Category: Economy

  • MIL-OSI Economics: A new pact to bolster business in MENA region

    Source: International Chamber of Commerce

    Headline: A new pact to bolster business in MENA region

    The partnership outlines a four-point action plan, with a particular emphasis on digitalising trade and improving access to finance for micro-, small- and medium-sized enterprises in the Unites Arab Emirates (UAE) and beyond.

    In line with shared values and a common purpose to enable business, the partnership will build on successful past initiatives and the extensive network of both organisations.

    Signing the agreement on behalf of ICC, Secretary General John W.H. Denton AO said:

    This agreement aims to further strengthen our longstanding, successful relationship with Dubai Chambers, amplifying and driving our pioneering efforts in key areas such as trade digitalisation and
    chamber empowerment.

    His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said:

    “This partnership agreement with ICC reflects our shared vision to empower businesses in the MENA region through innovation, digitalisation, and improved access to finance. We look forward to working together to drive sustainable economic growth and unlock new opportunities that will benefit the global business community.

    Signed today at ICC Global Headquarters in Paris, this initial 12-month agreement lays the foundation for more detailed agreements to be developed on specific areas.

    The action plan sets out shared commitments to:

    • Facilitate capacity building and knowledge sharing among chambers of commerce through the Chamber Benchmarking initiative
    • Drive the digitalisation of trade in the MENA region, supporting the work of the ICC Digital Standards Initiative
    • Inform and collaborate on the BRICS Business Council in consultation with UAE businesses
    • Support initiatives of ICC and the ICC World Chambers Federation, bringing value to businesses in the UAE and region

    By way of the non-financial, non-binding agreement, ICC and Dubai Chambers have committed to review the action plan as projects develop.

    MIL OSI Economics

  • MIL-OSI United Kingdom: Minister Peacock speech at Charities Aid Foundation’s Centenary Parliamentary Reception

    Source: United Kingdom – Executive Government & Departments

    Speech delivered by the Minister for Civil Society, celebrating the significant role of the Charities Aid Foundation in the charity sector over the past 100 years.

    Thank you for the introduction, Sir James, and thank you Mr Speaker for hosting this event.

    Good evening everyone.

    It’s a pleasure to be here celebrating Charities Aid Foundation’s centenary. 

    This evening I will:

    • take this opportunity to thank CAF for your vital work over the past 100 years – in particular at this moment, as we have committed to reset government’s relationship with civil society as a whole; and

    • acknowledge the unique benefits of philanthropy to provide support for people across this country with funders, organisations like CAF, and government – including my department – working in partnership.

    Giving is a fundamental part of this country; it’s ingrained into our way of life and our communities, and has been for centuries. 

    CAF has shaped the culture of giving in this country over the past 100 years . 

    You have played a significant role across the whole of the charity sector in that time – from monthly donation agreements, to direct financial support for charities, to offering expertise – and you are a key stakeholder in my own department’s civil society work.  

    It is therefore fitting that as CAF turns 100, this government has announced a commitment to reset the relationship with civil society and work together to develop a new Civil Society Covenant. The Covenant will set out the terms of a new relationship between government and civil society and will symbolise recognition of the sector as a trusted and independent partner whose voice is heard. 

    Earlier this month the Prime Minister hosted a civil society reception to announce our ambitions and I was delighted that we were joined by Charities Aid Foundation’s Chief Executive, Neil Heslop. This event kicked off a new phase of engagement to gather ideas and views to shape the Covenant. I really want to hear your views and strongly encourage you to get involved. You can find out how to contribute on Gov.uk. 

    This country needs a thriving civil society, and for this, we need organisations like CAF, who can continue to support and innovate in the sector for decades to come.

    In my role as Minister for Civil Society, I recognise how giving can be used to shift the dial on local, national and global issues.

    For example, Barnsley Youth Choir is one of the best youth choirs in the world and that is largely thanks to the commitment and generosity of local people.

    Barnsley Youth Choir provides opportunities for young people in Barnsley. The choir offers bursaries for lower income families and subsidizes events to ensure that children and families can participate without financial strain. The community comes together year after year to provide much needed funds to enable the choir to continue.

    Local girl Lucy (Hoylandswaine) has just completed a 100k run over one week to raise over £1200 for Barnsley Youth Choir and this is just one of hundreds of fundraising efforts that take part each year for the Choir.

    The Liz and Terry Bramall Foundation offers grants of as much as £275,000 to certain charity projects in Yorkshire, such as those promoting the protection of the environment, and has funded projects with South Yorkshire’s Community Foundation.

    Philanthropy plays a key role in this. Philanthropists can take greater risks, allow more flexibility and pioneer real innovation. 

    It can be long term and strategic, and range from tackling the big issues of our time, such as by funding climate solutions, to supporting grassroot charities and building up local communities.

    CAF’s work is important to enabling and unlocking this type of funding. 

    Using your expertise from your work on growing place based giving schemes, you built extensive evidence for how funders, including philanthropists, can effectively contribute. 

    You found that funders can help stimulate giving by providing seed funding, that funding for core staffing costs is crucial, and that embracing flexibility is essential – all important lessons to take forward for work unlocking place based philanthropy.

    Of course, government also has a pivotal role in this ecosystem, complementing and working alongside other sources of funding.

    DCMS is focused on putting local people, communities and places first. As my department leads on philanthropy, this includes ensuring that the benefits of philanthropy can be felt in all communities. 

    So we want to ensure that the giving ecosystem connects philanthropic donations with the places where it is needed most.

    Together with my ministerial colleagues at DCMS, I will work with colleagues across government and with you and your sectors to make philanthropic giving as easy and compelling as possible across the country, in a renewed partnership.

    Congratulations again to Charities Aid Foundation for your 100 year milestone.

    I am happy to have had this chance:

    • to thank Charities Aid Foundation for your work;

    • to reiterate this government’s commitment to resetting the relationship with civil society, with the development of the new Civil Society Covenant; and 

    • to consider how we can come together to unlock the unique benefits of philanthropy in this country.

    Thank you again for inviting me to speak, and enjoy the rest of this evening’s event.

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: Speech by FS at breakfast meeting hosted by HKEX in Riyadh, Saudi Arabia (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at a breakfast meeting hosted by the Hong Kong Exchanges and Clearing Limited (HKEX) in Riyadh, Saudi Arabia, today (October 30):     Carlson (Chairman of HKEX, Mr Carlson Tong), Mohammed (CEO of Saudi Exchange, Mr Mohammed Al-Rumaih), Bill (Group Chief Executive of Standard Chartered PLC, Mr Bill Winters), Darryl (Deputy Chief Executive of HKMA, Mr Darryl Chan), Bonnie (CEO of HKEX, Ms Bonnie Chan), distinguished guests, ladies and gentlemen,      Good morning, everyone. It is a great pleasure to join you today at this important breakfast session hosted by HKEX, right at the heart of the FII (Future Investment Initiative).     Before we begin, I want to extend my appreciation to HKEX for organising this session and to FII for providing a forum that brings global leaders together to address the future of investment. My special thanks to Mohammed, CEO of Saudi Exchange, and Bill, Global CEO of Standard Chartered, for joining this panel. A moment for co-operation     There couldn’t be a better time for us to gather and discuss how we can strengthen our capital market connectivity. The transformative agenda set forth by Saudi Arabia’s Vision 2030 seeks to foster a dynamic society through extensive infrastructure projects, green transition, and digitalisation. This ambitious vision is driving significant reforms across various sectors, positioning the Kingdom as a leader in economic diversification and innovation.     In light of the evolving geopolitical landscape and shifts in global economic gravity, Saudi Arabia and the broader Middle East are actively deploying their capital towards Asia. In this context, Hong Kong emerges as a pivotal player, serving as an international financial centre and a gateway to China and the wider Asian market. Hong Kong’s value proposition     Hong Kong’s unique strengths are anchored in the “one country, two systems” framework, which China has committed to maintain over the long term. This arrangement allows Hong Kong to benefit from both the advantages of being part of China and the defining characteristics as an international city. We enjoy convenient, and at times privileged, access to the Mainland market while retaining our distinctive features, including a common law system, a judiciary that exercises powers independently, the free flow of capital, goods, information, and talent, a low and simple tax regime, and a currency pegged to the US dollar.     Hong Kong is one of the top three international financial centres globally, alongside New York and London. We have also recently been recognised by the Fraser Institute as the freest economy in the world. Our world-class professional services adhere to the highest international standards, bolstered by a wealth of international experience and extensive connections.     In short, Hong Kong presents unique advantages that can create significant value for Middle Eastern investors and capital. Hong Kong is an attractive destination for investment and collaboration, particularly in such areas as fund-raising, asset and wealth management, and green and sustainable finance. Allow me to elaborate. Fund-raising markets     First, our fund-raising market. Carlson will provide a comprehensive overview of how Hong Kong serves as the prime connector between the capital markets of the Mainland and the rest of the world.      Our stock market has a capitalisation of over US$4.5 trillion, which is 12 times of our GDP. It went through some challenging times in 2023 and the earliest part of this. It is making a comeback, particularly following the recent announcement of a stimulus package by the central authorities, aimed at injecting liquidity into the banking sector and supporting the real estate market. Since then, the market has increased by about 15 per cent with high volume. We have seen strong buying interest from American and European investors, who accounted for approximately 85 per cent of the buy side by value. Notably, 90 per cent of these investors are long-term fund managers and investment banks.     Over the past few years, we have continuously reformed our listing regime. These reforms have broadened our market’s appeal and positioned Hong Kong as a leading listing hub for innovative enterprises. For example we are now the second-largest biotech fund-raising hub after the United States.     Our country, China, has consistently supported the development of Hong Kong’s stock market. Just this April, the China Securities Regulatory Commission announced five measures to bolster the development of Hong Kong’s capital markets, including, for example, expanding the Connect Schemes we have with the Mainland to cover more ETFs (exchange-traded funds) and REITs (real estate investment trusts), and facilitating the listing of more leading Mainland companies on the Hong Kong Stock Exchange.     By the way, we are also actively enhancing our connectivity with new markets. Last year, we reached an agreement with the Saudi Exchange and Indonesia Stock Exchange to allow companies in these countries to secondary list on our Stock Exchange. As they come to Hong Kong, they are able to access both international capital and capital from the Mainland under the Connect Schemes.      The upcoming listing of two ETFs investing in Hong Kong stocks on the Saudi Exchange will be further reinforcing our links with Saudi Arabia.     Beyond stock market, we boast a vibrant private equity sector, which manages over US$230 billion in assets, making us number two in Asia, only after the Mainland. Indeed, Hong Kong has a comprehensive chain of funds supporting companies at various stages of growth.      Looking to the future, our stock market is poised to grow deeper and more robust. We are determined to attract more quality issuers from around the globe, and new capital sources, particularly Middle East and Asia.     Asset and wealth management hub     Second, asset and wealth management. Many Middle Eastern families and ultra-high-net-worth individuals are increasingly recognising the need to diversify their asset allocation and look beyond traditional American and European markets. They can certainly look to Hong Kong. We manage over US$4 trillion in assets, with more than half coming from outside Hong Kong and Mainland China. We are also home to 2 700 single-family offices. Beyond diversified investment offerings, we have established a robust network comprising private banks, accounting and legal firms, trusts, and other professional service providers, forming a strong nexus that caters to their needs. This is further complemented by our strong philanthropic culture and programmes for families to leave a lasting legacy, making a difference in the world and shaping a better future for generations to come.Green and sustainable finance     Finally, green and sustainable finance. As a key component of Vision 2030, Saudi Arabia has embarked on the Saudi Green Initiative, with clear targets to increase the share of renewable energy, reduce carbon emissions, and enhance land and sea protection. This vision resonates with us well, and we stand ready to contribute.     Hong Kong is Asia’s green finance capital, demonstrated by our leading position in arranging green and sustainable debt, averaging over $63 billion per year over the past three years, accounting for over one-third of Asia’s total. Beyond volume, we are committed to building a green reporting system that meets the highest international standards, by adopting taxonomies interoperable with other international classification frameworks, and adhering to global sustainable reporting standards. Clearly, Hong Kong is an ideal platform for Saudi and Middle Eastern green and sustainable projects looking to access funds in our part of the world.Concluding remarks     Ladies and gentlemen, I have just outlined some of the areas that Hong Kong can play in connecting capital, investments, and opportunities between our markets. I am eager to hear the valuable insights from our panelists this morning on how our capital markets can further collaborate and innovate.      I wish you all the best of health and business in the years to come. May our discussions today inspire new ideas and fruitful collaborations that lead to shared prosperity and growth for all.     Thank you!

    MIL OSI Asia Pacific News

  • MIL-OSI: MEDIA ADVISORY: Enserva to release Fall 2024 State of the Industry Report

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 30, 2024 (GLOBE NEWSWIRE) —

    WHAT: President and CEO, Gurpreet Lail, will highlight key findings of Enserva’s Fall State of the Industry Report and host experts to share their perspectives on the year ahead. The event will feature presentations and a panel discussion by financial experts who will share insights on the Canadian economy, as well as the North American and global energy sectors.

    Media are invited to attend.

       
    WHO: Speakers will include:

    • Gurpreet Lail, President & CEO, Enserva
    • Tyler Dahlseide, Enserva Board Chair and President, Ferus Inc.
    • Mark Parsons, Vice President and Chief Economist, ATB Financial
    • Taylor Lee, Senior Analyst, Rystad Energy
    • Randy Ollenberger, Oil & Gas Producers Analyst, BMO Capital Markets
       
    WHEN: November 5, 2024
    12:00 p.m. – Media check-in & lunch is served
    12:20 p.m. – Presentations
    1:15 p.m. – Panel Q&A
    1:45 p.m. – One-on-one media interviews
       
    WHERE: Calgary Petroleum Club
    The Devonian Room
    319 5 Avenue SW, Calgary, AB
       
    RSVP: Media are asked to RSVP no later than 12:00 p.m. MT on Monday, November 4, 2024.
       

    Media Contact & RSVP to:

    Shauna MacDonald
    Brookline Public Relations, Inc.
    403.585.4570
    smacdonald@brooklinepr.com

    The MIL Network

  • MIL-OSI: TopLine Financial Credit Union Receives a Star Tribune 2024 Minnesota’s Best Award

    Source: GlobeNewswire (MIL-OSI)

    MAPLE GROVE, Minn., Oct. 30, 2024 (GLOBE NEWSWIRE) — TopLine Financial Credit Union, a Twin Cities-based member-owned financial services cooperative, has been voted a 2024 Minnesota’s Best bronze winner in the Insurance Company category.

    As Minnesota’s number one local choice for news, information and advertising, the Star Tribune’s Minnesota’s Best program recognizes the best Minnesota businesses from over 390 categories. The Minnesota’s Best Awards are determined by the votes of Minnesota Star Tribune readers, celebrating the businesses and services that stand out in the community.   A complete list of winners is available online at https://www.votedminnesotasbest.com/categories/2024 and published in the 2024 Winners Guide.

    The communities the credit union serves has recognized TopLine as one of the most appreciated and trustworthy insurance companies in Minnesota. Several qualities that make TopLine stand out include the credit union’s dedication to our mission of “Connected, We All Do Better” by providing affordable and competitive financial services, commitment of employees to help consumers achieve their financial goals, positively making a local and global impact through community outreach activities through non-profit TopLine Credit Union Foundation, and helping consumers with homeownership and investment-related services.

    “We are grateful to our members, communities and Minnesota Star Tribune readers who selected us as the Star Tribune’s Minnesota’s Best bronze award recipient in the Insurance Company category,” says Mick Olson, President and CEO of TopLine Financial Credit Union. “Our TopLine Insurance Agency team is dedicated in providing personal service, and ensuring individuals and families have the proper coverage to protect against unforeseen circumstances.”

    The Star Tribune Minnesota’s Best Awards recognize the top businesses and organizations in the Twin Cities metro area, as voted by the community. The awards celebrate excellence across various industries, highlighting those who consistently deliver outstanding service and contribute to the vibrancy of the region. For more information, visit www.votedminnesotabest.com.

    TopLine Financial Credit Union, a Twin Cities-based credit union, is Minnesota’s 9th largest credit union, with assets of over $1.1 billion and serves over 70,000 members. Established in 1935, the not-for-profit financial cooperative offers a complete line of financial services from its ten branch locations — in Bloomington, Brooklyn Park, Champlin, Circle Pines, Coon Rapids, Forest Lake, Maple Grove, Plymouth, St. Francis and in St. Paul’s Como Park — as well as by phone and online at www.TopLinecu.com or www.ahcu.coop. Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Benton, Carver, Chisago, Dakota, Hennepin, Isanti, Kanabec, Mille Lacs, Pine, Ramsey, Scott, Sherburne, Washington and Wright counties in Minnesota and their immediate family members, as well as employees and retirees of Anoka Hennepin School District #11, Anoka Technical College, Federal Premium Ammunition, Hoffman Enclosures, Inc., GRACO, Inc., and their subsidiaries. Visit us on our Facebook or Instagram. To learn more about the credit union’s foundation, visit www.TopLinecu.com/Foundation.

    CONTACT:
    Vicki Roscoe Erickson
    Senior Vice President and Chief Marketing Officer
    TopLine Financial Credit Union
    verickson@toplinecu.com | 763.391.0872

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5086f707-3428-447c-9b49-ae4b0175c78e

    The MIL Network

  • MIL-OSI United Kingdom: Chancellor chooses a Budget to rebuild Britain

    Source: United Kingdom – Executive Government & Departments 3

    Today, Chancellor of the Exchequer Rachel Reeves delivered a Budget to fix the foundations of our economy.

    • Chancellor protects public services as departments’ day-to-day spending set to grow by an average of 3.3% in real terms between 2023-24 and 2025-26, including increase of more than £22 billion for health to help bring down waiting lists.
    • Budget will restore economic stability and begin a decade of national renewal, providing a boost to public investment by over £100 billion over the next five years across roads, rail, schools and hospitals whilst keeping debt on a downward path.
    • No change to working people’s payslips as income tax, employee national insurance and VAT stay the same, but businesses and the wealthiest asked to pay more.

    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 has set out plans to fix the NHS and rebuild Britain, while ensuring working people don’t face higher taxes in their payslips.

    The government was handed a challenging inheritance; £22 billion of unfunded in-year spending pressures, debt at its highest since the 1960s, unrealistic plans for departmental spending, and stagnating living standards.

    As a mission-led government, the Chancellor has today made clear the difficult choices this government will make to rebuild the country. This Budget takes the difficult decisions on tax, spending and welfare to restore economic and fiscal stability, so that the government can invest in the country’s future and achieve its mission for growth. This means hospital waiting lists will be cut with room to invest in Britain to rebuild our schools, hospitals and broken roads.

    The government is protecting working people’s living standards by raising the National Living Wage, cutting duty on draught pints, keeping bus fares down, and not increasing the main rates of income tax, employee national insurance, and VAT.

    The Budget will help rebuild Britain by boosting public investment by over £100 billion over the next five years while exceeding the manifesto commitment to fix an extra 1 million potholes per year with an additional £500 million for local road maintenance in 2025-26.

    Fixing the NHS and reforming public services

    By repairing the public finances and restoring economic stability, the Budget delivers on a new settlement for public services, increasing day to day spending for public services by 3.3% on average in real terms over this year and next to fix the NHS, boost the education system and repair the criminal justice system.

    This government has been clear from the start it will not tolerate wasteful spending – and that means treating taxpayers’ money with respect. For the next financial year, all government departments have a 2% productivity, efficiency, and savings target, that is expected to save billions of pounds.

    • The Chancellor has confirmed an additional £22.6 billion for day-to-day spending over two years for the Department of Health and Social care, supporting the NHS to deliver an extra 40,000 elective appointments per week, delivering on one of the Government’s first aims in office to reduce waiting times in the NHS.
    • The government is investing around £1.5 billion capital funding for new surgical hubs, diagnostic scanners and new beds across the NHS estate to create more treatment space in emergency departments, reduce waiting times and help shift more care into the community.
    • £100 million will be earmarked to carry out 200 GP estate upgrades across England, supporting improved use of existing buildings and space, boosting productivity and enabling delivery of more appointments.
    • The Chancellor has focused on improving education as part of her first Budget, with an additional £4 billion for the sector, including £2.3 billion into the core schools’ budget which increases per pupil spending in real terms.
    • This will allow 100 project plans to begin delivery across England next year and begin to tackle the crumbling school and college buildings across the country. This paves the way for a long-term strategy to improve schools nationwide so that students can learn in safe, state-of-the-art facilities, tailored to the needs of 21st-century education.
    • The Chancellor will provide £1.4 billion for the school rebuilding programme, including an increase of £550 million this year.

    In addition to these commitments, this government is securing our borders and taking back our streets.

    • The new Border Security Command will smash the organised criminal gangs by deploying 100 new NCA officers and increasing cooperation with European intelligence agencies and police forces.
    • Smashing gangs and boosting the processing of asylum claims forms a crucial part of the government’s plan to cut asylum support costs by more than £4bn over the next 2 years compared to the previous government’s spending trajectory.
    • The Home Office settlement will put us on track to start delivering the manifesto pledge to boost visible neighbourhood policing with 13,000 more neighbourhood officers and PCSOs.

    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 government to deliver on its pledge to not increase National Insurance, VAT, or Income Tax on working people, meaning they will not see higher taxes in their payslip. In addition:

    • The Chancellor has made the decision to protect working people from being dragged into higher tax brackets by confirming that Income Tax and National Insurance Contributions thresholds will be unfrozen from 2028-29 onwards.
    • The National Living Wage will increase from £11.44 to £12.21 an hour from April 2025, which means a pay boost for 3 million workers. 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 rise from £8.60 to £10.00 an hour.
    • The Chancellor is also protecting motorists by freezing fuel duty for one year and extending the temporary 5p cut to 22 March 2026 – a tax cut worth £3 billion. This will save the average car driver £59, vans £126 and Heavy Goods Vehicles £1,079 next year.
    • To support the take-up of zero emission cars, Vehicle Excise Duty (VED) First Year Rates (FYRs) are changing from 2025-26. Rates for zero emission cars will be frozen at £10 until 2029-30 while rates for hybrid and petrol/diesel cars will rise from 1 April 2025.
    • The weekly earnings limit for Carer’s Allowance will be increased to 16 hours at the National Living Wage, worth an additional £45 a week from April next year, making over 60,000 carers eligible for support, and helping carers to 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.
    • To help ensure pensioners are protected in their retirement, the Budget will also confirm a 4.1% increase to the basic and new State Pension as well as the standard minimum guarantee for Pension Credit, from April next year.
    • Over 12 million pensioners will benefit from this as the full new State Pension will rise from £221.20 to £230.25 a week, providing an additional £470 a year, while the full basic State Pension will increase from £169.50 to £176.45 per week, worth an extra £360 annually.
    • The Pension Credit Standard Minimum Guarantee will also increase by 4.1% from April 2025, meaning an annual increase of £465 in 2025-26 in the single pensioner guarantee and £710 in the couple guarantee.
    • The administration of Pension Credit and Housing Benefit will be brought together for new claimants from 2026. This is two years earlier than previously planned, and will support more people to receive the benefits that they are entitled to.
    • In addition, working-age benefits and the Additional State Pension will rise by 1.7% in April 2025, in line with inflation. This increase will see around 5.7 million families on Universal Credit gain an average of £150 annually.

    Rebuilding Britain

    This government will not make a return to austerity and will instead boost investment to rebuild Britain by investing in the fabric of the country, as well as supporting the industries of the future. This will go towards rebuilding our schools, hospitals and roads, turbocharging the delivery of 1.5 million homes, and unlocking long-term economic growth.

    This comes on top of action already taken under the government’s growth mission including establishing the National Wealth Fund, publishing the Industrial Strategy green paper, and hosting the International Investment Summit.

    • The government is exceeding its manifesto commitment to fix an extra 1 million potholes per year, with an additional £500 million for local road maintenance in 2025-26 – an almost 50% increase on the commitment made by the previous government for the current financial year.
    • This brings the total amount dedicated to fixing the roads in England over the next year to nearly £1.6 billion.
    • This government is growing day-to-day spending at an average of 2.0% per year in real terms between 2023-24 and 2029-30 to support public services.
    • This government is boosting public investment by over £100 billion over the next five years whilst keeping debt on a downward path, with a greater focus on value for money and delivery to help unlock long-term growth.
    • Capital investment will increase by £13 billion next year, taking total departmental capital spending to £131 billion in 2025-26. This includes increased investment in local roads maintenance and local transport, supporting everyday journeys, and driving growth in our regional towns and cities.
    • The government is also making the reforms needed to deliver sustained growth in the long-term. These include ambitious planning reforms to remove barriers to growth, the development of a 10-year infrastructure strategy to be published alongside Phase 2 of the Spending Review, the publication shortly of the Get Britain Working White Paper, and the establishment of Skills England to ensure we have the highly-trained workforce needed to deliver economic growth.
    • An extra £200 million will be given to Metro Mayors for local transport in 2025/26, bringing City Region Sustainable Transport Settlements to over £1.3 billion.
    • The government is also announcing over £650 million for improving transport in towns, villages, and rural areas alongside our city regions.
    • Single bus fares will be kept down at £3 until the end of 2025, as part of an over £1bn package to support bus services across the country.
    • To fully harness its potential and foster a dynamic investment economy, the government is protecting record levels of government R&D investment with £20.4 billion allocated in 2025-26.
    • To boost digital infrastructure in under-served areas across the UK and support growth in the digital and technology sectors, the government will invest over £500 million in Project Gigabit and the Shared Rural Network next year.
    • A new housing package will include £500 million in new funding for the Affordable Homes Programme, increasing it to £3.1 billion, the biggest annual budget for affordable housing in over a decade. This brings total investment in housing supply to over £5 billion and supports the delivery of tens of thousands of new homes.
    • £3 billion of additional support will be provided to SMEs and the Build to Rent sector by expanding existing housing guarantee schemes to support a strong and diverse private housing market.
    • The Budget also began the government’s reform of business rates to help level the playing field for high streets across the country as from 2026-27 permanently lower tax rates for retail, hospitality and leisure properties will be introduced. This will be funded sustainably by introducing a higher multiplier for the most valuable properties, including distribution warehouses used by online giants.
    • To support the transition, the Chancellor also announced a 40% relief for retail, hospitality and leisure, up to a cap of £110,000 per business. The small business multiplier will also be frozen next year to protect against inflationary increases. This support is worth almost £2.4 billion over the next five years. One third of business properties will continue to pay no business rates because of Small Business Rates Relief.

    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 on tax. 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 and funding public services such as the NHS and education.

    • The rate of employer National Insurance will increase by 1.2 percentage points, to 15% from 6 April 2025. The Secondary Threshold – the level at which employers become liable to pay 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 and be extended to all eligible employers by removing the £100,000 cap, allowing firms to employ up to four National Living Wage workers full time without paying employer National Insurance on their wages.
    • Capital Gains Tax (CGT) will increase from 10% to 18% for those paying the lower rate, and 20% to 24% for those paying the higher rate. These new rates will match the residential property rates, which will unchanged at 18 for the lower rate and 24% for 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 OBR say changes to CGT will raise £2.5 billion by the end of the forecast 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 not pay inheritance tax. From April 2027 inherited pension pots 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 on top of the existing nil-rate bands, fully protecting the majority of businesses and farms. The rate of relief will reduce to 50% after the first £1 million. Reforms will affect the wealthiest 2,000 estates each year. Inheritance tax reforms are predicted by the OBR to raise £2 billion in total to support public services.

    • The government will also uprate alcohol duty in line with RPI, except for most drinks in pubs. To support British pubs, and brewers, the government is reducing duty on qualifying draught products, which represent approximately 3 in 5 alcoholic drinks sold in pubs.
    • This measure reduces duty bills by over £85 million a year, cutting duty on an average strength pint in a pub by a penny. The value of the relief available to small producers will also be increased to help smaller brewers and cidermakers.   

    • From 2026-27 Air Passenger Duty (APD) rates for short and long-haul flights will be adjusted to partially account for previous high inflation. For economy passengers, this is only a £1 increase for domestic flights, £2 extra for short haul, and £12 more for long-haul flights, with children under the age of 16 remaining exempt from APD. APD for larger private jets will be increased by a further 50%. These changes will help align with the government’s environmental objectives.

    To further support the government’s mission to fix the NHS, the Budget announces 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 over the next five years to account for inflation since it was last updated in 2018, and the duty will also rise in line with inflation every year going forward.

    The government set out the next steps to deliver its tax manifesto commitments in the July Statement. Having consulted on the final policy details where appropriate, Budget delivers the 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 arrangements 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 Higher Rate for Additional Dwellings surcharge of Stamp Duty Land Tax will rise from 3 to 5%, providing those looking to move home, or purchase their first property, with a comparative advantage over second home buyers, landlords, and businesses purchasing residential property.
    • To secure additional funding to help deliver commitments relating to education and young people, the government will introduce 20% VAT on education and boarding services provided for a charge by private schools from 1 January 2025. The government will also remove business rates charitable rate relief from private schools in England from April 2025. 
    • Over the next five years HMRC, will look to close the UK’s tax gap – the amount of uncollected tax owed to the UK – by bringing in an additional £6.5 billion per year. The revenue will go directly to funding UK public services and fixing the foundations of the economy.
    • The package to close the tax gap will include overhauling HMRC’s IT system to improve their debt management system to ensure tax debt enquiries can be dealt with faster, improving the productivity of the organisation. 5000 additional compliance staff will be recruited and 1,800 debt management staff will also be maintained and recruited. HMRC’s services will be also digitised to make it easier and simpler for taxpayers to self-serve and manage their tax affairs.

    The government has also published its Corporate Tax Roadmap alongside the Budget. This will offer the certainty that encourages investment and gives business the confidence to grow. The Roadmap includes commitments:

    • to cap the headline rate of Corporation Tax at 25%, which is the lowest in the G7;
    • to maintain our world leading capital allowances system (including permanent full expensing and the £1 million Annual Investment Allowance);
    • to preserve the generosity of our R&D reliefs; and
    • to develop a new process for increasing the tax certainty available in advance for major investments.

    Strengthening the fiscal framework

    The Chancellor has paved the way for growth while doubling down on fiscal responsibility by making reforms to the fiscal framework. This is based on two new fiscal rules: the stability rule and the investment rule.

    • The stability rule will balance the current budget, so day-to-day costs are met by revenues.
    • The investment rule will ensure that net financial debt is falling as a proportion of GDP. This rule keeps debt on a sustainable path whilst allowing the step change needed for investment.
    • Both of these rules will be met two years early in 2027-28.
    • This investment will be underpinned by clear guardrails to ensure it is high quality and well delivered.
    • Our ten-year infrastructure strategy will provide industry a vision of the government’s priorities and a credible delivery plan to encourage investment and supply chains.
    • NISTA will be the central body that brings strategy and delivery together under one roof to implement this strategy working across Whitehall and industry.
    • Further reforms will help deliver stability by holding Spending Reviews 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.
    • The Fiscal Lock will ensure no future government can sideline the OBR again, and we are committing to improving the transparency and consistency of the spending information shared with the OBR.
    • The government will also introduce new controls: that financial investments should by default target a return for the Exchequer that at least covers the government’s cost of borrowing, that all large-scale financial transactions will be managed by expert bodies like the National Wealth Fund, and that the government will publish an annual report on the performance and value of its financial assets based on accounts audited by the National Audit Office.

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Africa: Mining must become more responsible and sustainable. Where hi-tech solutions fit in

    Source: The Conversation – Africa – By Rennie Naidoo, Professor of Information Systems, University of the Witwatersrand

    If you visit a commercial mining operation anywhere in the world today, some sights and sounds – workers descending in elevators to underground shafts, the roar of truck engines – will be much the same as they have been for decades.

    But, like many other industries, mining is changing. Digital mining involves the use of digital technologies to make mining operations more efficient, safer, and sustainable. This industry emerged about a decade ago and has developed quickly over the past few years. This uptick is the result of recent advances in sensor technology, data analytics and artificial intelligence (AI), including machine learning.

    However, while technology improves, old problems persist. Large-scale mining causes massive deforestation in regions like the Amazon. It also threatens and displaces communities, as in the case of Brazil’s Xikrin and Kayapó people. In the Democratic Republic of Congo (DRC), the mining of cobalt, copper and coltan (all crucial for modern technology) contaminates local water supplies and puts workers – including children – in danger.


    Read more: What coltan mining in the DRC costs people and the environment


    Is it time to make mining obsolete? This is not a realistic solution, at least not in the near future. Many modern technologies, like smartphones, electric vehicles, solar panels and wind turbines, depend on minerals extracted through mining. The global move towards renewable energy and low-carbon technologies means demand for minerals like lithium and cobalt is rising.

    So, while mining has environmental costs, it’s also critical in the shift to a greener economy. And mining is economically important in many parts of the world. In African countries it supports millions of jobs and contributes significantly to GDP.

    This is why sustainable mining is crucial. I am a professor of information systems. I investigate the complex interactions between technology, people and organisations in achieving sustainability goals. In a recent paper with a co-author, I examined how digital technologies could help mining operations to balance economic objectives with environmental and social sustainability.

    The findings make it clear that digital technologies can transform mining practices and achieve sustainability goals at the same time.

    Economic outcomes

    Our paper took the form of a case study. We interviewed professionals from a leading digital mining solutions company. It has operations in South Africa, Australia, Brazil, Chile and the United States. The interviewees were engineers, senior managers and executives. They offered a glimpse into how their large-scale mining clients were using digital technologies like automated haul trucks and collision avoidance systems.

    We wanted to know how their clients saw the role of digital technology in balancing business and other goals. They outlined some successful cases and others where companies were struggling to align all their aims.

    It was clear that the company and its clients recognised the importance of safety and environmental issues in their work. But they saw these issues through the lens of business sustainability. For instance, while some mining companies pursued safety improvements, they did it primarily to boost productivity and bring down costs.

    One interviewee gave the example of collision avoidance systems. Companies valued these because they reduced downtime and improved productivity. They focused on immediate business needs.

    A balancing act

    It’s time for mining companies that are serious about sustainability to shift their focus. Rather than simply looking to make immediate profits, they need to consider environmental and social impacts – and the role digital technology can play.

    As a simple example, AI can predict when machinery is likely to fail. This allows companies to carry out timely maintenance. Equipment lifespan is extended. Downtime and repair costs are reduced. And worker safety is improved because there are fewer unexpected breakdowns. This is the kind of sustainable approach, underpinned by digital technology, that can help mining companies tick all the right boxes.

    Mining leaders must not exclude employees and stakeholders when considering these issues. Environmental advocates have a role to play, too: companies must work with these groups and with local communities. A shared understanding of how digital technologies can meet both financial and sustainability targets is key.

    Mining companies are more likely to change if there are clear financial benefits or penalties tied to sustainability. Governments can help by introducing stricter environmental regulations and offering incentives to adopt sustainable digital technologies. In South Africa, for instance, there are tax incentives and subsidies to encourage the use of renewable energy in mining. These measures, expanded recently in response to the country’s energy crisis, have sparked significant investment in solar power.


    Read more: Africa doesn’t have a choice between economic growth and protecting the environment: how they can go hand in hand


    When paired with digital monitoring systems, renewable energy solutions can enhance efficiency by optimising energy consumption and reducing carbon emissions. Technologies like AI-driven energy management systems can help mines integrate renewable sources with less energy wastage. Thus, tax breaks or subsidies for digital solutions that support green energy adoption could motivate companies to embrace greener and more tech-driven mining practices.

    Consumers and investors, meanwhile, should invest in those mining companies that demonstrate responsible practices. Ethical investment funds need to support companies with strong environmental, social, and governance credentials.

    – Mining must become more responsible and sustainable. Where hi-tech solutions fit in
    – https://theconversation.com/mining-must-become-more-responsible-and-sustainable-where-hi-tech-solutions-fit-in-240558

    MIL OSI Africa

  • MIL-OSI Economics: President appoints Jakub Seidler as a new member of the Bank Board

    Source: Czech National Bank

    Jakub Seidler is to become a new member of the Bank Board of the Czech National Bank (CNB), taking office on 1 December 2024. President Petr Pavel appointed him to the Czech central bank’s supreme governing body today.

    Jakub Seidler graduated in economics from the Institute of Economic Studies at Charles University in Prague, where he also completed his PhD. He has also undertaken a number of research stays abroad and courses in econometric methods, financial stability and central banking. He returns to the CNB after ten years. In 2008–2014, he held various expert positions at the central bank, specifically in the Financial Stability Department, the Economic Research Department and the Monetary Department. He also served as chief economist at ING Bank and the Czech Banking Association.

    The Bank Board is the supreme governing body of the CNB. Its main activities include setting monetary and macroprudential policy and the instruments for implementing them, and making decisions on measures in the area of financial market supervision. It has seven members appointed by the President of the Czech Republic for up to two terms of six years.

    The current members of the CNB Bank Board are Governor Aleš Michl, Deputy Governor Eva Zamrazilová, Deputy Governor Jan Frait and Bank Board members Karina Kubelková, Jan Kubíček, Jan Procházka and Tomáš Holub. Jakub Seidler will fill a vacant position on the Bank Board after Tomáš Holub’s mandate expires on 30 November 2024.

    Jakub Holas
    Director, Communications Division

    MIL OSI Economics

  • MIL-OSI Global: Mining must become more responsible and sustainable. Where hi-tech solutions fit in

    Source: The Conversation – Africa – By Rennie Naidoo, Professor of Information Systems, University of the Witwatersrand

    Digital technologies can make mining more sustainable. Sunshine Seeds/Shutterstock/For editorial use only

    If you visit a commercial mining operation anywhere in the world today, some sights and sounds – workers descending in elevators to underground shafts, the roar of truck engines – will be much the same as they have been for decades.

    But, like many other industries, mining is changing. Digital mining involves the use of digital technologies to make mining operations more efficient, safer, and sustainable. This industry emerged about a decade ago and has developed quickly over the past few years. This uptick is the result of recent advances in sensor technology, data analytics and artificial intelligence (AI), including machine learning.

    However, while technology improves, old problems persist. Large-scale mining causes massive deforestation in regions like the Amazon. It also threatens and displaces communities, as in the case of Brazil’s Xikrin and Kayapó people. In the Democratic Republic of Congo (DRC), the mining of cobalt, copper and coltan (all crucial for modern technology) contaminates local water supplies and puts workers – including children – in danger.




    Read more:
    What coltan mining in the DRC costs people and the environment


    Is it time to make mining obsolete? This is not a realistic solution, at least not in the near future. Many modern technologies, like smartphones, electric vehicles, solar panels and wind turbines, depend on minerals extracted through mining. The global move towards renewable energy and low-carbon technologies means demand for minerals like lithium and cobalt is rising.

    So, while mining has environmental costs, it’s also critical in the shift to a greener economy. And mining is economically important in many parts of the world. In African countries it supports millions of jobs and contributes significantly to GDP.

    This is why sustainable mining is crucial. I am a professor of information systems. I investigate the complex interactions between technology, people and organisations in achieving sustainability goals. In a recent paper with a co-author, I examined how digital technologies could help mining operations to balance economic objectives with environmental and social sustainability.

    The findings make it clear that digital technologies can transform mining practices and achieve sustainability goals at the same time.

    Economic outcomes

    Our paper took the form of a case study. We interviewed professionals from a leading digital mining solutions company. It has operations in South Africa, Australia, Brazil, Chile and the United States. The interviewees were engineers, senior managers and executives. They offered a glimpse into how their large-scale mining clients were using digital technologies like automated haul trucks and collision avoidance systems.

    We wanted to know how their clients saw the role of digital technology in balancing business and other goals. They outlined some successful cases and others where companies were struggling to align all their aims.

    It was clear that the company and its clients recognised the importance of safety and environmental issues in their work. But they saw these issues through the lens of business sustainability. For instance, while some mining companies pursued safety improvements, they did it primarily to boost productivity and bring down costs.

    One interviewee gave the example of collision avoidance systems. Companies valued these because they reduced downtime and improved productivity. They focused on immediate business needs.

    A balancing act

    It’s time for mining companies that are serious about sustainability to shift their focus. Rather than simply looking to make immediate profits, they need to consider environmental and social impacts – and the role digital technology can play.

    As a simple example, AI can predict when machinery is likely to fail. This allows companies to carry out timely maintenance. Equipment lifespan is extended. Downtime and repair costs are reduced. And worker safety is improved because there are fewer unexpected breakdowns. This is the kind of sustainable approach, underpinned by digital technology, that can help mining companies tick all the right boxes.

    Mining leaders must not exclude employees and stakeholders when considering these issues. Environmental advocates have a role to play, too: companies must work with these groups and with local communities. A shared understanding of how digital technologies can meet both financial and sustainability targets is key.

    Mining companies are more likely to change if there are clear financial benefits or penalties tied to sustainability. Governments can help by introducing stricter environmental regulations and offering incentives to adopt sustainable digital technologies. In South Africa, for instance, there are tax incentives and subsidies to encourage the use of renewable energy in mining. These measures, expanded recently in response to the country’s energy crisis, have sparked significant investment in solar power.




    Read more:
    Africa doesn’t have a choice between economic growth and protecting the environment: how they can go hand in hand


    When paired with digital monitoring systems, renewable energy solutions can enhance efficiency by optimising energy consumption and reducing carbon emissions. Technologies like AI-driven energy management systems can help mines integrate renewable sources with less energy wastage. Thus, tax breaks or subsidies for digital solutions that support green energy adoption could motivate companies to embrace greener and more tech-driven mining practices.

    Consumers and investors, meanwhile, should invest in those mining companies that demonstrate responsible practices. Ethical investment funds need to support companies with strong environmental, social, and governance credentials.

    Rennie Naidoo 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. Mining must become more responsible and sustainable. Where hi-tech solutions fit in – https://theconversation.com/mining-must-become-more-responsible-and-sustainable-where-hi-tech-solutions-fit-in-240558

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: UK budget: A drop in the ocean compared to the change needed

    Source: Scottish Greens

    Labour could have taxed the super rich to bring in the funding needed to undo cruel Tory policies and drop Labour’s own cuts

    A response from Scottish Green finance spokesperson Ross Greer on the UK budget.

    Mr Greer said: “This timid budget is a drop in the ocean compared to the scale of change that is actually needed. Labour has under-promised and still somehow under-delivered. 

    “The failure to end the cruel two child cap or the Winter Fuel Payment cut will have dire consequences for vulnerable people and families across the UK. Children will continue to live in poverty and pensioners will die this winter, all entirely avoidably.

    “The Chancellor could have targeted the super rich to bring in the funding needed to undo cruel Tory policies and drop Labour’s own cuts. Instead she has chosen to hike up bus fares in England and pour £3 billion into keeping a climate-busting fuel duty freeze. 

    “A responsible government would invest in cheaper public transport and walking, wheeling and cycling infrastructure. The Scottish Greens did both of those during our time in government, delivering free bus travel for young people and removing peak rail fares. Labour have instead chosen to encourage even more car journeys while the climate crisis spirals out of control.

    “There are a few important steps in the right direction in this budget, such as the increase in tax on private jets. The Scottish Greens have led calls for this and whilst it doesn’t go as far as we would like, it is progress on one of the most incredibly polluting forms of travel.
     
    “What was missing was any confirmation from the Chancellor that she will take the necessary steps to finish the ten-year process of devolving Air Passenger Duty and allowing Scotland to make these decisions for ourselves.

    “There were also some deeply disappointing announcements. The social security section of the speech could have been lifted straight from the nastiest Tory conference speeches. Labour are continuing the Conservative tactic of punching down at vulnerable people when there is so much more money being lost through tax avoidance by the super-rich.”

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Jim Allister comments on Budget

    Source: Traditional Unionist Voice – Northern Ireland

    The North Antrim MP said:

    “Whereas restoration of the City Deals is welcome, this is a budget which will stymie growth, especially in an economy like Northern Ireland’s which is so dominated by SMEs.

    “Small business is bearing the burden of this budget with the broken promise hike in national insurance and above inflation increase to the living wage.

    “Swinging tax increases suppress, not encourage, growth.

    “The assault on inheritance tax relief for farmers is a big blow to many family farms.

    “Also, with no assured additional funding beyond 2026/27, the NI budget has not received the stability it needs.”

    MIL OSI United Kingdom

  • MIL-OSI Russia: Marat Khusnullin held meetings with the Governor of Perm Krai and the Head of the Karachay-Cherkess Republic

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Deputy Prime Minister Marat Khusnullin held working meetings with the Governor of Perm Krai Dmitry Makhonin and the head of the Karachay-Cherkess Republic Rashid Temrezov, at which the parties discussed the socio-economic development of the regions.

    “Speaking about the preliminary results of work in the Perm region, I would like to note that the implementation of state programs and national projects in the region is progressing quite well. Over the nine months since the beginning of the year, more than 1.2 million square meters have been commissioned. I would also like to note that the region shows good results in the implementation of the national project “Safe High-Quality Roads”: 85% of roads in urban agglomerations and 78.6% of regional roads are in standard condition,” said Marat Khusnullin.

    The region uses mechanisms of integrated development of territories in its work. Currently, Perm Krai has concluded 18 agreements on integrated development of territories, the total area of territories is about 182 hectares. By attracting investments, it is planned to resettle residents from dilapidated houses, renew buildings, modernize social, road and communal infrastructure, as well as improve public spaces.

    In turn, the Governor of Perm Krai Dmitry Makhonin thanked the Deputy Prime Minister for supporting the region’s projects.

    “Thanks to federal support, the region has managed to implement many large infrastructure projects in the road, construction, and transport development sectors in recent years. With federal co-financing, sections of the TR-53 highway and Stroiteley Street were commissioned ahead of schedule. They influence the development of the entire city’s road network: they improve transport links between districts, make traffic more comfortable and safer, and provide an incentive for housing construction. This creates new opportunities for the development of Perm and the Perm Region,” said Dmitry Makhonin.

    At a meeting with the head of the Karachay-Cherkess Republic Rashid Temrezov, the region’s participation in the new national project “Infrastructure for Life” was discussed, among other things.

    “The Karachay-Cherkess Republic is succeeding in many areas. Thus, the region has completed the resettlement of emergency housing, recognized as such before January 1, 2017, ahead of schedule, and has already begun a new program. Over the first nine months of this year, more than 286 thousand square meters have been commissioned. An important part of the comfortable life of citizens is the improvement of populated areas. Since the beginning of the year, 11 public spaces and 37 courtyards have been improved in the republic,” said Marat Khusnullin.

    The region also uses the mechanisms of infrastructure budget and special treasury loans. As part of the integrated development of a residential area in Cherkessk, it is planned to build water drainage networks at the expense of the IBC. Also, at the expense of the SCC, the region received 20 new buses. The fleet of Cherkessk has been updated by 85%.

    In addition, the Karachay-Cherkess Republic is carrying out restoration work in the sponsored Starobelsk district of the Luhansk People’s Republic. Work is currently underway to replace the emergency section of the sewer collector. An apartment building will also be built.

    “First of all, I would like to thank you, Marat Shakirzyanovich, for your constant and systematic support of the Karachay-Cherkess Republic, in particular, in the development of transport accessibility, social and communal infrastructure, as well as the creation of comfortable public spaces. All activities within the framework of the national projects supervised by you affect the improvement of the quality of life of the residents of Karachay-Cherkessia, create conditions for the development of various sectors of the economy, and contribute to ensuring road safety. We are focused on 100% implementation of all activities of the national projects, and we also consider readiness for new national projects as one of the priority tasks for the future as part of the implementation of the strategic goals and objectives set by Russian President Vladimir Putin in his Address to the Federal Assembly,” Rashid Temrezov emphasized.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI Economics: 2024 release wave 2 for Microsoft Dynamics 365 and Power Platform launches with hundreds of Copilot capabilities

    Source: Microsoft

    Headline: 2024 release wave 2 for Microsoft Dynamics 365 and Power Platform launches with hundreds of Copilot capabilities

    We’ve launched 2024 release wave 2 for Microsoft Dynamics 365, Microsoft Power Platform, and role-based Microsoft Copilot offerings—introducing a rollout of new features and enhanced capabilities releasing between October 2024 and March 2025. These updates include advanced Copilot capabilities for Microsoft 365 Copilot for Sales, Copilot for Service, and Copilot for Finance to empower your workforce, optimize business processes, and enhance customer engagement.

    Catch all the highlights and demos from today’s Microsoft Business Applications Launch Event. In addition to newly-announced features, you’ll learn how companies like Lynk & Co, Lifetime Products, Stoneridge Software, AIS, and Schneider Electric are leveraging these new features to drive transformation.

    Copilot and agents are the future of AI for business

    2.1 million users engage with Copilot across Microsoft business applications every month, including employees at companies like PayPal, HP, Lumen, and McKinsey & Company. These Copilot experiences can drive new levels of productivity and efficiency while offering high standards of privacy, security, and compliance.

    Moving forward, we envision AI-first organizations will comprise people, Copilot, and agents. Copilot is your AI assistant, designed to work for you. With Microsoft Copilot Studio, you can create, manage, and connect agents to Copilot. Organizations will have a network of agents, ranging from simple prompt-and-response systems to fully autonomous entities, that will operate on behalf of individuals, teams, or functions to execute and orchestrate business processes. Copilot serves as the interface for interacting with these agents, which can handle tasks such as accelerating lead generation, processing sales orders, and automating supply chains. At the Business Applications Launch Event, we showcased new features across Dynamics 365 and Microsoft Power Platform that demonstrate what’s possible with Copilot and agents.

    Thrive with customer experience applications

    2024 release wave 2 brings exciting new features to Dynamics 365 customer experience apps designed to deliver connected and personalized experiences for both customers and employees. These innovations focus on optimizing customer interactions and streamlining sales processes across your organization.

    New capabilities for Microsoft Dynamics 365 Customer Service, Microsoft Dynamics 365 Contact Center, and Microsoft Dynamics 365 Sales include a multilingual bot (supported languages), Copilot-generated prompts, in-line email functionality, and more. These features are set to transform how businesses engage with customers and manage internal processes.

    During the launch event, we showcased how Lynk & Co, an innovative car company, is leveraging the multilingual Copilot Studio bot in Dynamics 365 Customer Service. By using AI-powered voice recognition and Copilot-generated prompts, they’ve been able to optimize customer wait times and improve case resolution speed. These tools have enabled Lynk & Co to significantly reduce case review times while keeping their sales team in the loop, thanks to seamless data sharing between service and sales teams.

    With Copilot’s intelligent automation, sales managers at Lynk & Co can now focus on building customer relationships rather than manually sorting through documents. By streamlining workflows and providing actionable insights, Copilot empowers sales professionals to work more efficiently and drive business growth. These new capabilities—combined with tools like real-time prompts, the Sales Qualification Agent, and account summaries generated by Copilot—offer businesses a modern, intuitive way to stay connected with customers and make smarter decisions faster.

    Explore the release plans for Dynamics 365 Customer Service, Dynamics 365 Contact Center, and Dynamics 365 Sales.

    Defining autonomous enterprise resource planning (ERP) with innovative agents

    Microsoft Dynamics 365 ERP solutions introduce significant enhancements aimed at improving both core functionalities and autonomous capabilities. These updates include the introduction of five autonomous agents for Dynamics 365 designed to streamline processes and boost organizational efficiency. By automating routine tasks, businesses can focus more on strategic decision-making and adapt to the dynamic market landscape.

    For Lifetime Products, a leading global producer of outdoor consumer goods, these improvements have substantially enhanced the productivity of their finance team. The Account Reconciliation Agent for Dynamics 365 Finance autonomously identifies discrepancies between subledgers and ledgers, offering actionable recommendations and reducing manual effort. Additionally, automated bank reconciliation now matches transactions and summarizes histories, saving time and improving accuracy. These features have streamlined their month-end close process across multiple legal entities, enhancing both efficiency and compliance.

    In parallel, Microsoft Dynamics 365 Business Central updates have improved operations for more than 40,000 customers. The Sales Order Agent enables businesses like Stoneridge Software’s clients to manage sales orders without needing additional staffing, speeding up order processing while maintaining service quality. Interoperability between Dynamics 365 Business Central and Microsoft Dynamics 365 Field Service has streamlined service order management, reducing manual data entry and errors. This automation allows technicians to work more efficiently, improving the overall customer experience and ensuring timely service delivery.

    Explore the release plans for Dynamics 365 Finance, Microsoft Dynamics 365 Project Operations, Microsoft Dynamics 365 Supply Chain Management, Microsoft Dynamics 365 Commerce, Microsoft Dynamics 365 Human Resources, and Dynamics 365 Business Central.

    Unlock value everywhere with Microsoft Power Platform and Copilot Studio

    Microsoft Power Platform offers new capabilities that enhance automation and app development using AI-powered tools. Copilot simplifies workflows, generates apps, and assists with complex processes, enabling businesses to manage tasks more effectively. With new AI-driven features across Microsoft Power Platform you can create solutions across your organization in record time.

    At the launch event, we highlighted how Applied Information Sciences (AIS) is improving workforce efficiency in vendor invoice management using AI-enabled features in Microsoft Power Automate. With Copilot, automating processes such as routing and approvals based on predefined rules, AIS can handle a large volume of invoices daily, reducing manual input and increasing productivity. Users can easily update workflows with a few clicks, and the new summary functionality ensures clear tracking and sharing of updates.

    AIS’s onboarding process for new consultants supports ongoing training with Copilot in Microsoft Power Apps. “Search with Copilot” allows users to retrieve records using natural language queries, while the AI-enabled paste feature efficiently fills out onboarding forms, reducing manual data entry. Copilot Studio improves IT Helpdesk automation with task assignment and grounding third-party data sources through knowledge management.  This provides analytics for monitoring agent performance and improves accuracy while also enabling a continuous improvement process.

    Explore the release plans for Power Apps, Microsoft Power Pages,  Power Automate, and Copilot Studio.  

    Bring automation to your business with Copilot

    The latest improvements in Microsoft 365 Copilot for Sales, Copilot for Service, and Copilot for Finance focus on enhancing user experience by automating routine tasks and providing actionable insights through autonomous agents. These advanced functionalities allow sales teams, customer service representatives, and finance professionals to offload repetitive activities, enabling them to concentrate on strategic initiatives. As a result, organizations can optimize efficiency and improve overall productivity.

    For instance, companies like Lumen and Genpact have experienced significant time savings with Microsoft 365 Copilot for Sales and Microsoft 365 Copilot for Finance capabilities. Lumen reported a 94% reduction in research time for sales data, while Genpact achieved over a 50% decrease in payroll processing time through automated reconciliation. These enhancements demonstrate how Copilot agents are not only improving workflows but also positively impacting the workforce’s efficiency.

    Schneider Electric is another example of a company benefiting from these advancements. Its sales team can now effectively prioritize leads with the help of the Lead Intelligence Agent, which analyzes customer interactions and external data to deliver enriched insights. This streamlined approach allows sales representatives to engage with prospects more strategically, ultimately supporting their goal of enhancing efficiency and driving revenue growth.

    Explore the release plans for Microsoft Copilot for Finance, Microsoft Copilot for Service, and Microsoft Copilot for Sales.

    Business Applications Launch Event

    Dive deeper into the new and enhanced AI capabilities included in the 2024 release wave 2.

    Watch the virtual Microsoft Business Applications Launch Event

    Join us for the on-demand Microsoft Business Applications Launch Event to discover the latest enhancements in Dynamics 365, Microsoft Power Platform, and Microsoft Copilot apps. The event features in-depth demos of new autonomous agents and other capabilities designed to optimize your workflows and streamline operations.

    Don’t forget to review the detailed release plans for Dynamics 365 and Microsoft Power Platform. Stay updated on the latest features and upcoming enhancements, and create your personalized release plan using the release planner to ensure you’re equipped with the knowledge needed to maximize these new capabilities.

    MIL OSI Economics

  • MIL-OSI United Kingdom: Applications open for the Portsmouth Older Persons Energy Payment

    Source: City of Portsmouth

    Portsmouth pensioners can now apply for a payment from Portsmouth City Council which is open to some households who will miss out on the national Winter Fuel Payment.

    The Portsmouth Older Persons Energy Payment offers a one-off £200 or £300 payment for this winter only, to pension-aged Portsmouth residents, who will be eligible if:

    • They receive Housing Benefit or Council Tax Support
    • They are not receiving any of the qualifying benefits for the Winter Fuel Payment – Pension Credit, Universal Credit, income-related Employment Support Allowance, income-based Jobseeker’s Allowance, Income Support, Child Tax Credit, Working Tax Credit.

    A £200 payment will be given to eligible pensioners under the age of 80, and £300 to those 80 or over.

    The scheme is live and applications can be made through the council’s website. Those who need help applying can call the council’s cost of living helpline 023 9284 1047 (open 9-5pm Monday-Friday, closes 4.30pm Friday).

    Portsmouth City Council Leader Cllr Steve Pitt said: “Older residents can now apply for our energy payment scheme. We have launched it to support around 2,000 households who we believe will be impacted most by their Winter Fuel Payment being stopped.

    “It will be a one-off support to help these people transition to no longer receiving the payment from government this year. We know a lot of people rely on that money each winter and they won’t have had time to budget for losing it.

    “We unfortunately don’t have the financial resources to make this scheme permanent or to help all 18,000 Portsmouth households who won’t get the payment after the government’s change this year. But a range of support is available for all ages this winter.”

     2,500 households missing out on Pension Credit

    It’s estimated that nearly 2,500 Portsmouth households aren’t claiming the Pension Credit they’re entitled to, and are missing out on an average of £3,900 per person a year, or £300 a month. People receiving Pension Credit will automatically receive the government’s Winter Fuel Payment.

    The council is urging everyone of pension age, their families and friends to check if they are eligible. You can find out if you are eligible and claim Pension Credit online on the government website or by phone on 0800 99 1234, where you can also request a form through the post. Check if you’re eligible using the online Pension Credit Calculator.

    Support for all ages

    Cost-of-living helpline and online information hub: For help around essential costs, health and wellbeing, jobs, money and housing, and hardship funding people can apply for. The helpline is open weekdays from 9am-5pm (closes 4.30pm Fridays) on 023 9284 1047, or visit: www.portsmouth.gov.uk/costofliving

    Switched On Portsmouth: For help reducing energy bills, including referring to energy saving schemes and offering free advice. Call on 0800 260 5907 or visit www.switchedonportsmouth.co.uk

    Household Support Fund: The council will continue to use government grants to support residents of all ages. Following the recent six-month extension of the grant, the team are setting up new schemes to assist people in need. Information on the help available will continue to be updated on the Household Support Fund webpages.

    Warm Spaces: Our libraries are again now offering hot drinks in all nine libraries over the winter, along with other community settings. Find the fantastic, free activities happening in our libraries on the website, on Facebook or by popping into your local library.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: A Budget to fix the foundations and deliver change for Northern Ireland

    Source: United Kingdom – Executive Government & Departments

    The UK Chancellor delivered the Autumn Budget today (Wednesday 30 October 2024)

    Autumn Budget 2024

    • Chancellor takes long-term decisions to restore stability, rebuild the United Kingdom and protect working people across Northern Ireland.
    • No change to working people’s payslips as employee national insurance, income tax and VAT stay the same, but businesses and the wealthiest asked to pay their fair share.
    • Record £18.2 billion for the Northern Ireland Executive in 2025/26 including an additional £1.5 billion through the Barnett formula.
    • City and Growth Deals confirmed to continue to unlock growth and investment, while over £45 million is provided for counter-terrorism and security funding.

    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 the United Kingdom, while ensuring working people across Northern Ireland 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 Northern Ireland and lay the foundations for growth across the UK as its number one mission.

    The Chancellor announced that the Northern Ireland Executive will be provided with a £18.2 billion settlement in 2025/26 – the largest in real terms in the history of devolution. This includes a £1.5 billion top-up through the Barnett formula, with £1.2 billion for day-to-day spending and £270 million for capital investment.

    Secretary of State for Northern Ireland Hilary Benn said:

    This is the biggest real terms settlement for Northern Ireland since devolution. 

    The Northern Ireland Executive will get an additional £640 million in Barnett consequentials this year, and an additional £1.5 billion next year. 

    This will provide  a strong foundation for stability and growth, and sees the UK Government delivering real change for the people of Northern Ireland.

    We have also confirmed the UK Government’s investment in Northern Ireland’s City and Growth deals, which is a huge boost to communities in both rural and urban areas. The Mid South West and Causeway Coast and Glens Deals alone will receive a combined investment from the UK Government of £162 million, and I look forward to seeing them progress and make a real impact now and in years to come. 

    Meanwhile, measures such as the Northern Ireland Enhanced Investment Zone, continuing support for Northern Ireland integrated schooling and the UK-wide investment of over £500m in digital infrastructure through Project Gigabit and the Shared Rural Network benefit people across Northern Ireland’s communities.

    The increase to £37.8 million in funding for the Police Service of Northern Ireland through the Additional Security Fund, combined with £8 million for the Executive Programme on Paramilitarism and Organised Crime, underscores the UK Government’s continuing and steadfast commitment to security.

    This budget is positive news for people across Northern Ireland, encouraging economic growth and enabling the conditions for a brighter future.

    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, Income Tax or VAT on working people in Northern Ireland, 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 around 100,000 minimum wage workers in Northern Ireland in 2023.
    • The Chancellor has made the decision to protect working people in Northern Ireland from being dragged into higher tax brackets by confirming that Income Tax and 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 1.3 million people in Northern Ireland, saving the average car driver £59, vans £126 and Heavy Goods Vehicles £1,079 next year.
    • To support pubs and smaller brewers in Northern Ireland, 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.  

    Rebuilding the United Kingdom

    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 Northern Ireland. This includes £760 million of targeted funding for the Northern Ireland Executive, of which £662 million is as committed in the 2024 restoration financial package and £90 million is for capital investment.

    • The UK Government today confirmed that investment in the Mid South West and Causeway Coast and Glens City Deals will continue, supported by a value for money assessment as part of the review of the business cases for projects to ensure best value is being delivered. The Mid South West and Causeway Coast and Glens Deals deliver a combined investment from UK Government of £162 million over 15 years to rural areas in Northern Ireland.
    • The Chancellor committed the UK Government to working closely with the Northern Ireland Executive 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.
    • The UK Government has today reaffirmed its commitment to develop an Enhanced Investment Zone in Northern Ireland and will continue to work closely with the Northern Ireland Executive to develop proposals.
    • The UK Government has increased funding to £37.8 million for the Police Service of Northern Ireland’s Additional Security Fund and confirmed £8 million for the Executive Programme on Paramilitarism and Organised Crime to ensure that people and communities are kept safe from violence and harm.
    • To support community cohesion the UK Government is providing £730,000 of additional funding in 2025-26 to support schools in Northern Ireland through the transformation process as they work towards integrated status.
    • Under-served parts of Northern Ireland 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 Northern Ireland’s 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 firms in Northern Ireland to employ four National Living Wage workers full time without paying 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.

    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 Higher Rate for Additional Dwellings surcharge of Stamp Duty Land Tax will rise from 3 to 5%, providing those looking to move home, or purchase their first property, with a comparative advantage over second home buyers, landlords, and businesses purchasing residential property.

    • 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 Northern Ireland Executive greater clarity for in its own budget-setting.  A Fiscal Lock will also ensure no future government can sideline the OBR again.

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom

  • MIL-OSI USA: ICYMI: Biden-Harris Administration Announces Selections for Nearly $3 Billion of Investments in Clean Ports as Part of Investing in America Agenda

    Source: US State of New Jersey

    EPA’s Clean Ports Program to fund 55 zero-emission port equipment, infrastructure, and planning projects across the nation to tackle climate change, reduce air pollution, promote good jobs, and advance environmental justice

    WASHINGTON – Tuesday, as part of President Biden and Vice President Harris’ Investing in America agenda, the U.S. Environmental Protection Agency announced the selection of 55 applicants across 27 states and territories to receive nearly $3 billion through EPA’s Clean Ports Program. These grants will support the deployment of zero-emission equipment, as well as infrastructure and climate and air quality planning projects at ports across the country. The grants are funded by President Biden’s Inflation Reduction Act — the largest investment in combating climate change and promoting clean energy in history— and will advance environmental justice by reducing diesel air pollution in U.S. ports and surrounding communities while promoting good-paying and union jobs that help America’s ports thrive.

    Ports are vital to the U.S. economy and are responsible for moving goods and people throughout the country. At the same time, the port and freight equipment responsible for moving goods including trucks, locomotives, marine vessels, and cargo-handling equipment contribute to significant levels of diesel air pollution at and near port facilities. This pollution is especially harmful to nearby communities’ health and contributes to climate change. The funds announced Tuesday will improve air quality at ports across the country by installing clean, zero-emission freight and ferry technologies along with associated infrastructure, eliminating more than 3 million metric tons of carbon pollution, equivalent to 391,220 homes’ energy use for one year.

    “Our nation’s ports are critical to creating opportunity here in America, offering good-paying jobs, moving goods, and powering our economy,” said EPA Administrator Michael S. Regan. “Today’s historic $3 billion investment builds on President Biden’s vision of growing our economy while ensuring America leads in globally competitive solutions of the future. Delivering cleaner technologies and resources to U.S. ports will slash harmful air and climate pollution while protecting people who work in and live nearby ports communities.”

    “President Biden and Vice President Harris entered office with a vision to rebuild our nation’s infrastructure and tackle the climate crisis in a way that would create good-paying and union jobs and uplift the communities who’ve borne the brunt of pollution,” said John Podesta, Senior Advisor to the President for International Climate Policy. “The EPA Clean Ports program is one of the best examples of their vision come to life.”

    “Decarbonizing our nation’s ports is one of the many ways President Biden and Vice President Harris’s investment agenda is helping cut pollution and create good-paying union jobs,” said White House National Climate Advisor Ali Zaidi. “The communities being uplifted by these grants provide proof points for how good environmental policy can be good economic policy. By advancing clean energy solutions in every sector of our growing economy, the Biden-Harris administration continues to position our nation to lead the global clean energy race, while protecting all communities — especially those on the front-line and the fence-line — from harmful pollution in the air we breathe and the water we drink.”

    “The Port of Baltimore is a vital economic engine for the state and a leader among the nation’s ports. As we work to improve the Port, it is essential that we build for the future. The projects supported by the Clean Ports Program will help reduce emissions, improve air quality in the Baltimore region and create more clean energy jobs,” said Senator Ben Cardin (MD). “The Biden-Harris administration’s bold investments in modernizing our infrastructure are driving our economy forward while enabling us to take on climate change in a meaningful way.”

     “The tremendous projects selected for these federal funding awards will improve air quality and combat climate change by dramatically diminishing the Port of Baltimore’s greenhouse gas and toxic pollutant emissions via installation of zero-emission cargo handling equipment and trucks, while also bolstering the Maryland Port Administration’s overall emissions reduction strategy. These extraordinary federal investments into our Port are consistent with our collective duty to preserve the planet – while also continuing to uplift the Port of Baltimore’s workforce and surrounding communities in the transition to a zero-emissions facility,” said Congressman Kweisi Mfume (MD-07). “As exemplified by this compelling announcement, the historic Inflation Reduction Act continues to tackle the climate crisis with fierce urgency right here in Baltimore.” 

    In February 2024, EPA announced two separate funding opportunities for U.S. ports – a Zero-Emission Technology Deployment Competition to directly fund zero-emission equipment and infrastructure to reduce mobile source emissions and a Climate and Air Quality Planning Competition to fund climate and air quality planning activities. The competitions closed in May 2024 with over $8 billion in requests from applicants across the country seeking to advance next-generation, clean technologies at U.S. ports.

    After a thorough and rigorous grant application review process, EPA selected 55 applications to receive this historic investment. Applications to the Clean Ports Program were evaluated in part on their workforce development efforts, to ensure that projects will expand access to high-quality jobs. Grant selections also align with the Administration’s national goal for a zero-emission freight sector, the National Blueprint for Transportation Decarbonization, and the ‘all-of government’ National Zero-Emission Freight Corridor Strategy.

    Selected projects cover a wide range of human-operated and human-maintained equipment used at and around ports, with funds supporting the purchase of zero-emission equipment, including over 1,500 units of cargo handling equipment, 1,000 drayage trucks, 10 locomotives, and 20 vessels, as well as shore power systems, battery-electric and hydrogen vehicle charging and fueling infrastructure, and solar power generation.

    Initial estimates of tailpipe reductions from this new equipment are estimated to be over 3 million metric tons of CO2, 12 thousand short tons of NOx, and 200 short tons of PM2.5 in the first 10 years of operation.  These estimates are based on initial counts of proposed zero-emission equipment and shore power installations and do not consider benefits from retiring older vehicles, among other factors. These simplified estimates were prepared using national default emissions and activity factors and will be refined over time with more detailed information from selectees.

    Selected Zero-Emission Technology Deployment project examples include:

    The Port Authority of New York and New Jersey (PANYNJ) has been selected to receive an anticipated $344,138,135 to work with 5 collaborating partners to implement their proposed project, Catalyzing Change: Zero-Emissions NY-NJ Port Projects for a Greener Future. The proposed project includes the deployment of electric cargo handling equipment and drayage trucks with supporting charging infrastructure, including through a ZE Equipment for Ports (ZEEP) Voucher Incentive Program and Green Drayage Accelerator (GDA) program. PANYNJ commits to reducing the number of polluting vehicles at the port by scrapping a portion of the existing fleet. The project also includes the installation of vessel shore power infrastructure. As part of this project, PANYNJ will implement a comprehensive community engagement plan and train workers to operate and maintain new equipment and infrastructure.

    The Detroit/Wayne County Port Authority has been selected to receive an anticipated $21,905,782 to initiate the transition to a zero-emission future for the Port of Detroit in Michigan. The proposed project includes the acquisition and deployment of battery-electric cargo handling equipment, vessels, railcar movers, charging equipment, and solar arrays to support the electricity needs of the new equipment. The project also includes the scrappage of diesel cargo handling equipment, a vessel, and a railcar mover to reduce air pollution at the port and in the surrounding area. As part of this project, the applicant plans to develop a stakeholder engagement plan to facilitate community engagement and a guidebook for workforce development. 

    The Georgia Ports Authority (GPA) has been selected to receive an anticipated $48,763,746 to upgrade the Port of Savannah and the Port of Brunswick with vessel shore power systems. These systems will allow ships to ‘plug-in’ to electric grid power and turn off auxiliary diesel engines while at port. In addition, the project includes the scrappage and replacement of diesel terminal tractors with new electric terminal tractors and the installation of electric charging infrastructure. GPA plans to engage with communities through their community advisory network and conduct classroom and on the job training for workers related to shore power, zero-emission vehicles, and charging stations.

    The Philadelphia Regional Port Authority has been selected to receive an anticipated $77,650,965 to deploy zero-emission port equipment across the Port of Philadelphia’s (PhilaPort) operations in Pennsylvania. The equipment slated for purchase under this project includes zero-emissions (ZE) cargo handling equipment and associated charging infrastructure. The project also includes the scrappage of a portion of the existing diesel fleet to reduce air pollution at the port and in the surrounding area. In addition to the deployment of zero-emission technology, the Philadelphia Regional Port Authority plans to conduct community engagement and workforce development through this project.

    The Port Department of the City of Oakland has been selected to receive an anticipated $322,167,584 to purchase and deploy zero-emission technology at the Port of Oakland in California. Project activities include the deployment of electric and hydrogen cargo handling equipment, drayage trucks, charging infrastructure, and a battery energy storage system, and the scrappage of a portion of the existing diesel fleet. The project includes community engagement activities, workforce training on zero-emission equipment, and efforts to expand access to high-quality jobs in near-port communities.

    Selected Climate and Air Quality Planning project examples include:

    The Port of Houston Authority in Texas, which has been selected to receive an anticipated $2,983,457 grant for the Port Houston’s PORT SHIFT (Ports Optimizing Resilient Transportation through Sustainable, Human, Innovative, and Forward-looking Technology), a comprehensive program designed to accelerate the introduction of zero-emissions technology into the Houston Port ecosystem. The project includes nine tasks: 1) greenhouse gas emissions inventory; 2) truck route analysis; 3) infrastructure cost assessment; 4) climate action plan; 5) performance measurement framework; 6) advisory council and community engagement forum; 7) trucking industry collaborative; 8) workforce planning and engagement; and 9) resiliency planning.

    The Puerto Rico Ports Authority has been selected to receive an anticipated $1,800,000 for planning activities including the development of a baseline air emissions inventory and two projected “business as usual” emissions inventories for 2030/2050, development of emissions reduction strategies, and stakeholder engagement. Reduction strategies will prioritize technologically and operationally feasible vehicles and equipment that can be integrated to reduce criteria, greenhouse gas, and toxic air emissions. The project also includes development of a resiliency plan to protect infrastructure from climate related vulnerabilities, such as hurricanes.

    The Northwest Seaport Alliance (NWSA) has been selected to receive an anticipated $3,000,000 to conduct planning for a breakbulk cargo terminal at the Port of Tacoma in Washington. Expected activities include completing a baseline emissions inventory and feasibility analysis of ZE technology to inform the development of a plan to transition 40 pieces of CHE and light-duty vehicles to zero-emissions, and engineering and design for shore power. A workforce development and climate resilience needs assessment will be prepared as part of the planning process. Meaningful community is already a standard practice at NWSA, and the project is informed by community concerns.

    In addition to protecting human health and the environment, the program will protect and grow good-paying and union port jobs, create new good-paying and union jobs in the domestic clean energy sector, and enhance U.S. economic competitiveness through the innovation, installation, maintenance, and operation of zero-emissions equipment and infrastructure. The program’s historic investment in zero-emission port technology will also help promote and ensure the U.S. position as a global leader in clean technologies.

    EPA’s Clean Ports Program advances President Biden’s Justice40 Initiative, which aims to deliver 40% of the overall benefits of certain federal investments to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.  Disadvantaged communities will benefit from cleaner air and access to high quality jobs that will be created to operate zero emissions technologies at ports.

    EPA ensured that near-port community engagement and equity considerations were at the forefront of the Clean Ports Program’s design, including by evaluating applications on the extent and quality of their projects’ community engagement efforts. The program will also help to ensure that meaningful community engagement and emissions reduction planning become a part of port industry standard practices by building on the successes of EPA’s Ports Initiative and the Diesel Emissions Reduction Act programs. These programs have previously invested over $196 million to implement 207 diesel emissions reduction projects at ports with an additional $88 million to multi-sector projects that involve ports and have encouraged strong community-port collaboration.

    The agency anticipates making awards once all legal, statutory, and administrative requirements are satisfied. Selectees will work with EPA over the coming months to finalize project plans before receiving final awards and moving into the implementation phase. Project implementation will occur over the next three to four years depending on the scope of each project.

    To learn more about the Clean Ports Program tentatively selected applications, please visit the Clean Ports Program Selections webpage.

    MIL OSI USA News

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

    Source: Office of United States Attorneys

    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 Security OSI

  • MIL-OSI Security: Atlantic County Doctor Sentenced to 15 Months in Prison for Health Care Fraud Conspiracy

    Source: Office of United States Attorneys

    CAMDEN, N.J. – An Atlantic County, New Jersey, doctor was sentenced to 15 months in prison for his role in defrauding New Jersey state and local health benefits programs and other insurers by submitting fraudulent claims for medically unnecessary prescriptions, Attorney for the United States Vikas Khanna announced.

    Brian Sokalsky, 46, of Margate, New Jersey, previously pleaded guilty before U.S. District Judge Robert B. Kugler to a superseding information charging him with one count of conspiring to commit health care fraud. U.S. District Judge Edward S. Kiel imposed the sentence on Oct. 29, 2024, in Camden federal court. 

     Sokalsky, pharmaceutical sales representative Vincent Tornari, 50, of Linwood, New Jersey, and former advanced nurse practitioner Ashley Lyons-Valenti, 67, of Swedesboro, New Jersey, were charged in a 33-count indictment in June 2020. Tornari pleaded guilty on March 14, 2023, and Lyons-Valenti pleaded guilty on Feb. 28, 2023, to their respective roles in the conspiracy. Tornari and Lyons-Valenti are both awaiting sentencing.

    According to court documents filed in this case and statements made in court:

    Compounded medications are specialty medications mixed by a pharmacist to meet the specific medical needs of an individual patient. Although compounded drugs are not approved by the Food and Drug Administration (FDA), they are properly prescribed when a physician determines that an FDA-approved medication does not meet the health needs of a particular patient, such as if a patient is allergic to a dye or other ingredient.

    The conspirators learned that certain medications made by compounding pharmacies reimbursed for up to thousands of dollars for an individual’s one-month supply. They learned that certain insurance plans – including insurance plans for state and local government employees and certain other insurance plans – covered these medications.

    Sokalsky agreed to authorize prescriptions for former pharmaceutical sales representative Matthew Tedesco, 49, of Linwood, New Jersey, who pleaded guilty to health care fraud conspiracy in June 2017, and others working with Tedesco. In exchange for authorizing those prescriptions, Tedesco referred approximately 30 patients to Sokalsky’s new medical practice.  Sokalsky, in turn, billed insurance for patient visits for those people steered to his practice by Tedesco. Sokalsky also authorized prescriptions for the medications for existing patients of his practice, which he did to financially benefit Tedesco and encourage him to refer more patients to his new practice. Sokalsky authorized medically unnecessary medications, including libido creams for young females and excessive quantities of the medications with the maximum number of refills selected. When insurance stopped covering certain formulations of the medications, Tedesco informed Sokalsky that he needed to authorize new prescriptions.  Sokalsky did so, often without seeing the individual for a follow-up visit or informing the person of the change in medication. In total, insurance paid more than $5 million for fraudulent prescriptions authorized by Sokalsky.

    In addition to the prison term, Judge Kiel sentenced Sokalsky to three years of supervised release and ordered restitution of $5.13 million.

    Attorney for the United States Khanna credited agents of the FBI’s Atlantic City Resident Agency, under the direction of Acting Special Agent in Charge Nelson I. Delgado in Newark; special agents of IRS – Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan in Newark; and the U.S. Department of Labor Office of Inspector General, New York Region, under the direction of Special Agent in Charge Jonathan Mellone, with the investigation leading to the sentencing.

    The government is represented by R. David Walk Jr., Deputy Chief of the Criminal Division; and Assistant U.S. Attorney Daniel A. Friedman of the Camden office.

    MIL Security OSI

  • MIL-OSI: MELD announces Crypto Debit Cards

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 30, 2024 (GLOBE NEWSWIRE) — MELD, crypto native Neobank has announced Crypto native Debit cards. MELD has completed a partnership with a licensed Mastercard provider to bring Debit Cards to European customers of MELD. The new MELD cards will begin issuing in Q1 of 2025 expanding on MELD fiat anc crypto offering.

    With the addition of the MELD debit card, Neobank users will have fiat accounts connected to a non-custodial crypto wallet giving users the ability to on and off ramp more than 30 currencies and use their MELD card in millions of locations around the world. This is MELD’s next step in becoming a full fledged financial service provider for crypto users and businesses.

    The MELD card will be a part of the premium accounts offered by the MELD Neobank that include very low on and off ramp fees of 0.01%+1€. When you connect this card to MELD lending and borrowing protocol you see the vision of a holistic DeFi meets TradFi solution coming into view.

    MELD’s fiat and on/off ramp solution is available in 160 countries and will support more than 35 currencies when the cards go live. Add to this dedicated IBAN accounts supporting many main currencies like USD, GBP, CHF, SGD and JPY the MELD offering will cover most crypto users’ banking needs while not treating them like criminals.

    Debit with Benefits
    The MELD debit card is not a normal card. MELD will be connecting the debit card to lending and borrowing to create a type of line of credit but the line of credit will generate a yield for you when not using it. MELD calls this a genius loan and its feature in their borrowing protocol that will be extended to debit cards.

    Native Yield
    MELD has innovated in the yield earned when supplying. MELD is a cross chain protocol so you can use assets on several major blockchains like Ethereum, Avalanche and Cardano. When you use these assets in the MELD protocol they will earn a native yield (or risk free rate). The way MELD does this is by putting bridged assets to work by staking them on their respective chains and bringing the yield to MELD via lending and borrowing. In this way MELD is bringing native yield to its ecosystem and users reap the benefits.

    DeFi meets Neobank
    MELD is bringing together their Neobank services like debit cards with their lending and borrowing to realize the vision of traditional finance melded with decentralized finance in one seamless offering. Bringing the best of both worlds together for users around the world. Where a user can have a normal bank account but also use DeFi to unlock liquidity in their crypto investments. With this new offering MELD is bringing powerful financial tools to the masses, where they have historically been reserved for wealthy individuals and corporations.

    About MELD
    MELD is a crypto native global neobank powered by the blockchain. Bringing fiat currencies like (30+ including USD and EUR) and crypto currencies (1000+ including BTC and ETH) together in one seamless wallet supporting more than 150 countries. MELD makes it easy to navigate between these two worlds and get the best out of both. From generating a yield on your crypto to debit cards and business accounts, MELD brings fundamental banking services to everyone.

    The MELD blockchain powers more than just the MELD Neobank, with a non-custodial lending and borrowing protocol and more than 30 businesses building on MELD. Users interact with all of this through the MELD web and Mobile apps helping people and businesses take full advantage of both their crypto assets and fiat assets.

    You can follow the project and stay up to date with its development at these links: Website | X (Twitter) | Telegram |

    Contact:
    press@meld.com

    Disclaimer: This content is provided by MELD. 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/30ac8785-2176-4630-b413-7025e89b1c2c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b294abb8-5473-4eb9-b53d-5e570a401adb

    The MIL Network

  • MIL-OSI: Felix partners with Zero Hash to expand its simplified, borderless remittance solution

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Felix, the chat-based platform that combines Stablecoins and AI to make remittances as easy as sending a WhatsApp, has partnered with Zero Hash, the leading crypto and stablecoin infrastructure platform. Leveraging Zero Hash’s infrastructure that seamlessly connects fiat, crypto and stablecoins, with broad regulatory coverage (across 52 US jurisdictions), Felix now offers their simplified cross-border payments solution to more than 60 million US-based Latinos, who collectively send $150bn to their families every year.

    In just two years, Felix has grown over 500x in payment volume helping hundreds of thousands of Latinos in the US sending money back home to family and friends. In May 2024, Félix Pago raised $15.5 million in Series A funding, and in 2023 they won a prestigious award from CrossTech: ‘Fintech Making a Difference’.

    Felix has identified a crucial need in the Latino immigrant community, where sending money back home using traditional methods is often a complex, slow and expensive process. By integrating their service with Whatsapp, an app used by 85% of Latinos, and using stablecoins to move money across borders 24/7/365 and in near real-time, Felix has created a user-friendly, more cost-efficient solution for sending remittances.

    Through embedding Zero Hash’s infrastructure natively into the Felix service, Felix is able to control the front end customer experience, while Zero Hash handles the end-to-end technical and regulatory compliant money movement on the back end; receiving and converting USD to USDC, and then sending to global partners instantly, who convert the USDC to the local currency, and send the funds to the receiver. Leveraging stablecoins offer a faster and more affordable way to remit money from the US to Mexico.

    “One of the biggest indicators of our success is our NPS score of 90, which is more than double the typical score in the remittance industry. We’re extremely proud of that number. It’s a testament of our success in delivering user-friendly, efficient remittance solutions for the Latino community. By combining a familiar messaging application with stablecoin technology, we’re not just transferring money – we’re ensuring that more of the money that is sent goes to the recipient.” said Manuel J Godoy, Co-Founder & CEO at Felix. ” Zero Hash’s seamless, connected and safe stablecoin infrastructure, abstracts the complexity for us, and means Felix can focus on building the best remittance experience, for the millions of Latinos sending money back home.”

    “This remittance flow, powered by stablecoin technology as the ‘network of networks’, enables sender and receiver to operate in fiat, without having to interact with stablecoins,” said Edward Woodford, Founder and CEO of Zero Hash. “We have always believed that the adoption of crypto and stablecoins will happen when the technology moves from the foreground to the background, and are delighted that the partnership between Zero Hash and Felix achieves that; resulting in simple, instant, and cheap money transfers.”

    About Felix

    Félix is ​​a chat-based platform that enables Latinos in the US to send money abroad. We combine Blockchain and Artificial Intelligence to disrupt how remittances are done today and build the future of cross-border payments.

    Felix launched its services in the summer of 2022 and since then has supported hundreds of thousands of Latinos to send money back home in seconds and at a fraction of the cost of traditional methods. Felix has raised $20m+ in capital from investors including Castle Island Ventures, Switch Ventures, HTwenty, Contour and MELI Capital (the corporate VC of Mercado Libre)

    About Zero Hash

    Zero Hash is a B2B2C crypto-as-a-service infrastructure platform that allows any platform to embed digital assets natively into their own customer experience quickly and easily through a matter of API endpoints. Zero Hash’s turnkey solution handles the entire backend complexity and regulatory licensing required to offer crypto products.

    Zero Hash Holdings, through its subsidiaries, powers neo-banks, broker-dealers, payment groups as well as non-financial brands to offer crypto and stablecoin powered products.

    Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

    Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. This registration enables Zero Hash to offer its crypto services in Australia. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. A FSP in New Zealand is a registration and does not mean that Zero Hash Australia Pty Ltd. is licensed by a New Zealand regulator to provide crypto services. Zero Hash Australia Pty Ltd.’s registration on the New Zealand register of financial service providers does not mean that Zero Hash Australia is subject to active regulation or oversight by a New Zealand regulator. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) registration by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

    Connect with Zero Hash

    Website | Twitter | LinkedIn | Medium

    Zero Hash Contact

    Shaun O’keeffe

    (855) 744-7333

    media@zerohash.com

    Zero Hash Disclosures

    Zero Hash services and product offerings may not be available in all jurisdictions. Zero Hash accounts are not subject to FDIC or SIPC protections, or any such equivalent protections that may exist outside of the US. Zero Hash’s technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero. Zero Hash is not registered with the SEC or FINRA. Zero Hash does not provide any securities services and is not a custodian of securities, including security tokens, on behalf of customers.

    The MIL Network

  • MIL-OSI: TAB Bank Secures Nearly $100 Million in Q3 Financing Deals, Empowering 385 Businesses Nationwide

    Source: GlobeNewswire (MIL-OSI)

    OGDEN, Utah, Oct. 30, 2024 (GLOBE NEWSWIRE) — TAB Bank successfully closed $98.4 million in credit facilities across 385 deals during the third quarter of 2024. The financing includes a diverse range of loans such as working capital, equipment, commercial real estate, small business lines of credit and accounts receivable funding across numerous sectors, including homeware, restaurant, manufacturing, real estate, transportation, and more. TAB Bank remains a solid financial partner for businesses nationwide, offering crucial capital for growth and success to turn goals into reality.

    Highlights of the largest Q3 2024 deals include:

    • $12 million–A multifamily community developer based in Texas.
    • $10 million–Mobility Trust Group, a company based in Virginia, specializing in financing wheelchair-accessible vehicles (WAV) and home mobility equipment for people living with disabilities.
    • $5 million–CoreCentric Solutions, a leader in the repair, remanufacture and product returns industry based in Illinois.
    • $4.5 million–The Fiesta Tableware Co., the American-made tableware company based in West Virginia.
    • $4 million–A full-service metal manufacturer based in Colorado serving the aerospace, defense, medical, marine and renewable energy industries.
    • $2 million–Dirty Dough, a rapidly expanding gourmet cookie company based in Utah.

    With its roots in serving over-the-road truckers and the broader transportation industry for over 25 years, TAB Bank provided term loans and lines of credit in the third quarter ranging from $30,000 to $250,000 to transportation and logistics companies to help create consistent operational cash flow.

    “At TAB Bank, we’re all about providing personalized financial solutions to empower businesses to thrive. Whether businesses need working capital to sustain growth or equipment loans to expand operations, we deliver flexible financing options designed to meet unique needs,” said Tyler Heap, President at TAB Bank. “We are proud of our work in Q3 and remain committed to helping companies, especially those in underserved markets, access the capital they need to scale and succeed.”

    The bank’s services include working capital, equipment financing, term loans, lines of credit and commercial real estate loans. TAB Bank’s specialists ensure each client is matched with the right financial product for their industry and growth stage. The bank supports businesses with stellar credit and those without, requiring alternative assessments. To determine creditworthiness, the bank considers various factors, such as income and operational history.

    For more information on TAB Bank’s capital financing and credit solutions, visit TABBank.com.

    About TAB Bank
    At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience. 

    For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

    Contact Information:
    Trevor Morris
    Director of Marketing
    801-624-5172
    trevor.morris@tabbank.com

    The MIL Network

  • MIL-OSI Africa: Afreximbank Calls for Increased Collaboration to Accelerate the Green Energy Transition in Africa

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

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

    The eighth Babacar Ndiaye Lecture held at the Four Seasons Hotel in Washington D.C., on 26 October 2024, under-scored the need for African nations to strike a balance between short-term development imperatives and long-term climate goals. 

    Under the theme “Saving Lives Today versus Saving the Planet for the Future: Can the AfCFTA Resolve the Climate Change Dilemma?” discussions centred on how the African Continental Free Trade Area (AfCFTA), Africa’s most ambitious trade initiative, could serve as a vehicle for economic growth and environmental sustainability, positioning the continent as a leader in the global green transition.  

    The Lecture drew a distinguished audience of policymakers, academics, financial experts and climate advocates.  

    Speaking about Dr. Babacar Ndiaye in his opening remarks, H.E. Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank Group, said “Dr Babacar Ndiaye was most concerned by the long-term threats posed to humanity by climate change. He once said, “Climate change is the greatest threat to development, particularly in Africa, where millions of people depend on the environment for their livelihoods … Africa’s economic transformation cannot happen without addressing climate change.”  

    Dr. Ndiaye’s reflection on the impact of climate change was spot-on and intellectually deep.” But, “disappointingly, the global debate on climate has been so much focused on emissions reduction with the question of reducing its impact on Africa and other developing countries always reduced to a footnote. A call for Africa to decarbonise, when the continent has not even carbonised, poses a serious threat to the socio-economic development of a gas-rich continent that has at least six hundred million people without electricity.” 

    The African Continental Free Trade Area Agreement “is seen as a potent means of reducing carbon emissions as it is helping to domesticate industrial activities and minimise the carbon emissions caused by shipping of commodities to far-away lands for value addition and reshipping to Africa and elsewhere. We believe that The AfCFTA could offer a pathway to a just transition, enabling local industrial value addition while protecting the planet.”  

    Professor Yemi Osinbajo, SAN, GCON, the Immediate Past Vice President of the Federal Republic of Nigeria, delivered a powerful address titled “Sustainable Infrastructure for Africa’s Future: Harnessing Innovation and Partnerships.” He spoke passionately about the advantages of the AfCFTA and its potential to transform Africa’s trade landscape, reduce carbon emissions and foster innovation in green industries. 

    “There are two obvious advantages to a fully operational AfCFTA.The first is that 42% of African countries, aside from North Africa, now have legislation prohibiting the export of raw ores or minerals before being processed. This legislation gives African countries the benefit of jobs and revenues from local processing and manufacturing.  

    “The second advantage of the AfCFTA is that shipping is a major source of carbon emissions. Under current trade practices, a large share of African raw materials are exported to other regions, where they are processed or manufactured into finished products, usually using fossil fuel power sources, before being shipped back to Africa for consumption. This cycle contributes to higher emissions and constitutes a loss for African countries that do not reap the value chain gain from beneficiation. Intra-African trade in finished goods will substantially reduce this massive cause of global emissions,” he said. 

    The reduction of emissions by intra-African trade has been the subject of several empirical studies. Professor Osinbajo referred to a recent ECA/ CEPII study titled “Greening the African Continental Free Trade Area Agreement’s Implementation” published in December 2023, which found, inter alia, that implementing the AfCFTA can boost intra-African trade by 35% in 2045 while increasing GHG emissions by less than 1%, compared to no AfCFTA or climate policies.  

    These studies do not factor in using renewable energy sources in the processing and manufacturing of traded goods, an assumption of the Climate Positive Growth paradigm, which would again substantially reduce emissions.  

    Professor Osinbajo cited mining bauxite in Guinea as an example. If Guinea, which has 25% of global deposits of bauxite, processed the bauxite it mines to aluminium with renewable energy in readiness for export, Guinea could save the world 335 million tonnes of carbon dioxide equivalent (CO2e) per year, which is approximately 1% of global emissions, and create 280,000 jobs and generate $37 billion of additional revenue. If it chooses to sell the aluminium within Africa, it will again save the huge shipping cost to countries thousands of miles away.  

    A Bloomberg study done for the African Development Bank (AfDB) in 2021 on the manufacture of battery precursors found that manufacturing battery precursors in the Democratic Republic of the Congo (DRC), which has plenty of lithium and cobalt, is three times cheaper than manufacturing it in the US, EU and China. Manufacturing in the DRC would extend value chain opportunities to other African countries, they would need manganese from Zambia, Tanzania, Gabon and South Africa to contribute to its capacity to produce these battery precursors. Manufacturing using renewable energy could significantly reduce the cost of manufacturing. Africa’s abundant renewable energy has very low seasonality or intermittency, making it possible to reliably provide a renewable baseload to power continuous industrial production.  

    “The AfCFTA empowers African countries first to add value to materials and specialise in areas of national comparative advantage, and also to work together to trade more beneficially with the rest of the world,” said Prof Osinbajo. 

    He futher said that “Most African countries depend on fossil fuels for their energy needs and for fossil fuel rich African countries, this is also a major source of export earnings and fiscal revenues. Ostensibly in keeping with their net zero obligations, there has been a growing trend amongst development finance institutions to withdraw from fossil fuel investment. These actions include the World Bank’s decision to cease funding for upstream oil and gas development in Africa and the restrictions on financing downstream gas development by the European Union, the United Kingdom, and the United States. Clearly, the implications of these actions are dire, where there are no immediate alternative sources of power and the cost of the transition to cleaner fuels may be prohibitive. Some studies show that divesting from fossil fuels could reduce GDP by as much as USD$30 billion for Nigeria, USD$22 billion for Algeria, and USD$19.3 billion for Angola.” 

    H.E. Dr Rania A Al-Mashat, Minister for Planning, Economic Development and International Co-operation, Arab Republic of Egypt said that while the “African continent is the least responsible for carbon emissions, it has the biggest burden in terms of financing climate change for developmental needs – such as food and water security, and access to energy. 

    She called for greater collaboration with national and international stakeholders “We need to work together; we need to bring the experiences from other places so that Africa can push forward with respect to development and sustainable economic growth.” 

    In her Goodwill Message, Ms. Amina J. Mohammed, Deputy Secretary-General of the United Nations and Chair of the United Nations Sustainable Development Group, spoke about the rapidly closing window to prevent the worst impacts of climate change. She addressed the fact that many African countries are mired in debt, exacerbated by extended crises with little access to long-term concessional financing to invest in sustainable development. 

    “With adequate access to financial resources at a reasonable cost, renewables can dramatically boost economies, grow new industries, create jobs and drive development, including by reaching the over 600 million Africans living without access to power,” said Ms Mohammed. 

    She also stressed the importance of prioritising inclusive policies that empower women and youth when building climate-resilient economies.  

    “By harnessing the collective might of the AfCFTA, Africa can make strides in addressing both climate action and sustainable development by promoting regional integration and fostering green industrialisation.  

    “The AfCFTA can help build climate-resilient economies while creating jobs, reducing poverty and strengthening food security.”  

    The eighth Babacar Ndiaye Lecture also reinforced Afreximbank’s commitment to leadership in financing sustainable infrastructure and trade policies across the continent. 

    MIL OSI Africa

  • MIL-OSI USA: Department of Commerce Heeds Senators’ Call to Establish Committee to Prepare for Major Sporting Events

    US Senate News:

    Source: United States Senator for Kansas – Jerry Moran
    WASHINGTON – Following calls from U.S. Senators Jerry Moran (R-Kan.) and Amy Klobuchar (D-Minn.) – co-chairs of the Senate Travel and Tourism Caucus – and 19 of their colleagues, the U.S. Department of Commerce, in partnership with Department of State, announced today that the Tourism Policy Council will establish a Subcommittee on Large Scale Sporting Events.
    This subcommittee would help ensure the safety and preparedness for major sporting events taking place in cities across the United States over the next decade, including Kansas City. Earlier this year, Sens. Moran and Klobuchar called on the Biden administration to establish a Global Sporting Task Force to help prepare and lead the coordination for upcoming sporting events in the U.S., including the 2026 FIFA World Cup, the 2028 and 2034 Olympic and Paralympic Games and the 2031 Rugby World Cup.
    “Kansas City and other major cities across the country are poised to host some of the world’s most renowned sporting events that will showcase our country and bolster our economy,” said Sen. Moran. “These games will require a coordinated effort at every level of government to make certain athletes and fans remain safe and have a seamless experience traveling to and from the events. I applaud the Department of Commerce for following our calls to establish a committee to provide fans and athletes with a safe, efficient and memorable experience.”
    “As hosts of the 2026 FIFA World Cup and the 2028 Olympics and Paralympic games, the United States has a unique opportunity to strengthen our economy and showcase America’s global leadership,” said Sen. Klobuchar. “Thank you to Secretary Blinken and Raimondo for taking action to welcome visitors to the U.S. by ensuring those traveling to the games have a seamless and safe experience.”
    Sens. Moran and Klobuchar were joined by Sens. Marsha Blackburn (R-Tenn.), Maggie Hassan (D-N.H.), Susan Collins (R-Maine), Ron Wyden (D-Ore.), James Lankford (R-Okla.), Jacky Rosen (D-Nev.), John Hickenlooper (D-Colo.), Michael Bennet (D-Colo.), John Boozman (R-Ark.), Alex Padilla (D-Cali.), Mitt Romney (R-Utah), Cory Booker (D-N.J.), Jon Ossoff (D-Ga.), Shelley Moore Capito (R-W.V.), Raphael Warnock (D-Ga.), Tina Smith (D-Minn.), Kyrsten Sinema (I-Ariz.), Jeff Merkley (D-Ore.) and Jeanne Shaheen (D-N.H.) in calling on the administration to establish this committee.

    MIL OSI USA News

  • MIL-OSI United Kingdom: A Budget to fix the foundations and deliver change for Scotland

    Source: United Kingdom – Government Statements

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

    • 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 £47.7 billion for the Scottish Government in 2025/26 includes £3.4 billion through the Barnett formula.
    • Funding for Green Freeports, City and Growth Deals, GB Energy and hydrogen projects to fire up growth and deliver good jobs across Scotland.

    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 Scotland 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 Scotland’s future and lay the foundations for economic growth across the UK as its number one mission.

    The Chancellor announced that the Scottish Government will be provided with a £47.7 billion settlement in 2025/26 – the largest in real terms in the history of devolution. This includes a £3.4 billion top-up through the Barnett formula, with £2.8 billion for day-to-day spending and £610 million for capital investment.

    Secretary of State for Scotland Ian Murray said:

    This is a historic budget for Scotland that chooses investment over decline and delivers on the promise that there would be no return to austerity.

    It is the largest budget settlement for the Scottish Government in the history of devolution, including an additional £1.5 billion this financial year and an additional £3.4 billion next year through the Barnett formula. That money must reach frontline services, to bring down NHS waiting lists and lift attainment in our schools.

    It will also bring a new era of growth for Scotland and the whole UK, confirming nearly £890 million of direct investment into Freeports, Investment Zones, the Argyll and Bute Growth Deal, and other important local projects across Scotland’s communities, as well as £125 million next year for GB Energy and support for green hydrogen projects in Cromarty and Whitelee.

    The increase in the minimum wage will also mean a pay rise for hundreds of thousands of workers in Scotland, with the biggest increase for young workers ever. This is on top of our employment rights bill which will deliver the biggest upgrade in workers’ rights in a generation. The triple lock means an increase in the state pension by £470 next year, on top of £900 this year for a million Scottish pensioners.

    The budget protects working people in Scotland, delivers more money than ever before for Scottish public services and means an end to the era of austerity.

    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 Scotland, 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 100,000 minimum wage workers in Scotland in 2023.
    • The Chancellor has made the decision to protect working people in Scotland from being dragged into higher tax brackets by confirming that the freeze on National Insurance Contributions thresholds will be lifted from 2028-29 onwards, rising in line with inflation so they can keep more of their hard-earned wages.
    • 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 3.2 million people in Scotland, saving the average car driver £59, vans £126 and Heavy Goods Vehicles £1,079 next year.
    • To support Scottish pubs and smaller brewers in Scotland, 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 1 million Scottish 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 125,000 pensioners in Scotland.
    • Around 1.7 million families in Scotland 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 Scottish family by over £420 a year on average.

    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 Scotland. This includes £130 million of targeted funding for the Scottish Government, of which £120 million is in capital investment.

    • The Budget delivers on the first step to establish Great British Energy by providing £125 million next year to set up the institution at its new home in Aberdeen – helping to develop new clean energy projects in Scotland and across the UK. 
    • The UK Government will deliver £122 million for City and Growth Deals, including the continuation of its contribution to the Argyll and Bute Growth Deal which delivers £25 million of investment in the region over 10 years. This Deal will be supported by a rigorous value for money assessment as part of the review of the business cases for projects within it, to ensure best value is being delivered.
    • The Budget gives certainty to local leaders and investors, confirming funding for the Investment Zones and Freeports programmes across the UK – including Scotland’s Green Freeports. 
    • The Chancellor committed the UK Government to working closely with the Scottish 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.
    • To support economic growth and promote Scottish culture, products and services through diplomatic and trade networks, the UK Government is allocating £750,000 for the Scotland Office in 2025/26 to champion Brand Scotland as was committed in the manifesto.
    • We are supporting Scotland’s world-renowned Scotch Whisky industry by providing up to £5 million for HMRC to reduce the fees charged by the Spirit Drinks Verification Scheme and by ending mandatory duty stamps for spirits on 1 May 2025.
    • Two electrolytic hydrogen projects in Scotland have been selected for UK Government revenue support through the first Hydrogen Allocation Round: Cromarty Green Hydrogen Project and Whitelee Green Hydrogen. Both projects will bring in significant international investment and create good quality, local jobs.
    • An extension of the Innovation Accelerators programme will support the high-potential innovation cluster in the Glasgow City Region.
    • 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 Scotland’s 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 Scottish 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 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%. Passengers carried on flights leaving from airports in the Scottish Highlands and Islands region are exempt from APD.
    • The rate of the Energy Profits Levy will increase to 38% from 1 November 2024 and the levy will now expire one year later than planned, on 31 March 2030.  The 29% investment allowance will be removed.
    • To provide long-term certainty and to support a stable energy transition, the UK Government will make no additional changes to tax relief available within the EPL and a consultation will be published in early 2025 on a successor regime that can respond to price shocks. Money raised from changes to the EPL will support the transition to clean energy, enhance energy security and provide sustainable jobs for the future.

    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 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 Scottish Government greater clarity for in its own budget-setting.  A Fiscal Lock will also ensure no future government can sideline the OBR again.

    Updates to this page

    Published 30 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Canada: Canadian Centre for Cyber Security releases National Cyber Threat Assessment 2025-2026

    Source: Government of Canada News (2)

    The Canadian Centre for Cyber Security (Cyber Centre) has released its National Cyber Threat Assessment 2025-2026.

    Ottawa, Ontario – October 30, 2024

    The Canadian Centre for Cyber Security (Cyber Centre) has released its National Cyber Threat Assessment 2025-2026 (NCTA 2025-2026). As with previous assessments, it provides a snapshot of cyber threats affecting Canada and Canadians and forecasts how they may evolve in the coming years. The Cyber Centre’s flagship report helps build Canada’s resilience to cyber threats.

    Canada is confronting an expanding and complex cyber threat landscape with a growing cast of malicious and unpredictable state and non-state cyber threat actors. The Cyber Centre assesses that state-sponsored and financially motivated cyber threats are increasingly likely to affect Canadians, and foreign threat actors are moving beyond espionage to conduct more disruptive activities.

    NCTA 2025-2026 shows that cybercrime remains a persistent, widespread and disruptive threat to individuals, organizations and all levels of government across Canada, and that ransomware is the top cybercrime threat facing Canada’s critical infrastructure. It also says that the Cybercrime-as-a-Service business model is almost certainly contributing to the continued resilience of cybercrime in Canada and around the word.

    The report states that state-sponsored cyber threat actors are becoming more aggressive and are almost certainly combining disruptive computer network attacks with online information campaigns to intimidate and shape public opinion. Well-known state adversaries continue to support sophisticated, active programs against Canada and our allies to serve their own political, economic or military objectives.

    Additionally, the report highlights key trends that will shape the cyber threat environment from now until 2026, like the impact of AI in amplifying threats and how geopolitical tensions are inspiring cyber threat activity from non-state groups.

    As cyber threats continue to become more complex and sophisticated, the Government of Canada has made cyber security a priority. Budget 2024 proposed $917.4 million over five years to enhance intelligence and cyber operations programs to respond to these evolving threats. Canada’s defence policy update, Our North, Strong and Free, also announced the Canadian Armed Forces (CAF) Cyber Command, a joint Canadian cyber operations capability between CSE and the CAF that will play a pivotal role in maintaining Canada’s cyber security.

    As Canada’s leading authority in cyber security, the Cyber Centre continues to publish its best advice and guidance for Canadians, Canadian organizations and critical infrastructure to address the cyber security threats outlined in our reports and assessments.

    Office of the Minister of National Defence
    Simon Lafortune, Press Secretary and Communications Advisor
    Email: simon.lafortune2@forces.gc.ca

    MIL OSI Canada News

  • MIL-OSI United Kingdom: expert reaction to Science and R&D elements of the Autumn Budget, as announced by the Chancellor

    Source: United Kingdom – Executive Government & Departments

    The Science Community comment on Science and R&D elements of the Autumn Budget, delivered by the Chancellor Rachel Reeves.

    Chi Onwurah, Chair of the Science, Innovation and Technology Committee, said:

    “Sustained investment in science, innovation and technology is needed to drive the UK’s economic growth and productivity. When the Government was elected in July, it committed to supporting innovation as part of its mission driven approach.  

    “It’s vital that UK R&D gets long-term funding to keep up the momentum and level of expertise needed to drive our future prosperity. I welcome the commitment to protect core research funding, as well as the specific investments planned for R&D in high-tech industries like aerospace, automotive, and clean energy. 

    “The Committee looks forward to scrutinising the Budget in detail. We’ll be examining how the Budget will impact science and technology, and hearing views from across the sector and industry.” 

     

    Dr Alicia Greated, Executive Director, Campaign for Science and Engineering (CaSE), said:

    “I am pleased to hear such positive support for UK R&D and innovation from the Chancellor, and recognition that, if supported, it will drive economic growth. We also know the public care about this, with 70% of people saying it is important for the Government to invest in R&D. Seeing this reflected by Government is unequivocally a good thing.

    “Beyond the positive intent, it is the detail we must now turn to. It is reassuring to hear pledges to protect core R&D funding and to increase DSIT’s R&D budget, but it will take time to unpack and understand what this means in practice. We look forward to receiving more detail about DSIT’s budget allocations to enable us to build a fuller picture of the changes announced.”

     

    Professor Dame Ottoline Leyser, Chief Executive, UK Research & Innovation, said:

    “We welcome the Government’s continued commitment to research and innovation in today’s Budget, recognising their crucial role in driving sustainable economic growth, creating jobs, and improving public services for people across the UK.

    “We appreciate the Chancellor’s prioritisation of research and innovation, given the difficult choices to be made on public expenditure. We will work closely with the Secretary of State, Science Minister, across government and with our research and innovation partners to maximise the impact of our investments and create a strong platform for an ambitious programme of research and innovation in the multi-year Spending Review next Spring.”

     

    Dr John Lazar CBE FREng, President of the Royal Academy of Engineering, says:

    “The Chancellor’s first budget was a difficult balancing act, and we are pleased to see a long-term commitment to research and innovation, which is proven to help business, productivity and growth. We know the pressures on public finances that put government spending on research and development in the spotlight, and also that R&D spending is the catalyst for economic success. We welcome the commitment to protect government investment in R&D, and the acknowledgement of the key role that the UK’s National Academies play in driving innovation in engineering, biotechnology and medical science. It is now up to the Science, Engineering and Technology sector to work with the government to deliver the innovation and growth needed to unlock investment and create jobs.”

    “With sustained investment in innovation and entrepreneurship, the UK is well placed to leverage its impressive engineering and technology strengths to sustain business confidence, catalyse investment and power growth, and ultimately improve our public services and productivity.”

    “The economy can only grow if the infrastructure that underpins it keeps pace with its needs – we welcome the £100bn additional investment over the next five years to fund public infrastructure, and the boost this will give to UK capabilities and regional development.”

     

    On the NHS funding announcements in the Budget, Director of Evidence and Implementation at Cancer Research UK, Naser Turabi, said:

    “The fact that the NHS has received additional funding in today’s budget for day to day spending and investment is good news. It’s no secret that our health service is struggling, and record numbers of cancer patients are having to wait longer than they should to begin their treatment. Funding, coupled with reform, will be vital to bringing waiting lists down. 

    “But the new government will only be able to turn things around with effective planning and sustained funding. The development of a long-term health plan is promising, but it’s vital that we see a dedicated cancer strategy alongside this. Other countries like Denmark have proven that they can help save lives, and transforming outcomes for cancer patients will go a long way towards fixing the NHS in England as a whole.”

    On the research funding announcements in the Budget, Director of Policy at Cancer Research UK, Dr Owen Jackson, said:

    “It is good news that the Chancellor has committed to protecting R&D funding in this Budget. A strong R&D system is essential to prosperity of the UK and health of the nation. 

    “The UK is unusual in that nearly two thirds of non-commercial cancer research is funded by charities like Cancer Research UK. We will continue to work in partnership with government and the private sector to build on the UK’s strengths in life sciences and cancer research, and to advocate for increased funding for these vital areas over the coming years. Continued partnership relies on sustained investment in research over the long term.”

     

    Sharon Todd, CEO of UK-based Innovation Network SCI, said: 

    “R&D relief being maintained won’t turn the UK into a science superpower – only a material increase will help a sector that is so vital to scaling up and economic growth.

    “Whilst it would be nice to think that industry would mushroom out of the ground and create value for the UK through the development of new medicines, fuels and technologies, that is not going to happen without greater support for research, development and commercialisation. Global competition means even start-up companies innovating products and ideas for our sustainable future are leaving for overseas. 

    “The opportunity is now. A strategy for industry is one thing, but with huge tax incentives in Europe and the US, the UK is set to miss out on the 240,000 extra jobs and $230 billion of added value the clean tech and life sciences revolutions could otherwise bring the UK in the next five years.”

     

    Declared interests

    The nature of this story means everyone quoted above could be perceived to have a stake in it. As such, our policy is not to ask for interests to be declared – instead, they are implicit in each person’s affiliation

    MIL OSI United Kingdom

  • MIL-OSI Europe: ESAs publish 2024 Joint Report on principal adverse impacts disclosures under the Sustainable Finance Disclosure Regulation

    Source: European Banking Authority

    The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published their third annual Report on disclosures of principal adverse impacts under the Sustainable Finance Disclosure Regulation (SFDR).

    The Report assesses both entity and product-level Principal Adverse Impact (PAI) disclosures under the SFDR. These disclosures aim at showing the negative impact of financial institutions’ investments on the environment and people and the actions taken by asset managers, insurers, investment firms, banks and pension funds to mitigate them.

    The findings show that financial institutions have improved the accessibility of their PAI disclosures. There has also been positive progress regarding the quality of the information disclosed by financial products, and, in general, in the quality of the PAI statements. A few National Competent Authorities (NCAs) also reported slight improvements in the compliance with the SFDR disclosures in their national markets.

    Looking forward, the Report includes recommendations to NCAs to ensure convergent supervision of financial market participants’ practices, and to the European Commission for their comprehensive assessment on the SFDR.

    The ESAs have also developed an overview of good practices related to the location, clarity, complexity of the disclosures based on a survey of NCAs.

    MIL OSI Europe News

  • MIL-OSI Security: Man pleads guilty to multiple child sexual abuse offences following Met investigation

    Source: United Kingdom London Metropolitan Police

    A 28-year-old man has pleaded guilty to a string of devastating sexual offences against children after being confronted with overwhelming evidence uncovered by the Metropolitan Police.

    Sam Phillips, 28 (07.04.96), of Hillcroome Road, Sutton, appeared at Harrow Crown Court on 30th October, where he admitted to 38 offences committed between December 2023 and February 2024.

    His crimes, which targeted six vulnerable children, including over 20 counts of causing or inciting a child to engage in sexual activity, alongside further charges of sexual communication with a child and making indecent images of children

    The Met investigation demonstrated the tireless dedication of the officers involved, whose swift actions and relentless pursuit of justice ensured that Phillips could not continue his reign of abuse. Their work uncovered the extent of his crimes, providing crucial evidence that led to his guilty plea and ensuring that he will face the full weight of the law.

    Chief Superintendent Sara Leach, who leads policing in north-west London where the investigation was undertaken, said:

    “Phillips is a predator of the worst kind, preying on innocent, vulnerable children for his own gratification. The scale of his offending is both appalling and heartbreaking, and no child should ever have to endure the trauma these young victims have suffered.

    “I want to extend my deepest gratitude to the children and their families who had the courage to come forward. It is impossible to imagine the pain and fear they have experienced, but their bravery has allowed us to hold this dangerous individual to account.

    “I am pleased Phillips has pleaded guilty, it is a testament to the strength and diligence of the case that Met officers have built. This outcome reflects our unwavering commitment to bringing sexual abusers to justice and ensuring that victims are heard and protected.”

    The investigation began in late January 2024, when officers were contacted with serious concerns regarding the welfare of a child who had potentially been sexually exploited. Met detectives in north-west London immediately launched an investigation.

    Through meticulous investigative work, officers uncovered that two additional children had also been groomed by Phillips. He had manipulated these children online, sending them money in exchange for inappropriate images of themselves. Detectives quickly traced the payments to Phillips’ account, and he was arrested on Monday, 11 March 2024. Initially charged with 11 offences involving three children, further analysis of his phone and financial records revealed more victims, leading to the total of 38 charges which were pleaded guilty to.

    Acting Detective Sergeant Maria Giannakidou, the officer in the case, said:

    “We commend the incredible bravery of the survivors who have come forward. It is through their courage that we are able to bring these deeply serious charges forward. Their strength in sharing their experiences is invaluable in holding those responsible to account, and we are committed to ensuring that victim voices are heard.”

    Supporting Victims

    The Metropolitan Police remains steadfast in its commitment to tackling child sexual exploitation and ensuring that every victim receives the care, justice, and support they deserve. Officers continue to work closely with specialist services to provide comprehensive assistance to the children and families affected by these crimes, ensuring that they are never alone in their recovery.

    Support and assistance can be obtained from a number of agencies and charities:

    • National Association for People Abused in Childhood NAPAC helpline: 0808 801 0331
    • Rape Crisis 08085002222
    • Childline 0800 1111
    • National Rape and Sexual Abuse Helpline 0808 802 9999
    • Survivors UK 0203 598 3898 info@survivorsuk.org.
    • Samaritans 116 123 jo@samaritans.org

    Crimes of this nature can be reported online or on the telephone or in person to the police by calling 101 however 999 in an emergency.

    MIL Security OSI

  • MIL-OSI Economics: OTC Europa: BaFin warns about websites otceuropa.com, otceuropa.info und otc-500.support

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about services offered by OTC Europa on the websites otceuropa.com, otceuropa.info und otc-500.support. BaFin has information that the company is offering financial services without the required authorisation. There is also a connection to the “OTC-500” platform, which BaFin has already warned about.

    Financial services may only be offered in Germany if the company provid-ing these services has the necessary authorisation from BaFin to do this. However, some companies offer these services without the required au-thorisation. Information on whether particular 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 (KreditwesengesetzKWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) 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

  • MIL-OSI Economics: Identity fraud: BaFin warns consumers against offers on websites waystone-im.de and wim-finanzberatung.de

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    Federal Financial Supervisory Authority BaFin warns against alleged fixed-term deposit offers on the websites waystone-im.de (previously: waystone-im.com) and wim-finanzberatung.de. The services are not actually being offered by Waystone Investment Management (IE) Limited, German Branch. This is a case of identity fraud by unknown perpetrators. Contrary to the information on the website, BaFin does not supervise alleged Waystone Investments.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary 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 (KreditwesengesetzKWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) 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