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Category: Economy

  • MIL-OSI Africa: Cameroon after Paul Biya: poverty, uncertainty and a precarious succession battle

    Source: The Conversation – Africa – By David E Kiwuwa, Associate Professor of International Studies, University of Nottingham

    Cameroon’s President Paul Biya is 91 years old. He is Africa’s oldest head of state and only one has served longer: President Teodoro Obiang Nguema of neighbouring Equatorial Guinea, who is 82 years old.

    Biya has been Cameroon’s president since 1982. Prior to that, he was prime minister from 1975.

    In recent weeks there has been growing speculation about the nonagenarian’s health. Some rumours even suggested that he had died. This led the Cameroonian government to issue a statement banning all reports about his health.

    These cycles of rumour have recurred whenever Biya has “gone missing” for extended periods of time. Before he arrived at Yaoundé’s international airport on 21 October, Biya was last seen in public on 8 September, when he attended a China-Africa forum in Beijing.

    Cameroon has known only two presidents since independence. For 60% of the country’s youth population, Biya is the only president they have known.

    Read more: Paul Biya has been Cameroon’s president for 40 years – and he might win office yet again

    The country finds itself in a precarious situation, uncertain about what will happen after Biya, who has ruled with an iron fist.

    Long term incumbencies don’t usually end well. Examples across the continent illustrate the high potential for political instability. The most vivid cases include Libya, Tunisia, Sudan, Gabon, Chad and the Democratic Republic of Congo.

    For me as an associate professor of international studies and researcher of regime transformation in Africa, Cameroon holds specific interest because of its regime resilience over the decades, when many in the region haven’t fared as well.

    My view is that Cameroon will, sooner rather than later, hit an inflection point post-Biya. Cameroon lacks strong constitutional guard rails, so succession is bound to be a very messy affair.

    Second, due to years of nepotism and tribalism institutionalised by Biya, there will be heightened potential for regional and ethnic tensions or conflict – even a general breakdown of law and order.

    Lastly, the military establishment could well make a move in the name of safeguarding the republic in times of uncertainty.

    The legacy

    Cameroon is endowed with abundant resources, including oil, gas and timber. It is also strategically located at a crossroads between west and central Africa on the Atlantic coast, an entry point to landlocked inner regions.

    Yet, according to the World Food Programme, over 55% of Cameroonians live in poverty and 37.7% are severely impoverished.

    The country’s infrastructure is in poor shape. While the Douala port has been modernised and railway regional linkages such as the Douala-Yaoundé lines have been expanded, road and railway infrastructure are barely functional.

    According to Transparency International, corruption is endemic in Cameroon. The country ranks 140th out of 180. This is despite official efforts to do something about it.

    In 1982 Biya capitalised on the anti-corruption sentiment that had been directed at the Amadou Ahidjo regime. Biya promised an anti-corruption “new deal”. Despite initial progress, by the early 1990s Cameroon was topping the world’s corruption tables.

    Critics suggest that Biya has also used his anti-corruption drive to keep his potential competitors in check.

    Nepotism and tribalism continue as Biya has established a patron-client state system. For example, the Beti people, who are the president’s ethnic kin, are reported to take up a disproportionate slice of senior positions in government and the military. Yet they account for a small percentage of the population.

    This has bred a kleptocratic system matched only by widespread communal resentment.

    Read more: Cameroon: how language plunged a country into deadly conflict with no end in sight

    There are other deep fissures in Cameroonian society. Socially, the country became a federated entity at independence in 1960. Two language groups – French and English speaking – came together for a United Republic of Cameroon.

    For a while this unity held. But increasing disenchantment with Biya’s regime, especially the marginalisation of the Anglophone south-west, developed into a rebellion in 2016. Thousands of people have been killed and tens of thousands displaced. It has also resulted in an increased crackdown by the central authority.

    Today, Cameroon is a fractured society with the south-west calling for increased autonomy and language justice and even self-determination. The creation of the Commission of Bilingualism and Multiculturalism and designating special status to the rebellious regions has done little to quell the crisis.

    Regional role

    Regionally, Cameroon has been a key partner for the US and France through tackling Boko Haram in the region. The country has been directly affected by the attacks of this Islamist group, which originated in Nigeria and has extended its reign of terror across the region.

    The anti-terror campaign has seen a close US-France-Cameroon relationship with military and intelligence strategic cooperation.

    Equally Biya can be lauded for having peacefully settled the Bakassi peninsula crisis with Nigeria, a territorial border dispute, thereby averting regional instability.

    There are not yet obvious signs that, after Biya, the Franco-Cameroon relationship would come under strain similar to other scenarios in the region.

    France has built a steady political and economic relationship with Cameroon, investing heavily in the region, providing political cover to the regime and entering into a defence pact.

    This relationship has also benefited many a political and military elite. Barring any monumental development, it is bound to be sustained in the post-Biya era.

    Read more: Cameroon spends 90% of Chinese development loans on its French region: this could deepen the country’s divisions

    Fractured political landscape

    Biya’s longevity at the helm of Cameroon politics is testament to his ability to mobilise all state resources, power and constitutional levers for his lifetime presidency. He has outmanoeuvred all political competitors.

    This has enabled him to avoid the fate of neighbouring countries such as Central African Republic, Niger, Chad and Gabon, where governments have been overthrown by military coups.

    In 1992 Biya agreed to a multiparty dispensation. But since then, he has engineered removal of term limits and he is on his seventh term of office.

    But in the evening of his years, and in the absence of a designated successor or an elite pact, there is a real possibility that various factions of the Biya regime such as that of Frank Biya, Ngoh Ngoh, Laurent Esso or even the military will jostle and fight for power.

    Without a political culture of constitutional constraint, instability seems inevitable. And the south-west rebellion might escalate its military and political pressure for better leverage with whoever comes to power post-Biya.

    Whether the next political leadership will be able to set a transformative agenda for socio-political reconciliation and national renewal will be dictated by their ability to strike a grand compromise.

    – Cameroon after Paul Biya: poverty, uncertainty and a precarious succession battle
    – https://theconversation.com/cameroon-after-paul-biya-poverty-uncertainty-and-a-precarious-succession-battle-241312

    MIL OSI Africa –

  • MIL-OSI Global: Cameroon after Paul Biya: poverty, uncertainty and a precarious succession battle

    Source: The Conversation – Africa – By David E Kiwuwa, Associate Professor of International Studies, University of Nottingham

    Cameroon’s President Paul Biya is 91 years old. He is Africa’s oldest head of state and only one has served longer: President Teodoro Obiang Nguema of neighbouring Equatorial Guinea, who is 82 years old.

    Biya has been Cameroon’s president since 1982. Prior to that, he was prime minister from 1975.

    In recent weeks there has been growing speculation about the nonagenarian’s health. Some rumours even suggested that he had died. This led the Cameroonian government to issue a statement banning all reports about his health.

    These cycles of rumour have recurred whenever Biya has “gone missing” for extended periods of time. Before he arrived at Yaoundé’s international airport on 21 October, Biya was last seen in public on 8 September, when he attended a China-Africa forum in Beijing.

    Cameroon has known only two presidents since independence. For 60% of the country’s youth population, Biya is the only president they have known.



    Read more:
    Paul Biya has been Cameroon’s president for 40 years – and he might win office yet again

    The country finds itself in a precarious situation, uncertain about what will happen after Biya, who has ruled with an iron fist.

    Long term incumbencies don’t usually end well. Examples across the continent illustrate the high potential for political instability. The most vivid cases include Libya, Tunisia, Sudan, Gabon, Chad and the Democratic Republic of Congo.

    For me as an associate professor of international studies and researcher of regime transformation in Africa, Cameroon holds specific interest because of its regime resilience over the decades, when many in the region haven’t fared as well.

    My view is that Cameroon will, sooner rather than later, hit an inflection point post-Biya. Cameroon lacks strong constitutional guard rails, so succession is bound to be a very messy affair.

    Second, due to years of nepotism and tribalism institutionalised by Biya, there will be heightened potential for regional and ethnic tensions or conflict – even a general breakdown of law and order.

    Lastly, the military establishment could well make a move in the name of safeguarding the republic in times of uncertainty.

    The legacy

    Cameroon is endowed with abundant resources, including oil, gas and timber. It is also strategically located at a crossroads between west and central Africa on the Atlantic coast, an entry point to landlocked inner regions.

    Yet, according to the World Food Programme, over 55% of Cameroonians live in poverty and 37.7% are severely impoverished.

    The country’s infrastructure is in poor shape. While the Douala port has been modernised and railway regional linkages such as the Douala-Yaoundé lines have been expanded, road and railway infrastructure are barely functional.

    According to Transparency International, corruption is endemic in Cameroon. The country ranks 140th out of 180. This is despite official efforts to do something about it.

    In 1982 Biya capitalised on the anti-corruption sentiment that had been directed at the Amadou Ahidjo regime. Biya promised an anti-corruption “new deal”. Despite initial progress, by the early 1990s Cameroon was topping the world’s corruption tables.

    Critics suggest that Biya has also used his anti-corruption drive to keep his potential competitors in check.

    Nepotism and tribalism continue as Biya has established a patron-client state system. For example, the Beti people, who are the president’s ethnic kin, are reported to take up a disproportionate slice of senior positions in government and the military. Yet they account for a small percentage of the population.

    This has bred a kleptocratic system matched only by widespread communal resentment.



    Read more:
    Cameroon: how language plunged a country into deadly conflict with no end in sight

    There are other deep fissures in Cameroonian society. Socially, the country became a federated entity at independence in 1960. Two language groups – French and English speaking – came together for a United Republic of Cameroon.

    For a while this unity held. But increasing disenchantment with Biya’s regime, especially the marginalisation of the Anglophone south-west, developed into a rebellion in 2016. Thousands of people have been killed and tens of thousands displaced. It has also resulted in an increased crackdown by the central authority.

    Today, Cameroon is a fractured society with the south-west calling for increased autonomy and language justice and even self-determination. The creation of the Commission of Bilingualism and Multiculturalism and designating special status to the rebellious regions has done little to quell the crisis.

    Regional role

    Regionally, Cameroon has been a key partner for the US and France through tackling Boko Haram in the region. The country has been directly affected by the attacks of this Islamist group, which originated in Nigeria and has extended its reign of terror across the region.

    The anti-terror campaign has seen a close US-France-Cameroon relationship with military and intelligence strategic cooperation.

    Equally Biya can be lauded for having peacefully settled the Bakassi peninsula crisis with Nigeria, a territorial border dispute, thereby averting regional instability.

    There are not yet obvious signs that, after Biya, the Franco-Cameroon relationship would come under strain similar to other scenarios in the region.

    France has built a steady political and economic relationship with Cameroon, investing heavily in the region, providing political cover to the regime and entering into a defence pact.

    This relationship has also benefited many a political and military elite. Barring any monumental development, it is bound to be sustained in the post-Biya era.



    Read more:
    Cameroon spends 90% of Chinese development loans on its French region: this could deepen the country’s divisions

    Fractured political landscape

    Biya’s longevity at the helm of Cameroon politics is testament to his ability to mobilise all state resources, power and constitutional levers for his lifetime presidency. He has outmanoeuvred all political competitors.

    This has enabled him to avoid the fate of neighbouring countries such as Central African Republic, Niger, Chad and Gabon, where governments have been overthrown by military coups.

    In 1992 Biya agreed to a multiparty dispensation. But since then, he has engineered removal of term limits and he is on his seventh term of office.

    But in the evening of his years, and in the absence of a designated successor or an elite pact, there is a real possibility that various factions of the Biya regime such as that of Frank Biya, Ngoh Ngoh, Laurent Esso or even the military will jostle and fight for power.

    Without a political culture of constitutional constraint, instability seems inevitable. And the south-west rebellion might escalate its military and political pressure for better leverage with whoever comes to power post-Biya.

    Whether the next political leadership will be able to set a transformative agenda for socio-political reconciliation and national renewal will be dictated by their ability to strike a grand compromise.

    David E Kiwuwa 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. Cameroon after Paul Biya: poverty, uncertainty and a precarious succession battle – https://theconversation.com/cameroon-after-paul-biya-poverty-uncertainty-and-a-precarious-succession-battle-241312

    MIL OSI – Global Reports –

  • MIL-OSI NGOs: Beyond survival: Helping children and adults cope with the traumas of war in Lebanon

    Source: Médecins Sans Frontières –

    “My daughter is only 14, but with all the difficulties we’ve faced, she’s reacting like an adult to the bombings,” says Ezdihar, a displaced mother in Lebanon. “She’s had to grow up quickly.”

    On the night of 28 September, Ezdihar and her family were having dinner at home in the southern suburbs of Beirut when they received an alert about an imminent strike by Israeli forces. While her husband went to care for his mother, Ezdihar took her children and, with neighbours, sought refuge in central Beirut.

    After spending a night on the streets, they moved into the Azarieh shelter, a repurposed commercial building now housing around 3,500 displaced people. Today, they are among 1.2 million people displaced by the war between Hezbollah and Israel, according to Lebanese authorities.

    Médecins Sans Frontières (MSF) is attending to the medical and mental health needs of people living in collective shelters like Azarieh, including children like Ezdihar’s daughter. She is one of a generation navigating a landscape of fear and uncertainty, in which children are hit the hardest. 

    The mental health impacts of war and displacement

    In less than a month since the escalation of war, more than 2,300 people have been killed in Lebanon, with the majority of deaths occurring in the last 3 weeks. More than 11,100 have been injured, according to health authorities.

    The violence and destruction people are witnessing can have lasting impacts on psychological and emotional well-being, especially for children. Like Ezdihar’s daughter, countless children across Lebanon have had to grow up quickly under the harsh realities of war, including being uprooted from their homes, having their schooling disrupted, being separated from their friends, and losing access to basic necessities like food and shelter.

    Ezdihar, a displaced mother in Lebanon “My daughter is only 14, but with all the difficulties we’ve faced, she’s reacting like an adult to the bombings.”

    “Many parents are observing behavioural issues in their children—anger, aggression, and other troubling behaviors—which heightens concern for their well-being,” said Amani Al Mashaqba, MSF’s mental health activity manager in the Bekaa governorate.

    Children are not the only ones in need of mental health support, however. Many of MSF’s patients report feeling overwhelmed and traumatised by the constant threat of violence, expressing deep concerns about their future in an unstable environment.

    Grief over lost family members and the pain of separation due to displacement further compound their distress. Others worry about managing chronic health conditions or the possibility of missing a year of school. These experiences have had a significant impact on people’s mental health.

    “People are expressing a strong need for mental health services, particularly for trauma,” Al Mashaqba added. “It’s affecting their daily lives, from sleep disturbances to appetite loss.”

    MSF teams are responding by providing general and mental healthcare to displaced people, including psychological first aid and psychoeducation through our mobile medical units across the country. However, getting people to acknowledge their struggles and express vulnerability isn’t always easy.

    Many feel they should remain resilient in the face of hardship, as our mental health teams have observed. Convincing them that it is okay to experience emotions has been a challenge at times, particularly for young boys who are commonly taught to suppress their feelings.

    An MSF staff member organises activities for children in Azareh shelter. Beirut, Lebanon, 11 October 2024.
    Antoni Lallican/Hans Lucas

    To further extend this support, MSF has also launched a helpline through which people can receive remote assistance from clinical psychologists who help manage trauma-related symptoms such as anxiety and grief.

    A helpline for healing

    The MSF helpline allows us to reach people who are unable to access our services in person, particularly in the south of Lebanon, where heavy bombardments and mobility restrictions make travel difficult. This accessibility is crucial during such a volatile period, as many individuals are on the move and face barriers to accessing care including the high cost of transportation and cultural stigma surrounding mental health.

    Many of the helpline callers are parents facing difficulty trying to help their children cope during the war, often while noticing changes in their children’s behavior.

    Parents are struggling to explain the frightening sounds of bombs and gunfire to their kids, at times resorting to misleading explanations in an effort to reassure them. Gunfire, for example, may be described as “happy shooting,” such as shots fired in celebration during weddings. Our helpline psychologists equip parents with strategies to communicate honestly and create safe spaces for their children to express their feelings.

    “While we must be realistic about the situation, we also need to normalise their feelings,” explained Al Mashaqba. “It’s important for parents to listen to their children and understand how the sounds affect them. They can encourage kids to share their feelings through drawing or talking.”

    Facing increasing demand, the helpline has seen a dramatic rise in calls, from five calls a day in the beginning to as many as 80 in a single afternoon. Overall, the helpline has received nearly 300 mental health calls, the majority coming in the last two weeks alone.

    In addition, our mobile teams have facilitated psychological first aid group sessions for nearly 5,000 individuals as of 21 October, and more than 450 people have benefitted from individual mental health sessions.

    Our teams also provide psychological first aid, which includes active listening and techniques for stress relief, allowing patients to express their feelings and concerns. Along with critical medical and mental healthcare, our teams are also distributing essential items such as mattresses and hygiene kits to displaced people.

    A country in crisis

    This current war comes on the heels of a prolonged economic crisis that left over 80 per cent of the Lebanese population living below the poverty line and in urgent need of assistance. The healthcare sector has faced severe challenges, with public services deteriorating and private healthcare becoming increasingly unaffordable.

    “One of my psychologists shared that when a woman learned our services are free, she began to cry,” Al Mashaqba noted. “People are often unaccustomed to having access to these kinds of resources without the financial burden.”

    Moreover, Lebanon is home to a significant number of refugees, including 1.5 million Syrians and over 200,000 Palestinians, many of whom have faced repeated displacements. For these individuals, the fear of deportation and the struggle to find safety can be overwhelming.
     
    “Some have told me they would rather die than experience the trauma of being a refugee again,” Al Mashaqba said.

    MSF is conducting ongoing needs assessments for internally displaced people, and as the situation evolves, our teams are working closely with partners and hospital networks to provide comprehensive support wherever possible.

    MIL OSI NGO –

  • MIL-OSI: Arab Petroleum Pipelines Company “SUMED” Signs Agreement with Soukhna Refinery and Petrochemical Company “SRPC”

    Source: GlobeNewswire (MIL-OSI)

    CAIRO, Oct. 22, 2024 (GLOBE NEWSWIRE) — Mr. George Matharu, President of Elite Capital & Co. Limited “ECC” (Financial Lead Arranger of Soukhna Refinery), and His Excellency Eng. Sameh Fahmy, Chairman of Egyptian Petroleum Investments Corporation “EPI Corp.” (Founding Director and Lead Consultant of Soukhna Refinery), announced today that the Arab Petroleum Pipelines Company “SUMED” has signed a Term Sheet for handling, storing, and transferring crude oil feedstock and petroleum products with the Soukhna Refinery and Petrochemical Company “SRPC”.

    “SUMED signing the Term Sheet with Soukhna Refinery – SRPC will reduce the refinery construction cost by USD 700 Million, making the project’s capital USD 4.7 Billion, which will positively reflect on the appetite of targeted investors to enter as partners into the project, while reducing any future financing burdens and contributing to the expected financing process,” Mr. George Matharu said.

    The SUMED Pipeline (also known as the Suez-Mediterranean Pipeline) is an oil pipeline in Egypt, running from the Ain Sokhna terminal in the Gulf of Suez, the northernmost terminus of the Red Sea, to offshore Sidi Kerir port, Alexandria in the Mediterranean Sea. It provides an alternative to the Suez Canal for transporting oil from the Arabian Gulf region to the Mediterranean.

    The pipeline is owned by the Arab Petroleum Pipelines Company “SUMED”, a joint venture of Egyptian General Petroleum Corporation “EGPC” (50%, Egypt), Saudi Aramco (15%, Saudi Arabia), Mubadala Investment Company “Formerly IPIC” (15%, the United Arab Emirates), Kuwait Investment Authority “KIA” (15%, Kuwait), and QatarEnergy (5%, Qatar).

    His Excellency Eng. Sameh Fahmy, Chairman of EPI Corp (former Minister of Petroleum), added, “Soukhna Refinery and Petrochemical Company – SRPC is a promising project and will be one of the most important petroleum and petrochemical projects globally, especially since it is located in the heart of the world to serve four important markets – Europe, Asia, the Middle East, and Africa. Therefore, the project’s success is inevitable, as all companies involved in this project are currently cooperating with Elite Capital & Co. Limited to provide the necessary financing to build it.”

    SRPC’s Project is a petroleum complex consisting of an oil refinery, petrochemical technology, mini hospital, and petroleum studies institute. This project is located at the heart of the Suez Canal Economic Zone, specifically in Ain Sokhna, and it is surrounded by the continents of Asia from the east, Europe from the north, and Africa from the west.

    The refining capacity of the oil refinery is 208 thousand barrels per day, which will be relied upon in selling oil derivatives and fed by petrochemical technology, and therefore the project will be one of the world scale state of the art strategic refinery project in the world in selling oil derivatives and petrochemical products.

    “Implementation of the project will support the economy of Egypt, which witnessed remarkable development in all sectors during the era of His Excellency President Abdel Fattah El-Sisi, and which are expected to flourish in the coming period,” Eng. Sameh Fahmy said.

    Elite Capital & Co. Limited is a Financial Management company that provides project-related services including Management, Consultancy, and Funding, particularly for large infrastructure and mega commercial projects.

    Elite Capital & Co. Limited offers a wealth of experience in Banking and Financial transactions and has a range of specialized advisory services for private clients, medium and large corporations as well as governments. It is also the exclusive manager of the Government Future Financing 2030 Program®.

    Mr. George Matharu concluded his statement by saying: “We are currently working on preliminary negotiations with international sovereign entities to enter the project as major partners representing the main source of crude oil supply to the refinery. After that, we will move to the potential financing process according to the data that will be available at the time.”

    Elite Capital & Co. – Contact Details –

    Elite Capital & Co. Limited
    33 St. James Square
    London, SW1Y4JS
    United Kingdom

    Telephone: +44 (0) 203 709 5060
    SWIFT Code: ELCTGB21
    LEI Code: 254900NNN237BBHG7S26

    Website: ec.uk.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ccd23ff-3956-40af-9c99-7fa85dfd3325

    The MIL Network –

  • MIL-OSI Europe: The EBA clarifies the procedure for the classification of asset referenced tokens and e-money tokens as significant and the transfer of supervisory powers between the EBA and competent authorities

    Source: European Banking Authority

    The European Banking Authority (EBA) published today a Decision setting out the procedural aspects related to the significance assessment of asset-referenced tokens (ARTs) and e-money tokens (EMTs) and the transfer of supervisory responsibilities, including the establishment of supervisory colleges for significant ARTs (s-ARTs) and significant EMTs (s-EMTs).

    The Markets in Crypto Assets Regulation (MiCAR) sets out a new supervisory regime for ART and EMT issuers, which includes significance assessments and reassessments of ARTs and EMTs by the EBA, transfer of supervisory responsibilities from national competent authorities to the EBA and the establishment of supervisory colleges for s-ARTs and s-EMTs. 

    In its Decision, the EBA details the following procedural aspects:

    • it introduces a harmonised reporting calendar for national competent authorities and clarifies the respective reference periods and remittance dates.   
    • it clarifies the reporting obligations for issuers of s-ARTs and s-EMTs and the reporting of data relevant for the establishment of the supervisory colleges. 
    • it sets out the procedural arrangements and timeline to be followed for the consultation procedures with related parties when the EBA is to notify its draft and final decisions on significance assessment to the home NCA of the issuer, the issuer, the ECB and the national central bank, where relevant.  
    • it establishes the procedural steps and information required in this respect to support a smooth transition of supervisory competences between the EBA and national competent authorities for issuers of s-ARTs and issuers of s-EMTs.
    • it provides for different templates to facilitate the implementation of the procedure, including a template for national competent authorities’ notification of voluntary classification requests from issuers of ART and EMT and a template for the issuer, the competent authority of the issuer’s home Member State, the ECB and relevant central bank to provide observations and comments in writing to the EBA’s draft decision to classify or to no longer classify an ART or EMT as significant.

    Legal basis and background

    The EBA Decision EBA/DC/558 was adopted on the basis of Articles 35 and 44 of Regulation (EU) No 1093/2010 (EBA Regulation), and Articles 43, 44, 56, 57, 117, 119 of Regulation (EU) 2023/1114 (MiCAR).

    The EBA is responsible for carrying out assessments of ARTs and EMTs in order to identify if they meet the criteria for significance as set out in MiCAR. When classifying an ART or EMT as ‘significant’, the EBA is responsible for carrying out relevant supervisory tasks under MiCAR, including establishing, managing and chairing supervisory colleges. 

    The EBA is responsible for conducting direct supervision of issuers of s-ARTs, while s-EMTs (where issued by electronic money institutions) are subject to ‘dual supervision’ by the EBA and the respective home NCA. The EBA will exercise its supervisory powers in close cooperation with any other competent authorities responsible for supervising the respective issuers (in cases where the issuer also carries out other financial services activities). As part of its supervisory activities, the EBA may request information from issuers, conduct investigations, carry out on-site inspections, take supervisory measures and impose fines. 

    The EBA is continuously and actively engaging with national competent authorities to ensure it can carry out effectively its supervision mandate under MiCAR.  

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Fraudulent websites and phishing instant messages related to Bank Julius Baer & Co. Ltd.

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

         The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank Julius Baer & Co. Ltd. relating to fraudulent websites and phishing instant messages, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

         The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

         Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites or instant messages concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: September sees 2.2% inflation

    Source: Hong Kong Information Services

    Overall consumer prices rose 2.2% year-on-year in September, a smaller rate of increase than the 2.5% seen in August, the Census & Statistics Department announced today.

    Netting out the effects of the Government’s one-off relief measures, underlying inflation was 0.9%, also smaller than that recorded in August. 

    Compared with September last year, price increases were seen in the following categories: alcoholic drinks and tobacco; electricity, gas and water; housing; miscellaneous services; meals out and takeaway food; miscellaneous goods; and transport.

    Meanwhile, year-on-year decreases were recorded for clothing and footwear; basic food; and durable goods.

    The Government said overall inflation should stay mild in the near term and the continued growth of the Hong Kong economy could pose some moderate upward pressures on domestic costs.

    Meanwhile, external price pressures should ease further, though uncertainties in the external environment remain, it added.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Rector of SPbPU Andrey Rudskoy became a participant of the XXII Mendeleev Congress

    Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The 22nd Mendeleev Congress on General and Applied Chemistry was held in the federal territory of Sirius. The rector of Peter the Great St. Petersburg Polytechnic University, Chairman of the St. Petersburg Branch of the Russian Academy of Sciences Andrey Rudskoy took part in the work of the congress.

    This year, the forum was dedicated to the 300th anniversary of the founding of the Russian Academy of Sciences and the 190th anniversary of the birth of Dmitry Ivanovich Mendeleyev. The event is also part of the main program of the Decade of Science and Technology in Russia.

    Four thousand delegates from 40 countries, including over 1,420 young scientists and students, discussed various aspects of chemical science and education over three days. The congress program included nine plenary sessions, 75 sectional sessions within nine sections, 12 symposia, two round tables and three poster sessions, thematically covering all the main areas of fundamental and applied chemistry, the chemical industry, and the history of chemistry. The congress featured an exhibition of devices, scientific, technical and innovative developments of enterprises and organizations from various regions of Russia, as well as an exhibition of scientific literature.

    Among the special features of this year is a separate program for schoolchildren, “Mendeleev Congress for Children,” organized in Sirius together with the International Festival SCIENCE 0, PhyschemQuest, a symposium on the popularization of chemistry, and much more.

    At the opening ceremony, Deputy Minister of Science and Higher Education of the Russian Federation Denis Sekirinsky read out a greeting from the head of the Russian Ministry of Education and Science Valery Falkov. On the first day of the congress, lectures were given by the President of the Russian Academy of Sciences Gennady Krasnikov, the President of the National Research Center “Kurchatov Institute” Mikhail Kovalchuk, the 2011 Nobel Prize laureate in Chemistry Dan Shechtman (Israel), a professor of physics at the National Autonomous University of Mexico Ana Maria Cetto Kramis, and a professor at the University of Southern California Valery Fokin.

    At the plenary session on the third day of the congress, the rector of SPbPU, chairman of the SPbB RAS Andrey Rudskoy gave a report on the current state and prospects for the development of thermomechanical processing of steel.

    One of the most relevant areas of development of metallurgy and mechanical engineering is the creation and implementation of new resource-saving technologies based on modern scientific achievements, ensuring an increase in the range of technological and operational characteristics of products while simultaneously reducing their material and energy intensity, – noted the rector of the Polytechnic University. – These include progressive technologies of plastic forming, which allow a sharp increase in the level of mechanical, technological and operational properties and, first of all, thermomechanical processing (TMO), which, due to the constant improvement of schemes and the creation of new ones, as well as more precise process control, allows achieving an increasingly higher range of mechanical and service properties.

    Andrey Rudskoy emphasized that TMT is the most important energy- and resource-saving technology that allows for the production of modern products with increased structural strength and improved service characteristics from steel and alloys for various industries. It is currently used in the manufacture of products in space, aviation technology, shipbuilding, transport, medicine and many other areas. The Rector of St. Petersburg State University gave examples of products that were created using thermomechanical processing. These are shafts and axles for special tracked vehicles, profile rings, steel for ships, icebreakers and platforms, etc. Developing the topic, the RAS academician also spoke about metal pressure processing methods and materials used in TMT technologies.

    The development of new TMO schemes in combination with rational alloying allows us to sharply reduce the costs of producing high-quality products for critical purposes and contribute to solving the problems of import substitution, concluded Andrey Rudskoy.

    In conclusion, the Chairman of the SPbB RAS recalled that St. Petersburg materials science played an outstanding role in the history of world and domestic science and technology. Currently, the largest universities, research organizations and industrial enterprises work in the Northern capital in the field of creating new materials and technologies. Among them are: SPbPU, SPbSU, St. Petersburg State Marine Technical University, National Research Center “Kurchatov Institute” – Central Research Institute of KM “Prometheus”, A.F. Ioffe Physical-Technical Institute and others.

    The work of the congress once again confirmed that chemistry occupies a key place in the successful transition to sustainable development of the economy of the Russian Federation, and allows us to solve a wide range of problems of scientific and technological progress – from studying the molecular foundations of life, methods of rational use of natural resources and ensuring the safety of the natural environment to the creation of new materials and energy sources and the engineering of energy-efficient, environmentally friendly chemical technologies.

    Reference

    Mendeleev Congresses are scientific forums with international participation in the field of fundamental and applied chemistry. They are held at intervals of 4–5 years and cover the main areas of development of chemical science, technology and industry. The first congress was held in 1907 in St. Petersburg and was dedicated to the memory of Dmitry Ivanovich Mendeleev.

    The XXI Mendeleev Congress was held in 2019 in St. Petersburg and became the main event of the International Year of the Periodic Table of Chemical Elements.

    Photo: http://vk.com/mendeleevcongress

    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 Global: How finance can be part of the solution to the world’s biodiversity crisis

    Source: The Conversation – UK – By Emma O’Donnell, Research Assistant, Environmental Change Institute and PhD Candidate, Nature-based Solutions Initiative, University of Oxford

    Nature loss should be treated with the same urgency as climate change. NOBUHIRO ASADA/Shutterstock

    More than half of the world’s total GDP is at least moderately dependent on nature. Yet arguably, there is no economy (or life) without nature. A quarter of animal and planet species are now threatened, and 14 out of 18 key ecosystem services – including fertile soils to grow food, flood and disease control and regulation of air and water pollution – are in decline.

    These ecosystem services are essential and have no easy substitutes. Despite this, almost US$7 trillion (£5.4 trillion) per year is spent by governments and the private sector on subsidies and economic activities that have a negative impact on nature – including intensive agriculture and fossil-fuel subsidies. This compares to only US$200 billion that is spent on nature-based solutions (just a third of what is estimated to be needed).

    Although the biodiversity crisis has often been overshadowed by climate change on the global stage, the tide is turning. In 2022, the Kunming-Montreal global biodiversity framework was adopted with its overarching goal to halt and reverse biodiversity loss by 2030.

    At the end of October 2024, the signatories of the framework will again come together at the UN’s Cop16 biodiversity conference in Cali, Colombia, to negotiate the implementation of their targets. To make progress towards these goals, Cop16 aims to align finance with the framework; effectively ensuring finance is part of the solution rather than the problem.

    To do this, the flow of finance will need to be redirected. A central lever in this is the pricing of risk. Financial institutions face significant risk, both from the degradation of ecosystem services (physical risks) and the social responses to degradation, including regulation and changing consumer demand (transition risks). Yet these risks are not fully priced into financial decisions.

    On top of this, corporations do not disclose their nature-related risks, dependencies and impacts, making it difficult for financial institutions to understand the implications of their investments. Together, this means that finance continues to flow unhindered into riskier activities.

    Central banks are now starting to highlight risks from nature to financial institutions and to explore the areas where these risks manifest in the financial system.

    The financial risks are real

    Earlier this year, we published the first study of the seriousness of nature-related financial risks.

    We found that, for the UK, nature-related shocks could cause a 6% decline in GDP by 2030 under scenarios such as soil health decline or water scarcity putting pressure on global supply chains. And there could be a drop in GDP of more than 12% in the scenario of an antimicrobial resistance or pandemic shock, driven by increased human-wildlife interaction due to habitat loss and deforestation.

    These results are equal to or even greater than the UK’s 6% decrease in GDP after the 2008 financial crisis and 9.7% during the 2020 COVID lockdowns.

    We also found that nature-related financial risks were of a similar scale to climate-related risks. Nature loss and climate change occur in parallel, amplify and compound each other. As such, it is essential that solutions look to solve both challenges simultaneously. After all, what is the point of having a cooler planet that is no longer livable?

    Of its 23 targets for 2030, the GBF includes two goals that specifically address finance. Target 18 aims to reduce incentives for financial flows that damage nature by at least US$500 billion per year and scale up incentives for nature-positive financial flows. And target 19 aims to mobilise US$200 billion per year for restoring and protecting nature, including at least US$30 billion from international finance flowing from developed to developing countries. A further target, target 15, calls for the disclosure of nature-related risks, dependencies and impacts by firms.

    COP16 gets under way in Cali, Colombia.

    So, what do we need from Cop16 to pull the financial risk lever?

    First, there must be international recognition that the long-term, widespread and often irreversible risks of the biodiversity crisis are not being priced by the financial system, despite progress on the integration of climate risks. This can cause a buildup of systemic risks and lead to financial instability; as such, there must be a global consensus that central banks play a key role in taking proactive measures to manage this.

    Second, at the individual, corporate and financial institution level, firms must manage and disclose their nature-related financial risks, alongside their climate risks.

    Third, similar to transition finance for net zero, financial institutions must begin to engage actively with clients to explore opportunities to support their transition towards more nature-positive activities and reflect this within their transition plans.

    Securing financial resilience and nature and climate goals are synonymous; and all are essential for securing economic growth and sustainable development globally.

    Emma O’Donnell receives funding from the UK Natural Science Research Council.

    Jimena Alvarez receives funding from UK Natural Environment Research Council.

    Nicola Ranger receives funding from the UK Natural Environment Research Council, Climate Arc and EU Horizon

    – ref. How finance can be part of the solution to the world’s biodiversity crisis – https://theconversation.com/how-finance-can-be-part-of-the-solution-to-the-worlds-biodiversity-crisis-241829

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Sam Woods: Competing for growth

    Source: Bank for International Settlements

    Regulation, competitiveness and growth

    A lot has been said about the UK financial regulators’ new secondary competitiveness and growth objective, so I hesitate to add to the chat. Our focus is on actions because they are said to speak louder than words. However, it is regularly reported to me that some stakeholders doubt that we are taking any meaningful action to deliver our new objective – and from this I have learned that sometimes in life it is necessary to tell people what actions you are taking, as well as taking them!

    I will also attempt a little myth-busting, because I have observed that the debate on regulation can be dominated by extremes. On the one hand, it is surprisingly often asserted that the regulators are trying to remove all risk from the system and don’t care about their impact on the wider economy. It is easy to demonstrate that this is nonsense. On the other hand, it’s simply not true that any change to our regulations will unleash financial mayhem, and there is plenty in our regime that can be improved without undermining stability.

    So if you take only two things from this speech, I hope they are these:

    • first, that we are strongly committed to our new objective, and are taking concrete steps to improve our regime’s contribution to UK growth and competitiveness;
    • and second, that we are going about this in a careful, balanced way – reducing bureaucratic processes and some excess conservatism while preserving financial stability.

    MIL OSI Economics –

  • MIL-OSI Economics: Ahmet Ismaili: Opening speech – 22nd Meeting of the Central, Eastern and South-Eastern European – European Insurance Supervision Initiative 

    Source: Bank for International Settlements

    Dear Mr. Peter Braumüller, Managing Director of Insurance and Pension Supervision at the Austrian Financial Market Authority,

    Dear Deputy Governor Cakaj,

    Distinguished representatives of Insurance Regulatory Authorities,

    Ladies and gentlemen,

    It is with great pleasure that I welcome you to Prishtina at the 22nd Meeting of the CESEE – European Insurance Supervision Initiative – ISI (Central, Eastern and South-Eastern European).

    Before I continue with my opening remarks, I would like to extend a special thank you to Mr. Peter Braumüller and to all the team involved to the organisation of this event.

    Mr. Braumüller, your leadership continue to be crucial in keeping this initiative a success. Your commitment to fostering collaboration and knowledge-sharing among our diverse community is truly admirable, and we are grateful for your efforts!

    This event marks a significant milestone, not only for Kosovo, but also for the Central Eastern and South-Eastern European region, as we unite under the common goal of enhancing insurance supervision and cross-border cooperation. Since its inception in 2011, the meeting has proven to be an invaluable platform for insurance regulators where they are able to exchange insights, share experiences, and discuss pressing issues on insurance supervision.

    Today, as we meet in Kosovo for the first time, we continue to honour this wonderful tradition of cooperation, knowledge-sharing, but also collegiality. It is a privilege to host such a diverse group of dedicated professionals committed to enhancing supervision and strengthening our regulatory frameworks and ensuring the integrity of our insurance markets.

    This year is particularly special for us; as the Central Bank of the Republic of Kosovo proudly celebrates its 25th anniversary. Hosting the forum aligns perfectly with our anniversary events and we believe that this occasion resonates with the spirit of our meeting – a celebration of growth, resilience, and commitment to mutual as well as shared values.

    I would like to briefly highlight the significant progress we have made in our insurance sector, particularly through specific reforms which we have successfully implemented with the aim of restoring the financial position of our insurance sector. CBK as regulator and supervisor has successfully addressed serval challenges while implementing prudent measures to resolve those issues and make sure that the sector perform according to the rules and protect the policyholders or beneficiaries and victims.

    Taking into consideration all the important measures we have undertaken, including the strengthening of our regulatory framework, these efforts have paved the way for further growth and sustainability, and an increase of the consumer confidence.

    We are committed to advancing the regulatory and supervisory framework of the Insurance Industry in line with EU standards and best practices.

    We have received the Roadmap for Solvency II from the World Bank, which is an ambitious, challenging, and demanding project. This means we are gradually transitioning from purely compliance-based supervision to prudential risk-based supervision. This transition also involves the introduction of a risk-based supervision manual, with support from the IMF.

    We have received also the roadmap for the IFRS 17. The implementation of the Solvency II and the IFRS 17 in our regional countries can certainly be a significant challenge, for which we will have the support of the World Bank.

    We are working on enhancing the supervision of market conduct among our financial institutions by ensuring the CBK has adequate powers and resources to implement effective oversight. Recently, we established the Consumer Protection Department to improve support for financial consumers. Within this department, we have created a dedicated division focused on market conduct.

    In our sector and in the most jurisdictions in the region, Motor Third Party Liability (MTPL) continues to play a dominant role in the insurance market. While MTPL is essential to provide basic cover and protect consumers from liabilities arising from the use of vehicles, as regulators we recognise the importance of diversifying the insurance portfolio to enhance overall financial stability. We are therefore committed to increasing the share of voluntary non-life and life insurance products.

    Currently, Kosovo is the only European country not a member of the Green Card system, despite our ongoing efforts to gain membership. Therefore, our insurers cannot issue Green Cards and vehicles from most European countries entering Kosovo must purchase border MTPL at the frontier for their stay. Although Kosovo officially applied to join the Green Card system, this application was unsuccessful. While progress has been made in meeting many criteria for membership, Council of Bureaux membership remains the step to be achieved. Addressing this issue is important for improving cross-border insurance coverage, support free move of people and capital and aligning Kosovo with regional insurance standards. Here, dear participants and guest, the support of your institutions and followed countries is needed.

    Our team will provide you with more detailed insights on these developments later today, and I strongly encourage you to engage with them on this important topic.

    As a Central Bank we recognize the importance of strong collaboration with other financial regulators and supervisors. Working together allows us to ensure the stability and security of our financial systems. By coordinating efforts, sharing information, and aligning policies we can better manage risks and support sustainable growth in our economies.   

    And lastly, as we embark on this journey together, let us embrace the opportunities ahead of us. There is an intensive agenda ahead of us, filled with discussions on current challenges in insurance supervision and a vision for our joint future. I encourage each of you to actively engage, share your insights, and build connections that will extend beyond this meeting.

    By working together, we can strengthen our commitment to advance the insurance regulatory and supervisory framework towards a more integrated and resilient financial sector in our region.

    Once again, thank you for being here, and let us make this meeting a success!

    MIL OSI Economics –

  • MIL-OSI: Bybit Card Opens up Pre-registration in New Regions Offering Sign-up Bonus

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 22, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, expands the global footprint of Bybit Card in collaboration with S1LKPAY, an international payment solution provider. Pre-registration is now open with a $10 bonus in addition to the multiple benefits of the Bybit Card for the first 1,000 applicants. 

    The go-to option for crypto spending for crypto-native users across the world, the Bybit Card has been on an expansion streak. Now spanning across markets including Argentina, Brazil, and the Netherlands, it is trusted for its robust security, excellent customer support, user-friendly and rewarding experience, and ease of access to the Mastercard network. 

    The latest development is led by Bybit Limited, the entity regulated by the Astana Financial Services Authority (AFSA), and marks the first branded card issuance by Bybit Limited (AFSA) in collaboration with S1LKPAY, a certified principal member of Mastercard’s payment network and a provider of Banking-as-a-Service (BaaS) and Card-as-a-Service (CaaS), to support the issuance and integration of in-app payment functions for the Bybit Mastercard prepaid card.

    “The past year has seen tremendous growth of the Bybit Card and we are pleased to be able to serve more regions and users from the EEA to South America, bridging their crypto wealth and their payment needs. Spending and growing your crypto has never been so easy with Bybit, and now it comes with a bonus until the official launch,” said Joan Han, Sales and Marketing Director at Bybit. 

    “We are thrilled to announce the launch of the first crypto prepaid card in the region and to partner with Bybit in offering this long-waited solution in its next chapter of card expansion. The partnership provides crypto holders with frictionless access to the Mastercard network anytime, anywhere,” said Gani Uzbekov, Founder and CEO of S1LKPAY.

    Offering a smooth experience for users with digital wealth in their portfolios, the Bybit Card is instrumental in making crypto spending and daily consumption more seamless. It also boasts clear and low fees, generous rewards with up to 10% cashback and 8% APY, and a wide array of tokens supported. The mainstreaming of crypto includes not only crypto as an investment asset class, but also retail use and merchant acceptance. Bybit is committed to refining its products to encourage the adoption of digital assets among everyday users.

    Bybit invites users to get a Bybit Card and enjoy its full benefits: Pre-register for the Bybit Card 

    #Bybit / #TheCryptoArk 

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

    For more details about Bybit, users can visit: Bybit Press 

    For media inquiries, users can contact: media@bybit.com

    For more information, users can visit: https://www.bybit.com

    For updates, users can follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    About Mastercard

    Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

    Mastercard press office in Kazakhstan

    mastercard@pressclub.kz

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    The MIL Network –

  • MIL-OSI Europe: At COP16, EIB to announce new partnerships to strengthen environmental protection

    Source: European Investment Bank

    • EIB and WWF set for financing initiative.
    • Bank deepens cooperation with European Environment Agency.
    • Findings to be released from EIB-backed survey of public development banks’ support for green transition in Latin America and Caribbean.

    The European Investment Bank (EIB) will announce a series of steps to bolster global environmental protection during the United Nations Biodiversity Conference in Cali, Colombia from 21 October to 1 November 2024.  

    At the event, which marks the 16th meeting of the Conference of the Parties to the Convention on Biological Diversity (COP16), the EIB will publish an agreement with WWF on developing natural ways to protect biodiversity and enhance climate resilience. In addition, the EIB and the European Environment Agency are strengthening cooperation to support environmental sustainability and climate action. Furthermore, in partnership with the Association of Public Development Banks of Latin America and the Caribbean (ALIDE), the EIB will release the findings of a survey on the role of public development banks in supporting the two regions’ green transition.

    “The role of finance will be front and centre of the COP16 discussions on how to meet the world’s goals in supporting biodiversity,” said EIB Vice-President Ambroise Fayolle. “We must act with urgency to reduce financial flows to activities that harm nature and scale up financing to projects that have a positive impact on the environment. Doing so is central to overcoming the triple planetary crisis of climate change, pollution and biodiversity loss. The EIB is working closely with countries, the European Commission, fellow multilateral development banks, national promotional banks and the private sector to scale up nature-positive finance.”

    EIB at COP16

    The EIB delegation will be led by Vice-President Ambroise Fayolle. For interview requests with members of the EIB delegation, please get in touch with the press contact below. Find out more about the EIB at the United Nations Biodiversity Conference here.

    On 28 October, Vice-President Fayolle will address the COP16 plenary to speak about unlocking opportunities to align and enhance responses to nature-related risks. On 30 October representatives from multilateral development banks will discuss progress on the joint MDB statement on supporting nature, people and the planet. A special focus will be MDBs’ role in defining and tracking nature finance as outlined in the MDB Common Principles for Tracking Nature Positive Finance that were announced at the United Nations Climate Conference COP28 in Dubai.

    Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It is active in more than 160 countries and makes long-term finance available for sound investment in order to contribute towards EU policy goals.

    EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance.  EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world. 

    The EIB has been providing economic support for projects in Latin America since 1993, facilitating long-term investment with favourable conditions and providing the technical support needed to ensure that these projects deliver positive social, economic and environmental results. Since the EIB began operating in Latin America, it has provided total financing of around €14 billion to support more than 160 projects in 15 countries in the region.

    MIL OSI Europe News –

  • MIL-OSI Europe: A facility for fairness

    Source: European Investment Bank

    In the Western Balkans, women face unfair treatment in the job market. Over half the productive potential of women aged between 15 and 64 remains untapped, according to a report by the Regional Cooperation Council.

    This is mostly due to social norms, lack of childcare facilities, and the traditional distribution of household roles. Women’s employment rates in the region are consistently below those of the European Union, with high informal employment. In Bosnia and Herzegovina, men are on average paid 37.8% more than women, and 15.8% more in North Macedonia.

    Difficulties women face on the labour market vary depending on the industry, but the construction sector  is particularly challenging due to long working hours and physically demanding conditions. With over 150 employees, the Belgrade company RAS Inžinjering is looking to address these issues with its inclusivity practices.

    “In our company,” says Executive Director Vuk Vujović, “we have been traditionally employing women in administration, bookkeeping, and financial departments, as well as for warehouse and human resources operations. They primarily held office-based positions.”

    “However, since some five to six years ago, we began hiring female construction engineers. And now, when bringing on new engineers, we strive to maintain a balanced ratio of men and women.”

    The construction sector is also unique for its highly flexible payment-due dates, often extending up to four months. Additionally, the prices of construction materials can fluctuate significantly in the market, impacting the cost of projects that may take two to three years to complete. Without access to bank credit lines or sufficient internal resources, a company may struggle to complete a project.

    “Since we are already fostering inclusivity practices, our motivation for applying for this loan was to further develop these efforts, while reducing costs, effectively aligning value with purpose.”

    For each new employee, the company assigns an experienced mentor to guide them through processes and oversee their career development. It also promotes open-door communication between staff and management at all levels, ensuring efficient problem-solving.

    “Owing to our reputation, extensive portfolio of projects and employee relations practices, people are eager to work for our company and apply to our job postings,” Vujović says.

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB and Banca March sign guarantee agreement to provide up to €300 million in financing to Spanish companies with 250 to 3 000 employees

    Source: European Investment Bank

    • The agreement seeks to promote private sector investment and support the financing needs of a key segment of the Spanish economy in terms of growth, competitiveness and job creation.

    The European Investment Bank (EIB) and Banca March have signed a new agreement under which Banca March will provide up to €300 million of additional financing to Spanish companies with 250 to 3 000 employees. The EIB will offer an institutional guarantee covering 50% of the total amount.

    The goal of this agreement is to promote and accelerate private sector investment and offer working capital and liquidity solutions to Spanish mid-caps – many of which are family businesses, the strategic focus area of Banca March – making it easier for them to access finance with attractive terms in a high-interest rate environment.

    At least 35% of investments are expected to be made in regions with a per capita income below the EU average, helping to improve competitiveness and cohesion between regions, which is among the EIB Group’s strategic priorities.

    “The EIB is once again joining forces with Banca March to take another step forward in developing attractive lending solutions tailored to the needs of Spanish mid-caps,” said EIB Director of Financial Institutions Gemma Feliciani. “This agreement is yet another example of cooperation between the public and private sectors to boost the competitiveness of a key business segment for economic growth and job creation in Spain.”

    The agreement is part of the EIB’s efforts to finance small and medium companies (SMEs) and mid-caps and Banca March’s commitment to provide its financing capacity, all of which is in line with EU priorities and the goal of both institutions to help improve industrial competitiveness in the European Union.

    Banca March CEO José Luis Acea added: “As a bank specialising in advising businesses, business-owning families and family businesses, this agreement reflects our ongoing commitment to make it easier for Spanish companies to access finance from top-tier European institutions, enabling them to play their role as key motors of economic and social development in their domains.”

    Background information

    EIB

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

    Banca March

    Banca March is one of Spain’s leading specialised private and corporate banking institutions. It is also the only bank to be fully family-owned since it was founded in 1926. In line with its prudent and long-term management philosophy, Banca March’s business model is supported by strong financial and capital ratios. It maintains the highest CET 1 solvency ratio in the Spanish banking sector (20.93%), one of the lowest default rates in the sector in Spain (1.81% as of June 2024, compared to 3.43% on average in the sector) and liquidity ratios – liquidity coverage ratio (287.8%) and direct taxation liability (182.4%) – and coverage of non-performing risks (51.89%) among the highest in the sector. The strength of Banca March’s value proposition has been supported by the Moody’s rating agency, which has raised Banca March’s long-term rating to A2 with a positive outlook, meaning it remains one of the best-rated entities in the Spanish financial system, ahead of the government itself (which currently has a Baa1 rating). Banca March is one of the main shareholders of Corporación Financiera Alba, with major stakes in Naturgy (indirect), Acerinox, Profand, Ebro Foods, BME, Viscofan, Atlantic and Parques Reunidos, among others.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Deep-sea mining and the Draghi report on the future of European competitiveness – E-002038/2024

    Source: European Parliament

    14.10.2024

    Question for written answer  E-002038/2024
    to the Commission
    Rule 144
    Carola Rackete (The Left)

    In June 2022, the Commission published the EU agenda on international ocean governance, announcing its intention to ‘prohibit deep-sea mining until scientific gaps are properly filled, no harmful effects arise from mining and the marine environment is effectively protected’. In total, 11 Member States support a similar stance in relation to deep-sea mining. Recent findings emphasise the irreversible damage deep-sea mining could cause to biodiversity, the disruption of marine ecosystems, and the threat to the ocean’s role in regulating the climate, so the Commission’s 2022 position is welcome.

    However, the recently published Draghi report entitled ‘The future of European competitiveness’ identifies deep-sea mining as a potential growth opportunity, despite increasing scientific evidence that it poses significant environmental and financial risks.

    What effect, if any, has the Draghi report had on the Commission’s position on deep-sea mining, as stated in the 2022 EU agenda on international ocean governance?

    Submitted: 14.10.2024

    Last updated: 22 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – New report on the alarming loss of wildlife – E-002040/2024

    Source: European Parliament

    14.10.2024

    Question for written answer  E-002040/2024
    to the Commission
    Rule 144
    César Luena (S&D)

    According to a recent WWF report[1], wildlife populations have declined by an average of 73% over the last fifty years due to human activities that destroy their habitats, this being exacerbated by climate change. The report warns that we are close to irreversible global tipping points, such as the collapse of the Amazon and the melting of polar caps, posing serious threats to humanity and biodiversity. It urgently calls for the transformation of food, financial and energy systems to avoid these catastrophes, stressing the importance of protecting nature and ecosystems.

    In light of the above:

    • 1.How does the Commission justify recent decisions weakening the protection of species such as wolves, in contradiction with the objectives of the Green Deal and international conservation commitments?
    • 2.What immediate action will the Commission take to align its species conservation policy with the objectives of the Paris Agreement and the commitments of the Global Biodiversity Framework?
    • 3.Given the crucial role of biodiversity in climate regulation, how does the Commission plan to integrate species conservation into its strategy to achieve the 2030 climate targets?

    Submitted: 14.10.2024

    • [1] https://drive.google.com/file/d/1njCUoCPsSV8DNhtq-DiXrhY2keCrNdeZ/view.
    Last updated: 22 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: JOINT MOTION FOR A RESOLUTION on the urgent need to revise the Medical Devices Regulation – RC-B10-0123/2024

    Source: European Parliament

    Peter Liese
    on behalf of the PPE Group
    Tiemo Wölken
    on behalf of the S&D Group
    Ondřej Knotek
    on behalf of the PfE Group
    Ruggero Razza
    on behalf of the ECR Group
    Andreas Glück
    on behalf of the Renew Group
    Ignazio Roberto Marino
    on behalf of the Verts/ALE Group

    European Parliament resolution on the urgent need to revise the Medical Devices Regulation

    (2024/2849(RSP))

    The European Parliament,

    – having regard to the Treaty on the Functioning of the European Union, and in particular Article 168 thereof,

    – having regard to Regulation (EU) 2017/745 of the European Parliament and of the Council of 5 April 2017 on medical devices, amending Directive 2001/83/EC, Regulation (EC) No 178/2002 and Regulation (EC) No 1223/2009 and repealing Council Directives 90/385/EEC and 93/42/EEC[1] (MDR),

    – having regard to Regulation (EU) 2017/746 of the European Parliament and of the Council of 5 April 2017 on in vitro diagnostic medical devices and repealing Directive 98/79/EC and Commission Decision 2010/227/EU[2] (IVDR),

    – having regard to Regulation (EU) 2023/607 of the European Parliament and of the Council of 15 March 2023 amending Regulations (EU) 2017/745 and (EU) 2017/746 as regards the transitional provisions for certain medical devices and in vitro diagnostic medical devices[3],

    – having regard to Regulation (EU) 2020/561[4], Regulation (EU) 2022/112[5], Regulation (EU) 2023/607[6] and Regulation (EU) 2024/1860[7] extending the implementation periods of Regulation (EU) 2017/745 and Regulation (EU) 2017/746,

    – having regard to the Commission’s proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) 2017/745 and (EU) 2017/746 as regards the transitional provisions for certain medical devices and in vitro diagnostic medical devices (COM(2023)0010),

    – having regard to the European Medicines Agency’s 2023 Annual Report and its review on market access and safety concerns for medical devices,

    – having regard to Rule 136(2) and (4) of its Rules of Procedure,

    A. whereas medical devices and in vitro diagnostic medical devices play a crucial role in high-quality healthcare, directly affecting the health, safety and well-being of millions of patients across the EU;

    B. whereas approximately 500 000 different medical devices are available on the EU market, covering a broad range of technologies, from contact lenses to pacemakers, and serving different purposes, including diagnosis, prevention, treatment, rehabilitation and improving the quality of life of patients and the work of healthcare professionals and carers;

    C. whereas disparities in access to medical devices persist across Member States, affecting patient care and leading to health inequalities; whereas such disparities underscore the need for improved availability and affordability of crucial devices;

    D. whereas the MDR and IVDR were adopted to strengthen the regulatory framework for medical devices and in vitro diagnostic medical devices, as a response to several high-profile scandals with unsafe medical equipment, with the purpose of ensuring higher standards of safety, transparency and clinical performance while also fostering innovation in the sector;

    E. whereas the MDR and IVDR introduced more robust requirements for clinical evaluations, post-market surveillance and vigilance reporting, promoting transparency in the approval and monitoring processes;

    F. whereas despite these aims, significant challenges have been encountered in implementing the MDR and the IVDR, not only leading to delays but also resulting in failures to achieve certification and approval of medical devices and in vitro diagnostic medical devices, particularly impacting small and medium-sized enterprises (SMEs), as well as resulting in shortages of medical devices and in vitro diagnostic medical devices, thus restricting patient access to innovative and life-saving therapeutic and diagnostic technologies;

    G. whereas many stakeholders, in particular small and medium-sized manufacturers, notified bodies and healthcare providers, have reported difficulties in navigating the complex regulatory procedures under the current MDR and IVDR framework, with potential risks posed to the continuous availability of life-saving medical devices and critical in vitro diagnostic tests in the EU;

    H. whereas the transitional periods for the implementation of the MDR and IVDR have been extended on numerous occasions to address issues including the capacity of notified bodies and to allow industry more time to adapt to new rules in order to prevent devices being withdrawn from the EU market;

    I. whereas due to a lack of harmonised procedures across notified bodies in the EU, among other things, manufacturers can in some instances face unpredictable timelines for certification and market access, which creates unpredictability, alongside inconsistency in decisions and a lack of transparency in relation to the work of the notified bodies;

    J. whereas there is a need for the regulatory frameworks to better accommodate innovative devices that address unmet medical needs and provide better prioritisation and fast-track pathways;

    K. whereas the Commission initiated non-legislative actions to support the transition to the MDR and IVDR, focusing in particular on the availability of medical devices on the market, the preparedness of notified bodies, the development of orphan and paediatric devices, SME support and the waiving of fees for scientific advice in critical areas where, despite these measures, financial and administrative challenges persist, particularly in the orphan and paediatric sectors;

    L. whereas the deadlines for implementing the MDR and IVDR have been extended multiple times to help the industry adapt to new regulations, to prevent market withdrawals and to ensure the continuous supply of devices; whereas these extensions were critical in maintaining public health protection during the COVID-19 pandemic;

    M. whereas since the adoption of the MDR and IVDR, the Commission has also introduced new provisions regarding the European Database on Medical Devices (EUDAMED) and a notification system for market interruptions or supply discontinuation;

    N. whereas it is important to ensure that patients and healthcare professionals have access to all relevant documents and decisions taken by the notified bodies;

    1. Calls on the Commission to propose, by the end of Q1 2025, delegated and implementing acts to the MDR and the IVDR to address the most pressing challenges and bottlenecks in the implementation of the legislative frameworks and to propose the systematic revision of all relevant articles of these regulations, accompanied by an impact assessment, to be conducted as soon as possible;

    2. Calls on the Commission to make full use of legislative and non-legislative tools to resolve issues of divergent interpretation and of practical application to streamline the regulatory process, improve transparency, and eliminate unnecessary administrative work for notified bodies and manufacturers, particularly SMEs, without compromising patient safety;

    3. Deplores the risk of shortages of medical devices and the lack of access to certain medical devices and in vitro diagnostics in parts of the EU; stresses that access to and quality of healthcare, including medical devices and in vitro diagnostics, should not depend on where in the EU a patient is located;

    4. Encourages the notified bodies to ensure that there are sufficient resources to meet the market demand in a timely manner; in this regard, calls on the Commission and the Member States to enhance support and cooperation to ensure that the notified bodies have the optimal capacities and capabilities to fully implement the regulatory framework;

    5. Advocates the creation of transparent and binding timelines, including clock stops for procedural steps in conformity assessment by notified bodies, thus creating predictability and certainty for manufacturers regarding the market access procedure and its duration within the EU;

    6. Calls for transparency in notified bodies’ fees and fee structures, to allow economic operators to compare notified bodies and make informed choices, ensuring that fees remain a fair compensation for the public service provided;

    7. Stresses the need to eliminate the unnecessary re-certification of products, and underlines that certain product updates or adjustments should not necessarily lead to an entire re-certification of the product; stresses the need to harmonise such provisions and ensure consistency across the EU; calls for cooperation between the competent authorities and advisory bodies responsible for other regulatory frameworks, and stresses the need for products to be classified correctly and consistently;

    8. Strongly calls on the Commission to consider fast-track and prioritisation pathways for the approval of innovative technologies in areas of unmet medical need and for devices linked to health emergencies;

    9. Highlights the need to establish a clear working definition of ‘orphan device’, as determined by the Medical Device Coordination Group in the MDR and IVDR, to facilitate the adoption of harmonised measures across the EU; additionally calls for a robust system to prevent misuse through artificial ‘orphanisation’;

    10.  Calls for the introduction of adapted rules for orphan and paediatric medical devices, without compromising patient safety, and emphasises the need for more efficient conformity assessment procedures tailored to medical devices and in vitro diagnostics serving relatively small markets, such as products for the treatment of children or rare diseases;

    11. Calls on the Commission to facilitate the collection of clinical data from existing national registries for small patient groups treated or diagnosed with orphan and paediatric devices, in compliance with the protection of personal data; recognises the challenges faced by various SMEs in adapting to the legal frameworks; invites the Member States and the Commission to develop specific measures to support SMEs, including the provision of model application documents and forms, regulatory guidance and other assistance to reduce the costs and complexity of the regulatory frameworks;

    12. Calls on the Commission to continuously monitor the availability of devices, particularly the last remaining devices of particular types, and to take appropriate action to keep them available in the EU market; in this regard, calls for an urgent full implementation of EUDAMED, which will enable information about medical devices and manufacturers to be processed to enhance transparency, provide better access to information for the public and healthcare professionals, and enhance coordination between Member States;

    13. Emphasises that any new rules or changes to existing rules must come with an appropriate transition period to allow all stakeholders sufficient time to adjust to the changes;

    14. Instructs its President to forward this resolution to the Council, the Commission and the governments and parliaments of the Member States.

     

    MIL OSI Europe News –

  • MIL-OSI Russia: Polytechnic University scientists take another step toward creating a cure for Alzheimer’s disease

    Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    Researchers from Peter the Great St. Petersburg Polytechnic University have published the results of a study of a potential pharmacological agent for the treatment of Alzheimer’s disease. Scientific Reports, the fifth most popular scientific journal in the world, has published an article by a team of scientists from the Polytechnic University and the Russian-Armenian University, dedicated to the study of Alzheimer’s disease.

    This disease is characterized by progressive memory loss and requires new approaches to create effective drug therapy. The transmission of nerve impulses from one cell to another occurs in synapses. Synapse loss is an important indicator of cognitive dysfunction in patients with Alzheimer’s disease. Restoring or limiting synapse loss is a promising strategy for pharmacotherapy of the disease.

    Derivatives of such a substance as piperazine are used for the drug treatment of various diseases, including a number of diseases of the central nervous system. Scientists have synthesized a new piperazine derivative cmp2, which has synaptoprotective properties. In vivo research has shown that cmp2 (10 mg/kg intraperitoneally) eliminates the deficit of synaptic plasticity in mice and it can be argued that cmp2 is a new promising compound for drug development. The mechanism of action of cmp2 is based on selective stimulation of the TRPC6 channel, and it is expected that activation of this channel will compensate for synaptic insufficiency in hippocampal neurons.

    This work was financially supported by the grant of the Russian Science Foundation No. 20-75-10026 and the Ministry of Education and Science of Russia within the framework of the state assignment on the topic “Scientific, methodological and resource support for the implementation of measures to improve the efficiency of the Russian-Armenian (Slavic) and Belarusian-Russian universities in training personnel for the digital economy, including using modern distance technologies” (Additional agreement dated 05/15/2024

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Text of the Vice-President’s address at Concluding Ceremony of International Festival on Indian Dance, New Delhi (Excepts)

    Source: Government of India (2)

    Posted On: 22 OCT 2024 2:07PM by PIB Delhi

    Coming here on this occasion, I get a feeling of sublimity. It is the essence of human life; it is a heavenly feeling. I am grateful to the Honourable Culture Minister, Gajendra Singh Shekhawat for having made available such an opportunity to me to know about what has been transacted during the last six days. One assurance I can hold out, Gajendra Singh Shekhawat is a game changer.

    He gets into his job with passion, mission and he is good at execution. I have seen the positive impact of his ministry when I was in Meghalaya last week. He has not been in the saddle for long but this gives as an indication of the shape of things to come and from every perspective. Bharat home to one-sixth to humanity, this aspect is more important than anything else.

    We have a global identity nurtured over centuries and the most inalienable facet, emotive facet, rich facet is our cultural identity.

    The presence of a very distinguished parliamentarian, an actor of reckoning, but her identity globally is only by her great commitment to dance. I am referring to Hon’ble Member of Parliament Hema Malini Ji.

    Her presence is electrifying because while she has been in various roles, in films and otherwise, her heart, soul and mind have always been in sync when it comes to dance. And dance, I can say, is her everlasting and first love.

    Dr. Padma Subramaniam, people look for civilian awards and to be honoured with the second-highest civilian award of this nation and that too in this great field, your presence means a lot to us.

    Dr. Sandhya Purecha, she is deep into it, you must have heard her. She is committed to it. This is the second time I am attending her function and I am sure things will always be on an incremental trajectory.

    My greetings and salutations to those celebrities, dignitaries who are of the dais. They represent our cultural wealth. They are premium ambassadors of this nation within and outside.

    Friends, nothing can be more delightful than to celebrate human expressions through art forms and the six days of deliberations. Mind-scratching, I am told by the Hon’ble Minister, have been extremely fruitful.

    All awardees, civilian or otherwise, converged at one place to analyze and address issues so that our culture is nurtured, it is blossomed, and it makes our identity globally more important. I have no doubt the deliberations will go a long way in shaping further course of action. And it is also an occasion to look to those who are committed to dance music, but are in suffering of some kind. We need to handhold them. We need to create a new interest in them.

    I know sometimes it is so vital to provide fiscal assistance because they are so deep into their art and culture, dance and music, they forget about it. I’m sure this will be looked into.

    I am sure the Honourable Minister would generate a mechanism that all stakeholders for dance and music or culture as a whole come on the same page. They work in tandem and togetherness to generate an ecosystem where our artists in these domains feel comfortable financially and otherwise. And we manage to see an explosion of real talent that lies in villages Tier 2 and Tier 3 cities.

    I am told that over 200 artists and scholars from 16 plus nations have performed various Indian dance forms and shared insights. The Utkarsh performance featuring 300 tribal performers was acclaimed by the President of India. I commend the organisers for this event. I must make by way of transgression, a brief reference, to an extremely talented chief minister, Mr. Sangma of Meghalaya. When I was there, at Raj Bhavan, all the tribes of Meghalaya performed, all of them. They performed one after the other. They performed in unison. They performed in harmony. And this reflected that house over maybe the divisiveness, the unity brought about by culture, by dance and music is impregnable. It is lasting. It is soothing. It is a seamless connection of the heart and soul of the people.

    Dance and Music are natural connecting modes. They bring about a friendship beyond language or other barriers.

    Bharat means a gold mine of fine arts. The world recognises it, we feel it. This festival testifies to dance’s universal appeal, featuring global artists with unique perspectives. It underscores that Indian art educates, uplifts and inspires offering a model of inclusivity in a divided world.

    The greatest challenge the planet faces today is lack of inclusivity. Lack of inclusivity in thought, in politics, in economic development. India has emerged as a global beacon of inclusive growth. A growth that is benefiting by good governance, Affirmative policies, the most vulnerable, the marginalized, the weakest, and that has given the nation a mood of hope and possibility, something that was lacking a few years back. In a world grappling with conflicts and transgressions, discord, there is ray of light. When the tunnel is of transgressions, conflagrations, we find light of dance and music that unites people across cultural barriers.

    Culture, dance, and music are universal languages of mankind. They are understood all over.

    as you mean without having to take recourse to the language or dialect that is specific to individuals.

    Performing arts have the power to unite, power to heal, power to inspire, power to motivate. Dance artists are cultural and peace ambassadors. They promote dialogue. They promote discussion. They lay great ground for soothing diplomatic maneuvers.

    Distinguish audience, our civilization has always valued various forms of expression. I am taking it in a wider connotation, our civilisation depth is always to lend your ears to the other point of view, never be dismissive about it. There will be occasions when you will find on introspection that the other point of view is the correct point of view.

    Dance is considered divine as described in Bharat Muni’s Natya Shastra and when you feel divinity, when you experience sublimity, when you rise about heart and mind, or in conversation with your soul, then you realise the existence of pure life. It gives a different meaning altogether, generating peace and harmony all around.

    When we look into our historical perspectives, ancient Indian centres like Patliputra, Puri, and Ujjain fostered dance forms. India shared its message of peace and unity through Vasudhaiva Kutumbakam, through scriptures and art forms globally.

    Let me reflect, our culture was a feast during our G20 presidency. 200 hundred locations in this great country when we had G20 presence. every state of the Union, every Union territory and therein you found something very great. The state government, the Union territory administration and the central government were on the same page as never before and that was a grandiose success.

    Indian dances have been performed worldwide for millennia, including Chinese and Greek courts. The Ramayana spread to Southeast Asia is visible at Angkor Wat in Cambodia. On my first maiden visit outside this country, as Vice President, I went to Cambodia to attend an ASEAN meeting. When I went to Angkor Wat, unbelievable! You look at what has been carved out in stone. As if everything was speaking. Amazing and believable! One has to see to believe. I saw it myself. This can turn out to be a great facet of cultural diplomacy and art does not define dominance. Art defines integration. Culture, music, art, they unite. They never dominate. 

    Bharat is a living civilization with geniuses like Tansen, Tagore, Purandar Drasa and Swami Haridas. But there was a time in our history, 400, 500 years back, where music was discarded by the then rulers. Our most precious treasure was antithetical to their values.

    We suffered that kind of repression. But our belief throughout has been that in every part of this great land, those who nurtured, blossomed furthered because of dance music were held in high esteem. And I’m so happy and delighted that in the last 10 years, the recognition extended to eminent, deserving personalities from this domain is very commendable and soothing.

    This will help come over challenges of day to day life. They will help us to nurture our indomitable spirit.

    Post-Independence, our founding fathers mandated the preservation of cultural heritage in the Constitution. It is reflected in the directive principles of state policy.

    India is rising. The rise is exponential. The economic upsurge is stunning. The world organizations are echoing in us. We are moving towards a destination which people of my generation never dreamt of. What we have today was not thought of even a decade ago. In that situation, it is our bounden duty. It is ordainment of our civilization that our art and heritage are made to shine as symbols of identity and influence. There must be our cutting edge when we deal with people to people contact. UNESCO recognizes eight Indian dance forms as intangible cultural heritage, including Kalbeliya, Garba and Chow. I don’t subscribe to this. We have many more. They are calibrating from their perspective. We must go much beyond that.

    Yoga’s global recognition, marked by International Yoga Day, reflects India’s role in promoting wellbeing. A thought occurred to the Prime Minister. The thought was put on the global platform. In the shortest time, the largest number of nations converged, and what we see now, yoga is doting every part of the globe that gets sunshine.

    Indian wisdom is coming to the rescue of billions.

    Our cultural revival integrates ancient wisdom with contemporary practices cementing India’s image as a cultural powerhouse.

    I congratulate the Ministry of Culture, ICCR and Sangeet Natya Academy for their efforts. However, And this is a time to be extremely proactive, time not to be complacent. We need to discover, nurture and find that it does not go into extinction. Lesser known dance forms, they need to create retention.

    Go to any part of the state and you will find every district having its own identity.

    Like one district, one product, you will find one district, one cultural event relating to culture, dance, music. I am amazed sometimes when I see the instruments, how hard they have worked to preserve those instruments, how skillfully they play, how they mesmerize you, how they release your stress and tension for a time. When you attend to them you find you are in a different world altogether. We have to focus on that. Let us give them a new lease of life.

    We have to also be in overdrive in a group to ensure that our youth get involved with Indian dance, music and the kind. This will also cut into the menacing habits our youth get into. Drugs to name one. A person who is involved in these finer arts either as a performer or as onlooker is surcharged with positivity, welfare of humanity, and I am sure this too will be attended.

    As I said, which is more important, your ministry does not stand alone. You have to get all the stakeholders be it the Ministry of Finance, Ministry of Railways, Ministry of Civil Aviation any ministry must have the role of Gajendra Singh Shekhawat because we need to spread our culture, disseminate the knowledge of it and wider the knowledge, wider the dissemination greater will be the impact.

    Additionally, I urged the honorable minister and I requested particular manuscript experts and dance scholars to work together in rediscovering lost dance manuscripts. I was happy to note what the honorable minister conveyed to me. The giants, the Padmavadis, the great exponents over the last six days have brainstormed to address the challenges and to find out. what can be done.

    I would particularly emphasise that we are in the grip of another industrial revolution and that revolution is technology.

    Technology, artificial intelligence, Internet of Things, machine learning, blockchain and the kind. They help refine our artistic talent. and the effort should be made in a structured scientific manner, employment for generating opportunities in the field of culture, art, dance, music.

    These endeavours, particularly promoting rural folk dance forms and rediscovering ancient heritage will serve a large interest of the nation. While institutional efforts are invaluable, collective action is crucial for cultural revival involving individual efforts, community engagement and international collaboration.

    I am sometimes amazed when people hold great functions, they think of a different mode of music, different mode of dance. Ignoring the wealth we have with us, once it catches up, they will know what gain they have got. Let us recognize this as the beginning of a commitment to nurture our artistic heritage.

    Let us pledge to ensure it blossoms to new heights, the heights that are due to it. Art and culture are vital to our existence, shaping our identity and relationships. Dance is both a window to our past and a pathway to our future. Together let’s celebrate the enduring relevance of Indian dance and arts, ensuring they continue to enrich our lives and the world.

    I will conclude by making one observation, India’s rise is phenomenal, Infrastructure development is unbelievable. From the time I faced a situation as a minister and a member of parliament in 1990, where foreign exchange reserve was one billion US dollars, now it has crossed 700 billion.

    I saw Jammu and Kashmir as a minister in 1990, we didn’t see even two dozen people on the road, two crore people went there last year as tourists. In this big change we must have proportionate development of our culture.

    Thank you so much.

    ****

    JK/RC/SM

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Ministry of Coal Unveils Report of the High-Powered Expert Committee on Gainful Utilization of Overburden (OB) in the Coal Sector

    Source: Government of India (2)

    Posted On: 22 OCT 2024 1:04PM by PIB Delhi

    In a significant move towards sustainability and efficient natural resource management, Union Minister of Coal & Mines, Shri G. Kishan Reddy today unveiled the Report of the High-Powered Expert Committee (HPEC) on Gainful Utilization of Overburden (OB) in the Coal Sector during the Half-Yearly Review of the Coal Sector at Sushma Swaraj Bhawan, New Delhi. The event was graced by the presence of Union Minister of State for Coal & Mines, Shri Satish Chandra Dubey, Secretary, Ministry of Coal, Shri Vikram Dev Dutt, senior officials from the Ministry of Coal and CMDs of Coal/Lignite PSUs.

    The HPEC comprised multi-disciplinary experts from five central ministries, NITI Aayog, and coal companies. The committee was tasked with identifying innovative ways to utilize overburden, which consists of soil, rock, and minerals, traditionally discarded as waste during coal mining operations.

    The report outlines a comprehensive framework for using OB as a valuable resource. Historically seen as waste, OB is now being positioned as an asset with the potential to contribute significantly to environmental sustainability, economic development and create employment opportunities for local communities. The HPEC report advocates for a ‘Whole Mining’ approach that aims to integrate overburden into the economic value chain, contributing to sustainable mining practices.

    Key highlights of the report include strategies for processing OB to produce Manufactured-Sand (M-Sand), which can be used in construction projects, reducing the dependency on river sand and preventing environmental degradation. The commercial sale of this M-sand is expected to generate significant revenue for coal companies, and support local economies.

    The HPEC report anticipated several key benefits for coal communities. Processing OB to produce M-Sand not only generates significant revenue for coal companies but also supports local economies by offering cheaper, high-quality sand for construction. Establishing OB-to-sand processing plants will create jobs, boosting livelihoods in coal mining areas. Effective OB utilization, reclaims land for productive uses like agriculture or infrastructure by reducing the need for OB dumps. By decreasing dependence on river sand for construction industries, OB processing also protects ecosystems from erosion and degradation. Additionally, OB contains valuable resources such as clay, limestone, and rare earth elements, which can support infrastructure development and other industries. Several successful pilot plants have demonstrated the viability of this initiative, contributing to environmental sustainability and fostering community engagement, trust, and well-being.

    In a significant step towards promoting a circular economy and turning waste into wealth, Coal/Lignite PSUs have commissioned four OB processing plants and five OB-to-M-sand pilot plants. Additionally, six more OB processing and OB-to-M-sand plants are currently in various stages of installation within the Coal/Lignite PSUs.

    Amlohri Plant, NCL, Singrauli, Madhya Pradesh

    The launch of this report marks a crucial step in the coal sector’s journey towards a circular economy, where waste is minimized, and resources are maximized. The Ministry of Coal, in collaboration with various stakeholders, is committed to implementing the recommendations of the HPEC report, with a focus on benefiting the environment, the economy, and the communities surrounding coal mining regions, in line with India’s broader goals of achieving environmental sustainability and resource efficiency.

    *******

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    MIL OSI Asia Pacific News –

  • MIL-OSI Canada: Strengthening Alberta’s economic partnerships abroad

    Source: Government of Canada regional news

    The minister will engage in trade missions to Argentina and the UAE from Oct. 21 to Nov. 9. During these missions, Minister Jones will meet with companies, potential investors and government officials in several high-value, in-demand sectors to discuss investment and trade opportunities for Alberta.

    Government-led trade missions enhance Alberta’s trade market access and help Alberta businesses diversify into new international markets.

    “Our government is committed to establishing strong relationships that connect Alberta businesses with key international partners. With Canada’s most investment-friendly environment, competitive tax system, highly educated workforce and robust research and development pipeline, Alberta is a competitive partner on the global stage. I am looking forward to showcasing Alberta’s world-class products, energy, agriculture and innovation to our partners in Argentina and the UAE. These missions will enhance collaboration, driving us toward a more prosperous future together.”

    Matt Jones, Minister of Jobs, Economy and Trade

    Minister Jones will participate in the Argentina Oil and Gas Patagonia Expo and speak at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). During a trade mission in 2023, Minister Jones made many connections at ADIPEC. This year’s participation will further strengthen those relationships while showcasing Alberta’s innovative energy solutions and helping Alberta-based companies establish new business partnerships.

    Minister Jones will be joined by three government employees. Mission expenses will be posted on the travel and expense disclosure page.

    Alberta’s government is committed to working with its national and international partners to advance shared interests that can lead to new opportunities for people and businesses in Alberta and around the world.

    Quick facts

    • In 2023, Alberta exported about $126 million worth of goods to Argentina.
      • Top exports included filtering/purifying machinery and apparatuses for gases ($71.2 million), air or other gas compressors ($5.1 million) and aircraft ($3.7 million). 
    • In 2023, Alberta exported almost $242 million to the UAE.
      • Top exports included food and agriculture ($130.6 million), machinery ($82.9 million) and metal, stone or glass ($13.1 million).
    • Trade missions to priority markets are one way Alberta’s government is helping small- and medium-sized businesses get their products to international markets, making Alberta’s economy more resilient.

    Itinerary for Minister Jones*

    Oct. 21-22
    • Travel to Neuquén, Argentina

    Oct. 23-25
    • Meetings and briefings in Neuquén

    Oct. 26
    • Travel to Buenos Aires, Argentina

    Oct. 27-29
    • Meetings and briefings in Buenos Aires

    Oct. 29-31
    • Travel to Abu Dhabi, UAE

    Nov. 1-6
    • Meetings and briefings in Abu Dhabi

    Nov. 5
    • Participate in ADIPEC ministerial panel

    Nov. 6
    • Travel to Dubai
    • Meetings and briefings in Dubai

    Nov. 7-8
    • Meetings and briefings in Dubai

    Nov. 9
    • Return to Alberta

    *Subject to change.

    Related information

    • Abu Dhabi International Petroleum Exhibition and Conference
    • Argentina Oil and Gas Patagonia Expo

    MIL OSI Canada News –

  • MIL-OSI NGOs: Israel/Lebanon: Branches of Hezbollah-affiliated financial institution not military targets

    Source: Amnesty International –

    The Israeli military’s targeting of branches of Qard al-Hassan, a non-profit financial association affiliated with Hezbollah, with over 30 branches across Lebanon, likely violates international humanitarian law and must be investigated as a war crime, Amnesty International said today.

    Under the laws of war, branches of financial institutions are civilian objects unless they are being used for military purposes. Therefore, these attacks likely constitute a direct attack on civilian objects.

    At 8:55pm on 20 October 2024, the Israeli military’s Arabic spokesperson announced on X (formerly Twitter) that its forces would begin “attacking infrastructure belonging to the Hezbollah’s Qard al-Hassan” instructing residents to get away from those branches immediately. The first strike was reported 35 minutes later at around 9:30 pm. Lebanese state media reported a total of 11 strikes on Qard al-Hassan buildings in the southern suburbs of Beirut, as well as several other branches in other parts of the country, including the south and the Bekaa.

    Qard al-Hassan, operating under a license granted by the Lebanese government, is currently Lebanon’s biggest microcredit provider.  It is used by many Lebanese civilians, predominantly Shiites, to access small, interest-free loans.  Many Lebanese people from various sects have increasingly relied on Qard al-Hassan for loans to pay for education, health care and small businesses, particularly since the collapse of Lebanon’s banking sector in 2019. It has been under US sanctions since 2007.

    Israeli forces have targeted an institution that serves as an economic lifeline for countless Lebanese civilians

    Erika Guevara Rosas, Senior Director for Research, Advocacy, Policy and Campaigns

    “Israeli forces have targeted an institution that serves as an economic lifeline for countless Lebanese civilians. This, along with an evacuation warning issued less than 40 minutes before the start of the strikes, shows Israel’s disregard for international humanitarian law. Even if as the Israeli military alleges, the institution does provide financing to Hezbollah, it is not likely to meet the definition of a military objective, particularly for branches serving civilian customers,” said Erika Guevara Rosas, Amnesty International’s Senior Director for Research, Advocacy, Policy and Campaigns.

    “Under international humanitarian law, attacks against civilians and civilian objects are prohibited. An international investigation into the attacks on Qard al-Hassan must be urgently initiated. In the meantime, the Israeli military must take all necessary steps to safeguard civilian lives and strictly adhere to international humanitarian law. Israeli forces must maintain a clear distinction between military objectives and civilian objects at all times. Israel must abandon a definition of military objectives that is so broad as to include branches of a financial institution.”

    According to customary international humanitarian law, an object must meet two criteria to be classified as a military objective. First, it must effectively contribute to military action, based on its location, nature, purpose or use. Second, destroying the object must provide a definite military advantage in the circumstances ruling at the time.

    International humanitarian law prohibits direct attacks against “civilian objects,” such as homes and apartments, businesses and shops, unless these buildings are being used for military purposes. Having an association with Hezbollah is not sufficient to classify a civilian building or the civilians inside it as military objectives.

    Many of Qard al-Hassan’s branches and offices are located in residential buildings and in the middle of densely populated residential areas. Hundreds of residents had to flee their homes after the Israeli military issued several evacuation warnings.

    A senior Israeli intelligence official was quoted in the media stating that in addition to hindering the ability of Hezbollah to function and rebuild following the war, “the main objective is to affect trust between Hezbollah and a lot of the Shiite community that uses this association as a banking system”. Undermining the trust between Hezbollah and the Shiite community is not a lawful justification for militarily targeting an institution.

    MIL OSI NGO –

  • MIL-OSI Economics: Federal Court Decision to Grant Biological Opinion Relief is Welcome News

    Source: National Ocean Industries Association – NOIA

    Headline: Federal Court Decision to Grant Biological Opinion Relief is Welcome News

    For Immediate Release: Monday, October 21, 2024NOIA .org
    Federal Court Decision to Grant Biological Opinion Relief is Welcome News
    Washington, D.C. – National Ocean Industries Association President Erik Milito issued the following statement after a federal court granted the National Marine Fisheries Service (NMFS) more time to complete a new Biological Opinion (BiOp) for the U.S. Gulf of Mexico. Under a previous ruling, the BiOp would have been vacated effective December 20, 2024, threatening to halt new and existing oil and natural gas production and activity in the region. Today’s decision grants NMFS until May 21, 2025 to complete a new BiOp.
    “We are pleased with the court’s decision to grant the requested relief, allowing the federal government additional time to issue a new Gulf of Mexico Biological Opinion. This ruling is crucial for maintaining our energy security, affordability, and national security, all of which depend on the uninterrupted supply of oil and gas from the Gulf of Mexico.
    “It has become readily apparent to elected officials on both sides of the aisle that an impairment of production from the Gulf of Mexico could lead to a cascading effect throughout the American economy, delivering an unwelcome blow to consumers still reeling from inflationary impacts.
    “The Gulf of Mexico is a powerhouse in the global energy landscape. If it were a country, it would rank among the top twelve oil producers worldwide. This region supports nearly 435,000 jobs, produces approximately two million barrels of oil daily, and funds essential conservation and coastal resilience programs. Its role as a vital and well-established energy hub is indispensable to the U.S. economy and national security.
    “Potential permitting and operational delays or logjams pose significant risks, injecting unnecessary uncertainty into this critical sector. We must continue to support and protect the Gulf of Mexico’s energy production to ensure stability and growth for our nation and reduce dependence on volatile global markets and adversarial nations such as Russia or Iran.”
    ##
    About NOIA The National Ocean Industries Association (NOIA) represents and advances a dynamic and growing offshore energy industry, providing solutions that support communities and protect our workers, the public and our environment.

    MIL OSI Economics –

  • MIL-OSI Economics: Risks facing the global economy

    Source: Bank for International Settlements

    While the global economy remains on track for a soft landing, the path ahead is not without risks. Real rates may remain higher than they were before the pandemic as central banks deal with a structurally more inflation-prone landscape. Fiscal policy may not be restrained enough to ensure financial stability. Productivity growth may remain sluggish in most advanced economies. Markets may be volatile, with potential spillovers to financial intermediaries. To guard against these risks and ensure resilience and stability, prudent monetary policy, fiscal consolidation and structural reforms are all necessary.

    MIL OSI Economics –

  • MIL-OSI: Defiance Launches XMAG The First ETF Offering Exposure to the S&P 500 Excluding the “Magnificent 7” Tech Giants

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Oct. 22, 2024 (GLOBE NEWSWIRE) — Defiance, a leading innovator in exchange-traded funds (ETFs), today announces the launch of the Defiance Large Cap Ex-Magnificent Seven ETF (XMAG). The ETF will be the first of its kind, offering investors exposure to equities in the S&P 500 without the inclusion of the Magnificent Seven (“Mag 7”) (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla). XMAG offers a unique opportunity for investors to access the broader market while reducing concentration risk in these dominant tech stocks.

    Many investors that use diversified investment funds have seen their portfolios increasingly concentrated in exposure to the Mag 7, which represent large holdings across tech-, growth-, and innovation-focused strategies.

    “We have heard loud and clear from institutional investors and advisors that they’re increasingly concerned about their sizable exposure to the Mag 7,” said Sylvia Jablonski, CEO and CIO of Defiance ETFs. “Even clients who believe that the Mag 7 will continue to grow have seen their portfolios become engulfed by these companies, and they’re looking for a solution. With XMAG, we’re providing the market with the broad-based, diversified exposure that investors have always sought with the S&P 500. In offering this in an ETF, we’re making the process of screening seven companies out of an index of 500 more efficient, and we’re excited to see the market’s reception to it.”

    About The Index

    The BITA US 500 ex Magnificent 7 Index aims to provide a comprehensive and balanced representation of the U.S. equity market by including the largest 500 publicly traded securities, while specifically excluding the seven largest technology giants commonly referred to as the “Magnificent 7.”

    This approach ensures more diversified exposure, mitigating the overconcentration risks associated with the market’s most dominant funds. The index constituents are weighted based on free-float market capitalization and rebalanced quarterly. Index values are disseminated on an end-of-day basis.

    About Defiance ETFs

    Founded in 2018, Defiance is a leading ETF issuer specializing in leveraged and thematic ETFs. Our suite of first-mover products allows investors to take targeted positions on disruptive innovations.

    Contact:
    Frank Taylor / Sarah Lazarus
    Defiance@DLPR.com

    Important Disclosures

    Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

    The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and / or summary prospectus carefully before investing. Hard copies can be requested by calling 833.333.9383.

    Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.

    Tracking Error Risk. As with all index funds, the performance of the Fund and the Index may differ from each other for a variety of reasons.

    Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

    Market Events Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities and other financial instruments. Investment markets can be volatile and prices of investments can change substantially due to various factors.

    Passive Investment Risk. The Fund is not actively managed and does not attempt to outperform the Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to the Index.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Diversification does not ensure a profit nor protect against loss in a declining market.

    Brokerage Commissions may be charged on trades.

    The Fund holds 0% in Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla.

    XMAG is distributed by Foreside Fund Services, LLC.

    A photo accompanying this announcement is available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/1578c4c6-57a2-4dc4-b82f-5a180fbc8052

    The MIL Network –

  • MIL-OSI: ZENMEV, a Pioneer in the New Era of Crypto Staking Platforms, Announces Its Launch

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, Oct. 22, 2024 (GLOBE NEWSWIRE) — ZENMEV, a leader in cryptocurrency investment, proudly announces the launch of a groundbreaking blockchain platform designed to revolutionize the staking landscape. With a vision to create transparent and profitable staking opportunities, ZENMEV aims to set a new standard that enables both individual and institutional investors to achieve stable returns.

    In recent years, the concept of Maximum Extractable Value (MEV) has emerged as a crucial element in decentralized finance (DeFi). MEV refers to the maximum profit that miners or validators can extract by reordering transactions within a blockchain. As blockchain technology has evolved, particularly with Ethereum’s transition from Proof of Work (PoW) to Proof of Stake (PoS), the complexity surrounding MEV has increased, presenting both challenges and opportunities for users.

    ZENMEV’s staking platform is specifically designed to maximize the potential of MEV, providing access to favorable opportunities that were once only available to advanced traders. By utilizing its own blockchain infrastructure optimized for MEV strategies, ZENMEV enhances the transparency and efficiency of the staking process. The platform eliminates intermediaries and centralizes operations, offering users greater reliability.

    Moreover, the platform integrates both Ethereum (ETH) and Binance Smart Chain (BNB) as its core ecosystems, providing compatibility and cross-chain functionality to maximize staking returns. Users can seamlessly deposit and stake digital assets like Ethereum and stablecoins such as Tether (USDT), which are pooled to support ZENMEV’s proprietary MEV strategies. Profits are distributed proportionally among stakers, ensuring transparency in how contributions are utilized and rewarded.

    ZENMEV: Revolutionizing Cryptocurrency Staking with AI-Powered MEV Strategies

    ZENMEV introduces a new paradigm in cryptocurrency staking and investment by leveraging cutting-edge technology and AI-powered analytics to help users understand the complexities of MEV and maximize their staking potential. With a focus on transparency and profitability, ZENMEV provides robust protection mechanisms and strategies, enabling investors to generate greater returns in the cryptocurrency market.

    Addressing the Complexity of MEV

    Within decentralized networks, users often encounter MEV—often described as an “invisible tax”—during transactions. MEV occurs when miners or validators manipulate the order of transactions for profit, potentially leading to losses for the user. ZENMEV tackles this issue head-on by employing advanced algorithms to identify MEV opportunities and monitor transactions in the mempool to accurately pinpoint profitable execution moments. This allows users to engage in more efficient transactions while mitigating the risks associated with MEV.

    Innovative Staking Solutions

    ZENMEV offers a staking system that minimizes MEV-related risks while maximizing profitability. The platform is designed with a user-friendly interface and fosters a fair competitive environment, enabling cryptocurrency investors to participate equally, regardless of their investment size.

    By integrating AI, ZENMEV utilizes machine learning and deep learning techniques to analyze vast amounts of data and predict market trends. This empowers users with real-time insights during the staking process, allowing for more informed decision-making.

    AI-Driven Profitability Maximization

    By incorporating AI, ZENMEV enhances the efficiency of cryptocurrency staking. The platform minimizes transaction latency and executes automated MEV strategies, enabling users to maximize their returns. Real-time data analysis powered by AI is provided to users, ensuring that ZENMEV’s strategies are continuously optimized for the best outcomes.

    With high-performance trading systems, ZENMEV offers users a more efficient staking experience. The platform prioritizes ethical and transparent MEV extraction, operating in ways that avoid negative impacts on the network’s stability.

    User Education and Community Engagement

    ZENMEV recognizes the importance of education in the rapidly evolving DeFi environment and provides comprehensive resources to help users navigate the complexities of the cryptocurrency market. By fostering active communication within the community, ZENMEV shares valuable insights and knowledge, empowering users to make better decisions.

    ZENMEV’s Vision for the Future

    ZENMEV plans to expand beyond Ethereum and Binance Smart Chain, integrating additional blockchain networks such as Solana and Cosmos. This multi-chain approach will allow users to take advantage of staking opportunities across various networks. Additionally, ZENMEV is focusing on developing advanced AI capabilities to enhance the platform’s predictive abilities, continuously improving users’ ability to generate returns.

    The platform’s long-term vision also includes the introduction of a governance model, allowing stakers and token holders to vote on platform upgrades and the implementation of new MEV strategies. This participatory approach ensures that the platform grows in alignment with the community, fostering a sense of belonging and engagement among users.

    In Conclusion, ZENMEV is opening new possibilities in the cryptocurrency staking space with its AI-powered MEV strategies and innovative staking solutions. By prioritizing transparency and ethical operations, ZENMEV is helping investors maximize their returns while paving the way for a more inclusive and sustainable future in cryptocurrency investing.

    Media Contact

    Brand: ZENMEV

    Contact: Media team

    Email: support@zenmev.com

    Website: https://zenmev.com

    The MIL Network –

  • MIL-OSI United Kingdom: Housing Summit to address housing challenge in Highland

    Source: Scotland – Highland Council

    The Highland Council has called a Housing Challenge Summit, designed to bring together all parties from National and Local government and private sector interests, both large and small, from across the fields of energy, housing development and commerce, to focus on the Housing Challenge in Highland.

    Highland Council declared a Housing Challenge following an event in November 2023 and agreed a number of strategic objectives in June 2024, with the aim of finding solutions to a Highland Housing Challenge. 

    The summit will be held today, 22 October, in Aviemore and delivered in partnership with Prosper, with sponsorship from SSEN, Burness Paull and The Scottish National Investment  Bank (SNIB).

    Housing Minister, Paul McLennan will attend and address delegates in a Keynote speech. 

    He said: 

    “I am pleased to be attending Highland Council’s Housing Challenge Summit and speaking with a range of stakeholders about how we work together to deliver the homes that people need. We know that tackling the housing emergency requires a joint approach between the Scottish Government, UK Government and local authorities and this summit will provide a valuable opportunity for stakeholders to come together to find ways to deliver more homes for communities across the Highlands. 

     “Good quality housing is essential to attract and retain people in our communities. We remain focused on delivering 110,000 affordable homes across Scotland by 2032, with at least 70% for social rent and at least 10% in our rural and island communities supported by our Rural and Island Housing Action Plan. Since 2021, we have invested over £180 million grant funding that has supported the delivery of nearly 2,000 affordable homes across the Highland Council area.” 

    Convener of The Highland Council, Bill Lobban who will chair the summit, said: “I am delighted to welcome the Housing Minister Paul McLennan, and over 100 delegates from a range of public and private sectors, whose input, together with Scottish Government and political representatives, will be invaluable to addressing the housing challenge in the Highlands. 

    “Affordable housing is an issue that is raised everywhere we speak to communities across the Highlands. For this reason, it is a high priority in the Council’s Programme and Members have declared a Highland Housing Challenge. 

    “There are also many wider socio-economic benefits in providing more housing, including boosting the construction industry, regeneration of town centres and reversing depopulation of communities. The economic benefits continue over the longer term, through savings on housing benefit, and wider benefits including reduced homelessness, increased employment, and improved health benefits.”  

    “Bringing the envisaged housing solutions to the Highlands is a key component of the economic growth required for the area in the next twenty years, helping us to seize important energy development opportunities, create benefits and sustain both our urban and rural communities.” 

    Chair of the Council’s Housing and Property Committee, Cllr Glynis Campbell Sinclair summarised the challenges saying: “It is anticipated that 24,000 new houses will be required in Highland in the next ten years. This is around double that which would normally be built.  

    “The future demand for housing is based on an updated ten-year Housing Needs Demand Assessment, which incorporates economic modelling including potential increases in jobs connected to the development of the Inverness and Cromarty Firth Green Free Port. 

    Leader of The Highland Council, Raymond Bremner said: “Highland Council and its partners are on course to meet the challenge of building 24,000 houses, but over 20 years. To accelerate this will require additional investment of around £2.8 billion. The challenge will require public and private sector co-investment and significant increases in the supply of land for housing and development capacity. 

    “Some solutions to future housing supply can be addressed through benefits flowing from the Social Value Charter from Renewables and from future retained business rates relating to the Green Free Port, as well as legacy housing from energy and infrastructure projects. 

    “The next steps will be to seek collaborative action in the co-design and delivery of a strategic plan which addresses the housing needs in the short, medium and long-term future.”  

    Chief Executive of Prosper, Sara Thiam added: “Housing continues to be a barrier to growth for many industries but it also underpins the quality of life of our people and impacts on our health, education and equality of opportunity so finding ways to overcome the various challenges will continue to be at the top of the to do list for government, industry and wider society.” 

    The summit will explore the Council’s agreed objectives including levering finance from different means; finding varied mechanisms to build new housing; flexibility regarding the ownership of housing; and finding new ways to maximise the supply of land.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Family Matters programme reaches 300 family milestone as number of children in care drops

    Source: City of Stoke-on-Trent

    Published: Tuesday, 22nd October 2024

    The city council’s Family Matters programme has already made a big difference across the city – having reached the milestone of working with 300 families in just nine months.

    As of the end of September, the programme is providing opportunities for 322 families thanks to enhanced working with partners including the police, schools, the voluntary community and faith sector.

    The programme’s work is already having an impact on the numbers of children in care, with 1,110 children currently in care – down from 1,156 in March.

    Family Matters is a multi-agency programme that gives families in Stoke-on-Trent access to all the advice, tips and opportunities they need to thrive. It’s a key part of the city council’s commitment to support family life – working with the NHS, voluntary and community sector, businesses and others to make sure families are helped to give their children the best start in life.

    The city council has invested £1.5 million from the Public Health Grant into the programme and the NHS Integrated Care Board have invested £1 million, with wider partners providing support in kind. Ultimately, Family Matters will reduce the financial pressures from the care system and reduce the amount spent on children’s care placements.

    Councillor Sarah Hill, cabinet member for children’s services said: “It’s great news that the Family Matters programme is making such a difference to the lives of families in Stoke-on-Trent. I’d like to thank everyone involved in Family Matters for their hard work.

    “Supporting family life is one our key aims and we want to ensure there’s a city-wide response to this. Working with our partners and communities, Family Matters does this.

    “Early work with families leads to far fewer children in care and we’re already seeing that Family Matters can make a real difference. This makes the continued roll out of Family Matters really important.

    “Reducing the number of children in care is not an easy feat and so for the number to have started coming down since the launch of the programme – after rising month on month before this – is fantastic news.”

    The Family Matters website is coming soon and residents can find information on the Digital Family Hub at https://familyhub.stoke.gov.uk/

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Response to the lead commissioner’s report

    Source: City of Birmingham

    Published: Tuesday, 22nd October 2024

    The city council leader has responded to the report from the lead commissioner Max Caller.

    Leader of Birmingham City Council Cllr John Cotton said:

    “We welcome the publication of this report from the lead commissioner and acknowledge that while progress is being made, there is much more to do in our ongoing efforts to ensure we become a financially sustainable, well-run council that delivers good services.

    “We continue to engage constructively with the new Government, and like councils across the country, are awaiting both this month’s budget settlement and a local government finance settlement later in the year which will set out a one-year emergency package of support for local councils.

    “The Government is also committed to a multi-year settlement following next year’s spending review which will give councils much needed clarity and allow us to plan for the future.

    “Nevertheless, we face another very difficult budget, and it remains clear that the pace of change must further increase, as further savings are identified, and we transform services. Our new Managing Director Joanne Roney is focussed on that challenge and there will be no let up as we work together to get the council back on track.”

    NOTES

    • We have appointed a permanent Managing Director in Joanne Roney CBE, who is already providing pace, grip, and authority in driving the necessary changes, working with the senior officer team and Commissioners.
    • The Improvement and Recovery Plan was agreed in April 2024 and has set the overarching direction and actions to address the issues identified in the intervention. The first part of the plan has been implemented and further stages are now underway, including the development of a refreshed Corporate Plan which will outline what the council will seek to achieve over the next three years.
    • A whole council operating model is being developed so that the council can deliver good services, even whilst operating under the financial pressures that are a reality for local government.
    • Shaping Birmingham’s Future Together has seen us set a new direction for the council to involve citizens and partners in a much greater way.
    • The council’s corporate services have been reviewed, with a commitment to a new workforce strategy that will help deliver the staffing we need to deliver quality services for our residents. This includes a refreshed HR function to enable the effective recruitment and management of staff and improve our culture and achieve best value.
    • Financial management improvements continue, with the move to make a permanent appointment to lead the finance directorate. Work continues at pace to identify the savings and cuts that are needed to deliver a balanced budget.
    • A much-needed reimplementation programme is now underway for Oracle.
    • Progress is being made against the equal pay liability, including a revised a job evaluation scheme and settlement of the outstanding litigation with a target of April 2025 for completion.
    • A plan is underway to improve the procurement operating model with a focus on strategic contract management in order to achieve best value.
    • Within the housing directorate, progress has been made in response to the Regulator of Social Housing’s letter, reconfiguring the HRA budget to focus on improving the quality of the existing housing stock.
    • Within children’s services, the council has completed the review of spend control on children’s social care, and progress is being made on greater join up of services for families to make our services more effective.
    • A transformation programme is now in place to improve the waste service – which is the most public facing area of the council which has not been performing at the level our residents expect. By transforming staffing and management arrangements, and procuring a new fleet, we will see improvements in this service in the months ahead.

    MIL OSI United Kingdom –