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Category: Economy

  • MIL-OSI Asia-Pac: India and Bhutan to Strengthen Hydropower Cooperation: Bhutan’s Minister of Energy & Natural Resources Meets Union Minister Shri Manohar Lal

    Source: Government of India (2)

    Posted On: 18 OCT 2024 5:07PM by PIB Delhi

    Minister of Energy and Natural Resources of Bhutan, His Excellency Lyonpo Gem Tshering, met with the Union Minister of Power and Housing & Urban Affairs, Shri Manohar Lal, in New Delhi today. The meeting focused on strengthening the longstanding cooperation between the two nations in the hydropower sector.

    Key points of discussion included:

                •           Puna-1 Hydroelectric Power (HEP) Project: Both sides discussed enhancing their collaboration to further boost energy production from this project.

                •           Puna-2 Tariff Finalization

                •           Future Collaboration: The two leaders explored potential avenues for future cooperation in energy generation.

    Boosting India-Bhutan ties! 🤝 Bhutan’s Minister of Energy & Natural Resources, H.E. Lyonpo Gem Tshering, called on Union Minister Shri @mlkhattar in New Delhi to strengthen hydropower cooperation. pic.twitter.com/X4rGujpaKS

    — Ministry of Power (@MinOfPower) October 18, 2024

    Shri Manohar Lal reaffirmed India’s commitment to furthering hydropower development with Bhutan, noting that “More Power means more happiness.” He assured full support to Bhutan in this critical area of collaboration, underscoring the strategic and mutually beneficial nature of these projects.

    India and Bhutan share a robust partnership in the hydropower sector, with several key projects contributing significantly to Bhutan’s economy and providing renewable energy to India.

    This meeting marks another step forward in deepening bilateral relations and enhancing regional energy security through sustainable energy cooperation.

    ***

    JN/SK

    (Release ID: 2066111) Visitor Counter : 23

    MIL OSI Asia Pacific News –

    January 24, 2025
  • MIL-OSI USA: Gillibrand Announces $27 Million In Federal Funding For Delaware County Electric Cooperative As Part Of The Department Of Energy’s Grid Resilience and Innovation Partnerships (GRIP) Program

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand

    Funding Will Improve Grid Resiliency Against Strong Storms And Invasive Species In Rural Areas Of New York

    Today, Senator Gillibrand announced $27,681,725 in federal funding for the Delaware County Electric Cooperative, Inc. (DCEC). DCEC provides electricity to over 5,000 families, farms, and local businesses in four New York counties – Chenango, Delaware, Otsego, and Schoharie. With this funding, awarded through the Bipartisan Infrastructure Law’s Grid Resilience and Innovation Partnerships (GRIP) program, DCEC will lead a partnership composed of six small electric cooperatives to increase grid resilience against outages caused by weather events and tree damage caused by invasive species. This partnership will also serve the counties of Cattaraugus, Chautauqua, Herkimer, Madison, Oneida, Orange, Schuyler, and Steuben, in addition to rural areas of New Jersey and Pennsylvania.

    “Strong energy infrastructure is critical to the stability of our rural communities, especially given the threats that extreme weather and invasive species pose,” said Senator Gillibrand. “This funding will create good-paying union jobs and deploy advanced technology to support rural communities. I am proud to have voted to pass the Bipartisan Infrastructure Law and fought to secure this funding. I will continue working to make sure that New Yorkers have reliable access to strong energy infrastructure.”

    As DCEC works to improve New York’s grids, it will deploy advanced software to enable proactive grid management, as well as hardware such as grid sensors and drones to provide real-time data and monitoring capabilities. The new technology is anticipated to improve grid reliability and resilience, reducing major outage events by 50%, and help save the local economy millions of dollars per year in outage costs. DCEC will work with five other small electric cooperatives, including Oneida-Madison Electric Cooperative, Otsego Electric Cooperative, Inc., Steuben Rural Electric Cooperative, Inc., Sussex Rural Electric Cooperative, Inc., and Claverack Rural Electric Cooperative, Inc.

    This project will also create an estimated 20 jobs, many of which will be high-quality union positions, and will leverage a workforce career training center that is under development in collaboration with the State University of New York–Delhi.

    “The rural electric cooperatives of New York are not-for-profit distribution companies and serve some of the areas hardest hit by the impacts of extreme weather and invasive species,” said John Gasstrom, CEO of DCEC. “This grant will enable the co-ops to make resiliency improvements to ensure that we continue to deliver safe and sustainable electricity to our members who rely on it. We also appreciate the support and encouragement we have received from Senator Gillibrand in bringing this funding to the electric cooperatives as we find solutions together to meet our energy challenges and goals.”

    “At Otsego Electric Cooperative, we believe in forward-thinking solutions that safeguard our grid and enhance reliability for rural communities,” said Tim Johnson, CEO of Otsego Electric Cooperative. “This project represents a vital step toward building a resilient electric network that can withstand future challenges while supporting sustainable growth. We are especially grateful for the Beneficial Electrification League’s detailed support and expertise throughout the application process.”

    This project is part of a $2 billion U.S. Department of Energy investment in 38 projects across 42 states and the District of Columbia to protect the U.S. power grid against growing threats of extreme weather, all funded through the Bipartisan Infrastructure Law’s GRIP program. The selected projects will lower costs for communities and enable additional grid capacity to meet load growth stemming from an increase in manufacturing and other strains on the electric grid. The selected projects will deploy new, innovative transmission and distribution infrastructure and technology upgrades to enable over 7.5 gigawatts (GW) of grid capacity.

    Earlier this year, Senator Gillibrand wrote to Secretary Granholm in support of DCEC’s funding application. Senator Gillibrand’s letter can be read below:

    Dear Secretary Granholm,

    I write in support of the application submitted by the Delaware County Electric Cooperative (DCEC) for funding from the Grid Resilience and Innovation Partnerships (GRIP) Grant Program administered by the U.S. Department of Energy. This funding will be used to improve grid resiliency against strong storms and invasive species in rural areas of New York, Pennsylvania, and New Jersey.

    Established in 1942, DCEC provides electricity to more than 5,200 families, farms, and local businesses across Chenango, Delaware, Otsego, and Schoharie Counties. For a larger project that will enhance the protection of local electric grids, DCEC plans to partner with the Oneida-Madison Electric Cooperative, Otsego Electric Cooperative, Inc., Steuben Rural Electric Cooperative, Inc., Sussex Rural Electric Cooperative, Inc., and Claverack Rural Electric Cooperative, Inc. These five other non-profit electric cooperatives collectively serve tens of thousands of members across Cattaraugus, Chautauqua, Chenango, Herkimer, Madison, Oneida, Orange, Otsego, Schuyler, and Steuben Counties in New York. 

    The requested funding will be used to safeguard rural electric grids from invasive species and intense storms that are causing long-lasting power outages and hurting rural economies. For instance, DCEC has experienced four multi-day power outages since December 2023 due to the proliferation of emerald ash borer–infested trees, which have toppled powerlines, coupled with the increasing threat of extreme weather conditions and other natural hazards. The six electric cooperatives’ proposed project will deliver much-needed upgrades to rural electric grids in three states and enable load growth that the region’s aging electric infrastructure has otherwise constrained. In addition, the project promises to benefit more than 43,000 customers, stimulate regional economic growth, and bring approximately 20 high-quality, clean-energy jobs to areas where the loss of coal power plant and rail jobs, along with a decline in employment opportunities for supporting industries and services, has led to the displacement of the working-age population and high levels of poverty.

    I ask that you please give this application your full consideration. If you have any questions or desire further information, please do not hesitate to contact my staff at (202) 224-4451.

    Sincerely,

    Kirsten Gillibrand

    United States Senator

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI: Oak Valley Bancorp Reports 3rd Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    OAKDALE, Calif., Oct. 18, 2024 (GLOBE NEWSWIRE) — Oak Valley Bancorp (NASDAQ: OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results. For the three months ended September 30, 2024, consolidated net income was $7,324,000, or $0.89 per diluted share (EPS), as compared to $5,889,000, or $0.71 EPS, for the prior quarter and $7,354,000, or $0.89 EPS, for the same period a year ago. Consolidated net income for the nine months ended September 30, 2024 was $18,940,000, or $2.30 EPS, compared to $24,983,000 or $3.04 EPS for the same period of 2023.

    The increase in third quarter net income compared to the prior quarter was primarily due to loan recoveries that resulted in a reversal of allowance for credit losses of $1,620,000. The QTD and YTD decreases compared to the same periods of 2023 were related to an increase in deposit interest expense and general operating expenses.

    Net interest income for the three months ended September 30, 2024 was $17,655,000, compared to $17,292,000 in the prior quarter, and $18,938,000 in the same period a year ago. The increase in net interest income over the prior quarter is attributed to earning asset growth and an increase of 3 basis points in the average earning asset yield. The decrease from the same period a year ago is due to an increase in deposit interest expense, as the average cost of funds increased to 0.83% bps for the third quarter of 2024, compared to 0.33% for the comparable period of 2023. The higher interest expense was partially offset by loan growth of $103.9 million over the same period. Net interest margin for the three months ended September 30, 2024 was 4.04%, compared to 4.11% for the prior quarter and 4.34% for the same period last year.

    “Our strong core deposits have helped manage funding costs and maintain a healthy net interest margin. Loan growth is crucial to minimizing future margin compression amid possible interest rate drops. Oak Valley was founded on service-focused relationship banking, which drives these efforts. Our success in growing relationships relies on standing out from our competitors by meeting and surpassing client expectations,” stated Rick McCarty, President and Chief Operating Officer.

    Non-interest income was $1,846,000 for the quarter ended September 30, 2024, compared to $1,760,000 for the prior quarter and $1,566,000 for the same period last year. The increases compared to prior periods was mainly due to unrealized gains on equity securities as a result of lower interest rates.

    Non-interest expense totaled $11,324,000 for the quarter ended September 30, 2024, compared to $11,616,000 in the prior quarter and $10,578,000 in the same quarter a year ago. The decrease compared to the prior period is mainly due to charitable contributions and data processing expense. The third quarter increase compared to the same period a year ago is mainly due to staffing expense and general operating costs related to servicing the growing loan and deposit portfolios.

    Total assets were $1.90 billion at September 30, 2024, an increase of $59.9 million and $65.1 million over June 30, 2024 and September 30, 2023, respectively. Gross loans were $1.08 billion at September 30, 2024, an increase of $5.1 million over June 30, 2024 and $103.9 million over September 30, 2023. The Company’s total deposits were $1.69 billion as of September 30, 2024, an increase of $45.6 million and $23.8 million from June 30, 2024 and September 30, 2023, respectively. Our liquidity position is very strong as evidenced by $213.9 million in cash and cash equivalents balances at September 30, 2024.

    Non-performing assets (“NPA”) remained at zero as of September 30, 2024, as they were for all of 2024 and 2023. The allowance for credit losses (“ACL”) as a percentage of gross loans increased to 1.07% at September 30, 2024, compared to 1.04% at June 30, 2024 and 1.00% at September 30, 2023. The increase over the prior quarter is due to macro-economic forecasts, loan growth and other credit-risk factors included in the ACL calculation which dictated an increase of $358,000 in the ACL. Loan recoveries totaled $2.0 million during the third quarter of 2024, which consisted of two loans that dated back to the recession. The net impact of the $2.0 million loan recoveries and the $358,000 increase in the ACL calculation resulted in a reversal of ACL provisions totaling $1.62 million. Given industry concerns of credit risk specific to commercial real estate, management has performed a thorough analysis of this segment as part of the CECL credit risk model’s ACL computation, concluding that the credit loss reserves relative to gross loans remains at acceptable levels, and credit quality remains stable.

    Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop.

    For more information, call 1-866-844-7500 or visit http://www.ovcb.com.

    This press release includes forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

    Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the corporation’s possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, including increased energy costs in California, credit quality of borrowers, operational factors and competition in the geographic and business areas in which the company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

    Contact: Chris Courtney/Rick McCarty
    Phone: (209) 848-2265
      http://www.ovcb.com
    Oak Valley Bancorp
    Financial Highlights (unaudited)
                 
    ($ in thousands, except per share) 3rd Quarter 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter
    Selected Quarterly Operating Data:   2024     2024     2024     2023     2023  
                 
      Net interest income $ 17,655   $ 17,292   $ 17,241   $ 17,914   $ 18,938  
      (Reversal of) provision for credit losses   (1,620 )   –     –     1,130     300  
      Non-interest income   1,846     1,760     1,519     1,755     1,566  
      Non-interest expense   11,324     11,616     11,529     10,760     10,578  
      Net income before income taxes   9,797     7,436     7,231     7,779     9,626  
      Provision for income taxes   2,473     1,547     1,504     1,914     2,272  
      Net income $ 7,324   $ 5,889   $ 5,727   $ 5,865   $ 7,354  
                 
      Earnings per common share – basic $ 0.89   $ 0.72   $ 0.70   $ 0.72   $ 0.90  
      Earnings per common share – diluted $ 0.89   $ 0.71   $ 0.69   $ 0.71   $ 0.89  
      Dividends paid per common share $ 0.225   $ –   $ 0.225   $ –   $ 0.160  
      Return on average common equity   16.54 %   14.19 %   13.86 %   16.44 %   19.85 %
      Return on average assets   1.56 %   1.30 %   1.26 %   1.27 %   1.57 %
      Net interest margin (1)   4.04 %   4.11 %   4.09 %   4.15 %   4.34 %
      Efficiency ratio (2)   56.96 %   59.12 %   59.61 %   53.08 %   49.89 %
                 
    Capital – Period End          
      Book value per common share $ 22.18   $ 20.55   $ 19.97   $ 20.03   $ 16.29  
                 
    Credit Quality – Period End          
      Nonperforming assets / total assets   0.00 %   0.00 %   0.00 %   0.00 %   0.00 %
      Credit loss reserve / gross loans   1.07 %   1.04 %   1.05 %   1.07 %   1.00 %
                 
    Period End Balance Sheet          
    ($ in thousands)          
      Total assets $ 1,900,455   $ 1,840,521   $ 1,805,739   $ 1,842,422   $ 1,835,402  
      Gross loans   1,075,138     1,070,036     1,039,509     1,016,579     971,243  
      Nonperforming assets   –     –     –     –     –  
      Allowance for credit losses   11,479     11,121     10,922     10,896     9,738  
      Deposits   1,690,301     1,644,748     1,612,400     1,650,534     1,666,548  
      Common equity   185,393     171,799     166,916     166,092     135,095  
                 
    Non-Financial Data          
      Full-time equivalent staff   222     223     219     222     225  
      Number of banking offices   18     18     18     18     18  
                 
    Common Shares outstanding          
      Period end   8,358,711     8,359,556     8,359,556     8,293,168     8,293,468  
      Period average – basic   8,221,475     8,219,699     8,209,617     8,200,177     8,197,083  
      Period average – diluted   8,263,790     8,248,295     8,244,648     8,236,897     8,232,338  
                 
    Market Ratios          
      Stock Price $ 26.57   $ 24.97   $ 24.78   $ 29.95   $ 25.08  
      Price/Earnings   7.52     8.69     8.86     10.55     7.05  
      Price/Book   1.20     1.22     1.24     1.50     1.54  
                 
    (1) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 21%.
    (2) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 21%.
      A marginal federal/state combined tax rate of 29.56%, was used for applicable revenue.
                 
                 
        NINE MONTHS ENDED SEPTEMBER 30,      
    Profitability   2024     2023        
    ($ in thousands, except per share)          
      Net interest income $ 52,188   $ 57,888        
      Provision for (reversal of) credit losses   (1,620 )   (160 )      
      Non-interest income   5,125     4,876        
      Non-interest expense   34,469     30,397        
      Net income before income taxes   24,464     32,527        
      Provision for income taxes   5,524     7,544        
      Net income $ 18,940   $ 24,983        
                 
      Earnings per share – basic $ 2.30   $ 3.05        
      Earnings per share – diluted $ 2.30   $ 3.04        
      Dividends paid per share $ 0.450   $ 0.320        
      Return on average equity   14.90 %   23.71 %      
      Return on average assets   1.38 %   1.76 %      
      Net interest margin (1)   4.08 %   4.39 %      
      Efficiency ratio (2)   58.55 %   47.48 %      
                 
    Capital – Period End          
      Book value per share $ 22.18   $ 16.29        
                 
    Credit Quality – Period End          
      Nonperforming assets/ total assets   0.00 %   0.00 %      
      Credit loss reserve/ gross loans   1.07 %   1.00 %      
                 
    Period End Balance Sheet          
    ($ in thousands)          
      Total assets $ 1,900,455   $ 1,835,402        
      Gross loans   1,075,138     971,243        
      Nonperforming assets   –     –        
      Allowance for credit losses   11,479     9,738        
      Deposits   1,690,301     1,666,548        
      Stockholders’ equity   185,393     135,095        
                 
    Non-Financial Data          
      Full-time equivalent staff   222     225        
      Number of banking offices   18     18        
                 
    Common Shares outstanding          
      Period end   8,358,711     8,293,468        
      Period average – basic   8,216,947     8,191,749        
      Period average – diluted   8,252,286     8,228,869        
                 
    Market Ratios          
      Stock Price $ 26.57   $ 25.08        
      Price/Earnings   8.65     6.15        
      Price/Book   1.20     1.54        
                 
      (1) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 21%.
      (2) Ratio computed on a fully tax equivalent basis using a marginal federal tax rate of 21%.
            A marginal federal/state combined tax rate of 29.56%, was used for applicable revenue.

    The MIL Network –

    January 24, 2025
  • MIL-OSI: PIMCO Canada Announces Special Meeting Details for the Proposed Mergers of Certain Closed-end Funds

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) — PIMCO Canada Corp. (“PIMCO Canada”) announces further details about the previously announced proposed mergers (the “Mergers”) of PIMCO Tactical Income Fund (TSX: PTI), PIMCO Tactical Income Opportunities Fund (TSX: PTO) and PIMCO Multi-Sector Income Fund (TSX: PIX) (collectively, the “Existing Funds”) into a new closed-end fund to be managed by PIMCO Canada, PIMCO Monthly Enhanced Income Fund (“PMEI”).

    Pursuant to the terms of the Mergers, holders of units of the Existing Funds will become holders of the same class of units of PMEI. PIMCO Canada has determined that it is in the best interests of unitholders of the Existing Funds to merge into a single fund, which would permit PMEI to: (i) increase liquidity on the secondary market, and (ii) benefit from significant economies of scale, including greater investment flexibility. None of the costs and expenses associated with the Mergers will be borne by the Existing Funds or their respective unitholders. All such costs will be borne by the Manager.

    The Mergers will be voted on at special meetings (the “Meetings”) of unitholders of the Existing Funds to be held on December 4, 2024. If required, adjourned meetings will be held on December 5, 2024. The record date for the purpose of determining which unitholders are entitled to receive notice of, and to vote at, the Meetings is October 16, 2024. Subject to the receipt of all necessary regulatory, unitholder and other third party approvals, and obtaining a receipt for the final non-offering prospectus of PMEI, it is expected that the proposed Mergers will take effect on or about December 20, 2024, or such other date as the Manager may determine in its sole discretion.

    In advance of the Meetings, a notice-and-access document will be sent on or about October 31, 2024 to unitholders of record as at October 16, 2024. The notice-and-access document will describe how unitholders can obtain a copy of the management information circular (the “Circular”) that contains full details of the proposed Mergers. The notice-and-access document and the Circular are also available at http://www.sedarplus.ca and http://www.pimco.ca.

    The independent review committee of each Existing Fund has reviewed the proposed Mergers, including the proposed steps to be taken in implementing the proposed Mergers, and has concluded that the proposed Mergers represent the business judgment of the Manager, uninfluenced by considerations other than the best interests of the Existing Funds, and the proposed Mergers will achieve a fair and reasonable result for each of the Existing Funds.

    In addition, in anticipation of the proposed Merger, PIMCO Tactical Income Fund has terminated its “at-the-market” equity program effective today.

    For further information on PIMCO Canada and the PIMCO funds, please visit http://www.pimco.ca or call us at 1 866 341 3350 (416 368 3350 in Toronto).

    About PIMCO
    PIMCO is one of the world’s premier fixed income investment managers. With its launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the 50+ years since, the firm continued to bring innovation and expertise to our partnership with clients seeking the best investment solutions. Today PIMCO has offices across the globe and 2,500+ professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz SE, a leading global diversified financial services provider.

    Forward-Looking Statements

    Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Funds. The forward-looking statements are not historical facts but reflect the Fund’s, PIMCO Canada and/or PIMCO’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Fund, PIMCO Canada and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund, PIMCO Canada and/or PIMCO undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.

    You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment funds on Toronto Stock Exchange. If the units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    A word about risk: All investments contain risk and may lose value. Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed.

    PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2024, PIMCO

    The products and services provided by PIMCO Canada Corp. may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose.

    PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.

    PIMCO Canada Corp. 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2 is a company of PIMCO, 416-368-3350

    Contact:
    Agnes Crane
    PIMCO – Media Relations
    Ph. 212-597-1054
    Email: agnes.crane@pimco.com

    The MIL Network –

    January 24, 2025
  • MIL-OSI USA: Remarks by Vice President Harris at a Campaign Event | Grand Rapids,  MI

    US Senate News:

    Source: The White House
    Riverside ParkGrand Rapids, Michigan
    2:38 P.M. EDT
    THE VICE PRESIDENT:  Good afternoon, Michigan!  Good afternoon.  Can we hear it for Brian?  (Applause.) 
    Good afternoon, Michigan.  It is good — (applause) — oh, it is good to be back.  It’s good to be back.  (Applause.)  Good afternoon.  Oh — (laughs) — oh, my god.  Okay.  (Applause.)  Okay.  Thank you. 
    Okay, let’s get to business.  Let’s get to business.  Thank you.  Thank you.  I am very touched.  (Applause.)  Thank you all.  Oh, it’s good to be back.  Thank you all very much.  Thank you.  Thank you. 
    Okay, let’s get to work.  Let’s get to work.  Let’s get to work.  Let’s get to work. 
    So, let me first thank all of you for taking time out of your very busy lives for us to all be here together this afternoon.  I thank you so very much for all you do, all you have done, and all you will do over these next 18 days.  Thank you all so very much.  (Applause.)  Thank you. 
    This is an incredible group of incredible leaders, and your voice matters so much right now.  And I think there is so much about our campaign that is about the spirit of reminding everyone that we’re all in this together.  We are all in this together.  (Applause.)  So, thank you. 
    And to all the governors who are here with us today — (applause) — I’m telling you, they’re riding thick.  They’re riding thick.  Oh, and they are all — each one of them — such incredible leaders, both for their state and our nation, and such dear friends.  And I thank you all, including, of course, Michigan’s own Governor Whitmer — (applause) — who we love as “Big Gretch.”  (Applause.)
    And to the governors, I want to say you’ve been traveling the country for our campaign, and I’m so deeply grateful for your support. 
    I also want to recognize Senator Stabenow — (applause) — a champion for Michigan; Representative Scholten, who we will reelect to the United States Congress.  (Applause.)  And while we’re at it, let’s send Representative Slotkin to the United States Senate.  (Applause.)
    All right, so we got work to do.  Eighteen day — eighteen days left in one of the most consequential elections of our lifetime.  And as you know, everyone here knows, this election is truly about two very different visions for our nation: Ours that is focused on the future; Donald Trump’s that is focused on the past.  Ours, that is focused on bringing down the cost of living for working families, investing in small businesses, and entrepreneurs.  Ours, that is about protecting reproductive freedom.  (Applause.)  
    But none of that is what we hear from Donald Trump.  Instead, it is just the same old, tired playbook.  He has no plan for how he would address the needs of the American people, and he is, as we have seen, only focused on himself.
    And now he is ducking debates and canceling interviews.
    AUDIENCE:  Booo —
    THE VICE PRESIDENT:  Come on. 
    Check this out.  His own campaign team recently said it is because of exhaustion.  (Laughter.)  Well, if you are exhausted on the campaign trail, it raises real questions about whether you are fit for the toughest job in the world.  (Applause.)  Come on.  Come on.
    So, for all these reasons and more, we are here because we know it is time to turn the page.  (Applause.)  It is time to turn the page because America is ready to chart a new way forward.  (Applause.)  America is ready for a new and optimistic generation of leadership that is all of us — (applause) — all of us, which is why Democrats, Republicans, and independents are supporting our campaign.  (Applause.) 
    In fact, earlier this week, over 100 Republican leaders from across the country joined me on the campaign trail, including some who even served in Donald Trump’s own administration — (applause) — the people who know him best, right? 
    And I believe all of this shows that the American people want a president who works for all the people.  (Applause.)  And that has been the story of my entire career.  In my career, I’ve only ever had one client: the people — the people.  (Applause.)
    As a young courtroom prosecutor, I protected women and children.  As attorney general of California, I fought for students and veterans.  As vice president, I have stood up for workers and seniors.  And as president, I will stand up for all Americans — all Americans.  (Applause.) 
    And together, we will build a brighter future for our nation.  Yes, we will.  (Applause.)  Because, by the way, we will win.  (Applause.)  We will win.  We will win.  Come on.
         AUDIENCE:  We will win!  We will win!  We will win! 
         THE VICE PRESIDENT:  (Laughs.)  Yes, we will.
         AUDIENCE:  We will win!  We will win!  We will win!
         THE VICE PRESIDENT:  We will win.  We will win.  And we will win.
    And one of the reasons that we know we are working hard toward that win is because we believe together in building a future — in what we can do together as a nation — and a nation of people who see what we have in common more than what separates us. 
     We will w- — build towards a future where we have an economy that works for all Americans.  We will build what I call an “opportunity economy” so that every American has an opportunity to own a home, buy a car, build wealth, and start a business.  (Applause.) 
     In fact, do we have any small-business owners here?  (Applause.)  I love our small businesses.  I got a plan for you.  I love our small businesses.  Our small businesses are part of the backbone of America’s economy.  Bless you all for the work you are doing. 
     So, under my plan, we will also bring down the cost of housing — (applause) — and we will help entrepreneurs start and grow small businesses. 
     My plan will expand Medicare to cover the cost of home health care for our seniors — (applause) — so that more of our seniors can live with dignity. 
    And, you know, I’ll just give you a little background i- — in terms of a personal story.  So, I took care of my mother when she was sick.  And for any of you who have taken care of an elder relative, you know what that is, right?  It’s about trying to cook something that they can eat.  It’s about trying to find clothes that they can — they can handle on their skin.  It’s about trying, from time to time, to think about something that will put a smile on their face or maybe just make them laugh.  It’s about dignity. 
    But under the current system, and especially for those in the sandwich generation who are raising young kids while you’re taking care of your parents, it’s difficult.  And under the current system, to get help for taking care of your seniors, unless you got the extra money sitting around, you’d have to leave your job or pay down all your savings to qualify for Medicaid.  That’s not right.  That’s not right. 
     So, my plan is about saying, let’s have Medicare cover the cost of home health care for our seniors — (applause) — which is a matter of understanding how real people are living and understanding the importance of everyone being entitled to dignity.  (Applause.)
    Our plan, in terms of an opportunity economy, will lower costs on everything from health care to groceries.  I’ll take on corporate price gouging, because I’ve done it before and I will do it again.  (Applause.)
    My plan will also give middle-class tax cuts to 100 million Americans, including $6,000 tax credit for the first year of a child’s life so that our young parents — (applause) — can do what they naturally want to do, which is parent their children well, but they don’t always have the resources to be able to do it.  So, let’s help them out so that they can buy a car seat, so that they can buy a crib, so that they can take care of that baby’s needs during that critical phase of their development. 
         We all benefit from it.  We all benefit from it.  (Applause.)
         Dignity.
    My plan also invests in American manufacturing and innovation, because I will make sure America, not China, wins the competition for the 21st century.  (Applause.) 
         AUDIENCE:  USA!  USA!  USA!
         THE VICE PRESIDENT:  That’s right.  That’s right.
         AUDIENCE:  USA!  USA!  USA!
     THE VICE PRESIDENT:  And so, to that point and with pride, we all say: We must and we will invest in the industries that built America, like steel, iron, and the great American auto industry.  (Applause.)  And we will ensure that the next generation of breakthroughs, from advanced batteries to electric vehicles, are not just invented but built right here in America by American union workers.  (Applause.)
     And, Michigan, I know I’m going to tell you what you already know, but let us be clear for folks who are watching from different parts of the country.  Contrary to what my opponent is suggesting, I will never tell you what kind of car you have to drive, but here is what I will do.  I will invest in manufacturing communities like Kent County.  (Applause.) 
    Together, we will retool existing factories, hire locally, and work with unions to create good-paying jobs — (applause) — including jobs that do not require a college degree, because here’s where I come from.  I know a college degree is not the only measure of the skills and experience of a qualified worker.  (Applause.)
    And I intend to reexamine federal jobs, when you all elect me president — (applause) — to assess those jobs that should not have that requirement, and then I intend to challenge the private sector to do the same.  (Applause.)
     Now, all of this is to say Donald Trump has a different approach.  He makes big promises — (laughs) — and he always fails to deliver.
    So, remember he said he was the only one — you know how he talks.  (Laughter.)  He — the only one who could bring back America’s manufacturing jobs.
    Then, America lost almost 200,000 manufacturing jobs when he was president.
    AUDIENCE:  Booo —
    THE VICE PRESIDENT:  Facts.  Including tens of thousands of jobs right here in Michigan.  And those losses started before the pandemic, making Donald Trump one of the biggest losers — (applause) — of manufacturing jobs in American history. 
    And his track record for the auto industry was a disaster.  He promised workers in Warren that the auto industry would, and I’m going to quote, “not lose one plant” during his presidency.  Those were his words, “not one plant.” 
    Then American automakers announced the closure of six auto plants when he was president, including General Motors in Warren and Stellantis in Detroit.  Thousands of Michigan autoworkers lost their jobs.  And Donald Trump’s running mate recently suggested that if they win, they would threaten the Grand River Assembly plant in Lansing.  Okay?
    AUDIENCE:  Booo —
    THE VICE PRESIDENT:  The same plant our administration protected earlier this year, saving 650 union jobs — (applause) — 650 union jobs.  His running mate called those “table scraps.” 
    So, we fought hard for those jobs, and we believe that you deserve a president who will protect them and not insult them.  (Applause.)
    And make no mistake, Donald Trump is no friend of labor.  Let’s be really clear about that.  No matter what the noise is out there, he is no friend of labor.  Just look at the record.  Instead of his rhetoric, look at the record.  And let’s not fall for the okey-doke.  (Laughter.) 
    Seriously.  He encouraged automakers to move their plants out of Michigan so he could pay — they could pay their workers less.  Understand what that was about: so they could pay their workers less. 
    And when the UAW went on strike to demand the higher wages they deserved, Donald Trump went to a nonunion shop —
    AUDIENCE:  Booo —
    THE VICE PRESIDENT:  — and attacked the UAW, and he said — he said, striking and collective bargaining don’t make, quote, “a damn bit of sense” — “a damn bit of difference” is what he said exactly.  That it doesn’t make a, quote — pardon my language — “a damn bit of difference,” is what he said. 
    AUDIENCE MEMBER:  He don’t make a damn bit of sense.  (Applause.) 
    THE VICE PRESIDENT:  All right, brother.  (Laughs.)
    So, Michigan, you know better.  Strong unions mean higher wages — (applause) — better health care, and greater dignity for union members and for everyone, whether or not you are part of a union.  (Applause.)  Get that straight.  Get that straight.
    Which is why, when I am president, I will sign the PRO Act into law and make it easier for workers to join a union and negotiate for better pay and working conditions.  (Applause.)
    And now Donald Trump is making the same empty promises to the people of Michigan that he did before, hoping — hoping you will forget how he let you down the last time.  But we will not be fooled, because we know how to read Project 2025.  For those who haven’t seen it, just google it. 
    You know, I just have to keep repeating, I can’t believe they put that thing in writing.  I cannot beli- — they — they put it in — they put it in writing.  They bound it.  They — they published it, and they handed it out.  (Laughter.)  And now they’re trying to run from it.  Come on. 
    And so, we’ve read it.  It’s a detailed and dangerous blueprint for what Donald Trump intends to do if he were elected president.  So, that’s why we know — not only because it’s what he did before — that’s why we know Donald Trump will give billionaires and corporations massive tax cuts, attack unions, cut Social Security and Medicare —
    AUDIENCE:  Booo —
    THE VICE PRESIDENT:  — get rid of that hard-fought, hard-won $35 cap on insulin for our seniors.
    AUDIENCE:  Booo —
    THE VICE PRESIDENT:  Check out what’s in it.  It will make it easier for companies to deny overtime pay for workers —
    AUDIENCE:  Booo —
    THE VICE PRESIDENT:  — and impose what I call a “Trump sales tax,” which is basically — he’s talking about at least a 20 percent tax on everyday necessities, which economists have measured will cost the average family nearly $4,000 more a year.
    AUDIENCE:  Booo —
    THE VICE PRESIDENT:  And on top of this, Donald Trump intends to end the Affordable Care Act — okay? — and has no plan to replace it. 
    AUDIENCE MEMBER:  “Concepts”! 
    THE VICE PRESIDENT:  You watched the debate.  (Laughs.)  So, you remember, he has, quote, “concepts of a plan.” 
    AUDIENCE:  “Concepts of a plan!”
    THE VICE PRESIDENT:  “Concepts of a plan.”
    So, he’s going to threaten — he’s going to threaten the health insurance of 45 —
    AUDIENCE MEMBERS:  (Inaudible.)
    THE VICE PRESIDENT:  We need a medic over here.  We need a medic over here.  Let’s — let’s clear a path so they can come through, please.
         AUDIENCE MEMBER:  Don’t forget he’s out on bail! 
    AUDIENCE MEMBER:  Espionage!  (Laughter.)
    THE VICE PRESIDENT:  And we got jokes over here, grounded in reality.  (Laughter.)
         We okay?  Okay.  We’re okay.  Thank you all. 
         So — (applause) — we’re good.  Okay.
    So, you know, where I was going with that is many of you may have heard me say, I do believe that Donald Trump is an unserious man, and the consequences of him ever getting back into the White House are brutally serious — brutally serious. 
    So, on that point about “concepts of a plan,” it’s funny.  We thought it was ridiculously hilarious when we first heard it.  But here’s the thing about that.  He is basically going to threaten the health insurance of 45 million people based on a concept and take us back to when insurance companies could deny people with preexisting conditions.  You remember what that was like?
    Well, we are —
    AUDIENCE:  Not going back!
    THE VICE PRESIDENT:  — not going back.  We are not going back.  We’re not going back.
    AUDIENCE:  We’re not going back!  We’re not going back!  We’re not going back!
    THE VICE PRESIDENT:  We are not going back.  We’re not going back.
    AUDIENCE:  We’re not going back!  We’re not going back!  We’re not going back!
    THE VICE PRESIDENT:  And we are not going back because we intend to move forward — (applause) — because ours is a fight for the future, and it is a fight for freedom — (applause) — like the fundamental freedom of a woman to make decisions about her own body and not have her government tell her what to do.  (Applause.)
    And we here remember how we got to this place, because then-President Donald Trump hand-selected three members of the United States Supreme Court with the intention that they would undo the protections of Roe v. Wade, and they did as he intended. 
    And now, in America, one in three women lives in a state with a Trump abortion ban, many of these with no exception even for rape and incest, which means you’re telling a survivor of a violation to their body that they don’t have a right to make a decision about what happens to their body next? 
    AUDIENCE:  Booo —
    THE VICE PRESIDENT:  That’s immoral.  That’s immoral. 
    And I think we all know one does not have to abandon their faith or deeply held beliefs to agree the government should not be telling her what to do — (applause) — not the government.  If she chooses, she will talk to her priest, her pastor, her rabbi, her imam but not the government — not some — some people up in a state capitol — not Donald Trump.
    AUDIENCE:  No!
    THE VICE PRESIDENT:  No. 
    So, let me tell you, when Congress passes a bill to restore the reproductive freedoms nationwide, with your help, as president of the United States, I will proudly sign it into law.  (Applause.)  Proudly.  Proudly.  Proudly. 
    And across our nation, we are witnessing a full-on assault on other hard-fought, hard-won freedoms and rights — fundamental freedoms and rights.  I’m traveling our country.  I mean, attacks on the freedom to vote. 
    You know, in the state of Georgia, they passed a law that makes it illegal to give people food and water for standing in line to vote.  You know, the hypocrisy abounds.  What happened to “love thy neighbor”?  Right?
    Attacks on the freedom to join a union, attacks on the freedom to be safe from gun violence, attacks on the freedom to love who you love openly and with pride.  (Applause.)
    So much is on the line in this election, and you all are spending your precious time here together because we know this is not 2016 or 2020.  The stakes are even higher this time for many reasons, including because, just months ago, the United States Supreme Court basically told the former president he is effectively immune no matter what he does in the White House.
    AUDIENCE:  Booo —
    THE VICE PRESIDENT:  Right.  Because we know — just imagine Donald Trump with no guardrails.  Just imagine.  He who has vowed he would be a dictator on day one.  He who calls Americans who disagree with him the “enemy from within.”  You know where that language comes from?  The “enemy from within,” talking about Americans.  He who says he would use the military to go after them — American citizens.  He who has called for the, quote, “termination” of the Constitution of the United States of America. 
    AUDIENCE:  Booo —
    THE VICE PRESIDENT:  And we are clear: Someone who suggests we should terminate the Constitution of the United States should never again have the privilege of standing behind the seal of the president of the United States.  (Applause.)  Never again.  Never again.  Never again.  Never again. 
    AUDIENCE:  Never again!  Never again!  Never again!
    THE VICE PRESIDENT:  Never again. 
    So, Michigan, it all comes down to this.  We know why we’re here together.  We know what’s at stake.  And we are here together for one of the most important of all the reasons: We are here together because we love our country.  (Applause.)  We love our country. 
    We love our country, and we know that it is one of the highest forms of an expression of love of our country, of patriotism, to then fight for our ideals, to fight to realize the promise of America.  That’s what our campaign is about. 
    And Election Day is in 18 short days.  Okay?  And here in Michigan, early voting starts on Saturday, October 26th, which is one week from tomorrow.  (Applause.) 
    So, now is the time to make your plan to vote.  Make a plan.  Make a plan.  And if you have received your ballot in the mail, please do not wait.  Fill it out and return it today. 
    Because, folks, the election is here.  The election is here right now.  And like I know everybody here knows to do, we’ve got to energize and organize and mobilize and remind our neighbors and our friends that their vote is their voice and your voice is your power. 
    In a democracy, while we can hold on to it, our vote is the power that each of us as an individual has.  It’s an extraordinary power, and we will not give it away, and we will not let anyone suppress or silence our power.  Don’t ever let anybody take your power from you.  (Applause.)
    So, Michigan, today I ask you, then, are you ready to make your voices heard?  (Applause.)
         Do we believe in freedom?  (Applause.)
         Do we believe in opportunity?  (Applause.)
         Do we believe in the promise of America?  (Applause.)
         And are we ready to fight for it?  (Applause.)
         And when we fight —
         AUDIENCE:  We win!
         THE VICE PRESIDENT:  — we win.
         God bless you.  And God bless the United States of America.  (Applause.)
                                 END                3:07 P.M. EDT

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Governor Cooper Proclaims October as Cybersecurity Awareness Month, Reminds North Carolinians to Beware of Hurricane-Related Scams

    Source: US State of North Carolina

    Headline: Governor Cooper Proclaims October as Cybersecurity Awareness Month, Reminds North Carolinians to Beware of Hurricane-Related Scams

    Governor Cooper Proclaims October as Cybersecurity Awareness Month, Reminds North Carolinians to Beware of Hurricane-Related Scams
    kogardner
    Fri, 10/18/2024 – 17:23

    Governor Roy Cooper has proclaimed October as Cybersecurity Awareness Month in North Carolina to recognize the ongoing importance of online safety, especially in the wake of Hurricane Helene, which brought historic devastation to the state.

    “Storms like Helene offer prime opportunities for cybercriminals looking to take advantage of others during a crisis situation when they may have their guard down,” Governor Cooper said. “Every North Carolinian must remain vigilant about staying safe online and protecting their personal information.”

    Scammers can pose as official representatives of disaster aid organizations or charities and use phishing emails, social media messages, texts and phone calls to obtain personal and financial information and access devices and networks that hold sensitive data. Be careful with any messages that include hurricane-related subject lines, attachments or hyperlinks.

    “Our department continues to emphasize the importance of cybersecurity education and awareness,” said N.C. Department of Information Technology Secretary and State Chief Information Officer Jim Weaver. “We are committed to ensuring that everyone can access the internet safely and guard against cyberthreats, which can happen to anyone at any time.”

    Here are some ways you can protect yourself, your family and your workplace from online threats: 

    • Recognize, resist and delete phishing attempts. Do not click links or open attachments in suspicious messages. Always double check web and email addresses to make sure they are legitimate. If you think the message could be real, look up another way to contact the company or person directly to verify.
    • Avoid sharing personal information. Don’t send sensitive information such as passwords, account numbers and Social Security Numbers over email, text or chat.
    • Make passwords long, random and unique. Strong passwords should be at least 16 characters and include a random string of mixed-case letters, numbers and symbols. Use a different strong password for each account. Password managers can generate strong passwords and remember them for you.
    • Enable multifactor authentication for every account or app that offers it. Multifactor authentication requires you to enter more information than just a password, such as a text code or fingerprint.
    • Update software. Make sure your devices are running the latest version of operating systems, software and web browsers. When notified about updates, be sure to install them as soon as possible or turn on automatic updates to install updates without any input as soon as they are available.

    The N.C. Department of Information Technology, along with other state, local and federal partners, works to protect North Carolina’s government IT systems, data and assets against cyberthreats.

    In addition, NCDIT’s Division of Broadband and Digital Equity has launched a series of grant programs that have awarded $44 million to date to ensure North Carolinians can access and afford high-speed internet, obtain digital devices and safely and effectively navigate today’s digital world.

    NCDIT will share tips and information on social media using hashtags #SecureOurWorld and #CyberSecureNC throughout the month. More information about online safety is available at it.nc.gov/CyberSecureNC.

    Read the proclamation.

    Oct 14, 2024

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Disaster Recovery Centers Open in Avery and McDowell Counties

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Centers Open in Avery and McDowell Counties

    Disaster Recovery Centers Open in Avery and McDowell Counties

    RALEIGH, N.C. –  Two Disaster Recovery Centers (DRC) will open Saturday, Oct. 19 in Newland (Avery County) and Old Fort (McDowell County) to assist North Carolina survivors who experienced loss from Tropical Storm Helene. This is the second DRC to open in McDowell County; the first McDowell County DRC is located in Sylva. 

    The Avery County DRC is located at:  

    Maryland Community College-Avery Campus

    785 Cranberry St.

    Newland, NC 28657

    Open: 8 a.m. – 7 p.m., Monday through Sunday

    The second McDowell County DRC is located at:  

    A.C. “Bud” Hogan Community Center

    909 East Main St. 

    Old Fort, NC 28762

    Open: 8 a.m. – 7 p.m., Monday through Sunday

    A DRC is a one-stop shop where survivors can meet face-to-face with FEMA representatives, apply for FEMA assistance, receive referrals to local assistance in their area, apply with the U.S. Small Business Administration (SBA) for low-interest disaster loans and much more.  

    FEMA financial assistance may include money for basic home repairs, personal property losses or other uninsured, disaster-related needs, such as childcare, transportation, medical needs, funeral, or dental expenses. 

    Centers are already open in Asheville, Bakersville, Boone, Brevard, Hendersonville, Jefferson, Lenoir, Marion, Sylva and Waynesville. To find those center locations, go to fema.gov/drc or text “DRC” and a zip code to 43362. Additional recovery centers will open soon. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.   

    Homeowners and renters in 39 North Carolina counties and tribal members of the Eastern Band of Cherokee Indians can visit any open center, including locations in other states. No appointment is needed.  

    It is not necessary to go to a center to apply for FEMA assistance. The fastest way to apply is online at DisasterAssistance.gov or via the FEMA app. You may also call 800-621-3362. If you use a relay service, such as video relay, captioned telephone or other service, give FEMA your number for that service. 

    barbara.murien…
    Fri, 10/18/2024 – 21:36

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI Russia: IMF Executive Board Completes the First Review under the Extended Credit Facility (ECF) Arrangement for Ethiopia

    Source: IMF – News in Russian

    October 18, 2024

    • The IMF Board completed the first review under the Extended Credit Facility (ECF) for Ethiopia, allowing the authorities to draw the equivalent of about US$340.7 million (SDR 255.6 million). The ECF was approved by IMF Board in July 2024 and forms part of a US$10.7 billion support package from development partners and creditors for Ethiopia.
    • The Ethiopian authorities have shown strong commitment to their homegrown economic reform program. Implementation of ECF-supported reforms is advancing well.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed today the first review of the 48-month Extended Credit Facility (ECF) for Ethiopia. The Board’s decision allows for an immediate disbursement of about US$340.7 million (SDR 255.6 million), which will help Ethiopia meet its balance of payments needs. The completion of the review brings total disbursements under the arrangement to about US$1.363 billion.

    Ethiopia’s ECF arrangement for a total of SDR 2.556 billion (850 percent of quota) or about US$3.4 billion at the time of program approval on July 29, 2024 (see Press Release 24/291) is aimed at supporting the authorities’ Homegrown Economic Reform Agenda (HGER) to address macroeconomic imbalances and lay the foundations for private sector led growth.

    All quantitative performance criteria and four out of five structural benchmarks for the first review have been met. The emergency liquidity assistance framework has been finalized prior to Board approval with a slight delay from end-September target date.

    The implementation of the authorities’ economic program, including the transition to the new exchange rate regime, has been commendable. The spread between the formal and parallel market exchange rates has narrowed to low levels, with little sign of disruption to the broader economy. The supply of foreign exchange is picking up, helping alleviate acute foreign exchange shortages. Nonetheless, some unmet foreign exchange demand persists as economic agents are still adjusting to the new FX regime.

    Steady implementation of the HGER reform plan will be key to macroeconomic stability and stronger economic growth. Continued tight monetary policy and elimination of monetary financing of the government will be key to durably reducing inflation. Expanding social safety nets is critical to mitigating the impact of reforms on vulnerable people. Maintaining momentum on domestic revenue mobilization and structural reforms in the SOE sector is essential to creating sufficient space for social and developmental capital spending.

    The authorities continue their efforts to restore debt sustainability. Financing assurances and adjustment efforts are consistent with IMF policy requirements and program parameters.

    Following the Executive Board discussion, Mr. Bo Li, Deputy Managing Director and Chairman of the Board, made the following statement:

    “Ethiopia’s program under the ECF has made a solid start, and the transition to a more flexible exchange rate has progressed well. Transitional one-off arrangements to address the foreign exchange (FX) backlog from past fuel imports are in place, relying principally on market participants with an additional contribution from the National Bank of Ethiopia (NBE). As economic agents adjust to the new FX regime, reform momentum and clear communication will need to continue to ensure a fully successful and sustained switch to a floating exchange rate.

    “Continuing to restrict NBE’s FX interventions and additional policy measures to support FX market development will be critical to enhance market efficiency and deepening. Prudent macroeconomic policies, including continued tight monetary policy and the elimination of monetary financing of government deficits are essential to reducing imbalances and shoring up macroeconomic stability.

    “Implementation of the early stages of the authorities’ monetary policy reforms and the shift to an interest-rate based regime has been encouraging, including the steady uptake of NBE open market operations. The authorities should step up efforts to improve monetary policy transmission, including by enhancing treasury bill market functioning. Close supervision and enforcement of net open position regulations for banks will help address financial sector vulnerabilities. 

    “The authorities have embarked on ambitious and comprehensive tax mobilization reforms, which will be guided by the recently approved National Medium-Term Revenue Strategy. The new VAT law further streamlines exemptions, expands the revenue base, and strengthens administration and compliance framework. Sustained tax revenue mobilization reforms are critical for creating sufficient space for social and development spending needs. The authorities are implementing plans to expand the targeted social safety net (PSNP), which will deliver cost-effective and efficient support to vulnerable people and mitigate the social impact of the FX reform. 

    “Amendments to the law governing the NBE tabled in Parliament include important improvements to the NBE’s mandate, functions, and powers. Robust lender-of-last resort provisions and legal safeguards to central bank autonomy and governance will also be important.

    Continued steps to secure debt treatment is crucial to restore debt sustainability. The progress made on debt restructuring negotiations under the Common Framework is welcome. The authorities are working to reach an agreement on debt treatment with official creditors by the time of the second program review. Negotiations with commercial creditors should follow on comparable terms. The authorities plan to develop a debt management strategy with Fund technical assistance.”

    Ethiopia Selected Economic Indicators, 2021/22-2028/29

    2021/22

    2022/23

    2023/24

    2024/25

    2025/26

    2026/27

    2027/28

    2028/29

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    Output

    Real GDP growth (%)

    6.4

    7.2

    6.1

    6.5

    7.1

    7.7

    8.0

    7.8

    Prices

    Inflation – average (%)

    33.9

    32.5

    26.6

    25.0

    16.7

    12.2

    10.4

    9.6

    General government finances

    Revenue (% GDP)

    8.1

    7.9

    7.5

    8.4

    9.8

    10.9

    11.3

    11.5

    Expenditure (% GDP)

    12.7

    10.8

    9.9

    11.5

    12.4

    13.4

    13.7

    14.0

    Fiscal balance, including grants (% GDP)

    -4.2

    -2.6

    -2.0

    -1.7

    -2.1

    -2.0

    -2.0

    -2.0

    Public debt (% GDP)1

    48.9

    40.2

    34.7

    43.6

    39.1

    36.0

    33.6

    31.6

    Money and Credit

    Broad money (% change)

    27.2

    26.6

    14.1

    28.4

    28.3

    30.6

    22.1

    21.0

    Credit to private sector and state-owned enterprises (% change)

    18.9

    24.1

    9.7

    -14.3

    37.9

    40.1

    24.2

    21.1

    Balance of payments

    Current account (% GDP)

    -4.0

    -2.8

    -2.4

    -4.4

    -3.3

    -2.5

    -2.1

    -1.9

    FDI (%GDP)

    2.6

    2.1

    1.6

    2.7

    3.2

    2.9

    3.0

    3.0

    Reserves (in months of imports)

    0.8

    0.5

    0.7

    1.4

    2.1

    2.6

    3.5

    3.6

    External debt (% GDP)

    24.0

    18.1

    15.4

    28.9

    26.8

    24.5

    22.5

    19.7

    Exchange rate

    Real effective exchange rate (% change, end of period, depreciation –)

    10.1

    24.0

    …

    …

    …

    …

    …

    …

    1/Public and publicly guaranteed external debt, which includes long-term foreign liabilities of NBE and external debt of Ethio-Telecom. Does not include expected debt relief.

    For digital posting, please submit press release with an editable table (no images) already inserted in Microsoft Word file to ensure that the data in the SEI table is displayed as prepared.]

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/18/pr-24383-ethiopia-imf-completes-the-1st-review-under-the-ecf-arrangement

    MIL OSI

    MIL OSI Russia News –

    January 24, 2025
  • MIL-OSI USA: October 18th, 2024 As Wildfire Seasons Intensify, Heinrich Introduces Legislation to Study the Impacts on Home Insurance Coverage, Identify Measures to Alleviate Risks for Homeowners in New Mexico

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Energy and Natural Resources Committee and the Chairman of the U.S. Joint Economic Committee, recently introduced the Wildfire Insurance Coverage Study Act to better understand the impacts of increasingly destructive wildfires in the West on insurance coverage for homeowners, and identify possible measures to alleviate the financial risk of wildfires.  
    “My office is fielding more and more calls from New Mexicans whose premiums are being hiked dramatically, or who have lost their insurance plans entirely. New Mexicans are trying to protect their families’ homes and financial stability. They deserve transparent and fair insurance markets that give them peace of mind,” said Heinrich. “We need to get a better handle on how exactly these more destructive wildfire seasons and other climate risks are impacting insurance companies’ decisions. More accurate data and analysis will help us create more effective solutions to this mounting challenge of insurers substantially raising the cost of premiums for homeowners and even pulling out entirely from Western and forested communities.”
    According to a report released by Heinrich as Chairman of the U.S. Congress Joint Economic Committee, the financial risks of wildfires are hard to predict because fires can start for a number of reasons and because their risk to peoples’ homes at any given time is based on a complicated combination of topography, drought conditions, wind patterns, fuel amounts, and the location of houses among many other factors. This has led many insurers to either raise premium costs substantially across the board in Western and forested communities or pull out of markets entirely — with several major insurance companies declining to provide any form of coverage.
    Heinrich’s Wildfire Insurance Coverage Study Act would require a federal study to assess: 
    The Wildfire Insurance Coverage Study Act is endorsed by Public Citizen and the National Association of Counties (NACo).  
    Full text of the bill is available here.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: CWA Members Ratify Contracts with AT&T, Securing Raises Across Eleven States

    Source: Communications Workers of America

    Following Longest Telecommunications Strike in Southeast History, Contracts Also Include Improvements to Overtime and Scheduling Ahead of Historic Nationwide Broadband Buildout

    ATLANTA, Ga. and SACRAMENTO, Calif. – Over 25,500 members of the Communications Workers of America (CWA) across eleven states have ratified strong new contract agreements with AT&T Southeast and AT&T West. After their prior contract expired in early August, workers in the nine AT&T Southeast states engaged in a month-long strike to force AT&T to engage in good faith bargaining.

    AT&T workers, including technicians, customer service representatives and others who install, maintain and support AT&T’s network, will receive wage increases of at least 15% over the course of the new four-year collective bargaining agreement in the West and over 19% during the new five-year agreement in the Southeast. In the contract that covers the Southeast, Wire Technicians and Utility Operations professionals, who will be essential to fulfilling the nationwide broadband buildout underway as part of President Biden’s Infrastructure bill, will receive an additional 3% wage boost.

    The contracts covering both AT&T Southeast and AT&T West include significant improvements to overtime and scheduling practices, addressing a key concern of technicians who install and troubleshoot AT&T fiber networks in homes and businesses. These technicians often cited unreasonable expectations for the time needed to complete work assignments, too many assignments being added to their queue through the day, and over-scheduling of weekend shifts — all of which contributed not only to their own diminishing work-life balance, but the level and quality of customer service they are able to provide AT&T customers.

    “Our members were clear from the start: every CWA member at AT&T has value and no one should be treated like a second-class employee. These new contracts provide our members with family-supporting wages and benefits, and address longstanding concerns about overtime and overscheduling which not only kept them away from their families and unable to plan their own lives, it negatively affected the quality of service our members want to deliver,” said CWA President Claude Cummings Jr. “In August, 17,000 members embarked on the longest telecom strike in the history of the Southeast and the largest in the county at the time, because they knew if they stood together and held their ground, AT&T would have no choice but to send negotiators to the table who could bargain a fair contract. Our unity across our union made these monumental contracts possible. Now, over 25,000 AT&T workers across 11 states have a strong contract that reflects their value and will undoubtedly help them keep our communities better connected.”

    CWA members across Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee walked off the job on August 16 after AT&T refused to engage in good faith bargaining and failed to send negotiators who had the authority to make decisions to the table.

    During the month-long strike, AT&T suffered operational and financial strain without essential customer service representatives and AT&T installation and maintenance technicians on deck, resulting in the company having diminished capacity to handle outages and repairs. The blow forced the company to reach a fair tentative agreement with its thousands of workers, building upon the labor momentum currently sweeping the South.

    “For 30 days, our members stood up and made sacrifices to fight for the fair contract they deserve. Because of our members’ solidarity and tenacity, AT&T workers now have the support they need to make AT&T a leader in closing our nation’s digital divide,” said CWA District 3 Vice President Richard Honeycutt. “Across these nine states, billions of dollars in federal funds will be rolling in to support a massive broadband rollout, and this contract ensures that both customers and workers will be adequately supported as AT&T bids for and hopefully secures new projects stemming from that funding.”

    “With this new contract, our members are well positioned to support their families, with improved wages and schedules. They are also ready to get to work bringing high-speed broadband internet to homes and businesses throughout the region now that the Biden-Harris Administration has approved both California and Nevada’s ‘Internet for All’ proposals,” said CWA District 9 Vice President Frank Arce. “I’m happy to say AT&T West is celebrating with our brothers, sisters and siblings in the Southeast over our strong contracts.”

    The AT&T Southeast contract covers approximately 17,000 workers across Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee. The AT&T West contract covers approximately 8,500 workers in California and Nevada.

    ###

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI China: China’s free HPV vaccination accessible to 40 pct girls of eligible age

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

    BEIJING, Oct. 18 — In its ongoing battle against cervical cancer, China has made free human papillomavirus (HPV) vaccinations accessible to about 40 percent of girls aged 13 to 14, according to the National Health Commission.

    Since 2021, 11 provincial-level regions and multiple cities have provided free vaccination services for girls of eligible age, Shen Haiping, head of the commission’s maternal and child health department, said at a press conference on Friday.

    A total of 280 million free HPV screenings have been conducted across China, greatly facilitating the early detection, diagnosis and treatment of cervical cancer, Shen said.

    Health authorities worked with women’s federation organizations in providing medical assistance to 275,000 cervical cancer patients in financial difficulties, the official said.

    According to the commission, cervical cancer is the most common gynecologic malignancy. In 2022, there were 151,000 new cases of cervical cancer in China, with an incidence rate of 13.8 per 100,000, ranking fifth among cancers in women.

    China has attached great importance to the prevention and treatment of cervical cancer, with this disease highlighted in a series of major documents, Shen said.

    In 2023, the country launched a campaign to accelerate the elimination of cervical cancer in answer to the international community’s call to lower its incidence rate to 4 per 100,000 by the end of the century, Shen added.

    MIL OSI China News –

    January 24, 2025
  • MIL-OSI China: China to promote high-level financial opening up: vice premier

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

    BEIJING, Oct. 18 — China will steadily expand the institutional opening up in the financial sector, and support more foreign financial institutions and long-term capital to invest in China, Vice Premier He Lifeng said here on Friday.

    He, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with members of the International Advisory Council of the National Financial Regulatory Administration.

    He said that China will further deepen the reform of the financial system, steadily expand the institutional opening up in the financial sector, facilitate cross-border investment and financing, and support more foreign financial institutions and long-term capital to invest and start businesses in China, in order to provide high-quality financial services for China’s modernization.

    The advisory council members expressed their anticipation for the financial reform and opening up, and the development prospect of China’s economy and financial market.

    MIL OSI China News –

    January 24, 2025
  • MIL-OSI China: Financial opening-up, development under spotlight at key forum

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

    BEIJING, Oct. 18 — Heavyweight guests from home and abroad discussed financial opening-up and cooperation as well as economic development on Friday as they gathered in Beijing for the Annual Conference of Financial Street Forum 2024.

    Yin Li, secretary of the Communist Party of China Beijing Municipal Committee, said as an important destination for global financial investment, the Chinese capital will move faster to develop a vibrant modern financial system and enhance its capacity to serve national financial management functions.

    Toward that end, efforts will focus on improving financial service facilities, building a financial market system that fosters innovation, strengthening international financial exchanges, and maintaining a safe and sound financial environment, Yin said.

    Pan Gongsheng, governor of the People’s Bank of China, said the central bank will focus on serving high-quality development while strengthening counter-cyclical adjustments through monetary and macroprudential policies.

    The central bank will work to make financial support policies more targeted and effective, create a favorable monetary and financial environment for stable economic growth and structural adjustments, and steadily push forward financial opening up, said Pan.

    Li Yunze, head of the National Financial Regulatory Administration, said the administration will guide financial institutions to increase financial supply, improve resource allocation, and accelerate the flow of funds, therefore fully supporting the country’s economic recovery.

    Regarding the capital market, Wu Qing, chairman of the China Securities Regulatory Commission, said the regulator will deepen capital market reform, and improve institutions and mechanisms that promote the high-quality development of listed companies and strengthen the market’s intrinsic stability.

    Fu Hua, president of Xinhua News Agency, said media should move to create a favorable “soft” environment with boosted market confidence. Boosting trust and confidence is particularly of great significance when the Chinese economy is at a critical stage of overcoming challenges, he told the forum.

    Fu said Xinhua will make every effort to amplify the “main theme” of economic development, and contribute new and greater strength to advancing Chinese modernization through high-quality financial development.

    Zhu Hexin, head of the State Administration of Foreign Exchange, said the administration will make solid efforts to deepen reform and promote high-standard opening up in the field of foreign exchange.

    Work will be done to improve the opening up of capital accounts, enhance the evaluation of policies and communication with the market, and boost regulation and risk control capabilities, according to Zhu.

    Agustin Carstens, general manager of the Bank for International Settlements, said via video link that as a key engine for global growth, the strengthening of China’s domestic demand will benefit the world, inject fresh momentum into the global economy and safeguard global monetary and financial stability.

    Themed “Trust and Confidence — Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth,” this year’s conference is jointly hosted by the People’s Government of Beijing Municipality, the People’s Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, Xinhua News Agency, and the State Administration of Foreign Exchange.

    MIL OSI China News –

    January 24, 2025
  • MIL-OSI USA: The ImPORTance of Coos Bay

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    Today at 5:25 PM

    I’ll always fight to get Oregon’s ports the resources they need to improve their infrastructure, support the regional economy, and make our supply chains more efficient – which is especially important now that congested ports are in the spotlight as a key factor driving the ongoing supply chain crisis. 

    Fast forward to earlier this week when I received a welcome call from the Biden-Harris administration that the U.S. Department of Transportation awarded Coos Bay more than $25 million for the Pacific Coast Intermodal Port Terminal Planning Project. I’m still smiling. 

    None of this happened by osmosis. I’ve been honored to team up with Congresswoman Hoyle and Senator Merkley as co-captains to land this project for the Port of Coos Bay, the South Coast and rural Oregon. Of course, former Congressman DeFazio also deserves huge credit.

    These fresh federal funds for environmental reviews, permitting and preliminary engineering show how much momentum this project has.

    Modernizing the port and generating the potential for thousands of good-paying jobs on the South Coast is the North Star for regional economic development. This good news shows how a “small community with big grit” can pilot its own course to a bright future. 

    We do many things well here in Oregon. And what we do best is grow things here, make things here and then ship them somewhere.

    The Port of Coos Bay’s new state-of-the-art container terminal would play a huge new role in that proven trade playbook for economic success in our state. And it could increase West Coast shipping capacity up to 10 percent all while setting the bar for modern, environmentally-friendly ship-to-rail container operations that get trucks off the road.

    The national supply chain is overdue for a West Coast port like the Port of Coos Bay to increase capacity and relieve the shipping congestion. You simply cannot find a better location for a new port anywhere on the West Coast. 

    As a bonus, the Port of Coos Bay also has access to a Class-1 railroad, which provides for the quick movement of cargo without the pollution from heavy duty trucks.

    And I’m all in to watchdog that this project cuts no corners during environmental reviews.

    There’s still more work to be done to secure additional federal investments in this modern project for this iconic port,  but we’re well on our way to complete this voyage along the Oregon Way.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: A Friend of the Farm Bureau: Rep. Jim Costa Honored by the American Farm Bureau Federation with National Award

    Source: United States House of Representatives – Congressman Jim Costa Representing 16th District of California

    FRESNO, Calif. – Congressman Jim Costa (CA-21), a senior member of the House Agriculture Committee, was awarded the “Friend of the Farm Bureau” award for the 118th Congress by the American Farm Bureau Federation (AFBF).

    “It is an honor to receive the Friend of the Farm Bureau award for my unwavering commitment to our nation’s agricultural industry, the backbone of this economy. We have made significant strides in implementing policies that empower farmers and drive economic growth here at home and nationally. I will continue to champion the needs of our farmers, ranchers, dairymen, and women as we work to get a robust, bipartisan Farm Bill done.” said Rep. Jim Costa.

    “The American Farm Bureau’s Friend of Farm Bureau Award honors members of Congress with a strong record of supporting the nation’s farmers and ranchers. Congressman Costa was selected by AFBF for this term due to his leadership on the House Agriculture Committee and his efforts to address key challenges facing the agricultural community.” said Ryan Jacobsen, Chief Executive Officer (CEO) of the Fresno County Farm Bureau. 

    BACKGROUND
    The American Farm Bureau Federation (AFBF) awards the Friend of Farm Bureau award to members of Congress who elevate the needs of farmers, ranchers, dairymen, and women in the United States Congress as demonstrated by their voting records. Awardees are nominated by their respective state Farm Bureaus and approved by the National Board of Directors.

    Costa serves as Ranking Member of the Subcommittee on Livestock, Dairy, and Poultry. He also serves as co-chair of the Congressional Agricultural Trade Caucus and Specialty Crops Caucus.

    Learn more about Costa’s achievements HERE.

    Find photos and video from the ceremony HERE. 

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI China: China’s economy on steady course to realize 2024 targets

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

    BEIJING, Oct. 18 — The Chinese economy gained a firm footing in the third quarter (Q3) of this year in the face of mounting challenges at home and abroad, and authorities believe the country will remain on a steady course to achieve its full-year targets.

    China’s gross domestic product (GDP) grew 4.8 percent year on year to around 94.97 trillion yuan (about 13.33 trillion U.S. dollars) in the first three quarters of this year, data from the National Bureau of Statistics (NBS) showed Friday. In Q3, the economy expanded 4.6 percent from a year ago and went up 0.9 percent on a quarterly basis.

    Despite a complicated external environment and emerging challenges at home, the Chinese economy has posted generally stable performance, Sheng Laiyun, deputy head of the NBS, told a press conference Friday.

    In a breakdown, industrial output climbed 5.8 percent compared to the first nine months of the previous year, as robust increases were seen in equipment and high-tech manufacturing industries. The service sector reported continued recovery with a 4.7-percent increase in added value.

    Consumption maintained an upward trend during the period with retail sales of consumer goods up 3.3 percent from a year ago. Fixed-asset investment rose 3.4 percent, spurred by vibrant capital influx into high-tech industries.

    The job market was stable as the surveyed urban unemployment rate on average stood at 5.1 percent in the first three quarters, down from 5.3 percent a year ago. The nominal growth of per capita disposable incomes of urban and rural residents came in at 5.2 percent.

    Job seekers talk with recruiting representatives at a job fair in Haikou, capital of south China’s Hainan Province, July 20, 2024. [Photo/Xinhua]

    STABLE TREND UNCHANGED

    According to the NBS data, the third quarter’s growth was slightly down from 4.7 percent in the second quarter and 5.3 percent in the first. Despite this dip, authorities noted that the overall stability of the economy has remained intact.

    “Fluctuations of the GDP growth are modest changes around the expected target,” said Sheng. He cited a string of favorable conditions, including stable employment and inflation levels, forecast-beating foreign trade, and ample foreign exchange reserves recently rebounding to 3.3 trillion U.S. dollars.

    Meanwhile, high-quality development made headway, particularly in innovation and green transformation. Investment in the high-tech sector has seen rapid growth, while green industries, including electric vehicles, lithium-ion batteries and photovoltaic products, maintained double-digit increases. Production and consumption in wind, nuclear and photovoltaic power expanded steadily.

    Powered by innovation and green upgrades, industrial performance emerged as a key strength, contributing nearly 40 percent of the GDP in the first three quarters.

    This photo taken on Aug. 14, 2024 shows the new energy vehicles production line of a smart factory of Seres Group in southwest China’s Chongqing Municipality. [Photo/Xinhua]

    Analysts believe that the positive signs were particularly evident last month as many indicators showed improvement.

    Increases in industrial output and fixed-asset investment ended several months of decline, and a recent survey revealed increased optimism among businesses. Stock trading volumes in the Shanghai and Shenzhen markets surged by over 30 percent last month. The real estate market also warmed up, with a narrowing decline in sales volume and value.

    The positive momentum was further bolstered by a key meeting of the Political Bureau of the Communist Party of China Central Committee in late September, where a package of incremental policies significantly enhanced market confidence and vitality, Sheng said.

    STRONG STIMULUS

    Chinese policymakers have introduced a series of measures aimed at beefing up the economy in response to looming challenges.

    These efforts, including a program of large-scale equipment upgrades and trade-ins of consumer goods, supportive real estate policies and the issuance of ultra-long special treasury bonds and local government special bonds, have helped boost domestic demand and strengthen the economic impetus.

    The central government has since late September unveiled what experts consider a package of milestone macroeconomic measures, which focused on enhancing counter-cyclical adjustments, expanding effective domestic demand, supporting business operation, promoting the recovery of the property market, and invigorating capital markets.

    People buy fruit at a supermarket in Kaifeng, central China’s Henan Province, Sept. 15, 2024. [Photo/Xinhua]

    Tian Xuan, president of the National Institute of Finance, Tsinghua University, emphasized the timeliness and precision of these measures, stating they played a crucial role in boosting confidence among market participants amid economic headwinds.

    The policies are showing positive effects, Sheng said, urging local governments to promptly take corresponding measures to maximize the potential of these policies and further solidify the economic recovery trend.

    Goldman Sachs earlier this month lifted its forecasts on China’s economic growth for this year from 4.7 percent to 4.9 percent on the grounds of the recent pro-growth measures.

    BRIGHTENED PROSPECTS

    China’s economy is expected to continue its recovery in the fourth quarter, following signs of stabilization observed in September, according to Sheng. “We are confident in achieving our annual targets,” he said. China set a target of economic growth at around 5 percent for this year.

    The 4.8-percent growth rate in the first three quarters came as a hard-won result achieved amid increasing external pressures and ongoing internal structural adjustments, Sheng said, noting that this growth highlights the economy’s strong resilience and potential and lays a solid foundation for future recovery.

    An economic rebound in the fourth quarter is of “high probability,” Sheng said, citing encouraging changes in early October including power use, production material prices, and the consumption during the week-long National Day holiday.

    An aerial drone photo shows a train for China-Europe freight service pulling out of Tongjiang North Railway Port in northeast China’s Heilongjiang Province, Aug. 9, 2024. [Photo/Xinhua]

    The official also expressed optimism over the much-watched real estate market thanks to the fresh round of favorable policies. He referenced recent market statistics showing a significant increase in property transactions during the first week of October, when new home sales more than doubled and second-hand home sales tripled.

    However, Sheng acknowledged that the external environment has become more complex, and that economic recovery needs to be further consolidated.

    More efforts will be made to strengthen the coordination of existing and incremental policies and push for the swift and effective policy implementation in a bid to achieve the full-year economic and social development targets, Sheng added.

    MIL OSI China News –

    January 24, 2025
  • MIL-OSI USA: News 10/18/2024 Blackburn, Bennet Introduce Bipartisan Bill to Expand Employer Child Care Tax Credit

    US Senate News:

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

    NASHVILLE, Tenn. – U.S. Senators Marsha Blackburn (R-Tenn.) and Michael Bennet (D-Colo.), members of the Senate Committee on Finance, introduced the bipartisan Child Care for American Families Act to strengthen the employer-provided child care credit and expand support for small and rural businesses: 

    “Many families across Tennessee and America are struggling to find reliable and affordable child care, and we need to incentivize businesses to invest in child-care services for their employees,” said Senator Blackburn. “Our Child Care for American Families Act would help alleviate the financial burden of child-care costs by expanding and modernizing the Employer-Provided Child Care Tax Credit.”

    “Child care costs are rising nationwide, and countless families lack access to affordable, high-quality child care. This makes things that much harder for working parents, strains families’ budgets, and adds undue stress for families with young children,” said Senator Bennet. “The Child Care for American Families Act will help increase our country’s child care supply and reduce the number of Americans in child care deserts.”

    BACKGROUND
    According to the Tennessee Department of Human Services, 48 percent of Tennessee residents live in a child care desert, with disproportionate impacts felt by rural and low-income communities.
    The Bipartisan Policy Center found that 31.7 percent of children below the age of six with working parents do not have access to child care, and in rural communities, that number arises to 35.1 percent.
    THE CHILD CARE FOR AMERICAN FAMILIES ACT:
    Expands the employer-provided child care credit to cover a greater percentage of child care expenses, equal to:
    60% for businesses in eligible rural and low-income areas, up to a maximum of $1.2 million annually;
    50% for small businesses, up to a maximum of $1 million annually; and
    40% for all other businesses, up to a maximum of $800,000 annually.
    Directs the U.S. Department of the Treasury to issue guidance on multi-employer facilities.  
    ENDORSEMENTS
    The Child Care for American Families Act is endorsed by Save the Children, Colorado Executives Partnering to Invest in Children (EPIC), Kindercare, and Early Care & Education Consortium (ECEC). 
     
    Click here for bill text.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: News 10/17/2024 Blackburn to Blinken: The State Department’s Divisive DEI Agenda Undermines America’s Interests Abroad

    US Senate News:

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

    NASHVILLE, Tenn. – U.S. Senator Marsha Blackburn (R-Tenn.) sent a letter demanding transparency from U.S. Department of State Secretary Antony Blinken on the Department’s use of taxpayer dollars to pay the salaries of Diversity, Equity, and Inclusion (DEI) employees instead of promoting U.S. security overseas.
    Last month, reporting revealed top DEI officials at the Biden-Harris State Department make nearly $200,000 each year – nearly double the pay of average State Department employees. 
    The State Department Goes to Extreme Lengths to Prioritize Diversity Over Competence
    “I write with concern regarding the State Department’s use of hundreds of thousands of taxpayer funds to pay the salaries of Diversity, Equity, and Inclusion (DEI) employees. The State Department’s apparent willingness to go to extreme lengths to prioritize diversity over competence in formulating a workforce for the agency, whose stated mission, in part, is to ‘protect and promote U.S. security,’ is demonstrated by the hefty salaries of top DEI officials. According to financial disclosures, the position of Chief Diversity and Inclusion officer received an annual salary of $194,510, and the State Department’s Special Representative for Racial Justice and Equity receives $191,000 per year. Conversely, the base salary of the average State Department employee is just $97,000.”
    As Iran, China, and Russia Wage War on Democracy, the State Department’s DEI Agenda Is Offensive and Irresponsible

    “As you know, the current geopolitical landscape is dangerously volatile, and the United States is entangled in multiple diplomatic conflicts worldwide. Israel, one of our closest allies, is fighting an existential war against Iran’s proxy terrorist groups on several fronts, Communist China continues to threaten Taiwan’s sovereignty and bully nations in the Indo-Pacific into subservience, and Russia’s brutal war against Ukraine has now resulted in at least one million casualties on both sides. During this capricious period, it imprudent and offensive for your agency to allocate hundreds of thousands of taxpayer dollars to support a DEI agenda that does not support, but in fact undermines, America’s interests abroad. The American people deserve transparency over the use of their tax dollars to advance a divisive ideological agenda, particularly when it comes at the expense of protecting and promoting U.S. security overseas.”

    Click here for the full text of the letter.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Rogers, McConnell Introduce Legislation for Kentucky’s first National Heritage Area

    Source: United States House of Representatives – Representative Harold Hal Rogers (KY-05)

    PIKEVILLE, KY – U.S. Rep. Harold “Hal” Rogers and U.S. Senate Republican Leader Mitch McConnell introduced mirroring legislation to designate the Kentucky Wildlands as Kentucky’s first National Heritage Area. Congressman Rogers announced the news on Friday during the annual SOAR Summit in Pikeville. “Our beautiful Appalachian Mountains in southern and eastern Kentucky are full of outdoor adventures, incredible wildlife, and communities filled with a rich heritage of talented musicians and artisans. The National Heritage System links our region to tourism benefits that will boost our economy, adding a national spotlight here at home,” said Congressman Rogers, Dean of the House. “This legislation will be the final step in getting the designation to highlight our rich Appalachian culture in Kentucky, and I’m proud to partner with Senator McConnell to get it over the finish line.” “Securing Kentucky’s first National Heritage Area has been a project years in the making, and I’m grateful to see our state move one step closer to securing this designation. I’ve been proud to partner with Congressman Hal Rogers over the years to help advance this effort and tap into Eastern Kentucky’s great potential. Our state’s Appalachian region deserves to be preserved for families to enjoy, and this project will help do just that while driving more visitors and economic activity into Eastern Kentucky communities,” said Senator Mitch McConnell. Last month, the National Park Service (NPS) determined that 35 counties in southern and eastern Kentucky are eligible to become part of the National Heritage System. It was the result of a feasibility study that Rogers and McConnell secured federal funding for in 2019. Eastern Kentucky PRIDE received a grant from the Appalachian Regional Commission (ARC) in 2019 to brand the region as the Kentucky Wildlands. As a National Heritage Area, the region would receive technical assistance and federal funding through a partnership with the National Park Service. The NPS study concluded that the region embodies the concepts of self-reliance, sustainability and community recognized as the foundation of central Appalachian identity. Through the area’s rich natural resources that fueled the rise of late 19th and 20th century industry, local musicians’ enduring influence on popular American music, the accomplishments of community-driven civic leaders, and the resilience of groups calling Eastern Kentucky home, the reach of the people and products of Kentucky Wildlands extends far beyond the mountainous terrain where they originate. The NPS determined the 35 counties directly supporting the themes for a potential NHA boundary include: Bath, Bell, Boyd, Breathitt, Carter, Clay, Elliott, Estill, Floyd, Harlan, Jackson, Johnson, Knott, Knox, Laurel, Lawrence, Lee, Leslie, Letcher, Madison, Magoffin, Martin, McCreary, Menifee, Morgan, Owsley, Perry, Pike, Powell, Pulaski, Rockcastle, Rowan, Wayne, Whitley, and Wolfe. Within these counties, natural, cultural, historic and recreational resources support the overall landscape, cultural tradition of the area, and the nationally important heritage of the Kentucky Wildlands.? For more information about Congressman Rogers’ work in Washington and at home in Kentucky, visit halrogers.house.gov and follow him on social media. ###

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI: Council of Federal Home Loan Banks Hails FHFA Report Highlighting Impact Delivered by Federal Home Loan Banks

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Oct. 18, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank System (FHLBank System) today hailed a report published by the Federal Housing Finance Agency (FHFA), regulator of the FHLBank System, indicating that the FHLBanks contributed a total of more than $581 million in Affordable Housing Program and community development grants in 2023.

    FHFA’s 2023 Targeted Mission Activities Report highlights the FHLBanks affordable housing and community development activities last year, demonstrating that the FHLBanks delivered $446.9 million in AHP funds, including $35.2 million in voluntary AHP spending. Additionally, the report indicates the FHLBanks delivered $134.6 million in additional voluntary grant funding for a total of more than $581 million in funding for affordable housing and community development in 2023.

    In the press release announcing the report, FHFA Director Sandra Thompson is quoted as saying the FHLBanks “assisted close to 65,000 low- or moderate-income households and supported more than 400 targeted economic development projects in 2023.” She is further quoted saying “I am encouraged to see the Federal Home Loan Banks pursue creative and innovative approaches to addressing local housing needs through the voluntary programs they undertake in addition to meeting their obligations under the Affordable Housing Program.”

    Ryan Donovan, president and CEO of the Council of Federal Home Loan Banks, said the report stands as a strong indicator of how dedicated the 11 FHLBanks are to working with their members and within their districts to meet the needs of local communities.

    “Over the last two years the FHLBanks have taken tremendous steps to help address the housing supply and affordability issues plaguing the country,” said Donovan. “This report clearly shows the positive impact and responsiveness of the 11 FHLBanks to the needs of their members and the communities they serve. We are grateful to FHFA for publishing the report and we look forward to continuing to work with the agency, financial regulators, and other stakeholders to develop innovative and workable solutions to the nation’s housing finance needs.”

    In response to feedback the FHLBanks heard during FHFA’s comprehensive review of the System, the FHLBanks voluntarily agreed in early 2023 to contribute 15 percent of the prior year’s net earnings to affordable housing and community development, a 50 percent increase from the statutorily required 10 percent. Based on 2022 net earnings, the FHLBank System was assessed $355.2 million for AHP in 2023, as noted in FHFA’s report. The $581 million in AHP and voluntary contributions in 2023 represent a total of more than 16 percent, or more than 60% above the statutory minimum.

    About: The FHLBanks are 11 regionally based, wholesale suppliers of lendable funds to financial institutions of all sizes and many types, including community banks, credit unions, commercial and savings banks, insurance companies, and community development financial institutions. The FHLBanks are cooperatively owned by member financial institutions in all 50 states and U.S. territories. The steady supply of lendable funds from FHLBanks helps U.S. lenders invest in local needs including housing, jobs, and economic growth. The Council of FHLBanks represents all 11 FHLBanks.

    CONTACT INFORMATION
    Council of FHLBanks
    Peter E. Garuccio
    202-955-0002 ext. 14
    pgaruccio@cfhlb.org

    The MIL Network –

    January 24, 2025
  • MIL-OSI Canada: Changes to AgriStability program saving Alberta farmers time and money

    Source: Government of Canada News

    News release

    Farmers are vital to Alberta’s economy, providing essential food resources and driving rural prosperity, yet they often face burdensome paperwork and high accounting fees that hinder their productivity. Governments are making changes to the AgriStability program to address these challenges.

    October 17, 2024 – Edmonton, Alberta – Agriculture and Agri-Food Canada

    Changes to Agriculture Financial Services Corporation (AFSC)’s AgriStability program will reduce paperwork and lower costs for producers.

    Farmers are vital to Alberta’s economy, providing essential food resources and driving rural prosperity, yet they often face burdensome paperwork and high accounting fees that hinder their productivity. Governments are making changes to the AgriStability program to address these challenges.

    A new option to align AgriStability reporting with tax filing in 2025 will result in less paperwork, reduce accounting fees, and make enrolment and participation in the program much easier. An accelerated deadline to submit program forms to AFSC will lead to earlier payment. Enrolling in AgriStability can also provide producers access to other credit options like the federal Advance Payments Program, which offers low-cost cash advances. 

    AgriStability is an individual, whole-farm, margin-based program that helps producers who experience margin declines greater than 30% due to production loss, adverse market conditions and increased costs. In 2023, AgriStability also increased compensation for margin declines exceeding 30%, offering 80 cents per dollar of decline, up from the previous rate of 70 cents.

    Producers rely on business risk management programs to offset the financial impact of many challenges. AgriStability provides income stabilization protection to help producers manage large margin declines that threaten their farm’s viability.

    Risk management is critical in farming and each producer needs to examine their situation and the tools available before making decisions. AFSC has a robust suite of lending, business risk management and insurance options that producers can access.

    Quotes

    “Farmers can often face uncertainty, and programs like AgriStability help them to protect their operations. To make things a little bit easier, we’ve made changes to the AgriStability program that will reduce paperwork, so our farmers can get the support they need, faster, and continue producing top-quality products.”

    –  The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food 

    “We value the dedication and adaptability of our province’s farmers. These changes to the AgriStability program will better respond to each producer’s unique situation, making the program more predictable, timely and simpler to access, which is what producers have been asking for.”

    – RJ Sigurdson, Minister of Alberta Agriculture and Irrigation 

    “Through our risk management programs, AFSC plays an important role in sustaining the agriculture industry. By making enrolment and participation in the AgriStability program easier it allows us to support Alberta producers more effectively.”

    – Darryl Kay, CEO, Agriculture Financial Services Corporation (AFSC)

    Quick facts

    • AgriStability protects Canadian producers against large declines in farming margins for reasons such as production loss, increased costs and market conditions.

      • AgriStability is one of the Business Risk Management programs under the Sustainable Canadian Agricultural Partnership (Sustainable CAP).
    • For more than 80 years, AFSC, a provincial Crown corporation, has provided loans, crop insurance and farm income disaster assistance programs to farmers, agribusinesses and other small businesses.

    • AFSC provides leading, innovative, client-focused financial and risk-management solutions to grow agriculture in Alberta. 

    • The deadline to apply for 2025 program coverage is April 30, 2025. 

    Associated links

    Contacts

    For media:

    Annie Cullinan
    Director of Communications
    Office of the Minister of Agriculture and Agri-Food
    annie.cullinan@agr.gc.ca

    Media Relations
    Agriculture and Agri-Food Canada
    Ottawa, Ontario
    613-773-7972
    1-866-345-7972
    aafc.mediarelations-relationsmedias.aac@agr.gc.ca
    Follow us on Twitter, Facebook, Instagram, and LinkedIn
    Web: Agriculture and Agri-Food Canada

    Darby Crouch
    darby.crouch@gov.ab.ca
    587-335-6934
    Press Secretary, Agriculture and Irrigation

    MIL OSI Canada News –

    January 24, 2025
  • MIL-OSI Canada: Accountable and transparent local elections

    Source: Government of Canada regional news

    [embedded content]

    Albertans expect free and fair elections, recognizing that these principles are essential for a healthy democracy. During the spring session, the legislature passed legislation to strengthen voter confidence and increase transparency in local elections. Ahead of the 2025 municipal elections, Alberta’s government has developed corresponding regulations.

    Bill 20, the Municipal Affairs Statutes Amendment Act, made changes to the Local Authorities Election Act (LAEA) and the Municipal Government Act (MGA) to add greater transparency to local election processes and require greater accountability from local councils and elected officials. The new regulations will establish expense limits for local election campaigns across Alberta and create rules for local political parties in Calgary and Edmonton. The legislation and corresponding regulations will come into force on Oct. 31, in advance of the upcoming local election year.

    “In Alberta, local elections belong to Albertans. Citizens must be able to participate fully in local elections, following clear campaign rules that apply to everyone evenly. The updates we are making for local elections and municipal governance demonstrate our commitment to accountability, to transparency and to democracy for all Albertans.”

    Ric McIver, Minister of Municipal Affairs

    Local Authorities Election Act

    As announced when the Municipal Affairs Statutes Amendment Act was tabled during the spring 2024 legislative session, changes to the LAEA:

    • permit the establishment of local political parties
    • set the framework for campaign expense limits
    • expand the use of special ballots in local elections
    • prohibit the use of automated voting equipment, including electronic tabulators
    • clarify the rules and processes for scrutineers
    • allow municipalities to require criminal record checks for local candidates

    Local Political Parties and Slates Regulation

    Under the LAEA, the new regulations allow local political parties and slates to register and be listed on municipal election ballots in Calgary and Edmonton for the October 2025 election. The regulation for local political parties and slates outlines strict rules for their registration, operation and financial administration, similar to existing rules that govern local candidates and provincial political parties.

    Local political parties and slates will not be permitted to have formal affiliation with a provincial or federal political party, may not have a name or acronym that resembles a provincial or federal political party, and will not be permitted for school board trustee elections. Local candidates will not be required to join a local political party or slate to run for office.

    Expense Limits Regulation

    Under the LAEA, the Expense Limits Regulation creates expense limits for local candidates and third-party advertisers across Alberta, while introducing similar limits for local political parties in Edmonton and Calgary.

    The regulations specify expense limits during both the year of the election as well as non-election years. These new limits tie campaign expense limits to municipal populations and automatically adjust with changes in population over time.

    The full list of the new regulations is available online.

    Quick facts

    • The LAEA establishes the framework for the conduct of elections in Alberta municipalities, school divisions, irrigation districts and Metis Settlements.
    • The MGA establishes the rules governing the conduct of local elected officials once on council, as well as the overall administration and operation of municipal authorities in Alberta, including any policy those authorities may wish to implement.
    • The Municipal Affairs Statutes Amendment Act also made changes to the MGA and will:
      • allow the provincial cabinet to order a vote of the electors to dismiss a councillor cabinet considers to be unwilling, unable or refusing to do the job for which they were elected, or if cabinet considers such a vote to be in the public interest
      • allow the provincial cabinet to require a municipality to amend or repeal a bylaw if it:
        • exceeds the scope of the MGA or otherwise exceeds the authority granted to a municipality under the MGA or any other statute
        • conflicts with the MGA or any other statute
        • is contrary to provincial policy or
        • contravenes the Constitution of Canada
      • unlock new tools to facilitate building affordable and attainable housing by:
        • exempting non-profit affordable housing from property taxation
        • letting municipalities offer multi-year residential property tax exemptions for housing developments
        • requiring municipalities to provide electronic options for participation in public hearings
        • restricting municipalities from holding additional public hearings that are not required by legislation
    • The next round of municipal elections across Alberta is scheduled for Oct. 20, 2025.

    Related information

    • Municipal Affairs Statutes Amendment Act
      • Summary of all legislative changes
    • Municipal Affairs Statutes Amendment Act webpage
    • Local Political Parties, Slates and Expense Limits Regulations fact sheet
    • Alberta Municipal Affairs Population List

    Related news

    • Strengthening Alberta’s local elections (April 25, 2024)
    • Alberta’s government to amend the Municipal Affairs Statutes Amendment Act: Minister McIver (May 24, 2024)

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

    January 24, 2025
  • MIL-OSI Canada: Minister Champagne announces new thematic campus and collaboration on energy transition

    Source: Government of Canada News

    News release

    Concordia University initiative will support research and innovation in sustainability

    Concordia University initiative will support research and innovation in sustainability

    October 18, 2024 – Shawinigan, Quebec 

    Across Canada, universities are at the forefront of innovation, advancing research and preparing future leaders in critical fields. To maintain Canada’s leadership in clean energy and sustainable technologies, the Government of Canada is investing in groundbreaking initiatives that will support cutting-edge research and foster the development of the next generation of skilled workers.

    Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced that Concordia University will establish a thematic campus in Shawinigan, Quebec, focused on energy transition. The campus will be dedicated to advancing clean energy research, which is critical to addressing climate change and promoting sustainability. This project is part of Concordia University’s “Volt-Age: Where Innovation Meets Purpose” initiative, which received a $123 million investment through the $1.4 billion Canada First Research Excellence Fund (CFREF) in 2022. CFREF supports world-leading research at Canadian universities and colleges.

    The campus will foster collaboration between Concordia University, the City of Shawinigan and the National Center in Environmental Technology and Electrochemistry (CNETE), aligning with broader federal efforts to address critical challenges in energy storage, transport electrification and sustainable innovation.

    This investment highlights the importance of connecting academic research with local and international partners to deliver tangible social and economic benefits for Canadians, while positioning Canada at the forefront of clean energy research.

    In support of this new initiative, the National Research Council of Canada signed a memorandum of understanding with Concordia University today to advance battery materials research in Canada and address the gaps in next-generation battery processing and manufacturing.

    Quotes

    “Investing in clean energy research is essential to securing Canada’s future as a global leader in sustainability. This new campus in Shawinigan dedicated to energy transition will lead cutting‑edge research to support the fight against climate change. This initiative will play a pivotal role in training the next generation of innovators who will help us achieve our ambitious climate goals.”
    – The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

    “When we invest in our researchers, we are investing in the communities of tomorrow—ones that are greener, more sustainable and healthier. The Canada First Research Excellence Fund uniquely positions our researchers to expand their skills to help their communities develop, and this is what we see today—the unveiling of a clean energy campus built on networks that are rich in research and innovation.”
    – Dr. Ted Hewitt, Chair, Tri-agency Institutional Programs Secretariat Steering Committee, and President, Social Sciences and Humanities Research Council of Canada

    “The National Research Council of Canada is committed to working with partners across Canada to advance technology that will advance our economy and mitigate climate change. This memorandum of understanding with Concordia University brings us together, with our complementary expertise in battery materials research, to address challenges in the battery innovation ecosystem and advance Canada’s globally competitive position in the clean energy sector.”
    – Mitch Davies, President, National Research Council of Canada

    “The establishment of our thematic campus in Shawinigan focused on energy transition is in line with the current narrative and showcases a city that has always been at the forefront of hydroelectricity and lithium battery production.”
    – Karim Zaghib, CEO, Volt-Age, Concordia University

    Quick facts

    •  Since 2016, the federal government has invested over $22 billion in science and research initiatives, such as infrastructure, emerging talent and other science and technology support measures, including measures announced in Budget 2024.

    • Created in 2014, the Canada First Research Excellence Fund (CFREF) supports Canadian postsecondary institutions in their efforts to become global research leaders. The program helps Canadian universities, colleges and polytechnics compete with the best in the world for talent and partnership opportunities. It also supports them in making breakthrough discoveries; seizing emerging opportunities; strategically advancing their greatest strengths on the global stage; and implementing large-scale, transformational and forward‑thinking institutional strategies.

    • CFREF invests approximately $200 million per year to support selected Canadian postsecondary institutions in turning their key strengths into world-leading capabilities.

    • Initiatives funded by CFREF are selected through an independent, multidisciplinary, international competitive peer review process, which is held every seven years.

    • CFREF is a tri-agency institutional program administered by the Social Sciences and Humanities Research Council of Canada (SSHRC) on behalf of the three federal research funding agencies: the Canadian Institutes of Health Research, the Natural Sciences and Engineering Research Council of Canada, and SSHRC.

    Associated links

    Contacts

    Audrey Milette
    Press Secretary
    Office of the Minister of Innovation, Science and Industry
    audrey.milette@ised-isde.gc.ca

    Media Relations
    Innovation, Science and Economic Development Canada
    media@ised-isde.gc.ca

    Stay connected

    Find more services and information on the Innovation, Science and Economic Development Canada website.

    Follow Canadian Science on social media.
    Facebook: Canadian Science | Instagram: @cdnscience

    Follow the department on social media.
    X (Twitter): @ISED_CA | LinkedIn: Innovation, Science and Economic Development Canada

    MIL OSI Canada News –

    January 24, 2025
  • MIL-OSI USA: Investor Bulletin: Robo-Advisers

    Source: Securities and Exchange Commission

    Feb. 23, 2017

    The last few years have seen the growth in availability and popularity of automated digital investment advisory programs (often called “robo-advisers”).  These programs allow individual investors to create and manage their investment accounts through a web portal or mobile application, sometimes with little or no interaction with a human being with the potential benefit of lower costs than traditional investment advisory programs.  The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to educate investors about these programs, and to help investors using robo-advisers to make informed decisions in meeting their investment goals.   

    What is a Robo-Adviser?

    The term “robo-adviser” generally refers to an automated digital investment advisory program.  In most cases, the robo-adviser collects information regarding your financial goals, investment horizon, income and other assets, and risk tolerance by asking you to complete an online questionnaire.  Based on that information, it creates and manages an investment portfolio for you.  Robo-advisers often seek to offer investment advice for lower costs and fees than traditional advisory programs, and in some cases require lower account minimums than traditional investment advisers.  The services provided, approaches to investing, and features of robo-advisers vary widely.  You can find information about these topics in the adviser’s Form ADV Part 1 and Part 2 brochure. 

    While robo-advisers have similarities to traditional investment advisory programs, there are also differences.  Before making a decision about whether to invest through a robo-adviser, or in deciding which robo-adviser might be best for you, you should do your own research.  Make sure the robo-adviser and the investment portfolio it puts together for you are a good match for your investment needs and goals, and that you understand the potential costs, risks, and benefits of using that particular robo-adviser.  Below we’ve highlighted some issues you may want to consider in making these important decisions.

    What Level of Interaction with a Person is Important to You?

    The amount of human interaction available to you may vary from one robo-adviser to another.  Some robo-advisers may offer the opportunity to contact an investment professional to discuss your investment needs (this hybrid of both automated and personal advice is sometimes referred to as “bionic” advice).  Other robo-advisers may only make technical support staff available, which will limit you to relying on the information on their websites or other sources you find to address your questions about investing. 

    If a robo-adviser does make an investment professional available to you, the format and amount of the interaction may also vary.  For example, a person may be available by email but not by phone, or available only for a limited number of in-person meetings.  In some cases, a robo-adviser may offer access to a person only for accounts that meet a certain minimum account size.  Still other robo-advisers may offer limited, if any, involvement of an investment professional in the creation and management of a client’s account.  

    Unlike a traditional investment adviser, there may be no initial or subsequent conversation with a person to gather information about you and your personal financial needs.  However, the robo-adviser may be able to offer you lower costs and fees by limiting the expense associated with a human adviser’s time. 

    As with any adviser, it is very important you take the time to learn about the robo-adviser’s services, including the level of interaction with a person, and find out answers to any questions you may have.  Here are a few questions to consider:

    • How much human interaction is important to you?  Would you like to be able to ask a person questions about your investments, the investment strategy being used, and potential risks? Would you like to be able to speak with a person during market events, such as periods of exceptional volatility or downturns?  Do you prefer being able to talk in person or on a phone, or is electronic communication fine with you?
    • What is your level of financial literacy, especially when it comes to investing?  Your ability to ask a person questions about investing (for example, about the robo-adviser’s investment strategy) may be limited and you may need to rely almost entirely on the robo-adviser’s online disclosures or other sources of information that you find on your own.  Are you comfortable using online resources?
    • As with a traditional adviser, you may be interested in how often you will have contact with the robo-adviser.  For example, how often does the robo-adviser follow-up with clients to confirm any changes that would affect their investment choices?  Would you have to contact the robo-adviser with any updates to your financial situation? 

    What Information is the Robo-Adviser Using to Create a Recommendation?

    A robo-adviser uses information you provide to create a recommendation.  As a result, a robo-adviser’s recommendation is limited by the information it requests and receives from you, typically through an online questionnaire.  It is important to keep in mind that some robo-advisers may obtain and consider only limited information about you.  In addition, as with traditional advisers, in many cases the burden to update this information will fall on you.  Here are a few questions to consider:

    • Would you use the robo-adviser for a specific financial goal (for example, retirement, buying a home, or investing for your children’s education), or to meet your overall financial needs more broadly?  Does the robo-adviser’s recommendation take into account your purpose in using the robo-adviser?   
    • Does the robo-adviser’s recommendation take into account relevant personal financial information, given your goal?  For example, does the robo-adviser ask for information about high interest credit card debt or student loans you may have? Does it take into account your bank and savings accounts? Does it take into account your real estate holdings, such as your home, or other investments such as retirement accounts? Does it take into account other assets that you have?
    • How does the robo-adviser take into account your tolerance for risk?  How you respond to the robo-adviser’s questions about risk can affect what portfolio the robo-adviser recommends. In addition to the initial makeup of your portfolio, how does your risk tolerance impact how the robo-adviser might rebalance your portfolio (for example, in the event of a market decline)?   

    What is the Robo-Adviser’s Approach to Investing?

    Different robo-advisers have different approaches to investing, including different investment styles and different products offered.  Some have several pre-determined portfolios of investments that they will recommend for you that you may or may not be able to customize.  Some robo-advisers focus solely on a limited range of investment products, such as broad-based exchange-traded funds, or ETFs. 

    Exchange-Traded Funds  
    Many robo-advisers utilize ETFs.  ETFs have unique characteristics that may make them more suitable for certain investors and less suitable for others.  To learn more about ETFs, including how they differ from mutual funds, read our Investor Bulletin: Exchange-Traded Funds (ETFs).  Also, certain robo-advisers may use hypothetical performance for newer ETFs in their marketing materials.  To learn more about performance claims, read our Investor Bulletin: Performance Claims

    Some robo-advisers may recommend emerging market funds or invest in smaller companies, which could be more volatile or potentially less liquid.  The investment style of the robo-adviser can make a big difference in the asset allocation of your portfolio.  In addition, some robo-advisers have additional features that can affect returns on your investment.  Also, in some cases robo-advisers may not have been tested under stressed market conditions. 

    You should take the time to understand how the robo-adviser develops a portfolio recommendation, and what pieces of information it uses – or does not use – in developing the portfolio.  Here a few questions to consider:

    • Does the robo-adviser offer a limited range of investment products, such as only ETFs?  Are the investment products utilized by the robo-adviser appropriate for your goals?  
    • Does the robo-adviser only offer certain limited portfolios within those investment products?  How many different portfolios could your money possibly be invested in?  What portfolio does the robo-adviser recommend for you and why? 
    • What type of accounts does the robo-adviser manage?  For example, does the robo-adviser manage individual retirement accounts (IRAs)? Taxable accounts? 401(k) accounts or college savings plans?
    • How does the robo-adviser handle volatility? For example, does the robo-adviser have the ability to freeze sales (not let you sell your investments for cash for a certain period of time)?
    • How often is your account rebalanced?  Rebalancing can have tax implications, depending on the type of account.  What would trigger a change in the asset allocation or investment categories of your portfolio?

    Tax Loss Harvesting
    Does the robo-adviser utilize tax loss harvesting? Tax loss harvesting involves selling investments that have experienced losses in your account, which may result in tax implications.  The value of tax loss harvesting can depend on your particular tax situation in a given year.  It also may implicate rules against wash sales.  Make sure you understand the tax implications of any sales, and consider whether you may wish to consult a tax adviser.  For more information about wash sales, read IRS Publication 550, Investment Income and Expenses (Including Capital Gains and Losses).

    What Fees and Costs Will the Robo-Adviser Charge?

    Fees and other costs can greatly impact your return on investment.  One of the main benefits of a robo-adviser can be lower fees and costs – so it is very important that you understand what you would be charged.  A robo-adviser may offer lower-cost investment advice, but if the robo-adviser utilizes investment products with high costs, your total overall costs could still be high.  It’s important to understand your total costs.

    Also, in some cases, a robo-adviser may offer services that are not significantly different from services you could obtain through a traditional investment advisory program or through investing in a product such as a target date retirement fund.  It is worth considering whether one product or service can offer what you need at a lower overall cost than another.  Here are a few questions to consider:

    • What fees would you be charged directly by the robo-adviser? Are there any other costs (e.g., brokerage fees, management fees for ETFs purchased for your account) that you would pay directly or indirectly?
    • How is the robo-adviser compensated?  Does the way it is compensated create any conflicts of interest with you, the investor?  For example, is the robo-adviser paid to offer particular products or does it offer only products with which it is affiliated (e.g., mutual funds sponsored by the robo-adviser or its affiliates)?
    • Are there penalties or fees if you want to withdraw your investment, or transfer or close your account? Liquidating an account may have tax implications for you as well.
    • Does the amount you are charged depend on how much money you invest?
    • Can the costs and fees change over time?
    • Does the robo-adviser pay a referral or marketing fee, or other incentives for finding new clients?  Robo-advisers may use different marketing techniques, such as paying money to others or providing discounted fees for making client referrals.  You should understand if a robo-adviser has that kind of feature, even if you are not paying a fee yourself.

    Licensing and Registration – How Do You Find More Information?

    Firms that provide advisory services in the U.S. are typically registered as investment advisers with either the SEC or one or more state securities authorities.  Although the services that they provide are automated, robo-advisers in the U.S. must comply with the securities laws applicable to SEC or state-registered investment advisers.  Use the SEC’s Investment Adviser Public Disclosure (IAPD) database, which is available on Investor.gov, to research the background, including registration or license status and disciplinary history, of any individual or firm recommending an investment.  In addition, a firm that provides robo-adviser services may be affiliated with a broker that can execute the robo-adviser’s recommendations by buying and selling specific securities for your account.  You can research that broker using the Investment Adviser Public Disclosure (IAPD) database as well, which is again available on Investor.gov. 

    Finally, like traditional investment advisers, robo-advisers are also required to file a Form ADV.  Robo-advisers may also offer certain information about their advisory business on their websites or in communications with clients.  Check the robo-adviser’s website regularly to see if there is any updated information.   

    Additional Information

    Investor Alert: Automated Investment Tools

    Ask a question or report a problem concerning your investments, your investment account or a financial professional.  Report possible securities fraud. 

    Visit Investor.gov, the SEC’s website for individual investors.

    Receive Investor Alerts and Bulletins from the Office of Investor Education and Advocacy (“OIEA”) by email or RSS feed.  Follow OIEA on Twitter @SEC_Investor_Ed.  Like OIEA on Facebook at facebook.com/secinvestoreducation.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Investor Bulletin: Ten Things You Should Know About Investing

    Source: Securities and Exchange Commission

    The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to provide investors basic information that may help them make informed financial decisions and avoid common scams.

    Whether you’re a first-time investor or have been investing for many years, there is some basic information you should know about investing.  Below is a list of ten investing-related pieces of information that may help you make sound financial decisions and avoid fraud. 

    Checking the background of an investment professional is easy and free.  Details on an investment professional’s background and qualifications are available through the SEC’s Investment Adviser Public Disclosure website and FINRA BrokerCheck.  If you have any questions on checking the background of an investment professional, call the SEC’s toll-free investor assistance line at (800) 732-0330.

    It can be costly to ignore the fees associated with buying, owning, and selling an investment product.  Expenses vary from product to product, and even small differences in these costs can translate into large differences in earnings over time.  An investment with high costs must perform better than a low-cost investment to generate the same returns for you.  In addition, some products are designed to be long-term investments.  If you need your money early, you may need to pay substantial surrender fees.

    Diversification can help reduce the overall risk of an investment portfolio.  By picking the right mix of investments, you may be able to limit your losses and reduce the fluctuations of your investment returns without sacrificing too much in potential gains.  Some investors achieve diversification through ownership of mutual funds or exchange-traded funds.

    Promises of high returns, with little or no associated risk, are classic warning signs for fraud.  Every investment carries some degree of risk and the potential for greater returns comes with greater risk.  Ignore so-called “can’t miss” investment opportunities or those promising “guaranteed returns” or, better yet, report them to the SEC.

    Any offer or sale of securities must be either registered with the SEC or exempt from registration.  Otherwise, it is illegal.  SEC registration is important because it provides investors access to key information about the company’s management, products, services, and finances.  While many companies that do not register or file reports with the SEC may be legitimate investments, you assume more risk when you invest in a company about which little or no information is publicly available.  Investors should always check whether an offering is registered with the SEC by using the SEC’s EDGAR database or contacting the SEC’s toll-free investor assistance line at (800) 732-0330.

    It can be risky to invest heavily in shares of any individual stock.  In particular, you should think twice before investing heavily in shares of your employer’s stock.  If the value of your employer’s shares declines significantly, or the company goes bankrupt, you may lose money and there’s a chance you might lose your job, too.

    Some investments provide tax advantages.  For example, employer-sponsored retirement plans and individual retirement accounts generally provide tax advantages for retirement savings, and 529 college savings plans also offer tax benefits.  Individuals who are interested in learning about the tax impact of their investment decisions should consult their tax adviser or visit the IRS website.

    Mutual funds, like other investments, are not guaranteed or insured by the FDIC or any other government agency.  This is true even if you buy a mutual fund through a bank and the fund carries the bank’s name.

    The key to avoiding investment fraud, including scams that target specific groups, is using independent information to evaluate financial opportunities. We see too many investors who might have avoided trouble and losses if they had asked questions from the start and verified the answers with sources outside of their family, community, or group.

    Examples of Common Persuasion Tactics Used In Investment Scams

    Research shows that con-artists are experts at the art of persuasion, often using a variety of influence tactics tailored to the vulnerabilities of their victims.  Common tactics include:

    • Phantom riches (dangling the prospect of wealth, enticing you with something you want but can’t have);
    • Source credibility (trying to build credibility by claiming to be with a reputable firm or to have a special credential or experience);
    • Social consensus (leading you to believe that other savvy investors have already invested);
    • Reciprocity (offering to do a small favor for you in return for a big favor); and
    • Scarcity (creating a false sense of urgency by claiming limited supply).

    Unbiased resources are available to help individuals make informed investing decisions.  Whether checking the background of an investment professional, researching an investment, or learning about new products or scams, unbiased information can be a significant advantage for investing wisely.  A good starting point for this information is the SEC’s Investor.gov website.

    RELATED INFORMATION

    We offer educational materials so that investors can develop an understanding of the securities industry and learn how to avoid costly mistakes and fraud.  Our educational materials also provide tips on how investors can invest wisely.  Investors can order our free publications by calling (800) SEC-0330, or access them on the Internet through the SEC’s Investor.gov website.  For additional educational information for investors, see the SEC’s Investor.gov website or the Office of Investor Education and Advocacy’s homepage.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI United Kingdom: Readout: Foreign Secretary meeting with Chinese Foreign Minister

    Source: United Kingdom – Executive Government & Departments

    Foreign Secretary David Lammy met Foreign Minister of the People’s Republic of China, Wang Yi, in Beijing today.

    Foreign Secretary David Lammy met Foreign Minister of the People’s Republic of China, Wang Yi, in Beijing today (18 October).

    The Foreign Secretary set out that as fellow Permanent Members of the UN Security Council, it is a necessity that the UK and China increase bilateral engagement. He made clear that, as global players, both countries have an obligation to work together to find pragmatic solutions to complex challenges. 

    Areas of pragmatic, mutually beneficial cooperation were clear. This included working together on achieving the global green transition; making greater efforts on development and global health; and the safe use of AI. The Foreign Secretary reiterated his commitment to promoting secure and resilient growth through increased trade and investment which creates jobs, drives innovation, boosts productivity and provides economic stability and certainty for the UK economy. They agreed that the UK and China can support both countries’ growth objectives, with China as the world’s second largest economy and the UK’s 4th largest trading partner.

    The Foreign Secretary also raised a number of foreign policy and security matters, including Russia’s war in Ukraine, where he stated how both the UK and China have a shared interest in European peace and ending the war. He reaffirmed that concerns over China’s supply of equipment to Russia’s military industrial complex risks damaging China’s relationships with Europe whilst helping to sustain Russia’s war. The Foreign Secretary urged Wang Yi to take all measures to investigate and to prevent Chinese companies from supplying Russia’s military. The Foreign Ministers agreed to continue to discuss this and other broader foreign policy issues, such as the ongoing conflict in the Middle East.

    Human Rights were discussed, including in Xinjiang, and the Foreign Secretary referenced this as an area which the UK and China must engage, even where viewpoints diverge. Hong Kong is a shared interest, and the Foreign Secretary raised serious concerns around the implementation of the National Security Law and the ongoing treatment of British national Jimmy Lai, again calling for his release. 

    The meeting was constructive across the full breadth of the bilateral relationship, from areas of pragmatic cooperation to issues of contention. Both the Foreign Secretary and Foreign Minister agreed that maintaining channels of communication was essential and committed to holding regular discussions across their respective governments at Ministerial level.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

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    Updates to this page

    Published 18 October 2024

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI Canada: Healthy meals for kids in Manitoba

    Source: Government of Canada News

    News release

    The federal government’s generational investments like the Canada Child Benefit, which provides families with up to nearly $8,000 per child, per year, help cover the costs of essentials children need. We’re building on this support by providing healthy meals at school, so children have what they need to learn, grow, and succeed—regardless of their family’s circumstances.

    October 18, 2024 – Winnipeg, Manitoba – Department of Finance Canada

    When children have access to healthy food, they do better in school and are set up to succeed.

    The federal government’s generational investments like the Canada Child Benefit, which provides families with up to nearly $8,000 per child, per year, help cover the costs of essentials children need. We’re building on this support by providing healthy meals at school, so children have what they need to learn, grow, and succeed—regardless of their family’s circumstances.

    Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Wab Kinew, Premier of Manitoba, alongside the Honourable Jenna Sudds, Minister of Families, Children and Social Development and the Honourable Dan Vandal, Minister of Northern Affairs, announced that the governments of Canada and Manitoba have reached an agreement to expand school food programs in Manitoba. This agreement, made possible by the federal government’s $1 billion National School Food Program, will enhance and expand Manitoba’s existing school food programs to provide meals to about 19,080 more kids every year, starting this school year.

    Manitoba is the second province, after Newfoundland and Labrador, to sign an agreement with the federal government for the new National School Food Program. Today’s agreement includes an initial federal investment of approximately $17.2 million over the next three years to ensure more kids get the nutritious food they need to thrive. 

    The federal government invites all provinces and territories to help more kids get access to school food by reaching these agreements. It is one of the best investments we can make to lower costs, support families, and care for the next generation.

    With an investment of $1 billion over five years, the National School Food Program will feed up to 400,000 more kids across Canada every year. This is a generational investment, especially in the most vulnerable children, who are most impacted by a lack of access to food. Through today’s agreement, the federal government is helping children across Manitoba reach their full potential.

    Quotes

    “Giving our children the best start in life is an essential part of fairness for every generation. Today’s agreement with Manitoba will ensure that over 19,000 more children get the food they need at school, starting this year, while saving a family with two kids up to $800 on groceries annually. Our National School Food Program will cut costs for families and help build a Canada where every child is set up to succeed.”

    – The Honourable Chrystia Freeland,
    Deputy Prime Minister and Minister of Finance

    “Kids can’t learn on an empty stomach. We made a commitment to Manitoba families that we’d make sure kids across our province had access to food when they go to school, and we’ve delivered on that promise. Kids across Manitoba can now get a meal or a snack when they need one, so they can concentrate, learn and reach their full potential.”

    – The Honourable Wab Kinew,
    Premier of Manitoba

    “It’s wonderful to see another province partner with us to deliver our National School Food Program. This agreement with the Government of Manitoba means that more of the top-quality, local food that our hardworking farmers produce will reach kids who need it and help set them up for success in the classroom and beyond.”

    – The Honourable Lawrence MacAulay,
    Minister of Agriculture and Agri-Food

    “Today, we’re delivering a promise to the kids and parents of Manitoba—a promise that every child will have access to the healthy meals they need to succeed. It’s simple: when kids eat well, they learn better, play harder, and feel good. And for parents, it gives them peace of mind, knowing that their kids are getting the fuel they need to focus on just being kids. We will keep working to make sure that every family across Canada benefits from this program.”

    – The Honourable Jenna Sudds,
    Minister of Families, Children and Social Development

    “Every child deserves the best start in life. And that begins with ensuring that no one goes to school on an empty stomach. I’m incredibly proud that Manitoba is the second province to sign onto our National School Food Program, so we can fill the gap and make sure every child has the chance to thrive.”

    – The Honourable Dan Vandal,
    Minister of Northern Affairs

    Quick facts

    • In Budget 2024, the federal government launched a new National School Food Program, providing $1 billion over five years, to provide meals for up to 400,000 more kids each year, ensuring all children have the food they need to have the best start in life, regardless of their family circumstances.

      • The Program is expected to save the average participating family with two children $800 per year in grocery costs, with lower-income families benefitting the most.
      • Budget 2024’s investment of $1 billion over five years includes distinctions-based funding for First Nations on-reserve, as well as Inuit, Métis, and Modern Treaty and Self-Government agreement holders. The federal government is working directly with Indigenous partners to rollout that funding, with more information to come.
    • On June 20, 2024, the federal government released the National School Food Policy, as the foundation for collaborative and complementary action by all orders of government to improve access to food at school. 

    • In addition to the National School Food Program, the federal government launched the new School Food Infrastructure Fund in September, which will deliver $20.2 million to help not-for-profit organizations invest in infrastructure and equipment to support school food programming across Canada. 

    • In addition to today’s $17.2 million federal investment, the Government of Manitoba is investing $30 million to create a Universally Accessible School Nutrition Program for 2024-2025, which will deliver funding through three streams:

      • $15 million directly to Manitoba’s 37 school divisions;
      • $6 million to 50 schools in communities with high socioeconomic need; and,
      • $9 million in grants to community partners.
    • To give every child the best start in life, the federal government is also:

      • Giving families more money through the Canada Child Benefit to help with the costs of raising children and make a real difference in the lives of kids in Canada. The Canada Child Benefit, which is providing up to nearly $8,000 per child in 2024-25, is indexed annually to keep up with the cost of living and has helped lift hundreds of thousands of children out of poverty since its launch in 2016.
      • Building a Canada-wide system for $10-a-day child care, which has already cut fees for regulated child care to an average of $10-a-day or less in over half of all provinces and territories, and by 50 per cent or more in all others.
      • Rolling out the Canadian Dental Care Plan, which is already available for children under 18, with family incomes under $90,000, because no one should have to choose between taking care of their kids’ teeth and putting food on the table. Families are encouraged to apply online at Canada.ca/dental.

    Associated links

    Contacts

    Media may contact:

    Katherine Cuplinskas
    Deputy Director of Communications
    Office of the Deputy Prime Minister and Minister of Finance
    Katherine.Cuplinskas@fin.gc.ca

    Media Relations
    Department of Finance Canada
    mediare@fin.gc.ca
    613-369-4000

    General enquiries

    Phone: 1-833-712-2292
    TTY: 613-369-3230
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    MIL OSI Canada News –

    January 24, 2025
  • MIL-OSI Canada: Supporting Jasper’s tourism recovery

    Source: Government of Canada regional news

    Jasper’s value is beyond measure. For decades, Jasper has been a place where families and friends from Alberta and across the world have travelled to experience the incredible Canadian Rockies, connect with locals and make memories that last a lifetime.

    As Jasper has a tourism-based economy, tourism is essential for the recovery of the community. Alberta’s government is committed to that recovery, and the recovery of the tourism sector in Jasper and surrounding areas. As a show of that commitment, Alberta’s government has earmarked $2.5 million to support Jasper’s tourism industry.

    “Tourism is the backbone of Jasper’s economy, and for the town to rebuild, we need to see a strong return of tourism businesses, accommodation providers, services and experiences. This funding will help Jasper’s tourism businesses prepare to welcome visitors this fall and winter, ensuring they remain viable and ready for next summer.”

    Joseph Schow, Minister of Tourism and Sport

    “The return of visitors is essential for the health and well-being of Jasper. I am grateful that Minister Schow and Travel Alberta are ensuring that the recovery of the community of Jasper and the tourism businesses is a priority for the Government of Alberta.”

    Martin Long, MLA for West Yellowhead

    Alberta’s government recognizes that Jasper’s recovery, and that of its tourism industry, requires long-term support. This initial funding through Travel Alberta is aimed at supporting businesses and tourism operators in their early work to rebuild. In the immediate aftermath of the fires, this funding helped support the Jasper is Recovering campaign, and will support promotional activities to encourage visitation this fall and winter, sustainability funding for Tourism Jasper, and funding for existing tourism businesses to activate fall and winter experiences.

    As Alberta’s destination management organization, Travel Alberta works to promote Alberta as a premier tourism destination and grow Alberta’s visitor economy through supporting destination development and close partnerships with tourism businesses provincewide.

    “We know that this fall and winter will be critical to the long-term success of Jasper’s recovery. This investment will help Jasper tourism operators expand their offerings while inviting travellers to come make new memories in this special place, supporting the community as it rebuilds.”

    Jon Mamela, chief commercial officer, Travel Alberta

    “A strong and thriving visitor economy is essential for our residents to rebuild swiftly and continue welcoming visitors to Jasper. These funds will provide direct support to our tourism operators and help reinforce the message that Jasper is open for business this fall and into the winter season. We are deeply grateful for the support and contributions of our provincial tourism partners.”

    Tyler Riopel, CEO, Tourism Jasper

    Jasper represents an important destination for Alberta’s tourism sector, accounting for 22 to 25 per cent of tourism expenditures in the Canadian Rockies. For more information on Travel Alberta programs, please visit the Travel Alberta Industry Hub webpage.

    Related information

    • Travel Alberta Industry Hub
    • Higher Ground: A Tourism Sector Strategy

    Related news

    • Alberta tourism soars to new heights (Sept. 26, 2024)
    • Growing Alberta’s visitor economy (Feb. 14, 2024)

    MIL OSI Canada News –

    January 24, 2025
  • MIL-OSI USA News: Remarks by President  Biden and President Frank-Walter Steinmeier of Germany at an Order of Merit Ceremony | Berlin,  Germany

    Source: The White House

    Bellevue Palace
    Berlin, Germany

    11:10 A.M. CEST

    PRESIDENT STEINMEIER:  Please have a seat.

    Mr. President, so good to have you here. 

    (Speaks German.)  (No translation provided.)

    Of the many stereotypes about Germany — our sense of humor — (laughter) — our spontaneity, our irresistible joie de vivre — (laughter) — only one is really true: We are good at keeping records. 

    So, 44 and a half years ago, when the young Senator Joseph Biden came to Bonn, a German civil servant — ein guter Beamter, as we like to say — made a note — a rather extensive one, I should say — of this senator’s visit.  And being Germans, you understand, we still have that note.  (Laughter.)  (Holds up a document.)  This one.  Many pages.

    (Speaks German.) (No translation provided.)

    That’s the content — the main content of report: “He is keenly interested in the Federal Republic of Germany,” the note concludes.  And it adds, “that this senator might look to a,” I quote again, “significant political future.”  (Laughter.)  “Significant.”  What a remarkable understatement. 

    Today, you are the 46th President of the United States.  And under your leadership, the transatlantic alliance is stronger and our partnership is closer than ever. 

    Mr. President, you are keenly interested in Germany.  That we have known for almost half a century.  So, it is time for you to know that Germany, in turn, is deeply grateful to you. 

    Let me say, in the name of my country, thank you, Mr.  President.  (Applause.) 

    For Germany, the friendship with the United States has been, is now, and will always be existentially important — existential both for our security and our democracy. 

    And yet, in this friendship, there have been and always will be times of proximity and greater distance, times of agreement and times of discord.  Even recently, just a handful years ago, the distance had grown so wide that we almost lost each other. 

    But — but, ladies and gentlemen, throughout the ups and downs of time, there have been people who have stood by the transatlantic relations no matter what.  And chief among those people, Mr. President, is you. 

    You stand with us, sir, because you know that what binds us is so much deeper than the news of the day.  What binds us is freedom, democracy, and the rule of law. 

    What binds us is the conviction that if liberal democracy is to have a future in this troubled world, we have to secure it together.

    And what binds us are the lessons from our past — sacred lessons that you described so hauntingly in your letter to our beloved Margot Friedländer. 

    Sir, when you were elected president, you restored Europe’s hope in the transatlantic alliance literally overnight.  And then, only a year later, came Putin’s war. 

    When Putin invaded Ukraine, he didn’t just go after one country.  He attacked the very principles of peace in Europe. 

    Putin thought we would be weak.  He thought we would be divided.  But the opposite was true.  NATO was stronger and more united than ever, and that is, in no small part, Mr. President, thanks to your leadership.

    Mr. President, to have you in our most dangerous moment since the Cold War, to have you and your administration on our side is no less than a historical stroke of good fortune.

    For us here in Europe, the past two years have shown once again, America truly is the indispensable nation.  But it has also shown something else.  NATO is the indispensable alliance. 

    So, in the months to come, I hope that Europeans remember America is indispensable for us, and I hope that Americans remember your allies are indispensable for you. 

    We are more than just other countries in the world.  We are partners.  We are friends. 

    The choice on November the 5th is only Americans’ choice to make.  But we, as Europeans, have a choice too.  We have the choice to do our part, to be unwavering in our support for Ukraine, to invest in our common security, to invest in our shared future, and, as you have done, sir, to stand by the transatlantic alliance no matter what.

    Mr. President, when I visited you in the Oval Office a year ago on October the 6th, just a few hours before Hamas’ brutal attack on Israel, we spoke about the Middle East.  We spoke about Ukraine and Russia.  But at the end — I will never forget that — at the end of our conversation, you went to your desk and handed me a speech of yours not on foreign policy but on the issue that you care most about and that you worry most about — about democracy. 

    I quote, “Democracies don’t have to die at the end of a rifle,” you say in that speech.  “Democracies can die when people are silent, when they are willing to give away that which is most precious to them because they feel frustrated, tired, alienated.”  End of the quote.

    Your words, Mr. President, echoed deeply in our part of the world, and they weigh even more heavily coming from the leader of the world’s oldest and most time-tested democracy. 

    So, let me say this from the bottom of my heart.  In this time when democracy is under strain all around the Western world, you, Mr. President, have been a beacon of democracy. 

    You are a beacon not just by what you have done but by who you are, by the example of your humility, your deep connection with the lives and hopes of hardworking people, and, if you excuse that old-fashioned word, by your decency. 

    Decency is maybe what we are most at risk of losing.  But your decency, sir, is a light that shines very far.  It certainly reached the hearts of my fellow Germans. 

    As U.S. president, you command the most powerful military.  You lead the biggest economy in the world.  But maybe the most precious service to democracy, the most joyful and reassuring thing for people is to know that even this most powerful man in the world is, in the end, a fundamentally decent human being. 

    Mr. President, we all know that you love your Irish poets and that you know them well.  I have heard you quote Seamus Heaney from memory, so I hope you allow me to end with a quote from his “Republic of Conscience.” 

    I quote, “At their inauguration, public leaders must swear to uphold unwritten law and weep to atone for the presumption to hold office.” 

    “The presumption to hold office,” Mr. President.  It seems that you have always had a deep sense of the inevitable presumption in holding office, including the highest office — in being elevated above others, in a society of equals. 

    You have transformed this presumption into a deep sense of responsibility, and you have carried that responsibility throughout your career and have now decided, in the most noble tradition of American leaders since Washington, to let democracy run its ever-changing and uncharted course. 

    Mr. President, on the historic occasion of your visit to Germany, my country recognizes your decades-long dedication to the transatlantic alliance, your outstanding political leadership in Europe’s most dangerous moment, and your lasting moral example of service, sincerity, and decency.

    It is now my great honor to bestow on you the Grand Cross special class of the Order of Merit of the Federal Republic of Germany. 

    And for that, Mr. President — may I say, dear Joe — congratulations.  (Applause.)

    I have to read the document — one second — in German.

    (Speaks German.)  (No translation provided.)  (Applause.)

    (President Biden is presented the Grand Cross special class of the Order of Merit of the Federal Republic of Germany.)  (Applause.)

    It’s done.  (Laughs.)  (Applause.)

    PRESIDENT BIDEN:  Let me begin by saying I — I’m overwhelmed not just by the award but by the words, Mr. President.

    Margot Friedländer, you are a voice of conscience and healing.  I’m actually honored to be in your presence, for real.

    This award means so much to me for what it says about us, the journey we’ve taken; the alliance we’ve strengthened; the way that we have, as two separate nations, risen together to meet our moment.

    I think it’s fair to say, although I know I only look like I’m 40 years old — (laughter) — I — I’ve seen a wide sweep of history.

    When I was born, our countries were at war.  As a young senator, I visited West Berlin and saw what it meant to live in a divided city, country, and continent.  And I forged a bond with Helmut Schmidt, your — my first relationship of candor and trust with a German chancellor but, thankfully, not my last.

    And then, in 1989, like millions of people around the world, I saw 70,000 brave souls gathered in Leipzig, crying — crying out for freedom.  And the Berlin Wall came down 35 years ago this month. 

    It was one of the greatest advances in human dignity in my lifetime.  Some feared the reunification of Germany would revive old hatreds and rivalries.  But leaders of America and Germany dreamed together of a much better future.

    The achievement of a Germany whole and free lives on, exceeding, I think, everyone’s expectations.  The dream of Europe whole and free remains the work of our time, nor is that work more urgent than a pushing back against Putin’s vicious attack against Ukraine.

    German leaders had the wisdom to recognize a turning point in history, an assault on a fellow democracy, and also on principles that upheld 75 years of peace and security in Europe.

    Germany and the United States stood together to support the brave people of Ukraine in their fight for freedom, for democracy, for their very survival.  And I want to thank every leader across Germany’s government who has worked tirelessly to ensure that Ukraine prevails and Putin fails, and NATO remains strong and more united than ever.

    We head into a very difficult winter — (coughs) — but we cannot let up.  We cannot — (an aide delivers a glass of water) — thank you so very much.  That’s kind of you.  (Laughs.)

    We head to a dery — a very difficult winter.  But we cannot let up.  We must sustain our support.  In my view, we must keep going until Ukraine wins a just and durable peace consistent with the U.N. Charter, until once again human dignity prevails.

    Let me close with this.  The times I have lived through have taught me that history does move forward and things can get better if we determine they must — that things can get better and that we should never underestimate the power of democracy, never underes- — -estimate the value of alliances.

    Germany — Germany has taught us all that change is possible and, for better or for worse, countries can and do choose their own destinies and the choices that leaders make at critical times truly matters.

    I want to thank the current leaders of Germany for the choice you’ve made when it matters most.

    I hope you’ll forgive this once, but — if I forsake the great German poets and quote an Irish poet.  (Laughter.) 

    Seamus Heaney said in “The Cure at Troy” — he said, “History teaches us not to hope on this side of the grave.  But then — but then, once in a lifetime, a longed-for tidal wave of justice can rise up, and hope and history rhyme.”

    When the Berlin Wall fell, hope and history rhymed.  When Kyiv stood, hope and history rhymed.

    Many Americans and Germans always find the wisdom and the courage.  May they keep making hope and history rhyme, because we can, because nothing is beyond our capacity, in my view — nothing is beyond our capacity — when we do it together.

    So, thank you again for this award.  I’m honored to accept.  I do not deserve, but I’m honored to accept.  And that, if we continue to work together, Germany has stood up in a way that is incredible.

    I want to thank you again for the award.  And may God bless you all.  And may God protect our troops.

    Thank you so very much.  (Applause.)

    11:31 A.M CEST

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI: Boussard & Gavaudan Holding Ltd (EUR): Particulars of Cash Exit

    Source: GlobeNewswire (MIL-OSI)

       Boussard & Gavaudan Holding Limited (the “Company”)

    a closed-ended investment company incorporated with limited liability
    under the laws of Guernsey
    with registration number 45582

    Legal Entity Identifier: 5493002XNM3W9D6DF327
            
                            

    Particulars of Cash Exit

    In accordance with the circular to Shareholders dated 25 June 2024 (the “Circular“) and the Articles, the Company announces the particulars of the compulsory redemption of Shares to be effected pursuant to the Cash Exit on 1 November 2024.

    Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as set out in the Circular. Shareholders should refer to the Circular for full details of the Cash Exit, including the timetable for the redemption and distribution of redemption proceeds.

    The redemption price payable to each Shareholder pursuant to the Cash Exit will be an amount equal to the net asset value (NAV) per Share of the relevant class of Shares as at the close of business of the Calculation Date, being 31 October 2024. The redemption monies will be payable in the currency of each relevant class of Shares and will be paid to Shareholders within 14 Business Days of the Cash Redemption Date (being 1 November 2024), or as soon as practicable thereafter.

    On each Business Day, the Company announces on its website the estimated net asset value of its Euro Shares and Sterling Shares as at the close of business of the preceding Business Day. This information is available here: https://www.bgholdingltd.com/p/14/financial-announcements.

    In the event that the net asset values per Share calculated as at the close of business of 31 October 2024 were equal to their most recent estimates, the resulting redemption price per Share payable to holders of Euro Shares (ISIN: GG00B1FQG453) and holders of Sterling Shares (ISIN: GG00B39VMM07) under the Cash Exit would be €28.4353 and £25.5630, respectively.

    These figures are hypothetical, non-indicative of the actual redemption price and non-binding. They are provided for illustration purposes only and no reliance should be placed on them. The actual redemption price will be equal to the net asset value as at 31 October 2024, which may differ from the most recent estimated net asset values per Share provided above.

    For further information please contact:
    Boussard & Gavaudan Investment Management LLP
    Emmanuel Gavaudan
    +44 20 3751 5389

    JTC Fund Solutions (Guernsey) Limited
    Secretary
    +44 (0) 1481 702400

    18 October 2024

    Website: http://www.bgholdingltd.com

    The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has been authorised by the Guernsey Financial Services Commission as an authorised closed-ended investment scheme. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the “Shares”) are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc’s main market for listed securities.

    This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law.

    Neither the Company nor BG Master Fund ICAV have been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”). Consequently any such securities may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States.
    You should always bear in mind that:

    • all investment is subject to risk;
    • results in the past are no guarantee of future results;
    • the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and
    • if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice.

    This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice.

    Attachment

    • BGHL – Announcement of Cash Exit particulars

    The MIL Network –

    January 24, 2025
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