Category: Economy

MIL-OSI USA: Two Members of Transnational Money Laundering Organization Plead Guilty to Laundering Millions of Dollars in Drug Proceeds

Source: US State of California

A Georgia man pleaded guilty today to his involvement in a conspiracy to launder tens of millions of dollars in drug proceeds on behalf of foreign drug trafficking organizations, including the Sinaloa Cartel and Cartel de Jalisco Nueva Generación (the Jalisco Cartel). Earlier this year, on Aug. 5, a foreign national residing in Illinois pleaded guilty for his role in the same money laundering scheme.

According to court documents, Li Pei Tan, 46, of Buford, and Chaojie Chen, 41, a Chinese national residing in Chicago, worked for an organization that laundered millions of dollars in proceeds related to the importation of illegal drugs into the United States, primarily through Mexico, and the unlawful distribution of these drugs. Tan, Chen, and their co-conspirators traveled throughout the United States to collect proceeds derived from trafficking in fentanyl, cocaine, and other drugs. They communicated and coordinated with co-conspirators in China and other foreign countries to arrange for the laundering of these proceeds through financial transactions that were designed to conceal the illicit source of the drug proceeds, including through a sophisticated trade-based money laundering scheme involving the purchasing of bulk electronics in the United States and the shipping of these electronics to co-conspirators in China.

On multiple occasions prior to Chen’s May arrest, law enforcement seized hundreds of thousands of dollars in bulk cash drug proceeds from Chen at locations across the United States. Additionally, Tan was intercepted by law enforcement in South Carolina while attempting to transport over $197,000 in drug proceeds.

According to the Drug Enforcement Administration (DEA)’s National Drug Threat Assessment, the Sinaloa and Jalisco cartels are at the heart of the fentanyl crisis in the United States.

Tan and Chen pleaded guilty to conspiracy to commit money laundering. As part of their pleas, Tan and Chen agreed to forfeit numerous assets to the government, including a residence, a firearm, body armor, and more than $270,000 in seized currency. Additionally, they agreed to the imposition of money judgments totaling over $23 million. Chen is scheduled to be sentenced on Nov. 14 and Tan is scheduled to be sentenced on Feb. 7, 2025. Chen and Tan 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.

Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division; U.S. Attorney Jessica D. Aber for the Eastern District of Virginia; and DEA Administrator Anne Milgram made the announcement.

The DEA’s Special Operations Division, Bilateral Investigations Unit is investigating the case, with assistance from the DEA’s Office of Special Intelligence, Document and Media Exploitation Unit; DEA offices in Chicago, Atlanta, Charlotte, North Carolina, and Charleston, South Carolina; and the Anderson County, South Carolina, Sheriff’s Office.

Trial Attorney Mary K. Daly of the Criminal Division’s Money Laundering and Asset Recovery Section and Assistant U.S. Attorney Edgardo J. Rodriguez for the Eastern District of Virginia are prosecuting the case.

MIL OSI USA News –

January 25, 2025
MIL-OSI Security: Texans charged in wide-spread stolen mail conspiracy in the Eastern District of Texas

Source: Office of United States Attorneys

SHERMAN, Texas – Two Katy, Texas individuals have been charged with federal violations related to a mail theft scheme in the Eastern District of Texas, announced U.S. Attorney Damien M. Diggs.

Brevin Lee Pogue, 26, and Dayana Amador-Enamorado, 24, were named in the two-count indictment returned by a federal grand jury in the Eastern District of Texas on October 9, 2024. They were charged with conspiracy to commit bank fraud and conspiracy to steal U.S. mail and to possess stolen U.S. mail.

According to information presented in court, in April 2023, an investigation into mail stolen in the Eastern District of Texas revealed an elaborate scheme to sell, ship, and alter stolen checks and other financial instruments across the country. That investigation led to the arrest by the Parker Police Department of Pogue and Amador in August 2024, at an Airbnb in Colorado.

If convicted, Pogue and Amador face up to 30 years in federal prison.

This case is being investigated by the U.S. Postal Inspection Service, Fort Worth Division, Denver Division, and Houston Division; the Douglas County District Attorney’s Office in Colorado; and the Parker Police Department in Colorado.

A federal indictment is not evidence of guilt. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

###

MIL Security OSI –

January 25, 2025
MIL-OSI USA: Remarks by President Trump at Executive Order Signing

US Senate News:

Source: The White House
For Immediate Release                            January 24, 2025
REMARKS BY PRESIDENT TRUMP
AT EXECUTIVE ORDER SIGNING
Oval Office
(January 23, 2025)
3:10 P.M. EST
     THE PRESIDENT: Hello, everybody.
     Q    Hello, sir.
     THE PRESIDENT: You all set? Okay. Very good.
     I’m going to sign some executive orders. They were very important in just about every case. And we’ll go through the first one, please.
     MR. SCHARF: Sure. Do you want to —
     MR. SACKS: Yeah. Mr. President, this is an executive order on crypto. We’re going to be —
     MR. SCHARF: That’s AI. Sorry.
     MR. SACKS: Oh, sorry. We’re doing AI first. Sorry.
     MR. SCHARF: Yeah, AI.
     MR. SACKS: Sir, this is an executive order on AI. We’re forming — we’re — we’re basically announcing the administration’s policy to make America the — the world capital in artificial intelligence and to dominate and to lead the world in AI.
     THE PRESIDENT: Do you want to say your name — your full name and serial number?
     MR. SACKS: Yeah, David Sacks, AI and crypto czar.
     THE PRESIDENT: David is one of the greatest in the world at AI — most respected, probably, there is.
     (The executive order is signed.)
     So, that should take us to the forefront, right?
     MR. SACKS: Absolutely. We got to win.
     THE PRESIDENT: Okay.
     Thank you.
     MR. SCHARF: Thank you, sir.
     THE PRESIDENT: And this, David, is?
     MR. SCHARF: Crypto.
     MR. SACKS: Yeah, this is the crypto EO. We’re going to be forming a internal working group to make crypto — to make America the world capital on crypto under your leadership.
     THE PRESIDENT: Which is really going up, right?
     MR. SACKS: Absolutely.
     (The executive order is signed.)
     THE PRESIDENT: All right, David. That’s for you. (The president gives Mr. Sacks the signing pen.) Thanks.
     MR. SACKS: Thank you, sir.
     THE PRESIDENT: You find them exciting? They might not be exciting, but we’re going to make a lot of money for the country. Okay?
     MR. SACKS: Thank you, sir.
     THE PRESIDENT: And so is David. You have to check him out. There is nobody like this guy. They said, “How did you get David Sacks? How did you do that?” And he’s — he’s doing it for the country more than anything else. So, we appreciate it, David. Thank you very much.
     MR. SACKS: Thank you, sir.
     MR. SCHARF: This is an executive order establishing a presidential commission — an advisory commission on science and technology.
     THE PRESIDENT: Good.
     (The executive order is signed.)
     Do you want to explain that a little bit?
     MR. SCHARF: The basic idea is to get together top people from government to private-sector technology industry, as well as educational institutions, to make sure that America maintains its leadership position with respect to science and technology development in the years ahead.
     THE PRESIDENT: Good. That’s great.
     MR. SCHARF: Next, sir, we have a presidential memorandum encouraging departments and agencies in your government, including the Department of the Interior, to promote federal recognition of the Lumbee Tribe of —
     THE PRESIDENT: Ohh.
     MR. SCHARF: — North Carolina.
     THE PRESIDENT: I love the Lumbee Tribe. So, this is their first big step, right?
     MR. SCHARF: This would be a huge step for them, sir.
     THE PRESIDENT: Yeah. They were with me all the way. They were great — North Carolina Lumbee Tribe.
     (The presidential memorandum is signed.)
     And we’ll send — you’ll send them a copy of that?
     MR. SCHARF: Yes, sir.
     THE PRESIDENT: They were great.
     Okay?
     MR. SCHARF: And, if you’d like, I could get them that pen, sir, as well.
     THE PRESIDENT: Yeah, let’s do that. (The president gives Mr. Scharf the signing pen.)
     MR. SCHARF: Next, we have a set of pardons for peaceful pro-life protestors who were prosecuted by the Biden administration for exercising their First Amendment rights.
     THE PRESIDENT: Do you know how many?
     MR. SCHARF: I believe it’s 23, sir.
     THE PRESIDENT: Twenty-three people that were prosecuted. They should not have been prosecuted. Man- of — many of them are — are elderly people. They should not have been prosecuted. This is a great honor to sign this.
     (The proclamation is signed.)
     They’ll be very happy.
     MR. SCHARF: Thank you, sir.
     THE PRESIDENT: So, they’re all in prison now?
     MR. SCHARF: Some are. Some are — are out of custody.
     THE PRESIDENT: It’s ridiculous.
     Okay?
     MR. SCHARF: Lastly, sir, we have an executive order ordering the declassification of files relating to the assassinations of President John F. Kennedy, Senator Robert F. Kennedy, and the Reverend Dr. Martin Luther King, Jr.
     THE PRESIDENT: That’s a big one, huh? A lot of people are waiting for this for a long — for years —
     MR. SCHARF: Yes, sir.
     THE PRESIDENT: — for decades. And everything will be revealed.
     (The executive order is signed.)
     Okay. Give that to RFK, Jr. (The president gives Mr. Scharf the signing pen.)
     MR. SCHARF: Yes, sir.
     THE PRESIDENT: Okay.
     Okay. Thank you very much.
     (Cross-talk.)
     Q    Mr. President — Mr. President, a U.S. judge temporarily blocked the birthright citizenship order. Do you have any reaction to —
THE PRESIDENT: No. Obviously, we’ll appeal it. They put it before a certain judge — in Seattle, I guess, right? And
there’s no surprises with that judge.
Q    Mr. President, Senators Collins and Murkowski have now said they will vote against Pete Hegseth. Are you worried about his confirmation, and your reaction?
THE PRESIDENT: No. And no surprises there. It’s too bad. You know, it’s the way — the way it is. Too bad.
Q    And when would you adjourn Congress to make recess appointments, Mr. President?
THE PRESIDENT: Well, I’d take a look at that. I’d listen to John Thune. He’s doing a fantastic job. We’re moving along. The Democrats are trying to delay government, as they always do. They can’t help themselves. Even John Ratcliffe, who’s very, very strong, very popular and liked by the Democrats — I guess, he gets a lot of Democrat votes — that’s taking a long time, and it shouldn’t be taking a long time.
They — they’re maxing everything out so they can delay everything as much as possible.
Q    Does Senator Thune support an effort to use recess appointments if you choose to do that?
THE PRESIDENT: I’d be willing to use recess appointments. It’s up to John. We’ll see. John Thune is a great guy, great senator, knows his stuff inside out and backwards. But I would use recess appointments if he wants to do that. Absolutely.
     (Cross-talk.)
The Democrats are just delaying. They always delay.
Q    Mr. President, you spoke with the Saudi crown prince yesterday.
THE PRESIDENT: Who?
Q    The Saudi crown prince.
THE PRESIDENT: Yes.
Q    How was the — the call?
THE PRESIDENT: Great. It was great.
Q    And they said $600 million — billion dollar they can invest?
THE PRESIDENT: Six hundred. I’ll ask them for a trillion.
Q    You said you’re going to ask them for a trillion. Will Saudi Arabia be the first foreign country you will visit, since they’re investing that much money?
THE PRESIDENT: Well, if they do that, I would, yeah.
Q    You would?
THE PRESIDENT: I would be glad to do that. I did it, as you know, four years ago. We did $450 billion — meaning the money all goes to American companies — and they purchased jets and they purchased computers and everything else. And we did $450 billion, and I guess we’re at $600, $650.
(Cross-talk.)
And I’ll see if I can talk them into a trillion.
Q    And on the Middle East again. You showed great confidence in Steve Witkoff. Why you said that you doubt that the ceasefire in Gaza will — will hold since you appraised his efforts?
THE PRESIDENT: Well, no, I think he’s great. But it’s a very tricky place. It’s very tricky. And we’ll see. And if it — if something does happen, they will not be happy.
Q    Sir, follow-up on that one. In terms of Steve Witkoff, are you going to put him in charge of — of Iran strategy? And do you want him talking directly with the Iranians?
THE PRESIDENT: No, but he — he certainly is somebody I would use. He’s done a fantastic job. He’s a great negotiator. He’s a very good person, great — a very popular person. Gets along with people. I have great negotiators. They — they have no personality whatsoever, and then I have some that do.
Steve has a wonderful way about him and people like him. And even in this case, both sides like him, and he was able to make a deal. That deal would have never been made without Steve.
The Biden people couldn’t make the deal. They were working on it for a year and a half. They couldn’t make a deal. We got it done prior to the inauguration. We said it has to be before the inauguration.
I mean, the deal should hold, but if it doesn’t hold, there’ll be a lot of problems.
(Cross-talk.)
Q    Related to your AI EO. Just hours after you made that big Stargate announcement, Elon Musk tweeted that they don’t actually have the money. Is that true?
THE PRESIDENT: I don’t know if they do, but, you know, they’re putting up the money. The government is not putting up anything. They’re putting up money. They’re very rich people, so I hope they do.
And, I mean, Elon doesn’t like one of those people. So, (inaudible).
(Cross-talk.)
Q    Are you worried that AI is going to replace many American jobs?
THE PRESIDENT: No.
Q    Does that worry you?
THE PRESIDENT: No, no. It’s going to create tremendous numbers of jobs. It’s going to also create a lot of benefits, medically, for cancer research and other things. It’s going to have a huge positive impact.
And, you know, we want to be ahead of China. We’re, right now, way ahead of China.
David Sacks is one of the all-time experts. You know, that — people are amazed that he — you just met him. I don’t know if he’s still here.
MR. SACKS: (Inaudible.)
THE PRESIDENT: There he is.
But — but one of the most respected people in that world. It’s a world. That’s a whole different world.
And we’re ahead of China now because of what I’m doing, and I think it’s going to be very successful.
(Cross-talk.)
Q    On NATO spending, please. You just asked the Davos forum again that NATO countries should spend 5 percent of GDP on defense.
THE PRESIDENT: Yeah.
Q    The United States don’t spend 5 percent.
THE PRESIDENT: Well, I — I don’t think so, no.
Q    Do you think it should also apply to the United States?
THE PRESIDENT: We’re protecting them, you know? They’re not protecting us. We’re protecting them. So, I don’t think we should be spending — I’m not sure we should be spending anything, but we should certainly be helping them. But they should — they should up their 2 percent to 5 percent, yeah.
Q    Mr. President — Mr. President, you said earlier during your speech at Davos that you would like to see interest rates come down.
THE PRESIDENT: Yeah.
Q    How much would you like to see them come down?
THE PRESIDENT: A lot.
Q    And will you talk with Powell?
THE PRESIDENT: I’d like to see them come down a lot, and oil prices will come down. And when oil prices come down, everything is going to be cheaper for the American people — and actually for the world — but for the American people. So, I’d like to see oil prices come down.
And when the energy comes down, that’s going to knock out a lot of the inflation. That’s going to automatically bring the interest rates down.
Q    Are you worried that it’s too much going on at once if you’re —
Q    Mr. President, you said that you would demand —
Q    Are you worried that there’s too much going on at once if you’re trying to bring interest rates down and —
THE PRESIDENT: No, no.
Q    — get the economy back going?
THE PRESIDENT: No. It just works that way. I mean, it just economically works that way. When the oil comes down, it’ll bring down prices, then you won’t have inflation, and then the interest rates will come down. (Inaudible.)
(Cross-talk.)
Q    You said that you would demand that the interest rates come down.
THE PRESIDENT: Well, I would put in —
Q    Do you expect —
THE PRESIDENT: I would put in a strong statement.
Q    Do you expect the Fed to listen to you?
THE PRESIDENT: Yeah.
Q    Are you going to talk to Powell about this and — bringing the rates down?
THE PRESIDENT: At — at the right time, I would.
Q    Sir, do you plan to meet with any of the people you pardoned that were — participated in the January 6th, 2021, attack — do you plan to meet with any of them or meet with them at the White House?
THE PRESIDENT: I don’t know. I’m sure that they probably would like to. I did — I did them something important. But what they did is they were protesting a crooked election. And, you know, I mean, people understand that also. And they were treated very badly. Nobody’s been treated like that.
So, I’d be open to it, certainly. I — I don’t know of anything like that, but I think they — they’re going to — meeting some of the congresspeople — congressmen, -women —
Q    Have you spoken to them?
THE PRESIDENT: — who want to — want to meet. But I’d certainly be open to it.
Q    Have you spoken to them since you issued the pardons?
THE PRESIDENT: I haven’t spoken to any of them yet, but I know they’re very happy.
(Cross-talk.)
I gave them — I gave them their life back. Their life was taken away from them unnecessarily and unfairly. I gave them their life back. So, I can imagine they probably would like to.
Q    What did you mean when you said that Biden took bad advice in not pardoning himself yesterday?
THE PRESIDENT: Well, he did. I think he did, because he — he pardoned all these people that are crooked as hell. Look, the congressmen, they’re crooked. What they did is they destroyed evidence. When you destroy evidence, especially criminally like that — they did it criminally.
And the reason they destroyed the evidence is because it proved that I was right. They didn’t destroy evidence for no reason. They destroyed it because they found many documents saying that I offered 10,000 soldiers. If they had 500 soldiers or National Guard, there would have been no problem. If they had 200, that would have been — I offered 10,000, if they needed them — there would have been no problem.
That’s been now totally disproven. And it’s also been disproven by Nancy Pelosi’s daughter, who has her on tape saying it was her fault, that she has full responsibility for this.
But — and they have all that stuff. They destroyed everything, and they go through a year and a half, two years of nonsense, they come up with tremendous evidence, and they destroyed evidence.
And Schiff knew about it. That’s why he’s on there. He knew all about the destruction of evidence. A lot of people said he’s the one that got them to do it. And he’s a crooked guy — you know? — totally crooked politician. And so, he’s pardoned, and some other people are pardoned.
And these are crooked politicians, every one of them. Bennie Johnson [Thompson], what he did is incredible. I mean, he was the leader of the committee, and he did it. Cheney, Crying Adam Kinzinger, all of them — they destroyed evidence and deleted everything.
There’s nothing with — there’s no evidence now. They’re crooked politicians, and they should be punished. You know, that’s — even in a civil trial, you go to jail for a thing like that. They destroyed every document, from what I understand — every document — because it proved that I was totally innocent.
Q    Do you plan to send up to 10,000 troops to the southern border, sir?
THE PRESIDENT: Yeah. Oh, southern border?
Q    Yes, the border.
THE PRESIDENT: When you say “southern border” — when I said “10,000 troops,” I was referring to the Capitol.
Q    Oh, I see. A- — and when does that —
THE PRESIDENT: No, no, you got it wrong. I was referring —
Q    When do you plan —
THE PRESIDENT: — to the Cap- —
Q    When do you plan to do that?
THE PRESIDENT: I offered 10,000 troops to the Capitol before January 6th.
Q    And as for the 1,500 at the southern border, sir, to clarify, what exactly do you want them to be doing right now?
THE PRESIDENT: Making sure that the border is safe and secure and that criminals don’t come into our country.
Q    Mr. President, do you think that sanctions on Russia will force President Putin to negotiate?
THE PRESIDENT: I don’t know, but I think he should make a deal.
Q    Mr. President, does it bother you that Elon Musk criticized a deal that you made publicly, that he said — that he tweeted that?
THE PRESIDENT: No, it doesn’t. He hates one of the people in the deal. So —
Q    Have you spoken to him since then?
THE PRESIDENT: No, no. I’ve — well, I’ve spoken Elon but —
Q    Not about that?
THE PRESIDENT: I’ve spoken to all of them, actually.
No, no. The people in the deal are very, very smart people. But Elon, one of the people he happens to hate. But I have certain hatreds of people too —
Q    Sir —
THE PRESIDENT: — you know?
Q    Sir, on China. What do you think Xi Jinping can do on the Ukraine-Russia war?
THE PRESIDENT: Which one?
Q    Ukraine-Rus- — -Russia war. What can Xi Jinping do about that?
THE PRESIDENT: China?
Q    Yeah.
THE PRESIDENT: They have a lot of power over Russia. They supply energy to Russia, and Russia supplies energy to them. They supply other things to — you know, it — it’s really a very big trade. It’s a very big trading partner. But Russia supplies a lot of energy to China, China pays them a lot of money for that, and I think they have a lot of power over Russia. So, I think Russia should want to make a deal.
Maybe they want to make a deal. I think, from what I hear, Putin would like to see me, and we’ll meet as soon as we can. I’d — I’d meet immediately. Every day we don’t meet, soldiers are being killed in a battlefield, and that battl- — battlefield is like no battlefield since World War II. That’s a —
Q    You said that U- — Ukraine wants to —
THE PRESIDENT: And I have — I have pictures that you don’t want to see. Soldiers are being killed on a daily basis at numbers that we haven’t seen in decades. And it would be nice to end that war. It’s a ridiculous war.
Q    You said that Ukraine is ready to make a deal. Did President Zelenskyy tell you that at — personally?
THE PRESIDENT: Yeah, sure. He’s ready to negotiate a deal. He’d like to stop. He’s a — he’s somebody that lost a lot of soldiers, and so did Russia — lost a lot. I mean, Russia lost more soldiers. They lost 800,000 soldiers. Would you say that’s a lot? I’d say it’s a lot.
(Cross-talk.)
Q    Mr. President, you said that you wanted to make Dr. King’s dream a reality. What’s your response to his children and civil rights leaders who say that your DEI orders are a contradiction of his dream and could further drive racial disparities?
THE PRESIDENT: Well, I haven’t heard that.
Q    Mr. President, you put the Houthis back on the terror list. How do you see the war in Yemen end now?
THE PRESIDENT: Well, we’ll see what happens, but they can’t shoot down our ships — the Houthis.
Q    Yes.
THE PRESIDENT: And that — you can’t shoot down our ships or any ships, and that’s what they’ve been doing. So, they’re on the terror list, and —
Q    Mr. President —
THE PRESIDENT: — that’s not good for them.
Q    Mr. President —
Q    Sir, why did you revoke security protections for former Secretary of State Mi- — Mike Pompeo and — and Brian Hook?
THE PRESIDENT: Well, the same reason I do — when you, you know, have protection, you can’t have it for the rest of your life. Do you want to have a large detail of people guarding people for the rest of their lives? I mean, there’s risks to everything.
Q    Do you think a former presidents should (inaudible) —
Q    Sir, would you support striking Iran’s nuclear facilities?
THE PRESIDENT: Say it?
Q    Would you support Israel, for example, striking Iran’s nuclear facilities? Or do you —
THE PRESIDENT: Well, I’m not going to answer that.
Q    — believe in diplomacy?
THE PRESIDENT: Obviously, I’m not going to answer that question. We’ll have to see. I — I’m going to be meeting with various people over the next couple of days, and we’ll see. But hopefully that can be worked out without having to worry about it. It would be nice — it would really be nice if that could be worked out without having to go that further step.
Q    And who are you going to meet with, if I — if I may ask?
THE PRESIDENT: Well, I’d rather not say that, but very high-level people. But hopefully that could be worked out.
You know, look, Iran, hopefully, will be — make a deal. And if they don’t make a deal, I guess that’s okay too.
Q    And, Mr. President, just to follow up, you said you think the Fed should listen to you. Can you elaborate on why you think it should?
THE PRESIDENT: With regard to interest rates?
Q    Correct, yes.
THE PRESIDENT: Because I think I know interest rates much better than they do, and I think I know it certainly much better than the one who’s primarily in charge of making that decision.
But, no, I’m guided by them very much, but if I disagree, I will let it be known.
Q    Mr. President —
Q    Sir, your tariffs planned for China and Mexico are much tougher — or the ones for Canada and Mexico are much tougher than the one for China. Why is it softer for China?
THE PRESIDENT: Well, China is already paying a lot of tariffs because of me, and when you add them up, I would say, you know, they’re paying a lot. They paid hundreds of billions of dollars. They never paid 10 cents until I came along. When I came along, they pay hundreds of — they’ve paid hundreds of billions of dollars. Never paid anything. And so, they’ve already started at a higher base.
Q    Is February 1st —
Q    Sir, about the border —
Q    — the date for Chinese tariffs as well, sir? February 1? Or was that just Mexico and Canada?
THE PRESIDENT: It’s Mexico and Canada. But we’ll — we’re talking about China too. Look, China is sending us tremendous amounts of bad drugs: fentanyl — really bad stuff. Most of it comes through Mexico. And we’re losing, I s- — I think, 300,000 lives a year because of that. People say 150, 100, 120. I think 300,000 lives a year. Those are old numbers. The other — the lower number is a low number. And we can’t have that. They’ve got to stop sending it.
I had a deal with President Xi, but it was a deal that wasn’t followed up by Biden, of course, where they were going to issue the death penalty to people that make fentanyl, and that would have stopped it. But we’ll have to stop it with tariffs.
Okay? Thank you very much, everybody.
Q    So, is China (inaudible) —
(Cross-talk.)
THE PRESIDENT: Thank you. Thank you. Thank you very much. Appreciate it.
Q    Thank you, Mr. President.
THE PRESIDENT: Thank you.
                         END                    3:30 P.M. EST

MIL OSI USA News –

January 25, 2025
MIL-OSI USA News: Fact Sheet: Executive Order to Establish United States Leadership in Digital Financial Technology
Source: The White House
ENSURING U.S. LEADERSHIP IN DIGITAL FINANCIAL TECHNOLOGY: Today, President Donald J. Trump signed an Executive Order to establish regulatory clarity for digital financial technology and secure America’s position as the world’s leader in the digital asset economy, driving innovation and economic opportunity for all Americans.
- The Executive Order establishes the Presidential Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance.
  
  The Working Group will be tasked with developing a Federal regulatory framework governing digital assets, including stablecoins, and evaluating the creation of a strategic national digital assets stockpile.
  
  The Working Group will be chaired by the White House AI & Crypto Czar and include the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, and the heads of other relevant departments and agencies.
  
  The White House AI & Crypto Czar will engage leading experts in digital assets and digital markets to ensure that the actions of the Working Group are informed by expertise beyond the Federal Government.
- The Executive Order directs departments and agencies with identifying and making recommendations to the Working Group on any regulations and other agency actions affecting the digital assets sector that should be rescinded or modified.
- The Executive Order prohibits agencies from undertaking any action to establish, issue, or promote central bank digital currencies (CBDCs).
- The Executive Order revokes the previous Administration’s Digital Assets Executive Order and the Treasury Department’s Framework for International Engagement on Digital Assets which suppressed innovation and undermined U.S. economic liberty and global leadership in digital finance.
ELIMINATING REGULATORY OVERREACH ON DIGITAL ASSETS AND PROTECTING AMERICAN ECONOMIC LIBERTY: President Trump is fulfilling his promise to make the United States the “crypto capital of the planet.”
- President Trump will help make the United States the center of digital financial technology innovation by halting aggressive enforcement actions and regulatory overreach that have stifled crypto innovation under previous administrations.
- President Trump’s policy vision marks an unprecedented step towards welcoming in a new era for digital financial technology; one in which President Trump’s administration will work towards ensuring innovation thrives, regulatory frameworks are clear, and economic liberty is protected.
- The growth of digital financial technology in America must remain unhindered by restrictive regulations or unnecessary government interference.
MIL OSI USA News –
January 25, 2025
MIL-OSI: Magma to build out liquid staking on Monad and restaking with Ether.fi following $3.9M seed fundraise

Source: GlobeNewswire (MIL-OSI)

MIAMI, Oct. 30, 2024 (GLOBE NEWSWIRE) — Following a $3.9M seed round with participation from Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom and others, Magma is building MEV-powered liquid staking on Monad. Additionally, Magma will partner with Ether.fi to build the first Restaking integration on Monad. In the last few months, Magma has solidified partnerships with a network of best-in-class validators, including Staked (as part of Kraken), P2P, A41, Validation Cloud, Everstake, Chorus One, Finoa Consensus Services, Bware Labs alongside core DeFi primitives, including Ether.fi, Wormhole, Pyth, Switchboard, LFJ (Previously Trader Joe), Curvance, and others. The Magma Team was founded by David Mass and Meir Bank, who were previously at Citibank and AngelDAO.

Additional Investors in the round included Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, Relayer Capital, and others. Angel investors who contributed to the fundraise included Meltem Demirors, Kartik Talwar, Mike Silagadze, Alan Curtis, and Ben Lakoff.

With this investment, the company plans to further develop its liquid staking platform and MEV (Maximal Extractable Value) architecture. MEV is the additional value that can be extracted during block production beyond the standard block reward and gas fees. This is achieved by manipulating the inclusion, exclusion, or ordering of transactions within a blockchain.

David Mass, Co-founder and CEO, said, “We have been actively building in the space for a few years and committed to building in the Monad ecosystem in the Summer of 2023. We wanted to build a brand and a community inspired by the overarching success similar to Monad’s parabolic growth. We have a fun brand, but most importantly, we are focusing on building a best-of-breed product for our category type, which will be vetted by some of the best auditors in the space.”

Looking ahead to Q4

“We have been working diligently on pipelining strategic partnerships throughout the Monad ecosystem. The next few months will be exciting as we look forward to launching on testnet and eventually mainnet with a unique community points program,” Mass explains.

About Magma

Magma is a decentralized Liquid Staking Protocol built on the Monad Network, an Ethereum-compatible Layer 1 blockchain. Users of Magma will be able to stake their Monad tokens in exchange for gMONAD, a liquid staking token (LST) which allows users to retain their liquidity to utilize throughout the Monad ecosystem and earn staking rewards. Magma is also building MEV infrastructure for Monad to maximize the performance of the Monad Network. Magma users will be able to utilize their LST to earn restaking rewards with Ether.Fi.

X | Website | Discord

Contact:
David Mass
Contact@magmastaking.xyz
david@hydrogenlabs.xyz

Disclaimer: This content is provided by Magma. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bb86bad8-6cd4-4ba3-9d3c-2c9bf889c6c5

The MIL Network –

January 25, 2025
MIL-OSI Economics: Publication of financial reports: Federal Office of Justice imposes disciplinary fine on TTL Beteiligungs- und Grundbesitz-AG

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

The disciplinary fine order related to a breach of section 325 of the German Commercial Code (Handelsgesetzbuch – HGB). TTL Beteiligungs- und Grundbesitz-AG failed to submit its accounting documents for the financial year 2023 for the purpose of disclosure to the operator of the German Federal Gazette (Bundesanzeiger) in electronic form within the prescribed period. The legal basis for the sanction is section 335 of the HGB.

The company did not lodge an appeal against the Federal Office of Justice’s decision to impose a disciplinary fine.

MIL OSI Economics –

January 25, 2025
MIL-OSI Economics: Identity theft: BaFin warns consumers against offers on website friheden.de

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

The Federal Financial Supervisory Authority BaFin warns consumers against offers on website friheden.de. According to information available to BaFin, financial and investment services are being provided on this website without the required authorisation. According to the current state of knowledge, the services are not actually offered by Friheden Invest Holding ApS. It is suspected that this is a case of identity theft by unknown perpetrators.

Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies.

Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

Please be aware:

BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

MIL OSI Economics –

January 25, 2025
MIL-OSI Global: Labour’s first budget plugs £40 billion spending gap – experts react

Source: The Conversation – UK – By Linda Yueh, Fellow in Economics/Adjunct Professor of Economics, University of Oxford

For the first time in 14 years, it was a Labour chancellor who delivered the UK budget. And for the first time ever, that chancellor was a woman. But Rachel Reeves faces an almighty task: plugging a £40 billion spending gap in the knowledge that pre-election promises not to raise the main taxes are still fresh in people’s memories.

Growth was the buzzword of the election campaign – Reeves now had to lay her cards on the table. So here’s what our panel of experts made of the plans:

More challenges for employers and small businesses

Shampa Roy-Mukherjee, Associate Professor in Economics, University of East London

The budget introduces £40 billion in tax hikes and, in some areas, spending cuts that will put pressure on the economy and business in particular. But it also reflects the government’s focus on economic growth, with policies intended to stabilise finances while addressing some of the concerns of small businesses.

The chancellor has retained her commitment to preserve the rates of income tax, employee national insurance and VAT. But a notable change is the increase in employers’ national insurance contributions (NICs) from 13.8% to 15%.

There was also a reduction in the secondary threshold, which is the amount at which the employer starts paying NI on each employee, from £9,100 to £5,000. Altogether this will raise £25 billion annually but will significantly impact many businesses that will now face higher wage bills.

The national living wage is also rising by 6.7% to £12.21 per hour in April 2025, boosting incomes for about three million workers but again increasing costs for many businesses. These rising taxes and wage increases, alongside incoming employment regulations, will strain businesses, particularly in sectors with high labour demands.

To offset some of these pressures, the employment allowance, which allows some smaller employers to reduce their NICs, has been raised from £5,000 to £10,500. The chancellor said that over 1 million employers will not see their NICs bill rise as a result.

Small businesses in retail, hospitality and leisure, where profits have been hit as consumers struggle with the cost of living, will benefit from a 40% business rate relief on properties up to £110,000. Other supportive measures include a continued freeze on fuel duty, which will aid logistics and transport costs. Corporation tax remains fixed at 25%.

A downpayment on growth – but probably not quickly

Linda Yueh, Adjunct Professor of Economics, University of Oxford

The chancellor declared that the government will “invest, invest, invest”. This is an important enabler of economic growth.

But, the country’s creditors need reassuring, so Reeves also announced two new fiscal rules that aim to achieve that balance of allowing the government to borrow to invest (and generate growth), but not to pay for day-to-day spending.

Specifically, the investment rule permits borrowing to invest and the stability rule requires day-to-day spending to be paid for by taxes. Both rules support the government’s growth aims while trying to reassure the country’s creditors that the borrowing will pay off by generating future growth – and also higher tax receipts with which to repay that borrowing.

But spending watchdog the Office for Budget Responsibility (OBR) has downgraded the UK’s GDP growth outlook from 2% to 1.8% in 2026, and to 1.5% in 2027 and 2028. The OBR’s forecast of slower growth highlights the impact of the £40 billion of tax increases, which dampens economic activity.

This underscores the government’s challenge of investing to grow while at the same having to raise taxes to balance the books when it comes to its daily spending. In particular, the OBR’s assessment of slowing growth towards the middle of this parliament raises questions about how long it will take for the investment-fuelled growth to materialise.

It may be that five years is still too short a period. Many physical investments require planning and those reforms could also take a while. Moreover, getting investment projects under way requires scoping, and private investors will want time to assess before joining the government in energy projects.

But this budget is certainly a start on a much-needed growth strategy.

Good news on public investment – emerging industries could benefit

Phil Tomlinson, Professor of Industrial Strategy, University of Bath

The key budget change related to the chancellor’s fiscal rules. By redefining how public debt is calculated, Reeves has been able to increase public investment by around £100 billion. The new fiscal rules have gone not as far as some economists have advocated – but they are a welcome step in the right direction.

Investment was the core focus of the budget. For decades, the UK has suffered from low investment and weak productivity compared to other leading economies. Since 1990, the UK’s investment gap with the average across rich countries in the Organisation for Economic Co-operation and Development (OECD) has been around £35 billion a year – the UK now ranks 28th of 31 OECD countries on business investment. British workers are using outdated kit and so are less productive. This has meant a stagnant economy and lower living standards.

So, the budget’s plans to boost investment in the UK’s crumbling infrastructure and public services and to support the new industrial strategy are a positive move. The latter should see additional funding to support emerging tech industries, such as artificial intelligence, cyber and clean energy. And this public investment should “crowd in” additional private investment.

Clean energy boost?
StudioFI/Shutterstock

In the long run, these investments should pay for themselves. For instance, the Office for Budget Responsibility estimates that a sustained increase in public investment of 1% of GDP increases that GDP by 0.5% after five years and more than 2% after ten to 15 years.

The rise in employer national insurance contributions will increase business’s operating costs, especially those in the care and hospitality sectors. But paradoxically, in the long run, it may encourage some businesses (in sectors where it is feasible) to invest in new labour-saving capital equipment.

Read more:
Rachel Reeves is the UK’s first female chancellor. Here’s why that’s so significant

More reaction to be published soon.

Karen Bloor receives funding from the NIHR policy research programme to conduct responsive analysis for the Department of Health and Social Care,

Phil Tomlinson receives funding from the Engineering and Physical Sciences Research Council (EPSRC) for Made Smarter Innovation: Centre for People-Led Digitalisation.

Rachel Scarfe is a member of the Labour Party.

Jonquil Lowe, Linda Yueh, and Shampa Roy-Mukherjee do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Labour’s first budget plugs £40 billion spending gap – experts react – https://theconversation.com/labours-first-budget-plugs-40-billion-spending-gap-experts-react-242509

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Canada: Rebuilding after the wildfire: Parks Canada changes the Town of Jasper Land Use Policy

Source: Government of Canada News (2)

In collaboration with the Municipality of Jasper, Parks Canada updates the Town of Jasper Land Use Policy to guide the recovery of the community..

In collaboration with the Municipality of Jasper, Parks Canada updates the Town of Jasper Land Use Policy to guide the recovery of the community.

October 30, 2024 Jasper, Alberta Parks Canada

Hundreds of Jasper homeowners are navigating the choices for rebuilding their homes after the Jasper Wildfire ignited structures in the town of Jasper in July 2024. The Government of Canada is committed to supporting residents as they rebuild, working side-by-side with the Municipality of Jasper.

Today, Ministerial Lead for Jasper Recovery, the Honourable Randy Boissonnault, Minister of Employment, Workforce Development and Official Languages and Member of Parliament for Edmonton Centre, on behalf of the Honourable Steven Guilbeault, Minister of Environment and Climate Change and Minister responsible for Parks Canada, released updates to local land use policy in the town of Jasper. The changes simplify the process of rebuilding for anyone who lost structures within the townsite. This builds on the momentum of Bill C-76, passed unanimously in Parliament to enable the transfer of some development authorities from Parks Canada to the Municipality of Jasper.

The Government of Canada, through Parks Canada, with the Municipality of Jasper, have been working closely together through the Jasper Recovery Coordination Centre. Together, they outlined a 5-phase approach to rebuilding Jasper. Today’s launch of the Rebuilding Guide marks the completion of Phase 1. This guide summarizes updates to the Town of Jasper Land Use Policy and Architectural Motif Guidelines to simplify the rebuilding process.

The land use policy changes focus on making rebuilding easier for Jasperites, rebuilding with wildfire in mind, increasing housing options, climate resilience and sustainability. Individual changes are increasing community resilience to wildfire by requiring the use of noncombustible materials on the exterior of new buildings being rebuilt, and that the 1.5 m area around them are noncombustible. Key changes to support housing include allowing leaseholders with lots formerly zoned for single-detached dwellings to build either one or two primary dwelling units on a lot, reduced parking requirements, making subdivision easier and more options for accessory dwellings. Newly established minimum standards and guidance for those who wish to go beyond the minimum standard encourage a balance between safety and increased housing. This approach will provide the flexibility for innovation by homeowners while promoting essential safety and resilience while maintaining the unique character of the national park community.

-30-

“Rebuilding Jasper is about more than about restoring lost structures; it’s an opportunity to reimagine our future with a focus on sustainability and resilience. By collaborating with Parks Canada, we can ensure that Jasper rebuilds in a sustainable way, integrating innovative practices that better protect our homes, our businesses and the environment, enhancing our community for residents and for our essential visitor economy. Together, we can create a more vibrant community that thrives on resilience, innovation, and unity, forging a path forward toward a brighter future for all.”

Richard Ireland
Mayor, Municipality of Jasper

Oliver Anderson
Director of Communications
Office of the Minister of Environment and Climate Change
819-962-0686
oIiver.anderson@ec.gc.ca

MIL OSI Canada News –

January 25, 2025
MIL-OSI USA: NSF names three new I-Corps Hubs expanding the National Innovation Network across the U.S.

Source: US Government research organizations

The U.S. National Science Foundation today announced the addition of three new NSF Innovation Corps (NSF I-Corps™) Hubs that will scale the NSF-led National Innovation Network (NIN), accelerating the translation of discoveries into new solutions that benefit society and the economy. Each NSF I-Corps Hub may receive up to $3 million per year for five years and comprises a regional alliance of at least eight universities. Combined with the existing 10 NSF I-Corps Hubs, these 13 NSF I-Corps Hubs presently span 48 states. See the interactive NSF I-Corps Hubs map.

NSF I-Corps Hubs provide experiential entrepreneurial training to researchers across all fields of science and engineering. I-Corps Hubs form the operational backbone of the NIN, a network of universities, NSF-funded researchers, established entrepreneurs, local and regional entrepreneurial communities, and other federal agencies, that collectively help researchers learn to investigate the commercial potential of fundamental discoveries in science and engineering. The NSF I-Corps Hubs work collaboratively to build and sustain an innovation ecosystem that engages all Americans throughout the U.S.

“The goal of the I-Corps program is to deploy experiential education to help researchers reduce the time necessary to translate promising ideas from laboratory benches to widespread implementation that in turn impacts economic growth regionally and nationally,” said Erwin Gianchandani, assistant director for Technology, Innovation and Partnerships. “Each regional NSF I-Corps Hub provides training essential in entrepreneurship and customer discovery, leading to new products, startups, and jobs. In effect, we are investing in the next generation of entrepreneurs for our nation.”

Established in 2011, the NSF I-Corps program is designed to nurture the commercialization of deep technologies, which grow from discoveries in fundamental and use-inspired science and engineering. Since its inception, over 3,600 NSF I-Corps teams have participated in the I-Corps program. The strategic goals of the NSF I-Corps Hubs are technology translation, entrepreneurial training and workforce development, economic impact, and collaboration and inclusion.

Listed below are the new NSF I-Corps Hubs and partner institutions:

NSF I-Corps Hub: Northwest region – NSF 2430389

University of California, Berkeley – Lead
Oregon State University
University of Alaska Fairbanks
University of California, Davis
University of California, Irvine
University of California, San Francisco
University of California, Santa Cruz
University of Washington

NSF I-Corps Hub: Southeast region – NSF 2430380

Georgia Tech – Lead
Clemson University
Morehouse College
The University of Alabama
University of Central Florida
University of Florida
University of Miami
University of South Florida

NSF I-Corps Hub: New England region – NSF 2430342

Massachusetts Institute of Technology – Lead
Brown University
Harvard University
Northeastern University
Tufts University
University of Maine
University of Massachusetts Amherst
University of New Hampshire

MIL OSI USA News –

January 25, 2025

MIL-OSI Economics: Fiscal Affairs Department’s 60th Anniversary Conference: “60 Years of FAD: The Fiscal Affair Continues”

Source: International Monetary Fund

The Fiscal Affairs Department (FAD) of the IMF will celebrate 60 years since it was formed in 1964 with a one-day conference, “60 Years of FAD: The Fiscal Affair Continues,“ on November 4, 2024, in Washington D.C., USA.

Even as prospects for a global soft landing have improved, fiscal policy continues to struggle with legacies of high debt and deficits, while facing new challenges. Risks to public finances are acute, reflecting the pressures of aging societies, industrial policies, geopolitical tensions, the needs of a greener and more equitable society and now, the threat to labor from AI technologies. Lower medium-term growth prospects have worsened debt dynamics and compounded the risks to fiscal sustainability. Fiscal policy challenges are especially acute in low-income countries, where financing is scarce and limits the ability of governments to support economic and human development.

In this context, the conference will bring together fiscal policy experts, senior policy makers, and former and current IMF staff. They will look back at the contributions of FAD to the global fiscal policy discourse and its service to the membership. They will discuss the likely evolution of sovereign debt market and the role that public policy can play in making AI beneficial for workers and growth. And they will look ahead to the challenges that will emerge for fiscal policy in the future, and the choices fiscal policymakers will face, especially in low-income and fragile countries. The conference will also be an occasion to celebrate the evolution and impact of FAD’s capacity development (CD) from serving a small section of the membership to covering nearly every corner of the world.

Agenda

8:30 A.M.	Coffee and refreshments
9:00 A.M.	Opening remarks. Gita Gopinath, First Deputy Managing Director of the IMF, introduced by Vítor Gaspar, Director, Fiscal Affairs Department, IMF.
9:15 – 10:30 A.M.	Sovereign Debt Moderator: Ceyla Pazarbasioglu, Director, Strategy, Policy and Review Department, IMF Panelists: S. Ali Abbas (Deputy Director, Fiscal Affairs Department, IMF) S. Ali Abbas is a deputy director in the IMF’s Fiscal Affairs Department where he supervises the sovereign debt and governance workstreams, and oversees the department’s review of Fund programs in emerging and developing economies, with a focus on Sub-Saharan Africa. He was previously IMF mission chief for the United Kingdom and Jordan, and deputy chief of the Debt Policy Division in the IMF’s Strategy Policy and Review Department. He has been closely involved in several complex Fund programs, and has led reforms to the IMF’s exceptional access lending and debt sustainability frameworks. In 2019, he co-edited Sovereign Debt: A Guide for Economists and Practitioners (OUP), with Alex Pienkowski and Kenneth Rogoff, adding to his earlier published work on post-GFC fiscal policy, the euro area sovereign debt crisis, international tax competition, state contingent debt instruments, fiscal policy and the current account, and government securities markets. Ali is a Rhodes scholar from Pakistan and holds a doctorate in economics from Oxford. He also served as an Overseas Development Institute fellow to the Tanzanian Treasury during 2000–02. Carlo Cottarelli (Former Director Fiscal Affairs Department, IMF) Carlo Cottarelli, a citizen of Italy, after receiving degrees in economics from the University of Siena and the London School of Economics, worked at the Bank of Italy, ENI and the IMF. He was FAD Director in 2008-13, Commissioner for Public Spending in Italy in 2013-14, IMF Executive Director in 2014-17. He taught at Bocconi University and he is currently Director of the Observatory on the Italian Public Accounts of the Catholic University of Milan, where he also teaches a course of Fiscal Macroeconomics In 2021 he was awarded the honor of First Class Knight Grand Cross of the Order of Merit of the Italian Republic. Christoph Trebesch (Professor, Kiel University) Christoph Trebesch is a professor at the Kiel Institute for the World Economy and the University of Kiel. His research focuses on international finance and macroeconomics as well as political economy and geopolitics. His research has been published in leading economic journals such as the American Economic Review, the Quarterly Journal of Economics, and the Journal of Political Economy, and is regularly cited in international media, including the New York Times, the Financial Times, and the Wall Street Journal. He directs the CEPR Policy Network on “International Lending and Sovereign Debt” and co-directs the CEPR Network on “Geoeconomics”, for which he organizes an annual high-level conference on geopolitics and economics. He is also the creator of the widely referenced “Ukraine Support Tracker” on military and financial aid flows to Ukraine. In 2023, he was awarded an ERC Consolidator Grant, one of the most prestigious research recognitions in Europe.





10:30 – 11:00 AM	The Surge in FAD’s Capacity Development Delivery (A/V) Moderators: Katherine Baer (Deputy Director, Fiscal Affairs Department, IMF) Katherine Baer is a Deputy Director in the IMF’s Fiscal Affairs Department (FAD). She oversees FAD’s work in the areas of taxation and public financial management, supervises Capacity Development (CD) delivery in all fiscal areas to countries in the Middle East, North Africa and Centra Asia, oversees FAD’s strategy to strengthen fiscal policies and institutions in the Fragile and Conflict-Affected States, and manages the department’s work on fiscal issues from a gender perspective. Her career at the IMF has focused on strengthening fiscal policies and institutions in member countries across all regions and income levels, and in countries experiencing economic crises. She has been an economist in the U.S. Treasury and an assistant commissioner in the Mexican Tax Administration. She also worked at the World Bank on public finance reforms in Latin America and the Caribbean at the height of the region’s debt crisis in the 1980s. Ms. Baer has many publications relating to public finance and holds a Ph.D. from Cornell University. Juan Toro (Deputy Director, Fiscal Affairs Department, IMF) Juan Toro is Deputy Director of the IMF’s Fiscal Affairs Department (FAD), in charge of: managing FAD budget, relationship with development partners, overseeing governance and operations of FAD’s capacity development (CD), coordinating FAD’s CD to Europe, and coordinating FAD TA on sustainable development goals. He previously was Assistant Director in charge of the IMF’s revenue administration CD to Europe, Asia, Middle East, and Central Asia. He has led and participated in IMF TA missions in taxation in more than 40 countries and has authored and contributed to several analytical papers in taxation. Before joining the IMF in 2007, he was the Commissioner of the Chilean Tax Administration (Servicio de Impuestos Internos, SII) from 2002 to 2006.



11.00 – 11:30 A.M.	Coffee break
11:30 A.M. – 12:45 P.M.	FAD in the Global Discourse Moderator: Ruud De Mooij , Deputy Director, Fiscal Affairs Department, IMF Panelists: Zainab Ahmed (Alternate Executive Director, World Bank) Alternate Executive Director from Nigeria from July 2023 to October 2024. A Nigerian national representing – Angola, Nigeria, and South Africa (EDS25). Prior to joining the WBG, Ms. Ahmed has served a:- Minister of Finance, Budget and National Planning (2018- 2023); Minister of State, Ministry of Budget and National Planning (2015 – 2018); Chair of the board of Trustees of the African Union Peace Fund (2019 – 2023). Member of the International Board, Extractive Industries Transparency Initiative (EITI) (2016 – 2019); Executive Secretary and National Coordinator, Nigeria Extractive Industries Transparency Initiative (NEITI) (2010 – 2015); and Managing Director, Kaduna Investment Company Ltd (2009 – 2010). Abdulelah Alrasheedy (Deputy Minister of Macro-Fiscal Policies, Ministry of Finance, Saudi Arabia) Dr. Abdulelah AlRasheedy is the Deputy Minister for Macro-Fiscal Policies at Ministry of Finance (MOF). Before being named Deputy Minister in March 2024, Dr. AlRasheedy was Assistant Deputy Minister for Macroeconomic Policies Analysis and Acting as General Supervisor of Policy and Consultation Assistant Deputyship. Prior to joining Ministry of Finance, Dr. Abdulelah spent 12 years with Saudi Central Bank (SAMA) most recently as Manager of Economic Modeling Division and was SAMA Representative at The International Financial Architecture Working Group. Dr. Abdulelah earned a Ph.D.  in economics and statistics from University of Missouri, where he was a Research Scholar at the Global Institute for Sustainable Prosperity. In addition to being a Deputy Minister, he is a board member of King Abdullah City for Atomic and Renewable Energy. Also a Ministry of Finance Representative for Financial Sustainability Board.  Adam Posen (President, Peterson Institute of International Economics) Mark Sobel (U.S. Chairman, OMFIF) Mark Sobel is currently US Chair at OMFIF.  He served  nearly four decades at the US Treasury, including as Deputy Assistant Secretary for International and Monetary Affairs from 2000-2015, a position in which he led the Department’s work in preparing G7 and G20 Finance Minister and Central Bank Governor meetings, formulating US positions in the IMF, and coordinating the work of Treasury and regulatory agencies in the Financial Stability Board.  He was also chief US financial negotiator in the G20 from 2008-2015, including for the 2009 London Economic Summit.  From 2015 through early 2018, he was US representative at the IMF.






12:45 – 1:00 P.M.	FAD Montage (A/V) A look back at FAD through the decades.
12:45 – 1:00 P.M.
1:00 – 2:15 P.M.	Lunch (by invitation)
2:15 – 3:30 P.M.	Public Policy for AI Moderator: Era Dabla-Norris, Deputy Director, Fiscal Affairs Department, IMF Panelists: Simon Johnson (Professor, MIT Sloan School of Management & 2024 Nobel Prize Winner in Economics ) Simon Johnson is the Ronald A. Kurtz (1954) Professor of Entrepreneurship the MIT Sloan School of Management, where he is head of the Global Economics and Management group. At MIT, he is also co-director of the Shaping the Future of Work Initiative and a Research Affiliate at Blueprint Labs. In 2007-08, Johnson was chief economist and director of the Research Department at the International Monetary Fund. He currently co-chairs the CFA Institute Systemic Risk Council with Erkki Liikanen. In February 2021, Johnson joined the board of directors of Fannie Mae, where he is vice chair of the audit committee and a member of the risk and capital committee. Johnson’s most recent book, with Daron Acemoglu, Power and Progress: Our 1000-Year Struggle Over Technology and Prosperity, explores the history and economics of major technological transformations up to and including the latest developments in Artificial Intelligence. 2024 Nobel prize laureate in economic sciences “for studies of how institutions are formed and affect prosperity” Branko Milanovic (Professor, City University of New York) Research professor at the Graduate Center, City University of New York and senior scholar at The Stone Center on Socio-economic Inequality; Visiting Professor at the Institute for International Inequalities at LSE; was lead economist in World Bank Research Department for almost 20 years and senior associate at the Carnegie Endowment for International Peace in Washington. Milanovic’s main area of work is income inequality, in individual countries and globally, as well as historically among pre-industrial societies. His most recent books are Global inequality: a new approach for the age of globalization which deals with economic and political issues of globalization, and Capitalism, Alone that contrasts inequality and class formation in societies of liberal and political capitalism. In October 2023, he published Visions of Inequality that looks at how income distribution was studied by the most famous economists over the past 200 years. Milanovic was awarded (jointly with Mariana Mazzucato) the 2018 Leontieff Prize. Christine Qiang (Global Director, Digital Transformation Global Department, World Bank)





3.30 – 4:00 P.M.	Coffee break
4:00 – 5:15 P.M.	The Future of Fiscal Policy Moderator: Vítor Gaspar Director, Fiscal Affairs Department, IMF Panelists: Jason Furman (Professor, Kennedy School of Government, Harvard University) Jason Furman is the Aetna Professor of the Practice of Economic Policy jointly at Harvard Kennedy School (HKS) and the Department of Economics at Harvard University. Furman engages in public policy through research, writing and teaching in a wide range of areas including U.S. and international macroeconomics, fiscal policy, labor markets and competition policy. Previously Furman served eight years as a top economic adviser to President Obama, including serving as the 28th Chairman of the Council of Economic Advisers from August 2013 to January 2017, acting as both President Obama’s chief economist and a member of the cabinet. In addition to articles in scholarly journals and periodicals, Furman is a regular contributor to the Wall Street Journal and Project Syndicate and the editor of two books on economic policy. Furman holds a Ph.D. in economics from Harvard University. Ilan Goldfajn (President, Inter-American Development Bank) He was elected president of the IDB in November 2022, after serving as director of the Western Hemisphere Department at the International Monetary Fund. Previously, he was governor of the Banco Central do Brasil (2016-2019), where he led several modernization reforms, including promoting financial inclusion through Brazil’s fast digital payment system. He has also held several academic positions and high-ranking roles in Brazil’s financial sector.  In 2017, he was elected Central Banker of the Year by The Banker magazine.  Mr. Goldfajn holds a doctorate in economics from MIT, and master’s degree in economics from the Pontificia Universidade and has taught economics at universities in Brazil and the U.S. He is fluent in four languages. Mick Keen (Professor, Tokyo University) Michael Keen was formerly Deputy Director of the Fiscal Affairs Department at the International Monetary Fund. He is now Ushioda Fellow at the University of Tokyo. Michael was President of the International Institute of Public Finance from 2003 to 2006, awarded the CESifo Musgrave Prize in 2010, and in 2018 received from the National Tax Association of the United States its most prestigious award, the Daniel M. Holland Medal for distinguished lifetime contributions to the study and practice of public finance. His most recent book, Rebellion, Rascals and Revenues (with Joel Slemrod), aims to use history and humor to convey basic tax principles to a wider audience.





5:15 P.M.	Closing remarks Vítor Gaspar (Director, Fiscal Affairs Department )
6:00 P.M.	Adjourn

Conference Organizing Committee: Katherine Baer (Deputy Director, FAD), Mitali Das (Advisor, FAD), and Andrew Okello (Deputy Division Chief, FAD).

Conference Coordinators: Agnese de Leo (Administrative Coordinator), Harsha Padaruth (Administrative Coordinator), Luciana Marcelino (Administrative Coordinator) Martha Gaytan Frettlohr (Administrative Coordinator), Sahara De la Torre (Administrative Coordinator), and Sheetal Prasad (Senior Administrative Coordinator) – all FAD.

The conference (which is in-person only) is open to all Fund employees and invited external guests (registration is required of external guests who will all receive a link to the registration form). Please note that the deadline for registration for this conference is October 25th, 2024. Registered external guests will be required to present photo identification on entering the IMF at 1900 Pennsylvania Avenue, N.W., Washington D.C. For questions regarding the conference, please email FAD_60th_anniversary@imf.org

MIL OSI Economics –

January 25, 2025

MIL-OSI Africa: Africa Investment Forum welcomes Arab Bank for Economic Development in Africa (BADEA) as new partner ahead of the December Market Days in Rabat

Source: Africa Press Organisation – English (2) – Report:

WASHINGTON D.C., United States of America, October 30, 2024/APO Group/ —

The Arab Bank for Economic Development in Africa (BADEA) has joined the Africa Investment Forum (www.AfricaInvestmentForum.com) as a founding partner, marking a new phase in the Forum’s expansion and influence as a catalyst for mega investments into the continent.

The official announcement came during a breakfast meeting of heads of the Africa Investment Forum Founding Partner institutions, convened by the African Development Bank in Washington, DC on the sidelines of the International Monetary Fund and World Bank’s annual meetings. During the meeting, the partners examined and adopted a new strategic framework to govern the forum. The meeting took place on Friday 25 October.

In welcoming BADEA as a new partner, African Development Bank President Akinwumi Adesina said: “Since 2018, BADEA has been a steadfast supporter of the Africa Investment Forum, consistently contributing to the growth and success of this platform.”

The Arab Bank for Economic Development in Africa is a multilateral development financial institution owned by 18 Arab countries. Its operations cover the entire Sub-Saharan African region.

BADEA group president Dr. Sidi Ould Tah said the main shareholders of his bank had been working on a new mechanism to support investment flows to Africa. The group has sovereign funds under management with assets in the trillions of dollars, of which they had pledged to channel a part for Africa’s infrastructure needs.

“The role of BADEA is to catalyse resources for Africa. BADEA will work with all the member countries of AIF to make this pledge a reality,” Tah said.

The addition of BADEA brings the AIF’s founding partners to nine: the African Development Bank, Afreximbank, Africa Finance Corporation, Africa50, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, and Trade and Development Bank.

Heads and representatives of each of the partners who attended the meeting included included Trade and Development Bank President and CEO Admassu Tadesse, Africa Finance Corporation’s CEO Samaila Zubairu, Africa50 President Alain Ebobissé, European Investment Bank Vice President Ambroise Fayolle, Hani Salem Sonbol Chief Executive Officer of the International Islamic Trade Finance Corporation representing Islamic Development Bank President Dr. Muhammad Sulaiman Al Jasser, and Afreximbank’s Director for Export Development Oluranti Doherty, who represented its president.

Adesina also commended the founding partners for their energy, drive and momentum which he described as a testament to their confidence in the Forum.

The AIF’s Market Days events, held annually, have drawn sovereign and non-sovereign investors from around the world, enabling a shift in risk perception and fostering confidence in Africa’s investment landscape.

The platform has actively supported women-led businesses under its Women as Investment Champions pillar with examples such as Mobihealth International Ltd (Healthcare, Nigeria) which was supported to access grant and loan funding for feasibility studies and pan-African expansion.

From the African Development Bank, Senior Vice President Marie Laure Akin-Olugbade, several vice presidents and directors and the Senior Director of Syndications, the Africa Investment Forum and Client Solutions, Max Magor Ndiaye, and the Special Representative of President Adesina, Yacine Fall also attended the meeting.

The 2024 Market Days will take place from 4-6 December 2024 in Rabat, Morocco, under the theme: “Leveraging Innovative Partnerships for Scale.”

MIL OSI Africa –

January 25, 2025
MIL-OSI United Nations: Secretary-General’s press encounter at the end of his visit in Colombia [bilingual, scroll down for Q+A]

Source: United Nations secretary general

Ladies and gentlemen of the media.

I thank President Petro for hosting the United Nations Biodiversity Conference in Cali.

I congratulate Colombia on the excellent organization of this COP.

I also thank the people of Colombia for their warm welcome, we all felt very much at home.

The world has come to Cali to make peace with nature.

Let me be clear: we are facing an existential crisis.

Temperatures are climbing higher and higher.

We are losing more and more species – forever.

We are poisoning our waters.

And treating nature as a disposable asset.

Human activities have already altered three-quarters of Earth’s land surface and two-thirds of its waters.

And no country, rich or poor, is immune to this devastation.

To survive, humanity must make peace with nature.

We must transform our economic models – shifting our production and consumption to nature-positive practices.

Renewable energy, sustainable supply chains and zero-waste policies are not optional.

They must become the default option for both governments and businesses.

Dear friends,

The good news is that we have a plan:
The Kunming-Montreal Global Biodiversity Framework, adopted two years ago.

But nature cannot wait for its implementation any longer.

This is what this COP is about:

Turning promises into action.

We have seen good progress, and I want to thank everyone for their efforts.

But with less than two days of negotiations left to go, we need to accelerate.

I want to highlight three priorities.

First – Cali must spark a new era for ambitious national biodiversity plans.

As of today, a majority of countries have national targets that align with the Global Biodiversity Framework.

I urge every Member State to follow suit and align these national plans with their adaptation plans and updated climate Nationally Determined Contributions – due early next year.

We must also reach an agreement on a strengthened monitoring and transparency framework to ensure accountability and move forward together.

Second – we must leave Cali with concrete plans to unlock new funding and share the benefits from the use of genetic resources.

This means capitalizing the Global Biodiversity Framework Fund.

I thank the countries and regions that pledged an additional 163 million US dollars this week.

But if we are to deliver the Global Biodiversity Framework in full, we need much more.

We must make sure we are able to mobilize 200 billion dollars annually by 2030 from all sources – domestic, international, public and private.

Developed countries must lead the way and provide at least 20 billion dollars per year – by next year – to support developing countries, in particular the Least Developed Countries and Small Island States, in their conservation and restoration efforts.

Businesses profiting from nature must also contribute to its protection and restoration.
This includes operationalizing a mechanism for sharing the benefits from the use of the Digital Sequence Information on Genetic Resources – in a clear, fair and efficient way.

Third – we must recognize, involve, and protect those who guard our natural heritage.

Indigenous Peoples and local communities possess vital knowledge of biodiversity conservation.

And in this region, People of African descent are key custodians of natural resources.

They must all be at the center of our decisions, not on the sidelines.

In Cali, we must agree on the proposal to establish a new permanent body for Indigenous peoples and local communities within the Convention on Biological Diversity – ensuring their voices are heard at every step across the work of the Convention.

The clock is ticking.

The survival of our planet’s biodiversity – and our own survival – are on the line.

We don’t have a moment to lose.

Señoras y señores de la prensa,

Mientras el mundo se reúne en este hermoso país para comprometerse a hacer la paz con la naturaleza, aprovecho la oportunidad para reafirmar nuestro compromiso con la paz en Colombia.

Me complace estar de nuevo en Colombia en este momento propicio para cerrar los dolorosos capítulos de guerra y consolidar este ejemplo de paz ante el país y el mundo.

Saludo los esfuerzos renovados del Presidente Petro y su gobierno para acelerar la implementación del Acuerdo Final de Paz – incluso mediante el Plan de Choque que se enfoca en aspectos concretos para mejorar la calidad de vida en los territorios priorizados.

Asimismo, reconozco el compromiso firme de la otra parte firmante – los que fueron combatientes de las FARC-EP.

Estos antiguos adversarios trabajan hoy como socios en la construcción de la paz.

Llegando con avances y desafíos a su octavo aniversario, este histórico Acuerdo debe de mantenerse en el centro de los esfuerzos de consolidación de la paz.

El Acuerdo sigue siendo la hoja de ruta principal para romper con los ciclos de violencia en Colombia.

Y también para enfrentar las causas estructurales de esta violencia mediante el compromiso de llevar la presencia integral del Estado a las regiones históricamente olvidadas.

Una presencia que conlleva seguridad, oportunidades de desarrollo y gobernanza inclusiva.

No debe haber más demora para que los dividendos de paz lleguen a todos los territorios. A todos aquellos pueblos que todavía esperan que se concrete la promesa de paz.

Asegurar la justicia para las víctimas también es impostergable.

Reconozco la noble y valiente labor del sistema pionero de justicia transicional creado por el Acuerdo. Y animo a que avance.

La Paz Total impulsada por el gobierno nacional es un objetivo loable.

Las iniciativas de diálogo, a pesar de los desafíos, buscan ampliar la paz en el país de manera complementaria al Acuerdo de Paz.

Aconsejo no dejarse desviar del camino del diálogo.

Estos diálogos son oportunidades para acabar con la violencia que sigue azotando a las poblaciones de regiones que también son claves para la implementación del Acuerdo de Paz.

Especialmente a las comunidades Indígenas y Afrocolombianas, a los desplazados y confinados por los grupos armados, a las mujeres víctimas de la violencia sexual y a los niños y niñas reclutados en la guerra.

Hoy, mi llamado al pueblo colombiano es de perseverar.

Que trabajen juntos para que sea un esfuerzo nacional, compartido.

Les quiero recordar que Colombia nunca estará sola en sus esfuerzos por la paz.

Será un honor seguir acompañando a Colombia en su camino hacia la paz, a través de la Misión de Verificación de la ONU y las agencias y programas del equipo de país.

Cuenten siempre con mi apoyo y mi solidaridad con Colombia, así como con mi profunda gratitud por la confianza que han otorgado a las Naciones Unidas.

Estaremos siempre al lado de Colombia.

Question: Muchas gracias Secretario. Quiero trasladarle una pregunta de muchas delegaciones acá y es ¿Cómo vio usted la presencia en la COP16 del Canciller venezolano Yván Gil, lo cuestionan muchas delegaciones -más de la mitad- incluso usted, que le ha exigido que publique las actas de las elecciones y esto no cayó nada bien aquí su presencia. Lo vimos incluso a usted distante del Canciller Gil. Si bien la diversidad y la protección de la naturaleza debe abarcar la mayor cantidad de actores posibles, ¿Cómo vio usted la presencia de Venezuela aquí en la COP16?

Answer: Hay dos aspectos distintos. En primer lugar, la opinión que formamos sobre la forma como se transcurrieron las elecciones, la ausencia de una transparencia adecuada y el hecho que hay muchos gobiernos que aún no han reconocido el gobierno de Venezuela. La otra parte es el mecanismo del funcionamiento de las organizaciones multilaterales y en particular de las COPs. Y en las COPs hay una acreditación en que los que están, participan desde que la misión del país los acredite. Esta es una práctica que no podemos cambiar porque es la práctica establecida estatutariamente, pero eso no invalida la opinión que podemos tener sobre lo que pasó en Venezuela.

Question: [Inaudible] – AFP. There are five years left to achieve the coming Montreal Objective Framework – to have them reversed by biodiversity laws by 2030. Here the focus is mainly on resource mobilization. Is that the correct approach? Is it really the fight over finance that will determine the success of the [Global Biodiversity Framework Fund] GBF. Is it the fight over finance that is key to determine the success of GBF? Or is it something else?

Answer: I think the most important thing in it – and that is the reason my presence in this COP – is to change what has been the permanent neglect of biodiversity, namely when compared with our efforts in relations to climate change.

We need, first of all, to accept the concept that we are facing three existential crises: climate change, biodiversity and pollution, namely plastics.

But they are all interlinked and indivisible. So, the central question is to make sure that we are able to put biodiversity as the center of our concerns in all aspects of policy and strategy and financing as we are putting climate change.

Obviously, finance is essential, but finance is not enough. What we need is a political priority at government levels. Political priorities at multilateral institution levels, and the clear commitment of the Private Sector to be involved in order to make sure that we understand that without defeating the biodiversity crisis, we will not defeat the climate crisis, we will not defeat the pollution crisis, and we will condemn our world to a situation of extreme poverty in the natural environments and this is totally unacceptable.

So, we must bring the attention of the people of the government, the institutions, and the Private Sector to the centrality of biodiversity in the context of our environmental processes.

Question: Sir, this is Stella Paul from IPS news (Inter Press Service News). Our overarching theme here is making peace with nature, but at the time, when we are seeing increasing impact of war and conflict on biodiversity across the world, starting from Ukraine to all the way to Palestine and we are not seeing enough discussion of that in a formal way, even at the COP, how do you think that we can make peace with nature? Thank you.

Answer: Well, we need peace with nature, and we need peace among ourselves. That is the reason I’ve been asking for in line with the Charter, in line with international law, and in line with the General Assembly resolutions. That is why we have been asking for an immediate ceasefire in Gaza, releasing all hostages and massive humanitarian aid to Gaza. That is why we have been asking for peace in Lebanon and peace that respects Lebanese sovereignty and Lebanese territorial integrity and paves the way for a political solution. That is why we have been asking for peace in Sudan, where an enormous tragedy exists. And, obviously, we need to make peace in nature, but we need to make peace among ourselves because wars have one of the most devastating impacts – wars have some of the most devastating impacts on biodiversity on climate and on pollution.

Thank you so much. At the back there, Le Monde. Thank you.

Question: Hi [inaudible] for Le Monde. Many issues of the negotiations are still unresolved, and many Ministers are leaving tonight. Are you worried this COP could fail or at least not be as successful as is should?

Secretary-General: I have to say that I met with the five groups. And I heard a large number of ministers talk. And I felt that there was a huge will to find a successful result and a huge will to compromise on the pending issues. So, I’m quite optimistic that it will be possible to reach a consensus and not a consensus on the consensus, but the consensus that paves the way for progress after the COP in the implementation of the Kunming-Montreal Framework

Question: Secretario, Silvia Patiño de W Radio Colombia. Usted estuvo ayer reunido con el Presidente Gustavo Petro y el presidente le planteó la posibilidad de cambiar el mecanismo a través del cual la ONU mide la cantidad de hectáreas de cultivos de coca en Colombia. ¿La ONU está dispuesta a eso? Porque el Presiente además planteó hace algunas semanas la posibilidad de comprar los cultivos de coca a los campesinos para tratar de enfrentar el tema de narcotráfico. A la ONU ¿le suena, le gusta, le parece esta idea en torno al tráfico de drogas?

Answer: Hay convenciones sobre drogas y la ONU está vinculada a esas convenciones. Pero creo que es importante abrir la puerta a una reflexión muy seria en un mundo donde vemos que desafortunadamente el tráfico de drogas es simultáneo con el tráfico de armas, de muchos otras formas incluso de tráfico de mujeres, hombres y niños. Y que ese tráfico está minando en muchos países la estructura del Estado, por la corrupción generada.

Entonces creo que el apelo del Presidente Petro a una reflexión sobre los mecanismos que hoy tenemos en relación con el combate al narcotráfico y en relación con la droga, creo que el apelo que es hecho a una reflexión sobre la eficacia sobre los mecanismos que tenemos es un apelo que debe ser escuchado. Yo no conozco en detalle el proyecto, pero si la compra es hecha para después ser utilizada de una forma positiva, ¿puede impedir el tráfico no?

Si eso puede garantizar que haya una neutralización de esa producción y que esa producción no alimente al tráfico. Pero naturalmente el objetivo nuestro tiene que ser un objetivo de preservar la salud de la gente de todo el mundo. Muchas gracias.

MIL OSI United Nations News –

January 25, 2025
MIL-OSI Canada: 2024 road construction season wraps up, improving safety across PEI
Source: Government of Canada News (2)

News release

Repairs and upgrades to roads and bridges in Prince Edward Island were made possible after a combined investment of over $7 million from the federal and provincial governments through the Canada Community-Building Fund and the Investing in Canada Infrastructure Program.

Charlottetown, Prince Edward Island, October 30, 2024 — Repairs and upgrades to roads and bridges in Prince Edward Island were made possible after a combined investment of over $7 million from the federal and provincial governments through the Canada Community-Building Fund and the Investing in Canada Infrastructure Program.

Today’s announcement highlights upgrades to roads and bridges that improve safety across the province and support housing development. These projects, including upgrades to intersections, roads and bridges, new traffic lights and storm sewers, will be completed by the end of 2024.

The Canada Community-Building Fund is a permanent source of funding that reaches communities across Canada, supports local infrastructure priorities and helps to build complete, inclusive and sustainable communities with affordable and accessible housing. From roads and bridges, to public transit and water treatment systems, reliable and modern infrastructure provides communities with opportunities to grow and develop today so that communities are resilient and strong.

The Rural and Northern Communities Infrastructure Stream of the Investing in Canada Infrastructure Program helps communities provide more efficient and reliable energy sources, improve roads and community infrastructure, and improve internet connectivity.

Today’s announcement builds on the $14.2 million announced in February 2024 for other road improvements aimed at increasing safety across the Island.

Quotes

“These repairs and upgrades to roads and bridges across the Island are essential to keeping them safe for the folks who depend on them. We will continue to work with all orders of government and local partners to strengthen our infrastructure and build stronger and more resilient communities.”

The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“Investments in transportation infrastructure and a balanced plan for road work has made this a very productive highway construction season across the province. In collaboration with our construction contractors, Islanders and PEI’s economy benefits from safer and improved roads.”

The Honourable Ernie Hudson, Minister of Transportation and Infrastructure, Prince Edward Island

Quick facts
- The Canada Community-Building Fund (CCBF) is a permanent, indexed source of funding provided up front, twice a year, to provinces and territories, who, in turn, flow this funding to local governments and other entities to support local infrastructure priorities.
- In 2024-25, the CCBF is delivering over $2.4 billion to more than 3,600 communities across the country.
- Canada and Prince Edward Island are committed to working together and with communities to address Canada’s housing supply challenges. As such, annual reporting will demonstrate how the CCBF is supporting housing outcomes in Prince Edward Island.
- The CCBF has 19 project eligibility categories, including capacity building, water and wastewater, highways and roads, and public transit.
- The federal government is investing $1,397,696 through the Rural and Northern Communities Infrastructure stream of the Investing in Canada Infrastructure Program and the Government of Prince Edward Island is investing $1,397,696.
- This stream supports projects that increase access to more efficient and reliable energy sources, improve community infrastructure, and improve internet connectivity for rural and northern communities.
- Including today’s announcement, 23 infrastructure projects under the Rural and Northern Communities Infrastructure stream have been announced in Prince Edward Island, with a total federal contribution of more than $78.8 million and a total provincial/territorial contribution of more than $49 million.
- The funding announced today builds on the federal government’s work through the Atlantic Growth Strategy to create well-paying jobs and strengthen local economies.
Related products

Associated links

Contacts

For more information (media only), please contact:

Sofia Ouslis
Press Secretary
Office of the Minister of Housing, Infrastructure and Communities
Sofia.ouslis@infc.gc.ca

Media Relations
Housing, Infrastructure and Communities Canada
613-960-9251
Toll free: 1-877-250-7154
Email: media-medias@infc.gc.ca
Follow us on X, Facebook, Instagram and LinkedIn
Web: Housing, Infrastructure and Communities Canada

Stacey Miller
Department of Transportation and Infrastructure
Prince Edward Island
902-218-2103
samiller@gov.pe.ca

MIL OSI Canada News –
January 25, 2025
MIL-OSI: LECTRA: Q3 and First Nine Months of 2024 financial report available
Source: GlobeNewswire (MIL-OSI)

Q3 and First Nine Months of 2024 financial report available

Paris, October 30, 2024 – Lectra informs its shareholders, in compliance with Article 221-4-IV of the General Regulation of the Autorité des marchés financiers, that the Management Discussion and Analysis of Financial Condition and Results of Operations for the third quarter and the nine months of 2024 is available on the company’s website: www.lectra.com

It is also available, upon request, at the company’s headquarters 16-18 rue Chalgrin, 75016 Paris (email: investor.relations@lectra.com).

About Lectra

A major player in the fashion, automotive and furniture markets, Lectra contributes to the development of Industry 4.0 with boldness and passion, fully integrating Corporate Social Responsibility (CSR) into its global strategy.The Group offers industrial intelligence solutions – software, cutting equipment, data analysis solutions and associated services – that facilitate the digital transformation of the companies it serves. In doing so, Lectra helps its customers push boundaries and unlock their potential. The Group is proud to state that its 3,000 employees are driven by three core values: being open-minded thinkers, trusted partners and passionate innovators. Founded in 1973, Lectra reported revenues of 478 million euros in 2023. The company is listed on Euronext, where it is included in the following indices: CAC All Shares, CAC Technology, EN Tech Leaders and ENT PEA-PME 150. For more information, visit lectra.com.

Lectra – World Headquarters: 16–18, rue Chalgrin • 75016 Paris • France
Tel. +33 (0)1 53 64 42 00 – www.lectra.com
A French Société Anonyme with capital of €37,832,965 • RCS Paris B 300 702 305

Attachment
- LECTRA_Q3 and First Nine Months of 2024 Financial report available
The MIL Network –
January 25, 2025

MIL-OSI: LECTRA: First nine months of 2024: revenues and EBITDA continued to grow, despite the degraded environment

Source: GlobeNewswire (MIL-OSI)

First nine months of 2024: revenues and EBITDA continued to grow, despite the degraded environment

Revenues: 394.2 million euros (+10%)*
EBITDA before non-recurring items: 68.5 million euros (+16%)*

*At actual exchange rates


In millions of euros	July 1 – September 30		January 1 – September 30
	2024⁽¹⁾	2023	2024⁽¹⁾	2023
Revenues	131.9	118.7	394.2	358.3
Change at actual exchange rates (in %)	11%		10%
EBITDA before non-recurring items⁽²⁾	26.2	23.9	68.5	59.2
Change at actual exchange rates (in %)	10%		16%
EBITDA margin before non-recurring items (in % of revenues)	19.9%	20.1%	17.4%	16.5%
Income from operations before non-recurring items ⁽²⁾	15.7	16.4	37.3	36.7
Change at actual exchange rates (in %)	-5%		2%
Net income⁽³⁾	10.1	11.0	21.2	24.9
Free cash flow before non-recurring items ⁽²⁾	21.6	15.5	49.9	32.1

(1)  The 2024 amounts include Launchmetrics since January 23, 2024
(2)  The definition for performance indicators appears in the September 30, 2024 Financial Report
(3)  In 2023, net income included the impact of non-recurring income of 2.6 million euros

Paris, October 30, 2024. Today, Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the third quarter and the first nine months of 2024, which have not been reviewed by the Statutory Auditors. To facilitate the analysis of the Group’s results in its new scope, the accounts of Lectra excluding Launchmetrics (the “Lectra 2023 scope”) and those of Launchmetrics are analyzed separately.

The detailed 2024 vs 2023 comparisons are based on actual exchange rates, except for the Lectra 2023 scope stated on a like-for-like basis.

Q3 2024

The macroeconomic and geopolitical environment experienced further degradation in the third quarter but with heterogeneous situations across different geographical markets and market sectors.

This situation resulted in a cautious position on the part of the Group’s customers in their investment decisions, resulting in a negative effect, particularly on orders for new systems.

However, driven by both the integration of Launchmetrics and the improvement in the Group’s fundamentals –growth in recurring revenues, higher gross profit, growth in EBITDA before non-recurring items and near-coverage of all fixed costs through recurring activity– Q3 2024 revenues (131.9 million euros) and EBITDA before non-recurring items (26.2 million euros) increased significantly (by 11% and 10%, respectively). The EBITDA margin before non-recurring items stood at 19.9%.

Lectra 2023 scope

Orders for perpetual software licenses, equipment and accompanying software, and non-recurring services (32.2 million euros) were stable compared to Q3 2023.

The annual value of new subscriptions for software came to 2.6 million euros, up 17% compared to Q3 2023.

Q3 2024 revenues came to 120.8 million euros, up 3% compared Q3 2023. EBITDA before non-recurring items was 23.5 million euros and EBITDA margin before non-recurring items stood at 19.5% (-0.5 percentage point).

FIRST NINE MONTHS OF 2024

Revenues for the first nine months of 2024 were 394.2 million euros, up 10%, with the following breakdown: 111.3 million euros in revenus from new systems (28% of total revenues, down 5%) and 282.9 million euros in recurring revenues (72% of total revenues, up 18%), including 56.4 million euros in SaaS revenue (14% of total revenues, multiplied by 2.6)

Gross profit came to 281.6 million euros, up 13% compared to the first nine months of 2023, and the gross profit margin came to 71.4%, up 1.7 percentage points.

EBITDA before non-recurring items totalled 68.5 million euros, up 16%, and the EBITDA margin before non-recurring items rose to 17.4%, up 0.9 percentage point.

Consolidated income from operations before non-recurring items amounted to 37.3 million euros, up 2%. This included a 16.8 million euros charge for amortization of intangible assets arising from acquisitions made since 2021, including 7.4 million euros for Launchmetrics.

Considering this amortization, the increase in financial expenses and an income tax charge of 10.0 million euros, net income totalled 21.2 million euros. Net income for the first nine months of 2023 (24.9 million euros) included the impact of a non-recurring income of 2.6 million euros in Q3 2023.

Free cash flow before non-recurring items came to 49.9 million euros, up sharply from 32.1 million euros in the first nine months of 2023.

As of September 30, 2024, the Group has a particularly robust balance sheet, with consolidated shareholders’ equity of 332.7 million euros, a negative working capital requirement of 8.7 million euros and net financial debt of 41.0 million euros after payment of the first tranche of the acquisition of Launchmetrics, i.e., 77.0 million euros.

Lectra 2023 scope

In the first nine months of 2024, orders for perpetual software licenses, equipment and accompanying software, and non-recurring services (106.3 million euros) were stable compared to the same period in 2023. The annual value of new software subscription orders came to 8.0 million euros, up 4% compared to the first nine months of 2023.

Revenues amounted to 364.0 million euros, up 2% compared to the first nine months of 2023.

EBITDA before non-recurring items was 63.2 million euros, up 8%, and the EBITDA margin before non-recurring items came to 17.4%, up 1.0 percentage point compared to 2023.

BUSINESS TRENDS AND OUTLOOK

In its financial report on the fourth quarter and full year 2023, published on February 14, 2024, Lectra reiterated its long-term vision, as well as the objectives of its 2023-2025 strategic roadmap and its ambitions for 2025: revenues of 600 million euros, of which 400 million euros in recurring revenues, including 90 million euros in SaaS revenues, and an EBITDA margin before non-recurring items exceeding 20%.

The Group also stated that while the substantial improvement in the fundamentals of the Group’s business model in 2023 would have a positive impact on 2024 results, persistent macroeconomic and geopolitical uncertainties could continue to weigh on investment decisions by its customers.

On February 14, the Group reported its objectives for 2024, before including the Launchmetrics acquisition (i.e., for the Lectra 2023 scope): to achieve revenues in the range of 480 to 530 million euros (+2% to +12%) and EBITDA before non-recurring items in the range of 85 to 107 million euros (+10% to +40%).

The Group also reported that Launchmetrics revenues (for the consolidation period from January 23 to December 31, 2024) were projected to be in the range of 42 to 46 million euros, with an EBITDA margin before non-recurring items of more than 15%.

These scenarios were prepared based on the closing exchange rates on December 29, 2023, and particularly $1.10/€1.

Given the results for the first nine months of 2024, full year revenues and EBITDA before non-recurring items are expected to reach the lower end of the indicated ranges.

The 2024 Annual Financial Report, as well as the Management Discussion and Analysis of Financial Conditions and Results of Operations and the financial statements for the first nine months of 2024 are available on lectra.com. Q3 and the first nine months of 2024 earnings will be published on October 30, 2024.

About Lectra

A major player in the fashion, automotive and furniture markets, Lectra contributes to the development of Industry 4.0 with boldness and passion, fully integrating Corporate Social Responsibility (CSR) into its global strategy.The Group offers industrial intelligence solutions – software, cutting equipment, data analysis solutions and associated services – that facilitate the digital transformation of the companies it serves. In doing so, Lectra helps its customers push boundaries and unlock their potential. The Group is proud to state that its 3,000 employees are driven by three core values: being open-minded thinkers, trusted partners and passionate innovators. Founded in 1973, Lectra reported revenues of 478 million euros in 2023. The company is listed on Euronext, where it is included in the following indices: CAC All Shares, CAC Technology, EN Tech Leaders and ENT PEA-PME 150. For more information, visit lectra.com.

Lectra – World Headquarters: 16–18, rue Chalgrin • 75016 Paris • France
Tel. +33 (0)1 53 64 42 00 – www.lectra.com
A French Société Anonyme with capital of €37,832,965 • RCS Paris B 300 702 305

Attachment

Lectra_Press_Release_Q3_9M 2024 vdef

The MIL Network –

January 25, 2025

MIL-OSI: WhiteBIT Surpasses 5 Million Users, Strengthening Its Leadership in Europe’s Crypto Market

Source: GlobeNewswire (MIL-OSI)

VILNIUS, Lithuania, Oct. 30, 2024 (GLOBE NEWSWIRE) — As WhiteBIT approaches its 6th anniversary in November, the exchange continues to reinforce its role as a prominent player in Europe’s cryptocurrency sector, driven by a focus on user experience, security, and strategic partnerships.

WhiteBIT, one of Europe’s largest centralized crypto exchanges, is proud to announce it has reached a major milestone, exceeding 5 million users. In the past year, WhiteBIT added over 1 million new users, more than doubling its user base since 2022. The platform’s trading volume exceeded $1 trillion across spot and futures markets, and its B2B services now support over 1,000 business clients. This growth reflects the increasing trust in WhiteBIT as a secure platform for digital asset trading among investors.

“Our mission from the start has been to make cryptocurrency accessible, secure, and trusted across Europe and beyond. Hitting 5 million users is more than just a number—it’s a validation of our efforts. We keep focusing on continuous innovation and fostering trust in the digital economy,” comments Volodymyr Nosov, CEO of WhiteBIT.

Growth Fueled by Strategic Partnerships

Partnerships have been a cornerstone of WhiteBIT’s growth strategy. Collaborations with major football clubs and organizations, such as FC Barcelona, FC Trabzonspor, and the Ukrainian national football team, as well as FACEIT in e-sports have bolstered its brand presence. Moreover, WhiteBIT has established an alliance with Georgia’s Hash Bank.

For its institutional clients, WhiteBIT has partnered with Fireblocks, a leader in digital asset management, which strengthens its services for businesses looking to expand in the crypto space.

Expanding Ecosystem and Technological Advancements

WhiteBIT has also made strategic advancements in blockchain technology, unveiling its rebranded blockchain, Whitechain, which has already processed 50 million transactions and facilitated 25,000 NFTs. Additionally, WhitePool, the exchange’s Bitcoin mining pool, has ranked among the top 15 mining pools worldwide and is now one of the largest mining pool backed by a centralized exchange.

Global Expansion and Commitment to Security

WhiteBIT has been rapidly expanding its presence beyond Europe, establishing offices in Australia, Georgia, the UK, and Turkey. With a team of over 1,100 professionals globally, WhiteBIT is steadily growing its international footprint while staying rooted in its Ukrainian origins.

In its growth, security remains a top priority for WhiteBIT. According to cer.live, the exchange consistently ranks among the top five most secure platforms. Its robust security protocols, including WAF firewalls, strict AML policies, and mandatory KYC procedures, recently earned WhiteBIT the Hacken Security Award 2024 at TOKEN2049 in Singapore.

WhiteBIT continues to lead in blockchain innovation, fostering technological progress and championing the global cryptocurrency community. As the exchange grows, WhiteBIT empowers users and businesses to embrace digital assets while bridging the gap between traditional finance and the evolving world of cryptocurrency.

About WhiteBIT

WhiteBIT, established in 2018, is one of the largest centralized crypto exchanges in Europe. It offers over 600+ trading pairs, 300+ digital assets, and supports 9 national currencies. WhiteBIT is an official partner of the Ukrainian national football team, FC Barcelona, FC Trabzonspor, and FACEIT. The exchange is dedicated to advancing blockchain technology and ensuring compliance with regulatory standards in all jurisdictions where it operates.

Users can visit:

Twitter | FaceBook | Instagram | YouTube | LinkedIn | Telegram | Discord | Medium

Contact

WhiteBit

pr@whitebit.com

The MIL Network –

January 25, 2025
MIL-OSI Global: What Labour’s first budget means for wages, businesses, the NHS and plans to grow the economy – experts explain

Source: The Conversation – UK – By Linda Yueh, Fellow in Economics/Adjunct Professor of Economics, University of Oxford

For the first time in 14 years, it was a Labour chancellor who delivered the UK budget. And for the first time ever, that chancellor was a woman. But Rachel Reeves faces an almighty task: plugging a £40 billion spending gap in the knowledge that pre-election promises not to raise the main taxes are still fresh in people’s memories.

Growth was the buzzword of the election campaign – Reeves now had to lay her cards on the table. So here’s what our panel of experts made of the plans:

More challenges for employers and small businesses

Shampa Roy-Mukherjee, Associate Professor in Economics, University of East London

The budget introduces £40 billion in tax hikes and, in some areas, spending cuts that will put pressure on the economy and business in particular. But it also reflects the government’s focus on economic growth, with policies intended to stabilise finances while addressing some of the concerns of small businesses.

The chancellor has retained her commitment to preserve the rates of income tax, employee national insurance and VAT. But a notable change is the increase in employers’ national insurance contributions (NICs) from 13.8% to 15%.

There was also a reduction in the secondary threshold, which is the amount at which the employer starts paying NI on each employee, from £9,100 to £5,000. Altogether this will raise £25 billion annually but will significantly impact many businesses that will now face higher wage bills.

The national living wage is also rising by 6.7% to £12.21 per hour in April 2025, boosting incomes for about three million workers but again increasing costs for many businesses. These rising taxes and wage increases, alongside incoming employment regulations, will strain businesses, particularly in sectors with high labour demands.

To offset some of these pressures, the employment allowance, which allows some smaller employers to reduce their NICs, has been raised from £5,000 to £10,500. The chancellor said that over 1 million employers will not see their NICs bill rise as a result.

Small businesses in retail, hospitality and leisure, where profits have been hit as consumers struggle with the cost of living, will benefit from a 40% business rate relief on properties up to £110,000. Other supportive measures include a continued freeze on fuel duty, which will aid logistics and transport costs. Corporation tax remains fixed at 25%.

Higher wages for three million, but it could cost more to get the bus to work

The biggest change for those on low incomes was an increase in the national minimum wage (for 18 to 20-year-olds) of 16.3%, from £8.60 to £10 an hour, and an increase in the national living wage (for employees aged 21 and over) of 6.7%, from £11.44 to £12.21, from April 2025. This will lead to a pay rise for more than 3 million workers.

Business associations warn that this will cause job losses, particularly in hospitality and the care sector, where many employees earn the minimum wage. But a large body of research has not found a negative effect of minimum wages on employment.

There is some evidence that earlier minimum wage rises caused an increase in the number of zero-hours contracts in social care, as firms tried other ways to reduce wages. However, the new employment rights bill introduced earlier in October would limit the use of zero-hours contracts in this scenario.

The budget could have an indirect effect on pay packets though. The effect of the change to employer NICs will be greater in sectors with more low-paid workers, such as hospitality, and employer associations have warned that it will risk jobs. There is also some evidence that in the long term, firms pass some of these costs on to employees by reducing their wages.

However, the minimum wage increase will reduce the capacity for firms to reduce wages. And any long-term effect would also be offset by lower income taxes that will come after 2028 when the chancellor has said she will increase the threshold at which people starting paying tax.

So if wages and profits fall because of increased contributions, then the amount Reeves raises will be lower than expected, because income and corporation tax receipts will be hit.

Another indirect factor affecting incomes is the cost of getting to work. The fuel duty freeze will continue, but the bus fare cap will increase from £2 to £3. Lower-paid workers and jobseekers are much more likely to use the bus than those with higher incomes, who are more likely to drive, but the cost of bus travel increased much more than the cost of train travel or petrol over the last parliament.

At the next stop they’re putting up bus fares.
Mistervlad/Shutterstock

The fare cap reversed some of this increase, and some evidence shows that it led to more people travelling by bus. But the new £3 cap will only last until the end of 2025, which may be too soon to see much effect.

A downpayment on growth – but probably not quickly

Linda Yueh, Adjunct Professor of Economics, University of Oxford

The chancellor declared that the government will “invest, invest, invest”. This is an important enabler of economic growth.

But, the country’s creditors need reassuring, so Reeves also announced two new fiscal rules that aim to achieve that balance of allowing the government to borrow to invest (and generate growth), but not to pay for day-to-day spending.

Specifically, the investment rule permits borrowing to invest and the stability rule requires day-to-day spending to be paid for by taxes. Both rules support the government’s growth aims while trying to reassure the country’s creditors that the borrowing will pay off by generating future growth – and also higher tax receipts with which to repay that borrowing.

But spending watchdog the Office for Budget Responsibility (OBR) has downgraded the UK’s GDP growth outlook from 2% to 1.8% in 2026, and to 1.5% in 2027 and 2028. The OBR’s forecast of slower growth highlights the impact of the £40 billion of tax increases, which dampens economic activity.

This underscores the government’s challenge of investing to grow while at the same having to raise taxes to balance the books when it comes to its daily spending. In particular, the OBR’s assessment of slowing growth towards the middle of this parliament raises questions about how long it will take for the investment-fuelled growth to materialise.

It may be that five years is still too short a period. Many physical investments require planning and those reforms could also take a while. Moreover, getting investment projects under way requires scoping, and private investors will want time to assess before joining the government in energy projects.

But this budget is certainly a start on a much-needed growth strategy.

Good news on public investment – emerging industries could benefit

Phil Tomlinson, Professor of Industrial Strategy, University of Bath

The key budget change related to the chancellor’s fiscal rules. By redefining how public debt is calculated, Reeves has been able to increase public investment by around £100 billion. The new fiscal rules have gone not as far as some economists have advocated – but they are a welcome step in the right direction.

Investment was the core focus of the budget. For decades, the UK has suffered from low investment and weak productivity compared to other leading economies. Since 1990, the UK’s investment gap with the average across rich countries in the Organisation for Economic Co-operation and Development (OECD) has been around £35 billion a year – the UK now ranks 28th of 31 OECD countries on business investment. British workers are using outdated kit and so are less productive. This has meant a stagnant economy and lower living standards.

So, the budget’s plans to boost investment in the UK’s crumbling infrastructure and public services and to support the new industrial strategy are a positive move. The latter should see additional funding to support emerging tech industries, such as artificial intelligence, cyber and clean energy. And this public investment should “crowd in” additional private investment.

Clean energy boost?
StudioFI/Shutterstock

In the long run, these investments should pay for themselves. For instance, the Office for Budget Responsibility estimates that a sustained increase in public investment of 1% of GDP increases that GDP by 0.5% after five years and more than 2% after ten to 15 years.

The rise in employer national insurance contributions will increase business’s operating costs, especially those in the care and hospitality sectors. But paradoxically, in the long run, it may encourage some businesses (in sectors where it is feasible) to invest in new labour-saving capital equipment.

Read more:
Rachel Reeves is the UK’s first female chancellor. Here’s why that’s so significant

The NHS gets a cash injection – but it may not go that far

Karen Bloor, Professor of Health Economics and Policy, University of York

Amid all the gloomy pre-budget talk of tough choices and economic problems, would the government’s plans to improve the NHS cheer up the country (England, at least)? Not entirely.

On the plus side, the chancellor promised a generous spending increase of £22.6 billion in the year 2025 to 2026, with £3.1 billion on capital investment. But solving the problems of the NHS is not just about money, and there will be difficult decisions to come.

Meanwhile, increases in employers’ national insurance contributions, while raising funds, will also have a big impact on the NHS, which employs over 1.5 million people. So the additional spending may be less than it appears.

The new government has said it has three main priorities for healthcare in England: moving care from hospitals to the community, moving resources from treatment to prevention, and changing systems from analogue to digital. None of these ideas are new, and there are good reasons why they haven’t happened already.

Expanding primary and community care often does not translate into reduced demand for hospital services – in fact, it can do the opposite, by uncovering previously unmet needs. And successive governments have failed to address long-standing problems in social care, which is crucial to addressing pressures on the NHS. A successful NHS means people living longer, but often with long-term health problems.

Returns on investment in preventing illness can be substantial, but they vary widely, and can be difficult to achieve. This is particularly true when it comes to interventions needing individual behaviour change, such as increasing exercise or cutting down on alcohol. Even when clearly positive, they take a very long time to generate cost savings.

And there are other aspects of the chancellor’s plans which could arguably harm public health. Abolition of winter fuel payments for example, could affect the health of older people on low incomes.

Rising bus fares could affect people’s ability to attend appointments, and the controversial two-child benefit cap, which can affect child health remains in place.

Finally, while technology should improve the efficiency of services, people need care from people. Capital investment – in scanners, radiotherapy machines and diagnostics – will need to be matched by the cost of the professionals who operate them and interpret their findings.

More reaction to be published soon.

Karen Bloor receives funding from the NIHR policy research programme to conduct responsive analysis for the Department of Health and Social Care,

Phil Tomlinson receives funding from the Engineering and Physical Sciences Research Council (EPSRC) for Made Smarter Innovation: Centre for People-Led Digitalisation.

Rachel Scarfe is a member of the Labour Party.

Jonquil Lowe, Linda Yueh, and Shampa Roy-Mukherjee do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. What Labour’s first budget means for wages, businesses, the NHS and plans to grow the economy – experts explain – https://theconversation.com/what-labours-first-budget-means-for-wages-businesses-the-nhs-and-plans-to-grow-the-economy-experts-explain-242509

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI USA: N.M. Delegation Welcomes Over $4 Million From the Infrastructure Law to Enhance Safety, Reduce Delays at Railway Crossings, and Grow Local Economies in Clovis and San Juan County

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)
ALBUQUERQUE, N.M. – U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), and U.S. Representatives Teresa Leger Fernández (D-N.M.), Melanie Stansbury (D-N.M.), and Gabe Vasquez (D-N.M.) welcomed a combined $4,570,920 for two projects in New Mexico from the U.S. Department of Transportation to strengthen the nation’s supply chain, reduce costs, and grow New Mexico’s economy.
$4,000,000 will help San Juan County and the Navajo Nation complete the planning for a proposed freight rail line connecting Farmington and Gallup.
$570,920 will help the City of Clovis enhance safety and reduce traffic delays at two railway crossings.
“Thanks to our Infrastructure Law, we’re delivering the funds needed to kick-start planning for a freight rail line from Farmington to Gallup and improve railway crossings in Clovis. Combined, these investments will strengthen our nation’s supply chain, grow local economies, lower transportation costs, create high-quality jobs New Mexicans can build their families around, and improve safety for our communities,” said Heinrich. “I’m pleased to welcome these federal investments, and I remain committed to securing more investments to connect rural communities to the abundant opportunities ahead.”
“Across our state, New Mexicans rely daily on our railways for travel and to keep our economy running,” said Luján. “Thanks to the Bipartisan Infrastructure Law, this $4.5+ million in federal funding will deliver much-needed railway safety enhancements in Clovis and help construct a new rail line within the Navajo Nation to expand regional rail service in Northwestern New Mexico. I’m proud to welcome these two grants that will both boost railway service and drive economic development for Clovis, the Navajo Nation, and their surrounding communities. I will continue to fight to bring federal dollars home to New Mexico to improve the safety, efficiency, and reliability of passenger and freight rail.”
“Every time I go to the Four Corners, local leaders emphasize the importance of connecting the region with rail. The Four Corners area is a major economic center of our state, and the funding we’re announcing today is the beginning of our work to make sure our rail infrastructure is ready to meet that potential across San Juan and McKinley Counties,” said Leger Fernández. “I am happy that this funding also includes improvements to safety and efficiency of freight in Clovis. With the support of the CRISI program, we can begin the critical work needed to build stronger connections and drive growth in rural New Mexico.”
“I am thrilled about the recent allocation of two significant federal grants from the Federal Railroad Administration’s CRISI program, which will greatly enhance rail safety and connectivity in New Mexico,” said Stansbury. “These two grants reflect our commitment to investing in infrastructure prioritizing safety and economic growth. I am grateful for the support from the Federal Railroad Administration and look forward to seeing these projects come to fruition as we work together to build a safer New Mexico!”
“Federal investments like this bring vital safety and economic benefits to communities across New Mexico. With this funding, we’re improving railway safety, cutting down delays, and connecting New Mexicans to opportunities that drive economic growth and quality jobs,” said Vasquez. “Thanks to the Bipartisan Infrastructure Law, we are building a stronger, safer transportation network. I’m proud to welcome this funding to bring more jobs and opportunities to our rural communities.”
“The award of grant funding takes a prospective freight rail line study further than any study in the past and is further proof of the importance of collaboration between tribal, local, state, and federal partners to open doors to economic opportunities. We are appreciative of assistance from New Mexico’s federal delegation and excited for future economic growth opportunities in San Juan County and the Four Corners region,” said John T. Beckstead, San Juan County Commission Chairman.
“The Federal CRISI Grant brings San Juan County and the City of Farmington one step closer to having competitive transportation and economic development. This is an important step in growing our regional economy,” said Tim Gibbs, Four Corner Economic Development CEO.
The grants are awarded through the U.S. Department of Transportation Federal Railroad Administration’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which provides funding for projects that improve the safety, efficiency, and reliability of intercity passenger and freight rail. The CRISI Program received significant, additional investments from the Infrastructure Law – legislation passed by Democrats in the N.M. Congressional Delegation.
The N.M. Delegation sent a letter of support to the U.S. Department of Transportation supporting the grant for San Juan County that is being announced today. This grant will prepare the Four Corners Rail Project for final design proposals and planning.
In May 2020, Heinrich and Luján wrote a letter of support for San Juan County’s application for a Better Utilizing Investments to Leverage Development (BUILD) Grant, which applicants of the CRISI Program are required to be approved for.
Members of the N.M. Delegation sent a letter of support to the U.S. Department of Transportation urging the support of the grant for the City of Clovis that is being announced today. This grant will enhance safety and reduce traffic delays at two railway crossings including modifications to the Norris Street railroad crossing and construction of a new grade-separated crossing at MLK Jr. Boulevard.
Below is a breakdown of the U.S. Department of Transportation Federal Railroad Administration funding:
Project Name
Recipient
Award Amount
Project Description
Clovis, N.M. Corridor Improvement Project
City of Clovis
$ 570,920
The proposed project was selected for Project Development and includes activities for one grade crossing separation and improvements to a second at-grade crossing along the BNSF Railway line in Clovis, New Mexico. The project aligns with the selection criteria by enhancing safety and improving system and service performance as the project will reduce blocked crossings. The City of Clovis and BNSF Railway will contribute the 53 percent non-Federal match. This project qualifies for the statutory set-aside for projects in Rural Areas.
Four Corners Freight Rail Project
San Juan County
$ 4,000,000
The proposed project was selected for Project Development and includes activities to develop a new rail line to connect the Farmington, New Mexico Area to the BNSF Railway corridor near Gallup across San Juan County and McKinley County, New Mexico. The proposed project is a partnership between San Juan County, the Navajo Nation, and the New Mexico Department of Transportation, and most of the project is located within the Navajo Nation. The project aligns with the selection criteria by enhancing resilience and improving system and service performance as the project will provide a viable freight transportation modal alternative to highway trucking, opportunities to simplify the supply chain, and enable new, rail-dependent economic development opportunities thereby imparting benefits to the Navajo Nation and surrounding communities. San Juan County will contribute the 20 percent non-Federal match. This project qualifies for the statutory set-aside for projects in Rural Areas.
For more information from San Juan County on the proposed Four Corners Rail Project, please click here.

MIL OSI USA News –

January 25, 2025
MIL-OSI United Kingdom: A Budget to fix the foundations and deliver change for Wales
Source: United Kingdom – Executive Government & Departments

Chancellor takes long-term decisions to restore stability, rebuild Britain and protect working people across Wales.
HM Treasury

Chancellor takes long-term decisions to restore stability, rebuild Britain and protect working people across Wales.

No change to working people’s payslips as employee national insurance and VAT stay the same, but businesses and the wealthiest asked to pay their fair share.

Record £21 billion for the Welsh Government in 2025/26 includes £1.7 billion through the Barnett formula.

Funding for freeports, City and Growth Deals and coal tips to fire up growth and deliver good jobs across Wales.

The Chancellor has delivered a Budget to fix the foundations to deliver on the promise of change after a decade and a half of stagnation. She set out plans to rebuild Britain, while ensuring working people across Wales don’t face higher taxes in their payslips. The UK Government was handed a challenging inheritance; £22 billion of unfunded in-year spending pressures, debt at its highest since the 1960s, an unrealistic forecast for departmental spending, and stagnating living standards.

This Budget takes difficult decisions to restore economic and fiscal stability, so that the UK Government can invest in the economic future of Wales and lay the foundations for growth across the UK as its number one mission.

The Chancellor announced that the Welsh Government will be provided with a £21 billion settlement in 2025/26 – the largest in real terms in the history of devolution. This includes a £1.7 billion top-up through the Barnett formula, with £1.5 billion for day-to-day spending and £250 million for capital investment.

Secretary of State for Wales Jo Stevens said:

This Budget has delivered for Wales for the first time in a generation.

The biggest settlement since devolution will provide a record boost to spending for the Welsh Government to support public services like the NHS while thousands of working people across Wales will benefit from today’s increases to their wages.

Little more than a week after the anniversary of Aberfan disaster it is fitting that we have committed £25m to make coal tips safe. It is testament to the new relationship between the UK and Welsh government, based on cooperation, respect and delivery.

We will also drive economic growth and support our world-leading Welsh industries with Investment Zones, Freeports and funding for communities across Wales.

We have prioritised money to support our steel communities, with nearly £100m to support workers and businesses.

This Budget delivers on what’s important to the people of Wales, and shows the difference we can make when two governments work together for the benefit of all.

Protecting working people and living standards

While fixing the inheritance requires tough decisions, the Chancellor has committed to protecting the living standards of working people. The decisions taken by the Chancellor to rebuild public finances enable the UK Government to deliver on its pledge to not increase National Insurance or VAT on working people in Wales, meaning they will not see higher taxes in their payslip.

The National Living Wage will increase from £11.44 to £12.21 an hour from April 2025. The 6.7% increase – worth £1,400 a year for a full-time worker – is a significant move towards delivering a genuine living wage.

The National Minimum Wage for 18 to 20-year-olds will also see a record rise from £8.60 to £10 an hour.

Working people will benefit from these increases, with there estimated to be over 70,000 minimum wage workers in Wales in 2023.

The Chancellor has made the decision to protect working people in Wales from being dragged into higher tax brackets by confirming that National Insurance Contributions thresholds will be unfrozen from 2028-29 onwards.

The Chancellor is also protecting motorists by freezing fuel duty for one year – a tax cut worth £3 billion, with the temporary 5p cut extended to 22 March 2026. This will benefit an estimated 2.1 million people in Wales, saving the average car driver £59, vans £126 and Heavy Goods Vehicles £1,079 next year.

To support Welsh pubs and smaller brewers in Wales, the UK Government is cutting duty on qualifying draught products by 1p, which represent approximately 3 in 5 alcoholic drinks sold in pubs. This measure reduces duty bills by over £70 million a year, cutting duty on an average strength pint in a pub by a penny. The relief available to small producers will be updated to help smaller brewers and cidermakers.

Over 600,000 Welsh pensioners will benefit from a 4.1% increase to their new or basic State Pension in April 2025. This is an additional £470 a year for those on the new State Pension and an additional £360 a year for those on the basic State Pension.

Households eligible for Pension Credit will get £465 a year more for single pensioners and up to £710 a year more for couples due to a 4.1% increase in the Pension Credit Standard Minimum Guarantee, benefitting 80,000 pensioners in Wales.

Around 1.1 million families in in Wales will see their working-age benefits uprated in line with inflation – a £150 gain on average in 2025-26.

Reducing the maximum level of debt repayments that can be deducted from a household’s Universal Credit payment each month from 25% to 15% will benefit a Welsh family by over £420 a year on average.

The weekly earnings limit for Carer’s Allowance will be increased by £45 a week from April next year, expanding support to more carers in Wales and helping them balance work and caring responsibilities. This is the largest ever increase to the earnings limit and provides certainty for carers with a commitment that the earnings limit will increase with the National Living Wage in the future.

Rebuilding Britain

This UK Government will not make a return to austerity and will instead boost investment to rebuild Britain and lay the foundations for growth in Wales. This includes £160 million of targeted funding for the Welsh Government, of which £150 million is in capital investment.

The UK Government will deliver £88 million for City and Growth Deals, unlocking growth and investment across Wales.

The government also confirms £80 million funding for the Port Talbot / Tata Steel Transition Board, with work already underway to support workers and businesses affected by decarbonisation at Tata Steel.

£29 million of funding will be provided to the Welsh Government for the necessary build costs of border facilities in Holyhead and Pembrokeshire.

Essential work being undertaken by the Welsh Government to keep disused coal tips maintained and safe will be supported by £25 million of funding in 2025/26.

The Budget gives certainty to local leaders and investors, confirming funding for the Investment Zones and Freeports programmes across the UK – including the Celtic Freeport where tax sites will be operational from next month.

The Chancellor committed the UK Government to working closely with the Welsh Government on the Industrial Strategy, 10-year infrastructure strategy and the National Wealth Fund – to ensure the benefits of these are felt UK-wide and as part of the relationship reset between governments. These will mobilise billions of pounds of investment in the UK’s world-leading clean energy and growth industries.

Under-served parts of Wales will benefit from the rollout of digital infrastructure enabled by over £500 million of UK-wide investment in Project Gigabit and the Shared Rural Network.

A corporate tax roadmap will provide businesses with the stability and certainty they need to make long-term investment decisions and support our growth mission. It confirms our competitive offer, with the lowest Corporate Tax rate in the G7 and generous support for investment and innovation.

The UK Government will also proceed with implementing the 45%/40% rates of the theatre, orchestra, museum and galleries tax relief from 1 April 2025 to provide certainty to businesses in Wales’ thriving cultural sector.

Repairing public finances

The Chancellor has made clear that, whilst protecting working people with measures to reduce the cost of living, there would be difficult decisions required. The Budget will ask businesses and the wealthiest to pay their fair share while making taxes fairer. This will go directly towards fixing the foundations of the UK economy.

The rate of Employers’ National Insurance will increase by 1.2 percentage points, to 15%. The Secondary Threshold – the level at which employers start paying national insurance on each employee’s salary – will reduce from £9,100 per year to £5,000 per year.

The smallest businesses will be protected as the Employment Allowance will increase to £10,500 from £5,000, allowing Welsh firms to employ four National Living Wage workers full time without paying employer national insurance on their wages.

Capital Gains Tax will increase from 10% to 18% for those paying the lower rate, and 20% to 24% for those paying the higher rate.

To encourage entrepreneurs to invest in their businesses Business Asset Disposal Relief (BADR) will remain at 10% this year, before rising to 14% on 6 April 2025 and 18% from 6 April 2026-27.

The lifetime limit of BADR will be maintained at £1 million. The lifetime limit of Investors’ Relief will be reduced from £10 million to £1 million.

The OBR say changes to CGT will raise over £2.5 billion a year and the UK will continue to have the lowest CGT rate of any European G7 country.

Inheritance Tax thresholds will be fixed at their current levels for a further two years until April 2030. More than 90% of estates each year will be outside of its scope. From April 2027 inherited pensions will be subject to Inheritance Tax. This removes a distortion which has led to pensions being used as a tax planning vehicle to transfer wealth rather than their original purpose to fund retirement.

From April 2026, agricultural property relief and business property relief will be reformed. The highest rate of relief will continue at 100% for the first £1 million of combined business and agricultural assets, fully protecting the majority of businesses and farms. It will reduce to 50% after the first £1 million. Reforms will affect the wealthiest 2,000 estates each year. Inheritance Tax reforms in total are predicted by the OBR to raise £2 billion to support stability.

From 2026-27 Air Passenger Duty (APD) for short and long-haul flights will increase by 13% to the nearest pound, a partial adjustment to account for previous high inflation. For economy passengers, this means a maximum £2 extra per short haul flight and tickets for children under the age of 16 remain exempt from APD. APD for larger private jets will be increased by a further 50%.

The Budget also announced a package of measures that disincentivise activities that cause ill health, by:

Renewing the tobacco duty escalator which increases all tobacco duty rates by RPI+2% plus an above escalator increase to hand rolling tobacco (totalling RPI+12%). 

Introducing a new vaping duty at a flat rate of 22p/ml from October 2026, accompanied by a further one-off increase in tobacco duty to maintain financial incentive to choose vaping over smoking.

To help tackle obesity and other harms caused by high sugar intake, the Soft Drinks Industry Levy will increase to account for inflation since it was last updated in 2018, and the duty will rise in line with inflation every year going forward.

The UK Government will also uprate alcohol duty in line with RPI on 1 February 2025, except for most drinks in pubs.

The UK Government has set out the next steps to deliver its tax manifesto commitments in the July Statement. Having consulted on the final policy details where appropriate, this Budget delivers the UK Government’s manifesto commitments to raise revenue to pay for First Steps, with reforms that are underpinned by fairness, and tackle tax avoidance by:

A new residence-based regime will replace the current non-dom regime from April 2025 and will be designed to attract investment and talent to the UK.

Offshore trusts will no longer be able to be used to shelter assets from Inheritance Tax, and there will be transitional arrangement in place for people who have made plans based on current rules.

The planned 50% reduction for foreign income in the first year of the new regime will be removed.

Reforms to the non-dom regime will raise a total of £12.7 billion according to the OBR.

The tax treatment of carried interest will be reformed by first increasing the Capital Gains Tax rates on carried interest to 32% and then, from April 2026, moving to a revised regime – with bespoke rules to reflect the characteristics of the reward.

The UK Government will also introduce 20% VAT on education and boarding services provided for a charge by private schools from 1 January 2025.

The Chancellor also doubled down on fiscal responsibility through two new fiscal rules that put the public finances on a sustainable path and prioritise investment to support long-term growth, and new principles of stability. Spending Reviews will be held every two years, setting plans for at least three years to ensure public services are always planned and improve value for money.

One major fiscal event per year will give families and businesses stability and certainty on tax and spending changes, while giving the Welsh Government greater clarity for in its own budget-setting. A Fiscal Lock will also ensure no future government can sideline the OBR again.

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Published 30 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Budget marks ‘step in right direction’

Source: Scottish Government

Finance Secretary responds to UK Autumn Budget.

Finance Secretary Shona Robison has welcomed additional funding in the Autumn Budget, but said the Scottish Government will still face “enormous cost pressures” despite the measures.

The Finance Secretary said:

“We called for increased investment in public services, infrastructure and tackling poverty. This budget is a step in the right direction, but still leaves us facing enormous cost pressures going forwards. The additional funding for this financial year has already been factored into our spending plans.

“By changing her fiscal rules and increasing investment in infrastructure, the Chancellor has met a core ask of the Scottish Government. But after 14 years of austerity, it’s going to take more than one year to rebuild and recover – we will need to see continued investment over the coming years to reset and reform public services.

“Indeed, there is a risk that by providing more funding for public services while increasing employer national insurance contributions, the UK Government is giving with one hand while taking away with the other. We estimate that the employer national insurance change could add up to £500 million in costs for the public sector unless it is fully reimbursed – and there is a danger that we won’t get that certainty until after the Scottish budget process for 2025/26 has concluded.

“With the lingering effects of the cost of living crisis still hitting family finances, it is disappointing that there was no mention of abolishing the two-child limit, which evidence shows would be one of the most cost-effective ways to reduce child poverty. Neither was there mention of funding for the Winter Fuel Payment.

“As ever, the devil is in the detail, and we will now take the time to assess the full implications of today’s statement. I will be announcing further details as part of the Scottish Budget on 4 December.”

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI USA: Kustoff Helps Introduce Bipartisan Farmer Assistance and Revenue Mitigation Act

Source: United States House of Representatives – Representative David Kustoff (TN-08)

WASHINGTON, D.C. — Congressman David Kustoff (R-TN) joined Congressman Trent Kelly (R-MS) to introduce the bipartisan Farmer Assistance and Revenue Mitigation Act of 2024 (FARM Act) in the House of Representatives. This legislation will provide emergency assistance to farmers of eligible commodities for which the expected revenue in crop year 2024 is below the projected per-acre cost of production.

As Congress continues to debate an updated Farm Bill, this legislation will provide immediate relief by helping farmers pay down debt relative to the 2024 crop and help obtain financing for the 2025 crop year.

“Our farmers produce the food, fuel, and fiber used around the world,” said Congressman Kustoff. “Recently, our farmers have been forced to grapple with many circumstances out of their control, such as natural disasters, high inflation, and drought. That is why I am pleased to join Congressman Kelly to introduce this vital legislation that will provide our farmers with the assistance they need to keep up production. Farmers are the backbone of our economy, and I am working to ensure they have the resources they need from Washington.”

This legislation has been supported by the American Farm Bureau Federation, Tennessee Farm Bureau, Mississippi Farm Bureau, American Soybean Association, National Association of Wheat Growers, National Barley Growers Association, National Cotton Council, National Sorghum Producers, National Sunflower Association, U.S. Canola Association, U.S. Peanut Federation, USA Dry Pea & Lentil Council, USA Rice, and the Western Peanut Growers Association.

###

MIL OSI USA News –

January 25, 2025
MIL-OSI: ATPC Cyber Forum to Focus on Next Generation Cybersecurity and Artificial Intelligence Issues
Source: GlobeNewswire (MIL-OSI)

ATLANTA, Oct. 30, 2024 (GLOBE NEWSWIRE) — White House National Cyber Director, CEOs, Key Financial Services Companies, Congressional and Executive Branch Experts will discuss industry priorities for 2025 and beyond

The American Transaction Processors Coalition (ATPC) Cyber Council will convene “The Tie that Binds: A 21st Century Cybersecurity Dialogue,” on October 31, 2024, at the Bank of America Financial Center Tower’s Convention Hall in Atlanta. This event will feature leading cyber experts from the financial services sector, Federal agencies, the White House, and Congress to focus on pressing cybersecurity issues and ways the financial services sector is addressing these issues. It will include discussions on evolving technologies that will influence the path forward, the role of AI, supply chain security needs, and more.

“Cybersecurity is the backbone of the payment processing industry,” said H. West Richards, ATPC executive director. “The work of the ATPC Cyber Council is a testament to our commitment to safeguarding our financial ecosystem and fostering a collaborative approach to tackling the cybersecurity challenges of tomorrow.”

Key Speakers and Highlights:
- The Honorable Harry Coker, Jr., White House National Cyber Director, will deliver the luncheon keynote.
- The Honorable Rich McCormick (R-GA-06) will deliver a keynote address.
- Moira Bergin, Subcommittee on Cybersecurity Staff Director, House Committee on Homeland Security, will discuss legislative priorities and global cybersecurity risks.
- The Honorable Andre Dickens, Mayor of Atlanta, will provide a video address.
- Barry McCarthy, CEO of Deluxe and Chair of the ATPC Board of Directors, will also deliver a keynote.
- Bridgette Walsh, Executive Director of the Financial Services Sector Coordinating Council, and Josh Magri, Founder & CEO of Cyber Risk Institute, will participate in a fireside discussion on private sector best practices.
- A panel on AI in financial services will feature Clarissa Banks (Deluxe), David Excell (Featurespace), David King (Mastercard), and Donna Teevens (ACI Worldwide), moderated by Rick Van Luvender.
- A panel on cyber education will include Dr. Tony Coulson (CSUSB), Dr. Albena Asenova-Belal (Gwinnett Technical College), Dr. Humayun Zafar (Kennesaw State University), and Dr. Michael Nowatkowski (Augusta University).
- H. West Richards, ATPC Executive Director, will open the event with a welcome address.
- Rick Van Luvender, ATPC Cyber Council Chair & SVP, Head of Cybersecurity Client Trust & International Cybersecurity Service at Fiserv, will deliver the opening remarks.
- Norma Krayem, ATPC Cyber Council Director & Vice President, Chair of the Cybersecurity, Privacy & Digital Innovation Practice Group at Van Scoyoc Associates, will provide insights on future cybersecurity trends.
The forum will conclude with a fireside chat focused on “A Look to the Future: 2025: Top Cybersecurity and Critical Technology Priorities for the ATPC Cyber Council,” featuring Rick Van Luvender from Fiserv and Norma Krayem, the ATPC Cyber Council director, focusing on future cybersecurity and critical technology priorities.

Conference details are available at https://atpcoalition.com/atpc-cyber-forum/.

ATPC is a leading voice for America’s payments processors, consisting of the world’s largest, global payment processors, banks, credit card companies and financial services companies. ATPC member companies are uniquely positioned to ensure global payments move seamlessly across the world, while empowering broader and more diverse participation within the financial services system. In the race for a better tomorrow, technology solutions can advance faster than companies can keep up with cybersecurity risks. As a result, the ATPC is one of the few coalitions that created a standalone Cybersecurity Council to prioritize these key cybersecurity issues across its member companies. The ATPC Cyber Council is a unique group made up of only CISOs, CSOs, CIOs and CTOs who are on the front lines every day dealing with the operational impacts of cybersecurity. These U.S. based companies serve hundreds of millions of customer businesses across the globe daily and process hundreds of billions of transactions per year.

About the ATPC

The ATPC is a leading voice for America’s payments processors, driving awareness of the industry and its value to consumers, businesses, and the economy with legislators and regulators at federal, state, and international levels. The ATPC is rooted in Georgia’s Transaction Alley where electronic payments and the fintech industry began. Yet, our members enable payments in states across the nation and in every corner of the globe. The ATPC has a rich history of economic development, thought leadership, and engagement on legislative and regulatory topics like cybersecurity, privacy, financial inclusion, fraud, as well as emerging themes like open banking, AI, and stable coins.

About the ATPC Cyber Council

The American Transaction Processors Coalition (ATPC) established a dedicated Cyber Council to galvanize the efforts of the ATPC member companies in addressing cybersecurity risks. The Cyber Council’s mission is to identify best practices and areas of shared risk to help ATPC members address the evolving cyber threat across America’s payments processing system to strengthen industry’s ability to identify, protect, detect, respond to and recover from cyberattacks.

Contact

Alison Watson

Golin

awatson@golin.com

The MIL Network –
January 25, 2025
MIL-OSI Global: Luke Evans’ memoir shows why there’s no such thing as a gay Jehovah’s Witness

Source: The Conversation – UK – By Chris Greenough, Professor of Social Sciences, Edge Hill University

Tinseltown/Shutterstock

Hollywood actor Luke Evans writes candidly in his memoir about his experience growing up as a Jehovah’s Witness – and having to deal with religious and homophobic prejudice.

Evans describes a childhood where he was taunted by peers as a “Bible-basher”, and how he endured homophobic bullying. He writes:

I was bullied for being gay before I even understood what it meant. The worst nickname was “Jovey Bender”, because it combined two aspects of my identity that could never be reconciled. It wasn’t possible to be a “Jovey” and a “Bender” because being gay was strictly forbidden by the religion.

As an academic who works on religion and sexualities, my latest research focuses on gay ex-Jehovah’s Witnesses.

The Jehovah’s Witnesses, known for their door-knocking evangelising, pique interest because of the closed nature of their group. They are a fundamentalist and apocalyptic religious group organised into congregations, overseen by male elders – women are not permitted to be elders.

They refer to their beliefs and teachings as “the Truth”. There is a governing body, known as The Watch Tower Bible and Tract Society, which establishes all doctrine.

Condemnation

The Jehovah’s Witnesses have a distinctive social world. It’s an exclusive religious group that tries to set itself apart from contemporary society and culture. Research refers to Jehovah’s Witnesses as a “high cost” religious group, which means it demands a high level of obedience from its followers – and homosexuality is condemned.

Evans’s interview follows two other memoirs by gay ex-Jehovah’s Witnesses. In 2020, Mendez’s semi-aut0-biographical book Rainbow Milk was released to critical acclaim. Three years later, Daniel Allen Cox’s memoir detailed the ways growing up as a Jehovah’s Witness shaped him: “I spent eighteen years in a group that taught me to hate myself. You cannot be queer and a Jehovah’s Witness – it’s one or the other.”

Cox has a point. The reason these gay men are considered ex-Witnesses is that technically, one cannot be LGBTQ+ and a Jehovah’s Witness. As the official means of sharing Jehovah’s Witness beliefs, the magazine The Watchtower explains:

They gladly conduct Bible studies with homosexuals so these can learn Jehovah’s requirements, and such persons may attend meetings of the Witnesses to listen, but no one who continues to practice homosexuality can be one of Jehovah’s Witnesses.

Evans’s interview recounts how he was terrified to go door knocking with his parents, in case one of his school bullies answered and hurled abuse at him. The teachings from the Witnesses affected his wellbeing. He recounts:

Every night in the congregation they read scriptures saying terrible things about the way I was feeling and who I was possibly turning into. All that was in my head was: if I don’t sort this out, I’m going to lose my mum and dad. I’m going to lose everything I’ve ever known and I’m also going to die at Armageddon, so I’m giving myself a death sentence unless I sort this out.

Importance of ex-member testimony

The only documented experiences we have about growing up LGBTQ+ as a Jehovah’s Witness comes from former members, like Evans, who have left – or been forced to leave.

But there’s a double bind here. There is a history of resistance to accounts from those who have been forced to leave, often referred to as “apostates” by the Witnesses. Ex-member testimony has often – and wrongly, I argue – been discredited among scholars of religion, as I highlight in my recent research.

Most importantly for LGBTQ+ people, ex-member testimony is the only glimpse we get into the effect of religious teaching that is hostile to non-heterosexual identities.

For LGBTQI+ former Witnesses, biography and memoir is a tool that allows them to write themselves into existence. Others, who are negotiating or navigating an exit from a high-cost religion, need these stories to help make sense of their own lives and experiences.

Making an exit

The method of exit is important. The terms “disfellowshipping”, “disassociation”, and “fading” represent different methods of exiting a religious organisation. Disfellowshipping involves the forced removal of a congregation member, often resulting in their ostracism and shunning by the community.

Jehovah’s Witness teachings describe disfellowshipping as a “loving provision” that “protects the clean, Christian congregation”.

Disassociation is when a Witness voluntarily resigns from the organisation, typically through a formal written request. For LGBTQ+ people, disfellowshipping or disassociation often leads to being labelled as “sexually immoral”, resulting in their expulsion and subsequent shunning by the congregation, including their close friends and family.

In contrast, fading is a more gradual and discreet approach, allowing Witnesses to distance themselves without going through the formal processes of disfellowshipping or disassociation. This method can be especially important for those who wish to maintain relationships with family and friends still involved in the organisation, as it does not involve an official removal.

Exit – forced or voluntary – for LGBTQ+ former Witnesses results in a number of vulnerabilities relating to housing, finance, emotional and psychological distress among other risks to wellbeing. Psychologists, such as Heather Ransom, have researched the cumulative effect on wellbeing for those who leave the Jehovah’s Witnesses, describing this process as “grief”.

In an interview with the Guardian, Evans recounts how he didn’t see a viable option in reconciling his faith and sexuality. This sentiment underpins the urgency for research about how strict, conservative religious frameworks can stifle personal identity, especially for children and young people who are LGBTQ+.

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

– ref. Luke Evans’ memoir shows why there’s no such thing as a gay Jehovah’s Witness – https://theconversation.com/luke-evans-memoir-shows-why-theres-no-such-thing-as-a-gay-jehovahs-witness-242435

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: US election: how control of Congress will matter for the new president

Source: The Conversation – UK – By Thomas Gift, Associate Professor and Director of the Centre on US Politics, UCL

Andrea Izzotti/Shutterstock

Kamala Harris and Donald Trump are promising big initiatives if elected: tax cuts (and hikes), lots of giveaways, and major pieces of legislation bearing on issues such as abortion, healthcare, the environment and foreign military assistance. Regardless of who wins the presidency, the one thing all these items have in common? They can’t pass without Congress, which comprises the House of Representatives (the lower body) and the Senate (the upper body).

The Senate is currently controlled by Democrats, 51 to 49, while Republicans hold a majority in the House of Representatives, 220 to 212. Website FiveThirtyEight, which aggregates polls, forecasts that the Republicans are far more likely to win the Senate 2024. In the House, the race is expected to be much closer.

Given the numbers, it’s the Senate that most worries Democrats and excites Republicans. Democrats are likely to lose representation in Republican-leaning West Virginia, and could lose additional seats in Ohio, Montana, Michigan, Pennsylvania and Wisconsin. There’s a chance for Democrats to pick up seats in Florida and Texas, but both races are still trending Republican.

Who wins the Senate could constrain the next president, if the party of opposition is in control. In the Senate, the filibuster, a tactic to delay or block legislation, can make it hard to enact many new laws with a simple majority (51 votes). In theory, a simple majority is enough to pass a bill, but if a Senator introduces a filibuster, an extra 60 votes are needed to override it and stop debate so a vote on legislation can be held.

Still, just having a Senate majority is crucial, particularly if there is a tie-breaking vote. (The vice-president is president of the Senate and only has a vote if the vote is tied).

Here are four key ways in which who wins the Senate matters.

1. Legislative agenda

Both the Harris and Trump campaigns have laid out sweeping proposals, especially for the economy, much of which will require Senate backing. While a filibuster-proof 60 votes is usually needed to pass laws, a special process called “budget reconciliation” can (with the consent of the official in charge of the rules, the Senate parliamentarian) be used to approve some budgets – relating to specific tax, spending and debt bills – with a minimum of a tie-breaking majority.

Harris’s plan focuses on building what she calls an “opportunity economy,” which includes US$25,000 (£19,200) in down-payment assistance for first-time homebuyers, US$6,000 tax credits for families with newborns, and federal bans against excessive prices for food and other groceries. Harris has also pledged to raise the corporate tax rate from 21% to 28%, and floated taxing unrealised gains – such as the appreciation in equities, real estate and other assets – for the very rich, a 25% minimum tax on total income exceeding US$100 million.

What is the filibuster?

Trump’s economic blueprint includes making his 2017 tax cuts permanent. He’s called for the elimination of taxes on tips, overtime, and social security benefits. Additionally, Trump has vowed to slash the corporate tax rate from 21% to 15%. Perhaps Trump’s most consequential economic proposal – imposing 10-20% tariffs on all imports into the US and 60% tariffs on goods from China – could be done unilaterally without Congress.

2. Supreme Court

Some of the biggest battles over the next four years are likely to be fought in, and over, the federal judicial system. The Senate must consent to Supreme Court appointments. During his first term, Trump pushed through three court appointments – Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett – which helped solidify a six-three conservative supermajority on the bench. Biden named one justice, Ketanji Brown Jackson.

While no justice has signalled an intent to step down soon, either Trump or Harris could have the opportunity – planned or unplanned – to install one or more new justices. The two oldest-serving members of the court are conservatives Clarence Thomas, 76, and Samuel Alito, 74. For Republicans, the next presidential term could offer an opportunity to cement a right-leaning bench for decades to come.

If Trump wins and the Senate goes Republican, there will be pressure from conservative corners for the older right-leaning justices to retire and to replace them with young blood. By contrast, if Harris wins and the Democrats control the tiebreak, they could begin to redirect a court that’s been drifting rightward for years.

3. Future of the filibuster

Left-wing Congress members have advocated for ending the filibuster throughout President Joe Biden’s term. This “nuclear” option would mean doing away with a Senate rule, which was used in the first Congress in 1789. Ending the filibuster would signal an all-out partisan war that would have wide-ranging ramifications on Capitol Hill not only for the next presidency, but further into the future.

The filibuster has already been diluted in recent years by both Democrats and Republicans. In 2013, Democrats removed the 60-vote threshold to confirm many executive branch nominations, a move they said was necessary due to Republican blockading. In 2017, Republicans responded by killing the filibuster over Supreme Court appointments.

If elected, Harris has indicated that she would support ending the filibuster to reinstate reproductive rights that were eliminated after the overturning of Roe v Wade. However, she has talked little about the issue since becoming the Democratic nominee for president. It’s also unclear that more centrist Democrats would support the move.

4. Foreign policy

While there’s bipartisan support in Washington for both aiding Israel’s military and taking a “tough on China” approach, the incoming Senate will be essential in determining if the US approves additional funds to Ukraine.

With the retirement of Republican minority leader Mitch McConnell, a vocal advocate for supporting the war, it’s unclear if such a measure would even come up for a vote under Republican leadership. But a Harris administration or a Democrat-led House or Senate, or both, would continue to lobby for US funding.

One important, but less-discussed, issue that may also arise before the Senate is the ratification of a defence pact between the US and Saudi Arabia. Both the Trump and Biden administrations have envisioned a Saudi-Israel deal normalising relations between the two countries, with a US security pact for Saudi Arabia to back the agreement.

Any future treaty would require a two-thirds Senate majority, a high bar to clear. Twenty Democratic senators raised concerns to Biden about the potential deal in 2023, while Republican senators voted to block Trump’s proposed armed sales to the Saudis in 2019.

Both at home and abroad, it’s not just who wins the White House that will determine the political trajectory of the United States. Races in the Senate could have far-reaching implications under either a President Harris or President Trump.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. US election: how control of Congress will matter for the new president – https://theconversation.com/us-election-how-control-of-congress-will-matter-for-the-new-president-242246

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI: Limited- time Only: HTX Boosts APYs of Flexible Earn Products for 13 Top Crypto Assets

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Oct. 30, 2024 (GLOBE NEWSWIRE) — Leading crypto exchange HTX announced a limited-time boost to the interest rates of its Flexible Earn products for 13 major crypto assets starting from October 29, 2024.This latest update, following recent enhancements to the Earn products, is part of HTX’s ongoing effort to expand user earnings opportunities and diversify investment options.

Prioritizing Leading Assets: Up to 700% APY Increase for Flexible Products

This update highlights the profitability boost of 11 popular Proof-of-Stake (PoS) crypto assets, including ETH, TRX, DOT, TON, SOL, ATOM, CSPR, POL, NEAR, ADA, and EOS. Notably, the APY for ETH subscriptions beyond the 0.2 ETH threshold has risen from 1.25% to 3%, while TRX has leapt from a meager 0.5% APY to a lucrative 4% APY for holdings exceeding 3,000 TRX.. The rate for SOL has increased from 1.2% to 6%, and ATOM has jumped from 1.5% to 12%. These adjustments place HTX’s Flexible products for the mainstream assets among the highest rates in the market, even rivaling on-chain staking yields.

Additionally, interest rates for two popular stablecoins, USDT and USDC, have also increased. USDT holdings beyond the 1,000 USDT tier now earn 4% interest per year, up from 2.25%, while the USDC rate has climbed from 1.1% to 4%. This means users can earn higher returns simply by holding their assets, maximizing capital efficiency.

For more details on the new rates, visit HTX Website

Continuous Flexible Product Enhancements Aim to Optimize User Experience

HTX has recently rolled out a series of major enhancements to its Flexible Earn products, designed to strengthen product functionality and elevate the user experience. These enhancements feature hourly interest calculations, instant earnings upon subscription, fast arrival of redeemed assets, and automatic interest reinvestment. Additionally, Flexible products boast robust risk management to ensure asset security, allowing users to deposit and withdraw assets at any time.

As a vital component of exchange services, flexible investment products have long been a focus for HTX. Through product enhancements and interest rate increases, these products have gained market competitiveness. Users can benefit from both stable earnings and the flexibility to shift between trading and yield-earning as desired. Moreover, by directing funds into the Flexible products, users not only benefit from these attractive returns, but also contribute to a more liquid and efficient crypto market, ultimately fueling the industry’s long-term growth.

HTX is dedicated to enhancing its asset growth services and providing users with an ever-expanding range of financial opportunities. Adhering to its user-first philosophy, HTX is set to present continuous product upgrades with innovation, offering users richer investment opportunities to appreciate their support.

About HTX

Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

As a world-leading gateway to Web3, we harbor global capabilities that enable us to provide users with safe and reliable services.

Our growth strategy – “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance”, underpins our commitment to providing quality services and values to virtual asset enthusiasts worldwide.

For more information on HTX, please visit the HTX Square, or https://www.htx.com/, and follow X, Telegram, Discord. For further press enquiries, please contact contact@htx.com or HTX@ruderfinn.com

Disclaimer: This content is provided by HTX. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/18e1c4ef-16ac-4b11-ae8c-c96b4aabd0f8

https://www.globenewswire.com/NewsRoom/AttachmentNg/f36593cb-0a90-4b08-a2fa-4a3f90bbb663

The MIL Network –

January 25, 2025
MIL-OSI Global: What Labour’s first budget means for wages, taxes, business, the NHS and plans to grow the economy – experts explain

Source: The Conversation – UK – By Linda Yueh, Fellow in Economics/Adjunct Professor of Economics, University of Oxford

For the first time in 14 years, it was a Labour chancellor who delivered the UK budget. And for the first time ever, that chancellor was a woman. But Rachel Reeves faces an almighty task: plugging a £40 billion spending gap in the knowledge that pre-election promises not to raise the main taxes are still fresh in people’s memories.

Growth was the buzzword of the election campaign – Reeves now had to lay her cards on the table. So here’s what our panel of experts made of the plans:

More challenges for employers and small businesses

Shampa Roy-Mukherjee, Associate Professor in Economics, University of East London

The budget introduces £40 billion in tax hikes and, in some areas, spending cuts that will put pressure on the economy and business in particular. But it also reflects the government’s focus on economic growth, with policies intended to stabilise finances while addressing some of the concerns of small businesses.

The chancellor has retained her commitment to preserve the rates of income tax, employee national insurance and VAT. But a notable change is the increase in employers’ national insurance contributions (NICs) from 13.8% to 15%.

There was also a reduction in the secondary threshold, which is the amount at which the employer starts paying NI on each employee, from £9,100 to £5,000. Altogether this will raise £25 billion annually but will significantly impact many businesses that will now face higher wage bills.

The national living wage is also rising by 6.7% to £12.21 per hour in April 2025, boosting incomes for about three million workers but again increasing costs for many businesses. These rising taxes and wage increases, alongside incoming employment regulations, will strain businesses, particularly in sectors with high labour demands.

To offset some of these pressures, the employment allowance, which allows some smaller employers to reduce their NICs, has been raised from £5,000 to £10,500. The chancellor said that over 1 million employers will not see their NICs bill rise as a result.

Small businesses in retail, hospitality and leisure, where profits have been hit as consumers struggle with the cost of living, will benefit from a 40% business rate relief on properties up to £110,000. Other supportive measures include a continued freeze on fuel duty, which will aid logistics and transport costs. Corporation tax remains fixed at 25%.

At the next stop they’re putting up bus fares.
Mistervlad/Shutterstock

Higher wages for three million, but it could cost more to get the bus to work

Rachel Scarfe, Lecturer in Economics, University of Stirling

The biggest change for those on low incomes was an increase in the national minimum wage (for 18 to 20-year-olds) of 16.3%, from £8.60 to £10 an hour, and an increase in the national living wage (for employees aged 21 and over) of 6.7%, from £11.44 to £12.21, from April 2025. This will lead to a pay rise for more than 3 million workers.

Business associations warn that this will cause job losses, particularly in hospitality and the care sector, where many employees earn the minimum wage. But a large body of research has not found a negative effect of minimum wages on employment.

There is some evidence that earlier minimum wage rises caused an increase in the number of zero-hours contracts in social care, as firms tried other ways to reduce wages. However, the new employment rights bill introduced earlier in October would limit the use of zero-hours contracts in this scenario.

The budget could have an indirect effect on pay packets though. The effect of the change to employer NICs will be greater in sectors with more low-paid workers, such as hospitality, and employer associations have warned that it will risk jobs. There is also some evidence that in the long term, firms pass some of these costs on to employees by reducing their wages.

However, the minimum wage increase will reduce the capacity for firms to reduce wages. And any long-term effect would also be offset by lower income taxes that will come after 2028 when the chancellor has said she will increase the threshold at which people starting paying tax.

So if wages and profits fall because of increased contributions, then the amount Reeves raises will be lower than expected, because income and corporation tax receipts will be hit.

Another indirect factor affecting incomes is the cost of getting to work. The fuel duty freeze will continue, but the bus fare cap will increase from £2 to £3. Lower-paid workers and jobseekers are much more likely to use the bus than those with higher incomes, who are more likely to drive, but the cost of bus travel increased much more than the cost of train travel or petrol over the last parliament.

The fare cap reversed some of this increase, and some evidence shows that it led to more people travelling by bus. But the new £3 cap will only last until the end of 2025, which may be too soon to see much effect.

Second thoughts about that second home?
Andrew Roland/Shutterstock

Taxing times for the wealthy

Jonquil Lowe, Senior Lecturer in Economics and Personal Finance, The Open University

As expected, the budget targeted several wealth taxes, including capital gains tax (CGT), which is charged on profits you make when you “dispose of” (sell or give away) an asset. The first slice of such profits (£3,000 in 2024-25) is tax-free. Profit above that is added to your income to determine what rate will apply: a lower rate for profit covered by the basic income tax rate band and a higher rate on anything more.

Reeves announced that CGT rates on financial assets – things like shares – will immediately increase from 10% to 18% (for the lower rate) and from 18% to 24% (for the higher rate). Financial assets account for around 85% of all disposals within the scope of CGT, but only around 350,000 people a year pay the tax.

This brings the rates on financial assets into line with residential property, such as a second home. (There is no CGT when you sell or give away your only or main home.) But this still leaves wealth taxed less heavily than income.

The government says it is committed to tackling the UK’s housing shortage. So to deter multiple home ownership, it has raised stamp duty for people buying a second (or third or fourth) home. Purchases completed will now incur an extra 5% tax (currently 3%) over and above the normal stamp duty rates.

There were also changes to inheritance tax (IHT). Pension savings left unused at death have in recent years been passed on tax free. But from April 2027, the savings will count as part of the estate and be subject to IHT at a rate of up to 40%.

The first slice of the estate a person leaves, called the nil-rate band, is IHT-free, and that band has been frozen at £325,000 since 2010. Reeves extended the freeze until April 2030.

As a result of these changes, the government expects almost 6% of estates to pay IHT this year, up from fewer than 5% in recent years. People in London and the south east are more likely to be IHT-payers, largely due to higher property values in those areas.

A downpayment on growth – but probably not quickly

Linda Yueh, Adjunct Professor of Economics, University of Oxford

The chancellor declared that the government will “invest, invest, invest”. This is an important enabler of economic growth.

But, the country’s creditors need reassuring, so Reeves also announced two new fiscal rules that aim to achieve that balance of allowing the government to borrow to invest (and generate growth), but not to pay for day-to-day spending.

Specifically, the investment rule permits borrowing to invest and the stability rule requires day-to-day spending to be paid for by taxes. Both rules support the government’s growth aims while trying to reassure the country’s creditors that the borrowing will pay off by generating future growth – and also higher tax receipts with which to repay that borrowing.

But spending watchdog the Office for Budget Responsibility (OBR) has downgraded the UK’s GDP growth outlook from 2% to 1.8% in 2026, and to 1.5% in 2027 and 2028. The OBR’s forecast of slower growth highlights the impact of the £40 billion of tax increases, which dampens economic activity.

This underscores the government’s challenge of investing to grow while at the same having to raise taxes to balance the books when it comes to its daily spending. In particular, the OBR’s assessment of slowing growth towards the middle of this parliament raises questions about how long it will take for the investment-fuelled growth to materialise.

It may be that five years is still too short a period. Many physical investments require planning and those reforms could also take a while. Moreover, getting investment projects under way requires scoping, and private investors will want time to assess before joining the government in energy projects.

But this budget is certainly a start on a much-needed growth strategy.

Clean energy boost?
StudioFI/Shutterstock

Good news on public investment – emerging industries could benefit

Phil Tomlinson, Professor of Industrial Strategy, University of Bath

The key budget change related to the chancellor’s fiscal rules. By redefining how public debt is calculated, Reeves has been able to increase public investment by around £100 billion. The new fiscal rules have gone not as far as some economists have advocated – but they are a welcome step in the right direction.

Investment was the core focus of the budget. For decades, the UK has suffered from low investment and weak productivity compared to other leading economies. Since 1990, the UK’s investment gap with the average across rich countries in the Organisation for Economic Co-operation and Development (OECD) has been around £35 billion a year – the UK now ranks 28th of 31 OECD countries on business investment. British workers are using outdated kit and so are less productive. This has meant a stagnant economy and lower living standards.

So, the budget’s plans to boost investment in the UK’s crumbling infrastructure and public services and to support the new industrial strategy are a positive move. The latter should see additional funding to support emerging tech industries, such as artificial intelligence, cyber and clean energy. And this public investment should “crowd in” additional private investment.

In the long run, these investments should pay for themselves. For instance, the Office for Budget Responsibility estimates that a sustained increase in public investment of 1% of GDP increases that GDP by 0.5% after five years and more than 2% after ten to 15 years.

The rise in employer national insurance contributions will increase business’s operating costs, especially those in the care and hospitality sectors. But paradoxically, in the long run, it may encourage some businesses (in sectors where it is feasible) to invest in new labour-saving capital equipment.

Read more:
Rachel Reeves is the UK’s first female chancellor. Here’s why that’s so significant

The NHS gets a cash injection – but it may not go that far

Karen Bloor, Professor of Health Economics and Policy, University of York

Amid all the gloomy pre-budget talk of tough choices and economic problems, would the government’s plans to improve the NHS cheer up the country (England, at least)? Not entirely.

On the plus side, the chancellor promised a generous spending increase of £22.6 billion in the year 2025 to 2026, with £3.1 billion on capital investment. But solving the problems of the NHS is not just about money, and there will be difficult decisions to come.

Meanwhile, increases in employers’ national insurance contributions, while raising funds, will also have a big impact on the NHS, which employs over 1.5 million people. So the additional spending may be less than it appears.

The new government has said it has three main priorities for healthcare in England: moving care from hospitals to the community, moving resources from treatment to prevention, and changing systems from analogue to digital. None of these ideas are new, and there are good reasons why they haven’t happened already.

Expanding primary and community care often does not translate into reduced demand for hospital services – in fact, it can do the opposite, by uncovering previously unmet needs. And successive governments have failed to address long-standing problems in social care, which is crucial to addressing pressures on the NHS. A successful NHS means people living longer, but often with long-term health problems.

Returns on investment in preventing illness can be substantial, but they vary widely, and can be difficult to achieve. This is particularly true when it comes to interventions needing individual behaviour change, such as increasing exercise or cutting down on alcohol. Even when clearly positive, they take a very long time to generate cost savings.

And there are other aspects of the chancellor’s plans which could arguably harm public health. Abolition of winter fuel payments for example, could affect the health of older people on low incomes.

Rising bus fares could affect people’s ability to attend appointments, and the controversial two-child benefit cap, which can affect child health remains in place.

Finally, while technology should improve the efficiency of services, people need care from people. Capital investment – in scanners, radiotherapy machines and diagnostics – will need to be matched by the cost of the professionals who operate them and interpret their findings.

Karen Bloor receives funding from the NIHR policy research programme to conduct responsive analysis for the Department of Health and Social Care,

Phil Tomlinson receives funding from the Engineering and Physical Sciences Research Council (EPSRC) for Made Smarter Innovation: Centre for People-Led Digitalisation.

Rachel Scarfe is a member of the Labour Party.

Jonquil Lowe, Linda Yueh, and Shampa Roy-Mukherjee do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. What Labour’s first budget means for wages, taxes, business, the NHS and plans to grow the economy – experts explain – https://theconversation.com/what-labours-first-budget-means-for-wages-taxes-business-the-nhs-and-plans-to-grow-the-economy-experts-explain-242509

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: Crypto gains momentum as markets eye Trump election – four things to consider before you invest

Source: The Conversation – UK – By Larisa Yarovaya, Director of the Centre for Digital Finance, Associate Professor in Finance, University of Southampton

Chinnapong / Shutterstock

Crypto traders are waiting anxiously to see whether it will be the Republican presidential candidate, Donald Trump, or his Democratic rival, Kamala Harris, who will be sitting in the White House come January 2025.

Harris leads Trump by a slender margin in the national polling averages, but some betting markets have Trump as the favourite to win. According to election gambling site Polymarket, the chance of Trump winning the election is 67% at the time of writing.

These odds will certainly be welcomed by cryptocurrency investors. Trump has previously shown support for crypto, most notably at a Bitcoin conference in Nashville in July, where he vowed to turn the US into the “crypto capital of the planet and the Bitcoin superpower of the world”.

Indeed, Bitcoin’s price approached a three-month high in October in anticipation of a Trump victory. And cryptocurrency investors believe Bitcoin’s price could surge again, reaching a new high if Trump wins.

It may well be an opportune moment to invest in crypto. But cryptocurrency markets are notorious for their volatility and are prone to several behavioural anomalies that any prospective investor should be aware of.

1. Momentum and reversal effects

Buying crypto stocks that have recently performed well and short selling (selling shares that are falling in value, and then buying them back later at a reduced price) those that have performed poorly is often considered a potentially profitable strategy.

When buying high-performing stocks, investors anticipate that the positive trend will continue, leading to further price increases. And, in the same vein, investors expect prices to continue declining when short selling those that are performing badly. In crypto circles, as well as in finance more generally, this is called the momentum effect.

However, finance theories suggest that the complete opposite strategy can, in some instances, yield even better returns. Stocks that are performing well could also be seen as close to exhausting their growth potential, suggesting that a decline is likely to follow.

So, some investors may instead buy poorly performing stocks in the expectation that their price will rebound. This strategy, which is called the reversal effect, aims to generate substantial profits as the market corrects itself.

By targeting poorly performing cryptocurrencies, large investors in particular can help increase liquidity for these assets. Liquidity can be measured simply by trading volume – the more active traders there are in the market, the easier it is to buy or sell the asset. This should enable greater growth potential.

Bitcoin is performing well in anticipation of a Trump victory. But amateur investors should be aware that larger institutional investors may employ different tactics. It is also important to consider that even robust-looking trends can be reversed at any moment.

2. Salience and recency biases

Events like a US presidential election attract the attention of investors, partly due to something called salience bias. Various studies suggest that crypto investors, in particular, tend to focus on a prominent event or a piece of information that is emotionally striking.

Rational investment decisions should be based on a balanced assessment of the risk and return of investment assets. But, during an election, crypto investors’ attention is likely to be narrowly focused on polling data or media coverage of the candidates.

For newer and less mature markets like cryptocurrency, a reliance on easily accessible information is more common than conducting sophisticated analysis of the underlying financial metrics or economic indicators (fundamentals). This is risky, as all other less prominent yet important information can be easily ignored.

The history of cryptocurrency shows numerous collapses, demonstrating the vulnerability of cryptocurrency as an asset class. In November 2022, for example, the collapse of FTX, a leading crypto exchange, triggered a major collapse across the entire crypto market. This included a significant decline in Bitcoin’s price.

A billboard in Times Square showing live election odds on October 10.
Artist Nadia Russ / Shutterstock

3. Lottery preferences

Cryptocurrency markets are subject to significant speculation. Investors hope for big wins, even if the chances are slim. Similar to buying a lottery ticket, investors may buy assets driven by the illusion of lucrative future profits.

This is, of course, also true for some investments in traditional markets. But stories of Bitcoin millionaires and how they quickly made their fortunes create the illusion of the possibility of becoming rich quickly.

Such successes are not necessarily replicable in current market conditions. Regardless of the election outcome, cryptocurrency markets will remain highly volatile, speculative and risky. Just because some people win the lottery does not mean that you will.

4. Anchoring effect

Another behavioural anomaly typical of cryptocurrency markets is the anchoring effect. This is where investors accept and cling to the “anchor” of the first piece of information they receive. For example, if they read an article stating that Bitcoin’s price will rocket after Trump’s victory, they will hold on to this idea regardless of what other sources or information may suggest.

This is, again, because the analysis of fundamentals in crypto markets is very challenging. Unlike traditional stocks, which can be evaluated based on factors such as earnings reports and revenue growth, cryptocurrencies often lack similar financial metrics. Hence, crypto investors are particularly susceptible to believing in discussions in the media and various online forums.

There have been no details on how Trump’s promise to make the US the Bitcoin superpower of the world will be delivered. However, it would be hard for crypto investors to change their minds if they are already anchored to this idea.

Investing is not gambling. Even if you think your decision is entirely rational, it is essential to triple check to ensure you are not subject to any of the aforementioned behavioural biases. You’ll probably be subject to all of them, as will any other human being.

Larisa Yarovaya is affiliated with the British Blockchain Association.

– ref. Crypto gains momentum as markets eye Trump election – four things to consider before you invest – https://theconversation.com/crypto-gains-momentum-as-markets-eye-trump-election-four-things-to-consider-before-you-invest-241731

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: Colonialism, starvation and resistance: How food is weaponized, from Gaza to Canada

Source: The Conversation – Canada – By Charles Z. Levkoe, Canada Research Chair in Equitable and Sustainable Food Systems, Lakehead University

For more than a year, the Israeli state has been engaged in a massive incursion into Gaza following the October 2023 Hamas attack against Israel.

In March 2024, Francesca Albanese, the United Nations Special Rapporteur on the situation of human rights in the Occupied Palestinian Territories, announced: “There are reasonable grounds to believe that the threshold indicating the commission of the crime of genocide…has been met.”

A core element of this apparent genocide includes food militarization and weaponization, a tactic that has also been used by Canada to exterminate, dispossess and control Indigenous populations.

We have come together as a group of critical food systems scholars to examine the parallels between the weaponization of food in Gaza and Canada to bring about the systematic destruction of Indigenous Peoples. But we’ve also observed that food has been a powerful tool of resistance and resurgence.

Read more:
Israeli siege has placed Gazans at risk of starvation − prewar policies made them vulnerable in the first place

Food as a weapon

Throughout modern history, food has been deployed as a weapon by colonial regimes to control and displace Indigenous populations. The current crisis in Gaza has brought this into sharp focus as the Israeli state has engaged in the systematic destruction of Palestinian food systems, with devastating consequences.

Israel’s blockade of Gaza, in place since 2007, has cut off access to essential agricultural areas and restricted fishing activities. Gaza farmers are often unable to access their land, while fishers are constantly barred from accessing the coast, harassed, intimidated and even killed by Israeli forces.

This blockade, combined with military operations that destroy farmland, trees and infrastructure, has resulted in more than 95 per cent of people in Gaza facing severe food insecurity and a famine declared by the United Nations experts in the summer of 2024.

Read more:
Starvation is a weapon of war: Gazans are paying the price

Canada’s use of food weaponization

Throughout the 19th and 20th centuries, the Canadian government employed similar tactics to restrict Indigenous Peoples’ access to land, food and water. Colonial policies like the Indian Act, the Homesteading Act and the Pass System confined Indigenous Peoples to reserves, prohibited hunting and fishing and forced reliance on inadequate government food rations.

This led to malnutrition and starvation, particularly in response to Indigenous resistance to settler expansion. The use of food as a weapon was part of a broader project to eliminate or otherwise undermine Indigenous identity and self-determination, a process that continues today.

From ongoing boil-water advisories to environmental degradation caused by mining, oil and gas extraction, forestry, agriculture and chemical production, settler governments and industries continue to dispossess Indigenous Peoples from their lands and undermine their livelihood.

These practices have severely and disproportionately impacted Indigenous health and well-being, as well as their food systems.

Read more:
Colonialists used starvation as a tool of oppression

The Scream, by Kent Monkman (2016), was part of a travelling exhibition in 2017 on colonized Canada entitled ‘Shame And Prejudice: A Story Of Resilience.’
(Courtesy of Kent Monkman)

Israel targets food infrastructure

In the occupied Palestinian territories, Israeli control over land and resources reflects a similar colonial dynamic. Laws like the Absentee Property Law of 1950 facilitated the expropriation of Palestinian land.

Meanwhile, the Israeli military has systematically targeted Gaza’s food infrastructure and used starvation as a weapon of war, according to Human Rights Watch. Satellite imagery shows that 70 per cent of Gaza’s tree cover has been eliminated or damaged, and about one-third of greenhouses have been demolished.

Tanks and trucks have decimated orchards, field crops and olive groves.

An estimated 800,000 tonnes of asbestos among the debris of destroyed buildings will result in asbestos-related diseases for generations to come. Under the Geneva Conventions, destruction of civilians’ means of survival and starvation as a tool of warfare is strictly prohibited.

Food as resistance

Food has also long been mobilized as a powerful tool of resistance. Among Palestinians, struggles for food sovereignty have played a critical role in self-determination.

Palestinians continue to cultivate their land under the rubble, grow olive trees despite ongoing violence and maintain food practices that connect them to their lands and their cultural heritage.

Similarly, Indigenous nations and communities across Canada have used food as a form of resurgence. Alongside land back movements, efforts to revitalize Indigenous food systems — such as hunting, fishing, growing and gathering — are central to movements for Indigenous sovereignty.

Learning about and enacting traditional food practices are important acts of resistance, as these practices sustain communities, strengthen connections to land and assert rights over the unceded territories Indigenous Peoples are fighting to reclaim. By reclaiming and rebuilding their land and food systems on their own terms, they continue to challenge colonial structures.

Food, colonialism and resistance

The destruction of food systems in Gaza and Canada is part of a larger effort of land dispossession and capitalist accumulation. By severing Indigenous Peoples’ connection to their food systems, settlers and colonial regimes have sought to control not only the land but also the people who depend on it.

Yet, through food sovereignty movements, these same populations are reclaiming their right to self-determination and building global networks of solidarity.

Read more:
Indigenous food sovereignty requires better and more accurate data collection

The struggle for food sovereignty is inseparable from broader struggles for land, justice and self-determination.

Connecting the dots between the Palestinian territories and Canada provides powerful examples of global colonial relations and struggles for justice and self-determination. It challenges us to critically examine the role of food in these struggles and demand government accountability.

We wish to acknowledge Mustafa Koç, professor emeritus at Toronto Metropolitan University, as a co-author and to thank Max Ajl, Yafa Al Masri and Justin Podur for contributions to this article.

Charles Z. Levkoe receives funding from the Social Sciences and Humanities Research Council of Canada and the the Government of Ontario.

Sarah Rotz receives funding from the Social Sciences and Humanities Research Council of Canada.

Tammara Soma receives funding from the Social Sciences and Humanities Research Council of Canada.

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

– ref. Colonialism, starvation and resistance: How food is weaponized, from Gaza to Canada – https://theconversation.com/colonialism-starvation-and-resistance-how-food-is-weaponized-from-gaza-to-canada-241525

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI USA: Manchin Honored for Decades-Long Service to West Virginia’s Energy Sector

US Senate News:

Source: United States Senator for West Virginia Joe Manchin

October 30, 2024

Charleston, WV– Last night, Senator Joe Manchin (I-WV), Chairman of the Senate Committee on Energy and Natural Resources, was honored with a reception for his decades-long service to West Virginia’s energy sector. The event was organized by energy producers and stakeholders from around the state.

“As I reflect on my time in public service, I think of all the good work we’ve done together,” said Senator Manchin. “Serving the state of West Virginia for more than 40 years has been the honor of my life.

“When I was elected to the Senate in 2010, I went to Washington with the goal of cutting through partisan gridlock to deliver common sense solutions for the people of West Virginia,” Senator Manchin continued. “Together with our state’s energy sector, I am incredibly proud of all that we have accomplished to advance our nation’s energy independence for generations to come and strengthen the Mountain State’s economy and create good-paying jobs.”

To view photos from the event, click here.

MIL OSI USA News –

January 25, 2025

Category: Economy

Please be aware:

More challenges for employers and small businesses

A downpayment on growth – but probably not quickly

Good news on public investment – emerging industries could benefit

Agenda

News release

Quotes

Quick facts

Related products

Associated links

Contacts

More challenges for employers and small businesses

Higher wages for three million, but it could cost more to get the bus to work

A downpayment on growth – but probably not quickly

Good news on public investment – emerging industries could benefit

The NHS gets a cash injection – but it may not go that far

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Condemnation

Importance of ex-member testimony

Making an exit

1. Legislative agenda

2. Supreme Court

3. Future of the filibuster

4. Foreign policy

More challenges for employers and small businesses

Higher wages for three million, but it could cost more to get the bus to work

Taxing times for the wealthy

A downpayment on growth – but probably not quickly

Good news on public investment – emerging industries could benefit

The NHS gets a cash injection – but it may not go that far

1. Momentum and reversal effects

2. Salience and recency biases

3. Lottery preferences

4. Anchoring effect

Food as a weapon

Canada’s use of food weaponization

Israel targets food infrastructure

Food as resistance

Food, colonialism and resistance