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Category: Economy

  • MIL-OSI Global: Moldova votes on whether to join EU as Russia intensifies vast disinformation campaign

    Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

    Moldova is emerging as a major strategic battleground in a fierce competition between Russia and the west. A Kremlin-backed disinformation campaign has intensified over the last few months, in the run-up to Moldova’s presidential elections.

    One of the key reasons for this is that a referendum on EU membership has been scheduled for the same day, October 20.

    The challenges for this small country, wedged between Ukraine and Romania, are complex. Russia continues to foment instability through its persistent disinformation initiatives, instigation of anti-government protests, and acts of sabotage and vandalism.

    Add to this credible allegations of vote buying, and efforts to call into question the legitimacy of a pro-European election and referendum result, and the situation in Moldova appears highly combustible.

    Moldova gained its independence in 1991 after the fall of the Soviet Union. A brief civil war between the government and separatists in the eastern Transnistria region, supported by remnants of the Soviet army stationed there, ended with the de-facto division of the country.



    Read more:
    Moldova: Russia continues its mischief-making in breakaway Transnistria

    Attempts to settle this conflict have made little progress over the past three decades. And living with an unresolved conflict within its borders has held Moldova back in its development, and contributed to economic problems.

    Voting on EU membership

    Moldova’s incumbent, staunchly pro-western president, Maia Sandu, has tied the EU referendum to her re-election campaign. The referendum could be the country’s best chance to finally break free from its Soviet past.

    If recent polls are accurate, a clear majority of the electorate is likely to vote “yes” on whether they support joining the EU, which would be the first step in a lengthy process.

    Moldova’s president speaks to the European parliament in 2022.

    For many Moldovans, EU membership is associated with better economic development in one of Europe’s poorest countries. The October 10 visit of Ursula von der Leyen, president of the European Commission, suggested that the EU could help.

    Von der Leyen did not merely offer political support for Sandu, she also brought with her a financial support package worth €1.8 billion (£1.5 billion) over the next three years to boost economic growth.

    But this vision that the EU can help Moldova’s economy is fiercely contested by Russia and its proxies in Moldova. They exploit the anxiety among a significant number of Moldovans that a vote to join the EU is one that will force the country towards higher inflation, more immigration, politicised anti-corruption measures, mandatory English-language proficiency, and the sale of Moldovan land to foreigners.


    Shutterstock

    Persistent domestic issues such as the economy have been skilfully targeted in a vast Kremlin-backed influencing campaign.

    For a long time, Moldova has suffered from a lack of social, political, institutional and territorial cohesion. The country has significant social divisions between different ethnic and linguistic groups, as well as urban-rural and rich-poor divides.

    Politically, the party system remains highly fractured and increasingly polarised, and lacking common ground over what Moldovan national identity stands for.

    Moldova’s challenges

    Moldova’s territorial disputes also remain challenging. This is most obvious in the pro-Russian Transnistria region and in Gagauzia, but also in ethnically and culturally distinct regions such as Balti and Taraclia.

    These regions will require careful management to prevent a major political and economic crisis in the aftermath of October 20 and beyond. Some of the reforms in the country as part of the integration process, such as EU regulations on competition, subsidies and market access, will have a short-term cost for Moldova. Moldovans who oppose the country’s westward orientation are likely to exploit this in anti-EU narratives.

    So far, Russian destabilisation operations don’t seem to have eroded most Moldovans’ European aspirations. But the mix of blunt disinformation and skilfully capitalising on the cost of living crisis, which has hit Moldova hard as a result of the war against Ukraine, has given Russia and its allies tools to entrench, and in some cases deepen, divisions here.

    The world is watching the US election campaign unfolding. Sign up to join us at a special Conversation event on October 17. Expert panellists will discuss with the audience the upcoming election and its possible fallout.

    Much of the pro-European campaigning has been framed as anti-Russian. But one of the cleverer moves by the pro-Russian movement is to suggest that Moldovans can be both a friend to Moscow and Brussels, and don’t have to choose.

    If a Sandu government is building a pro-European alliance, she will want to grow support from the Russian-speaking part of the population. This will be essential to both counter Russian destabilisation efforts and to build a broader coalition.

    As countries that have joined the EU – from the Baltic to the Balkans – have demonstrated over the past two decades, the EU accession process can help reshape political and economic institutions, and can ultimately help create a more optimistic vision of the future.

    Crucially, this is not something that Russia’s narrative of fear can credibly offer to the majority of Moldovans.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

    – ref. Moldova votes on whether to join EU as Russia intensifies vast disinformation campaign – https://theconversation.com/moldova-votes-on-whether-to-join-eu-as-russia-intensifies-vast-disinformation-campaign-240657

    MIL OSI – Global Reports –

  • MIL-OSI Global: Universities all want higher fees and funding – but the government may prefer a more targeted approach

    Source: The Conversation – UK – By Chris Millward, Professor of Practice in Education Policy, University of Birmingham

    Chay_Tee/Shutterstock

    Like most of the UK, universities were surprised by the timing of July’s general election. They had no time to influence the incoming Labour government’s policy commitments.

    Labour’s manifesto acknowledged the financial problems suffered by England’s universities, which are caused by a real-terms decline in the maximum fee they are allowed to charge UK undergraduates. But it did not explain how they would be resolved.

    However, universities have used the summer to sharpen their case. This is detailed in a new report, which is timed to influence the new government’s first budget at the end of October. It calls for a rise in tuition fees, increased research funding and grants for students from poorer backgrounds.

    Many of the report’s authors have served as senior ministers and public officials. They have direct experience of the difficult choices made in government.

    But the report has been put together by Universities UK, which represents all types of universities. So it seeks more funding for all university activities, and does not help the government make choices between potential investments. The government could, for example, increase student numbers and research funding throughout higher education or concentrate on particular subjects and places.

    This is quite different to the new government’s approach. It wants to provide confidence in university finances. Then set priorities for investment and identify how to address them.

    The higher education regulator, the Office for Students, has a new chair – senior public servant Sir David Behan – and a new remit. The regulator will switch resources previously devoted to culture wars issues, such as campus debate, towards closer engagement with universities on their financial health.

    In parallel, the government is establishing a new agency called Skills England to set priorities throughout tertiary education. This embraces learning in universities, further education colleges and private training providers, both in the classroom and the workplace. These priorities will be part of a broader industrial strategy, which will be finalised early next year.

    In its green paper on the industrial strategy, the government highlights the importance of place. By supporting the clustering of industries in specific locations, it wants not only to stimulate economic growth but also to create education and job opportunities in those places. Different regions have strengths in life sciences, advanced manufacturing, digital industries and clean energy, and different types of cultural industries.

    This strategy will require alignment of the diverse influences shaping tertiary education. That includes the choices made by students about what and where to study, employers about the use of a growth and skills levy, and local mayors who already fund adult learning and have been promised more powers. The strategy will also include visas for graduate and other migrant workers, which will become increasingly tied to the government’s priorities.

    Suggestions and requests

    Some aspects of Universities UK’s report are consistent with this approach. It advocates closer collaboration between universities, colleges and employers in local areas, and joined up funding and regulation to encourage this.

    It sets an ambition for 70% of all young people to take part in tertiary education. This contrasts with the last Labour government’s target for 50% in higher education alone.

    The report also shows how universities and government could share evidence to set joint objectives. That could enable a more common understanding of the costs and benefits of international students, and the impact of universities in their local areas.

    Crucially, the Universities UK report asks the government for more money. The most substantial changes involve raising UK undergraduate fees alongside inflation, reintroducing government maintenance grants for the poorest students, and increasing funding for research.

    This injection of funds would be accompanied by a transformation scheme to improve efficiency. But the report does not identify whether that should lead universities and subjects in some places to grow, while others reconfigure and consolidate.

    Universities have successfully argued for higher fees on three occasions during the 21st century to date. In 2004, 2010 and 2016, Labour, the coalition and then Conservative governments agreed to raise the maximum fee for UK undergraduates to £3,000, £9,000 and £9,250 respectively.

    These changes were backed by income-contingent student loans and supplemented by increasing research funding. On each occasion, governments were persuaded about the benefits of a financially sustainable, globally competitive and expanding university sector. These changes allowed all universities to increase their income and grow.

    However, there is now sharper recognition that increasing the supply of graduates and research can yield unequal opportunities and growth.

    Analysis of student migration patterns shows the inequalities arising from unfocused growth, including an increasing concentration of highly skilled jobs in particular areas, such as London.

    Labour’s manifesto stated that “the country remains too centralised, with the economic potential of too many regions and communities ignored”. So the government may prefer not to invest more in higher education unless it is focused on specific activities and places.

    Since July, universities have enjoyed a more engaged and supportive government. The minister responsible for research has announced that the war on universities is over. And his counterpart in education is welcoming international students to the UK. Any increase to fees and funding will, though, incur political and financial costs. That will require ministers to set priorities and make choices.

    Chris Millward is employed by the University of Birmingham, which is directly affected by the issues addressed in this article. He is also a Trustee of the Academy of Social Sciences and the Society for Research into Higher Education, and a member of MEDR, which is the Commission for Tertiary Education and Research in Wales.

    – ref. Universities all want higher fees and funding – but the government may prefer a more targeted approach – https://theconversation.com/universities-all-want-higher-fees-and-funding-but-the-government-may-prefer-a-more-targeted-approach-240142

    MIL OSI – Global Reports –

  • MIL-OSI Global: Decline of X is an opportunity to do social media differently – but combining ‘safe’ and ‘profitable’ will still be a challenge

    Source: The Conversation – UK – By Andy Tattersall, Information Specialist, University of Sheffield

    BongkarnGraphic / Shutterstock

    It’s now almost two years since Elon Musk concluded his takeover of Twitter (now called X) on 27 October 2022. Since then, the platform has become an increasingly polarised and divisive space.

    Musk promised to deal with some of the issues which had already frustrated users, particularly bots, abuse and misinformation. In 2023, he said there was less misinformation on the platform because of his efforts to tackle the bots. But others disagree, claiming that misinformation is still rife there.

    A potential reaction to this may be apparent in recent data highlighted by the Financial Times, which showed the number of UK users of the platform had fallen by one-third, while US users had dropped by one-fifth. The the data used to reach these conclusions may be open to question, as it is hard to find out user numbers directly from X.

    The figures also come out against the background of a disagreement over whether X’s traffic is waning or not. But there has been a notable trend in academia for individuals and some organisations to leave for alternative platforms such as Bluesky and Threads, or to quit social media altogether.

    Elon Musk has claimed that X is hitting record highs in user-seconds, a measure of how long users are spending on the site. But advertising revenue is reported to have dropped sharply amid Musk’s controversial changes, such as his “free speech” approach on the platform. If so, it will be reflected in the platform’s financial performance which has been dire. The platform currently has no clear pathway to profitability.

    X’s loss has naturally been a gain for its competitors. Despite a rather slow start due to its “invite only” model, Bluesky recently announced that it had topped 10 million users. This is still quite small compared to X’s 550 million users and Threads’ 200 million users.

    But there are questions with all platforms over how active users are and the proportion of bots versus human users. Threads also benefits by being connected to Instagram.

    The world’s richest man can afford to let X devalue from his purchase price of US$44 billion (£33.7 billion). Likewise, Meta can probably afford to prop up Threads. But Bluesky will have to find inventive ways to remain viable as a platform. So is it the right time for users to try something completely different on social media?

    Alternatives to X have to be mindful of striking the right balance between being a viable social media platform and not developing the same issues that have turned X toxic for many users.

    Elon Musk bought Twitter in 2022.
    Frederic Legrand – Comeo / Shutterstock

    The approach taken by Bluesky and Mastodon is to engage with their community more to deal with issues such as abuse and fake information. Moderating content is tricky, as it requires a lot of resources and support for those using the platform.

    But the contrast with Elon Musk’s approach to ownership is stark.

    The problem for Bluesky, and to a lesser extent Mastodon, is that once a platform gains traction it also attracts those with bad intent. Think of it as the one nice, cool bar in town that suddenly becomes popular. Once everyone hears about the bar, the troublemakers start to arrive.

    When that happens, the good people have to find a bar elsewhere. Once an alternative platform becomes a means to reach many millions, the people that drove users away from X may head there like moths to a light.

    Alternative approaches

    One possible solution is a subscription model for social media alongside paid advertisements. For growing platforms, such as Bluesky, sponsored posts and adverts will come as the user base grows in numbers.

    But as was evident with X, that is unlikely to be enough. X’s annual revenue peaked at US$5 billion (£3.8 billion) in 2021 and has been in decline ever since. This also takes into account how the platform has culled thousands of jobs in the past two years.

    The subscription model is not new to social media. X has its own paid-for blue checkmark and LinkedIn has a premium subscription. This alone still does not guarantee a profitable or functioning social media platform.

    Having a subscription-based social media platform is not exactly equitable either, as not everyone can afford to pay. The question is how much people would be willing to pay for a social media subscription that guarantees no adverts and bots, as well as proper moderation to remove abusive and fake information accounts.

    The trade off is that free users would have to deal with the inconvenience of adverts on their timelines. There could be other models floated where non-profit and student accounts are cheaper, but this again excludes other users. It also may not sit well with shareholders focused on profitability.

    As it stands, if all 10 million Bluesky users paid £5 a month to the platform, it would generate £60 million a year. That is not even close to X’s revenue of US$300 million (£230 million) back in 2012.

    Real change

    People moving to a new social media platform will want assurances that it won’t turn into another X. Organisations and individuals with large followings may also be reluctant to invest time in new platforms when they still get something out of the old. There are big, mainstream alternatives of course: Instagram, Facebook and TikTok, but Twitter offered something different.

    Real change could happen when the organisations leaving X due to how it has been run reaches a critical mass, though what that threshold represents is open to question. Those in the world of academia are cautious and at best hedging their bets, as I have found with my own search.

    Just as X increasingly fails to deal with misinformation, it is leaning further into the same headwind as right-wing platforms such as Truth Social. The newer platforms might find themselves a safer haven for now, but that is likely to change if lessons around ownership, funding and moderation are not learned.

    Andy Tattersall does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Decline of X is an opportunity to do social media differently – but combining ‘safe’ and ‘profitable’ will still be a challenge – https://theconversation.com/decline-of-x-is-an-opportunity-to-do-social-media-differently-but-combining-safe-and-profitable-will-still-be-a-challenge-241228

    MIL OSI – Global Reports –

  • MIL-OSI: Credit Agricole Sa: Crédit Agricole Personal Finance & Mobility takes a stake in GAC Leasing to support the growth of GAC Group sales in China

    Source: GlobeNewswire (MIL-OSI)

    Massy – October 15th, 2024

    Crédit Agricole Personal Finance & Mobility
    takes a stake in GAC Leasing to support the growth
    of GAC Group sales in China

    • CA Personal Finance & Mobility announces the planned acquisition of 50% of the equity interests of GAC Finance Leasing Co. Ltd. (GAC Leasing), the leasing company of one of the largest Chinese manufacturers Guangzhou Automobile Group Co., Ltd. (GAC Group), via a reserved capital increase.
    • With this new joint venture, CA Personal Finance & Mobility is expected to offer financial and operational leasing solutions on the Chinese market in 2025 and will thus promote the deployment of electric vehicles in China.
    • This transaction will consolidate a partnership that has existed since 2009 between CA Personal Finance & Mobility and GAC Group with the creation of GAC-Sofinco AFC, a 50-50 joint venture. The latter operates throughout China and offers automotive financing and services to the GAC-Honda, GAC-Toyota, AION, HYPTEC and GAC Motor networks, serving more than 3,000 dealers.

    CA Personal Finance & Mobility to become 50% shareholder of GAC Leasing

    Following a reserved capital increase, CA Personal Finance & Mobility will hold 50% of the equity interests of GAC Leasing. The company has been operating on the Chinese market since 2004 and offers financial and operational leasing solutions to GAC customers and its dealer network.

    Through this transaction, CA Personal Finance & Mobility and GAC group are strengthening the leasing offer proposed to Chinese customers, thereby stimulating the sale of electric vehicles, which already represents 60% of GAC Leasing’s leasing contracts on a portfolio of more than 200,000 vehicles.

    The impact on the CET1 ratio of Crédit Agricole S.A. and that of the Crédit Agricole group will be very limited.

    « This transaction reaffirms the importance of our long-standing partnership with GAC group. It will enable us to support together and over the long term the development of the particularly dynamic electric automobile market in China. »
    STEPHANE PRIAMI – CEO of Crédit Agricole Personal Finance & Mobility

    Key figures:

    • In 2023, GAC group was the 4th largest automotive group in China
    • More than 2.5 million vehicles sold in 2023 worldwide
    • 39,90% of electrified vehicles sold in 2023

    Press Contact

    Claire Garcia
    presse@ca-cf.fr
    +33 (0)1 87 38 11 81 / +33 (0)6 80 41 17 77

    About Crédit Agricole Personal Finance & Mobility

    Crédit Agricole Personal Finance & Mobility is a leader in personal financing and a provider of access to all mobility solutions in Europe. It distributes directly, at the point of sale or on its partners’ e-commerce platforms, a wide range of financing solutions – amortizable credit, revolving credit, leasing and credit buyback – with associated services including insurance, split payment solutions and services dedicated to mobility, with the aim of meeting the challenges of energy transition in mobility, housing and consumption. Its financing solutions and services are offered in France via Sofinco, in Italy via Agos, in Germany via Creditplus, in Portugal via Credibom, in Spain via Sofinco Espana, in Morocco via Wafasalaf, and in China via GAC-Sofinco (automotive financing only). Crédit Agricole Personal Finance & Mobility aims to be the leader in electric mobility in Europe and offers a mobility continuum in the 22 countries where it is present (leasing, medium and short-term rental, subscription, car sharing, installation of charging stations, etc.). The company relies on Leasys, a joint venture equally owned by Stellantis, CA Auto Bank and Drivalia, the pan-European leader in automotive financing, rental and mobility, Crédit Agricole Mobility Services, a comprehensive service offering dedicated to mobility and the development of automotive financing in its universal subsidiaries in Europe and in Crédit Agricole Regional Banks and at LCL via Agilauto. CA Personal Finance & Mobility acts every day in the interest of its 17.2 million customers and society. As of December 31, 2023, CA Personal Finance & Mobility managed €113 billion in outstanding credit. More information: http://www.ca-personalfinancemobility.com

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    The MIL Network –

  • MIL-OSI: Sidetrade: 33% Increase in Revenue for Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    Q3 bookings at €1.52 million, in line for 2024

    Strong revenue growth, up 33%, with SaaS subscriptions up 31%

    Registration completed in France’s public invoicing portal

    Sidetrade rises to the Top 15% on EcoVadis

    Sidetrade, the global leader in generative AI-powered Order-to-Cash applications, announced a 33% revenue increase for the third quarter of 2024.

    Olivier Novasque, CEO of Sidetrade commented:

    “To date, our continually robust organic growth, combined with the strategic relevance of our external growth through the consolidation of SHS Viveon, has triggered an impressive 33% increase in our revenue. The expected slowdown in bookings over the third quarter, which is traditionally the weakest period of the year, in no way affects our ambition to match or even exceed our all-time record for contracts won last year. That said, we are embarking on a strong trajectory and reiterate our confidence in stepping up double-digit growth for 2024 and further out.

    Parallel to this, our official registration as a Dematerialization Platform Partner by France’s Public Finance Department, and, in a different context, reaching the Top 15% of the EcoVadis ranking highlights our commitment to the environmental, social and governance responsibility. Performance, safety and efficiency are more than mere targets; together, they form the pillars that shape our future.

    Quarter after quarter, our resilient economic model combined with our technological lead in AI and accelerated international growth – now with 68% of revenue achieved outside France – have enabled us to significantly upscale in next to no time, fast-tracking Sidetrade’s development into one of the select few Order-to-Cash technology leaders worldwide.”

    Q3 bookings at €1.52 million, in line for 2024
    In Q3 2024, which is traditionally the weakest of the year, Sidetrade achieved bookings of €1.52 million in New Annual Contract Value (ACV), versus €2.49 million in the same period last year. As announced during the September 11 investor presentation, the expected slowdown in third-quarter bookings against a complex economic and political backdrop does not affect the Group’s positive outlook for the full 2024 fiscal year.

    In the first nine months of 2024, Sidetrade recorded €8.94 million for bookings in New Annual Contract Value (ACV), compared to €8.42 million year-over-year (+6%). Given the postponement of a number of new contracts in Q3 2024 – serving to bolster an already strong business pipeline for Q4 2024 – Sidetrade is expected to match or even exceed its historic bookings record on a full fiscal year basis, which was set in 2023 with €11.2 million achieved in new ACV terms.

    Strong revenue growth, up 33%, with SaaS subscriptions up 31%

    Sidetrade

    (€m)

    		 Q3 2024 Q3 2023 Change
    SaaS subscriptions 12.5 (1) 9.5 +31%
    Revenue 14.9 (2) 11.2 +33%

    (1) includes €1.5m in recurring revenue from SHS Viveon
    (2) includes €2.1m in revenue from SHS Viveon

    In Q3 2024, Sidetrade achieved revenue of €14.9 million, representing an increase of 33% and up 14% on a comparable scope basis (excluding the recent acquisition of SHS Viveon). This strong performance is attributable to several key factors.

    First, the robust momentum in revenue growth on a constant scope basis continues. As a reminder, in the first half of 2024, Sidetrade reported a 19% increase in its revenue with growth of 18% in revenue for SaaS subscriptions which was impacted by a 4% contribution from the CreditPoint Software business, consolidated as of July 2023. On a constant scope basis, growth in the Company’s revenue was therefore 15%, with a 14% increase in revenue for SaaS subscriptions. In line with this performance, Sidetrade (excluding SHS Viveon) sustained vigorous momentum over Q3 2024, posting a 14% increase in its total Company revenue and 15% revenue growth for SaaS subscriptions, driven by a record performance for half-year bookings.

    In addition, the consolidation of the SHS Viveon business – effective since July 1, 2024 – substantially contributed to this quarterly growth, delivering a positive impact of 19%. SHS Viveon generated revenue of €2.1 million in Q3 2024. Fully consolidated in the DACH region (Germany, Austria, Switzerland and eastern European countries), SHS Viveon’s business represents a new growth driver for Sidetrade, with this geography now accounting for 14% of the Company’s total revenue.

    On the back of SHS Viveon’s consolidation, international markets now represent 68% of the Group’s revenue. With more than 70% of its workforce based outside France, Sidetrade is strongly positioned to capitalize on an increasingly globalized market, while leveraging a strong local presence in its strategic markets.

    Lastly, North America delivered the strongest growth, with revenue up 30%, representing €4.1 million over the period. This market will continue to play a pivotal role in Sidetrade’s growth trajectory.

    Analysis of the Company’s customer profiles (including the consolidated SHS Viveon) is underpinned by brisk growth of 53% in subscriptions with multinational corporations generating €2.5 billion-plus revenue. These contracts now account for more than half (52%) of Sidetrade’s total subscriptions and are expected to remain an important growth driver in the quarters ahead. The acquisition of SHS Viveon has helped accelerate this momentum, thanks to the business’ established portfolio of key accounts.

    Registration completed in France’s public invoicing portal

    Under France’s reform of electronic invoicing, Sidetrade was recently registered as a Dematerialization Platform Partner by the country’s Public Finance Department.

    While acknowledging that this initiative marks a step forward, Sidetrade does not regard it as providing a competitive advantage to its solutions and the Company is continuing to assess all options consistent with its targets for strategic development, both in France and internationally.

    Sidetrade rises to the Top 15% on EcoVadis

    Sidetrade recently secured a new Silver medal from EcoVadis, ranking among the top 15% of companies rated within its industry. This award recognizes the Group’s social and environmental performance.

    In September 2024, the Company reached a score of 70/100, placing it in the 91st percentile. This progress from its previous rating of 68/100 and its positioning in the top 25% underscore the Group’s relentless focus on improving its sustainable operations. The EcoVadis score illustrates the strides taken to address environmental, social, and ethical issues, particularly through strengthened policies on cutting energy consumption and optimizing technical infrastructure.

    Such recognition distinguishes Sidetrade as one of the sustainability leaders in its sector, enhancing its credibility with international clientele and partners while cementing its position as a responsible company committed to driving the transition towards a more sustainable economy.

    Next financial announcement
    Annual Revenue for 2024: January 21, 2025 (after the stock market closes)

    Investor relations
    Christelle Dhrif                00 33 6 10 46 72 00           cdhrif@sidetrade.com

    About Sidetrade (http://www.sidetrade.com)
    Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its next-generation AI, nicknamed Aimie, Sidetrade analyzes $6.1 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of more than 38 million buyers worldwide. Aimie recommends the best operational strategies, dematerializes and intelligently automates Order-to-Cash processes to enhance productivity, results and
    working capital across organizations.
    Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States and Canada, serving global businesses in more than 85 countries. Amongst them: Bidcorp, Biffa, Bunzl, Engie, Expedia, Inmarsat, KPMG, Lafarge, Manpower, Opentext, Page, Randstad, Saint-Gobain,
    Securitas, Sodexo, Tech Data, UGI, and Veolia.
    Sidetrade is a participant of the United Nations Global Compact, adhering to its principles-based approach to responsible business.

    For further information, visit us at http://www.sidetrade.com and follow @Aimie on LinkedIn.

    In the event of any discrepancy between the French and English versions of this press release, only the French version is to be taken into account.

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    The MIL Network –

  • MIL-OSI USA: Secretary of Defense Lloyd J. Austin III Hosts Enhanced Honor Cordon and Bilat for Denmark’s MoD Poulsen at the Pentagon

    Source: United States Department of Defense

    SECRETARY OF DEFENSE LLOYD AUSTIN: Well, Mr. Poulsen, it’s an honor to host you at the Pentagon. And Denmark is a close and longstanding ally, and we appreciate Denmark’s many contributions to our shared national security interests. We’re grateful for your country’s continued support of Pituffik Space Base in Greenland. It’s our northernmost military installation, and it performs vital space and missile defense missions.

    Now, the US and Denmark also stand united in helping Ukraine defend itself against Putin’s cruel war of aggression. So, Mr. Minister, thanks for everything that you’re doing to support the Ukrainian people and their military. Denmark may be a small country, but it’s one of the top financial donors to Ukraine as a percentage of GDP.

    Denmark has also led the way in finding innovative solutions to meet Ukraine’s operational requirements. And you have stepped up as a co-leader of the Air Force capability coalition of the Ukraine Defense Contact Group, alongside my country and the Netherlands. So, thanks for leading the way on providing F-16s to Ukraine and training their pilots.

    Last December, the US signed a defense cooperation agreement with Denmark, and so I look forward to building on this momentum and deepening our bilateral defense partnership. Our countries both believe that our democratic values and our close defense cooperation are vital for peace, prosperity, and security in the North Atlantic. So, I appreciate Denmark’s increasing role in regional defense, and I applaud Denmark’s commitment to meet the pledge that all NATO members took to invest at least 2 percent of your GDP in defense this year.

    Mr. Minister, thanks again for making the trip. I look forward to a great conversation. Over to you.

    DENMARK MINISTER OF DEFENSE TROELS LUND POULSEN: Thank you very much, and thank you for the warm welcome here at the Pentagon. Secretary of Defense Lloyd Austin, it is a great honor for me to be here, and also having the possibility to talk to you about some of the most crucial elements right now.

    And as you just mentioned, Denmark and the US have a long-lasting cooperation. And you are indeed a very warm and also strong ally for Denmark, and we very much support you in that. And I hope that we also could continue that support in the future.

    Thank you also for what you personally have been doing since 2022 at the Ramstein meetings. It is indeed a great honor for me to participate in these meetings, and also the great support from the US to Ukraine and also the very needed support for the fight for freedom for the people of Ukraine. I think you have personally done an outstanding job, and thank you so much for that.

    We are also looking into new discussions. New NATO targets will arrive next year. Denmark will be very active also to deliver on these targets. I think you’re also aware that Denmark is now being able to spend 2.4 percent of the GDP on defense. We will continue doing that also in the future.

    And I have also said to you before that I think Europe have to spend more on our own defense, and then we will also be an important player in that discussion. Denmark can do more in the future, but I also think that Europe should do more for our own security. We cannot depend on US. We should do more, Europe, in context for our own defense.

    Let me also just recognize the close cooperation that we have. You mentioned Pituffik Air Base. I think you will have also strong cooperation in the future. Also among the Kingdom of Denmark, we have the Faroe Islands and also Greenland, and then of course also Denmark. We can do even more together, and we will be happy to do that together with the US.

    And let me just conclude saying that we are also having soldiers in Latvia, 800 soldiers. I paid a visit to them last week. And we will also be active in doing even more in the future to help our friends in the Baltic area securing their security.

    So, once again, thank you so much for having us here today. It’s a great honor for us to be here.

    SECRETARY AUSTIN: Mr. Minister, welcome, and thanks for making the trip. And I look forward to a great conversation. Thanks, everybody.

    MIL OSI USA News –

  • MIL-OSI Economics: Appointment of Director General for the East Africa Regional Development, Integration and Business Delivery Office Dr. Kennedy K. Mbekeani

    Source: African Development Bank Group

    The African Development Bank Group is pleased to announce the appointment of Dr. Kennedy K. Mbekeani as Director General for the East Africa Regional Development, Integration and Business Delivery Office, effective from 16th October 2024.

    Dr. Kennedy K. Mbekeani, a citizen of Malawi brings over 25 years of senior level experience in development finance, project management, policy advisory services, and knowledge generation across country and regional levels. Prior to this appointment, he served as Deputy Director General for the Bank’s Southern Africa Regional Development, Integration and Business Delivery Office.

    He holds a Bachelor of Social Science (Economics and Statistics) degree from the University of Malawi, an MPhil in Monetary Economics from the University of Glasgow, and both an MA and PhD in International Economics from the University of California. He has authored numerous publications focusing on trade, regional integration, and infrastructure development in Africa.

    In his previous role as Deputy Director General for the Southern Africa Regional Development, Integration and Business Delivery Office, Dr. Mbekeani led the Bank’s business development and delivery for sovereign, non-sovereign investments and provided advisory services to South Africa, Lesotho, Botswana, Eswatini, Namibia and Mauritius. His efforts contributed to the Bank’s reputation as a trusted partner for high impact development projects in the region. He also managed relationships with key government and private sector, positioning the Bank for success.

    Dr. Mbekeani joined the Bank in 2009 as Chief Trade and Regional Integration Officer. He has held various senior roles including Lead Regional Economist at the South African Resource Centre, Officer in Charge and Acting Regional Director of the Bank’s South African Resource Centre in South Africa, and Officer in Charge of the Bank’s Ghana Country Office. When he served Country Manager for Uganda, he successfully expanded the Bank’s portfolio to over $2 billion.

    Before joining the Bank, Dr. Mbekeani worked for the United Nations Development Programme as a Trade, Debt and Globalisation Advisor for East and Southern Africa. He also served as Senior Research Fellow at the Botswana Institute for Development Policy Analysis, and Senior Economist at the National Institute for Economic Policy in South Africa.

    Commenting his appointment, Dr. Mbekeani said: “I am grateful and feel honoured by the confidence President Adesina placed in me through this appointment, as Director General for the East Africa Regional Development, Integration and Business Delivery Office. I look forward to working with the President, the Board of Directors, Senior Management, our teams and stakeholders to enhance the Bank’s operational efficiency, effectiveness and drive impactful developmental outcomes across the region”.

    Commenting the appointment, the President of the African Development Bank Group, Dr. Akinwumi Adesina said: “I am delighted to appoint Dr. Kennedy Mbekeani as Director General for the East Africa Regional Development, Integration and Business Delivery Office. Kennedy brings extensive experience in managing operations, policy dialogue, coupled with astute diplomacy and well-tested ability to work effectively with countries and development partners. He had previously worked in East Africa as the Country Manager for Uganda, before being promoted to the position of Deputy Director General of the Southern Africa Regional Development, Integration and Business Delivery Office. His knowledge of the Eastern Africa region and well-proven experience in delivering robust operations for the public and private sectors will strongly benefit the work and operations of the African Development Bank Group in East Africa and all countries in the region”.

    MIL OSI Economics –

  • MIL-OSI: Genie Energy to Report Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEWARK, NJ, Oct. 15, 2024 (GLOBE NEWSWIRE) — Genie Energy Ltd., (NYSE: GNE), a leading retail energy and renewable energy solutions provider, will announce financial and operational results for the third quarter of 2024 on Wednesday, November 6th, 2024.

    Genie Energy will issue an earnings release over a wire service and post it in the “Investors” section of the Genie Energy website (https://genie.com/investors/quarterly-earnings/) at 7:30 AM Eastern. The release also will be filed in a current report (Form 8-K) with the SEC.

    At 8:30 AM Eastern, Genie Energy’s management will host a conference call to discuss financial and operational results, business outlook, and strategy. The call will begin with management’s remarks followed by Q&A with investors.

    To participate in the conference call, dial 1-877-545-0523 (toll-free from the US) or 1-973-528-0016 (international) and provide the following participant access code: 644435.

    Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and providing the replay passcode: 51441. The replay will remain available through Wednesday, November 20, 2024. In addition, a recording of the call will be available for playback on the “Investors” section of the Genie Energy website. 

    In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise. 

    About Genie Energy Ltd.: 

    Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division (GREW) is a vertically-integrated provider of community and utility-scale solar energy solutions. For more information, visit Genie.com.

    Contact: 
    Genie Energy Investor Relations
    Bill Ulrey
    E-mail: wulrey@genie.com 

    # # # 

    The MIL Network –

  • MIL-OSI USA: Auditor General DeFoor Concludes Statewide Community College Tour at Community College of Philadelphia, Highlights Expanded Job Opportunities for Pennsylvania Students

    Source: US State of Pennsylvania

    October 15, 2024 – PHILADELPHIA, PA

    Auditor General DeFoor Concludes Statewide Community College Tour at Community College of Philadelphia, Highlights Expanded Job Opportunities for Pennsylvania Students

    Auditor General Timothy L. DeFoor today wrapped-up a statewide tour of Pennsylvania’s 15 community colleges at Community College of Philadelphia, where he highlighted his department’s expanded career pathways for graduates of accredited associate degree programs and commended the work that these institutions do to prepare their students for the future.

    “As a community college graduate myself, I can tell you firsthand that associate degree programs offer practical, hands-on training that prepares students for high-demand careers like auditing,” Auditor General DeFoor said. “Community college taught me so many life skills that I still use to this day. That is why I am so excited to be at Community College of Philadelphia to recruit the next generation of our workforce and commend them for the work they do to ensure their students have the tools they need to succeed.”
    “Students and graduates of Community College of Philadelphia make up a major part of our community’s workforce,” said Dr. Donald Guy Generals, president of Community College of Philadelphia. “I am grateful to the Auditor General for visiting our institution and sharing information on some of the high-demand, family-supporting career opportunities available to our students.”

    Previously, to be considered for a position at the Department of the Auditor General, candidates needed to hold a bachelor’s degree in accounting or finance and complete 12 credits of accounting as part of their coursework.

    List of Speakers:
    Auditor General Timothy L. DeFoor
    Frank Santos, Workforce Development Recruitment Program Coordinator, Pennsylvania Auditor General
    Dr. Alycia Marshall, Provost and Vice President for Academic and Student Success/Aspen Rising Presidential Fellow at Community College of Philadelphia

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER ANNOUNCES NEW $750 MILLION PRELIMINARY INVESTMENT FOR WOLFSPEED FROM HIS CHIPS & SCIENCE LAW; SENATOR SAYS NEW $$$ WILL HELP ACCELERATE ONGOING MOHAWK VALLEY EXPANSION & SUPPORT HUNDREDS OF…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Includes $750M Agreement For Funding From Schumer’s CHIPS Act & $750M Private Investment, Boosting Wolfspeed’s Ongoing Expansion In Upstate NY And Building A New North Carolina Facility Which Sends Wafers To Oneida County’s Marcy Nanocenter To Be Finished, Providing Long Term Work For Mohawk Valley

    Wolfspeed Says It Also Plans To Tap Up To Nearly $1 Billion From The CHIPS ITC That Schumer Created To Help Fund Completion Of Mohawk Valley Plant

    Schumer: My CHIPS & Science Law Is Bringing Wolfspeed To Front Of The Pack & Helping Mohawk Valley Lead America’s Semiconductor Renaissance

    U.S. Senate Majority Leader Chuck Schumer today announced Wolfspeed has reached a $750 million preliminary memorandum of terms (PMT) funding agreement under the CHIPS & Science Law he led in writing and passing into law, helping them unlock an additional $750 million in private investment. Wolfspeed also said it plans to tap nearly $1 billion from the CHIPS Investment Tax Credit that Schumer helped create to fund much of the state-of-the-art equipment being installed to complete the expansion their Silicon Carbide Fabrication Facility at Marcy Nanocenter in Oneida County.

    Wolfspeed said this massive collective investment will help accelerate their ongoing expansion in the Mohawk Valley and boosting good-paying jobs expected to be created at the Marcy facility. This CHIPS investment will also support Wolfspeed’s new North Carolina Siler City facility which is integral to the Mohawk Valley’s future as it will send wafers to be finished in NY, creating long term work and future growth opportunities for the Marcy operation.

    “Wolfspeed is leading the pack in bringing semiconductor manufacturing back to America. This major multibillion investment powered by my CHIPS & Science Law will accelerate the ongoing expansion in the Mohawk Valley, helping boost hundreds of good paying jobs and providing long term work for the Marcy fab to succeed well into the future,” said Senator Schumer. “From electric vehicles to artificial intelligence, so much critical technology relies on the silicon carbide chips that Wolfspeed will manufacture and perfect in the Mohawk Valley. Today’s massive investment will make America’s economy and our national security stronger as Wolfspeed helps us write the next chapter of America’s resurgence as the leader in the semiconductor industry, with the Mohawk Valley as the beating heart.”

    Schumer explained that Wolfspeed’s Mohawk Valley Fab is the largest and one of the only 200mm Silicon Carbide fabrication facilities in the world. Wolfspeed officially opened their new fab in 2022 and is actively expanding with approximately $790 million in additional capital planned investment in the Mohawk Valley which will help support new good paying manufacturing and construction jobs to the region. The proposed CHIPS investment would also support the construction of Wolfspeed’s silicon carbide wafer manufacturing facility in North Carolina. Nearly all of the wafers from Wolfspeed’s new facility in Siler City, NC are needed and sent to the Mohawk Valley Fab to be finished and this investment is essential to ramp up chip production in New York. The proposed CHIPS funding will support the Mohawk Valley fab to increase its production capacity by approximately 30%.

    To achieve this increase in capacity in the Mohawk Valley, Wolfspeed will purchase and install additional tools & equipment in the Mohawk Valley, such as photolithography tools, ion implanters, metal deposition tools, etch systems, automation equipment and more that will be support by the Investment Tax Credit from the CHIPS & Science Law.

    The proposed $750 million in CHIPS funding will also help catalyze private capital investment of at least $750 million to support the company’s expansion plans. This injection of private capital would not have occurred were it not for the CHIPS and Science Act. Wolfspeed is the world’s leading manufacturer of wafers and devices made from silicon carbide, a compound which has favorable chemical and material properties compared to traditional silicon, enabling Wolfspeed’s semiconductors to be highly energy-efficient and durable. The silicon carbide devices manufactured by Wolfspeed power electric vehicles (EVs) and plug-in hybrids, enabling extended driving range-per-charge, faster charging times, and lower overall systems costs, they also are vital for artificial intelligence and in military applications critical for national security.

    Oneida County Executive Anthony J. Picente Jr. said, “We thank Senator Schumer for securing $750 million in funding for Wolfspeed from his historic CHIPS & Science Law. This transformative investment will accelerate hundreds of good-paying jobs in Oneida County and further elevate our region as a leader in semiconductor production. As Wolfspeed enhances its capabilities, we look forward to the opportunities this brings for our workforce and our future in the Mohawk Valley.”

    Acting President of Mohawk Valley EDGE Shawna Papale said, “On behalf of Mohawk Valley EDGE, we commend the Department of Commerce for reaching a preliminary agreement with Wolfspeed to leverage more than $2.5 billion of investment including over $750 million in CHIPS Act grant funding. The growth of the Mohawk Valley Fab is hinged on the ability of Siler City to produce 200mm silicon carbide wafers to supply Wolfspeed’s Mohawk Valley Fab. Thanks to Senate Majority Leader Schumer, this CHIPs announcement accelerates hiring towards Wolfspeed’s job target of over 600 employees and increases production capacity at the Marcy Nanocenter. This was a true collaboration across local, county, State, and Federal officials along with the leadership of Wolfspeed to make the dream of recreating American made manufacturing a reality right here in Oneida County.”

    Last week, Schumer announced Edwards Vacuum reached a $18 million CHIPS PMT to build its new $300+ million dry pump manufacturing facility for the semiconductor industry, the first of its kind for America, in Western NY. Earlier this year, Schumer also announced that Micron, which plans to invest $100 billion over the next two decades – the largest private investment in New York’ s history – reached a $6.1 billion CHIPS PMT funding agreement. In addition, GlobalFoundries in the Capital Region also reached an agreement for $1.5 billion in direct grant funding under his CHIPS & Science Law to support a $12.5 billion public-private investment over the next ten plus years to expand and construct a second, new state-of-the-art computer chip factory in Malta, NY. 

    Schumer added, “The CHIPS & Science Law keeps helping grow the booming semiconductor industry in Upstate NY. We are seeing more targeted federal investment than ever before to bring back manufacturing, and awards like this show how the I-90 corridor from Buffalo to Syracuse to Utica to Albany truly is becoming America’s semiconductor superhighway.”

    Schumer has long worked to position the Mohawk Valley for semiconductor investment. In addition to his efforts on further recruiting chip suppliers to Marcy Nanocenter, Schumer secured $2 million in U.S. DOL funding for the Workforce Development Board of Herkimer, Madison and Oneida Counties and Mohawk Valley Community College (MVCC) to boost technical training to support the expansion and attraction of the semiconductor industry. Schumer also secured $2 million for MVCC to create a new state-of-the-art semiconductor and advanced manufacturing training center.

    Schumer is also actively working with Mohawk Valley EDGE to help lure additional semiconductor and supply chain companies to Marcy Nanocenter which will get a further boost from Wolfspeed and Micron’s expansions in the region.

    Schumer said, “Marcy Nanocenter is one of the most shovel-ready sites in the whole country and with this investment helping to strengthen Wolfspeed and with Micron rapidly establishing itself in the broader region, I am going all out to land more companies to make the Mohawk Valley a central component of bringing semiconductor manufacturing back to America.”

    Thanks to Schumer’s CHIPS & Science Law, Upstate New York has seen a major revival in tech manufacturing. Micron has announced plans for a historic $100+ billion investment to build a cutting-edge memory fab in Central New York. GlobalFoundries plans to invest over $12 billion to expand and construct a second, new state-of-the-art computer chip factory in the Capital Region. TTM Technologies, a printed circuit board manufacturer, plans to invest up to $130 million to expand their facilities in Onondaga County, creating up to 400 good-paying jobs. Menlo Micro will invest $150 million to build their microchip switch manufacturing facility in Tompkins County, creating over 100 new good-paying jobs. In addition, Upstate New York is home to semiconductor supply chain companies like Corning Incorporated, which manufactures glass critical to the microchip industry at its Canton and Fairport, NY plants. Edwards Vacuum is also moving forward with a $300+ million investment to build a dry pump manufacturing facility in Western New York, creating 600 good-paying jobs to support the growing chip industry in Upstate New York and across the nation.

    The PMT outlines key terms for Wolfspeed’s CHIPS agreement. To finalize the federal CHIPS agreement, the Commerce Department will now begin a comprehensive due diligence process on the proposed project and other information contained in the application. After satisfactory completion of the due diligence phase, the Commerce Department will finalize the PMT.

    MIL OSI USA News –

  • MIL-OSI Economics: What’s new in Android 15, plus more updates

    Source: Google

    Today, Android 15 starts rolling out to Pixel devices. These updates include security features that help keep your sensitive health, financial and personal information protected from theft and fraud. Plus, we’re introducing improvements for large-screen devices that help you get more done, and updates across apps including camera, messaging and passkeys.

    MIL OSI Economics –

  • MIL-OSI USA: “Bang for the Buck”: Womack, Ciscomani Release Op-Ed on Benefits of Community Project Funding

    Source: United States House of Representatives – Congressman Steve Womack (AR-3)

    Washington, DC—September 16, 2024…Congressman Steve Womack (AR-3), Chairman of the House Appropriations Subcommittee on Transportation, Housing and Urban Development (THUD), released a joint op-ed with his colleague Congressman Juan Ciscomani (AZ-6) regarding the benefits of Community Project Funding, which both congressmen secured for their districts in the Fiscal Year 2025 THUD Appropriations Act.

    The full op-ed from Friday, September 13, 2024, is available here and below:

    OPINION | GUEST WRITERS: Bang for the buck

    Community Project Funding effective

    by Steve Womack AND Juan Ciscomani Special to the Democrat-Gazette

    The U.S. Constitution grants Congress the power of the purse. This power is exercised through the annual appropriations process, and the House Appropriations Committee leads the House’s power of the purse efforts.

    One of the more well-known elements of the annual appropriations process is Community Project Funding, also known as earmarks. Community projects are individual appropriations for specific projects that are requested by members of Congress through an open and public process. The requests are vetted by the House Appropriations Committee and projects are funded through the annual appropriations bills.

    Community Project Funding does not increase federal spending. Instead, the process allocates money that would be spent by federal agencies and uses it to address local needs.

    Usually, federal spending for projects such as fire station upgrades, water infrastructure construction, and road improvements are allocated by the Executive Branch through centrally managed grant processes. However, Community Project Funding helps restore the Legislative Branch’s power of the purse by empowering members–who are far more aware of local needs than Washington-based bureaucrats–to allocate funding to projects that will make significant impacts on their communities.

    Areas of our country that are rapidly growing can experience delays in substantial federal investment for large projects as federal funding is often targeted toward historically populated areas. Community Project Funding can help shift that paradigm. For example, a project included in this year’s Transportation, Housing and Urban Development (THUD) bill will complete the Springdale Northern Bypass, unleashing economic opportunity for the region and beyond while prioritizing travelers’ safety. In Oro Valley, Ariz., this funding package secured an investment to repair and maintain bridges to increase safety and enhance mobility in this bustling community.

    Smaller towns, which are often overlooked by the federal government, also see massive impacts from community projects. A $3 million investment for Huntsville’s water system will provide water to residents and ensure the fire department has an adequate supply to protect people from fires. A $1.9 million investment for Duncan, Ariz., a rural community with fewer than 1,000 residents, will maintain and revitalize roads which have not been repaired in over 45 years. Without Community Project Funding, projects of this magnitude for small communities may be a pipe dream.

    With our ballooning national debt, it’s understandable that government spending is under scrutiny. As appropriators, protecting taxpayer dollars and reining in wasteful spending remains our top priority. To reiterate, Community Project Funding does not increase federal spending. Instead, the process allocates money that would be spent by federal agencies and instead uses it to address local needs. Discretionary spending accounts for 26 percent of total federal spending that is appropriated by Congress each year, and of that 26 percent, the House of Representatives only uses 0.5 percent for community projects.

    Bottom line–Community Project Funding is a bang for the buck. The small yet effective amount of funding in the THUD bill for community projects delivers substantial impacts across the country. The projects allow legislators–who know the needs of their communities best–to target funds for critical projects to solve problems, create jobs, and boost the economy. We are sent to Washington, D.C., to deliver results that will have real impact on the daily lives of Americans. There is no better avenue to do so than through Community Project Funding.

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER ANNOUNCES NEW $750 MILLION PRELIMINARY INVESTMENT FOR WOLFSPEED FROM HIS CHIPS & SCIENCE LAW; SENATOR SAYS NEW $$$ WILL HELP ACCELERATE ONGOING MOHAWK VALLEY EXPANSION & SUPPORT HUNDREDS OF…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Includes $750M Agreement For Funding From Schumer’s CHIPS Act & $750M Private Investment, Boosting Wolfspeed’s Ongoing Expansion In Upstate NY And Building A New North Carolina Facility Which Sends Wafers To Oneida County’s Marcy Nanocenter To Be Finished, Providing Long Term Work For Mohawk Valley

    Wolfspeed Says It Also Plans To Tap Up To Nearly $1 Billion From The CHIPS ITC That Schumer Created To Help Fund Completion Of Mohawk Valley Plant

    Schumer: My CHIPS & Science Law Is Bringing Wolfspeed To Front Of The Pack & Helping Mohawk Valley Lead America’s Semiconductor Renaissance

    U.S. Senate Majority Leader Chuck Schumer today announced Wolfspeed has reached a $750 million preliminary memorandum of terms (PMT) funding agreement under the CHIPS & Science Law he led in writing and passing into law, helping them unlock an additional $750 million in private investment. Wolfspeed also said it plans to tap nearly $1 billion from the CHIPS Investment Tax Credit that Schumer helped create to fund much of the state-of-the-art equipment being installed to complete the expansion their Silicon Carbide Fabrication Facility at Marcy Nanocenter in Oneida County.

    Wolfspeed said this massive collective investment will help accelerate their ongoing expansion in the Mohawk Valley and boosting good-paying jobs expected to be created at the Marcy facility. This CHIPS investment will also support Wolfspeed’s new North Carolina Siler City facility which is integral to the Mohawk Valley’s future as it will send wafers to be finished in NY, creating long term work and future growth opportunities for the Marcy operation.

    “Wolfspeed is leading the pack in bringing semiconductor manufacturing back to America. This major multibillion investment powered by my CHIPS & Science Law will accelerate the ongoing expansion in the Mohawk Valley, helping boost hundreds of good paying jobs and providing long term work for the Marcy fab to succeed well into the future,” said Senator Schumer. “From electric vehicles to artificial intelligence, so much critical technology relies on the silicon carbide chips that Wolfspeed will manufacture and perfect in the Mohawk Valley. Today’s massive investment will make America’s economy and our national security stronger as Wolfspeed helps us write the next chapter of America’s resurgence as the leader in the semiconductor industry, with the Mohawk Valley as the beating heart.”

    Schumer explained that Wolfspeed’s Mohawk Valley Fab is the largest and one of the only 200mm Silicon Carbide fabrication facilities in the world. Wolfspeed officially opened their new fab in 2022 and is actively expanding with approximately $790 million in additional capital planned investment in the Mohawk Valley which will help support new good paying manufacturing and construction jobs to the region. The proposed CHIPS investment would also support the construction of Wolfspeed’s silicon carbide wafer manufacturing facility in North Carolina. Nearly all of the wafers from Wolfspeed’s new facility in Siler City, NC are needed and sent to the Mohawk Valley Fab to be finished and this investment is essential to ramp up chip production in New York. The proposed CHIPS funding will support the Mohawk Valley fab to increase its production capacity by approximately 30%.

    To achieve this increase in capacity in the Mohawk Valley, Wolfspeed will purchase and install additional tools & equipment in the Mohawk Valley, such as photolithography tools, ion implanters, metal deposition tools, etch systems, automation equipment and more that will be support by the Investment Tax Credit from the CHIPS & Science Law.

    The proposed $750 million in CHIPS funding will also help catalyze private capital investment of at least $750 million to support the company’s expansion plans. This injection of private capital would not have occurred were it not for the CHIPS and Science Act. Wolfspeed is the world’s leading manufacturer of wafers and devices made from silicon carbide, a compound which has favorable chemical and material properties compared to traditional silicon, enabling Wolfspeed’s semiconductors to be highly energy-efficient and durable. The silicon carbide devices manufactured by Wolfspeed power electric vehicles (EVs) and plug-in hybrids, enabling extended driving range-per-charge, faster charging times, and lower overall systems costs, they also are vital for artificial intelligence and in military applications critical for national security.

    Oneida County Executive Anthony J. Picente Jr. said, “We thank Senator Schumer for securing $750 million in funding for Wolfspeed from his historic CHIPS & Science Law. This transformative investment will accelerate hundreds of good-paying jobs in Oneida County and further elevate our region as a leader in semiconductor production. As Wolfspeed enhances its capabilities, we look forward to the opportunities this brings for our workforce and our future in the Mohawk Valley.”

    Acting President of Mohawk Valley EDGE Shawna Papale said, “On behalf of Mohawk Valley EDGE, we commend the Department of Commerce for reaching a preliminary agreement with Wolfspeed to leverage more than $2.5 billion of investment including over $750 million in CHIPS Act grant funding. The growth of the Mohawk Valley Fab is hinged on the ability of Siler City to produce 200mm silicon carbide wafers to supply Wolfspeed’s Mohawk Valley Fab. Thanks to Senate Majority Leader Schumer, this CHIPs announcement accelerates hiring towards Wolfspeed’s job target of over 600 employees and increases production capacity at the Marcy Nanocenter. This was a true collaboration across local, county, State, and Federal officials along with the leadership of Wolfspeed to make the dream of recreating American made manufacturing a reality right here in Oneida County.”

    Last week, Schumer announced Edwards Vacuum reached a $18 million CHIPS PMT to build its new $300+ million dry pump manufacturing facility for the semiconductor industry, the first of its kind for America, in Western NY. Earlier this year, Schumer also announced that Micron, which plans to invest $100 billion over the next two decades – the largest private investment in New York’ s history – reached a $6.1 billion CHIPS PMT funding agreement. In addition, GlobalFoundries in the Capital Region also reached an agreement for $1.5 billion in direct grant funding under his CHIPS & Science Law to support a $12.5 billion public-private investment over the next ten plus years to expand and construct a second, new state-of-the-art computer chip factory in Malta, NY. 

    Schumer added, “The CHIPS & Science Law keeps helping grow the booming semiconductor industry in Upstate NY. We are seeing more targeted federal investment than ever before to bring back manufacturing, and awards like this show how the I-90 corridor from Buffalo to Syracuse to Utica to Albany truly is becoming America’s semiconductor superhighway.”

    Schumer has long worked to position the Mohawk Valley for semiconductor investment. In addition to his efforts on further recruiting chip suppliers to Marcy Nanocenter, Schumer secured $2 million in U.S. DOL funding for the Workforce Development Board of Herkimer, Madison and Oneida Counties and Mohawk Valley Community College (MVCC) to boost technical training to support the expansion and attraction of the semiconductor industry. Schumer also secured $2 million for MVCC to create a new state-of-the-art semiconductor and advanced manufacturing training center.

    Schumer is also actively working with Mohawk Valley EDGE to help lure additional semiconductor and supply chain companies to Marcy Nanocenter which will get a further boost from Wolfspeed and Micron’s expansions in the region.

    Schumer said, “Marcy Nanocenter is one of the most shovel-ready sites in the whole country and with this investment helping to strengthen Wolfspeed and with Micron rapidly establishing itself in the broader region, I am going all out to land more companies to make the Mohawk Valley a central component of bringing semiconductor manufacturing back to America.”

    Thanks to Schumer’s CHIPS & Science Law, Upstate New York has seen a major revival in tech manufacturing. Micron has announced plans for a historic $100+ billion investment to build a cutting-edge memory fab in Central New York. GlobalFoundries plans to invest over $12 billion to expand and construct a second, new state-of-the-art computer chip factory in the Capital Region. TTM Technologies, a printed circuit board manufacturer, plans to invest up to $130 million to expand their facilities in Onondaga County, creating up to 400 good-paying jobs. Menlo Micro will invest $150 million to build their microchip switch manufacturing facility in Tompkins County, creating over 100 new good-paying jobs. In addition, Upstate New York is home to semiconductor supply chain companies like Corning Incorporated, which manufactures glass critical to the microchip industry at its Canton and Fairport, NY plants. Edwards Vacuum is also moving forward with a $300+ million investment to build a dry pump manufacturing facility in Western New York, creating 600 good-paying jobs to support the growing chip industry in Upstate New York and across the nation.

    The PMT outlines key terms for Wolfspeed’s CHIPS agreement. To finalize the federal CHIPS agreement, the Commerce Department will now begin a comprehensive due diligence process on the proposed project and other information contained in the application. After satisfactory completion of the due diligence phase, the Commerce Department will finalize the PMT.

    MIL OSI USA News –

  • MIL-OSI Canada: October 15th Canada Carbon Rebate Delivers Support for Families in Hamilton, Ontario

    Source: Government of Canada News (2)

    Today, families across Canada will receive their Canada Carbon Rebate for individuals, a payment that is making life more affordable for Canadians.

    October 15, 2024 – Hamilton, Ontario

    Today, families across Canada will receive their Canada Carbon Rebate for individuals, a payment that is making life more affordable for Canadians. The Canada Carbon Rebate – alongside measures like dental care, childcare, and others – contribute to the Government of Canada’s plan to help Canadian families to get ahead while ensuring big polluters pay their fair share.

    Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), was in Hamilton, Ontario, to announce the latest quarterly Canada Carbon Rebate payments are being delivered to their bank accounts and mailboxes. The Canada Carbon Rebate is helping households, small businesses, farmers and Indigenous communities across Canada to get ahead.

    A family of four residing in Hamilton will receive the Canada Carbon Rebate for individual payments every three months, meaning they will receive a quarterly cheque or deposit of $280. To discover more about how much your family could receive, please refer to the Canada Carbon Rebate amounts for 2024-25 for payment amounts applicable to your province.

    In addition to putting money in the pockets of families, the federal government announced the payment amounts for the new Canada Carbon Rebate for Small Businesses, which will deliver over $2.5 billion to about 600,000 Canadian businesses before the end of this year. This refundable tax credit will return a portion of the fuel charge proceeds from 2019-20 through 2023-24 to eligible small businesses, in jurisdictions where the federal fuel charge applies.

    The Canada Carbon Rebate is part of a suite of federal actions to help Canadians to get ahead, while simultaneously supporting holding the biggest polluters accountable in the fight against the climate crisis.

    Canada’s price on pollution is working.  When it comes to meeting Canada’s goals, emissions are down, and pollution pricing alone is delivering at least a third of the reductions needed, while delivering clean air and incentivizing job-creating greener investments in communities. As of today, emissions are down, while the economy grows and wages for Canadians are going up.

    Edward Hutchinson
    Press Secretary
    Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
    Edward.hutchinson@feddevontario.gc.ca

    MIL OSI Canada News –

  • MIL-OSI USA: Luján, Colleagues Commemorate Indigenous Peoples’ Day

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington D.C.  – Today, U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Indian Affairs, commemorated Indigenous Peoples’ Day with the bicameral Indigenous Peoples’ Day Act alongside Representatives Norma Torres (CA-35), Suzanne Bonamici (OR-01), Sharice Davids (KS-03), Suzan DelBene (WA-01), and Senator Martin Heinrich (D-NM). The legislation would designate Indigenous Peoples’ Day as a legal public holiday and replace the term ‘‘Columbus Day’’ with the term ‘‘Indigenous Peoples’ Day.’’ 

    “Recognizing Indigenous Peoples’ Day is an essential step toward honoring the accomplishments and strength of Tribal Nations across New Mexico and the country,” said Senator Luján, a member of the Senate Committee on Indian Affairs. “I’m proud to lead this effort to officially designate Indigenous Peoples’ Day and am hopeful that Congress will follow in New Mexico’s footsteps and recognize the holiday federally. Throughout history, Native people have played a vital role in our society and shaping our nation’s history – from serving in the military, educating our children, to boosting our economy – and it is well past time to celebrate their contributions. I look forward to working with my colleagues to pass this bill and honor all the triumphs of our Tribal communities.” 

    “It has been a year since the Indigenous Peoples’ Day Act was reintroduced, and our nation needs to recognize and work towards addressing the deep-seated historical injustices and suffering experienced by the natives across the country,” said Congresswoman Norma Torres. “The Indigenous Peoples’ Day Act seeks to honor the enduring presence of the tribes that inhabited the Americas long before the arrival of Western explorers. By establishing Indigenous Peoples’ Day as a federal holiday, we can take a meaningful step towards acknowledging the complexities of our nation’s history and celebrating the rich traditions and culture of all Indigenous communities who are an integral part of the United States history. It is time for my colleagues in the House and Senate to unite in passing this critical legislation, ensuring that we pay tribute to the cultures and significant contributions of Indigenous peoples to our nation.”

    “On Indigenous Peoples’ Day we recognize the immense contributions Indigenous communities have made throughout our country’s history and before its founding,” said Congresswoman Suzanne Bonamici. “We also must acknowledge the many injustices that continue to affect Indigenous communities today. I’m pleased to join my colleagues in this important effort to establish Indigenous Peoples’ Day as a federal holiday.”

    “Indigenous People’s Day is not only a time to acknowledge the centuries of discrimination that Native peoples have experienced, but an opportunity to celebrate how much Indigenous peoples’ rich cultures have contributed to our nation’s history,” said Representative Sharice L. Davids. “As one of the first Native American women elected to Congress and a proud member of the Ho-Chunk Nation, I am proud to join my colleagues in calling for the national celebration of Indigenous Peoples’ Day.”

    “Indigenous Peoples’ Day is an opportunity for us to unite in celebration of the rich tapestry of tribal nations, their diverse cultures, and the important contributions they have made to our communities,” said Congresswoman Suzan DelBene. “Cementing this observance also acknowledges the current and historical injustices Indigenous communities face and renews our commitment to preserving their rights as we work toward a more inclusive and equitable society.”

    “As President of the Navajo Nation, I am proud to support Congresswoman Torre’s and Senator Heinrich’s efforts to pass the Indigenous Peoples’ Day Act. Indigenous Peoples’ Day is an opportunity for all of us to come together to honor the rich histories, cultures and contributions of Indigenous communities across the country. It is a day to reflect on the resilience of our people, and to promote understanding and respect for our heritage. By recognizing Indigenous Peoples’ Day, we celebrate our past and pave the way for a future built on mutual respect and collaboration. This is a day for education, reflection and unity as we work toward healing and progress.” – Dr. Buu Nygren, President of the Navajo Nation

    Full Indigenous Peoples’ Day Act Bill

    MIL OSI USA News –

  • MIL-OSI: Westland Insurance named one of the best companies to work for in Canada

    Source: GlobeNewswire (MIL-OSI)

    Surrey, BC/Territories of the Coast Salish (Kwantlen, Katzie, Semiahmoo, Tsawwassen First Nations), Oct. 15, 2024 (GLOBE NEWSWIRE) — Westland Insurance, a leading Canadian insurance brokerage, has been recognized as one of the Best Companies to Work for in Canada. This accolade highlights Westland Insurance’s commitment to fostering a positive and inclusive workplace culture. 

    To determine the winners of the 2024 Best Places to Work, Canadian HR Reporter conducted a comprehensive survey among thousands of employees across the country. Westland Insurance stood out for its dedication to creating a welcoming and encouraging workplace environment, its prioritization of employee well-being, and a strong commitment to diversity, equity, and inclusion (DE&I).  

    As part of Westland’s commitment to its employees’ well-being, over the past year the organization introduced employee benefits enhancements, including increased coverage for mental health, fertility treatments, gender affirmation, dietician services, and Computerized Cognitive Behavioral Therapy (CCBT). This is in addition to a comprehensive package of financial benefits, perks, insurance discounts, and educational support, the latter benefiting both employees and their children. Westland also offers additional Values Days and paid time off for volunteerism.   

    “We’re incredibly proud to be recognized as one of the best companies to work for in Canada for 2024,” said Jamie Lyons, CEO, Westland Insurance. “This honor reflects the dedication and passion of our entire team, who make this organization a truly special place to work. Together, we’ve built a culture that prioritizes growth, collaboration, and well-being, and we’ll continue striving to set even higher standards in the years ahead.” 

    Keri Fraser, Westland’s Chief People Officer (CPO), had this to say about the recognition:  

    “Being named one of Canada’s Best Places to Work for 2024 is a testament to our commitment to fostering an inclusive, innovative, and supportive environment for all our employees. This recognition reinforces our belief that when we invest in our people, we create a workplace where everyone can thrive, and we’re excited to keep pushing the boundaries of what’s possible together.” 

    Award methodology 

    The rigorous entry process for the Best Places to Work recognition involved an employer submission and an employee survey. Organizations were required to complete an in-depth questionnaire, evaluating various factors such as employee engagement, turnover rates, compensation and benefits, diversity initiatives, and corporate culture. To be eligible for recognition, organizations had to meet a minimum number of responses based on company size and achieve an overall satisfaction rating of at least 75 percent. 

    Westland Insurance’s recognition as one of 2024s Best Places to Work is a testament to its ongoing commitment to providing an exceptional workplace experience for its employees. The company’s dedication to fostering a positive and inclusive culture, along with its comprehensive benefits plan and flexible work options, sets it apart as an employer of choice.  

    For more information on how to join Westland Insurance as a client or employee, visit westlandinsurance.ca.  

    -30- 

     About Westland Insurance Group:    

    Westland Insurance Group is one of the largest and fastest-growing independent insurance brokers in Canada. Trading over $3 billion of premium, Westland continues to expand coast to coast. Westland’s brokers provide expertise and advisory-based services across commercial, personal, employee benefits, farm, and specialty insurance segments. Since its founding in 1980, Westland has remained committed to supporting its clients, industry partners, and local communities. For more information, please visit westlandinsurance.ca.   

    The MIL Network –

  • MIL-OSI Global: In the age of supposed anti-ambition, is Kamala Harris’s pro-work message resonating?

    Source: The Conversation – Canada – By Scott Schieman, Professor of Sociology and Canada Research Chair, University of Toronto

    “Our ambition and aspiration should be baseline, and we should aspire and have the ambition and plan to do more … I want Americans and families to not just get by but to be able to get ahead.” United States Vice President Kamala Harris, outlining her plan to build an “opportunity economy” in a recent speech.

    As a sociologist who studies how people think and talk about getting ahead in life, I’ve been struck by the tsunami of anti-ambition rhetoric in recent years that seems at odds with Harris’s messaging.

    A prominent 2022 feature in The New York Times Magazine’s Future of Work issue, for example, proclaimed a new “Age of Anti-Ambition.”

    While many joined the “ambition is out” chorus, a softer refrain suggested that ambition had merely become quiet as Fortune magazine reported people were “no longer chasing achievement for achievements’ sake.”

    Given all the anti-ambition rhetoric, it’s reasonable to ask: is Harris’s message about ambition resonating with voters with less than a month until the presidential election? Does anyone still believe ambition is important for getting ahead?

    Shifts in sentiment

    Let’s look at some data. The General Social Survey (GSS) — the gold standard for tracking American attitudes and beliefs since the 1970s — asks a set of questions about the importance that people give to different ways of getting ahead in life.

    The list includes “ambition,” “hard work,” “a good education,” “coming from a wealthy family,” “knowing the right people,” etc. For each, respondents select from these response options: “essential,” “very important,” “fairly important,” “not very important” and “not at all important.”

    In 1987, the first time the GSS presented these questions, 43 per cent of American workers said that ambition was “essential” to getting ahead; 44 per cent said it was “very important;” 11 per cent said it was “fairly important;” and only two per cent said “not very/not at all important.”

    Most respondents to the GSS say ambition is important or very important to success, both years ago and more recently.
    (Mimi Thian/Unsplash)

    I didn’t believe that Americans had ditched ambition since then, but I needed data to test my hunch, so I solicited the research firm YouGov in 2023 and 2024 for two national surveys of 7,500 American workers. I call my study the MESSI (Measuring Employment Sentiments and Social Inequality).

    My 2024 survey finds that most American workers still believe in the importance of ambition, but sentiments have shifted.

    The share who now say ambition is “essential” dropped nine percentage points from 1987 to 34 per cent. While the share who said ambition was “very important” dipped by two points (now 42 per cent), the percentage who felt ambition was “fairly important” or “unimportant” increased by 11 points.

    This softening is noteworthy. But, then again, if we are truly in an anti-ambition era, would three-quarters of American workers still see ambition as very important or essential?

    Message falling flat?

    In her stump speeches, Harris often mentions the “dignity of work” and the power of “hard work.” But after years of anti-work rhetoric mixed with new anti-ambition language like “quiet quitting,” a message celebrating the importance of hard work to get ahead might fall flat.



    Read more:
    If companies want to stop quiet quitting they need to take burnout seriously

    Let’s return to the 1987 GSS. Back then, 91 per cent of working Americans said hard work was “very important” or “essential” to getting ahead.

    That dipped slightly to 89 per cent in 2021 and then dropped to 77 per cent by 2024.

    On one hand, an 11-point plunge might be seen as a concern. On the other hand, we could interpret the fact that almost eight in 10 American workers say that they still value hard work as a sign of its resilience — especially given the cultural onslaught against work’s reputation and the persistent narrative about employees being miserable in their jobs since 2021.



    Read more:
    New research debunks the ‘unhappy worker’ narrative, but finds most still believe it

    Willing to work harder

    According to a viral video on TikTok, quiet quitting is when you “quit the idea of going above and beyond.”

    Given quiet quitting’s popularity among anti-ambition/anti-work narratives, I wondered how Americans would respond to a GSS question that asks the extent of agreement or disagreement with the following: “I am willing to work harder than I have to in order to help the firm or organization I work for succeed.”

    If quiet quitting has truly reached astronomical levels, wouldn’t it make sense that most Americans would strongly disagree with that statement?

    Two GSS data points in 2006 and 2016, well before the COVID-19 pandemic, show that eight in 10 American workers said they were willing to work harder than necessary. In my 2023 and 2024 MESSI surveys, I found that dropped to six in 10. Now, a greater share neither endorses nor rejects giving a little extra. Ambivalence is a bit more of a standard response.

    ‘Hard work is good work’

    What’s the takeaway? Sweeping sociological claims that we’re living in an age of anti-ambition and that most people are quiet quitting simply aren’t justified.

    Yes, sentiments about the importance of ambition and hard work — and going above and beyond — have shifted. And even though that shift is quieter than media discourse would have you believe, economic pessimism remains entrenched despite objective evidence to the contrary.

    Harris may therefore have her work cut out for her in selling an “opportunity economy” message as election day draws closer. But as she has said: “Hard work is good work.”

    Scott Schieman receives funding from Social Science and Humanities Research Council.

    – ref. In the age of supposed anti-ambition, is Kamala Harris’s pro-work message resonating? – https://theconversation.com/in-the-age-of-supposed-anti-ambition-is-kamala-harriss-pro-work-message-resonating-240427

    MIL OSI – Global Reports –

  • MIL-OSI: Decode Global Receives Best Forex Fintech Broker Award at BrokersView Abu Dhabi Expo

    Source: GlobeNewswire (MIL-OSI)

    ABU DHABI, United Arab Emirates, Oct. 15, 2024 (GLOBE NEWSWIRE) — In a significant achievement, Decode Global has been recognized as the Best Forex Fintech Broker at the BrokersView Abu Dhabi Expo, a leading event for the financial information and technology industry. This award highlights Decode Global’s continued expansion and innovation in fintech, as well as its commitment to delivering high-quality services in forex trading and beyond. Established in 2004, Decode Global has over 20 years of experience in the financial sector. Recently, Decode Global has focused on expanding its presence in emerging markets, particularly in Asia and the Middle East. This move is seen as part of its strategy to tap into new client bases and further its global reach.

    Decode Global’s Introducing Broker (IB) program has been a key factor in its industry success. Designed to meet the unique needs of each partner, the IB program offers customizable plans with industry-leading rebate structures. The company has continuously refined this program, making it more accessible and integrating advanced technology to improve user experience. This adaptability and commitment to partner success have contributed to the company’s growing reputation in the financial services arena.

    “This recognition reflects Decode Global’s commitment to innovation and customer satisfaction,” said Sultan Khalil, Decode Global’s Business Development Manager for the MENA region. “We look forward to expanding our reach and sharing our customized IB solutions with a wider audience.”

    Decode Global is also known for its strong adherence to global compliance standards, holding multiple financial licenses worldwide, including those issued by ASIC, VFSC, SVGFSA, and FinCEN. The company emphasizes security and transparency as central pillars of its operations, reflecting its dedication to a safe and compliant trading environment for clients.

    With a focus on emerging markets and a robust IB program, Decode Global aims to maintain its role at the forefront of the fintech industry. The company’s recent award underscores its commitment to growth and innovation in the rapidly changing financial landscape.

    About Decode Global

    Decode Global Limited is a diversified financial services company for both retail and wholesale clients, with a leading online Forex and CFD business. Decode Global Limited brings together top elites with decades of experience from major banks, investment banks, fund management, accounting and tax industries. This has allowed the company to develop rapidly and attract CFD traders at all levels worldwide.

    Contact

    PR Office – Decode Global

    pr@decode-group.com

    The MIL Network –

  • MIL-OSI: FHLBank San Francisco Awards $7.3 Million in Grants to Boost Economic Development in Arizona, California, and Nevada

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 15, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) announced today that it has awarded $7.3 million in economic development grants under the Access to Housing and Economic Assistance for Development (AHEAD) Program. The awards will support 84 nonprofit organizations dedicated to strengthening communities across Arizona, California, and Nevada. This funding represents an 82% increase over last year’s grant cycle and the previously announced allocation for 2024 of $4 million. The AHEAD Program, now in its 20th year, was designed to advance innovative economic and community development initiatives that empower underserved communities. Delivered in partnership with its member financial institutions, FHLBank San Francisco’s AHEAD Program has funded over $32 million in grants over the past two decades.

    “As we celebrate 20 years of the AHEAD Program, we remain committed to investing in communities throughout our district and to funding organizations leading innovative and important economic development programs,” said Alanna McCargo, president and chief executive officer of FHLBank San Francisco. “The AHEAD Program provides funding that our member organizations use to make grants to local nonprofits for initiatives that directly address capacity building, jobs, and community needs. Together, we’re making a lasting difference and driving economic growth where it’s needed most.”

    The AHEAD grant program encourages FHLBank San Francisco’s members to build strong relationships with nonprofit organizations that have specific economic and community development expertise. The 2024 grant cycle will distribute 84 grants through 60 different members, with 10 of those members engaged in the program for the first time. AHEAD Program grantees support a wide range of projects and beneficiaries, addressing diverse needs across various sectors and communities. The largest portions of 2024 grants have been allocated to the following key areas:

    • 29% of grants for Entrepreneurial/Microenterprise projects
    • 20% of grants for Capacity Building projects
    • 14% of grants for Job Training projects
    • 12% of grants for Economic Development projects
    • 11% of grants for Social Services projects

    Examples of the 2024 AHEAD grant recipients, include:

    • Phoenix, Arizona – Local First Arizona partnered with member Arizona Financial Credit Union to receive a $100,000 AHEAD grant to fund the Native Business incubator pilot project. The grant will enable the delivery of culturally relevant and professional business education for entrepreneurs – who are Tribal members – to help unlock new business opportunities and gain access to capital.
    • Aptos, California – California Farmlink, a community development financial institution (CDFI), partnered with member Bank of the Sierra to receive a $98,912 AHEAD grant to fund the Building Wealth and Resilience with California Farmers project. This grant will assist Hispanic farmers, ranchers, and fishers – who face acute barriers to accessing capital – by making business assistance programs available in Spanish to help these entrepreneurs scale their businesses and become more sustainable.
    • Las Vegas, Nevada – Nevada Hospitality Foundation partnered with member Employers Insurance Company of Nevada to receive a $100,000 AHEAD grant to fund a project that works to address industry workforce challenges, such as skill gaps, unemployment, or underemployment. This grant will focus on connecting ethnic minority and rural residents with an employer after developing technical skills they need to succeed in the hospitality labor trade.

    The AHEAD grant program is just one example of the Bank’s commitment to fostering economic vitality, affordable homeownership, and wealth creation by contributing up to 15% of annual net profits to mission-aligned initiatives each year. Additional important community initiatives led by the Bank include the Affordable Housing Program (AHP) grants, Empowering Black Homeownership grants, the Tribal Nations Program, and Middle-Income Downpayment Assistance and Workforce Initiative Subsidy for Homeownership (WISH) matching grant programs that provide downpayment assistance to low- and middle-income first-time homebuyers.

    To learn more about the AHEAD program and this year’s economic development grant recipients, visit http://www.fhlbsf.com.

    About the Federal Home Loan Bank of San Francisco

    The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.

    The MIL Network –

  • MIL-OSI USA: As Medicare Open Enrollment Period Begins, Warren Highlights More Than $170 Million in Prescription Drug Savings for Massachusetts Seniors

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    October 15, 2024

    New report from Warren’s office, A Prescription For Savings, shows how the Inflation Reduction Act is saving seniors millions of dollars, while holding Big Pharma price-gougers accountable. 

    A Prescription for Savings – How the Inflation Reduction Act Will Cut Drug Costs for Massachusetts Medicare Enrollees in 2025 (PDF)

    Boston, MA  – On the first day of the Medicare open enrollment period for Plan Year 2025, U.S. Senator Elizabeth Warren (D-Mass.) released a new report, A Prescription for Savings, outlining six key reforms in the Inflation Reduction Act (IRA) that are helping Massachusetts seniors save on prescription drugs. 

    “The IRA will save Bay Staters enrolled in Medicare a total of over $170 million on prescription drug costs in 2025 alone,” according to the report. “The IRA has created more accessible, more equitable, and more affordable prescription drug coverage for seniors and individuals with disabilities in Massachusetts.”

    “This new report provides critical information to seniors and others in Massachusetts about how they will save money when selecting a Medicare prescription drug plan for next year,” said Senator Warren. “I’ve worked hard to rein in Big Pharma’s price-gouging and lower health care costs through the Inflation Reduction Act, and Medicare enrollees will see significant savings as a result.”

    Thanks to the Biden-Harris Administration and Democrats in Congress, the IRA will save Medicare enrollees billions of dollars on prescription drugs costs nationwide. The report highlights six ways Massachusetts Medicare enrollees will save in 2025 and beyond:   

    • $35 monthly insulin: Out-of-pocket costs for insulin are now capped at $35 per month for Medicare enrollees. More than 26,000 Massachusetts Medicare enrollees who use insulin can expect about $500 in annual savings in 2025 – an estimated total savings of nearly $13 million. 
    • $2,000 cap on out-of-pocket drug costs: New out-of-pocket caps in Medicare Part D will help 83,000 enrollees in Massachusetts save an average of $1,500 on their out-of-pocket prescription drug costs – an estimated savings of over $124 million annually. 
    • Free vaccines: For more than 1.1 million Massachusetts Medicare enrollees, recommended vaccines are now covered pre-deductible and without cost-sharing. This will save Massachusetts Medicare enrollees about $5 million per year.   
    • Penalties for drug manufacturers that jack up prices faster than inflation: The IRA, for the first time, penalizes drug manufacturers that raise prices faster than inflation, helping an estimated 17,000 Massachusetts residents save on their prescription drugs. 
    • Expanded support for low-income enrollees: Approximately 5,000 low-income Medicare enrollees in Massachusetts will save around $30 million per year due to the IRA’s expansion of the Medicare Part D “Extra Help” program. 
    • Negotiations to lower drug prices: For the first time, Medicare can directly negotiate prices with drug manufacturers for a select number of high-priced drugs. Nearly 200,000 Part D enrollees in Massachusetts use at least one prescription drug that will see price reductions when the new negotiated prices take effect in 2026. 

    Senator Warren has led the fight to hold drug manufacturers accountable for high drug costs: 

    • In March 2022, at a hearing of the Senate Finance Committee, Senator Elizabeth Warren called out drug manufacturers for price-gouging Americans on prescription drugs. As Americans deal with high prices across the economy, Senator Warren is pushing for reforms that will lower drug prices and stop Big Pharma from taking advantage of consumers.
    • In February 2022, during a hearing of the Senate Finance Subcommittee on Fiscal Responsibility and Economic Growth, Senator Elizabeth Warren questioned witnesses about how corporate profiteering in the pharmaceutical, insurance, and financial industries is contributing to excessive costs for Medicare.
    • In February 2022, Senators Elizabeth Warren, Angus King (I-Maine), and Congressman Lloyd Doggett (D-Texas) urged HHS to exercise march-in rights for life-saving cancer drug Xtandi to dramatically lower its price for millions of Americans. She also called out big pharma and insurance companies’ tricks to squeeze taxpayers and Medicare beneficiaries. And she called for passage of the Build Back Better Act, which includes provisions that could generate billions in savings and give the Department of Health and Human Services the authority to negotiate prices on some high-price drugs. 
    • In June 2021, Senator Elizabeth Warren led a letter questioning PhRMA’s lobbying efforts to block policies that would lower drug costs for millions of Americans. 
    • In May 2021, at a hearing of the Senate Finance Committee, Senator Warren called for trade negotiations that put patients over big pharma profits. 
    • In December 2019, Senator Elizabeth Warren introduced the Affordable Drug Manufacturing Act with Congresswoman Schakowsky, to radically reduce drug prices through public manufacturing of prescription drugs, including the . 

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin Introduces Bill to Protect Wisconsinites from Predatory Wall Street Investors

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) introduced the Stop Wall Street Looting Act, comprehensive legislation to fundamentally reform the private equity industry and level the playing field by forcing private investment firms to take responsibility for the outcomes of companies they take over, empowering workers and protecting investors.

    Since 2020, private equity fund assets have grown exponentially, reaching nearly $8 trillion in 2023 compared to $4.5 trillion in 2020. Private equity funds have purchased companies in nearly every sector of the economy — from nursing homes, to newspapers, to grocery stores — laying off hundreds of thousands of workers and ruining thousands of companies in the process.

    “When out-of-state investors buy Wisconsin companies only to turn a quick profit and shutter their doors, it’s Wisconsin workers and communities that suffer. I’m committed to ensuring that when Wisconsin businesses are purchased, Wisconsin families are protected and not left high and dry like we’ve seen in places like Janesville, Green Bay, and Waukesha,” said Senator Baldwin. “Our legislation will help put workers and our community first – protecting them from predatory practices that too often result in devastating job losses for Wisconsin’s working families.”

    The private equity industry claims to invest in companies while also earning high returns for investors by using their management expertise to make the companies’ operations more efficient, and then selling the companies at a profit. In reality, private equity funds often load mountains of debt on the companies they buy, strip them of their assets, and extract exorbitant fees and dividends, guaranteeing payouts for themselves regardless of how the investment performs. When their debt-ridden investments go belly-up, private equity funds walk away with no responsibility for the mess they create, leaving workers in the lurch and forcing communities to clean up their mess.

    This bill would level the playing field, protect workers, consumers, and investors, and force private equity firms to take responsibility for the companies they control by closing the loopholes that allow private equity to capture all the rewards of their investments while insulating themselves from risk and liability. The Stop Wall Street Looting Act will:

    • Require Private Investment Funds to Have Skin in the Game: Private equity firms, the firm’s general partners, and their insiders will all be on the hook for the liabilities of companies under their control — including debt, legal judgments, and pension-related obligations — to better align the incentives of private equity firms and the companies they own. Liability would not extend to the fund’s limited partners, ensuring that only those that control portfolio firms are on the hook. In order to encourage more responsible use of debt, the bill ends the tax subsidy for excessive leverage and closes the carried interest loophole.
    • End Looting of Portfolio Companies. To give portfolio companies a shot at success, the bill limits how much money private equity firms can extract from companies and closes the loophole that private equity firms have used to hide certain assets from bankruptcy courts.
    • Protect Workers, Customers and Communities. This proposal prevents private equity firms from walking away when a company fails and protects workers and communities by:
      • Prioritizing workers’ pay in the bankruptcy process and amending the laws to increase the priority claims for unpaid earnings and other benefits from $10,000 to $20,000 per worker.
      • Creating incentives for job retention so that workers can benefit from a company’s second chance.
      • Ending the immunity of private equity firms from legal liability when their portfolio companies break the law, including the WARN Act. When workers at a plant are shortchanged or residents at a nursing home are hurt because private equity firms force portfolio companies to cut corners, the firm should be liable.
      • Expanding protections for striking workers by clarifying unfair labor practices and the employer duty to bargain.
    • Empower Investors by Increasing Transparency. Private equity managers will be required to disclose fees, returns, and other information about their funds and the corporate loans they make so that investors can monitor their investments.
    • Put Guardrails Around Accessing Public Funds. Firms receiving any funds from a federal or state agency must publicly disclose how the funds are used and will be prohibited from acquiring any company or making a distribution to investors for two years after receipt.
    • Drives REITS out of Health Care. Payments from federal health programs to entities that sell assets or use assets for a loan collateral made to a Real Estate Investment Trust (REIT) are prohibited; repeal a rule in the Tax Code that allows taxable REIT subsidiaries to exert influence on the operations of health care entities; and remove the 20 percent pass-through deduction, passed in the 2017 Trump tax cuts, for all REIT investors.

    The bill is led by Senator Elizabeth Warren (D-MA) and also co-sponsored by Jeff Merkley (D-OR), Bernie Sanders (I-VT), Tina Smith (D-MN), and Ed Markey (D-MA) in the Senate.

    The bill is supported by Action Center on Race and the Economy, AFL-CIO, American Economic Liberties Project, American Federation of Teachers, Americans for Financial Reform, Center for Popular Democracy, Communication Workers of America, Community Catalyst, Economic Policy Institute, Indivisible, National Employment Law Project, National Women’s Law Center, Private Equity Stakeholder Project, People’s Action, SEIU, Strong for All, Take on Wall Street, United for Respect, Working Families Party, and Worth Rises.

    “Private equity has an immense impact on the U.S. economy, touching virtually every aspect of life from healthcare to housing to technology to retail and more. Private equity’s extractive playbook harms workers and communities, diminishes access to quality affordable health care, worsens the housing crisis and the climate crisis, and perpetuates systemic racism. Without major changes, a handful of ultra wealthy Wall Street executives will continue getting richer at everyone else’s expense. The Stop Wall Street Looting Act takes important, much needed steps to reign in Wall Street predatory practices and promote a just and sustainable economy,” said Lisa Donner, Executive Director, Americans for Financial Reform.

    “Union busting, pollution, and bankruptcy aren’t side effects of the private equity model: they are the model,” said Porter McConnell, Take on Wall Street. “It’s a smash-and-grab, plain and simple. That’s why we are so pleased to see comprehensive legislation like the Stop Wall Street Looting Act introduced in Congress today. We created the loopholes in the law that allowed the private equity industry to thrive, and we can end them. Our communities, our economy, and our democracy are depending on it.”

    “As we fight for more public investment in the child care sector, we must also rein in private equity’s ability to enrich themselves at the expense of the public. Building guardrails – such as those in the Stop Wall Street Looting Act – will help put the wellbeing of children and families ahead of private equity’s profits,” said Melissa Boteach, Vice President, Income Security and Child Care/Early Learning, National Women’s Law Center.

    “Private equity firms, which control nearly $15 trillion in assets, routinely prioritize quick, outsized profits, at the expense of workers, patients, renters, and local economies as part of their business model,” said Chris Noble, Policy Director for the Private Equity Stakeholder Project. “The Stop Wall Street Looting Act provides an essential check on this opaque industry. By addressing the systemic risks tied to debt-laden private equity buyouts, this legislation prioritizes the long-term health of businesses and communities over short-term profits for wealthy private equity executives.”

    “Private equity should have no influence over medical treatment decisions made jointly by independent physicians and their patients. The Stop Wall Street Looting Act goes a long way towards ensuring physicians, in consultation with their patients, are able to deliver quality, patient-centered, cost-efficient care without corporate interference,” said Dr. Stephen M. McCollam, Chair, Coalition for Patient-Centered Care.

    “Wall Street private equity firms have proven themselves to be a parasite on workers, our economy, and American retailers by gutting companies for profit and driving mass layoffs. Holding billionaire profiteers accountable for the damage they do to our working families and communities is imperative to addressing growing economic inequality,” said United for Respect Co-Executive Directors Bianca Agustin and Terrysa Guerra in a joint statement. “The Stop Wall Street Looting Act will help close loopholes in our laws that for too long have allowed private equity to pillage companies and amass huge profits while workers lose their jobs and are left with nothing. United For Respect is proud to support this bill — and we need all legislators to join us in protecting workers and putting Wall Street on the hook for the havoc they reap.”

    Full text of this legislation is available here. A one-pager on this legislation is available here.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Greens call for Labour to scrap ‘dehumanising’ weight-loss plans

    Source: Scottish Greens

    15 Oct 2024 Economy Health

    Scottish Greens criticise plans from Labour Health Secretary Wes Streeting

    More in Economy

    Labour Health Secretary Wes Streeting’s plans to give unemployed people weight-loss jabs to improve the economy is “horrific and dehumanising” says Scottish Greens MSP Maggie Chapman.

    The Labour MP made the statement in an opinion piece for The Telegraph where he said “widening waistbands” were “holding back our economy”. This came alongside news that the UK government would invest nearly £300 million in the company which produces the weight-loss drug Tirzepatide.

    Maggie Chapman MSP said:

    “Treating a health issue as an economic burden that can be ‘fixed’ by medication is outrageous.
     

    “People are not just cogs to fit into the capitalist machine. Instead of short-term fixes, this Labour government needs to focus on tackling long-term systemic issues that lead to obesity and ill health in this country.

    “Suggesting that the only reason someone is unemployed is due to their weight sets a disturbing precedent for further division and shame. It deflects from the wider social inequalities that truly affect unemployment rates that the Labour government should spend more time pondering.

    “These horrific and dehumanising plans should be scrapped before they start. It is totally unacceptable for Mr Streeting to suggest this whilst ignoring the vast number of systematic faults and moral failings that need to be tackled in the UK.” 

    MIL OSI United Kingdom –

  • MIL-OSI USA: ICYMI—Hagerty Joins Kudlow to Discuss Border Patrol Union Endorsing Trump, Harris’s Failed Border Policy

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    NEW YORK CITY – United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees, yesterday joined Kudlow on Fox Business to discuss the National Border Patrol Council endorsing President Trump, Kamala Harris and Chuck Schumer’s deceptive “border bill,” illegal migrant taxpayer-funded flights, apartment complexes being overrun by Venezuelan gangs, and a preview of a second Trump Administration in the Senate.

    *Click the photo above or here to watch*

    Partial Transcript

    Hagerty on the National Border Patrol Council endorsing President Donald Trump: “Absolutely, they did. And the reason they did, is they know that he means what he says. This fake border bill that Kamala Harris and Chuck Schumer put forward was simply a ruse. It was an opportunity for them to actually put more resources into more people into this country more [easily]. That’s what it was looking to do […] It’s high time that we did [secure the border], and President Trump is the only one that can get it done.”

    Hagerty on the taxpayer-funded illegal migrant flights: “It doesn’t make any sense, and talking about the ones that we fly in here: I brought this to the floor of the Senate, and every single Democrat voted to continue using taxpayer dollars to support flights from places like Haiti, Cuba, Nicaragua, Venezuela, directly into our country, bypassing the borders and bringing illegal migrants into our country, into the cities of their choice. Every single Democrat voted to continue using taxpayer funds to do this. Last year, 320,000 people came in this way. This year, right here, it’s over half a million so far.”

    Hagerty on apartment complexes being run by illegal Venezuelan gangs: “The partisan media are so out of touch, Larry. That she [ABC’s Martha Raddatz] would even undertake that line of questioning with JD [Vance] just shows how out of touch they are, and they’re so focused on debunking talking points and “disinformation.” They’re not focused on the real problems here right now […] It shouldn’t be a single apartment complex [taken over] […] I can’t imagine that she thinks this would be acceptable if it were her apartment complex that had been taken over by Venezuelan gangs.”

    Hagerty on a Republican Senate majority pushing a second Trump Agenda: “I’ve discussed with the number of people that are running for Senate leadership that the most important criteria from my perspective is their ability to get along with Donald Trump and lock arms in this agenda to make certain that the work that’s going to take place with Executive Orders and the Executive Branch side is paired up. And I hope we’ll be in a position to do reconciliation […] There are a number of people that have already announced that they’re going to run: [John] Thune, [John] Cornyn. You’ve got Rick Scott as well who has already announced, and there may be others. But I think one of the key criteria again, is going to be making certain that we take the greatest advantage of this first 100 days, first 200 days, to really make it matter. And on the Senate side, getting appointments through, getting our nominees appointed right away[…] The tax package is going to be right on the agenda as you know, and you worked so hard on this before. If you think about what President Trump was able to accomplish back in 2017 with the Tax Cuts and Jobs Act and with the deregulatory thrust that he undertook, we’re going to come back, and I hope see it on steroids this time and see our economy, you know, grow even stronger. Grow even better.”

    MIL OSI USA News –

  • MIL-OSI USA: McConnell Announces Nearly $2 Million for West Industrial Park in Russellville, Kentucky

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell

    WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) announced today the Logan Industrial Development Authority, Inc., in collaboration with Logan Economic Alliance for Development (LEAD), will receive $1,920,000 in federal funding to support the construction of a new two-lane roadway at the West Industrial Park in Russellville, Kentucky.

    Funded by the Fiscal Year 2024 government funding bill, this federal grant is distributed through the U.S. Department of Commerce’s Economic Development Administration (EDA). Senator McConnell, a senior member of the Senate Appropriations Committee, contacted the EDA in support of LEAD’s competitive grant application and advocated for EDA funding during the annual appropriations process. 

    “Impactful organizations like LEAD – and their work to drive industry into the Commonwealth – form an integral part of Western Kentucky’s growing economy. I was proud to work with LEAD to help bring home today’s funding which will lay the groundwork for new jobs and economic opportunity in Logan County. I look forward to seeing these funds go to good use and I’ll continue to do what I can to ensure Western Kentucky is a place full of growth and opportunity,” said Senator McConnell.

    “We are deeply grateful to the EDA for this award, the Barren River Area Development District for their support throughout the application process, and Senator Mitch McConnell for his help directing these dollars toward Logan County,” said President and CEO of LEAD Brooke Waldrup. “These funds will significantly improve the infrastructure of the West Industrial Park, enhancing our community’s ability to attract new opportunities and create lasting economic benefits for Logan County. The EDA’s investment will help ensure that our region remains competitive and prepared for future growth.”

    MIL OSI USA News –

  • MIL-Evening Report: Austerity and recession: 3 simple graphs that explain New Zealand’s economic crisis

    Source: The Conversation (Au and NZ) – By Geoff Bertram, Visiting Scholar, School of History, Philosophy, Political Science and International Relations, Te Herenga Waka — Victoria University of Wellington

    Getty Images

    Economists working on macroeconomic policy – things like taxes and spending, interest rates and border controls on flows of trade and money – often refer to a set of key relationships governments can influence. In the textbooks, each of those relationships is drawn as a curve in a graph.

    First is the IS (“investment–saving”) curve. This says that if everything else stays the same, the Reserve Bank can increase economic output and employment by lowering the interest rate. Or it can cause a recession by raising the interest rate. (For simplicity’s sake, the curves here are depicted as straight lines.)

    Second comes the Phillips Curve, which is usually drawn sloping upwards to suggest that if everything else stays the same, inflation will rise during economic booms and fall in recessions. In other words, the Reserve Bank or the government can apparently bring inflation down by causing a recession.

    Third comes the trade balance – the current account of the balance of payments (investment income and traded goods and services between New Zealand and the rest of the world).

    If everything else stays the same here, as the exchange rate of the dollar falls, the current account strengthens by moving towards or expanding a surplus. If the exchange rate rises, the current account weakens: exports fall and imports increase.

    However, it’s a mistake to suppose each of these relationships will stay where it is while the government and Reserve Bank each tinker with their own policy settings. So, what could go wrong?

    The effect of austerity

    Start with the IS curve – the way output and employment are affected by interest rates, assuming the government makes no big budgetary changes. But what if the government embarks on an austerity program, slashing its spending and cancelling projects, which shrinks the economy?

    At any given interest rate, output and employment will be lower, shifting the whole curve “leftwards” towards lower economic activity (see above).

    Even if the Reserve Bank lowers the interest rate, that won’t expand the economy because the government’s fiscal policy is killing off its expansionary effect. The recession created by the austerity program rolls on.

    Along the way, it increases costs to government from unemployment, paying other benefits, and lower tax revenue. If the government responds with further austerity, we enter a downward self-reinforcing spiral.

    Wages and inflation

    Second, take the Phillips Curve and ask what happens if inflation isn’t, in fact, sensitive to how the economy is doing.

    In this case, driving the economy into recession has no effect on the inflation rate. When the Reserve Bank changes the interest rate, inflation just stays where it is because the Phillips Curve is flat, not upward-sloping. Reducing inflation requires completely different policy interventions.

    Back when the Phillips Curve was invented, it was reasonable to think inflation fell during recessions because workers could get higher wage increases in booms than in slumps.

    Bringing on a recession would reduce the bargaining power of workers, result in slower wage growth, and thereby tame inflation (given that wages are an important part of the costs of production).

    But workers today have lost the bargaining power they used to have when unions were strong and welfare-state thinking prevailed.

    In a paper fellow economist Bill Rosenberg and I published this year, we show the bargaining power of labour was killed off in 1991 by the Employment Contracts Act and has not recovered since. Wages no longer drive inflation in contemporary New Zealand.

    Interest rates and inflation

    Could the Phillips Curve work because producers of goods and services push up prices and profits faster in booms and cut their margins in recessions?

    It’s possible: there’s plenty of evidence of big companies using their market power to price-gouge consumers. But it’s not clear this exercise of market power is greater in booms and lesser in slumps.

    In fact, the opposite could be true. Small businesses are most likely to be driven out of the market in recessions, leaving big companies with increased market share and less competitive pressure on their margins.

    Forces both locally and in international markets have clearly been pushing the Phillips Curve down, producing lower inflation. Local forces include the current government’s abrupt cancellation of major construction activities, dismissal of public servants, the constant negative messaging on the state of the economy, and rising outward migration as a consequence of all these.

    International markets, including falling prices for imports such as oil, have also clearly been pushing the Phillips Curve down. While the Reserve Bank will claim credit, it’s not at all clear the bank’s interest rate policy has made that much difference.

    Finally, what about the international balance of payments? One thing the Reserve Bank can do by changing the interest rate is change the exchange rate between the New Zealand dollar and other currencies.

    If New Zealand’s interest rates increase relative to elsewhere in the world, short-term money flows in to take advantage of the higher rates. This raises the exchange rate, and in turn weakens the external balance by cutting the return on exports and increasing the volume of cheaper imports.

    Producers of goods and services that face international competition are squeezed. Meanwhile, what used to be called the “sheltered” or “non-tradeable” industries – including the big banks, insurance companies, electricity suppliers, supermarkets, consultancies – are unscathed.

    Deeper recession

    The Reserve Bank may not have much effect on inflation, but it can certainly affect the structure of the economy. Using the interest rate as the weapon against inflation squeezes manufacturers, tourism and farmers, but leaves non-tradables largely untouched.

    Right now in New Zealand, the IS curve is remorselessly shifting left as the economy plunges into a deeper recession exacerbated by government austerity – an ideologically driven quest for instant fiscal surpluses, low public debt and a shrinking public sector relative to GDP.

    Falling interest rates will struggle to make expansionary headway against that austerity.

    Meanwhile, corporate profiteering and rising government charges continue to put upward pressure on the Phillips Curve, and the balance of payments is weakening. This means the country as a whole is piling up increasing debts to the rest of the world (largely through the Australian-owned banks).

    The question is, does the current government understand where its policies are taking us?

    Geoff Bertram does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Austerity and recession: 3 simple graphs that explain New Zealand’s economic crisis – https://theconversation.com/austerity-and-recession-3-simple-graphs-that-explain-new-zealands-economic-crisis-241259

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Federal and state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by Hurricane Milton

    Source: US State of New York Federal Reserve

    The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Florida Office of Financial Regulation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, collectively the agencies, recognize the serious impact of Hurricane Milton on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.
    A complete list of the current disaster areas can be found at https://www.fema.gov/disaster/declarations.
    Lending: The agencies encourage financial institutions to work constructively with borrowers in communities affected by Hurricane Milton. Prudent efforts to adjust or alter terms on existing loans in affected areas are supported by the agencies and should not be subject to examiner criticism. In accordance with U.S. generally accepted accounting principles, institutions should individually evaluate modifications of existing loans to determine whether they represent troubled debt restructurings or modifications to borrowers experiencing financial difficulty, as applicable. In making this evaluation, institutions should consider the facts and circumstances of each borrower and modification. In supervising institutions affected by Hurricane Milton, the agencies will consider the unusual circumstances these institutions face. The agencies recognize that efforts to work with borrowers in communities under stress can be consistent with safe-and-sound practices as well as in the public interest.
    Temporary Facilities: The agencies understand that many financial institutions face staffing, power, telecommunications, and other challenges in re-opening facilities after Hurricane Milton. In cases in which operational challenges persist, the primary federal and/or state regulator will expedite, as appropriate, any request to operate temporary facilities to provide more convenient availability of services to those affected by Hurricane Milton. In most cases, a telephone notice to the primary federal and/or state regulator will suffice initially to start the approval process, with necessary written notification being submitted shortly thereafter.
    Publishing Requirements: The agencies understand that the damage caused by Hurricane Milton may affect compliance with publishing and other requirements for branch closings, relocations, and temporary facilities under various laws and regulations. Institutions experiencing disaster-related difficulties in complying with any publishing or other requirements should contact their primary federal and/or state regulator.
    Regulatory Reporting Requirements: Institutions affected by Hurricane Milton that expect to encounter difficulty meeting the agencies’ reporting requirements should contact their primary federal and/or state regulator to discuss their situation. The agencies do not expect to assess penalties or take other supervisory action against institutions that take reasonable and prudent steps to comply with the agencies’ regulatory reporting requirements if those institutions are unable to fully satisfy those requirements because of Hurricane Milton.
    The agencies’ staffs stand ready to work with affected institutions that may be experiencing problems fulfilling their reporting responsibilities, taking into account each institution’s particular circumstances, including the status of its reporting and recordkeeping systems and the condition of its underlying financial records.
    Community Reinvestment Act (CRA): Financial institutions may receive CRA consideration for community development loans, investments, or services that revitalize or stabilize federally designated disaster areas in their assessment areas or in the states or regions that include their assessment areas. For additional information, refer to the Interagency Questions and Answers Regarding Community Reinvestment at https://www.ffiec.gov/cra/qnadoc.htm.
    Investments: Institutions are encouraged to monitor municipal securities and loans affected by Hurricane Milton. The agencies realize local government projects may be negatively affected by the disaster and encourage institutions to engage in appropriate monitoring and take prudent efforts to stabilize such investments.
    For more information, refer to the Interagency Supervisory Examiner Guidance for Institutions Affected by a Major Disaster, which is available as follows:
    FDIC: https://www.fdic.gov/news/disaster
    FRB: https://www.federalreserve.gov/supervisionreg/srletters/sr1714a1.pdf
    NCUA: https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/examiner-guidance-institutions-affected-major-disaster
    OCC: https://www.occ.gov/news-issuances/bulletins/2017/bulletin-2017-61.html
    State financial regulators: https://www.csbs.org/interagency-supervisory-examiner-guidance-institutions-affected-major-disaster

    MIL OSI USA News –

  • MIL-OSI USA: Joint Press Release: Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Milton

    Source: US Federal Deposit Insurance Corporation FDIC

    Federal Deposit Insurance Corporation
    Federal Reserve Board
    Florida Office of Financial Regulation
    National Credit Union Administration
    Office of the Comptroller of the Currency
    ________________________________________________________________

    The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Florida Office of Financial Regulation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, collectively the agencies, recognize the serious impact of Hurricane Milton on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

    A complete list of the current disaster areas can be found at https://www.fema.gov/disaster/declarations.

    Lending: The agencies encourage financial institutions to work constructively with borrowers in communities affected by Hurricane Milton. Prudent efforts to adjust or alter terms on existing loans in affected areas are supported by the agencies and should not be subject to examiner criticism. In accordance with U.S. generally accepted accounting principles, institutions should individually evaluate modifications of existing loans to determine whether they represent troubled debt restructurings or modifications to borrowers experiencing financial difficulty, as applicable. In making this evaluation, institutions should consider the facts and circumstances of each borrower and modification. In supervising institutions affected by Hurricane Milton, the agencies will consider the unusual circumstances these institutions face. The agencies recognize that efforts to work with borrowers in communities under stress can be consistent with safe-and-sound practices as well as in the public interest.

    Temporary Facilities: The agencies understand that many financial institutions face staffing, power, telecommunications, and other challenges in re-opening facilities after Hurricane Milton. In cases in which operational challenges persist, the primary federal and/or state regulator will expedite, as appropriate, any request to operate temporary facilities to provide more convenient availability of services to those affected by Hurricane Milton. In most cases, a telephone notice to the primary federal and/or state regulator will suffice initially to start the approval process, with necessary written notification being submitted shortly thereafter.

    Publishing Requirements: The agencies understand that the damage caused by Hurricane Milton may affect compliance with publishing and other requirements for branch closings, relocations, and temporary facilities under various laws and regulations. Institutions experiencing disaster-related difficulties in complying with any publishing or other requirements should contact their primary federal and/or state regulator.

    Regulatory Reporting Requirements: Institutions affected by Hurricane Milton that expect to encounter difficulty meeting the agencies’ reporting requirements should contact their primary federal and/or state regulator to discuss their situation. The agencies do not expect to assess penalties or take other supervisory action against institutions that take reasonable and prudent steps to comply with the agencies’ regulatory reporting requirements if those institutions are unable to fully satisfy those requirements because of Hurricane Milton.

    The agencies’ staffs stand ready to work with affected institutions that may be experiencing problems fulfilling their reporting responsibilities, taking into account each institution’s particular circumstances, including the status of its reporting and recordkeeping systems and the condition of its underlying financial records.

    Community Reinvestment Act (CRA): Financial institutions may receive CRA consideration for community development loans, investments, or services that revitalize or stabilize federally designated disaster areas in their assessment areas or in the states or regions that include their assessment areas. For additional information, refer to the Interagency Questions and Answers Regarding Community Reinvestment at https://www.ffiec.gov/cra/qnadoc.htm.

    Investments: Institutions are encouraged to monitor municipal securities and loans affected by Hurricane Milton. The agencies realize local government projects may be negatively affected by the disaster and encourage institutions to engage in appropriate monitoring and take prudent efforts to stabilize such investments.

    For more information, refer to the Interagency Supervisory Examiner Guidance for Institutions Affected by a Major Disaster, which is available as follows:

    FDIC:  https://www.fdic.gov/news/disaster

    FRB:  https://www.federalreserve.gov/supervisionreg/srletters/sr1714a1.pdf

    NCUA:  https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/examiner-guidance-institutions-affected-major-disaster

    OCC:  https://www.occ.gov/news-issuances/bulletins/2017/bulletin-2017-61.html

    State Financial Regulators:  https://www.csbs.org/interagency-supervisory-examiner-guidance-institutions-affected-major-disaster

    ###

    MIL OSI USA News –

  • MIL-OSI Canada: Government of Canada supports historic sites and tourism in York Region

    Source: Government of Canada News

    News release

    Three organizations expand experiences and attract more visitors with Government of Canada support

    October 15, 2024 – East Gwillimbury, Ontario

    York Region is a must-visit destination offering a wide variety of cultural, recreational and culinary experiences for all to enjoy. Tourism in York Region is a key driver of the region’s economy, as increased visitors create good jobs, support local businesses and boost key sectors like hospitality.

    Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), visited the Sharon Temple National Historic Site & Museum for the unveiling of the new Hope and Truth Reflection Garden. While there, Minister Tassi announced a combined FedDev Ontario investment of $470,000 through the Tourism Growth Program for three organizations, including the Sharon Temple National Historic Site & Museum, Treetop Trekking Bruce’s Mill and Destination Markham. Minister Tassi was joined by Tony Van Bynen, Member of Parliament for Newmarket–Aurora.

    With an investment of $45,000, the Sharon Temple National Historic Site & Museum designed and installed the Hope and Truth Reflection Garden, which surrounds the Hope and Truth Reflection Sculpture. This new garden will help increase the Sharon Temple National Historic Site & Museum’s capacity for tourism and attract new visitors into a space for reflection and onto a path forward on the journey of Truth and Reconciliation.

    Treetop Trekking Bruce’s Mill received a $225,000-investment to create a new nighttime light experience in its uplå activity area in Bruce’s Mill Conservation Park, which is the largest outdoor net park in North America. With this support, the organization will be able to upgrade their facilities so they can stay open more months out of the year.

    Destination Markham received a $200,000-investment to develop a Culinary Trail Experience in Markham. Building on the success of their flagship event, “Jazzlicious Winterfest,” this initiative will introduce new culinary trails and experiences. These new experiences are designed to attract more visitors, offering unique and memorable opportunities to explore Markham’s diverse food culture, while boosting revenue for culinary tourism businesses in Markham and across the region.

    The Government of Canada is investing in historic sites and tourism projects in the region so they can create new products and experiences that will help Ontario’s tourism economy flourish for generations to come.

    Quotes

    “Tourism businesses and organizations like Sharon Temple National Historic Site & Museum, Treetop Trekking Bruce’s Mill and Destination Markham offer unique experiences to visitors and locals. They are economic drivers in their communities, stimulating job creation and contributing to the region’s overall prosperity. The Government of Canada knows the value in supporting tourism businesses and organizations who showcase the unique experiences and attractions Ontario has to offer.”
    – The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario

    “Tourism helps Canada showcase its diverse cultural heritage and beauty on the world stage. By supporting organizations and businesses like the Sharon Temple National Historic Site & Museum, Treetop Trekking Bruce’s Mill and Destination Markham, we fuel local economies, help create jobs and empower communities. I’m proud to champion local tourism, as it also fosters a sense of belonging in communities all across our nation.”
    – The Honourable Soraya Martinez Ferrada, Minister of Tourism

    “York Region is where urban meets natural beauty and landscapes. There is truly something for everyone here. Investments made today through the Government of Canada’s Tourism Growth Program will ensure that York Region continues to welcome visitors to explore, dine, play and connect with our warm and welcoming community.”
    – Tony Van Bynen, Member of Parliament for Newmarket–Aurora

    “Financial support from FedDev Ontario for our vision of a Hope and Truth Reflection Garden has been absolutely critical. Today, our community has garden space complete with a remarkable sculpture that honours Indigenous children who were the tragic victims of the residential school system while providing space for reflection and a path forward on the journey to Truth and Reconciliation.”
    – Ian Proudfoot, President, Sharon Temple Museum Society

    “The support that FedDev Ontario’s Tourism Growth Program has provided to Treetop Trekking has allowed us to grow the scope of our newest adventure experience, uplå Aglow. Their support has helped us to provide an exceptional new experience that will get residents and visitors to Ontario, outside and active in nature, all year round, contributing to the health and well-being of thousands of people every year.”
    – Mike Stiell, Marketing Director, Treetop Trekking Bruce’s Mill

    “We appreciate the Government of Canada’s support through the Tourism Growth Fund. This investment allows us to build on the success of “Jazzlicious Winterfest,” introducing new culinary trails that celebrate Markham’s diverse food culture. By enhancing our culinary offerings, we aim to attract new visitors, boost local businesses, and continue positioning Markham as a premier culinary destination.”
    – Andrew Baldwin, Executive Director, Destination Markham

    Quick facts

    • Located in East Gwillimbury, the Sharon Temple was constructed from 1825-1831. In 1918, it opened as a museum. The Sharon Temple was designated a National Historic Site in 1990 and the Sharon Temple Museum Society was incorporated with a mandate to maintain and preserve the Sharon Temple National Historic Site and Museum, expand the collection, and engage the community.

    • Incorporated in 2013, Treetop Trekking Bruce’s Mill is an adventure park in the York Region known for its outdoor experiences, including ziplining and aerial treks.

    • Incorporated in 2018, Destination Markham is a not-for-profit organization dedicated to advancing Markham’s visitor economy. Destination Markham aims to position the city as a vibrant, multicultural destination, enhancing its appeal and contributing to regional economic growth.

    • Canada’s regional development agencies are delivering the $108-million Tourism Growth Program, over three years, to support businesses and organizations to help diversify regional economies. These investments in tourism products and experiences will encourage visitation to and within Canada. In southern Ontario, FedDev Ontario is delivering over $30 million through the program.

    • Since 2015, the Government of Canada, through FedDev Ontario, has invested over $415 million in nearly 1,450 tourism-related businesses and organizations, estimated to have supported over 24,500 jobs.

    Associated links

    Contacts

    Edward Hutchinson
    Press Secretary
    Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
    Edward.Hutchinson@feddevontario.gc.ca

    FedDev Ontario
    Media Relations
    media@feddevontario.gc.ca

    Stay Connected

    FedDev-Ontario.Canada.ca

    Follow us X, Instagram, LinkedIn and Facebook

    Subscribe to FedDev Ontario’s Southern Ontario Spotlight newsletter, featuring economic development news and updates from across the region.

    MIL OSI Canada News –

  • MIL-OSI USA: WA Agriculture Industry Receives $1.5 Million to Assist New Farmers

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    10.15.24

    WA Agriculture Industry Receives $1.5 Million to Assist New Farmers

    Programs will provide new farmers with training and assistance to successfully start new farms

    EDMONDS, WA – Today, U.S. Senator Maria Cantwell (D-WA) announced $1.5 million in grants from the U.S. Department of Agriculture (USDA) to programs that will assist new agricultural workers in Washington state. The programs aim to provide farmers with the training and assistance to successfully start new farms, and target groups traditionally underserved by USDA grants.

    The grants come from the USDA’s 2501 program, which helps underserved farmers, ranchers, and foresters who have historically had limited access to USDA programs and services, and the Beginning Farmer and Rancher Development program.

    • $750,000 to Wakulima USA to provide support to disadvantaged new and beginning farmers. This grant focuses on increasing farmland access, improving production skills and facilities, establishing and expanding market connections, and providing a support system for immigrant and refugee farmers. This program is refugee- and immigrant-led, and will assist farmers in South King County.
    • $749,997 to the International Rescue Committee to help refugees, asylees, and immigrants achieve stability and flourish after resettlement throughout the U.S. This program will assist new farmers in South King County and Salt Lake County, UT, in growing their farm businesses by teaching skills and providing marketing opportunities and access to resources.
    • $49,014 to the Washington Farmland Trust to provide personalized support to beginning farmers and ranchers seeking to acquire farmland. This program helps farmers develop relationships with landowners and teaches them the skills to evaluate prospective farmland before purchasing it. This project will provide 50 new farmers across Washington state with the support to establish their farm businesses.

    Sen. Cantwell has been a consistent champion of Washington state’s agriculture industry, which is vital to the state’s economy. Agriculture and food manufacturing generate more than $21 billion per year and employ more than 171,000 people. Small and family farms are key contributors, making up 89% and 96%, respectively, of Washington’s farms.  In March  2024, Sen. Cantwell announced that Washington’s sweet cherry growers would be eligible for up to $500,000 in emergency loans following a disaster declaration for 2023’s cherry harvest season. A month earlier, she had sent a letter to Secretary of Agriculture Tom Vilsack urging him to expedite the disaster declaration.

    In September 2023, India ended its retaliatory tariffs on American apples and pulse crops following several years of Sen. Cantwell’s advocacy. In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.

    In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.

    In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

    MIL OSI USA News –

  • MIL-OSI Global: Who cares? How virtual health is changing in-home caregiving

    Source: The Conversation – Canada – By Alexandra Beukens, Research Assistant, Faculty of Health Sciences, Simon Fraser University

    Some patients who have limited knowledge of digital technology rely on a caregiver to facilitate virtual appointments. (Shutterstock)

    Seventy-five per cent of health care in Canada is provided at home by unpaid family caregivers. Not only is this essential health-care work often unrecognized and under-supported, it is rapidly changing.

    Since the COVID-19 pandemic, many health-care appointments have shifted to telephone and videoconferencing. This change in the mode of health-care delivery has now become more fully integrated into the Canadian health-care system.

    While a lot of policy and research has focused on the impact of this transition on doctors and patients, these changes also have important implications for caregivers.

    With a growing portion of Canadians opting to age in place at home, family members will increasingly be relied upon to provide care. However, unlike professional health-care workers, family caregivers are generally not compensated for their labour.

    With a growing portion of Canadians opting to age in place at home, family members will increasingly be relied upon to provide care.
    (Shutterstock)

    In fact, the act of caregiving is associated with personal costs. Caregivers often must take time away from paid work to provide care, which in turn affects their financial security. Notably, women make up the major share of caregivers in Canada.

    To better understand the needs of caregivers, our research team reviewed existing studies, and conducted interviews and workshops with caregivers and others taking part in virtual health. Our findings shed light on how virtual care has so far interacted with existing inequities to create opportunities and challenges for caregivers.

    The impact of virtual care

    For example, virtual care has reduced the economic costs of attending appointments by lessening the need for caregivers to take time off work. It has also expanded caregiver networks, allowing those living at a distance to be involved in a loved one’s care, and opened new avenues for caregivers to find supportive communities and services online.

    However, caregivers also report encountering challenges with virtual care. Among these are experiences overcoming the “digital divide,” which acknowledges differences in access to technology (such as limited internet access) and/or a lack of operational knowledge of digital devices.

    Establishing rapport with health-care professionals during virtual health consultations can be a challenge.
    (Shutterstock)

    Although technology and internet usage have become increasingly ingrained in the day-to-day lives of Canadians, individuals living with limited incomes, or who live in remote areas, still face barriers to reliable internet.

    Our research suggests this limits options for accessing virtual forms of health care. Meanwhile, some patients who have more limited knowledge of digital technology rely on a caregiver to facilitate virtual appointments.

    Other challenges with virtual care identified by caregivers include difficulty establishing rapport with a clinician during virtual meetings. This can be especially true for those without a designated family physician, who instead regularly meet with virtual walk-in doctors.

    For Indigenous communities, this lack of a consistent point of care undermine efforts to access care that is free from racism, stigma and discrimination — something that is largely achieved through the long-term establishment of trusting relationships with patients and their caregivers in a community setting.

    For caregivers of diverse languages, we found that virtual appointments outside of formal health-care spaces where interpretation services are more readily available often mean that they are called upon to translate language and cultural nuances with clinicians, adding to their responsibilities as caregivers.

    Barriers and stressors

    Many caregivers are seniors themselves, who are taking care of a spouse or an elderly parent.
    (Shutterstock)

    Navigating new virtual health-care tools can also create new stressors for caregivers. For instance, uncertainty as to where and how to follow up with a clinician, or concerns related to privacy and confidentiality. These concerns, amidst other barriers, can compound feelings of anxiety for caregivers already grappling with the stress of their loved one’s care.

    One community support worker we interviewed for our study noted that most caregivers in their program were seniors themselves, who were taking care of a spouse or an elderly parent. “So, they are seniors, too … they may not have the technology skills to access to the virtual care.” This includes hardware. The support worker noted that older caregivers may not have smartphones, tablets, laptops or even internet. This can create a financial barrier as well as a technological one: “For some low-income seniors, it’s very difficult,” they said.

    These experiences make clear that, although virtual health care brings new opportunities that can alleviate access barriers for caregivers, there is also a risk of new challenges being introduced.

    Health policymakers and clinicians must be attentive to caregivers’ unique needs if we are to have truly equitable models for virtual care. Meaningful engagement with caregivers of diverse socioeconomic and cultural backgrounds is a necessary first step.

    Alexandra Selinger receives funding from the Canadian Institutes of Health Research.

    Julia Smith receives funding from the Canadian Institutes of Health Research, Social Sciences and Humanities Research Council of Canada and Health Research BC

    Lindsay Hedden receives funding from the Canadian Institutes of Health Research, Social Sciences and Health Research BC.

    Muhammad Haaris Tiwana receives funding from the Canadian Institutes of Health Research, and Social Sciences and Humanities Research Council of Canada.

    – ref. Who cares? How virtual health is changing in-home caregiving – https://theconversation.com/who-cares-how-virtual-health-is-changing-in-home-caregiving-232023

    MIL OSI – Global Reports –