners,” said U.S. Attorney Jessica D. Aber for the Eastern District of Virginia. “Guarding against these transfers is imperative, and violations of the laws that protect our national security will be met with ardent prosecution.”

    “Export control evasion schemes put the American public at risk by concealing the true recipient,” said Special Agent in Charge Derek W. Gordon of Homeland Security Investigations Washington, D.C. “In this instance, HSI, working in partnership with our colleagues at Department of Commerce’s Office of Export Enforcement, uncovered this scheme was supporting a sanctioned country, thus threatening our national security and the safety of other countries. HSI is dedicated to preventing technology with military applications from falling into the wrong hands.”

    According to the complaint, between approximately March 2022 and June 2023, Eleview International Inc. (Eleview), allegedly a Virginia-based company that operated a freight consolidation and forwarding business; Nayandin, the owner, president, and CEO of Eleview; and Borisenko, who oversaw the day-to-day operations of Eleview’s freight forwarding business, conspired to illegally export goods and technology from the United States to Russia by transshipping them through three countries bordering or near Russia.

    As alleged, the defendants operated an e-commerce website that allowed Russian customers to order U.S. goods and technology directly from U.S. retailers, who shipped the items to Eleview’s warehouse in Chantilly, Virginia. The defendants then consolidated the packages before shipping them to the Russian customers, often using other freight forwarders as intermediaries, in exchange for a fee. After the Department of Commerce imposed stricter export controls in response to Russia’s further invasion of Ukraine in February 2022, the defendants began shipping items to purported end users in Turkey, Finland, and Kazakhstan, knowing that the items were ultimately destined for end users in Russia. To facilitate these illegal exports, the defendants made numerous false statements to the Department of Commerce and other freight forwarders about the end users and ultimate consignees of the items in these shipments.

    As part of the conspiracy, the defendants engaged in three export-control evasion schemes, each specific to a different intermediary country. In the Turkey scheme, the defendants exported about $1.48 million worth of telecommunications equipment to a false end user in Turkey, knowing that the equipment was intended for a Russian telecommunications company that supplied the Russian government, including the Federal Security Service, or FSB. The telecommunications equipment that the defendants illegally exported as part of the Turkey scheme had military applications, including use by the Russian military to create and expand communication networks in its war effort against Ukraine.

    In the Finland scheme, the defendants exported about $3.45 million worth of goods purchased to Russia through Eleview’s e-commerce website to a false end user in Finland that neither purchased nor sold goods. Before consolidating the packages into larger pallets for shipment to Finland, the defendants affixed to each package a label with a Russian postal service tracking number so that the Russian postal service could easily ship the package to the customer in Russia. The goods that the defendants illegally exported as part of the Finland scheme included “high priority” items that the Department of Commerce has identified as particularly significant to Russian weaponry, including the same type of electronic component found on Russian “suicide” drones used to destroy Ukrainian tanks and jets.

    In the Kazakhstan scheme, the defendants exported about $1.47 million worth of goods to Russia through an entity in Kazakhstan that advertises its ability to deliver goods to Russia. The goods that the defendants illegally exported as part of the Kazakhstan scheme included controlled dual-use items.

    If convicted, Nayandin and Borisenko each face a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The BIS and Homeland Security Investigations are investigating the case.

    Assistant U.S. Attorneys Gavin R. Tisdale and Amanda St. Cyr for the Eastern District of Virginia and Trial Attorney Garrett Coyle of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case with past assistance provided by then-First Assistant U.S. Attorney Raj Parekh.

    The case is being coordinated through the Justice and Commerce Departments’ Disruptive Technology Strike Force and the Justice Department’s Task Force KleptoCapture. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Justice and Commerce Departments designed to target illicit actors, protect supply chains, and prevent critical technology from being acquired by authoritarian regimes and hostile nation states. Task Force KleptoCapture is an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions and economic countermeasures that the United States has imposed, along with its allies and partners, in response to Russia’s unprovoked military invasion of Ukraine.

    A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News

  • MIL-OSI United Kingdom: Smoking ban introduced to protect children and most vulnerable

    Source: United Kingdom – Executive Government & Departments 2

    The government will introduce plans for tougher action to protect people from the harms of smoking in the Tobacco and Vapes Bill today.

    • World-leading reforms introduced to phase out smoking, protecting the public, NHS and economy and put us on track to a smokefree UK

    • Government will be given powers to extend indoor smoking ban to certain outdoor settings, focused on protecting children and the most vulnerable, in addition to creating the first smokefree generation   

    • Bill will also ban vape advertising and sponsorship, as well as create new powers to restrict the flavours, display and packaging of all types of vapes

    • Combined with on the spot fines, tougher action on enforcement and tighter regulation on vaping, the Bill will protect children and young people from harm and addiction

    Tougher action to better protect the public, NHS and the economy from the harms of smoking will be set out in the Tobacco and Vapes Bill, introduced in Parliament today (Tuesday 5 November).   

    The world-leading Bill will include measures to create a smokefree generation, phasing-out the sale of tobacco products across the UK to anyone aged 15 or younger this year, breaking the cycle of addiction and disadvantage. 

    In addition, the government will be given powers to extend the indoor smoking ban to specific outdoor spaces: with children’s playgrounds, outside schools and hospitals all being considered, subject to consultation.

    This sits alongside a ban in the Bill on vape advertising and sponsorship, as well as powers to restrict the flavours, display and packaging of all types of vapes, as well as other nicotine products.    

    Disposable vapes are also due to be banned from 1 June 2025 under separate environmental legislation.   

    The Tobacco and Vapes Bill is part of the government’s reform agenda to shift the focus of healthcare from sickness to prevention and will address one of the biggest risk factors driving poor health. 

    Smoking claims around 80,000 lives a year in the UK, putting huge pressure on our NHS, taking up appointments, scans and operations, and costing taxpayers £3.1 billion a year.   

    The cost of smoking to the economy is even greater, with £18 billion lost in productivity every year, as smokers are a third more likely to be off work sick.   

    Tobacco is a uniquely harmful product, responsible for 1-in-4 of all cancer deaths and killing up to two-thirds of its long-term users. Smoking also substantially increases the risk of many major health conditions throughout people’s lives, such as strokes, diabetes, heart disease, stillbirth, dementia and asthma.   

    Almost every minute, someone is admitted to hospital because of smoking and up to 75,000 GP appointments can be attributed to smoking each month – over 100 every hour.   

    There is no safe level of exposure to second-hand smoke and this is particularly true for children – whose lungs and immune system aren’t as well developed as adults – as well as pregnant women and those with pre-existing health conditions.  

    Health and Social Care Secretary, Wes Streeting, said:      

    Unless we act to help people stay healthy, the rising tide of ill-health in our society threatens to overwhelm and bankrupt our NHS. Prevention is better than cure. 

    This government is taking bold action to create the first smokefree generation, clamp down on kids getting hooked on nicotine through vapes, and protect children and vulnerable people from the harms of second-hand smoke. 

    This historic legislation will save thousands of lives and protect the NHS. By building a healthy society, we will also help to build a healthy economy, with fewer people off work sick.

    The government will also take tougher action to crack down on youth vaping, with 25% of 11 to 15-year-olds having tried vaping in 2023.   

    Subject to consultation, the government is considering extending restrictions in places that are currently smoke free to also become vape free, especially in areas where there are children and young adults.   

    Together, these measures will help protect children from becoming hooked on nicotine while continuing to enable adult smokers to use vapes as a quit aid.  

    Chief Medical Officer for England, Professor Chris Whitty, said:  

    A smokefree country would prevent disease, disability and premature deaths for children born today and for people long into the future. Smoking causes harm across the life course from stillbirths, asthma in children, cancers, strokes and heart attacks to premature dementia.   

    Most smokers wish they had never started, but are trapped by addiction. Second-hand smoke causes harm including to children, pregnant women and medically vulnerable people so reducing this is important. If vulnerable people can smell smoke they are inhaling it.   

    The rising numbers of children vaping is a major concern and the Tobacco and Vapes Bill will help prevent marketing vapes to children, which is utterly unacceptable.  

    This is a major piece of legislation which if passed will have a positive and lasting impact on the health of the nation.

    Professor Sanjay Agrawal, NHS England national speciality advisor for tobacco dependency, said:

    Smoking may seem like a problem for past generations, but it is still the leading cause of preventable illness and deaths and has an enormous impact on the NHS, costing billions each year through appointments, scans and operations. It’s also clear that vaping is a growing issue, particularly among young people.

    NHS treatments, including nicotine replacement therapy, are helping thousands of adults each year to live healthier lives and we have seen adult smoking rates drop by more than half in the last 3 decades.

    But there is more to do, so we welcome this public health intervention and look forward to working with government to help the next generation grow up smoke and vape-free.

    The Bill will also include powers to introduce a licensing scheme for retailers to sell tobacco, vape and nicotine products in England, Wales and Northern Ireland, and will introduce on the spot fines of £200 to retailers found to be selling these products to people underage.   

    These measures will protect law abiding businesses and tackle illicit products from being sold.     

    The number of cancer cases caused by smoking has increased by 17% since 2003, with 20 additional people a day being diagnosed with cancer caused by smoking compared to 20 years ago.        

    Smoking is also a significant driver of inequality and poverty with mortality rates attributed to smoking in the most deprived areas of England more than double that in the least deprived areas.      

    The majority of smokers start before the age of 20 and are then addicted for life. Less than 17% of smokers state they want to continue smoking.   

    The government will support current smokers to quit by exploring standardising packaging for all tobacco products, for example cigars or pipe tobacco.  We will also ensure all hospitals integrate ‘opt-out’ smoking cessation interventions into routine care. This will complement existing programmes to help support smokers quit.

    Just last month in England, the Health and Social Care Secretary launched the public engagement that will inform the government’s 10 Year Health Plan to deliver three big shifts in healthcare – hospital to community, analogue to digital and from sickness to prevention – to make the NHS fit for the future. 

    In England, hospitality settings, including outside areas of pubs and bars, will not be included in the proposed extension to the indoor smoking ban.

    Dr Charmaine Griffiths, chief executive at the British Heart Foundation, said:

    We are delighted to see landmark legislation to create a smokefree generation brought to Parliament. Smoking continues to have a devastating impact on our national health, taking thousands of lives across the UK each year, and tough measures must be taken to ensure future generations don’t die early because of tobacco.

    We welcome the government’s commitment to raising the age of sale for tobacco every year, as well as further action to protect children and clinically vulnerable people such as those living with heart disease from second hand smoke in schools, playgrounds and hospital grounds.

    We also welcome measures to make vaping less appealing to young people.  We know the vast majority of the public back the aims of this Bill, and we urge MPs of all parties to support this life-saving legislation and vision of a smokefree UK.

    Dr Ian Walker,  executive director of Policy at Cancer Research UK, said: 

    Today is a significant step forward in the journey to creating a smokefree UK. By increasing the age of sale of tobacco products and properly funding cessation services, the government can build a healthier future, prevent cancer, and protect people from a lifetime of deadly and costly addiction.  

    We urge all MPs to prioritise the nation’s health by voting in favour of the Bill and ensuring that this historic legislation is implemented across the UK.

    Hazel Cheeseman, chief executive at Action on Smoking, said:

    This is a world-leading piece of legislation, the first stop on a roadmap to a smokefree country. It opens up an important debate about smoking and how long we are prepared to tolerate the incredible harms it does to our society. Over the last 50 years, smoking has taken more than 8 million lives in the UK. The health community and the public support the government in this historic effort to phase out the sale of tobacco. Smoking will not steal the health and wealth of future generations.

    Henry Gregg, director of external affairs at Asthma + Lung UK, said:

    The government is taking a huge step forward in the fight against the harms of smoking, the biggest cause of lung disease death in the UK, by tabling the Tobacco and Vapes Bill. 

    Creating a smokefree generation is one of the most impactful things the UK can do to protect future generations from developing lung conditions caused by smoking. The highest rates of respiratory-related deaths are overwhelmingly in the most deprived areas, where people are also more likely to smoke. This landmark legislation will play a vital role in closing this gap, as well as easing some of the £2.2bn burden that smoking places on the NHS each year.

    But we should not forget those who are already addicted to smoking – we need increased investment in stop smoking services to deal with smoking’s deadly legacy. Smoking is one of the worst things anyone can do for their lungs and smoking can also cause significant health problems for those around people who smoke.

    If you’re a smoker and you want to quit tobacco, vaping can be a helpful way to give up smoking. But children and those who don’t smoke should not start to vape, especially if you have a lung condition. Recent figures show a worrying rise in the numbers of children vaping, who mostly use disposable vapes. It’s high time to put a stop to the vaping industry marketing their products towards children with cheap prices and appealing flavour options. It’s good to see increased powers to regulate vape branding, promotion and flavours in this bill and further powers of enforcement.

    Cllr David Fothergill, chairman of the Local Government Association’s Community Wellbeing Board, said:

    We fully support the government’s smokefree generation ambitions, which will improve the lives and health of people across the country.

    Local government has led the way tackling the harms caused by smoking, whether that is calling for a ban on smoking in public places or funding smoking cessation services.

    Raising the legal age of sale for tobacco products is a progressive policy that will help reduce smoking prevalence and the damaging effects on health, while we strongly endorse the measures on vapes, to help reduce their appeal to children.

    Updates to this page

    Published 5 November 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Protecting children, families and vulnerable from tobacco harms

    Source: United Kingdom – Executive Government & Departments 2

    Professor Sir Chris Whitty writes for The Times on the Tobacco and Vapes Bill.

    No smoker wants to harm other people, but with second-hand smoke they unintentionally do. Despite efforts by the tobacco industry to undermine the evidence on this, it is overwhelming. The risk of getting or accelerating diseases such as cardiovascular disease, lung cancer, and chronic obstructive pulmonary disease (COPD) are significantly increased by second-hand (passive) smoke, including in non-smokers who now make up over 88% of the UK adult population.

    Some people are especially vulnerable to tobacco chemicals: children, pregnant women, people with common pre-existing but usually invisible health conditions like asthma, diabetes or coronary heart disease. There are now more people with serious medical conditions that can be made worse by second-hand smoke than there are smokers and they do not choose to be exposed to risk from smoke in a public place.

    By addicting people at a young age, tobacco companies ensure that millions of people who smoke will suffer substantial health harms throughout their life. These range from stillbirth through to significantly higher rates of dementia, including stroke, heart attacks lung disease and many cancers. Smokers are more likely to need NHS services, be admitted to hospital, drop out of work and need social care years before they otherwise would.

    Most smokers wish they had never started, want to quit and should be supported to do so but are find they are trapped, their choice taken away by the addiction deliberately induced in them by the industry at an early age. To prevent this the last government introduced the Tobacco and Vapes Bill to create a smokefree generation in current children, with wide cross-party and public support, and the Bill being introduced builds on that.

    Many non-smokers are harmed simply by being near smoking. The health harms are lower than for an active smoker but still substantial. Recognising that, the UK stopped smoking in indoor public spaces 17 years ago. This led to rapid improvements in health including around 1200 fewer heart attack admissions and many fewer asthma admissions in children in the first year alone.

    There is no safe level of smoking, but in bringing forward new legislation ministers have considered outdoor public places children, families and medically vulnerable people are most exposed to the risk of second-hand smoke.

    Three things particularly predict harm: the concentration of smoke; the amount of time being exposed; the vulnerability of the individuals. Although outdoor spaces generally have lower concentrations of the toxic chemicals from tobacco than indoors studies show they can still be significant near or downwind of smoking or in areas like a walled or covered outdoor space. If you can smell smoke, you are inhaling it in appreciable amounts.

    Smoke near schools and playgrounds exposes children. Hospitals grounds have very high numbers of medically vulnerable people. This Bill will help protect them from the effects of second-hand smoke. 

    The Bill will also address the tricks used to make vapes attractive to children. The message on vapes is clear; if you smoke swap to vapes; if you don’t smoke don’t vape; it is utterly unacceptable to market vapes to children. Because smoking is so dangerous, smokers moving to vapes is safer, but best of all is not to smoke or vape.

    Anywhere someone can smoke, they should therefore be able to vape as a quit aid but the long-term effects of vaping, including passive vaping, are unknown. If passed the Tobacco and Vapes Bill will ban the advertising and sponsorship of vapes and also allow the government, after consultation, to protect children from marketing techniques vaping companies use to addict them including through bright colours, flavours and cartoons. The government has already moved to ban disposable vapes used by many children. 

    The tobacco industry drives health inequality, harms the economy through ill health including during the working age and causes a burden on the NHS – far outweighing the tax receipts. Ensuring a smokefree generation, protecting families and vulnerable people from involuntary second-hand smoke and preventing some of the tricks used to market cigarettes and vapes to children will have substantial long-term benefits to the health of the public.

    Updates to this page

    Published 5 November 2024

    MIL OSI United Kingdom

  • MIL-OSI Economics: The Nexus of Peer-to-Peer Lending and Monetary Policy Transmission: Evidence from the People’s Republic of China

    Source: Asia Development Bank

    Using state-dependent local projection methods, the results of the paper indicate a weaker transmission during boom phases. Stricter regulation on P2P lending since 2017 in the PRC and the substantial scaling back of P2P lending could positively impact the monetary management of the economy.

    MIL OSI Economics

  • MIL-OSI Global: Canada and churches have moral obligations for the reparations of missing and disappeared Indigenous children: Final Report

    Source: The Conversation – Canada – By Frank Deer, Professor, Faculty of Education, University of Manitoba

    Independent Special Interlocutor Kimberly Murray has released her final report after two years of examining the issue of missing and disappeared Indigenous children and unmarked burials sites at residential schools in Canada.

    During the ceremony last week in Gatineau, Que., Murray said governments do not often implement recommendations given on such reports. So she opted to identify 42 “legal, moral and ethical obligations” for governments, churches and other institutions. These are proposals on how to make holistic reparations to Indigenous Peoples.

    Murray emphasized that the children were “victims of enforced disappearance.”

    Since the 1870s and continuing for more than 150 years, over 150,000 First Nations, Métis and Inuit children were taken from their families and forced to attend church-run, government-funded residential schools. The National Centre for Truth and Reconciliation has documented more than 4,100 deaths of children at the schools.

    After potential unmarked graves were identified at former residential school sites, the Canadian government appointed Murray to make recommendations on unmarked graves and burial sites.

    The report, “Sites of Truth, Sites of Conscience” focuses on aspects of the Indian Residential School experience: unaccounted missing children, unmarked grave sites, the roles of government and churches in the Indian Residential School genocide and failure to maintain records of the deaths and burials of deceased children.

    The report centres Indigenous strategies for research and advances a framework of reparations to “support the search for and recovery of the missing and disappeared children and unmarked burials.” It is an extension of the work of the Truth and Reconciliation Commission of Canada (TRC) whose final report devoted an entire volume toward missing children and unmarked burials. The newest report is even more bold than the Final Report of the Truth and Reconciliation Commission of Canada.

    The TRC report observed that “the most basic of questions about missing children — Who died? Why did they die? Where are they buried? — have never been addressed or comprehensively documented by the Canadian Government.”

    Since the TRC report was released in 2015, efforts to investigate this issue of missing children and unmarked graves has increased significantly.

    CBC News report: Special interlocutor on Unmarked Graves and Burial Sites issues final report.

    Reconciliation and reparations

    Murray explores the issue of genocide in the Indian Residential School system in ways that indict the Canadian government and other institutions of crimes.

    The report says Canada must refer to “the enforced disappearance of children,” as a “crime against humanity” and the issue needs to be taken to the International Criminal Court. It further states that the “federal government and other institutions have worked harder to protect perpetrators than they ever did to protect Indigenous children, families, and communities,” and that Canada has embraced a culture of “settler amnesia and willful forgetting.”

    In support of this indictment, Murray shows how the government and church were not only responsible for acts of omission in that somehow failed to protect Indigenous children in their care. Instead, they were acts of commission: deliberately created situations in which Indigenous children in their care were severely harmed.

    Murray refers to this as forced disappearances — when the liberty of Indigenous children is taken away and their fate was concealed.

    In addition, the Independent Special Interlocutor also focuses on, among other things, our moral and ethical obligations as foundational frames for reparations.

    A moral framework

    Murray put forth 42 obligations that reflect the morally and ethically centred responsibilities of governments, churches and other institutions.

    These moral and ethical responsibilities inform the reparations that Murray articulates in her report.

    These responsibilities and obligations include:

    • Calls for long-term financial support of investigations into missing and disappeared Indigenous children and Indian Residential School burial sites

    • Support for survivors

    • The recording of their stories

    Core values

    Underlining the report is a moral principal that efforts to find missing children and unmarked graves must be Indigenous-led.

    These moral principles, this foundation for action, articulated by Murray, can provide a compelling rationale that may help change attitudes and action.

    The recent report puts forth several moral and ethical principles which we need to consider.

    One of the report’s powerful statements is:

    “Children must be cared for in life and after death.”

    This might seem to some a simple point that is obvious and even unnecessary. However, the distance between such important declarations and the policies of Canadian governments and institutions has been vast.

    That this particular principle refers to the importance of care “after death” ought to be familiar to any of us who’ve lost loved ones. However, stating it clearly here strengthens the point that government and other institutions have obligations to children who died in their care.

    Another important principle from the report is that “search and recovery work is sacred.”

    The need to discover who died, the reasons why they died, and the location of their remains is one so connected to the emotional well-being of living descendants and fellow community members that it is a spiritual journey.

    This is why the search and recovery processes must be Indigenous-led.

    This report, like the TRC’s and the final report of the National Inquiry into Missing and Murdered Indigenous Women and Girls, contains demands for action that should be accepted and acted upon by governments and institutions.

    The moral and ethical principles that inform those demands can be as important for informing change. It is in these principles that we may find moral guidance and direction toward righteousness.

    We may also find, if we’re paying attention, our humanity.

    Frank Deer receives funding from the Social Sciences and Humanities Research Council of Canada.

    ref. Canada and churches have moral obligations for the reparations of missing and disappeared Indigenous children: Final Report – https://theconversation.com/canada-and-churches-have-moral-obligations-for-the-reparations-of-missing-and-disappeared-indigenous-children-final-report-242560

    MIL OSI – Global Reports

  • MIL-OSI Australia: $6.4 million for local community infrastructure projects

    Source: New South Wales Government 2

    Headline: $6.4 million for local community infrastructure projects

    Published: 5 November 2024

    Released by: Minister for Gaming and Racing


    Communities from Inverell to Albury and Bathurst to the Northern Beaches will benefit from $6.4 million funding under the NSW Government’s latest round of Infrastructure Grants.

    A women and children’s refuge, musical society, marine rescue organisation and Aboriginal youth gym are among 46 recipients to share a total of $12.75 million this financial year.

    Infrastructure Grants are funded by ClubGRANTS Category 3, which directs profits from registered clubs’ gaming machines into community projects, while clubs receive a tax concession in return.

    The grants support local community projects across four categories: sport and recreation, disaster readiness, community infrastructure, and arts and culture.

    Key projects supported in this latest funding round include:

    • $200,000 to Tumbarumba Equine Club near the Snowy Mountains for roofing, power, lighting, water troughs and an additional disaster evacuation stock holding area for large animals
    • $270,100 to Ngarabal Aboriginal Corporation in Inverell to upgrade a gym facility to provide year-round boxing, martial arts and self defence programs for youth at risk
    • $51,600 to Wagga Wagga Art Gallery for new exhibition spaces, a print workshop, expanded storage and improved environmental and safety equipment
    • $55,300 to Western Suburbs Lawn Tennis Association in Ashfield to install new lighting to two synthetic tennis courts
    • $70,000 to Parkes Musical & Dramatic Society for an upgrade of digital microphones
    • $187,600 to Marine Rescue Cottage Point on Sydney’s Northern Beaches to replace engines and electronics on two rescue vessels
    • $50,000 to Margaret House Refuge in Young for refurbishment of a cottage that provides a safe and welcoming environment for women and children fleeing domestic violence and/or experiencing homelessness.

    See the complete list of Infrastructure Grants Program recipients.

    Applications for the next round of Infrastructure Grants are open until Monday 25 November. For more information visit Clubgrants Category 3 fund.

    The NSW Government’s review into the effectiveness of ClubGRANTS is ongoing amid continuing work across government to improve integrity and public trust in grants. This is the first formal review into the scheme since 2013.

    Minister for Gaming and Racing David Harris said:

    “I’m pleased to see this round of Infrastructure Grants go to many worthy groups who work hard for their communities across the state.

    “I am impressed by the many and varied ways organisations are working to benefit their communities. 

    “Infrastructure Grants improve local facilities that bring people together, help them prepare for and recover from disasters, and promote participation in sport, recreation and the arts.”

    MIL OSI News

  • MIL-OSI China: Cambodia, China eye stronger digital economy cooperation

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

    PHNOM PENH, Nov. 4 — The 2024 China-Cambodia Digital Economy Cooperation Forum was convened here in Phnom Penh, capital of Cambodia, on Monday, exploring ways to boost stronger digital economy cooperation between the two countries.

    In an opening speech, Cambodian Minister of Economy and Finance Aun Pornmoniroth said the forum was vital to further promoting cooperation between Cambodia and China, especially in the fields of technology, innovation, and digital economy.

    “For Cambodia, the development of the digital economy is considered an important driver in the process of economic development,” he told the forum with approximately 250 participants.

    Pornmoniroth, who is also a Cambodian deputy prime minister, said the development of digital technology is one of the top priorities in the Cambodian government’s Pentagonal Strategy Phase 1 and that digital technology will help Cambodia achieve its vision of becoming a high-income country by 2050.

    “In recent years, digital technology has been rapidly developed, becoming a new stand for supporting and ensuring economic resilience,” he said.

    “The digital technology has spurred new innovations that contribute to value added creation, productivity increase, and work efficiency, as well as become a catalyst for global trade and economic connectivity,” he added.

    Pornmoniroth said Cambodia and China have been working closely to promote digital economy and that the Southeast Asian country has collaborated with Alibaba to boost e-commerce and with UnionPay International and Ant International’s Alipay+ to bolster cross-border QR code payments.

    At the event, the Digital Economy Professional Association of the Chinese Chamber of Commerce in Cambodia was launched.

    Pornmoniroth hopes that the association will play a leading role in promoting digital innovations, producing digital talents, and enhancing the use of digital technology.

    Chinese Ambassador to Cambodia Wang Wenbin praised Cambodia for its rapid development of digital economy, and was amazed by the significant rise of mobile payments with smartphones.

    He was pleased to see that China-Cambodia digital economy cooperation has progressed well, saying that China will continue to help Cambodia achieve the goal of 100 percent high-speed Internet coverage in urban areas and 70 percent coverage in rural areas by 2025.

    “Chinese companies in Cambodia have fully utilized their own technological advantages to promote emerging technologies such as artificial intelligence, cloud technology, and mobile payments in Cambodia, helping the kingdom improve its digital level and promote digital transformation,” he said.

    Lin Shiqiang, president of the China Chamber of Commerce in Cambodia, said China Unicom, Huawei and other companies have played a crucial role in constructing Cambodia-China submarine cable, providing strong support for the deep integration and connectivity of the digital economy of the two countries.

    Joseph Matthews, a senior professor at the BELTEI International University in Phnom Penh, said China has been a great supporter of digitalization of Cambodia, gradually transforming Cambodia’s present system into digitalization.

    “China has a policy. They are sharing their wealth and their technology with countries and with their friends like Cambodia,” he told Xinhua.

    MIL OSI China News

  • MIL-OSI China: China holds wide appeal for investors

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

    Motivated by China’s complete removal of market access restrictions for foreign investors in the manufacturing sector, executives from multinational corporations attending the seventh China International Import Expo said they will deploy more resources in the country, with a particular focus on high-end manufacturing.

    This year’s CIIE, scheduled in Shanghai from Tuesday to Nov 10, will debut more than 400 new products, technologies and services across advanced sectors, including high-end equipment, advanced materials and marine engineering products, according to the Ministry of Commerce.

    The latest edition of China’s national negative list for foreign investment, which took effect on Friday, has removed the last two manufacturing-related restrictions, further opening the sector to global investors, according to the National Development and Reform Commission.

    Attracted by China’s innovation capability, business model transformation and bilateral and multilateral free trade deals, many global manufacturers are increasingly inclined to invest in new innovation centers, expand production capacities and advance digital transformation initiatives within the country, said Sun Xiao, secretary-general of the China Chamber of International Commerce.

    For China, the manufacturing industry is the earliest sector to open up to foreign investors, and it is also the most competitive, with a high level of integration with the global industrial division of labor, said Sun.

    Schneider Electric, a French industrial and technology group and a seven-time participant at the CIIE, will present at this year’s event new concepts, products, services and applications that combine digital, automation and electrification technologies, underscoring its commitment to China through its “China Hub” strategy.

    Yin Zheng, executive vice-president of Schneider Electric’s China and East Asia operations, said that China has become Schneider Electric’s second-largest market in the world and one of its four global research and development bases.

    “Through the CIIE, a world-class communication platform, we aim to continuously deepen ecosystem cooperation and work with more Chinese industrial partners to jointly build new quality productive forces,” he added.

    Arthur Xu, president for China at Danfoss Group, a Danish engineering company, said that Danfoss will bring its products and solutions in the data center, water and wastewater treatment, marine, food and beverage, and heat recovery fields, among others, to the CIIE this year. These proven solutions will offer unique value for China’s green transition, he said.

    In addition to plans to begin construction in April in Jiaxing, Zhejiang province, on its new manufacturing facility, which will be one of the biggest production sites in Danfoss’ history, the company also announced in September that it has completed construction of a work campus in Nanjing, Jiangsu province.

    The new campus is dedicated to the innovation and production of specialized transistor modules as well as electric and hybrid power train systems.

    With the structure of foreign investment continuing to be optimized, China saw the high-tech manufacturing sector use 77.12 billion yuan ($10.87 billion) in foreign direct investment in the first three quarters of 2024, accounting for 12 percent of the national total, according to the Ministry of Commerce. That is an increase of 1.5 percentage points from the same period last year.

    Tang Wenhong, assistant minister of commerce, said that China’s well-developed industrial system, commitment to continued openness, and efforts to scale up high-tech manufacturing remain key drivers for foreign manufacturers’ investment in the country.

    Nipsea Group, a Singapore-based paint and coating manufacturer, will make its debut as a participant at the CIIE this week with a 300-square-meter booth.

    “This year, we have officially transitioned from being a witness to a participant at the CIIE, presenting our latest products and technology solutions,” said Eric Chung, CEO of Nippon Paint China, a subsidiary of Nipsea Group.

    “This move not only underscores our unwavering commitment to the Chinese market, but also reflects our firm determination to contribute to the high-quality development of China’s economy,” Chung said, adding that the company will showcase its newest automotive coatings and marine paint products at the expo.

    MIL OSI China News

  • MIL-OSI China: 136th Canton Fair wraps up with record int’l buyer attendance

    Source: China State Council Information Office

    Buyers select massage machines at the 136th China Import and Export Fair in Guangzhou, south China’s Guangdong Province, Nov. 4, 2024. [Photo/Xinhua]

    The 136th Canton Fair, officially known as the China Import and Export Fair, concluded on Monday in Guangzhou, south China, recording a historic high in terms of overseas buyer attendance, according to data from the organizers.

    As of Sunday, a total of 253,000 overseas buyers from 214 countries and regions had attended the event, marking an increase of 2.8 percent compared to the previous edition held from April 15 to May 5 this year, setting a new record, Zhou Shanqing, deputy director of China Foreign Trade Center and head of the fair’s media center, told a press conference held on Monday.

    Buyers from countries participating in the Belt and Road Initiative (BRI) accounted for over 60 percent of the attendance. The number of buyers from Middle East countries grew the most, reaching 34,000 or a surge of 32.6 percent compared with the previous edition. There was also a notable rise in the number of buyers from the United States and European countries, with 54,000 attending, an 8.2-percent increase from the previous edition.

    The intended turnover of export transactions at this session reached 24.95 billion U.S. dollars, 1 percent higher than the previous session. Notably, transactions with Belt and Road partner countries accounted for more than half of this total, while transaction volumes involving buyers from Europe and the United States both logged growth.

    Yang Zhusong, an associate professor at the School of Public Policy and Management, Tsinghua University, said that the growing number of exhibitors at the fair is a microcosm of China’s influence in global import and export trade.

    The increase in buyer attendance from Europe and the United States is attributable not merely to their confidence in China’s huge market potential but also to China’s efficient manufacturing prowess, which provides a complete industrial chain of services, Yang said.

    The attendance of increasing number of enterprises from Belt and Road partner countries indicates that China’s cooperation with these countries is pragmatic and the benefits are mutual, according to Yang.

    Christian Noll, a buyer from Germany, was still busy on the last day of the fair. Focused mainly on garments, he browsed some booths and settled on a cooperation plan with a partner from Fuzhou in east China’s Fujian Province.

    “It is the biggest trade show I’ve ever seen. Normally trade shows happen every two years or at most once a year, to allow companies to innovate in between. This show occurs twice a year and each time the size is amazing, and there is a lot of new stuff. This is the coolest show on the planet,” said Noll.

    Having attended the fair for four consecutive years, Moulay Elkamel, a buyer from Morocco, described his latest trip to China as “beyond delightful.”

    “I’ve met great friends and partners and have seen many interesting products. It’s a pity the fair only lasts for half a month. I plan to come back for the show next year in April. There are already some orders ready for settlement,” Elkamel said.

    Themed “Serving high-quality development, promoting high-level opening up,” the 136th Canton Fair featured more than 30,000 exhibitors showcasing 1.15 million new products.

    Yang said international buyers are leveraging the Canton Fair as a platform to forge deeper, more mutually advantageous and promising partnerships with Chinese companies.

    The continuous development of “Made in China” and “Created in China” is also injecting fresh impetus into the growth of global industrial and supply chains, Yang added.

    Chu Shijia, deputy director and secretary general of the fair and head of China Foreign Trade Center, said that the continuous expansion of the Canton Fair reflects the growth and strength of China’s foreign trade, and demonstrates China’s unwavering determination to open wider to the outside world, providing new opportunities for the world with the country’s new development and contributing to the development of an open global economy.

    Founded in 1957, the Canton Fair is held twice a year in Guangzhou, the capital of Guangdong Province. It is the longest-running of several comprehensive international trading events in China, and is hailed as the barometer of China’s foreign trade.

    MIL OSI China News

  • MIL-OSI China: WIOTC 2024 focuses on interconnected digital future

    Source: China State Council Information Office

    The launch ceremony of the White Paper on the Intelligently Interconnected Digital Economy is held in Beijing, Nov. 3, 2024. [Photo courtesy of WIOTC]

    The ninth annual World Internet of Things Convention (WIOTC 2024) commenced on Nov. 3, in Beijing, bringing together leaders of government agencies, enterprises, industrial associations and standards organizations worldwide to discuss the future of the Internet of Things (IoT) under the theme, “Towards a New Future for Digital Economy: An Intelligently Interconnected New World.”

    The aim of the event was to support the U.N. sustainable development agenda, bridge the global digital divide, create an international model of an intelligently interconnected digital economy in China, and explore new pathways for digital economic collaboration.

    In his message to the convention, U.N. Secretary-General Antonio Guterres addressed the transformative impact of digital technology on business and economic growth. He emphasized that “real-time data sharing, IoT applications, information networking, and artificial intelligence are empowering the development of smart grids, smart homes and smart cities.”

    However, he noted the digital divide, saying: “Not all countries or communities are benefiting equally. For those without capacity or connectivity, the digital divide is also an opportunity divide.”

    “Digital technology is about bridging divides,” he added, calling for efforts to ensure evolving technologies benefit all people equally.

    During the convention, speakers noted China’s significant strides in IoT and digital economy innovation, underscoring the country’s investments in digital infrastructure and supportive government initiatives that have positioned it as a global leader in these fields.

    According to He Xuming, chairman of the WIOTC executive committee, the number of global IoT connections is expected to surpass 25 billion this year, with China playing a crucial role. The country’s digital infrastructure is expanding significantly. It is on track to build over 4.3 million 5G base stations to support IoT this year and surpass 3 billion IoT connections, he said.

    Yu Hongjun, former vice minister of the International Department of the Central Committee of the Communist Party of China (CPC), added that in recent years, China has actively promoted the innovation and development of the internet and digital economy. He said, “The establishment of foundational communication networks, the widespread application of 5G, and the development of 6G have laid a solid foundation for digital economic transformation and upgrading.”

    The country’s strategic initiatives proposed during the 20th CPC National Congress, focusing on building a strong digital China and a smart society, were further reinforced by the third plenary session of the 20th CPC Central Committee. The resolution emphasized “improving the commodity distribution system, and speeding up the development of the Internet of Things.”

    “China’s leadership in advancing digital innovation and IoT continues to serve as a powerful model, inspiring nations worldwide to embrace the possibilities of digital technologies,” said Sinisa Berjan, ambassador of the Embassy of Bosnia and Herzegovina to China.

    The ambassador also stressed the shared responsibility to ensure that the advantages of digital transformation are distributed equally, calling for a world where technology can support an inclusive digital landscape that benefits all.

    Berjan called IoT a “critical driver of digital development,” explaining it has the potential to revolutionize key sectors like health care, agriculture, energy and transportation. “IoT enhances productivity, optimizes resource use and empowers communities, ensuring that economic progress aligns with environmental stewardship,” he added.

    However, Berjan stressed the need for strong international cooperation to fully unlock these benefits. He called for the sharing of best practices, the development of unified standards, and mutual support among countries to help every nation tap into the potential of IoT.

    Platforms like the WIOTC provide invaluable opportunities for such exchanges, fostering a spirit of collaboration that fuels progress, innovation and economic development, he said, adding that “together, we can lay the foundation for a future where the benefits of digital transformation reach every community and individual.”

    Leaders from major standardization bodies also underscored the importance of collaboration. Jo Cops, president of the International Electrotechnical Commission (IEC), emphasized that, given the current environmental challenges, “IoT supports the energy transition and the deployment of renewables through smart grid applications.” He added, “To meet our common challenges and goals, we need to collaborate.”

    Similarly, Sung Hwan Cho, president of the International Organization for Standardization (ISO), advocated for an inclusive digital future, saying, “It is crucial that this progress actually supports the U.N. Sustainable Development Goals and bridges the digital divide.”

    At the convention, the WIOTC released the White Paper on the Intelligently Interconnected Digital Economy. Zhang Hua, vice chairman of the WIOTC executive committee, explained that the white paper outlines the innovative development direction and theoretical foundation of the global IoT digital economy, including concepts, advanced digital economy models, global market structures, and sustainable development pathways. 

    The white paper provides expert guidance for global governments on internet development and digital economy upgrades, and serves as a reference for enterprises aiming to transform and enhance their data applications, Zhang said.

    MIL OSI China News

  • MIL-OSI China: CIIE attracts record-breaking participating countries, exhibitors

    Source: China State Council Information Office

    This photo shows the National Exhibition and Convention Center (Shanghai), the main venue for the 7th China International Import Expo (CIIE), in east China’s Shanghai, Nov. 4, 2024. [Photo/Xinhua]

    On Tuesday morning, the Chinese commercial hub of Shanghai will once again assume its role as the host for the newest edition of the globe’s first national-level exposition dedicated to imports.

    Now, the China International Import Expo (CIIE) stands as a telling example of China’s steadfast opening up and an unmissable opportunity for foreign enterprises to tap into the Chinese market.

    Despite challenges and uncertainties in the global economic landscape, over the past seven years, CIIE has steadily grown.

    The first six editions of CIIE have generated a total intended transaction amount exceeding 420 billion U.S. dollars. Additionally, over 1,130 foreign enterprises and investment promotion organizations have conducted targeted connections across the country.

    This year, the business exhibition will be held at the National Exhibition and Convention Center (Shanghai), covering more than 360,000 square meters — equivalent to 50 standard soccer fields — and hosting 3,496 exhibitors from 129 countries and regions.

    Both the number of participating countries and exhibitors have surpassed previous records.

    Notably, 297 exhibitors from Fortune Global 500 companies and industry leaders will attend, marking a historic high. Among all participants, 186 enterprises and institutions have achieved full attendance across all seven editions of the expo.

    Besides, this year’s event is also commanding the attention of global journalism. More than 400 media outlets are participating in the coverage of this event, including 220 foreign media organizations.

    China’s vast market has become one of the most attractive destinations for global players, with the CIIE serving as the “golden gateway” to this opportunity.

    For the CIIE frequenter of Japanese cosmetics giant Shiseido, the event serves as a second-to-none magnet.

    “Over the past years of participating in CIIE, we have seen firsthand just how influential the expo can be for our business,” said Toshinobu Umetsu, president and CEO of Shiseido China.

    According to the company, visitors will be able to see over 30 new product debuts from 12 different brands in their portfolio.

    Umetsu described the expo as a boon for their growth in China’s thriving market, noting that many new skincare technologies, brands, and products have gained substantial attention and recognition from consumers after being featured at CIIE.

    “CIIE successfully transformed our ‘exhibits’ to ‘products,’” Umetsu added.

    Seizing the opportunity, new participants are eager to try their luck. Among the trendsetters is Canadian sportswear magnate Lululemon.

    “A digital innovation here is leading the world, quite frankly, in terms of adoption and opportunities,” said Calvin McDonald, CEO of Lululemon during an interview with Xinhua.

    Impressed by the market’s speed, agility and resilience, McDonald said the opportunity to move fast and accomplish big initiatives in the market is incredibly exciting, seeing CIIE as a precious opportunity to bring awareness to the brand.

    “In the dynamic and healthy market, we are learning not just how we drive and see success here,” he said, adding that what Lululemon learned from the Chinese mainland consumers and innovation can help their business in other markets as well.

    After years of development, the CIIE has become a symbol of China’s new development pattern, a platform for high-level opening-up, and an international public good shared by the world.

    At its third plenum, the 20th Central Committee of the Communist Party of China renewed the country’s commitment to the basic state policy of opening to the outside world and continuing to promote reform through opening up.

    Serving as another fine example, China removed all market access restrictions for foreign investors in the manufacturing sector on Nov. 1, a landmark move made by the world’s second-largest economy as it opens its doors wider.

    “Reflecting on the past six editions of the CIIE, ‘high-level opening up’ has been a consistent theme. The expo has continually showcased an image of an ‘open China’ that shares opportunities and future with the world,” said Wu Zhengping, deputy director general of the CIIE Bureau.

    MIL OSI China News