Category: Economy

  • MIL-OSI: [Press Release] iliad SA successfully issues inaugural €500 million green bond

    Source: GlobeNewswire (MIL-OSI)

    Press release        

    Paris, October 22, 2024

    iliad SA successfully issues inaugural €500 million green bond

    Financial release

    Today, iliad SA successfully placed a €500 million green bond issue. The bonds mature in just over five years, paying interest at 4.25% per year.

    This transaction, announced for a maximum amount of €500 million, met with very strong investor demand (with a final demand of over €1.5 billion), enabling the Group to take advantage of the improved market conditions and to refinance part of its existing bond debt via the tender offer launched in parallel for its bonds maturing in April 2025 and June 2026 (see previously published press release:https://www.iliad.fr/media/CP_211024_Eng_ef96e5d11f.pdf).

    This result confirms investors’ confidence in iliad’s creditworthiness and its ESG strategy.

    The proceeds from this green bond issue will be used to finance, and in part refinance, eligible expenditure described in the Group’s Green Financing Framework published on October 21, which received a positive second-party opinion from Sustainalytics (both documents are available on our website at https://www.iliad.fr/en/investisseurs/groupe/dette).

    Thomas Kienzi – Chief Financial Officer of the iliad Group: “Through this operation, the iliad Group pledges to invest in technologies that promote more sustainable development, and once again demonstrates its commitment to controlling its carbon emissions.”

    This is the Group’s inaugural green bond issue, and it follows a conventional bond issue of €500 million in April 2024. The green bond issue has also been rated Ba2/BB/BB by Moody’s, S&P and Fitch, respectively, in the category of senior unsecured bonds.

    BNP Paribas and Société Générale are the Global Coordinators, Joint Lead Managers and Green Structuring Advisors; Crédit Agricole CIB, MUFG, Natixis, SMBC, CIC, Erste Group, Helaba, RBC and Unicredit are Joint Lead Managers; and the Bank of China, Bayern LB and Mizuho are Co-Managers.

    About the iliad Group

    Created in the early 1990s, the iliad Group is the inventor of the world’s first triple-play box and is now a major European telecoms player, standing out for its innovative, straightforward and attractive offerings. The Group is the parent of Free in France, iliad in Italy and Play in Poland, has over 18,200 employees serving more than 49.8 million subscribers, and generated €9.7 billion in revenues in the twelve months ended June 30, 2024. In France, the Group is an integrated Fixed and Mobile Ultra-Fast Broadband operator and had 22.9 million subscribers at end-June 2024 (15.3 million Mobile subscribers and 7.5 million Fixed-line subscribers). In Italy, where it launched its business in 2018 under the iliad brand, it is the country’s fourth-largest mobile operator and at end-June 2024, had nearly 11.3 million Mobile subscribers and 280,000 Fiber subscribers. In Poland, the Group is an integrated convergent operator, and at end-June 2024, had 13.3 million Mobile subscribers and nearly 2.1 million Fixed-line subscribers. In the second quarter of 2024, the iliad Group became Europe’s fifth-largest operator by number of retail Mobile subscribers (excluding M2M) and it remains the fifth-largest Fixed Broadband operator.

    To find out more

    http://www.iliad.fr/en

    Follow us

    X: @Groupeiliad

    LinkedIn: Groupe iliad

    Contacts

    Investor relations: ir@iliad.fr
    Press relations: presse@iliad.fr

    Attachment

    The MIL Network

  • MIL-OSI Security: California Man Sentenced to Seven Years in Federal Prison for Orchestrating $23 Million Fraud Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime News

    CHICAGO — A California man has been sentenced to seven years in federal prison for orchestrating a fraudulent investment scheme that swindled investors out of $23.1 million.

    SEAN GRUSD formed three funds that he claimed would invest in private financial technology companies.  Beginning in 2021, Grusd provided potential investors with marketing materials containing numerous falsehoods about the funds’ purported investment history and successes.  Among other things, the promotional materials falsely claimed that one of Grusd’s funds had been an early investor in successful startup companies, such as Instacart, Coinbase, and Shippo.  Grusd also falsely claimed that he had graduated from a prestigious law school and that he managed the personal portfolio of the CEO of a large investment management firm.  Based on these and other false representations, more than a dozen victims invested $23.1 million in Grusd’s funds.

    Instead of investing the victims’ money, Grusd transferred the funds to his personal bank accounts and spent the money on a lavish lifestyle, including high-end automobiles, luxurious condos in Chicago and Montreal, and lavish travel and entertainment expenses.  Many of the victims had invested a significant portion of their life savings with Grusd.

    Grusd, 32, of Los Angeles, Calif., pleaded guilty last year in federal court in Chicago to a wire fraud charge.  In addition to the seven-year prison term, U.S. District Judge Sara L. Ellis on Wednesday ordered Grusd to pay more than $21 million in restitution to his victims.

    The sentence was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI.

    “Defendant’s fraud was brazen and unmitigated,” Assistant U.S. Attorney Corey B. Rubenstein argued in the government’s sentencing memorandum.  “It was an appalling stream of deliberate choices over almost two years targeting numerous victims and resulting in huge losses.”

    MIL Security OSI

  • MIL-OSI Asia-Pac: HKETO, Brussels hosts Hong Kong Film Night in Amsterdam (with photos)

    Source: Hong Kong Government special administrative region

         The Hong Kong Economic and Trade Office in Brussels (HKETO, Brussels) held with the Hong Kong Trade Development Council (HKTDC) a Hong Kong Film Night on 21 October in Amsterdam, the Netherlands (Amsterdam time). Participants enjoyed a networking reception and the screening of the Hong Kong movie “Band Four”, directed by young Hong Kong director Lai Yan-chi, in this film event.

         Opening the event, Deputy Representative of HKETO, Brussels, Miss Fiona Li, outlined the vision to provide more exposure and opportunities for emerging filmmakers and other artists from Hong Kong in Europe. She said that this film event with the HKTDC was a targeted attempt “to create our platform to showcase Hong Kong productions, and to arouse more interests in our young filmmakers and accomplished talent among the local arts, cultural and creative sectors in Europe, hence offering both sides more opportunities for possible collaboration”. 

         Miss Li elaborated that through arts and culture, Hong Kong’s advantages and soft power are better seen in Europe. The Government of the Hong Kong Special Administrative Region strives to elevate Hong Kong’s arts and creative industries to the international stage and to present Hong Kong talent globally, fostering the development of Hong Kong into an international cultural exchange centre.    

         For the film industry, the Government provides financial support to help promising Hong Kong filmmakers gain international visibility and to encourage international co-operation. One of the recent measures is the launch of the Hong Kong-Europe-Asian Film Collaboration Funding Scheme under the Film Development Fund, which supports eligible film projects co-produced by filmmakers from European or Asian countries that feature Hong Kong, European and Asian cultures.   

    MIL OSI Asia Pacific News

  • MIL-OSI USA News: Statement by Vice President Kamala  Harris on Americans Saving Nearly $1 Billion on Prescription Drugs Thanks to the Inflation Reduction  Act

    Source: The White House

    All Americans should be able to access the health care they need – no matter their income. That is why our Administration fought to lower health care costs with the Inflation Reduction Act, legislation that I was proud to cast the tie-breaking vote on in the Senate. During the first half of this year alone, we now know that nearly 1.5 million people with Medicare have already saved nearly $1 billion because of our law’s cap on out-of-pocket prescription drug costs. 
     
    Additionally, we have been able to cut prescription drug costs, cap the cost of insulin at $35 a month for seniors, and lower premiums for those on Medicare. Our Administration has also reached unprecedented agreements with pharmaceutical companies to lower prices for the first 10 drugs selected for the Medicare price negotiation program – ten of the most widely used and expensive drugs that treat conditions ranging from cancer to diabetes. And there is still much more to come.
     
    I have seen the impact of fighting to protect patients up close. As Attorney General, I held Big Pharma accountable for their deceptive and illegal practices – winning settlements that amounted to more than $7 billion against pharmaceutical companies for their unsafe and unfair tactics. I will never stop fighting for the health, wellbeing, and financial stability of the American people.

    # # #

    MIL OSI USA News

  • MIL-OSI USA News: Remarks by Vice President Harris and Liz Cheney at a Campaign Event | Royal Oak,  MI

    Source: The White House

    Royal Oak Music Theatre
    Royal Oak, Michigan

    4:31 P.M. EDT

    MS. SHRIVER:  Okay.  Here we go.  Sit back.  We’ve got 40 — 40 minutes, and we’re going to move quick.  Okay?

    So, I want this to be like a kitchen table.  Like, just think that we’re sitting around the kitchen table and we’re jamming about all kinds of stuff.  That’s the feeling I want to have at this —

         MS. CHENEY:  This is like a Kennedy family kitchen table.

         MS. SHRIVER:  It — yeah.  (Laughter.)

         MS. CHENEY:  Most people don’t have this many, you know?

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

    MS. SHRIVER:  That’s right.  It’s raucous.  It’s — it’s hot, but it’s fun.  That’s what it’s going to be like. 

    So, this is — I was saying before both of you walked out, this is historic — so I hope everybody takes this in for a minute — to have a leader of the Republican Party and the vice president of the United States.  (Applause.) 

    So, let me begin with you, Madam Vice President.  Did you ever think in your wildest dreams that you would be running for president alongside Liz Cheney, who would be advocating for you, campaigning for you — a member of a opposing party putting herself on the line for you?

    THE VICE PRESIDENT:  So, let me just start by thanking everyone.  Thank you all for taking time out of your busy lives to be here and have this conversation. 

    And I think we are all here together because we have many things in common.  First and foremost, we love our country.  We love our country.  (Applause.) 

    You know, so, Maria, perhaps not, but — (laughter).

    MS. SHRIVER:  Perhaps.

    THE VICE PRESIDENT: Perhaps not. 

    But let me say this.  So, you mentioned, you know, my background.  So, I started my career as a prosecutor, and most of my career has been spent outside of Washington, D.C., not in Washington, D.C.  And for most of my career, let me just tell you, I never once asked a victim of crime, a witness, “Are you a Democrat, or are you a Republican?”  Never.  It never would have even occurred to me to ask that.  What I did ask everyone: “Are you okay?” 

    And when I think, then, about what is at stake in this election, I think that’s the biggest question.  And it is a moment where, born out of our love of our country, born out of, for me, having taken the oath of office to the Constitution of the United ta- — States at least six times, I believe what is at stake in this election is so fundamental for us as Americans.  And it is about: Do we take seriously the importance of a president who obeys the oath to be loyal to the Constitution of the United States?  Do we prioritize a president of the United States who cares about rule of law, much less the spirit with which they approach this most powerful position? 

    There’s so much about this last era — when I talk about “turn the page,” that’s what I’m referring to, like the last decade — that has been about some powerful forces suggesting that the measure of the strength of a leader is based on who you beat down instead of what I think most of us believe, regardless of your party affiliation, that the real measure of the strength of a leader is based on who you lift up.

    And — (applause) — and so, for that reason, I’m not surprised that Liz Cheney and I are on the same stage 15 days before the election.  (Applause.)  You know?

    MS. SHRIVER:  Okay.  Well, maybe you’re not surprised, but I’m surprised.

    THE VICE PRESIDENT:  (Laughs.)

    MS. SHRIVER:  And I think a lot of people are surprised.  So, I want to know: Are you surprised?  Are you surprised that you’re out here campaigning for a Democrat, campaigning for Kamala Harris, against the party that you’ve been a part of your entire life?

    MS. CHENEY:  You know, what I would say, first of all, is we all know — everyone who watched January 6th knows, you know, what Donald Trump is willing to do.  He lost the election, he tried to overturn it and seize power, and then he sat in his dining room and he watched the attack on television.  He watched it.  People pleaded with him to tell the mob to leave, and he wouldn’t.  And he watched law enforcement officers be brutally beaten.  He watched it. 

    That’s a depravity that, to me and — and, you know, I think to anyone who’s taken the oath of office, makes someone absolutely unfit ever to be president again.

    Now — (applause) — I — I could have just said, you know, I’m going to do everything I can to work against Donald Trump, and there are a lot of Republicans who have said that.

    MS. SHRIVER:  Yes.

    MS. CHENEY:  I have decided — and I am very proud and I’m honored to have made the decision — to endorse Vice President Harris.  (Applause.) 

    And — and I have gotten to spend time with Vice President Harris.  I have had the chance to talk with her about how important it is that we have two strong parties in our country, about the kind of president that I know she’ll be. 

    And I think all of us — it doesn’t matter what party you’re in — we all know this is a good and an honorable and a great nation, and we have to have leaders — you might say, “I’m not going to agree on every issue” — but we have to have leaders who take that seriously.  We have to have leaders who are going to be sincere. 

    And — and as a mother, I want my children to know that there is someone sitting in the Oval Office that they can look up to, someone who can be a role model.  And I’m incredibly proud and I know that Vice President Harris will be that.  (Applause.)

    MS. SHRIVER:  Right.

    THE VICE PRESIDENT:  And — and, Maria, let me just add one thing also, because it bears repeating.  I have seen a lot of Republicans go up to Liz Cheney and thank her.  And they may not be doing it publicly — they may not be doing it publicly, because I think she has shown, to your point, extraordinary courage, especially in this environment, post January 6th, where there’s something — an undercurrent that is violent in terms of the language and the tenor. 

    And for her to show the courage she has shown is extraordinary.  But she’s — I’ve seen Republicans come up to her and — and I — from my vantage point, she’s actually not alone.  (Applause.)

    MS. SHRIVER:  And so, I want to talk about that, because there are a lot of people who are scared.  Scared to vote —

    THE VICE PRESIDENT:  Yeah.

    MS. SHRIVER:  — for you.  Scared about the environment.  Scared to talk about politics. 

    How scary was it for you, personally, to make this decision?  What has been the personal cost for you to do so?

    MS. CHENEY:  It — it was not — it wasn’t scary at all, in terms of making this decision, because when I look at the — the nature of the threat that Donald Trump poses and — and, look, Donald Trump is doing everything he can to try to get people to forget about what he did — what he did on January 6th. 

    And — and when you think about that level of instability, the level of erratic decision-making, the misogyny, that’s not someone that you can entrust with the power of the Oval Office. 

    And so, I — I think that we are facing a — a choice in this election.  It’s not about party; it’s about right and wrong. 

    And — and I certainly have many Republicans who will say to me, “I can’t be public.”  They do worry about a whole range of things —

    MS. SHRIVER:  Right.

    MS. CHENEY:  — including violence.  But — but they’ll do the right thing. 

    And I would just remind people: If you’re at all concerned, you can vote your conscience and not ever have to say a word to anybody.  (Applause.)  And there will be millions of Republicans who do that on November 5th — vote for Vice President Harris.

    MS. SHRIVER:  Yes.

    I — I love that you said you weren’t scared at all, because most people will talk today about “I’m afraid to say anything on social media.”  “I’m afraid to speak in my place of worship.”  “I’m aprai- — afraid to speak where I work.”  “I’m afraid.” 

    How are you not afraid?

    MS. CHENEY:  Well, I think that — that the point you’re making is a really important one.  Think about what’s happened in our country, the level of vicious, vitriolic attack. 

    You know, when — when Donald Trump says that his political opponents are the enemy within and when he contemplates deploying force against them, the response that we all have should not be to be so afraid we don’t act.  It should be: Vote him out.  Defeat him.  Defeat him.  Vote for Vice President Harris.  (Applause.)

    THE VICE PRESIDENT:  And, Maria, I’m going to add to that.

    MS. SHRIVER:  Yeah.

    THE VICE PRESIDENT:  I — I would add to that an additional point, which is — and don’t think it’s a sick sense of humor and relegate it to simply being that.  You know, I’ve said many times, I do believe Donald Trump to be an unserious man, but the consequences of him ever being in the White House again are brutally serious.

    And — and take it from the people who know him best: his former chief of staff when he was president; two former Defense secretaries; his national security advisor; and, of course, his vice president, who have all in one way or another used the word that he is “unfit” to be president again and is dangerous. 

    Listen to the report that — what his former chairman of the Joint Chiefs of Staff, a general, said about him: that he is “fascist to the core.” 

    And these are people who were in his administration, who worked closely with him in the Oval Office and the Situation Room. 

    And so, I would caution us also — you know, because some people find it humorous what he says and — and think it’s just silly.  But understand how brutally serious it is.

    AUDIENCE MEMBER:  Lock him up!

    THE VICE PRESIDENT:  Well, the courts will take care of that.  We’ll take care of November, yes.  (Applause.)  (Laughs.)  We’ll take care of November. 

    But it is brutally serious, because to — to the congresswoman’s point, anyone has — who has openly said, as he has, that he would terminate the Constitution of the United States should never again stand behind the seal of the president of the United States — never again.  (Applause.)

    MS. SHRIVER:  So, Madam Vice President, I wanted to ask you — several people that I talked to in preparation for this — when I asked them, they said, “Well, I — I want to vote for the vice president, but I just don’t feel like I know her.  I don’t know enough about her.  I see the ads, but I don’t have a feel for her.”  What are three things you can tell this audience about you that aren’t in your ads, that people aren’t telling people on the robocalls, that perhaps they just wouldn’t know that might give them a feeling for who you are as a woman?

    THE VICE PRESIDENT:  How much time do we have?  (Laughter.)

    MS. SHRIVER:  We’re at the kitchen table. 

    THE VICE PRESIDENT:  I — I have lived a full life.  (Laughter.)

    I am a wife.  I am a mother.  I am a sister.  I am a godmother.  I love to cook. 

    I started my career as a prosecutor, in large part — there are many reasons but one very fundamental is, when I was young, one of my best friends in high school, I learned, was being molested by her stepfather.  And I told her, when I learned, she had to come live with us.  I talked to my mother about it.  “Of course, she has to come live with us,” and she did.  And I decided I wanted to take on a career and a life that was about protecting the most vulnerable. 

    I served as attorney general of California two terms.  I was the — the top law enforcement officer of the biggest state in the country.  And doing that work, it included prosecuting transnational criminal organizations for the trafficking of guns, drugs, and human beings.  I did the work of taking on the big banks during the foreclosure crisis and delivered $20 billion for homeowners who had been targeted with predatory lending practices.  (Applause.)  I took on the big pharmaceutical companies on behalf of consumers.

    As vice president of the United States, my priorities have been many, including, to your point, the work that you and I have done over the years focusing on women’s health.  One of my priorities is — has been maternal mortality. 

    But I — I have only had one client in my career: the people.  And my belief is that there is great nobility in public service if one understands that they hold the office in the public trust.  It is not about personal power.  It is about what you can do that lifts up the condition of people. 

    And there is so much about how I think about my responsibility, and I am here to ask for your vote — is that I do — I intend to be a president for all Americans, understanding that the vast majority of us have so much more in common than what separates us. 

    And this era that was kind of initiated by Donald Trump has not only been exhausting, it has been harmful to us as a nation.  The notion that a president of the United States would encourage Americans to point fingers at each other, that — that there would be a suggestion that we are a divided country, that — instead of knowing we have so much more in common than what separates us.

    I have, as vice president, met over 150 world leaders: presidents, prime ministers, chancellors, and kings.  My most recent overseas trips as vice president — which were relatively close to, then, the election — our allies have expressed real concern. 

    I’ve shared this before, but, you know, when we walk in a room representing the United States of America, we should walk in that room, especially leaders, chin up, shoulders back, knowing that we have the self-appointed and earned authority to talk about the importance of democracy and rule of law. 

    But the thing about being a role model — it’s all role models who are here — people watch what you do to see if it matches up to what you say.  People around the world are watching this election, I promise you.  And my — one fear I have is I hope and I pray that we, the American people, understand not only what is at stake for us in this election but how much we mean to the rest of the world. 

         There is so much at stake in this election.

         MS. SHRIVER:  Liz Cheney, tell us real quick — I want to get to our first question.  But you’ve been traveling with the vice president.  You’ve been working with her.  You’ve been spending human time with her.  Tell the audience what you see that perhaps, you know, the camera doesn’t get or the ads don’t get so that they can get a sense of her that you have. 

         MS. CHENEY:  Well, I — I think that what I can tell you is that what the vice president is saying about wanting to be a president for all Americans, caring deeply about this country, those are things that — that come across very, very clearly and very directly. 

         And — and, look, I — I’m a conservative.  The very first campaign I ever volunteered in was for President Gerald Ford in 1976, and — and ever since then, I have been voting for Republicans.  I’ve never voted for a Democrat.  And —

         MS. SHRIVER:  Wow.

         MS. CHENEY:  And so, the — the fact that — that I — I believe so strongly that in this election — in this election, we need to elect the person who is the responsible adult — (laughter and applause) — and — and we need —

         And — and there is a lot — both parties do it.  There is a lot of vilification that goes on.

         MS. SHRIVER:  Yeah.

         MS. CHENEY:  And — and I think it’s really important for people to — to think very carefully about the power that we’re going to invest in the president of the United States and what it would mean to — to give that power to Donald Trump. 

         Don’t take my word for who he is.  Listen to him every day.  Look at what he did.  Remember that the people, as the vice president said, who are opposing him are the people who know him best, the people who worked most closely with him. 

         And so, I would just say I — I know that the vice president has had the range of experience, has — as vice president, as senator, as attorney general of California.  She is supremely qualified to be president of the United States.  I think there — there — sometimes there are some men who suggest that she’s not.  But if you look at her qualifications, there’s no question.  And that she’s somebody that I know I can count on who will put the good of this country first, there’s just no question.  (Applause.)

         MS. SHRIVER:  Okay.  I want to go — I want to go over here to Cecelia.  Cecelia Borland, can you stand up?  You have a question.

         Cecelia grew up in Birmingham, Michigan, which was a Republican stronghold as she grew up.  She now lives with her husband.  They’re raising two children in Berkley, Michigan, and she’s here with a question for the vice president.

         Q    Thank you both for coming to Michigan today for this important event.  I’d like to start by saying, personally, thank you, Representative Cheney, for — to you and your father for exemplifying putting country over party.  (Applause.) 

         And, Madam Vice President, I hope you had a wonderful birthday yesterday. 

         THE VICE PRESIDENT:  (Laughter.)  Thank you.  (Applause.)  Thank you.

         Q    From the shootings at Oxford High School to my alma mater, Michigan State University, to an attack at a kid’s splash pad this summer just a few miles away from here, the issue of gun violence hits very close to home for our community. 

         Just yesterday, I learned from our school district that my preschooler will be going through his first active shooter drill.

         THE VICE PRESIDENT:  Yeah.

         Q    As a gun violence survivor and mother of two young children, the issue of gun violence and the safety of my children in their schools and in our community is my top priority.

         Madam Vice President, if you are elected president and there is a Republican majority in Congress, how will you work with them to make impactful and immediate progress around gun violence, especially in our children’s schools?

         THE VICE PRESIDENT:  Right.  Thank you —

         MS. SHRIVER:  Thank you.

         THE VICE PRESIDENT:  — Cecelia.  And thank you and — for your courage to speak up about this.

         So — well, we have done it, actually, in the last four years.  We had a bipartisan group of — of folks in Congress who came together for the Safer Communities Act, which is the first meaningful piece of gun safety legislation in 30 years.  And so, it’s a good step, and it really does tell us that we have a will within the United States Congress to work in a bipartisan way.  And — and then-Congresswoman Cheney was one of those Republicans that actually voted for it. 

         I — this is how I think of the issue.  And it is through the — the lens of many experiences, including act- — I’m so sorry about your kids going through active shooter drills.  It’s — our kids did.  It’s traumatic that our children — you know, growing up, I’ll speak for myself, we had fire drills.  Right?

         Our children are now learning how to keep themselves safe if there’s an active shooter at their school. 

         I did a tour last year of — of colleges — with college-aged kids, so I also did some trade schools.  And I would ask the room — the auditorium would be packed — college-age kids — and I’d ask them, “Raise your hand if at any point between kindergarten and 12th grade you had to endure an active shooter drill.”  Almost every hand went up. 

         Our kids are growing up where they are learning that they may be unsafe in the classroom where they should be absorbing the wonders of the world. 

         One kid said to me, “Yeah” — we were talking about this — and said to me, “Yeah, that’s why I don’t like going to fifth period.”  I said, “Why, sweetheart?  Why don’t you like going to fifth period?”  “Because in that classroom, there’s no closet,” in which to hide. 

         So, we — when we think of this issue, we must also consider the trauma that is the trauma of — the direct trauma for those who have been directly affected by gun violence, including that to our kids who are in schools across our country doing this — not to mention their teachers, who want to teach and not also have to worry about will they be able to physically protect a child from a bullet.

         Here’s how I think about it in terms of the macro point.  We have been pushing, as a country, I think, a false choice that suggests you’re either in favor of the Second Amendment or you want to take everyone’s guns away.  And that’s a false choice. 

         I’m in favor of the Second Amendment.  I have talked about the fact both Tim Walz and I are gun owners.  I also believe we need reasonable gun safety laws, assault weapons bans, red flag laws, universal background checks.  (Applause.)  And — and reports say that the majority of NRA members agree on, for example, universal background checks. 

         What is a universal background check?  It’s just common sense.  Here’s what it is: You just might want to know before someone can buy a lethal weapon whether they’ve been found by a court to be a danger to themselves or others.  You just might want to know.  It’s common sense.  (Applause.)  We need commonsense gun safety laws. 

         And I will continue — I’ve done it throughout my career — work with all of our colleagues across the aisle.  And I know that we can make progress. 

         But this is not — I’m not trying to take anybody’s guns away from them.  But we need reasonable gun safety laws.

         MS. SHRIVER:  Okay.  I want to come back to the issue of public safety in a minute.  But first we want to go to Martin.  Thank you, Cecelia, very much.  Martin Howrylak.  He’s a former Republican member of the Michigan House of Representatives, and he’s here with a question about national security.

         Q    Well, thank both of you for being here this afternoon.  I really appreciate your coming to the state of Michigan to — to be here.  I would like to ask: What can the U.S. do politically, economically, or militarily to deter Russia from continuing its war on the independent nation of Ukraine while simultaneously strengthening our own U.S. security interests?

         THE VICE PRESIDENT:  Thank you, Martin. 

         MS. SHRIVER:  Go ahead.

         THE VICE PRESIDENT:  So, I was actually in Munich at the Munich Security Conference delivering a speech when I first met with President Zelenskyy of Ukraine, and it was just days before Russia invaded. 

         I’ve now met with President Zelenskyy, I think, seven times, because the United States has rightly taken a position as a leader — a global leader on international rules and norms — that we must stand in support of one of the most important international rules and norms, which is the importance of protecting sovereignty and territorial integrity, the importance of standing strong in opposition to the notion that, in this case, Russia would attempt to change borders by force, to invade another nation — a sovereign nation by force. 

         And sadly, there is a huge difference between my opponent and me on this very fundamental issue. 

         Back to the conversation about — there was a time when we used to — there was a phrase that I’ll paraphrase that, basically, politics ends at the — at the sea line, at the — at the — you know, at the — the boundaries of our country, that there are certain things — in particular, the matters of national security — where it’s not about partisanship; it’s about where should America stand in terms of supporting our allies and standing for certain principles.

         I’ll — I’ll give you, as a — as a point of reference for me in terms of how I feel about this, on the partisan issue.  

         I — for the four years that I was in the United States Senate, my favorite committee was the Senate Intelligence Committee.  And I served on that committee, and we would meet in a room that’s called a SCIF.  And it’s — it’s basically a — (laughs) — it’s a very secure room.  No press, with all due respect, is allowed in.  No cameras.  Everyone has to leave their cell phone outside. 

         It’s a bipartisan committee, and we would go in that room and receive classified information from America’s intelligence community, sometimes our military leaders, about hot spots around the world and threats to our national security.  And when we went in that room — and this is why it was my favorite committee — people would take off their suit jacket, roll up their sleeves, have a cup of coffee on the table.  And we weren’t Democrats or Republicans; we were Americans. 

         And that is so important on a number of issues we are discussing this afternoon but, in particular, on national security. 

         My opponent, however, has made it a thing of his to admire dictators and autocrats around the world.  He exchanged love letters with Kim Jong Un.  Remember that?  He has openly praised the president of Russia. 

         Most recently, the report is, in the height of COVID — remember everyone was scrambling to get their hands on COVID tests?  Remember when Americans were dying by the hundreds every day?  And Donald Trump secretly sent COVID tests to the president of Russia for his personal use. 

         He has said — Donald Trump — “I will solve the matter of Ukraine and Russia in a day.”  Read through and understand what he is saying.  He would surrender.  He would have Ukraine surrender its fight against an aggressor violating its sovereignty. 

         If Donald Trump were president, Vladimir Putin will be sitting in Kyiv.  And understand what that would mean for America and our standing around the world. 

         But thankfully, there has been bipartisan support — and to your point of what — where you stand — on this very fundamental issue.  But this is a — this is a very vivid example of what is at stake in this election.  Because Donald Trump has been very clear: He would give away the shop.  He has been manipulated and is so clearly able to be manipulated by favor and flattery, including from dictators and autocrats around the world. 

         And America knows that that is not how we stand.  That is not how we fight.  We fight in favor of our strength and our role as a leader in bringing the Allies together and standing for foundational and fundamental principles.

         MS. SHRIVER:  Congressman Cheney — (applause) — I know, kind of, the issue of national security is one of the big reasons you’re here and supporting the vice president.  Can you expand on that answer and add your thoughts to it?

         MS. CHENEY:  Yeah.  You know, I think that if — if you look at where the Republican Party is today, there’s been a really dangerous embrace of isolationism, a dangerous embrace of tyrants. 

         The president, you know, even just today, he heaps praise on the world’s most evil people while he attacks, you know, with venom, his political opponents here at home. 

         And, you know, the — the reality is that since the end of World War II, America has led.  And we’ve led — and that has been necessary to defend our freedom.  And we can’t do it by ourselves, though.  We need our allies. 

         And when Donald Trump says that he’s going to withdraw from NATO, when he invites Vladimir Putin to invade NATO, when he suggests that it is Zelenskyy’s fault that Ukraine was invaded, I mean that is — that i- —

         For anybody who is a Republican who is thinking that, you know, they might vote for Donald Trump because of national security policy, I ask you, please, please study his national security policy.  Not only is it not Republican, it’s dangerous.  And without allies, America will find our very freedom and security challenged and threatened. 

         And one final point on this: Don’t think that Congress can stop him. 

         THE VICE PRESIDENT:  Yeah.

         MS. CHENEY:  People say, “Well, you know what, he can’t really do the worst, you know, because Congress will step in.”  All he has to do is what he’s doing — is say, “I won’t fulfill our NATO treaty obligations,” and — and NATO begins to unravel. 

         So, it is — it is an incredibly dangerous thing to think about a foreign policy, a national security policy led by somebody who is — is as unstable as Donald Trump is.  And it’s a risk we just simply can’t take as a nation. 

         MS. SHRIVER:  Thank you.

         THE VICE PRESIDENT:  And I’m going to add for emphasis that — let’s also be clear about on the subject, specifically of Ukraine, Donald Trump’s approach would be to surrender.  Understand what that would mean.  That is signaling to the president of Russia he can get away with what he has done. 

    Understand — look at the map — Poland would be next.  NATO, our Allies, are — the reason that they have been so thankful for the position of strength we have taken in bringing the Allies together is because they are fully aware of and remember — to the congresswoman’s point — World War II.  Remember, this — this concept of isolation — we were once there as a nation, and then Pearl Harbor happened. 

    Let’s remember recent history.  Europe remembers it well.  We — then when we got attacked, Pearl Harbor, we jumped in, and it is because America jumped in that we were ultimately able to win that war, and it should be a constant reminder to us — we have to remember history — that isolationism, which is exactly what Donald Trump is pushing — pull out of NATO, abandon our friends — isolationism is not insulation.  It is not insulation.  It will not insulate us from harm in terms of our national security. 

    So, I say that to emphasize a point that the congresswoman made, and the other point I’d make is also check out where he’s been on how he thinks about America’s military and service members.  One of the great, great American heroes, a prisoner of war, John McCain.  Remember how he talked about John McCain?  He said he didn’t like him because he got caught. 

    You look — he’s called members of our military “suckers” and “losers.”  And then look at how some of the highest-ranking members of our military, including what I mentioned earlier, the chairman — the former chairman of the Joint Chiefs of Staff, a dedicated member, leader in our mil- — in America’s military, how he has assessed Donald Trump — fascism “to his core.”

    So, there we are.

    MS. SHRIVER:  There are your talking points for the kitchen table.  (Applause.)

    Our final question is from Courtney.  Courtney, can you stand?  Courtney is — Courtney Gabbara Agrusa is a wife, a mom, an attorney, and she’s a proud Chaldean, and she is here with a question.  Courtney.

    Q    Thank you so much.  Good evening, Madam Vice President Harris and Representative Cheney.  My name is Courtney Gabbara Agrusa, and I am a first-generation Chaldean American.  Chaldeans are Indigenous Iraqis who are Catholic, and we are predominantly in the metro Detroit area.  Chaldeans are a very close-knit community, but the recent political climate has really begun to divide us. 

    THE VICE PRESIDENT:  Yeah.

    Q    While I know that you have discussed several bipartisan proposals over the course of your campaign, what would you say to people like myself who are part of these traditionally conservative communities who want to move forward, but are feeling the pref- — the pressures of the political divide?

    THE VICE PRESIDENT:  Thank you.  And I’ve actually met with — with members and leaders in the Chaldean community, and thank you for being here. 

    You know, I think that there is something at stake that is about core values, as well as what is at stake in terms of the risk and the danger.  And I would offer you an example of what I think would be an important issue that would affect the Chaldean community and all Americans, for example, the issue of — of how we think about health care in America. 

    So, I know enough about the culture and to know that it is reflective of who we are as Americans in general.  We respect our elders; we take care of them.  So, I will share with you a specific proposal that is an extension of how I think about things. 

    I — actually a personal story, I took care of my mother when she was sick.  And for anyone taking care of or who has taken care of an elder relative, you know what that is.  It’s about trying to cook something they feel like eating.  It is trying to find clothes that don’t irritate their skin or help them put on a sweater.  It’s about trying to figure out something you can say that will bring a smile to their face or make them laugh.  It’s about dignity. 

    And we now have, in particular in our country, a lot of people doing that and also raising young kids.  We call them the sandwich generation, right in the middle.  It’s a lot.  And the way the system currently works — well, God willing, you may have enough resources, you can hire somebody to come in and help. 

    If not, you may have to spend down all of your savings to be able to qualify for Medicaid or you may have to quit your job to be able to do what you need to do to take care of your children and take care of your relative — your older relative.  That’s just not right, and it’s not fair. 

    So, part of my proposal and the plan is that we’re going to now reconfigure so that Medicare covers home health care for our seniors, right?  It’s about dignity.  (Applause.)

    So, in addition to everything that we’ve discussed already about national security, what is at stake — something like this, because I absolutely do believe America is ready for a new generation of leadership that is taking on issues clear-eyed about what is going on that affects everybody — it doesn’t matter their political party; issues that are fundamentally about dignity, also about economic issues; and taking it on in a way that we relieve the American people of the burdens that get in the way of productivity and a certain quality of life.  And this is one example of that. 

    I believe we need to have an economy that I call an opportunity economy, where everyone has the opportunity to thrive — not just get by but get ahead. 

    And this is one example I would offer under the broader point, which is about, let’s move forward, taking on problems from a commonsense approach that is about just practical work. 

    Look, I am a capitalist.  I am a pragmatic capitalist.  I will work as I have with the private sector.  I believe we have to invest in America’s economy and in America’s industry and America’s entrepreneurs, and we can, at the same time, take care of those that are the most in need of just a little support to be able to not just get by but get ahead.

    MS. SHRIVER:  Thank you, Courtney. 

    Liz, I just want to — we have two minutes left — (applause) — and when you hear the phrase a “new way forward,” when you hear “country over party,” what does that mean to you? 

    We’re two weeks out, what does a new way forward mean for families like everybody here, for your children, my children, everybody’s children, young men?

    MS. CHENEY:  Yeah, I —

    MS. SHRIVER:  What is it like?

    MS. CHENEY:  I think that, you know, we’re — we’re at a moment now where, when you think about America and — and the beacon of hope that we have been for so many years for so many communities, also how tremendously enriched we have been by communities — immigrants who want to come here and build a life, all of that depends upon fundamentally defending the rule of law, fundamentally defending our Constitution.  That’s — that’s what makes all of our opportunity and our freedom possible.

    And — and at the same time that we’re that beacon for the world, you know, it’s also because — because we’re a good nation —

    THE VICE PRESIDENT:  Yeah.

    MS. CHENEY:  — and because you know when — when you — when you look at who our leader is going to be, what — what Donald Trump represents is — is, in many ways, just cruel and — and not — not the kind of dignity and — and the kind of person that we all want to be able to look up to. 

    But — but what I would say is that if people are uncertain, if people are thinking, “Well, you know, I’m a conservative, I don’t know that I can support Vice President Harris,” I would say I don’t know if anybody is more conservative than I am.  (Laughter.)  And — and I understand the most conservative value there is is to defend the Constitution.  And if we don’t come together to do that then — (applause) —

    And so, just to — to finish that, I would say, to me, a new way forward is this: It’s what you’re seeing up here.  It’s having a president who will listen, having a president who will say, “I’m not, you know, necessarily sure I agree with you on this issue or that issue, but let’s talk about it.”

    THE VICE PRESIDENT:  Yeah.

    MS. CHENEY:  “Why do you want, you know, that policy?  Why do you believe that?”  Someone who is willing to honor and respect all perspectives and points of views.  And there’s only one candidate in this race who does that, and that’s Vice President Harris.  (Applause.)

    MS. SHRIVER:  In fact, a lot of polling of undecided voters who call themselves “the exhausted majority” said, I just want leaders who listen —

    THE VICE PRESIDENT:  Yeah.

    MS. SHRIVER:  — to one another.  I just want leaders who speak respectfully to one another.  I want to see decency.  I want to see people I can look up to.  And, unfortunately, that’s considered a new way forward as the — as Representative Cheney —

    MS. CHENEY:  Yeah, let’s do that.  Let’s do that. 

    MS. SHRIVER:  Yeah, let’s do that.

    MS. CHENEY:  Yeah, let’s do that. 

    MS. SHRIVER:  Let’s make that a way forward. 

    The final word, Madam Vice President.  You know, everybody I talked to says, you know, “I have to turn off the news.  I can’t read anything.  I’m meditating.  I’m doing yoga.  I’m doing — I’m so anxious.  I just don’t even know.  I’m eating gummies.”  All kinds of things, you know?  (Laughter.) 

    What are you doing?  What are you doing —

    THE VICE PRESIDENT:  Not eating gummies.  (Laughter and applause.)

    MS. SHRIVER:  Okay, we got that clear.  But how do you — I mean, how do you handle this — the anxiety, the stress, the turmoil?  Everybody is freaked out.  I — I talked to the gentleman up there, and he’s like, “I’m so scared.” 

    THE VICE PRESIDENT:  Yeah.

    MS. SHRIVER:  A woman was like, “I’m so anxious.  I can’t sleep.”  Do you sleep?

    THE VICE PRESIDENT:  You know, I wake up in the middle of the night usually these days, to be honest with you, but I work out every morning.  I — I think that’s really important to just kind of — you know, mind, body, and spirit. 

    But let me — let me just say this —

    MS. SHRIVER:  No, say more about that.

    THE VICE PRESIDENT:  — we — but I —

    MS. SHRIVER:  Say more.

    THE VICE PRESIDENT:  — but — I will.  I work out.  I try to eat well.  You know, I love my family, and I make sure that I talk to the kids and my husband every day.  We’ve been — Doug and I’ve been kind of tr- — you know, traveling.  We’re trying to cover a lot of ground, so we’re not with each other every day these days, but my family grounds me in every way. 

    But let me, if I can just speak to the — what people are feeling.  You — we cannot despair.  We cannot despair.  You know, the nature of a democracy is such that I think there’s a duality. 

    On the one hand, there’s an incredible strength when our democracy is intact, an incredible strength in what it does to protect the freedoms and rights of its people.  Oh, there’s great strength in that.  And it is very fragile.  It is only as strong as our willingness to fight for it.  And so, that’s the moment we’re in. 

    And I say, do not despair, because in a democracy, as long as we can keep it — in our democracy, the people, every individual has the power to make a decision about what this will be, and that’s — and so let’s not feel powerless.  Let’s not let the som- — and I get it — overwhelming nature of this all make us feel powerless, because then we have been defeated, and that’s not our character as the American people. 

    We are not one to be defeated.  We rise to a moment, and we stand on broad shoulders of people who have fought this fight before for our country.  And in many ways, let us look at the challenge then that we are being presented and not be overwhelmed by it.  The baton is now in our hands to fight for — not against, but for — this country we love. 

    That’s what we have the power to do.  So, let’s own that — dare I say, be joyful in what we will do in the process of owning that, which is knowing that we can and will build community and coalitions and remind people that we’re all in this together.  Let’s not let the overwhelming nature of this strip us of our strength. 

    That’s how I feel about this.  (Applause.)  You know, that’s how I feel about this.  You know?  Yeah.  

    MS. SHRIVER:  So, I want to — I want to thank everybody here.  You heard from the vice president, from Congresswoman Cheney, do not despair.  I think you got a great glimpse into who this woman is, who this woman is, what brings them together, why they’re here, why they want to earn your vote, why they wanted to speak with you today. 

    And I want to leave you with this quote from Ralph Waldo Emerson that I think speaks to this moment.  It says,

    “Whatever course you decide upon, there is always someone to tell you that you’re wrong.  There are always difficulties arising which tempt you to believe that your critics are right.  To map out a course of action and follow it to the end requires great courage.” 

    So, I leave you with that.  All of you are courageous people.  Do not despair. 

    Thank you so much for spending your time.  Brava.  (Applause.)

                                 END                5:18 P.M. EDT

    MIL OSI USA News

  • MIL-OSI USA: PHOTOS: Capito Speaks at WV Broadband Summit, Tours CMI2 Facility

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    CHARLESTON, W.Va. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), traveled to Kanawha and Clay counties where she participated in two events focused on broadband, military readiness, and economic development.

    First, Senator Capito delivered remarks at the 2024 West Virginia Broadband Summit in Charleston, W.Va. Senator Capito has long been a leader in expanding West Virginia broadband access through her Capito Connect plan.

    “Broadband is key to a modern economy. It impacts students and schools, patients and hospitals, employers and businesses looking to expand, and many more,” Senator Capito said. “I’ve always said that connecting our state will require an all-hands-on-deck approach, with collaboration from the federal, state, and local levels, and that’s what we are accomplishing together at this summit.”

    Later, Senator Capito, a member of the Senate Appropriations Subcommittee on Defense (SAC-D), traveled to Lizemores, W.Va. to tour the Civil-Military Innovation Institute’s (CMI2) Adaptive Experimentation Facility (AEF). The AEF in Clay County offers a challenging and combat-realistic facility for military units seeking a multi-domain environment for research and development of innovative military technology.

    “It was great to meet with leaders at CMI2 and tour the progress they have made at their Adaptive Experimentation Facility, which has the potential to support innovation and readiness for our military. This facility will make our state a key destination for military experimentation and development, and I look forward to continue supporting them in their mission through my leadership on the Senate Appropriations Subcommittee on Defense,” Senator Capito said.

    “Senator Capito has had a significant role in making this one-of-a-kind technology experimentation facility in West Virginia become a reality,” said Dr. Zenovy Wowczuk, founder of CMI2. “Ultimately, this facility will benefit Soldiers, small businesses, and individuals developing national security and commercial technologies that will have a direct impact on our military readiness and protecting our domestic borders. The AEF will also be a major economic engine for Clay/Nicholas Counties and the entire State of West Virginia.”

    Photos from today’s events are below:

    U.S. Senator Shelley Moore Capito (R-W.Va.) delivers remarks at the 2024 West Virginia Broadband Summit in Charleston, W.Va. on Tuesday, October 22, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) pictured with Mitch Carmichael, former West Virginia Secretary of Economic Development (center), and Kelly Workman, Director of the West Virginia Office of Broadband (right), at the 2024 West Virginia Broadband Summit in Charleston, W.Va. on Tuesday, October 22, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) visits the Civil-Military Innovation Institute’s (CMI2) Adaptive Experimentation Facility (AEF) in Lizemores, W.Va. on Tuesday, October 22, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) tours the Civil-Military Innovation Institute’s (CMI2) Adaptive Experimentation Facility (AEF) in Lizemores, W.Va. on Tuesday, October 22, 2024.

    MIL OSI USA News

  • MIL-OSI USA: NREL Coauthors U.S. Department of Energy Blueprint to Decarbonize the Buildings Sector

    Source: US National Renewable Energy Laboratory

    A Science-Backed Strategy To Aggressively Reduce Greenhouse Gas Emission by 2050


    NREL buildings research supports Decarbonizing the U.S. Economy by 2050: A National Blueprint for the Buildings Sector, which outlines how the sector can reduce greenhouse gas emissions from buildings by 65% by 2035 and 90% by 2050. Photo from Getty Images

    The U.S. Department of Energy (DOE) has released a Blueprint to aggressively reduce buildings sector greenhouse gas emissions while delivering equity, affordability, and resilience benefits to communities.

    Decarbonizing the U.S. Economy by 2050: A National Blueprint for the Buildings Sector reflects the central role that buildings will play in achieving economy-wide climate goals while delivering cost savings, healthier environments, and high-quality jobs. Buildings account for more than one-third of domestic carbon emissions and 75% of all electricity used in the United States. The Blueprint outlines how the sector can achieve ambitious goals to reduce greenhouse gas emissions from buildings by 65% by 2035 and 90% by 2050.

    Eric Wilson, senior research engineer at the National Renewable Energy Laboratory (NREL), is on a detail assignment supporting DOE’s deputy assistant secretary for buildings and industry and served as a lead author for the blueprint.

    “Buildings are where we live, work, learn, and gather as communities,” Wilson said. “We are facing an enormous opportunity to impact people across the country with a concerted effort. Working together toward common goals will accelerate building upgrades and create healthier and more secure communities.”

    To achieve the crosscutting goals, the Blueprint outlines four strategic objectives with specific performance targets that enable overall emission reductions:

    • Increase building energy efficiency
    • Accelerate on-site emissions reductions
    • Transform the grid edge
    • Minimize embodied life-cycle emissions.

    Increase building energy efficiency

    Reduce on-site energy use intensity in buildings 35% by 2035 and 50% by 2050 vs. 2005.

    Accelerate on-site emissions reductions

    Reduce on-site greenhouse gas emissions in buildings 25% by 2035 and 75% by 2050 vs. 2005.

    Transform the grid edge

    Reduce electrical infrastructure costs by tripling demand flexibility potential by 2050 vs 2020.

    Minimize embodied life cycle emissions

    Reduce embodied emissions from building materials and construction 90% by 2050 vs 2005.

    Each objective has specific performance targets and market, policy, and technology milestones to reach by 2035 and 2050.

    “Building upgrades have the potential to increase high-quality jobs, economic security, equity, health, and community resilience,” said Carolyn Snyder, deputy assistant secretary for buildings and industry at DOE. “Our national labs are vital partners in helping define strategic focus and in carrying out complex R&D.”

    NREL Is Supporting Blueprint Objectives

    NREL is focused on transforming the buildings in communities across the country and around the world into more efficient, affordable, healthy, and resilient places. More than 150 cutting-edge building science and technologies projects at NREL are collectively supporting the overall goal of equitably enabling net-zero emissions objectives.

    Increasing Building Energy Efficiency

    The blueprint highlights the critical role of state, local, and Tribal governments in achieving our national objectives and how federal support can bolster these efforts. Communities across the United States are adopting policies to increase energy efficiency and reduce emissions from the built environment. These climate action plans and emission reduction goals need to be rooted in the historical context of the building stock, including energy data, building asset data, and socio-environmental contexts to ensure buildings meet energy and emission targets, while benefiting the people who live in them. And, to achieve measurable sustainability goals, robust and cohesive building data management is imperative.

    For example, when a city passes a building performance standard or disclosure ordinance to track energy or greenhouse gas emissions, a covered buildings list is created for a city manager to track buildings over the performance standard’s compliance period―typically five years. NREL and Lawrence Berkeley National Laboratory developed the covered building list workflow and Standard Energy Efficiency Data Platform™ (SEED) to help:

    • Identify buildings in a jurisdiction and identify which buildings are on which tax parcels
    • Explore which buildings would be covered based on property type or gross floor area
    • Identify trends across and within building data characteristics and meters and automatically merge identical buildings defined by a unique identifier
    • Track building performance over multiple years
    • Visualize progress to climate action plan goals for individual buildings and the entire portfolio.

    Developed hand in hand with cities to ensure it would meet the needs of its users, the SEED Platform allows disparate datasets to be imported, merged, matched, and linked across multiple years of data imports. This makes for easier tracking of buildings over time and enables integrated timeline views of property changes. Reporting abilities within the platform also help visualize progress on policies and help property owners with compliance or reporting requirements.

    “We’ve been able to partner with organizations to deploy this technology and help drive strategic investments in energy efficiency and beneficial electrification on the local level,” said Nicholas Long, senior building researcher and software engineer in NREL’s Building Technologies and Science Center. “It’s really encouraging to see DOE investments leveraged to make this technology available at scale and help a variety of jurisdictions achieve ambitious energy goals in ways that make sense for them.”

    SEED allows cities to launch carbon reduction programs quickly and with a limited budget. Not only is the SEED Platform free, but it can also be easily integrated with the other software tools cities use to run their governments. Cities, for example, have linked SEED to Salesforce, a popular customer-relations management tool, so automated emails can be sent to building owners regarding compliance status.

    Today, SEED and SEED-based spinoffs are used in 28 jurisdictions across the United States to reduce the energy consumption and greenhouse gas emissions of their building stock, a major step toward a zero-emissions economy that earned NREL an R&D 100 Award in 2022.

    Accelerating On-Site Emission Reductions

    Space heating accounts for approximately 70% of energy-related on-site emissions in commercial buildings across the United States, and 50% of commercial floor space is conditioned with packaged rooftop units (RTUs).

    Heat pump RTUs can lower greenhouse gas emissions and energy costs, but there is room to increase deployment as only 15% of commercial buildings in the United States currently have heat pumps. In cold climates, adoption has been even lower due to the current technology available on the market.

    NREL recently co-led the launch of DOE’s Commercial Building Heat Pump Accelerator. The initiative will work with stakeholders—from commercial building owners and operators to manufacturers—to accelerate the development and adoption of heat pump RTUs for integrated energy efficiency and electrification of buildings.

    “In order to achieve energy-related goals, we know new technologies are needed, specific to commercial buildings in cold climates,” said Kelsea Dombrovski, community energy researcher in NREL’s Building Technologies and Science Center. “The Commercial Building Heat Pump Accelerator will look at the whole market to understand challenges from building owners, installers, utilities, manufacturers, and more to make a bigger impact.”

    The accelerator consists of two parts: a campaign and a challenge. The campaign provides building owners and operators with resources and guidance to deploy heat pump technology, supporting both site-level and portfolio-level installations. The challenge asks manufacturers to develop new emissions-reducing heat pump RTUs that meet an advanced technology specification developed by DOE to help organizations meet their energy efficiency needs and decarbonization objectives. Through the challenge, manufacturers will partner with DOE and the national laboratories to create prototypes, test the performance and durability of the products, and lead field validations with partners.

    NREL will leverage its industry-leading modeling tools, such as ComStock™, to provide technical support on heat pump performance and impacts. The NREL team will also provide input on additional resources, connections to manufacturers and commercial building owners, and technical insight on the cutting-edge specifications for manufacturers.

    “Manufacturers are looking for clear direction as to what the market wants but also what will get us to climate goals in a way that is affordable and meets other constraints, such as size, weight, materials, and compatibility,” Dombrovski added. “It’s a complex issue that the combined efforts of this accelerator will help solve.”

    Transforming the Grid Edge

    Transitioning to a clean energy future will require the modernization of the electrical grid to accommodate rapidly changing load patterns and new sources of renewable energy. DOE is aiming to transform the grid edge where energy efficiency, clean-energy-ready buildings, electric vehicle charging, and on-site renewable energy generation and storage connect to the power grid. The goal is to shrink the scale of electrical infrastructure required for a 100% clean electricity system by tripling demand flexibility potential by 2050.

    A vital step in the transformation is planning future scenarios. Integrated analysis tools are key for stakeholders to better understand what will happen in certain situations and be able to best optimize investments in the grid edge. NREL is improving forecasting analysis that incorporates increased building electrification, electric vehicle (EV) adoption, and deployment of distributed energy resources (DERs) with distribution grid infrastructure improvements.

    “It’s an exciting time for clean energy. We’re installing more clean energy technologies in our buildings and getting more EVs on the road,” said Craig Simmons, senior research engineer in NREL’s Building Technologies and Science Center. “But the transition also brings complexities such as increased electric demand, varying energy production versus use, and fluctuating customer costs. This energy transition will require a better coordination of devices and systems that interact at the grid edge.”

    Transformation of the grid edge requires highly granular analytical capabilities that can assess scenarios across a wide range of applications and technologies on both sides of the grid edge, including demand-side equipment and distribution infrastructure. This high level of detail is critical because every distribution feeder is unique and contains specific blends of buildings, EV potential, DERs, and distribution infrastructure.

    NREL has a variety of modeling tools that support commercial and residential buildings, EV charging equipment and patterns, renewable energy generation, battery energy storage systems, thermal and district energy networks, and electric grid distribution infrastructure. Many of the NREL tools can be used in coordinated simulations that allow for highly complex bottom-up scenario forecasting analysis.

    This strategy supports detailed cost-benefit analysis across assets on either side of the grid edge to support informed decisions for innovative value-add scenarios. Because NREL’s tools are open-source, all enhancements directly benefit the forecasting capabilities of any group who will need similar grid edge solutions to the increasing use of renewable generation. The tools also enable neighborhood-level scenario analysis that is essential to improve load management at the grid edge.

    “Along with accuracy of analysis, this level of granularity is also an essential component when considering how to invest equitably in grid edge solutions and infrastructure,” Simmons added. “Disparities in infrastructure investment happen at the neighborhood and home level. Aggregating or averaging metrics around homeowner characteristics tend to smooth over the sharp correlations that are seen in more granular analysis.”

    Minimizing Embodied Life-Cycle Emissions

    Carbon emissions accounted for outside of the operation phase of a building’s life cycles are “embodied” in building materials and equipment, including from resource extraction, manufacturing, transportation, construction, replacement/renovation, reuse, demolition, and material recycling or disposal. New building construction is responsible for an estimated 3% to 7% of total annual emissions in the United States.

    Among numerous projects aiming to reduce embodied emissions from building materials and construction, NREL is developing end-of-life embodied-carbon data for high-impact building materials. Researchers working on the Building Re-X project through REMADE are developing a set of open-access databases for construction materials to create open-access Building Re-X models that enable end-of-life considerations to be incorporated into building design and materials selection. Re-X encompasses the reuse, repair, refurbishment, remanufacturing, and/or repurposing of materials.

    “Currently, construction sector professionals and researchers cannot objectively evaluate the benefits of various Re-X strategies (reuse/recycle) of construction materials, and most construction and demolition debris goes to landfills,” stated Michael Deru, manager of the Advanced Buildings Equipment Research Group at NREL. “There is a need for documented end-of-life reuse scenarios and data for building materials.”

    NREL is not stopping at creating a database. The project will continue to develop end-of-life methodologies and communicate this information with industry leaders, then integrate this data with top design tools. This project anticipates achieving up to a 7% increase in the annual quantity of Re-X material, 120% increase in annual embodied energy efficiency, and 12% reduction in associated greenhouse gas emissions per year.

    Learn more about building technologies research at NREL.

    MIL OSI USA News

  • MIL-OSI USA: News 10/21/2024 Blackburn, Rose, Tennessee Delegation Call for Urgent Aide to Farmers Devastated by Helene

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    NASHVILLE, Tenn. – U.S. Senator Marsha Blackburn (R-Tenn.), U.S. Representative John Rose (R-Tenn.), and the entire Tennessee Congressional Delegation sent a letter urging U.S. House and Senate leadership to provide meaningful disaster relief for Tennessee farmers in the weeks ahead. 

    Hurricane Helene made landfall in the Big Bend of Florida as a Category 4 storm. While assessments are ongoing, Helene is on track to become one of the deadliest and most devastating hurricanes to hit the United States. In the letter, Members of the Tennessee Delegation highlighted the important role federal agricultural disaster assistance will have in helping Tennessee farmers recover.

    “In Tennessee, some areas received nearly 10 – 15 inches of rainfall in addition to runoff from surrounding states, drowning crops and littering fields with debris. Ruined ready-to-harvest crops and forage, flooded pastures, equipment loss, and distressed livestock have left farmers questioning how their operations will move forward and how they will provide for their families,” wrote the Tennessee Delegation. “Producers, who are already engulfed by the ongoing farm financial crisis, will require meaningful disaster assistance to stand up their operations and continue farming.”

    CO-SIGNERS:

    • The letter was also signed by Senator Bill Hagerty (R-Tenn.) and U.S. Reps. Diana Harshbarger (R-Tenn.), Tim Burchett (R-Tenn.), Chuck Fleischmann (R-Tenn.), Scott DesJarlais (R-Tenn.), Andy Ogles (R-Tenn.), Mark Green (R-Tenn.), David Kustoff (R-Tenn.), and Steve Cohen (D-Tenn.).

    Click here for the full text of the letter.

    MIL OSI USA News

  • MIL-OSI USA: Congressman Cohen Reintroduces the School Bus Safety Act

    Source: United States House of Representatives – Congressman Steve Cohen (TN-09)

    WASHINGTON – Congressman Steve Cohen (TN-9), a senior member of the Committee on Transportation and Infrastructure, today reintroduced the School Bus Safety Act to implement safety recommendations from the National Transportation Safety Board (NTSB), including installation of seat belts for every seat and safety measures such as stability control and automatic braking systems. The measure, being introduced during National School Bus Safety Week, would also create a grant program to help school districts modify their school buses to implement the safety specifications. Congressman Cohen first introduced a version of the bill in 2018. Senator Tammy Duckworth of Illinois and Senator Sherrod Brown of Ohio have introduced a companion measure in the Senate.

    Congressman Cohen made the following statement:

    “There is no more precious cargo than school-aged children entrusted by their parents for a ride to school. The commonsense measures recommended by the NTSB and called for in this legislation will save young lives. I am pleased to reintroduce this legislation with Senators Duckworth and Brown to make school buses across the country safer while helping financially strapped school districts modify their school bus fleets to meet the new specifications. We’ve seen too many deaths and serious injuries in school bus accidents in Tennessee and elsewhere, and it is past time we act to save young lives.”

    “Congressman Cohen is a champion for transportation safety, and I applaud his sponsorship of the School Bus Safety Act,” National Transportation Safety Board Chair Jennifer Homendy said. “School buses are often touted as the safest vehicles on our roads, and yet the NTSB continues to investigate crashes that result in preventable fatalities and injuries involving children, adults who accompany them, and other road users. I’m pleased that the legislation introduced by Rep. Cohen would advance longstanding NTSB safety recommendations, such as requiring school buses to have three-point safety belts and collision-avoidance technology, among other vital safety enhancements. Every school bus crash serves as a painful reminder of the cost of inaction. I thank Rep. Cohen for his leadership and look forward to working with Congress to ensure U.S. school buses are as safe as possible. The NTSB will not rest until the number of lives lost to school bus tragedies is ZERO.”

    The School Bus Safety Act would require the Department of Transportation issue rules requiring all school buses include:

    • A three-point safety belt, which includes a seat belt across a lap as well as a shoulder harness to help protect passengers by restraining them in case of a collision;
    • An Automatic Emergency Braking System, which helps prevent accidents and crashes by detecting objects or vehicles ahead of the bus and braking automatically;
    • An Event Data Recorder (EDR) that can record pre- and post-crash data, driver inputs, and restraint usage when a collision does occur;
    • An Electronic Stability Control (ESC) System that will use automatic computer-controlled braking of individual wheels to assist the driver to remain in control of the vehicle;
    • A Fire Suppression System, which addresses engine fires; and
    • A Firewall that prohibits hazardous quantities of gas or flame to from passing from the engine compartment to the passenger compartment.

    According to the National Highway Traffic Safety Administration (NHTSA) from 2013 to 2022, there were 976 fatal school-transportation-related crashes, and 1,082 people of all ages were killed in those crashes — an average of 108 fatalities per year.  Congressman Cohen has been a strong advocate of increasing school bus safety, originally introducing this legislation in September of 2018.

    The School Bus Safety Act is supported by the National Safety Council, Advocates for Highway and Auto Safety, the Center for Auto Safety, the National Sheriffs’ Association, the American Academy of Pediatrics, the National Parent Teacher Association (PTA) and Consumer Reports.

    Endorsing organization statements:

    “Every child deserves to get to and from school safely,” said Lorraine Martin, president and CEO of the National Safety Council. “This critical legislation will ensure school buses are equipped with the latest in life-saving technology, including seat belts — a common-sense solution that keeps kids safe. We commend Rep. Cohen for his leadership and look forward to working with him and his Congressional colleagues to advance this measure and protect our country’s youngest travelers.” 

    “Every child deserves a safe journey to and from school, and no family should endure the heartbreak of losing a child in a preventable crash. Essential protections like three-point seat belts and automatic emergency braking (AEB) should be standard on all school buses to help prevent and reduce the impact of crashes. We are grateful to Rep. Steve Cohen (D-TN) for championing the School Bus Safety Act in the House of Representatives to ensure vulnerable child passengers are secure.” said Cathy Chase, President, Advocates for Highway and Auto Safety (Advocates)

    “When children are traveling on a school bus, it is imperative that there are commonsense safeguards in place to protect and keep them safe. The American Academy of Pediatrics has long advocated for needed improvements to school bus safety that can save lives and prevent serious injuries, including seat belts and other safety measures. We applaud Representative Steve Cohen (D-Tenn.) for introducing the School Bus Safety Act and call for its swift passage. It is time we enact these long overdue safety measures,” said American Academy of Pediatrics President Benjamin Hoffman, MD, FAAP. 

    “Child safety is the chief concern for parents—during the school day and while traveling to and from school,” said Yvonne Johnson, president of National PTA, the nation’s oldest and largest child advocacy association. “PTA supports standards, regulations and features to help keep children safe while they board, exit and ride on school buses, and our association applauds Representative Cohen for introducing the School Bus Safety Act.” 

    “America’s school buses lack much of the essential safety equipment protecting us in our cars every day, which is why the Center for Auto Safety commends Representative Cohen for the reintroduction of the School Bus Safety Act.  The School Bus Safety Act would protect schoolchildren with effective seat belts and fire prevention, modernize the school bus fleet with automatic emergency braking and electronic stability control, and put in place better data collection on school bus crashes.”  — Michael Brooks, Executive Director, Center for Auto Safety

    # # #

    MIL OSI USA News

  • MIL-OSI USA: Cell & Gene Therapy Innovation Hub Coming to Long Island

    Source: US State of New York

    Governor Kathy Hochul today unveiled plans for New York BioGenesis Park, a groundbreaking $430 million Cell and Gene Therapy Innovation Hub in Nassau County, Long Island. To be developed by The Albanese Organization, Inc., this state-of-the-art facility would catalyze CGT research, development, clinical manufacturing, and commercialization across New York State. With a historic $150 million state investment—the largest nationwide for a cell and gene therapy hub—NYBGP would accelerate the delivery of new therapies from lab to patient in New York’s diverse communities. This transformative hub aims to establish New York as the leading global destination for CGT innovation, driving economic growth, attracting top talent, and revolutionizing patient care statewide and beyond.

    “With this groundbreaking hub, New York has the opportunity to stake its claim as the epicenter of cell and gene therapy innovation,” Governor Hochul said. “We’re not just advancing medical science; we’re creating a powerhouse that will drive our economy, generate thousands of high-skilled jobs, and bring hope to millions facing life-threatening diseases. This investment reaffirms our commitment to leading the future of healthcare and ensuring that the next medical breakthrough happens right here in New York.”

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    Empire State Development President, CEO, and Commissioner Hope Knight said, “The selection of a developer with proven expertise ensures the Long Island CGT Center would be a beacon of excellence from inception to operation. ESD’s landmark investment not only underscores New York’s commitment to leadership in life sciences but also catalyzes a transformative shift in our biotechnology landscape. By creating high-quality jobs, attracting world-class talent, and fostering groundbreaking innovation, New York BioGenesis Park would cement New York’s position at the forefront of cell and gene therapy globally, driving economic growth and scientific advancement in equal measure.”

    New York State Department of Health Commissioner Dr. James McDonald said, “This groundbreaking and transformative investment puts New York State at the forefront of emerging gene and cell therapy sciences, creating a centralized hub of innovation and advancement in patient care. I thank Governor Hochul for her commitment to investing in the future of medical research and therapeutic technologies that will give hope to patients fighting cancer and other devastating diseases.”

    The Cell and Gene Therapy Innovation Hub is a critical component of the statewide Cell and Gene Therapy initiative announced in Governor Hochul’s 2023 State of the State address. With the $430 million New York BioGenesis Park on Long Island and the $98 million expansion at Roswell Park Comprehensive Cancer Center in Buffalo, these projects represent a combined total investment of over half a billion dollars in Cell and Gene Therapy innovation across New York.

    The Albanese Organization, Inc., a Long Island-based developer with more than 70 years of experience in managing successful public-private partnerships, was selected following a Request for Proposals issued in December 2023. Albanese is conditionally selected to lead the comprehensive process to design, finance, build, market, tenant, and operate the Long Island Cell and Gene Therapy Center. This selection ensures that the project will be executed from conception to operation with an experienced development team, leveraging Albanese’s extensive expertise in developing large life science innovation campuses.

    Albanese Organization Chairman Russell Albanese, said, “The Albanese Organization and our development team are honored and excited to be designated by Empire State Development to enter into this public private partnership that will realize the Governor’s vision to create a ‘Hub of the Future’ for Cell and Gene Therapy in Lake Success, Long Island. This transformative development will serve as a significant catalyst for advancing cell therapy research, development, clinical manufacturing, and commercialization across the State that will lead to increased access to transformative, life-saving treatments. The Hub will also further amplify and expand the economic engine that is the life sciences industry within New York State, and specifically Long Island.”

    With this groundbreaking hub, New York has the opportunity to stake its claim as the epicenter of cell and gene therapy innovation.”

    Governor Hochul

    Cell and gene therapies are revolutionary treatments that modify a patient’s cells or genes to combat diseases at their source. Offering hope for previously incurable conditions—including cancers, genetic disorders, and autoimmune diseases—these approaches target illnesses at the cellular and genetic levels. They have the potential to provide more effective, longer-lasting treatments with fewer side effects than traditional methods. Advancements in these therapies could revolutionize healthcare, paving the way for personalized medicine and new possibilities for patients who have exhausted other treatment options.

    New York BioGenesis Park is envisioned as a cutting-edge, full-service campus dedicated to advancing cell and gene therapies and accelerating their commercialization. At full build-out, the 700,000-square-foot park would create an end-to-end Cell and Gene Therapy innovation and supply center, featuring interconnected areas for public engagement, research, manufacturing, and collaboration. The project would be developed in multiple phases, with Phase One comprising a 331,000-square-foot facility on Northwell Health’s campus in Lake Success, including the first Cell and Gene Therapy Tower and Contract Development and Manufacturing Organizations (CDMO) Tower. Phase One is already poised to advance, with conditional commitments from two anchor tenants; one would operate the CDMO, the other would operate the incubator.

    A cornerstone of New York BioGenesis Park is its incubator, supported by a $50 million investment from ESD’s Long Island Investment Fund. This facility will empower early-stage therapeutic developers by offering state-of-the-art wet lab space, shared equipment, office space, and other essential resources. This nurturing environment would provide Cell and Gene Therapy companies with access to specialized equipment, mentoring, and stage-appropriate financial guidance. As a critical component of New York BioGenesis Park, the incubator is poised to catalyze the growth of promising Cell and Gene Therapy companies by providing them with resources and support, unlocking their potential for innovation and success.

    This initial phase is expected to create approximately 830 full time union construction jobs and a combined estimate of 700 jobs related to Cell and Gene Therapy development and provision of services and technologies required by Cell and Gene Therapy developers, such as Contract Development and Manufacturing Organizations, vector developers, and advanced diagnostic providers, as well as staff required for operation of the Center. Phase Two would further expand lab and office space, enhancing the park’s capabilities for Cell and Gene Therapy companies and service providers.

    Empire State Development Board Chairman Kevin Law said, “New York BioGenesis Park represents a transformative investment in Long Island’s future and New York State’s position as a global leader in biotechnology advancements. This project not only promises to create hundreds of high-skilled jobs but also establishes a world-class ecosystem for cell and gene therapy innovation. By leveraging Long Island’s exceptional talent pool and research institutions, we’re laying the foundation for breakthroughs that will save lives and drive economic growth for decades to come.”

    LIREDC Co-Chairs Linda Armyn and Dr. Kimberly R. Cline said, “The New York BioGenesis Park represents a transformative investment in Long Island’s future and solidifies our region’s position at the forefront of biotechnology innovation. This visionary project not only promises to create high-quality jobs and drive economic growth, but it also establishes Long Island as a global hub for cell and gene therapy research and development. By leveraging our region’s world-class academic institutions, skilled workforce, and entrepreneurial spirit, New York BioGenesis Park will catalyze breakthroughs that will save lives and shape the future of healthcare.”

    Assemblywoman Gina Sillitti said, “New York State’s $150 million investment in a gene therapy research hub at Lake Success is a transformative step in developing Long Island’s biotechnology sector. I thank Governor Hochul for championing this initiative, which will create hundreds of jobs and further solidify Long Island’s place as a national leader in cutting-edge medical research and treatments.”

    Roswell Park Comprehensive Cancer Center President and CEO Candace S. Johnson, PhD said, “New York is already a leader in the science of making ‘living cures’ from our own cells. With these historic investments in the Roswell Park GMP Engineering & Cell Manufacturing Facility and New York BioGenesis Park, Governor Kathy Hochul and Empire State Development are making sure our teams are supported by an innovation infrastructure powerful enough to transform their curiosity into cures”

    New York Blood Center Enterprises President and CEO Christopher D. Hillyer, MD said, “The creation of the Long Island Center for Cell and Gene Therapy represents a critical investment in the future of medicine. New York Blood Center Enterprises and Comprehensive Cell Solutions are extremely proud to be part of the team that will position New York as a global leader in life sciences, particularly in cell and gene therapy, offering new hope to patients facing diseases once thought untreatable.”

    Northwell Health President and CEO Michael J. Dowling said, “We are committed to supporting New York State in establishing this innovative cell and gene therapy hub on Long Island. The facility will be a game changer for physician-scientists, researchers and innovative companies, some of which are already working together in the region to advance novel biomedical treatments in the fight against cancer and other devastating diseases, offering new hope for our diverse communities across the state.”

    Cold Spring Harbor Laboratory President and CEO Bruce Stillman, PhD said, “The New York State cell and gene therapy initiative on Long Island will be a most welcome addition to the region’s biomedical research enterprise, and Cold Spring Harbor Laboratory looks forward to partnering with the CGT initiative. We thank Governor Hochul and Empire State Development for pioneering this exciting research expansion.”

    New York BioGenesis Park would foster strong ties with academic and medical institutions throughout New York, creating a robust ecosystem for Cell and Gene Therapy innovation. Collaborating with the Empire State Cellular Therapy Consortium and world-class institutions like Cold Spring Harbor Laboratory, the Feinstein Institutes, Northwell Health, Roswell Park, Stony Brook University, Weill Cornell, Columbia University and others around the state. New York BioGenesis Park would enhance research synergies and accelerate medical breakthroughs. This ecosystem would bring together experts in advanced Cell and Gene Therapy therapies, offering specialized facilities, services, and resources to both tenants and collaborating institutions. By facilitating cutting-edge science, innovative technology development and novel approaches to clinical trials, New York BioGenesis Park would ensure New York’s institutions remain globally competitive in groundbreaking Cell and Gene Therapy research and commercialization.

    The New York BioGenesis Park and the Cell and Gene Therapy manufacturing expansion at Roswell Park would create a powerful, interconnected network that leverages complementary resources and capabilities at both ends of the state. By fostering a comprehensive ecosystem that spans from basic research to clinical application and commercialization, New York is positioning itself as the nation’s leading destination for Cell and Gene Therapy research, development, and manufacturing.

    The Long Island Cell and Gene Therapy Innovation Hub stands to serve as a cornerstone of New York’s $620 million Life Science Initiative. Aimed at establishing the state as a national leader in the broader life sciences industry—including biotechnology, pharmaceuticals, and medical technology—the initiative allocates $320 million for strategic programs to attract new technologies, promote investment in emerging fields, and stimulate life science business growth and employment statewide. This multifaceted approach seeks to spur the development of a world-class research cluster, enhance the state’s ability to commercialize groundbreaking research, and drive economic growth. By solidifying New York’s position in life sciences innovation, the initiative advances Cell and Gene Therapy development and strengthens the state’s global competitiveness. Read New York State’s Life Science Initiative Strategic Plan here.

    MIL OSI USA News

  • MIL-Evening Report: ‘They do not respect our land. They do not respect our people’. Brazil’s traditional people take on BHP in one of the world’s biggest class actions

    Source: The Conversation (Au and NZ) – By Ebony Birchall, Lecturer, Law School, Macquarie University

    Australian mining giant BHP is at the centre of one of the world’s largest class actions, the trial for which started this week in London.

    The Fundão Dam in Mariana, Brazil, co-owned by BHP, collapsed in 2015 spilling a gigantic wave of toxic mud across 700 kilometres of land. Nineteen people were killed, villages and livestock wiped out, vast areas of land rendered uninhabitable and rivers and water supplies contaminated.

    Corporate accountability

    The class action has renewed questions about the responsibilities multibillion-dollar corporations have to local communities.

    Leaders of the traditional people groups impacted by the disaster visited Australia with their lawyer Tom Goodhead from international legal firm Pogust Goodhead to raise awareness of the case two weeks ago.

    Goodhead told a public forum at Macquarie University this was a case of corporate negligence and putting profit before safety. He said the operators were warned of the risk of dam collapse and continued to push operations beyond what was safe.

    The class action is brought on behalf of more than 600,000 claimants. The trial is expected to run for 12 weeks and will be heard in the UK, because this is where BHP was headquartered at the time of the disaster.

    The UK courts will apply the Brazilian laws, which say environmental polluters must pay for the damage they cause.

    Can BHP fix this?

    The claimants’ lawyers say the case is valued at more than A$68.8 billion. The figure is based on an estimation of the impact of the disaster on land, culture and sacred places, as well as some form of recompense for the lost lives.

    Maycon Krenak, one of the Krenak chiefs, explained:

    [the] river has always been there for us to guarantee our livelihoods. It is a sacred space for us. The river is where we carry out our sacred practices. That’s where we sing, where we dance, where we gather. The new leaders, [our] children, have to learn how to swim in a water tank of a thousand litres.

    BHP is reported as saying its Renova Foundation, established in 2016, has spent more than A$11.5 billion to compensate victims and remediate the environment.

    But Thatiele Monic, president of the Vila Santa Efigênia and Adjacências Quilombola Association said the victims don’t trust the foundation.

    In the same way that the mining company invades our land, the Renova Foundation also is invading our space and our territories. They do not respect our land. They do not respect our people, and they are creating more and more conflict. So that people are essentially giving up pursuing this.

    Poor human rights record

    Australian corporations operating overseas have a poor record on human rights.

    Two weeks ago, a preliminary report of the Panguna Mine Legacy Impact Assessment uncovered human rights violations, including risks to life, at Rio Tinto’s abandoned Panguna mine in Bougainville, Papua New Guinea.

    The gold and copper mine triggered a brutal civil war between 1988 and 1998. Despite decades passing since the mine was decommissioned, the recent report confirms the mine continues to pose risks to life and safety due to the collapsing mine and ongoing contamination down rivers and into new areas.

    Australian mining corporations have also been linked to death and destruction in their operations in Africa.

    Corporate activities within Australia have impacted our own Aboriginal and Torres Strait Islander Peoples. For example, Rio Tinto’s explosion at Juukan Gorge destroyed sites of cultural significance dating more than 46,000 years.

    Where Australia stands

    The Australian government has endorsed the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises both of which outline corporations’ human rights obligations.

    The UNGPs say states should set out clearly the expectation that corporations in their jurisdiction respect human rights in all their operations – even those occurring overseas.

    The Human Rights Law Centre found in a 2018 report on this topic that the Australian government was not doing enough to hold corporations to account.

    It found Australian corporations operating overseas did so with impunity. Efforts to seek justice locally is often thwarted by corruption, lack of resources or ineffective legal process. At the same time, attempts by overseas communities to take legal action in Australian courts face enormous hurdles and rarely succeed.

    This is why cases like the class action for claimants in Mariana are crucial for corporate accountability.

    In my 2023 report with colleagues Surya Deva and Justine Nolan, we found this kind of litigation can raise awareness, facilitate broader industry developments and shape laws and policy.

    Our report also found litigation needs to be supported by strong regulatory responses from governments, and complementary advocacy like shareholder or consumer engagement.

    Cost of litigation

    Litigation comes with significant risks to victims and their allies.

    In a controversial development for corporate accountability in Australia, oil and gas giant Santos is using legal processes to challenge environmental groups who supported traditional owners opposing their Barossa gas project. Santos’ tactics, if allowed to continue, could limit public interest litigation in the future.

    Thatiele Monic ended her speech at the Macquarie University event with a question worth repeating

    This has happened in Brazil, but it has happened in many other places, and if we don’t do anything about it, and we don’t talk about it, it will continue to happen in many more other places. This is not the future I want for myself and for my people. I’d like to know. What future do you want for yourselves?

    Ebony Birchall is affiliated with Macquarie University’s B&HR Access to Justice Lab.

    ref. ‘They do not respect our land. They do not respect our people’. Brazil’s traditional people take on BHP in one of the world’s biggest class actions – https://theconversation.com/they-do-not-respect-our-land-they-do-not-respect-our-people-brazils-traditional-people-take-on-bhp-in-one-of-the-worlds-biggest-class-actions-241777

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Farmers and Merchants Bancshares, Inc. Reports Earnings of $3,421,623 or $1.09 per Share for the Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    HAMPSTEAD, Md., Oct. 22, 2024 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the nine months ended September 30, 2024 was $3,421,623, or $1.09 per common share (basic and diluted), compared to $5,003,107, or $1.63 per common share (basic and diluted), for the same period in 2023. Higher interest expense as a result of the Federal Reserve rate increases over the last two years was the primary reason for the decline in net income. The Company’s return on average equity during the nine months ended September 30, 2024 was 8.53% compared to 13.45% for the same period in 2023. The Company’s return on average assets during the nine months ended September 30, 2024 was 0.57% compared to 0.91% for the same period in 2023. Loan growth for the nine months ended September 30, 2024 was $49 million, an annualized growth rate of 12.5%.

    Net income for the three months ended September 30, 2024 was $1,123,127, or $0.36 per common share (basic and diluted), compared to $1,432,139, or $0.46 per common share (basic and diluted), for the third quarter of 2023. The Company’s return on average equity during the three months ended September 30, 2024 was 8.05% compared to 11.54% for the same period in 2023. The Company’s return on average assets during the three months ended September 30, 2024 was 0.56% compared to 0.77% for the same period in 2023.

    Net interest income for the nine months ended September 30, 2024 was $722,419 lower when compared to the same period in 2023 due to a decrease in the net interest margin to 2.67% for the nine months ended September 30, 2024 from 3.04% for the same period in 2023. The decline in the net interest margin was partially offset by a $62.7 million increase in average interest earning assets to $775.9 million for the nine months ended September 30, 2024 from $713.2 million for the same period in 2023. Higher interest expense was the driving factor in the lower net interest income. The Federal Reserve interest rate decreased by 0.50% in late September after aggregate increases of 5.25% from March 2022 through August 2023. The net aggregate increase of 4.75% caused the cost of deposits and borrowings to increase by 119 basis points to 2.71% for the nine months ended September 30, 2024 from 1.52% for the same period in 2023. In addition, average interest bearing liabilities increased by $69.9 million to $624.5 million for the nine months ended September 30, 2024 from $554.6 million for the same period in 2023. The taxable equivalent yield on total average interest-earning assets increased 64 basis points to 4.86% for the nine months ended September 30, 2024 from 4.22% for the same period in 2023, partially offsetting the higher cost of funds. Despite the recent Federal Reserve rate decrease and the projected decreases in November and December of 2024, no significant improvement in the net interest margin is expected during the remainder of 2024.

    The Bank entered into several interest rate swaps structured as fair value hedges during 2023 and 2024, some in combination with the purchase of mortgage backed securities, which are intended to offset the impact of higher interest expense by improving interest income on debt securities. The notional amount of interest rate swaps outstanding at September 30, 2024 was approximately $99 million. Our loan portfolio is comprised primarily of commercial real estate loans with fixed rates for five-year terms. As those loans reprice, our net interest margin should improve. In addition, our current strategy is to increase the diversification of our portfolio with commercial and industrial loans, which are typically adjustable rate loans and would provide an immediate higher yield in today’s interest rate environment.

    No provision was recorded for credit losses for the nine months ended September 30, 2024. For the nine months ended September 30, 2023, we recorded a $570,000 recovery.

    Noninterest income increased by $160,505 for the nine months ended September 30, 2024 when compared to the same period in 2023, primarily as a result of a $142,794 gain on insurance proceeds for our Upperco location and a $34,180 increase in service charges on deposit accounts, offset by $31,922 loss on the sale of debt securities. Noninterest expense was $1,117,921 higher in the nine months ended September 30, 2024 when compared to the same period in 2023, due primarily to a $488,857 increase in other expenses, a $311,155 increase in occupancy and furniture and equipment costs, and a $317,909 increase in salaries and benefits. The increase in other expenses was due primarily to costs associated with our core system conversion that is projected to be completed in the fourth quarter of 2024, ATM related expenses, and legal fees incurred for stockholder matters. Also, the Bank’s FDIC assessment expense increased due to higher FDIC assessment rates. The increase in occupancy and furniture and equipment was due primarily to the renovations and new equipment for the Upperco location which was placed in service at the end of the first quarter and the new Towson location that was placed in service during the second quarter. The increase in salaries and benefits was due to normal annual salary increases as well as the hiring of several new employees primarily in the commercial loan production department.

    Income taxes decreased by $668,351 during the nine months ended September 30, 2024 when compared to the same period in 2023 due to lower earnings before taxes. The effective tax rate decreased to 22.5% for the nine months ended September 30, 2024 from 24.9% for the same period last year due to an increase in the amount of nontaxable income included in pretax income year over year.

    Total assets increased to $818 million at September 30, 2024 from $800 million at December 31, 2023. Loans increased to $572 million at September 30, 2024 from $523 million at December 31, 2023, an annualized rate of increase of 12.5%. Investments in debt securities decreased to $180 million at September 30, 2024 from $184 million at December 31, 2023. Deposits decreased to $674 million at September 30, 2024 from $681 million at December 31, 2023. The Company’s tangible equity was $52 million at September 30, 2024 compared to $45 million at December 31, 2023.

    The book value of the Company’s common stock increased to $18.81 per share at September 30, 2024 from to $16.74 per share at December 31, 2023. Book value per share at September 30, 2024 was reflective of the $14 million unrealized loss, net of income taxes, on the Bank’s available for sale (“AFS”) investment portfolio as a result of the significant rise in interest rates over the last 30 months. Changes in the market value of the AFS investment portfolio, net of income taxes, are reflected in the Company’s equity, but are not included in the income statement. The AFS investment portfolio is comprised of 62% government agency mortgage backed securities which are fully guaranteed, 33% investment grade non agency mortgage backed securities, 1% investment grade corporate and municipal bonds, and 4% subordinated debt of other community banks. There is no indication of credit deterioration in any of the bonds and we intend to hold these investments to maturity, so no actual losses are anticipated. There is no impact on regulatory capital because the Bank elected many years ago to not include in the calculation of regulatory capital changes in the market value of the AFS investment portfolio regardless of whether they are positive or negative.

    The Bank began utilizing the Federal Reserve Bank’s Bank Term Funding Program (“BTFP”) during the second quarter of 2023 and had borrowings of $54,000,000 outstanding at September 30, 2024, with a maturity date of January 15, 2025, an increase of $21,000,000 from December 31, 2023. Eligible collateral for the BTFP includes mortgage backed securities which are valued at par instead of market providing greater availability than other facilities. The BTFP also provides competitive fixed rates for up to a one-year term and advances can be refinanced or paid off in full or in part at any time. The Federal Reserve Bank stopped new BTFP advances on March 11, 2024. This facility, along with our Federal Home Loan Bank facility, other borrowing lines available, unpledged securities, brokered deposit access, and cash, provided us with access to approximately $332 million of liquidity at September 30, 2024.

    Gary A. Harris, President and CEO, commented “We are pleased that our loan portfolio has grown at an annualized rate of 12.5% during the first nine months of the year, demonstrating that our investment in additional loan production staff and facilities is paying off. Our asset quality remains high and our liquidity position remains strong. Due to the sunsetting of our existing core operating system, our core system conversion will occur on October 28, 2024. While it will increase our expenses in 2024, the new system will be a substantial digital upgrade that will position the bank for future growth, provide for significant efficiency gains and an enhanced customer experience moving forward. The Federal Reserve interest rate decreased by 50 basis points in September and additional cuts are expected over the remainder of 2024 and 2025. These cuts are too late in 2024 to have any significant impact on our net interest margin, but should provide for improvement in 2025.”

    About the Company

    The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, Eldersburg, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.

    Forward-Looking Statements

    The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.

     
     
    Farmers and Merchants Bancshares, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (Unaudited)
         
      September 30, December 31, *
        2024     2023  
         
    Assets
         
    Cash and due from banks $ 16,271,388   $ 44,404,473  
    Federal funds sold and other interest-bearing deposits   570,479     285,864  
    Cash and cash equivalents   16,841,867     44,690,337  
    Certificates of deposit in other banks   100,000     100,000  
    Securities available for sale, at fair value   159,499,031     164,084,673  
    Securities held to maturity, at amortized cost less allowance for credit losses of $36,894 and $35,627   20,197,994     20,163,622  
    Equity security, at fair value   531,958     507,130  
    Restricted stock, at cost   1,016,000     863,500  
    Mortgage loans held for sale   759,200      
    Loans, less allowance for credit losses of $4,190,882 and $4,285,247   571,562,379     523,308,044  
    Premises and equipment, net   7,441,171     6,583,452  
    Accrued interest receivable   2,362,330     2,180,734  
    Deferred income taxes, net   6,736,681     8,312,482  
    Other real estate owned, net   1,226,245     1,242,365  
    Bank owned life insurance   15,218,368     14,930,754  
    Goodwill and other intangibles, net   7,028,178     7,034,424  
    Other assets   7,009,579     5,939,309  
      $ 817,530,981   $ 799,940,826  
         
    Liabilities and Stockholders’ Equity
         
    Deposits    
    Noninterest-bearing $ 108,442,303   $ 115,284,706  
    Interest-bearing   565,302,419     565,678,145  
    Total deposits   673,744,722     680,962,851  
    Securities sold under repurchase agreements   2,885,496     6,760,493  
    Federal Home Loan Bank of Atlanta advances   5,000,000     5,000,000  
    Federal Reserve Bank advances   54,000,000     33,000,000  
    Long-term debt, net of issuance costs   11,799,931     13,212,378  
    Accrued interest payable   2,581,429     1,482,773  
    Other liabilities   8,357,055     7,344,040  
        758,368,633     747,762,535  
    Stockholders’ equity    
    Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,145,974 in 2024 and 3,116,966 shares in 2023   31,460     31,170  
    Additional paid-in capital   30,837,137     30,398,080  
    Retained earnings   41,826,204     39,433,185  
    Accumulated other comprehensive loss   (13,532,453 )   (17,684,144 )
        59,162,348     52,178,291  
      $ 817,530,981   $ 799,940,826  
    * – Derived from audited consolidated financial statements    
     
    Farmers and Merchants Bancshares, Inc. and Subsidiaries
    Consolidated Statements of Income
    (Unaudited)
         
      Three Months Ended September 30, Nine Months Ended September 30,
        2024     2023     2024     2023  
             
    Interest income        
    Loans, including fees $ 7,901,509   $ 6,609,039   $ 22,021,236   $ 19,023,308  
    Investment securities – taxable   1,623,113     996,586     4,794,495     2,528,793  
    Investment securities – tax exempt   141,258     137,254     415,629     416,626  
    Federal funds sold and other interest earning assets   180,572     258,818     860,922     469,721  
    Total interest income   9,846,452     8,001,697     28,092,282     22,438,448  
             
    Interest expense        
    Deposits   3,910,840     2,239,808     10,243,652     5,010,624  
    Securities sold under repurchase agreements   13,069     12,110     49,113     23,949  
    Federal Home Loan Bank advances and other borrowings   64,713     39,289     109,230     452,272  
    Federal Reserve Bank advances   647,882     378,500     1,910,411     391,763  
    Long-term debt   125,103     145,001     387,408     444,953  
    Total interest expense   4,761,607     2,814,708     12,699,814     6,323,561  
    Net interest income   5,084,845     5,186,989     15,392,468     16,114,887  
             
    Recovery of credit losses       (75,000 )       (570,000 )
             
    Net interest income after recovery of credit losses   5,084,845     5,261,989     15,392,468     16,684,887  
             
    Noninterest income        
    Service charges on deposit accounts   209,078     195,566     621,179     586,999  
    Mortgage banking income   43,035     33,585     66,362     92,514  
    Bank owned life insurance income   102,831     89,748     287,614     261,595  
    Loss on sale of debt securities           (31,922 )    
    Fair value adjustment of equity security   19,808     (13,769 )   13,837     (15,343 )
    Loss on disposition of furniture and equipment   (5,157 )       (5,157 )    
    Gain on insurance proceeds           142,794      
    Other fees and commissions   81,425     78,096     234,688     243,125  
    Total noninterest income   451,020     383,226     1,329,395     1,168,890  
             
    Noninterest expense        
    Salaries   1,878,411     1,916,804     5,848,178     5,643,742  
    Employee benefits   548,892     348,048     1,596,751     1,483,278  
    Occupancy   274,580     229,135     798,597     645,398  
    Furniture and equipment   327,198     246,896     897,503     739,547  
    Other   1,042,142     1,005,065     3,165,922     2,677,065  
    Total noninterest expense   4,071,223     3,745,948     12,306,951     11,189,030  
             
    Income before income taxes   1,464,642     1,899,267     4,414,912     6,664,747  
    Income taxes   341,515     467,128     993,289     1,661,640  
    Net income $ 1,123,127   $ 1,432,139   $ 3,421,623   $ 5,003,107  
             
    Earnings per share – basic $ 0.36   $ 0.46   $ 1.09   $ 1.63  
    Earnings per share – diluted $ 0.36   $ 0.46   $ 1.09   $ 1.63  
             
    Contact: Mr. Gary A. Harris
      President and Chief Executive Officer
      (410) 374-1510, ext. 1104
       

    The MIL Network

  • MIL-OSI USA: Cell & Gene Therapy Innovation Hub Coming to Long Island

    Source: US State of New York

    Governor Kathy Hochul today unveiled plans for New York BioGenesis Park, a groundbreaking $430 million Cell and Gene Therapy Innovation Hub in Nassau County, Long Island. To be developed by The Albanese Organization, Inc., this state-of-the-art facility would catalyze CGT research, development, clinical manufacturing, and commercialization across New York State. With a historic $150 million state investment—the largest nationwide for a cell and gene therapy hub—NYBGP would accelerate the delivery of new therapies from lab to patient in New York’s diverse communities. This transformative hub aims to establish New York as the leading global destination for CGT innovation, driving economic growth, attracting top talent, and revolutionizing patient care statewide and beyond.

    “With this groundbreaking hub, New York has the opportunity to stake its claim as the epicenter of cell and gene therapy innovation,” Governor Hochul said. “We’re not just advancing medical science; we’re creating a powerhouse that will drive our economy, generate thousands of high-skilled jobs, and bring hope to millions facing life-threatening diseases. This investment reaffirms our commitment to leading the future of healthcare and ensuring that the next medical breakthrough happens right here in New York.”

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    Empire State Development President, CEO, and Commissioner Hope Knight said, “The selection of a developer with proven expertise ensures the Long Island CGT Center would be a beacon of excellence from inception to operation. ESD’s landmark investment not only underscores New York’s commitment to leadership in life sciences but also catalyzes a transformative shift in our biotechnology landscape. By creating high-quality jobs, attracting world-class talent, and fostering groundbreaking innovation, New York BioGenesis Park would cement New York’s position at the forefront of cell and gene therapy globally, driving economic growth and scientific advancement in equal measure.”

    New York State Department of Health Commissioner Dr. James McDonald said, “This groundbreaking and transformative investment puts New York State at the forefront of emerging gene and cell therapy sciences, creating a centralized hub of innovation and advancement in patient care. I thank Governor Hochul for her commitment to investing in the future of medical research and therapeutic technologies that will give hope to patients fighting cancer and other devastating diseases.”

    The Cell and Gene Therapy Innovation Hub is a critical component of the statewide Cell and Gene Therapy initiative announced in Governor Hochul’s 2023 State of the State address. With the $430 million New York BioGenesis Park on Long Island and the $98 million expansion at Roswell Park Comprehensive Cancer Center in Buffalo, these projects represent a combined total investment of over half a billion dollars in Cell and Gene Therapy innovation across New York.

    The Albanese Organization, Inc., a Long Island-based developer with more than 70 years of experience in managing successful public-private partnerships, was selected following a Request for Proposals issued in December 2023. Albanese is conditionally selected to lead the comprehensive process to design, finance, build, market, tenant, and operate the Long Island Cell and Gene Therapy Center. This selection ensures that the project will be executed from conception to operation with an experienced development team, leveraging Albanese’s extensive expertise in developing large life science innovation campuses.

    Albanese Organization Chairman Russell Albanese, said, “The Albanese Organization and our development team are honored and excited to be designated by Empire State Development to enter into this public private partnership that will realize the Governor’s vision to create a ‘Hub of the Future’ for Cell and Gene Therapy in Lake Success, Long Island. This transformative development will serve as a significant catalyst for advancing cell therapy research, development, clinical manufacturing, and commercialization across the State that will lead to increased access to transformative, life-saving treatments. The Hub will also further amplify and expand the economic engine that is the life sciences industry within New York State, and specifically Long Island.”

    With this groundbreaking hub, New York has the opportunity to stake its claim as the epicenter of cell and gene therapy innovation.”

    Governor Hochul

    Cell and gene therapies are revolutionary treatments that modify a patient’s cells or genes to combat diseases at their source. Offering hope for previously incurable conditions—including cancers, genetic disorders, and autoimmune diseases—these approaches target illnesses at the cellular and genetic levels. They have the potential to provide more effective, longer-lasting treatments with fewer side effects than traditional methods. Advancements in these therapies could revolutionize healthcare, paving the way for personalized medicine and new possibilities for patients who have exhausted other treatment options.

    New York BioGenesis Park is envisioned as a cutting-edge, full-service campus dedicated to advancing cell and gene therapies and accelerating their commercialization. At full build-out, the 700,000-square-foot park would create an end-to-end Cell and Gene Therapy innovation and supply center, featuring interconnected areas for public engagement, research, manufacturing, and collaboration. The project would be developed in multiple phases, with Phase One comprising a 331,000-square-foot facility on Northwell Health’s campus in Lake Success, including the first Cell and Gene Therapy Tower and Contract Development and Manufacturing Organizations (CDMO) Tower. Phase One is already poised to advance, with conditional commitments from two anchor tenants; one would operate the CDMO, the other would operate the incubator.

    A cornerstone of New York BioGenesis Park is its incubator, supported by a $50 million investment from ESD’s Long Island Investment Fund. This facility will empower early-stage therapeutic developers by offering state-of-the-art wet lab space, shared equipment, office space, and other essential resources. This nurturing environment would provide Cell and Gene Therapy companies with access to specialized equipment, mentoring, and stage-appropriate financial guidance. As a critical component of New York BioGenesis Park, the incubator is poised to catalyze the growth of promising Cell and Gene Therapy companies by providing them with resources and support, unlocking their potential for innovation and success.

    This initial phase is expected to create approximately 830 full time union construction jobs and a combined estimate of 700 jobs related to Cell and Gene Therapy development and provision of services and technologies required by Cell and Gene Therapy developers, such as Contract Development and Manufacturing Organizations, vector developers, and advanced diagnostic providers, as well as staff required for operation of the Center. Phase Two would further expand lab and office space, enhancing the park’s capabilities for Cell and Gene Therapy companies and service providers.

    Empire State Development Board Chairman Kevin Law said, “New York BioGenesis Park represents a transformative investment in Long Island’s future and New York State’s position as a global leader in biotechnology advancements. This project not only promises to create hundreds of high-skilled jobs but also establishes a world-class ecosystem for cell and gene therapy innovation. By leveraging Long Island’s exceptional talent pool and research institutions, we’re laying the foundation for breakthroughs that will save lives and drive economic growth for decades to come.”

    LIREDC Co-Chairs Linda Armyn and Dr. Kimberly R. Cline said, “The New York BioGenesis Park represents a transformative investment in Long Island’s future and solidifies our region’s position at the forefront of biotechnology innovation. This visionary project not only promises to create high-quality jobs and drive economic growth, but it also establishes Long Island as a global hub for cell and gene therapy research and development. By leveraging our region’s world-class academic institutions, skilled workforce, and entrepreneurial spirit, New York BioGenesis Park will catalyze breakthroughs that will save lives and shape the future of healthcare.”

    Assemblywoman Gina Sillitti said, “New York State’s $150 million investment in a gene therapy research hub at Lake Success is a transformative step in developing Long Island’s biotechnology sector. I thank Governor Hochul for championing this initiative, which will create hundreds of jobs and further solidify Long Island’s place as a national leader in cutting-edge medical research and treatments.”

    Roswell Park Comprehensive Cancer Center President and CEO Candace S. Johnson, PhD said, “New York is already a leader in the science of making ‘living cures’ from our own cells. With these historic investments in the Roswell Park GMP Engineering & Cell Manufacturing Facility and New York BioGenesis Park, Governor Kathy Hochul and Empire State Development are making sure our teams are supported by an innovation infrastructure powerful enough to transform their curiosity into cures”

    New York Blood Center Enterprises President and CEO Christopher D. Hillyer, MD said, “The creation of the Long Island Center for Cell and Gene Therapy represents a critical investment in the future of medicine. New York Blood Center Enterprises and Comprehensive Cell Solutions are extremely proud to be part of the team that will position New York as a global leader in life sciences, particularly in cell and gene therapy, offering new hope to patients facing diseases once thought untreatable.”

    Northwell Health President and CEO Michael J. Dowling said, “We are committed to supporting New York State in establishing this innovative cell and gene therapy hub on Long Island. The facility will be a game changer for physician-scientists, researchers and innovative companies, some of which are already working together in the region to advance novel biomedical treatments in the fight against cancer and other devastating diseases, offering new hope for our diverse communities across the state.”

    Cold Spring Harbor Laboratory President and CEO Bruce Stillman, PhD said, “The New York State cell and gene therapy initiative on Long Island will be a most welcome addition to the region’s biomedical research enterprise, and Cold Spring Harbor Laboratory looks forward to partnering with the CGT initiative. We thank Governor Hochul and Empire State Development for pioneering this exciting research expansion.”

    New York BioGenesis Park would foster strong ties with academic and medical institutions throughout New York, creating a robust ecosystem for Cell and Gene Therapy innovation. Collaborating with the Empire State Cellular Therapy Consortium and world-class institutions like Cold Spring Harbor Laboratory, the Feinstein Institutes, Northwell Health, Roswell Park, Stony Brook University, Weill Cornell, Columbia University and others around the state. New York BioGenesis Park would enhance research synergies and accelerate medical breakthroughs. This ecosystem would bring together experts in advanced Cell and Gene Therapy therapies, offering specialized facilities, services, and resources to both tenants and collaborating institutions. By facilitating cutting-edge science, innovative technology development and novel approaches to clinical trials, New York BioGenesis Park would ensure New York’s institutions remain globally competitive in groundbreaking Cell and Gene Therapy research and commercialization.

    The New York BioGenesis Park and the Cell and Gene Therapy manufacturing expansion at Roswell Park would create a powerful, interconnected network that leverages complementary resources and capabilities at both ends of the state. By fostering a comprehensive ecosystem that spans from basic research to clinical application and commercialization, New York is positioning itself as the nation’s leading destination for Cell and Gene Therapy research, development, and manufacturing.

    The Long Island Cell and Gene Therapy Innovation Hub stands to serve as a cornerstone of New York’s $620 million Life Science Initiative. Aimed at establishing the state as a national leader in the broader life sciences industry—including biotechnology, pharmaceuticals, and medical technology—the initiative allocates $320 million for strategic programs to attract new technologies, promote investment in emerging fields, and stimulate life science business growth and employment statewide. This multifaceted approach seeks to spur the development of a world-class research cluster, enhance the state’s ability to commercialize groundbreaking research, and drive economic growth. By solidifying New York’s position in life sciences innovation, the initiative advances Cell and Gene Therapy development and strengthens the state’s global competitiveness. Read New York State’s Life Science Initiative Strategic Plan here.

    MIL OSI USA News

  • MIL-OSI New Zealand: A plan for growth in Auckland’s rural south is coming

    Source: Auckland Council

    From 29 October, Aucklanders will be asked to have their say on a strategy for the region’s southern rural area. The Southern Rural Strategy sets out how the area will accommodate a growing population, while enabling industries like farming and food production to thrive.  

    Councillor for Franklin ward, Andy Baker, chairs the political working group overseeing the development of the strategy.  

    “A lot of the food eaten around the country comes from the rural parts of south Auckland – the unique climate, soils and proximity to markets, airport and port see major growth in our under-glass and kiwifruit industries. We rely on these, and other vital industries found in this region, every day.”  

    “The Franklin area is growing and is expected to become home to another 100,000 people over the next 30 years. This is great news for our economy, and means we need a strategy to manage the valuable – and vulnerable – natural resources found here. People all over New Zealand enjoy the produce from this area, so, we need to get the balance right as we develop to maintain our horticultural and agricultural advantage.”  

    “Growth needs to be at the right place and right time, with infrastructure in place to support new development. We also need to develop employment at the same time as housing so people can live and work in the same locality. The best places for that are in our existing towns and villages.   

    Which areas does the strategy cover?  

    The strategy covers the full Franklin ward. It also includes some rural land from the Howick and Papakura local board areas.  

    Why do we need this strategy? 

    There are many different factors at play in Auckland’s southern rural area. The temperate climate and fertile soils make it ideal for rural production, one of New Zealand’s primary food production areas, and a significant contributor to the country’s gross domestic product (GDP). It’s also an area where significant urban development is taking place to accommodate the increasing population.  

    The Southern Rural Strategy is being coordinated to manage each of these factors, to ensure they fit together in harmony. This will allow the area to be developed sustainably, as it needs to be, and ensure it continues to evolve as a key economic and environmental resource for the future.  

    Importantly, the strategy will reflect the views of communities in the area.  

    Where will growth happen in this area? 

    Drury, Opaheke, Pukekohe, Waiuku are identified as towns where the most growth will occur, mainly through in-fill development and expansion to future urban areas. Development has already started in some of these towns, supported by water infrastructure, roads, and are expected to have new railway stations from 2025. 

    Deputy chair of Auckland’s Policy and Planning Committee, Councillor Angela Dalton, also sits on the political steering group for development of the Southern Rural Strategy. She says it is anticipated that these areas will grow over the next 30 years.    

    “Drury and Pukekohe have long-term plans for how they will expand over time – so the communities that live here now have had a chance to say how they would like their towns to grow.” 

    “Importantly, the investment in infrastructure to support the growth happening in these towns is already planned through a mix of council budgets, government investments and development contributions.” 

    When can I have my say? 

    You will be able to have your say on the Southern Rural Strategy from Tuesday 29 October until Sunday 1 December 2024.  

    MIL OSI New Zealand News

  • MIL-OSI USA: Casten Leads Bipartisan Effort to Improve Investment Tax Credit for Geothermal Heat Pumps

    Source: United States House of Representatives – Representative Sean Casten (IL-06)

    October 22, 2024

    Washington, D.C. — U.S. Congressman Sean Casten (IL-06) led a bipartisan group of lawmakers in urging Treasury Secretary Janet Yellen to revise the proposed rule for an investment tax credit (ITC) to ensure Americans can benefit from the energy and cost savings provided by geothermal heat pump (GHP) technology.

    “The NPRM [Notice of Proposed Rulemaking] prevents multiple taxpayers that own different components of a GHP that are functionally interdependent from claiming a tax credit under the ITC. We believe this proposed rule misapplies congressional intent and creates difficulties for taxpayers in their ability to benefit from the credit,” the lawmakers wrote. “To ensure that Americans can appropriately benefit from the energy and cost savings provided by GHP systems, Treasury should modify the proposed rule to ensure that different taxpayers who own separate, functionally independent components of a GHP system are eligible to claim the ITC for the equipment they own.”

    GHP systems are among the most efficient ways to heat and cool buildings, with enormous potential to both lower energy bills and reduce carbon emissions. 

    In addition to Rep. Casten, the letter was signed by Reps. Larry Bucshon, Nanette Diaz Barragán, Nikki Budzinski, Lori Trahan, Betty McCollum, Mike Quigley, Becca Balint, Joseph Morelle, Paul Tonko, Chellie Pingree, and Rosa DeLauro.

    A copy of the letter can be found here, and text of the letter can be found below.

    Dear Secretary Yellen:

    We write in response to the Treasury Department’s (“Treasury”) Notice of Proposed Rulemaking Reg- 132569-17 (“NPRM”) for the investment tax credit (“ITC”) under Section 48 of the Internal Revenue Code, as amended (“Code”) and underscore the impact the regulation would have on the expanded deployment of geothermal heat pump (“GHP”) system technology. In particular, the NPRM prevents multiple taxpayers that own different components of a GHP that are functionally interdependent from claiming a tax credit under the ITC. We believe this proposed rule misapplies congressional intent and creates difficulties for taxpayers in their ability to benefit from the credit.

    Correcting the proposed regulation in the final rule is critical for home-based and community scale GHP systems which, by design, typically involve multiple owners. GHP networks can serve a diverse array of customer buildings while those customers own and maintain their own GHP equipment within the building.

    GHP systems are among the most efficient ways to heat and cool buildings and GHP deployment holds enormous potential to lower energy bills for American families and businesses and reduce emissions from heating and cooling homes, schools, and businesses. Due to their reliable performance during temperature extremes, GHP systems provide households with certainty in their energy bills and insulate consumers from peak energy price shocks due to extreme weather events.

    A December 2023 report from the Department of Energy’s Oak Ridge National Laboratory confirms that GHPs are a ready-made strategy for decarbonizing buildings, reducing the need for new electricity generation and transmission infrastructure, and bringing energy savings to Americans nationwide. According to DOE’s report, broad adoption of GHPs would result in cumulative savings to the U.S. economy of more than $1 trillion by 2050, eliminating the need for 24,500 miles of transmission lines, creating a 13 percent decrease in the amount of required electricity generation, and a reducing CO2 emission by 7,351 million metric tons.

    As drafted, the NPRM prevents multiple taxpayers who own different components of a GHP that are functionally interdependent from claiming a tax credit under the ITC. This is based on Treasury’s interpretation that the ground loop and the GHP units are functionally interdependent yet distinct components of the same system (unless the two taxpayers share more than 50 percent overlapping ownership of the equipment). This interpretation contravenes the plain text of Section 48, which permits the owner of energy property to claim the ITC when the original use of that energy property began with such owner. With the enactment of the Inflation Reduction Act, Congress gave much overdue recognition to GHP systems by granting the technology the same credit as the other ITC-eligible technologies.

    To ensure that Americans can appropriately benefit from the energy and cost savings provided by GHP systems, Treasury should modify the proposed rule to ensure that different taxpayers who own separate, functionally independent components of a GHP system are eligible to claim the ITC for the equipment they own.

    The proposed rule also creates a new trap for taxpayers who may believe they own an entire unit of energy property and are eligible for the ITC but are later deemed ineligible due to a finding by the IRS. This makes the ITC less flexible and would pose an increased risk for taxpayers, likely disincentivizing private sector investments in GHP and other ITC-eligible projects. Additionally, the final rule should allow individual items of energy property to qualify for the ITC even when they are placed into service after other related energy property. This level of flexibility will further incentivize the widespread investment in and adoption of GHP systems.

    To ensure the maximum deployment of GHP systems, we urge Treasury to incorporate the above changes in any final rule on the Section 48 ITC tax credit issued by the agency.

    Thank you for your attention to this important matter.

    # # #

    MIL OSI USA News

  • MIL-OSI Security: Fishers Woman Facing Federal Charges for Fraud and Forging Signature of a Federal Judge

    Source: Federal Bureau of Investigation (FBI) State Crime News

    INDIANAPOLIS— A federal grand jury has returned an indictment charging Christi Lee Dodd, 51, of Fishers, Indiana, with wire fraud and forging the signature of a federal judge. 

    According to the court documents, Dodd first filed for Chapter 7 bankruptcy in the Southern District of Indiana in January 2015. In April 2015, a federal bankruptcy judge issued a signed discharge order releasing Dodd from liability for any remaining debts not resolved in the bankruptcy proceedings.

    In December 2019, Dodd again filed for Chapter 13 bankruptcy in the Southern District of Indiana, but later decided not to proceed and moved to have the 2019 case dismissed. In June 2022, the bankruptcy court dismissed Dodd’s 2019 bankruptcy petition. The court did not issue a discharge order in the 2019 case, and none of Dodd’s unpaid debts were resolved.

    In 2023, Dodd allegedly created and forged a discharge order purporting to absolve her of debts related to her 2019 Chapter 13 bankruptcy petition. Dodd emailed the fraudulent document to a financial institution purportedly proving that she had received a discharge in her 2019 bankruptcy case so that she could obtain a line of credit to pay outstanding debts owed by the trucking business she owned.

    The emailed document was purportedly filed in Dodd’s second bankruptcy case with the heading, “DISCHARGE OF DEBTOR IN A CHAPTER 13 CASE.” As alleged in the indictment, the forged document was in fact created by Dodd using the discharge order from her first bankruptcy under Chapter 7 and contained the forged signature of the judge who issued the 2015 discharge order.

    “Protecting the integrity and efficiency of the bankruptcy system is an important priority of the Department of Justice. Our office is committed to working closely with our partners at the U.S. Trustee Program to uphold the law and protect the interests of debtors and creditors,” said Zachary A. Myers, United States Attorney for the Southern District of Indiana.

    “The filing of a fraudulent court order containing the forged signature of a bankruptcy judge strikes at the very core of the integrity of the bankruptcy system and will not be tolerated,” said Nancy J. Gargula, United States Trustee for Indiana and the Central and Southern Districts of Illinois (Region 10).  “We are grateful for U.S. Attorney Myers and our law enforcement partners for their commitment to protect the integrity of the bankruptcy process in the Southern District of Indiana., as demonstrated by this indictment.”

    The FBI and U.S. Trustee’s Office is investigating this case in collaboration with the Southern District of Indiana Bankruptcy Fraud Working Group. The United States Trustee Program is the component of the Department of Justice responsible for overseeing the administration of bankruptcy cases and litigating to enforce the bankruptcy laws. If convicted, Dodd faces up to twenty-five years in federal prison.

    U.S. Attorney Myers thanked Assistant U.S. Attorney Adam Eakman, who is prosecuting this case.

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

    ###

    MIL Security OSI

  • MIL-OSI USA: Opening of $1.2B Mixed-Use Development on Long Island

    Source: US State of New York

    Governor Kathy Hochul today celebrated the grand opening of Station Yards, a state-of-the-art, mixed-use development in Ronkonkoma, Suffolk County on Long Island. Station Yards, also known as the Ronkonkoma Hub, is a transformative transit-oriented development spanning 53 acres around the Ronkonkoma Long Island Rail Road station. The $1.2 billion project, led by TRITEC Real Estate Company, is revitalizing the area by integrating housing, office and retail spaces, creating a dynamic urban center that caters to modern living and working needs. This development showcases New York State’s commitment to fostering sustainable economic growth, enhancing community vibrancy and setting new standards for smart, transit-oriented urban planning across Long Island and beyond.

    “Station Yards represents a new chapter in Long Island’s growth story and exemplifies our vision for vibrant, sustainable communities across New York State,” Governor Hochul said. “This project is not just about building apartments and offices – it’s about creating a dynamic ecosystem where people can live, work and thrive. By investing in mixed-use developments like Station Yards, we’re addressing housing needs, creating jobs, and laying the foundation for long-term economic prosperity in our communities.”

    Empire State Development President, CEO and Commissioner Hope Knight said, “Station Yards is a game-changer for Long Island’s economy, embodying our vision for innovative, transit-oriented developments that catalyze growth. With substantial support from ESD, this project is set to create thousands of jobs and establish a new standard for sustainable, community-focused development. Station Yards exemplifies how strategic investments can transform communities and drive economic progress, serving as a blueprint for future developments across New York State.”

    TRITEC Principal Jim Coughlan said, “Public investment has been instrumental in bringing Station Yards to life, and we are grateful for the strong backing from Governor Hochul and Empire State Development. Without this critical support, our commitment of over $400 million in private capital to Ronkonkoma would not have been possible. This investment is creating much-needed housing and transforming the area into a new destination at Long Island’s only true multi-modal site, fostering a vibrant, connected community.”

    Station Yards is taking shape in phases around one of Long Island’s key transportation hubs. Upon completion, it will encompass 1,450 residential units, 360,000 square feet of office space, and 195,000 square feet of retail space. The first phase, Alston Station Yards, delivered 489 residential units in 2020. The second phase, The Core, will introduce an additional 388 homes, expand retail and office spaces by 67,000 and 16,500 square feet respectively, and feature a public plaza alongside more than 1,200 parking spaces.

    Situated at a crucial intersection of transportation networks, the development benefits from its proximity to Exit 60 of the Long Island Expressway and Long Island MacArthur Airport. It also leverages its proximity to the Ronkonkoma LIRR station — Suffolk County’s busiest and Long Island’s second-busiest — which serves 17,000 daily commuters with express routes to both Penn Station and Grand Central Station. This strategic location enhances the project’s vision of a vibrant, walkable community where residential, commercial and public spaces seamlessly integrate.

    In 2017 Empire State Development provided support for the project with a $55 million capital grant, underscoring the State’s commitment to innovative, community-focused development. This investment is part of a broader strategy to revitalize communities across New York State through targeted, transformative projects. Station Yards is projected to generate over 10,000 construction jobs and 2,500 permanent jobs, providing a significant boost to local employment opportunities. By offering a mix of housing options near a major transit hub, the development addresses critical housing needs while advancing New York State’s goals for sustainable urban development.

    Suffolk County Executive Ed Romaine said, “Station Yards is a shining example of the smart, transit-oriented development that is needed in Suffolk County and we thank the Governor for her efforts.”

    Brookhaven Town Supervisor Dan Panico said, “Station Yards is a prime example of community supported redevelopment, robust economic vitality and appropriately placed redevelopment. The Ronkonkoma train station area, once a somewhat despondent and bleak assemblage of vacant storefronts, dirt lots and unwelcoming industrial properties, have been transformed through the efforts of the community, the project team and a town with the foresight, courage and mettle to undertake such a project and see it through. I am proud to lead Brookhaven and I remain confident that we can continue to redevelop appropriately while also preserving open spaces and farmland, understanding that both are equally important and beneficial to our future.”

    LIREDC Co-Chairs Linda Armyn and Dr. Kimberly R. Cline said, “Station Yards embodies the transformative vision at the heart of Long Island’s economic development strategy. By creating a walkable, mixed-use community centered around a major transportation hub, this project addresses multiple priorities — from expanding housing options and creating jobs to promoting sustainable growth and enhancing our region’s competitiveness. Station Yards is a testament to what we can achieve when public and private sectors collaborate to build stronger, more vibrant communities.”

    As New York continues to address the housing crisis, projects like Station Yards increase the supply of housing and help build stronger, more resilient communities. These developments showcase how public-private partnerships can transform underutilized areas into vibrant community hubs. By creating walkable, mixed-use communities near major transportation links, Station Yards and similar projects are instrumental in attracting and retaining talent, promoting sustainable growth, and fostering a more connected, prosperous future for regions like Long Island and beyond.

    Governor Hochul’s Housing Agenda

    Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and relief from certain State-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 45,000 homes have been created or preserved to date. The FY25 Enacted Budget also strengthened the Pro-Housing Community Program, which the Governor launched in 2023. Pro-Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. To date, more than 200 communities have been certified, including the town of Brookhaven.

    MIL OSI USA News

  • MIL-OSI Europe: Press release – Parliament approves up to €35 billion loan to Ukraine backed by Russian assets

    Source: European Parliament

    On Tuesday, MEPs gave their green light to an extraordinary loan of up to €35 billion to Ukraine, to be repaid with future revenues from frozen Russian assets.

    With 518 votes in favour, 56 against and 61 abstentions, Parliament endorsed the new macro-financial assistance (MFA) to help Ukraine against Russia’s brutal war of aggression. This loan is the EU’s part of a G7 package agreed last June, to provide up to $50 billion (approximately €45 billion) in financial support to Ukraine. The final amount that the EU will contribute could be lower, depending on the size of the loans provided by other G7 partners.

    The Ukraine Loan Cooperation Mechanism, a newly established framework, will make future revenues from the frozen Russian Central Bank assets located in the EU available to Ukraine. These funds will help Ukraine service and repay the EU’s MFA loan as well as loans from other G7 partners. While the mechanism’s funds can be used to service and repay loans, Kyiv may allocate the MFA funds as it sees fit.

    The new MFA funds will be disbursed until the end of 2025. The loan is conditional upon Ukraine’s continued commitment to uphold effective democratic mechanisms, respect human rights, and further policy conditions to be set out in a memorandum of understanding. Additionally, the management and control systems outlined in the Ukraine Plan, along with specific measures to prevent fraud and other irregularities, will apply to the MFA loan.

    Quote

    “Ukraine continues to resist Russian aggression, with its brave citizens fighting not only for their own existence and freedom, but to defend democracy, human rights, freedom, and international law for all of us. The need for financial support is both immense and urgent. Russia must pay for attacking Ukrainians and brutally destroying the country’s infrastructure, cities, villages, and homes. The burden of rebuilding Ukraine will be shouldered by those responsible for its destruction, namely Russia,” rapporteur Karin Karlsbro (Renew, SE) said.

    Next steps

    EU governments already endorsed the proposal, and the Council plans to adopt the regulation by written procedure after Parliament’s vote. The regulation will enter into force on the day after its publication in the Official Journal of the EU.

    Background

    In September, the Commission announced a €35 billion EU loan for Ukraine as part of a plan by G7 partners to issue loans of up to $50 billion (about €45 billion). Future revenues coming from the frozen Russian state assets would finance the loans. Approximately €210 billion in assets from the Central Bank of Russia are held in the EU and remain frozen under sanctions imposed over Moscow’s invasion of Ukraine in February 2022. EU governments decided to set aside the profits from these assets, and use them to support both military efforts and reconstruction in Ukraine.

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Closure of the Somport and Bielsa border crossings – P-001667/2024(ASW)

    Source: European Parliament

    The Commission is aware of the closure of road RN134 in France, leading to Spain through the Somport tunnel. The Commission is concerned about the severe consequences that this disruption will have for the economy of the regions on both sides of the border, not only for road hauliers, but also local companies and their employees.

    It is the Commission’s understanding that traffic along road RN134 became de facto impossible following the damage caused by extreme rainfall in the area.

    The Commission has contacted the French authorities, who have reported that the Inter-Department Directorate for The Atlantic Roads (DIRA) has now carried out a technical assessment on the ground, based on which it presented a proposal to repair the damage.

    According to this proposal, the DIRA estimates that the works would be concluded during 2025, although the traffic could already be restored in January 2025.

    The Commission does not oversee the road works carried out by Member States. Nevertheless, the Commission trusts that the responsible bodies will work diligently to reestablish the traffic as soon as possible.

    The Commission also understands, based on the explanations received, that the French authorities opened a dialogue with their Spanish counterparts, including two meetings on 10 and 24 September 2024.

    The Commission is committed to monitor and ensure the safe flow of passengers and goods along this section of the comprehensive trans-European transport network.

    Last updated: 22 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Rule of law in Hungary – E-001595/2024(ASW)

    Source: European Parliament

    In May 2023, Hungary adopted legislation which significantly strengthened judicial independence. This reform fully implemented the relevant recommendations set out in the 2022 Rule of Law Report, as confirmed in the 2023 Report, a conclusion maintained by the 2024 Report.

    The Commission’s analysis of compliance with the Charter of Fundamental Rights of the European Union horizontal enabling condition was carried out under the rules of the Common Provisions Regulations (CPR).

    Since Hungary submitted compelling evidence that the relevant issues concerning judicial independence were addressed, the Commission adopted its decision within the deadline foreseen in the CPR.

    The issues covered in this process are different from those covered by the recommendations set out in the 2024 Rule of Law Report.

    The Commission is closely and continuously monitoring the application of the measures put in place by Hungary. If, at any point in time, the Commission considers that this horizontal enabling condition is no longer fulfilled, expenditure for programmes and specific objectives impacted by the non-fulfilment will again no longer be reimbursed.

    The President of the Commission’s political guidelines clearly state that the respect of the rule of law is — and will be — a must for EU funds.

    The mandate for the Commissioners-designate include clear tasks in this respect, such as ensuring that EU funding also be dedicated to national measures, for example on fighting corruption, and to protecting the EU financial interests and building a closer link between the recommendations in the Rule of Law Report and financial support under the EU budget.

    The future long-term budget proposal will include strong safeguards on the rule of law — including the general regime of conditionality, applying to all EU funds.

    MIL OSI Europe News

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the situation in Azerbaijan, violation of human rights and international law and relations with Armenia – B10-0142/2024

    Source: European Parliament

    Şerban‑Dimitrie Sturdza, Sebastian Tynkkynen, Aurelijus Veryga, Claudiu‑Richard Târziu, Assita Kanko
    on behalf of the ECR Group

    B10‑0142/2024

    European Parliament resolution on the situation in Azerbaijan, violation of human rights and international law and relations with Armenia

    (2024/2890(RSP))

    The European Parliament,

     having regard to the European Convention on Human Rights of 1950, ratified by Azerbaijan in 2002,

     having regard to the UN Charter,

     having regard to Geneva Conventions of 1949,

     having regard to the International Covenant on Civil and Political Rights of 1966,

     having regard to the joint EU-US-Armenia high-level meeting of 5 April 2024 in support of Armenia’s resilience,

     having regard to its previous resolutions on Armenia and Azerbaijan,

     having regard to the Comprehensive and Enhanced Partnership Agreement between the European Union and the European Atomic Energy Community and their Member States, of the one part, and the Republic of Armenia, of the other part[1] (CEPA), which fully entered into force on 1 March 2021,

     having regard to Decision 99/614/EC, ECSC, Euratom of the Council and of the Commission of 31 May 1999 on the conclusion of the Partnership and Cooperation Agreement between the European Communities and their Member States, of the one part, and the Republic of Azerbaijan, of the other part[2] (EU-Azerbaijan Partnership and Cooperation Agreement), which has been in force since 1999,

     having regard to the launch of the EU Mission in Armenia on 20 February 2023,

     having regard to the 1954 Hague Convention for the Protection of Cultural Property in the Event of Armed Conflict, to which Armenia and Azerbaijan are parties,

     having regard to the statement of 24 August 2024 by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy on behalf of the EU on recent post-election developments,

     having regard to the statement of preliminary findings and conclusions of the International Election Observation Mission of the Organization for Security and Co-operation in Europe (OSCE) on the early parliamentary elections of 1 September 2024 in Azerbaijan,

     having regard to the statement by the European External Action Service (EEAS) spokesperson of 3 September 2024 on Azerbaijan’s early parliamentary elections,

     having regard to the statement by the EEAS spokesperson of 29 May 2024 on the human rights situation in Azerbaijan,

     having regard to the Memorandum of Understanding on a strategic partnership in the field of energy signed between the EU and Azerbaijan on 18 July 2022,

     having regard to the 2023 Eastern Partnership Index,

     having regard to Rule 136(2) of its Rules of Procedure,

    A. whereas Azerbaijan has serious shortcomings in the area of fundamental freedoms, including freedom of expression and assembly and media freedom, and engages in repression of political activists, journalists and civil society, all of which distances Azerbaijan from democratic norms and international human rights standards; whereas corruption and a lack of judicial independence further undermine the country’s governance, while government authorities continue to suppress dissent and persecute critics; whereas despite international agreements and calls for reform, including from the European Parliament, Azerbaijan has made limited to no progress on improving its human rights record;

    B. whereas journalists, human rights defenders and activists have been imprisoned in the country, with approximately 30 prominent figures behind bars on politically motivated charges, and a surge in arbitrary arrests and detentions has been reported, their number having tripled as Azerbaijan silences opposition ahead of the upcoming 2024 UN Climate Change Conference (COP29) in Baku, and there are allegations of torture and beatings; whereas notable civil society organisations have called for the EU and international leaders to pressure Azerbaijan to improve its human rights record during COP29, urging the release of political prisoners and an end to arbitrary prosecutions;

    C. whereas according to the US Department of State’s Azerbaijan 2023 Human Rights Report, there were credible allegations that the Azerbaijani Government ‘used violence or threats of violence against individuals in other countries as politically motivated reprisal’; whereas according to this report, the Azerbaijani Government ‘limited freedom of expression and media independence’, and ‘there were reports that dissidents and journalists who lived outside the country suffered digital harassment and intimidation of family members who remained in Azerbaijan’;

    D. whereas early parliamentary elections were held in Azerbaijan on 1 September 2024, and, according to the OSCE’s International Election Observation Mission, took place ‘in a restrictive political and legal environment that does not enable genuine pluralism and resulted in a contest devoid of competition’;

    E. whereas September 2024 was the fourth anniversary of the Second Nagorno-Karabakh War, and marked one year since Azerbaijan forcibly regained control over Nagorno-Karabakh, which is part of its internationally recognised territory; whereas all the state institutions of the so-called Nagorno-Karabakh Republic were dissolved as of 1 January 2024; whereas these events, preceded by Azerbaijan’s blockade of the Lachin corridor, resulted in the mass exodus of almost the entire population of Armenians from Nagorno-Karabakh; whereas, as a result, Nagorno-Karabakh has been entirely ethnically cleansed of its Armenian population, who had been living there for centuries;

    F. whereas over more than three decades, the Nagorno-Karabakh conflict has resulted in tens of thousands of casualties, immense destruction, including of cultural, religious and historical heritage, and the displacement of hundreds of thousands of people on both sides; whereas there are six interstate cases before the European Court of Human Rights between Armenia and Azerbaijan in relation to the Nagorno-Karabakh region, with both countries standing accused of having violated human rights conventions; whereas Azerbaijan has repeatedly been accused of ethnic cleansing, particularly in the Nagorno-Karabakh region, where it is said to have displaced over 100 000 ethnic Armenians;

    G. whereas three decades of diplomacy and peacebuilding efforts by the OSCE, the EU and other international actors have failed to find a peaceful solution to the conflict and, therefore, to deter Azerbaijan from its use of military force;

    H. whereas according to the US Department of State’s Azerbaijan 2023 Human Rights Report, the Azerbaijani Government ‘did not take credible steps to punish the majority of officials who were reported to have committed human rights abuses’; whereas the report also states that there was ‘no reported progress on government investigations of alleged abuses committed by Azerbaijani armed forces or individuals during the 2020 and 2022 hostilities’;

    I. whereas it is necessary to ensure connectivity between Europe and Asia while avoiding crossing Russian territory; whereas the South Caucasus is in a strategic position for promoting Europe-Asia connectivity, which is particularly important for the EU’s energy capacities and for trade with Central Asia;

    J. whereas Armenia has already managed to weaken its ties with Russia in relation to security, as it has frozen its participation in the Russia-led Collective Security Treaty Organization, although it remains a member of the Eurasian Economic Union;

    K. whereas the eighth meeting of the border commissions of Armenia and Azerbaijan, held on 19 April 2024, concluded with a preliminary agreement on the delimitation of four border sections;

    L. whereas the peace talks between Armenia and Azerbaijan appear to be at a standstill and it is unlikely that an agreement will be concluded and signed before COP29; whereas the peace deal should contribute to the long-term stability of bilateral relations and of the wider region as a whole; whereas this goal can only be achieved if the authorities of Armenia and Azerbaijan can guarantee peaceful coexistence and respect for minority rights;

    M. whereas Azerbaijan is a major oil and natural gas producer, particularly through the Azeri-Chirag-Gunashli oil field and the Shah Deniz gas field in the Caspian Sea, and the country primarily uses the Baku-Tbilisi-Ceyhan pipeline to export hydrocarbons to Europe, bypassing Russia and offering the EU an alternative energy source, which is valuable in this geopolitical climate; whereas Azerbaijan’s economy is heavily reliant on oil and gas revenues, which make up more than 90 % of the country’s export revenues and account for a noteworthy portion of the government’s budget;

    N. whereas gas contracts between Gazprom and SOCAR for the delivery of one billion cubic metres of gas from Russia to Azerbaijan between November 2022 and March 2023 have raised significant concerns about the re-export of Russian gas to the European market, particularly in light of the memorandum of understanding signed by Azerbaijani President Ilham Aliyev and Commission President Ursula von der Leyen; whereas the EU aims to reduce European dependence on Russian gas, but this agreement could be seen as undermining that goal, as Russian gas would still be flowing into Azerbaijan, thus potentially freeing up Azerbaijani gas for increased re-export to the EU; whereas there are significant challenges facing European efforts to replace Russian gas shipped via Ukraine with Azerbaijani gas by the end of 2024, and although Ukraine, the EU and Azerbaijan support the injection of Azerbaijani gas into Russian pipelines, Azerbaijan might lack sufficient gas supplies to make up the shortfall; whereas, in this regard, the Trans-Anatolian Natural Gas Pipeline could provide an alternative route to ensure adequate supply, but new infrastructure is required to enhance gas transmission capacity in the interconnections with the EU, particularly through Bulgaria and Romania on one side and the Trans-Adriatic Pipeline on the other, in order to ensure a more efficient and secure flow of gas into the European market;

    1. Expresses its concern about the human rights situation in Azerbaijan; urges Azerbaijan to fulfil its obligations under its own constitution and under international agreements to protect fundamental freedoms and respect the human dignity of its citizens, and to cease the use of criminal prosecution as a tool to suppress government critics and members of civil society;

    2. Calls on Azerbaijan to drop all charges against Gubad Ibadoghlu, Ilhamiz Guliyev and all other people imprisoned for exercising their fundamental rights, to release them and to ensure free and unhindered space for independent journalism and freedom of expression; calls on Azerbaijan to allow Dr Ibadoghlu to travel abroad, unhindered and to the country of his choice, to reunite with his family and to receive the medical care he urgently needs;

    3. Calls on the Commission, UN mechanisms and other international actors to step up their efforts to promote human rights and democratic governance in Azerbaijan ahead of COP29;

    4. Underlines that COP29 could be an opportunity for Azerbaijan to reaffirm its genuine commitment to its obligations under international law, instead of using it to gloss over its human rights record while continuing repressive practices;

    5. Calls on the Commission to work closely with the UN to urgently establish a comprehensive plan for investigating and clarifying the fate of the Armenian military personnel, including women, and the eight unarmed Armenian prisoners of war who were killed or reported missing in connection with the Nagorno-Karabakh conflict, and to conduct impartial inquiries on the ground, facilitate information exchanges, secure unhindered access to detention facilities for international observers through the Council of Europe’s Committee for the Prevention of Torture and Inhuman or Degrading Treatment or Punishment, such observers having previously been denied access, and launch a centralised database for tracing and resolving missing persons cases, while also providing the necessary support and resources to the families affected;

    6. Demands that Azerbaijan release the 23 Armenian hostages who are still being held in Baku, including the former leaders of Nagorno-Karabakh;

    7. Reiterates its condemnation of the Azerbaijani military incursions into the internationally recognised territory of Armenia in recent years; expresses its sympathy with the Nagorno-Karabakh Armenians who had to flee their ancestral lands, and calls on the authorities in Baku to guarantee the safe return of Nagorno-Karabakh Armenians and to uphold their rights to cultivate their culture and traditions; welcomes all efforts by the Government of Armenia to provide shelter and aid to the displaced Armenians;

    8. Expresses deep concern for the preservation of cultural, religious and historical heritage in Nagorno-Karabakh; urges Azerbaijan to refrain from further destroying, neglecting or altering the origins of cultural, religious or historical heritage in the region; demands the protection of the Armenian cultural, historical and religious heritage in Nagorno-Karabakh in line with UNESCO standards and Azerbaijan’s international commitments; insists that Azerbaijan allow a UNESCO mission to Nagorno-Karabakh and grant it the necessary access to heritage;

    9. Strongly condemns Russia’s increasing hybrid attempts to destabilise the political situation inside Armenia and in the region; is concerned that the EU Mission in Armenia is regularly targeted by Russian disinformation attempts and campaigns;

    10. Reiterates the EU’s commitment to peace, stability and prosperity in the Caucasus region; underlines its unequivocal support for the sovereignty, territorial integrity and political independence of Armenia and Azerbaijan; expresses support for the normalisation of relations between Armenia and Azerbaijan, with the goal of achieving lasting peace; encourages both countries to continue to make progress on finalising an agreement and signing a peace deal as soon as possible;

    11. Believes that genuine dialogue between Azerbaijan and Armenia is the only sustainable way forward and calls for the EU and its Member States to support such efforts, which must include the mutual recognition of territorial integrity, guarantees for the rights and security of Nagorno-Karabakh’s Armenian population and the release of the remaining prisoners, including the former leaders of Nagorno-Karabakh, and an end to the sham trials against them;

    12. Stresses that EU involvement in the region should be practical and result-oriented, unlike the role played by Russia, which for decades has fuelled the conflict and used it for its own political gain; welcomes the fact that Armenia has frozen its participation in the Collective Security Treaty Organization; underlines that Azerbaijan’s connectivity issues with its exclave of Nakhchivan should be resolved with full respect for the sovereignty and territorial integrity of Armenia;

    13. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the President, Government and Parliament of the Republic of Azerbaijan, the President, Government and Parliament of the Republic of Armenia, the Director-General of UNESCO, the Organization for Security and Co-operation in Europe, the UN and the Council of Europe.

     

    MIL OSI Europe News

  • MIL-OSI Russia: Transcript of World Economic Outlook October 2024 Press Briefing

    Source: IMF – News in Russian

    October 22, 2024

    Speakers:
    Pierre‑Olivier Gourinchas, Director, Research Department, IMF
    Petya Koeva Brooks, Deputy Director, Research Department, IMF
    Jean‑Marc Natal, Division Chief, Research Department, IMF

    Moderator:
    Jose Luis De Haro, Communications Officer, IMF

    Mr. De Haro: OK. I think we can start. First of all, welcome, everyone. Good morning for those who are joining, as online. I am Jose Luis De Haro with the Communications Department here at the IMF. And once again, we are gathered here today for the release of our new World Economic Outlook, titled Policy Pivot Raising Threats. I hope that by this time, all of you have had access to a copy of the flagship. If not, I would encourage you to go to IMF.org. There, you’re going to find the document, but also, you’re going to find Pierre‑Olivier’s blog, the underlying data for the charts, videos, and other assets that I think are going to be very, very helpful for your reporting. And what’s best, that to discuss all the details of the World Economic Outlook that, to be joined here today by Pierre‑Olivier Gourinchas, the Economic Counsellor Chief Economist and the Director of the Research Department. Next to him are Petya Koeva Brooks. She is the Deputy Director of the Research Department. And also with us, Jean‑Marc Natal, the Division Chief at the Research Department. We are going to start with some opening remarks from Pierre‑Olivier, and then we will proceed to take your questions. I want to remind everyone that this press conference is on the record and that we will also be taking questions online.

    With no further ado, Pierre‑Olivier, the floor is yours.

    Mr. Gourinchas: Thank you, Jose, and good morning, everyone. Let me start with the good news. The battle against inflation is almost won. After peaking at 9.4 percent year on year in the third quarter of 2022, we now project headline inflation will fall to 3.5 percent by the end of next year, and in most countries, inflation is now hovering close to central bank targets.

    Now, inflation came down while the global economy remained resilient. Growth is projected to hold steady at 3.2 percent in 2024 and 2025. The United States is expected to cool down, while other advanced economies will rebound. Performance in emerging Asia remains robust, despite the slight downward revision for China to 4.8 percent in 2024. Low‑income countries have seen their growth revised downwards, some of it because of conflicts and climate shocks.

    Now, the decline in inflation without a global recession is a major achievement. Much of that disinflation can be attributed to the unwinding of the unique combination of supply and demand shocks that caused the inflation in the first place, together with improvements in labor supply due to immigration in many advanced countries. But monetary policy played a decisive role, keeping inflation expectations anchored.

    Now, despite the good news, on inflation, risks are now tilted to the downside. This downside risks include an escalation in regional conflicts, especially in the Middle East, which could cause serious risks for commodity markets. Policy shifts toward undesirable trade and industrial policies could also significantly lower output, a sharp reduction in migration into advanced economies, which can unwind some of the supply gains that helped ease inflation in recent quarters. This could trigger an abrupt tightening of global financial conditions that would further depress output. And together, these represent about a 1.6 percent of global output in 2026.

    Now, to mitigate these downside risks and to strengthen growth, policymakers now need to shift gears and implement a policy triple pivot.

    The first pivot on monetary policy is already underway. The decline in inflation paved the way for monetary easing across major central banks. This will support activity at a time when labor markets are showing signs of cooling, with rising unemployment rates. So far, however, this rise has been gradual and does not point to an imminent slowdown. Lower interest rates in major economies will also ease the pressure on emerging market economies. However, vigilance remains key. Inflation in services remains too elevated, almost double prepandemic levels, and a few emerging market economies are seeing rising price pressures, calling for higher policy rates. Furthermore, we have now entered a world dominated by supply shocks, from climate, health, and geopolitical tensions. And this makes the job of central banks harder.

    The second pivot is on fiscal policy. It is urgent to stabilize debt dynamics and rebuild much‑needed fiscal buffers. For the United States and China, current fiscal plans do not stabilize debt dynamics. For other countries, despite early improvements, there are increasing signs of slippage. The path is narrow. Delaying consolidation increases the risk of disorderly adjustments, while an excessively abrupt turn toward fiscal tightening could hurt economic activity. Success requires implementing, where necessary, and without delay, a sustained and credible multi‑year fiscal adjustment.

    The third pivot and the hardest is toward growth‑enhancing reform. This is the only way we can address many of the challenges we face. Many countries are implementing industrial and trade policy measures to protect domestic workers and industries. These measures can sometimes boost investment and activity in the short run, but they often lead to retaliation and ultimately fail to deliver sustained improvements in standards of living. They should be avoided when not carefully addressing well‑identified market failures or narrowly defined national security concerns.

    Economic growth must come, instead, from ambitious domestic reforms that boost innovation, increase human capital, improve competition and resource allocation. Growth‑enhancing reforms often face significant social resistance. Our report shows that information strategies can help improve support, but they only go so far. Building trust between governments and citizens and inclusion of proper compensation measures are essential features.

    Building trust is an important lesson that should also resonate when thinking about ways to further improve international cooperation to address common challenges in the year that we celebrate the 80th anniversary of the Bretton Woods Institutions. Thank you.

    Mr. De Haro: Thank you, Pierre‑Olivier. Before we open the floor for your questions, let’s remind some ground rules. First of all, if you have any question that it is related to a country program or a country negotiation, I would recommend not to formulate that question here. Basically, those questions can be formulated in the different regional press briefings that are going to happen later this week.

    Also, if you want to ask a question, just raise your hand, wait until I call you. Identify yourself and the outlet that you represent. And let’s try to keep it to just one question. I know that there are going to be many, many questions. We might not be able to take all of you. So please be patient. There are going to be many other opportunities to ask questions throughout the week.

    Let me start—how I am going to start. I am going to start in the center. A couple of questions here. Then I am going to go to my right, and then I am going to go there. I am going to start in the first row, the lady with the white jacket, thank you.

    QUESTION: Thank you, Jose, for taking my question. I am Moaling Xiong from Xinhua News Agency. I want to ask about the geopolitical tensions that was mentioned in the report. It says there are rising geopolitical tensions. So far, the impact has been limited. But further intensification of geopolitical rifts could weigh on trade, investment, and beyond. I wonder whether Pierre‑Olivier, could you talk a little bit about what are the economic impacts of growing geopolitical tensions? Thank you.

    Mr. Gourinchas: Thank you. This is, of course, a very important question. This is something that we are very concerned about, the rising geoeconomic fragmentation, trade tensions between countries, measures that are disrupting trade, disrupting cross‑border investment. This is something that we have looked at in our World Economic Outlook report. In Chapter 1, we have a box that evaluates the impact of various adverse measures, measures that could be taken by policymakers or various of shocks that would impact output. And when we look at the impact that rising trade tensions could have, there are two dimensions of this. One is, of course, you are increasing tariffs, for instance, between different blocs. That would disrupt trade. That will misallocate resources. That will weigh down on economic activity. But there is also an associated layer that comes from the uncertainty that increases related to future trade policy. And that will also depress investment, depress economic activity and consumption. When we put these two together, what we find is, we find an impact on world output that is on the order of about 0.5 percent of output levels in 2026. So it’s a quite sizable effect of both an increase in tariffs between different countries and an increase in trade policy uncertainty.

    Mr. De Haro: OK. I’m going to continue here in the center. We’re going to go to the gentleman on the third row. Yep. There. There, third row, there. Third row. Thank you.

    QUESTION: Hi. Thanks very much for taking my question. I just want to ask about the inflation side of the WEO. You mentioned just now inflation, you know, the battle is almost won. I am just wondering, there’s sort of a divergence between the advanced economies and emerging markets and developing economies. When do you expect inflation to sort of fall toward that 2 percent target in emerging markets and developing economies? Thanks.

    Mr. Gourinchas: Yes. So inflation, the progress on inflation has been more pronounced for advanced economies, and now we expect advanced economies to be back to their target sometime in 2025 for most of them. For emerging markets and developing economies, there is more variation, and we see an increase in dispersion of inflation, so a lot of countries have made a lot of progress. You look, for instance, at emerging Asia. There are inflation levels very similar to advanced economies for a number of them. You look at other regions—in the Middle East, for instance, or sub‑Saharan Africa—and you have countries that still have double‑digital inflation rates and will maybe take more time to converge back. So we see an increased divergence that reflects some of the shocks that are specific to some of these regions. Of course, conflict or climate‑related shocks can have an impact on inflation, and that’s what we’re seeing in these two regions I mentioned.

    Mr. De Haro: OK. Now I’m going to move to my right. The first row here, the lady with the red suit.

    QUESTION: Hello. This is Norah from Asharq Business with Bloomberg from Dubai.

    Pierre, you mentioned that the geopolitical tensions could account for 0.5 percent of output if things kind of get out of hand. To what extent is this a very optimistic number here? Because we’re talking about tensions not only in the Middle East. You have things going down in the Taiwan Strait. We have the Russian‑Ukraine war still ongoing. And there is a very big risk that shipping lines, straits might get disrupted. And this would affect very substantially the price of oil and other commodities. To what extent this would affect output—again, global output and inflation levels? Would inflation be a big risk again if major commodities prices increased substantially?

    Mr. Gourinchas: Yes. So you are absolutely right. The scenario I was referring to earlier is a scenario where we have increased trade disruptions, tariffs, and trade policy uncertainty. But one can think also about geopolitical tensions impacting commodity market or shipping. Now, this is not something that we looked at in this report. That’s something that we had looked at in our April report. And in April, when we looked at the potential for escalation in conflicts in the Middle East, the impact it could have on oil prices or on shipping costs, we found that this would very much be in the nature of adverse supply shock. It would negatively impact output, and it would increase inflation pressures. Now, the numbers we had when we did that exercise back in April, they’re still very relevant for the environment we’re in now. And that was one of the layers I showed today, is that it would reduce output by another about 0.4 percent by 2026 and would increase inflation by something on the order of 0.7 percent higher inflation in 2025. So this is something that is very much on top of the other tensions that I mentioned. This is why we are living in this world where there are multiple layers of risk that could be compounding each other.

    Mr. De Haro: I’m going to stay here. First row, here. Thank you.

    QUESTION: Thank you. My name is Simon Ateba. I am with Today News Africa Washington, D.C. I would like you to talk a little bit more about the situation in Africa. I know two years ago it was about COVID and then Ukraine. What do you see now? And what are some of the recommendations for sub‑Saharan Africa? Thank you.

    Mr. Gourinchas: So sub‑Saharan African region is one that is seeing growth rates that are fairly steady this year, compared to last year, at about 3.6 percent, and then expected to increase to about 4.2 percent next year. So we’re seeing some pickup in growth from this year to next year. But now, this is certainly a region that’s been adversely impacted by weather shocks and, in some cases, conflict. So the growth remains subdued and somewhat uneven, and that’s certainly something that we are concerned about.

    Let me turn it over to my colleague Jean‑Marc Natal to add some color.

    Mr. Natal: I would be happy to. Do you hear me? OK.

    So yes, so there has been over the last year, year and a half, there has been some progress in the region. You saw, you know, inflation stabilizing in some countries going down even. And reaching close—level close to the target. But half of them is still at distance, large distance from the target. And a third of them are still having double‑digital inflation.

    In terms of growth, as Pierre‑Olivier mentioned, it’s quite uneven, but it remains too low. The other issue is debt in the region. Obviously, it is still high. It has not increased. It has stopped increasing, and in some countries already starting to consolidate. But it’s still too high. And the debt service is correspondingly still high in the region. So the challenges are still there. There has been some progress. So in terms of the recommendation, in countries where inflation is very high, you would recommend, you know, tight monetary policy and in some cases, when possible, helped by consolidation on the fiscal side.

    It’s complicated. In many countries, you know, there are trade‑offs, and, you know, consolidating fiscal is difficult when you also have to provide for relief, like in Nigeria, for example, due to the flooding. So targeting the support to the poor and the vulnerable is part of the package when you consolidate. I will stop here.

    Mr. De Haro: OK. I am moving to my left. I am going to go to the gentleman in the first row.

    QUESTION: Thank you very much. Joel Hills from ITV News. We know that the chancellor in the United Kingdom is planning on changing the fiscal rule on debt to allow for—to borrow more for investment. Pierre‑Olivier, do you support this idea? And what, in your view, are the risks? And should the U.K. government continue to target a fall in debt of some description or a rise in public sector net worth?

    Mr. De Haro: Pierre‑Olivier, before you answer, are there any other questions on the U.K. in the room? I am going to take just two more from this group of U.K. reporters on my right that they are very eager. Just two questions more. We do not want to overwhelm—

    QUESTION: Alex Brummer from the Daily Mail in London. Again, around the chancellor’s upcoming budget. In your opening remarks, you referred to the possibility of abrupt changes in fiscal policy, disrupting what might happen to economies. U.K., according to your forecast, is in a quite good place in terms of growth heading upward. Do you fear that too strong a change in direction in fiscal policy in the U.K. could affect future growth?

    Mr. De Haro: Just one more question.

    QUESTION: Mehreen Khan from The Times. You mentioned that there are some countries at risk of fiscal slippage because governments have promised to do their consolidation have struggled to execute. Is the U.K. in that group? Also, the IMF has previously recommended that countries are under fiscal strain should—can keep sort of investment flowing if they do shift to measures like public sector net worth. Is that still a recommendation that you stand by in particular relevance for the U.K.?

    Mr. De Haro: And to give Pierre‑Olivier a little bit of time, I just want to remind everyone that we will have regional press briefings later this week, and some of these questions can be brought to all heads of departments that are going to be talking later on in the week. Pierre‑Olivier?

    Mr. Gourinchas: First, I will make three quick remarks. We are going to wait and see at the end of this month, on October 30, the details of the budget that will be announced by the U.K. government. And at that point, we’ll be able to evaluate and see the detail of the measures and how they will impact the U.K. economy.

    The broader question, I think, is relevant for many countries, not just the U.K. And it goes to the second pivot I mentioned, this narrow path in terms of fiscal consolidation. I think when countries have elevated debt levels, when interest rates are high, when growth is OK but not great, there is a risk that things could escalate or get out of control quickly. And so there is a need to bring debt levels down, stabilize them when they are not stabilized and rebuild fiscal buffers. That is true for many countries around the world. And if you are not doing that—and that is getting to the question that was asked by the gentleman on the right here—if you’re not doing that, that’s when you find yourself potentially later on at the mercy of market pressures that will force an adjustment that is uncontrolled to a large extent. At which point you have very few degrees of freedom, so you do not want to get in that position. And I think the effort to stabilize public debt has to be seen in that context.

    Now, the other side of the narrow path is, of course, if you try to do too much too quickly, you might have an adverse impact on growth. And you have to be careful there because we do have important—most countries have important needs when it comes to spending, whether it’s about central services, what we think about healthcare, or if we think about public investment and climate transition. So we need to protect also the type of spending that can be good for growth. So finding ways—and this is something that our colleagues in the Fiscal Monitor report emphasize, finding ways to consolidate by reducing expenditures where it’s needed. Maybe raising revenues. Often, it’s a combination of both but doing so in a way that is least impactful on growth. It’s country by country. There is no general formula. But that’s kind of the nature of the exercise.

    That pivot, that second pivot is absolutely essential. At the point we’re at again precisely because we’re in a world in which there will be more shocks and countries need to be prepared and need to have some room on the fiscal side to be able to build that.

    Mr. De Haro: OK. Last question on this side. Then I will go online, and then I will go around the room again. The gentleman in the second row.

    QUESTION: Thanks, Jose. Pierre‑Olivier, a question on Argentina. The IMF is maintaining its projections for the country for next year, improving GDP and inflation, 45 percent at the end of the year. Oh, yes. Sorry. Alam Md Hasanul from International.

    A question on Argentina. The IMF is maintaining its projections for next year, but I wanted to see if you could give us a little bit more detail on, where do you see the economy going. And if it’s accurate to say at this point that the worst of the crisis is in the past? Thanks.

    Mr. De Haro: We have received other questions regarding Argentina online from Lilliana Franco. Basically, she wants to know what’s behind our expectations for inflation for 2025. And I think that there are other Argentine reporters in the room. I see them in the back. Please, if somebody can get them the mic and we can get all the questions on Argentina and then move on to other regions. There. There. Those two, please. Try to keep it short.

    QUESTION: Hi. Patricia Valli from El Cronista. You mentioned the need to keep going with the reforms. And the government in Argentina is implementing a series of reforms. What’s the take of the IMF in terms of these? And if they are perhaps hurting the most vulnerable due to the increase of poverty numbers in Argentina in the past report?

    QUESTION: Hello. Juan Manuel Barca from Clarín Newspaper. I want to know if you raised your employment projection compared to the April—compared to the July forecast.

    Mr. Gourinchas: Yes. So let me first state at the outset that our projections for Argentina have not been updated since July, and the reason for this is because there are ongoing program discussions between the authorities and the Fund. And so while that process is going on, we did not update the projections for the October round.

    Now, to come to the question that was asked on the left. There are two things that are relevant for Argentina, two main things. One is what’s happening on the inflation side. Here, I think the progress has been very substantial. We are now seeing month‑on‑month inflation in Argentina close to 3.5 percent, and this is down from about 25 percent month on month back in December of last year. So very, very significant decline in the inflation rate. So that’s something to acknowledge. And the hope is, of course, that the measures in place will continue to improve the situation on that front.

    On the growth front, what we are saying is that activity has contracted substantially in the first half of the year, but there are signs that it’s starting to gradually recover. Now how much again, I cannot give you an update because we do not have it as of now. But there are signs that there is a recovery in real wages and in private credit and activity.

    Now, of course, this has been difficult for the Argentine economy, the decline in growth of that nature. And that’s something that, again, we are engaged in discussions with the authorities on the best way forward. I cannot comment more than that.

    Mr. De Haro: OK. Now I am going to get a question from our colleagues on WebEx. I think that Weier is there.

    QUESTION: I have a question on China. Given China’s recent implementation of various stimulus measures, such as support for the real estate—real sector and interest rate reductions and other economic incentives, we’ve already seen a major boost in its capital market. So how do you assess the potential impact of these developments on China’s economic recovery and growth perspective?

    Also, how the external effects, such as the Federal Reserve’s easing monetary path, will play a role here. Thank you.

    Mr. De Haro: Before you answer on the Federal Reserve, there’s other questions on China of a similar nature. Recent stimulus announced by the Governor and its effects.

    Mr. Gourinchas: OK. So China, as I mentioned in my opening remarks, we have a slight downward revision for its 2024 growth, compared to our July projections to 4.8 percent. And that’s a revision that’s coming largely due to a weaker second quarter of the year. And that weaker second quarter of the year is reflecting continued decline in confidence in the household and corporate sector and also the continued problems in the property sector in China.

    Now, this is something that, of course, is a top priority to address for the Chinese authorities. And we’ve seen a number of measures that have been announced since the end of last month. First measures, monetary and financial measures announced by the People’s Bank of China, and then some fiscal measures that were announced a few weeks ago.

    These measures in general go in the right direction, from our perspective. They are trying to improve the situation in the property sector. They’re trying to, for instance, lowering borrowing rates or trying to improve the balance sheet of the property developers.

    In our view, in our assessment, the measures announced at the end of last month by the PBOC, although they go in the right direction, are not sufficient to lift growth in a substantially material way. And that’s why our forecast is still at about 4.8 percent for 2024 and is unchanged for next year, at 4.5 percent.

    The new, more recent measures announced a few weeks ago by the Ministry of Finance are not incorporated in our forecast. We are waiting to see the details. I should mention, however, that since then, there has also been a release of the Q3 growth for China, and this has also been a little bit on the disappointing side. So I would say that what we’re seeing in terms of where the Chinese economy might be going is a little bit of a downward revision coming from the Q3 forecast and then potentially some measures that will help lift the economy going forward.

    Mr. De Haro: OK. So we have an additional question online. Basically, it comes from a reporter in Israel who wants to know how the current conflict is affecting the region and the global economy. Also, if there’s any other questions regarding the ongoing conflict, we can go here in the first row, please.

    QUESTION: Hi. Amir Goumma from Asharq with Bloomberg. With the GCC countries increasingly focusing and diversifying their economies away from oil now, how the IMF sees the progress and how you assess that with geopolitical tensions that may affect the attraction of the investment?

    Mr. Gourinchas: OK. So on the impact of the conflict in the Middle East on the countries in the region, and more broadly, let me ask my colleague Petya Koeva Brooks to come in.

    Ms. Koeva Brooks: Sure. Indeed, the conflict has inflicted a heavy toll on the region, and our hearts go to all who have been affected by it. We are monitoring the situation very closely. And what we could say at this stage is apart from the enormous uncertainty that we see is that the fallout has been the hardest in the countries in the region, at the epicenter of the conflict. We’ve seen significant declines in output in West Bank, in Gaza. Lebanon has also been hard hit. Now, we’ve also seen impact in the—on the economy in Israel, although there, I think the—so far at least, the impact has been smaller.

    Now, beyond that, there has also been an impact on commodity prices, on oil prices. We’ve seen quite a lot of volatility, though, as other factors have also come in, such as the concerns about global demand kind of have pushed prices in the opposite direction.

    Now, beyond that, when it comes to specific countries in the GCC region, when it comes to, for instance, Saudi Arabia, we’ve seen there, actually the non‑oil output has done very well, and we do have a small downward revision in the overall growth rate, but that is pretty much because of the voluntary oil cuts that have now been extended through November. Let me stop here. Thank you.

    Mr. De Haro: OK. We are coming here to the center of the room. I’m going to go way back. The gentleman in the blue shirt that I think is the third row from the back. Yep. There. He has—there, there, there. A little bit. Can you stand up? Yep. Perfect. And then I will go with you, with the lady.

    QUESTION: Thank you for doing this. Your alternative scenario about the trade war does not seem so far from reality. Indeed, especially if Trump wins the elections. So could you augment about that? Thank you.

    Mr. De Haro: We have a couple of questions similar to that nature.

    Mr. Gourinchas: Yes. So, I mean, of course, I will first preface by saying we are not commenting on elections or potential platforms here at the IMF. What we are seeing and when we’re looking at the world economy goes beyond what might be happening in a single country. This is why the scenario that we are looking at in Box 1.2 of our World Economic Outlook is one that focuses on, if you want, an escalation of trade tensions between different regions—whether the U.S., the European Union, or China. And the numbers I quoted earlier are reflecting our model estimates of the cumulative impact of this increase in tensions. So I think that this is something that we are very concerned about. We’ve seen a very sharp increase in a number of trade‑distorting measures implemented by countries since 2019, roughly. They’ve gone from 1,000 to 3,000, so tripling of trade‑distorting measures implemented by countries, and 2019 was not a low point. That was already something that was above what we were seeing in the 2010s. So there is definitely, you know, a direction of travel here that we are very concerned about because a lot of these trade‑distorting measures could reflect decisions by countries that are self‑centered but could be ultimately harmful not just to the global economy, but this is the benefits of doing a scenario analysis like the one we did. They are also hurtful for the countries that want to implement them, as well, because the impact on global trade also makes the residents of a country poorer.

    Mr. De Haro: OK. I’m going to take a question from WebEx and then I’m going to go to you. I think that we have a question on the U.S. Please go ahead.

    QUESTION: My question would be regarding the U.S. resilience toward inflation shock. I remember talks about this during the April meetings and the April report. And I wanted to ask you whether you’re still committed to this forecast of the U.S. resiliency, and whether we can still see the risk of recession in the U.S. since recent talks about the unemployment data, it has not always come to the expectations of what the bond market or the stock exchange thinks.

    So is the U.S. still as resilient as you saw it in April this year?

    Mr. Gourinchas: Yes. So, I mean, the news on the U.S. is good in a sense. We have had an upgrade in growth forecasts for 2024 and 2025. The historical numbers have also been revised, so even upgraded 2023, that is already sort of behind us. But the numbers came in, and they were stronger than what was realized. And that strong growth performance has been happening in a context of a continued disinflation. There have been some bumps in the road. The disinflation may not have been proceeding, especially earlier in the year, as quickly as was projected, but lately it has been quite substantial.

    So what accounts for this is two things that are really important there. One is, there is strong productivity growth that we see when we look at the U.S. That’s somewhat unlike other advanced economies, in fact. When we look around the world. And the second is also a very significant role that immigration has played, the increase in foreign‑born workers in the U.S. that have been integrated fairly quickly into the labor force. Now, the increase in unemployment that we’ve seen recently—I just showed it in my opening remarks—reflects to a large extent the fact that you have this increase in foreign‑born workers. And it takes—they have been integrated quickly in the labor force, but still there was an influx of them or there was an influx of them, and it’s taken a little bit of time to absorb them. And that’s what is reflected in the increased unemployment rate. So the labor market picture remains one that is fairly, fairly robust, even though it has cooled off but from very, very tight levels. Growth is solid. So I think the answer to the question that was posed, I think a risk of a recession in the U.S. in the absence of a very sharp shock would be somewhat diminished.

    Now, that is really what paved the way when you think about what the Federal Reserve is doing, seeing this inflation coming down a lot but noticing the increase in unemployment, pivoting away from just fighting inflation, that fight is almost done, and now being more concerned about, maybe what might be happening going forward with the labor market and wanting to make sure that that cooling off of the labor market does not turn into something that is more negative.

    Mr. De Haro: OK. The clock here says that I have seven minutes that I can push a little bit, but we go there. Then we will go to this side. And come back here and maybe end around here.

    QUESTION: Thank you very much. My name is Hope Moses‑Ashike from Business Day Nigeria. So I am right here in this room, in April, you projected the Nigeria economy to grow by 3.3 percent, and you cited improved oil sector, security, and then agriculture. So I want to understand, what has changed since then in terms of Nigeria’s growth and the factors you mentioned? Thank you.

    Mr. Gourinchas: Thank you. Jean‑Marc, do you want to comment on Nigeria?

    Mr. Natal: Yes. Rightly so. We revised growth for Nigeria in 2024 by .2 down. And, you know, things are volatile, I suppose, because the reason for the revision is precisely issues in agriculture related to flooding. And also issues in the production of oil related to security issues, and also maintenance issues that have pushed down the production of oil. So these two factors have played a role.

    Mr. De Haro: OK. We go to this side. I’m going to go to the front row, the lady with the white jacket. Thank you.

    QUESTION: Thank you. So this is still a follow‑up question since you just answered on Nigeria. What’s the IMF’s projection for the social impacts on full subsidy removal, especially when you—full subsidy removal and forex unification in terms of poverty, inequality, and food insecurity? And also, can give us your medium‑term projections for Nigeria’s growth? Thank you.

    Mr. Gourinchas: So I am afraid on this one I will have to go back and check because I do not have the number ready on the impact of the removal of the fuel subsidies specifically that you asked about. I do not know if my colleagues—

    Mr. De Haro: And I would encourage you to formulate this question in the press briefing for the regional outlook for the African Department. Probably there, you will get your answer, but reach out to us bilaterally and then we will get you the question.

    We are going to stay—we’re going to go to the gentleman in the back. Yep.

    QUESTION: Thanks very much. Andy Robinson of La Vanguardia, Barcelona, Spain. There seems to be a strange sort of divergence in the euro zone economy in which Spain—you have revised upwards Spain’s GDP growth forecast a whole point, percentage point, whilst Germany is languishing. Could I ask you, is Spain’s performance sustainable? And Germany’s in a recession?

    Also, one other question. You seem in your box on inflation and wage share and profit share, wage share you seem to be suggesting if there’s any danger of increasing inflation in the future, it’s more an excessive profit share than exactly wage? Could you tell me if that’s a correct interpretation? Thanks.

    Mr. Gourinchas: Yes. So just a few words on the euro area in general. And then I will let my colleague Petya come in on Spain. We do see some divergence across the different countries of the euro area. And one of the drivers is how reliant they are on manufacturing, as one of the key sectors in domestic production. And what you are seeing is, there is a general weakness in manufacturing and that’s heating countries like Germany. While countries that are maybe a bit more reliant on services, including tourism—and Spain is one of them—are seeing a better performance.

    Now, on the second part of your question, and I will turn it over to Petya, on the profit share and wages. We’re seeing now wage growth that is in excess of inflation. And sometimes people say, well, that’s a problem because that means, you know, maybe that cannot be sustained and therefore there will be more inflation. Well, not quite. That’s not the view we have here at the Fund. A lot of the increase in wages in excess of inflation right now—so that’s an improvement in real wages in standards of living—is reflecting a catchup phenomenon. It’s after years during which inflation was higher than wage inflation, wage increase. So real wages are catching up. They are covering lost ground.

    Now, during those years when inflation was higher than wages, profit margins somewhere were higher in the economy. And that is the profit margin that is being eroded back. So it’s not that we’re squeezing profits inordinately right now. It’s just they’re coming back more toward their historical level as real wages are catching up, and that’s not necessarily a concern in terms of inflation dynamics going forward. With this, let me turn it over to Petya.

    Ms. Koeva Brooks: Thank you. Indeed Spain does stand out as one of the countries with a substantial upward revision for this year. We’re now projecting growth to be 2.9, after last year, when it was 2.7. So what’s behind this revision is the positive surprises that we’ve already seen, especially in the second quarter, as well as some of the revisions to the back data.

    And then when we look at the composition of these surprises, again, it was net exports and the receipts from tourism that were a substantial contributor. But also, private consumption and investment also played a role, which may imply that some of the impact of the national recovery plan and the EU funds that are being used could—we could already be seeing the impact of that. And then when we move forward, we are expecting a slowdown in growth next year, but, again, if these—if this investment continues, of course, that would be a very positive factor behind the recovery. Thanks.

    Mr. De Haro: OK. I have time for just one question because literally, we have 15 seconds. So I’m going to go with the gentleman here.

    QUESTION: Thank you. Barry Wood, Hong Kong Radio. Mr. Gourinchas, in April you said likely we will see one rate cut in the United States. We’ve seen it. The data, as you just said, is very good. Would further rate cuts be counterproductive?

    Mr. Gourinchas: Well, in our projections, of course, we need to make some assumptions about what central banks, and this round of projection is no exception. So in our projections just released today, we’re assuming that there will be two more rate cuts by the Fed in 2024 and then four additional rate cuts in 2025. And that would bring the policy rate towards the terminal rate that is around 2.75, 3. Why do we see the additional rate cuts? Well, in part it’s the progress on inflation. And then as I mentioned earlier, as an answer to an earlier question, the fact that we’re seeing the labor markets cooling and therefore the concern for the Fed is now to make sure that that last part of the disinflation process is not one that is going to hit activity. In the Chapter 2 of our report, we describe how that last mile could be somewhat more costly because, as the supply constraints have eased and moved away, it becomes harder to bring down inflation in that last mile without hurting economic activity, so it’s important to also adjust the policy rate path in a direction of a little bit more easing, as the economy is smooth landing.

    Mr. De Haro: OK. As in life, all good things have to come to an end. But before that, I want to thank you all, on behalf of Pierre‑Olivier, Petya, and Jean‑Marc. Also, on behalf of the Communications Department and a couple of reminders for all of you, the Global Financial Stability Report press briefing is going to happen in this same room at around 10:15 a.m. Tomorrow morning, you have the press briefing for the Fiscal Monitor, and later on in the week, you will have the Managing Director’s press briefing and all the regional press briefings that we’ve been talking about. I want to encourage you to go to IMF.org, download the flagships, the World Economic Outlook, and if you have any questions, comments, feedback, everything to media at IMF.org. So have a great day.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/22/tr102224-weo-transcript

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: Union Minister of Coal & Mines Shri G. Kishan Reddy chairs Day-long Half-Yearly Review Meeting on Coal Sector

    Source: Government of India

    Union Minister of Coal & Mines Shri G. Kishan Reddy chairs Day-long Half-Yearly Review Meeting on Coal Sector

    Safety and Welfare of Mineworkers Must be Top Priority: Shri G Kishan Reddy

    Coal Minister Advocates for Enhanced Efficiency and Environmental Responsibility in the Coal Sector

    Posted On: 22 OCT 2024 8:39PM by PIB Delhi

    The Half-Yearly Review Meeting on the coal sector was convened at Sushma Swaraj Bhawan in New Delhi, today. The meeting was chaired by Union Minister of Coal and Mines, Shri G. Kishan Reddy, with Union Minister of State for Coal and Mines, Shri Satish Chandra Dubey, serving as co-chair. Shri Vikram Dev Dutt, Secretary of the Ministry of Coal; Smt. Rupinder Brar; Smt. Vismita Tej; Additional Secretaries, Ministry of Coal; and all senior officers from the Ministry of Coal, along with CMDs of Coal/Lignite PSUs, were also present. The meeting was to assess the progress of ongoing projects, discuss future strategies, and enhance the coal sector’s growth trajectory.

    In a significant step towards sustainability and resource efficiency, Shri G. Kishan Reddy launched the Report of the High-Powered Expert Committee (HPEC) on the Gainful Utilization of Overburden (OB) in the Coal Sector.

    The report outlines a comprehensive framework for using OB as a valuable resource. Historically seen as waste, OB is now being positioned as an asset with the potential to contribute significantly to environmental sustainability, economic development and create employment opportunities for local communities.

     

    During the Half-Yearly review, Final Mine Closure certificates were awarded to three WCL mines: Pathakhera-I UG Mine, Pathakhera-II UG Mine, and Satapura-II UG Mine. It is for the first time since independence that Coal Mines are officially closed and certificates have been issued. Union Minister Shri G. Kishan Reddy presented these certificates to Shri J.P. Dwivedi, CMD, WCL; Shri Deepak Rewatkar, GM (Safety), WCL; and Shri L.K. Mohapatra, Area General Manager, Pathakhera Area.

    In his keynote address, Union Minister Shri G. Kishan Reddy emphasized the importance of production efficiency and environmental stewardship in the coal sector. He highlighted the need to embrace innovative technologies that enhance coal production while minimizing environmental impact. He expressed deep concern for the environment, urging all stakeholders to prioritize responsible mining practices, including the implementation of accredited compensatory afforestation initiatives and effective reclamation of de-coaled lands. Furthermore, the Minister stressed that mine closures must be managed responsibly, ensuring that affected communities are supported and that rehabilitated areas are returned to productive use.

    The Minister also underscored the critical importance of safety for mineworkers, stating that their health and well-being must be prioritized through rigorous enforcement of safety protocols and ongoing training programs. He expressed concern for the families of mine workers, emphasizing that a safe working environment is essential not only for the workers themselves but also for their communities. Shri Reddy urged stakeholders to foster a culture of safety and social responsibility, reinforcing the need for proactive Corporate Social Responsibility (CSR) initiatives that engage and uplift local communities. By aligning industry practices with community needs, promoting social welfare, and addressing environmental concerns, the coal sector can transform into a model of modernity and responsibility, ultimately ensuring a sustainable future for both the industry and the environment.

    While Reviewing, Union Minister of State for Coal and Mines, Shri Satish Chandra Dubey highlighted the remarkable progress made by the coal sector over the past six months. He commended the efforts of all stakeholders in enhancing production capacity while emphasizing the need for continued focus on safety and environmental sustainability. Minister Shri Dubey stressed the importance of innovative practices and technologies in driving efficiency and moving towards net zero. He called for collaborative efforts to address challenges and ensure the long-term viability of coal as a critical energy resource, reaffirming the government’s commitment to supporting the industry while prioritizing the welfare of workers and local communities.

    Addressing the gathering, Shri Vikram Dev Dutt, Secretary, Ministry of Coal, outlined the agenda of the event and highlighted the key focus areas of the discussion. Secretary Shri Dutt reiterated the Government’s commitment to ensuring that the coal sector can sustainably meet the energy demands of the nation while protecting the environment and the lives of those who work in it.

    Further presentations were made on the Operational Overview of the coal sector, along with the Vision 2030 and Vision 2047 frameworks. Detailed discussions were held on the operationalization of newly allocated coal blocks, the status of exploration activities, and accelerating coal production to secure India’s energy needs and foster self-reliance in the energy sector. The session also highlighted critical areas that need to be addressed to ensure sustained energy security and support the nation’s long-term economic growth.

    Subsequent sessions delved into the financial, technical, and business development of the coal sector. The Minister held in-depth discussions with CMDs and HODs regarding capital expenditures (CAPEX), asset monetization, and market capitalization, offering a comprehensive overview of the current landscape and future prospects. Presentations showcased technological advancements, particularly in underground mining, and strategies to enhance coking coal capacity, with the goal of reducing reliance on imports and boosting domestic production. A significant emphasis was placed on adopting environmentally sustainable practices in the mining sector, including the transition to gas-based technologies and the integration of electric vehicles (EVs). These efforts align with the overarching aim of lowering the carbon footprint in coal mining operations. The progress of First Mile Connectivity (FMC) projects was reviewed, focusing on eco-friendly coal transportation systems designed to minimize environmental impact. Furthermore, discussions highlighted the promotion of Heavy Earth Moving Machinery (HEMM) to improve operational performance and productivity, supporting the Make in India initiative championed by Prime Minister Shri Narendra Modi.

    Shri G. Kishan Reddy led a discussion on Inter-Ministerial Coordination and Sustainable Development, emphasizing the importance of collaboration among ministries. Presentations were made by the Ministries of Power, Railways, and Environment, Forest, and Climate Change (MoEFCC), addressing critical challenges and aligning goals to enhance cooperation. Shri G. Kishan Reddy reiterated the necessity of sustainable development, particularly through accredited compensatory afforestation, environmental initiatives, and the reclamation and proper utilization of de-coaled land. He highlighted that responsible mine closure is not merely an operational requirement but a commitment to environmental stewardship, ensuring long-term sustainability.

    The discussions also extensively covered safety protocols in mining operations and welfare programs for mine workers and their families. Special attention was given to CSR and HR initiatives, recruitment promotion and transfer policies, and labor relations, along with the Employees’ Provident Fund, all aimed at fostering a safe and supportive environment for all stakeholders. An interaction session on CSR, HR, and Labour Relations covered strategies for Corporate Social Responsibility (CSR) planning and execution, ensuring the effective alignment of social initiatives with the needs of communities around coalfields. Discussion also focused on transfer policies, aiming to create a more transparent, merit-based system for employee transfers and promotions, as well as the status of labor relations, emphasizing welfare measures such as the Employees Provident Fund (CMPFO) to ensure the financial security of coal sector employees.

    A significant aspect of the discussions was the observance of Vigilance Awareness Week. The Ministry of Coal reiterated its dedication to upholding transparency and accountability across its operations. Presentations were made on the various vigilance initiatives being undertaken by Coal PSUs, which include strict compliance with ethical standards, ensuring fair practices in tenders and contracts. The Minister interacted with Chief Vigilance Officers (CVOs), reinforcing the Ministry’s anti-corruption stance and its drive toward a corruption-free governance structure.

    The Half-Yearly Review Meeting concluded with a vote of thanks, setting the stage for an action-packed second half of the year, driving the coal sector forward toward the ambitious targets of Vision 2030 and beyond.

     

     

    ****

    ST

    (Release ID: 2067178) Visitor Counter : 57

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CCI approves the proposed acquisition of Aavas Financiers Limited by Aquilo House Pte. Ltd.

    Source: Government of India

    Posted On: 22 OCT 2024 8:38PM by PIB Delhi

    Competition Commission of India has approved the proposed acquisition of Aavas Financiers Limited by Aquilo House Pte. Ltd.

    Aavas Financiers Limited (Acquirer) is a newly incorporated entity, wholly and indirectly held by the Relevant CVC Funds which are certain investment funds or vehicles managed and/or advised by members of the CVC Network. The “CVC Network” or “CVC Group” is a global alternative investment manager focused on private equity, credit, secondaries and infrastructure, consisting of CVC Capital Partners plc. (CVC PLC) and each of its subsidiaries from time to time. CVC PLC is a public limited company whose shares are listed and admitted to trading on the Euronext Amsterdam Stock Exchange.

    Aavas Financiers Limited (Target) is registered with the National Housing Bank as a non-deposit taking housing finance company. In India, the Target’s business activities include: (A) provision of (a) Home loans; (b) MSME business loans; (c) Loan against property; and (B) Distribution of life, health, and general insurance products to Target’s customers only.

    The proposed transaction relates to acquisition of shares and control by the Acquirer in the Target pursuant to: (i) the share sale agreements executed amongst the Acquirer, the Target and certain existing promoters/promoter group of the Target; and (ii) the mandatory open offer in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

    Detailed order of the Commission will follow.

    ****

    NB/AD

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Minister of Coal & Mines Shri G. Kishan Reddy chairs Day-long Half-Yearly Review Meeting on Coal Sector

    Source: Government of India

    Union Minister of Coal & Mines Shri G. Kishan Reddy chairs Day-long Half-Yearly Review Meeting on Coal Sector

    Safety and Welfare of Mineworkers Must be Top Priority: Shri G Kishan Reddy

    Coal Minister Advocates for Enhanced Efficiency and Environmental Responsibility in the Coal Sector

    Posted On: 22 OCT 2024 8:39PM by PIB Delhi

    The Half-Yearly Review Meeting on the coal sector was convened at Sushma Swaraj Bhawan in New Delhi, today. The meeting was chaired by Union Minister of Coal and Mines, Shri G. Kishan Reddy, with Union Minister of State for Coal and Mines, Shri Satish Chandra Dubey, serving as co-chair. Shri Vikram Dev Dutt, Secretary of the Ministry of Coal; Smt. Rupinder Brar; Smt. Vismita Tej; Additional Secretaries, Ministry of Coal; and all senior officers from the Ministry of Coal, along with CMDs of Coal/Lignite PSUs, were also present. The meeting was to assess the progress of ongoing projects, discuss future strategies, and enhance the coal sector’s growth trajectory.

    In a significant step towards sustainability and resource efficiency, Shri G. Kishan Reddy launched the Report of the High-Powered Expert Committee (HPEC) on the Gainful Utilization of Overburden (OB) in the Coal Sector.

    The report outlines a comprehensive framework for using OB as a valuable resource. Historically seen as waste, OB is now being positioned as an asset with the potential to contribute significantly to environmental sustainability, economic development and create employment opportunities for local communities.

     

    During the Half-Yearly review, Final Mine Closure certificates were awarded to three WCL mines: Pathakhera-I UG Mine, Pathakhera-II UG Mine, and Satapura-II UG Mine. It is for the first time since independence that Coal Mines are officially closed and certificates have been issued. Union Minister Shri G. Kishan Reddy presented these certificates to Shri J.P. Dwivedi, CMD, WCL; Shri Deepak Rewatkar, GM (Safety), WCL; and Shri L.K. Mohapatra, Area General Manager, Pathakhera Area.

    In his keynote address, Union Minister Shri G. Kishan Reddy emphasized the importance of production efficiency and environmental stewardship in the coal sector. He highlighted the need to embrace innovative technologies that enhance coal production while minimizing environmental impact. He expressed deep concern for the environment, urging all stakeholders to prioritize responsible mining practices, including the implementation of accredited compensatory afforestation initiatives and effective reclamation of de-coaled lands. Furthermore, the Minister stressed that mine closures must be managed responsibly, ensuring that affected communities are supported and that rehabilitated areas are returned to productive use.

    The Minister also underscored the critical importance of safety for mineworkers, stating that their health and well-being must be prioritized through rigorous enforcement of safety protocols and ongoing training programs. He expressed concern for the families of mine workers, emphasizing that a safe working environment is essential not only for the workers themselves but also for their communities. Shri Reddy urged stakeholders to foster a culture of safety and social responsibility, reinforcing the need for proactive Corporate Social Responsibility (CSR) initiatives that engage and uplift local communities. By aligning industry practices with community needs, promoting social welfare, and addressing environmental concerns, the coal sector can transform into a model of modernity and responsibility, ultimately ensuring a sustainable future for both the industry and the environment.

    While Reviewing, Union Minister of State for Coal and Mines, Shri Satish Chandra Dubey highlighted the remarkable progress made by the coal sector over the past six months. He commended the efforts of all stakeholders in enhancing production capacity while emphasizing the need for continued focus on safety and environmental sustainability. Minister Shri Dubey stressed the importance of innovative practices and technologies in driving efficiency and moving towards net zero. He called for collaborative efforts to address challenges and ensure the long-term viability of coal as a critical energy resource, reaffirming the government’s commitment to supporting the industry while prioritizing the welfare of workers and local communities.

    Addressing the gathering, Shri Vikram Dev Dutt, Secretary, Ministry of Coal, outlined the agenda of the event and highlighted the key focus areas of the discussion. Secretary Shri Dutt reiterated the Government’s commitment to ensuring that the coal sector can sustainably meet the energy demands of the nation while protecting the environment and the lives of those who work in it.

    Further presentations were made on the Operational Overview of the coal sector, along with the Vision 2030 and Vision 2047 frameworks. Detailed discussions were held on the operationalization of newly allocated coal blocks, the status of exploration activities, and accelerating coal production to secure India’s energy needs and foster self-reliance in the energy sector. The session also highlighted critical areas that need to be addressed to ensure sustained energy security and support the nation’s long-term economic growth.

    Subsequent sessions delved into the financial, technical, and business development of the coal sector. The Minister held in-depth discussions with CMDs and HODs regarding capital expenditures (CAPEX), asset monetization, and market capitalization, offering a comprehensive overview of the current landscape and future prospects. Presentations showcased technological advancements, particularly in underground mining, and strategies to enhance coking coal capacity, with the goal of reducing reliance on imports and boosting domestic production. A significant emphasis was placed on adopting environmentally sustainable practices in the mining sector, including the transition to gas-based technologies and the integration of electric vehicles (EVs). These efforts align with the overarching aim of lowering the carbon footprint in coal mining operations. The progress of First Mile Connectivity (FMC) projects was reviewed, focusing on eco-friendly coal transportation systems designed to minimize environmental impact. Furthermore, discussions highlighted the promotion of Heavy Earth Moving Machinery (HEMM) to improve operational performance and productivity, supporting the Make in India initiative championed by Prime Minister Shri Narendra Modi.

    Shri G. Kishan Reddy led a discussion on Inter-Ministerial Coordination and Sustainable Development, emphasizing the importance of collaboration among ministries. Presentations were made by the Ministries of Power, Railways, and Environment, Forest, and Climate Change (MoEFCC), addressing critical challenges and aligning goals to enhance cooperation. Shri G. Kishan Reddy reiterated the necessity of sustainable development, particularly through accredited compensatory afforestation, environmental initiatives, and the reclamation and proper utilization of de-coaled land. He highlighted that responsible mine closure is not merely an operational requirement but a commitment to environmental stewardship, ensuring long-term sustainability.

    The discussions also extensively covered safety protocols in mining operations and welfare programs for mine workers and their families. Special attention was given to CSR and HR initiatives, recruitment promotion and transfer policies, and labor relations, along with the Employees’ Provident Fund, all aimed at fostering a safe and supportive environment for all stakeholders. An interaction session on CSR, HR, and Labour Relations covered strategies for Corporate Social Responsibility (CSR) planning and execution, ensuring the effective alignment of social initiatives with the needs of communities around coalfields. Discussion also focused on transfer policies, aiming to create a more transparent, merit-based system for employee transfers and promotions, as well as the status of labor relations, emphasizing welfare measures such as the Employees Provident Fund (CMPFO) to ensure the financial security of coal sector employees.

    A significant aspect of the discussions was the observance of Vigilance Awareness Week. The Ministry of Coal reiterated its dedication to upholding transparency and accountability across its operations. Presentations were made on the various vigilance initiatives being undertaken by Coal PSUs, which include strict compliance with ethical standards, ensuring fair practices in tenders and contracts. The Minister interacted with Chief Vigilance Officers (CVOs), reinforcing the Ministry’s anti-corruption stance and its drive toward a corruption-free governance structure.

    The Half-Yearly Review Meeting concluded with a vote of thanks, setting the stage for an action-packed second half of the year, driving the coal sector forward toward the ambitious targets of Vision 2030 and beyond.

     

     

    ****

    ST

    (Release ID: 2067178) Visitor Counter : 57

    MIL OSI Asia Pacific News

  • MIL-OSI Video: UN SDG Action Awards Ceremony 2024 | United Nations

    Source: United Nations (Video News)

    Watch the 2024 UN SDG Action Awards Ceremony live from Rome and join the UN SDG Action Campaign to celebrate changemakers who are wielding the power of creativity and innovation to bring us closer to a more sustainable, equitable and peaceful world.

    The UN SDG Action Awards Ceremony will unveil the winners of the 2024 edition with the presence of the Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation of Italy Antonio Tajani (TBC), and UN Assistant Secretary-General and Director of the UNDP Bureau for External Relations and Advocacy Susan Brown, as well as Canon Ambassador Muhammed Muheisen, two-time winner of the Sanremo Music Festival singer-songwriter Mahmood, award-winning writer, film director and producer Farhoud Meybodi, Paralympian and Author Jessica Smith, among many others.

    The UN SDG Action Awards programme is made by the generous financial support of the Italian Ministry of Foreign Affairs and International Cooperation (MAECI) and the German Federal Ministry of Economic Cooperation and Development (BMZ).

    Watch the UN SDG Action Awards Ceremony live at sdgactionawards.org/live

    Follow the UN SDG Action Awards Ceremony’s live coverage on social media with the hashtag #SDGAwards.

    https://www.youtube.com/watch?v=atPKdld_4qc

    MIL OSI Video

  • MIL-Evening Report: No home left behind: a postcode approach to electrification

    Source: The Conversation (Au and NZ) – By Gill Armstrong, Researcher in architecture and urban planning, Climateworks Centre

    EndeavourEnergy

    In Australia and overseas, it’s clear that homes without gas – running on clean energy – are healthier, have cheaper power bills, and produce lower greenhouse emissions.

    The emissions part is crucial. Collectively, homes are responsible for 10% of Australia’s greenhouse emissions. But how do we get Australia’s 11 million homes to ditch gas and switch to electricity for cooking, hot water and home heating?

    The current approach is slow and piecemeal. State and local governments offer incentives to individual households, but few adopt them. For those that do, little coordinated support and guidance is available. The households must deal with suppliers and tradies on their own, which can be a frustrating and lonely process.

    A pilot project to electrify 500 homes in a single postcode south of Sydney could show a better way. After a two-year campaign by residents, “Electrify 2515” has won A$5.4 million in federal funding, along with industry support. Challenges remain, but this pilot promises to demonstrate how household electrification can be accelerated and coordinated at scale.

    As independent climate transitions specialists within Monash University, Climateworks Centre has no direct involvement in this project. But our ongoing Renovation Pathways Program focuses on ways to decarbonise Australia’s existing houses and bring about a national renovation wave. So we are watching with keen interest.

    Testing extra incentives

    The 2515 postcode sits between Wollongong and Sydney in New South Wales. It covers the suburbs of Austinmer, Clifton, Coledale, Scarborough, Thirroul and Wombarra.

    The pilot encourages households to retire three types of gas appliance: water heaters, space heaters and cookers. Financial subsidies of up to $1,000 off electric hot water systems, reverse-cycle air conditioners and induction cooktops, and up to $1,500 off home batteries, are available. Higher subsidies are available to low-income households.

    Successful applicants receive the subsidies as a discount on the purchase price of these new electrical appliances, rather than a rebate. Money for this is coming from the federal government’s Australian Renewable Energy Agency (ARENA).

    Such incentives prompt households within a single community to make the switch together, retiring their electric appliances before their gas appliances fail or break, speeding up the transition.

    A fully subsidised smart energy device, valued at around $1,500, is also installed in every home to track and optimise energy use. Subsidies are also available for upgrades to switchboards where required to meet modern safety standards.

    Rooftop solar and electric vehicle chargers can also be purchased through the pilot, but will not be subsidised.

    How it works.
    Electrify 2515

    The 2515 difference

    2515 is not the first community to rally behind clean energy. Grassroots initiatives are scattered around the country, such as in Yackandandah in northeast Victoria, Parkes in central west NSW, and Broken Hill in far west NSW.

    Home energy pilot projects are also already underway through the Cooperative Research Centre Race2030, which partners with industry and research institutions. But these initiatives, along with those at a state and local government level, tend to recruit individual households across a wider geographic area.

    In contrast, Electrify 2515 offers holistic support for households within a community. It is not driven by a single government program, or by a gas supply problem – which was the case for the people of Esperance in Western Australia.

    By electrifying 500 homes in a single community, Electrify 2515 will provide a tangible measure of what’s required to drive rapid household electrification. The main challenge isn’t technological – it’s social. The technology is here. Getting the social drivers and settings right, at scale, is the key.

    The holistic approach will demonstrate what consumers need to make the shift from gas to electricity. This includes what conversations are needed and which incentives enable all households to act in a coordinated way.

    Local 2515 residents explain why everyone should join them in applying for the Electrify 2515 Community Pilot.

    The bright side of a community approach

    The whole-of-community focus brings technical and financial advantages.

    After completing an application form and receiving an offer, households receive guidance and support from the installation partner Brighte, a commercial company that provides consumer loans for clean energy appliances such as solar panels and batteries. The service streamlines the decision-making process, which is often the biggest barrier stopping households from progressing with electrification.

    Being able to work with a larger number of homes at once is likely to streamline and scale up installation with dedicated teams of installers and tradespeople.

    It also helps build households’ trust in literature about payback times and financial benefits through friendly neighbourhood conversations and, importantly, through access to local real-world evidence, not just theory.

    Thermal efficiency is also key

    The electrification pilot is a solid starting point, especially for a community in a relatively mild coastal climate such as postcode 2515.

    For homes in more extreme climates, or for inefficient older homes – which a lot of Australia’s homes sadly are – the fundamental thermal efficiency of the building must be improved alongside electrification of appliances.

    The thermal efficiency of homes can be improved by insulating ceilings, walls and floors, double-glazing windows and sealing gaps. These measures make a home more comfortable for occupants. They can also reduce peak demand on the energy network and save on household energy bills.

    Electrify 2515 currently focuses on appliance upgrades but adding thermal efficiency upgrades could take it to the next level. Without these upgrades, there is a risk of households in harsher climates using more electricity in a heatwave if homes are draughty and inefficient.

    There are various ways to upgrade a home’s capacity to stay cool in summer and warm in winter.
    Climateworks Centre, 2023, Climate-ready homes: Building the case for a renovation wave in Australia.

    When paired with electrification, thermal upgrades could save Australian households around $2,200 annually on their energy bills (based on 2023 gas and electricity prices), according to Climateworks Centre analysis.

    Projects like Electrify 2515 should include both home thermal efficiency improvements and electrification efforts, particularly for communities in harsher climates in order to maximise benefits to households.

    Electrification challenges

    Electrify 2515 caters for low-income households, by offering higher subsidies to households in the lowest 25% income percentile to ensure these groups comprise 25% of community buy-in.

    Renters are encouraged to put their hand up too. But it may still be challenging to encourage their landlords to invest in upgrades.

    Further challenges include decarbonising homes that cannot generate electricity from rooftop solar panels due to being shaded by taller buildings or trees. This can sometimes be an issue for homes in colder winter climates with higher annual energy demands, such as Victoria, Tasmania and the ACT.

    Building momentum for widescale rollout

    The technology for all-electric homes exists. Now we must identify the key social drivers and settings required to spur Australia’s electrification wave.

    Electrify 2515 is a promising approach. It’s a way to build momentum, showcase technology at scale, and prompt meaningful discussions around the benefits and challenges of getting off gas.

    This program, and others like it, can provide a tangible real-world foundation to bring about bills savings, emissions reductions and healthier homes across Australia. And it will help ensure no one is left behind.

    Climateworks Centre is a part of Monash University. It receives funding from a range of external sources including philanthropy, governments and businesses.

    ref. No home left behind: a postcode approach to electrification – https://theconversation.com/no-home-left-behind-a-postcode-approach-to-electrification-241471

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Rebuilding homes after a disaster is an opportunity to build back better – why isn’t the insurance industry on board?

    Source: The Conversation (Au and NZ) – By Antonia Settle, Lecturer, Monash University

    For many Australians, 2022 was a dark and devastating year. Major floods wreaked havoc on hundreds of communities in Queensland, New South Wales, Victoria and Tasmania. But for some, the floods themselves were only half the disaster.

    As a recent report by Financial Counselling Victoria showed, many affected households had their insurance claims rejected or diminished, whether due to complicated exclusion clauses or because their “sum insured” had been whittled away by unexpected costs.

    A long parliamentary inquiry sought to examine the insurance industry’s response to this disaster. Its final report – released to little fanfare last Friday – revealed a sector in crisis.

    The report put forward 86 recommendations, which taken together could deliver real progress in pushing the insurance sector to deliver on its promises.

    Some standout areas of focus included abolishing a principle called “like-for-like reinstatement” and increasing accountability and oversight. Making sure households can rely on their own coverage is a vital step.

    But the report also highlighted just how vulnerable Australia’s housing stock is to climate change, which is no easy problem to solve.




    Read more:
    How extreme weather and costs of housing and insurance trap some households in a vicious cycle


    Forced to repeat the same mistakes

    To address the challenge of rising climate risk, we need to increase the resilience of Australian homes. Insurance will only be affordable if risk exposure can be brought down.

    Recommendation 26 of the inquiry’s final report deals with the principle of “like-for-like reinstatement”. Written into many policies, this protects insurers from having to pay for home improvements in an insurance claim – known as “betterment” in insurance jargon.

    ‘Like-for-like’ rules can prevent households from improving their disaster resilience when rebuilding.
    Anna Mente/Shutterstock

    The underlying idea is to stop households sneaking an extra en-suite bathroom into their insurer-funded rebuild. The same dimensions and building materials have to be used.

    But this can mean a home that has been flooded ends up being rebuilt with exactly the same flood risk.

    This was the experience of Madeleine Serle, whose home was flooded in Melbourne in 2022. She told me she had asked her insurer to rebuild using polished concrete floors in the downstairs rooms of her home, instead of the plasterboard and wood that had soaked up the floodwaters. Serle reasoned that if it flooded again, it wouldn’t cause so much damage.

    Her insurer refused. Even when Serle offered to pay any extra costs herself that might arise from concrete flooring, her insurer insisted on a “like-for-like reinstatement”. This meant using the same low-resilience materials that will likely be destroyed if inundated again by floodwater.

    Bringing ‘betterment’ to the fore

    Serle was actively trying to reduce her future flood risk, but this was precluded by the terms of her insurance contract.

    By seeking an end to like-for-like reinstatement, recommendation 26 is pushing for “betterment” to be brought to the forefront of how we think about insurer rebuilds.

    It proposes allowing households to swap out size for quality in an insurer rebuild. That could allow them to use the money saved from reducing the footprint of their home on resilience measures, which are often much more expensive.

    This wouldn’t just reduce their exposure to climate risks – fire, flooding and so on. It could also improve the energy efficiency of our houses, which is another key part of the climate challenge in Australia.

    Standardised products

    Many of the report’s other recommendations centred on the better handling of claims and better outcomes for households.

    This includes by strengthening accountability through stronger regulatory oversight (recommendations 2, 4, 9, 41, 47, 49), tightening up some key loopholes (recommendations 3, 10, 13), and penalising insurers for delays in the resolution of claims (recommendations 19 and 57).

    It also laid out ways to improve communications between insurers and households (recommendations 6, 10, 24, 25, 28, 33), so people can better understand what they should expect from their insurer – and when their insurer might be falling short.

    These proposed reforms aim to create more standardised insurance products across the industry. But they could have gone further. The report didn’t go as far as recommending a fully standardised insurance product that all insurers would have to offer.

    Making insurance products more standardised could make them easier to compare.
    DC Studio/Shutterstock

    As the Financial Rights Legal Centre has argued, standardisation is vital to untangling the “confusopoly” that leaves households unable to make informed decisions about the merits of different policies on the market without reading reams of product disclosure statements.

    Reform alone isn’t enough

    The inquiry’s final report recommends the government buy back some of the riskiest homes (recommendation 81), alongside much stronger government support for households looking to mitigate their own risks.

    But insurance reform alone isn’t enough to solve the problem that Australian households face in securing their housing amid worsening climate risk.

    The bigger overarching problem faced by Australia is one of climate change mitigation and adaption. While our country is exposed to relatively high levels of climate risk, much of this risk is borne by individuals through home ownership.

    With nearly half of all renter retirees living in poverty, Australians know owning their own home is a powerful way to secure their economic future. That’s why home ownership is referred to as part of the “third pillar” of the retirement income system (voluntary private savings), along with superannuation and the public pension.

    Reforming our insurance system can make important strides in providing households with better tools to manage climate risk.

    Only with stronger safety nets, and by grappling with risks at the societal level, can we counteract the extreme individualisation of climate risk that we experience here in Australia.




    Read more:
    Some New Zealand homes are becoming uninsurable because of natural disasters – but all may not be lost


    Antonia Settle 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. Rebuilding homes after a disaster is an opportunity to build back better – why isn’t the insurance industry on board? – https://theconversation.com/rebuilding-homes-after-a-disaster-is-an-opportunity-to-build-back-better-why-isnt-the-insurance-industry-on-board-241576

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: AvePoint to Announce Third Quarter 2024 Financial Results on November 7

    Source: GlobeNewswire (MIL-OSI)

    JERSEY CITY, N.J., Oct. 22, 2024 (GLOBE NEWSWIRE) — AvePoint (NASDAQ: AVPT), the global leader in robust data management and data governance, will report its third quarter 2024 financial results after the US financial markets close on Thursday, November 7, 2024.

    The company will host a conference call at 4:30pm ET on Thursday, November 7, 2024. CEO and Co-Founder Dr. Tianyi Jiang (TJ) and CFO Jim Caci will provide an overview of these results, discuss current business trends, and conduct a question-and-answer session. You may access the call and register with a live operator by dialing 1-833-816-1428 for US participants and 1-412-317-0520 for those outside the US. The passcode for the call is 7094823.

    A live webcast will be available in the Investor Relations section of AvePoint’s website at: https://ir.avepoint.com/events. A replay of the webcast will be available for approximately 90 calendar days.

    About AvePoint

    Securing the Future. AvePoint is a global leader in data management and data governance, and over 21,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint’s global channel partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit http://www.avepoint.com.

    Disclosure Information

    AvePoint uses the https://ir.avepoint.com/ website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and its registration statement on Form S-3 and related prospectus and prospectus supplements filed with the SEC. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, http://www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations.

    Investor Contact
    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact
    AvePoint
    Nicole Caci
    pr@avepoint.com
    (201) 201-8143

    The MIL Network

  • MIL-OSI: Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Oct. 22, 2024 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the third quarter ended September 30, 2024. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below.

    Revenues for the third quarter ended September 30, 2024 totaled $93.2 million, a 13.6% decrease from $107.8 million for the corresponding period a year ago, and an 8.5% sequential increase from $85.9 million in the second quarter of 2024.

    Gross margin decreased to $45.7 million for the third quarter of 2024, compared to $55.9 million for the corresponding period a year ago but increased from $42.8 million for the second quarter of 2024. Gross margin, as a percentage of revenue, decreased to 49.1% for the third quarter of 2024, compared to 51.8% for the corresponding period a year ago and 49.8% for the second quarter of 2024. Operating expenses increased to $40.4 million for the third quarter of 2024, compared to $40.2 million for the corresponding period a year ago, and decreased sequentially from $42.6 million for the second quarter of 2024.

    Net income for the third quarter was $11.6 million, or $0.26 per diluted share, compared to net income of $16.6 million or $0.37 per diluted share, for the corresponding period a year ago and net loss of $(1.2) million, or $(0.03) per diluted share, for the second quarter of 2024.

    Cash flow from operations totaled $22.6 million for the third quarter, compared to cash flow from operations of $23.8 million for the corresponding period a year ago, and cash flow from operations of $15.6 million in the second quarter of 2024. Capital expenditures for the third quarter totaled $8.4 million, compared to $7.7 million for the corresponding period a year ago and $6.1 million for the second quarter of 2024. Cash and cash equivalents as of September 30, 2024 increased 6.2% sequentially to approximately $267.6 million compared to approximately $251.9 million as of June 30, 2024.

    Backlog for the third quarter ended September 30, 2024 totaled $150.6 million, a 13.8% decrease from $174.7 million for the corresponding period a year ago, and 2.1% sequential decrease from $153.8 million at the end of the second quarter of 2024.

    Commenting on third quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Revenues and cash flow improved in Q3 while gross margins were impacted primarily by product mix. We are close to initial deliveries of 2nd generation, high density VPD systems for leading AI applications with current multipliers achieving superior density, bandwidth and signal integrity. Vicor’s VPD will enable AI processors setting new standards for compute performance and power system efficiency.”

    “We are off to a good start asserting our Intellectual Property against unscrupulous actors playing a game of “catch me if you can”. As indicated in a recent Initial Determination from the International Trade Commission (“ITC”), contract manufacturers may be precluded from importing computing systems using infringing modules. Redesigned modules, or discrete alternatives, may still infringe and OEMs condoning infringement are taking chances with their supply chain. Leaders in Artificial Intelligence licensing Vicor IP are wisely securing a resilient supply chain of enabling power system solutions.”

    For more information on Vicor and its products, please visit the Company’s website at http://www.vicorpower.com.

    Earnings Conference Call

    Vicor will be holding its investor conference call today, Tuesday, October 22, 2024 at 5:00 p.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to register with Notified, the service provider hosting the conference call. Those registering on Notified’s website will receive dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Registration may be completed at any time prior to 5:00 p.m. on October 22, 2024. For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the Investor Relations page of Vicor’s website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software. For those who cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor’s website.

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,” “will,” “would,” “should,” “continue,” “prospective,” “project,” and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management’s current expectations and estimates as to the prospective events and circumstances that may or may not be within the company’s control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2023, under Part I, Item I — “Business,” under Part I, Item 1A — “Risk Factors,” under Part I, Item 3 — “Legal Proceedings,” and under Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.

    Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, and aerospace and defense electronics.

    For further information contact:

    James F. Schmidt, Chief Financial Officer
    Office: (978) 470-2900
    Email: invrel@vicorpower.com

                   
    VICOR CORPORATION
                   
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS      
    (Thousands except for per share amounts)
                   
      QUARTER ENDED   YEAR ENDED
      (Unaudited)   (Unaudited)
                   
      SEPT 30,   SEPT 30,   SEPT 30,   SEPT 30,
      2024   2023
      2024   2023
                   
                   
    Net revenues $93,166     $107,844     $262,892     $312,407  
    Cost of revenues   47,422       51,966       129,254       154,822  
    Gross margin   45,744       55,878       133,638       157,585  
                   
    Operating expenses:              
    Selling, general and administrative   23,398       22,422       72,715       63,020  
    Research and development   16,960       17,752       51,938       50,556  
    Litigation-contingency expense               19,500        
    Total operating expenses   40,358       40,174       144,153       113,576  
                   
    Income (loss) from operations   5,386       15,704       (10,515 )     44,009  
                   
    Other income (expense), net   3,713       1,917       9,244       5,643  
                   
    Income (loss) before income taxes   9,099       17,621       (1,271 )     49,652  
                   
    Less: (Benefit) provision for income taxes   (2,455 )     1,038       2,832       4,716  
                   
    Consolidated net income (loss)   11,554       16,583       (4,103 )     44,936  
                   
    Less: Net income attributable to noncontrolling interest   2       1       14       9  
                   
    Net income (loss) attributable to Vicor Corporation $11,552     $16,582     ($4,117 )   $44,927  
                   
                   
    Net income (loss) per share attributable to Vicor Corporation:              
    Basic $0.26     $0.37     ($0.09 )   $1.01  
    Diluted $0.26     $0.37     ($0.09 )   $1.00  
                   
    Shares outstanding:              
    Basic   45,117       44,433       44,829       44,275  
    Diluted   45,174       45,187       44,829       45,000  
                   
    VICOR CORPORATION
           
    CONDENSED CONSOLIDATED BALANCE SHEET
    (Thousands)
           
      SEPT 30,   DEC 31,
      2024   2023
      (Unaudited)   (Unaudited)
    Assets      
           
    Current assets:      
    Cash and cash equivalents $ 267,605     $ 242,219  
    Accounts receivable, net   58,525       52,631  
    Inventories   105,761       106,579  
    Other current assets   18,933       18,937  
    Total current assets   450,824       420,366  
           
    Long-term deferred tax assets   288       296  
    Long-term investment, net   2,640       2,530  
    Property, plant and equipment, net   158,779       157,689  
    Other assets   20,231       14,006  
           
    Total assets $ 632,762     $ 594,887  
           
    Liabilities and Equity      
           
    Current liabilities:      
    Accounts payable $ 15,724     $ 12,100  
    Accrued compensation and benefits   12,449       11,227  
    Accrued expenses   6,429       5,093  
    Accrued litigation   26,550       6,500  
    Sales allowances   2,640       3,482  
    Short-term lease liabilities   1,739       1,864  
    Income taxes payable   642       746  
    Short-term deferred revenue and customer prepayments   4,198       3,157  
           
    Total current liabilities   70,371       44,169  
           
    Long-term deferred revenue         1,020  
    Long-term income taxes payable   1,916       2,228  
    Long-term lease liabilities   5,605       6,364  
    Total liabilities   77,892       53,781  
           
    Equity:      
    Vicor Corporation stockholders’ equity:      
    Capital stock   402,687       384,395  
    Retained earnings   292,557       296,674  
    Accumulated other comprehensive loss   (1,198 )     (1,273
    Treasury stock   (139,424     (138,927
    Total Vicor Corporation stockholders’ equity   554,622       540,869  
    Noncontrolling interest   248       237  
    Total equity   554,870       541,106  
           
    Total liabilities and equity $ 632,762     $ 594,887  
           

    The MIL Network