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Category: Economy

  • MIL-OSI USA News: A Proclamation on Minority Enterprise Development Week,  2024

    Source: The White House

    Our Nation’s minority-owned businesses are the glue of our communities and the engines of our economies.  Investing in them is key to growing our economy from the middle out and bottom up, not the top down.  When minority-owned businesses do well, everyone does well.  More people get jobs, first-time business owners build generational wealth, our economy grows, and more Americans feel a sense of pride and hope in all that is possible in our Nation.  This Minority Enterprise Development Week, may we celebrate the talent and ingenuity of the innovators and entrepreneurs who run our Nation’s minority-owned businesses.  And may we recommit to ensuring that minority-owned businesses have access to the resources they need to thrive.

    Minority-owned businesses add incredible value to our economy, generating nearly $2 trillion in revenue each year.  These businesses not only provide the goods and services we need but are also sources of hope — helping people realize their American Dream, building generational wealth, and uplifting their families and communities.  That is why my Administration is ensuring that minority-owned businesses have access to capital and can grow.  The Small Business Administration (SBA) is lending tens of billions of dollars to small businesses that would otherwise struggle to access capital.  For example, since 2020, the rate of SBA-backed loans increased by about 40 percent for Asian American-owned businesses, tripled for Black-owned businesses, and more than doubled for Latino-owned businesses.  Further, my American Rescue Plan helped minority-owned small businesses keep their doors open during the COVID-19 pandemic and represents the largest-ever dedicated Federal investment to connect minority-owned small businesses to support.  That law invested $10 billion to launch and expand programs that provide critical access to capital for small businesses.  The American Rescue Plan also invested $500 million to fund over 100 awards for organizations working to connect entrepreneurs to resources to help their small businesses recover and thrive through initiatives like the SBA’s Community Navigators Program, the Department of the Treasury’s Small Business Opportunity Program, and the Minority Business Development Agency’s Capital Readiness Program. 

    My Administration has also been working to ensure that minority-owned businesses get a fair shot at success.  That is why I signed an Executive Order that would increase the share of total Federal contracts going to disadvantaged businesses from 10 percent to 15 percent by 2025 — and in the last 3 years, we have spent over $208 billion on small disadvantaged businesses.  My Bipartisan Infrastructure Law expanded and made permanent the Minority Business Development Agency, ensuring that minority-owned businesses have access to the resources and support they need to thrive.  And with my Inflation Reduction Act and CHIPS and Science Act, we are working to make sure that minority-owned businesses are benefiting from the billions of dollars we are investing in America’s infrastructure, manufacturing, and clean energy industries here at home.  In addition, Vice President Harris launched the Economic Opportunity Coalition in 2022 to provide tens of billions of dollars in investments to underserved communities. 

    Since Vice President Harris and I entered office, our Administration has created 16 million jobs, and American entrepreneurs have filed nearly 20 million new business applications.  Wages are growing faster than prices.  Unemployment remains low.  Black- and Latino-owned businesses are being created faster today than they have been in years and Federal contracts with Native American-owned companies increased by over $8 billion from 2020 to 2023. I also take pride in my Administration’s investments in Historically Black Colleges and Universities, Hispanic-Serving Institutions, Tribal Colleges and Universities, and Asian American and Native American Pacific Islander-Serving Institutions — all of which are helping launch the next generation of innovators, entrepreneurs, and business owners.  These investments will ensure that their graduates will have every opportunity to lead the industries of the future and build generational wealth.

    Across America — from small towns to big cities — we are seeing thousands of stories of revival, renewal, optimism, and pride.  And each new business that is created is an act of hope, not just for the business owner but for the entire community.  During Minority Enterprise Development Week, may we celebrate all the minority-owned businesses making our economy stronger, our Nation more competitive, and our communities more hopeful.  And may we recommit to supporting their success and longevity.

    NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim October 20 through October 26, 2024, as Minority Enterprise Development Week.  I call upon the people of the United States to acknowledge and celebrate the achievements and contributions of minority business owners and enterprises and commit to promoting systemic economic equality.

         IN WITNESS WHEREOF, I have hereunto set my hand this eighteenth day of October, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-ninth.

                                  JOSEPH R. BIDEN JR.

    MIL OSI USA News –

  • MIL-OSI USA News: Remarks by Vice President Harris at a Campaign Event | Grand Rapids,  MI

    Source: The White House

    Riverside Park
    Grand Rapids, Michigan

    2:38 P.M. EDT

    THE VICE PRESIDENT:  Good afternoon, Michigan!  Good afternoon.  Can we hear it for Brian?  (Applause.) 

    Good afternoon, Michigan.  It is good — (applause) — oh, it is good to be back.  It’s good to be back.  (Applause.)  Good afternoon.  Oh — (laughs) — oh, my god.  Okay.  (Applause.)  Okay.  Thank you. 

    Okay, let’s get to business.  Let’s get to business.  Thank you.  Thank you.  I am very touched.  (Applause.)  Thank you all.  Oh, it’s good to be back.  Thank you all very much.  Thank you.  Thank you. 

    Okay, let’s get to work.  Let’s get to work.  Let’s get to work.  Let’s get to work. 

    So, let me first thank all of you for taking time out of your very busy lives for us to all be here together this afternoon.  I thank you so very much for all you do, all you have done, and all you will do over these next 18 days.  Thank you all so very much.  (Applause.)  Thank you. 

    This is an incredible group of incredible leaders, and your voice matters so much right now.  And I think there is so much about our campaign that is about the spirit of reminding everyone that we’re all in this together.  We are all in this together.  (Applause.)  So, thank you. 

    And to all the governors who are here with us today — (applause) — I’m telling you, they’re riding thick.  They’re riding thick.  Oh, and they are all — each one of them — such incredible leaders, both for their state and our nation, and such dear friends.  And I thank you all, including, of course, Michigan’s own Governor Whitmer — (applause) — who we love as “Big Gretch.”  (Applause.)

    And to the governors, I want to say you’ve been traveling the country for our campaign, and I’m so deeply grateful for your support. 

    I also want to recognize Senator Stabenow — (applause) — a champion for Michigan; Representative Scholten, who we will reelect to the United States Congress.  (Applause.)  And while we’re at it, let’s send Representative Slotkin to the United States Senate.  (Applause.)

    All right, so we got work to do.  Eighteen day — eighteen days left in one of the most consequential elections of our lifetime.  And as you know, everyone here knows, this election is truly about two very different visions for our nation: Ours that is focused on the future; Donald Trump’s that is focused on the past.  Ours, that is focused on bringing down the cost of living for working families, investing in small businesses, and entrepreneurs.  Ours, that is about protecting reproductive freedom.  (Applause.)  

    But none of that is what we hear from Donald Trump.  Instead, it is just the same old, tired playbook.  He has no plan for how he would address the needs of the American people, and he is, as we have seen, only focused on himself.

    And now he is ducking debates and canceling interviews.

    AUDIENCE:  Booo —

    THE VICE PRESIDENT:  Come on. 

    Check this out.  His own campaign team recently said it is because of exhaustion.  (Laughter.)  Well, if you are exhausted on the campaign trail, it raises real questions about whether you are fit for the toughest job in the world.  (Applause.)  Come on.  Come on.

    So, for all these reasons and more, we are here because we know it is time to turn the page.  (Applause.)  It is time to turn the page because America is ready to chart a new way forward.  (Applause.)  America is ready for a new and optimistic generation of leadership that is all of us — (applause) — all of us, which is why Democrats, Republicans, and independents are supporting our campaign.  (Applause.) 

    In fact, earlier this week, over 100 Republican leaders from across the country joined me on the campaign trail, including some who even served in Donald Trump’s own administration — (applause) — the people who know him best, right? 

    And I believe all of this shows that the American people want a president who works for all the people.  (Applause.)  And that has been the story of my entire career.  In my career, I’ve only ever had one client: the people — the people.  (Applause.)

    As a young courtroom prosecutor, I protected women and children.  As attorney general of California, I fought for students and veterans.  As vice president, I have stood up for workers and seniors.  And as president, I will stand up for all Americans — all Americans.  (Applause.) 

    And together, we will build a brighter future for our nation.  Yes, we will.  (Applause.)  Because, by the way, we will win.  (Applause.)  We will win.  We will win.  Come on.

         AUDIENCE:  We will win!  We will win!  We will win! 

         THE VICE PRESIDENT:  (Laughs.)  Yes, we will.

         AUDIENCE:  We will win!  We will win!  We will win!

         THE VICE PRESIDENT:  We will win.  We will win.  And we will win.

    And one of the reasons that we know we are working hard toward that win is because we believe together in building a future — in what we can do together as a nation — and a nation of people who see what we have in common more than what separates us. 

     We will w- — build towards a future where we have an economy that works for all Americans.  We will build what I call an “opportunity economy” so that every American has an opportunity to own a home, buy a car, build wealth, and start a business.  (Applause.) 

     In fact, do we have any small-business owners here?  (Applause.)  I love our small businesses.  I got a plan for you.  I love our small businesses.  Our small businesses are part of the backbone of America’s economy.  Bless you all for the work you are doing. 

     So, under my plan, we will also bring down the cost of housing — (applause) — and we will help entrepreneurs start and grow small businesses. 

     My plan will expand Medicare to cover the cost of home health care for our seniors — (applause) — so that more of our seniors can live with dignity. 

    And, you know, I’ll just give you a little background i- — in terms of a personal story.  So, I took care of my mother when she was sick.  And for any of you who have taken care of an elder relative, you know what that is, right?  It’s about trying to cook something that they can eat.  It’s about trying to find clothes that they can — they can handle on their skin.  It’s about trying, from time to time, to think about something that will put a smile on their face or maybe just make them laugh.  It’s about dignity. 

    But under the current system, and especially for those in the sandwich generation who are raising young kids while you’re taking care of your parents, it’s difficult.  And under the current system, to get help for taking care of your seniors, unless you got the extra money sitting around, you’d have to leave your job or pay down all your savings to qualify for Medicaid.  That’s not right.  That’s not right. 

     So, my plan is about saying, let’s have Medicare cover the cost of home health care for our seniors — (applause) — which is a matter of understanding how real people are living and understanding the importance of everyone being entitled to dignity.  (Applause.)

    Our plan, in terms of an opportunity economy, will lower costs on everything from health care to groceries.  I’ll take on corporate price gouging, because I’ve done it before and I will do it again.  (Applause.)

    My plan will also give middle-class tax cuts to 100 million Americans, including $6,000 tax credit for the first year of a child’s life so that our young parents — (applause) — can do what they naturally want to do, which is parent their children well, but they don’t always have the resources to be able to do it.  So, let’s help them out so that they can buy a car seat, so that they can buy a crib, so that they can take care of that baby’s needs during that critical phase of their development. 

         We all benefit from it.  We all benefit from it.  (Applause.)

         Dignity.

    My plan also invests in American manufacturing and innovation, because I will make sure America, not China, wins the competition for the 21st century.  (Applause.) 

         AUDIENCE:  USA!  USA!  USA!

         THE VICE PRESIDENT:  That’s right.  That’s right.

         AUDIENCE:  USA!  USA!  USA!

     THE VICE PRESIDENT:  And so, to that point and with pride, we all say: We must and we will invest in the industries that built America, like steel, iron, and the great American auto industry.  (Applause.)  And we will ensure that the next generation of breakthroughs, from advanced batteries to electric vehicles, are not just invented but built right here in America by American union workers.  (Applause.)

     And, Michigan, I know I’m going to tell you what you already know, but let us be clear for folks who are watching from different parts of the country.  Contrary to what my opponent is suggesting, I will never tell you what kind of car you have to drive, but here is what I will do.  I will invest in manufacturing communities like Kent County.  (Applause.) 

    Together, we will retool existing factories, hire locally, and work with unions to create good-paying jobs — (applause) — including jobs that do not require a college degree, because here’s where I come from.  I know a college degree is not the only measure of the skills and experience of a qualified worker.  (Applause.)

    And I intend to reexamine federal jobs, when you all elect me president — (applause) — to assess those jobs that should not have that requirement, and then I intend to challenge the private sector to do the same.  (Applause.)

     Now, all of this is to say Donald Trump has a different approach.  He makes big promises — (laughs) — and he always fails to deliver.

    So, remember he said he was the only one — you know how he talks.  (Laughter.)  He — the only one who could bring back America’s manufacturing jobs.

    Then, America lost almost 200,000 manufacturing jobs when he was president.

    AUDIENCE:  Booo —

    THE VICE PRESIDENT:  Facts.  Including tens of thousands of jobs right here in Michigan.  And those losses started before the pandemic, making Donald Trump one of the biggest losers — (applause) — of manufacturing jobs in American history. 

    And his track record for the auto industry was a disaster.  He promised workers in Warren that the auto industry would, and I’m going to quote, “not lose one plant” during his presidency.  Those were his words, “not one plant.” 

    Then American automakers announced the closure of six auto plants when he was president, including General Motors in Warren and Stellantis in Detroit.  Thousands of Michigan autoworkers lost their jobs.  And Donald Trump’s running mate recently suggested that if they win, they would threaten the Grand River Assembly plant in Lansing.  Okay?

    AUDIENCE:  Booo —

    THE VICE PRESIDENT:  The same plant our administration protected earlier this year, saving 650 union jobs — (applause) — 650 union jobs.  His running mate called those “table scraps.” 

    So, we fought hard for those jobs, and we believe that you deserve a president who will protect them and not insult them.  (Applause.)

    And make no mistake, Donald Trump is no friend of labor.  Let’s be really clear about that.  No matter what the noise is out there, he is no friend of labor.  Just look at the record.  Instead of his rhetoric, look at the record.  And let’s not fall for the okey-doke.  (Laughter.) 

    Seriously.  He encouraged automakers to move their plants out of Michigan so he could pay — they could pay their workers less.  Understand what that was about: so they could pay their workers less. 

    And when the UAW went on strike to demand the higher wages they deserved, Donald Trump went to a nonunion shop —

    AUDIENCE:  Booo —

    THE VICE PRESIDENT:  — and attacked the UAW, and he said — he said, striking and collective bargaining don’t make, quote, “a damn bit of sense” — “a damn bit of difference” is what he said exactly.  That it doesn’t make a, quote — pardon my language — “a damn bit of difference,” is what he said. 

    AUDIENCE MEMBER:  He don’t make a damn bit of sense.  (Applause.) 

    THE VICE PRESIDENT:  All right, brother.  (Laughs.)

    So, Michigan, you know better.  Strong unions mean higher wages — (applause) — better health care, and greater dignity for union members and for everyone, whether or not you are part of a union.  (Applause.)  Get that straight.  Get that straight.

    Which is why, when I am president, I will sign the PRO Act into law and make it easier for workers to join a union and negotiate for better pay and working conditions.  (Applause.)

    And now Donald Trump is making the same empty promises to the people of Michigan that he did before, hoping — hoping you will forget how he let you down the last time.  But we will not be fooled, because we know how to read Project 2025.  For those who haven’t seen it, just google it. 

    You know, I just have to keep repeating, I can’t believe they put that thing in writing.  I cannot beli- — they — they put it in — they put it in writing.  They bound it.  They — they published it, and they handed it out.  (Laughter.)  And now they’re trying to run from it.  Come on. 

    And so, we’ve read it.  It’s a detailed and dangerous blueprint for what Donald Trump intends to do if he were elected president.  So, that’s why we know — not only because it’s what he did before — that’s why we know Donald Trump will give billionaires and corporations massive tax cuts, attack unions, cut Social Security and Medicare —

    AUDIENCE:  Booo —

    THE VICE PRESIDENT:  — get rid of that hard-fought, hard-won $35 cap on insulin for our seniors.

    AUDIENCE:  Booo —

    THE VICE PRESIDENT:  Check out what’s in it.  It will make it easier for companies to deny overtime pay for workers —

    AUDIENCE:  Booo —

    THE VICE PRESIDENT:  — and impose what I call a “Trump sales tax,” which is basically — he’s talking about at least a 20 percent tax on everyday necessities, which economists have measured will cost the average family nearly $4,000 more a year.

    AUDIENCE:  Booo —

    THE VICE PRESIDENT:  And on top of this, Donald Trump intends to end the Affordable Care Act — okay? — and has no plan to replace it. 

    AUDIENCE MEMBER:  “Concepts”! 

    THE VICE PRESIDENT:  You watched the debate.  (Laughs.)  So, you remember, he has, quote, “concepts of a plan.” 

    AUDIENCE:  “Concepts of a plan!”

    THE VICE PRESIDENT:  “Concepts of a plan.”

    So, he’s going to threaten — he’s going to threaten the health insurance of 45 —

    AUDIENCE MEMBERS:  (Inaudible.)

    THE VICE PRESIDENT:  We need a medic over here.  We need a medic over here.  Let’s — let’s clear a path so they can come through, please.

         AUDIENCE MEMBER:  Don’t forget he’s out on bail! 

    AUDIENCE MEMBER:  Espionage!  (Laughter.)

    THE VICE PRESIDENT:  And we got jokes over here, grounded in reality.  (Laughter.)

         We okay?  Okay.  We’re okay.  Thank you all. 

         So — (applause) — we’re good.  Okay.

    So, you know, where I was going with that is many of you may have heard me say, I do believe that Donald Trump is an unserious man, and the consequences of him ever getting back into the White House are brutally serious — brutally serious. 

    So, on that point about “concepts of a plan,” it’s funny.  We thought it was ridiculously hilarious when we first heard it.  But here’s the thing about that.  He is basically going to threaten the health insurance of 45 million people based on a concept and take us back to when insurance companies could deny people with preexisting conditions.  You remember what that was like?

    Well, we are —

    AUDIENCE:  Not going back!

    THE VICE PRESIDENT:  — not going back.  We are not going back.  We’re not going back.

    AUDIENCE:  We’re not going back!  We’re not going back!  We’re not going back!

    THE VICE PRESIDENT:  We are not going back.  We’re not going back.

    AUDIENCE:  We’re not going back!  We’re not going back!  We’re not going back!

    THE VICE PRESIDENT:  And we are not going back because we intend to move forward — (applause) — because ours is a fight for the future, and it is a fight for freedom — (applause) — like the fundamental freedom of a woman to make decisions about her own body and not have her government tell her what to do.  (Applause.)

    And we here remember how we got to this place, because then-President Donald Trump hand-selected three members of the United States Supreme Court with the intention that they would undo the protections of Roe v. Wade, and they did as he intended. 

    And now, in America, one in three women lives in a state with a Trump abortion ban, many of these with no exception even for rape and incest, which means you’re telling a survivor of a violation to their body that they don’t have a right to make a decision about what happens to their body next? 

    AUDIENCE:  Booo —

    THE VICE PRESIDENT:  That’s immoral.  That’s immoral. 

    And I think we all know one does not have to abandon their faith or deeply held beliefs to agree the government should not be telling her what to do — (applause) — not the government.  If she chooses, she will talk to her priest, her pastor, her rabbi, her imam but not the government — not some — some people up in a state capitol — not Donald Trump.

    AUDIENCE:  No!

    THE VICE PRESIDENT:  No. 

    So, let me tell you, when Congress passes a bill to restore the reproductive freedoms nationwide, with your help, as president of the United States, I will proudly sign it into law.  (Applause.)  Proudly.  Proudly.  Proudly. 

    And across our nation, we are witnessing a full-on assault on other hard-fought, hard-won freedoms and rights — fundamental freedoms and rights.  I’m traveling our country.  I mean, attacks on the freedom to vote. 

    You know, in the state of Georgia, they passed a law that makes it illegal to give people food and water for standing in line to vote.  You know, the hypocrisy abounds.  What happened to “love thy neighbor”?  Right?

    Attacks on the freedom to join a union, attacks on the freedom to be safe from gun violence, attacks on the freedom to love who you love openly and with pride.  (Applause.)

    So much is on the line in this election, and you all are spending your precious time here together because we know this is not 2016 or 2020.  The stakes are even higher this time for many reasons, including because, just months ago, the United States Supreme Court basically told the former president he is effectively immune no matter what he does in the White House.

    AUDIENCE:  Booo —

    THE VICE PRESIDENT:  Right.  Because we know — just imagine Donald Trump with no guardrails.  Just imagine.  He who has vowed he would be a dictator on day one.  He who calls Americans who disagree with him the “enemy from within.”  You know where that language comes from?  The “enemy from within,” talking about Americans.  He who says he would use the military to go after them — American citizens.  He who has called for the, quote, “termination” of the Constitution of the United States of America. 

    AUDIENCE:  Booo —

    THE VICE PRESIDENT:  And we are clear: Someone who suggests we should terminate the Constitution of the United States should never again have the privilege of standing behind the seal of the president of the United States.  (Applause.)  Never again.  Never again.  Never again.  Never again. 

    AUDIENCE:  Never again!  Never again!  Never again!

    THE VICE PRESIDENT:  Never again. 

    So, Michigan, it all comes down to this.  We know why we’re here together.  We know what’s at stake.  And we are here together for one of the most important of all the reasons: We are here together because we love our country.  (Applause.)  We love our country. 

    We love our country, and we know that it is one of the highest forms of an expression of love of our country, of patriotism, to then fight for our ideals, to fight to realize the promise of America.  That’s what our campaign is about. 

    And Election Day is in 18 short days.  Okay?  And here in Michigan, early voting starts on Saturday, October 26th, which is one week from tomorrow.  (Applause.) 

    So, now is the time to make your plan to vote.  Make a plan.  Make a plan.  And if you have received your ballot in the mail, please do not wait.  Fill it out and return it today. 

    Because, folks, the election is here.  The election is here right now.  And like I know everybody here knows to do, we’ve got to energize and organize and mobilize and remind our neighbors and our friends that their vote is their voice and your voice is your power. 

    In a democracy, while we can hold on to it, our vote is the power that each of us as an individual has.  It’s an extraordinary power, and we will not give it away, and we will not let anyone suppress or silence our power.  Don’t ever let anybody take your power from you.  (Applause.)

    So, Michigan, today I ask you, then, are you ready to make your voices heard?  (Applause.)

         Do we believe in freedom?  (Applause.)

         Do we believe in opportunity?  (Applause.)

         Do we believe in the promise of America?  (Applause.)

         And are we ready to fight for it?  (Applause.)

         And when we fight —

         AUDIENCE:  We win!

         THE VICE PRESIDENT:  — we win.

         God bless you.  And God bless the United States of America.  (Applause.)

                                 END                3:07 P.M. EDT

    MIL OSI USA News –

  • MIL-OSI Australia: Transcript – Press conference, Port of Burnie, Tasmania

    Source: Australian Ministers 1

    TASRAIL CEO, STEVEN DIETRICH: … I would like to begin the formalities with an acknowledgement of country. In recognition of the deep history and culture of this island of Lutruwita Tasmania, we would like to acknowledge the traditional owners of the land upon which we gather today, and pay our respects to elders past and present, for they hold the memories, the knowledge, and the culture and hopes of Aboriginal Tasmania.

    First up today, it is my pleasure – real pleasure to introduce a great supporter of TasRail. It’s not her first visit to the site, and I’m sure she can see a vast difference to when she was last here. The old shiploader was still here that had served us well for the last 50 years, and now with our new state of the art asset in place. So I’d like to introduce the Federal Minister for Infrastructure, Transport, Regional Development and Local Government, the Honourable Catherine King.

    [Applause]

    CATHERINE KING: Thanks very much, Steve, and it is terrific to be here in Burnie today. Can I too acknowledge the traditional custodians of the lands on which we gather, and pay my respects to elders past, present and emerging? To Premier Jeremy Rockliff, a great friend who’s been terrific to work with. And it’s lovely to see you back in the Infrastructure portfolio, and we’re doing lots of great work and great things in Tasmania together. Also to Senator Anne Urquhart, again, my friend and colleague, and to the mayor of Burnie, who’s also here with us today, and the many TasRail and TasPorts workers, staff who are here with us today as well.

    Look, this is a terrific day. As Steven mentioned, I was back here in 2022 with Anne. It was pouring with rain. I managed to score myself a pair of Tassie boots that have been to every single corner of the country, from the Tanami to all sorts of projects. So it’s terrific to be here again and to see the shiploader now, this – from 1968, it has served this community incredibly well.

    But this next generation now of a shiploader that really is part of the export story of Tasmania. This really is about not just the shiploader, it is about the bulk export minerals facility, which we’ll see work commencing on that – very happy as part of the $82 million to provide some extra money to ensure that that project is delivered as well. But really, this is about rail freight. It’s about- alongside this and the hubs further down, getting trucks off roads here in Tasmania, getting more freight onto rail, making sure you’ve got that connected freight routes out of our port into our export markets. It is about the economic story of Tasmania, and we’re very delighted to have been part of that story. And can I commend very much the work that has been done here, to come back in 2022, to wander on with our umbrellas under the shiploader, to understand the complexity of the engineering task, to be able to continue on a functioning port, to be able to develop and deliver this project really was quite a feat. And so I do want to say congratulations to that. And now the old shiploader, I think you’ve got most of the scrap metals now off site.

    So on behalf of the Albanese Labor Government, we’re really delighted to have funded the project- been part of the delivery of the project. But really, this is about the life of the next economic story for Tasmania. Very important to not just this state but the rest of the country, the work that you do here. I’m really delighted to be here today to, I think we call commission the ship loader formally. It is important to celebrate these occasions. I think when you’re working on these projects, it’s important to mark the occasion, important to celebrate that, and delighted to be here on behalf of the Albanese Labor Government, alongside Senator Urquhart, to do that today. Thank you for having me.

    [Applause]

    STEVEN DIETRICH: Thank you very much, Minister King. Really appreciate your kind words there. And we appreciate your support, and we also appreciate the Prime Minister’s support. The Prime Minister was here a couple of months ago and took the opportunity to climb right to the top. We thought he’d only stop halfway, but he wanted to go all the way to the top, so it was fantastic to provide him an opportunity and firsthand experience with our shiploader. So without further ado, please welcome the Premier of Tasmania, the Honourable Jeremy Rockliff.

    [Applause]

    JEREMY ROCKLIFF: Well, thanks very much, Steve, for the introduction. It’s fantastic to be here to celebrate new enabling infrastructure for the North West Coast of Tasmania, and more particularly, of course, our highly valuable mining industry in which I’ll come to in just a moment. Thanks Mayor Teeny for having us in your city. It’s great- always great to be in the powerhouse of the North West Coast, and indeed Tasmania, when it comes to the diverse region that we have. And we’re very lucky to have such diverse opportunities when it comes to our economic development here. Our forestry and mining industry, agriculture, aquaculture – we’ve got it all and we’re very, very fortunate, which is why it’s so important to have this investment in such key enabling infrastructure. 

    Catherine, thanks very much for you as Minister, being here alongside Anne as well, another very strong advocate for the North West Coast and Tasmania. It has been a pleasure to work alongside your government in recent times when it comes to putting on the agenda health infrastructure in Launceston. The Prime Minister and I were working together just last week when it comes to berth six at Macquarie Wharf – enabling, of course, a 30-year extension of Tasmania being the home to the Antarctic Gateway.

    But this is cause for celebration. We very much appreciate the significant investment that the Federal Government has made into what is enabling infrastructure. And along with it, acknowledging the key players and all players here today from TasRail, TasPorts, but also the Tasmanian Minerals and Energy Council here today represented by Vanessa and others. Mining is so crucial when it comes to our economy. It is a huge part of our GDP here in Tasmania. And to have this inter-generational infrastructure, if you like, much needed.

    I was infrastructure minister around 2018, and Steve and I were reflecting on that just yesterday, where we started the process going in terms of the need for a new shiploader. And here it is, with the work of TasRail and the cooperation with TasPorts. Thank you, Anthony Donald, for you being here as well, which we very much appreciate that cooperative arrangement between TasRail and TasPorts. But also, ensuring that we have not only new enabling infrastructure but infrastructure that is more efficient, infrastructure that is quicker, and infrastructure environmentally sound and also safer. And that’s why this key investment is welcomed by the State Government. Thank you again, Catherine. Thank you, TasRail, for what has been some journey. And if you’ll also indulge me as well, I’d like to commend our outgoing Member for Braddon, Gavin Pearce, for being on the journey as well alongside Anne Urquhart as well, which is fantastic.

    So, thank you for enabling me to be part of the event today. Very much appreciated. And all the very best to all those that work within such a critical sector and all those employees in TasRail, TasPorts and others that work so hard as we export out of Tasmania, which creates wealth and opportunity for Tasmanians and allows us to fund those essential services that Tasmanians all care about – health, housing, and addressing the challenges of the cost of living. Thank you very much.

    [Applause]

    STEVEN DIETRICH: Thank you very much, Premier. We’ve got a great relationship with government, and it’s your government’s support that’s been invaluable to see a very complex, sophisticated project like this delivered on time, on budget. So we really appreciate the support. Finally, I’d like to invite the Chairman of the TasRail board, Stephen Cantwell, to come up and say a few words. Thank you, Stephen.

    [Applause]

    STEPHEN CANTWELL: Thanks, Steve. Minister King, Premier Rockliff, Senator Urquhart, Mayor Brumby, other important guests. Let me say it’s really good to get to this point in the delivery of a project like this when you’re in the wheelhouse and have accountability for delivery. So thank you, Minister King, and thank you, Premier Rockliff, for supporting us and trusting us in the delivery of this asset, which is such an important component of the Tasmanian resources sector supply chain. Thank you also to our customers, many of whom are represented here today, for trusting us at TasRail day in, day out, with an important part and- by integrating us into and being an important part of your business.

    It’s also a great source of satisfaction and sort of worthy of comment that we were delighted at the end of a global tendering process to be in a position to award this contract to the local firm, COVA, and in doing that, opened the way for many other local businesses to participate in the delivery of this project. This asset is as good as it gets. It is state-of-the-art. By any measure, it is a world-leading piece of infrastructure. Going local and being drama-free in the delivery of a project such as this is a great demonstration of the depth of capability that we not only have here in Tasmania, but we have in the manufacturing sector in Australia. And it also reflects the value that can be had by keeping things local, so we particularly wanted to acknowledge the pride with which we’re able to say that we can do all of this locally.

    Now this project, by any measure, and nowadays, projects are described both in terms of their complexity and their – how complicated and how complex they are, and this is right up there. It wasn’t easy to deliver. There were many challenges along the way. And the extent to which TasRail has been able to deliver it within the agreed budget envelope and in the timeframe promised is largely a reflection of the quality of the people inside the organisation.

    As a mainlander, I’m continually amazed and inspired by the extent to which TasRail people and Tasmanians in general – I don’t know what it is, maybe it’s some sort of inferiority complex – but they always punch above their weight. And I think that’s held us in good stead in the delivery of this project. And so, I want to pay particular tribute to the quiet achievers who’ve just stepped up to the plate and got the job done. You see the product of their efforts here today. Thank you to you all indeed. This common use and asset you have created now will stand for decades for the benefit of all Tasmanians, and indeed all Australians, as we confirm to the world the credentials of our resources sector. Thank you.

    [Applause]

    STEVEN DIETRICH: Thank you, Chairman. Thank you for those words. And I would just like to acknowledge the Chairman and the whole TasRail board of directors for their support and trust in this project. I remember putting this Board paper up, one, first putting in the shovel ready justification to the Federal Government to enable a project, knowing that we had an old shiploader that needed to be replaced to provide certainty for decades to come through the North West and the mining industry. But putting a business case up, working it through with the Board and them putting their trust in myself, our Key Project Director Stephen Kerrison, and the entire Shiploader project team was really, really appreciated, and we delivered.

    So, this machine takes us to 2,000 tonnes per hour. the original machine probably operated at 1,000 tonnes per hour, so more efficient, more productive- the latest safety and environmental features. It also will facilitate future expansion of larger vessels. Most of our vessels at the moment are what you classify as Handymax type style vessels, and we’ll be able to accommodate Panamax vessels into the future. It’s a great asset built by Tasmanians. Can you believe an asset like this was built in Tasmania by Tasmanians?

    CATHERINE KING: Absolutely. 

    STEVEN DIETRICH: It’s fantastic. The Haywoods engineering, the engineering company at Somerset, the SAGE Automation people, IF&S – the technology that’s gone into this unit is just amazing. I won’t lie, there was a couple of nervous moments when we put the first tonne of dirt on and there was a couple of teething problems, and to be expected, but what a wonderful asset. We’ve got a couple of things to work through. COVA Haywood’s have been a fantastic contractor and we’ve got an asset here that will deliver for decades to come, enabling the industry a fully integrated supply chain that will take industry forward.

    And once we expand the bulk minerals bulk minerals export facility, currently we can hold 130,000 tonnes and we’ll be able to go to 150,000, enabling more mines to be able to grow in Tasmania and get their product out efficiently.

    So, I’m getting the wind up now, I’m conscious of time. Now, we do have some gifts for our political visitors which Kirsten and Samantha, I think they’re almost sure that we give those once the medias had some opportunity for questions. And we’re going to go and do some photography – we’re allowed to go for a walk out onto the berth and right up to the shiploader to platform one and have a look at the cabin, and we’d like to get a group photo up at platform one.

    So, thank you again. Really appreciate you coming here today and investing the time. It’s a momentous occasion for us, but it’s a momentous occasion for all Tasmanians and it’s an asset all Tasmanian’s can be proud of. Thank you very much.

    UNIDENTIFIED SPEAKER: Thank you.

    [Applause]

    CATHERINE KING: Questions if you want, but over here with Anne.

    JOURNALIST: I guess the last [indistinct] lasted 50 years. Do you know how long this one’s meant to last?

    CATHERINE KING: Well, let’s hope- it certainly is expected to last another 50 years. What an extraordinary investment. A 1968 facility now being replaced by a state-of-the-art shiploader which is much more efficient, will be able to load much more quickly. And also, it’s much quieter which is terrific, obviously, for the people of the Burnie, and we’ve obviously got ships often loading late at night.

    But, as I said, it’s not just about the shiploader. We’re about to see the project commence for the bulk mineral export facility. So, this old shed, again it is pre-1960s, to be replaced with the, again, a state of the art export facility here. But of course, we’ve also got the hub, which is a rail hub, an [indistinct] intermodal hub where we can also transport goods from there, which is really about getting more of our commodities, more of our minerals onto rail so we’re not seeing so many trucks onto the roads here.

    So this is a great freight story, but it’s also a great story for the economy here. I’m so delighted to hear just how many local companies have been involved in building this project – built by Tasmanians, for Tasmanians – really showing the complex engineering capability of the companies here in this community, and it’s something we should be incredibly proud of.

    JOURNALIST: Why is it important that we do keep jobs within the state?

    CATHERINE KING: Well, of course, because Tasmania is important not just to the state but to the economy of the whole country. You produce some beautiful products from here in your agriculture and aquaculture sector that are showcases to the rest of the world. Your minerals are exported all over the world as well. You’ve got an incredibly important economy here. I love coming down here. I love hearing the innovation and the – all of the new things people are doing. And really what this common user infrastructure, this shiploader here is doing, is providing that opportunity to continue to provide those mineral exports to the world.

    JOURNALIST: Apologies if this is, you know, common knowledge, but I guess I was reading the release from your office a couple- an old one, and it was saying the operational- it was meant to be operational by mid-2023. Why was there a delay?

    CATHERINE KING: Well, these are complex projects to build. As you know, trying to make sure that we’ve- a, we’ve got supply chain issues, but also trying to make sure the port continues to be operational so that there’s limited downtime to continue to be able to do that. So it’s complex to build, and so that’s really what happens with these facilities. So it started in May 2022 and here we are in 2024, finally commissioned, operational, loading ships today.

    Any other questions? Yeah.

    JOURNALIST: Do you agree with Lidia Thorpe’s actions yesterday? Is she exercising free speech?

    CATHERINE KING: Look, I think it was disappointing to see what happened yesterday. We were all there. You know, it’s important that, regardless of your views about a whole range of issues, to show respect to our institutions and our traditions. And I do think it was disappointing yesterday, but it was a very small, small part of what has been a really successful visit by Their Majesties, the King and the Queen, over the last couple of days. And I know that they were really delighted to be received and warmly welcomed by the Australian people.

    JOURNALIST: Sprit of Tasmania are part of the Federal and National Highway 1 essentially. From a Federal perspective, what is your view then of the debacle that’s been engulfing Tasmania in recent months?

    CATHERINE KING: Well look, really that’s a matter for the Tasmanian Government, and I don’t think it’s appropriate for me to comment there. TasPorts comes under the State Government, and I’m sure Premier Rockliff will be happy to answer questions there. We’re obviously, as part of the Federal Government, really proud to partner with the Tasmanian Government to deliver infrastructure such as the shiploader that you’re seeing here today.

    JOURNALIST: How can the Federal Government have confidence Tasmania will deliver projects on time and on budget, when that’s not what’s happened here?

    CATHERINE KING: Well, we’ve seen, with the shiploader, the incredible, great work that TasRail and TasPorts have done together to deliver this project. Our expectation of all our co delivery partners, whether it’s here in Tasmania or it’s on the mainland, is that they do work very closely with my department about the delivery of those. And this project, where we’ve been funding it, is been an important- it’s important to see that delivered and important that all levels of government, particularly when we’re working on mega projects, projects that are big and complex, that we do those gateway reviews, that we do keep an eye on the progress of those. That’s all?

    JOURNALIST: Just one more, sorry, if you [indistinct]…

    CATHERINE KING: Yes, of course.

    JOURNALIST: Should Lidia Thorpe resign from the Senate given she’s pledged allegiance to the King?

    CATHERINE KING: Can I just say really clearly, I think that what happened yesterday was disappointing and I think that it shouldn’t overshadow what has been a fantastic visit by Their Majesties. I think we saw them warmly welcomed all across the places that they visited, other than the alpaca sneezing on them – but I’m sure that will be memorable as well. I understand, from alpaca’s that’s a sign of affection. So really, I don’t think that that should overshadow it, and, really, what Lidia does is a matter for her.

    MIL OSI News –

  • MIL-OSI Australia: Review of BetStop launched

    Source: Australian Ministers 1

    The Minister for Communications has appointed Mr Richard Eccles to lead the first statutory review of BetStop – the National Self-Exclusion Register.
     
    Implemented by the Australian Communications and Media Authority, BetStop covers all Australian licensed interactive wagering service providers, prohibiting them from opening a new account or accepting bets from self‑excluded individuals, or sending them marketing material. Wagering providers are also required to close existing betting accounts for registered individuals.
     
    Wagering has been identified to cause financial harm and impacts to relationships, physical health, mental health, and work performance.
     
    Registering for BetStop, and ceasing wagering, can assist in reducing the extent of these harms to individuals and their community.
     
    Since its commencement in August 2023, more than 30,000 Australians have registered.
    Notably, 79% of registrants are aged 40 and under and 39% have registered for a lifetime ban. Some 23,000 people have active exclusions.
     
    Based on BetStop registrations to date, and evidence from similar programs, lifetime registrations for BetStop could have achieved a total cost saving of between $80-$135 million in the first year.
     
    The review will add to the evidence base on the impacts of BetStop in Australia and voluntary exclusion programs to help inform future policy.
     
    The Interactive Gambling Act 2001 requires a review of BetStop after 12 months of operation to ensure it is working effectively as a measure to protect vulnerable Australians from gambling harm.
     
    An experienced senior public sector leader, Mr Eccles brings a strong mix of governance, executive management and advisory expertise to the role, along with relevant experience in the areas of public health, online safety and technology.
     
    The review will consider the effectiveness of BetStop’s underpinning regulatory framework and whether regulatory arrangements under the the Interactive Gambling (National Self-Exclusion Register) Register Rules 2022 and the National Self-exclusion Register (Cost Recovery Levy) Act 2019 are fit for purpose.
     
    A consultation process will open later in 2024 which will enable feedback to be provided that can be considered to inform any future changes. Mr Eccles will deliver his final review report and findings to the Minister for Communications within 18 months, and this report will be tabled in Parliament.
     
    Further details about the review, including public consultation mechanisms, are expected to be published on the Department of Infrastructure, Transport, Regional Development, Communications and the Arts Have your say webpage in late November 2024.

    Registering for BetStop is quick and easy: http://www.betstop.gov.au

    Quotes attributable to Minister for Communications, the Hon Michelle Rowland MP:
     
    “There has been a massive take-up of BetStop in its first 12 months, making a meaningful difference and changing the lives of thousands of Australians and their families.
     
    “We want to make sure BetStop is working as effectively as possible to protect vulnerable Australians from gambling harms – which is why my department is undertaking this review.
     
    “I encourage people who’ve registered or interacted with BetStop to participate in our upcoming public consultation so we can take on your feedback to inform any future changes.”
     
    Quotes attributable to Minister for Social Services, the Hon Amanda Rishworth MP:
     
    “Preventing and reducing online gambling harms is a priority for this government, and we’ve taken a number of strong actions to this end.
     
    “This review is an opportunity to ensure that BetStop – a key measure – is operating effectively.
     
    “Protecting vulnerable Australians from online gambling harms is not a set and forget proposition – and we’ll continue to work closely with stakeholders across government, industry and community to address this pervasive issue.”
     

    MIL OSI News –

  • MIL-OSI China: Greater BRICS spearheads Global South cooperation as leaders meet in Kazan

    Source: China State Council Information Office

    This photo shows a view of the Kazan Kremlin in Kazan, Russia, Oct. 20, 2024. [Photo/Xinhua]

    Chinese President Xi Jinping will attend the 16th BRICS Summit on Oct. 22-24 in the Russian city of Kazan at the invitation of Russian President Vladimir Putin.

    BRICS is an acronym for Brazil, Russia, India, China, and South Africa, five major emerging markets with considerable economic potential. It has now evolved into an influential international cooperation mechanism with an expanded membership.

    Over the past 18 years, China has upheld the BRICS spirit of openness, inclusiveness, and win-win cooperation and helped drive the BRICS cooperation mechanism to a new level, serving as a constructive force for safeguarding world peace, promoting common development, improving global governance and facilitating democratization of international relations.

    This year marks the beginning of greater BRICS cooperation. During the upcoming summit, the first such gathering to be held after the BRICS expansion, Xi and leaders of other BRICS countries are expected to draw a blueprint for the development of its mechanism, inject new impetus into a multipolar world, facilitate economic globalization and democratization of international relations, and open up a new chapter for the solidarity and development of the Global South.

    New starting point

    “BRICS is an important force in shaping the international landscape. We choose our development paths independently, jointly defend our right to development, and march in tandem toward modernization. This represents the direction of the advancement of human society, and will profoundly impact the development process of the world,” said Xi during the 15th BRICS Summit in August 2023.

    Other than the countries that officially joined the BRICS family on Jan. 1, 2024, over 30 countries like Thailand, Malaysia, Türkiye and Azerbaijan have either formally applied for or expressed interest in its membership.

    After the expansion, the BRICS countries account for about 30 percent of the global GDP, nearly half of the global population and one-fifth of global trade.

    China has been committed to deepening mutually beneficial cooperation with its BRICS partners. In the first quarter of this year, China’s imports and exports to BRICS countries increased by more than 11 percent year on year.

    Ahmed Al-Ali, a researcher based in Dubai, the United Arab Emirates (UAE), said that the BRICS has become an important engine to drive global economic recovery and maintain world peace and stability thanks to its steady economic growth, and equal and extensive cooperation opportunities.

    “Ethiopia’s BRICS membership could significantly boost the country’s socio-economic development through various economic opportunities, including increased investment, expanded South-South cooperation and trade partnerships,” said Balew Demissie, a researcher at the Policy Studies Institute of Ethiopia.

    China’s cooperation with other BRICS members has strongly defended multilateralism and promoted the democratization of international relations, said Evandro Carvalho, a Brazilian professor at the Getulio Vargas Foundation, an economic think tank.

    The appeal of the BRICS cooperation mechanism comes from its spirit of openness, inclusiveness, and win-win cooperation. “BRICS countries gather not in a closed club or an exclusive circle, but a big family of mutual support and a partnership for win-win cooperation,” Xi said during the 14th BRICS Summit in June 2022.

    From the “BRICS Plus” cooperation approach proposed in 2017 to the historic expansion of BRICS membership, the mechanism is widely welcomed, with growing influence and appeal.

    The BRICS cooperation mechanism respects the interests of all parties involved and is an “attractive platform for cooperation and mutual benefit,” said Elshad Mammadov, an Azerbaijani economics expert.

    The BRICS Media Summit is held in Moscow, Russia, Sept. 14, 2024. [Photo/Xinhua]

    Fruitful achievements

    At present, the mechanism is at a crucial stage of building on past achievements and ushering in a new era of cooperation. China is working with other BRICS partners, embarking on a new journey of greater BRICS cooperation.

    “We should navigate the trend of our times and stay in the forefront. We should always bear in mind our founding purpose of strengthening ourselves through unity, enhance cooperation across the board, and build a high-quality partnership. We should help reform global governance to make it more just and equitable, and bring to the world more certainty, stability and positive energy,” Xi has said.

    Applauding more participants and exploring new ways of cooperation within the mechanism, the BRICS countries will also have more opportunities and their roles in the global arena will continue to expand, said Ivan Melnikov, first vice-chairman of the Russian State Duma and chairman of the Russia-China Friendship Association.

    China and its BRICS partners have worked together to advance practical cooperation and deepen mutual benefit, setting up projects such as the China-BRICS Science and Innovation Incubation Park for the New Era and the China-BRICS AI Development and Cooperation Center, as well as hosting the BRICS Forum on Partnership on New Industrial Revolution and BRICS Industrial Innovation Contest.

    Set up by the BRICS and opened in 2015, the New Development Bank (NDB) aims to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries.

    Meanwhile, people-to-people and cultural exchanges among BRICS countries are in full swing with popular events such as film festivals, sports games, and co-productions of films and documentaries.

    The first special session for BRICS countries of the International Youth Poetry Festival kicked off in the Southeastern Chinese city of Hangzhou in July, attracting 72 poets from BRICS countries.

    In mid-September, over 60 media leaders from more than 40 countries joined the BRICS Media Summit in Moscow, discussing the role of BRICS media in promoting a multipolar world.

    People-to-people exchanges have deepened among BRICS countries, and BRICS member states have worked towards a closer friendship, providing a “BRICS model” for promoting exchanges and mutual learning among civilizations, said Ahmed Hamadi, a political commentator of the Aletihad News Center of the UAE.

    A model of E190-E2 aircraft is on display at the exhibition of BRICS New Industrial Revolution 2024 in Xiamen, southeast China’s Fujian Province, Sept. 10, 2024. [Photo/Xinhua]

    Bright future

    Thanks to the concerted efforts of all parties, the BRICS has increasingly become an important force in shaping the international landscape and safeguarding global stability.

    The BRICS cooperation mechanism is now a key venue for emerging markets and developing countries to strengthen solidarity and cooperation and safeguard common interests, thereby serving as the most pivotal mechanism representing the Global South.

    China is a significant promoter of BRICS cooperation and a natural member of the Global South. Beijing has all along stood with other developing countries through thick and thin. While pursuing its own development, China has continuously provided new opportunities for the rest of the world by sharing its development dividends.

    “China’s role in promoting the continuous development of BRICS is significant,” said Zukiswa Roboji, a researcher at Walter Sisulu University in South Africa.

    The BRICS mechanism effectively promotes solidarity and cooperation among countries of the Global South, and enhances the representation of developing countries in global governance, and China has made positive contributions to raising the global influence of BRICS cooperation, Roboji said.

    The genuine multilateralism advocated by China and its efforts in promoting the modernization of the Global South have brought confidence and important strength to the world, said Bunn Nagara, director and senior fellow at Belt and Road Initiative Caucus for Asia-Pacific.

    “Today, China is exactly what the countries of the Global South want to be,” said Dilma Rousseff, former Brazilian president and president of the NDB, adding that China’s advocacy of more just and effective global governance is helping the world build a bright shared future.

    MIL OSI China News –

  • MIL-OSI China: Israel claims major blow to Hezbollah’s rocket capabilities

    Source: China State Council Information Office 3

    This photo taken on Oct. 20, 2024 shows smoke caused by Israeli airstrike in the southern suburb of Beirut, Lebanon. [Photo/Xinhua]

    Israel’s military said on Monday that it had destroyed about 70 percent of Hezbollah’s rocket capabilities, dismantled parts of its financial network, and killed a senior Hezbollah official in Syria who oversaw the group’s money transfers.

    In a statement, the Israel Defense Forces (IDF) said that it had killed seven Hezbollah brigade commanders, 21 battalion commanders, and 24 company commanders.

    The IDF added that since the beginning of its ground offensive in Lebanon in early October, it had struck more than 3,200 sites in the country, including hundreds of weapons storage facilities, rocket launchers, anti-tank positions, and command and control centers.

    Roughly 300 of those targets were hit in the last 24 hours alone, according to the military.

    Citing senior security officials, Israel’s Channel 13 TV news reported that Hezbollah retains about 30 percent of its rocket capabilities, a significant reduction from the beginning of the conflict in October.

    Later in a press briefing, IDF spokesman Daniel Hagari said Israeli warplanes had bombed around 20 Hezbollah sites linked with financial network overnight from Sunday to Monday, with most of the strikes focused on Beirut. The strikes, Hagari said, are expected to resume tonight.

    Among the targets was an underground warehouse belonging to the Al-Qard Al-Hasan Association, a Hezbollah-affiliated financial organization operating primarily in Lebanon with headquarters in Beirut’s southern suburb, where Hezbollah’s headquarters are located.

    According to Hagari, Hezbollah had stockpiled cash and gold worth “tens of millions of dollars, intended for living expenses and post-war reconstruction” in this underground warehouse.

    Hagari also said that under Al-Sahel Hospital, in Beirut’s southern suburb, Hezbollah had built an underground bunker storing “at least half a billion dollars in cash and gold.”

    The bunker, described as a central financial hub, was not struck, but Hagari warned that Israeli aircraft were monitoring the site closely. “We will continue to track it,” he added.

    According to the spokesman, Hezbollah has established a financial network involving Yemen, Lebanon, Türkiye, and Syria. The network was managed by Mohammad Jaafar Qasir and Sheikh Salah, the head of Unit 4400, which is responsible for financial transfers and the financial management of Hezbollah.

    Qasir was killed by Israel in Beirut in early October, and according to Hagari, his successor was also killed in an Israeli airstrike in Syria on Monday.

    The crackdown on Hezbollah’s financial network, Hagari added, aims to “deal a blow to its primary financial centers, making it difficult for the group to restore its capabilities.”

    Also on Monday, Israeli Defense Minister Yoav Gallant signed an order designating the Al-Qard Al-Hasan Association as a terrorist organization. The decision, Gallant said in a statement, was due to “the financing of terrorism through the purchase of weapons, payment of salaries to terrorists, and the storage of Hezbollah funds within the association’s facilities.”

    The confrontation between the Israeli army and Hezbollah, since its onset on Oct. 8, 2023, has killed more than 2,300 people, injured over 11,000 others, and displaced about 1.2 million residents in Lebanon, according to Lebanese authorities.

    MIL OSI China News –

  • MIL-OSI China: Beijing’s GDP grows 5.1%

    Source: China State Council Information Office

    Foreign tourists take a tour on Wangfujing Street in Beijing, capital of China, June 27, 2024. [Photo/Xinhua]

    The gross domestic product (GDP) of Beijing increased 5.1 percent year on year in the first three quarters of 2024, the city’s statistics authorities said Monday.

    The Chinese capital’s GDP reached 3.3 trillion yuan (about 465 billion U.S. dollars) from January to September, according to the municipal bureau of statistics.

    Key industries in Beijing showed robust growth in the first nine months of the year. The manufacturing of computers, communication and other electronic equipment saw an increase of 19.5 percent year on year, while the automotive manufacturing industry surged by 18.4 percent compared with the same period last year.

    In the tertiary sector, the information transmission, software and information technology services industry saw rapid growth, achieving added value of 710.5 billion yuan, up 11.9 percent year on year. The added value of the financial industry increased by 6.6 percent to 672 billion yuan.

    In terms of employment, the urban surveyed unemployment rate in Beijing for the first three quarters stood at 4.1 percent on average, 0.4 percentage points lower than the same period last year.

    MIL OSI China News –

  • MIL-OSI China: Revitalizing property, shares high on agenda

    Source: China State Council Information Office

    China’s monetary policymakers are likely to continue next year to prioritize revitalizing market expectations for the ailing property sector and an undervalued capital market to help bring about a steady economic recovery, economists and market mavens said.

    Such a policy stance was clearly signaled by the larger-than-expected lending rate reduction on Monday and the country’s first monetary policy tools that channel funds to the capital market, which will substantively alleviate homebuyer burdens while repairing the valuation of Chinese equities.

    “Shoring up the real estate sector and stabilizing the capital market have become the critical premise for China to expand domestic demand,” said Liu Yuanchun, president of Shanghai University of Finance and Economics.

    On Monday, China cut its market-based benchmark lending rates, with the one-year loan prime rate down to 3.1 percent and the over-five-year LPR, on which lenders base their mortgage rates, to 3.6 percent, both 25 basis points below September levels.

    The cut was slightly larger than expected and marked the biggest cut since 2019 when LPRs became benchmarks.

    Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said the considerable LPR reduction reflects that the People’s Bank of China, the country’s central bank, is putting into place the “impactful interest rate cuts” outlined by the country’s top leadership, a move that will effectively ease homebuyers’ and enterprises’ financing costs.

    “To ensure that the real estate market stops falling, boosts economic momentum and drives price levels to recover moderately, there remains some room for LPR reductions in 2025,” Wang said.

    China’s A-share market ended higher following the cut, led by smaller-cap stocks, with Shanghai’s tech-heavy STAR 50 index up 2.22 percent to close at 1000.37 points. The market was also lifted by the implementation of a special central bank lending program to buy back shares and boost share holdings.

    The program, starting Friday, offers 300 billion yuan ($42.18 billion) in loans at a rate of 1.75 percent to 21 eligible banks, which will then lend to qualified companies and shareholders at a rate no higher than 2.25 percent.

    As of Sunday, 23 listed companies had applied for over 10 billion yuan of the loans, and more are expected to follow suit.

    Liu, the SUFE president, said the program signals a “significant paradigm shift” that the PBOC is now striving to correct a systemic stock pricing distortion.

    “This will help establish a floor for China’s capital market, addressing the widespread, persistent issue of stock market values falling below book values.”

    Addressing Sibos 2024, a financial services event organized by Swift on Monday, Lu Lei, deputy governor of the PBOC, said the country’s financial sector will continue to embrace opening-up and cooperation, vowing to encourage Chinese sovereign wealth funds and financial institutions to invest abroad.

    MIL OSI China News –

  • MIL-OSI China: Sibos conference reveals China’s financial openness

    Source: China State Council Information Office

    Photo taken on Oct. 3, 2022 shows the view of skyscrapers of the Central Business District (CBD) at dusk in Beijing, capital of China. [Photo/Xinhua]

    The Swift International Banker’s Operation Seminar 2024 (Sibos 2024) opened Monday in Beijing, a milestone demonstrating the country’s openness in the finance sector as it is the first time the Chinese capital has hosted the event.

    Over 10,000 participants from more than 150 countries and regions have gathered for Sibos 2024, which covers a wide range of topics, including payments, digital assets, trade financing, artificial intelligence and sustainable finance.

    The forum also has an exhibition area covering 133 financial institutions and third-party organizations, such as J.P. Morgan, Citibank, HSBC and ICBC.

    Lu Lei, deputy governor of the People’s Bank of China (PBOC), said at the opening ceremony that China has removed foreign ownership restrictions on banking, securities and insurance, attracting over 110 foreign financial institutions to operate in the country.

    The PBOC will expand the interconnectivity of domestic and international financial markets, further support excellent Chinese companies in listing and issuing bonds overseas, and encourage China’s sovereign wealth funds, financial institutions and other business entities to invest overseas, Lu said.

    He also noted that the PBOC will support qualified global banking institutions to join the Cross-border Interbank Payment System (CIPS), facilitating the clearance of cross-border RMB transactions.

    Javier Pérez-Tasso, chief executive officer of Swift, highlighted the rapid economic development in China and the corresponding growth of Swift’s business in the country. Swift is collaborating closely with CIPS and other entities to ensure the security of global finance and payments, the CEO said.

    Rani Gu, managing director and head of Payments, Greater China at J.P. Morgan, said the conference will foster communication and cooperation between China and top financial institutions around the world, further promoting the interconnectivity of the global financial industry and contributing to the further openness of China’s financial market.

    Bill Winters, group chief executive of Standard Chartered, said China is at the heart of the global trade and cross-border payments.

    The opportunity to be in China — looking at the global payments infrastructure through the lens of the Chinese market and from a Chinese perspective — is a special opportunity for Standard Chartered and could not be more timely, he said.

    The annual conference will run until Oct. 24 at the China National Convention Center.

    MIL OSI China News –

  • MIL-OSI China: Debut economy drives new growth in China’s consumer market

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

    China’s beloved animation series “Boonie Bears” is expanding its reach. The world’s first “Boonie Bears”-themed shopping mall has opened in Shenzhen, Guangdong Province and it’s attracting many new brands. This concept is part of the growing debut economy, which includes new business models, innovative services, and unique retail experiences.

    MIL OSI China News –

  • MIL-OSI China: Officials strive for quality elder care

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

    Authorities are stepping up efforts to promote the healthy development of the elder care sector in China, officials said.

    Li Yongxin, deputy director of the elder care service department at the Ministry of Civil Affairs, said during a news conference that the number of elderly care facilities in China had surged to around 410,000 by June, with 369,000 of them community-based. This represents a 100 percent increase in elderly care facilities and a 120 percent increase in community-based ones since 2019.

    The expansion and a recent crackdown are part of a broader initiative to address the challenges posed by China’s rapidly aging population and fraudulent practices in facilities designed to help seniors.

    “The ministry has strengthened its policy framework, diversified care options and enhanced regulatory measures, resulting in significant improvements in elderly care services,” Li said.

    Li added that legislative efforts are underway to create a law outlining the responsibilities of elder care service providers, with the goal of better protecting seniors’ rights. The move is a response to widespread concerns about financial scams targeting the elderly, including fraudulent schemes disguised as membership fees or unauthorized financial products being offered by some retirement homes.

    In 2022, a government crackdown on elder care fraud led to the arrest of 66,000 suspects and the recovery of 30.8 billion yuan ($4.3 billion) in stolen funds. Last year, an additional 33,000 suspects were apprehended.

    Along with fraud prevention, authorities are conducting inspections to reduce fire risks, improve building safety and create a more secure environment for seniors. The National Health Commission estimates that 78 percent of China’s elderly people have at least one chronic illness, and roughly 40 million seniors are disabled or semidisabled and require intensive care.

    Meanwhile, despite the growing number of elder care facilities, China still faces a shortage of caregivers, with only 500,000 currently available to meet the country’s needs. To fill the gap, authorities are promoting home-based care that allows seniors to stay in their homes while receiving regular visits from community workers and medical professionals.

    Since 2021, approximately 350,000 seniors have benefited from home-based care, with 650,000 home visits conducted, according to the ministry.

    By the end of 2023, nearly 300 million Chinese citizens were age 60 or older. By 2050, that number is expected to grow to one-third of the population.

    MIL OSI China News –

  • MIL-OSI China: FTZ reforms deepen China-ASEAN economic, trade ties

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

    NANNING, Oct. 22 — In a bustling fruit processing facility in south China’s Guangxi Zhuang Autonomous Region, the air is sweet with the luscious aroma of mangoes. Workers diligently manage a state-of-the-art, fully automated production line, preparing to send delectable products to eager markets across Southeast Asia.

    In recent years, with the deepening of economic cooperation and the trade exchange of agricultural products between China and the Association of Southeast Asian Nations (ASEAN), the complementary advantages of agricultural products trade between Guangxi and ASEAN have become more prominent. The geographical advantages of land and sea links with ASEAN have also injected vitality into the continuous expansion of Guangxi’s fruit exports.

    According to data from Nanning Customs, in 2023, Guangxi imported 16.71 billion yuan (about 2.4 billion U.S. dollars) of ASEAN agricultural products, a year-on-year increase of 43.1 percent. At the same time, Guangxi’s special fruits, such as orah mandarins and sweet tangerines, have also been well received in the ASEAN market.

    The thriving fruit trade has also spurred related companies to invest and establish their operations in Guangxi.

    Guangxi Junyi Agricultural Science and Technology Co., Ltd, a mango-processing company established in 2020 in the Chongzuo area in the China (Guangxi) Pilot Free Trade Zone (FTZ), is the region’s first border-based fruit processing enterprise with an annual main business turnover of at least 20 million yuan.

    “The pilot FTZ’s policies, including tax incentives, streamlined trade procedures and financial innovations, have not only laid fertile ground for growth but also provided substantial cost benefits to businesses,” said Shen Wuyang, the company’s deputy general manager.

    Guangxi, often described as China’s gateway to ASEAN, has risen to the forefront of China’s trade and cooperation with ASEAN in recent years, thanks to the establishment of the pilot FTZ.

    In 2019, the pilot FTZ was established to promote China’s opening up to ASEAN and to pilot new mechanisms in China-ASEAN cooperation. Since its inception, the pilot FTZ has proven to be a powerhouse, taking up a 37.7 percent share of Guangxi’s total foreign investment and a notable 38.6 percent share of the region’s foreign trade volume.

    The pilot FTZ comprises the Nanning area in the region’s capital city, the Qinzhou Port area along the coast and the Chongzuo area bordering Vietnam.

    The Chongzuo area is home to Youyiguan Port, or Friendship Pass, one of China’s busiest land ports for the trade of fruit.

    Thanks to the development of economic and trade relations between China and ASEAN, Youyiguan Port’s cargo clearance efficiency has doubled.

    “Our cargo predominantly goes to Southeast Asia, with Vietnam taking up 80 percent of our shipments and the remainder being distributed to places like Malaysia and Thailand,” noted Wang Shuqing, operations supervisor of a supply chain management company in Guangxi.

    The zone’s Nanning area focuses on the development of modern finance, the digital economy and modern services. It is pioneering innovation in cross-border finance and renminbi businesses, especially those working with ASEAN nations.

    “Previously, cross-border transactions between Guangxi and Indonesian companies involved an intermediate step of converting RMB to U.S. dollars before changing it to Indonesian rupiah. Now, we can achieve direct settlements,” said Bai Lili, deputy general manager of a China CITIC Bank branch located in the Nanning area of the pilot FTZ.

    As the pilot FTZ’s only coastal area, Qinzhou Port Area is establishing itself as a high-level gateway port that facilitates the transportation of cargo between China and ASEAN.

    According to Ye Jun, an official with the administrative committee of Qinzhou Port Area, the industrial focus of the area is on petrochemical projects, with quite a number of petrochemical enterprises having already set foot in raw material and preliminary processing in ASEAN countries.

    So far, more than 38,000 new enterprises have been established in Qinzhou Port Area, including 355 foreign-funded companies. Among the over 150 industrial projects operational or under construction, the area has attracted investments exceeding 300 billion yuan and is home to four enterprises with annual outputs of over 10 billion yuan.

    MIL OSI China News –

  • MIL-OSI New Zealand: Government to appoint Crown Observer to Wellington City Council

    Source: New Zealand Government

    Local Government Minister Simeon Brown has today announced his intention to appoint a Crown Observer to Wellington City Council, following news that the Council will now be required to rewrite its 2024-34 Long Term Plan.

    “I have been concerned about the Council’s ability to manage their Long Term Plan amendment and adoption process, following their recent decision to rewrite its 2024-34 Long Term Plan,” Mr Brown says.

    “Under Part 10 of the Local Government Act 2002 (the Act), I have powers of assistance and intervention in relation to a local authority that has a problem.  Following advice from officials I have identified there is a significant problem at Wellington City Council that warrants the Government appointing a Crown Observer.

    “Advice provided to me by the Department of Internal Affairs highlights that the Council is not utilising its balance sheet appropriately in order to maintain critical infrastructure like water, and that is failing to manage its insurance risk appropriately. These risks have been increased due to its recent decision to amend the Long Term Plan.

    “The Department advises me that while it is not uncommon for councils to amend their Long Term Plans, it is uncommon for a council to reverse such a critical financial decision that requires such an amendment only four months into the cycle,” Mr Brown says.

    The Department has found that the Council has demonstrated an inability to understand the mechanisms it has available to manage financial pressures it is facing.

    This includes the Council choosing in its Long Term Plan to use rates revenue to pay for its water infrastructure up-front, rather than appropriately using debt financing. Local Water Done Well financing mechanisms enables further debt headroom for Wellington City Council to meet its under-insurance issues.

    “The advice from the Department highlights that the 2024-34 Long-Term Plan shows the Council’s net borrowings for water services increase by just $66 million to fund this investment (6 per cent of the total), with the remaining $1.10 billion of capital investment proposed to be funded by rates (94 per cent of the total).

    “This is an inefficient and expensive way to fund infrastructure investment. The Council is front-loading costs on current ratepayers rather than utilising debt financing to spread the cost over current and future users of the assets,” Mr Brown says.

    “The Department estimates that the Council’s financing approach to water services as set out in the 2024-34 Long Term Plan would overcharge Wellington City residents by more than $700 million over ten years.

    “Recent Council meetings have also seen councillors walk out, refusing to participate in votes, and confusion regarding decisions, amendments, and voting. Councillors have also made repeated public criticism of one another and Council staff.

    “This environment is not conducive to the Council effectively managing the Long-term Plan amendment and adoption process. Not resolving these challenges would likely have adverse consequences for Wellington residents and ratepayers.

    “The Department is of the view that the appointment of a Crown Observer is necessary to better enable Wellington City Council to address the problem and allow me to monitor their progress in addressing it. I agree with their assessment.

    “The Crown Observer would be appointed to assist the Council to ensure that it secures a financially sustainable Long Term Plan that prioritises the capital programme.

    “The Government has written to Wellington City Council with a draft Terms of Reference and has given the Council 10 working days to respond as required under the law.

    “The Government is clear that by proposing a Crown Observer, the Government is not taking responsibility for any of the decisions made by the Council. The Council and Mayor are democratically elected and are responsible for the decisions made by the Council, and will remain accountable to their constituents.

    “By providing a Crown Observer to assist the Council on matters of governance, financial strategy and planning, the Government will be working to ensure that Wellington City Council Ratepayers can have increased confidence in their Council and that the Long Term Plan decisions are finalised in accordance with the Local Government Act,” Mr Brown says.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Ministry of Health Annual Report for the year ended 30 June 2024

    Source: New Zealand Ministry of Health

    Summary

    The Annual Report for the year ended 30 June 2024 sets out who we are and what we do, how we manage our business, our financial statements and statement of service performance as specified in Vote Health – Main Estimates of Appropriation 2023/24 and (where updated) in Vote Health – Supplementary Estimates of Appropriation 2023/24.

    It provides a detailed breakdown of our achievements for the 2023/24 financial year and the progress made towards our six strategic objectives:

    • Provide system-level leadership
    • Drive system strategy and performance
    • Be the Government’s primary advisor on health
    • Future-proof our health system 
    • Be the regulator of the health system 
    • Transform ourselves.

    Disclaimer: The graph for Figure 10, ‘Percentage of kaimahi who believe te ao Māori perspectives are relevant to their work’, differs from the print version of the Te Aho o Te Kahu 2023/23 Annual Report. This was due to an error where the graph for Figure 9, ‘Explain kaupapa Māori concepts’, was duplicated for both Figure 9 and Figure 10.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Unreported in New Zealand

    Source: ACT Party

    The Haps

    The Solicitor General backed down on prosecution guidelines that told prosecutors to ‘think carefully’ about someone’s race before prosecuting. It shows New Zealand has really changed. Not so long ago such policies bucketed down and people felt helpless. Now we are getting real change.

    CPI inflation at 2.2 per cent, amidst the 1-3 per cent target band, is the news we’ve been waiting for. Inflation first broke out in 2021, with high interest rates following close behind. It’s taken less than a year of the new Government, one mini-budget, and one budget to get it under control. Now the way is clear for significant further rate cuts at the next Reserve Bank announcement on November 27.

    Unreported in New Zealand

    Last week, the Nobel Prize in economics was awarded to three economists, Acemoglu, Johnson, and Robinson “for studies of how institutions are formed and affect prosperity.” You won’t have read about this in the New Zealand press, besides syndicated cut and paste jobs, even though it is about colonisation, institutions, and prosperity.

    The official Nobel Citation says: The richest 20 per cent of the world’s countries are now around 30 times richer than the poorest 20 per cent. Moreover, the income gap between the richest and poorest countries is persistent; although the poorest countries have become richer, they are not catching up with the most prosperous. Why? This year’s laureates have found new and convincing evidence for one explanation for this persistent gap – differences in a society’s institutions.

    The economists studied many countries’ histories over the last 400 years, focusing on the influence of European countries that colonised most of the world. They conclude that what kind of set-up, or institutions, those colonising countries left has a strong bearing on the colonised countries’ prosperity today.

    They divide countries into two types. There are inclusive countries, that give people equal rights, to vote, own property, and operate under the rule of law. There are extractive countries, set up to extract natural resources and benefit a small number of people.

    The extractive countries tend to be the ones that weren’t very welcoming to colonisers, for example if there was a lot of malaria. In these cases, e.g. African ones, a small number of settlers arranged to get the wealth out of the ground, and that was about it.

    The alternative is inclusive countries, with free markets, the rule of law and democracy. The United States is the obvious example, along with Australia, New Zealand, and Canada. These countries attracted settlers in large numbers and there were too many of them to simply exploit natural resources. Instead they created inclusive institutions.

    There is a twist, an historic reversal of fortunes. The countries that were relatively poorer before colonisation, and ended up adopting more colonial institutions, are now relatively wealthier.

    Another important observation is that history is not static. Over time, countries liberalise. Colonial institutions were not set down in a state of perfection, far from it. But they were capable of improvement, widening voting rights, compensating for past wrongs, and enhancing civil liberties.

    You are probably starting to get a sense of why this work has not been discussed in the NZ Press. It finds that institutions matter if you want people to be prosperous. It doesn’t matter where you start, it’s where you finish that counts, and that depends on adopting the best institutions, democracy, the rule of law, property rights, free speech, and all of those values that allow people to flourish.

    No doubt New Zealand universities will be holding book burnings in case these Nobel Prize winners’ ideas make students ‘feel unsafe.’ The same institutions trained the journalists, which may be why there’s been so little discussion about this.

    Nonetheless, somewhere in our future is a country where free and open debate is not only allowed but cherished. It would be a country where we can discuss what works to create prosperity.

    The central lesson of these economists’ work is really that wealth is not given or taken, it is not ‘owned’ rightfully by any historic group. It can be created, to the point that everyone is richer than 200 years ago, but some people are 30 times richer. The trick is to adopt the right institutions, the policies that work, as quickly as possible, and those institutions are democracy, free markets, the rule of law, and equal rights for all.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: FS speaks at APEC meeting

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan speaks on various topics while attending day two of the APEC Finance Ministers’ Meeting (FMM) in Peru yesterday.

     

    The topics included global and regional economic and financial outlooks, sustainable finance, sustainable infrastructure, digital finance, and enhancing resilience against climate change.

     

    This year’s APEC FMM takes the theme of “Sustainable + Digital + Resilient = APEC.”

     

    In the session on global and regional economic and financial outlooks, Mr Chan shared the latest economic situation in Hong Kong and reiterated the city’s firm support for rules-based free trade and multilateralism.

     

    He pointed out that as a super connector, Hong Kong plays a bridging role between traditional and emerging markets, promoting the regional digital economy and innovative technology for better collective development.

     

    During the discussion session on sustainable finance and infrastructure, Mr Chan highlighted Hong Kong’s functions as an international financial centre, facilitating the effective matching of funds with green and infrastructure projects.

     

    He noted that through financial innovation and co-operation with international institutions, Hong Kong has been able to securitise infrastructure loans from various countries and issue catastrophe bonds, guiding more international capital to support projects in developing countries and helping them address climate challenges.

     

    He also shared updates and experience on Hong Kong’s efforts in advancing green and transition finance, including the release of a green taxonomy aligned with international standards and active participation in setting global green standards.

     

    Additionally, the Financial Secretary participated in discussions on digital finance at the FMM, sharing Hong Kong’s experiences in developing fintech and promoting inclusive finance, including how regulatory sandboxes encourage fintech innovation and the application of new technologies.

     

    He noted that Hong Kong’s robust and internationalised financial infrastructure, along with a balanced regulatory system that promotes security and innovation, is conducive to building a thriving fintech ecosystem.

     

    At a luncheon of the APEC Business Advisory Council, Mr Chan shared Hong Kong’s experiences on leveraging private market capital to better support sustainable infrastructure and climate change projects, as well as creating a more favourable environment for micro, small and medium enterprises to embrace digital finance.

     

    Furthermore, he exchanged views with representatives and business leaders from other economies.

     

    Also during the FMM, Mr Chan spent time meeting South Korea’s Deputy Prime Minister and Minister of Economy & Finance of the Republic of Korea Choi Sang-mok, and Vietnam’s Deputy Minister of Finance Vo Thanh Hung.

     

    In the evening, he departed Peru for the US city of New York where he plans to attend the Bloomberg Global Regulatory Forum today and deliver a speech.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: October 21st, 2024 Heinrich Highlights $2.5 Million for Mobile Training Unit to Connect Rural New Mexicans to In-Demand Careers in the Skilled Trades, Participates in Training Demo with U.A. Local 412

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    PHOTOS & VIDEO
    ALBUQUERQUE, N.M. — U.S. Senator Martin Heinrich (D-N.M.), Chairman of the U.S. Joint Economic Committee and a member of the Senate Appropriations Committee, highlighted more than $2.5 million he has secured through the Appropriations process for the United Association of Plumbers & Pipefitters Local 412 (U.A. Local 412) to operate a mobile training unit that provides pre-apprenticeship training to New Mexicans living in rural and Tribal communities. 
    The mobile training unit is creating more pathways to in-demand careers in the skilled trades and has already trained dozens of New Mexicans in Española, Taos, Las Vegas, Mora, Raton, and Santa Fe. Heinrich also participated in a training demonstration with U.A. Local 412 leadership and apprentices who are learning skills in the plumbing, pipefitting, and HVAC trades.

    U.S. Senator Martin Heinrich (D-N.M.) participates in a training demonstration with the United Association of Plumbers & Pipefitters Local 412 (U.A. Local 412), October 21, 2024.
    “Thanks to our Inflation Reduction Act and CHIPS and Science Act, New Mexico is experiencing a manufacturing and clean energy renaissance that is creating new high-quality careers New Mexicans can build their families around,” said Heinrich. “I’m focused on expanding pathways to skills training and apprenticeships that connect New Mexicans to careers in their own communities. This is how we can address workforce shortages, grow the middle class, and strengthen our economy.”
    Heinrich-Secured Federal Investments for the Mobile Training Unit:
    The U.A. Local 412 Mobile Training Unit was initially paid for by an Economic Development Administration (EDA) Good Jobs Challenge Grant, as part of a $6.4 million award to the Northern N.M. Workforce Integration Network. The Good Jobs Challenge funds were authorized by the American Rescue Plan, the critical economic recovery legislation that Heinrich was proud to pass in 2021. 
    Through his work on the Senate Appropriations Committee, Heinrich has further supported the U.A. Local 412’s workforce development efforts by securing more than $2.5 million in Congressionally Directed Spending (CDS) in the Fiscal Year 2023 and Fiscal Year 2024 Appropriations Bills. These awards helped the union secure the equipment and staffing they need to train New Mexicans for jobs in the skilled trades, including specialized training needed to fill the many new, well-paying jobs being created by the CHIPS and Science Act and the Inflation Reduction Act. 
    Heinrich is currently fighting to pass the Fiscal Year 2025 Appropriations Bills, which include an additional $870,000 CDS award that he secured within the Senate Appropriations Committee-passed Labor, Health and Human Services, Education Appropriations Bill to sustain the U.A. Local 412’s mobile training unit’s operations past the original EDA funding, and to expand its reach to new communities including Grants, Gallup, Silver City, and Zuni Pueblo. 
    Heinrich’s Longtime Support for Workforce Training and Apprenticeships:
    Heinrich has long championed proven workforce training programs like U.A. Local 412’s apprenticeship and pre-apprenticeship programs that are growing the middle class, creating and connecting New Mexicans to high-quality careers they can access in their communities, and continuing New Mexico’s leading role in the clean energy transition that is being built by union workers in the skilled trades. 
    Last week, Heinrich hosted a “Pro-Worker, Pro-Business Opportunities” roundtable to talk directly with New Mexicans about how federal legislation he helped pass into law, like the Inflation Reduction Act and Infrastructure Law, is creating careers in high-demand sectors and strengthening New Mexico’s health care, early childhood education, and skilled trades workforce.  
    Last year, Heinrich introduced the bipartisan Apprenticeship Pathways Act, legislation to create pathways to careers for high school students by expanding access to apprenticeship programs for occupations with high need, including the building trades, healthcare, manufacturing, technology, telecommunications, and early childhood education. Earlier this year, Heinrich introduced the Pre-Apprenticeships To Hardhats (PATH) Act, legislation to strengthen the pipeline for careers in New Mexico, address rising workforce shortages, and grow the state’s economy through quality pre-apprenticeship programs. 
    Last year, Courtenay Eichhorst, Business Manager of U.A. Local 412 and President of New Mexico Building Trades, testified about the importance of apprenticeships and pre-apprenticeships during a hearing that Heinrich convened as the Chairman of the Joint Economic Committee on “Job Training for the Clean Energy Transition.” 
    Eichhorst said during that JEC hearing, “In addition to our ‘gold standard’ apprenticeship programs, the UA and other Building Trades’ unions are also increasingly investing in pre-apprenticeship programs that can be designed to help prepare high school students or individuals from underrepresented communities for a career in the trades. These programs help fill the role that used to be filled by the ‘shop classes’ that were found in high schools but have become increasingly rare. Pre-apprenticeship programs also focus on the ‘soft skills’ that are necessary for success in any industry, such as showing up on time and other work etiquette.”
    Earlier this year, also in the Fiscal Year 2024 Appropriations Bills, Heinrich secured $1,200,000 in Congressionally Directed Spending for the SMART Local Union No. 49 Joint Apprenticeship and Training Committee to enhance and expand specialized HVAC apprenticeship training. 
    In March, Heinrich introduced the Providing Resources and Opportunities for Health Education and Learning (PRO-HEAL) Act, legislation that will tackle the health care provider shortage in New Mexico and nationwide by expanding pathways to high-quality, in-demand health care careers that medical professionals can access in their communities. Specifically, the PRO-HEAL Act addresses medical provider shortages by incentivizing states and institutions of higher education to expand or create health care provider pipeline programs, particularly in underserved and rural communities. The legislation is inspired by the success of the Combined BA/MD Degree Program at the University of New Mexico, where over 65% of students who have graduated from their program practice medicine in New Mexico.    
    Last year, Heinrich introduced the Pathways to Health Careers Act, legislation that reauthorizes and modernizes the Health Profession Opportunity Grant (HPOG) program to help address health care shortages in New Mexico and across the country and create pathways to high-quality, in-demand health care careers. The HPOG program has a proven track record of successfully educating workers for jobs in the health care industry, while also providing career coaching, job placement, and a mix of other support services. The Pathways to Health Careers Act would restart and expand the HPOG Program, providing $425 million to make HPOG available nationwide from FY2024 through FY2028 and includes set asides for Tribes and U.S. Territories.  
    In 2021, Heinrich introduced the Championing Apprenticeships for New Careers and Employees in Technology (CHANCE in Tech) Act, legislation to create earlier pathways to high-paying careers in the information technology (IT) industry. Heinrich previously introduced similar bipartisan legislation in 2019 with former Senator Cory Gardner (R-Colo.).

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Young Urge President Biden To Protect Undersea Cables From China, Russia

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    October 21, 2024

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) and Todd Young (R-Ind.), members of the U.S. Senate Foreign Relations Committee, on Monday led 6 of their Senate colleagues in sending a bipartisan letter to President Biden expressing concerns about the security of the global network of undersea communications and energy cables upon which American workers and businesses rely.
    More than 95% of international internet traffic travels via these undersea cables, resulting in trillions of dollars in financial transactions each day. The locations of these cables are often openly published to prevent accidental damage.
    As American companies look to expand and invest in this critical infrastructure, it is imperative that the United States has a complete understanding of existing vulnerabilities, especially those that impact our economic and national security.
    “America’s adversaries have been developing their capabilities to attack or disrupt critical undersea infrastructure. There is a long tradition, dating back well over a century, of belligerents attacking their opponents’ underwater communications lines in the first phase of a conflict,” the senators wrote. “Given these threats and challenges, it is imperative that the United States undertake a review of existing vulnerabilities to global undersea cable infrastructure, including the threat of sabotage by Russia as well as the growing role of the People’s Republic of China in cable laying and repair. If we are truly to deepen vital commercial and security relationships with willing partners and allies, this must be a national priority.”
    U.S. Senators Marco Rubio (R-Fla.), Tim Kaine (D-Va.), Pete Ricketts (R-Neb.), Jeanne Shaheen (D-N.H.), Dan Sullivan (R-Alaska), and Brian Schatz (D-Hawaii) also signed the letter.
    Full text of the letter is available HERE and below:
    Dear Mr. President: 
    We write to you to express our concern about the security of global undersea communications and energy cables, especially those that impact America’s economic and national security and that of our allies and partners. As you are well aware, more than 95% of international internet traffic travels via undersea cables, including trillions of dollars in financial transactions each day. Moreover, the exact locations of most of these cables are openly published in order to reduce the likelihood of accidental damage from ships’ anchors or fishing activities. Internet and telecommunications providers, including American firms, intend to invest billions of dollars in expanding the global network of undersea communications cables. Additionally, energy transmission cables are proliferating as governments look to new sources of electricity generation. 
    America’s adversaries have been developing their capabilities to attack or disrupt critical undersea infrastructure. There is a long tradition, dating back well over a century, of belligerents attacking their opponents’ underwater communications lines in the first phase of a conflict. For example, in both World Wars, Britain’s first naval actions were to cut the telegraph cables connecting Germany to the Americas, and in 1918 a German U-boat severed lines connecting New York to both Nova Scotia and Panama. In addition to this kind of overt, kinetic attack, the nature of undersea infrastructure increases the feasibility of gray zone actions with plausible deniability. It is difficult to distinguish between an accident and a deliberate action on the seabed, and more difficult still to confirm who conducted such an action. On top of this, because this infrastructure is privately owned by commercial enterprises, repairs are the responsibility of these private companies, which are likely not prepared to maintain them under wartime conditions and are likely to seek the most cost-effective repair and maintenance options—even if that option is owned or operated by a foreign adversary or strategic competitor. 
    Given these threats and challenges, it is imperative that the United States undertake a review of existing vulnerabilities to global undersea cable infrastructure, including the threat of sabotage by Russia as well as the growing role of the People’s Republic of China in cable laying and repair. If we are truly to deepen vital commercial and security relationships with willing partners and allies, this must be a national priority. We respectfully request that you provide responses to the following questions and direct senior administration officials to brief Members of Congress, including members of relevant committees of jurisdiction, on your plans and the resources and authorities needed to carry them out.
    What is your Administration’s overall strategy to guarantee the security of America’s undersea infrastructure and to promote the security of that of our allies and partners? 
    The National Defense Authorization Act for Fiscal Year 2020 established the Cable Security Fleet (CSF). If authorized and sufficiently funded, what would be your assessment of the ideal size of the U.S.-flagged and -operated cable laying and repair vessel fleet to ensure sufficient cable repair capacity during a conflict or national emergency? How can the United States work with trusted allies and partners for additional capacity to support the expansion and repair of trusted undersea cable networks? 
    What is the Administration’s strategy to encourage other nations to choose trusted suppliers in their selection of undersea cable manufacturers, particularly in any nation of concern or which may be vulnerable to coercion or covert action by America’s adversaries? 
    How is the Administration working with the private sector to ensure that commercial enterprises’ investments in undersea cables align with U.S. national security priorities? 
    How do you intend to protect the physical security of undersea cables in the open ocean, including through any interpretation of customary international law? 
    How is the Administration working multilaterally to collectively enhance security and monitor potential threats to undersea infrastructure, including through NATO, the Quad, and the Indo-Pacific Economic Framework for Prosperity? 
    Thank you for your prompt attention to this request. As Congress works to continue its oversight of national security, it is vital that we understand the current state of the information backbone of our economy and efforts to protect it. 
    Sincerely, 

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Managing Director Kristalina Georgieva’s Statement on the Review of Charges and the Surcharge Policy

    Source: IMF – News in Russian

    October 11, 2024

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded today the Review of Charges and the Surcharge Policy.[1] Ms. Kristalina Georgieva, Managing Director of the IMF, issued the following statement.

    “In a challenging global environment and at a time of high interest rates, our membership has reached consensus on a comprehensive package that substantially reduces the cost of borrowing, while safeguarding the IMF’s financial capacity to support countries in need.”

    “The approved measures will lower IMF borrowing costs for members by 36 percent, or about US$1.2 billion annually. The expected number of countries subject to surcharges in fiscal year 2026 will fall from 20 to 13.”

    “This is achieved by reducing the margin over the SDR interest rate, raising the threshold for level-based surcharges, lowering the rate for time-based surcharges, and increasing the thresholds for commitment fees. The approved package will take effect on November 1, 2024.” 

    “While substantially lowered, charges and surcharges remain an essential part of the IMF’s cooperative lending and risk management framework, where all members contribute and all can benefit from support when needed. Together, charges and surcharges cover lending intermediation expenses, help accumulate reserves to protect against financial risks, and provide incentives for prudent borrowing. This provides a strong financial foundation that allows the IMF to extend vital balance of payments support on affordable terms to member countries when they need it most.”

    “This reform helps ensure that the IMF can continue serving our members in a changing world.”

    Link to FAQs

    [1] Charges and surcharges do not apply to borrowing from the IMF’s Poverty Reduction and Growth Trust, under which low-income members receive financial support on concessional terms.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/11/pr-24368-imf-md-kristalina-georgieva-statement-on-the-review-of-charges-and-surcharge-policy

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Türkiye

    Source: IMF – News in Russian

    October 11, 2024

    Washington, DC: On September 27, 2024, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Türkiye.

    A decisive shift in economic policies over the past year has tightened Türkiye’s overall policy stance. The Central Bank of the Republic of Türkiye (CBRT) has brought the ex ante real policy rate into positive territory while reducing regulatory complexity. Tax and expenditure measures underpin efforts to restore fiscal prudence and the commitment to stronger incomes policies has strengthened credibility.

    The policy turnaround has reduced economic imbalances and revived confidence. Headline inflation has fallen as tighter financial conditions are weighing on domestic demand. Market sentiment has sharply improved, with domestic and foreign investors shifting into lira-denominated assets while lower commodity prices, buoyant exports, and reduced gold imports have strengthened the current account, supporting a large improvement in both the gross and net reserves position. The financial and corporate sectors appear to have weathered the policy tightening and financial liberalization so far. Credit default swaps (CDS) spreads are now at about half their mid-2023 levels.

    Under the authorities’ gradual policy adjustment, inflation is expected to further decline. Contractionary ex ante real policy rates, moderating wage growth, and more contractionary fiscal policy in 2025 are expected to reduce inflation to 43 percent this year and 24 percent in end-2025. After a strong first quarter, growth has weakened and is expected to fall to 3 percent in 2024 and 2.7 percent in 2025, recovering toward 4 percent in the medium term. Disinflation and improved confidence will support a narrowing of the current account deficit to about 2 percent of GDP and reserves to around 100 percent of the IMF’s adequacy metric.

    Risks around the baseline are significant and tilted to the downside. They include stronger-than-expected wage and price inertia, a reversal of capital flows, higher global energy prices, and escalating geopolitical tensions. Significant financial and external vulnerabilities remain. The authorities’ gradual approach to fighting inflation prolongs the period during which risks might occur.

    Executive Board Assessment[2]

    The Executive Directors agreed with the thrust of the staff appraisal. They commended the authorities for the decisive policy tightening since mid-2023, which has helped to significantly reduce macroeconomic imbalances and risks. However, with inflationary pressures still high, and significant downside risks, they urged the authorities to press ahead with coordinated fiscal, monetary, and incomes policies to anchor inflationary expectations and entrench macroeconomic stability.

    While noting sustainable public debt levels, Directors recommended a larger and more frontloaded fiscal consolidation to support disinflation efforts and further strengthen buffers. They supported strengthening tax administration, rationalizing tax expenditures, broadening the tax base, energy subsidy reform, limiting capital spending to essential projects, and enhancing risk monitoring while protecting earthquake related spending. Directors also urged further efforts to address fiscal risks arising from contingent liabilities in state owned enterprises, public private partnerships, and pension costs.

    While noting the challenges, Directors considered that phasing out backward looking indexation and shifting toward setting wages in line with inflation expectations could significantly help reduce inflation.

    Directors called for continued tight, data dependent monetary policy until inflation converges to target levels. They agreed that the central bank should stand ready to tighten further if needed to ensure that the path of disinflation stays on track. Directors highlighted that further strengthening the monetary transmission mechanism and central bank independence and communication would enhance policy credibility.

    Directors encouraged foreign exchange intervention to focus on smoothing potentially destabilizing exchange rate movements that could dislodge inflation expectations, and to be scaled back as inflation recedes. They highlighted the need to effectively manage volatile capital flows and agreed that capital flow measures should be discontinued gradually as FX liquidity risk and inflation recede.

    Directors underscored the importance of ongoing vigilance and further reforms to maintain financial stability. They supported continued implementation of the 2023 FSAP recommendations and efforts to align the supervisory and regulatory framework with Basel III standards. Directors commended the authorities for recent improvements to the AML/CFT framework and exit from the FATF grey list, while noting that further progress was needed, including to mitigate virtual assets risks.

    Directors called for advancing structural reforms to achieve more inclusive, greener, and higher medium-term growth. Further energy and labor market reforms, including to boost female participation, remain important priorities.

    Türkiye: Selected Economic Indicators, 2019−29

    Population (2023): 85.4 million

    Per capita GDP (2023): US$13,243

    Quota: SDR 4,658.6 million
     

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

     

    Proj.

    Real sector

    (Percent)

    Real GDP growth rate

    0.8

    1.9

    11.4

    5.5

    5.1

    3.0

    2.7

    3.2

    3.4

    3.7

    3.9

    Contributions to real GDP growth

    Private consumption

    0.9

    1.9

    9.2

    11.7

    9.5

    1.1

    0.3

    1.9

    2.0

    2.0

    2.0

    Public consumption

    0.5

    0.3

    0.4

    0.6

    0.3

    0.4

    0.5

    0.5

    0.4

    0.5

    0.4

    Investment (incl. inventories)

    -3.0

    4.8

    -3.2

    -7.5

    -1.6

    0.6

    2.6

    1.1

    1.2

    1.6

    1.7

    Net exports

    2.4

    -5.2

    5.0

    0.7

    -3.1

    0.9

    -0.6

    -0.2

    -0.2

    -0.3

    -0.2

    Output gap

    -2.1

    -4.6

    1.1

    1.5

    1.9

    0.7

    -0.3

    -0.5

    -0.5

    -0.2

    0.0

    GDP deflator growth rate

    13.9

    14.8

    29.0

    96.0

    68.2

    60.0

    31.4

    20.4

    16.6

    15.3

    15.2

    Inflation (period-average)

    15.2

    12.3

    19.6

    72.3

    53.9

    60.9

    33.0

    19.2

    16.0

    15.0

    15.0

    Inflation (end-year)

    11.8

    14.6

    36.1

    64.3

    64.8

    43.0

    24.0

    17.2

    15.3

    15.0

    15.0

    Unemployment rate

    13.7

    13.1

    12.0

    10.4

    9.4

    9.3

    9.9

    9.6

    9.5

    9.3

    9.2

    Fiscal sector

    (Percent of GDP)

    Nonfinancial public sector overall balance

    -5.0

    -4.7

    -3.0

    -2.7

    -5.4

    -5.3

    -3.7

    -3.1

    -3.2

    -3.1

    -3.1

    General government overall balance (headline) 1/

    -3.0

    -4.0

    -2.6

    -0.8

    -5.2

    -5.3

    -3.5

    -3.0

    -3.0

    -3.0

    -3.0

    General government gross debt (EU definition)

    32.4

    39.4

    40.4

    30.8

    29.3

    25.2

    26.0

    26.0

    26.0

    25.9

    25.6

    External sector

    (Percent of GDP)

    Current account balance

    2.0

    -4.3

    -0.8

    -5.1

    -4.0

    -2.2

    -2.1

    -2.0

    -1.9

    -1.9

    -1.9

    Gross external debt

    54.5

    59.8

    53.9

    50.5

    45.2

    41.3

    39.8

    40.9

    40.4

    39.9

    39.3

    Gross financing requirement

    18.0

    24.8

    21.0

    22.9

    21.2

    19.1

    20.0

    20.5

    20.1

    20.0

    19.8

    Monetary conditions (Percent)

    Real average cost of CBRT funding to banks

    5.4

    -1.7

    -1.9

    -59.4

    -35.4

    …

    …

    …

    …

    …

    …

    Growth of broad money (M2)

    27.3

    33.9

    53.0

    59.2

    70.1

    …

    …

    …

    …

    …

    …

    Growth of credit to private sector

    10.9

    34.7

    37.0

    54.7

    54.0

    …

    …

    …

    …

    …

    …

    Sources: Turkish authorities; and IMF staff estimates and projections.

    1/ Headline (or authorities’ definition), which includes items excluded from the IMF ‘program’ definition.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing ups can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm .

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva-Maria Graf

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/11/pr-24369-turkiye-imf-executive-board-concludes-2024-aiv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Translation: 17/10/2024 The International Monetary Fund positively assesses the Polish economy

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    On Wednesday, October 17, 2024, the International Monetary Fund (IMF) completed its mission in Poland, presenting the conclusions and recommendations resulting from the annual economic review. After reviewing the country’s current economic situation and plans for economic, fiscal and monetary policy, the Fund’s experts positively assessed the state of the Polish economy. The mission took place on October 8-17, 2024 under Article IV of the IMF’s Statute. The International Monetary Fund positively assessed the state of the Polish economy. According to the Fund’s experts, Poland’s prospects have improved compared to last year, despite the difficult economic conditions in Europe and the ongoing war in Ukraine. According to the Minister of Finance, Andrzej Domański, the International Monetary Fund’s assessment confirms the stability and resilience of the Polish economy to global challenges. The report shows that Poland’s growth prospects are supported by the unblocked European Union funds, which, combined with a moderate level of debt, significant foreign exchange reserves and solid financial sector buffers, contributes to the economy’s recovery. Risks related to the geopolitical situation and the slowdown in Europe are effectively mitigated, providing grounds for optimism for the future.

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Security: Five Defendants Sentenced for Long-Running Bid-Rigging Conspiracy in Georgia Concrete Industry

    Source: United States Department of Justice Criminal Division

    Four executives and a corporation were sentenced for participating in a long-running conspiracy to fix prices, rig bids and allocate jobs for ready-mix concrete in the greater Savannah, Georgia area.

    James Clayton Pedrick, Gregory Hall Melton, John David Melton, Timothy “Bo” Strickland and Evans Concrete LLC were charged in September 2020 with conspiring to fix prices, rig bids and allocate jobs for the sale of ready-mix concrete used in residential, commercial and public projects. Pedrick, Strickland and Evans Concrete later pleaded guilty for their participation in this conspiracy. Gregory Hall Melton and John David Melton were convicted by a jury in the U.S. District Court in Savannah earlier this year. Argos USA LLC separately admitted to its role in the conspiracy and entered into a deferred prosecution agreement (DPA) with the Justice Department’s Antitrust Division in January 2021.

    Gregory Hall Melton was sentenced today to 41 months in prison, and three years of supervised release and to pay a $50,000 fine. John David Melton was sentenced today to 26 months in prison, three years of supervised release and to pay a $10,000 fine. The court previously sentenced Strickland to five months in prison and to pay $150,000 fine, Pedrick to one year of probation and Evans Concrete to pay a $2.7 million fine. Argos USA LLC paid a $20 million criminal penalty as part of its DPA.

    According to court documents, the defendants effectuated their conspiracy by coordinating the issuance of price-increase letters to customers, allocating specific ready-mix concrete jobs in the coastal Georgia area, and submitting bids to customers at collusive and noncompetitive prices. The charged conspiracy began as early as 2010 and continued until about July 2016.

    “These sentences reflect the egregious nature of rigging bids for materials like ready-mix concrete which are essential to the American economy,” said Deputy Assistant Attorney General Manish Kumar of the Justice Department’s Antitrust Division. “The Antitrust Division and its law enforcement partners will hold accountable those who seek to exploit the critical need for these materials to harm consumers.”

    “Concrete is an essential material in construction projects, with prices set in the free market by the forces of supply and demand,” said U.S. Attorney Jill E. Steinberg for the Southern District of Georgia. “However, the defendants in this case for several years illegally rigged the system to benefit themselves at the expense of customers and are being held accountable for their conduct.”

    “Activities related to bid-rigging and collusion do not promote an environment conducive to open competition which harms the consumer,” said Executive Special Agent in Charge Kenneth Cleevely of U.S. Postal Service’s Office of Inspector General (USPS OIG). “The sentencing in this case represents a win for all law enforcement agencies who investigate those who engage in this type of harmful conduct to ensure that justice is served.”

    “The sentences imposed today send a clear message to anyone who chooses corporate greed over open and fair competition,” said Special Agent in Charge Joseph Harris of the Department of Transportation’s Office of Inspector General (DOT OIG), Southern Region. “Our commitment to working with our law enforcement partners and DOJ’s Antitrust Division is unwavering as we continue to pursue and uncover corrupt conduct and hold companies that intentionally engage in wrongdoing accountable.”

    The FBI Washington Field Office, DOT OIG and USPS OIG investigated the case.

    Trial Attorney Patrick S. Brown and former Trial Attorney Julia M. Maloney of the Antitrust Division’s Washington Criminal Section and Assistant U.S. Attorney E. Greg Gilluly Jr. for the Southern District of Georgia prosecuted the case.

    Anyone with information on bid rigging, price fixing, market allocation or other anticompetitive conduct in the ready-mix concrete industry should contact the Antitrust Division’s Complaint Center at 888-647-3258 or visit http://www.justice.gov/atr/report-violations.

    MIL Security OSI –

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Praise Japan for Criminalising Non-Consensual Sexual Intercourse, Ask about Women’s Representation in Public and Private Bodies and the Single Surname System for Married Couples

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today considered the ninth periodic report of Japan, with Committee Experts praising the State’s revision of legislation on rape to criminalise non-consensual sexual intercourse, and raising questions about women’s representation in public and private bodies and the single surname system for married couples.

    Bandana Rana, Committee Expert and Rapporteur for Japan, commended the State party for redefining rape as “non-consensual sexual intercourse” and for raising the age of consent to 16.

    Ms. Rana noted, however, that Japan had been ranked one hundred and twenty-fifth globally in terms of gender equality, due to, among other factors, the low level of women’s representation in government and deeply rooted gender stereotypes that hampered women’s standing.  The State party needed to address these issues, she said.

    Several Committee Experts raised concerns regarding women’s representation in public and private bodies.  One Expert noted that the number of women representatives in government had decreased recently, and that only around 0.8 per cent of company chief executive officers and 7.1 per cent of senior diplomats were women.  How would the State party improve female representation?

    A Committee Expert noted that 94.7 per cent of women adopted their husband’s surname under the current single surname system.  This had negative impacts on their identity and employment.  What were the prospects of reforming the law to allow for a dual surname system?

    Introducing the report, Keiko Okada, Director-General, Gender Equality Bureau, Cabinet Office of Japan and head of the delegation, said revisions to the Penal Code in 2023 clarified that non-consensual sexual acts constituted crimes regardless of marital status and raised the age of sexual consent from 13 to 16.  Multiple other laws addressing sexual violence, including against children, had also been enacted.

    Ms. Okada said the Government aimed to increase the percentage of women among candidates for the House of Representatives and the House of Councillors to 35 per cent by 2025.  The Act on Promotion of Women’s Participation and Advancement in the Workplace made it obligatory for national and local governments to set targets for women’s representation and make information about women’s participation publicly available. 

    The delegation added that companies with 301 employees or more were obliged to develop action plans on promoting women’s participation and publish statistics on women’s representation in workforces, and there were plans to extend this obligation to companies with 101 employees or more. There had been a gradual increase in women’s representation in managerial positions in private companies in recent years.

    Ms. Okada also said public opinion in Japan varied greatly regarding separate surnames for married couples.  The Government would proceed with deliberations on the introduction of such a system while closely monitoring public opinion. It was raising awareness that former surnames could be recorded alongside formal surnames on many official documents.

    In closing remarks, Ms. Okada said the delegation had engaged sincerely in the dialogue.  It hoped that the responses it had provided would be useful for the Committee.

    Ana Peláez Narváez, Committee Chair, in her concluding remarks, said that the dialogue had provided further insight into the situation of women in Japan. The Committee encouraged the State party to undertake further efforts to implement the Convention more comprehensively for the benefit of all women and girls in the State.

    The delegation of Japan consisted of representatives from the Cabinet Office; Cabinet Secretariat; National Police Agency; Children and Families Agency; Ministry of Justice; Ministry of Foreign Affairs; Ministry of Education, Culture, Sports, Science and Technology; Ministry of Health, Labour, and Welfare; and the Permanent Mission of Japan to the United Nations Office at Geneva.

    The Committee will issue concluding observations on the report of Japan at the end of its eighty-ninth session on 25 October.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Friday, 18 October to consider the ninth periodic report of Cuba (CEDAW/C/CUB/9).

    Report

    The Committee has before it the ninth periodic report of Japan (CEDAW/C/JPN/9).

    Presentation of Report

    KEIKO OKADA, Director-General, Gender Equality Bureau, Cabinet Office of Japan and head of the delegation, said that for nearly 40 years since ratifying the Convention in 1985, Japan had committed itself to implementing gender equality measures with the aim of eliminating discrimination against women both in its legislation and in practice.

    Following Committee recommendations, a bill to revise the Civil Code to make the minimum legal age of marriage the same for men and women was enacted in 2018 and took effect in 2022.  Another revision to the Civil Code enacted in 2022 abolished the waiting period for women to remarry after divorce.  This took effect in 2024.

    Public opinion in Japan varied greatly regarding separate surnames for married couples. The Fifth Basic Plan for Gender Equality stated that the Government would proceed with deliberations on the introduction of such a system while closely monitoring public opinion and developments in the National Diet’s discussion on the matter.  The Government was committed to expanding the use of former surnames; it was raising awareness that former surnames could be recorded alongside formal surnames on many official documents.

    The Hate Speech Elimination Act, the Act on the Promotion of the Elimination of Buraku Discrimination, and the Act on Promoting Measures for the Ainu People all incorporated the principle that discrimination was unacceptable, while the Basic Plan on Human Rights Education and Human Rights Awareness-Raising promoted human rights education and awareness-raising, identifying issues concerning women, the Buraku community, the Ainu people, and foreign nationals.  The content of the Plan was now being reviewed to address emerging issues.

    Revisions to the Penal Code in 2023 introduced crimes of “penetrative sexual assault” and “indecent assault”; clarified that non-consensual sexual acts constituted crimes regardless of marital status; raised the age of sexual consent from 13 to 16; criminalised requesting or engaging in a meeting with a child aged 15 or under for the purpose of an indecent act; and extended the statute of limitations for prosecuting sexual crimes.  Multiple other laws had also been enacted, including acts establishing the crime of non-consensual recording of a sexual image, preventing harm as a result of performing in sexually explicit videos, and stipulating measures to prevent sexual violence against children in schools and childcare providers. As of 2023, courts were able to issue orders banning spouses, including same-sex spouses, from approaching victims not only in cases of physical violence, but also in cases of non-physical acts causing psychological harm.  A 2022 law also stipulated comprehensive provision of a wide range of assistance for women victims of violence.

    Following 2019 legislation, a lump-sum payment of 3.2 million yen was provided to people with disabilities who underwent forced surgeries or other sterilization procedures. As of 2024, 1,129 claimants, including 817 women, had been approved for receipt of such payments.  In July 2024, the Supreme Court ruled that the provisions of the now-defunct Eugenic Protection Act relating to sterilization surgeries were unconstitutional.  The Prime Minister subsequently apologised on behalf of the Government for its role in enforcing the Act.  In September 2024, a “Basic Agreement” was signed with stakeholders aiming for a comprehensive solution to the issues of the now-defunct Eugenic Protection Act. The Diet also passed and enacted a bill on payment of compensation to persons who underwent eugenic surgery in October 2024.

    Following another Committee recommendation, Japan enacted and enforced domestic legislation to give effect to the United Nations Convention against Transnational Organized Crime and its supplementary protocol on trafficking in persons in 2017.

    In June 2021, measures to combat sexual harassment and harassment related to pregnancy and childbirth were made mandatory.  The Government aimed to increase the percentage of women among candidates for the House of Representatives and the House of Councillors to 35 per cent by 2025. The Act on Promotion of Women’s Participation and Advancement in the Workplace made it obligatory for national and local governments to set targets for women’s representation, formulate action plans comprising measures to achieve their targets, and make information about women’s participation publicly available.

    The Government aimed to ensure that by 2031, 40 per cent of single-parent households received child support, and that 70 per cent of single-parent households that had a child support agreement received it.  Revisions to the Civil Code in May 2024 introduced a statutory child support system that enabled a parent who lived with a child to claim child support from the parent who lived separately.  The revisions updated provisions relating to child support, parental responsibility and custody, making it possible for both parents to be designated as having parental responsibility following divorce.  Sole parental responsibility was always mandated in potential cases of child abuse, domestic violence, or other potential harm.

    Following the Committee’s recommendations, the Government had revised legislation to make it obligatory for employers with 301 or more regularly employed workers to make information about the gender wage gap publicly available.  The Government also offered a consultation service to help companies analyse the factors and reduce gender wage gaps and was promoting the use of digital tools to help companies calculate those gaps.  Local and national governments were also required to make information on gender wage gaps for all their agencies publicly available.

    The Act on Childcare and Family Care Leave was revised in June 2021, creating a parental leave system that allowed fathers to take leave twice, up to a maximum total of four weeks, within the first eight weeks after the birth of their child. Employers with more than 300 employees were required to make uptake rates of parental leave publicly available. Employers were also required to provide flexible ways of working for workers with preschool age children. Legislation was revised to allow employees who took childcare leave for 14 days or more to receive 80 per cent of their pre-leave pay for 28 days.

    ATSUYUKI OIKE, Permanent Representative of Japan to the United Nations Office at Geneva, said Japan had successfully formulated three national action plans on women, peace and security and was eagerly ensuring cross-cutting intergovernmental coordination.  Bodies promoting women, peace and security were established within the Ministry of Foreign Affairs and the Ministry of Defence.  Japan was currently implementing 57 projects across the globe, contributing to promoting the women, peace and security agenda in Asia, Africa and Latin America.  In 2025, Japan would assume the role of Co-Chair of the Women, Peace and Security Focal Points Network; it would make every effort to advance the agenda internationally.

    Questions by Committee Experts 

    BANDANA RANA, Committee Expert and Rapporteur for Japan, commended Japan for its efforts since its last report.  Ms. Rana said that Hiroko Akizuki, the Committee’s Vice-Chair, made valuable contributions to the Committee.  Japan was also congratulated for being nominated as the Co-Chair of the Women, Peace and Security Focal Points Network for 2025.

    Challenges remained for fully achieving gender equality.  Japan had been ranked one hundred and twenty fifth globally in terms of gender equality, due to, among other factors, the low level of women’s representation in government and deeply rooted gender stereotypes that hampered women’s standing.  The State party needed to address these issues.

    Ms. Rana commended the State party for redefining rape as “non-consensual sexual intercourse” and for raising the age of consent to 16.  There was a lack of enforcement of gender equality legislation, leading gender gaps and discriminatory practices to persist.  What legal complaint mechanisms were in place for women who faced discrimination and how was the State party raising awareness of these mechanisms?

    Ms. Rana commended the State party on adopting several laws that addressed discrimination.  There was no definition of intersectional discrimination in legislation.  Would the State party adopt such a definition?  What was the status of efforts to ratify the Convention’s Optional Protocol?

    Japan’s Basic Plan for Gender Equality lacked concrete commitments to address structural barriers for women. How would the State party address the shortcomings in the Plan?

    International treaties had the same effect as domestic legislation in Japan, but courts reportedly rarely applied the Convention.  There were commendable training programmes for judges on the Convention.  How would the State party further promote implementation and awareness of the Convention?

    A Committee Expert commended Japan on its stand on lethal autonomous weapons systems, which was in line with the Committee’s general recommendation 30.

    Responses by the Delegation

    The delegation said that under the Constitution and domestic laws, gender-based discrimination was prohibited. The Fifth Basic Plan on Gender Equality called on the Government to raise awareness about remedy mechanisms available to the public.  The plan would run until the end of 2025.  Consideration of the next plan would begin at a later stage.

    Japan was taking into consideration various issues, including organisational frameworks, in its deliberations on ratifying the Optional Protocol, and would seriously consider ratifying it soon.

    All international human rights treaties ratified by Japan had the same effect as domestic law, and were referred to when necessary in courts.  The Convention attached rights and obligations to the State party, not individuals.  The Legal Training and Research Institute trained judges each year on human rights issues.  Prosecutors also received training on international conventions. 

    Non-governmental organizations had contributed to the State party’s policies on gender; women, peace and security; and to drafting the State party’s report.

    Questions by Committee Experts 

    A Committee Expert said Japan had created shelters and strong policies to address human trafficking.  There were problems in the State party’s measures to address trafficking, which had not changed in the last five years and did not cover the whole country.  What was the role of women in the peacebuilding process in Japan?  Had the Diet implemented gender budgeting?  Would the State party develop an independent national human rights institute for the benefit of women?  Japan needed to provide increased support for non-governmental organizations.

    Another Committee Expert acknowledged legislative measures to promote women’s participation in public life.  The Basic Plan for Gender Equality set targets to increase women’s representation in political bodies, disaster management bodies, and leadership positions to 30 per cent.  Other countries of similar economic capacity were seeking to achieve parity, so it was disappointing that these modest targets had not been reached.  What progress had been made in achieving the targets in the Plan?  Would the State party adopt temporary special measures to reduce the fee of three million yen required for running for political office?  Were there temporary special measures targeting Buraku women and women with disabilities?  The Expert congratulated Nihon Hidankyo on receiving the 2024 Nobel Peace Prize and asked how the Government was supporting women hibakusha and women and girls affected by the Fukushima Daiichi nuclear disaster.

    Responses by the Delegation

    The delegation said Japan had 10 women ambassadors and six general counsels who were women.  Forty per cent of Foreign Ministry employees were women, and this percentage was expected to increase.

    The Government had announced preventative measures to address sexual abuse by United States forces in Okinawa.  A new forum had been established between the military and residents of Okinawa.  Japan had primary jurisdiction over offences committed by military personnel.

    National and regional legal affairs bureaus had staff members that received complaints of human rights violations from women. There had been a significant increase in the budget promoting gender equality in recent years.  The Government’s 2024 budget included investments of 10.6 trillion yen in gender policies.

    The Government was working to promote the participation of women with disabilities in decision-making processes.  The Government had a policy committee for persons with disabilities; 40 per cent of its members were women with disabilities. The central government mandated local governments to formulate plans supporting persons with disabilities.

    The Convention did not apply to the period of the Second World War.  However, Japan had legally concluded all claims and property issues related to comfort women.  It had also established a fund that provided atonement for former comfort women, who were also sent letters of apology by the Prime Minister.  Meetings had been conducted with former comfort women.  The Government had also significantly invested in a healing foundation for comfort women and provided direct support to 65 surviving comfort women.

    Some women who had evacuated Fukushima after the nuclear incident had returned.  Experts monitored the health impact of radioactive material and were providing accurate information on risks to residents.

    Questions by Committee Experts

    A Committee Expert said the State party was promoting awareness of unconscious gender bias, but patriarchal attitudes continued to be present in various aspects of life.  How did the Government measure the effectiveness of awareness activities? Would the State party consider policies to counter gender stereotyping at all levels, which appeared to be normalised in society?  How would the State party prohibit discriminatory remarks by politicians?

    How could rape be prosecuted without accusation from victims? There were reports that perpetrators of offences by United States military personnel in Okinawa against women were not brought to justice.  How was the State party addressing this?  Could the State party provide data on arrests, prosecutions and convictions?

    Resource allocations to enforce prevention of spousal violence were reportedly insufficient.  Would the State party consider revising legislation to address coercion and psychological violence?  How was it building the capacity of the judiciary related to their understanding of gender-based violence?  How were shelters for victims of domestic violence being funded?  Was there a level of awareness amongst women regarding new legislation on non-consensual sex and their right to refuse sex?

    BANDANA RANA, Committee Expert and Rapporteur for Japan, commended the 2014 national action plan to combat trafficking in persons and the establishment of the council to combat trafficking in persons.  What measures were in place to improve identification mechanisms for victims of trafficking?  Current legal provisions did not fully encompass non-coercive forms of trafficking. How would this be addressed? Labour trafficking remained significantly underreported.  How would the State party secure convictions in trafficking cases and enhance cross-border cooperation to ensure the safe return of trafficking victims? Victimisation of girls persisted in the online sphere through child prostitution and pornography.  How was this being addressed?  Did programmes to prevent trafficking reach rural areas? What measures were in place to prevent the trafficking of young women and girls forced into prostitution by economic hardship?

    The Committee acknowledged efforts made by Japan to address the comfort women issue.  These steps needed to be sustained and enhanced to ensure the rights of victims to truth, justice and reparation.

    ANA PELÁEZ NARVÁEZ, Committee Chair, asked how legislation addressed sexual acts against persons who could not give consent, such as children and persons with disabilities.

    Responses by the Delegation

    The delegation said that the Cabinet Office had conducted surveys in 2021 and 2022 that revealed unconscious bias related to gender.  It had since implemented various measures to promote awareness of unconscious bias in government and society.  The Act on Promotion of Gender Equality in the Political Field required political bodies to implement training to prevent sexual harassment against persons holding public office.  Individual cases of harassment were handled according to the law.

    In 2023, the Penal Code was revised to specify that non-consensual sexual relations were prohibited in all situations. Information had been posted on Government websites, and leaflets and posters had been created, informing women and girls about the new legislation.  Lectures on the new law had also been provided for staff at one-stop support centres.  Persons who had sex with persons who could not give consent due to a disability or other factors were punished under the law.

    A victim-centred approach was taken to addressing the issue of sexual abuse by military personnel against women in Okinawa. Suspects were held by the military until the Japanese Government indicted them.  The Government was committed to holding all perpetrators accountable.  There were three arrests of United States forces for non-consensual sex with women and one arrest for indecent assault.

    The Act against Sexual Violence was amended in 2023 to address threats of violence and extend restraining orders for perpetrators of domestic violence.  The Legal Training and Research Institute had conducted training on domestic violence for family court clecks and investigators.  Courts could order prohibition of repeated phone calls to victims. Forty-seven publicly run shelters were provided for victims of sexual and gender-based violence, and the Government also supported privately run shelters.  Livelihood support was provided for victims, as was education support for their children.  In 2023, 1,100 protection orders were issued by courts.

    In 2022, the Government introduced an action plan on trafficking in persons, which promoted the identification and support of victims. After 2022, Japan had been attending the meetings of the Bali Process and contributing funds to the International Organization for Migration to promote awareness of trafficking and voluntary returns of victims.  Japan had supported the return of over 600 victims.  The Japan Coast Guard conducted inspections of vessels and took protective measures if there were suspicions of trafficking.  The Immigration Services Agency investigated whether asylum seekers were victims of trafficking.  Residence visas could be issued to persons found to be victims.  The Agency provided consultations and information on trafficking in persons in multiple languages, and victim protection services through regional contact points.  The police had also been trained in identifying victims of trafficking.

    Legislation had been enacted to address online child pornography and child prostitution.  Persons who distributed child pornography were prosecuted under this legislation.

    Japan aimed to lead global efforts to prevent gender-based violence.  It was providing financial contributions to organizations supporting women affected by conflict and was conducting awareness raising campaigns to prevent such incidents.

    Questions by Committee Experts

    A Committee Expert commended efforts to remove barriers to female political representation in Japan.  It was concerning that the number of women representatives in government had decreased recently.  Only around 0.8 per cent of company chief executive officers were women, there were only two female justices in the Supreme Court, and only 7.1 per cent of senior diplomats were women.  How would the State party improve female representation in these areas? Would it implement penalties or incentives to improve female representation?

    Another Committee Expert said that mixed nationality couples and single foreign parents had issues with passing nationality onto their children.  Did children of mixed couples obtain Japanese nationality upon birth, regardless of the marital status of their parents? Could more detail be provided about changes in the nationality law in 2024?  Children of foreign nationals born in Japan were not granted Japanese nationality and foreign residents were not allowed the right to vote.  Could they be appointed to government positions?  Was there a complaints mechanism for denied nationality applications?

    Responses by the Delegation

    The delegation said the Basic Act for Gender Equality called on the Government to pursue affirmative actions to promote gender equality.  It set numerical targets for women’s representation and measures were developed to achieve those targets.  Numerical targets had been set for the representation of women in private sector companies.  More than half of new employees of the Foreign Ministry were women.  Currently, the Supreme Court had three women judges, meaning 20 per cent of its judges were women.  The Government was exerting efforts to increase the representation of women in the judiciary.  Companies with more than 301 employees were obliged to develop action plans on promoting women’s participation and publish statistics on women’s representation in their workforces, and there were plans to extend this obligation to companies with more than 101 employees.  There had been a gradual increase in women’s representation in managerial positions in private companies in recent years.

    The 2024 revision to the law on nationality was enacted to ensure that nationality was not granted when false claims were made by applicants.  There was no specific complaint mechanism related to obtaining nationality. Nationality could be obtained through naturalisation and other means.

    Questions by Committee Experts

    BANDANA RANA, Committee Expert and Rapporteur for Japan, said that Japan was one of the world’s largest donors to international efforts promoting gender equality.  How would the State party promote women’s participation in peace negotiations?

    Another Committee Expert said horizontal segregation persisted in Japan.  The share of female students in physical science education was 15 per cent, and around 10 per cent in engineering education. Women professors made up around 17 per cent of professors in universities.  Would the State party introduce temporary special measures to address these issues?  Why were many female lecturers hired in temporary positions?  How was the State party encouraging women to become doctors?

    How did the State party ensure standardisation and the accuracy of information in history textbooks?  How many male teachers were there in primary schools?  What measures were in place to improve the working environment for women teachers?  Did teacher training address verbal and psychological violence?  Would the State party adopt Convention standards related to sexual education?  What measures were in place to address bullying against lesbian, gay, bisexual, transgender and intersex children and children from non-conventional families?

    A Committee Expert said the Penal Code had recently been revised to address online insults; how many cases of online insults had since been prosecuted?  Marginalised women experienced disproportionate levels of workplace harassment.  The gender wage gap was wide, at 23 per cent, and there was a large proportion of unemployed work-age women.  What measures were in place to address these issues?  Most women worked in irregular employment positions; would the State party consider requiring companies to report on the percentage of women in such positions?  What protections were available for workplace harassment of whistle-blowers?  The Convention needed to be upheld in Supreme Court deliberations regarding selective surnames for women.

    Responses by the Delegation

    The delegation said that in 2023, Japan positioned gender mainstreaming as an important part of official development assistance.  It was promoting women’s empowerment through foreign policies. Wide-ranging discussions were held on the empowerment of women at the G-7 as a part of gender mainstreaming efforts. Women were encouraged to participate in humanitarian aid activities.

    Under the fifth Basic Plan for Gender Equality, there was a target for increasing women and girls’ participation in science, technology, engineering and maths education.  Women’s participation in this education had gone up this year.  The Government was also promoting diversity among university students and supporting women studying science, technology, engineering and maths subjects through scholarships.  It also awarded universities that took positive measures to enrol women students and was distributing increased funding for universities that employed high percentages of women professors and women in leadership positions.  The Government was supporting women to return to work in research after childbirth.  It found that there had been discrimination against women in three medical schools’ entrance examinations.  Measures had been taken to ban such discrimination and prevent its recurrence.

    The Government had national curriculum standards that textbook publishers needed to adhere to.  School textbooks promoted harmony between students and provided education on gender equality.  In the authorisation process, academic and other experts assessed draft textbooks created by private sector companies to ensure that they explicitly promoted gender equality.

    Overtime payment was not provided to teachers, but teachers’ salaries were adjusted based on the amount of work they conducted.  The Government was trying to reduce working hours for teachers by hiring additional teachers and implementing other measures. Teacher training covered respect for human rights and support for students of diverse backgrounds.

    Bullying, including of lesbian, gay, bisexual, transgender and intersex children, was not tolerated in schools.  Psychological health surveys and individual support teams were employed to respond quickly to school bullying, and guidelines were being revised to strengthen responses to bullying.  A policy to address deep-fake pornography was included in the Basic Plan for Gender Equality.

    Employers were not allowed to select employees based on weight, height or physical strength, or based on their ethnic background or belief. Each public and private entity had a quota for employment of persons with disabilities.  This had led to increased employment of such persons.  A workplace diversity promotion project was launched in 2019.  Companies that actively employed women were certified and provided with tax incentives. The Government, over the next three years, would introduce measures to support women’s employment in the digital field.  There were 73 prosecutions involving insults in 2023.

    Questions by Committee Experts

    A Committee Expert said the Equal Employment Act did not recognise discrimination based on pregnancy, rural background or age. Would the State party amend this legislation?  More than 50 per cent of female workers were in temporary positions.  This needed to be addressed.  The 2025 World Expo was an opportunity to showcase that the future of work was female.

    Another Committee Expert asked about the slow pace of dismantling single-sex schools, which validated differences between the sexes.  What timeline did the Government have to achieve this?  What reparation had been provided to women who had been denied admission to medical schools due to discrimination?  How would the State party address negative comments by authorities related to reproductive education?

    A Committee Expert said a 2023 Government pilot had made emergency contraception pills available in pharmacies.  Would this pilot project be made permanent, and would contraception be provided to persons under 18?  Women in Japan had to get consent from spouses to seek abortions.  There were even cases where single women had had to seek permission from partners to obtain abortions.  Would the Government remove this requirement?  Only around three per cent of clinics offered abortion pills that were as expensive as other abortion procedures and needed to be taken in front of medical staff.  What measures were in place to increase access to abortion pills and to allow women to take these pills at home?

    The Committee commended the Government for apologising for the sterilisation of persons with disabilities conducted under the former eugenic protection law and for committing to provide compensation to victims. What reproductive rights did women with disabilities currently have?  What progress had been made in reducing per- and polyfluoroalkyl substances in water supplies, which were harmful for pregnant women?

    Another Committee Expert commended the revised Pension Act and support provided for start-ups created by women.  Around 15 per cent of women in Japan lived below the poverty line. Women in part-time work lacked adequate safety nets to keep them from poverty.  What measures were in place to further extend women’s access to employment opportunities and low-interest credit?  How would the State party address the gender digital skills gap? Were there financial literacy programmes for women in rural areas?  What percentage of the social security budget was devoted to older women, women with disabilities, foreign students and rural women workers?  Had the State party considered reforms that would establish guaranteed pensions for all individuals and family benefits for women with children classified as “illegitimate”?  How was the State party promoting women’s participation in sports and cultural programmes?

    Responses by the Delegation

    The delegation said the Government would continue to consider expanding the scope of legislation on indirect discrimination in recruitment, considering societal attitudes.  Japan’s efforts to promote women’s empowerment would be showcased at World Expo 2025. 

    Japan had no plans to dismantle single-sex schools.  Schools and boards of education made decisions related to single-sex education in individual schools.  Sexual and reproductive education called on students to respect the opposite gender and to make informed decisions regarding sexual activities.

    A trial was being conducted on the sale of emergency contraception pills at pharmacies and a research project on the provision of the abortion pill at medical clinics had been concluded this year.  The Government would analyse their results.  Male spouses needed to permit pregnant women to seek abortions, except in cases of domestic abuse or for unmarried mothers. The Government would deepen social discussions on this issue.

    The Government had developed a plan for promoting female digital talent; it was expanding opportunities for female high school and university students to receive education on programming.  The Government provided loans to female entrepreneurs who had difficulties obtaining funds and was collecting statistics on the number of start-ups created by women.  Seminars had been conducted to promote capacity building for women entrepreneurs.

    In 2022, the Government published cross-sectoral guidelines on business and human rights.  It would continue to study the possibility of future laws on human rights due diligence.

    The average monthly pension as of 2022 was 58,000 yen for men and 54,000 yen for women.  There was no gender gap in the system itself; the difference was due to gaps in work style between men and women.  Japan had a universal pension system.  The Government would expand the scope of employees qualified to receive pensions and would provide additional support to elderly women recipients of pensions.

    Questions by Committee Experts

    A Committee Expert asked about the timeline for the trial of emergency contraception, and asked whether the Government would change legislation to remove the requirement for people who wished to change genders to be sterilised.  It was extraordinary that women in Japan needed to get permission from spouses to obtain abortions, except in cases of divorce, domestic violence or death of spouses. Would the State party revise this?

    Another Committee Expert asked about the number of female beneficiaries of financial loans.  How would the State party provide pension coverage for all vulnerable groups, including women not in employment, education or training?

    Responses by the Delegation

    The delegation said it was currently difficult to indicate a timeline for the trial of emergency contraception, but the Government would continue to consider this.

    The poverty rate was higher for females than for males. To address this, a supplementary pension benefit was provided for low-income households.

    The Government provided various sporting opportunities for women and was promoting women’s participation in governance of sporting organizations.  A plan had been adopted that promoted women’s participation in cultural activities.

    Questions by Committee Experts

    BANDANA RANA, Committee Expert and Rapporteur for Japan, commended plans to support land ownership for rural women.  Rural women lacked access to adequate social benefits such as maternity and sickness leave. How would the State party address this? 

    Ms. Rana welcomed inspections that had led to the detection of abuse of migrant technical intern trainees.  However, migrant women workers continued to face discrimination, threats of repatriation abroad, and poor working conditions.  How was the State party addressing these issues?  What measures were in place to address barriers to accessing health care for women with disabilities?

    Women’s representation in climate change decision making was low.  How would the Government address this, and ensure that extraterritorial investments protected women’s rights?  How would the State party take responsibility for monitoring nuclear standards with regards to the dumping of nuclear treatment water into the ocean?

    Another Committee Expert said that 94.7 per cent of women adopted their husband’s surname under the current single surname system.  This had negative impacts on their identity and employment. What were the prospects of reforming the law to allow for a dual surname system?

    What measures were in place to address the impact of discriminatory practices against children born out of wedlock?  There were barriers to women accessing assets in divorce settlements.  How was the Government working to train the judiciary on these issues so that justice could be imparted with a gender perspective?  How would it protect victims of family violence after the introduction of joint custody decisions?  Were there plans to increase court resources for this purpose?  Would the State party allow for adoption by same-sex couples?  The Committee suggested that the State party consider establishing equality between men and women regarding the appointment of female emperors.

    Responses by the Delegation

    The delegation said foreigners could be appointed to certain public servant positions, but not all positions.  In 2022, several thousands of inspections were carried out under the technical intern trainee law, which had identified human rights violations.  Employers that violated migrant workers’ rights were sanctioned.

    The Ministry of Environment was actively employing women. Discharged water from the Fukushima Daiichi nuclear plant was not contaminated with nuclear material.  The International Atomic Energy Agency had determined that the radiation impact of this water was negligible and that the disposal of this water into the ocean was safe.

    Opinions were mixed regarding selective separate surnames. The Government was offering information to deepen debate on the topic in the public and in the Diet.

    The best interests of the child needed to be considered regarding visitation rights for parents.  The revision of legislation on visitation did not harm the rights of children. In 2024, the Civil Code was revised to promote the separation of property after divorces.  The period in which claims could be made to family courts were extended from two to five years.  The revised law promoted the fair division of property.

    It was not appropriate for the Committee to raise the issue of revising the system of succession to the Imperial Throne of Japan.

    Questions by Committee Experts

    ANA PELÁEZ NARVÁEZ, Committee Chair, said that the Committee had capacity to raise relevant questions regarding equality between men and women, including regarding succession to the throne.  This was a topic that was directly relevant to the Convention.

    A Committee Expert welcomed that the Government had removed a policy offering grants to women to move away from Tokyo to get married. What was the level of engagement of women in policy making such as this?

    Another Committee Expert asked about efforts to ensure that family law included a gender perspective.

    Responses by the Delegation

    The delegation said the Japanese Government had set targets regarding the percentage of per- and polyfluoroalkyl substances in drinking water.  There had been no reports of health issues related to levels of these substances, but monitoring of water resources would continue to ensure the safety of the public.

    The Government would continue to support the capacity building efforts of family courts.  It was providing information about women’s ability to use maiden names to apply for certain State services.

    Concluding Remarks

    KEIKO OKADA, Director-General, Gender Equality Bureau, Cabinet Office of Japan and head of the delegation, said the delegation had engaged sincerely in the dialogue.  It hoped that the responses it had provided would be useful for the Committee.

    ANA PELÁEZ NARVÁEZ, Committee Chair, said that the dialogue had provided further insight into the situation of women in Japan.  The Committee encouraged the State party to undertake further efforts to implement the Convention more comprehensively for the benefit of all women and girls in the State.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CEDAW24.030E

    MIL OSI United Nations News –

  • MIL-OSI: BW Energy: Q3 2024 trading update 

    Source: GlobeNewswire (MIL-OSI)

    BW Energy: Q3 2024 trading update

    BW Energy will publish financial figures for Q3 2024 on Friday, 15 November 2024. 

    Net production to BW Energy was 2.4 million barrels of oil (bbls) in Q3 2024, equal to 25,570 bbls per day, from the Dussafu licence in Gabon (73.5% working interest) and the Golfinho field (100% working interest) in Brazil.    

    Volume (mmbbls)  Q3 2024  Q2 2024 
    Net production    2.4  2.1 
    Dussafu    1.9  1.4 
    Golfinho    0.5  0.7 
         
    Net volume sold    2.5  1.9 
    Dussafu*    2.0  0.9 
    Golfinho    0.5  1.0 
           
    Average realised price (USD/bbl)     
    Dussafu    82.0  76.3 
    Golfinho    81.7  86.4 
           
    *Includes State Profit Oil and DMO deliveries     

    DUSSAFU 

    • Highest quarterly production since inception 
    • Operating cost (excluding royalties) of USD 20.5/bbl 
    • The net volume sold (basis for revenue recognition), included 195,000 bbls of DMO deliveries and 232,000 bbls of state profit oil, with an under-lift position of 391,500 bbls at period-end 
    • The DHBSM-2H well on Hibiscus South was completed in July with the first conventional ESP (Electrical Submersible Pump) system 
    • The DHIBM-3H well was worked over in early August with a conventional ESP 
    • The DHIBM-7H well, on the northern flank of Hibiscus Main, started production utilizing a conventional ESP in early October and is performing to expectation 
    • The DHBSM-1H ESP failed on 20 September, as the last of the defective generation, with change-out to a conventional ESP completed and production restarted mid-October  
    • The ESP replacement program on track for completion by year-end and to reach gross production target of 40,000 bbls/day  

    GOLFINHO 

    • Inventory at period end of 340,700 bbls  
    • Production cost (excluding royalties) of USD 63.3/bbl primarily due to lower production 
    • Production impacted by a planned maintenance shutdown on the FPSO Cidade de Vitória. Production availability set to improve in Q4 following maintenance completion on one gas lift compressor, with full compressor capacity expected to be back in service in Q1 2025 

    HEDGING, LIQUIDITY AND DEBT 

    • Q3 expected gain from hedging of USD 8.6 million, all of which is unrealised.  
    • Period-end cash balance of USD 209 million vs. USD 244 million end-June 2024, with the change reflecting cash flow from operations, debt repayment and investments including acquisition of shares in ReconAfrica. 
    • Period-end gross debt of USD 556 includes MaBoMo lease, Dussafu RBL, Golfinho prepayment facility and bond debt. 

    For further information, please contact:

    Brice Morlot, CFO BW Energy, +33.7.81.11.41.16 

    ir@bwenergy.no 

    About BW Energy: 

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalent at the start of 2024. 

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 

    The MIL Network –

  • MIL-OSI: Wendel announces a transformational transaction in line with its strategic roadmap

    Source: GlobeNewswire (MIL-OSI)

    PRESS RELEASE – OCTOBER 22, 2024

    Wendel announces a transformational transaction
    in line with its strategic roadmap

    • Acquisition of Monroe Capital LLC dramatically expands Wendel’s Asset Management platform and rebalances its business model towards more recurring cash flows and growth
    • Wendel’s Asset Management platform will represent c.€31 billion1 of AuM in private assets and is expected to generate c.€160 million2 of Fee Related Earnings and c.€185 million of total pre-tax profit in 2025

    Wendel (MF-FP) today announced that it has entered into a definitive partnership agreement including the acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.

    For Wendel, the acquisition of a controlling stake in Monroe Capital, a private credit market leader focused on the U.S. lower middle market that has established an outstanding track record, would represent a significant and transformational advancement of the strategy it announced in March 2023 to develop its third-party asset management platform to complement its longstanding principal investments business.

    This transaction follows Wendel’s recent acquisition of IK Partners, a European leader in middle market private equity, as it seeks to build a scaled third-party asset management platform, based on strong performing General Partners with distinctive and focused expertise, an entrepreneurial mindset and an emphasis on the middle market. The embedded organic growth of those acquisitions will be complemented by Wendel’s unique value proposition which includes:

    • Capital to sponsor new strategies and fund organic and inorganic initiatives ($800 million in the sponsoring program and up to $200m of GP commitment for Monroe Capital)
    • Wendel’s network to develop long term strategic partnerships with highly regarded LPs (Wendel and Monroe Capital intend for AXA-IM Prime to participate in the transaction)
    • Cross selling opportunities by combining the expertise and client bases of GPs
    • Development of centralized fundraising platform to address new markets

    The transaction is subject to the satisfaction of closing conditions and receipt of regulatory approvals. It is expected to be completed in the first half of 2025.

    A private credit leader in the U.S. middle market with a demonstrated strong track record across market cycles

    Founded in 2004 by Ted Koenig, Monroe Capital provides private credit solutions to borrowers in the U.S. and Canada, managing $19.53 billion of assets across 45+ investment vehicles. Monroe Capital’s strategic verticals are Lower Middle Market Direct Lending, Alternative Credit, Software & Technology, Real Estate, Venture Debt, Independent Sponsor and Middle Market CLOs. Each vertical has demonstrated strong investment performance and offers potential for significant organic growth.

    Through July 1, 2024, Monroe Capital has directly originated over 700 transactions, has invested over $44 billion and has earned c.10% gross unlevered IRR4 for its directly originated transactions. Monroe Capital’s LP base is very broad and diversified, including public pensions, insurance companies, family offices and high net worth individuals from across the globe.

    The firm, which is headquartered in Chicago, maintains eleven offices, of which nine are in the U.S., one in Abu Dhabi, UAE and one in Seoul, South Korea. Monroe Capital has grown to a team of over 270 employees, including 110 investment professionals.

    A transaction aligning strategic interests of all stakeholders over the long-term

    The envisaged transaction is a strategic partnership in which Monroe Capital’s teams — who remain committed for the long term — will continue to operate independently and autonomously in day-to-day management of current markets and strategies, under the same brand. Monroe Capital’s Investment Committee also would remain fully independent.

    A key feature of the planned partnership will be the commitment of significant capital by Wendel to support Monroe Capital’s present and future funds, as well as the development of new strategies. The contemplated transaction would lead to the full acquisition by Wendel of Monroe Capital over time, with subsequent transactions structured to ensure alignment of interests of all stakeholders:

    (i)      Initial transaction

    As part of the initial transaction, which is expected to be finalized in the first half of 2025, Wendel shall invest $1.13 billion, to acquire 75% of Monroe Capital’s shares (50% from Monroe management and 25% from Bonaccord Capital Partners who is a minority interest owner of Monroe) together with rights to c.20% of the carried interest generated on past and future funds. Monroe management will continue to own 25% of the Company post-closing.

    (ii)      Long-term alignment and subsequent transactions

    This transaction aims to maintain a long term and uncapped alignment of interests between Wendel and Monroe Capital’s 23 partners and employees:

    The initial transaction involving 75% of Monroe Capital would be complemented by an earn-out mechanism in the maximum amount of $255 million, subject to Fee Related Earnings (“FRE”) performance thresholds (Max if CAGR above c.26%) in the period, and if achieved would be paid in cash in 2028.

    The total consideration for the 75% would correspond to c. 14.7x to 18.5x 2025e pre-tax FRE depending on the earn out effectively paid and a 4.2x 2025e pre-tax Performance Related Earnings.

    Wendel will have a path to purchase the remaining 25% of Monroe Capital’s shares in subsequent transactions (put / call mechanisms) that would take place in three instalments over 2028 and 2032 and be payable in cash. The purchase of the remaining 25% shares would be valued through variable purchase multiples determined depending on realized FRE growth.

    (iii)      Capital commitment

    In addition, to accelerate Monroe Capital’s growth, Wendel would seed future new initiatives launched by the Company, with sponsor money, up to a maximum of $800 million in total, thereby supporting Monroe’s growth and diversifying Wendel’s investments in asset classes. In addition, Wendel will fund GP commitment of c.1% of funds to be raised, up to a maximum of $200 million. In total, Wendel will invest $1 billion into Monroe Capital’s funds.

    (iv)      AXA IM Prime’s investment alongside Wendel

    In addition, Wendel and Monroe Capital intend for AXA IM Prime to participate in the transaction. Wendel and AXA IM Prime have longstanding relationship and have jointly worked since inception on the current transaction. Both companies are now in discussion to confirm AXA IM Prime investment (up to $50m) as a minority shareholder, through its GP-stake fund “AXA IM Prime Capital Partners I” (“PCP I”), alongside Wendel in Monroe Capital. AXA Group (CS-FP) is the anchor investor of PCP I and already a significant and historic Limited Partner in Monroe Capital’s funds.

    Wendel to become an Asset Manager alongside its historical Principal Investment activity

    Wendel’s ambition is to build a sizeable Asset Management platform managing investments in multiple private asset classes, alongside its historical Principal Investment activity. The development of the third-party Asset Management platform will provide Wendel with recurring and growing cashflows as well as exposure to multiple and high performing asset classes. As a result, Wendel’s dual business model is expected to generate an attractive and recurring return to shareholders.

    With IK Partners and Monroe Capital, Wendel’s third party private asset management platform will reach c.€31 billion in AUM5, c.€ 455 million revenues, c.€160 million pre-tax FRE (c.€101 million in pre-tax FRE (Wendel share) by 2025 and is expected to reach €150 million (Wendel share) in pre-tax FRE by 2027 through double-digit organic growth.

    This evolution of Wendel’s business model is designed to enable the development, over time, of a value-creating platform with the potential to generate operational synergies.

    The third-party Asset Management platform will be developed alongside Wendel’s Principal Investment strategy, with the objective of generating double-digit Total Shareholder Return.

    Laurent Mignon, Wendel Group CEO, commented:

    “One year after announcing the acquisition of 51% of IK Partners, we are proud to announce the acquisition of 75% of Monroe Capital LLC, creating a strong partnership with a private credit leader in the U.S. lower midmarket. This acquisition marks an important step forward for Wendel’s asset management platform, which we are committed to scaling. Wendel is becoming an asset manager alongside our decades-long activity as a long-term equity investor. Monroe Capital, founded by Ted Koenig in 2004, is a terrific company that has consistently delivered strong performance across various market cycles in North America, bolstered by a surge in demand for private credit solutions and with the scale to capitalize on the growing opportunity set we see in private credit. Monroe Capital is strategically positioned to capitalize on this increasing demand, attracting both institutional and retail investors.

    Through this partnership with Monroe Capital, we are thrilled to collaborate with Ted Koenig, Chairman and CEO, Zia Uddin, President, and their talented teams to support their success and their ability to deliver robust financial performance over the coming years. It will be also a great privilege for Wendel to partner with such a renowned investor as AXA IM Prime.

    Wendel is executing its strategic plan with determination, rigor and financial discipline, as demonstrated by this transformational acquisition, while also focusing on premium assets in our principal investment activities, highlighted by the recent acquisition of Globeducate. Our transformation to a dual-strategy model is now well-grounded, with top partners in asset management such as IK Partners in private equity and now Monroe Capital in private credit. Our priority for the near future will be to build our platform and to work on the rotation of our Principal Investment assets.

    I would like to express my gratitude to the Wendel teams for their unwavering dedication and to the Supervisory Board of Wendel for its constant support in driving this ambitious strategy forward.”

    Theodore L. Koenig, Chairman & CEO of Monroe Capital commented:

    “We are excited to partner with Wendel and AXA IM on this next chapter of Monroe’s growth. Their commitment to our business will provide meaningful and stable capital to thoughtfully scale our platform and better capture the attractive and expanding opportunity in middle market private credit. Specifically, Wendel’s $1 billion commitment will accelerate our client-centric growth strategy and deliver meaningful benefits to our global investor base.”

    UBS acted as exclusive financial advisor to Wendel and Kirkland & Ellis LLP acted as legal counsel to Wendel. Wendel was also assisted by Fenchurch Advisory for this transaction. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Monroe Capital, and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Monroe Capital.

    About Monroe Capital

    Monroe Capital LLC (“Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and maintains 11 offices throughout the United States and Asia.

    About Wendel

    Wendel is one of Europe’s leading listed investment firms. The Group historically has made long-term equity investments in European and North American companies that are leaders in their field, including its current investments ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. With Wendel Growth, Wendel also invests via funds or directly in innovative, high-growth companies. In 2023, Wendel announced its intention to build out a third-party private asset management platform to complement its principal investment activities. In the first step in advancing this dual-strategy model, Wendel in May 2024 finalized the acquisition of a 51% stake in IK Partners.

    Agenda

    Thursday, October 24, 2024

    Q3 2024 Trading update – Publication of NAV as of September 30, 2024 (post-market release)

    Friday, December 6, 2024,

    2024 Investor Day.

    Wednesday, February 26, 2025

    Full-Year 2024 Results – Publication of NAV as of December 31, 2024, and Full-Year consolidated financial statements (post-market release)

    Thursday, April 24, 2025

    Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)

    Thursday, May 15, 2025

    Annual General Meeting

    Wednesday, July 30, 2025

    H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)

    1 As of September 2024

    2 c.€101m of FRE expected in 2025, Wendel share.

    3 committed and managed capital (as of July 1, 2024)

    4 Across fully exited companies

    5 As of September 2024

    Attachment

    The MIL Network –

  • MIL-Evening Report: Huge volumes of whey go to waste. We could do much more with this nutrient rich liquid

    Source: The Conversation (Au and NZ) – By Jack Hetherington, Phd Candidate in circular business models, University of Adelaide

    Cheesemaking leaves large volumes of whey Lysenko Andrii/Shutterstock

    Every year, 7.6 million tonnes of food is lost or wasted in Australia. When we think about this, we might picture mouldy fruit, stale bread and overly full fridges. But in fact, almost half of this waste happens before food ever gets to us. Waste is common in food production, processing and transportation.

    For example, the process of making cheese from milk results in a comparatively small amount of cheese and a lot of whey – up to 90% the mass of the raw milk.

    Whey is useful, as it still has about half the nutrients of milk. But whey remains one of the largest sources of food loss and waste in Australia’s large dairy sector. Every year, about 350 million litres goes down the drain, costing businesses over A$580 million to dispose of it and wasting some of the resources it takes to make milk.

    In our new research, we interviewed cheesemakers from 42 companies – representing almost a third of Australia’s cheese industry.

    We found cheesemakers knew what waste whey could be used for but were put off by practical challenges.

    Whey is produced in large volumes – and much of it goes to waste.
    Jasen Wright/Shutterstock

    What can you do with whey?

    You can already buy whey products such as fermented drinks and protein powders. Infant formula may contain the highly valuable lactoferrin, which would be usually left in whey. A popular Swiss soft drink, Rivella, is also made from whey.

    In Australia, some producers have begun making alcoholic spirits by fermenting the lactose in whey. Researchers have found whey-based alcohol can emit less greenhouse gases than traditional grains.

    Our research found over half of our cheesemakers were using multiple methods to reduce whey going to waste, from making animal feed to making ricotta to irrigating paddocks. Even so, there is still room to make much more use of whey.

    What did we find?

    Every year, 43% of all milk produced in Australia is used to make cheese – about eight billion litres a year. When we did this research, there were 132 cheesemakers, using cow, goat, sheep, and camel milk to make cheese. The industry is characterised by a few large manufacturers (about 2% of companies) and many small manufacturers (about 90% of the total). Cheesemakers are largely concentrated in Australia’s southeast.

    To understand the challenge of avoiding whey waste, we spoke to cheesemakers, big and small, right across Australia between November 2022 and June 2023.

    All of our cheesemaker respondents knew of at least one whey-based product.

    But there were barriers to using whey themselves by a range of things, from the set-up cost of a new facility to the challenge of scale, competing priorities and the distance to potential partners. As one respondent said:

    Every single part of the business would have to be changed, upgraded, or increased to accommodate using the whey in any way

    Another said:

    We’re all doing 60 to 70-hour weeks and you [need] someone to actually drive it

    How can we overcome the barriers?

    Based on our interviews, we found four possible ways to encourage cheesemakers to put their whey to use:

    1. turning whey into value-added products in-house. This could be quite effective – one of our respondents reported making more money from whey-based products than cheese. But setting it up requires time and money.

    2. engaging other companies to take the waste. Partnering with outside companies can help overcome time and money issues – but everyone needs to agree on a price for a product previously considered waste.

    3. starting joint ventures, such as teaming up with other cheesemakers. This method suits cheesemakers wanting to keep the value of the whey. Successful ventures require clear leadership and transparent business plans.

    4. scaling up. Some cheesemakers are already using their own whey. If they move to accept whey from other makers, they can scale up – as long as the new whey sources can meet their specifications.

    We found giving Australian cheesemakers the full range of options greatly increased how willing they were to find ways to use whey.

    When they only had in-house options, 33% of respondents said they would find ways to use way. This rose to 79% when all four options were available.

    Even once the cheese has been made, the whey left behind contains proteins and other nutrients.
    guys_who_shoot/Shutterstock

    Which whey forward?

    Our research shows there’s no silver bullet to solve whey waste. We’ll have to come at it from different angles and focus on collaboration between cheesemakers, governments, industry bodies and consumers.

    One crucial thing is to make sure there there is demand for these changes. In separate research, we found there is currently little expectation from consumers and retailers about what happens to whey waste. Increasing demand for whey-based products and setting expectations for cheesemaking practices could drive this change. But food safety regulations and taxes on alcohol can make it more challenging still for makers.

    In regions with a cluster of cheesemakers, it might make more sense for one or two makers to take all the whey waste and turn it into value-added products to benefit from the scale. While many cheesemakers told us they felt isolated from potential partners, we found a potential partner was right around the corner – just one or two kilometres in most cases.

    This is where decision support tools may be able to help in future. These software tools help you lay out your options so you can compare them and pick the best one. They can take into account financial outlay, risks and environmental impacts.

    The good news is, there is an abundant, nutrient rich byproduct able to be converted into other products. The challenge now is to find ways of boosting collaboration between cheesemakers and other companies – and ensuring whey-based products have a market.

    Jack Hetherington’s PhD project receives funding from the End Food Waste Cooperative Research Centre, CSIRO and the University of Adelaide. Jack is currently the Treasurer for the Landcare Association of South Australia and a member of the SA Crawford Fund committee.

    Adam James Loch has received funding from the Australian Research Council, the South Australian Department for Environment and Water, and the European Commission.

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

    – ref. Huge volumes of whey go to waste. We could do much more with this nutrient rich liquid – https://theconversation.com/huge-volumes-of-whey-go-to-waste-we-could-do-much-more-with-this-nutrient-rich-liquid-241588

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement with Tanzania on the Fourth Review of the Extended Credit Facility and the First Review of the Resilience and Sustainability Facility

    Source: IMF – News in Russian

    October 17, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • The Tanzanian authorities and the IMF have reached staff-level agreement on the fourth review under the Extended Credit Facility (ECF) and the first review under the Resilience and Sustainability Facility (RSF).
    • Economic growth momentum is picking up in 2024 with improved external and fiscal balances and low inflation. Policy priorities continue to be focused on enhancing exchange rate flexibility, strengthening the monetary policy framework, continuing to implement growth-friendly fiscal consolidation, enhancing domestic revenue mobilization, and expediting structural reform implementation.
    • The RSF is supporting the authorities’ efforts to advance structural reforms and investments in adaptation and mitigation to address risks and challenges associated with climate change.

    Washington, DC: A staff team from the International Monetary Fund (IMF) led by Mr. Charalambos Tsangarides, IMF mission chief for Tanzania, visited Dodoma and Dar es Salaam from October 2 to 17, 2024, to hold discussions with the authorities on the fourth review under the Extended Credit Facility (ECF) and the first review under the Resilience and Sustainability Facility (RSF). Subject to approval by the IMF Executive Board,  the review will make available SDR198.61 million (about US$265.78 million), bringing the total IMF financial support under the ECF arrangement to SDR568.84 million (about US$758.11 million), and SDR85.24 million (about US$114.07 million) under the RSF.

    At the conclusion of the mission, Mr. Tsangarides issued the following statement:

    “I am pleased to announce that the IMF team and the Tanzanian authorities have reached a staff-level agreement on the policies needed to complete the fourth review under Tanzania’s ECF-supported program, and the first review of the RSF arrangement. The IMF’s Executive Board will discuss these requests in the coming weeks.

    “The momentum in Tanzania’s economy is continuing in 2024 with economic activity growing at about 5.4 percent in the first half of 2024 after an annual growth of 5.1 percent in 2023. Inflation in September remained stable at 3.1 percent (yoy), well within the Bank of Tanzania (BoT) target. Earlier headwinds to the economy have subsided, and improved liquidity in the foreign exchange market has alleviated some of the shortage in the formal market, although pressures remain. The outlook is favorable, with growth expected to pick up to 5.4 percent in 2024; however, risks are tilted to the downside as intensification of regional conflicts, increased commodity price volatility, a global slowdown, reemergence of FX pressures in the first half of 2025, and climate related disasters, could weigh negatively on the economy.

    “The current account deficit improved markedly to about 3.1 percent of GDP in FY2023/24 from 6.5 percent of GDP the previous year, on the back of strong service exports growth and a slowdown in imports of goods and services helped by lower commodity prices. Improvements in the current account balance year-on-year, a 13 percent exchange rate depreciation over the same period, and the seasonal inflows of dollars in the second half of the year have helped ease some of the foreign exchange market pressures. The BoT remains committed to continue to allow exchange rate flexibility to ensure a market determined exchange rate, while limiting FX interventions to avoid disorderly market conditions, in line with its intervention policy. Maintaining a moderately tight monetary policy stance will complement efforts to ease pressures in the FX market, while preserving price stability.

    “Fiscal consolidation in FY2023/24 was achieved through improvements in tax revenue collections and adjustments in current spending. The FY2024/25 budget envisages continued growth-friendly consolidation, supported by tax policy and revenue administration efforts. The government is committed to increase priority social spending to protect the most vulnerable. The authorities’ structural reform agenda aims to support a resilient, sustainable, and inclusive growth through improving the business environment and strengthening governance.

    “At its meeting in October, the BoT Monetary Policy Committee maintained the policy rate, the Central Bank Rate, at 6 percent, to contain emerging inflationary pressures. The BoT will continue to calibrate its monetary policy to maintain low and stable prices, while safeguarding the recovery of economic activities from the impacts of global economic shocks and unfavorable weather conditions.

    “Supported by the RSF, the authorities are implementing their climate reform agenda to address climate policy challenges and enhance the resilience and sustainability of the Tanzanian economy. Efforts are underway to clearly define the institutional framework for climate change related policies and strengthen public investment management in line with climate impacts and risks. Progress on the implementation of the RSF reforms continues, and the authorities are mobilizing technical and financial assistance from development partners.

    “The mission met with Minister of Finance, Dr. Mwigulu Nchemba, Bank of Tanzania Governor, Mr. Emmanuel Tutuba, other senior officials, development partners, and private sector representatives. The IMF team would like to thank the Tanzanian authorities and other counterparts for their hospitality, and the candid and productive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/17/pr-24378-tanzania-imf-reaches-staff-level-agreement-on-the-4th-rev-of-ecf-and-1st-rev-of-rsf

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Australia: $150 million in grant funding to ease financial pressures for Aussies doing it tough

    Source: Ministers for Social Services

    The Albanese Labor Government has committed around $150 million each year to supporting Australians experiencing financial hardship with the opening of multiple grant rounds today for Financial Wellbeing and Capability programs.

    From 1 July 2025, the new 5-year grants will ensure a range of financial wellbeing services are available for vulnerable individuals and families, from pre-crisis and early supports, to financial crisis response, recovery and resilience supports.

    In addition to supporting the financial wellbeing of Australians, these grant rounds continue to deliver on the Government’s commitment for longer term grant agreements, where they are appropriate, to provide certainty for service providers delivering these critical services. They will also allow the sector to plan, collaborate and innovate.

    Applications are now open for the following grant programs:

    • Emergency Relief
    • Food Relief (and Material Aid)
    • Commonwealth Financial Counselling and Financial Capability
    • Financial Counselling for Gambling
    • Financial Wellbeing Hubs.

    Closed grant processes will follow for the National Debt Helpline, No Interest Loans Scheme (NILS), NILS for Vehicles, Saver Plus and Financial Counselling and Capability Sector Support programs.

    Minister for Social Services, Amanda Rishworth said that the opening of the grant rounds is a demonstration of the Government’s long-term commitment to improving services for Australians doing it tough, and to supporting community organisations across the country.

    “The Albanese Labor Government understands that financial wellbeing providers such as Emergency Relief and Food Relief organisations play an essential role in the supply of frontline support services and are critical to the ongoing support for communities across Australia,” Minister Rishworth said.

    “It is clear now more than ever, during this cost-of-living crisis, that the Government continues to do all that we can to help out the most vulnerable members of our community. This is a commitment that we are taking very seriously, which is why this funding is designed to provide financial counselling services, or access to fair and safe no interest loans, or food relief for those in need.

    Since 2022, the Australia Government has committed an additional $170.9 million through the Financial Wellbeing and Capability Activity, with these grant rounds building on recent investments.

    “We want to cover all bases, and ensure our grants respond to client and community demand, have national coverage including in regional, remote, and rural areas but also have a focus on pre-crisis supports to build long-term financial capability and resilience.”

    Ongoing funding has increased to around $150 million each year representing the highest investment by government in financial wellbeing programs. 

    Minister Rishworth said this latest grant funding will allow providers to provide immediate and targeted support to people in financial crisis, including from unexpected life events or financial shocks, cost-of-living pressures and natural disasters.

    “Our government recognises the growing demand for financial wellbeing services throughout the nation, and these grants represent our continuous and growing approaches to support the organisations that support you.”

    Organisations can apply for grant rounds by visiting the GrantConnect website at http://www.grants.gov.au.

    Current Financial Wellbeing and Capability services continue to be available now for individuals and communities. Details and locations of nearby funded providers are available on the Department Of Social Services website.
     

    MIL OSI News –

  • MIL-OSI: EBC Financial Group Expands Partnership with DiNapoli’s Leading Indicators, Revealing Key Strategies for Navigating Black Swan Events

    Source: GlobeNewswire (MIL-OSI)

    TAIPEI, Taiwan, Oct. 22, 2024 (GLOBE NEWSWIRE) — EBC Financial Group (EBC), in partnership with DiNapoli Experts, is proud to host ‘Harnessing the Power of DiNapoli Indicators to Conquer Black Swan Events,’ an exclusive gathering that brought together financial experts, traders, investors, and economic strategists to explore key strategies for navigating volatile markets. This event, part of EBC’s broader commitment to thought leadership in finance, offered critical insights not only for traders but for those seeking a deeper understanding of global financial trends, including the impacts of geopolitical tensions, inflation, and the evolving role of technology in market prediction.

    Operating across global financial hubs such as London, Hong Kong, Tokyo, Singapore, and Sydney, EBC Financial Group is regulated by major international bodies, including the UK’s FCA, CIMA in the Cayman Islands, and ASIC in Australia. These credentials underscore the Group’s mission to deliver sound, ethical, and transparent financial services across key markets.

    With markets facing challenges from geopolitical instability, rising inflation, and shifting monetary policies, EBC’s commitment to investor empowerment and education stands firm. The discussions provided participants with exclusive insights into managing risk and seizing opportunities in global markets, and attendees engaged with some of the industry’s top experts, gaining hands-on insights into critical factors influencing today’s global markets.

    Building on the momentum from the successful signing ceremony in Thailand, where EBC Financial Group solidified its partnership with DiNapoli’s Leading Indicators, the Taiwan event marks a key milestone in EBC’s ongoing mission. Through this collaboration, EBC is empowering traders with advanced tools to navigate Black Swan events.

    Global Instabilities Threaten Market Stability: Insights from David Barrett
    David Barrett, CEO of EBC Financial Group (UK) Ltd, issued a stark warning about the growing economic fragility facing global markets. Speaking to an audience of financial professionals, Barrett highlighted that the Federal Reserve’s recent rate cuts have unsettled bond markets, exposing deep vulnerabilities in the global financial system. While the U.S. equity market has enjoyed a brief rally, Germany’s economic downturn threatens to spiral into a wider Eurozone crisis, Barrett explained.

    Barrett emphasised that the risks extend far beyond economics. Geopolitical conflicts—from the ongoing war in Ukraine to instability in the Middle East—are now global flashpoints, disrupting energy supplies and pushing commodity markets toward dangerous levels of volatility. According to Barrett, this combination of factors could drag the global economy into deeper, more unpredictable volatility, leaving even experienced investors facing unprecedented uncertainty.

    As part of the Group’s mission to help investors navigate these turbulent markets, Barrett reiterated EBC’s focus on providing cutting-edge trading tools and educational initiatives. EBC’s partnership with DiNapoli Indicators is instrumental in equipping traders with the tools necessary to interpret market movements, especially in unpredictable environments. By combining advanced predictive tools like DiNapoli Indicators with real-time market analysis, EBC is ensuring that traders are not only informed but prepared to respond to global financial shifts.

    EBC’s expansion into emerging markets and its commitment to establishing regulated entities in new jurisdictions also reflect the Group’s dedication to offering clients access to global trading opportunities. With its rapidly growing footprint, EBC continues to lead with integrity and transparency, providing traders worldwide with the tools to manage risk effectively.

    As the U.S. presidential election approaches, Barrett warned that this divisive political battle could be another major destabilising factor for markets, as investors brace for shifting economic policies and potential political upheaval.

    “We are not just seeing market volatility; we are looking at a perfect storm where geopolitical tensions, inflation, and monetary policies are converging like never before,” Barrett cautioned. He urged investors and traders to take urgent action, adapting to this new reality with precision, foresight, and advanced tools like DiNapoli Indicators to help navigate through the uncertainty. Without this, Barrett stated, market participants risk being left behind in a financial environment that demands data-driven decision-making and the ability to manage complex risks.

    Capturing Trading Opportunities: Jason Zeng on DiNapoli Indicators
    At the event, Jason Zeng, General Manager of Fibonacci Investment Consulting, LLC, presented the critical role that DiNapoli Indicators play in helping investors identify key market retracement points and timing trades effectively. Zeng, a long-standing expert in DiNapoli-Levels trading, explained how these indicators are not just tools for predicting price movements, but vital systems for managing risk and profitability in highly volatile markets.

    Zeng focused on how the Fibonacci-based DiNapoli Levels have been successfully applied to forecast market retracements in a range of asset classes, including equities, commodities, and currencies. He cited recent examples where DiNapoli Indicators enabled traders to accurately pinpoint entry and exit points, even in the face of significant market fluctuations caused by geopolitical instability and central bank policy shifts.

    “Traders who rely on these indicators can enhance their risk management and improve trade execution,” Zeng said. He highlighted the use of real-world case studies, showing how DiNapoli’s approach has repeatedly outperformed traditional technical analysis by offering actionable insights during times of heightened uncertainty.

    Zeng stressed that in today’s fast-moving financial markets, timing is everything, and DiNapoli Indicators offer the precision necessary to navigate the complexities of modern trading environments. According to Zeng, these indicators are essential for traders and financial professionals aiming to capture opportunities while minimising exposure to unpredictable market swings.

    As EBC continues to expand its operations across emerging markets, it remains committed to providing global traders with tailored tools and educational resources, ensuring that they are equipped to navigate both local and international market dynamics.

    Capital Markets Under Pressure: Dr. Hua-Shen Pan on Geopolitical Risks and Economic Countermeasures
    Dr. Hua-Shen Pan, an esteemed economic analyst and columnist, delivered a pointed examination of the global geopolitical risks that are currently shaping capital flows and investment strategies. Addressing the audience, Dr. Pan highlighted how geopolitical volatility has become a primary driver of market instability, overshadowing traditional economic indicators.

    Dr. Pan drew attention to China’s economic trajectory, which he identified as a critical factor influencing the global financial system. As the Chinese government introduces new stimulus measures, the global financial community is watching closely to gauge the effectiveness of these policies in stabilising the world’s second-largest economy.

    He further explained how geopolitical flashpoints, including the ongoing conflict in Ukraine and instability in the Middle East, are exacerbating energy price shocks and complicating efforts by central banks to control inflation. Dr. Pan highlighted the growing disconnect between economic fundamentals and market reactions, pointing out that traditional models of economic forecasting are struggling to account for the disruptive influence of geopolitical events.

    Dr. Pan argued that while geopolitical tensions will continue to be a source of market volatility, investors must adapt by focusing on risk management and long-term strategies that account for unpredictable economic shifts. He highlighted the importance of understanding how global policy responses—from Federal Reserve actions to China’s economic policy—will shape the investment landscape in the years to come.

    “Markets are no longer simply reacting to economic data,” Dr. Pan observed. “We are now in an era where geopolitical conflicts are driving capital decisions, and this requires a new strategic approach.”

    Navigating Post-Fed Market Reactions: Joseph AuXano’s Key Insights
    Joseph AuXano, Director of the DiNapoli Online Course (DAP), addressed one of the most pressing concerns for market participants—the aftermath of Federal Reserve rate cuts and their impact on market dynamics. AuXano demonstrated how DiNapoli Indicators can be used to accurately assess market reactions following Fed decisions, offering traders a powerful tool to anticipate volatility and make informed decisions.

    Through a detailed analysis of recent FOMC meetings, AuXano illustrated how major stocks, including Tesla and Nvidia, responded to rate cuts. He demonstrated how the MACD Predictor and DiNapoli Expansion tools provide crucial early signals, enabling traders to identify high-probability trades by spotting key support and resistance levels in advance.

    AuXano emphasised the importance of using multi-timeframe analysis, highlighting that relying solely on short-term trends leaves traders vulnerable to unpredictable market swings. By incorporating the DiNapoli Indicators, investors are better equipped to navigate both short-term fluctuations and long-term trends.

    “After each Fed decision, markets are often thrown into chaos, with unpredictable movements. But by using these tools, traders can stay one step ahead, reading market signals more effectively,” AuXano explained.

    He added, “Today’s economic forum has provided valuable insights into the various factors impacting markets, reading the markets by observing how price interacts with DiNapoli Indicators gives traders and investors an additional edge when seeking to navigate market volatility. It’s about staying disciplined and structured, especially in today’s economic and political climate, where interest rate changes and central bank policies play a key role.”

    Mitigating Algorithmic Trading Risks: Insights from Rich Wang
    Rich Wang, CTO of Provider Space, delved into the growing reliance on algorithmic trading and the risks that come with automated systems in today’s financial markets. Wang’s presentation centred on the need for robust risk management strategies that ensure consistent profitability, even as markets become increasingly volatile.

    Wang highlighted the advantages and dangers of algorithmic trading, explaining that while automation can enhance trading efficiency and speed, it also exposes traders to greater risk if not properly managed. He shared real-world examples of how market volatility can trigger automated systems to make rapid, high-stakes trades that can spiral into significant losses without adequate safeguards in place.

    Wang stressed the importance of incorporating stop-loss mechanisms and conducting thorough backtesting of algorithms to prevent systems from failing during market disruptions. He underscored that risk management needs to evolve alongside trading technology, particularly as markets become more sensitive to geopolitical events and central bank policy shifts.

    “Automation can give traders an edge, but only when combined with solid risk management frameworks,” Wang said. He demonstrated how the latest risk mitigation strategies can be integrated into automated trading systems, allowing traders to maintain control and reduce their exposure to sudden market shocks.

    Wrapping Up the Event
    The event provided a wealth of strategic insights, equipping market participants with the tools and knowledge necessary to navigate today’s volatile financial landscape. From geopolitical risks to algorithmic trading and Fed rate-cut reactions, the symposium underscored the importance of using advanced technical indicators, like DiNapoli Levels, to manage risk and seize market opportunities.

    As the global economic outlook remains uncertain, EBC Financial Group continues to lead the conversation around financial resilience, offering investors and traders the necessary foresight to adapt to these evolving challenges.

    For more information, high-resolution images, or speaker materials, please contact:

    Media Contact:
    Angela Wu
    Global Public Relations (Taiwan)
    angela.wu@ebc.com

    Chyna Elvina
    Global Public Relations Manager (APAC, LATAM)
    chyna.elvina@ebc.com

    Douglas Chew
    Global Public Relations Lead
    douglas.chew@ebc.com

    About EBC Financial Group
    Founded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. EBC has quickly established its position as a global brokerage firm, with an extensive presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, Sydney, the Cayman Islands, and across emerging markets in Latin America, Southeast Asia, Africa, and India. EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.

    Recognised by multiple awards, EBC prides itself on adhering to the leading levels of ethical standards and international regulation. EBC Financial Group’s subsidiaries are regulated and licensed in their local jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA), EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA), EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).

    At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.

    EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue.

    https://www.ebc.com/

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/564383fa-f7de-4825-8a3d-d644cd768c51
    https://www.globenewswire.com/NewsRoom/AttachmentNg/fd1d9d72-b653-4979-ba30-f35bb4ed4402
    https://www.globenewswire.com/NewsRoom/AttachmentNg/f89d66ee-0f78-44df-8b49-fe8f8d96d3aa

    The MIL Network –

  • MIL-OSI: Volta Finance Limited Annual Financial Report and Notice of Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA/VTAS)
    Legal Entity Identification Code: 2138004N6QDNAZ2V3W80

    Publication of the Annual Report and Audited Financial Statements
    (the “Accounts”) for the financial year ended 31 July 2024 and
    Notice of the Annual General Meeting

    NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
    THE UNITED STATES

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    Guernsey, 22 October 2024

    Volta Finance Limited has published its results for the financial year ended 31 July 2024. The 2024 Accounts are attached to this release and will be available on the Volta Finance Limited website (http://www.voltafinance.com).

    Notice of the Annual General Meeting of Volta Finance Limited on Thursday 5 December 2024 may be found at pages 86 and 87 of the Accounts.

    For further information, please contact:

    Company Secretary and Portfolio Administrator
    BNP Paribas S.A., Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Financial plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati

    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

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    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

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    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,850 professionals and €844 billion in assets under management as of the end of December 2023.

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    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

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    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

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    Attachment

    The MIL Network –