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Category: Economy

  • MIL-OSI Europe: Written question – Role of regional and local authorities in managing funds in the next programming period – E-002039/2024

    Source: European Parliament

    11.10.2024

    Question for written answer  E-002039/2024
    to the Commission
    Rule 144
    Elena Nevado del Campo (PPE), Isabel Benjumea Benjumea (PPE), Raúl de la Hoz Quintano (PPE), Juan Ignacio Zoido Álvarez (PPE), Nicolás Pascual De La Parte (PPE), Susana Solís Pérez (PPE), Borja Giménez Larraz (PPE), Pablo Arias Echeverría (PPE), Alma Ezcurra Almansa (PPE), Antonio López-Istúriz White (PPE), Adrián Vázquez Lázara (PPE), Maravillas Abadía Jover (PPE), Francisco José Millán Mon (PPE), Pilar del Castillo Vera (PPE), Fernando Navarrete Rojas (PPE), Esther Herranz García (PPE)

    Recent reports in some national and European newspapers[1][2] have provided details of the Commission’s supposed structural reform for the next programming period that will merge cohesion and common agricultural payments into a single national plan. Member States’ central authorities would thus draw up and manage directly the payments linked to those funds.

    Cutting the budget for those funds or breaking with the principle of partnership and multilevel governance would undoubtedly pose a serious risk to cohesion across Europe, especially with regard to regional and local authorities.

    In view of this potential redesign of the multiannual financial framework and the cohesion policy:

    • 1.Does the Commission intend to merge EU programmes such as the European Structural and Investment Funds and the CAP into a single national plan based on the model used for NextGenerationEU funds?
    • 2.If so, how will it maintain the role of regional and local authorities in managing such a policy, and ensure that the principles of shared management, partnership and multilevel governance are respected?

    Submitted: 11.10.2024

    • [1] https://elpais.com/economia/2024-10-08/von-der-leyen-explora-una-reforma-del-presupuesto-de-la-ue-que-refuerza-su-poder-al-condicionar-los-pagos-a-los-estados-a-que-hagan-reformas.html
    • [2] https://www.politico.eu/article/european-commission-budget-economic-reforms-conditions-power-grab/
    Last updated: 21 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Discrimination against German pensioners and tourists in Spain – E-002004/2024

    Source: European Parliament

    Question for written answer  E-002004/2024
    to the Commission
    Rule 144
    Christine Anderson (ESN)

    German pensioners in Spain are reportedly experiencing systematic discrimination when applying for residence permits, despite having sufficient financial resources. Some are even said to have been deported as soon as they became reliant on assistance. These practices may constitute breaches of EU law. There have recently been protests against mass tourism in Mallorca, which targeted German tourists in particular. At the same time, economically viable projects such as the development of alternative tourism regions are being put on the back burner as a result of dependence on EU funding.

    • 1.What measures does the Commission intend to take to investigate discrimination against German tourists and pensioners in Spain and in particular in Mallorca?
    • 2.How does the Commission ensure that EU funding does not lead to economically viable projects being put on hold until subsidies are paid?
    • 3.What measures is the Commission taking to ensure the free movement of EU citizens in all Member States without bureaucratic hurdles and discrimination?

    Submitted: 9.10.2024

    Last updated: 21 October 2024

    MIL OSI Europe News –

  • MIL-OSI Security: Former Pharmaceutical Executive Sentenced for Falsifying Financial Documentation

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

    DETROIT – A Northville man was sentenced Tuesday to one year and one day in prison, followed by two years of supervised release, for providing a financial institution with false documentation in connection with a bank loan, announced United States Attorney Dawn N. Ison.

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

    Theodore Toloff, 65, entered his guilty plea in January before United States District Judge David M. Lawson.

    According to court records, Toloff served as the Chief Financial Officer of the Frank W. Kerr Company (“Kerr”), a now-defunct pharmaceutical wholesaler that was based in Novi, Michigan. Kerr had a revolving credit agreement with two large financial institutions under which the company borrowed funds up to $60 million pursuant to a calculation dependent on the company’s eligible accounts receivable and inventory. Toloff admitted that he submitted false documentation to the financial institutions that included $18 million in ineligible accounts receivable and that Kerr borrowed additional funds after this false documentation was submitted.   The Court found that Toloff’s criminal conduct caused Kerr’s lenders to sustain a loss of $1.3 million, which Toloff was also ordered to pay back to the lenders as restitution.

    “Corporate executives should be held to the same standard of honesty as anyone else when they interact with lending institutions,” stated United States Attorney Dawn N. Ison. “When individuals lie to lenders, those lies cause loans to become more difficult and more expensive for honest consumers and businesses to access. My office is committed to ensuring that those who engage in dishonest financial crimes are held accountable.”

    “The defendant admitted to providing false documents to a financial institution, undermining the laws and integrity of our financial systems, said Special Agent in Charge Cheyvoryea Gibson of the FBI in Michigan. “The FBI works tirelessly with our law enforcement partners and regulatory agencies to investigate those who commit financial crimes. If you believe you have information related to financial crimes, I urge the public to submit tips on alleged crimes such as those detailed in this case to 1-800-CALLFBI (1-800-225-5324) or online at tips.fbi.gov.”

    The case was prosecuted by Assistant U.S. Attorney Andrew J. Yahkind. The investigation was conducted by the Federal Bureau of investigation.

    MIL Security OSI –

  • MIL-OSI Global: Education and gender equality: focus on girls isn’t fair and isn’t enough – global study

    Source: The Conversation – Africa – By Kathryn Watt, Research Manager, The Asenze Project, University of KwaZulu-Natal

    For the past two decades, investing in girls’ schooling has been hailed as a cornerstone of promoting gender equality in sub-Saharan Africa. Between 2016 and 2018 the World Bank Group invested US$3.2 billion in education projects benefiting adolescent girls.

    The logic is straightforward. Girls face significant barriers to education, among them poverty, insufficient academic support, adolescent pregnancy, child marriage, and school related gender-based violence. Reducing these barriers can substantially improve their educational outcomes.

    But is this approach – investing in girls’ education – fair to boys, and enough to make a meaningful impact on girls’ lives in the long term? Having studied the relationship between interventions and the way people’s lives develop in adverse contexts, we argue that the answer is no on both counts.

    We explain this view in a recent paper. In it we compare the different effects of directing development assistance: improving girls’ school enrolment, prioritising schooling for both girls and boys, and addressing barriers to gender equality throughout life.

    We used publicly available data for 136 low- and middle-income countries, including those in sub-Saharan Africa. We calculated the female-to-male ratio for important education indicators in each country to show where girls are ahead, on par or behind boys.

    Our findings suggest that the current focus on girls’ schooling may both unintentionally disadvantage boys and be a relatively inefficient means of advancing gender equality.

    Girls’ and boys’ education in sub-Saharan Africa

    We focused on two indicators to assess the current state of girls’ and boys’ education in the region:

    Harmonised learning outcomes measure learning and progress based on the results from seven different types of tests combined and made comparable among children attending school. They reflect the environmental inputs into learning and achievement, such as school quality. Completing secondary school, meanwhile, has been shown to increase a person’s potential for future development, opportunities for employment and higher education.

    In most countries in sub-Saharan Africa, girls are behind boys on secondary school completion. The average completion rate for boys is 30%. For girls it is just 24%. In southern Africa specifically, girls have higher completion rates than boys. Figure 1 shows where girls are ahead or behind on this indicator.

    In sub-Saharan Africa, the average harmonised learning outcomes score for boys is 301; it is 303 for girls. Our results show that, for most countries in the region, girls are achieving roughly equal scores to their male peers.

    This suggests that gender gaps in education are not as pronounced as is often portrayed.

    Firstly, although school completion rates are higher for boys, this gap is small, and overall completion rates remain low for both genders.

    Secondly, where boys are averaging higher levels of completed schooling, it is not due to better academic performance. Once enrolled, girls in the region tend to keep up with boys in school completion and academic performance.

    Rather than asking who is ahead, it’s more important to note that neither boys nor girls are doing well. Our results show that educational outcomes in sub-Saharan Africa – including school performance and completion – are alarmingly poor for both girls and boys.

    So, if all children in the region are clearly in need of support, why target education interventions at girls alone?

    Large disparities in later life

    The key to gender equality lies in ensuring girls and boys, and men and women, have the same opportunities to reach their potential from early life, through late childhood and adolescence, into adulthood.

    Research emphasises that human development does not hinge on any single factor such as schooling. Rather, it depends on capabilities built throughout life.

    In early childhood, proper nutrition, among other things, is crucial for developing a child’s basic physical and cognitive capabilities. These early investments protect the potential for human development.

    During childhood and adolescence, factors like quality schooling and social support allow young people to realise that potential.

    Finally, in adulthood, social norms and job opportunities determine how fully a person can use their realised potential.

    Our findings suggest that, on average, in low- and middle-income countries the development potential of girls and young women is protected and realised better than it is for boys and young men. But later in life, women don’t have as many opportunities as men to use that potential.

    This implies that initiatives focused on girls’ schooling are likely not the most effective means of promoting girls’ development or reducing gender gaps.

    Large disparities emerge later in girls’ lives. For example, our findings show that women earn less than men in almost every country in sub-Saharan Africa. These results reflect how patriarchal norms, particularly the unequal burden of housework and childcare, tend to push women into lower-paid informal or part-time work. Even when similarly qualified and in comparable positions, women typically earn less than men.

    These findings, when considered in the context of the current state of education in the region, challenge the idea that focusing solely on girls’ education is enough to promote their lifelong development or meaningfully reduce gender inequalities.

    The argument that boys should not receive the same support as girls is weak.

    How to promote greater gender equality in sub-Saharan Africa

    Targeted interventions are likely to have the greatest impact where girls and women face the greatest barriers: in using their potential. That means, for example:

    Social protection policies, including childcare and reproductive health services, can ease women’s caregiving burden and give them the time and agency to fully participate in politics, the economy and society.

    There are also opportunities beyond government, where support for trade unions, for instance, has been shown to help narrow gender wage gaps.

    Addressing gender inequality requires a life-course approach. It should involve quality education for both genders, and tackling the policies, practices and social norms that marginalise women and girls, especially in the later stages of their lives.

    Sara Naicker, Jere Behrman and Linda Richter contributed to the research this article is based on. Dhyan Saravanja contributed to this article.

    Chris Desmond receives funding from UK Research and Innovation Global Challenges Research Fund Accelerating Achievement for Africa’s Adolescents Hub,Grant/Award Number: ES/S008101/1

    Kathryn Watt 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. Education and gender equality: focus on girls isn’t fair and isn’t enough – global study – https://theconversation.com/education-and-gender-equality-focus-on-girls-isnt-fair-and-isnt-enough-global-study-240239

    MIL OSI – Global Reports –

  • MIL-OSI Global: Zimbabwe’s ZiG: devaluations won’t fix a currency that’s in trouble because of government overspending

    Source: The Conversation – Africa – By Jonathan Munemo, Professor of Economics, Salisbury University

    The Reserve Bank of Zimbabwe devalued the ZiG by 43% on 27 September 2024. This weakened the official exchange rate from 13.9 ZiG per US dollar to 24.4 ZiG per US dollar.

    The ZiG (Zimbabwe Gold) is the nation’s newest currency and was launched in April 2024.

    The unexpected devaluation was prompted by the need to contain resurgent exchange rate pressure which started back in August due to higher food import costs and a slide in mineral export sales. The central bank decided to ease this pressure by lowering the value of the currency instead of burning reserves to keep its value steady at 13.9 ZiG per dollar.

    The strain on the ZiG has intensified in the aftermath of the devaluation. It has weakened even further to more than 26 ZiG per dollar as of 18 October. This has raised speculation that it will continue to weaken.

    This would have a number of negative consequences. It would keep upward pressure on import prices, hurting households and businesses. If this happened, Zimbabwean households already hit by falling paycheques and savings might cut back further on spending.

    The strain on the currency also risks reigniting inflation. The risk comes after monthly inflation ticked up to 1.4% in August and then climbed to 5.8% in September. Resurgent inflation would also increase costs for businesses and threaten to stifle investment. That was on display in 2000-08 and 2019-20 when price instability dampened economic activity and created a costly business environment which discouraged investment.

    A further risk factor from currency instability is that it would deter foreign investors worried about the ZiG as a reliable store of value. The prospect of declining business investment, loss of confidence in the ZiG, and anaemic consumption would in turn be a major drag on economic activity. Economic growth in 2024 is expected to slow down to 2% from 5% last year. El Niño-induced drought, lower mining prices, and macroeconomic instability are among the key reasons.

    This is the sixth time Zimbabwe’s authorities have attempted to establish a stable national currency in the past 15 years. The history of failed attempts has cast a long shadow on the ZiG. The recent devaluation has not eased concerns about Zimbabwe’s struggles to develop and maintain a domestic currency that can be widely used for transactions and as a store of value on a voluntary basis.

    I have long thought the devaluation was inevitable. Authorities must confront the fundamental causes, which are rooted in a loss of faith in the ability of government to manage spending. In particular, its habit of printing money, overspending on its budgets and failing to expand the economy.

    Interventions

    The ZiG is part of a multicurrency system which allows individuals to use other major currencies including the US dollar, euro, South African rand and pound sterling.

    To increase the ZiG’s uptake, authorities imposed a number of measures. The new unit has to be used for paying a portion of company taxes and most government services. Fines are issued to traders unwilling to accept ZiG payments.

    Measures like these are not sufficient because they do not consider the real problems hindering success of the Zimbabwe dollar.

    The central bank also announced that it aims to slow the ZiG’s decline by imposing currency controls and raising the benchmark policy rate (the rate used to implement its monetary policy) from 20% to 35%. The jump in the cost of borrowing triggered by these measures will further weigh on business investment and consumer spending.

    Gains to Zimbabwean exporters from a cheaper ZiG are unlikely to be substantial because of an El Niño-induced drought which has devastated crops in southern Africa. And dollar earnings for Zimbabwe’s mineral exports have been hurt by lower commodity prices. The agriculture and food sector contributes about 17% to GDP and 40% of total export earnings on average, while mining accounts for about 12% of GDP and 80% of total exports.

    My worry is that a cheaper ZiG may not juice exports and reduce the trade shortfall of US$1,453 million recorded last year, given the hit to commodity prices and adverse impact of drought on agricultural production. A bigger trade deficit will keep downward pressure on the currency. The weaker ZiG could however boost inbound tourism.

    To retain a stable domestic currency, authorities will have to address deeper structural causes rooted in the country’s long history of printing money to pay for government overspending amid slow economic expansion. That means:

    • slashing the budget while giving greater spending priority to health, education, public infrastructure and other critical investments.

    • government weaning itself off dependence on printing money to finance fiscal deficits

    • supporting credible policies for more sustainable and private-sector led growth and policies for capturing more revenue from growth.

    Precedents

    This is not the first time that the Zimbabwe dollar has been unstable and weak. In the 2000s, printing money to finance government deficit spending produced periods of high inflation amid slow growth, making the currency weak and unstable.

    The currency eventually collapsed in 2009 due to hyperinflation and the US dollar became the official currency.

    Another local currency (the RTGS dollar) was later introduced in 2019. With the power to print more money restored, inflation rapidly accelerated and surpassed 500% in 2020. This made the new Zimbabwe dollar highly unstable and its value quickly deteriorated.

    As a result, the US dollar continued to be the dominant currency used in transactions and as a store of value. Inflation remained elevated until April 2024, when the ZiG was launched as the new national currency. Its value is backed by gold and foreign currency reserves.

    At first the move seemed to have tamed inflation. But widespread voluntary use of the ZiG failed to materialise. That’s because people are still wary of the government’s power to print money, which had been the key driver of inflation and currency instability.

    What policy makers can do

    Authorities must tackle the root causes of the nation’s currency struggles once and for all. Steps that can be taken to resolve longstanding structural factors include:

    • Re-prioritising public spending by undertaking deep fiscal reforms that will divert more resources towards spending on health, education, public infrastructure and other critical investments needed to boost growth. These reforms should also aim to capture more revenue from growth, for example, through tax reforms.

    • Implementing reforms to address corruption and improve governance is essential for imposing the discipline necessary to push back against covering fiscal deficits by printing money and for restoring faith in government institutions.

    • Pursuing credible policies for more sustainable and private-sector led growth. Strong growth expands tax revenues and gives the government more policy space to spend on essential services and critical investment needs.

    Devaluation and other measures that have been imposed to support the ZiG are not the solution.

    Jonathan Munemo 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. Zimbabwe’s ZiG: devaluations won’t fix a currency that’s in trouble because of government overspending – https://theconversation.com/zimbabwes-zig-devaluations-wont-fix-a-currency-thats-in-trouble-because-of-government-overspending-241686

    MIL OSI – Global Reports –

  • MIL-OSI Global: Poverty in Lagos isn’t just about money – here’s why

    Source: The Conversation – Africa – By Oluwaseyi Omowunmi Popogbe, Lecturer II, Crawford University

    Lagos is Nigeria’s economic powerhouse, but it has some of the worst slums in the country.

    Lagos slums are characterised by high levels of poverty – the state of not having enough resources to meet basic needs for living, such as food, water, shelter, healthcare and education.

    Poverty is multidimensional. It is not only about money. Yet poverty in Lagos slums has often been studied using traditional methods that focus mostly on income thresholds. A person is considered poor if their income falls below a certain level. This approach captures financial hardship. But it misses other aspects of poverty, such as lack of access to education, healthcare, clean water and decent living conditions.

    Measuring poverty requires a multidimensional approach, not simply an income approach. Multidimensional poverty means looking at all the aspects of deprivation to get a fuller picture of what it means to live in poverty. It helps policymakers and researchers understand that even with some income, a person may still be struggling because they don’t have other essential services.

    In a study of poverty in the Lagos State slums, two other development economists and I used a mathematical framework to model multidimensional poverty. We used what is known as the fuzzy set approach. This was developed in the 1990s as an alternative to purely monetary measures of poverty.

    The traditional monetary approach often classifies people as either “poor” or “not poor” based on specific cut-off points. In reality, poverty exists on a spectrum, and people can experience different levels of deprivation across various aspects of their lives. The fuzzy set approach accounts for this by assigning degrees of membership to different poverty indicators.

    We found considerable disparities in poverty, based on a multidimensional index, across slums in Lagos State. Our insights will enable economists and policymakers to see the different ways people in slums are deprived. In turn this should help them understand how to make their lives better in a more targeted and effective way.

    Background and methodological approach

    Our study focused on five big slums that lie close to the coastal line in Lagos state. These are among the slums the World Bank has identified for upgrading as part of a US$200 million loan project to improve drainage and solid waste management.

    We chose 400 respondents from the five slums: Makoko, Iwaya, Ilaje, Ijora Badia and Amukoko.

    According to Avijit Hazra and Nithya J Gogtay, researchers in bio-statistics and research methodology, a minimum of 384 samples is appropriate for a large population size. Nevertheless, the selected sample for this study limits the ability to generalise the findings to other slums, especially those with different characteristics.

    Findings

    The multidimensional poverty index was highest in Makoko and Iwaya. These scores indicate severe poverty, as they are above the threshold of 0.50.

    In contrast, Amukoko had the lowest multidimensional poverty index, showing relatively less severe deprivation across indicators.

    Makoko and Iwaya are particularly deprived in areas like schooling, sanitation and nutrition. This explains their higher poverty levels compared to other communities.

    Makoko’s location along the coast, with its makeshift housing and poor infrastructure, adds to its vulnerability. Iwaya shares similar challenges in education and health services. These factors make both areas more deprived than other slums.

    Of the three broad poverty dimensions measured, education emerged with the highest deprivation across all communities. This highlighted the limited formal education among residents.

    Specifically, Makoko and Iwaya showed the highest deprivation in schooling. Despite some improvements, particularly in child enrolment, these communities are still marked by severe deprivation.

    The second dimension exhibiting severe deprivation was living standards. There were variations across different slums. Makoko and Iwaya had higher sanitation challenges.

    The third dimension in the severe deprivation category was health. Indicators included mortality and nutrition. They were high across many slums, contributing significantly to their multidimensional poverty indexes.

    Other communities, such as Amukoko (0.0312), showed better sanitation outcomes. On the other hand, electricity, flooring and cooking fuel indicators generally showed lower levels of deprivation, with most slums scoring around or below 0.03 in these categories.

    The prevalence of both serious and minor illnesses, coupled with insufficient medical care, contributed to high mortality rates.

    Poor sanitation could also be a factor in health issues. In Makoko and Iwaya, toilet facilities and waste management were poor, with waste often disposed of in waterways.

    Despite this, personal hygiene practices such as using clean water, soap and regular brushing were prevalent. This helped keep the sanitation index relatively low compared with other factors affecting health.

    Other slums had relatively better-organised waste collection systems and generally improved sanitation practices.

    What needs to be done

    Policymakers should prioritise education-focused initiatives. This should include improving access to quality schools, providing scholarships and setting up adult literacy programmes.

    The study also highlights challenges related to sanitation, especially in Makoko and Iwaya. There is a need for improved infrastructure in these areas, such as better sanitation facilities, waste management systems and access to clean water.

    Policies should focus on upgrading sanitation services to reduce health risks and improve living conditions.

    But the differences in poverty index across slums indicate varying levels of deprivation, suggesting that a one-size-fits-all approach will not be effective.

    Coastal slums like Makoko and Iwaya require more intensive interventions compared to slums not directly on coastal lines such as Amukoko.

    Policymakers should focus resources where they are most needed to have the greatest impact.

    Slums like Ilaje and Ijora Badia are close to the threshold of severe poverty. Policymakers need to take proactive measures to prevent these communities from falling into severe deprivation.

    Lastly, it is important to use data to identify priority areas and develop targeted interventions aimed at improving the quality of life for slum dwellers.

    Instead of relying on generalised approaches, the insights from this study can facilitate the design of specific policies that address the distinct needs of each community.

    Oluwaseyi Omowunmi Popogbe 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. Poverty in Lagos isn’t just about money – here’s why – https://theconversation.com/poverty-in-lagos-isnt-just-about-money-heres-why-240847

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: Video message for the COP16 Opening Ceremony on Biodiversity

    Source: United Nations secretary general

    Download the video: 

    https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+8+Oct+24/3271890_MSG+SG+BIODIVERSITY+OPENING+CEREMONY+08+OCT+24.mp4

    Excellencies, friends,

    I thank the Government of Colombia for hosting this important COP:

    The COP to make peace with nature;

    And the first since countries adopted the historic Kunming-Montreal Global Biodiversity Framework.
     
    That Framework is grounded in a clear truth: for humanity to thrive, nature must flourish.

    Destroying nature inflames conflict, hunger and disease;

    Fuels poverty, inequality, and the climate crisis;

    And damages sustainable development, green jobs, cultural heritage, and GDP.

    A collapse in nature’s services – such as pollination, and clean water – would see the global economy lose trillions of dollars a year – with the poorest hardest hit.

    The Global Biodiversity Framework promises to reset relations with Earth and its ecosystems.

    But we are not on track.

    Your task at this COP is to convert words into action.

    That means countries presenting clear plans that align national actions with all the Framework’s targets.

    It means agreeing a strengthened monitoring and transparency framework.

    And it means honouring promises on finance – and accelerating support to developing countries.

    We must leave Cali with significant investment in the Global Biodiversity Framework Fund, and commitments to mobilise other sources of public and private finance to deliver the Framework in full.

    And those profiting from nature must contribute to its protection and restoration.

    Developing countries are being plundered:

    Digitised DNA from biodiversity underpins scientific discoveries and economic growth. But developing countries don’t gain fairly from these advances – despite being home to extraordinary richness. 

    This COP must operationalise the mechanism that has been agreed – to ensure that when countries share genetic information, they share benefits – equitably. 

    It must engage all of society – as “La COP de la gente”

    And it must strengthen the role of Indigenous Peoples and local communities.

    Indigenous Peoples are the world’s great guardians of biodiversity; luminaries of sustainable use.

    Their knowledge and stewardship must be at the heart of biodiversity action at every level. 

    Excellencies,

    We have a plan to rescue humanity from a degraded Earth.

    I look forward to seeing you in person at the end of the COP to hear how you have delivered.

    Thank you.

    MIL OSI United Nations News –

  • MIL-OSI Russia: IMF Staff Reaches Staff Level Agreement with Armenia on the Fourth Review of the Stand-By Arrangement

    Source: IMF – News in Russian

    October 21, 2024

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

    • IMF staff and the Armenian authorities have reached a staff-level agreement on the fourth review under the 3-year Stand-By Arrangement (SBA), which the Armenian authorities treat as precautionary. The SBA aims to support the government’s policy and reform agenda to maintain macroeconomic stability and foster strong, sustainable growth.
    • Armenia’s economy continues to grow strongly, with GDP growth projected to reach 6 percent in 2024, driven by domestic demand, before slowing to 4.9 percent in 2025.
    • Policy priorities include enhancing economic resilience, further mobilizing tax revenues to support priority spending while maintaining fiscal sustainability, strengthening institutional frameworks, and continuing structural reforms to boost labor productivity, enhance trade diversification, and improve the overall business environment.

    Washington, DC: An International Monetary Fund (IMF) team, led by Iva Petrova, visited Yerevan from September 18 to October 1, 2024, and held further virtual discussions afterwards for the fourth review under the Stand-By Arrangement (SBA) with Armenia. At the conclusion of the discussions, Ms. Petrova issued the following statement:

    “I am pleased to announce that the IMF team and the Armenian authorities have reached a staff-level agreement on policies for the completion of the fourth review under the three-year SBA, which supports Armenia’s economic reform program. The agreement is subject to approval by the IMF’s Executive Board, scheduled to consider this review in mid-December. This approval would enable access of about US$24.5 million (SDR 18.4 million), bringing total access to about US$122.7 million (SDR 92 million) since the SBA’s inception.

    “Armenia’s economic activity remains robust, with real GDP growing by 6.5 percent in the first half of the year, driven by domestic demand. Employment growth has been steady, averaging 19 percent since the start of 2023, while inflation has remained low at 0.6 percent year-on-year in September. The current account deficit has widened as transitory factors subside, and tourism and remittances continue to normalize. Preliminary data indicate that prudent execution of the 2024 budget has resulted in a small overall fiscal deficit through September 2024. Central government debt remains moderate at 48.4 percent of GDP at end 2023. The banking system enjoys strong capital and liquidity buffers, along with high profitability.

    “The strong growth momentum of the past few years continues to gradually normalize, with GDP growth expected to reach 6 and 4.9 percent in 2024 and 2025, respectively, as domestic consumption and external demand decelerate. Inflation is expected to remain low in the short term and gradually converge to the CBA’s inflation target in the medium term. Significant risks to this outlook include geopolitical tensions and potential growth setbacks in trading partners, a reversal of capital inflows, and surges in global food and energy prices. On the upside, growth could exceed expectations if net exports perform better than anticipated and if structural reforms and refugee integration are implemented more swiftly.

    “The draft 2025 budget appropriately accommodates priority spending needs, including national security and refugee integration. With rising spending pressures, however, careful medium-term expenditure prioritization and the introduction of new tax policies will be necessary to support fiscal consolidation in line with the fiscal rules and maintaining debt at a moderate level. Implementing reforms to strengthen medium-term fiscal planning, enhance public financial management—including through robust fiscal risk management, transparency, and governance—and bolster the public investment management framework remains critical to support fiscal efforts.

    “Amid low inflationary pressures, the Central Bank of Armenia (CBA) has continued its gradual reduction of the policy rate to steer inflation towards its target. Future rate decisions should continue to be guided by the evolution of inflation and inflation expectations. The flexible exchange rate should remain a key shock absorber, and the authorities’ commitment to maintaining healthy international reserve buffers is welcome. Ongoing efforts to improve monetary, foreign exchange, and financial regulatory transparency are helping enhance CBA’s policy communication, and efforts should continue to strengthen the CBA’s prudential and supervisory frameworks. With its continuous financial risk monitoring, including the recent increase in the countercyclical capital buffer, the CBA remains vigilant in mitigating financial sector risks.

    “The government’s structural reform agenda appropriately focuses on fostering inclusive growth, including by boosting labor force participation among the youth, women, and vulnerable populations, encouraging diversification in the country’s export basket and markets, and improving the business environment. Achieving these objectives requires developing and implementing concrete, fully costed employment and export strategies, prioritizing governance reforms, upgrading the insolvency framework, and rationalizing investment incentives to support quality investments.

    “The IMF team thanks the Armenian authorities, private sector, development partners, and the diplomatic community for fruitful discussions and cooperation.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Alexander Muller

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/21/pr-24386-armenia-imf-staff-reaches-staff-level-agreement-on-the-4th-rev-of-stand-by-arrangement

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Africa: Education and gender equality: focus on girls isn’t fair and isn’t enough – global study

    Source: The Conversation – Africa – By Kathryn Watt, Research Manager, The Asenze Project, University of KwaZulu-Natal

    For the past two decades, investing in girls’ schooling has been hailed as a cornerstone of promoting gender equality in sub-Saharan Africa. Between 2016 and 2018 the World Bank Group invested US$3.2 billion in education projects benefiting adolescent girls.

    The logic is straightforward. Girls face significant barriers to education, among them poverty, insufficient academic support, adolescent pregnancy, child marriage, and school related gender-based violence. Reducing these barriers can substantially improve their educational outcomes.

    But is this approach – investing in girls’ education – fair to boys, and enough to make a meaningful impact on girls’ lives in the long term? Having studied the relationship between interventions and the way people’s lives develop in adverse contexts, we argue that the answer is no on both counts.

    We explain this view in a recent paper. In it we compare the different effects of directing development assistance: improving girls’ school enrolment, prioritising schooling for both girls and boys, and addressing barriers to gender equality throughout life.

    We used publicly available data for 136 low- and middle-income countries, including those in sub-Saharan Africa. We calculated the female-to-male ratio for important education indicators in each country to show where girls are ahead, on par or behind boys.

    Our findings suggest that the current focus on girls’ schooling may both unintentionally disadvantage boys and be a relatively inefficient means of advancing gender equality.

    Girls’ and boys’ education in sub-Saharan Africa

    We focused on two indicators to assess the current state of girls’ and boys’ education in the region:

    Harmonised learning outcomes measure learning and progress based on the results from seven different types of tests combined and made comparable among children attending school. They reflect the environmental inputs into learning and achievement, such as school quality. Completing secondary school, meanwhile, has been shown to increase a person’s potential for future development, opportunities for employment and higher education.

    In most countries in sub-Saharan Africa, girls are behind boys on secondary school completion. The average completion rate for boys is 30%. For girls it is just 24%. In southern Africa specifically, girls have higher completion rates than boys. Figure 1 shows where girls are ahead or behind on this indicator.

    Figure 1: Secondary school completion. Author provided (no reuse)

    In sub-Saharan Africa, the average harmonised learning outcomes score for boys is 301; it is 303 for girls. Our results show that, for most countries in the region, girls are achieving roughly equal scores to their male peers.

    Figure 2: Harmonised learning outcomes. Author provided (no reuse)

    This suggests that gender gaps in education are not as pronounced as is often portrayed.

    Firstly, although school completion rates are higher for boys, this gap is small, and overall completion rates remain low for both genders.

    Secondly, where boys are averaging higher levels of completed schooling, it is not due to better academic performance. Once enrolled, girls in the region tend to keep up with boys in school completion and academic performance.

    Rather than asking who is ahead, it’s more important to note that neither boys nor girls are doing well. Our results show that educational outcomes in sub-Saharan Africa – including school performance and completion – are alarmingly poor for both girls and boys.

    So, if all children in the region are clearly in need of support, why target education interventions at girls alone?

    Large disparities in later life

    The key to gender equality lies in ensuring girls and boys, and men and women, have the same opportunities to reach their potential from early life, through late childhood and adolescence, into adulthood.

    Research emphasises that human development does not hinge on any single factor such as schooling. Rather, it depends on capabilities built throughout life.

    In early childhood, proper nutrition, among other things, is crucial for developing a child’s basic physical and cognitive capabilities. These early investments protect the potential for human development.

    During childhood and adolescence, factors like quality schooling and social support allow young people to realise that potential.

    Finally, in adulthood, social norms and job opportunities determine how fully a person can use their realised potential.

    Our findings suggest that, on average, in low- and middle-income countries the development potential of girls and young women is protected and realised better than it is for boys and young men. But later in life, women don’t have as many opportunities as men to use that potential.

    This implies that initiatives focused on girls’ schooling are likely not the most effective means of promoting girls’ development or reducing gender gaps.

    Large disparities emerge later in girls’ lives. For example, our findings show that women earn less than men in almost every country in sub-Saharan Africa. These results reflect how patriarchal norms, particularly the unequal burden of housework and childcare, tend to push women into lower-paid informal or part-time work. Even when similarly qualified and in comparable positions, women typically earn less than men.

    Figure 3: Adult earnings. Author provided (no reuse)

    These findings, when considered in the context of the current state of education in the region, challenge the idea that focusing solely on girls’ education is enough to promote their lifelong development or meaningfully reduce gender inequalities.

    The argument that boys should not receive the same support as girls is weak.

    How to promote greater gender equality in sub-Saharan Africa

    Targeted interventions are likely to have the greatest impact where girls and women face the greatest barriers: in using their potential. That means, for example:

    Social protection policies, including childcare and reproductive health services, can ease women’s caregiving burden and give them the time and agency to fully participate in politics, the economy and society.

    There are also opportunities beyond government, where support for trade unions, for instance, has been shown to help narrow gender wage gaps.

    Addressing gender inequality requires a life-course approach. It should involve quality education for both genders, and tackling the policies, practices and social norms that marginalise women and girls, especially in the later stages of their lives.

    Sara Naicker, Jere Behrman and Linda Richter contributed to the research this article is based on. Dhyan Saravanja contributed to this article.

    – Education and gender equality: focus on girls isn’t fair and isn’t enough – global study
    – https://theconversation.com/education-and-gender-equality-focus-on-girls-isnt-fair-and-isnt-enough-global-study-240239

    MIL OSI Africa –

  • MIL-OSI Africa: Zimbabwe’s ZiG: devaluations won’t fix a currency that’s in trouble because of government overspending

    Source: The Conversation – Africa – By Jonathan Munemo, Professor of Economics, Salisbury University

    The Reserve Bank of Zimbabwe devalued the ZiG by 43% on 27 September 2024. This weakened the official exchange rate from 13.9 ZiG per US dollar to 24.4 ZiG per US dollar.

    The ZiG (Zimbabwe Gold) is the nation’s newest currency and was launched in April 2024.

    The unexpected devaluation was prompted by the need to contain resurgent exchange rate pressure which started back in August due to higher food import costs and a slide in mineral export sales. The central bank decided to ease this pressure by lowering the value of the currency instead of burning reserves to keep its value steady at 13.9 ZiG per dollar.

    The strain on the ZiG has intensified in the aftermath of the devaluation. It has weakened even further to more than 26 ZiG per dollar as of 18 October. This has raised speculation that it will continue to weaken.

    This would have a number of negative consequences. It would keep upward pressure on import prices, hurting households and businesses. If this happened, Zimbabwean households already hit by falling paycheques and savings might cut back further on spending.

    The strain on the currency also risks reigniting inflation. The risk comes after monthly inflation ticked up to 1.4% in August and then climbed to 5.8% in September. Resurgent inflation would also increase costs for businesses and threaten to stifle investment. That was on display in 2000-08 and 2019-20 when price instability dampened economic activity and created a costly business environment which discouraged investment.

    A further risk factor from currency instability is that it would deter foreign investors worried about the ZiG as a reliable store of value. The prospect of declining business investment, loss of confidence in the ZiG, and anaemic consumption would in turn be a major drag on economic activity. Economic growth in 2024 is expected to slow down to 2% from 5% last year. El Niño-induced drought, lower mining prices, and macroeconomic instability are among the key reasons.

    This is the sixth time Zimbabwe’s authorities have attempted to establish a stable national currency in the past 15 years. The history of failed attempts has cast a long shadow on the ZiG. The recent devaluation has not eased concerns about Zimbabwe’s struggles to develop and maintain a domestic currency that can be widely used for transactions and as a store of value on a voluntary basis.

    I have long thought the devaluation was inevitable. Authorities must confront the fundamental causes, which are rooted in a loss of faith in the ability of government to manage spending. In particular, its habit of printing money, overspending on its budgets and failing to expand the economy.

    Interventions

    The ZiG is part of a multicurrency system which allows individuals to use other major currencies including the US dollar, euro, South African rand and pound sterling.

    To increase the ZiG’s uptake, authorities imposed a number of measures. The new unit has to be used for paying a portion of company taxes and most government services. Fines are issued to traders unwilling to accept ZiG payments.

    Measures like these are not sufficient because they do not consider the real problems hindering success of the Zimbabwe dollar.

    The central bank also announced that it aims to slow the ZiG’s decline by imposing currency controls and raising the benchmark policy rate (the rate used to implement its monetary policy) from 20% to 35%. The jump in the cost of borrowing triggered by these measures will further weigh on business investment and consumer spending.

    Gains to Zimbabwean exporters from a cheaper ZiG are unlikely to be substantial because of an El Niño-induced drought which has devastated crops in southern Africa. And dollar earnings for Zimbabwe’s mineral exports have been hurt by lower commodity prices. The agriculture and food sector contributes about 17% to GDP and 40% of total export earnings on average, while mining accounts for about 12% of GDP and 80% of total exports.

    My worry is that a cheaper ZiG may not juice exports and reduce the trade shortfall of US$1,453 million recorded last year, given the hit to commodity prices and adverse impact of drought on agricultural production. A bigger trade deficit will keep downward pressure on the currency. The weaker ZiG could however boost inbound tourism.

    To retain a stable domestic currency, authorities will have to address deeper structural causes rooted in the country’s long history of printing money to pay for government overspending amid slow economic expansion. That means:

    • slashing the budget while giving greater spending priority to health, education, public infrastructure and other critical investments.

    • government weaning itself off dependence on printing money to finance fiscal deficits

    • supporting credible policies for more sustainable and private-sector led growth and policies for capturing more revenue from growth.

    Precedents

    This is not the first time that the Zimbabwe dollar has been unstable and weak. In the 2000s, printing money to finance government deficit spending produced periods of high inflation amid slow growth, making the currency weak and unstable.

    The currency eventually collapsed in 2009 due to hyperinflation and the US dollar became the official currency.

    Another local currency (the RTGS dollar) was later introduced in 2019. With the power to print more money restored, inflation rapidly accelerated and surpassed 500% in 2020. This made the new Zimbabwe dollar highly unstable and its value quickly deteriorated.

    As a result, the US dollar continued to be the dominant currency used in transactions and as a store of value. Inflation remained elevated until April 2024, when the ZiG was launched as the new national currency. Its value is backed by gold and foreign currency reserves.

    At first the move seemed to have tamed inflation. But widespread voluntary use of the ZiG failed to materialise. That’s because people are still wary of the government’s power to print money, which had been the key driver of inflation and currency instability.

    What policy makers can do

    Authorities must tackle the root causes of the nation’s currency struggles once and for all. Steps that can be taken to resolve longstanding structural factors include:

    • Re-prioritising public spending by undertaking deep fiscal reforms that will divert more resources towards spending on health, education, public infrastructure and other critical investments needed to boost growth. These reforms should also aim to capture more revenue from growth, for example, through tax reforms.

    • Implementing reforms to address corruption and improve governance is essential for imposing the discipline necessary to push back against covering fiscal deficits by printing money and for restoring faith in government institutions.

    • Pursuing credible policies for more sustainable and private-sector led growth. Strong growth expands tax revenues and gives the government more policy space to spend on essential services and critical investment needs.

    Devaluation and other measures that have been imposed to support the ZiG are not the solution.

    – Zimbabwe’s ZiG: devaluations won’t fix a currency that’s in trouble because of government overspending
    – https://theconversation.com/zimbabwes-zig-devaluations-wont-fix-a-currency-thats-in-trouble-because-of-government-overspending-241686

    MIL OSI Africa –

  • MIL-OSI Russia: IMF Executive Board Concludes the Review of Charges and the Surcharge Policy, and Approves Reforms

    Source: IMF – News in Russian

    October 21, 2024

    • The IMF Executive Board reached consensus on reforms of charges, surcharges, and commitment fees that will substantially reduce the cost of borrowing from the General Resources Account (GRA) at a time of high global interest rates, while safeguarding the IMF’s financial capacity to support its members in need.
    • The reform package is expected to lower IMF borrowing costs for members by about US$1.2 billion annually and reduce payments on the margin of charges and surcharges on average by 36 percent. The number of surcharge payers is expected to decline from 20 to 13 countries (in FY2026).
    • The IMF will reduce the margin paid over the SDR interest rate and the time-based surcharge rate, and increase the borrowing thresholds above which level-based surcharges and commitment fees apply. These changes will take effect on November 1, 2024.

    Washington, DC – October 21, 2024: The Executive Board of the International Monetary Fund (IMF) on October 11, 2024 concluded the Review of Charges and the Surcharge Policy, which for the first time jointly covered charges, surcharges, and commitment fees. The review is part of a continuous effort to ensure the IMF’s lending policies remain fit for purpose and the IMF is able to support its members in a challenging global environment.

    The Executive Board reached consensus on a comprehensive package of measures to meaningfully reduce the cost of borrowing for members, preserve incentive mechanisms for prudent and temporary borrowing, and safeguard the strength of the IMF’s balance sheet.

    The reform package is expected to lower borrowing costs by about US$1.2 billion (SDR 880 million) annually. It will reduce payments on the margin of the rate of charge as well as surcharges on average by 36 percent. The number of surcharge payers is expected to decline from 20 to 13 countries (in FY2026).

    Charges and surcharges are important elements of the IMF’s cooperative lending and risk management framework. They provide incentives for prudent and temporary borrowing that help underpin the revolving nature of IMF resources and allow for the accumulation of reserves to mitigate financial risks. This supports the IMF’s financial foundation, enabling it to play its role as a lender at the center of the global financial safety net.

    The Executive Board approved the following changes:

    • Lowering the margin paid over the SDR interest rate by 40 percent, to 60 basis points from 100 basis points;
    • Increasing the borrowing threshold above which surcharges apply by 60 percent, to 300 percent of quota from 187.5 percent of quota;
    • Aligning the thresholds above which commitment fees apply to the overall annual and cumulative access limits under the GRA (200 and 600 percent of quota, respectively); and
    • Reducing the time-based surcharge rate by 25 percent, to 75 basis points from 100 basis points.

    These changes will become effective on November 1, 2024.

    The Board also approved the following: (i) setting a regular review cycle for the surcharge policy to allow for timely assessments and updates to the surcharge policy framework, every five years or earlier if warranted; (ii) strengthening disclosures and operational procedures to ensure that the authorities have adequate information on the cost of Fund borrowing earlier in negotiations of GRA financing; and (iii) allocating net income after distributions to the Special Reserve until it reaches the Precautionary Balances (PB) floor of SDR 20 billion. The formal decision to place net income after distributions to the Special Reserve is to be taken by the Board at the annual reviews of the Fund’s income position starting at end-FY2025.

    Executive Board Assessment[1]

    Executive Directors welcomed the Review of Charges and the Surcharge Policy. They considered that charges and the surcharge policy are integral parts of the Fund’s multilayered risk management framework, providing price-based incentives for prudent and temporary borrowing, helping to accumulate reserves to protect the Fund’s balance sheet against financial risks, and thus preserving the Fund’s cooperative lending model at the center of the global financial safety net. They noted that the review is an important part of a broader ongoing effort to ensure that the Fund’s lending policies continue to meet the needs of the membership in the current complex global context and agreed that the proposed reforms will meaningfully contribute to these efforts. 

    Directors noted that borrowing costs for members have increased considerably. The sharp rise in global interest rates in recent years pushed up the floating SDR interest rate and, as a result, the basic rate of charge. Meanwhile, Fund lending income increased notably, driven by an expansion of credit to near historical peaks, and the Fund reached its medium-term target for Precautionary Balances of SDR 25 billion in late FY2024, buttressing the strength of its balance sheet. 

    Directors agreed that policy changes should be guided by four principles: (i) meaningfully lowering the cost of borrowing for members; (ii) sustaining effective incentive mechanisms; (iii) preserving adequate income generation capacity; and (iv) maintaining policy simplicity. They broadly agreed that the proposed reforms were consistent with these four guiding principles. 

    Directors broadly supported the reform package outlined in the staff report. They noted that the package balances the interests of creditors and debtors by meaningfully reducing borrowing costs while preserving the price-based incentive mechanism and income generation capacity. They welcomed the expected 36 percent average reduction in borrowers’ costs on account of the lowering of the margin for the basic rate of charge and surcharges, which would help create additional policy space and improve their capacity to repay the Fund. At the same time, they noted that the income outlook after implementation of the proposed measures remained robust, providing for a continued capacity to accumulate reserves, even after possible income distributions to members and under adverse lending and/or investment income scenarios.  

    Directors broadly supported the proposal to reduce the margin for the basic rate of charge from 100 basis points to 60 basis points under Rule I 6(4). A number of Directors expressed their preference for a larger reduction in the margin to further lower the cost for GRA borrowers while being consistent with the relevant rules. A few others would have favored a smaller reduction to safeguard the Fund’s strong financial position, which underpins its capacity to support member countries. 

    On surcharges, Directors agreed with the proposed approach of making parametric adjustments to the current policy framework, although a few would have preferred more fundamental changes to the surcharge architecture. Directors concurred with the proposal to increase the level-based surcharge threshold from 187.5 percent of quota to 300 percent of quota. 

    Directors supported the proposal to reduce the time-based surcharge rate from 100 basis points to 75 basis points. Some Directors, however, saw scope for further reductions in the time-based rate, including in future reviews, while a few others would have preferred to maintain the current rate. 

    Directors welcomed the proposal to align the commitment fee thresholds to the overall annual and cumulative access limits under the GRA (200 and 600 percent of quota, respectively). They noted that these alignments would broadly offset the erosion in recent years and simplify the overall GRA lending policy framework.  

    Directors welcomed the proposal to conduct reviews of the surcharge policy on a regular five-year cycle going forward, which would allow for more timely assessments and updates to the surcharge policy framework and help enhance predictability for members and markets. They noted that reviews could be conducted earlier than every five years if warranted, for instance, by unexpected developments in the Fund’s income and reserves outlook. Some Directors would have preferred to agree now for the next review to take place in three years, followed by reviews on a five-year cycle. 

    Directors welcomed the proposed strengthening of procedures to ensure an earlier and more comprehensive disclosure of charges and surcharges in the negotiation of financial arrangements, to better inform country authorities’ borrowing decisions.    

    Directors stressed the importance of a strong balance sheet to support the IMF’s lending to members with financing needs. To further strengthen the backstop provided by Precautionary Balances for the absorption of possible losses, they agreed with the staff proposal, going forward, to align the level of resources placed in the Special Reserve of the General Resource Account (net of pension adjustments and the endowment) with the SDR 20 billion floor of the Precautionary Balances. Directors noted that this could be achieved by allocating net income after any distributions in future financial years exclusively to the Special Reserve until it reaches the level of the Precautionary Balances floor. Decisions to this effect would be taken by the Board at the annual reviews of the Fund’s income position starting at end FY2025. 

    Directors underscored the need to carefully communicate to a wide range of stakeholders the purpose of the policies, the reform measures, and their impact on member countries and the IMF.

    Additional links:

    FAQs on the Review of Charges and the Surcharge Policy

    Factsheet on IMF Lending

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

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/21/pr-24385-imf-concludes-the-review-of-charges-and-surcharge-policy-and-approves-reforms

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Live Oak Ventures Participates in Financing of Synply, Inc.

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, N.C., Oct. 21, 2024 (GLOBE NEWSWIRE) — Live Oak Ventures, the investment arm of Live Oak Bancshares, Inc., has announced an investment in Synply Inc., a cloud-based technology company dedicated to transforming the loan syndication process for banks.

    “Live Oak’s entrepreneurial environment is fertile ground for new and exciting companies like Synply to enter the fintech landscape,” said Stephanie Mann, Live Oak Bank Chief Strategy Officer. “After incubating the Synply platform at Live Oak, we are excited to see the company level the playing field for all banks to compete in the syndicated loan space.”

    Synply offers banks a simplified tool to centralize the entire process of syndicated lending and portfolio management.

    “We built Synply because we saw a critical need for a modern and intuitive platform specifically designed for the loan syndication process,” said Corbin Penland, CEO of Synply and former managing director of loan syndications at Live Oak Bank. “Our team of experienced bankers understands the pain points associated with current tools and workflows. Synply empowers banks to focus on building relationships and growing their business, not managing cumbersome processes.”

    The Synply platform offers end-to-end efficiency by allowing all banks participating in a loan to manage the entire loan syndication process, from origination to servicing, all within one platform.

    About Live Oak Ventures
    Live Oak Ventures, a wholly owned subsidiary of Live Oak Bancshares (NYSE: LOB), is a fintech-focused investor that aims to bring innovation and performance excellence to the forefront of the banking industry. By investing in companies that accelerate the delivery of open digital solutions to the market, Live Oak Ventures intends to change the landscape of financial services and small business banking.

    About Synply
    Synply is a cloud-based technology company dedicated to transforming the loan syndication process for banks. Developed by experienced bankers and incubated within Live Oak Bank, a leading industry player, Synply offers a comprehensive and user-friendly platform that empowers banks to easily navigate the complexities of loan syndication.

    Contact:
    Claire Parker
    Live Oak Bank, SVP Corporate Communications
    910.597.1592
    claire.parker@liveoak.bank

    The MIL Network –

  • MIL-OSI: Real Matters to Announce Fourth Quarter and Fiscal 2024 Financial Results on November 21, 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Real Matters Inc. (“Real Matters”), a leading network management services provider for the mortgage lending and insurance industries, will announce its fourth quarter and fiscal 2024 financial results via news release on Thursday, November 21, 2024, before market open.

    Conference Call and Webcast         
    A conference call to review the results will take place at 10:00 a.m. (ET) on Thursday, November 21, 2024, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor Relations section of our website shortly before the call.

    To access the call:

    • Participant Local (Toronto): (416) 764-8624
    • Participant Toll Free Dial-In Number: (888) 259-6580
    • Conference ID: 77493257

    To listen to the live webcast of the call:

    The webcast will be archived and a transcript of the call will be available in the Investor Relations section of our website following the call.

    About Real Matters
    Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest banks and insurance companies in Canada. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title and mortgage closing services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY) and Middletown (RI). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit http://www.realmatters.com.

    For more information:
    Lyne Beauregard
    Vice President, Investor Relations and Corporate Communications
    Real Matters
    lbeauregard@realmatters.com
    416.994.5930

    The MIL Network –

  • MIL-OSI Africa: Poverty in Lagos isn’t just about money – here’s why

    Source: The Conversation – Africa – By Oluwaseyi Omowunmi Popogbe, Lecturer II, Crawford University

    Lagos is Nigeria’s economic powerhouse, but it has some of the worst slums in the country.

    Lagos slums are characterised by high levels of poverty – the state of not having enough resources to meet basic needs for living, such as food, water, shelter, healthcare and education.

    Poverty is multidimensional. It is not only about money. Yet poverty in Lagos slums has often been studied using traditional methods that focus mostly on income thresholds. A person is considered poor if their income falls below a certain level. This approach captures financial hardship. But it misses other aspects of poverty, such as lack of access to education, healthcare, clean water and decent living conditions.

    Measuring poverty requires a multidimensional approach, not simply an income approach. Multidimensional poverty means looking at all the aspects of deprivation to get a fuller picture of what it means to live in poverty. It helps policymakers and researchers understand that even with some income, a person may still be struggling because they don’t have other essential services.

    In a study of poverty in the Lagos State slums, two other development economists and I used a mathematical framework to model multidimensional poverty. We used what is known as the fuzzy set approach. This was developed in the 1990s as an alternative to purely monetary measures of poverty.

    The traditional monetary approach often classifies people as either “poor” or “not poor” based on specific cut-off points. In reality, poverty exists on a spectrum, and people can experience different levels of deprivation across various aspects of their lives. The fuzzy set approach accounts for this by assigning degrees of membership to different poverty indicators.

    We found considerable disparities in poverty, based on a multidimensional index, across slums in Lagos State. Our insights will enable economists and policymakers to see the different ways people in slums are deprived. In turn this should help them understand how to make their lives better in a more targeted and effective way.

    Background and methodological approach

    Our study focused on five big slums that lie close to the coastal line in Lagos state. These are among the slums the World Bank has identified for upgrading as part of a US$200 million loan project to improve drainage and solid waste management.

    We chose 400 respondents from the five slums: Makoko, Iwaya, Ilaje, Ijora Badia and Amukoko.

    According to Avijit Hazra and Nithya J Gogtay, researchers in bio-statistics and research methodology, a minimum of 384 samples is appropriate for a large population size. Nevertheless, the selected sample for this study limits the ability to generalise the findings to other slums, especially those with different characteristics.

    Findings

    The multidimensional poverty index was highest in Makoko and Iwaya. These scores indicate severe poverty, as they are above the threshold of 0.50.

    In contrast, Amukoko had the lowest multidimensional poverty index, showing relatively less severe deprivation across indicators.

    Makoko and Iwaya are particularly deprived in areas like schooling, sanitation and nutrition. This explains their higher poverty levels compared to other communities.

    Makoko’s location along the coast, with its makeshift housing and poor infrastructure, adds to its vulnerability. Iwaya shares similar challenges in education and health services. These factors make both areas more deprived than other slums.

    Of the three broad poverty dimensions measured, education emerged with the highest deprivation across all communities. This highlighted the limited formal education among residents.

    Specifically, Makoko and Iwaya showed the highest deprivation in schooling. Despite some improvements, particularly in child enrolment, these communities are still marked by severe deprivation.

    The second dimension exhibiting severe deprivation was living standards. There were variations across different slums. Makoko and Iwaya had higher sanitation challenges.

    The third dimension in the severe deprivation category was health. Indicators included mortality and nutrition. They were high across many slums, contributing significantly to their multidimensional poverty indexes.

    Other communities, such as Amukoko (0.0312), showed better sanitation outcomes. On the other hand, electricity, flooring and cooking fuel indicators generally showed lower levels of deprivation, with most slums scoring around or below 0.03 in these categories.

    The prevalence of both serious and minor illnesses, coupled with insufficient medical care, contributed to high mortality rates.

    Poor sanitation could also be a factor in health issues. In Makoko and Iwaya, toilet facilities and waste management were poor, with waste often disposed of in waterways.

    Despite this, personal hygiene practices such as using clean water, soap and regular brushing were prevalent. This helped keep the sanitation index relatively low compared with other factors affecting health.

    Other slums had relatively better-organised waste collection systems and generally improved sanitation practices.

    What needs to be done

    Policymakers should prioritise education-focused initiatives. This should include improving access to quality schools, providing scholarships and setting up adult literacy programmes.

    The study also highlights challenges related to sanitation, especially in Makoko and Iwaya. There is a need for improved infrastructure in these areas, such as better sanitation facilities, waste management systems and access to clean water.

    Policies should focus on upgrading sanitation services to reduce health risks and improve living conditions.

    But the differences in poverty index across slums indicate varying levels of deprivation, suggesting that a one-size-fits-all approach will not be effective.

    Coastal slums like Makoko and Iwaya require more intensive interventions compared to slums not directly on coastal lines such as Amukoko.

    Policymakers should focus resources where they are most needed to have the greatest impact.

    Slums like Ilaje and Ijora Badia are close to the threshold of severe poverty. Policymakers need to take proactive measures to prevent these communities from falling into severe deprivation.

    Lastly, it is important to use data to identify priority areas and develop targeted interventions aimed at improving the quality of life for slum dwellers.

    Instead of relying on generalised approaches, the insights from this study can facilitate the design of specific policies that address the distinct needs of each community.

    – Poverty in Lagos isn’t just about money – here’s why
    – https://theconversation.com/poverty-in-lagos-isnt-just-about-money-heres-why-240847

    MIL OSI Africa –

  • MIL-OSI: CFC To Host Conference Call on Fiscal Year 2025 First-Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    DULLES, Va., Oct. 21, 2024 (GLOBE NEWSWIRE) — The National Rural Utilities Cooperative Finance Corporation (CFC) will hold an investor conference call and webcast on Friday, October 25, at 1 p.m. Eastern Time. CFC CEO Andrew Don will provide a business update and CFC Senior Vice President and CFO Ling Wang will review CFC’s fiscal year 2025 first-quarter financial results.

    There are two ways to access the event:

    • Conference Call Option
      Domestic: 800-289-0438 | International: 323-794-2423
      Participant Code: 1393878
      Callers also can view a PDF of the slide presentation by visiting Webcasts & Presentations page on the day of the call. It will be posted just prior to the broadcast.

    A replay of the webcast will be available on the Webcasts & Presentations page after the event. CFC’s Form 10-Q for the period ended August 31, 2024, was filed with the U.S. Securities and Exchange Commission on October 11.

    About CFC
    Created and owned by America’s electric cooperative network, the National Rural Utilities Cooperative Finance Corporation (CFC)—a nonprofit finance cooperative with more than $36 billion in assets—provides unparalleled industry expertise, flexibility and responsiveness to serve the needs of our member-owners. CFC is an equal opportunity provider. Visit us online at http://www.nrucfc.coop.

    Contact:    Heesun Choi
    Capital Markets Relations
    investorrelations@nrucfc.coop
    800-424-2954
         

    The MIL Network –

  • MIL-OSI USA: 52 Bipartisan Congressmembers Urge Biden Administration to Tighten Russian Oil Sanctions and Question Exception Approval

    Source: United States House of Representatives – Congressman Lloyd Doggett (D-TX)

    Contact: Alexis Torres, Alexis.Torres@mail.house.gov

    Washington, D.C.—U.S. Representatives Lloyd Doggett (D-TX-37) and Jake Auchincloss (D-MA-4) led a bipartisan effort to demand a tightening of Russian oil sanctions and to question an exception granted to a U.S.-based company, Schlumberger (SLB). Specifically, the lawmakers are questioning Treasury Secretary Janet Yellen and Secretary Antony Blinken as to why the Biden administration has permitted SLB to serve as an accomplice to Vladimir Putin.

    “We write regarding alarming findings that the U.S.-based company and world’s largest oilfield services firm SLB, widely known as Schlumberger, is expanding in Russia,” wrote the members. “Since Russia’s unjustified and illegal full-scale invasion of Ukraine in February 2022, SLB has signed new contracts, recruited hundreds of staff, and imported nearly $18 million in equipment into Russia. This U.S.-based company is keeping Vladimir Putin’s war machine well-oiled with financing for the barbaric invasion of Ukraine. We urge you to continue supporting our Ukrainian allies by pursuing more rigorous oil sanctions to effectively restrict Putin’s profits.”

    “My name is on the first sanctions legislation to become law shortly after the Russian invasion,” said Rep. Doggett. “Implementation of that and similar legislation by our allies has not prevented Putin from earning billions from oil exports. And unfortunately, North Korea and Iran are not the only places providing him help. By permitting his exports and permitting continued American company investments in Russia, Americans, and our European allies, are essentially funding both sides of this war. While well aware of concerns about the price of gasoline at the pump, we must stop oiling the Putin war machine to win this war, secure a just peace, and reparations.”

    “While Ukrainians fight and die on the front lines of freedom, a U.S. oil company is supporting the enemy,” said Rep. Auchincloss. “Oil is the lifeblood of the Russian war economy, which is why the West must stand united in tightening and enforcing oil sanctions. That begins by holding SLB and its collaborators accountable for evading allied sanctions, profiteering from pain, and fueling Putin’s ability to wage war.”

    Additional signers include Representatives Sheila Cherfilus-McCormick (FL-20), Josh Gottheimer (NJ-05), Marcy Kaptur (OH-09), Barbara Lee (CA-12), Wiley Nickel (NC-13), Jared Huffman (CA-02), Dan Goldman (NY-10), Danny Davis (IL-07), Jim Costa (CA-21), Sean Casten (IL-06), Steve Cohen (TN-09), Adam Schiff (CA-30), Susan Wild (PA-07), Joe Wilson (R-SC-02), Hank Johnson (GA-04), Tom Suozzi (NY-03), Brad Sherman (CA-32), Zoe Lofgren (CA-18), Nikema Williams (GA-05), Gerry Connolly (VA-11), Mark Pocan (WI-02), Madeleine Dean (PA-04), Jamie Raskin (MD-08), Earl Blumenaur (OR-03), Seth Magaziner (RI-02), Chris Deluzio (PA-17), Patrick Ryan (NY-18), Chris Smith (R-NJ-04), Bonnie Watson Coleman (NJ-12), Salud Carbajal (CA-24), Raúl Grijalva (AZ-07),  Don Bacon (R-NE-02), Juan Vargas (CA-52), Jerry Nadler (NY-12), Annie Kuster (NH-02), Emanuel Cleaver (MO-05), Frank Pallone (NJ-06), Paul Tonko (NY-20), Adriano Espaillat (NY-13), Ted Lieu (CA-36), John Larson (CT-01), Mike Quigley (IL-05), Jill Tokuda (HI-02), Kweisi Mfume (MD-07), David Trone (MD-06), Seth Moulton (MA-06), Brian Fitzpatrick (PA-01), Stephen Lynch (MA-08), Bennie Thompson (MS-02) and Ro Khanna (CA-17).

    The full letter can be found here.

    Rep. Doggett is a strong champion for a prosperous Ukraine, consistently urging Congress and the Biden administration to take further actions in holding Putin accountable and ensuring full support for a Ukrainian victory. In 2022, the morning after Putin launched his unprovoked and illegal invasion, Rep. Doggett filed the first sanctions legislation, which later became law, to prohibit the direct import of energy products from Russia into the United States. The following year, he introduced the bipartisan Ending Importation of Laundered Russian Oil Act to close a “refining loophole” that allows Russian oil to be laundered through third-party countries and sold in the U.S. as gasoline and other petroleum products—therefore linking American consumers to financing parts of Putin’s war machine. In recent months, Rep. Doggett expanded his efforts to prevent Russia from continuing to profit off Western countries by publishing an opinion piece in Foreign Policy, calling for U.S. sanctions against a network of companies associated with Rosatom, Russia’s state-owned nuclear corporation.

    MIL OSI USA News –

  • MIL-OSI Economics: ICC Antitrust Compliance Toolkit

    Source: International Chamber of Commerce

    Headline: ICC Antitrust Compliance Toolkit

    Competitive markets

    Download Toolkit now

    More concise and user-friendly, the ICC Antitrust Compliance Toolkit has been updated to reflect the evolving landscape of antitrust risks and compliance practices over the last decade. The toolkit offers practical tools and guidance to build a credible corporate antitrust compliance programme.

    The second edition of the ICC Antitrust Compliance Toolkit includes comprehensive guidance for antitrust experts and non-experts alike on how to:  

    • build a compliance culture,  
    • conduct risk assessments, and  
    • implement effective monitoring and improvement measures.  

    Key facts: 

    • Integrating antitrust compliance into everyday business practices is vital. The ICC Antitrust Compliance Toolkit provides actionable guidance to establish a compliance culture and is a vital resource for companies looking to navigate the complexities of antitrust compliance. 
    • Processes alone are not enough. Fostering a culture of compliance starts with individual commitment. 
    • Understanding specific antitrust risks helps tailor internal trainings and response strategies effectively.  
    • Antitrust compliance requires continuous evaluation of compliance effectiveness, which is key to adapting to dynamic regulatory landscapes.  

    Why is the ICC Antitrust Compliance Toolkit relevant? 

    Complying with competition law makes good business sense. Regardless of a company’s size, competition law compliance places businesses ahead of the game.  

    At a time when antitrust violations are making headlines and penalty sizes are breaking records, it is vital that global businesses have the right tools to improve compliance with antitrust law. This is especially true given the last decade of rapid digital transformation, in which a number of new challenges have emerged.  

    Companies have adapted their business practices, while competition authorities have had to rethink how competition law is enforced. The updated ICC Antitrust Compliance Toolkit addresses these new challenges, including the risks associated with using artificial intelligence (AI). 

    What makes the ICC Antitrust Compliance Toolkit unique? 

    The ICC Antitrust Compliance Toolkit offers core principles for building a robust compliance programme – or reinforcing an existing one – with a local or global reach. Developed to complement existing materials, the toolkit seeks to enhance the understanding between business and antitrust agencies in relation to antitrust compliance programmes. It has received recognition and support from key competition agencies, most notably the European Commission. 

    Who is the ICC Antitrust Compliance Toolkit for?  

    The toolkit is intended for companies of all sizes, from SMEs to larger corporations, across various sectors. 

    It is particularly useful for in-house legal teams, compliance officers, and business leaders responsible for establishing or enhancing their company’s antitrust compliance programme. 

    It is also a valuable resource for professionals involved in risk management, such as audit and finance teams. 

    MIL OSI Economics –

  • MIL-OSI Russia: The IV Novosibirsk Scientific Readings in Memory of Academician Tatyana Ivanovna Zaslavskaya were held at NSU

    Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University –

    The All-Russian Conference IV Novosibirsk Scientific Readings in Memory of Academician T.I. Zaslavskaya “Time of Change: Individual and Group Choice in Response to New Challenges” was held on October 17-19. The event was organized by Novosibirsk State University and the Institute of Economics and Industrial Engineering of the Siberian Branch of the Russian Academy of Sciences.

    The readings were held in the form of a series of six thematic round tables, the program of which was formed on the basis of participants’ applications: “Socio-economic relations and inequalities in modern Russia”, “Subjects of territorial relations: interests, behavior, interaction”, “Urban spaces and communities: transformation , development, conflicts”, “Dynamics of the labor market and employment in the context of digitalization and economic transformation”, “Spatial mobility and connectivity: what flows make space unified?” and “Development and preservation of human capital: trends, practices, factors.” Scientists from universities and institutes in several regions of Siberia and the Urals, as well as leading universities in Moscow, took part in them. Researchers from the Novosibirsk State University, Novosibirsk State Technical University, Siberian State University of Telecommunications and Informatics (Novosibirsk), Institute of Economic Forecasting of the Russian Academy of Sciences, Russian Academy of National Economy and Public Administration under the President of the Russian Federation, Higher School of Economics, Moscow State University presented their reports. . M.V. Lomonosov, Institute of Economics of the Ural Branch of the Russian Academy of Sciences (Ekaterinburg), Ural Federal University named after. the first President of Russia B.N. Yeltsin (Ekaterinburg), Institute of Mongolian Studies, Buddhology and Tibetology SB RAS (Ulan-Ude), Khakass State University named after. N.F. Katanova (Abakan). The majority of nonresident conference participants were researchers from Moscow universities. Representatives of several scientific organizations traditionally participate in the conference.

    At the opening of the conference, the dean Faculty of Economics, NSU, candidate of sociological sciences Tatyana Bogomolova spoke about the history of the Novosibirsk economic and sociological school. Associate Professor of the Department of General Sociology of the Faculty of Economics of NSU, Head of the Department of Social Problems of the Institute of Economics and Industrial Production of the Siberian Branch of the Russian Academy of Sciences Olga Fadeeva spoke about rural (agrarian) research, which is the “calling card” of the Novosibirsk economic and sociological school.

    The conference was held in a mixed format, but most of the presentations were in person. About 60 participants presented their reports, including not only experienced researchers, but also students, postgraduates and interns of university laboratories. The organizers of the scientific readings deliberately did not single out their presentations in a separate section, recognizing the relevance of the research of young sociologists and economists. Thus, the reports were made by NSU master’s students – Daria Ivanova (“Public conflicts in the Novosibirsk Akademgorodok: participants’ ideas about justice and prospects for their rapprochement”) and Rinat Galiullin (“Modern urban segregation: conceptual foundations of analysis”).

    — Currently, research on urban problems is becoming one of the prominent areas, and at our conference a large block of speeches was devoted to the subjects of urban relations and urban conflicts. Reports were also presented on economic inequality, territorial relations, social aspects of the use of space and infrastructure, population migration, and the accumulation of human potential in a certain territory. Many messages were devoted to problems associated with digitalization, including relations in the labor market. It was discussed how moving many of the processes associated with registering unemployed status or finding a job into the digital space cuts off some job seekers and makes it easier for others to access them. Concluding our conference, we discussed how, due to digitalization, the data with which sociologists work is paradigmatically changing, and what new requirements arise for assessing their relevance, validity and other data quality criteria. On the one hand, we made sure that we were working on the current agenda and presented our research at the conference, on the other hand, we made new contacts, since researchers with whom we were not previously familiar responded to our invitation to take part in the Readings this year – said the head of the department of general sociology of the Faculty of Economics of NSU, leading researcher at the Institute of Economics and Organization of Industrial Production SB RAS Tatyana Cherkashina.

    The participants’ attention was drawn to the report on the study by young researchers from the Higher School of Economics Kirill Chertenkov, Olga Rodina and Mikhail Balaban “What determines the desire to move? Results of questionnaire surveys in 10 regions of Russia”. No less interesting was the report by another postgraduate student of the Higher School of Economics, Georgy Stalinov “Practices of self-organization of couriers, taxi drivers and truck drivers”.

    For the fourth time, representatives of the Center “Institute for Social Analysis and Forecasting” of the Russian Presidential Academy of National Economy and Public Administration took part in the scientific readings. This year, senior researcher Sofia Korzhuk spoke about the study “The Well-being of Foster Families: Obstacles and Ways to Achieve”, conducted jointly with leading researcher Alla Makarintseva. Alla Makarintseva herself gave a report “Factors of Intentions Regarding the Third Child: What Does the Analysis Show Using Machine Learning Methods”. She conducted the study of this problem jointly with senior researcher Alexandra Burdyak. Ekaterina Seredkina presented a report “Child Benefits as a Tool for Reducing Child Poverty in Russia: Microsimulation Analysis” about the study that she conducted together with Marina Kartseva and Polina Kuznetsova.

    A highlight of the IV Novosibirsk Scientific Readings was the presentation by Doctor of Economics, Professor, Head of the Department of Economic Sociology at the Higher School of Economics Vadim Radaev on the topics: “Crisis in Modern Education” and “Non-Standard Consumption: Characteristic Features, Causes and Consequences”.

    — The conference program was designed in such a way that the participants not only listened to the reports, but also discussed them with each other. And according to the feedback from those present, the organizers succeeded in this. Our Moscow colleagues who took part in the online readings showed interest in this format of communication and actively participated in the discussion of their colleagues’ presentations. This is very important for us, because the same processes look and manifest themselves differently from Moscow and Siberia. It seems to me that at the past conference we laid the foundations, if not for joint research, then certainly for fruitful scientific communication, — said Tatyana Cherkashina.

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

    MIL OSI Russia News –

  • MIL-OSI Europe: State of the Russian economy examined

    Source: Government of Sweden

    State of the Russian economy examined – Government.se

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    Article from Ministry of Finance

    Published

    Russia’s full-scale war against Ukraine continues with unabated intensity and far-reaching consequences for civilians. At the same time, Russia is spreading propaganda to try and portray the Russian economy as more well-functioning than it actually is. As part of efforts to combat this propaganda, the Swedish Government commissioned the National Institute of Economic Research to analyse economic developments in Russia. Last Wednesday, Minister for Finance Elisabeth Svantesson hosted a seminar in connection with the report’s conclusions.

    • Minister for Finance Elisabeth Svantesson.

      Photographer: Magnus Liljegren/Swedish Government Offices.

    • Minister for Finance Elisabeth Svantesson.

      Photographer: Magnus Liljegren/Swedish Government Offices.

    • Minister for Finance Elisabeth Svantesson, Torbjörn Becker, Director of the Stockholm Institute of Transition Economics (SITE) at the Stockholm School of Economics, Vladimir Milov, Russian opposition politician and economist, and Emil Wannheden, analyst at the Swedish Defence Research Agency (FOI).

      Photographer: Magnus Liljegren/Swedish Government Offices.

    • Minister for Finance Elisabeth Svantesson.

      Photographer: Magnus Liljegren/Swedish Government Offices.

    “Russia is spreading propaganda in an attempt to portray its economy as strong and resilient in order to give the impression that sanctions are ineffective and thereby undermine continuance of support to Ukraine. That’s why it’s important to nuance the view of the Russian economy and look beyond the official figures,” said Ms Svantesson. 

    The seminar was attended by Director of the Stockholm Institute of Transition Economics (SITE) Torbjörn Becker at the Stockholm School of Economics, who presented SITE’s report, done in response to the Government’s assignment to the National Institute of Economic Research. The report calls attention to one of the main challenges in analysing the Russian economy: the lack of reliable data because Russia’s economic reporting has become intertwined with its war propaganda. The Russian government has stopped publishing large parts of previously available data, and the figures that are available are being used to portray a more positive situation.

    The report also highlights that the Russian government’s financial reserves, which have been used to finance war spending, are rapidly running out and may be exhausted within a year. Once these reserves are exhausted, the Russian Central Bank will then be under pressure to lower its policy rate or even to start printing more money, which could lead to high inflation and a weakened rouble.

    “It is clear that the Russian economy is not working as well as Putin would have it appear. Resources are being drained to the war industry and the economy is overheated. There are obviously big question marks surrounding the official figures. We must continue to actively combat Putin’s propaganda. Wednesday’s discussion is an important part of these efforts,” said Ms Svantesson.

    Russian opposition politician and economist Vladimir Milov and analyst and economist Emil Wannheden at the Swedish Defence Research Institute also attended the seminar.

    Introduction by Minister for Finance Elisabeth Svantesson

    Presentation by Torbjörn Becker

    Comments by Vladimir Milov

    Comments by Emil Wannheden

    Questions

    Closing statement by Minister for Finance Elisabeth Svantesson

    MIL OSI Europe News –

  • MIL-OSI Economics: Goldman Sachs and Houlihan Lokey top M&A financial advisers in technology, media and telecom sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Goldman Sachs and Houlihan Lokey top M&A financial advisers in technology, media and telecom sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Goldman Sachs and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the technology, media and telecom sector during the first three quarters (Q1-Q3) of 2024 by value and volume, respectively, according to according to the latest Financial Advisers League Table, which ranks legal advisers by the value and volume of mergers and acquisition (M&A) deals on which they advised, by GlobalData,  a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Goldman Sachs achieved the leading position in terms of value by advising on $88 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 59 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Goldman Sachs registered an improvement in the total value of deals advised by it and the ranking by value during Q1-Q3 2024 compared to Q1-Q3 2023. During Q1-Q3 2024, Goldman Sachs advised on 23 billion-dollar deals*, that also included two mega deals valued for than $10 billion.

    “Involvement in these big-ticket deals helped it register improvement in terms of value as well as its ranking by this metric. Moreover, Goldman Sachs, apart from leading by value, also held the second position by volume during Q1-Q3 2024.

    “Meanwhile, Houlihan Lokey was the top adviser by volume during Q1-Q3 2023 and also managed to retain its leadership position by this metric during Q1-Q3 2024 as well.”

    Evercore occupied the second position in terms of value by advising on $83.7 billion worth of deals, followed by Qatalyst Partners with $64.8 billion, Morgan Stanley with $63.4 billion, and JP Morgan with $58.6 billion.

    Meanwhile, Goldman Sachs occupied the second position in terms of volume with 45 deals, followed by Rothschild & Co with 44 deals, Evercore with 40 deals, and Raymond James Financial with 35 deals.

    *Valued more than or equal to $1 billion

    MIL OSI Economics –

  • MIL-OSI Economics: AIIB Accredited as Green Climate Fund Entity to Accelerate Climate Action in Developing Members

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has been accredited as an International Access Entity (Accredited Entity) of the Green Climate Fund (GCF) at the 40th GCF Board meeting in Songdo, Incheon, Republic of Korea, Oct. 21-24.

    The partnership is in line with AIIB’s Corporate Strategy and GCF’s reform agenda. It will enable both institutions to leverage their resources to more effectively support members in achieving their Nationally Determined Contributions targets for low emissions and climate-resilient development, a critical component of the Paris Agreement.

    “AIIB’s top priority is to develop green infrastructure that facilitates climate transition and is resilient to climate change impacts in the coming decades,” said Sir Danny Alexander, AIIB Vice President for Policy and Strategy. “This partnership with GCF is a testament to our commitment to this mandate as outlined in our corporate strategy.”

    With this accreditation, AIIB will gain access to GCF funds through a flexible combination of grants, concessional debt, guarantees and equity instruments. These will enable AIIB to leverage blended finance and attract private capital for climate action in developing members. As a GCF Accredited Entity, AIIB will continue to deepen its collaboration with other international, regional and national development finance institutions; equity funds; and UN agencies to develop high-quality, climate-focused projects.

    Henry Gonzalez, Chief Investment Officer of the Green Climate Fund (GCF), welcomed the GCF Board’s decision to approve the accreditation. “This partnership opens new and exciting opportunities for collaboration on scaled-up climate action that focuses on green and resilient infrastructure in various countries,” he said. “Both GCF and AIIB have a shared focus on innovative solutions that provide a pathway for a low-emission, climate-resilient pathway towards sustainable development.”

    In 2023, AIIB’s climate finance reached 60% of total approved regular financing, an increase from 56% in 2022, surpassing the targets outlined in its corporate strategy. In terms of volume, its climate finance rose from USD 2.39 billion in 2022 to USD 3.43 billion in 2023.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    About GCF

    The Green Climate Fund (GCF) – a critical element of the historic Paris Agreement – is the world’s largest climate fund, mandated to support developing countries raise and realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways.

    MIL OSI Economics –

  • MIL-OSI China: Foreign holdings of renminbi bonds reach historic high

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

    BEIJING, Oct. 22 — The yield on renminbi bonds has been good since the start of the year, attracting foreign investors to increase their holdings, an official with the State Administration of Foreign Exchanges said on Tuesday.

    Up till now, foreign holdings of domestic renminbi bonds have exceeded 640 billion U.S. dollars, reaching a historic high, Li Hongyan, deputy head of the administration, told a press conference.

    “Overall, holdings of renminbi assets by foreign capital help to diversify the participants in the domestic market, enhance market liquidity, and promote a more active and international development of the domestic capital market,” Li said.

    The administration will continuously improve investment facilitation, create a favorable investment environment, promote high-level financial opening up to the outside world, and actively support foreign investors in participating in the Chinese capital market, Li added.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Ambitious Mobile Strategy to be considered by councillors

    Source: Scotland – City of Perth

    This strategy, developed with feedback from the public, will be discussed when Climate Change and Sustainability Committee meets on 23 October 2024.

    The Mobility Strategy is one of three critical place-based strategies designed to shape the long-term development of Perth and Kinross, alongside the Local Housing Strategy and the Local Development Plan.

    Together, these strategies are instrumental in realising the Council’s vision of “a Perth and Kinross where everyone can live life well, free from poverty and inequality.”

    The Mobility Strategy outlines Perth and Kinross Council’s vision for managing and developing the transport and active travel network over the next 15 years.

    It considers all modes of transport for the movement of people and goods across both rural and urban areas, addressing the impacts of emerging technologies, digital services, housing, inclusion, poverty, health, climate adaptation, economic growth, air quality, and place making.

    Aligned with the priorities set out in the Scottish Government’s National Transport Strategy 2 (February 2020), the Mobility Strategy adopts four key priorities: Reducing Inequalities, Taking Climate Action, Delivering Inclusive Economic Growth, and Improving Health and Wellbeing.

    These priorities are fundamental to the development and delivery of the strategy, ensuring it meets both national targets and local goals.

    Councillors will also be asked to approve the next priorities for the Local Heat and Energy Efficiency Strategy (LHEES) and Local Area Energy Plan (LAEP) for the upcoming 12-18 months.

    The Perth and Kinross LAEP envisions the area as a leading example of affordable and equitable access to sustainable energy for all residents, businesses, and organisations.

    By 2045, the area aims to achieve an integrated, net-zero local energy system. Similarly, the Perth and Kinross LHEES aims to make homes and buildings more energy efficient and equipped with decarbonised heat sources, providing more affordable warmth and reduce climate impact, all contributing to achieving our goal of Net Zero by 2045.

    In line with these initiatives, committee members will be asked to approve the Council’s Public Body Climate Change Duty report. The report outlines the Council’s actions and progress in addressing climate change within its own operations, with a 31% reduction in its overall emissions. The decrease is primarily attributed to improvements in waste processing and the transition from waste to energy. Additionally, there were modest reductions in emissions from on-site energy production, business travel and employee commuting.

    Councillor Richard Watters, Convenor of Climate Change and Sustainability Committee said: “We are deeply grateful to the public for their active involvement and valuable feedback throughout the development of the Mobility Strategy. Their participation has been crucial in shaping a strategy that is robust, relevant, and adaptable to the diverse needs of our community.

    “We also want to recognise the outstanding work made through the Local Heat and Energy Efficiency Strategy (LHEES), the Local Area Energy Plan (LAEP) and the Council’s own initiatives in tackling climate change.  It is truly encouraging to see the Council’s substantial reduction in overall emissions, equivalent to 12.5 kilotonnes of C02, between 2022/23 and 2023/24.

    “Despite facing financial challenges, we are striving forward with new priorities for the next 12 to 18 months. Together, we are paving the way for a sustainable and prosperous future for Perth and Kinross.”

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: SFST’s speech at Accenture FinTech Innovation Lab Asia-Pacific Demo Day (English only)

    Source: Hong Kong Government special administrative region

    SFST’s speech at Accenture FinTech Innovation Lab Asia-Pacific Demo Day (English only)
    SFST’s speech at Accenture FinTech Innovation Lab Asia-Pacific Demo Day (English only)
    **************************************************************************************

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Accenture FinTech Innovation Lab Asia-Pacific Demo Day today (October 22): Simon (Chairman of the Hong Kong Cyberport Management Company Limited, Mr Simon Chan), Rocky (Chief Executive Officer of the Hong Kong Cyberport Management Company Limited, Dr Rocky Cheng), Marco (Managing Director and Head of Financial Services of Accenture, Mr Marco Tsui), Eric (Chief Public Mission Officer of the Hong Kong Cyberport Management Company Limited, Mr Eric Chan), distinguished guests, ladies and gentlemen,      Good afternoon. It is a pleasure to stand before you today at the Accenture FinTech Innovation Lab Asia-Pacific Demo Day. This event represents the culmination of hard work, innovation, and collaborative effort, showcasing the remarkable advancements that are shaping the future of financial technology in our region.      As we gather here, I am reminded of the incredible journey that the FinTech Innovation Lab Asia-Pacific has undertaken over the years. This year, the programme has once again proven to be a highly competitive platform, attracting over 100 applicants from 35 countries. From this pool of talent, we celebrate the achievements of nine outstanding companies selected to present their innovations today. Each of these start-ups embodies the spirit of resilience and creativity that is essential in today’s fast-paced financial landscape. The role of artificial intelligence      One common thread among these nine companies is their deployment of artificial intelligence (AI) in their service offerings. The excitement surrounding AI, particularly Generative AI, has been palpable over the last two years. Despite the fluctuations in the global financial environment, start-ups leveraging generative models continue to attract significant funding. Investors and market participants recognise the vast opportunities that AI presents, allowing businesses to enhance efficiency, improve customer experiences, and create innovative solutions tailored to ever-evolving market demands.      As we look ahead, I want to share that during the upcoming Hong Kong Fintech Week 2024, we will be issuing a policy statement that outlines the Government’s stance towards the responsible application of AI in financial markets. This statement will provide a framework for integrating AI into our financial ecosystem, ensuring that innovation is harmonised with robust security and regulatory frameworks. The vibrant ecosystem of fintech in Hong Kong      The fintech ecosystem in Hong Kong is not only vibrant but also continues to grow at an unprecedented pace. According to the latest Global Financial Centres Index, Hong Kong ranks ninth globally in fintech offerings, placing us among the elite top 10 fintech hubs worldwide. This recognition is a testament not only to our achievements but also to our commitment to fostering innovation in the financial sector.      We understand that promoting fintech is essential for enhancing the overall competitiveness of Hong Kong’s financial services industry. To this end, we work closely with financial regulators, industry leaders, and innovators to ensure that our fintech sector remains at the cutting edge of global developments. Advancing financial services      As outlined in the latest Policy Address presented just last week, the Government is dedicated to solidifying Hong Kong’s position as a global leader in financial innovation. We are advancing the development of cutting-edge financial services that will reshape the financial landscape of tomorrow. Key areas of focus include Central Bank Digital Currencies (CBDCs), mobile payments, virtual banking, virtual insurance, and virtual asset (VA) transactions.      Each of these innovations holds the potential to significantly alter how we conduct financial transactions, interact with financial institutions, and manage our assets. By deepening our efforts in these areas, we are not just keeping pace with global advancements; we are striving to remain at the forefront of this evolution. Initiatives to cultivate innovation      Over the past few months, we have introduced a range of initiatives aimed at cultivating a vibrant ecosystem for fintech innovation. These efforts span multiple key areas, from enhancing cross-boundary payment systems to advancing digital asset regulation and fostering a dynamic fintech talent pool.      In May, we expanded the cross-boundary e-CNY pilot programme, providing safe and convenient retail payment options for residents in both Hong Kong and the Mainland. The Hong Kong Monetary Authority (HKMA) is actively exploring new technological solutions for cross-boundary trade settlements through the mBridge platform. By expanding use cases and widening participation from both public and private sectors, we aim to make cross-border transactions faster, more secure, and more cost efficient.      Moreover, we are promoting real-world asset tokenisation and developing a digital money ecosystem. Through Project Ensemble, the HKMA is laying the groundwork for the tokenisation of real-world assets and the use of digital money for interbank settlements. This initiative is designed to facilitate more efficient asset trading and further integrate digital currencies into our financial system. Stablecoin regulation and digital currencies      As part of our commitment to fostering a secure digital financial environment, potential stablecoin issuers will have the opportunity to test their business plans and use cases through the stablecoin issuer sandbox. Later this year, we will introduce legislation to regulate fiat-referenced stablecoin issuers, creating a secure and consistent framework for the growth of this emerging market.      Further underlining our dedication to digital currencies, we launched Phase 2 of the e-HKD Pilot Programme in September, now renamed Project e-HKD+. This initiative allows us to explore innovative use cases for new forms of digital money, including e-HKD and tokenised deposits. Our expanded focus on the digital money ecosystem will ensure that we remain at the forefront of technological advancements in this space. Regulatory frameworks and risk mitigation      Regulations play a critical role in mitigating risks in the rapidly evolving world of virtual assets. To protect investors and uphold market integrity, the Financial Services and the Treasury Bureau (FSTB) is conducting a second round of public consultation on regulatory proposals for over-the-counter VA trading. We will also introduce a proposed licensing regime for VA custodian service providers, ensuring the safekeeping of digital assets in line with international standards. Commitment to digital securities      Our commitment to innovation extends to the digital securities market as well. The HKMA is preparing to launch the Digital Bond Grant Scheme, which will incentivise financial institutions and issuers to adopt tokenisation technology in capital market transactions. This initiative will unlock new opportunities in the digital securities space, modernising our financial infrastructure and ensuring that Hong Kong continues to lead in global financial innovation. The horizon ahead      As demonstrated by today’s gathering of innovators, Hong Kong is truly an ideal platform for nurturing fintech talent and fostering global engagement. The upcoming ninth Hong Kong Fintech Week, themed “Illuminating New Pathways in Fintech”, will soon take place, from October 28 to November 1. Last year’s event set a new benchmark, drawing a record 35 000 attendees and garnering 5.5 million online views from over 100 economies.      This year, we welcome top leaders, policymakers, and investors from around the world for insightful discussions on the fintech landscape and cutting-edge technologies such as AI, tokenisation, and Web3. I encourage each of you to join us for what promises to be an exciting and transformative event. Supporting start-ups and entrepreneurs      To further support innovators like you, the Government is introducing a $10 billion I&T Industry-Oriented Fund to drive investment into the innovation and technology sectors. In addition, we are enhancing the Innovation and Technology Venture Fund by redeploying $1.5 billion to create matching funds with market partners. This will provide greater opportunities for start-ups and entrepreneurs to access capital, ensuring that our vibrant start-up ecosystem continues to flourish. Conclusion      Ladies and gentlemen, as I conclude, I would like to express my sincere gratitude to Accenture and Cyberport for organising today’s Demo Day. I also extend my heartfelt thanks to the participating fintech companies and our financial institutions for their invaluable contributions. Your hard work and dedication are what drive innovation in our sector.      Thank you, and I look forward to witnessing the groundbreaking advancements that will emerge from this dynamic ecosystem.

     
    Ends/Tuesday, October 22, 2024Issued at HKT 16:42

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Consumer Price Indices for September 2024

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released today (October 22) the Consumer Price Index (CPI) figures for September 2024. According to the Composite CPI, overall consumer prices rose by 2.2% in September 2024 over the same month a year earlier, smaller than the corresponding increase (2.5%) in August 2024. Netting out the effects of all Government’s one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in September 2024 was 0.9%, also smaller than that in August 2024 (1.2%). The smaller increases were mainly due to the higher base of comparison resulting from the significant increases in food prices in September 2023.

         On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending September 2024 was 0.4%, and that for the 3-month period ending August 2024 was 0.6%. Netting out the effects of all Government’s one-off relief measures, the corresponding rates of increase were 0.1% and 0.2%.   

         Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.9%, 2.0% and 1.6% respectively in September 2024, as compared to 3.2%, 2.2% and 1.9% respectively in August 2024. Netting out the effects of all Government’s one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.9%, 0.9% and 1.0% respectively in September 2024, as compared to 1.1%, 1.2% and 1.3% respectively in August 2024.   

         On a seasonally adjusted basis, for the 3-month period ending September 2024, the average monthly rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.5%, 0.4% and 0.3% respectively. The corresponding rates of increase for the 3-month period ending August 2024 were 0.8%, 0.5% and 0.4% respectively. Netting out the effects of all Government’s one-off relief measures, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending September 2024 were all 0.1%, and the corresponding rates of increase for the 3-month period ending August 2024 were 0.2%, 0.1% and 0.2% respectively.   

         Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in September 2024 for alcoholic drinks and tobacco (21.4%), electricity, gas and water (6.5%), housing (3.3%), miscellaneous services (2.0%), meals out and takeaway food (1.8%), miscellaneous goods (1.2%), and transport (1.0%).   

         On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in September 2024 for clothing and footwear (-1.6%), basic food (-0.4%), and durable goods (-0.4%).   

         Taking the first 9 months of 2024 together, the Composite CPI rose by 1.9% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.2%, 1.7% and 1.6% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.0%, 0.9%, 1.1% and 1.2% respectively.   

         In the third quarter of 2024, the Composite CPI rose by 2.4% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 3.1%, 2.1% and 1.9% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.1%, 1.0%, 1.1% and 1.2% respectively.   

         For the 12 months ending September 2024, the Composite CPI was on average 2.0% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.4%, 1.9% and 1.8% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.2%, 1.0%, 1.2% and 1.4% respectively. 

    Commentary

         A Government spokesman said that underlying consumer price inflation remained modest in September. The year-on-year increase in food price eased, while prices of energy-related items declined at a narrowed rate. Price pressures on other major components remained broadly in check.

         Looking ahead, overall inflation should stay mild in the near term. The continued growth of the Hong Kong economy could pose some moderate upward pressures on domestic cost. Meanwhile, external price pressures should ease further, though uncertainties in the external environment remain. The Government will continue to monitor the situation.

    Further information

         The CPIs and year-on-year rates of change at section level for September 2024 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government’s one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.

         More detailed statistics are given in the “Monthly Report on the Consumer Price Index”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).

         For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).
     

    MIL OSI Asia Pacific News –

  • MIL-OSI: Recording of LHV Group’s 22 October investor webinar

    Source: GlobeNewswire (MIL-OSI)

    To give an overview of the 2024 Q3 and nine month financial results, LHV Group organised an investor meeting webinar on 22 October. An overview of the company’s progress was given by Madis Toomsalu, Chairman of the Management Board of LHV Group and Meelis Paakspuu, CFO of LHV Group.

    The live coverage was followed by 38 participants, the live feed of the presentation was broadcast over Zoom.

    Recording of the investor meeting (in Estonian) is available at: https://youtu.be/JCNtp004Z48 

    LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs nearly 1,200 people. As at the end of September, LHV’s banking services are being used by 445,000 clients, the pension funds managed by LHV have 116,000 active clients, and LHV Kindlustus protects a total of 169,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Marthi Lepik
    Communication Specialist
    Phone: +372 5666 2944
    Email: marthi.lepik@lhv.ee   

    The MIL Network –

  • MIL-OSI: Everest Business Funding Named a 2024 Best and Brightest Company to Work For in the Nation

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 22, 2024 (GLOBE NEWSWIRE) — Everest Business Funding is proud to announce its inclusion on the list of 2024 Best and Brightest Companies to Work For in the Nation. This prestigious award, bestowed by the National Association for Business Resources (NABR), honors companies that excel in innovative business practices and human resource strategies. These are companies that distinguish themselves as industry leaders.

    The Best and Brightest Companies to Work For award highlights businesses across the United States that prioritize employee engagement, workforce development, and workplace culture. The award-winners were evaluated by an independent research firm on various metrics, including compensation, benefits, employee engagement, diversity and inclusion initiatives, and community involvement.

    Everest Business Funding provides revenue-based financing to entrepreneurs and business owners. The company is committed to helping those with strong entrepreneurial spirits obtain working capital in order to accelerate growth. Everest Business Funding’s leaders understand that its team members are foundational to this mission of providing hassle-free funding to eligible parties.

    The recognition from NABR reflects the company’s commitment to fostering an inclusive work environment and high-performing workforce. Everest Business Funding’s leadership team has emphasized the importance of employee well-being and engagement as critical components of the company’s success. By implementing innovative human resources practices, the team has created an environment that promotes growth and collaboration.

    Everest Business Funding is honored to receive this national recognition. The company strives to place employees at the core of everything it does and is committed to creating a positive and supportive environment where everyone can thrive. This award is a testament to the dedication and passion of Everest Business Funding’s leadership team as well as the individual commitment of each of its employees.

    With this recognition as one of the Best and Brightest Companies to Work For, Everest Business Funding reinforces its position as an industry leader that values its employees and remains committed to creating a workplace that encourages innovation, collaboration, and professional development.

    The Best and Brightest Companies to Work For award is part of a national program conducted by NABR, which has over 25 years of experience recognizing companies with exceptional workplace standards. The winners were selected based on a comprehensive review of factors such as employee retention, work-life balance, and leadership strategies.

    NABR’s comprehensive selection process adds to the prestige of the award. Only the best of the best make it onto the annual list, and Everest Business Funding is proud to have been recognized as one of the premier organizations in the country.

    About Everest Business Funding

    Everest Business Funding provides alternative finance options and revenue-based funding to small business owners. They serve a diverse pool of businesses, from healthcare to retail, to help them obtain working capital to grow, buy inventory, launch marketing campaigns, or hire staff. Everest Business Funding’s clients are treated with respect and receive high-quality guidance and service from its professionals.

    Media Contact
    Anthony Parker
    Everest Business Funding
    888-342-5709
    Info@everestbusinessfunding.com

    The MIL Network –

  • MIL-OSI United Kingdom: New film highlights the dangers of school gate parking

    Source: City of Leeds

    School pupils across Leeds are asking parents, carers and the wider community to rethink their travel habits on the school run, with the help of a new short film. 

    The film, created by Leeds City Council and West Yorkshire Fire and Rescue Service, features dashcam footage from a fire engine cockpit navigating streets outside four Leeds schools during pick-up time. In the footage, parked vehicles clog the roads, highlighting the challenges that emergency services can face when attending incidents at drop-off and pick-up times. 

    To watch the film, visit: Dangerous parking puts lives at risk (youtube.com) 

    Parking on pavements, grass verges and narrow roads not only causes congestion but also obstructs access for other road users and blocks public footpaths. This can force pedestrians and vulnerable road users into the road, increasing the risk of collisions. 

    Former Children’s Mayor Mohammed, narrates the film, giving voice to the concerns of young people across Leeds who want to travel safely and sustainably to and from school. The message to parents and carers is clear: choose walking, cycling and wheeling when you can, park further from school gates and drive to school less often to create safer spaces for everyone.  

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

    “It’s great to see the emergency services working with our safe and sustainable travel team to raise awareness of issues around dangerous and inconsiderate parking at pick-up and drop-off times at schools in Leeds. 
     
    “We want Leeds to be the best city for all young people to grow up in and ensuring a safer journey to school is a key part of that.  
     
    “If we encourage parents and carers to choose walking, cycling or wheeling, or to park further away from school gates, we can help improve road safety in local communities and create a better environment for families to travel safely and sustainably to and from school.” 

    Safe roads is one of five themes underpinning Vision Zero, the council’s ambition to eliminate serious and fatal road injuries in Leeds by 2040. Leeds now has 17 School Streets in operation to restrict vehicle traffic on the streets outside schools and make it easier and safer for families to choose walking, cycling and wheeling as their mode of transport.  

    Last year, 28,955 school children across Leeds participated in 596 sessions that the council’s road safety trainers delivered to promote safe and sustainable travel. Where possible, the council is delivering schemes and initiatives, like School Streets and parking campaigns to improve the local environment to enable children to use the skills they learn. 

    To achieve Vision Zero everyone needs to play their part. Walking, cycling or wheeling to school, or parking further away and walking in can make the environment around schools safer for everyone. Pledge to show your dedication to eliminate road deaths here.   

    To watch the film, visit: Dangerous parking puts lives at risk (youtube.com) 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Proposing to create a UK Airspace Design Service

    Source: United Kingdom – Executive Government & Departments

    Announcing a consultation on the creation of a new UK Airspace Design Service (UKADS).

    This was published under the 2022 Truss Conservative government
    Location:
    House of Commons
    Delivered on:

    Today, the Department for Transport (DfT) and Civil Aviation Authority (CAA) are launching a consultation proposing the creation of a new UK Airspace Design Service (UKADS) that would act as a single guiding mind for modernising the design of UK airspace.

    The consultation demonstrates the government’s commitment to delivering holistic and modernised UK airspace as part of the CAA’s Airspace Modernisation Strategy (AMS). The AMS vision is to provide quicker, quieter and cleaner journeys and more capacity for the benefit of those who use and are affected by UK airspace.

    Modernisation will help meet the needs of passengers, businesses and the wider economy while bringing environmental improvements that contribute towards the aviation sector achieving net zero emissions by 2050.

    UK airspace is an invisible but vital piece of our national infrastructure. Using an ageing network of ground navigation beacons, its design has remained largely unchanged since the 1950s when there were fewer than 1 million flights per year in UK airspace. This compares with 2.5 million flights in 2019 and projections of 3 million annually by 2030 (NATS (En Route) plc forecast traffic growth estimates (2026 to 2040)). In many cases, today’s aircraft still use the same outdated routes flying further than necessary at sub-optimal altitudes and speeds because the routes rely on the location of the ground navigation beacons, instead of following shorter, more efficient flight paths.

    Doing nothing is not an option. If UK airspace is not modernised, NATS (En Route) plc (NERL), the UK’s licensed provider of en route air traffic control services, estimates that by 2040, delays at a national level may increase by more than 200%, which would result in one in 5 flights experiencing disruption of more than 45 minutes (airspace change masterplan iteration 2, CAP2312b, ACOG (2022)).

    Modernised airspace will make it easier for aircraft to fly more direct routes, with better climb and descent profiles to and from energy-efficient cruising altitudes to help reduce CO2 emissions. It will also ensure that future technologies such as remotely piloted aircraft systems can operate beyond visual line of sight in the UK in a safe and efficient manner.

    The current model for airspace change requires airports and air traffic control providers to develop their own airspace designs individually. Coordinating these changes creates significant challenges, particularly for the airports in and around the complex London area where airspace designs overlap.

    The consultation proposes creating a new single guiding mind on future airspace design, to deliver much-needed modernisation at scale and at pace. This will help to instil confidence among stakeholders in the delivery of airspace changes that will facilitate overall reductions in carbon emissions, noise and delays.

    The consultation seeks views on the overall concept of a UKADS, including its responsibilities, governance and funding. Views from stakeholders will be critical to the next phase of work and we welcome responses from all interested parties.

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Flagship Government export initiative to be sponsored by Santander UK

    Source: United Kingdom – Executive Government & Departments

    Santander UK has committed to a three-year sponsorship of a programme of Department for Business and Trade (DBT) events.

    Santander UK has committed to a three-year sponsorship of a programme of Department for Business and Trade (DBT) events, which will help UK businesses of all sizes realise the opportunities presented by global trade.

    The sponsorship will cover DBT’s flagship annual export initiative, International Trade Week, taking place from 11th to 15th November 2024, as well as the UK Export Academy and a number of international trade shows.

    Now in its fourth year, International Trade Week is a collaboration between DBT and industry featuring a variety of free activities such as masterclasses, workshops and webinars. It’s aimed at all UK businesses, whether they are looking to secure their first export contract or expand their existing international sales.
    Themes running through the week this year include digital trade, selling to Europe and exporting for the first time, although events will cover a wide range of topics. Attendees will be able to develop their exporting knowledge and skills, hear from international-trade experts and learn about the support on offer from DBT and its partners, including Santander UK.

    DBT and Santander UK share a common goal; to help UK SMEs grow through exports. This partnership demonstrates that both organisations are working hand in hand to that end.

    John Carroll, Head of International and Transactional Banking, Santander UK, said:

    “It’s an exciting time to be a UK business looking to expand globally, but it’s not without its challenges. Our Trade Barometer research shows that businesses are calling out for more support from government and the private sector, and we’re pleased to be working with DBT to play our part in helping businesses turn their international dreams into a reality.

    “Through our local connections, international teams and digital international trade platform, Santander Navigator, we’ve already helped over 1,500 companies grow internationally since 2019.  We are thrilled to be supporting International Trade Week as part of the launch of a multi-year partnership, enabling us to make a difference to the UK’s economic growth by supporting even more UK businesses in taking their next step on their export journeys.”

    Gareth Thomas, Minister for Exports, said:

    “When businesses export, they hire more staff and increase wages which all helps to grow the economy. That’s why we’re working with businesses of all sizes to cut trade barriers and open new routes to market.

    “Santander’s three-year backing of our International Trade Week is a strong endorsement of the UK’s trade and investment strategy, as we work together to get more small businesses growing and exporting around the world.”

    Businesses can register for International Trade Week at: great.gov.uk/campaign-site/itw.

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom –