NewzIntel.com

Category: Economy

  • MIL-OSI Security: Fifteenth Defendant Sentenced for Prison Drug Conspiracy

    Source: Office of United States Attorneys

    Gulfport, Miss. – A Long Beach, Mississippi man was sentenced to 99 months in federal prison for conspiracy to possess with intent to distribute a controlled substance.

    Johnson Tran, 47, was sentenced today in U.S. District Court in Gulfport.

    According to court documents and information presented to the Court, in 2018, agents with the DEA received information from the Bureau of Prisons (BOP) that drug laced letters and greeting cards were being sent to inmates in the Bureau of Prisons from the Southern District of Mississippi.  The drug laced letters and cards were intercepted at prisons in Illinois, South Carolina, Florida, Indiana, Pennsylvania, and New Jersey.

    DEA and BOP officials were able to determine that inmates were ordering the drug laced letters and cards from Johnson Tran via prison email accounts and jail calls.   The inmates would typically order the drugs using coded language. The letters or greeting cards were laced with FUB-AMB and 5F-MDMB-PICA, which are Schedule I controlled substances and synthetic cannabinoids.  Many of them were sent through the postal service in Gulfport, Mississippi, and Tran’s base of operation was Harrison County, Mississippi.

    Agents were also able to determine through the review of financial records that Tran would ultimately receive payment for the drugs that he sent into prison via U.S. Department of Treasury checks drawn from the inmate’s prison accounts and/or peer-to-peer money transfers from associates or family members of the inmates.  When Tran’s associates would receive funds on Tran’s behalf, Tran would give them a portion of the funds they received as payment for their services.

    In addition to Johnson Tran, fourteen other defendants have now been sentenced in the case:  

    Chaze Lowery and William Hernandez previously pled guilty to conspiracy to commit money laundering. Lowery was sentenced to 48 months in prison and Hernandez was sentenced to 87 months in prison.  Jermaine Jones pled guilty to conspiracy to possess with intent to distribute a controlled substance and was sentenced to 62 months imprisonment.

    Jorge Pena, Trae Short, Bobby Huneycutt, Clarence Plato, Ryan Douglas, Salomon Ayala, Stanley Spriggs, Corderius Trammell, Jonathan Estrada, Marcus Thames, and Allen Butler all pled guilty to conspiring to commit an offense against the United States by conspiring to introduce contraband to a federal correctional facility. Their sentences ranged from time served to 52 months in prison.

    Two additional defendants have pled guilty and are awaiting sentencing:

    Ryan Schmittaur pled guilty to conspiracy to possess with intent to distribute a controlled substance. He will be sentenced on October 22, 2024, and faces a maximum of 20 years in prison. Ashley Magee pled guilty to engaging in an unlicensed money transmission business by accepting and transferring money on behalf of Johnson Tran and the inmates. She will be sentenced on January 7, 2025, and faces a maximum of 5 years in prison.

    U.S. Attorney Todd Gee of the Southern District of Mississippi and Assistant Special Agent in Charge Anessa Daniels-McCaw of the Drug Enforcement Administration made the announcement.

    The case is being prosecuted by Assistant United States Attorney Jonathan Buckner.

    This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor- led, intelligence driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    MIL Security OSI –

  • MIL-OSI USA: PHOTO RELEASE: Tuberville Leads Forestry Tour Across South Alabama

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) led a forestry tour across Alabama this week in partnership with the Alabama Forestry Association and the Alabama Forestry Commission. Along the way, Sen. Tuberville saw many aspects of the forestry industry and forest products supply chain. He heard about how rising inflation is hurting businesses.
    “This week, we’ve been traveling the state where we have over 23 million acres of forestland,” said Senator Tuberville. “Along the way, we heard about sky-high costs of energy and gas, crippling EPA regulations, and unfair trade deals that are hurting Alabama businesses. Our foresters and Ag producers are some of the best conservationists we have, yet Joe Biden and Kamala Harris are trying to regulate them out of business. Under the Biden-Harris administration, it is more difficult for some of our foresters to thrive and contribute to Alabama’s economy. We need to lower inflation, get red tape out of the way, and enter trade deals that put American and Alabama businesses first.”
    The Senator visited a logging site in Monroe County, forest land in Fulton County, Harrigan Lumber Company in Monroeville, Westervelt Lumber in Thomasville, SmartLam North America in Dothan, and Peak Renewables Bioenergy in Dothan. He discussed various forest land management practices, such as prescribed burning and thinning, soil types, proper harvesting practices, and various pests and diseases, which impact timber and the forestry sector. Overall themes of the trip included overregulation by the federal government, the need for land stewardship and voluntary conservation practices, and how various rising input costs are hurting foresters’ and producers’ bottom lines.  

    BACKGROUND:
    As a member of the Senate Agriculture committee, Sen. Tuberville is committed to cutting red tape to enable the forest products industry to continue to prosper and boost Alabama’s rural communities.
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.

    MIL OSI USA News –

  • MIL-OSI China: Xi calls on Fujian to play leading role in country’s modernization drive

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

    XIAMEN, Oct. 17 — On a recent inspection tour in east China’s Fujian Province, Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, Chinese president, and chairman of the Central Military Commission, emphasized the need for the province to fully implement the guiding principles of the 20th CPC National Congress and the third plenary session of the 20th CPC Central Committee. He stressed the importance for the province to comprehensively implement the new development philosophy and uphold the general principle of pursuing progress while ensuring stability. Xi also underscored the importance for Fujian to steadfastly pursue the goals of creating a new Fujian characterized by dynamic mechanisms, thriving industries, prosperous communities, and a beautiful environment, staying committed to translating these objectives into realities. He called on Fujian to make further progress in accelerating the building of a modernized economy, make greater achievements in serving and integrating into the new development paradigm, take even greater strides in blazing a new trail for integrated cross-Strait development, and achieve greater breakthroughs in improving quality of life. He urged the province to deepen reforms across the board, promote high-quality development comprehensively, and strive for a leading role in China’s modernization drive.

    From Oct. 15 to 16, Xi — accompanied by Zhou Zuyi, secretary of the CPC Fujian Provincial Committee, and Zhao Long, governor of the province — conducted an inspection and research tour in the cities of Zhangzhou and Xiamen, visiting sites including a village, a revolutionary education base, a cultural heritage site under government protection, and an area of the Fujian pilot free trade zone.

    On the afternoon of Oct. 15, Xi first inspected Dongshan County in the city of Zhangzhou. The village of Aojiao, located in Chencheng Town in the southeastern part of the county, faces the sea on three sides. Over the past few years, the village has embarked on a new path of development by leveraging the sea to revitalize and develop itself. Xi took a walk to inspect the marine environment of Aojiao Bay and the appearance of the village, and inquired in detail about the trading of dried seafood and freshly caught seafood products. Xi was glad to learn that many seafood products are in high demand and that the incomes of villagers have been on the rise. Speaking to the villagers and fishermen who gathered around him, he said: “I visited your village 23 years ago, and it left a deep impression on me. Seeing the significant changes here today is gratifying and inspiring.” He said rural areas will undoubtedly have a brighter future and farmers will enjoy a more vibrant life on the new journey in the new era. He urged the village Party committee to play a leading role, guide villagers to make good use of the sea, and strive forward to achieve rural revitalization and common prosperity.

    Xi then visited the Gu Wenchang Memorial Hall, where he learned about the inspiring deeds of Comrade Gu Wenchang and was briefed about how revolutionary traditions were carried forward. During the visit, he also engaged in cordial exchanges with representatives of teachers and students from Gu Wenchang Cadre College. Xi pointed out that public recognition is the key gauge to evaluate an official’s performance, calling on leading officials at all levels to learn from Gu, have a correct understanding of what it means to perform well, and bring benefits to local people during their term in office. He also asked the officials to deliver tangible results, make constant efforts for achievements in the long run, and build a good reputation in the hearts of the people. “Learning from Gu requires not only deep admiration, but also concrete deeds to follow his example in fostering integrity and performing duties,” Xi said.

    At the Guandi cultural industrial park, Xi was briefed about local efforts in strengthening the protection of cultural heritage and promoting cultural exchanges across the Taiwan Strait. He stressed that cultural heritage is a precious legacy left by our ancestors and should be protected and carried forward.

    On the morning of Oct. 16, Xi inspected the Xiamen Area of China (Fujian) Pilot Free Trade Zone. He visited an exhibition showcasing the achievements in the construction of the pilot free trade zone, and was briefed about local work in further expanding reform and opening up, as well as in exploring a new path for integrated development across the Taiwan Strait. He also talked with the staffers at a comprehensive service hall. Over more than 40 years of development, the Xiamen Special Economic Zone has experienced tremendous changes that were once unimaginable, he said. Today, the requirements for reform and opening up, both in depth and breadth, are higher than ever before. Fujian and Xiamen need to adapt to the changing situation, steadily advance institutional opening up, align with international high standards, and achieve more institutional and policy outcomes to contribute to the expansion of high-level opening up, Xi said.

    On the afternoon of Oct. 16, Xi listened to work reports from the CPC Fujian Provincial Committee and the provincial government. He commended what Fujian has achieved in various areas of its work and put forward clear requirements for the province’s work in the future.

    Xi noted the need to explore new pathways for the deep integration of technological and industrial innovation. He called on the province to accelerate the building of an all-around innovation support system, promote integrated reforms in education, technology, and talent systems in a coordinated manner, and strengthen the building of high-level scientific and technological innovation platforms. He also emphasized the importance of implementing major technological initiatives, enhancing the role of enterprises as major players in innovation, and improving financial policies and mechanisms that support technological advancement, so as to create a better environment for boosting innovation and attracting talent.

    He urged the province to firmly develop the real economy, consolidate the strengths of traditional industries, vigorously promote the transformation and upgrading of industries, cultivate and expand strategic emerging industries, make plans for future industries, develop new quality productive forces according to local conditions, and shape new advantages in industrial development.

    Xi stressed efforts to comprehensively deepen reform and expand high-level opening up. He called for continued efforts to boldly practice, explore and reform on its own, with a focus on key sectors and links and economic structural reform as the spearhead. It is imperative to unswervingly consolidate and develop the public sector and unswervingly encourage, support, and guide the development of the non-public sector, and innovatively develop the “Jinjiang Experience” to fully stimulate the whole society’s vitality for investing and starting businesses. It is essential to prioritize reforms aimed at improving the people’s well-being, with a focus on delivering on the people’s aspirations and expectations. Xi also called for efforts to further upgrade pilot free trade zones, align with major regional strategies, further integrate into high-quality Belt and Road cooperation, build a core area of the 21st-Century Maritime Silk Road, and consolidate and expand the roles of the province as an important link and an important channel in the interplay between domestic and international economic flows. He urged Fujian to build itself into a demonstration zone for integrated development across the Taiwan Strait.

    Xi noted that Fujian should play an exemplary role in promoting coordinated regional development and integrated urban-rural development. It is imperative for the province to advance the mechanism for collaboration between mountainous and coastal areas, further coordinate their development and strengthen the complementarity of their functions. It is essential for Fujian to advance the building of national ecological conservation pilot zones, build a great pattern of protection and governance covering from the mountains to the sea, strengthen overall governance in key areas, river basins and sea areas, and expand the capacity of the ecosystem. Xi called for efforts to strengthen coordinated integration of rural revitalization across the board and new-type urbanization, as well as to expedite integrated urban-rural development. He highlighted the need to bolster the county-level economy, speed up the revitalization and development of former revolutionary bases, and consolidate and further expand the achievements of poverty alleviation. It is imperative to ensure that the total area of farmland remains above the specified red line, adopt an all-encompassing approach to food and agriculture, and forge specialty-based agricultural clusters. Xi also underscored the importance of deepening the collective forest tenure reform and developing forest foods and under-forest economy, thus continuously exploring the forests’ potential in boosting the economy and grain production. Xi also urged accelerated efforts to develop the cities of Fuzhou and Xiamen as national-level marine economic development demonstration zones, as part of the wider endeavor to expand and strengthen the marine economy. He also stressed the imperative to guard against natural disasters, such as typhoons and earthquakes, and strengthen the capacity for disaster prevention, mitigation and relief.

    Xi urged continued efforts to improve the appeal of culture and present the province’s fresh image. He called on the province to inherit and carry forward the revolutionary traditions, commit to the construction of national culture parks for the Long March in Changting and Ninghua, as well as deepen the research and interpretation of revolutionary historical materials and relics. He underlined the need to strengthen the protection and inheritance of cultural heritage, stay committed to the work of cultivating people morally and intellectually, and actively transform outmoded habits and customs. He also stressed advancing deeper integration of culture and tourism, and developing the culture and tourism sector into a pillar industry. Xi urged continued efforts to promote cross-Strait cultural exchanges, jointly carry forward Chinese culture, and enhance the common sense of the Chinese national and cultural identity among Taiwan compatriots. Xi called on Fujian to rely on ties such as ancestral bonds and ancestral land culture to extensively rally the support of overseas Chinese.

    Xi pointed out that Party members and officials should be educated to inherit the best of traditions, carry forward our revolutionary heritage and the pioneering and innovative spirit of daring to think big and fighting to win big, forge ahead with fortitude, and make further achievements. All Party members and officials should have an understanding of performing their duties to serve the people, never forget the original aspiration, take on responsibilities, be honest and clean in performing duties, and always maintain the political integrity of communists. It is imperative to fight pointless formalities, and take further steps to ease the burdens on grassroots. He urged efforts to implement the practices of going into communities to communicate the Party’s lines and policies, carry out fact-finding missions, address people’s complaints, and conduct field work, follow the Party’s mass line in the new era, and raise the effectiveness of Party building in boosting grassroots governance.

    Xi stressed the necessity to conscientiously implement the decisions and arrangements of the CPC Central Committee, spare no efforts to do a good job in the economic work of the fourth quarter, and strive to achieve the economic and social development objectives for the whole year.

    Vice Premier He Lifeng and leading officials of relevant central Party and state departments accompanied Xi on the inspection tour.

    MIL OSI China News –

  • MIL-OSI China: China unveils first multidisciplinary diagnosis, treatment guidelines for obesity

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

    China unveils first multidisciplinary diagnosis, treatment guidelines for obesity

    BEIJING, Oct. 17 — China on Thursday unveiled its first guidelines for the multidisciplinary diagnosis and treatment of obesity.

    Emphasizing a multidisciplinary team-based approach, the guidelines were released to standardize the diagnosis and treatment of the condition and to ensure the quality and safety of medical care, said the National Health Commission (NHC), which led the formulation of the document.

    The guidelines address the diagnosis standards, classification and staging of obesity. Its treatment section includes methods for behavioral, psychological and sports-based interventions, medical nutrition therapy, medication treatments, weight-loss and metabolic surgery, as well as approaches from traditional medicine.

    According to the guidelines, five medications have been approved in China for weight-loss treatment in adults with primary obesity. No medications have been approved for the treatment of inherited obesity in China.

    The second-largest economy is combating obesity, largely a “sweet burden” of affluence. More than half of adults in the country are overweight or obese, and the rate could reach 65.3 percent by 2030, according to a 2020 report from the NHC.

    China had struggled for centuries to feed its vast population. And undernourishment was a genuine concern for many families before the reform and opening-up started in the late 1970s. Obesity has emerged as an unintended consequence of improving living standards in the country.

    MIL OSI China News –

  • MIL-OSI China: Vice premier urges improved policy implementation to hit yearly growth targets

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

    NANJING, Oct. 17 — Chinese Vice Premier Ding Xuexiang has called for more effective implementation of both existing and incremental policies to fulfill the country’s annual social and economic development targets.

    Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks during an investigation and research tour of Henan and Jiangsu, two provinces in central and eastern China, respectively.

    The tour, spanning from Monday to Thursday, focused on economic operations, sci-tech innovation and industry development.

    In Zhengzhou, capital of Henan, Ding visited places including an academy of science, a university and a digital technology firm, calling for concerted efforts to promote projects aligned with major national strategies. He underscored the need to cultivate the digital economy and develop new quality productive forces tailored to local conditions.

    While visiting a housing project in the city, Ding also urged strengthened financial support for the country’s real-estate market.

    In Suzhou and Jiangyin, two cities of Jiangsu, Ding learned about local efforts to attract foreign investment, develop the integrated circuit sector and promote vocational education. He said it is crucial to integrate sci-tech innovation and industry innovation to create momentum for high-quality development.

    Work should also be done to maximize the use of local government special-purpose bonds, improve the business environment for the private businesses, and enhance services for foreign investors, he added.

    MIL OSI China News –

  • MIL-OSI USA: Floridians May be Eligible for Transitional Sheltering in Hotels

    Source: US Federal Emergency Management Agency

    Headline: Floridians May be Eligible for Transitional Sheltering in Hotels

    Floridians May be Eligible for Transitional Sheltering in Hotels

    TALLAHASSEE, Fla.- FEMA has activated Transitional Sheltering Assistance (TSA) for Floridians displaced by Hurricane Helene or Hurricane Milton in 52 counties and for tribal members of the Miccosukee Tribe of Indians.

    Residents in these counties who have applied for disaster assistance may be eligible to stay temporarily in a hotel or motel paid for by FEMA. Applicants do not need to request this assistance. FEMA will notify them of their eligibility through an automated phone call, text message, and/or email, depending upon the method of communication they selected at the time of application for disaster assistance.

    Applicants may be eligible if they cannot return to their disaster-damaged home and their housing needs cannot be met by insurance, shelters or rental assistance provided by FEMA or another agency.

    Under the TSA program, FEMA pays the cost of room, taxes and non-refundable pet fees directly to participating hotels and motels. Pet fees will only be paid up to the approved limit of assistance for individual rooms. Survivors are responsible for all other costs, including laundry, restaurant/room service, parking, telephone or movie rental. 

    Continued eligibility is determined on an individual basis. When eligibility ends, survivors will be notified by FEMA seven days prior to checkout date.

    TSA is limited to participating hotels and motels in Florida, Alabama and Georgia. Applicants must refer to the TSA Locator to find a hotel, which will be visible to them when they go to DisasterAssistance.gov.  

    TSA participants may also be eligible for other FEMA financial help, including Displacement Assistance, Rental Assistance, Home Repair Assistance and other aspects of the Individual Assistance program.

    Floridians can apply for either storm online at DisasterAssistance.gov. They can also apply using the FEMA mobile App or by calling FEMA’s helpline toll-free at 800-621-3362. Lines are open every day and help is available in most languages. If you choose to apply by phone, please understand calls to FEMA’s helpline are experiencing delays because of the increased volume due to multiple recent disasters. The fastest way to apply is online or through the FEMA App. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. To view an accessible video on how to apply visit Three Ways to Apply for FEMA Disaster Assistance – YouTube. 

    For the latest information about Florida’s Hurricane Helene recovery, visit fema.gov/disaster/4828. For Hurricane Milton recovery, visit fema.gov/disaster/4834.Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.

    kirsten.chambers

    MIL OSI USA News –

  • MIL-OSI Australia: Speech – Community Broadcasting Association of Australia Conference 2024 – Gold Coast

    Source: Australian Ministers for Infrastructure and Transport

    Hi, I’m Michelle Rowland, Federal Communications Minister.

    Thank you for inviting me to say a few words.

    I acknowledge the Traditional Owners of the lands you are gathered on – the You-Gam-Be (Yugambeh) people – and the Traditional Owners of the lands that community radio broadcasts from across Australia.

    I pay respect to First Nations people attending. 

    And thank all the community broadcasters who give First Nations communities, connection to culture, and language a voice and a platform.  

    I congratulate you on a very special milestone: 50 years of community broadcasting in Australia.

    The Whitlam Government’s move in 1974 to establish this sector was a landmark moment in our history.

    What was then referred to as ‘experimental radio licences’ were granted to a handful of community groups.

    Five decades on, more than 450 stations reach 5 million Australians each week.

    Your sector is vibrant, diverse and it enriches people’s lives. 

    It connects communities and gives locals a voice.

    On behalf of the Albanese Government, thank you to all the staff and the volunteers for your outstanding contribution to our media landscape.

    I also congratulate you on your comprehensive ten-year roadmap, which sets clear priorities to ensure your sector continues to thrive and meet community needs.

    Labor has long backed community radio.

    The first Bill I presented to Parliament as Communications Minister was to provide a funding boost and on-going certainty for community broadcasting.

    This financial year, this translated into $23 million through the Community Broadcasting Program. 

    My first visit as a Minister was to a community radio station. 

    And I haven’t stopped since.

    At every station I visit around the country, I’m inspired by your commitment to serving your audiences. 

    And you are well-represented by an industry organisation in CBAA

    The Albanese Government is committed to working with community broadcasting to identify a sustainable funding basis for the future.

    At last year’s event, I spoke about the importance of the Community Broadcasting Sector Sustainability Review and outlined key findings.

    Phase 1 of the review found that while the Community Broadcasting Program delivers positive impacts, grant funding does not adequately promote sustainability and resilience.

    The Community Broadcasting Foundation has since actioned key recommendations to better measure outcomes and impact of the Commonwealth funding it distributes. 

    I look forward to seeing this translate into outcomes-based funding streams that better align to areas of need, like news, youth engagement and emergency broadcasting.

    Phase 2 of the review has gathered views and ideas directly from you – the community broadcasters – on how to build a stronger, more sustainable future.

    As part of this, I met with community broadcasters in suburban Sydney, Byron Bay, Cairns and Darwin. 

    My Department has held a series of stakeholder roundtables in Sydney, Melbourne, Brisbane, Darwin and online. 

    What we are hearing is a united call for increased, sustainable funding. 

    Alongside diverse views on how to create a sustainable future. 

    This includes regulatory changes to reflect the modern broadcasting era, and to afford licensees flexibility in community participation and sponsorship. 

    And views on supports that sector bodies, such as CBAA, can deliver to better assist stations with governance and business planning.

    Thank you to everyone who participated; I look forward to receiving the Department’s findings and advice by the end of the month.

    In establishing the community broadcasting sector in Australia, the then Minister for Media, Doug McClelland, heralded – and I quote – “a new era in the advancement of radio development in Australia.” 

    The subsequent Labor Minister, the great Dr Moss Cass, oversaw the national expansion of the experimental radio licences which enabled the sector to grow.

    The community broadcasting sector has more than delivered on the vision of the Whitlam Government. 

    You are at the heart of every community.

    The Albanese Government is 100 per cent committed to supporting the next era of community broadcasting in Australia.

    To ensure it is strong, sustainable, vibrant and remains an essential part of our media landscape. 

    MIL OSI News –

  • MIL-Evening Report: Can NZ’s supply chain build enough resilience and sustainability to survive the next global crisis?

    Source: The Conversation (Au and NZ) – By Julia Fehrer, Associate Professor, Business School, University of Auckland, Waipapa Taumata Rau

    New Zealand is highly reliant on trade – particularly on maritime routes, which are lifelines for exports and imports. Key sectors such as agriculture, construction, and wholesale and retail trade depend heavily on this global network.

    External events can severely disrupt the flow of goods, delay deliveries or damage critical infrastructure.

    But a crisis like the COVID pandemic can also disrupt business commitments to sustainability goals such as reducing carbon emissions, minimising waste and improving resource efficiency.

    This is important, because several major New Zealand companies have introduced sustainability measures into their operations over the past decade.

    Fonterra, for example, adopted low-carbon logistics and distribution practices. Zespri uses blockchain technology to improve the transparency of its sustainable practices and enhance tracking across its supply chain. Air New Zealand partners with local suppliers and adopts initiatives to lower its carbon emissions.

    In our recent research, we reviewed 287 studies on supply chains. We identified key tensions between efficiency and sustainability, and how major disruptions to supply chains and operations can swing the balance between the two.

    On one hand, businesses are pressured to maintain lean, cost-effective operations. On the other, there is a growing recognition of the need to build resilience and sustainability, particularly in the face of climate change.

    Traditional strategies

    New Zealand’s supply chains are susceptible to disruptions from natural disasters (such as earthquakes and floods), geopolitical tensions and global health crises.

    Businesses have historically responded in a variety of ways: diversifying suppliers, increasing inventory buffers and securing alternative transport routes.

    The use of technology, such as radio frequency identification, has played a crucial role in tracking goods across the supply chain. It provides real-time visibility and accurate inventory management.

    Blockchain is becoming a key tool for making supply chains more sustainable. This technology uses a digital ledger to keep information safe and easy to trace.

    But the ongoing technological innovation risks disadvantaging people and businesses with limited resources and capabilities along the supply chain.

    Embracing a circular economy

    During the pandemic, businesses experienced shortages of critical supplies, delays in shipments and fluctuating demand. This forced them to temporarily abandon long-term sustainability strategies in favour of short-term survival tactics.

    This made sense from a business perspective. But to build more resilient and sustainable supply chains, businesses will need to move beyond traditional strategies.

    Our research found integrating circular economy principles into supply chain management can help create a buffer for businesses.

    The circular economy model focuses on minimising waste – keeping products and materials in use for as long as possible. There is also a focus on regenerating natural systems to foster economic, social and environmental resilience.

    Companies can reduce their reliance on external supply chains by focusing on reusing materials, creating closed-loop systems with regional partners and by boosting the technologies already in place.

    By fostering stronger links with local suppliers and focusing on regional sourcing, businesses can reduce their exposure to global risks. This will also help build more self-sufficient supply chain ecosystems.

    Building sustainable supply chains requires investing in advanced technologies, such as blockchain and artificial intelligence. But implementing these technologies should be done carefully and in stages to minimise disruption. Going slowly can also allow for the inclusion of all supply chain partners in these technological transitions.

    The way forward

    New Zealand’s supply chain future hinges on greater collaboration between everyone involved, including businesses, policymakers and communities.

    In practice, this means working together to build systems that are not only efficient and cost-effective but also resilient and sustainable.

    Equally, resilient supply chains require regional manufacturing ecosystems. To mitigate the risks from global supply chain disruptions, it’s essential to support local manufacturing, even when offshore manufacturing costs are lower.

    This will require government support and strategic investment in regional manufacturing innovation.

    While New Zealand’s supply chains face significant challenges, there are great opportunities to reshape them for a more resilient and sustainable future.

    By integrating circular economy principles, using advanced technologies and fostering regional collaboration, New Zealand can build supply chains that are prepared for future crises and which also contribute to the country’s sustainability goals.

    Julia Fehrer receives funding from the New Zealand Ministry of Business, Innovation, and Employment.

    Christina Stringer, Sunny Kareem, and Timofey Shalpegin do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Can NZ’s supply chain build enough resilience and sustainability to survive the next global crisis? – https://theconversation.com/can-nzs-supply-chain-build-enough-resilience-and-sustainability-to-survive-the-next-global-crisis-241348

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: SBA Stands Ready to Assist Alaska Businesses and Residents Affected by the Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – Low-interest federal disaster loans are now available to Alaska businesses and residents as a result of President Biden’s major disaster declaration, U.S. Small Business Administration’s Administrator Isabella Casillas Guzman announced.

    The declaration covers the City and Borough of Juneau as a result of flooding that occurred Aug. 5–6.

    “SBA’s mission-driven team stands ready to help Alaska’s small businesses and residents impacted by flooding,” said Administrator Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

    Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. 

    For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.

    “SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”

    Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

    Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.813 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

    Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

    On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

    Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

    As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at (800) 659-2955.

    ###

    About the U.S. Small Business Administration
    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: SBA to Open Virtual Business Recovery Center to Assist Arizona Businesses Affected by Watch Fire

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today announced the opening of its virtual Business Recovery Center to meet the needs of businesses and individuals who were affected by affected by the Watch Fire that occurred July 10-17.

    “When disasters strike, our virtual Business Recovery Centers are key to helping business owners and residents get back on their feet,” Sánchez said. “At these virtual centers, people can connect directly with our specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey.”

    SBA has established a virtual Business Recovery Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application.

    Virtual Business Recovery Center
    Monday – Friday
    8 a.m. – 5 p.m. Pacific Time
    FOCWAssistance@sba.gov
    (916) 932-8956
    Opens at 8 a.m. Friday, Oct. 18

    Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

    For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

    “SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” Sánchez continued. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”

    SBA disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

    Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

    Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

    On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

    Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

    Applicants may apply online and receive additional disaster assistance information and download applications at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659‑2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to apply for property damage is Dec. 3, 2024. The deadline to apply for economic injury is July 7, 2025.

    ###

    About the U.S. Small Business Administration
    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Canada’s dairy protection must be cracked wide open

    Source: ACT Party

    ACT is backing New Zealand negotiators to crack open hard-fought Canadian market access for New Zealand dairy exports, as agreed to in the CPTPP. Today the Government triggered compulsory negotiations over Canada’s failure to honour the CPTPP and seek compensation for our world-best exporters.

    “Restricting imports of New Zealand dairy products not only makes Canadian consumers worse off, it is also a betrayal of the long-standing friendship between our two countries,” says ACT Trade Spokesperson Dr Parmjeet Parmar.

    “Free trade benefits Canadians by giving consumers choice of a wider range of products and fostering competition, which ultimately reduces prices. It also benefits Canadian businesses that produce products that New Zealanders want to buy. But free trade must go both ways.

    “To Canadian farmers concerned about competition, I encourage you to look at New Zealand’s experience. Today, you’d be hard-pressed to find a New Zealand farmer who wants to reverse the market liberalisation reforms of the 1980s.

    “Opening New Zealand up to the world unleashed our economy, creating a generation of farmers that are the most efficient and innovative in the world.

    “Canada faces many of the same challenges as New Zealand. The ACT Party urges their Government to focus its time and resources on addressing those, rather than undermining our relationship for a cause that is actively making Canadians worse off.”

    MIL OSI New Zealand News –

  • MIL-OSI China: China’s top diplomat calls for deepening China-Brazil cooperation

    Source: China State Council Information Office

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with a high-level Brazilian delegation led by Rui Costa, chief of staff of the presidency, in Beijing on Oct. 17, 2024. [Photo/Chinese Ministry of Foreign Affairs]

    China’s top diplomat Wang Yi met with a high-level Brazilian delegation led by Rui Costa, chief of staff of the presidency, in Beijing on Thursday, calling for deepening practical cooperation between the two countries.

    Wang, a member of the Political Bureau of the Communist Party of China Central Committee and director of the Office of the Central Commission for Foreign Affairs, noted that China and Brazil are the largest developing countries in the eastern and western hemispheres, respectively, with highly complementary economies, aligned development strategies and shared governance concepts.

    Under the new circumstances, the all-round strategic cooperation between China and Brazil not only serves the long-term and fundamental interests of the two peoples, but also sets a good example for the solidarity and coordination of countries in the Global South, Wang said.

    China attaches great importance to its relations with Brazil and is full of confidence in Brazil’s development prospects, Wang said, adding that China is ready to work with Brazil to take the opportunity of the 50th anniversary of diplomatic ties to intensify high-level exchanges, deepen practical cooperation, enhance strategic collaboration and jointly build a community with a shared future.

    Costa and the other delegation members said Brazil is willing to push for more tangible results in cooperation in various fields, such as economy, trade, finance, infrastructure, green transformation, re-industrialization, and scientific and technological innovation.

    The Brazilian side is ready to enhance the strategic relationship of the two countries and push the bilateral comprehensive strategic partnership to a new level, said the delegation.

    The two sides also had an in-depth exchange of views on improving global governance and agreed to safeguard the common interests of developing countries, international fairness and justice, and to become an important stabilizing force in today’s turbulent world.

    MIL OSI China News –

  • MIL-OSI China: Indonesian development gets boost as Jakarta-Bandung High-Speed Railway marks one year

    Source: China State Council Information Office

    Indonesia on Thursday grandly celebrated the first anniversary of the Jakarta-Bandung High-Speed Railway (HSR), a landmark project as Southeast Asia’s first high-speed rail.

    With a speed of 350 km per hour, the 142.3 km high-speed rail, built in cooperation with China under the Belt and Road Initiative, has slashed the journey time between Jakarta and Bandung from over three hours to just about 40 minutes. Over the past year, the rail, affectionately called “Whoosh” for its remarkable speed, has inspired profound changes in the towns and cities along the line.

    As Indonesia marches toward its Golden Indonesia 2045 Vision, “Whoosh” has not only made rail transport more efficient and comfortable, but also plays a pivotal role in boosting the local economy, tourism, human resources and people’s livelihood.

    This photo taken on April 17, 2024 shows a high-speed electrical multiple unit (EMU) train of the Jakarta-Bandung High-Speed Railway on the platform of Halim Station in Jakarta, Indonesia. [Photo/Xinhua]

    Connecting cities

    In October 2023 when the railway started operation, Indonesian President Joko Widodo revealed the name of the HSR, “Whoosh,” inspired by the train’s sound and meaning fast, efficient and reliable in the Indonesian language.

    With seamless connectivity with other transport networks such as light rail transit and shuttle buses, the sleek red and silver bullet train has made traveling between Indonesia’s key cities an efficient and enjoyable experience.

    According to PT Kereta Cepat Indonesia-China (PT KCIC), a joint venture consortium between Indonesian and Chinese firms that constructs and runs the HSR, Whoosh has transported 5.79 million passengers by Oct. 17 this year, including 300,000 international tourists from 159 countries.

    An increasing number of Indonesians find this rapid transit option indispensable, as they can now spend more time with family on weekends and travel to economic hubs with ease.

    “Previously, I took a conventional train on Saturday morning and returned to Jakarta on Sunday evening,” said Halim Ali Sabhana, a 27-year-old commuter.

    “Now, since it only takes 40 minutes by ‘Whoosh,’ I can go back to Bandung on Friday afternoon after work, and arrive at my Jakarta office on Monday morning,” he told Xinhua.

    Raden Agung Wijaya, a 43-year-old business owner, said the railway has made his frequent business trips between Jakarta and Bandung much easier.

    “Instead of driving my car, I’m taking Whoosh to Bandung. Less time, and less tiring. I can meet clients on time,” he said.

    Over the past year, the number of trains per day increased from 14 initially to 52 in the peak period as the railway quickly gained popularity, with the number of passenger seats increasing from over 8,400 to more than 31,000, and the maximum number of passengers per day at 24,132.

    Catalyzing growth

    The operation of the high-speed train has created more economic opportunities, with new residential areas, markets, and shopping centers emerging around the bustling train stations.

    Lion dance performers welcome passengers on the platform at the Jakarta-Bandung High-Speed Railway’s Padalarang Station in Padalarang, Indonesia, Feb. 10, 2024. [Photo/Xinhua]

    Small businesses are thriving in the burgeoning community-based economic ecosystem surrounding the train stations, said Bey Machmudin, acting governor of West Java. Local micro, small and medium-sized enterprises (MSMEs) have filled various kiosks at Padalarang station and Tegalluar station, Machmudin said.

    “West Java residents welcome the Whoosh train and it must be utilized as best as possible to improve the community’s economy. (Looking) ahead, we hope the MSMEs can also work with tourism associations to provide tour packages in Bandung,” he said.

    At Tegalluar station in the suburbs of Bandung, Tati Heryati, a Sundanese pancake seller, saw a five-fold increase in his daily income.

    “Previously, I could only earn 100,000 rupiahs (6.42 U.S. dollars) per day. But since Whoosh started running, I can now earn 500,000 rupiahs (32.09 dollars) a day,” Heryati told Xinhua.

    “Many of my neighbors have also become vendors here, selling everything from food and beverages to merchandise, because they can now earn more,” he said.

    The ease of travel has also drawn more visitors to destinations in West Java, ranging from Bandung’s bustling city center to previously hard-to-reach areas.

    Al Jabbar Mosque, a grand mosque located 5 km away from Tegalluar station, sees crowds of visitors from Jakarta on Sunday afternoon after the Muslim prayer time.

    Hendrawan Prasetyo, 38, said he came from Jakarta for a vacation with his wife and two children via Whoosh. “I was amazed by the speed. Whoosh has made vacations even more practical. Now we can visit tourist destinations outside the city center of Bandung,” he told Xinhua.

    Arief Syaifudin, head of the Bandung Culture and Tourism Agency, said Whoosh has greatly boosted tourism in West Java. Popular spots like Al Jabbar Mosque and Bandung’s renowned culinary scene have seen a rising influx of visitors. During the holiday season in April, hotel occupancy rates have reached 86.8 percent.

    Tourists can hop off the train to explore the surrounding areas of Bandung, Machmudin said, adding that the provincial government is collaborating with small and medium-sized enterprises near Padalarang and Tegalluar stations to introduce more Bandung culinary and tourism packages to visitors.

    Cultivating talent

    The railway has also boosted talent cultivation with a collaborative platform established to speed up local technological progress. Over the past year, a total of 45,000 local technicians have received training in high-speed rail technology, including engineering, welding, and machinery, with support from the Chinese side.

    A Chinese high-speed train driver (C) instructs his Indonesian counterpart (R) inside the driving cab of a high-speed train in Bandung, Indonesia, Sept. 12, 2024. [Photo/Xinhua]

    Wawan Setiawan, a student at the Indonesian Railway Polytechnic and one of the first Indonesian high-speed rail drivers, said that becoming a high-speed rail driver fills him with immense pride, serving as a significant source of fulfillment in his life.

    Currently, the Chinese operation team is training 600 Indonesians for 23 positions essential to the long-term maintenance and operation of the HSR.

    Local drivers have already begun operating the trains at a speed of up to 350 km per hour, marking a significant milestone in building a skilled workforce capable of supporting Indonesia’s growing high-speed rail sector.

    “Indonesia has greatly benefited from the Belt and Road Initiative, particularly through transformative infrastructure projects like the Jakarta-Bandung High-Speed Railway,” said Veronika Saraswati, director of the Saraswati Institute and a China expert.

    “This cooperation has allowed Indonesia to modernize its transportation systems, realizing long-held ambitions of building high-speed rails,” she said.

    “The positive results of infrastructure and trade cooperation between the two countries have made the Indonesian government aware that China is an opportunity,” she added.

    MIL OSI China News –

  • MIL-OSI China: China to improve economic, trade cooperation with Vietnam

    Source: China State Council Information Office

    China will work to enhance economic and trade cooperation with Vietnam, a spokesperson for China’s Ministry of Commerce said on Thursday.

    Spokesperson He Yadong told a press conference that China is Vietnam’s largest trade partner, while Vietnam is China’s largest trade partner among the Association of Southeast Asian Nations.

    From January to September 2024, trade volume between the two countries reached 190.38 billion U.S. dollars, up 17.6 percent year on year.

    Vietnam is an important overseas investment destination for China. In the first eight months, direct investment by Chinese enterprises in Vietnam totaled 1.97 billion dollars, maintaining rapid growth.

    Efforts will be made to both explore and pilot the establishment of cross-border economic cooperation zones, expanding cooperation in emerging fields such as information technology, new energy and digital economy, the spokesperson said.

    Enterprises from the two countries will be supported to make full use of platforms like the China International Import Expo, the China Import and Export Fair and the China-ASEAN Expo to expand trade of agricultural and aquatic products, as well as manufactured industrial products, He said.

    Measures will also be taken to deepen cooperation related to supply chains and regional economic integration, He added.

    MIL OSI China News –

  • MIL-OSI Submissions: Economy – ECB’s rate cut piles pressure on the Euro

    Source: deVere Group

    October 17 2024 – The European Central Bank (ECB) has lowered interest rates for the third time this year, as inflation in the eurozone shows signs of easing and the economy struggles to regain momentum.

    With money markets now expecting three more rate cuts by March 2025, the euro is likely to face prolonged downward pressure, predicts the CEO of one of the world’s largest independent financial organizations.

    The prediction from deVere Group’s Nigel Green follows Thursday’s quarter-point rate cut, which brings the deposit rate down to 3.25%.

    He says: “This is the first time in 13 years that the ECB has delivered consecutive rate cuts, marking a pivotal moment for both the eurozone economy and global investors.

    “Lower interest rates make a currency less appealing to investors as they reduce returns on assets denominated in that currency.

    “As the ECB continues to signal further rate cuts, this trend is expected to intensify. The euro is likely to weaken as investors seek higher returns elsewhere, potentially leading to capital outflows from the eurozone.

    “The ECB’s actions indicate a clear shift in focus, from managing inflation to stimulating growth.

    “With continued rate cuts on the horizon, the euro is set to remain under pressure for the foreseeable future, making this a critical time for investors to assess their portfolios.”

    For investors holding euro-denominated assets, a weakening currency could present some challenges, especially for those with international exposure. As the euro depreciates, returns on European investments could decline when converted back into stronger currencies.

    However, there are also opportunities, particularly in export-heavy sectors, where a weaker euro makes European goods more competitive on the global market.

    “In light of the ECB’s monetary policy approach, we recommend investors take a close look at currency risk and consider hedging strategies if they have significant exposure to the euro,” affirms Nigel Green.

    “On the other hand, sectors such as manufacturing and exports could benefit from a more competitive currency.”

    For investors looking to take advantage of a weaker euro, diversification into eurozone industries that are less reliant on domestic demand and more focused on exports could prove beneficial. These industries are likely to see growth as their goods become more attractive on the international market, providing opportunities in the face of broader economic stagnation.

    The deVere CEO concludes: “Investors should be prepared for sustained euro depreciation and adjust their strategies accordingly.

    “The weakening euro could be a double-edged sword, offering opportunities in specific sectors while also requiring a more cautious approach to currency risk.”

    deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $12bn under advisement.

    MIL OSI – Submitted News –

  • MIL-OSI Banking: Lufthansa Group appoints Brendan Shashoua as Lufthansa Group’s Senior Director Sales – Southeast Asia and the Pacific

    Source: Lufthansa Group

    Brendan Shashoua has been appointed Lufthansa Group’s Senior Director Sales – Southeast Asia and the Pacific. Based in Singapore, he leads Lufthansa Group’s sales force across Southeast Asia and the Pacific region. 

    Born and raised in Switzerland, Brendan Shashoua began his Lufthansa Group career in revenue management at SWISS in 2011. After 2.5 years, he progressed into sales as a Global Key Account Manager with responsibilities for the management of some of Lufthansa Group’s largest corporate customers. In 2018, he began his first team lead position in Sales Services and Groups in Switzerland where he was responsible for development of the inaugural Lufthansa Group Global Sales Services Competence Center. 

    In July 2021, he assumed the role of Director of Regional Sales Canada with responsibility for the entire Canadian market, including Lufthansa Group’s successful Joint Venture with United Airlines and Air Canada. Brendan Shashoua is a dual citizen of both Switzerland and the United Kingdom and holds an Executive MBA from Zurich University. He is happily married with one son. 

    About Lufthansa Group

    The Lufthansa Group is an aviation group with operations worldwide. With 100,000+ employees, Lufthansa Group generated revenue of €35.4bn in the financial year 2023. Our largest business segment is Passenger Airlines while other key business segments include Logistics and Maintenance, Repair and Overhaul (MRO). Other companies and Group functions such as IT companies and Lufthansa Aviation Training form complimentary components of the Group. All airlines and business segments play leading roles in their respective markets.

     

    MIL OSI Global Banks –

  • MIL-Evening Report: A giant biotechnology company might be about to go bust. What will happen to the millions of people’s DNA it holds?

    Source: The Conversation (Au and NZ) – By Megan Prictor, Senior Lecturer in Law, The University of Melbourne

    isak55/Shutterstock

    Since it was founded nearly two decades ago, 23andMe has grown into one of the largest biotechnology companies in the world. Millions of people have used its simple genetic testing service, which involves ordering a saliva test, spitting into a tube, and sending it back to the company for a detailed DNA analysis.

    But now the company is on the brink of bankruptcy. This has raised concerns about what will happen to the troves of genetic data it has in its possession.

    The company’s chief executive, Anne Wojcicki, has said she is committed to customer privacy and will “maintain our current privacy policy”.

    But what can customers of 23andMe themselves do to make sure their highly personal genetic data is protected? And should we be concerned about other companies that also collect our DNA?

    What is 23andMe?

    23andMe is one of the largest companies in the crowded marketplace for direct-to-consumer genetic testing. It was founded in 2006 in California, launching its spit test and Personal Genome Service the following year, at an initial cost of US$999. This test won Time magazine’s Invention of the Year in 2008.

    Customers eagerly took up the opportunity to order a saliva collection kit online, spit in the tube and mail it back. In a few weeks when the results were ready they could find out about their health, ancestry, and other things like food preferences, fear of public speaking and cheek dimples.

    The price of testing kits dropped rapidly (it’s now US$79). The company expanded globally and by 2015 had 1 million customers. The firm went public in 2021 and initially the stock price soared. As of 2024, the company claims 14 million people have taken a 23andMe DNA test.

    23andMe is one of the world’s largest biotechnology companies.
    T. Schneider/Shutterstock

    23andMe rode the wave of popular excitement and investor interest in genetics. It wasn’t alone. By 2022 the direct-to-consumer genetic testing market was valued at US$3 billion. The three largest players – 23andMe, AncestryDNA and MyHeritage – together hold the genetic data of almost 50 million people globally.

    There are dozens of smaller players too, with some focusing on emerging markets such as MapMyGenome in India and 23mofang and WeGene in China.

    What happened to 23andMe?

    23andMe has had a rapid downfall after the 2021 high of its public listing.

    Its value has dropped more than 97%. In 2023 it suffered a major data breach affecting almost seven million users, and settled a class action lawsuit for US$30 million.

    Last month its seven independent directors resigned amid news the original founder is planning to take the company private once more. The company has never made a profit and is reportedly on the verge of bankruptcy.

    What this might mean for its vast stores of genetic data is unclear.

    When people sign up for a 23andMe test the company assures them: “your privacy comes first”. It promises it will never share people’s DNA data with employers, insurance companies or public databases without consent. It puts choice in the hands of consumers about whether their spit sample is kept by the company, and whether their de-identified genetic and other data is used in research. Four in five people who bought a 23andMe test have agreed to their data being used in research.

    However, if you dig a bit deeper, it’s clear that 23andMe uses people’s data in many different ways, such as sharing it with service providers. Perhaps most importantly, if the company goes bankrupt or is sold, people’s information might be “accessed, sold or transferred” as well.

    In a statement to The Conversation, a 23andMe spokesperson said Wojcicki is “not open to considering third-party takeover proposals”, and that in the event of any future ownership change, the company’s existing data privacy agreements with customers “would remain in place unless and until customers are presented with, and agree to, new terms and statements – and only after receiving appropriate notice of any new terms, under applicable data protection laws”.

    Tips for people to protect their genetic data

    With 23andMe in the spotlight, people might want to take steps to protect their genetic data (although experts say there’s not really any more risk now than there has always been).

    The simplest thing is to delete your account, which opts you out of any future research and discards your saliva sample. But if your data has already been de-identified and used in research, it can’t be retrieved. And even if you delete your account, 23andMe says it will keep hold of information including your genetic data, date of birth and sex, to comply with its own legal obligations.

    Buying a DNA test online might feel fun and rewarding and it’s certainly been marketed that way. There are plenty of good news stories about how getting those test results has helped people to connect with lost family or understand more about their health risks. People just need to buy tests with their eyes open about what this might mean.

    First, the results might not be all positive. Finding out about health risks without guidance from a health professional can be scary. Learning that the person you thought was your mum or dad actually isn’t, is an outcome for as many as 1 in 20 people who’ve bought a DNA test online.

    Second, every company selling DNA tests does so with lots of legal conditions attached. People click through these without a second thought but researchers have shown it is worth taking a closer look. Consider what the company says about what it will do with your data and your sample, how long they will keep it, who else can access it, and how easy it will be to delete later.

    There are guidelines from organisations like Australian Genomics that can help. And bear in mind that if a company holding your DNA profile is sold, it might be hard to make sure that data is protected.

    So maybe reconsider giving a DNA test as a Christmas gift.

    Megan Prictor is a member of the International Association of Privacy Professionals and the Australasian Association of Bioethics and Health Law.

    – ref. A giant biotechnology company might be about to go bust. What will happen to the millions of people’s DNA it holds? – https://theconversation.com/a-giant-biotechnology-company-might-be-about-to-go-bust-what-will-happen-to-the-millions-of-peoples-dna-it-holds-241557

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: UTAS Inveresk precinct complete with the opening of The Shed

    Source: Australian Ministers for Education

    The University of Tasmania (UTAS) today celebrated the opening of its latest facilities, penning a new chapter in the life of one of Australia’s oldest universities – supported by funding from all three levels of government.

    The Shed, the last of three new buildings at UTAS’s redeveloped Inveresk campus at Launceston, is set to receive students from semester one next year.

    Centrally located opposite City Park, The Shed is the largest of UTAS’s three new facilities, and includes a variety of specialised allied health clinics, science labs and nursing simulation facilities.

    The facility will host community health education programs, professional development workshops, sports science testing and wellbeing initiatives, as well as a range of community activities and events.

    The $97 million project was delivered as part of the $304 million relocation and redevelopment of UTAS’s main Launceston campus from Newnham to Inveresk – which is expected to increase student numbers to 10,000 by 2032.

    This transformation was jointly funded, with $130 million from the Australian Government, $108.6 million from UTAS, $60 million from the Tasmanian Government and $5.4 million from the City of Launceston – as part of the $609.4 million Launceston City Deal.

    Quotes attributable to Federal Minister for Education, Jason Clare MP:

    “Congratulations to the Vice-Chancellor, staff and students on the opening of The Shed right here in the heart of Launceston.

    “This new building will help train more nurses and health workers and support more people in Northern Tasmania to get a crack at going to uni.”

    Quotes attributable to Federal Minister for Regional Development and Local Government, Kristy McBain MP:

    “As someone that had to leave home to attend university, I know how important it is to have education opportunities locally, especially in our regions – because postcodes shouldn’t be a barrier for your future.

    “Having toured this campus last year, I know its central location and high-quality facilities will boost attendance numbers – with 2,400 students already moving to the Inveresk precinct, and around 4,000 students expected from early next year.”

    Quotes attributable to Tasmanian Minister for Education, Jo Palmer:

    “The Shed is an important piece of infrastructure, but it’s what will occur within its walls and upon this new campus that is most important.

    “This project provides exciting opportunities for our young people embarking on their journey of lifelong learning and also for the wider community.

    “Being able to stay in Tasmania and study new courses such as speech pathology, physiotherapy and occupational therapy is so important for our young people.”

    Quotes attributable to Tasmanian Minister for Business, Industry and Resources, Eric Abetz MP:

    “The completion of The Shed is a significant milestone in the Northern Transformation Project. This state-of-the-art facility is a testament to what can be achieved when all levels of government, the University of Tasmania, and the local community work in unison for a common goal.

    “This transformation project is not just about new buildings, it’s about creating an environment that fosters innovation, learning, and growth, with benefits extending well beyond the university’s walls and into the community.

    “It is exciting to see the tangible outcomes of this investment driving significant economic activity across the region—creating jobs, supporting local industries, and delivering long-term benefits to the Tasmanian economy.”

    Quotes attributable to Federal Labor Senator for Tasmania, Helen Polley:

    “We continue to deliver the projects that people in Launceston and across Northern Tasmania deserve – with this transformative campus to ensure people can study in-demand qualifications at home.

    “With the expected influx of new students into Launceston in the coming years, our investment in the University’s presence at Inveresk will support new jobs and stimulate our local economy long into the future.”

    Quotes attributable to City of Launceston Mayor Matthew Garwood:

    “The completion of UTAS’s campus is an amazing milestone for the city and region.

    “Launceston’s CBD has been transformed by the relocation of UTAS’s campus to Inveresk into a vibrant and dynamic precinct.

    “We have seen how the relocation has given confidence to nearby investments in the city, including our own redevelopment of the iconic Albert Hall.

    “Inveresk has now become a really colourful and contemporary part of Launceston, with its links to QVMAG, UTAS Stadium and our CBD.”
     

    MIL OSI News –

  • MIL-OSI Australia: Cyber Security is Everyone’s Business

    Source: Northern Territory Police and Fire Services

    This October is Cyber Security Awareness Month and Northern Territory Police are urging Territorians to take a moment to ensure you’re being Cyber Secure.

    There are still bookings available in both Alice Springs and Darwin for free information sessions for seniors next week.

    Cyber Security is everyone’s business and following the below simple steps can greatly reduce the likelihood you fall victim to cyber criminals.

    Senior Constable Nadine Caulfield with the NT CyberCrime Investigations Unit (CIU) said “Northern Territory Police regularly receive reports where victims have suffered financial loss, or have become a victim of identity theft, and in many cases we investigate, a stronger password or the presence of Multi-Factor Authentication could have prevented it.

    “Those two simple tools remain one of the best defences against cybercrime.  We hear the messaging all the time – update your password, set up multi-factor authentication or two-step verification, and there’s a reason for it –it works. 

    “Last year, the NT CIU was made aware that 39 Australians, from every state and Territory across the country, reported to police that they were victims of online fraud.  Two offenders were identified in the NT.  Both were arrested and charged with 39 counts each of Obtain a Benefit by Deception.  The matter remains before Darwin Local Court with their next appearance is on 18 November 2024.

    “Throughout our investigations, it became apparent that there was likely to be at least another 200 victims of the same online fraud syndicate.  Many people may be ashamed to report that they have been the victim of a scam, but proper reporting gives police the information needed to tackle these offenders head on.

    “NT Police will be jointly presenting in free Cyber Safety Sessions lead by the NT Government in partnership with the Council of Aging NT.”

    The Alice Springs sessions will be held on Wednesday 23 October – the Seniors event at 10am to 11:30am, and the Business event at 1pm to 2.30pm at the Alice Springs Convention Centre.

    The Darwin Seniors session will be held on Friday 25 October at 1pm to 2:30pm at the Council of the Ageing, Spillett House.

    Bookings are essential so register HERE.

    Cybercrime across Australia remains grossly underreported. NT Police encourage all Territorians to make a report if you have been a victim of cybercrime, even if you did not suffer financial loss.

    Reporting has never been more simple by going straight to Cyber Report.

    For more information go to https://becybersmart.nt.gov.au/. 

    MIL OSI News –

  • MIL-OSI New Zealand: Release: Job losses devastating for Timaru

    Source: New Zealand Labour Party

    Confirmed news that the Smithfield meatworks will close is devastating for the hundreds of people who work there, Timaru and the wider region.

    “Our worst fear has been confirmed, this closure will leave up to 600 people out of work. Sometimes several members of the same family work in this plant – and this is distressing news for all of them and our community,” Labour MP based in Rangitata Jo Luxton said.

    “These workers contribute to the local economy and businesses, and many have family nearby. Now many of them will have potentially have to leave our community in search of work,” Jo Luxton said.

    This is the latest major employer to close in New Zealand, following hundreds of other manufacturing job losses in the North Island.

    “We are seeing rising unemployment as the government ignores the plight of workers,” Labour workplace relations and safety spokesperson Camilla Belich said.

    “Even through the global economic shock of the pandemic, Labour supported workers and businesses to keep people in jobs. Now, unemployment rises while the government sits on its hands.

    “The Government has chosen to lay off 6000 public servants, has not done anything to help hundreds of workers in the manufacturing sector, and has cancelled Jobs for Nature and reduced funding for Apprenticeship Boost – programmes that help create jobs in our regions.

    “The Government needs to stand up for workers and see the value in keeping people in work,” Camilla Belich said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

  • MIL-OSI: XTOOLOnline Launches the XTOOL D5, D5S, D6, D6S, and IP500 OBD2 Scanner: Trusted Automotive Diagnostic Tools Backed by Industry-Leading Innovation

    Source: GlobeNewswire (MIL-OSI)

    SANTA ANA, Calif., Oct. 17, 2024 (GLOBE NEWSWIRE) — XtoolOnline, a leader in advanced automotive diagnostics, has unveiled eight new tools, marking a significant milestone in the brand’s evolution. Jim Jin, CEO of XtoolOnline, stated, “This launch features a comprehensive product matrix, including single-model, four-system, and full-system tools. We developed these offerings to address gaps in our current product line at this price point, cater to diverse consumer needs, and further enhance our brand visibility.”

    XtoolOnline’s newly launched eight tools feature a fresh design, portable size, and robust capabilities. This lineup includes the four-system XTOOL D5 and D5S, the full-system XTOOL D6 and D6S, as well as the four single-model diagnostic tools IP500. The intuitive interface makes them accessible to both novice users and seasoned professionals, ensuring seamless operation and enhanced efficiency.

    D5/D5S: Four-System Diagnostic Tool

    The XTOOL D5/D5S is designed for automotive technicians and DIY enthusiasts looking for reliable diagnostics at an entry-level price. Developed with an in-depth understanding of our customers’ diverse daily diagnostic needs, this tool provides basic diagnostics for four systems, along with complete OBD2 functionality. The D5 includes 9 special functions, while the D5S enhances your capabilities with 15 special functions, making it an excellent choice for those starting in vehicle diagnostics.

    D6/D6S: All-System Diagnostic Tool

    For professionals seeking advanced diagnostic solutions, the XTOOL D6/D6S offers extensive vehicle coverage and comprehensive OBD2 functionality. The D6 includes 15 special functions, while the D6S boasts an impressive 30 special functions. This series is ideal for daily repair tasks, delivering exceptional performance and outstanding value as a cost-effective solution for both seasoned professionals and automotive enthusiasts. The D6 series represents an upgrade from the D5 series, catering to users who require more advanced diagnostic capabilities.

    IP500: All-System, Full-Function Diagnostic Tool for Specific Vehicle Models: IP500-TLS, IP500-BMR, IP500-BCC, and IP500-DJC

    The XTOOL IP500 series is tailored for specific vehicle models such as BMW, Toyota, Buick, and Dodge. These diagnostic tools provide comprehensive full-system and full-function diagnostics, supporting a range of functions, including active tests, calibration, resets, and coding. Ideal for specialized technicians and workshops, the IP500 series delivers precise diagnostics for those working with specific brands.

    XtoolOnline’s newly launched range of these eight products comes with lifetime free updates. XtoolOnline aims for these tools to be your long-term companions, ensuring the safety and optimal performance of your vehicle.

    For more information, please visit http://www.xtoolonline.com

    For Purchase, please visit http://www.xtoolglobal.com

    ABOUT XTOOLONLINE

    Established in 2011, XTOOLonline is the extension of XTOOL, offering a comprehensive range of automotive tools tailored to meet the diverse needs of our global customers. XTOOLonline specializes in delivering top-of-the-line products, we cover a wide spectrum, including cars, trucks, electric vehicle scanners, key programming tools, and code readers.

    XTOOLONLINE Make Repairs Easier-Online Series of XTOOL.

    Media Contact:
    Full company name: XTOOLONLINE
    Company website: http://www.xtoolonline.com
    Name: Jason Lin
    Email id: marketing@xtoolonline.com

    SOURCE Xtoolonline Technology Co, Ltd

    Disclaimer: This content is provided by the sponsor. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cc1b5c0d-b496-488a-b45f-58240c5d4b9f

    The MIL Network –

  • MIL-OSI Asia-Pac: Monetary Authority announces countercyclical capital buffer ratio for Hong Kong

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:
         
         The Monetary Authority announced today (October 18) that the countercyclical capital buffer (CCyB) ratio for Hong Kong is reduced from 1 per cent to 0.5 per cent with immediate effect.
          
         The Monetary Authority, Mr Eddie Yue, said, “While the local economy has continued to recover, the risk of economic overheating is well contained as suggested by the quantitative indicators. Facing changes in the market landscape, certain sectors in the domestic economy, in particular the SMEs, are nevertheless still seeing challenges in their business operations amid uncertainties in the external and local economic environment. It is therefore appropriate to reduce the CCyB moderately to allow banks to be more supportive to Hong Kong’s economy. Together with the other measures already introduced by the HKMA to support SMEs, we expect banks to make use of the additional leeway provided by the lower CCyB to further facilitate the financing needs of local SMEs. A gradual increase in the CCyB for Hong Kong will only be considered in the future when data suggest that there is more broad-based growth in the domestic economy and when the credit and property market conditions suggest a higher CCyB is warranted.”
          
         Further details of the decision may be found in the Announcement of the CCyB to Authorized Institutions on the HKMA website.
          
    Background

         In setting the CCyB ratio the Monetary Authority considered a series of quantitative indicators and qualitative information including an “indicative buffer guide” (which is a metric providing a guide for CCyB ratio based on the gap between the ratio of credit to GDP and its long term trend, and between the ratio of residential property prices to rentals and its long term trend). The latest indicative buffer guide calculated based on 2024Q2 data and the Positive Neutral CCyB (Note) according to the revised formula, signals a CCyB of 1 per cent. The projection based on all available data suggests that the indicative buffer guide would likely signal a CCyB of 1 per cent when all relevant 2024Q3 data become available.
          
         The indicative buffer guide, as its name suggests, provides only a “guide” for CCyB decisions, and the determination of the jurisdictional CCyB ratio for Hong Kong is not a mechanical exercise. In addition to the indicative buffer guide, the Monetary Authority also reviewed other relevant information. While the local economy has continued to recover, the risk of economic overheating is well contained as suggested by quantitative indicators. Facing changes in the market landscape, certain sectors in the domestic economy, in particular the SMEs, are nevertheless still seeing challenges in their business operations amid uncertainties in the external and local economic environment. Together with the other measures already introduced by the HKMA to support SMEs, a lower CCyB will provide banks with additional leeway to further facilitate the financing needs of local SMEs.
          
         The CCyB is an integral part of the Basel III regulatory capital framework and is being implemented in parallel by Basel Committee member jurisdictions worldwide. The CCyB has been designed by the Basel Committee to increase the resilience of the banking sector against system-wide risks. The banking sector can then act as a “shock absorber” in times of stress, rather than as an amplifier of risk to the broader economy.
          
         The power to implement the CCyB in Hong Kong is provided by the Banking (Capital) Rules, which enable the Monetary Authority to announce a CCyB ratio for Hong Kong. The specific CCyB requirement applicable to a given Authorized Institution (AI) is expressed as a percentage of its CET1 capital to its total risk-weighted assets (RWA). Each AI’s CCyB requirement may vary depending on the geographic mix of its private sector credit exposures and the CCyB applicable in each jurisdiction where it has such exposures.

    Note: Under the Positive Neutral CCyB approach, authorities aim for a positive CCyB when risks are judged to be neither subdued nor elevated. Please refer to http://www.bis.org/publ/bcbs_nl30.htm for more information.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China’s major lenders lower deposit interest rates

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

    BEIJING, Oct. 18 — China’s major state-owned commercial banks announced Friday reductions in deposit interest rates.

    The one-year fixed-term deposit interest rate was cut by 25 basis points to 1.1 percent, according to the official deposit interest rates released by Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China and Bank of Communications.

    After the reductions, the deposit interest rates with terms of 2, 3 and 5 years are 1.2 percent, 1.5 percent and 1.55 percent, respectively.

    This was the second deposit interest rate cut for state-owned big banks in 2024, with previous cut implemented in July.

    China’s central bank announced a raft of monetary stimulus at a press conference last month, calling for efforts to create a sound monetary and financial environment for stable economic growth and high-quality development.

    MIL OSI China News –

  • MIL-OSI New Zealand: Health and Employment – Nursing students rally across the country

    Source: New Zealand Nurses Organisation

    Kindly note the Wellington rally has been moved to North City, Porirua, Top Carpark by Food Court.
    On Saturday (tomorrow), New Zealand Nurses Organisation Tōpūtanga Tapuhi Kaitiaki o Aotearoa (NZNO) nursing students take their struggle to the streets calling on the Government to invest in their futures with paid training.
    Students are given no additional financial help during clinical placements which sees them working full time without pay for up to 12 weeks – and often away from their hometown.
    Existing student allowances aren’t enough to cover even the most basic necessities.
    Rallies take place at nine centres across the country.
    • Whangārei, 10am-12pm, Tarewa Park, 92 Otaika Road, Raumanga
    • Auckland, 10am-12pm, Lumsden Green, corner of Broadway and Khyber Pass Rd, Newmarket
    • Hamilton, 10am-12pm, The Base intersection of Te Rapa Rd and Kawera Place
    • Mt. Maunganui, 10am-12pm, ‘Te Papa o Ngā manu Porotakataka’ town square
    • Napier, 10am-12pm, Napier Sound Shell, Marine Parade
    • New Plymouth, 10am-12pm, Huatoki Plaza
    • Palmerston North, 10am-12pm, Te Awe Awe Quadrant, The Square
    • Wellington, 11.30-1.30pm, North City, Porirua, Top Carpark by Food Court
    • Nelson, 10am, Trafalgar St Church steps.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Money Market Operations as on October 17, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 556,222.72 6.29 0.01-6.50
         I. Call Money 8,226.89 6.43 5.10-6.50
         II. Triparty Repo 406,519.90 6.28 6.16-6.40
         III. Market Repo 140,522.93 6.31 0.01-6.50
         IV. Repo in Corporate Bond 953.00 6.41 6.39-6.50
    B. Term Segment      
         I. Notice Money** 122.10 6.30 6.10-6.45
         II. Term Money@@ 380.00 – 6.75-6.90
         III. Triparty Repo 231.00 6.45 6.35-6.45
         IV. Market Repo 98.04 6.55 6.55-6.55
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Thu, 17/10/2024 1 Fri, 18/10/2024 40,385.00 6.49
    3. MSF# Thu, 17/10/2024 1 Fri, 18/10/2024 5,717.00 6.75
    4. SDFΔ# Thu, 17/10/2024 1 Fri, 18/10/2024 82,925.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -117,593.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Mon, 14/10/2024 4 Fri, 18/10/2024 24,070.00 6.49
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,222.87  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -57,582.13  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -175,175.13  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 17, 2024 984,522.44  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 1,001,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 17, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 418,318.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1328

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: SFST’s speech at HKQAA 35th Anniversary Forum (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the HKQAA 35th Anniversary Forum today (October 18):

    Chairman Ho (Chairman of the Hong Kong Quality Assurance Agency, Mr Ho Chi-shing), distinguished guests, ladies and gentlemen,

         Good afternoon. It is my great pleasure to join you today as we celebrate the 35th anniversary of the Hong Kong Quality Assurance Agency (HKQAA). First, let me extend my warmest congratulations to the HKQAA on this remarkable milestone, and my sincere thanks for the invitation to speak at today’s forum.

         Today’s topic – Sustainable Finance, ESG, and Climate Resilience – could not be more timely or critical, as it highlights the directions we must take to secure the future of not just our economy and financial markets, but our society and planet. I would like to focus on Hong Kong’s role and achievements in this area, which I believe can be summed up by a three-A framework: accessibility to capital, availability of opportunity, and accountability to global standards.

    Accessibility to capital

         Sustainable finance is not just a passing trend. It represents a transformative movement, aligning financial systems with the larger goals of sustainable, inclusive growth. Hong Kong has embraced this vision, emerging as a leading international hub for green finance. In 2023 alone, the total issuance of green and sustainable debt in Hong Kong exceeded US$50 billion, including both bonds and loans, with green and sustainable bonds arranged here accounting for 37 per cent of all such bonds issued across Asia.

         This growing accessibility to green capital is not just about numbers. It shows that Hong Kong is well-positioned to channel investments into projects that positively impact the environment and society. We are actively working to expand our green investment product offerings and attract more international issuers to use Hong Kong’s green financing market.

         By June of this year, the Securities and Futures Commission had authorised over 230 ESG (environmental, social and governance) funds, with total assets under management exceeding HK$1.3 trillion. This represents year-on-year growth of 19 per cent in the number of funds and 8 per cent in assets under management. These investments are not only generating financial returns for investors but also contributing to the well-being of our communities, proving that profitability and purpose can indeed go hand in hand.

    Availability of opportunity

         As we look to the future, it is vital that we continue to unlock new investment opportunities and encourage innovation in green and sustainable finance. Collaboration across sectors – between government, businesses, and the community – is essential in driving this progress.

         One recent example of innovation is Core Climate, a marketplace launched by the Hong Kong Exchanges and Clearing Limited (HKEX) in 2022. Core Climate connects capital with climate-related products and opportunities across Hong Kong, Mainland China, Asia, and beyond. In August this year, the HKEX further enhanced this platform by introducing Gold Standard’s Verified Emission Reductions, offering users a seamless, integrated experience.

         Hong Kong has also demonstrated its leadership in combining the bond market, green finance, and fintech. In February this year, we successfully issued HK$6 billion worth of tokenised green bonds, denominated in multiple currencies – Hong Kong dollar, Renminbi, US dollar, and euro. This marks our second tokenised bond issuance, following the first in February 2022, and is the world’s first multi-currency digitally native green bond.

         The success of these initiatives reflects the strength of Hong Kong’s green fintech ecosystem, which continues to evolve. By leveraging new technologies, we can amplify efforts to support sustainable development, not only in our local community but across the entire region.

    Accountability to global standards

         As a global green finance hub, Hong Kong recognises the importance of maintaining accountability and transparency in sustainability efforts. This is why aligning with international standards, notably as the International Sustainability Standards Board (ISSB), is a key priority. We are committed to ensuring that our local sustainability disclosure requirements are aligned with the ISSB Standards, which will significantly enhance Hong Kong’s competitiveness in the global sustainable finance arena.

         By adopting these internationally recognised standards, we will strengthen our position as a trusted green finance hub while also improving the resilience of our local communities. This alignment will not only foster greater investor confidence but also ensure that our financial sector is well-equipped to meet the challenges of an increasingly sustainability-driven world.

    HKQAA’s contributions

         I would also like to take this opportunity to commend the HKQAA for its significant contributions to Hong Kong’s sustainable finance journey. Over the past 35 years, the HKQAA has been a steadfast partner, providing critical quality assurance and helping to uphold rigorous standards for green and sustainable finance. Since the launch of the Government Green Bond Programme in 2019, the HKQAA has played a pivotal role by providing external reviews for each bond issuance, ensuring the credibility and integrity of these instruments.

         In addition, the HKQAA has introduced a number of certification schemes, further enhancing stakeholder confidence in green finance products. Their dedication to upholding high standards has been instrumental in positioning Hong Kong as a global leader in this space. Looking ahead, we will continue to count on the HKQAA’s expertise as we strive to meet the evolving challenges of sustainable development.

    Conclusion

         In closing, I would like to emphasise that the future of finance is sustainable finance. As we work towards building a more resilient and sustainable future for Hong Kong and beyond, we must remain committed to the principles of ESG and climate resilience.

         Thank you for your attention and your unwavering commitment to sustainable development. Together, we can create a brighter, greener future for generations to come.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA News: FACT SHEET: The U.S.-Germany  Partnership

    Source: The White House

    On the occasion of President Joseph R. Biden Jr.’s visit to Germany, the United States reaffirms its commitment to deepening the close and historic bond between the two nations as Allies and friends.  For over 75 years, Germany has been a crucial partner in ensuring the stability, security, and prosperity of the transatlantic alliance.  In October 2023, President Biden welcomed President Steinmeier to Washington during German-American Day, underscoring the enduring people-to-people ties between our two countries, including the over 40 million Americans who claim German heritage and strengthen the diverse fabric of the United States.  In February 2024, President Biden welcomed Chancellor Olaf Scholz to the White House, where the two leaders reaffirmed their support for Ukraine’s defense against Russia’s war of aggression, discussed regional stability in the Middle East, and prepared for the NATO Summit in Washington.

    During his visit to Germany, President Biden will underscore our mutual commitment to upholding democracy, combating antisemitism and hatred, and expanding collaboration to promote economic growth and technological innovation.  In addition, he will express gratitude to Germany for its role in hosting approximately 39,000 U.S. service members and its vital contributions to the security of NATO and the broader transatlantic community. 

    The United States and Germany are partners in a wide range of new and continuing initiatives to address the most pressing challenges of our time, some of which are listed below.

    # # #

    SECURITY AND DEFENSE

    • The United States and Germany cooperate through several multilateral institutions including NATO, the G7, the OSCE, and the UN, to advance security, democracy, and the rule of law globally.
    • As host to the largest U.S. troop presence in Europe and second largest globally, Germany continues to play a critical role as a platform for U.S. military force projection, including support for NATO’s eastern flank and training for Ukrainian soldiers. 
    • Germany has been a key provider of military assistance to Ukraine in its defense against the Kremlin’s aggression.  Contributions include advanced weaponry such as Leopard 2 tanks, air defense systems (such as IRIS-T), artillery, and ammunition. Germany also supplies medical aid, vehicles, and training for Ukrainian forces, continuously adapting its support to Ukraine’s evolving needs in coordination with NATO allies.
    • As announced by President Biden and Chancellor Scholz on July 10, 2024, the United States looks forward to beginning the episodic deployments of its Multi-Domain Task Force in Germany in 2026, as part of planning for enduring stationing of these conventional long-range fire capabilities in the future.
    • Germany plays a key role in the U.S-Italy co-led G7+ Coordination Group for Ukraine Energy Security Support.  Germany has been a leading provider of financial assistance and critical components such as transformers and power generators to support the repair and strengthening of Ukraine’s energy sector in response to Russia’s continued brutal attacks on civilian infrastructure.
    • Germany is a robust partner in the fight against terrorism and terrorism financing, in the Financial Action Task Force, and as part of the Global Coalition to Defeat ISIS (D-ISIS).  On September 30, State Secretary Tobias Lindner joined Secretary Blinken for the D-Isis Ministerial Meeting in Washington, D.C. 
    • Germany will accede to Operation Olympic Defender, a U.S.-led multinational effort intended to strengthen nations’ abilities to deter hostile acts in space, strengthen deterrence against hostile actors, and reduce the spread of debris orbiting the earth. International partners currently include the UK, Canada, and Australia.

    DEFENDING DEMOCRACY

    • As the second-largest provider of assistance to Ukraine after the United States, Germany has provided $37.2 billion (€34 billion) in bilateral assistance since February 2022.  This includes humanitarian assistance, budgetary support, military equipment and training, and funding for Ukraine’s reconstruction.  Germany hosted an international reconstruction conference for Ukraine in Berlin in June 2024 which generated over €60 billion in commitments to Ukraine and emphasized the human dimension of post-war recovery.
    • At the September 2024 United Nations General Assembly, the United States, in partnership with Germany and other international allies, reaffirmed its commitment to supporting democratic transitions as part of the Democracy Delivers Initiative, launched by USAID.  The initiative mobilized over $517 million to provide financial and technical assistance to countries undergoing democratic renewal, including Guatemala, Armenia, and Moldova, with the aim of strengthening global democratic resilience.
    • Germany has increasingly recognized the importance of supporting Taiwan as a like-minded democratic partner.  Education Minister Stark-Watzinger’s visit to Taiwan in 2023 marked the first visit by a German minister to Taiwan in 26 years.  Two German warships recently transited the Taiwan Strait, a visible demonstration of Germany’s commitment to upholding international laws and norms and increasing engagement to maintain a free and open Indo-Pacific region.
    • Germany was one of the first of twenty-one countries to endorse the U.S. government’s Framework to Counter Foreign State Information Manipulation, the U.S. Department of State’s key initiative to galvanize like-minded democracies to respond collectively to the threat posed by disinformation.  

    ECONOMICS & TRADE

    • Germany is the United States’ largest trading partner in Europe, with bilateral trade reaching over $324 billion in goods and services in 2023.  U.S. direct investment in Germany was $193.2 billion in 2023.  In total, German firms employ an estimated 923,600 people in the United States.  Germany is the fourth-largest source of foreign direct investment in the United States and the number one foreign investor in U.S. renewable energy projects.  Germany is currently the third-largest source of foreign direct investment in the United States, with investments worth more than $660 billion based on 2023 data.
    • On September 24, 2024, the United States and Germany held the third round of the U.S.-Germany Economic Dialogue, building on the framework established in the 2021 Washington Declaration.  The talks focused on strengthening collaboration to increase economic security, including cooperation in sectors such as digital technologies and clean energy supply chains.  Both countries committed to enhancing supply chain resilience and advancing sustainability goals.
    • Germany and the United States partner on several initiatives to advance women’s economic security around the world, including bolstering women’s participation in climate sectors through the Women in the Sustainable Economy Initiative, closing the gender digital divide through the Women in the Digital Economy Initiative, and supporting women to join the workforce by investing in efforts to close the global childcare gap through the Invest in Childcare Initiative.

    COMBATTING ANTISEMITISM:

    •  Germany is a global leader and vital partner in the fight against antisemitism and extremism.  Senior officials are unequivocal in condemning antisemitism and federal and state governments have robust strategies for tackling the problem.  In July 2024, Germany co-launched the Global Guidelines for Countering Antisemitism in Buenos Aires, an initiative led by U.S. Special Envoy Deborah Lipstadt.
    • Launched in 2021, The U.S.-Germany Dialogue on Holocaust Issues, plays an essential role in combatting Holocaust distortion online and promoting accurate Holocaust education and commemoration.
    • Germany and the United States cooperate on improving resolution to Nazi-confiscated art to ensure just and fair solutions for survivors and heirs, and salute Germany’s new art restitution policy.

    EDUCATIONAL EXCHANGES

    • The German-American Fulbright program is one of the largest and most varied of the Fulbright Programs worldwide, sponsoring over 40,000 Germans and Americans since its inception in 1952.
    • Established in 2016 as a public-private partnership, each year the USA For You program brings youth from underserved German communities to the United States for a two-week homestay and community service experience.  The program promotes civic engagement and helps counter extremism and xenophobia by fostering cultural understanding.  In 2023, the German government launched a reciprocal Germany for You program, allowing American high school students to visit Germany for a similar exchange, further strengthening transatlantic ties.
    • The Congress-Bundestag Youth Exchange (CBYX), jointly funded by the United States and German governments, supports the transatlantic relationship by fostering year-long academic, homestay, and community service opportunities for 700 American and German youth annually.  Since 1983, CBYX has promoted cross-cultural understanding, professional skills, and mutual awareness of each nation’s history, politics, and society.  With around 15,000 German and 14,000 American participants to date, the program strengthens ties and deepens the transatlantic partnership between the next generation of leaders.
    • The German Bundestag-Bundesrat exchange (CBBSX) program is an annual two-way exchange between German Bundestag and Bundesrat staff and U.S. Congressional staff members.  It was initiated during the 1983 German-American Tricentennial celebration and first implemented in 1984.  Participants focus on the U.S. legislative process and U.S.-German relations; examining U.S. Congress and the U.S. political system.  In 2024 the IVLP brought 10 German Bundestag and Bundesrat staff members to the United States.  For the first time, CBBSX participants also engaged with state and local government.

    SCIENCE, ENVIRONMENT, SPACE, & TECHNOLOGY

    • On January 10, 2024, the United States and Germany held a U.S.-Germany Critical and Emerging Technology Track 1.5 Dialogue to share strategic objectives, outlooks, and lessons learned in technological innovation. The two countries agreed to convene the first of an ongoing AI Dialogue to discuss approaches to AI governance, infrastructure and innovation, and applications of AI for good. They intend to hold the first session of this dialogue in early 2025.
    • Furthering their commitment to monitoring the effects of climate change, the United States and Germany have partnered on space collaboration through NASA’s Gravity Recovery and Climate Experiment Follow-On (GRACE-FO) mission, which monitors Earth’s water movement by tracking shifts in gravity.  This mission provides critical data for managing water resources, monitoring sea levels, and understanding climate change impacts on a global scale.
    • The U.S.-Germany scientific partnership was further strengthened throughfunding from the U.S. National Science Foundation (NSF) and Germany’s Federal Ministry of Education and Research (BMBF) for Collaborative Research in Computational Neuroscience (CRCNS) program, which advances cutting-edge research in brain function and computational neuroscience.  This initiative supports interdisciplinary approaches to understanding neural systems.
    • On September 14, 2023, the United States and Germany held the inaugural U.S.-Germany Space Dialogue, advancing collaboration in space exploration, satellite technology, and space security.  This dialogue promotes joint efforts in planetary science, climate monitoring, and managing space debris, while advancing international norms for responsible space operations.

    CLIMATE & ENERGY

    • In July 2021, the United States and Germany launched the U.S.-Germany Climate and Energy Partnership to deepen collaboration on the policies and sustainable technologies needed to accelerate the global net-zero future.  Notable outcomes of the Partnership include the first U.S.-Germany Climate and Energy Summit held in Pittsburgh September 2022, and the U.S.-German Clean Hydrogen Conference held in Berlin October 2023.
    • Beyond our strong bilateral partnership, the United States and Germany are also intensifying our cooperation to accelerate the clean energy transition and promote clean economic growth in emerging and developing economies.  This includes leveraging and scaling-up our collective technical, policy, and financial support to catalyze investments in clean energy manufacturing and industrial decarbonization in developing countries, leveraging key international platforms such as the Climate Club and Clean Technology Fund.

    GLOBAL DEVELOPMENT

    • The United States participated in the International Humanitarian Conference on Sudan, hosted by France, Germany, and the European Commission on April 15, 2024, to address the vital need for greater humanitarian assistance for the Sudanese people.
    • The U.S. Agency for International Development (USAID) and Germany’s Ministry for Economic Cooperation and Development (BMZ) are strengthening their partnership through a Strategic Development Dialogue.  This initiative focuses on joint efforts to tackle global challenges in climate change, food security, gender equality, health, and G7 development priorities.
    • The United States and Germany have worked closely across multiple presidencies of the G7 Food Security Working Group to support efforts to achieve long-term food and nutrition security.  As most recently affirmed in the Apulia G7 Leaders’ Communiqué, both countries have committed to promoting and supporting multi-stakeholder programs to build climate resilience in our food systems.  These programs include the Vision for Adapted Crops and Soils, launched by the United States in partnership with the African Union and Food and Agriculture Organization of the United Nations.

    ###

    MIL OSI USA News –

  • MIL-OSI: Bitget Wallet Users Doubled in Six Months Amid DEX Trading Surge, TON, and Meme Coin Booms

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 18, 2024 (GLOBE NEWSWIRE) — Bitget Wallet, the leading Web3 non-custodial wallet, has surpassed 40 million users with 100% growth in just six months, becoming the second most downloaded crypto app globally after Binance. This surge reflects Bitget Wallet’s growing role in the DeFi ecosystem, closely tied to the rapid expansion of the TON ecosystem and rising DEX trading activity.

    Bitget Wallet’s growth is largely contributed by its deep integration with the TON ecosystem, offering seamless access to decentralized apps and services through Telegram. This year, the wallet partnered with over 40 TON projects and saw a 4,886% increase in TON addresses in Q3 2024. Overall, on-chain activity surged with token swaps up 125% and token transfers rising 175%, reflecting growing user demand for decentralized solutions. Bitget Wallet’s comprehensive features—including asset management, swaps, and staking—make it a key entry point for new Web3 users, including those onboarding through Telegram.

    The explosive growth of Bitget Wallet is also closely tied to the rising popularity of DEX trading, as more users seek decentralized solutions to manage their digital assets. DEX trading has hit an all-time high of over 20% of the total spot trading volume, according to DeFiLlama, as more users turn to decentralized exchanges. Bitget Wallet’s intuitive interface and comprehensive product offerings have made it easier for first-time crypto users to engage with DeFi. A standout feature driving this growth is Bitget Wallet’s advanced Swap function, which aggregates liquidity from over 100 DEXs, enabling fast and cost-effective token exchanges. In Q3 2024, the wallet saw a 125% increase in Swap activity, underscoring its crucial role in facilitating seamless trading experiences for users. This signals a broader trend in the industry, where decentralized wallets are competing with centralized exchanges and becoming critical gateways to Web3 trading.

    The ongoing meme coin boom has also fueled growth, attracting both new users and seasoned investors. Solana and TON ecosystems have demonstrated significant wealth effects, bringing liquidity and innovation to decentralized exchanges, while meme coins have boosted transaction demand and user engagement. This surge has increased on-chain activity and positioned Bitget Wallet as a hub for decentralized trading. Since its inception in 2018, Bitget Wallet has established itself as a comprehensive Web3 hub. Supporting over 100 blockchains, 20,000+ DApps and 500,000+ tokens, it stands out in the decentralized marketplace. The wallet’s Swap feature not only enables efficient token exchanges but also enhances the overall user experience by providing access to real-time market insights and trading tools.

    Alvin Kan, COO of Bitget Wallet, stated, “Surpassing 40 million users is a clear indication that we’re meeting the demand for accessible crypto solutions in a rapidly evolving market. Our Swap feature has become a vital tool for users looking to trade seamlessly and efficiently. We’re excited to be at the forefront of this decentralized finance revolution.”

    About Bitget Wallet

    Bitget Wallet stands as one of the world’s leading non-custodial Web3 wallets and decentralized ecosystem platform. With the Bitget Onchain Layer, the wallet is well-poised to develop a burgeoning DeFi ecosystem through co-creation and strategic incubation. Aside from a powerful Swap function, Bitget Wallet also offers multi-chain asset management, smart money insights, a native Launchpad, Inscriptions Center, and an Earning Center. Supporting over 100 major blockchains, 500,000+ tokens, and a wide array of DApps, Bitget Wallet is your top wallet for asset discovery and Web3 exploration.

    For more information, visit: Website | Twitter | Telegram | Discord

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9440c859-8c8a-4b49-8bb3-ae1be97dba72

    The MIL Network –

  • MIL-OSI: The Enemy Within: Navigating the Evolving Landscape of Insider Threats

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, UAE, Oct. 18, 2024 (GLOBE NEWSWIRE) — In today’s interconnected digital world, organizations face a multitude of cybersecurity challenges, with insider threats posing a significant risk. These threats, whether malicious or unintentional, pose a significant risk to organizations of all sizes and industries.

    The Evolving Nature of Insider Threats

    Traditionally, insider threats were often disgruntled employees or those motivated by personal gain. However, the landscape has shifted. State-sponsored actors, and sophisticated hacking groups are now actively planting threat actors inside of target organizations. This new breed of insider threat is patient, highly skilled, and often backed by substantial resources.

    Recently, KnowBe4 inadvertently hired a North Korean threat actor who attempted to infiltrate the organization by posing as a software engineer. Thanks to our strong security protocols and the vigilance of the InfoSec team, they were exposed within 25 minutes of showing suspicious activities during onboarding, preventing any unauthorized access to systems.

    Incidents like these underscore a well-known and widespread tactic employed by North Korean threat actors. This was confirmed later when we shared the collected data with the FBI and cybersecurity experts at Mandiant. It’s a reminder that in cybersecurity, information sharing is crucial.

    Other recent incidents across various industries have also highlighted this growing trend. Organizations have found themselves unknowingly hiring individuals with malicious intent. These threat actors often pose as legitimate job seekers, using stolen or fabricated identities, and leveraging advanced technologies like AI to create convincing personas.

    The Modern Insider Threat

    Today’s insider threats are mostly characterized by:

    • Sophisticated Identity Theft: Using stolen identities complete with verifiable background information.
    • Advanced Technology: Employing AI-generated images and deep fake technology to bypass visual verifications.
    • Social Engineering: Expertly navigating interview processes and social interactions within the organization.
    • Technical Skills: Possessing genuine skills to perform job functions while covertly pursuing malicious objectives.
    • Patience and Persistence: Willing to invest significant time to gain trust and access within an organization.

    The Stakes Are Higher Than Ever

    The potential damage from insider threats extends far beyond data breaches or financial losses. These threat actors can:

    • Exfiltrate sensitive data
    • Sabotage critical infrastructure
    • Manipulate financial systems
    • Compromise national security
    • Damage brand reputation and erode customer trust

    Mitigating Insider Threats

    To combat this evolving threat, organizations must adopt a multi-faceted approach:

    • Enhanced Vetting Processes: Implement rigorous background checks, including cross-referencing multiple sources.
    • Continuous Monitoring: Employ advanced behavioral analytics and anomaly detection systems.
    • Zero Trust Mindset: Adopt a “never trust, always verify” approach to access control.
    • Security Awareness Training: Educate all employees about the signs of insider threats and reporting suspicious behavior.
    • Regular Security Audits: Conduct frequent assessments of access privileges and system vulnerabilities.
    • Incident Response Planning: Develop and regularly test plans for quickly containing potential insider threats.
    • Cross-Departmental Collaboration: Foster close cooperation between HR, IT, and security teams to create a unified defense.

    The Path Forward

    As insider threats evolve, organizations must adopt a holistic strategy combining technology with human vigilance. Building a culture of security awareness is crucial, empowering employees to act as human firewalls. Information sharing within industries and with law enforcement is vital, as collaboration is key to combating these sophisticated threats. 

    Conclusion

    The fight against insider threats is an ongoing process of adaptation, learning, and vigilance. In this new era of cybersecurity, our greatest assets are our people, our processes, and our willingness to evolve. By harnessing these strengths, we can create resilient organizations capable of withstanding the threats that lie within.

    To learn more about how you can protect your organization, read the KnowBe4 whitepaper on the topic here.

    By Dr. Martin J. Kraemer, Cybersecurity Awareness Advocate at KnowBe4

    The MIL Network –

  • MIL-Evening Report: Could a recent ruling change the game for scam victims? Here’s why the banks will be watching closely

    Source: The Conversation (Au and NZ) – By Jeannie Marie Paterson, Professor of Law, The University of Melbourne

    Meteoritka/Shutterstock

    In Australia, it’s scam victims who foot the bill for the overwhelming majority of the money lost to scams each year.

    A 2023 review by the Australian Securities and Investment Commission (ASIC) found banks detected and stopped only a small proportion of scams. The total amount banks paid in compensation paled in comparison to total losses.

    So, it was a strong statement this week when it was revealed the Australian Financial Conduct Authority (AFCA) had ordered a bank – HSBC – to compensate a customer who lost more than $47,000 through a sophisticated bank impersonation or “spoofing” scam.

    This decision was significant. An AFCA determination is binding on the relevant bank or other financial institution, which has no direct right of appeal. It could have implications for the way similar cases are treated in future.

    The ruling comes amid a broader push for sector-wide reforms to give banks more responsibility for detecting, deterring and responding to scams, as opposed to simply telling customers to be “more careful”.

    Here’s what you should know about this landmark ruling, and what it might mean for consumers.



    Read more:
    Australia’s new scam prevention draft is welcome – but it needs to be broader in scope

    A highly sophisticated ‘spoofing’ scam

    You might be familiar with “push payment” scams that trick the victim into paying money to a dummy account. These include the “mum I’ve lost my phone” scam and some romance scams.

    The recent case concerned an equally noxious “bank impersonation” or “spoofing” scam. The complainant – referred to as “Mr T” – was tricked into giving the scammer access to his HSBC account, from which an unauthorised payment was made.

    The victim was duped into providing passcodes to access his online banking account.
    tsingha25/Shutterstock

    The scammer sent Mr T a text message, purportedly asking him to investigate an attempted Amazon transaction.

    In an effort to respond to the (fake) unauthorised Amazon purchase, Mr T revealed security passcodes to the scammer, enabling them to transfer $47,178.54 from his account and disappear with it.

    The fact Mr T was dealing with scammers was far from obvious – scammers had information about him one might reasonably expect only a bank would know, such as his bank username.

    On top of this, the scam text message appeared in a thread of other legitimate text messages that had previously been sent by the real HSBC.

    AFCA’s ruling

    HSBC argued to AFCA that having to pay compensation should be ruled out under the ePayments Code, a voluntary code of practice administered by ASIC.

    Under this code, a bank is not required to compensate a customer for an unauthorised payment if that customer has disclosed their passcode. The bank argued the complainant had voluntarily disclosed these codes to the scammer, meaning the bank didn’t need to pay.

    AFCA disagreed. It noted the very way the scam had worked was by creating a sense of urgency and crisis. AFCA considered that the complainant had been manipulated into disclosing the passcodes and had not acted voluntarily.

    AFCA awarded compensation covering the vast majority of the disputed transaction amount, lost interest charged to a home loan account, and $5,000 towards Mr T’s legal costs.

    It also ordered the bank to pay compensation of $1,000 for poor customer service in dealing with the matter, including communication delays.

    Other cases may be more complex

    In this case, the determination was relatively straightforward. It found Mr T had not voluntarily disclosed his account information, so was not excluded from being compensated under the ePayments Code.

    However, many payment scams fall outside the ePayments Code because they involve the customer directly sending money to the scammer (as opposed to the scammer accessing the customer’s account). That means there is no code to direct compensation.

    Still, AFCA’s jurisdiction is broader than merely applying a code. In considering compensation for scam losses, AFCA must consider what is “fair in all the circumstances”. This means taking into account:

    • legal principles
    • applicable industry codes
    • good industry practice
    • previous AFCA decisions.

    Relevant factors might well include whether the bank was proactive in responding to known scams, as well as the challenges for individual customers in identifying scams.

    Broader reforms are on the way

    At the heart of this determination by AFCA is a recognition that, increasingly, detecting sophisticated scams can be next to impossible for customers, which can mean they don’t act voluntarily in making payments to scammers.

    Similar reasoning has informed a range of recent reform initiatives that put more responsibility for detecting and responding to scams on the banks, rather than their customers.

    In 2023, Australia’s banking sector committed to a new “Scam-Safe Accord”. This is a commitment to implement new measures to protect customers, including a confirmation of payee service, delays for new payments, and biometric identity checks for new accounts.

    Tech platforms – including social media giants – would have to take more proactive steps against scams under proposed new legislation.
    Primakov/Shutterstock

    Changes on the horizon could be more ambitious and significant.

    The proposed Scams Prevention Framework legislation would require Australian banks, telcos and digital platforms to take reasonable steps to prevent, detect, report, disrupt and respond to scams.

    It would also include a compulsory external dispute resolution process, like AFCA’s, for consumers seeking compensation for when any of these institutions fail to comply.

    Addressing scams is not just an Australian issue. In the United Kingdom, newly introduced rules make paying and receiving banks responsible for compensating customers, for scam losses up to £85,000 (A$165,136), unless the customer is grossly negligent.

    Jeannie Marie Paterson has previously received funding from the Australian Research Council and conducted research for ASIC and AFCA. She is currently working on a project on AFCA determinations with Dr Nicola Howell and Evgenia Bourova. The scams research has been assisted by Andrew Lim.

    Nicola Howell has previously conducted funded research for ASIC and is currently working on a project on AFCA determinations with Professor Jeannie Paterson and Evgenia Bourova. Nicola is affiliated with the Consumers’ Federation of Australia, as a member of the CFA Executive.

    – ref. Could a recent ruling change the game for scam victims? Here’s why the banks will be watching closely – https://theconversation.com/could-a-recent-ruling-change-the-game-for-scam-victims-heres-why-the-banks-will-be-watching-closely-241558

    MIL OSI Analysis – EveningReport.nz –