NewzIntel.com

Category: Economy

  • MIL-OSI Economics: RBI imposes monetary penalty on The Vaijapur Merchants Co-operative Bank Limited, Vaijapur, Maharashtra

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated October 21, 2024, imposed a monetary penalty of ₹7.50 lakh (Rupees Seven lakh fifty thousand only) on The Vaijapur Merchants Co-operative Bank Limited, Vaijapur, Maharashtra (the bank), for non-compliance with specific directions issued by RBI under Supervisory Action Framework (SAF) and with the certain directions issued by RBI on ‘Know Your Customers (KYC) norms’. This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with section 46(4)(i) and section 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. made donation to certain entity and offered higher interest rates on deposits (fresh/renewal) than those offered by State Bank of India in non-adherence to directions issued under SAF.

    2. failed to put in place a robust software to throw alerts as part of effective identification and reporting of suspicious transactions.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1388

    MIL OSI Economics –

  • MIL-OSI United Kingdom: PM speech in Birmingham: 28 October 2024

    Source: United Kingdom – Executive Government & Departments

    Prime Minister Keir Starmer makes a speech in Birmingham.

    Location:
    Birmingham
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    It’s always great to be here in Birmingham. A city that is at the heart, not just of our country but also – our plans for growth – as we announced two weeks ago £500m worth of new investment in battery storage will create the jobs of the future right here. And that’s a snapshot of the Britain we are building this week and beyond. 

    Our economy – stabilised. 

    The foundations – fixed. 

    Hope in the future – restored.  

    Another step taken on the long, difficult, but resolute path that we will walk.

    Towards a Britain returned to the service of working people.

    I said on the steps of Downing Street – the day after the election that this would be a government for the working people of this country. 

    That, when the cameras stopped rolling. When that black door closed. We would carry their hopes and aspirations with us. 

    That the basic, completely reasonable desire to want a better future for your family. That would become the driving purpose of this Government. 

    Now, I will never stand here and tell you to feel better, if you don’t. And I will never ask you to feel grateful for what you should expect as a given.  

    Trust in my project to return Britain to the service of working people can only be earned through actions not words: Change must be felt. 

    But every decision we have made. Every decision that we will make in the future will be made with working people in our minds’ eye. People who have been working harder and harder for years, just to stand still. 

    People doing the right thing maybe still finding a little bit of money to put away. Paying their way – even in the cost-of-living crisis but who feel this country no longer gives them or their children a fair chance. 

    People stuck on an NHS waiting list whose town centre is blighted by anti-social behaviour who can’t afford to buy a place they call home or can’t afford the home they have, because of the mortgage bombshell. 

    And people who feel ignored as their lives, no matter how hard they work slide into greater insecurity. Scared of the postman coming down the path – will it be another bill I can’t afford?

    People like that video, we just watched. [Political content removed]

    I know some people want to have a debate about this and I know there will always be the exception that proves the rule. Welcome to the wonders of a diverse country!  

    But I also know that the working people of this country know exactly who they are and that – they are the golden thread that runs through our agenda. Every single one of our national missions is about delivering for them. 

    And we are getting on with the job. That’s why we reformed planning rules to get Britain building again – restore the dream of home ownership.  

    It’s why we ended junior doctor strikes to lift the pressure on our NHS. Start cutting waiting lists. 

    It’s why we stopped the riots with tough sentences for violent thugs. 

    Launched a Border Security Command to smash the people-smugglers. 

    Switched on Great British Energy to get Putin’s boot off our throat. Make our country more secure. Create good jobs – right across the country. 

    And it’s also why we’ve started the work of changing our economy. Stabilising it. Fixing its foundations. 

    But also – changing how it works for them. An employment bill that will finally make work pay.  That will contribute to growth and raise living standards for working people. A direct response to the cost-of-living crisis, we were elected to tackle for them. Because let me tell you, it is working people who pay the price when their Government fails to deliver economic stability. They’ve had enough of slow growth, stagnant living standards and crumbling public services.

    They know that austerity is no solution. And they’ve seen the chaos when politicians let borrowing get out of control.

    We choose a different path. Honest, responsible, long-term decisions in the interests of working people.

    Because it’s stability that means we can invest. And reform that will maximise that investment. £63 billion worth of investment secured from business two weeks ago – a record-breaking show of confidence in our plan for growth.  

    That’s investment that will create tens of thousands of jobs. Good jobs – in every corner of the country. 

    I know some people will recoil when we say we have to take the tough decisions needed to fix the foundations. 

    This doesn’t happen by accident it’s because business can see we are fixing the foundations. Everyone who finds damp in their house – know they have a decision. Paint over it or strip it out, pull off the plaster, deal with it once and for all. 

    So, I will defend our tough decisions all day long.

    It’s the right thing for our country. The only way you get the investment we need. Stability. Investment. Reform.

    That is how we fix the NHS, rebuild Britain, and protect the payslips of working people, delivering on our mandate of change.  

    That’s what the Budget this week will be about.  It’s what every week of this Government will be about. 

    A Budget for working people, from a government for working people. Because returning Britain to their service, that’s our fundamental cause – and it never changes. 

    It will also be the first budget delivered by a woman – ever. That is a moment of pride. That is a moment of pride. When Rachel Reeves stands up – she will be making history – young women and girls will watching across the country. They will look up – and they will notice.   

    It will also be a Budget which will show to the British people that we won’t be distracted from our task.  

    We will stick to our long-term plan.  Run towards the tough decisions, rip-off the short-term sticking plasters, so we can lead our country finally but decisively out of this ‘pay-more, get less’ doom-loop [political content removed].

    Of course there will still be tough decisions. Rebuilding Britain and delivering growth, that will take the skills and effort of all of us. 

    That is why this Budget will also Get Britain Working. It will pave the way for reforms that tackle the root causes of economic inactivity, make sure – that those who can work, do work. 

    [Political content removed] we will always help those who cannot support themselves, but the UK is the only G7 country where economic inactivity is still higher than it was before Covid.

    That is not just bad for our economy, it’s also bad for all those who are locked out of opportunity. So the Chancellor will announce £240 million in funding to provide local services that can help people back into work, and the dignity it brings.

    A Britain that works for working people. With all those who can, playing their part.

    We will also be ruthless in clamping down on government waste, just as we will be ruthless on clamping down on tax avoidance, so the British people that every penny counts.

    Every single person in this country had to do that during the cost-of-living crisis and government must be no different. 

    And frankly, when we’re asking broader shoulders to carry a higher burden on tax, that determination to be more productive and efficient in government, that’s the very least their contribution deserves.  

    Look – nobody wants higher taxes, just like nobody wants public spending cuts. But we have to be realistic about where we are as a country. This is not 1997, when the economy was decent but public services were on their knees.  And it’s not 2010, where public services were strong, but the public finances were weak. We have to deal with both sides of that coin.

    These are unprecedented circumstances, but the budget the Chancellor will deliver on Wednesday, will prevent devastating austerity in our public services and prevent a disastrous path for our public finances.

    [Political content removed]  

    And yes – things are worse than we could possibly have expected during the election – the Budget will set that out very clearly. 

    I mean – just look at the state of our prisons last week.

    [Political content removed]

    On Rwanda, asylum hotels, propping up failing train companies [Political content removed] .  An economy riddled with weakness on productivity and investment. A state that needs urgent modernisation to face down the challenge of a volatile world.  

    A country where people don’t just lack faith in politicians to fix any of this but also wonder – whether Britain can. Whether we still have the resources to move forward or whether decline is now an incurable disease.

    [Political content removed]

    I expect to be judged on my ability to deal with this. I expect to be judged on my ability to deal with it. Politics is always a choice. So we won’t hide from our decisions on Wednesday or for that matter, any day. 

    Besides, as I said two weeks ago at our International Investment Summit we have huge assets in this country. Leading positions in the industries of the future:

    Clean energy, artificial intelligence, life sciences, the creative industries, a technology sector that is the envy of Europe. A heritage steeped in science, trade and innovation. And values. Values deep in the bones of this nation and which say, to the world – this country is open for business. This country respects diversity and difference under the same flag. 

    We are still the country, known all around the world for our pragmatism and our creativity, the ingenuity and industry of our people and so if we do grasp the nettle on our economy, if we do fix those foundations, stick to those values and deliver the change working people need we won’t just get through this – better days are ahead. 

    Seriously – this is an economic plan that will change long-term British growth for the better. We are tackling the biggest challenges in our economy.  

    Higher investment – we’re dealing with it.

    Planning – we’re reforming it.

    The labour market – we’re getting people back to work, but also making sure work pays. 

    On competition – we’re stripping out the needless regulation that holds back private investment and all of this built on that foundation of economic stability. This is what fixing the foundations means.  

    What delivering change means. Everyone in this country will benefit from this. Everyone can wake up on Thursday and see that a new future is being built. A better future. But I tell you now – what we can’t do. Is waste any more time. 

    Politics is a choice and it’s time to choose a clear path.  

    It’s time to embrace the harsh light of fiscal reality. So we can come together behind a credible, long-term plan.  

    It’s time we ran towards the tough decisions because ignoring them set us on the path of decline. 

    It’s time we ignored the populist chorus of easy answers because we saw what happens if you reject the constraints of economic stability and we’re never going back to that. 

    That is our choice. Stability – to prevent chaos.

    Borrowing that will drive long-term growth.

    Tax rises – to prevent austerity and rebuild public services.

    We choose – to protect working people.

    We choose – to get the NHS back on its feet.

    We choose – to fix the foundations reject decline and rebuild our country with investment. 

    And while I’m sure you understand I can’t get into individual measures before Wednesday. I will say this. 

    If people want to criticise the path we choose – that’s their prerogative. But let them then spell out a different direction. 

    If they think the state has grown too big let them tell working people which public services they would cut. 

    If they think tax rises are unfair let them tell working people which taxes they’d raise instead. 

    If they don’t see our long-term investment in infrastructure as necessary let them explain to working people how they would grow the economy for them. 

    [Political content removed]

    Because I have said it before and I will say it again the time is long overdue for politicians in this country, to level with you, honestly about the trade-offs this country faces. 

    To stop insulting your intelligence with the chicanery of easy answers. Working people know that hard choices are necessary. 

    [Political content removed]

    They lived through the cost-of-living crisis so they know that the things they want from us:

    Protecting their living standards. 

    Rebuilding our nation.

    Fixing our public services.

    They know – that this can only be achieved alongside economic stability. There are no short-cuts. 

    No, what they want to see on Wednesday is a country on a different path. Making different choices. They don’t want to pay the price anymore, in times of crisis because our economic foundations are weak and they don’t want to see the proceeds of growth which could serve their family, their community, their public services – instead – always serving those at the top. 

    They want change and that is what they will get. 

    Because that is the mandate we were elected to deliver and the only path consistent with our driving purpose to return Britain to the service of working people.

    That purpose also runs through the priorities we set out in our manifesto. 

    The national missions which capture the hope working people have for the future of our country. Look – there is a paradox in politics at the moment.  

    All around the world, traditional values. Democratic values. Values that have underpinned the way countries like ours have operated for years. The pragmatism that is part of our identity, it’s under attack. 

    Why? 

    Because people – working people most of all have lost faith it can still deliver for their family. And yet, at the same time, what people want from politics that hasn’t changed. 

    People want a stable economy, they want their country to be safe, their borders secure. Economic security, national security, border security. Those are still the foundations everything rests upon. 

    And then beyond that they want exactly what those national missions promise. 

    A growing economy.

    Safer streets.

    Clean British energy in their home. 

    Opportunities for their children.

    And an NHS that is there when they need it. 

    I know populism preys on the fears people have that these things no longer belong to them.  But I have never felt the right response is to ignore those concerns rather than showing that they can still be delivered. 

    So I am never going to pick just one of these missions – and say that’s everything because every single one of them matters to working people. And for the same reason – I will never turn away from them either. 

    In fact, because I know actions speak louder than words because I expect to be judged by the British people.  

    In the coming weeks, on every mission, we will publish clear ambitions for this Parliament and we will also track our progress against them, so that every single person in this country can see exactly how we measure up to things that matter to them. 

    [Political content removed]

    They want to see us build 1.5m homes, make sure a record number of children start school ready to learn, raise living standards so that there is more cash in their pocket, restore confidence crime will be punished. Guaranteed neighbourhood policing in every community. 

    Make our energy system more secure by harnessing clean British energy, accelerating towards net-zero. 

    And on our NHS, they want us to cut waiting times dramatically and meet the 18-week target – that is still the best benchmark for an NHS that is back on its feet facing the future, once more – a beacon of pride to the world.

    These are my priorities for change and I won’t change course.  

    The budget will light the way and we will use the power of government.

    Stability, investment and reform, partnership across the whole of society, galvanised by clear objectives.

    To deliver on the priorities of the British people.  

    The foundations – fixed.  

    Public services – renewed. 

    A country rebuilt by investment.

    Released from decline.

    Returned once more.

    To the service of working people. 

    Now that is the course we set this week.

    That is the driving purpose of this government.

    That is the change we will deliver.

    Thank you very much.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Speech: PM speech in Birmingham: 28 October 2024

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Prime Minister Keir Starmer makes a speech in Birmingham.

    Location:
    Birmingham
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    It’s always great to be here in Birmingham. A city that is at the heart, not just of our country but also – our plans for growth – as we announced two weeks ago £500m worth of new investment in battery storage will create the jobs of the future right here. And that’s a snapshot of the Britain we are building this week and beyond. 

    Our economy – stabilised. 

    The foundations – fixed. 

    Hope in the future – restored.  

    Another step taken on the long, difficult, but resolute path that we will walk.

    Towards a Britain returned to the service of working people.

    I said on the steps of Downing Street – the day after the election that this would be a government for the working people of this country. 

    That, when the cameras stopped rolling. When that black door closed. We would carry their hopes and aspirations with us. 

    That the basic, completely reasonable desire to want a better future for your family. That would become the driving purpose of this Government. 

    Now, I will never stand here and tell you to feel better, if you don’t. And I will never ask you to feel grateful for what you should expect as a given.  

    Trust in my project to return Britain to the service of working people can only be earned through actions not words: Change must be felt. 

    But every decision we have made. Every decision that we will make in the future will be made with working people in our minds’ eye. People who have been working harder and harder for years, just to stand still. 

    People doing the right thing maybe still finding a little bit of money to put away. Paying their way – even in the cost-of-living crisis but who feel this country no longer gives them or their children a fair chance. 

    People stuck on an NHS waiting list whose town centre is blighted by anti-social behaviour who can’t afford to buy a place they call home or can’t afford the home they have, because of the mortgage bombshell. 

    And people who feel ignored as their lives, no matter how hard they work slide into greater insecurity. Scared of the postman coming down the path – will it be another bill I can’t afford?

    People like that video, we just watched. [Political content removed]

    I know some people want to have a debate about this and I know there will always be the exception that proves the rule. Welcome to the wonders of a diverse country!  

    But I also know that the working people of this country know exactly who they are and that – they are the golden thread that runs through our agenda. Every single one of our national missions is about delivering for them. 

    And we are getting on with the job. That’s why we reformed planning rules to get Britain building again – restore the dream of home ownership.  

    It’s why we ended junior doctor strikes to lift the pressure on our NHS. Start cutting waiting lists. 

    It’s why we stopped the riots with tough sentences for violent thugs. 

    Launched a Border Security Command to smash the people-smugglers. 

    Switched on Great British Energy to get Putin’s boot off our throat. Make our country more secure. Create good jobs – right across the country. 

    And it’s also why we’ve started the work of changing our economy. Stabilising it. Fixing its foundations. 

    But also – changing how it works for them. An employment bill that will finally make work pay.  That will contribute to growth and raise living standards for working people. A direct response to the cost-of-living crisis, we were elected to tackle for them. Because let me tell you, it is working people who pay the price when their Government fails to deliver economic stability. They’ve had enough of slow growth, stagnant living standards and crumbling public services.

    They know that austerity is no solution. And they’ve seen the chaos when politicians let borrowing get out of control.

    We choose a different path. Honest, responsible, long-term decisions in the interests of working people.

    Because it’s stability that means we can invest. And reform that will maximise that investment. £63 billion worth of investment secured from business two weeks ago – a record-breaking show of confidence in our plan for growth.  

    That’s investment that will create tens of thousands of jobs. Good jobs – in every corner of the country. 

    I know some people will recoil when we say we have to take the tough decisions needed to fix the foundations. 

    This doesn’t happen by accident it’s because business can see we are fixing the foundations. Everyone who finds damp in their house – know they have a decision. Paint over it or strip it out, pull off the plaster, deal with it once and for all. 

    So, I will defend our tough decisions all day long.

    It’s the right thing for our country. The only way you get the investment we need. Stability. Investment. Reform.

    That is how we fix the NHS, rebuild Britain, and protect the payslips of working people, delivering on our mandate of change.  

    That’s what the Budget this week will be about.  It’s what every week of this Government will be about. 

    A Budget for working people, from a government for working people. Because returning Britain to their service, that’s our fundamental cause – and it never changes. 

    It will also be the first budget delivered by a woman – ever. That is a moment of pride. That is a moment of pride. When Rachel Reeves stands up – she will be making history – young women and girls will watching across the country. They will look up – and they will notice.   

    It will also be a Budget which will show to the British people that we won’t be distracted from our task.  

    We will stick to our long-term plan.  Run towards the tough decisions, rip-off the short-term sticking plasters, so we can lead our country finally but decisively out of this ‘pay-more, get less’ doom-loop [political content removed].

    Of course there will still be tough decisions. Rebuilding Britain and delivering growth, that will take the skills and effort of all of us. 

    That is why this Budget will also Get Britain Working. It will pave the way for reforms that tackle the root causes of economic inactivity, make sure – that those who can work, do work. 

    [Political content removed] we will always help those who cannot support themselves, but the UK is the only G7 country where economic inactivity is still higher than it was before Covid.

    That is not just bad for our economy, it’s also bad for all those who are locked out of opportunity. So the Chancellor will announce £240 million in funding to provide local services that can help people back into work, and the dignity it brings.

    A Britain that works for working people. With all those who can, playing their part.

    We will also be ruthless in clamping down on government waste, just as we will be ruthless on clamping down on tax avoidance, so the British people that every penny counts.

    Every single person in this country had to do that during the cost-of-living crisis and government must be no different. 

    And frankly, when we’re asking broader shoulders to carry a higher burden on tax, that determination to be more productive and efficient in government, that’s the very least their contribution deserves.  

    Look – nobody wants higher taxes, just like nobody wants public spending cuts. But we have to be realistic about where we are as a country. This is not 1997, when the economy was decent but public services were on their knees.  And it’s not 2010, where public services were strong, but the public finances were weak. We have to deal with both sides of that coin.

    These are unprecedented circumstances, but the budget the Chancellor will deliver on Wednesday, will prevent devastating austerity in our public services and prevent a disastrous path for our public finances.

    [Political content removed]  

    And yes – things are worse than we could possibly have expected during the election – the Budget will set that out very clearly. 

    I mean – just look at the state of our prisons last week.

    [Political content removed]

    On Rwanda, asylum hotels, propping up failing train companies [Political content removed] .  An economy riddled with weakness on productivity and investment. A state that needs urgent modernisation to face down the challenge of a volatile world.  

    A country where people don’t just lack faith in politicians to fix any of this but also wonder – whether Britain can. Whether we still have the resources to move forward or whether decline is now an incurable disease.

    [Political content removed]

    I expect to be judged on my ability to deal with this. I expect to be judged on my ability to deal with it. Politics is always a choice. So we won’t hide from our decisions on Wednesday or for that matter, any day. 

    Besides, as I said two weeks ago at our International Investment Summit we have huge assets in this country. Leading positions in the industries of the future:

    Clean energy, artificial intelligence, life sciences, the creative industries, a technology sector that is the envy of Europe. A heritage steeped in science, trade and innovation. And values. Values deep in the bones of this nation and which say, to the world – this country is open for business. This country respects diversity and difference under the same flag. 

    We are still the country, known all around the world for our pragmatism and our creativity, the ingenuity and industry of our people and so if we do grasp the nettle on our economy, if we do fix those foundations, stick to those values and deliver the change working people need we won’t just get through this – better days are ahead. 

    Seriously – this is an economic plan that will change long-term British growth for the better. We are tackling the biggest challenges in our economy.  

    Higher investment – we’re dealing with it.

    Planning – we’re reforming it.

    The labour market – we’re getting people back to work, but also making sure work pays. 

    On competition – we’re stripping out the needless regulation that holds back private investment and all of this built on that foundation of economic stability. This is what fixing the foundations means.  

    What delivering change means. Everyone in this country will benefit from this. Everyone can wake up on Thursday and see that a new future is being built. A better future. But I tell you now – what we can’t do. Is waste any more time. 

    Politics is a choice and it’s time to choose a clear path.  

    It’s time to embrace the harsh light of fiscal reality. So we can come together behind a credible, long-term plan.  

    It’s time we ran towards the tough decisions because ignoring them set us on the path of decline. 

    It’s time we ignored the populist chorus of easy answers because we saw what happens if you reject the constraints of economic stability and we’re never going back to that. 

    That is our choice. Stability – to prevent chaos.

    Borrowing that will drive long-term growth.

    Tax rises – to prevent austerity and rebuild public services.

    We choose – to protect working people.

    We choose – to get the NHS back on its feet.

    We choose – to fix the foundations reject decline and rebuild our country with investment. 

    And while I’m sure you understand I can’t get into individual measures before Wednesday. I will say this. 

    If people want to criticise the path we choose – that’s their prerogative. But let them then spell out a different direction. 

    If they think the state has grown too big let them tell working people which public services they would cut. 

    If they think tax rises are unfair let them tell working people which taxes they’d raise instead. 

    If they don’t see our long-term investment in infrastructure as necessary let them explain to working people how they would grow the economy for them. 

    [Political content removed]

    Because I have said it before and I will say it again the time is long overdue for politicians in this country, to level with you, honestly about the trade-offs this country faces. 

    To stop insulting your intelligence with the chicanery of easy answers. Working people know that hard choices are necessary. 

    [Political content removed]

    They lived through the cost-of-living crisis so they know that the things they want from us:

    Protecting their living standards. 

    Rebuilding our nation.

    Fixing our public services.

    They know – that this can only be achieved alongside economic stability. There are no short-cuts. 

    No, what they want to see on Wednesday is a country on a different path. Making different choices. They don’t want to pay the price anymore, in times of crisis because our economic foundations are weak and they don’t want to see the proceeds of growth which could serve their family, their community, their public services – instead – always serving those at the top. 

    They want change and that is what they will get. 

    Because that is the mandate we were elected to deliver and the only path consistent with our driving purpose to return Britain to the service of working people.

    That purpose also runs through the priorities we set out in our manifesto. 

    The national missions which capture the hope working people have for the future of our country. Look – there is a paradox in politics at the moment.  

    All around the world, traditional values. Democratic values. Values that have underpinned the way countries like ours have operated for years. The pragmatism that is part of our identity, it’s under attack. 

    Why? 

    Because people – working people most of all have lost faith it can still deliver for their family. And yet, at the same time, what people want from politics that hasn’t changed. 

    People want a stable economy, they want their country to be safe, their borders secure. Economic security, national security, border security. Those are still the foundations everything rests upon. 

    And then beyond that they want exactly what those national missions promise. 

    A growing economy.

    Safer streets.

    Clean British energy in their home. 

    Opportunities for their children.

    And an NHS that is there when they need it. 

    I know populism preys on the fears people have that these things no longer belong to them.  But I have never felt the right response is to ignore those concerns rather than showing that they can still be delivered. 

    So I am never going to pick just one of these missions – and say that’s everything because every single one of them matters to working people. And for the same reason – I will never turn away from them either. 

    In fact, because I know actions speak louder than words because I expect to be judged by the British people.  

    In the coming weeks, on every mission, we will publish clear ambitions for this Parliament and we will also track our progress against them, so that every single person in this country can see exactly how we measure up to things that matter to them. 

    [Political content removed]

    They want to see us build 1.5m homes, make sure a record number of children start school ready to learn, raise living standards so that there is more cash in their pocket, restore confidence crime will be punished. Guaranteed neighbourhood policing in every community. 

    Make our energy system more secure by harnessing clean British energy, accelerating towards net-zero. 

    And on our NHS, they want us to cut waiting times dramatically and meet the 18-week target – that is still the best benchmark for an NHS that is back on its feet facing the future, once more – a beacon of pride to the world.

    These are my priorities for change and I won’t change course.  

    The budget will light the way and we will use the power of government.

    Stability, investment and reform, partnership across the whole of society, galvanised by clear objectives.

    To deliver on the priorities of the British people.  

    The foundations – fixed.  

    Public services – renewed. 

    A country rebuilt by investment.

    Released from decline.

    Returned once more.

    To the service of working people. 

    Now that is the course we set this week.

    That is the driving purpose of this government.

    That is the change we will deliver.

    Thank you very much.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council calls for action over national £2.2 billion council housing budget black hole

    Source: City of Canterbury

    Canterbury City Council has urged the government to act now on England’s “broken council housing finances”, including “unsustainable” levels of debt previously given to councils by government.

    It has joined local authorities from across England calling for action ahead the budget this Wednesday (30 October)

    A report this autumn – Securing the Future of Council Housing – backed by more than 100 councils, highlighted that our national council housing system is in crisis, with finances pushed to the brink by past national policy decisions.

    The city council has signed a joint statement urging the government to help turn things round.

    “The new government’s commitment to a ‘council housing revolution’ is a huge step forward for communities across our country,” says the statement.

    “The Chancellor’s first Budget and spending review are a once-in-a-generation opportunity to fix England’s broken council housing finances.

    “The last government tore up its 2012 council housing settlement and left local government with a £2.2 billion black hole in housing budgets.

    “Our report urges the new government to turn this round, investing in urgently needed new council homes, addressing the unsustainable debt previously allocated to councils and creating a Green and Decent Homes Programme, so together we can deliver the more and better council homes and growth that communities up and down the country so desperately need.”

    Cabinet member for housing, Cllr Pip Hazelton, said: “It is widely recognised that this country’s council housing is in a state of crisis. 

    “Finances are absolutely dire, and we have reached a point where the levels of debt are no longer sustainable.

    “Council homes are the bedrock of the structure of British housing, providing a roof over the head of those who really need it.

    “We are calling on the government to step up and address the many issues we and all councils face, so that we can continue to be there supporting local families and making sure they have good quality, long term homes to live in.”

    Securing the Future of Council Housing was supported by 109 councils across England, led by Southwark Council.

    It highlighted that without urgent action a £2.2bn black hole in councils’ housing budgets is expected by 2028.

    MIL OSI United Kingdom –

  • MIL-OSI: U.S. Representatives Ritchie Torres (NY-15) and Gregory Meeks (NY-5) Announce Federal Home Loan Bank of New York Now Accepts Mortgage Collateral Using VantageScore 4.0

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — United States Representatives Ritchie Torres (NY-15) and Gregory Meeks (NY-5) announced today that members of the Federal Home Loan Bank of New York (“FHLBNY”) can now pledge mortgage collateral using VantageScore 4.0 credit scores, which considers rental payments and other data points that are not included in traditional scoring models – expanding the number of diverse and creditworthy mortgage applicants and creating more opportunities across the region to help narrow the racial homeownership gap.

    In August 2024, Reps. Torres and Meeks formally requested that the FHLBNY consider accepting mortgage collateral originated using alternative credit scores such as VantageScore to expand homeownership opportunities across the FHLBNY’s District. In response, the FHLBNY initiated a review of its ability to incorporate VantageScore 4.0 into its collateral processes, and today’s announcement marks the culmination of this effort to offer this option to its membership of more than 330 local lenders.

    “In partnership with Congressman Meeks, I worked with the Federal Home Loan Bank of New York to implement Vantage Score 4.0, which will provide liquidity for mortgages that had originated on the basis of a credit score that includes alternative data like rent payments. The decision by the Federal Home Loan Bank of New York to recognize Vantage Score 4.0 lays a critical foundation for broad base wealth creation in America,” said Congressman Ritchie Torres. “I have constituents who have reliably paid their rent in full and on time for decades, and yet none of their rental history is taken into account by conventional credit scoring. The inclusion of alternative data like rent payments in credit scoring is a simple, sensible policy change that will revolutionize access to credit for the lowest income families.”

    “I remain committed to creating more wealth building opportunities for the people of Southeast Queens, and homeownership is the best route to do so,” said Congressman Gregory W. Meeks. “My family’s own experience is a personal attestation to the importance of home ownership. By allowing for the use of VantageScore 4.0 credit scores, the Federal Home Loan Bank of New York is broadening opportunity and ensuring that people who have been traditionally left out will have the ability to begin their homeownership journeys. Addressing racial homeownership disparities is a key step in bridging the wealth gap and I commend the FHLBNY for taking this important step.”

    “The Federal Home Loan Bank of New York is grateful to Representatives Ritchie Torres and Gregory Meeks for their continued efforts to address housing affordability across New York and throughout our District, and for their focus on ensuring that the FHLBNY remains best-positioned to meet the needs of the communities we all serve,” said José R. González, president and CEO of the Federal Home Loan Bank of New York. “We are excited to incorporate VantageScore 4.0 into our collateral practices, providing another tool for our cooperative to support inclusive housing and community development efforts throughout our region.”

    The FHLBNY joins the Federal Home Loan Banks of Chicago and San Francisco in accepting mortgage collateral originated using VantageScore 4.0. In October 2022, the Federal Housing Finance Agency – the regulator of the Federal Home Loan Bank System – announced its approval of VantageScore 4.0 for Fannie Mae and Freddie Mac. VantageScore estimates that using the VantageScore 4.0 credit model will result in approximately 33 million more consumers nationwide having access to a credit score that may aid them in obtaining a mortgage. This includes an estimated 3.1 million consumers within the FHLBNY’s District, which comprises New York, New Jersey, Puerto Rico and the U.S. Virgin Islands.

    “The Federal Home Loan Bank of New York’s decision to accept mortgage collateral backed by VantageScore is a significant step forward in expanding access to homeownership for creditworthy individuals, particularly in underserved communities,” said Anthony Hutchinson, SVP of Government and Industry Relations, VantageScore. “By addressing the long-standing disparities in mortgage lending, this initiative supports our shared goal of narrowing the homeownership gap in communities of color while ensuring financial stability and inclusion for all.”

    Broad Community Support

    Through the first 10 months of 2024, the FHLBNY has made $135 million in affordable housing and community support available through multiple programs:

    • $70.8 million in grant funding through its 2024 Affordable Housing Program Round
    • $28.9 million in grant funding through its 2024 Homebuyer Dream Program® (“HDP®”) Round
    • $10.3 million in grant funding through inaugural HDP Plus Round
    • $15 million in interest rate credits through its 2024 0% Development Advance Program
    • $5 million in supplemental credits for low-to-moderate income mortgages sold into its Mortgage Asset Program
    • $5 million in grant funding through its 2024 Small Business Recovery Grant Program Round

    These programs are funded directly by the FHLBNY’s earnings and are incorporated into its strategy, reflecting the FHLBNY’s continuing commitment to strengthening the communities it serves. The FHLBNY makes its broadest impact through the execution of its foundational liquidity mission, through which it provides its members with a stable source of liquidity to facilitate the extension of credit to consumers, communities, and small businesses across its region.

    Federal Home Loan Bank of New York
    The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of September 30, 2024, the FHLBNY serves 338 financial institutions and housing associates in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

    Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
    This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

    CONTACT:   Brian Finnegan
    (212) 441-6877
    brian.finnegan@fhlbny.com       

    The MIL Network –

  • MIL-OSI United Kingdom: expert reaction to ONS data on fertility and live birth rates in England and Wales in 2023

    Source: United Kingdom – Executive Government & Departments

    Scientists comment on data released by the ONS which suggests birth rates are at a record low. 

    Prof Bassel H.Al Wattar, Associate Professor of Reproductive Medicine and Medical Director of the Clinical Trials Unit, Anglia Ruskin University.

    “The new data from the ONS reflect a worrying yet persistent downward trend of fertility and birth rates in England and Wales. This may be explained by the recent cost of living crisis and financial strain that could be dissuading couples from having more than two children per household. This is also compounded by the progressive reduction in available NHS funding for fertility treatments like IVF which is further contributing to the low fertility and birth rates in the UK as a whole. Many high income countries are seeing a similar worrying trend like Japan and South Korea which has a direct negative impact on the country’s GPD and productivity. The fertility replacement rate should stay close to 2.1 children per woman and the government could implement immediate interventions to help reverse trends such as offering longer paid parental leave, more funding for childcare for working parents, and more funding for fertility treatments in the NHS”

    Prof Melinda Mills, Professor of Demography and Population Health and Director of the Leverhulme Centre for Demographic Science, University of Oxford, said:

    “England and Wales continues the trend of a drop in the Total Fertility Rate (TFR) and postponing children until after age 30. Countries such as Italy and Spain reached even lower levels (around 1.24-1.29) previously and South Korea currently has the lowest TRF in the world of 0.72 in 2022.

    “Falling TFRs and postponement in having children to later ages is not surprising given recent trends. People are actively postponing or forgoing children due to issues related to difficulties in finding a partner, housing, economic uncertainty, remaining longer in education and particularly women entering and staying in the labour force. Some individuals also actively make the choice to remain childfree. However, there is evidence that postponing having children to later ages when the partners are less able to conceive results in increases in involuntarily childlessness as well. Linking the medical records from birth of those who were childless in millions of people in Finland and Sweden1, we found that the large increase in those countries was related to mental health and substance use for men and metabolic disorders linked to obesity for women.

    “The structures such as economic security, housing and affordable childcare are essential for allowing people to have the number of children they would like, when they like. Pronatalist policies such as those recently enacted in Hungary with loans or tax incentives are not only expensive but have limited evidence that they will raise the overall fertility rate.”

    Prof Brienna Perelli-Harris, Professor of Demography, The University of Southampton said:

    “The recent decline in fertility in England and Wales is quite surprising, but it is also in line with fertility declines in other countries which until recently had relatively high fertility. The Nordic countries and the United States have also experienced record-breaking lows in the past few years.

    “We are unsure whether the recent declines are due to postponement of childbearing, which can distort the total fertility rate, or an increase in childlessness.

    “Our recent analysis of the Generation and Gender Survey2 suggests that young people are less likely to intend to have a child in the future. The proportion of 18-to 25-year-olds in the GSS who said they definitely do not intend to have a child approximately doubled compared to the same age group back in 2005-2007 (around 7% then compared to 15% today).

    “The low fertility rates observed by the ONS may continue for some time into the future.”

    https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/livebirths/bulletins/birthsummarytablesenglandandwales/2023

    1. https://www.nature.com/articles/s41562-023-01763-x
    2. https://www.cpc.ac.uk/docs/PB72_Intending_to__remain_childless_are_concerns_about_climate_change_and_overpopulation_the_cause.pdf

     

    Declared interests

    Prof Bassel H.Al Wattar “No conflicts of interests to declare”

    Prof Melinda Mills “I am a Trustee of the UK Biobank, on the Scientific Advisory Board of Our Future Health and Health and Retirement Survey US and Lifelines Biobank Netherlands. I do not see a conflict of this with this subject matter but provide it just in case.”

    Prof Brienna Perelli-Harris “Funding for the GGS came from the ESRC (UKRI), so no industry links.”

    MIL OSI United Kingdom –

  • MIL-OSI USA: Governor Murphy Announces Departure of Chief Counsel Parimal Garg

    Source: US State of New Jersey

    TRENTON – Governor Phil Murphy today announced that his longtime Chief Counsel Parimal Garg will depart the administration next month to work in private practice.

    “Parimal Garg has been by my side for the last eight years, from the early days of my first campaign through nearly seven years in the Governor’s Office,” said Governor Murphy. “I relied heavily on Parimal’s advice and counsel on issues from managing a once-in-a-century pandemic to selecting four Supreme Court Justices, and everything in between. No matter the complexity of the challenge, Parimal always thought through every angle of the issue, identified goals, and formulated strategies for achieving them. I am grateful for Parimal’s many years of service and his unwavering friendship, and I know he will excel in this next chapter of his legal career.”

    “When I decided to work for Phil Murphy in 2016, I did it with a belief that regardless of his political odds, he was the right person to put New Jersey back on track,” said outgoing Chief Counsel Parimal Garg. “Over the last eight years, he rose to every challenge, whether that meant repairing New Jersey’s finances, taking decisive action to protect public health, or skillfully navigating different federal administrations to advance New Jersey’s interests. I am forever grateful to Governor Murphy for the opportunity to help lead his team, and for his trust and confidence during my four years as Chief Counsel. I know that the Governor, the First Lady, and the entire Murphy administration will spend the next year cementing a record of achievement that is unparalleled in our state’s history.”

    Having served as Chief Counsel since October 2020, Garg is the longest serving Chief Counsel to the Governor in New Jersey history. From January 2018 to October 2020, Garg served as Deputy Chief Counsel to the Governor, after having worked as a senior policy advisor on Murphy’s gubernatorial campaign beginning in the summer of 2016.

    Previously, Garg served as a litigation associate at Paul, Weiss, Rifkind, Wharton & Garrison LLP in Washington, D.C., and as a law clerk to New Jersey Supreme Court Chief Justice Stuart Rabner. He received his B.A. from Georgetown University, magna cum laude, and his J.D. from Harvard Law School, cum laude.

    Originally from Lawrenceville, Garg now resides in Montclair.

    Garg will depart the Governor’s Office in mid-November. An announcement on his successor will be made prior to his departure.

    MIL OSI USA News –

  • MIL-OSI USA: FACT SHEET: One Month Following Hurricane Helene, Biden-⁠ Harris Administration Spearheads Ongoing Recovery Efforts and Support for  Survivors

    US Senate News:

    Source: The White House
    Since Hurricane Helene’s destructive landfall one month ago, the Biden-Harris Administration has mobilized a Federal response that has provided hundreds of millions of dollars in financial assistance to survivors, substantial debris removal and power restoration, and a sustained commitment to long-term recovery efforts. As President Biden and Vice President Harris have said, their Administration will be with the people across the Southeast and Appalachia no matter how long it takes.
    Thus far, the Administration has approved over $2.1 billion in Federal assistance for those affected by Hurricane Helene, as well as Hurricane Milton, which made landfall in Florida shortly after Helene.
    This includes over $1 billion in assistance for individuals and families to help pay for housing repairs, personal property replacement, and other recovery efforts. To date, the Administration has also approved over $1.1 billion in Public Assistance funding to support local and state governments. This funding is primarily being used to support debris removal, as well to pay for emergency protective measures like surging first responders and providing shelter, food, and water during and after the storms.
    President Biden, Vice President Harris, and senior leaders across the Administration have spoken with and coordinated closely with Governors, Senators, Representatives, Mayors, and other state and local elected officials in impacted states before, during, and after the storms. The President, Vice President, FEMA Administrator Deanne Criswell, and multiple cabinet members and other Administration leaders have been in impacted states to meet with state and local counterparts, survey damage, assess what additional Federal support should be prioritized, and meet with first responders and survivors. 
    On October 26, White House Homeland Security Advisor Liz Sherwood-Randall traveled to North Carolina to coordinate recovery efforts with Governor Roy Cooper, FEMA, and philanthropic partners on the ground. She underscored the Biden-Harris Administration’s commitment to innovative partnerships that can speed recovery and rebuilding — through collaboration with state and local officials, the private sector, non-governmental organizations, and philanthropic donors—for as long as it takes.
    Nearly 5,000 Federal personnel remain deployed to North Carolina and Florida, working side-by-side with state and local officials, to help survivors get what they need to accelerate their recovery.
    For communities affected by Helene, FEMA has delivered over 11 million meals and 9.6 million liters of water. FEMA now has 65 Disaster Recovery Centers open throughout all of the affected communities to provide survivors with in-person assistance with more opening each day. As of October 27, there will be 21 Disaster Recovery Centers open in North Carolina. Power and cellular service are restored for 99 percent of customers in impacted areas.
    As communities begin their road to rebuilding, the Administration continues to provide support and resources, including:
    Defense Personnel Supporting On-The-Ground Recovery
    Throughout Hurricane Helene response operations, the National Guard and Department of Defense have been engaged in the whole-of-government response efforts across the impacted areas. Members of the North Carolina National Guard, together with active duty servicemembers and guardsmen from 15 other states, have conducted more than 1,200 ground missions and more than 400 air missions in coordination with the state of North Carolina, and under the direction of the Dual Status Commander. 
    These efforts delivered more than 13,500 tons of humanitarian aid overland, and nearly another 2,000 tons through the air. This includes 614,881 gallons of bulk water, 4,331 pallets of bottles of water, and 3,108 pallets of food. Service members were active in route clearance – clearing hundreds of miles of roads, which enabled increased access to some of the hardest hit areas of the state.
    From the onset of this mission, the primary goal of active-duty Department of Defense Title 10 personnel and equipment was to provide immediate, short-term assistance to aid the most urgent response efforts. As of last week, Governor Cooper determined that the active-duty troops were no longer needed for this phase, and active-duty service members transitioned their mission to the National Guard and returned to their home bases. The National Guard, working with FEMA, and other Federal, state, and local partners, will remain actively engaged to address ongoing needs, rebuild infrastructure, and aid communities in long term recovery.
    The National Guard has roughly 2,000 Guardsmen, 65 high-water vehicles, and 7 helicopters still mobilized across seven states for the response to Hurricane Helene.
    The U.S. Army Corps of Engineers has more than 450 personnel engaged in missions across six states – supporting debris removal, temporary power, infrastructure assessments, , and safe waterways assessments. 
    Supporting and Protecting Public Health
    The U.S. Department of Health and Human Services (HHS) through the Centers for Medicare & Medicaid Services (CMS) is taking action to support providers and suppliers impacted by Hurricane Helene. These providers and suppliers may face significant cash flow issues from the unusual circumstances impacting facilities’ operations, preventing facilities from submitting claims and receiving Medicare claims payments. As a result of the presidential disaster declaration, and HHS public health emergencies declared in the wake of Hurricane Helene, CMS made available accelerated payments to Medicare Part A providers and advance payments to Medicare Part B suppliers affected by Hurricane Helene beginning October 2, 2024. CMS has also made available certain flexibilities related to provider and supplier fee-for-service Medicare debt.
    Following storm damage from Hurricane Helene at Baxter International Inc.’s North Cove facility in North Carolina, the Biden-Harris Administration continues taking action to support access to IV fluids, including ensuring restoration of key production sites, protecting products, and opening imports, in partnership with manufacturers, distributors, hospitals, and other stakeholders. As a result of these steps, Baxter anticipates restarting the highest-throughput IV solutions manufacturing line within the next week. The Biden-Harris Administration also moved quickly to open up imports from six facilities around the world and made it easier for hospitals to produce their own IV fluid during the shortage.
    Supporting Students and Student Loan Borrowers
    The U.S. Department of Education (ED) is partnering with disaster-declared states to determine the extent of impacts to educational communities; identify gaps in resources for response and recovery; and share critical resources to help restore learning conditions. These resources include Project SERV, which provides funding for local educational agencies and institutions of higher education that have experienced a traumatic crisis, including weather-related natural disasters, to assist in restoring a safe learning environment. 
    ED is ensuring affected borrowers in areas impacted by the hurricanes can focus on their critical needs without having to worry about missing their student loan payments. Direct Loan borrowers and federally-serviced Federal Family Education Loan (FFEL) borrowers in the affected area who miss their payments will be automatically placed into a natural disaster forbearance. During forbearance, payments are temporarily postponed or reduced, and interest is still charged. Thanks to regulations issued by the Biden-Harris Administration, months in this forbearance will count toward Public Service Loan Forgiveness and Income Driven Repayment forgiveness. Direct Loan and federally serviced FFEL borrowers are not required to take an action, but have the option to call their servicer if they wish to enroll in the forbearance proactively. Perkins loan borrowers should contact their loan holder to request natural disaster forbearance. 
    ED continues to monitor impacts to schools in the affected states, including school closures, damage to school buildings including ongoing utility outages, schools being used as shelters, and the number of displaced students and staff. ED is sending an assessment team to North Carolina this coming week to evaluate damages and work with the state to develop a plan to get students back into classrooms as quickly as possible. In parallel, ED is closely communicating with the leadership of 531 Title IV-participating institutions, across Florida, Georgia, South Carolina, North Carolina, Tennessee, and Virginia due to impacts associated with Hurricane Helene. ED has also posted electronic announcements, reminding impacted institutions of available regulatory flexibilities, and providing guidance on managing Title IV student aid during disaster situations. 
    Supporting Farmers, Agriculture, and Consumers
    The Department of Agriculture (USDA), in coordination with approved insurance providers, announced more than $233 million to help farmers recover from hurricane damage during the fall harvest season. Currently, Hurricane Helene indemnities are estimated to be nearly $208 million for Georgia, nearly $13 million for Florida, $5 million for Alabama, and more than $4 million each for North and South Carolina.  
    To date, USDA has approved Disaster Supplemental Nutrition Assistance Program (D-SNAP) benefits to help eligible residents cover the cost of groceries in 112 counties in Georgia, Florida, North Carolina, and Tennessee. D-SNAP is a program focused on getting food assistance to those in need for people in communities affected by disasters, who may not otherwise be eligible.
    Supporting Infrastructure and Transportation Recovery
    Since Hurricane Helene made landfall, the Environmental Protection Agency (EPA) has been committed to helping water utilities and health departments in Florida, Georgia, South Carolina, Tennessee, and North Carolina as they work around the clock to bring clean, safe drinking water back to communities impacted by the storm. EPA and its state and local partners have made significant progress restoring drinking water and wastewater services in a vast majority of communities. In Western North Carolina, EPA has deployed two mobile water testing labs. EPA has received and analyzed approximately 700 samples, giving residents clear data about the safety of their drinking water. In addition to water testing, EPA has collected approximately 1,000 containers with oil, hazardous materials, or propane since clean-up efforts began in North Carolina.  
    The U.S. Department of Transportation (DOT) continues to support response and recovery efforts in impacted communities in Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia. The Federal Aviation Administration (FAA) worked with partners in affected areas to ensure the national airspace quickly returned to normal operations. The FAA deployed personnel to conduct vital infrastructure assessments and restore communications to impacted towers and airports, including Asheville Regional Airport in North Carolina and ongoing work at Valdosta Regional Airport in Georgia, among others. Approximately 133 personnel from Technical Operations and the communications support team remain on the ground supporting a range of response and restoration activities.
    The Federal Highway Administration (FHWA) sent $144 million in “Quick Release” Emergency Relief funding to North Carolina, South Carolina, Tennessee, and Virginia. These funds represent a ‘down payment’ to help with the immediate aftermath of the hurricane. Additional funding will be flowing to affected communities from the Emergency Relief program pending availability of funds. FHWA also worked closely with all impacted states and other federal agencies to help support their assessments of infrastructure damage.
    Providing Financial Flexibilities to Homeowners, Renters and Taxpayers
    The Department of Housing and Urban Development is providing a 90-day moratorium on foreclosures of mortgages insured by the Federal Housing Administration (FHA) as well as foreclosures of mortgages to Native American borrowers guaranteed under the Section 184 Indian Home Loan Guarantee program. The moratorium and extension are effective as of the President’s disaster declaration date in each state. When homes are destroyed or damaged to an extent that reconstruction or complete replacement is necessary, HUD’s Section 203(h) program provides FHA insurance to disaster victims, including renters. Borrowers from participating FHA approved lenders are eligible for 100 percent financing including closing costs. HUD’s Section 203(k) loan program enables individuals to finance the purchase or refinance of a house, along with its repair, through a single mortgage. Homeowners can also finance the rehabilitation of their existing homes if damaged. FHA is coordinating and collaborating with the Federal Housing Finance Agency, Department of Veterans Affairs and the Department of Agriculture to ensure consistent messaging and policies for single family loans regarding foreclosure moratoriums and repayment/arrearage agreements. Additionally, affected homeowners that have mortgages through Government-Sponsored Enterprises – including Fannie Mae and Freddie Mac – and the FHA are eligible to suspend their mortgage payments through a forbearance plan for up to 12 months.
    The Internal Revenue Service announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia. Taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. In addition, the Internal Revenue Service provided more than 1,000 employees to help with FEMA disaster relief call lines and intake initial information to help disaster victims get federal relief. IRS Criminal Investigation agents were also on the ground in devastated areas to help with search and rescue efforts and other relief work – including assisting with door-to-door search efforts.
    Supporting Workers and Worker Safety
    Working alongside the Department of Labor, the States of Florida, North Carolina, South Carolina, and Tennessee have all announced that eligible workers can receive federal Disaster Unemployment Assistance to compensate for income lost directly resulting from Hurricane Helene. And, through the Department of Labor’s innovative partnership with the U.S. Postal Service, displaced workers from North Carolina and South Carolina can now go to the post office in any other state and verify their ID for purposes of getting their benefits quickly.
    Additional Response and Recovery Efforts
    The U.S. Small Business Administration (SBA) has offered over $51 million in tentatively approved disaster loan funding to survivors of Hurricanes Helene and Milton. The SBA also has hundreds of staff working on the ground supporting communities in Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia in disaster recovery centers, as well as in loan processing and customer service centers that are fielding around 15,000 calls a day with an average wait time of 15 seconds. The SBA is continuing to process disaster loan applications while it awaits Congressional action to replenish their disaster loan funds.

    MIL OSI USA News –

  • MIL-OSI Africa: Secretary-General’s remarks to the Security Council – on Sudan [bilingual, as delivered; scroll down for all-English and all-French]

    Source: United Nations – English

    adam President, Excellencies,

    I thank the Council for the opportunity to discuss the utter humanitarian catastrophe engulfing Sudan.

    Eighteen months have passed since brutal fighting erupted between the Sudanese Armed Forces and the Rapid Support Forces.

    The suffering is growing by the day, with almost 25 million people now requiring assistance.

    The people of Sudan are living through a nightmare of violence — with thousands of civilians killed, and countless others facing unspeakable atrocities, including widespread rape and sexual assaults.

    In recent days, we have heard shocking reports of mass killings and sexual violence in villages in Aj Jazirah State in the east of the country. 

    They are also enduring a nightmare of hunger — as more than 750,000 people face catastrophic food insecurity and famine conditions take hold in displacement sites in North Darfur, while millions struggle to feed themselves every day.

    They are confronting a nightmare of disease — with cholera, malaria, dengue fever, measles and rubella spreading fast.

    A nightmare of collapsed infrastructure — with vital health systems, transportation networks, water and sanitation systems, supply routes and agricultural production grinding to a halt.

    A nightmare of displacement — the largest displacement crisis in the world, with more than 11 million people fleeing since April last year, including nearly 3 million who have crossed into neighbouring countries.

    A nightmare of extreme weather — with nearly 600,000 people affected by heavy rains and floods this summer.

    And Sudan is, once again, rapidly becoming a nightmare of mass ethnic violence, in particular with the dramatic escalation of fighting in El Fasher.  

    Madam President,

    We have consistently appealed to both sides to end the fighting and come to the negotiating table.

    But instead of lowering tensions, they are escalating military action.

    Meanwhile, outside powers are fuelling the fire.

    We face the serious possibility of the conflict igniting regional instability from the Sahel to the Horn of Africa to the Red Sea.  

    Resolution 2736 adopted earlier this year sent a strong signal.

    But we need action on the ground.

    The resolution requested me to make recommendations to protect civilians in Sudan, which I submitted to this Council last week.

    Allow me to outline three key priorities. 

    First — both sides must immediately agree to a cessation of hostilities.

    Such an agreement should be translated into local ceasefires and humanitarian pauses — creating new avenues of dialogue, and laying the ground for a comprehensive ceasefire.

    At the same time, diplomatic efforts must be intensified to finally bring an end to the conflict — including support to implement the commitments in the Jeddah Declaration.

    My Personal Envoy, Ramtane Lamamra, is working around the clock with that objective.

    He convened the parties in Geneva to enhance humanitarian access and strengthen the protection of civilians in Sudan.

    And he supported the coordination of mediation initiatives, in collaboration with regional partners — in particular, the African Union’s High-Level Panel.  

    I urge this Council to continue supporting his efforts, and encourage effective engagement with regional partners like the African Union, the Intergovernmental Authority on Development, the League of Arab States, and other key ones. 

    And I salute the efforts of the African Union and IGAD towards an inclusive Sudanese political dialogue, which would provide an important platform for civilians — including women — to speak out about the importance of ending the war and lend their voices towards a peaceful and democratic future.

    Which brings me to my second point — civilians must be protected.

    We need this Council’s support to help protect civilians in line with human rights and international humanitarian law — including the parties’ own commitments in the Jeddah Declaration.

    The parties to the conflict bear the primary responsibility to ensure the protection of civilians and come to the negotiation table.

    I am horrified by the Rapid Support Forces’ continued attacks against civilians in El Fasher and surrounding areas, which include displacement sites where famine conditions have been confirmed.

    And I am also horrified by reports of attacks against civilians perpetrated by forces affiliated with the Sudanese Armed Forces in Khartoum, and by continuing mass civilian casualties due to apparently indiscriminate airstrikes in populated areas.

    The perpetrators of serious violations of international humanitarian law must be held accountable.

    And domestic and international human rights monitoring and investigation mechanisms must have space for documenting what is happening on the ground.

    Civil society and journalists must be able to do their jobs safely, without fear of persecution and attacks.

    The direct or indirect flow of weapons and ammunitions into Sudan, which continue to fuel this conflict, must cease immediately.

    Diverse Sudanese voices, human rights organizations and others have called for stepped up measures — including some form of impartial force — to protect civilians.

    These calls are a reflection of the gravity and urgency of the situation facing civilians in the country.

    At present, the conditions do not exist for the successful deployment of a United Nations force to protect civilians in Sudan.

    The Secretariat stands ready to engage with the Council and others on the range of operational modalities that can meaningfully contribute to the reduction in violence and the protection of civilians.

    This may require new approaches that are adapted to the challenging circumstances of the conflict.

    Troisièmement, l’aide humanitaire doit pouvoir être acheminée.

    Malgré les difficultés persistantes en matière d’accès et de financement, l’ONU et ses partenaires ont apporté une aide humanitaire à près de 12 millions de personnes entre janvier et septembre de cette année.

    Cela va de l’eau potable, des systèmes d’assainissement et des abris, aux soins de santé et à l’éducation, en passant par la nutrition d’urgence. 

    Mais c’est loin d’être suffisant.

    Une grande partie des personnes assistées n’ont pu recevoir de l’aide qu’une seule fois.

    Plusieurs régions où les besoins sont les plus urgents restent totalement inaccessibles.
    Il est impératif de garantir un accès humanitaire rapide, sûr et sans entrave par toutes les voies nécessaires – au-delà des frontières et à travers les lignes de conflit.

    La réouverture du poste frontière d’Adré représente une étape importante – et ce poste doit rester ouvert.

    J’exhorte les parties à faire en sorte que davantage d’aide vitale puisse être acheminée vers les zones les plus démunies et par les voies les plus efficaces.

    Nous avons besoin que le personnel humanitaire puisse se déplacer dans tout le pays rapidement et en toute sécurité.

    Et nous avons besoin de fonds.

    Notre appel de fonds pour l’aide humanitaire — à hauteur de 2,7 milliards de dollars — n’est financé qu’à 56 pour cent, et le niveau de financement du Plan régional d’intervention en faveur des réfugiés est encore plus insuffisant.

    J’exhorte les donateurs à accroître leurs contributions et assurer un financement souple.

    Dans le même temps, je rends hommage à l’héroïsme des nombreuses initiatives soudanaises visant à fournir une aide vitale et salvatrice sur le terrain.

    Les plus de 700 salles d’intervention d’urgence au Soudan sont un exemple admirable d’action humanitaire de proximité.

    Par leur engagement, ces femmes et ces hommes nous montrent une autre facette du Soudan – le meilleur de l’humanité, dans un pays qui endure aujourd’hui le pire.

    Leur mobilisation devrait être une source d’inspiration pour nous tous.

    Madame la Présidente,

    Comme je l’ai souligné dans le rapport présenté à ce Conseil, il est temps d’agir – d’agir avec détermination – en faveur de la paix pour le peuple soudanais.

    Je vous remercie.

    ****
    [all-English]

    Madam President, Excellencies,

    I thank the Council for the opportunity to discuss the utter humanitarian catastrophe engulfing Sudan.

    Eighteen months have passed since brutal fighting erupted between the Sudanese Armed Forces and the Rapid Support Forces.

    The suffering is growing by the day, with almost 25 million people now requiring assistance.

    The people of Sudan are living through a nightmare of violence — with thousands of civilians killed, and countless others facing unspeakable atrocities, including widespread rape and sexual assaults.

    In recent days, we have heard shocking reports of mass killings and sexual violence in villages in Aj Jazirah State in the east of the country. 

    They are also enduring a nightmare of hunger — as more than 750,000 people face catastrophic food insecurity and famine conditions take hold in displacement sites in North Darfur, while millions struggle to feed themselves every day.

    They are confronting a nightmare of disease — with cholera, malaria, dengue fever, measles and rubella spreading fast.

    A nightmare of collapsed infrastructure — with vital health systems, transportation networks, water and sanitation systems, supply routes and agricultural production grinding to a halt.

    A nightmare of displacement — the largest displacement crisis in the world, with more than 11 million people fleeing since April last year, including nearly 3 million who have crossed into neighbouring countries.
    A nightmare of extreme weather — with nearly 600,000 people affected by heavy rains and floods this summer.

    And Sudan is, once again, rapidly becoming a nightmare of mass ethnic violence, in particular with the dramatic escalation of fighting in El Fasher.  

    Madam President,

    We have consistently appealed to both sides to end the fighting and come to the negotiating table.

    But instead of lowering tensions, they are escalating military action.

    Meanwhile, outside powers are fuelling the fire.

    We face the serious possibility of the conflict igniting regional instability from the Sahel to the Horn of Africa to the Red Sea.  

    Resolution 2736 adopted earlier this year sent a strong signal.

    But we need action on the ground.

    The resolution requested me to make recommendations to protect civilians in Sudan, which I submitted to this Council last week.

    Allow me to outline three key priorities. 

    First — both sides must immediately agree to a cessation of hostilities.

    Such an agreement should be translated into local ceasefires and humanitarian pauses — creating new avenues of dialogue, and laying the ground for a comprehensive ceasefire.

    At the same time, diplomatic efforts must be intensified to finally bring an end to the conflict — including support to implement the commitments in the Jeddah Declaration.

    My Personal Envoy, Ramtane Lamamra, is working around the clock with that objective.

    He convened the parties in Geneva to enhance humanitarian access and strengthen the protection of civilians in Sudan.

    And he supported the coordination of mediation initiatives, in collaboration with regional partners — in particular, the African Union’s High-Level Panel.  

    I urge this Council to continue supporting his efforts, and encourage effective engagement with regional partners like the African Union, the Intergovernmental Authority on Development, the League of Arab States, and other key ones. 

    And I salute the efforts of the African Union and IGAD towards an inclusive Sudanese political dialogue, which would provide an important platform for civilians — including women — to speak out about the importance of ending the war and lend their voices towards a peaceful and democratic future.

    Which brings me to my second point — civilians must be protected.

    We need this Council’s support to help protect civilians in line with human rights and international humanitarian law — including the parties’ own commitments in the Jeddah Declaration.

    The parties to the conflict bear the primary responsibility to ensure the protection of civilians and come to the negotiation table.

    I am horrified by the Rapid Support Forces’ continued attacks against civilians in El Fasher and surrounding areas, which include displacement sites where famine conditions have been confirmed.

    And I am also horrified by reports of attacks against civilians perpetrated by forces affiliated with the Sudanese Armed Forces in Khartoum, and by continuing mass civilian casualties due to apparently indiscriminate airstrikes in populated areas.

    The perpetrators of serious violations of international humanitarian law must be held accountable.

    And domestic and international human rights monitoring and investigation mechanisms must have space for documenting what is happening on the ground.

    Civil society and journalists must be able to do their jobs safely, without fear of persecution and attacks.

    The direct or indirect flow of weapons and ammunitions into Sudan, which continue to fuel this conflict, must cease immediately.

    Diverse Sudanese voices, human rights organizations and others have called for stepped up measures — including some form of impartial force — to protect civilians.

    These calls are a reflection of the gravity and urgency of the situation facing civilians in the country.

    At present, the conditions do not exist for the successful deployment of a United Nations force to protect civilians in Sudan.

    The Secretariat stands ready to engage with the Council and others on the range of operational modalities that can meaningfully contribute to the reduction in violence and the protection of civilians.

    This may require new approaches that are adapted to the challenging circumstances of the conflict.

    Third — humanitarian aid must flow.

    Despite continued access and funding challenges, the United Nations and our partners reached about 12 million people with humanitarian assistance between January and September of this year.

    From water, sanitation and shelter — to health care, education and emergency nutrition.

    But huge gaps remain.

    Many of those reached have been assisted just once.

    Some of the areas of most severe needs remain cut off entirely.

    Rapid, safe and unhindered humanitarian access must be ensured through all necessary cross-border and cross line routes.

    The re-opening of the border crossing at Adre was an important step — and it must remain open.

    I urge the parties to allow more life-saving aid to flow into areas of greatest need through the most efficient routes. 

    We need humanitarian workers moving around the country rapidly and safely.

    And we need funding.

    Our humanitarian funding appeal of $2.7 billion is only about 56 per cent funded, and coverage of the Regional Refugee Response Plan is even lower.

    I urge donors to step up with additional flexible funding.

    At the same time, I pay tribute to the heroism of the leaders of the many Sudanese-led initiatives providing vital and lifesaving assistance on the ground.

    Sudan’s over 700 Emergency Response Rooms are an inspiring example of grassroots humanitarian action.

    Through their work, they are showing us another side of Sudan — the best of humanity in a country enduring the worst of it.

    We can all draw inspiration from their example.

    Madam President,

    As outlined in my report to this Council, it is time for action — decisive action — for peace for the people of Sudan.

    Thank you.

    *****
    [all-French]

    Madame la Présidente, Excellences,

    Je remercie le Conseil de me donner l’occasion d’évoquer ici la catastrophe humanitaire majeure qui frappe le Soudan.

    Dix-huit mois se sont écoulés depuis que de violents affrontements ont éclaté entre les Forces armées soudanaises et les Forces d’appui rapide.

    Les souffrances s’aggravent de jour en jour, et près de 25 millions de personnes ont aujourd’hui besoin d’aide.

    La population du Soudan est plongée dans le cauchemar de la violence : des milliers de civils ont été tués, et un nombre incalculable d’autres personnes sont victimes d’atrocités sans nom, notamment de viols et d’agressions sexuelles à grande échelle.

    Ces derniers jours, nous avons entendu des informations choquantes faisant état de massacres et de violences sexuelles dans des villages de l’État d’Aj Jazirah, dans l’est du pays. 

    Elle est aussi plongée dans le cauchemar de la faim : plus de 750 000 personnes sont en proie à une insécurité alimentaire catastrophique, et la famine s’installe dans les sites de déplacés du Darfour septentrional, tandis que des millions de personnes luttent chaque jour pour trouver de quoi s’alimenter.

    Elle est plongée dans le cauchemar de la maladie : choléra, paludisme, dengue, rougeole et rubéole se propagent rapidement.

    Elle est plongée dans le cauchemar de l’effondrement des infrastructures : les systèmes de santé essentiels, les réseaux de transport, les systèmes d’assainissement et d’approvisionnement en eau, les filières de ravitaillement et la production agricole sont à l’arrêt.

    Elle est plongée dans le cauchemar des déplacements : nous assistons aujourd’hui à la plus grande crise de déplacement de population au monde, puisque plus de 11 millions de personnes ont fui depuis avril de l’année dernière, dont près de 3 millions ont gagné les pays voisins.

    Elle est plongée dans le cauchemar des conditions météorologiques extrêmes : cet été, près de 600 000 personnes ont été touchées par des pluies torrentielles et des inondations.
    Et une fois encore, le Soudan est en passe de sombrer dans le cauchemar des violences ethniques de masse, notamment dans le contexte de l’escalade tragique des combats à El-Fasher. 

    Madame la Présidente,

    Nous avons appelé maintes fois les deux parties à mettre fin aux hostilités et à s’asseoir à la table des négociations en vue d’apaiser les tensions.

    À l’heure où nous parlons, nous assistons au contraire à une escalade de l’action militaire.

    Dans le même temps, des puissances extérieures jettent de l’huile sur le feu.

    Ce conflit risque fortement de déstabiliser l’ensemble de la région, du Sahel à la mer Rouge en passant par la Corne de l’Afrique. 

    La résolution 2736, adoptée en début d’année, a envoyé un signal fort.

    Il est toutefois nécessaire d’agir sur le terrain.

    Dans cette résolution, le Conseil m’a demandé de formuler des recommandations en faveur de la protection des civils au Soudan, recommandations que je lui ai présentées la semaine dernière.

    Permettez-moi de souligner trois priorités essentielles. 

    Premièrement, les deux parties doivent immédiatement s’entendre sur une cessation des hostilités.

    L’accord qui en résulterait devrait se traduire par des cessez-le-feu locaux et des pauses humanitaires, qui permettraient d’ouvrir de nouvelles pistes de dialogue et de jeter les bases d’un cessez-le-feu global.

    Dans le même temps, les efforts diplomatiques doivent être intensifiés pour, enfin, mettre un terme au conflit – notamment en soutenant la mise en œuvre des engagements pris dans la déclaration de Djeddah.

    Mon Envoyé personnel, Ramtane Lamamra, travaille sans relâche à cette fin.

    Il a réuni les parties à Genève en vue de trouver des moyens d’améliorer l’accès humanitaire et de renforcer la protection des civils au Soudan.

    Il a également participé à la coordination des initiatives de médiation, en collaboration avec les partenaires régionaux, en particulier le Groupe de haut niveau de l’Union africaine. 

    Je demande instamment au Conseil de continuer d’appuyer les travaux de mon Envoyé spécial et d’encourager l’établissement d’un dialogue efficace avec des partenaires régionaux tels que l’Union africaine, l’Autorité intergouvernementale pour le développement, la Ligue des États arabes et d’autres acteurs clés. 

    Je salue l’action menée par l’Union africaine et l’IGAD en vue d’instaurer un dialogue politique ouvert à toutes les parties au Soudan, qui offrirait aux populations civiles – y compris aux femmes – une tribune importante pour plaider en faveur de la fin de la guerre et faire entendre leur voix pour un avenir pacifique et démocratique.

    Ce qui m’amène à mon deuxième point : les civils doivent être protégés.

    Nous avons besoin du soutien de ce Conseil pour protéger les civils, dans le respect des droits humains et du droit international humanitaire et conformément aux engagements que les parties elles-mêmes ont pris dans la Déclaration de Djedda.

    Il incombe au premier chef aux parties au conflit de garantir la protection des civils et de s’asseoir à la table des négociations.

    Je suis horrifié par la poursuite des attaques perpétrées par les Forces d’appui rapide contre des civils à El-Fasher et dans les zones environnantes, où se trouvent des sites de déplacés qui connaissent aujourd’hui une situation de famine.

    Je suis également horrifié par les informations faisant état d’attaques contre les populations civiles commises par des forces affiliées aux Forces armées soudanaises à Khartoum et par les pertes civiles considérables que des frappes aériennes menées semble-t-il sans discrimination continuent de provoquer dans des zones peuplées.

    Les auteurs de violations graves du droit international humanitaire doivent être amenés à répondre de leurs actes.

    Les mécanismes nationaux et internationaux de surveillance et d’enquête en matière de droits humains doivent disposer de l’espace nécessaire pour documenter ce qui se passe sur le terrain.

    La société civile et les journalistes doivent pouvoir faire leur travail en toute sécurité, sans craindre de subir des persécutions ou d’être la cible d’attaques.

    Le flux direct ou indirect d’armes et de munitions vers le Soudan, qui continue d’alimenter ce conflit, doit cesser immédiatement.

    Diverses voix soudanaises, des organisations de défense des droits humains et d’autres acteurs ont appelé à un renforcement des mesures — y compris sous une certaine forme de force impartiale — pour protéger les civils.

    Ces appels reflètent la gravité et l’urgence de la situation à laquelle sont confrontés les civils dans le pays.

    À l’heure actuelle, les conditions ne sont pas réunies pour permettre le déploiement d’une force des Nations unies chargée de protéger les civils au Soudan.

    Le Secrétariat est prêt à engager le dialogue avec le Conseil et d’autres parties sur l’ensemble des modalités opérationnelles qui peuvent contribuer de manière significative à la réduction de la violence et à la protection des civils.

    Cela pourrait nécessiter de nouvelles approches adaptées aux circonstances difficiles du conflit.

    Troisièmement, l’aide humanitaire doit pouvoir être acheminée.

    Malgré les difficultés persistantes en matière d’accès et de financement, l’ONU et ses partenaires ont apporté une aide humanitaire à près de 12 millions de personnes entre janvier et septembre de cette année.

    Cela va de l’eau potable, des systèmes d’assainissement et des abris, aux soins de santé et à l’éducation, en passant par la nutrition d’urgence. 

    Mais c’est loin d’être suffisant.

    Une grande partie des personnes assistées n’ont pu recevoir de l’aide qu’une seule fois.

    Plusieurs régions où les besoins sont les plus urgents restent totalement inaccessibles.

    Il est impératif de garantir un accès humanitaire rapide, sûr et sans entrave par toutes les voies nécessaires – au-delà des frontières et à travers les lignes de conflit.
     
    La réouverture du poste frontière d’Adré représente une étape importante – et ce poste doit rester ouvert.

    J’exhorte les parties à faire en sorte que davantage d’aide vitale puisse être acheminée vers les zones les plus démunies et par les voies les plus efficaces.

    Nous avons besoin que le personnel humanitaire puisse se déplacer dans tout le pays rapidement et en toute sécurité.

    Et nous avons besoin de fonds.

    Notre appel de fonds pour l’aide humanitaire — à hauteur de 2,7 milliards de dollars — n’est financé qu’à 56 pour cent, et le niveau de financement du Plan régional d’intervention en faveur des réfugiés est encore plus insuffisant.

    J’exhorte les donateurs à accroître leurs contributions et assurer un financement souple.

    Dans le même temps, je rends hommage à l’héroïsme des nombreuses initiatives soudanaises visant à fournir une aide vitale et salvatrice sur le terrain.
    Les plus de 700 salles d’intervention d’urgence au Soudan sont un exemple admirable d’action humanitaire de proximité.

    Par leur engagement, ces femmes et ces hommes nous montrent une autre facette du Soudan – le meilleur de l’humanité, dans un pays qui endure aujourd’hui le pire.

    Leur mobilisation devrait être une source d’inspiration pour nous tous.
     
    Madame la Présidente,

    Comme je l’ai souligné dans le rapport présenté à ce Conseil, il est temps d’agir – d’agir avec détermination – en faveur de la paix pour le peuple soudanais.

    Je vous remercie.

    MIL OSI Africa –

  • MIL-OSI United Nations: Secretary-General’s remarks to the Security Council – on Sudan [bilingual, as delivered; scroll down for all-English and all-French]

    Source: United Nations

    Madam President, Excellencies,

    I thank the Council for the opportunity to discuss the utter humanitarian catastrophe engulfing Sudan.

    Eighteen months have passed since brutal fighting erupted between the Sudanese Armed Forces and the Rapid Support Forces.

    The suffering is growing by the day, with almost 25 million people now requiring assistance.

    The people of Sudan are living through a nightmare of violence — with thousands of civilians killed, and countless others facing unspeakable atrocities, including widespread rape and sexual assaults.

    In recent days, we have heard shocking reports of mass killings and sexual violence in villages in Aj Jazirah State in the east of the country. 

    They are also enduring a nightmare of hunger — as more than 750,000 people face catastrophic food insecurity and famine conditions take hold in displacement sites in North Darfur, while millions struggle to feed themselves every day.

    They are confronting a nightmare of disease — with cholera, malaria, dengue fever, measles and rubella spreading fast.

    A nightmare of collapsed infrastructure — with vital health systems, transportation networks, water and sanitation systems, supply routes and agricultural production grinding to a halt.

    A nightmare of displacement — the largest displacement crisis in the world, with more than 11 million people fleeing since April last year, including nearly 3 million who have crossed into neighbouring countries.

    A nightmare of extreme weather — with nearly 600,000 people affected by heavy rains and floods this summer.

    And Sudan is, once again, rapidly becoming a nightmare of mass ethnic violence, in particular with the dramatic escalation of fighting in El Fasher.  

    Madam President,

    We have consistently appealed to both sides to end the fighting and come to the negotiating table.

    But instead of lowering tensions, they are escalating military action.

    Meanwhile, outside powers are fuelling the fire.

    We face the serious possibility of the conflict igniting regional instability from the Sahel to the Horn of Africa to the Red Sea.  

    Resolution 2736 adopted earlier this year sent a strong signal.

    But we need action on the ground.

    The resolution requested me to make recommendations to protect civilians in Sudan, which I submitted to this Council last week.

    Allow me to outline three key priorities. 

    First — both sides must immediately agree to a cessation of hostilities.

    Such an agreement should be translated into local ceasefires and humanitarian pauses — creating new avenues of dialogue, and laying the ground for a comprehensive ceasefire.

    At the same time, diplomatic efforts must be intensified to finally bring an end to the conflict — including support to implement the commitments in the Jeddah Declaration.

    My Personal Envoy, Ramtane Lamamra, is working around the clock with that objective.

    He convened the parties in Geneva to enhance humanitarian access and strengthen the protection of civilians in Sudan.

    And he supported the coordination of mediation initiatives, in collaboration with regional partners — in particular, the African Union’s High-Level Panel.  

    I urge this Council to continue supporting his efforts, and encourage effective engagement with regional partners like the African Union, the Intergovernmental Authority on Development, the League of Arab States, and other key ones. 

    And I salute the efforts of the African Union and IGAD towards an inclusive Sudanese political dialogue, which would provide an important platform for civilians — including women — to speak out about the importance of ending the war and lend their voices towards a peaceful and democratic future.

    Which brings me to my second point — civilians must be protected.

    We need this Council’s support to help protect civilians in line with human rights and international humanitarian law — including the parties’ own commitments in the Jeddah Declaration.

    The parties to the conflict bear the primary responsibility to ensure the protection of civilians and come to the negotiation table.

    I am horrified by the Rapid Support Forces’ continued attacks against civilians in El Fasher and surrounding areas, which include displacement sites where famine conditions have been confirmed.

    And I am also horrified by reports of attacks against civilians perpetrated by forces affiliated with the Sudanese Armed Forces in Khartoum, and by continuing mass civilian casualties due to apparently indiscriminate airstrikes in populated areas.

    The perpetrators of serious violations of international humanitarian law must be held accountable.

    And domestic and international human rights monitoring and investigation mechanisms must have space for documenting what is happening on the ground.

    Civil society and journalists must be able to do their jobs safely, without fear of persecution and attacks.

    The direct or indirect flow of weapons and ammunitions into Sudan, which continue to fuel this conflict, must cease immediately.

    Diverse Sudanese voices, human rights organizations and others have called for stepped up measures — including some form of impartial force — to protect civilians.

    These calls are a reflection of the gravity and urgency of the situation facing civilians in the country.

    At present, the conditions do not exist for the successful deployment of a United Nations force to protect civilians in Sudan.

    The Secretariat stands ready to engage with the Council and others on the range of operational modalities that can meaningfully contribute to the reduction in violence and the protection of civilians.

    This may require new approaches that are adapted to the challenging circumstances of the conflict.

    Troisièmement, l’aide humanitaire doit pouvoir être acheminée.

    Malgré les difficultés persistantes en matière d’accès et de financement, l’ONU et ses partenaires ont apporté une aide humanitaire à près de 12 millions de personnes entre janvier et septembre de cette année.

    Cela va de l’eau potable, des systèmes d’assainissement et des abris, aux soins de santé et à l’éducation, en passant par la nutrition d’urgence. 

    Mais c’est loin d’être suffisant.

    Une grande partie des personnes assistées n’ont pu recevoir de l’aide qu’une seule fois.

    Plusieurs régions où les besoins sont les plus urgents restent totalement inaccessibles.
    Il est impératif de garantir un accès humanitaire rapide, sûr et sans entrave par toutes les voies nécessaires – au-delà des frontières et à travers les lignes de conflit.

    La réouverture du poste frontière d’Adré représente une étape importante – et ce poste doit rester ouvert.

    J’exhorte les parties à faire en sorte que davantage d’aide vitale puisse être acheminée vers les zones les plus démunies et par les voies les plus efficaces.

    Nous avons besoin que le personnel humanitaire puisse se déplacer dans tout le pays rapidement et en toute sécurité.

    Et nous avons besoin de fonds.

    Notre appel de fonds pour l’aide humanitaire — à hauteur de 2,7 milliards de dollars — n’est financé qu’à 56 pour cent, et le niveau de financement du Plan régional d’intervention en faveur des réfugiés est encore plus insuffisant.

    J’exhorte les donateurs à accroître leurs contributions et assurer un financement souple.

    Dans le même temps, je rends hommage à l’héroïsme des nombreuses initiatives soudanaises visant à fournir une aide vitale et salvatrice sur le terrain.

    Les plus de 700 salles d’intervention d’urgence au Soudan sont un exemple admirable d’action humanitaire de proximité.

    Par leur engagement, ces femmes et ces hommes nous montrent une autre facette du Soudan – le meilleur de l’humanité, dans un pays qui endure aujourd’hui le pire.

    Leur mobilisation devrait être une source d’inspiration pour nous tous.

    Madame la Présidente,

    Comme je l’ai souligné dans le rapport présenté à ce Conseil, il est temps d’agir – d’agir avec détermination – en faveur de la paix pour le peuple soudanais.

    Je vous remercie.

    ****
    [all-English]

    Madam President, Excellencies,

    I thank the Council for the opportunity to discuss the utter humanitarian catastrophe engulfing Sudan.

    Eighteen months have passed since brutal fighting erupted between the Sudanese Armed Forces and the Rapid Support Forces.

    The suffering is growing by the day, with almost 25 million people now requiring assistance.

    The people of Sudan are living through a nightmare of violence — with thousands of civilians killed, and countless others facing unspeakable atrocities, including widespread rape and sexual assaults.

    In recent days, we have heard shocking reports of mass killings and sexual violence in villages in Aj Jazirah State in the east of the country. 

    They are also enduring a nightmare of hunger — as more than 750,000 people face catastrophic food insecurity and famine conditions take hold in displacement sites in North Darfur, while millions struggle to feed themselves every day.

    They are confronting a nightmare of disease — with cholera, malaria, dengue fever, measles and rubella spreading fast.

    A nightmare of collapsed infrastructure — with vital health systems, transportation networks, water and sanitation systems, supply routes and agricultural production grinding to a halt.

    A nightmare of displacement — the largest displacement crisis in the world, with more than 11 million people fleeing since April last year, including nearly 3 million who have crossed into neighbouring countries.
    A nightmare of extreme weather — with nearly 600,000 people affected by heavy rains and floods this summer.

    And Sudan is, once again, rapidly becoming a nightmare of mass ethnic violence, in particular with the dramatic escalation of fighting in El Fasher.  

    Madam President,

    We have consistently appealed to both sides to end the fighting and come to the negotiating table.

    But instead of lowering tensions, they are escalating military action.

    Meanwhile, outside powers are fuelling the fire.

    We face the serious possibility of the conflict igniting regional instability from the Sahel to the Horn of Africa to the Red Sea.  

    Resolution 2736 adopted earlier this year sent a strong signal.

    But we need action on the ground.

    The resolution requested me to make recommendations to protect civilians in Sudan, which I submitted to this Council last week.

    Allow me to outline three key priorities. 

    First — both sides must immediately agree to a cessation of hostilities.

    Such an agreement should be translated into local ceasefires and humanitarian pauses — creating new avenues of dialogue, and laying the ground for a comprehensive ceasefire.

    At the same time, diplomatic efforts must be intensified to finally bring an end to the conflict — including support to implement the commitments in the Jeddah Declaration.

    My Personal Envoy, Ramtane Lamamra, is working around the clock with that objective.

    He convened the parties in Geneva to enhance humanitarian access and strengthen the protection of civilians in Sudan.

    And he supported the coordination of mediation initiatives, in collaboration with regional partners — in particular, the African Union’s High-Level Panel.  

    I urge this Council to continue supporting his efforts, and encourage effective engagement with regional partners like the African Union, the Intergovernmental Authority on Development, the League of Arab States, and other key ones. 

    And I salute the efforts of the African Union and IGAD towards an inclusive Sudanese political dialogue, which would provide an important platform for civilians — including women — to speak out about the importance of ending the war and lend their voices towards a peaceful and democratic future.

    Which brings me to my second point — civilians must be protected.

    We need this Council’s support to help protect civilians in line with human rights and international humanitarian law — including the parties’ own commitments in the Jeddah Declaration.

    The parties to the conflict bear the primary responsibility to ensure the protection of civilians and come to the negotiation table.

    I am horrified by the Rapid Support Forces’ continued attacks against civilians in El Fasher and surrounding areas, which include displacement sites where famine conditions have been confirmed.

    And I am also horrified by reports of attacks against civilians perpetrated by forces affiliated with the Sudanese Armed Forces in Khartoum, and by continuing mass civilian casualties due to apparently indiscriminate airstrikes in populated areas.

    The perpetrators of serious violations of international humanitarian law must be held accountable.

    And domestic and international human rights monitoring and investigation mechanisms must have space for documenting what is happening on the ground.

    Civil society and journalists must be able to do their jobs safely, without fear of persecution and attacks.

    The direct or indirect flow of weapons and ammunitions into Sudan, which continue to fuel this conflict, must cease immediately.

    Diverse Sudanese voices, human rights organizations and others have called for stepped up measures — including some form of impartial force — to protect civilians.

    These calls are a reflection of the gravity and urgency of the situation facing civilians in the country.

    At present, the conditions do not exist for the successful deployment of a United Nations force to protect civilians in Sudan.

    The Secretariat stands ready to engage with the Council and others on the range of operational modalities that can meaningfully contribute to the reduction in violence and the protection of civilians.

    This may require new approaches that are adapted to the challenging circumstances of the conflict.

    Third — humanitarian aid must flow.

    Despite continued access and funding challenges, the United Nations and our partners reached about 12 million people with humanitarian assistance between January and September of this year.

    From water, sanitation and shelter — to health care, education and emergency nutrition.

    But huge gaps remain.

    Many of those reached have been assisted just once.

    Some of the areas of most severe needs remain cut off entirely.

    Rapid, safe and unhindered humanitarian access must be ensured through all necessary cross-border and cross line routes.

    The re-opening of the border crossing at Adre was an important step — and it must remain open.

    I urge the parties to allow more life-saving aid to flow into areas of greatest need through the most efficient routes. 

    We need humanitarian workers moving around the country rapidly and safely.

    And we need funding.

    Our humanitarian funding appeal of $2.7 billion is only about 56 per cent funded, and coverage of the Regional Refugee Response Plan is even lower.

    I urge donors to step up with additional flexible funding.

    At the same time, I pay tribute to the heroism of the leaders of the many Sudanese-led initiatives providing vital and lifesaving assistance on the ground.

    Sudan’s over 700 Emergency Response Rooms are an inspiring example of grassroots humanitarian action.

    Through their work, they are showing us another side of Sudan — the best of humanity in a country enduring the worst of it.

    We can all draw inspiration from their example.

    Madam President,

    As outlined in my report to this Council, it is time for action — decisive action — for peace for the people of Sudan.

    Thank you.

    *****
    [all-French]

    Madame la Présidente, Excellences,

    Je remercie le Conseil de me donner l’occasion d’évoquer ici la catastrophe humanitaire majeure qui frappe le Soudan.

    Dix-huit mois se sont écoulés depuis que de violents affrontements ont éclaté entre les Forces armées soudanaises et les Forces d’appui rapide.

    Les souffrances s’aggravent de jour en jour, et près de 25 millions de personnes ont aujourd’hui besoin d’aide.

    La population du Soudan est plongée dans le cauchemar de la violence : des milliers de civils ont été tués, et un nombre incalculable d’autres personnes sont victimes d’atrocités sans nom, notamment de viols et d’agressions sexuelles à grande échelle.

    Ces derniers jours, nous avons entendu des informations choquantes faisant état de massacres et de violences sexuelles dans des villages de l’État d’Aj Jazirah, dans l’est du pays. 

    Elle est aussi plongée dans le cauchemar de la faim : plus de 750 000 personnes sont en proie à une insécurité alimentaire catastrophique, et la famine s’installe dans les sites de déplacés du Darfour septentrional, tandis que des millions de personnes luttent chaque jour pour trouver de quoi s’alimenter.

    Elle est plongée dans le cauchemar de la maladie : choléra, paludisme, dengue, rougeole et rubéole se propagent rapidement.

    Elle est plongée dans le cauchemar de l’effondrement des infrastructures : les systèmes de santé essentiels, les réseaux de transport, les systèmes d’assainissement et d’approvisionnement en eau, les filières de ravitaillement et la production agricole sont à l’arrêt.

    Elle est plongée dans le cauchemar des déplacements : nous assistons aujourd’hui à la plus grande crise de déplacement de population au monde, puisque plus de 11 millions de personnes ont fui depuis avril de l’année dernière, dont près de 3 millions ont gagné les pays voisins.

    Elle est plongée dans le cauchemar des conditions météorologiques extrêmes : cet été, près de 600 000 personnes ont été touchées par des pluies torrentielles et des inondations.
    Et une fois encore, le Soudan est en passe de sombrer dans le cauchemar des violences ethniques de masse, notamment dans le contexte de l’escalade tragique des combats à El-Fasher. 

    Madame la Présidente,

    Nous avons appelé maintes fois les deux parties à mettre fin aux hostilités et à s’asseoir à la table des négociations en vue d’apaiser les tensions.

    À l’heure où nous parlons, nous assistons au contraire à une escalade de l’action militaire.

    Dans le même temps, des puissances extérieures jettent de l’huile sur le feu.

    Ce conflit risque fortement de déstabiliser l’ensemble de la région, du Sahel à la mer Rouge en passant par la Corne de l’Afrique. 

    La résolution 2736, adoptée en début d’année, a envoyé un signal fort.

    Il est toutefois nécessaire d’agir sur le terrain.

    Dans cette résolution, le Conseil m’a demandé de formuler des recommandations en faveur de la protection des civils au Soudan, recommandations que je lui ai présentées la semaine dernière.

    Permettez-moi de souligner trois priorités essentielles. 

    Premièrement, les deux parties doivent immédiatement s’entendre sur une cessation des hostilités.

    L’accord qui en résulterait devrait se traduire par des cessez-le-feu locaux et des pauses humanitaires, qui permettraient d’ouvrir de nouvelles pistes de dialogue et de jeter les bases d’un cessez-le-feu global.

    Dans le même temps, les efforts diplomatiques doivent être intensifiés pour, enfin, mettre un terme au conflit – notamment en soutenant la mise en œuvre des engagements pris dans la déclaration de Djeddah.

    Mon Envoyé personnel, Ramtane Lamamra, travaille sans relâche à cette fin.

    Il a réuni les parties à Genève en vue de trouver des moyens d’améliorer l’accès humanitaire et de renforcer la protection des civils au Soudan.

    Il a également participé à la coordination des initiatives de médiation, en collaboration avec les partenaires régionaux, en particulier le Groupe de haut niveau de l’Union africaine. 

    Je demande instamment au Conseil de continuer d’appuyer les travaux de mon Envoyé spécial et d’encourager l’établissement d’un dialogue efficace avec des partenaires régionaux tels que l’Union africaine, l’Autorité intergouvernementale pour le développement, la Ligue des États arabes et d’autres acteurs clés. 

    Je salue l’action menée par l’Union africaine et l’IGAD en vue d’instaurer un dialogue politique ouvert à toutes les parties au Soudan, qui offrirait aux populations civiles – y compris aux femmes – une tribune importante pour plaider en faveur de la fin de la guerre et faire entendre leur voix pour un avenir pacifique et démocratique.

    Ce qui m’amène à mon deuxième point : les civils doivent être protégés.

    Nous avons besoin du soutien de ce Conseil pour protéger les civils, dans le respect des droits humains et du droit international humanitaire et conformément aux engagements que les parties elles-mêmes ont pris dans la Déclaration de Djedda.

    Il incombe au premier chef aux parties au conflit de garantir la protection des civils et de s’asseoir à la table des négociations.

    Je suis horrifié par la poursuite des attaques perpétrées par les Forces d’appui rapide contre des civils à El-Fasher et dans les zones environnantes, où se trouvent des sites de déplacés qui connaissent aujourd’hui une situation de famine.

    Je suis également horrifié par les informations faisant état d’attaques contre les populations civiles commises par des forces affiliées aux Forces armées soudanaises à Khartoum et par les pertes civiles considérables que des frappes aériennes menées semble-t-il sans discrimination continuent de provoquer dans des zones peuplées.

    Les auteurs de violations graves du droit international humanitaire doivent être amenés à répondre de leurs actes.

    Les mécanismes nationaux et internationaux de surveillance et d’enquête en matière de droits humains doivent disposer de l’espace nécessaire pour documenter ce qui se passe sur le terrain.

    La société civile et les journalistes doivent pouvoir faire leur travail en toute sécurité, sans craindre de subir des persécutions ou d’être la cible d’attaques.

    Le flux direct ou indirect d’armes et de munitions vers le Soudan, qui continue d’alimenter ce conflit, doit cesser immédiatement.

    Diverses voix soudanaises, des organisations de défense des droits humains et d’autres acteurs ont appelé à un renforcement des mesures — y compris sous une certaine forme de force impartiale — pour protéger les civils.

    Ces appels reflètent la gravité et l’urgence de la situation à laquelle sont confrontés les civils dans le pays.

    À l’heure actuelle, les conditions ne sont pas réunies pour permettre le déploiement d’une force des Nations unies chargée de protéger les civils au Soudan.

    Le Secrétariat est prêt à engager le dialogue avec le Conseil et d’autres parties sur l’ensemble des modalités opérationnelles qui peuvent contribuer de manière significative à la réduction de la violence et à la protection des civils.

    Cela pourrait nécessiter de nouvelles approches adaptées aux circonstances difficiles du conflit.

    Troisièmement, l’aide humanitaire doit pouvoir être acheminée.

    Malgré les difficultés persistantes en matière d’accès et de financement, l’ONU et ses partenaires ont apporté une aide humanitaire à près de 12 millions de personnes entre janvier et septembre de cette année.

    Cela va de l’eau potable, des systèmes d’assainissement et des abris, aux soins de santé et à l’éducation, en passant par la nutrition d’urgence. 

    Mais c’est loin d’être suffisant.

    Une grande partie des personnes assistées n’ont pu recevoir de l’aide qu’une seule fois.

    Plusieurs régions où les besoins sont les plus urgents restent totalement inaccessibles.

    Il est impératif de garantir un accès humanitaire rapide, sûr et sans entrave par toutes les voies nécessaires – au-delà des frontières et à travers les lignes de conflit.
     
    La réouverture du poste frontière d’Adré représente une étape importante – et ce poste doit rester ouvert.

    J’exhorte les parties à faire en sorte que davantage d’aide vitale puisse être acheminée vers les zones les plus démunies et par les voies les plus efficaces.

    Nous avons besoin que le personnel humanitaire puisse se déplacer dans tout le pays rapidement et en toute sécurité.

    Et nous avons besoin de fonds.

    Notre appel de fonds pour l’aide humanitaire — à hauteur de 2,7 milliards de dollars — n’est financé qu’à 56 pour cent, et le niveau de financement du Plan régional d’intervention en faveur des réfugiés est encore plus insuffisant.

    J’exhorte les donateurs à accroître leurs contributions et assurer un financement souple.

    Dans le même temps, je rends hommage à l’héroïsme des nombreuses initiatives soudanaises visant à fournir une aide vitale et salvatrice sur le terrain.
    Les plus de 700 salles d’intervention d’urgence au Soudan sont un exemple admirable d’action humanitaire de proximité.

    Par leur engagement, ces femmes et ces hommes nous montrent une autre facette du Soudan – le meilleur de l’humanité, dans un pays qui endure aujourd’hui le pire.

    Leur mobilisation devrait être une source d’inspiration pour nous tous.
     
    Madame la Présidente,

    Comme je l’ai souligné dans le rapport présenté à ce Conseil, il est temps d’agir – d’agir avec détermination – en faveur de la paix pour le peuple soudanais.

    Je vous remercie.

    MIL OSI United Nations News –

  • MIL-OSI USA: TODAY: Governor Newsom to provide update on statewide effort to crack down on crime

    Source: US State of California Governor

    Oct 28, 2024

    SACRAMENTO – Today, Governor Gavin Newsom will host a virtual press conference to provide an update on the state’s efforts to crack down on crime.

    WHEN: Monday, October 28 at 1:30 PM

    LIVESTREAM: CA Governor Twitter page, CA Governor Facebook page, and the CA Governor YouTube page.

    **NOTE: This virtual press event will be open to credentialed media only. Media interested in attending must RSVP to govpressoffice@gov.ca.gov by no later than 11:30 a.m., October 28. Log-in information will be provided upon RSVP.

    Media Advisories

    Recent news

    Oct 27, 2024

    News What you need to know: California’s Film & Television Tax Credit Program has generated tens of billions of dollars in investments while creating nearly 200,000 jobs, and Governor Newsom is proposing to expand it to outpace other states and bring more business…

    Oct 26, 2024

    News Welcome to The California Weekly, your Saturday morning recap of top stories and announcements you might have missed. News you might have missed 1. KEEPING CALIFORNIANS SAFE Since Governor Newsom launched the CHP operation in partnership with the City of Oakland,…

    Oct 25, 2024

    News SACRAMENTO – Governor Gavin Newsom and First Partner Jennifer Siebel Newsom issued the following statement regarding the loss of Lt. Cmdr. Lyndsay P. Evans and Lt. Serena N. Wileman, naval aviators from California who perished in an aircraft crash near Mount…

    MIL OSI USA News –

  • MIL-OSI Security: Rockford Man Sentenced to 35 Years in Federal Prison for Sex Trafficking

    Source: United States Department of Justice (Human Trafficking)

    ROCKFORD — A Rockford man has been sentenced to 35 years in federal prison for sex trafficking.

    TRAVIS THOMAS, 34, was convicted in June of sex trafficking, including multiple counts of coercing and transporting the victim across state lines to engage in prostitution.  U.S. District Judge John J. Tharp, Jr. imposed the sentence Friday during a hearing in federal court in Rockford.

    The sentence was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI.  The Rockford Police Department, Hoffman Estates, Ill. Police Department, and Winnebago County, Ill. Sheriff’s Office assisted in the investigation.  The government was represented by Assistant U.S. Attorneys Vincenza L. Tomlinson and Jessica S. Maveus, and former Assistant U.S. Attorney Monica V. Mallory.

    In 2017 and 2018, Thomas targeted the victim, supplied her with crack cocaine that kept her dependent on him, and manipulated her drug addiction to force and coerce her to engage in commercial sex acts for Thomas’s financial benefit. Thomas transported the victim to hotels in Rockford, Wisconsin, and Texas for the purpose of engaging in commercial sex acts.  Thomas also used and threatened physical violence against the victim to force and coerce her to continue to engage in commercial sex.  Thomas then kept all of the proceeds and spent it on himself and others, including a new vehicle, gambling, clothing, and food.

    In addition to the commercial sex, Thomas also used fraud and financial coercion to take the victim’s credit cards, file fraudulent tax returns and insurance claims in her name, empty her bank accounts, and sell her belongings.  The victim was finally able to escape in April 2018, with the help of an individual who took the victim to a hospital after she was severely beaten by Thomas.  While at the hospital, a trained nurse identified her as a victim of sex trafficking and called law enforcement.

    If you believe you are a victim of sexual exploitation, you are encouraged to contact the National Center for Missing and Exploited Children by logging on to www.missingkids.com or by calling 1 800-843-5678.  The service is available 24 hours a day, seven days a week.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Lord Mayor of Leeds to open major Commonwealth trade and investment conference

    Source: City of Leeds

    The Lord Mayor of Leeds, Councillor Abigail Marshall Katung, is set to welcome guests from across the Commonwealth to a major trade and Investment conference in Leeds tomorrow (Tuesday 29 October). 

    The Trade and Investment Opportunities in the Commonwealth conference has been organised by law firm, Womble Bond Dickinson, and is being jointly hosted by Leeds City Council and West Yorkshire Combined Authority.

    The conference will feature a range of speakers including; Megan Wood, Trade Commissioner at the Canadian High Commissioner in London, Dr Olushola Kolawole, lecturer at the University of Bradford’s School of Management, and the Pakistani Consul General in Bradford, Zahid Jatoi. Several influential British-based groups, such as the Ethnic Minority Business and Policy Forum and British Friends of Pakistan, will also attend along with Chief Executive of West & North Yorkshire Chamber of Commerce James Mason.

    The event brings together experts from India, Canada, Pakistan, and Nigeria to reflect on the outcomes of the Commonwealth Heads of Government Meeting (CHOGM) 2024, held in Samoa last week, and will explore how the UK’s commercial links to the Commonwealth can be enhanced. 

    The 56 nations of the Commonwealth are among the UK’s largest and fastest-growing trading partners. The UK exports £83 billion to Commonwealth markets annually, which accounts for 10% of overall UK exports, with significant further trade and investment opportunities for companies in West Yorkshire.

    The event will be an opportunity to encourage further West Yorkshire-Commonwealth trade, upskill businesses on commercial opportunities in the Commonwealth, and highlight the synergies around culture, education, and diasporic communities. It supports our mission to create an economy that works for everyone as set out in the Leeds Inclusive Growth Strategy.

    The Lord Mayor of Leeds, Councillor Abigail Marshall Katung, said: “It gives me the greatest pleasure to welcome our distinguished Commonwealth guests and partners to Leeds.

    “I look forward to discussing furthering trade, culture, and education opportunities for our city, region and the Commonwealth markets. Leeds has a vibrant range of industries that would directly benefit from increasing opportunities with our Commonwealth partners, especially in our professional and financial services, advanced manufacturing, and digital and technology sectors, highlighted as growth-driving sectors in the UK’s recent Modern Industrial Strategy Green Paper.

    “The strength of our city and a driver of its success is its diversity, vibrancy, and people. Forging closer links with our Commonwealth partners is a great opportunity to build on that diversity, create new ideas and investment opportunities and succeed together.”

    Leeds City Council deputy leader and executive member for economy, transport, and sustainable development Councillor Jonathan Pryor said:

    “We are delighted that Leeds is hosting honoured guests from around the world to this trade and investment conference. As a city Leeds is very proud of the diverse make-up of our communities, and this is reflected in our commitment to welcome and support international trade and businesses to invest here.

    “As one of the leading UK cities for private-sector job creation, international investment and supporting business creation and growth across a wide-ranging economy, we very much look forward to this conference and the benefits it can help deliver through further strengthening international relationships and boosting the city and regional economy for all to benefit from.”

    Notes for editors:

    Leeds City Council Inclusive Growth Strategy: https://www.inclusivegrowthleeds.com/ 

    West Yorkshire Trade and Investment Statistics

    • India: 629 West Yorkshire businesses export goods to India at a total value of £126m, and 963 West Yorkshire businesses import goods from India at a total value of £356m. The value of services exported from West Yorkshire is £113m, and the total value of services imported from India to West Yorkshire is £134m. Total bilateral trade in goods and services between West Yorkshire and India is worth £729 million.
    • Indian Tech company Mastek delivers significant UK digital infrastructure projects (including the NHS Spine, and MOD contracts). Mastek has a substantial presence in Leeds including an ambitious new graduate programme. Mastek continues to strengthen its Leeds operation, recently creating an additional 200 new jobs.
    • In 2021 Mphasis launched a new UK Centre of Excellence in Leeds for their insurance clients. In 2022, Mphasis, announced plans to create an additional 1,000 new jobs in West Yorkshire. The investment will be worth tens of millions of pounds to the West Yorkshire economy.
    • Prime Focus Technologies create high-tech AI-enabled software for the media and entertainment industry.  Leeds is home to their UK headquarters and new state-of-the-art Media Centre which delivers Media and Online services for Channel 4 and other media companies.
    • The latest published figures are for the 2021/22 academic year and show the count of Indian students at West Yorkshire institutions to be 4,080. Indian visitors to Yorkshire as a whole spend £14 million annually. British Indian’s make up roughly 2.7% of the population in West Yorkshire which is higher than most groups except for British Pakistani’s (10.7%).
    • Pakistan: Pakistani’s make up the largest West Yorkshire Diaspora group, with 10.7% of the population.
    • Yorkshire and Humber accounted for over 5% of UK exports to Pakistan in 2023, with a value of £23 million and over 7% of imports from Pakistan, valued at £111 million.
    • Pakistan’s trade with the UK is covered by the Developing Countries Trading Scheme, which allows for preferential and tariff free trade on many products. 94% of goods exported from Pakistan to the UK are covered by the scheme, reducing tariffs by £120 million. Trade is expected to double between 2022-25.
    • The UK is Pakistan’s largest export destination in Europe and the third globally.
    • Canada: In 2023, the value of UK goods traded between Yorkshire and the Humber and Canada amounted to £442 million in exports (7.8% of total exports) and £0.3 billion in imports (5.1% of total imports).
    • With both Canada and the UK being signatories of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), 99% of goods traded between CPTPP member countries will be tariff-free. This is projected to diversify both countries’ supply chains within the broader Asia-Pacific region whilst boosting trade, investment and innovation in sectors such as automotive, pharmaceuticals, and machinery.
    • Leeds-based construction company Turner & Townsend have developed a strong presence in Canada with offices in Calgary, Edmonton, Montreal, Ottawa, Toronto and Vancouver.
    • In the UK in 2020-21 the total number of Canadian students was 6615 while the amount of Canadian academic staff amounted to 1635. Academic partnership has seen 40,745 UK publications co-authored with Canadians, between 2018-2021.
    • Nigeria: In 2023, Yorkshire and Humber was the largest UK regional exporter to Nigeria, accounting for 45.5% of exports worth £661 million. In terms of imports, the region imported £29 million of goods from Nigeria during the same period.
    • The UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) is the first the UK has signed with an African country and is designed to grow the UK and Nigeria’s already thriving trading relationship, which totalled £7 billion in the year to September 2023.
    • In 2022/23 Nigerian students were the third largest international group in Yorkshire. Council figures suggest that between 2018/19 and 2022/23 the number of students coming from Nigeria to Leeds Beckett rose from 17 to 677.

    ENDS

    For media enquiries please contact:

    Leeds City Council communications and marketing,

    Email: communicationsteam@leeds.gov.uk

    Tel: 0113 378 6007

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Minister of Justice and Attorney General of Canada announces judicial appointments in the province of Ontario

    Source: Government of Canada News (2)

    October 28, 2024 – Ottawa, Ontario – Department of Justice Canada  

    The Honourable Arif Virani, Minister of Justice and Attorney General of Canada, today announced the following appointments under the judicial application process established in 2016. This process emphasizes transparency, merit, and the diversity of the Canadian population, and will continue to ensure the appointment of jurists who meet the highest standards of excellence and integrity.

    Lisa A. Wannamaker, Assistant Crown Attorney at the Ministry of the Attorney General of Ontario in Peterborough, is appointed a Judge of the Superior Court of Justice of Ontario in Lindsay. Justice Wannamaker replaces Justice D.S. Gunsolus (Lindsay), who elected to become a supernumerary judge effective March 28, 2022.

    Robin A. Bellows, a sole practitioner in Huntsville, is appointed a Judge of the Superior Court of Justice of Ontario in Parry Sound. Justice Bellows replaces Justice J. Stothart (Parry Sound), who will be transferred to Sudbury upon the appointment of a new Judge. Due to internal court transfers by the Chief Justice, the vacancy is located in Parry Sound.   

    Quote

    “I wish Justices Wannamaker and Bellows every success as they take on their new roles. I am confident they will serve Ontarians well as members of the Superior Court of Justice of Ontario”.

    —The Hon. Arif Virani, Minister of Justice and Attorney General of Canada

    Biographies

    Justice Lisa A. Wannamaker was raised in Peterborough. She received an honours degree in political science and economics from the University of Waterloo after which, she travelled and lived abroad in Ireland.  She later attended law school at Queen’s University. She was called to the Ontario Bar in 2005.

    Justice Wannamaker worked for Osler Hoskin & Harcourt LLP and the Ontario Securities Commission. She joined the Etobicoke Crown Attorney’s Office in 2006 and joined the Peterborough office in 2012. She has handled complex prosecutions in both the Ontario Court of Justice and the Superior Court of Justice including homicides, sexual assaults, and dangerous offender proceedings.  She was frequently involved in education and training for other crowns and presented to police services across the province on search issues, expert issues and statements. She was an annual director for the crown attorney school on expert evidence. She also taught in the forensic science program at Trent University.

    Justice Wannamaker is highly committed to her community. She was on the board of Big Brothers and Big Sisters Peterborough and worked as a manager and game day announcer with the Peterborough Wolverines Football Organization and the Kinsmen Minor Football League. She was an articling principal and a mentor to junior lawyers. She has volunteered for student moots, and with the Ontario Justice Education Network.

    Justice Wannamaker enjoys travel with friends, and spending time between the lake and the football fields, with her two wonderful children and her dog.

    Justice Robin A. Bellows was born in Toronto and spent most of her formative years in Newfoundland. She began her undergraduate degree at Memorial University of Newfoundland. She graduated with an Honours Bachelor of Arts from Trinity College at the University of Toronto in 2003 before obtaining her Bachelor of Laws from Osgoode Hall Law School in 2006. She was called to the Ontario Bar in 2007.

    Justice Bellows started her criminal defence practice in Muskoka in 2007, where she worked as a sole practitioner and as duty counsel for 10 years. In 2017, she became the Agent for the Public Prosecution Service of Canada for Parry Sound. In 2023, she was appointed as a per diem Deputy Judge of the Small Claims Court.

    Justice Bellows served on the Board of the Muskoka Law Association since 2008 and became President in 2020. Additionally, she has been the President of the Parry Sound Law Association since 2021. For several years, she had the joy and privilege of coaching the Bracebridge and Muskoka Lakes Secondary School mock trial team. Outside of her legal pursuits, she shared her creative talents with the Muskoka theatre community, creating costumes and props for local productions.

    Justice Bellows is also a watercolor artist, a keen player of high-strategy board games, and a loving mother to two bright and caring children.

    MIL OSI Canada News –

  • MIL-OSI Economics: Almost there – navigating the last mile of disinflation in Latin America

    Source: Bank for International Settlements

    The Covid-19 pandemic required unprecedented policy actions from central bankers. After a faster-than-expected economic recovery, inflation surged to decades-high levels. Central banks raised policy rates and inflation fell substantially. Strong monetary policy frameworks helped Latin American central banks in keeping long-term inflation expectations anchored and avoiding financial crises.

    However, the final stage of reducing inflation to target levels, “the last mile,” remains challenging. While inflation is much lower, it is still not yet at target. Some countries even experienced a rebound. The final stage of disinflation will be different from the first phase. Base effects from the waning of the transitory factors that pushed up inflation play a much smaller role now. High and persistent growth in services prices will be a challenge, especially as wages continue to rise. Expansionary fiscal policies are counteracting restrictive monetary policies, complicating the path to achieving inflation targets. In addition, inflation is increasingly driven by domestic factors, reflecting greater economic and labour market disparities among countries.

    Central banks will have to proceed cautiously in the period ahead.

    MIL OSI Economics –

  • MIL-OSI Economics: Denis Beau: Perspectives on increasing prominence of digital money

    Source: Bank for International Settlements

    Good afternoon, Ladies and Gentlemen,

    I am glad to join you virtually today for the Hong Kong FinTech Week, to share our perspective at the Banque de France on the development of digital payments and its implication for the fulfilment of our mandate to ensure the proper functioning of payment systems.

    Although wholesale and retail payments are being transformed by distinct trends, they present similar challenges from a safety and efficiency perspective. To meet these challenges, we have been at the Banque de France simultaneously acting on three key levers. First, the provision of central bank money services. Second, the support to industry initiatives in line with our policy goals. Third, the promotion of adjustments to the regulatory and supervisory framework. 

    In that context, I would like to explain in my introductory remarks how we consider using our first lever, the provision of central bank money services.

    1. Wholesale digital payments

    In the wholesale space, the security and efficiency of financial transactions between financial intermediaries importantly hinges on the nature of the settlement asset chosen. 

    Lessons learned from past financial crises have underlined the critical importance of using secure settlement assets. In response, members of the Bank for International Settlements have committed to promoting the use of central bank money in the wholesale payments space and mitigate both liquidity and counterparty risks. This commitment is reflected in Principle 9 of the CPMI-IOSCO’s Principles for financial market infrastructures (PFMIs), designed to strengthen and preserve financial stability. And they have been successful in the implementation of this policy as central bank money is actually the very dominant settlement asset in the wholesale space.

    However, as tokenisation of assets gains momentum, private settlement assets, particularly stablecoins, are being used and are likely to be settlement assets of choice, to settle transactions in tokenised assets, absent the availability of central bank money on Distributed Ledger Technology (DLT). In addition, the proliferation of uncoordinated settlement solutions resulting from the lack of public sector response to the tokenisation of finance could lead to increased liquidity fragmentation.

    This is why we consider that we need to adapt the provision of central bank money to the demands of an increasingly digital financial system, particularly as transactions involving tokenised assets gain prominence, to prevent regression in the safety and efficiency of wholesale transactions. 

    Accordingly, the Banque de France was one of the first central banks to launch an ambitious experimental program focused on the use of wholesale central bank digital currency (CBDC) in various settlement processes for varied assets. 

    In addition, in an evolving landscape, where traditional infrastructures are likely to coexist with new DLT systems, interoperability will be crucial in preventing market fragmentation and central bank money can help ensure it. The Payment-vs-Payment (PvP) experiment in CBDC we recently conducted with the Hong Kong Monetary Authority is an illustration of this, with an interoperability mechanism supported by SWIFT to ensure synchronised settlement of both legs of the transaction.

    Since May 2024, the Eurosystem has also been testing various interoperable solutions for settling tokenised financial assets via central bank money and we are actively contributing to it. Looking further ahead, the BIS has put forward the vision of a global unified ledger-a long-term vision that could begin with the establishment of regional unified ledgers, such as a European Unified Ledger. Project Agorá is likely to be an important building block in an exploratory approach to make this vision concrete and test it, and we are also taking part in it.

    2. Retail digital payments

    In the retail space, contrary to the wholesale one, we observe the coexistence and complementarity of central bank money – in the form of cash – and private money. While their respective role has evolved over time with users’ habits, in Europe it has undergone very rapid and significant changes in the past few decades, in relation with the development of the digital economy. The use of cash has steadily declined: in 2022, cash was used in 50% of in-store payments in France, compared with 68% in 2016. Meanwhile, cashless payment solutions have rapidly developed, boosted by the growth of e-commerce and innovative solutions such as contactless and mobile payments.

    These changes bring many benefits for consumers, with payments becoming increasingly convenient, faster and innovative. The Banque de France therefore strongly supports and encourages innovation by payments stakeholders and the private sector. 

    However, digitalisation also comes with challenges for central banks. 

    • First, regulatory and supervisory frameworks need to be adopted to foster innovation in a trusted environment. This is what we have done in the case of private digital assets in Europe where the MiCA regulation has provided a clear, harmonised regulatory framework for crypto-asset service providers (CASPs) and stablecoins issuers, with the support of the Banque de France.
    • Second, the development of digital payments comes with increased dependence on a few dominant non-EU players – international card schemes and global technology providers (BigTechs). Those stakeholders exploit large network effects and own many proprietary standards used in retail payments. In Europe, that trend raises issues in terms of operational resilience, market competition and innovation, and ultimately, challenges the strategic autonomy of European players.

    The Banque de France has helped to address those dependency issues with first a clear support, along with the Eurosystem, to the emergence of pan-European solutions for retail payments such as the European Payments Initiative. Their digital wallet called Wero has just been launched in France, after Germany and Belgium, for person-to-person payments in the first stage. It will gradually expand coverage, to other countries and use cases (e-commerce and in-store payments) in the next years.

    We have also intensively contributed to the preparation underway of a retail CBDC, namely the digital euro. This new form of public money would be comparable to a “digital banknote”. Its legal tender would make it usable everywhere in the euro area, in all contexts – therefore supporting European integration. It would offer cash-like privacy – notably thanks to the offline functionality that would also strengthen our resilience. The underlying standards and infrastructures would be governed by European players – also supporting our strategic autonomy.

    The digital euro is also intended to perpetuate the “public-private partnership” that lies at the heart of our monetary system. It would be distributed by banks and other private intermediaries, with a viable and attractive business model, therefore preserving financial intermediation. It could also facilitate the development of private pan-European projects that could benefit from its open and harmonised standards to extend their scope and benefit from large network effects.

    Conclusion

    As payments become increasingly digital, central banks face the issue of revisiting the way they provide central bank money services to their economy. At the Banque de France, we consider that the Eurosystem should stand ready to adapt its provision of central bank money both in the wholesale and retail spaces. We see this as necessary to maintain the ‘singleness of money’ in our economy and the robustness of our monetary system, both from a stability and sovereignty perspective. On the wholesale side, a CBDC would appropriately accompany and secure a trend towards the tokenisation of financial assets. It could also be a first step towards the provision of a new and decentralised form of infrastructure, a European Unified Ledger. In the retail sphere, we see the deployment of a digital euro as a natural evolution of, and complement to cash, whose success should be built on a strong public-private partnership.

     

    MIL OSI Economics –

  • MIL-OSI Economics: Eddie Yue: Keynote address – Hong Kong FinTech Week 2024

    Source: Bank for International Settlements

    Good morning everyone. Welcome to the 9th Hong Kong FinTech Week, an annual event where vision, inspiration and innovation come together to shape the future of fintech.  It’s wonderful to welcome so many old and new friends today to discuss this exciting topic.

    This year’s theme is “Illuminating New Pathways in Fintech”. It captures where we are right now – at a critical juncture on our fintech journey.  We are seeing an unprecedented acceleration in financial development, fuelled by cutting-edge technologies.

    Having arrived at this point after marking a number of significant milestones along the way, it’s perhaps time to take stock and ask ourselves “What’s on the horizon for Fintech?”

    What we have learned from innovation and fintech

    Before I delve into that question, let’s revisit our overarching vision, which is to nurture a vibrant fintech ecosystem. Like instruments in an orchestra, so do individual players in the fintech ecosystem, whether they are agile start-ups or established institutions, each have their own parts to play. 

    But let’s be honest, a vibrant fintech ecosystem cannot be built overnight. Technology is continuously disrupting everything, including our financial markets.  For many of us, embracing change isn’t always easy, and sometimes the process of driving innovation may even feel uncomfortable and disorienting.  But change is often also a good opportunity to reflect on how we can innovate to better serve the greater good.

    Our Fintech 2025 strategy is a powerful testament to our commitment to innovation. Over the last few years, we have driven some positive transformations in our fintech ecosystem, and I would like to take the next few minutes to share three lessons we have learned along the way.

    First, innovation is not an end in itself, but a means to solve real-world problems. Whether it’s faster payments or better banking access for SMEs, technology is a means to help transform everyday experience and bring benefits to the real economy.  One area we’ve been focusing on is enhancing cross-border payments.  The link between our Faster Payment System (FPS) and Thailand’s PromptPay is one example, providing consumers with a seamless cross-border payment experience and bringing us closer to a world of truly borderless transactions.  Another example is the cross-boundary e-CNY pilot, which allows Hong Kong people to set up e-CNY wallets locally, with linkage to the FPS for cross-boundary payments.  Whether you are buying coffee in Bangkok or settling a bill in a Shenzhen restaurant, payment is as simple as if you were in Hong Kong.

    Another example is the use of technology to address long-standing pain points in the data ecosystem. By linking up isolated data islands and combining sources from the public and private sectors, we are expanding and diversifying our data network.  The linkage between HKMA’s Commercial Data Interchange and the Government’s data gateway is now fully operational, helping to address the industry’s need for government data which can be used to support the credit needs of SMEs.  

    The second thing we have learned is the need to be bold in driving innovation. We need to have an “explorer” mindset to try out innovative ideas even if they are only at a formative stage.  One good example is tokenisation, which is just taking shape as we pioneer different use cases and solutions with Project Ensemble to explore and define the tokenisation landscape.  Working with the industry, we hope to showcase how innovation and regulation can work together to create new opportunities for our financial markets. 

    But a major trend like this inevitably comes with a need for clear guidance and market confidence, and we value your feedback and views as we navigate this evolving landscape. That is why we have been engaging with market players through the Ensemble and stablecoin sandboxes to help us formulate regulatory requirements that are risk-based and fit-for-purpose.

    Our third lesson is the importance of collaboration. Innovation thrives when we come together – cross-sector and cross-border partnerships let us tap into network effects and our collective knowledge, while playing to our individual strengths.

    Numerous collaborations are underway between the HKMA, various jurisdictions, and fintech players from both local and global markets. These partnerships, big and small, have proved to be essential building blocks that support further progress.

    I’ve talked about the three lessons we’ve learned so far: focus on real-world problems, be bold and be collaborative. These lessons are steering us into the next phase of our fintech journey.

    “What’s on the horizon for fintech?”

    So what’s this next phase? While we have yet to chart out our Fintech 2030 Strategy, I can think of two areas that the HKMA should focus on in the next few years. 

    Our first area of focus is tokenisation, including the novel idea of “Finternet” coined by the Bank for International Settlements (BIS). Let me first make clear that tokenisation is not the same as crypto-assets.  There has been some confusion because they both ride on blockchain technology, but don’t mix them up.  Crypto-assets are mostly speculative and our stance is to let the market grow and develop while putting guardrails around it to protect investors.  Tokenisation, on the other hand, is an innovative way to record the value and ownership of money and assets in digital form on a programmable ledger.  This will make it much easier for individuals, corporates, and financial institutions to access and trade these assets, thereby creating a more inclusive ecosystem that benefits everyone, whoever and wherever they are.

    We believe that tokenisation has the potential to create hyper-connectivity among users, data, and services that is essential to drive economic progress. This calls for a visionary shift to align with the constant advances in technology.

    The BIS has also recently introduced the “Finternet” concept. This envisions an internet-like network of interoperable financial ecosystems that places individuals and businesses at the heart of financial interactions.    

    Many of the ideas and concepts from the “Finternet” resonate closely with the HKMA’s tokenisation project. We envision a future where tokenisation integrates seamlessly with financial and real-world assets, enabling operations and transactions otherwise impossible with today’s technology.  Now you might be wondering, how can something as virtual as tokenisation connect with tangible assets?

    Let’s look at trade finance. Imagine you’re an SME importing goods from overseas.  Traditionally, you’d face a mountain of paper documents, like bills of lading and invoices.  With tokenised electronic bills of lading, you can now transfer these digital assets to a financial institution in exchange for funding. 

    Unlike a mere PDF copy of a bill of lading, this approach allows you to track real-time shipment status on the blockchain, eliminates paper, reduces the need for verification, and lowers fraud risks. We are actively exploring this through the Ensemble Sandbox to resolve frictions in trade finance.

    Tokenisation also ties in with green and sustainable finance, as it may open up new business models and opportunities for businesses and investors. For example, tokenised carbon credits traded on blockchain offer better transparency and credibility in carbon data, helping us tackle the issue of double counting that bedevils carbon trading today. 

    Another example can be found in the infrastructure for the electric vehicle (EV) industry. By leveraging real-time data from EV charging stations, we can turn the energy generated into a tokenised revenue stream for institutional investors.  We are looking closely at this model, as it has the potential to be replicated in various settings, mobilising funds to support the transition to a low-carbon economy.

    Our second area of focus is Artificial Intelligence (A.I.) and data, which will help build a smarter and data-driven financial future for everyone. I would like to expand on those two keywords “Smarter” and “Data-driven”.  When I say “Smarter”, I’m talking about the need to promote digitalisation in the banking industry, while ensuring we have the right safeguards in place. 

    In recent years, the banking industry has been leveraging A.I. to promote efficiency, analyse data, and enhance customer experience. The HKMA stance is clear: we are committed to encouraging responsible A.I. adoption.  Back in 2019, we already outlined the high-level principles on the use of A.I. by banks, and this policy guidance remains relevant today.

    Then we see the explosive uptake of Generative A.I. (GenA.I.) in the past two years. GenA.I. has the potential to transform how financial institutions operate, innovate, and engage with their customers.  As we stand at the dawn of this revolution, the HKMA recognises the opportunity to provide more targeted support to accelerate GenA.I. development, by collaborating with the best minds from various sectors.  To achieve this, we have launched various cross-sectoral initiatives, including the FiNETech series, research projects, and training sessions, all aimed at expediting digital transformation.

    Financial institutions are actively exploring the vast potential of GenA.I., from risk assessment to anti-fraud measures and customer interactions. In August this year, we launched the GenA.I.  Sandbox in collaboration with Cyberport to unlock the full potential of tailored GenA.I.  applications catering to the unique needs of Hong Kong’s financial market.  This innovative platform allows banks to pilot GenA.I.  use cases in a risk-managed environment, complete with technical support and targeted supervisory feedback.

    As we move forward, the HKMA will take an interactive and iterative approach, carefully evaluating the results of the Sandbox trials and sharing best practices. We will also provide additional supervisory guidance as necessary to ensure that the adoption of GenA.I. promotes responsible innovation, while maintaining the integrity of the banking sector.

    So, what about “Data-driven”? The aim here is to harness the power of data to reinforce Hong Kong’s leading position as a smart digital economy, both locally and globally.  To do that, open data flow is key.  Domestically, our two initiatives – Commercial Data Interchange and Interbank Account Data Sharing – will continue to integrate data networks which used to run in isolated silos.  This will help simplify KYC and credit risk assessments, thereby helping SMEs secure bank financing more easily, faster, and hopefully more cheaply.

    Meanwhile, we are working closely with the Mainland to facilitate cross-boundary data sharing, first by expediting the pilot for cross-boundary credit referencing with Mainland credit reference platforms.  This will allow SMEs with cross-boundary operations to use this full set of credit data to enhance their access to bank financing.  Internationally, we are collaborating with the BIS Innovation Hub on Project Aperta, which aims to connect domestic open finance infrastructures across jurisdictions, to enable secure and consumer-consented sharing of financial data.   Seamless cross-border data portability will allow consumers to open overseas accounts much faster, and speed up international trade at reduced cost.

    Closing

    What the future may hold for us is uncertain, but we are committed to charting the next phase of financial innovation with continuing efforts in the two areas I just talked about: tokenisation and AI.

    Ultimately, we envision a borderless fintech ecosystem where innovation will drive business development.  To realise this vision, we must dream big and push the boundaries of what is possible.   Let’s all embrace the spirit of innovation and collaboration as we move forward together. 

    If we liken our Fintech journey to an orchestra playing a symphony, we are about to begin the next movement of our fintech symphony.  We don’t know whether it will be “allegro”, or “adagio”.  What we know is that the stage is already set, the instruments are tuned, and the world is waiting.  Hong Kong’s commitment to shaping a vibrant and dynamic financial future has never been stronger.

    Thank you and I hope you gain inspiration from the coming week.

    MIL OSI Economics –

  • MIL-OSI Economics: Klaas Knot: Partly cloudy skies in the euro area, with a silver lining

    Source: Bank for International Settlements

    Good morning everyone,

    It is my pleasure to present the euro area perspective in this panel session on the Global Economic Outlook. The latest PMI releases point to steady global growth.  Weakness in manufacturing is compensated by strong growth in the service sector.

    However, as you can see in the left hand chart, the economic situation in the euro area is less favorable than the global average. The current mood is a bit like October weather in Amsterdam. Not as bad as some people would have you believe, but definitely not great either.

    Economic growth in the euro area has been sluggish for two years now. As shown in the right hand chart, especially domestic demand has been weak. Initially, this could be explained by falling real wages. Over the past two years, however, wages have largely been catching up with prices. The short-term outlook is pointing to slow growth while economic sentiment remains subdued and the household savings rate is still higher than before the pandemic. Looking further ahead though, we do expect the economy to strengthen. Rising real incomes will allow households to consume more and the gradually fading effects of restrictive monetary policy will support consumption and investment.

    Zooming in on the various member states, confidence is not low everywhere. Economic sentiment is significantly above the long-term average in for instance Spain, Portugal and Greece. The mood is especially good in the service sector, benefiting from the reallocation of consumption from goods to services after the pandemic. This growth boost is particularly visible in tourism and hospitality. But also other sectors of the economy perform relatively well in these countries.

    MIL OSI Economics –

  • MIL-OSI Economics: Klaas Knot: Want a strong financial system? Implement Basel III

    Source: Bank for International Settlements

    Thank you Ralph, and thank you for the invitation to speak here before this distinguished audience.

    You are all leaders of big organisations. So you are familiar with the question of strategic change: how do you navigate your bank through the waves of financial market sentiment, changing consumer preferences and technological innovation? A sound strategy starts with a lot of thinking, for sure. Strategic thinking. Board room discussions. A couple of consultants perhaps.

    Finally there is a strategy. A Strategy with a capital S. You know where you want to go and how. But now you enter a crucial phase: implementation. How do you get all corners of your bank from A to B? Because all the strategic thinking in the world will come to nothing if your bank does not follow suit. Implementation is key.

    So how would you feel if, after 13 years, your plans are still stuck in the implementation phase? I ask because that’s the situation we are in with Basel III. When I became governor back in 2011, we were discussing the implementation of Basel III. And now, towards the end of my second term, we are still discussing the implementation of Basel III.

    By now, some of you might think: ‘ok, so this morning we got war for breakfast, and now for lunch we get a central banker who wants to talk about the rules. What’s next? We’ve heard this scratchy old broken record dozens of times before!’ But, as you know, these are often the best records.

    So let me take a step back here. Where are we coming from? In 2010, the Basel Committee on Banking Supervision introduced the first set of Basel III standards. A set of international rules designed to fortify the global banking system after the worst financial crisis since the Great Depression. These reforms were not just a patch-up job. They were a complete overhaul of banking regulation to improve bank resilience, transparency, and risk management. Basel III focused on increasing capital adequacy, introducing the leverage ratio, and creating more stringent liquidity requirements. With the memory of the crisis still fresh, national implementation of this first part of Basel III went relatively quickly.

    This first set of standards was then complemented in 2017 by the final Basel III standards. They focused on enhancing the risk-weighting framework, introducing more robust capital floors, and limiting the variation in banks’ internal risk models. These standards, by now famously known as the Basel endgame, have not yet been implemented by jurisdictions around the world. The EU, in its implementation, deviated on important points, making banking regulation weaker than agreed in the new standards. In the US and the UK, initial legislation proposals have also been weakened, with some elements not fully aligned with the Basel III agreement. Legislators also point at each other when making these adjustments. US banks spent tens of millions of dollars on a lobbying campaign that included ads in the middle of American football games. I don’t think it’s ethical to interrupt football games for any kind of message, let alone on Basel III.

    But on a serious note: our failure to implement fully what had already been agreed upon back in 2017 should be worrying. Not only to me, as a regulator, but also to you, as bankers. To explain why, let me give you my version of a pro-Basel lobbying commercial.

    Implementation of Basel III will increase the credibility of capital ratios and strengthen the banking sector. Think of it as a safety net, your safety net. It will ensure that when the next economic shock comes-and it will come-you will be better prepared to withstand it. The capital buffers required by Basel III are not a burden; they are a shield, allowing you to absorb losses while maintaining operations, protecting your customers and preserving your reputation in times of stress.

    Many in the banking sector view regulation as a constraint, something that limits profitability and imposes undue costs. But it’s just the other way around. Basel III is not an obstacle to growth, it is an enabler of sustainable, long-term growth. Banks with strong capital positions and sound liquidity management are better positioned to extend and rollover credit, invest in new technologies and fund large-scale projects. They are better able to maintain lending during an economic downturn. And stronger banks can secure more favourable funding conditions, attract long-term customers and build partnerships that increase shareholder value.

    Basel III works best when it works everywhere. When Basel III is implemented unevenly across jurisdictions, it creates a patchwork of regulations that opens the door to regulatory arbitrage. Banks may be tempted to shift operations to regions with looser standards. Consistency across borders is not just in regulators’ interests-it’s in yours as well. An uneven playing field undermines confidence in the global banking system, disrupts competition, and ultimately increases systemic risk. It puts banks at risk of operating in jurisdictions where regulatory frameworks are not equipped to deal with crises, leaving you exposed when things go wrong.

    By contrast, global implementation of Basel III creates a level playing field, ensuring that all banks-no matter where they operate-adhere to the same high standards. This uniformity strengthens global financial stability and, in turn, enhances the confidence of your shareholders, customers, and counterparties.

    The opposition to Basel III reflects a kind of short-term thinking, that, frankly, I find hard to understand. Weakening of Basel III may give you a few basis points in capital relief, but it exposes you to long-term vulnerabilities. As the memory of the global financial crisis fades, we risk entering a race to the bottom. A race that would be very dangerous for financial stability. Or, as Daniel Davis said in his much-quoted Financial Times article, ‘while the road to hell is paved with good intentions, the road to the next banking crisis is paved with good exemptions.’

    So in short, it is essential to implement the Basel III standards in all jurisdictions. Not least because, as you know, financial markets are not waiting for us to learn the lessons of 13 years ago. New risks are always emerging, as the events in March last year showed. The demise of Silicon Valley Bank and Credit Suisse not only brought lessons for banks and supervisors. They also highlighted that we may need some targeted changes in banking regulation beyond Basel III. I want to mention three areas here: liquidity, interest risk and AT1 instruments.

    First on liquidity. Partly as a result of social media and digitalisation, the outflow of deposits at SVB was much faster than in previous cases, and much faster than LCR calculations take into account. This raises the question of whether the LCR should be calibrated differently for certain types of deposits. The aim would be to increase banks’ resilience and provide incentives to attract longer and more diversified funding.

    Another avenue which should be explored in the light of the SVB case is whether unrealised losses should be better reflected in the capitalisation of banks. Here I’m referring to the difference between market and book value for bonds which are held to maturity. And we should look at how to address the issue that, in times of stress, banks may be hesitant to use instruments in the liquidity buffer that are not marked to market daily for accounting purposes.

    The turmoil last year also showed how important it is that banks are operationally prepared for liquidity stress. Banks need credible and tested contingency funding plans and they must be operationally ready to access central bank liquidity facilities in times of stress. While this may be more of an issue in the US, we should also look at how this can be improved in the EU. 

    Then interest rate risk. When banks fail to cover this risk sufficiently, changes in market interest rates can lead to substantial losses and, in extreme cases, even to bank failure. The recent developments at regional banks in the US offer a vivid illustration of this.

    The events last year underline the importance of regulation for interest rate risk management and the need for prudent assumptions about customer behaviour. Capital is also necessary to absorb the uncertainty of customer behaviour. In order to promote global harmonisation, we should explore the inclusion of interest rate risk in the Pillar 1 requirements. 

    And last but not least, we need to think about AT1. Rather than acting to stabilise a bank as a going concern in stress, international experience has shown that AT1 absorbs losses only at a very late stage of a bank failure. We saw this in the case of Credit Suisse in 2023, with the Swiss National Bank noting that ‘the AT1 features designed for early loss absorption in a going concern were not effective’. In this instance, AT1 only absorbed losses when the point of non-viability was imminent and failed to stabilise the entity at an earlier stage of stress. This should encourage regulators to reflect on the role and functioning of AT1 instruments in determining the capital position of banks.

    These are all important things that we have to look into. But first and foremost we have to implement Basel III. And while I know this is primarily a message to regulators and lawmakers, it is also a message to you. Because what a strong signal it would be if you as a group would say: don’t water down Basel III. Don’t give us weak rules, give us strong rules. Strong rules that apply to all banks wherever they are and whatever their size. It would not only be a strong signal to us, regulators and lawmakers, it would also be the rational thing to do. Because strong rules are in your interest. Because a strong financial system based on a level playing field is in your interest. Because regulation is not a constraint on the financial industry, it is a license to operate.

    MIL OSI Economics –

  • MIL-OSI Economics: Fabio Panetta: Statement – meeting of the Development Committee

    Source: Bank for International Settlements

    This year marks the 80th anniversary of the Bretton Woods institutions. In this turbulent time, their mission is more important than ever. Together they must foster growth, create jobs, increase stability, build resilience, fight poverty, and reduce inequalities, all while facing massive global challenges – climate change, fragility, mass migration, pandemics, and the risks stemming from new technologies and demographic trends.

    We believe that the World Bank Group (WBG), the International Monetary Fund (IMF), and the wider system of multilateral development banks (MDBs) should pursue this complex mission cooperatively, leveraging their respective comparative advantages. In this regard, we greatly appreciate the Development Committee Paper, “A Future-Ready World Bank Group,” for its comprehensive report on what has been accomplished under the WBG Evolution, launched in October 2022.

    We commend the WBG for progress made in improving its operational and financial model to better serve all its clients, with particular attention to the poorest and the most vulnerable. It demonstrates an impressive amount of work that is reshaping and revamping the organization with an eye to strengthening partnership and collaboration within the WBG and with other MDBs.

    Our constituency continues to advocate for improved monitoring and reporting of the impact of WBG operations, by incorporating better data, impact evaluation, and lessons learned from past experiences. We will continue to ensure that impact and accountability anchor any reforms to operational efficiency and effectiveness. Improved measurement standards in the 22 indicators of the new WBG Scorecard are particularly welcome, and we look forward to further improvements.

    One of the most important tools the WBG can provide is knowledge. It benefits all countries and is necessary to raise the impact of financial flows on development. To this end, we strongly support the newly envisioned Knowledge Compact and the new Knowledge Hubs, designed to favor the flow of expertise and lessons learned around the globe.

    We commend management for further achievement in implementing the G20 Capital Adequacy Framework (CAF) Review, launched under the Italian G20 Presidency, which has increased the IBRD’s financing capacity by up to $150 billion over the next decade. We congratulate the Bank for the newly adopted IBRD Framework of Restoration Measures, while calling for rapid approval of remaining reforms to ensure its full functionality and alignment with major regional MDBs.

    We also applaud the work that the MDBs are jointly making to better recognize the value of existing callable capital. While continuing the dialogue with credit rating agencies, we urge management to integrate a part of callable capital into the WB’s capital adequacy metrics. We also appreciate the newly established enhanced callable capital, and we call for the most inclusive approach in recognizing the financial leverage of shareholders’ voluntary contributions in a way that is consistent with the credit rating agencies’ practice.

    We should be very cautious in designing any reform of IBRD pricing which may have negative impacts on IBRD and IDA financial capacity, which we have been striving to expand. Moreover, we should be aware of any conflicting effects on the newly established Framework for Financial Incentives. We also call for greater analysis of spillovers of price changes for the broader MDBs system, as well as on their implications for the Bank budget anchor and the incentives for country graduation and private sector financing.

    We urge MDBs to develop effective partnerships with climate and environmental vertical funds so as to maximize scarce concessional resources. MDBs can greatly help improve access to these funds at scale and speed. Thanks to their financial leverage, MDBs can also augment the resources available in vertical funds, by associating programmatic approaches with their parallel subscription of WBG hybrid capital and portfolio guarantees, to strengthen predictability of resources for beneficiary countries. We look forward to continuing work with the WBG to implement the conclusions of the forthcoming G20 Independent High-Level Expert Group Review on the Vertical Climate and Environmental Funds.

    We appreciate the WBG’s new approach to private capital mobilization. Enhanced country diagnostics, stronger country dialogue, and closer collaboration among the WBG institutions are needed to increase the supply of effective projects. The WBG guarantees platform, the publication of GEMs data, the introduction of new products to mitigate foreign exchange risks, and the promotion of policy reforms specifically designed to improve the business environment will all help lower the actual and perceived risks of private investment in developing countries. Project standardization and securitization will contribute to attracting investors and accelerating the WBG’s portfolio turnover, thus making capital more efficient.

    The poorest countries are facing the greatest hardships, and 700 million people worldwide are still trapped in extreme poverty. It is our duty to help them overcome challenges and build a more equitable future. As the largest international development fund in the world, IDA has a major responsibility to help low-income countries return to the path of recovery and sustainable growth, as well as transition out of conflicts, poverty, and deprivation.

    This year, IDA21 negotiations are creating a new architecture in order to better integrate IDA into a One WBG and strengthen its alignment with the Evolution agenda. IDA must continue to be centered on concessional financing, meaningful policy commitments, and result-oriented targets.

    At this crucial juncture, we are committed to ensuring that IDA remains the largest and most impactful partnership between borrowers – at different income levels – and donors. Highly concessional resources are a vital source of financing for low-income IDA countries, especially those lacking significant access to capital markets. At a time of heightened debt vulnerabilities, higher interest rates, and lower FDIs, this is even more important. We should collectively deploy all efforts to mobilize adequate concessional finance for IDA21.

    In this collective effort, the rule-based formula to increase IBRD transfers under better financial conditions and higher incomes – agreed upon in 2018 – is playing a crucial countercyclical role, and it should make shareholders proud of the IBRD’s increased role among the key contributors to IDA. The 2018 agreement remains a sign of solidarity and mutual responsibility for a poverty-free world.

    We also commend the further efforts of IDA itself to stretch its own balance sheet with new CAF measures. These measures allow for more efficient deployment of resources belonging to IDA beneficiaries. We support their full engagements in this decision to best calibrate the appropriate balance between the degree concessionality and volumes, should a trade-off emerge.

    Our ultimate goal is to spur long-term development through an effective IDA21. The IDA model is well tested in delivering complex and transformative projects in key sectors, based on country ownership. Mission 300, in partnership with the African Development Bank, is an excellent model for using IDA resources through regional multiphase approaches, building partnerships and – together with IFC and MIGA – mobilizing private capital. IDA is also uniquely positioned to deliver infrastructures for regional integration, along with projects and policy reforms to strengthen industrial development and the local private sector. This is especially important in fighting food insecurity, increasing access to healthcare and job opportunities, building sustainable local value chains for critical minerals, and preparing for pandemics.

    Rising active conflicts and regional instability call on the WBG to renew its approach in addressing the root causes of fragility and maintaining effective engagement in conflict situations. This requires reducing geographical inequalities, promoting broad-based growth, supporting public service delivery in situations of active conflict, and strengthening institutions – including effective and decentralized justice systems and community dispute-resolution mechanisms to mitigate and prevent social conflicts.

    As part of this effort, the Italian G7 Presidency is working with its partners to ensure a successful replenishment of IDA21, building a solid package that addresses all of these critical issues. IDA must remain relevant to the needs of its clients, particularly Africa and fragile countries. A collective endeavour will be paramount in striking the right balance among donor contributions, internal efficiency, and borrower effort, while broadening the donor base.

    Africa is a top priority for this constituency, an agenda further advanced during the G7 Italian Presidency. The Mattei Plan, launched by the Italian Government at the Italy-Africa Summit last January, aims to build a renewed relationship with African countries based on equal cooperation, shared interests, and mutual benefits to foster economic growth and social development at the local level.

    MIL OSI Economics –

  • MIL-OSI Russia: We invite young specialists to the International Scientific and Practical Conference “Science and Technology”

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    On November 26-27, 2024, the State University of Management will host the International Scientific and Practical Conference “Science and Technology”.

    Leading Russian scientists and practitioners, scientific and teaching staff, young researchers studying in bachelor’s, master’s and postgraduate programs for training scientific and scientific-pedagogical personnel in higher education institutions under the scientific supervision of scientific-pedagogical staff are allowed to participate in the conference.

    The conference will include the following sections:

    Social technologies of society management; Innovative technologies of management in the digital environment of the information society; Transformation of industry management in the context of development of technological sovereignty; Marketing technologies of management; Technologies of development of social and business communications; Theory and practice of economic, technological and financial security of the country.

    Application deadline: November 21, 2024, 18:00

    Registration form: https://forms.yandex.ru/u/6703e5b190fa7b943127d827/

    Contacts for reference information: Alexandra Shkurenkova: ad_volkova@guu.ru.

    Details in the information letter.

    Information letter of the International Conference Science and Technology

    Subscribe to the tg channel “Our State University” Announcement date: 10/28/2024

    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: Old National, Axletree Solutions Collaborate for New Level of Secure Transaction Messaging Leveraging Swift

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., Oct. 28, 2024 (GLOBE NEWSWIRE) — Old National Bancorp (“Old National”) and Axletree Solutions today announced an innovative collaboration whereby Axletree will host Old National Bank’s Swift architecture, providing a new level of highly-secure transaction messaging. This will ensure end-to-end control and complete transparency of banking transactions via Swift (Society for Worldwide Interbank Financial Telecommunication).

    Axletree Solutions, a “Software as a Service” provider specializing in connectivity and integration, is Old National’s Swift Service Bureau, providing the bank with access to Swift without the internal burden and costs of managing the requisite Swift technology and infrastructure. Axletree also provides value-added services to Old National that include creating, enriching and transporting various Swift message types from legacy back-office systems with routing rules to achieve internal efficiencies and enhance revenue. Through Axletree, Old National also has access to track international payments in real time leveraging Swift APIs, for the benefit of its customers through an end-to-end secure environment.

    “Our partnership with Axletree allows Old National to meet the technology needs of many of our financial institution and corporate customers,” said Joe Wicklander, President of Treasury Management, Merchant Services and Financial Institutions for Old National Bank. “Our clients continue to invest in automation to leverage their ERP systems, treasury workstations, and accounting platforms, and we thank Axletree for their commitment to providing innovative solutions that allow our clients to be even more successful.”

    Swift provides a single secure channel rather than requiring multiple proprietary connections. Swift is a member-owned cooperative providing safe and secure financial transactions for funds and funds administrators, brokers and dealers, clearing firms and financial market infrastructures, payment processors, and asset and wealth managers.

    Swift messaging supported by Old National will include Single Customer Credit Transfer, General Financial Institution Transfer, Bank to Bank Free Format Message, Confirmation of Debit, Confirmation of Credit, Customer Summary Statement Message, and Customer Detailed Statement Message. Swift connects multiple domestic and global institutions through a single, secure channel. Messaging capabilities include:

    • Wire transfer payments and confirmations
    • ACH payments and confirmations
    • Prior-day and current-day information reporting in BAI2 format
    • Integrated payable files in ISO 20022, CSV and EDI formats

    “We are thrilled to partner with Old National Bank to improve its secure financial messaging experience via Swift,” said Jeff Ferguson, Director of Business Development for Axletree Solutions. “Through the use of our solution Symmetree by Axletree®, Axletree was able to help Old National Bank’s legacy systems create, translate and transport Swift-ready messages to facilitate its secure financial messaging needs. Axletree’s connection with Swift will also allow Old National customers to trace their cross-border Swift transactions in real-time. We thank Old National Bank for allowing us to show how Axletree provides its customers with ‘peace of mind.’”

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $53 billion of assets and $30 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

    ABOUT AXLETREE
    Axletree Solutions, a premier financial technology provider since 2002, empowers businesses with seamless bank connectivity and enterprise integration. As North America’s first SWIFT Service Bureau for Banks and Corporates, Axletree has evolved into a global leader in financial transaction and payments solutions. Processing over $100 billion USD daily, Axletree transmits transactions from any system, across any network, anywhere in the world. The company’s innovative technology and client-centric approach have established it as a trusted partner for secure, mission-critical services, reinforcing Axletree’s role as the central communication pathway for its clients’ financial operations. With a comprehensive solution suite covering the entire payment lifecycle, Axletree enables organizations to realize efficiencies and reduce costs by replacing complex manual processes with automation. As the company expands its global presence through the Americas, Europe, Middle East, and Asia-Pacific, Axletree continues to drive efficiency and integration for the world’s largest organizations, guaranteeing seamless connectivity and peace of mind.

    ABOUT SWIFT
    Swift is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. They provide communities with a platform for messaging and standards for communicating and offer products and services to facilitate access and integration, identification, analysis and regulatory compliance. Their messaging platform, products and services connect more than 11,500 banking and securities organizations, market infrastructures and corporate customers in more than 200 countries and territories. While Swift does not hold funds or manage accounts on behalf of customers, they enable a global community of users to communicate securely, exchanging standardized financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world. Headquartered in Belgium, Swift’s international governance and oversight reinforces the globally inclusive character of its cooperative structure. Swift’s global office network ensures an active presence in all the major financial centers.

    Investor Relations:
    Lynell Durchholz
    (812) 464-1366
    lynell.durchholz@oldnational.com

    Media Relations:
    Rick Vach
    (904) 535-9489
    rick.vach@oldnational.com

    The MIL Network –

  • MIL-OSI: GTreasury Wins Euromoney’s ‘Best FX Tech Provider for Corporates’ Award

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 28, 2024 (GLOBE NEWSWIRE) — GTreasury, the pioneer and global leader in Digital Treasury Solutions for the Office of the CFO, today announced that the company has been named the Best FX Tech Provider for Corporates in Euromoney’s 2024 Foreign Exchange Awards. The recognition underscores GTreasury’s commitment to innovation and excellence in providing cutting-edge foreign exchange solutions that address the complex and evolving needs of modern businesses.

    “We’re proud that our best-in-class FX solution—built for the office of the CFO and corporate treasury teams—has earned this highly respected recognition from Euromoney,” says Ben Hipwell, group product manager, GTreasury. “Over the past year, we’ve seen a marked increase in customer demand for cutting-edge FX capabilities, and we’ve been able to meet those requirements head on and deliver customers significant financial benefits.”

    GTreasury’s world-class treasury and risk management platform provides treasury and finance teams with a powerful and data orchestrated ecosystem that includes solutions built to minimize foreign currency exposure risk. The platform’s modular solution architecture allows companies to configure their FX risk management approach to their specific requirements, whether they’re multinational corporations dealing with multiple currencies or growing businesses expanding into international markets.

    Key features of GTreasury’s award-winning FX risk management solution includes:

    • Comprehensive exposure management: GTreasury’s FX solution module enables customers to manage the full lifecycle of foreign currency exposures and derivatives from a single source of truth. This centralized approach simplifies data collection, improves visibility, and enhances decision-making processes.
    • Advanced forecasting and analytics: Leveraging machine learning algorithms, the platform provides sophisticated forecasting capabilities, helping treasury teams anticipate and prepare for potential currency fluctuations.
    • Automated hedge accounting: The solution generates ASC 815/IFRS 9-compliant documentation, runs effectiveness assessments, and prepares journal entries in both summary and detail formats. This automation significantly reduces the time and effort required for regulatory compliance.
    • Real-time market data integration: GTreasury’s platform integrates with leading market data providers, ensuring that treasury teams have access to up-to-the-minute currency rates and market insights.
    • Customizable reporting and dashboards: Users can create tailored reports and interactive dashboards, facilitating clear communication of FX positions and performance to stakeholders across the organization.

    “In a volatile global economy, effective FX risk management is more crucial than ever for corporate financial health,” said Hipwell. “Our solution not only helps companies mitigate currency risks, but also uncovers opportunities for strategic advantage. We’re committed to ensuring that our customers always have access to the most advanced tools in the market.”

    About GTreasury

    GTreasury is the pioneer and global leader in Advanced Treasury Solutions for the Office of the CFO. For nearly 40 years, GTreasury has delivered industry-leading solutions spanning cash, payments, debt, derivatives, investments, and exposures across a scalable suite of fit-for-purpose solutions. Trusted by over 800 customers across 160 countries, GTreasury provides treasury and finance teams with the ability to connect, compile, and manage mission-critical data to optimize cash flows and capital structures. To learn more, visit GTreasury.com.

    GTreasury is headquartered in Chicago, with locations serving EMEA (London) and APAC (Sydney, Singapore, and Manila).

    The MIL Network –

  • MIL-OSI: Thomasville Bancshares, Inc. Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    THOMASVILLE, Ga., Oct. 28, 2024 (GLOBE NEWSWIRE) — Thomasville Bancshares, Inc. (OTC PINK: THVB), the parent company of Thomasville National Bank and TNB Financial Services, today announced financial results for the quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Net Income for the quarter of $9,386,870 compared to $8,467,575 for the same period last year, an increase of 11%.
    • YTD Net Income of $28,950,864 compared to $26,162,967 for the same period in 2023, an increase of 11%.
    • Earnings per share for the first nine months were $4.53 (basic) and $4.36 (diluted).
    • YTD Return on Average Assets of 2.21% and Return on Average Tangible Equity of 24.28%.
    • Total Assets of $1.816 billion, an increase of $241 million over the same period in 2023.
    • Loans grew to $1.514 billion, an increase of $150 million or 11% year-over-year.
    • Deposits grew to $1.573 billion, an increase of $220 million or 16% year-over-year.
    • Regulatory Capital was $167 million or 9.26% of assets. During the third quarter the company paid a $6.9 million cash dividend ($1.05 per share).
    • TNB Financial, provider of trust and investment services, now has client assets over $4.7 billion.

    Stephen H. Cheney, Chairman and CEO, said “We are pleased to report our strong financial performance for the third quarter ended September 30, 2024. We believe that our Bank is well positioned to continue this strong performance through the remainder of 2024 and beyond.”

    About Thomasville Bancshares, Inc., and Thomasville National Bank

    Thomasville Bancshares, Inc. was founded in 1995 as the holding company for Thomasville National Bank. Today the Bank has total assets of over $1.8 billion. TNB was the #1 ranked bank in Georgia in overall performance (2023 GBA Bank Performance Report) and was recently recognized by American Banker magazine as one of the Top 200 Community Banks in the country, ranked 7th in the nation based upon three years average return on shareholders’ equity. The Bank’s trust and investment division, TNB Financial Services, has client assets over $4.7 billion under advisement and provides financial planning, investments, trust, brokerage, and other related financial services. TNBFS has offices located in Georgia, Florida, South Carolina, Illinois, and Ohio. The Company is headquartered in Thomasville, Georgia and has over 800 local shareholders. Thomasville National Bank is Member FDIC and an Equal Housing Lender. For more information, visit online at www.tnbank.com. 

    The MIL Network –

  • MIL-OSI Africa: Saudi Export-Import Bank (Saudi EXIM) Bank and Africa Finance Corporation Sign Memorandum of Understanding (MoU) to Enhance Export Activities in the Middle East and Africa

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

    WASHINGTON D.C., United States of America, October 28, 2024/APO Group/ —

    The Saudi Export-Import Bank (Saudi EXIM) and Africa Finance Corporation(AFC) (www.Africafc.org), Africa’s leading infrastructure solutions provider, have signed a Memorandum of Understanding (MOU) to collaborate on initiatives to boost exports in both the Kingdom of Saudi Arabia and AFC’s member countries This MoU, signed on the sidelines of the ongoing 2024 IMF/World Bank Annual Meetings, will also promote exchange of information, technical expertise and knowledge sharing between both institutions.  

    His Excellency Eng. Saad Al-Khalb commented: “The MoU with the Africa Finance Corporation comes as part of the bank’s commitment to enhancing international economic and trade relations. The agreement will cover several areas of cooperation, including exploring opportunities to support joint projects between companies in the Kingdom and the member countries of Africa Finance Corporation (AFC), by providing credit solutions that support companies and institutions of all sizes and activities. It will also pave the way for local investors to benefit from promising investment opportunities in Africa, thereby enhancing the flow of non-oil Saudi exports to expand into various African markets, in line with empowering the non-oil national economy and creating a diverse and inclusive economy in line with Saudi Vision 2030.” 

    Samaila Zubairu, President & CEO of AFC, commented on the partnership: “Strategic partnerships are vital for economic transformation, and in today’s world, no nation can tackle sustainable development alone. As such, AFC is pleased to partner with the Saudi Exim Bank, marking a major milestone in strengthening ties between Africa and Saudi Arabia. Leveraging our collective expertise and resources, we aim to contribute significantly to driving industrialization, facilitating trade and creating jobs for a dynamic economic ecosystem that benefits both regions.”  

    It is worth noting that the Saudi Export-Import Bank is a development bank affiliated with the National Development Fund, working to contribute to diversifying the economic base of the Kingdom by enhancing the efficiency of the export system for non-oil national products and services, addressing financing gaps, and reducing export risks. This supports the growth of the non-oil national economy in line with Saudi Vision 2030. 

    At the heart of AFC’s mission is a commitment to delivering impactful solutions for Africa, across its core sectors of power, natural resources, transport and logistics, heavy industry, and technology. The Corporation has an unwavering commitment to realising transformative projects across Africa including infrastructure projects such as the Red Sea Power Wind Farm in Djibouti, the Arise IIP industrial zones and the Lobito transport corridor that are reshaping the landscape, fostering sustainable development for local communities, and altering the economic trajectory of countries. 

    MIL OSI Africa –

  • MIL-OSI Security: Windsor Mill Woman Sentenced to More Than Five Years’ Imprisonment in Connection with Conspiracy Involving Fraudulently Obtaining and Attempting to Obtain More Than $3 Million in COVID-19 Cares Act Loans

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

    Glenn Used COVID-19 CARES Act Funds to Pay for a Vacation to Jamaica, a Mercedes-Benz, Luxury Jewelry, including a 31 Carat Diamond Necklace and items from Luis Vuitton, Neiman Marcus, Dior, Cartier, Gucci, Chanel and Hermes.

    Baltimore, Maryland – On October 23, 2024, Tomeka Glenn, a/k/a “Tomeka Harris” and “Tomeka Davis,” age 47, of Windsor Mill, Maryland, was sentenced by United States District Judge Richard D. Bennett to 65 months’ imprisonment and 3 years of supervised release in connection with her conviction on conspiracy to commit wire fraud relating to the submission of millions of dollars in fraudulent COVID-19 CARES Act Paycheck Protection Program and Economic Injury Disaster Loan applications.  Judge Bennett also directed Glenn to pay restitution in the amount of $3,016,275.62.

    Glenn’s co-defendant Kevin Davis, age 43, also of Windsor Mill, Maryland, pleaded guilty on January 25, 2024 to being a felon in possession of a firearm and ammunition.  Judge Bennett on May 22, 2024 sentenced him to 24 months’ imprisonment.

    The sentence was announced by Erek L. Barron, U.S. Attorney for the District of Maryland; Special Agent in Charge William J. Delbagno of the Federal Bureau of Investigation (“FBI”) Baltimore Field Office; and Chief Robert McCullough of the Baltimore County Police Department.

    Financial assistance offered through the CARES Act included forgivable loans to small businesses for job retention and certain other expenses through the Paycheck Protection Program, administered through the Small Business Administration (“SBA”).  The SBA also offered an Economic Injury Disaster Loan (EIDL) and/or an EIDL advance to help businesses meet their financial obligations.  An EIDL advance did not have to be repaid, and small businesses could receive an advance, even if they were not approved for an EIDL loan. The maximum advance amount was $10,000.

    According to Glenn’s plea agreement, beginning in June 2020 and continuing through March 2021,  Glenn and various co-conspirators prepared numerous false and fraudulent EIDL and PPP loan applications for various businesses (including some that did not exist in any legitimate capacity)  that included false information concerning, among other things, number of employees, monthly payroll costs, and revenue.  The PPP applications also routinely included false and fraudulent Internal Revenue Service (“IRS”) tax forms and bank statements, which were submitted by Glenn to substantiate the false representations made in the applications. 

    Glenn admitted that she received kickback payments from the loan borrowers in exchange for her assistance in connection with the submission of fraudulent PPP and EIDL applications, ultimately receiving more than $400,000 in kickbacks in connection with the scheme.  These kickbacks typically amounted to 10% to 20% of the loan amount.  In total, the kickback scheme resulted in the disbursement of at least $2,715,649.12 in fraudulently obtained PPP and EIDL funds in connection with 23 fraudulent PPP and EIDL loans.

    According to Glenn’s plea agreement, Glenn and Davis, received $300,726.50 in PPP/EIDL funds for various entities that they controlled, and Glenn attempted to obtain $601,511.20 in additional fraudulent PPP and EIDL funds too. 

    Glenn used the fraudulently obtained funds to pay for a luxury vacation at a resort in Jamaica, to purchase a 2021 Mercedes-Benz S580 sedan valued at $148,171.60, to buy thousands of dollars in luxury jewelry, as well as numerous other luxury goods, including items from Luis Vuitton, Neiman Marcus, Dior, Cartier, Gucci, Chanel, and Hermes.

    At the time of her scheme, neither Glenn nor Davis had any legitimate source of income, and in May 2020, each applied for unemployment insurance benefits in the State of Maryland.  In addition, as detailed in Davis and Glenn’s plea agreements, on January 6, 2023, law enforcement executed a federal search warrant at their residence.  Davis and Glenn were present at the residence at the time of the search and were arrested in connection with the fraudulent COVID-19 CARES Act loans.  According to Davis’s plea agreement, during the execution of the search warrant, law enforcement found and seized four firearms loaded with ammunition—a 9mm firearm, and three .40 caliber firearms.  Later investigation revealed that  one of the .40 caliber firearms had earlier been reported stolen by its owner.  As further detailed in Davis’s plea, the firearms were hidden by Davis in the air ducts of the residence: two firearms were hidden in the main bedroom air duct where Davis slept and kept his personal effects; the other two firearms were in the air duct of the bathroom closets to the main bedroom.  Moreover, two of the firearms were further stuffed in socks in an attempt to hide them.  Davis admitted that he possessed and secreted the firearms in the air ducts of his home (and in the socks) in an attempt to conceal them from law enforcement after learning that federal agents had a warrant to search his home.  As admitted to at his plea, Davis’s concealment of the firearms constitutes attempted obstruction of the administration of justice with respect to the investigation.  Each of the four firearms recovered from Davis’s home on January 6, 2023 were later found to have his DNA on them.  A later review of Davis’s iCloud account revealed the existence of, among other things, a series of videos depicting Davis handling firearms, including a shotgun and an assault rifle.  Davis knew that his previous felony conviction prohibited him from possessing firearms or ammunition.

    As part of their plea agreements, Glenn and Davis will be required to forfeit their interest in any assets derived from or obtained by them as a result of, or used to facilitate the commission of, their illegal activities. Specifically, Glenn is required to forfeit a money judgment in the amount of at least $700,726.50; the 2021 Mercedes-Benz; cash in bank accounts she controlled that were held in the names of business entities; and jewelry, including her 3.03 carat yellow diamond engagement ring, Rolex, Cartier and Breitling watches, and a Diamond Miami Cuban Link Chain with 31.5 carats of VS1 diamonds.  Davis must forfeit the firearms and ammunition.

    The District of Maryland Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.  The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic.  The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors.  The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

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

    U.S. Attorney Barron commended the FBI, the SBA-OIG, and the Baltimore County Police Department for their work in the investigation.  Mr. Barron thanked Assistant U.S. Attorney Paul A. Riley, who is prosecuting the case.  He also recognized the assistance of the Maryland COVID-19 Strike Force Paralegal Specialist Joanna B.N. Huber and Paralegal Specialist Juliette Jarman. 

    For more information on the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao/md.

    # # #

     

    MIL Security OSI –

  • MIL-OSI Security: Former Taylor Mayor Sentenced to Nearly Six Years in Prison for Bribery Conspiracy

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

    DETROIT –Richard Sollars was sentenced to 71 months in prison for conspiring to accept bribes and engaging in wire fraud while he was the Mayor of the City of Taylor, announced United States Attorney Dawn N. Ison.

    Ison was joined in the announcement by Cheyvoryea Gibson, Special Agent-in-Charge of the Detroit Field Office of the Federal Bureau of Investigation.

    Between 2016 and 2018, Sollars, 50, exercised his authority and influence as Mayor and recommended to the Taylor City Council that Realty Transition, a company owned by his co-defendant, Shady Awad, be awarded the vast majority of the tax-foreclosed properties that the City had or would acquire under its Right of First Refusal (ROFR) program. This was a program designed to allow Taylor to acquire tax-foreclosed properties from Wayne County for redevelopment. Sollars recommended Realty Transition for the ROFR program, intending to be influenced and rewarded by the free home renovations and other items of value that Awad provided to Sollars for his personal residence, office, and lake house. After an evidentiary hearing, the Court found that Sollars received bribes from Awad totaling $85,011.73 as part of this bribery scheme. The bribes included items such as home renovations, a humidor, kitchen appliances, a washer and dryer, a Dyson vacuum cleaner, a camera, and cash.

    In addition, as part of his election efforts, Sollars established a campaign account entitled, “Committee to Elect Richard Sollars, Jr.” Sollars engaged in a scheme to defraud his donors by fraudulently using donated funds for his personal benefit rather than for his political campaign.  In furtherance of the fraudulent scheme, Sollars directed his campaign treasurer to provide him with signed blank checks from his campaign account. Sollars then made those checks payable to Dominick’s Market in various amounts, each purporting to represent payment for catering services provided to the campaign. As known to Sollars, the owner of Dominick’s Market, Hadir Altoon, prepared false invoices for catering services that were not actually provided. Instead, Altoon would provide Sollars with some or all of the proceeds from the cashed fraudulent checks for Sollars’s personal use. After an evidentiary hearing, the Court found that Sollars received $70,362.98 from this, and other, wire fraud schemes related to his campaign account.

    “Sollars, as the Mayor of the City of Taylor, pledged to represent the best interests of the citizens he represented and the voters who supported him. Instead, he used his elected office to award city contracts and spend campaign funds for his own personal financial enrichment,” stated U.S. Attorney Ison. “Sollars’s conviction and sentence demonstrate my office’s commitment to ensuring that those elected officials who place their own greed above their duties to the citizens in the community will be held to answer for their breach of trust.”

    “The diligent work of the FBI’s Detroit Area Corruption Task Force, working in collaboration with the United States Attorney’s Office for the Eastern District of Michigan, resulted in the conviction of Richard Sollars, the former mayor of the City of Taylor,” said FBI Special Agent in Charge Gibson. “This betrayal of public trust is a stark reminder of the importance of integrity and accountability in public office. We remain committed to upholding the principles of justice and transparency, ensuring that such actions do not go unpunished. Today’s sentencing of Mr. Sollars brings closure to a lengthy and thorough investigation of the former mayor’s administration.”

    The investigation of this case was conducted by the Federal Bureau of Investigation. The case is being prosecuted by Assistant U.S. Attorneys Frances Carlson and Robert Moran.

    MIL Security OSI –

  • MIL-OSI Security: Jury Convicts Mexican National of $4.7 Million Methamphetamine Heroin Conspiracy

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

    KANSAS CITY, Mo. – A Mexican national who worked with a drug-trafficking organization tied to the Cárteles Unidos cartel in Michoacán, Mexico, was convicted by a federal trial jury today of his role in a $4.7 million conspiracy to distribute more than 335 kilograms of methamphetamine and 22 kilograms of heroin in the Kansas City, Mo., metropolitan area and throughout the United States.

    Luis Eduardo Pineda-Zarao, 29, a citizen of Mexico residing in Lebanon, Tennessee, was found guilty of participating in a conspiracy to distribute methamphetamine and heroin from Feb. 28, 2020, to June 1, 2022.

    The indictment alleges the conspiracy involved the distribution of more than 335.5 kilograms of methamphetamine, with an average street price of $300 per ounce, and more than 22.1 kilograms of heroin, with an average street price of $1,500 per ounce.

    During the investigation, federal agents with Homeland Security Investigations conducted two undercover bulk cash pickups totaling $308,775 and seized $610,400 in bulk cash, over 56 kilograms of methamphetamine, 5.5 kilograms of heroin, 2.6 kilograms of marijuana, and at least eight firearms, two of which were stolen. Law enforcement officers also seized $277,863 during a vehicle stop and $114,863 while executing search warrants at four Kansas City, Mo., residences.

    Pineda-Zarao is among 44 defendants charged in this case. Nine co-defendants have been sentenced and 34 co-defendants have pleaded guilty and await sentencing.

    Following the presentation of evidence, the jury in the U.S. District Court in Kansas City, Mo., deliberated for less than an hour before returning guilty verdicts to U.S. District Judge Greg Kays, ending a trial that began Monday, Oct. 21.

    Under federal statutes, Pineda-Zarao is subject to a mandatory minimum sentence of 10 years in federal prison without parole, up to a sentence of life in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

    This case is being prosecuted by Assistant U.S. Attorneys Patrick C. Edwards and Megan Baker. It was investigated by Homeland Security Investigations, U.S. Customs and Border Protection, the Drug Enforcement Administration, the Jackson County Drug Task Force, IRS-Criminal Investigation, the Kansas Bureau of Investigation, the Kansas City, Mo., Police Department, the Kansas City, Kan., Police Department, the Missouri State Highway Patrol, the Kansas Highway Patrol, the Independence, Mo., Police Department, the Minnesota Bureau of Criminal Apprehension, the Minnesota State Patrol, the Olmsted County, Minn., Sheriff’s Office, the Texas Department of Public Safety, the FBI, the Clay County, Mo., Sheriff’s Department, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and the U.S. Marshals Service.

    Organized Crime and Drug Enforcement Task Force

    This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    KC Metro Strike Force

    This prosecution was brought as a part of the Department of Justice’s Organized Crime Drug Enforcement Task Forces (OCDETF) Co-located Strike Forces Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations against a continuum of priority targets and their affiliate illicit financial networks. These prosecutor-led co-located Strike Forces capitalize on the synergy created through the long-term relationships that can be forged by agents, analysts, and prosecutors who remain together over time, and they epitomize the model that has proven most effective in combating organized crime. The principal mission of the OCDETF program is to identify, disrupt, and dismantle the most serious drug trafficking organizations, transnational criminal organizations, and money laundering organizations that present a significant threat to the public safety, economic, or national security of the United States.

    MIL Security OSI –

  • MIL-OSI: RegEd Advances its Market-Leading Compliance and Registration Management Solutions to Ensure the Industry’s Seamless Transition to FINRA’s New API Platform

    Source: GlobeNewswire (MIL-OSI)

    Raleigh, NC, Oct. 28, 2024 (GLOBE NEWSWIRE) — RegEd, the leading provider of compliance and RegTech solutions for the financial services industry, today announced significant enhancements to its industry-leading suite of compliance and registration management solutions. These advancements will enable firms to transition without disruption to FINRA’s new API platform ahead of the sunset of its Web EFT application on April 30, 2025, while realizing additional efficiency and effectiveness across a range of critical rep compliance processes.

    As FINRA’s largest customer and the highest volume filer on Web EFT, RegEd has partnered directly with FINRA to develop an innovative and robust technology solution in preparation for the change. The enhanced solutions will integrate directly with FINRA’s API platform and deliver significant value to RegEd’s more than 550 securities clients, who represent a majority of registered representatives in the financial services industry. As the most widely adopted compliance and registration management solution provider, trusted by an unparalleled client base of leading firms, RegEd will again set the course for the industry at large with this latest innovation.

    “RegEd’s commitment to innovation and client success over more than 20 years is exemplified by our proactive approach to regulatory and industry changes like FINRA’s API transition,” said Frank Brienzi, CEO of RegEd. “The enhancements to our platform ensure that our clients can navigate this change smoothly, efficiently and with the utmost confidence in our ability to guide them through uncertainty.”

    Real-time and near real-time FINRA processing on the RegEd platform represents a major step forward in compliance and registration management, ensuring that firms can maintain compliance with the latest regulatory requirements while further optimizing operational efficiency.

    “These advancements will result in near immediate FINRA data processing, which will deliver substantial additional value across RegEd’s suite of solutions, the breadth of which is unmatched in our industry” said Ethan Floyd, Chief Product Officer of RegEd. “This will drive new levels of efficiency in Xchange Registration Management, Outside Business Activities, FINRA Registration Profiles, Annual Renewals, and several other RegEd modules, to amplify the return on investment for our clients in the securities business.”

    For more information about RegEd and its enhanced compliance and registration management solutions, please visit www.RegEd.com.

    About RegEd

    RegEd is the market-leading provider of RegTech enterprise solutions with relationships with more than 200 enterprise clients, including 80% of the top 25 financial services firms.

    Established in 2000 by former regulators, the company is recognized for continuous regulatory technology innovation with solutions hallmarked by workflow-directed processes, data integration, regulatory intelligence, automated validations, business process automation and compliance dashboards. The aggregate drives the highest levels of operational efficiency and enables our clients to cost-effectively comply with regulations and continuously mitigate risk.

    Trusted by the nation’s top financial services firms, RegEd’s proven, holistic approach to RegTech meets firms where they are on the compliance and risk management continuum, scaling as their needs evolve and amplifying the value proposition delivered to clients. For more information, please visit www.reged.com.

    The MIL Network –

  • MIL-OSI: Correction to the Stock Exchange Release: QPR Software Plc’s Financial Reporting in 2025

    Source: GlobeNewswire (MIL-OSI)

    QPR SOFTWARE PLC        STOCK EXCHANGE RELEASE         October 28, 2024, at 6:00 p.m. EET

    Correction to the stock exchange release: On Friday, October 25, 2024, QPR Software Plc published a release regarding the financial calendar for 2025, which included the planned publication dates for financial reports. Both the Finnish and English versions of the release contained an error in the weekday for the annual report publication. The corrected release is provided in full below.

    In this stock exchange release, QPR Software Plc presents its financial calendar for 2025, including the planned publication dates for financial reports.

    QPR will publish three interim reports in 2025:

    • Interim Report for January–March 2025 on Thursday, April 24, 2025
    • Half-year Financial Report for January–June 2025 on Friday, July 18, 2025
    • Interim Report for January–September 2025 on Friday, October 31, 2025

    QPR Software’s financial statement bulletin, activity report, audit report, and report on the corporate governance system for the financial year 2024 will be published on Friday, February 14, 2025.

    The annual report for 2024 will be published on Thursday, April 3, 2025.

    QPR’s Annual General Meeting for 2025 is planned to be held on Wednesday, June 18, 2025. The Board of Directors convenes the Annual General Meeting with a invitation to be published later.

    For further information:

    Heikki Veijola

    Chief Executive Officer

    QPR Software Plc

    Tel. +358 40 922 6029

    QPR Software in Brief

    QPR Software (Nasdaq Helsinki) is a leading player in the Digital Twin of an Organization (DTO) use case and one of the most advanced process mining software companies in the world. The company innovates, develops, and delivers software for analyzing, monitoring, and modeling organizational operations. Additionally, QPR provides consulting services to ensure its customers derive full benefits from the software and associated methodologies.

    www.qpr.com

    DISTRIBUTION

    Nasdaq Helsinki

    Key medias

    www.qpr.com

    The MIL Network –