Category: Economy

  • MIL-OSI Security: Justice Department Secures $8M from Fairway Independent Mortgage Corporation to Address Redlining in Black Communities in Birmingham, Alabama

    Source: United States Attorneys General 1

    Combating Redlining Initiative Surpasses $150M in Relief for Redlined Communities at its Third Anniversary

    The Justice Department and Consumer Financial Protection Bureau (CFPB) announced today that Fairway Independent Mortgage Corporation (Fairway) has agreed to pay $8 million and a $1.9 million civil money penalty to resolve allegations that it engaged in a pattern or practice of lending discrimination by redlining predominantly Black neighborhoods in and around Birmingham, Alabama.

    Redlining is an illegal practice by which lenders avoid providing credit services to individuals living in communities of color because of the race, color, or national origin of residents in those communities.

    With this settlement, the Justice Department’s Combating Redlining Initiative surpassed $150 million in relief for communities of color nationwide that have experienced lending discrimination. This settlement marks the Justice Department’s 15th redlining settlement in three years. Under the Combating Redlining Initiative, the Department has secured a historic amount of relief that is expected to generate over $1 billion in investment in communities of color in places such as Houston; Memphis; Los Angeles; Philadelphia; and Birmingham.

    “This settlement, and the over $150 million in relief the Justice Department has secured for communities across the country through our Combating Redlining Initiative, will help to ensure that future generations of Americans inherit a legacy of home ownership that they too often have been denied,” said Attorney General Merrick B. Garland. “This case is a reminder that redlining is not a relic of the past, and the Justice Department will continue to work urgently to combat lending discrimination wherever it arises and to secure relief for the communities harmed by it.”

    The Justice Department and CFPB allege that Fairway illegally redlined Black neighborhoods in Birmingham, including through its marketing and sales actions, and discouraged residents of those neighborhoods from applying for mortgage loans. The settlement announced today requires Fairway to provide $7 million for a loan subsidy program to offer affordable home purchase, refinance, and home improvement loans in Birmingham’s majority-Black neighborhoods, invest an additional $1 million in programs to support that loan subsidy fund, and pay a $1.9 million civil penalty to the CFPB’s victims relief fund.

    This case is the third redlining enforcement action brought jointly by the Justice Department and the CFPB under the initiative, highlighting the strong partnership between the agencies to root out and address lending discrimination.

    “Birmingham lies at the heart of our nation’s civil rights struggle but is also a community that bears the legacy of discriminatory redlining and other exclusionary policies,” said Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division. “This settlement will provide Birmingham’s Black neighborhoods with the access to credit they have long been denied and increase opportunities for homeownership and generational wealth. This settlement makes clear our intent to uproot modern-day redlining in every corner of the country, including in the deep South. With more than $150 million in total relief secured in three short years, our Combating Redlining Initiative is generating real economic opportunity for communities of color while sending a strong message to mortgage lenders, no matter their business model, that discriminatory lending will not be tolerated in America.”

    “The settlement reached with Fairway Mortgage is a win for communities of color here in Birmingham that have historically been denied access to vital economic resources,” said U.S. Attorney Prim Escalona for the Northern District of Alabama. “Our office is committed to ensuring that these communities have equal access to housing and credit resources.”

    “The CFPB and Justice Department are holding Fairway accountable for redlining Black neighborhoods,” said CFPB Director Rohit Chopra. “Fairway’s unlawful redlining discouraged families from seeking loans for homes in Birmingham’s Black neighborhoods.”

    Fairway is a non-depository mortgage company headquartered in Madison, Wisconsin. In 2022, Fairway was the nation’s fifth-largest lender by origination volume and ninth-largest by application volume. Fairway operates in the Birmingham area under the trade name MortgageBanc.

    The complaint describes how Fairway redlined majority-Black neighborhoods in the Birmingham Metropolitan Statistical Area (Birmingham MSA). During the period covered by the complaint, the Birmingham MSA included six counties in north central Alabama with a combined population of about 1.1 million. While Fairway claimed to serve the entire metropolitan area, it concentrated all its retail loan offices in majority-white areas, directed less than 3% of its direct mail advertising to consumers in majority-Black areas, and for years discouraged homeownership in majority-Black areas by generating loan applications at a rate far below its peer institutions.

    The Justice Department and CFPB allege that Fairway violated the Fair Housing Act, Equal Credit Opportunity Act, and Consumer Financial Protection Act. Specifically, the government alleges problematic conduct by Fairway including:

    • Failing to address known signs of discrimination: Fairway’s own data showed that, since at least 2017, it was failing to serve majority-Black neighborhoods in the Birmingham area, but before October 2022, it took no meaningful actions to address redlining risk. Between 2018 and 2022, only 3.7% of Fairway’s applications were for properties in majority-Black areas, compared to 12.2% for Fairway’s peer lenders. In other words, Fairway’s peer lenders generated applications for properties in majority-Black areas at over three times the rate of Fairway. This disparity was even higher in neighborhoods with 80% or more Black residents, where Fairway made loans at less than one-eighth of the rate of its peer lenders. Despite these figures, Fairway failed to adopt any written plan for marketing or growth to address the concern.
    • Redlining Black neighborhoods: From 2015 through 2022, Fairway operated three retail loan offices and three loan production desks within real estate offices in the Birmingham MSA, all of which were in majority-white areas. Fairway also relied on referrals from real estate professionals and its loan officers’ personal contacts to generate applications, and the vast majority of Fairway’s referral sources and referred consumers were located in majority-white areas. Fairway predominantly directed its marketing to majority-white areas and failed to train or incentivize its existing loan officers to better serve majority-Black areas. By taking these actions, Fairway discriminated against, and unlawfully discouraged mortgage loan applications for properties in, majority-Black neighborhoods.

    The proposed consent order, which awaits approval by the Federal District Court for the Northern District of Alabama, would require Fairway to:

    • Provide $7 million for a loan subsidy program: The order would require Fairway to offer home purchase, refinance, and home improvement loans on a more affordable basis than otherwise available in majority-Black neighborhoods in the Birmingham MSA. The program may provide lower interest rates, down payment assistance, closing cost assistance, or payment of initial mortgage insurance premiums.
    • Invest at least $1 million in redlined neighborhoods: Fairway would be required to open or acquire a new loan production office or full-service retail office in a majority-Black neighborhood in the Birmingham MSA. The company must also spend at least $500,000 on advertising and outreach, at least $250,000 on consumer financial education, and at least $250,000 on partnerships with one or more community-based or governmental organizations to serve the affected neighborhoods.
    • Pay a $1.9 million penalty: The proposed order imposes a $1.9 million civil penalty against Fairway, which would be paid into the CFPB’s Civil Penalty Fund, also referred to as the victims’ relief fund.

    Information about the Justice Department’s fair lending enforcement work can be found at http://www.justice.gov/fairhousing. Individuals may report lending discrimination by calling the Justice Department’s housing discrimination tip line at 1-833-591-0291 or submitting a report online.

    Consumers can submit complaints about financial products and services by visiting the CFPB’s website or by calling (855) 411-CFPB (2372).

    Employees who believe their company has violated federal consumer financial protection laws are encouraged to send information about what they know to whistleblower@cfpb.gov. To learn more about reporting potential industry misconduct, visit the CFPB’s website.

    MIL Security OSI

  • MIL-OSI Canada: Scrap the Cap

    Source: Government of Canada regional news

    [embedded content]

    Independent analysis by the Conference Board of Canada, Deloitte and S&P Global tell the same story: the federal government’s proposed cap would require oil and gas production cuts that would put people out of work and drain billions from Canada’s economy. Despite these reports and continued opposition from many provinces, industry, businesses, experts and Canadians, the federal government will soon release its draft regulations.

    The proposed emissions cap is a production cap. S&P Global Commodity Insights found that a 40 per cent emissions cap could lead to a reduction in oil and natural gas production of one million barrels per day by 2030 and a 2.1-million barrel reduction by 2035. According to the Conference Board of Canada and Deloitte, the cap could amount to a more than 10 per cent reduction in oil production and a 16 per cent reduction in conventional gas production in Alberta in 2030.

    Alberta’s government is launching a national advertising campaign to inform Canadians that this cap will lead our province and country into economic and societal decline. Alberta would be hit hardest and in 2040, the province’s GDP would shrink by 4.5 per cent. Canada’s would decline by 1 per cent. The cap would result in 150,000 Canadians losing their jobs and the loss of $14 billion a year from the economy. The average Canadian family would be left with up to $419 less per month to spend on groceries, housing or fuel, impacting the quality of life Canadians enjoy coast to coast to coast.

    All Canadians deserve to know the dangers of this cap, which will negatively impact their families without reducing global emissions whatsoever.

    “Once again, Ottawa is attempting to set policies that are shortsighted and reckless. We’re challenging proposed policy that would stifle our energy industry, kill jobs and ruin economies by launching a national campaign that tells Ottawa to “Scrap the Cap.” We’re telling the federal government to forget this reckless and extreme idea and get behind Alberta’s leadership by investing in real solutions that cut emissions, not Canada’s prosperity.”

    Danielle Smith, Premier

    The proposed cap will put safe, reliable and secure energy at risk while costing tens of thousands of jobs and billions in lost federal revenue that pays for important programs, services and infrastructure. This means lost jobs, hurt families shuttered businesses and less revenue going to the schools, hospitals, programs and services every Canadian relies on.

    If left unchanged, this cap would force Canada’s energy industry to curtail production at the expense of struggling Canadian families. When production is cut, jobs, tax revenues and the economy are cut too. It is, in effect, a cap on prosperity that would be felt across the country.

    Alberta is encouraging Canadians to visit the Scrap the Cap website and tell Ottawa they cannot and will not support a cap on energy production that leaves Canadians with a lower standard of living and reduced services. Print, television and social media advertisements will run nationwide from Oct. 15 to the end of November to urge Canadians to contact their member of parliament (MP) and share their thoughts. The Scrap the Cap website includes a letter that can be sent electronically.

    “We will not stand by while the federal government threatens tens of thousands of jobs. This production cap means billions in revenues down the drain, and we will not let our province’s – or our country’s – economic future be gutted by an out-of-touch federal government. There is a way to reduce emissions without killing the economy… but this unconstitutional production cap is not it.”

    Rebecca Schulz, Minister of Environment and Protected Areas

    “A cap on oil and gas production will kill jobs and investment and adds to the growing list of federal programs that will kill investments in decarbonization. All Canadians need to let Ottawa know how this cap hurts Alberta and risks Canada’s energy security.”

    Brian Jean, Minister of Energy and Minerals

    Alberta is reducing emissions through common sense, incentives and technologies, not taxes or punitive regulations. The oil sands emissions intensity per barrel has fallen 23 per cent since 2009 and is expected to decline another 28 per cent by 2035. Alberta’s overall emissions, electricity emissions and methane emissions are all declining, even as energy demand rises and the economy grows.

    The province aspires to be carbon neutral by 2050 without cutting jobs or compromising affordable, reliable and secure energy for Albertans, Canadians and the world.

    Related information

    • Scrap the Cap website
    • Proposed federal oil and gas emissions cap regulatory framework: Government of Alberta technical submission
    • Deloitte: Potential Economic Impact of the Proposed Federal Oil and Gas Emissions Cap 
    • S&P Global Commodity Insights: Economic Impact Assessment of Canadian Conventional Oil and Gas
    • Conference Board of Canada: Economic Impacts of a Greenhouse Gas Emissions Cap on the Oil and Gas Sector
    • Alberta’s emissions reduction and energy development plan

    Related news

    • It’s time to scrap the cap: Joint statement (May 27, 2024)
    • Emissions keep declining in Alberta: Minister Schulz (May 3, 2024)
    • Federal emissions cap: Joint statement (Dec. 7, 2023)

    Multimedia

    • Watch the news conference

    MIL OSI Canada News

  • MIL-OSI Europe: Financing food security will yield high returns

    Source: European Investment Bank

    The problem is that countries with the highest levels of food insecurity often have the hardest time accessing financing. Among the biggest obstacles are high transaction costs, fragmented agriculture markets, insecure land rights, poor administrative capacity, weak governance, and political instability.

    One of the keys to overcoming these hurdles is to pursue stronger international partnerships. That is why the EIB, the Food and Agriculture Organization of the United Nations, and other international organizations are working together closely to promote food security, environmental sustainability, and climate resilience. By pooling resources and experience, especially in Sub-Saharan Africa, we can overcome the chronic financing challenges.

    For example, by drawing on the expertise and convening power of FAO, we can provide more funding for agrifood and bioeconomy activities. In 2023 alone, the FAO Investment Centre helped mobilize $6.6 billion in new investment by designing 38 public investment projects backed by financing partners in 26 countries. And this came on top of implementation support to ongoing projects, representing a total of around $46.7 billion.

    But scaling up such financing requires the right kind of tools, not least financial products that reduce risk for the private sector. For example, blended finance – which combines public and private funds – and innovative financing mechanisms like climate bonds can make these investments more attractive to capital that is still sitting on the sidelines.

    Feeding the world is not just a moral responsibility; it is a strategic imperative. Hunger is an immediate global crisis that demands massive investments. Fortunately, the potential rewards are well worth it. Sustainable agrifood systems do far more than simply reduce poverty and hunger. They also create jobs, promote economic growth, reduce gender inequality, improve health, and build stronger communities. The return is enormous, and the cost of doing nothing is even greater.

    This article was originally published by Project Syndicate.

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Will the European quotas for Senegalese fishers also be applied to Europe’s digital giants? – E-001558/2024(ASW)

    Source: European Parliament

    The importance of safeguarding the most sensitive European data is widely recognised. President-elect’s political guidelines[1] and mission letters to the new College echo the Commission’s intention to pave the way towards a more resilient, competitive and harmonised European digital market , including through the development of a single EU-wide cloud policy for public administrations.

    The recent report titled ‘The future of European competitiveness’ further emphasises the need to continue these efforts[2].

    The draft European Cybersecurity Certification Scheme for Cloud Services (EUCS) is being developed by the EU Agency for Cybersecurity (ENISA).

    The EUCS aims to provide a coherent set of security requirements and conformity assessment methodologies thus addressing the current market fragmentation and lowering the financial barriers for cloud providers to offer secure cloud solutions across the EU.

    This change will be particularly beneficial for small and medium-sized providers, the drivers of innovation.

    The draft EUCS candidate scheme will be further discussed among the Member States’ experts in the European Cybersecurity Certification Group.

    In accordance with Regulation (EU) 2019/881[3], once the draft scheme’s text has been stabilised, ENISA will transfer the candidate scheme to the Commission.

    The Commission will then be responsible for preparing an implementing act based on the scheme. The adoption of this act will be controlled by the Member States through the comitology procedure defined in Regulation (EU) No 182/2011[4].

    Last updated: 15 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: REPORT on the Council position on Draft amending budget No 4/2024 of the European Union for the financial year 2024 – update of revenue (own resources) and adjustments to some decentralised agencies – A10-0007/2024

    Source: European Parliament

    MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    on the Council position on Draft amending budget No 4/2024 of the European Union for the financial year 2024 – update of revenue (own resources) and adjustments to some decentralised agencies

    (13195/2024 – C10‑0109/2024 – 2024/0185(BUD))

    The European Parliament,

     having regard to Article 314 of the Treaty on the Functioning of the European Union,

     having regard to Article 106a of the Treaty establishing the European Atomic Energy Community,

     having regard to Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012[1], and in particular Article 44 thereof,

     having regard to Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union[2], and in particular Article 44 thereof,

     having regard to the general budget of the European Union for the financial year 2024, as definitively adopted on 22 November 2023[3],

     having regard to Council Regulation (EU, Euratom) 2020/2093 of 17 December 2020 laying down the multiannual financial framework for the years 2021 to 2027[4],

     having regard to the Interinstitutional Agreement of 16 December 2020 between the European Parliament, the Council of the European Union and the European Commission on budgetary discipline, on cooperation in budgetary matters and on sound financial management, as well as on new own resources, including a roadmap towards the introduction of new own resources[5],

     having regard to Council Decision (EU, Euratom) 2020/2053 EU of 14 December 2020 on the system of own resources of the European Union and repealing Decision 2014/335/EU, Euratom[6],

     having regard to Draft amending budget No 4/2024, which the Commission adopted on 19 July 2024 (COM(2024)0931),

     having regard to the position on Draft amending budget No 4/2024, which the Council adopted on 23 September 2024 and forwarded to Parliament on 24 September 2024 (13195/2024 – C10‑0109/2024),

     having regard to Rules 96 and 98 of its Rules of Procedure,

     having regard to the report of the Committee on Budgets (A10-0007/2024),

    A. whereas the primary purpose of Draft amending budget No 4/2024 is to update the revenue side of the budget to take account of the latest developments and, additionally, to adjust the expenditure side of the budget in relation to a number of decentralised agencies,

    B. whereas Draft amending budget No 4/2024 entails a revision of the own resources forecasts in relation to customs duties, which are 18,3% below the May 2023 forecast, in the uncapped VAT base, which is 0,6% below the May 2023 forecast, in non-recycled plastic packaging waste, which is up 0,6% compared to the May 2023 forecast, and in the total EU GNI base, which is 0,3% higher than the May 2023 forecast,

    C. whereas Draft amending budget No 4/2024 also updates the 2024 United Kingdom contribution pursuant to the withdrawal agreement, which stands at EUR 2,38 billion, a significant reduction of EUR 1,52 billion compared to the estimate included in the 2024 budget; whereas Draft amending budget No 4/2024 also takes into account the fines and penalties cashed up to the end of May 2024, which increases the initial forecast for fines and penalties in the 2024 budget by EUR 513 million,

    D. whereas Draft amending budget No 4/2024 proposes a number of adjustments to the financing of decentralised agencies, with a net increase of EUR 12 million overall and a proposal to mobilise the Flexibility Instrument for an amount of EUR 13,2 million to cover increases for the European Medicines Agency and Eurojust in the absence of any available margin under Heading 2b of the multiannual financial framework (the “MFF”),

    1. Welcomes Draft amending budget No 4/2024 as submitted by the Commission;

    2. Takes note that the decrease in the amount of own resources other than GNI (in particular with respect to customs duties) and in the size of the United Kingdom contribution to the budget results in an increase in GNI contributions of EUR 5,63 billion; notes that there is a significant divergence from the initial forecasting of customs duties and the United Kingdom contribution and calls on the Commission to examine scope for improving its forecasting, which is vital for the predictability of budgetary planning;

    3. Underlines that, with Draft amending budget No 4/2024, GNI lump-sum reductions for the five beneficiary Member States amount to just under EUR 5,4 billion net; stresses that these rebates are inflation-linked and have therefore increased at a higher rate than the MFF ceilings, which are adjusted annually on the basis of the 2 % deflator; underlines that this anomaly increases the burden on the other Member States;

    4. Emphasises the need for sustainable revenue for the Union budget, which has been severely stretched to respond to various crises in recent years; deplores, therefore, the absence of progress in the Council on the reform of the own resources system in line with the roadmap in the Interinstitutional Agreement; recalls its position in support of the amended Commission proposals and urges the Council and the Member States to adopt those proposals swiftly in order to increase the own resources available to the Union budget; recalls its long-standing position that fines and fees should be used as supplementary revenue for the Union budget;

    5. Reiterates its long-standing position that new priorities require fresh financing; notes the series of adjustments to the budgets of decentralised agencies, primarily in accordance with tasks assigned to them under recently adopted legislation; recalls that agencies must have the necessary staff and budget to properly fulfil their mandates; deplores that, in several cases, additional resources for a decentralised agency entail a corresponding reduction in the programme envelope;

    6. Regrets that, in the current MFF, a total of EUR 1,5 billion has so far been, or is proposed to be, redeployed from programmes to decentralised agencies; underlines that the magnitude of the redeployments is symptomatic of the stretched resources available to the Union budget and stresses the need for budgetary flexibility to adjust agencies’ resources in line with changes to their mandates and tasks during the MFF;

    7. Notes that Draft amending budget No 4/2024 entails an increase of EUR 2 million for Eurojust owing to inflationary pressure; underlines that inflationary pressure is clearly a challenge for all decentralised agencies, with inflation running above the annual 2 % deflator by which the MFF ceilings increase and staff and operating costs for decentralised agencies under substantial pressure as a result, considers that the current treatment of decentralised agencies’ budgets as separate from administrative spending under Heading 7 of the MFF requires further reflection as part of the Commission’s preparations for the post-2027 MFF;

    8. Approves the Council position on Draft amending budget No 4/2024;

    9. Instructs its President to declare that Amending budget No 4/2024 has been definitively adopted and arrange for its publication in the Official Journal of the European Union;

    10. Instructs its President to forward this resolution to the Council, the Commission, the other institutions and bodies concerned and the national parliaments.

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that he has received input from the following entities or persons in the preparation of the report, prior to the adoption thereof in committee:

    Entity and/or person

    Council of the European Union

    European Commission

    The list above is drawn up under the exclusive responsibility of the rapporteur.

    Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that he has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

     

     

    INFORMATION ON ADOPTION IN COMMITTEE RESPONSIBLE

    Date adopted

    14.10.2024

     

     

     

    Result of final vote

    +:

    –:

    0:

    23

    5

    2

    Members present for the final vote

    Georgios Aftias, Isabel Benjumea Benjumea, Olivier Chastel, Tamás Deutsch, Thomas Geisel, Jean-Marc Germain, Andrzej Halicki, Alexander Jungbluth, Ondřej Kovařík, Giuseppe Lupo, Siegfried Mureşan, Victor Negrescu, Matjaž Nemec, João Oliveira, Karlo Ressler, Julien Sanchez, Hélder Sousa Silva, Nicolae Ştefănuță, Carla Tavares, Nils Ušakovs, Lucia Yar

    Substitutes present for the final vote

    Stine Bosse, Jonás Fernández, Michalis Hadjipantela, Rasmus Nordqvist, Jacek Protas, Jussi Saramo

    Members under Rule 216(7) present for the final vote

    Matthias Ecke, Marieke Ehlers, Virginie Joron

     

    MIL OSI Europe News

  • MIL-Evening Report: China’s government is about to spend big on stimulus – can it turn around the country’s sluggish economy?

    Source: The Conversation (Au and NZ) – By Wenting He, PhD candidate of International Relations, Australian National University

    Sanga Park/Shutterstock

    China’s relentless economic growth used to be the marvel of the world. Oh, what a memory.

    The past couple of years have seen China contend with an economic slowdown amid colliding crises, many of which make it internationally unique. Consumer prices have been approaching deflationary territory, there’s an oversupply of housing, and youth unemployment has soared.

    Mounting pressure has forced the Chinese government to step in. Over the past month, Beijing has put forward a set of significant economic stimulus measures aimed at reviving China’s faltering economy.

    According to a research note by Deutsche Bank, this stimulus could potentially become “the largest in history” in nominal terms. But there’s still a lot we don’t know. So what kinds of measures that are in this package so far, and has China been here before?

    What’s in the package?

    On September 24, Pan Gongsheng, governor of China’s central bank, unveiled the country’s boldest intervention to boost its economy since the pandemic.

    The initiatives included reducing mortgage rates for existing homes and reducing the amount of cash commercial banks are required to hold in reserves. The latter is expected to inject about 1 trillion yuan (A$210 billion) into the financial market by letting the banks lend out more.

    China has been grappling with an oversupply of housing and a property sector crisis.
    Charles Bowman/Shutterstock

    On top of this, 800 billion yuan (A$168 billion) was announced to strengthen China’s capital market.

    This comprised a new 500 billion yuan (A$105 billion) monetary policy facility to help institutions more easily access funds to buy stocks, and a 300 billion yuan (A$63 billion) re-lending facility to help speed up sales of unsold housing.

    Further signs of economic revitalisation became evident at a Politburo meeting of China’s top government officials, two days after this announcement.

    Chinese President Xi Jinping stressed the urgency of economic revival. Xi even encouraged officials to “go bold in helping the economy” without having to fear the consequences.

    That same day, seven government departments released a joint policy package to stabilise China’s 500 billion yuan (A$105 billion) dairy industry, which has been severely impacted by declining milk and beef prices since 2023.

    A market rollercoaster

    Initially, the market’s response was overwhelmingly positive. Perhaps too positive. In the last week of September, stock markets in Shanghai, Shenzhen, and Hong Kong saw their biggest weekly rise in 16 years.

    On October 8, following China’s National Day holiday, turnover on the Shanghai and Shenzhen stock exchanges hit an unprecedented 3.43 trillion yuan (A$718 billion). However, expectations for further stimulus measures were met with disappointment.

    China’s National Development and Reform Commission brought forward 100 billion yuan (A$21 billion) in spending from the 2025 budget. That wasn’t enough to sustain market optimism. On October 9, Chinese stocks saw their most severe drop in 27 years.

    This downturn only worsened a few days later, when China’s Ministry of Finance hinted there was “ample room” to raise debts but did not specify any new stimulus measures.

    Still thin on the details

    The market remains deeply uncertain about the future direction of China’s economic policies and what they might mean for the world. Hopes that more details might be released over the weekend were largely dashed.

    Back in July, Chinese authorities asserted in their Third Plenary Session communique that China “must remain firmly committed” to achieving this year’s economic growth target of 5%. Compared to the country’s reform-era economic performance, that’s a modest goal.

    But facing a persistently sluggish economic outlook, Xi later seemed to subtly shift the tone, changing the language from “remain firmly committed” to “strive to fulfill” in September.

    Over the past decades, China has frequently employed massive-scale stimulus measures to revive its economy during downturns. These policies have been able to significantly rejuvenate the economy, though occasionally with some worrying side effects.

    In response to the 2008 global financial crisis, China’s State Council released a 4 trillion yuan (A$837 billion) stimulus package. This successfully helped China stand firm through the crisis and was credited as a key stabiliser of the global economy.

    But it also accumulated trillions of yuan in debt through local government financing and accelerated the rise of “shadow banking” – unregulated financial activities.

    China also spent big on stimulating its economy in 2015, following stock market turbulence, and then again in the wake of the pandemic.

    What should we expect?

    What should we expect this time? How balanced or sustainable will any ensuing growth be?

    We are still waiting on many of the details about the size and scope of the package, but any big increase in Chinese economic demand will likely have “spillover” effects.

    As we’ve discussed, many of the measures announced to date will have their most immediate effect on borrowing, lending and liquidity in China’s stock markets.

    That suggests we should watch for what’s called the “wealth effect” in economics. This is the theory that rising asset prices – such as for housing or shares – make people feel wealthier and therefore spend more.

    If China’s big stimulus spend causes sustained increases in asset values, it could give rise to economic optimism. Chinese consumers – and investors – may become less anxious about the future.

    From Australia’s point of view, that could see increases in demand in areas where our economies are interlinked – iron ore, tourism, education and manufactured food exports.

    More broadly, Chinese demand could contribute to growth in other global economies, with a self-reinforcing effect on the world as a whole.

    Beware financialisation

    On the other hand, China’s shift to depending more on volatile asset price rises in its capital markets to sustain growth could have destabilising effects. Where asset price increases benefit those at the “top end of town,” they can breed inequities and imbalances of their own.

    China’s “Black Monday” stock market crash in 2015 raised alarm in Beijing. Partly reflecting a wariness of excess financialisation, Xi cautioned at the time that “housing is for living in, not for speculation”.

    So far, China is still navigating its path towards a more sustainable development model, striving to strike a balance between sustaining economic growth and stabilising its domestic markets and political landscape. As for the outcome, it remains a profound uncertainty for us all – perhaps China itself included.

    Wesley Widmaier receives funding from the Australian Research Council.

    Wenting He 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. China’s government is about to spend big on stimulus – can it turn around the country’s sluggish economy? – https://theconversation.com/chinas-government-is-about-to-spend-big-on-stimulus-can-it-turn-around-the-countrys-sluggish-economy-241260

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: AI is creeping into the visual effects industry – and it could take the human touch out of film and TV

    Source: The Conversation (Au and NZ) – By AD Narayan, Visual Effects Artist and Lecturer in Digital Communication, Auckland University of Technology

    IMDB

    From the mind-bending reality warps of Doctor Strange in the Multiverse of Madness (2022) to the breathtaking alien vistas of Avatar: The Way of Water (2022), visual effects have transported us to worlds beyond imagination. Yet the future of visual effects (VFX) could hang in the balance as artificial intelligence is subsumed into screen production processes.

    Lionsgate’s recent partnership with AI startup Runway has sparked controversy in the visual effects industry.

    By allowing Runway to train AI on Lionsgate’s vast film and TV catalogue, the collaboration promises increased efficiency and financial savings – but at what cost?

    Growing apprehension among workers

    According to a research report published in January, 75% of 300 entertainment industry leaders surveyed said generative AI tools, software and models had contributed to the elimination, reduction or consolidation of jobs within their business divisions.

    The report highlighted the visual effects sector as being particularly vulnerable, as AI techniques are often applied in post-production processes. This vulnerability was typified in our own research published today.

    Our work reveals visual effects artists have serious concerns about generative AI’s integration into screen production. These include worries over job insecurity, creative devaluation, and the potential for AI to produce derivative content that fails to meet audience expectations.

    Challenges of AI in the VFX industry

    Our findings reflect growing concerns that AI’s use in filmmaking could magnify existing industry problems. It could, for instance, exacerbate unfair working conditions. Or it could undermine creativity if artists are expected to “clean up” AI-generated work rather than create their own.

    Visual effects artists, who have typically been early adopters of new technologies, acknowledge AI could bring both opportunities and challenges. While it could help streamline certain tasks, it could equally impact on the overall quality of their work.

    The artists we spoke to were worried a reliance on AI might stifle creativity and skill development, by making the work “more mechanical and less creative”. In a recent example, the AI-generated title sequence for Marvel’s Secret Invasion series was widely criticised for lacking artistic merit.

    There were also questions about how artists would be compensated if their work is used to train AI models.

    Some senior supervisors were particularly concerned about the ethical and legal considerations of using AI on commercial projects. They were uncertain around intellectual property rights for AI-generated content, as well as the potential for copyright infringement.

    On the creative and technical front, artists recognised AI’s value in generating ideas and automating repetitive tasks. However, nearly all of them said AI tools weren’t yet production-ready, and highlighted difficulties with integrating said tools into existing pipelines.

    The next steps

    The VFX industry was already struggling with profits and sustainability before the AI boom. Visual effects companies often face bankruptcy – even Oscar-winning ones. In many cases, artists will get laid off once a project is complete.

    Life of Pi (2012) won an Oscar for its visual effects work – but the company responsible for it went bankrupt.
    IMDB

    The partnership between Lionsgate and Runway represents the industry’s collective failure to address concerns over AI. But there’s still time to fix things.

    The first step is developing clear industry guidelines for AI’s use in visual effects. Above all else, AI should help augment human creativity, rather than replace it. And artists should be fairly compensated if their work is used to train AI models.

    Investment in training programs could also help artists adapt to new AI tools without compromising their creativity. As one interviewee told us, human expertise and creativity remain important in visual effects.

    “Understanding the why behind certain choices, the creative decision making, that’s something I haven’t really seen AI effectively do,” they said.

    As the industry stands at a technological crossroads, it must balance the pursuit of efficiency with genuine creativity. Otherwise, we risk losing the human touch that brings our favourite films to life.

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

    ref. AI is creeping into the visual effects industry – and it could take the human touch out of film and TV – https://theconversation.com/ai-is-creeping-into-the-visual-effects-industry-and-it-could-take-the-human-touch-out-of-film-and-tv-240112

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Bennet, Hickenlooper, Colleagues Introduce Resolution to Recognize Latina Equal Pay Day

    US Senate News:

    Source: United States Senator for Colorado Michael Bennet

    Denver — Colorado U.S. Senators Michael Bennet and John Hickenlooper, along with 23 fellow senators, introduced a resolution to honor Latina Equal Pay Day. The resolution recognizes the disparity in wages paid to Latinas, the significance of equal pay, and its larger impact on women, families, and the economy. 

    “Lost wages mean Latina women have less money to support themselves and their families, save and invest for the future, and spend on goods and services,” wrote the lawmakers.

    Latina Equal Pay Day, which was observed on October 3, 2024, is a day to reflect on the continued impact of wage gaps on Latina women. In 2023, more than 60 years after the passage of the Equal Pay Act of 1963, Latinas were paid just 51 cents for every dollar paid to their white, non-Hispanic male colleagues. Latina women also continue to lack access to paid leave and experience increased levels of workplace harassment. 

    Bennet cosponsored a Latina Equal Pay Day resolution in 2022. He also cheered the passage of the Bipartisan Resolution Recognizing Hispanic Heritage Month in September.

    Full text of the resolution available HERE. 

    MIL OSI USA News

  • MIL-Evening Report: Has Kamala Harris reached the ceiling of her ability to make gains against Trump?

    Source: The Conversation (Au and NZ) – By Jared Mondschein, Director of Research, US Studies Centre, University of Sydney

    With less than three weeks to go before Election Day, the polling at this point is clear: Kamala Harris and Donald Trump are effectively tied.

    Harris has led the Democratic ticket for less than three months, but in that short time she has galvanised Democratic voters and significantly increased the popularity of the Democratic ticket. Yet, current levels of US political polarisation and, perhaps more notably, calcification, make one wonder just how much more support she could win.

    In other words, few Americans are undecided in their views of Donald Trump – he galvanises both his base and his opponents alike – so there are simply not many American voters remaining for Harris to try to win over.

    Initial momentum has plateaued

    When 81-year-old Joe Biden led the Democratic ticket in early 2024, only 55% of Democrats and Democratic-leaning voters were enthusiastic about the election.

    While the 2020 presidential election between Biden and Trump broke records for US voter turnout, the 2024 redux was looking like it would break the opposite sort of records – for voter disinterest.

    That is, at least, until Harris assumed the top of the Democratic ticket on 21 July 2024. Within a month of Biden stepping down as the party’s nominee, Democratic enthusiasm for their significantly younger candidate jumped 23 points to 78%. This eclipsed not only levels of enthusiasm that Democrats had for Barack Obama in 2008, but also the levels of enthusiasm that Republicans currently have for Donald Trump.

    Harris’ momentum saw the race quickly move on from deep analysis of the “double haters” – the record 25% US voters who disliked both Trump and Biden and were simply deciding which they hated less. With a much closer contest now likely, attention shifted to key swing states such as Pennsylvania, where Harris closed Trump’s five-point lead over Biden to now be around even.

    Small changes can make a big difference

    Harris’ ability to make the Democratic ticket competitive should not be undervalued. After all, as recently as June 2024, she was one of the few Democratic politicians who actually had a lower national approval rating than Joe Biden.

    With that said, the momentum for Harris should not be seen as a sea change across the country. As much as she energised a previously lacklustre Democratic ticket, approval of Harris among self-described Independent voters only increased from 36% to 43% in the same timeframe. Republican approval of Harris decreased slightly from 6% to 4% over the same period.

    Ultimately, even the slightest of changes can completely shift the nature of the race, particularly given how slim the margins have been in the last two presidential elections. In the 2016 presidential election, for example, Trump’s margin of victory was some 75,000 votes across three swing states. In 2020, Biden’s margin of victory was about 45,000 votes across three swing states.

    Harris or Trump’s 2024 margin of victory very well may be less than 0.03% of the US electorate, making this potentially the closest US election in decades.

    Has support for Harris peaked?

    For the first half of 2024, Trump polled considerably ahead of Biden in the key swing states that will most likely decide the US election. Then, within weeks of Harris becoming the presidential nominee in July, the difference in the swing states between Trump and his opponent shrank to around 1-2 percentage points.

    Now, nearly three months later, the polling is essentially unchanged – remaining well within the standard margin of error of around ±3%.

    As much as Harris has eclipsed Biden in the race against Trump, there is no denying the statistical reality that Harris is no longer gaining ground on Trump in the way that she was in the early weeks of her candidacy.

    Some have argued that Harris’ liabilities – and perhaps the reason she has stalled in the polls – are that Americans remain fairly negative on the economy, she is in the incumbent administration instead of on an outsider ticket, and that many view her as simply too progressive.

    Yet judging by the fact that Harris appears to be polling better than “a generic Democrat” – who generally are more popular than any other Democrats because they are not real people with real positions – it’s perhaps more likely that in these polarised and calcified times, Harris very well may have simply peaked as high as any other Democratic candidate possibly could.

    With American voter intentions barely shifting after an insurrection, pandemic and assassination attempts, it’s hard to imagine Harris can do much better than she already is doing.

    Harris’ best strategy for success on November 5 may therefore need to be less focused on winning over more of the very few undecided voters remaining, and instead more focused on simply getting her energised supporters to turn up on Election Day.

    Jared Mondschein 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. Has Kamala Harris reached the ceiling of her ability to make gains against Trump? – https://theconversation.com/has-kamala-harris-reached-the-ceiling-of-her-ability-to-make-gains-against-trump-240902

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: First Merchants Corporation Announces Cash Dividend on Its Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    MUNCIE, Ind., Oct. 15, 2024 (GLOBE NEWSWIRE) — First Merchants Corporation has declared a quarterly cash dividend of $46.88 per share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A, represented by depositary shares (NASDAQ: FRMEP) each representing a 1/100th interest in a share of the Series A preferred stock. Holders of depositary shares will receive $0.4688 per depositary share. The dividend will be payable on November 15, 2024, to stockholders of record on October 31, 2024.

    About First Merchants Corporation:

    First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

    First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Depositary shares representing a 1/100th interest in a share of First Merchants Corporation’s 7.50% Non-Cumulative Perpetual Preferred Stock, Series A are traded on the NASDAQ Global Select Market System under the symbol FRMEP. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

    FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

    For more information, contact:
    Nicole M. Weaver, Vice President and Director of Corporate Administration
    765-521-7619
    http://www.firstmerchants.com

    The MIL Network

  • MIL-OSI USA: Justice Department Secures $8M from Fairway Independent Mortgage Corporation to Address Redlining in Black Communities in Birmingham, Alabama

    Source: US State of California

    Combating Redlining Initiative Surpasses $150M in Relief for Redlined Communities at its Third Anniversary

    The Justice Department and Consumer Financial Protection Bureau (CFPB) announced today that Fairway Independent Mortgage Corporation (Fairway) has agreed to pay $8 million and a $1.9 million civil money penalty to resolve allegations that it engaged in a pattern or practice of lending discrimination by redlining predominantly Black neighborhoods in and around Birmingham, Alabama.

    Redlining is an illegal practice by which lenders avoid providing credit services to individuals living in communities of color because of the race, color, or national origin of residents in those communities.

    With this settlement, the Justice Department’s Combating Redlining Initiative surpassed $150 million in relief for communities of color nationwide that have experienced lending discrimination. This settlement marks the Justice Department’s 15th redlining settlement in three years. Under the Combating Redlining Initiative, the Department has secured a historic amount of relief that is expected to generate over $1 billion in investment in communities of color in places such as Houston; Memphis; Los Angeles; Philadelphia; and Birmingham.

    “This settlement, and the over $150 million in relief the Justice Department has secured for communities across the country through our Combating Redlining Initiative, will help to ensure that future generations of Americans inherit a legacy of home ownership that they too often have been denied,” said Attorney General Merrick B. Garland. “This case is a reminder that redlining is not a relic of the past, and the Justice Department will continue to work urgently to combat lending discrimination wherever it arises and to secure relief for the communities harmed by it.”

    The Justice Department and CFPB allege that Fairway illegally redlined Black neighborhoods in Birmingham, including through its marketing and sales actions, and discouraged residents of those neighborhoods from applying for mortgage loans. The settlement announced today requires Fairway to provide $7 million for a loan subsidy program to offer affordable home purchase, refinance, and home improvement loans in Birmingham’s majority-Black neighborhoods, invest an additional $1 million in programs to support that loan subsidy fund, and pay a $1.9 million civil penalty to the CFPB’s victims relief fund.

    This case is the third redlining enforcement action brought jointly by the Justice Department and the CFPB under the initiative, highlighting the strong partnership between the agencies to root out and address lending discrimination.

    “Birmingham lies at the heart of our nation’s civil rights struggle but is also a community that bears the legacy of discriminatory redlining and other exclusionary policies,” said Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division. “This settlement will provide Birmingham’s Black neighborhoods with the access to credit they have long been denied and increase opportunities for homeownership and generational wealth. This settlement makes clear our intent to uproot modern-day redlining in every corner of the country, including in the deep South. With more than $150 million in total relief secured in three short years, our Combating Redlining Initiative is generating real economic opportunity for communities of color while sending a strong message to mortgage lenders, no matter their business model, that discriminatory lending will not be tolerated in America.”

    “The settlement reached with Fairway Mortgage is a win for communities of color here in Birmingham that have historically been denied access to vital economic resources,” said U.S. Attorney Prim Escalona for the Northern District of Alabama. “Our office is committed to ensuring that these communities have equal access to housing and credit resources.”

    “The CFPB and Justice Department are holding Fairway accountable for redlining Black neighborhoods,” said CFPB Director Rohit Chopra. “Fairway’s unlawful redlining discouraged families from seeking loans for homes in Birmingham’s Black neighborhoods.”

    Fairway is a non-depository mortgage company headquartered in Madison, Wisconsin. In 2022, Fairway was the nation’s fifth-largest lender by origination volume and ninth-largest by application volume. Fairway operates in the Birmingham area under the trade name MortgageBanc.

    The complaint describes how Fairway redlined majority-Black neighborhoods in the Birmingham Metropolitan Statistical Area (Birmingham MSA). During the period covered by the complaint, the Birmingham MSA included six counties in north central Alabama with a combined population of about 1.1 million. While Fairway claimed to serve the entire metropolitan area, it concentrated all its retail loan offices in majority-white areas, directed less than 3% of its direct mail advertising to consumers in majority-Black areas, and for years discouraged homeownership in majority-Black areas by generating loan applications at a rate far below its peer institutions.

    The Justice Department and CFPB allege that Fairway violated the Fair Housing Act, Equal Credit Opportunity Act, and Consumer Financial Protection Act. Specifically, the government alleges problematic conduct by Fairway including:

    • Failing to address known signs of discrimination: Fairway’s own data showed that, since at least 2017, it was failing to serve majority-Black neighborhoods in the Birmingham area, but before October 2022, it took no meaningful actions to address redlining risk. Between 2018 and 2022, only 3.7% of Fairway’s applications were for properties in majority-Black areas, compared to 12.2% for Fairway’s peer lenders. In other words, Fairway’s peer lenders generated applications for properties in majority-Black areas at over three times the rate of Fairway. This disparity was even higher in neighborhoods with 80% or more Black residents, where Fairway made loans at less than one-eighth of the rate of its peer lenders. Despite these figures, Fairway failed to adopt any written plan for marketing or growth to address the concern.
    • Redlining Black neighborhoods: From 2015 through 2022, Fairway operated three retail loan offices and three loan production desks within real estate offices in the Birmingham MSA, all of which were in majority-white areas. Fairway also relied on referrals from real estate professionals and its loan officers’ personal contacts to generate applications, and the vast majority of Fairway’s referral sources and referred consumers were located in majority-white areas. Fairway predominantly directed its marketing to majority-white areas and failed to train or incentivize its existing loan officers to better serve majority-Black areas. By taking these actions, Fairway discriminated against, and unlawfully discouraged mortgage loan applications for properties in, majority-Black neighborhoods.

    The proposed consent order, which awaits approval by the Federal District Court for the Northern District of Alabama, would require Fairway to:

    • Provide $7 million for a loan subsidy program: The order would require Fairway to offer home purchase, refinance, and home improvement loans on a more affordable basis than otherwise available in majority-Black neighborhoods in the Birmingham MSA. The program may provide lower interest rates, down payment assistance, closing cost assistance, or payment of initial mortgage insurance premiums.
    • Invest at least $1 million in redlined neighborhoods: Fairway would be required to open or acquire a new loan production office or full-service retail office in a majority-Black neighborhood in the Birmingham MSA. The company must also spend at least $500,000 on advertising and outreach, at least $250,000 on consumer financial education, and at least $250,000 on partnerships with one or more community-based or governmental organizations to serve the affected neighborhoods.
    • Pay a $1.9 million penalty: The proposed order imposes a $1.9 million civil penalty against Fairway, which would be paid into the CFPB’s Civil Penalty Fund, also referred to as the victims’ relief fund.

    Information about the Justice Department’s fair lending enforcement work can be found at www.justice.gov/fairhousing. Individuals may report lending discrimination by calling the Justice Department’s housing discrimination tip line at 1-833-591-0291 or submitting a report online.

    Consumers can submit complaints about financial products and services by visiting the CFPB’s website or by calling (855) 411-CFPB (2372).

    Employees who believe their company has violated federal consumer financial protection laws are encouraged to send information about what they know to whistleblower@cfpb.gov. To learn more about reporting potential industry misconduct, visit the CFPB’s website.

    MIL OSI USA News

  • MIL-OSI USA: Governor Kelly Announces More than $17M Investment for Energy Grid Resiliency – Governor of the State of Kansas

    Source: US State of Kansas

    TOPEKA – Governor Laura Kelly announced today that 11 Kansas communities have secured more than $17 million for energy grid resilience. This investment combines nearly $12 million in federal Bipartisan Infrastructure Law (BIL) funding from the U.S. Department of Energy’s 40101(d) Grid Resilience Grant Program and more than $5.8 million in matching funds from the Kansas Infrastructure Hub and Build Kansas Fund.

    “By leveraging federal funds to supplement our state and local investments, we are strengthening opportunities for economic growth across Kansas,” Governor Laura Kelly said. “The 40101(d) Grid Resiliency program ensures our communities have the resources to build, operate, or maintain critical infrastructure.”

    “The survival and economic development of our rural communities are dependent on a solid infrastructure,” said Representative Troy Waymaster, chair of the Build Kansas Fund Advisory Committee. “The awards made through the Build Kansas Fund Advisory Committee, and ultimately approved by the U.S. Department of Energy, ensure that these communities will continue to thrive. I am glad these eleven Kansas projects were selected for this program.”

    The 11 Kansas projects receiving grid resiliency funding are:

    • City of Garden City – Underground Conductor and Transformer Replacement
      • Build Kansas Funding – $302,590
      • Federal Funding Awarded – $626,048
      • Total Project – $928,638
    • City of Pratt – Substation Hardening
      • Build Kansas Funding – $1,034,551
      • Federal Funding Awarded – $2,140,449
      • Total Project – $3,175,000
    • Victory Electric – South Dodge City Grid Resiliency
      • Build Kansas Funding – $715,395
      • Federal Funding Awarded – $1,480,129
      • Total Project – $2,195,524
    • Heartland Rural Electric Cooperative – Resiliency Enhancements to Strategically Transfer Optimized Reliable Energy
      • Build Kansas Funding – $200,403
      • Federal Funding Awarded – $414,627
      • Total Project – $615,030
    • Ark Valley Electric Cooperative – System Resiliency Project
      • Build Kansas Funding – $235,421
      • Federal Funding Awarded – $487,079
      • Total Project – $722,500
    • Holton Electric – Transformer and Feeder Circuit Improvements
      • Build Kansas Funding – $796,360
      • Federal Funding Awarded – $1,647,640
      • Total Project – $2,444,000
    • City of Blue Mound – Substation, Electric Line & Pole Replacement
      • Build Kansas Funding – $175,603
      • Federal Funding Awarded – $270,071
      • Total Project – $445,674
    • City of Anthony– Circuit Reconstruction
      • Build Kansas Funding – $131,161
      • Federal Funding Awarded – $271,369
      • Total Project – $402,530
    • Pioneer Electric Cooperative – Grid Resiliency, Vulnerability, and Innovation Initiative
      • Build Kansas Funding – $1,575,449
      • Federal Funding Awarded – $3,259,551
      • Total Project – $4,835,000
    • City of Horton – Substation Upgrade
      • Build Kansas Funding – $529,494
      • Federal Funding Awarded – $1,095,506
      • Total Project – $1,625,000
    • City of Attica – Rebuild High-Voltage Feeder Line
      • Build Kansas Funding – $143,371
      • Federal Funding Awarded – $296,629
      • Total Project – $440,000

    “The importance of grid resiliency cannot be overstated,” said Rick Pemberton, energy division director for the Kansas Corporation Commission. “Safe and reliable power infrastructure is vital to our rural economy.”

    “Rural Kansas communities do not always have the funding needed to meet the match requirements of large federal grants,” said Matthew Volz, P.E., executive director of the Kansas Infrastructure Hub. “Having the Build Kansas Fund available can make all the difference in whether or not they can apply for these lucrative federal funding opportunities.”

    In addition to these awards, in recent months, the Build Kansas Fund has been used to leverage federal grant awards in the cities of Ozawkie, Manhattan, Russell, Concordia, Dodge City, Topeka, Nortonville, Ellsworth, Edgerton, Hutchinson, Independence; Coffey and Morton County; Southwest Kansas Groundwater Management District; and the Salina Airport Authority. The combined total investment by the Build Kansas Fund in all projects is just over $28.5 million, which has resulted in federal grant awards of more than $44 million.

    The Kansas Infrastructure Hub connects multiple state agencies and serves as a resource center for Kansas communities to identify best practices for maximizing BIL funding opportunities. The Build Kansas Fund provides state matching dollars for projects throughout Kansas that successfully apply for federal grants under BIL. In 2023, the Kansas Legislature and Governor Kelly approved $200 million for the Build Kansas Fund to provide state-matching dollars to Kansas entities and projects to meet federal-local match requirements.

    ###

    MIL OSI USA News

  • MIL-OSI USA: CFTC Charges Several People and Companies in a $280 Million Ponzi Scheme

    Source: US Commodity Futures Trading Commission

    — The Commodity Futures Trading Commission today announced it filed a civil enforcement action in the U.S. District Court for the Southern District of Florida against:

    The complaint alleges that, among other things, the defendants individually, and at times working in conjunction, made material fraudulent representations to their customers and misappropriated customer funds. In sum, more than 2,000 customers deposited no less than $283 million in connection with the alleged fraud.

    The CFTC seeks disgorgement of ill-gotten gains, civil monetary penalties, restitution, trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC regulations.

    On Oct. 3, Federal District Court Judge Roy K. Altman entered a statutory restraining order against the defendants, freezing their assets, and giving the CFTC immediate access to their books and records. The court scheduled a preliminary injunction hearing for Oct. 29.

    Case Background

    The complaint alleges from at least November 2019 through the present, TD, Safranko, and Negus-Romvari orchestrated a multi-layered scheme to solicit funds for trading leveraged or margined retail commodity transactions, specifically gold-to-U.S. dollar pairs (XAU/USD), as well as assorted other commodities, through pooled and individual accounts. 

    The complaint states TD, Safranko, and Negus-Romvari made fraudulent and material oral and written misrepresentations and omissions, and misappropriated customer funds. The complaint alleges TD and Safranko falsified trading records and TD’s successor, Trubluefx, further misappropriated customer funds by failing to refund the money despite repeated attempts by thousands of customers to access and/or liquidate their accounts.

    According to the complaint, TD, Safranko, and Negus-Romvari also used other individuals and entities (sponsors) on TD’s behalf, with each sponsor acting like a spoke extending from the TD hub. 

    The sponsors Algo Capital and Algo FX Capital Advisor n/k/a Quant5, and their agents Collazo, Herman, Fortini, and Likos; Sims; Buggs; and Centurion, and its agents Santi, Beltran, and Rice, also fraudulently solicited customers and misappropriated funds. The sponsors actively downplayed red flags and continued to solicit customers, helping to create the false impression customers were participating in legitimate trading even as the scheme was on the brink of collapse.

    In the fall of 2022, customers began to experience extreme withdrawal delays and/or were unable to withdraw their funds. According to the complaint, TD, Safranko, and Negus-Romvari, and the sponsor defendants provided numerous, conflicting excuses for the delays — falsely assuring customers their funds were safe, and withdrawals would be processed. All while the sponsor defendants continued to solicit funds from new and existing customers to be traded in the TD Pool, allowing the defendants to continue their fraudulent scheme for more than six months and bilk customers out of millions of additional dollars.

    The CFTC appreciates the assistance of the National Futures Association, Ontario Securities Commission, the Financial Services Authority Saint Vincent & The Grenadines, Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority), and Vanuatu Financial Services Commission. 

    The Division of Enforcement staff responsible for this matter are Alison B. Wilson, Sean Hennessy, Sarah Wastler, Kelly Folks, Maura Viehmeyer, Michelle Bougas, Erica Bodin, Stephanie Cooper, and Rick Glaser. Jeremy Christianson and Christopher Beatty from the CFTC’s Office of Data and Technology also assisted.

    CFTC’s Commodity Pool Fraud Advisory

    The CFTC has issued several customer protection Fraud Advisories and Articles, including the Commodity Pool Fraud Advisory, which provides information about a type of fraud involving individuals and firms, often unregistered, offering investments in commodity pools. The CFTC also urges the public to verify a company’s registration at NFA BASIC before investing funds. If an entity is unregistered, a customer should be wary of providing funds to that entity.

    Suspicious activities or information, such as possible violations of commodity trading laws, should be reported to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online or contact the CFTC Whistleblower Office. Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected, paid from the CFTC Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the CEA.

    MIL OSI USA News

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Praise Chile’s Laws on Violence against Women, Ask about Measures to Prevent Trafficking of Children and Sexual Abuse of Girls

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today considered the eighth periodic report of Chile, with Committee Experts praising the State’s laws on violence against women and femicide, and raising questions about measures to prevent trafficking of children and sexual abuse of girls.

    One Committee Expert said Chile had impressive laws on violence against women and femicide.  What was the reparation regime for femicide?

    A Committee Expert said trafficking remained a problem in Chile.  There were around 20,000 illegal adoptions; the stealing of children was reportedly a lucrative business for criminal groups.  What measures were in place to support women and children who were at risk of trafficking?

    Another Expert said the Committee was concerned by the high rates of teenage pregnancy and sexual abuse of teenage girls.  What was being done to prevent early pregnancies, sexual abuse of girls, and delays in processing of abortion requests?

    Introducing the report, Antonia Orellana Guarello, Minister of Women and Gender Equity of Chile and head of the delegation, said an emblematic advance in the fight against violence in Chile was the enactment this June of the comprehensive law against gender violence. In the last two years, law reform had established a comprehensive protection and reparation regime for victims of femicide. National violence against women programmes had been redesigned to offer care to a wider range of victims.

    Ms. Orellana Guarello said the Government had developed the National Action Plan against Trafficking in Persons 2023-2026, focusing on prevention, protection of victims, prosecution of crimes, intersectoral coordination, and international cooperation.  This plan had made it possible to double the State’s capacity to care for adult victims.

    The delegation added that the State had a new procedure for assessing international adoptions and was supporting investigations into kidnapping of children. One individual who had been kidnapped had been identified and reunited with their family.  The State party was working to establish a genetic database to help reunite families and victims.

    Chile had seen a downward trend in teenage pregnancies since 2016, the delegation noted, influenced by the free distribution of contraception.  The State party was developing legislation that decriminalised abortion.  Around 70 per cent of girls under 14 who requested abortions did so on the grounds of rape.  An early referrals programme had been developed to speed up their access to abortions.

    In closing remarks, Ms. Orellana Guarello said Chile was committed to implementing the rights of women in all their diversity.  The State party would work to collect disaggregated data on women, achieve gender parity at all levels, increase access to abortion, promote the rights of older women and reform the pension system, and improve the situation of women deprived of liberty.

    Ana Peláez Narváez, Committee Chair, in concluding remarks, said that the dialogue had helped the Committee to better understand the situation of women and girls in the State party.  It would develop recommendations based on the dialogue to strengthen the implementation of the Convention for the benefit of all women and girls in Chile.

    The delegation of Chile consisted of representatives from the Supreme Court; Ministry of Justice and Human Rights; National Migration Service; Ministry of Foreign Affairs; Ministry of Women and Gender Equity; Ministry of the Interior and Public Security; Public Prosecutor’s Office; Gendarmerie; Public Criminal Defender’s Office; Cabinet of the Minister of Social Development and Family; and the Permanent Mission of Chile to the United Nations Office at Geneva.

    The Committee will issue the concluding observations on the report of Chile at the end of its eighty-ninth session on 25 October.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Wednesday, 16 October to consider the tenth periodic report of Canada (CEDAW/C/CAN/10).

    Report

    The Committee has before it the eighth periodic report of Chile (CEDAW/C/CHL/8).

    Presentation of Report

    ANTONIA ORELLANA GUARELLO, Minister of Women and Gender Equity of Chile and head of the delegation, said that since the last dialogue, Chile had experienced social protests, the COVID-19 pandemic, and the emergence of “anti-rights” groups.  Despite these challenges, the State had made progress in institutional, legal and administrative mechanisms to ensure the rights of women.  The National Equality Plan, updated in 2023, was the roadmap for equality policies in Chile. Minority groups had participated in the construction and monitoring of the plan.  In 2023 and 2024, six billion pesos were allocated to projects that directly benefited the diversity of women in different State institutions.

    An emblematic advance in the fight against violence was the enactment this June of the comprehensive law against gender violence, which established measures to punish and eradicate gender-based violence.  It created a judicial supervision mechanism, recognised children and adolescents as victims, and established an integrated data system on cases of gender violence. In the last two years, law reform had improved procedural guarantees and protected the rights of victims of sexual crimes; advanced the prevention, investigation and punishment of workplace sexual harassment; and established a comprehensive protection and reparation regime for victims of femicide, including a pension for sons and daughters, which until August 2024 has benefited 126 children and adolescents. National violence against women programmes had been redesigned to offer care to a wider range of victims.  The budget allocated to the prevention of violence against women had been increased by 22 per cent between 2021 and 2024.

    In 2022, a law prohibiting child marriage was enacted.  Thanks to this law, in the last two years there were no marriages with spouses under 18 years of age.  The Government had also developed the National Action Plan against Trafficking in Persons 2023-2026, focusing on prevention, protection of victims, prosecution of crimes, intersectoral coordination, and international cooperation. This plan had made it possible to double the State’s capacity to care for adult victims.  As of May 2024, humanitarian visas were issued to 21 women victims.  Progress had also been made with respect to the payment of child support through the creation of the National Registry of Alimony Debtors and the effective payment law. This had allowed the payment of more than 333 million United States dollars for alimony, benefiting more than 50,000 families as of May 2024.

    Chile was processing the bill that modified the Labour Code to promote equal pay between men and women, seeking to address the persistent gender wage gap, which stood at 23.3 per cent.  The Buenos Aires Commitment recognised the right to care and be cared for.  The Government had introduced a bill to establish a national policy on care to guarantee access to care in conditions of dignity.  Resources for care systems would be increased by 40 per cent by 2025, with the goal of serving 75,000 people with severe dependency.

    The More Women Scientists Programme had provided posts to women in science, technology, engineering and maths programmes at the university level.  The number of women selected for such programmes had since increased by 16.8 per cent.  The Government had implemented an inspection manual for the voluntary interruption of pregnancy law, which gave tools to local authorities for the supervision of health facilities.  It had also reduced the prices of oral, vaginal and long-acting contraception.

    The percentage of women participating in politics had increased in recent decades.  Chile was ranked sixth worldwide in high-level representation of women, with 58.3 per cent of members of the Cabinet of Ministers being women.  The Government was also promoting projects such as gender quotas in the elections of regional governors and councillors.  In the last two years, spaces had been created for women to participate in the evaluation and transformation of public policy, such as the Citizen Dialogues for the Care System, which had 12,614 participants, of which 80.4 per cent were women.  Dialogues were also held for rural women and for the lesbian, gay, bisexual, transgender and intersex community, on sexual and reproductive rights and pension reform.

    In the last two years, 119 indigenous language and culture educators were recruited.  The Good Living Plan promoted the participation of Mapuche and rural women in political and social decisions through territorial dialogues.  The Government had also doubled the quota for hiring people with disabilities in companies and public institutions with 100 or more workers.  The National Policy on Migration and Foreigners provided comprehensive care for foreign women victims of domestic and gender-based violence.  Since 2023, the gender identity accompaniment programme had been implemented, serving more than 2,500 transgender and gender non-conforming children and adolescents.  This year, the Protocol for the Protection of Human Rights Defenders was approved, reaffirming the commitment of the State to protect women human rights defenders.  The Protocol on the Treatment of Pregnant Women in Detention sought to guarantee respect for and exercise of these women’s rights.  From 2022 to May of this year, a total of 321 pregnant women had benefited from this law.

    The Committee’s recommendations would allow the State to make progress in complying with its international commitments and to guarantee respect for human rights.

    LORETO CARVAJAL, Senator of the Republic, said she was a member of a group of parliamentarians that promoted the creation of the Commission on Women and Gender Equity, a space to debate policies against discrimination and violence against women. The law on labour conciliation enshrined the right to remote work for all workers who had children under 14 years of age in their care.  Another law prohibited sexual and workplace violence and harassment at work.  The National Congress had also established its first breastfeeding room, and the Senate had installed 24 kits with menstrual hygiene products in its bathrooms.  The Work-Life Balance Protocol supported women with family and care responsibilities. 

    Chile also faced several challenges.  The revision of the civil partnership regime was still pending, as was a bill to strengthen the anti-discrimination law.  It was essential that resources were appropriately allocated to initiatives that addressed gender-based violence and promoted women’s economic empowerment.  There also needed to be increased cooperation between the legislative branch, the executive and civil society.  The delegation would faithfully reflect on both the State’s progress and the challenges remaining regarding the implementation of the Convention.

    ANDREA MUÑOZ SÁNCHEZ, Minister of the Supreme Court of Chile, said Chile’s understanding of the need to increase women’s access to justice had improved over the reporting period, and legal instruments and rulings reflected this.  The Supreme Court of Justice had a technical secretariat on gender equality and a gender equality policy.  There had been rulings regarding cases of violence against women that dealt with abandonment and recognition of non-typical cases of violence, including the use of legitimate use of self-defence by women.  There had also been rulings on the rights of women deprived of liberty and rulings recognising non-binary gender, and alternatives to detention had been issued for pregnant women.  The judiciary had also implemented many measures to eradicate sexual harassment in the workplace.

    Statement by the National Human Rights Institute

    CONSUELO CONTRERAS LARGO, National Director, National Human Rights Institute of Chile, said Chile’s statistics on violence against women were not disaggregated based on ethnicity, location, age, disability, sexual orientation and migrant status; this needed to be done.  It was worrying that amendments to the conjugal partnership law and the anti-discrimination law had not progressed.  The gap in representation between men and women continued to be wide, especially in mayoral offices and in the Senate, where women made up only 17 per cent and 24 per cent of representatives, respectively.  There was no gender quota in municipal elections, and for parliamentary elections, the quota would be in force only until 2029. 

    Difficulties in reporting violence and accessing care for minority women were concerning. There was a low number of personnel responsible for investigating trafficking in persons in the investigative police.  It was also worrying that only 15 universities offered training in gender violence, women’s rights, and gender perspective, and there was no discussion in Congress about comprehensive sex education in the school curriculum. 

    Gaps in wages and employability of men and women remained, while unemployment rates continued to be higher in women than in men.  The Institute was also concerned about barriers that hindered the provision of access to voluntary termination of pregnancy, including training and conscientious objection, and about the situation of pregnant women and women with children in prisons and the lack of progress on the bill prohibiting pretrial detention for such women.  The Institute was concerned about the lack of cultural relevance of policies for the prevention of violence against indigenous women.

    Questions by a Committee Expert

    MARION BETHEL, Committee Expert and Rapporteur for Chile, said that the Committee welcomed the efforts by the State party to disseminate the Convention and the ratification of the Optional Protocol in 2020.  Capacity-building efforts had reached over 46,000 public servants.  Had the State party established a permanent accountability mechanism regarding the Convention?  Was the Convention promoted in rural areas and had it been translated into indigenous languages? 

    The recent reform of the Constitution was a unique opportunity to advance gender equality and incorporate comprehensive protections for women’s rights.  However, this process had faced challenges.  What steps had been taken to anchor women’s rights in the Constitution? The Committee was concerned about discrimination targeting indigenous women and women of African descent.  What steps had been taken to amend the law on discrimination in line with the Convention?  How many cases had been tried under the law and what reparation had been provided to minority women?  What steps had been taken to address the law’s inadequacies?

    The availability of legal assistance for minority women remained insufficient.  How was the State party addressing this?  What training was being provided on gender equality and support for women for members of the judiciary?  Did training provided for the police and prison service improve access to justice for indigenous women, and how was gender mainstreaming being incorporated in the judiciary?

    Ms. Bethel welcomed that the Convention had been invoked in court rulings.  The State party needed to collect disaggregated data to inform public policy on gender.  What had been the impact of the work of the Intersectoral Working Group on the Rights of Indigenous Women?

    Responses by the Delegation

    The delegation said Chile was committed to addressing gaps in monitoring the implementation of the Convention. The State party was making use of the “SEMORE” system, which collected data on the implementation of human rights treaties.  A mechanism had opened that allowed civil society to monitor the implementation of the Convention and a gender budgeting system would soon be implemented.

    More than 33,000 public servants had received training on gender equality.  The State was collaborating with the local office of the United Nations High Commissioner for Human Rights to strengthen training on the Convention for public officials.  Between 2022 and 2024, around 7,500 members of the judiciary took courses on gender issues and more than 900 members of the investigative police had also received such training.  From this year, all criminal and family judges were required to undergo mandatory training on violence against women, and prosecutors also underwent training on the Convention.

    The judiciary provided defence for all individuals.  There were specialised defenders for indigenous women and intercultural communicators who supported these women.  A bill to reform the Anti-Discrimination Act addressed shortcomings in the legislation and the need to compensate victims; this bill had been rejected, but work was underway to reform it so that it could be passed.

    The Government was working to establish institutions, roadmaps and training programmes to promote the rights of indigenous women.  The judiciary had a handbook of good practices related to gender, and a repository of judgements related to gender had been published.  More than 11,000 judgements had referenced the Convention, including 8,000 judgements by family courts.

    The Sub-Commission on Gender Statistics had established a standard on statistics on gender identity.  Upcoming surveys on gender-based violence would cover rural areas.  The new national census would include questions on gender identity, ethnicity and other characteristics.

    Questions by Committee Experts 

    A Committee Expert congratulated the State party on the creation of the Ministry for Women and Gender Equity. What percentage of the national budget had been devoted to gender institutions in the last three years? How did the State party ensure compliance by public officials with the Convention?  What was the mandate of the National Service for Women and Gender Equity? How was the Women’s Ministry empowered to influence other ministries, institutions and the media?

    The fourth national action plan on equality between men and women was commendable.  What budget had been attached to the plan and what achievements had it made?  Were issues concerning disadvantaged women integrated into national priorities? What measures were in place to monitor the implementation of the plan?

    MARION BETHEL, Committee Expert and Rapporteur for Chile, commended the State party for its use of temporary special measures in promoting the representation of women in political bodies.  There was an absence of temporary special measures to promote the rights of disadvantaged women in other areas, however.  What groups of women had been targeted by temporary special measures and what steps had been taken to guarantee women’s rights in the economic recovery plan?  How were temporary special measures being used to address gender stereotypes and promote women’s access to employment?

    Responses by the Delegation

    The delegation said the National Service for Women and Gender Equity promoted gender equality and women’s empowerment in various areas.  The budget for the Service had been increased in recent years, and its programme to combat violence had been strengthened.  Its activities reached more than 150,000 women, preventing violence and promoting women’s political participation.

    Almost 46,000 members of the police service had received training on human rights and gender, including over 500 directors of the police force.  The share of women applying for posts within the police had increased to 40 per cent. 

    The Women’s Ministry had participated in drafting the post-pandemic economic recovery plan in 2022, incorporating gender perspectives into the plan.  The rate of female integration in the workforce had increased by two per cent since the implementation of the plan.  Subsidies were provided to employed women to access childcare, and structures providing care for the elderly had been strengthened to alleviate women’s care burden.  The childcare system had been reformed to increase access for marginalised women.

    The labour inclusion law had helped to double the number of women with disabilities who had access to the labour market.  There was currently a record number of women in construction in Chile.

    Questions by Committee Experts 

    MARION BETHEL, Committee Expert and Rapporteur for Chile, said there was a lack of temporary special measures for indigenous women, lesbian, bisexual, transgender and intersex women, and other disadvantaged women.  Was the State party working to create these?

    ANA PELÁEZ NARVÁEZ, Committee Chair, asked how the State party ensured access to justice for vulnerable women.  Could indigenous women use their own languages in court?  What measures were in place to protect girls in the justice system?  How did the State ensure access to its national surveys for indigenous women, girls and women with disabilities? 

    Responses by the Delegation

    The delegation said the Government was drafting a law on access to justice for gender-based crimes.  The judiciary had training programmes on gender and sexual diversity and there had been an inclusion protocol developed for the lesbian, gay, bisexual, transgender and intersex community.

    The Government was working to ensure access to social programmes for marginalised groups of the population. Community care centres had been set up in rural areas to support the care burden for indigenous peoples. Information on sexual and reproductive rights was being provided to indigenous women in different indigenous languages and in Braille.  The national census was made available in the main three indigenous languages.  A law had been passed to recognise Chilean people of African descent, and the Ministry of Women had a body working to promote the rights of women of African descent.

    Questions by Committee Experts 

    A Committee Expert welcomed that Chile’s domestic legislation needed to be interpreted in line with the international human rights treaties ratified by Chile, and commended the State party’s efforts to address historical wrongs against women.  How was the State party advancing space exploration led by women and addressing the threats posed to women by autonomous weapons systems?  How would the State party incorporate women peacebuilders within its national action plan on women, peace and security?

    Technology-assisted violence disproportionately affected women.  How was the State party addressing algorithmic biases against women in artificial intelligence models?  The State had impressive laws on violence against women and femicide.  What was the reparation regime for femicide?  How did the State party monitor the implementation of the law on workplace harassment and prevent reprisals against women who reported it?  The State party needed to immediately promulgate the law on consent for sexual relations.  Was the monitoring mechanism for discrimination against HIV-positive people still in place?  Did the media law prohibit gender stereotyping? 

    Trafficking remained a problem in Chile. There were around 20,000 illegal adoptions; the stealing of children was reportedly a lucrative business for criminal groups.  Children in child protection centres were at risk of trafficking.  What reparations had been provided for victims of illegal adoptions?  What measures were in place to support women and children who were at risk of trafficking?

    ANA PELÁEZ NARVÁEZ, Committee Chair, congratulated the State party on implementing the ruling of the Inter-American Court of Human Rights regarding reparation for the forced sterilisation of a woman.  Was forced sterilisation of women with disabilities common?  When would the State party criminalise this practice? How was the State party ensuring protection for girls who were wards of the State from institutional violence?

    Responses by the Delegation

    The delegation said women were included in Chile’s armed forces.  The Commission of Peace and Understanding between the State and the Mapuche people, which included Mapuche women, was striving to achieve peace and an end to conflict with the Mapuche.  Chile had had a feminist foreign policy since 2022, and a gender lens was incorporated into foreign aid activities.  Chile was focusing on including women in international peace negotiations, such as negotiations with Colombia.  The State party had included a gender dimension in the regulation of autonomous weapons and in disarmament efforts.

    There were differing opinions on the effectiveness of establishing a law on consent for sexual relations; negotiation on this act was ongoing.  Laws had been implemented that increased penalties for obstetric violence and the non-consensual dissemination of pornographic material.  The new comprehensive law on violence against women addressed obstetric violence.  Courts were providing compensation for moral harm caused by obstetric violence and failed sterilisation procedures requested by women.

    Chile was promoting the inclusion of women in science, technology, engineering and maths careers and there had been an increase in women taking up these careers.  The State party had passed a law that promoted the inclusion of women in the mining sector.

    The State had a new procedure for assessing international adoptions and was supporting investigations into the kidnapping of children.  One individual who had been kidnapped had been identified and reunited with their family. The State party was working to establish a genetic database to help reunite families and victims.

    Chile had not received complaints related to the forced sterilisation of persons with disabilities.  It had recently adopted a law that required free, prior and informed consent for sterilisation procedures.  The State party had created a special body monitoring girls, boys and adolescents who were wards of the State.  Protection measures were implemented as a last resort.

    Questions by Committee Experts 

    A Committee Expert commended the State party’s commitment to female diplomacy and representation in all decision-making arena.  Would the State party implement quotas for 50 per cent representation of women at all levels of government?  The Expert welcomed the definition of “political violence” against women in the State’s legislation.  Was there a system for implementing this legislation?  What measures were in place to promote gender parity in the private sector? Was there a system to assess the environmental and gender impacts of foreign policies?

    Another Committee Expert welcomed efforts to address statelessness, including the implementation of the Statelessness Convention and the granting of Chilean nationality to all people born on Chilean territory.  Many children were born on migratory routes in Chile, increasing their risk of statelessness.  How was the State party working to register the births of migrant children?  Could it provide statistics in this regard?  How was the State party promoting access to refugee status determination procedures?

    Responses by the Delegation

    The delegation said Chile’s feminist foreign policy included measures promoting the representation of women in the foreign service.  Around 24 per cent of Chile’s ambassadors were female, up from around 12 per cent in 2022.  The State was approaching gender parity in its diplomatic corps.  All Chile’s trade agreements had specific chapters on women. Chile had won a prize from the World Trade Organization for promoting gender equality through trade.

    There had been a rise in female participation in the Congress.  Quotas had been established for electoral lists.  Women were currently heading 13 different ministries, including ministries typically led by men.  Quotas were also being implemented in the regional elections that were currently underway.  A tool had been developed to support women wishing to run for election.  The Government had recognised political violence as a form of discrimination.  The Electoral Service was developing clear standards on this form of violence.

    Currently, all children born on migratory routes had access to Chilean nationality.  The State project on statelessness had allowed for the provision of nationality to around 100 children.  The law on immigration respected the best interests of the child. A draft law had been developed to provide nationality to children who did not have identity documents.  The State party worked to prevent refoulement of migrants.

    Questions by Committee Experts 

    A Committee Expert commended the educational reforms implemented by the State party.  What strategy did the State party have to prevent the dissemination of gender stereotypes in education?  What redress systems were in place for victims of discrimination within education? What monitoring was in place to ensure that the language policy empowered and did not stigmatise indigenous children?  What temporary special measures were in place to promote access to education for minority girls? 

    Had the State party developed disability-friendly learning environments and promoted inclusive education?  What was the rate of return for girls who left the education system early?  How did the State party’s science, technology, engineering and maths education programme address structural barriers to women accessing careers in this field?  The reproductive health education programme started in the second education cycle and was not compulsory.  Would the State party make the programme compulsory, continuing and age appropriate?

    Another Committee Expert commended the State party’s gender parity initiative, the law to reduce the maximum weekly working hours, and the law to implement International Labour Organization Convention 190.  The gender pay gap persisted in the State party.  What measures would the State party take to address the gap, particularly in higher paying positions?  The labour participation rate for women was 48.1 per cent in 2021.  What measures were in place to increase the rate and eliminate horizontal and vertical discrimination against women in the workplace? How was the State party promoting women’s participation in the digital economy, and the employment of marginalised women?  How were self-employed women and domestic workers supported to access State benefits? What efforts had been made to promote the equal sharing of household responsibilities between men and women? Could data on this be provided?

    Responses by the Delegation

    The delegation said Chile had developed a draft bill on schooling that addressed discrimination within the educational community.  The bill was currently being assessed by Congress.  National days on non-sexist education had been held; over 450,000 children and parents had participated.  The admission system for higher education had been amended to support women’s access.  Textbooks had been updated to remove gender stereotypes.  The Government was also working to discourage violence in educational settings.  There were seven possible programmes for sex education, and schools could choose which programme they provided.  The State party planned to develop a bill that would improve the quality of sex education.  Educational institutions were being provided with guidance to implement inclusive education for children with disabilities.

    Between 2022 and 2024, women’s wages had increased by six per cent, and employment rates for women had returned to pre-pandemic levels.  The gender wage gap had decreased from 25 per cent in 2022 to 23 per cent in 2023. Most trade unions had greater participation of women than men.  Regulations had been implemented that allowed for shorter working hours for workers with children.  The number of days that parents could have off when their children were sick had been increased from 15 to 30.  Chile’s legislation established the joint responsibility of parents in caring for their children.  A programme had been developed to provide care for children in rural areas during holiday periods to allow their mothers to continue working.  This programme was now being expanded.

    Questions by Committee Experts 

    A Committee Expert said learners with auditory disabilities had complained that digital education portals were not accessible for them.  Had the State addressed this issue?  Each of the seven possible sexual health education programmes needed to be compliant with the Convention.  How many educational institutions had been fined for discrimination against girls?

    Another Committee Expert commended the State party’s initiative to decriminalise abortion on all grounds. The Committee was concerned by the high rates of teenage pregnancy and sexual abuse of teenage girls.  What was being done to prevent early pregnancies, sexual abuse of girls, and delays in processing of abortion requests?  Around 42 per cent of obstetric practitioners were conscientious objectors to abortion.  In rural areas, there were no alternatives if local doctors were conscientious objectors.  How was the State party addressing this?  Many women had experienced obstetric violence.  What support was the State party providing to ensure access to reparation for such violence?

    One Committee Expert commended the State’s pension and labour law reform.  Women’s unpaid working hours exceeded those of men by a large margin. Almost half of households were headed by women, many of which were impoverished.  There was a pay gap regarding pension payments for retirees. How was the State party preventing the widening of the gender wage gap and working to reduce the representation of women in the informal sector?  How would the State party correct the gender inequalities in the pension system and compensate women for unpaid care work?  Over 40 per cent of companies did not have women on their boards; how was this being addressed?

    What measures were in place to promote women and girls’ access to cultural and sporting activities, and to address discrimination against women in sports?

    Responses by the Delegation

    The delegation said Chile had seen a downward trend in teenage pregnancies since 2016, influenced by the free distribution of contraception.  To prevent the underground use of misoprostol, the State party was developing legislation that decriminalised abortion.  Under 10 per cent of health providers had conscientious objectors to abortions.  The State party supported the referral of persons seeking abortions to alternative abortion providers in cases of conscientious objection.  Conscientious objectors were required to provide abortions if there was a risk to the life of the mother.  Chile had amended legislation to require healthcare institutions to provide patients with information on their abortion rights in various languages.  Around 70 per cent of girls under 14 who requested abortions did so on the grounds of rape.  An early referrals programme had been developed to speed up their access to abortions.  Most family court cases concerning abortions for minors who had been raped were decided within two days.

    Coverage of the pension system had reached 80 per cent, increasing greatly in recent years.  The State party was implementing reforms to close the gender pension gap.  It had drafted a law towards this aim that was currently in its second reading.  A national survey was being carried out that assessed the distribution of domestic work responsibilities.  It would inform future support policies.

    Questions by Committee Experts 

    A Committee Expert asked if the State party had considered mechanisms to prevent backstreet abortions.  What support did the State provide to girls who underwent abortions?

    Another Committee Expert asked if girls aged 16 and over could access abortions in cases of rape.

    One Committee Expert asked about measures to support women entrepreneurs’ access to loans and credit.

    A Committee Expert asked about steps that had been taken to develop an action plan on rural women and girls that addressed their access to services and land.  Chile was the only country in Latin America that did not recognise indigenous peoples in its Constitution.  Would the State party establish a ministry of indigenous affairs, as the Committee had previously recommended? What measures were in place to guarantee the right to tenure and ownership of land for indigenous women? Women of African descent were not visible in the State party due to a lack of data. Not all women of African descent were recognised by the State party in its legislation; how would this be addressed?

    Another Committee Expert commended reforms that raised the minimum age of marriage to 18 without exception.  De facto early unions were still being carried out in Chile.  What measures were in place to identify such unions and to support their dissolution, particularly in rural areas?  How was the State party promoting access to adoption for same-sex couples?  What was the status of efforts to amend the marital regime and to educate the population in this regard?  How effectively were temporary protective measures implemented to protect women and children in cases of family violence?

    Responses by the Delegation

    The delegation said Chile planned to collect more data on people of African descent through its 2025 census. The Ministry of Women and Equity had implemented measures to support access to land tenure for indigenous peoples. There had yet to be progress on the draft law establishing a ministry of indigenous affairs; the Government would devote further efforts toward this aim.

    A national roundtable had been set up to support rural and indigenous women.  The roundtable had developed a programme to support access to water for these women.  There was also a programme supporting the development of rural and indigenous women as leaders.

    Amendments to the adoption law had been discussed for over 10 years.  The Government was working to establish a law that allowed for the adoption of children by same-sex couples.  Custody of children was not granted to violent parents.  Recent legislative reform defined children who experienced domestic violence as victims.  The State party was working to reform the marital property regime to increase women’s access to property in cases of divorce.

    Questions by Committee Experts 

    A Committee Expert said extractive industry activities had affected access to water in rural areas.  Would the State party strengthen environmental regulations to ensure that agribusiness activities did not negatively affect rural and indigenous women?  What steps had been taken to hold persons responsible for human rights violations occurring in the context of the 2019 protests?

    Another Committee Expert noted that a case had been brought before the Supreme Court in 2021 by two women regarding the shutting down of a power plant in Huasco.  What measures were in place to protect women in Huasco from pollution from power plants?

    Responses by the Delegation

    The delegation said a plan was being developed to gradually close power plants in Huasco and to provide reparations to persons who had been affected by pollution from these plants.  A draft bill had been put forward to address the loss of rural ecosystems caused by the activities of extractive industries.  A climate change adaption plan was also in place.

    Around 50 complaints had been brought against civil servants related to their actions in response to the 2019 protests, some of which had led to prosecutions.  Five of these cases involved female victims. 

    Concluding Remarks

    ANTONIA ORELLANA GUARELLO, Minister of Women and Gender Equity of Chile and head of the delegation, said the dialogue had been constructive.  The Committee’s inputs had been and would continue to be vital for the State party.  Chile was committed to implementing the rights of women in all their diversity. The State party had made progress but acknowledged that gaps remained.  The Committee’s recommendations would help the State party to move forward.  Chile would work to collect disaggregated data on women, achieve gender parity at all levels, increase access to abortion, promote the rights of older women and reform the pension system, and improve the situation of women deprived of liberty.

    ANA PELÁEZ NARVÁEZ, Committee Chair, said that the dialogue had helped the Committee to better understand the situation of women and girls in Chile.  It would develop recommendations based on the dialogue to strengthen the implementation of the Convention for the benefit of all women and girls in Chile.

    ___________

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    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CEDAW24.028E

    MIL OSI United Nations News

  • MIL-OSI Asia-Pac: Shri Dharmendra Pradhan announces 3 Centres of Excellence in AI in Healthcare, Agriculture and Sustainable Cities

    Source: Government of India

    Shri Dharmendra Pradhan announces 3 Centres of Excellence in AI in Healthcare, Agriculture and Sustainable Cities

    AI-CoEs are going to be solution-providers of the world – Shri Dharmendra Pradhan

    AI-CoEs will create new generation of job creators and wealth creators and establish new paradigms of global public good – Shri Dharmendra Pradhan

    Government approved Rs. 990.00 Crore for creation of three AI-CoEs

    Posted On: 15 OCT 2024 4:35PM by PIB Delhi

    Union Minister for Education, Shri Dharmendra Pradhan, announced the establishment of three AI Centres of Excellence (CoE) focused on Healthcare, Agriculture, and Sustainable Cities in New Delhi today. Secretary, Department of Higher Education, Shri K. Sanjay Murthy; Co-chair of the Apex Committee and Founder and CEO of Zoho Corporation, Shri Sridhar Vembu; Chairman of the National Educational Technology Forum, Prof. Anil Sahasrabudhe; MD, PeakXV Partners and Surge, Shri Rajan Anandan; CEO, Khosla Labs, Shri Srikanth Nadhamuni; Head, Cropin AI Labs, Dr. Praveen Pankajakshan; senior officials from various ministries of the Government of India, Directors of IITs, Heads of higher educational institutions (HEIs), industry leaders, and start-up founders were also present at the event. Shri Pradhan presented a sapling and a Plaque to the representatives of AIIMS and IIT Delhi, IIT Ropar, and IIT Kanpur, which will lead the CoEs, for their commitments and support. Respective Apex Committee members of the AI-CoE Healthcare, Agriculture and Sustainable Cities explained the scope and extent of the projects.

     

    While speaking at the event, Shri Dharmendra Pradhan hoped that the three AI-CoEs would emerge as temples of global public good. With the unveiling of the Centres, significant strides have been taken to strengthen Bharat’s credentials in the global AI landscape, he added. Shri Pradhan also said that with the talent and zeal that Bharat is blessed with, in the times ahead, these CoEs will be a key element of global public policy and also emerge as solution providers of the world.

    He complimented the apex committee led by Shri Sridhar Vembu for their meticulous and sincere efforts towards the implementation of these COEs in AI in the top academic institutions of the country. Expressing his gratitude to Prime Minister Shri Narendra Modi for his vision to establish India as a global hub of AI, he added that these CoEs in AI will give further impetus to the start-up ecosystem in the country, help create a new generation of job and wealth creators, and establish new paradigms of global public good.

    Shri K. Sanjay Murthy, in his address highlighted that these CoEs are not just institution-based but are designed to serve the entire country. Stressing the importance of interdisciplinary research, he mentioned that with the right kind of collaboration among like-minded resources, optimum results can be achieved. He noted that the competitive-based challenge methods developed in educational institutions have ensured progress toward resolving common problems. He also expressed his gratitude to Shri Dharmendra Pradhan for his leadership and vision in bringing the entire project to fruition.

    Dr. Sridhar Vembu, in his address, highlighted how these projects will holistically benefit the health of villages, cities, and the people of the country. He emphasized the importance of nurturing the country’s talent pool to ensure its members flourish and serve the nation in the coming 10 to 20 years. He added that the CoEs will bootstrap numerous efforts, create companies, nurture talent, and generate opportunities for our talent pool.

    The genesis, implementation and insights into development so far in the AI-CoE was presented by Smt. Saumya Gupta Joint Secretary, Department of Higher Education, Ministry of Education. A short film on the theme, Make AI in India and Make Al work for India, was also shown during the event.

    To realize the vision of “Viksit Bharat,” these three CoEs for Artificial Intelligence (AI) will be led by top educational institutions, in consortium with industry partners and startups. They will conduct interdisciplinary research, develop cutting-edge applications, and create scalable solutions in these three areas. This initiative aims to galvanize an effective AI ecosystem and nurture quality human resources in these critical fields.

    As part of the vision to “Make AI in India and Make AI work for India,” the establishment of these centres was announced under Para 60 of the Budget Announcement for 2023-24. In alignment with this, the Government has approved the creation of the three AI Centres of Excellence, with a total financial outlay of Rs. 990.00 Crore over the period of FY 2023-24 to FY 2027-28.

    To oversee the implementation of this initiative, an industry heavy Apex Committee has been constituted, co-chaired by Dr. Sridhar Vembu.

    *****

    MV/AK

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Finance Minister Smt. Nirmala Sitharaman to leave tonight for an official visit to Mexico and USA from 17th to 26th October 2024

    Source: Government of India

    Union Finance Minister Smt. Nirmala Sitharaman to leave tonight for an official visit to Mexico and USA from 17th to 26th October 2024

    Union Finance Minister to attend Annual Meetings of the IMF-World Bank

    FM will also take part in  G20 Finance Ministers & Central Bank Governors meetings besides bilateral meetings with many countries and organisations

    Smt. Sitharaman will engage in multilateral discussions on multiple fora and also showcase India’s attractiveness as an investment destination

    Posted On: 15 OCT 2024 5:38PM by PIB Delhi

    Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman will embark on a visit to Mexico and USA on an official visit beginning 16th October, 2024.

    During the official leg of her maiden visit to Mexico from 17th to 20th October 2024, the Union Finance Minister will lead an Indian delegation of officials from the Ministry of Finance, underscoring a positive trajectory of growing bilateral economic and trade relations between the two countries.

    Beginning her visit in Guadalajara, Union Finance Minister Smt. Sitharaman will chair the Tech Leaders Roundtable that will bring together global technology leaders, including the major Indian IT giants present in Guadalajara. Later, Smt. Sitharaman will also visit the TCS headquarters in Guadalajara — a significant contributor to the Mexican IT ecosystem and known as the ‘Silicon Valley’ of Mexico with a significant presence of major global IT and tech companies. 

    Smt. Sitharaman will also hold a bilateral meeting with her counterpart H.E. Mr. Rogelio Ramirez de la O, Minister of Finance and Public Credit of Mexico. Besides, the Union Finance Minister will also hold discussions with several members of the Mexican Parliament to strengthen parliamentary cooperation and foster economic development.

    In Mexico City, Smt. Sitharaman will deliver a keynote address at the India-Mexico Trade and Investment Summit with participation from key industry captains from both the countries. Separately, Smt. Sitharaman will also engage with leading business figures and industry representatives from Mexico. These meetings with leading business leaders and investors are aimed at highlighting India’s policy priorities, and deliberate on measures to facilitate foreign investment by showcasing India’s attractiveness as an investment destination.

    In the last leg of her maiden visit to Mexico, the Union Finance Minister will participate in a community event, being hosted by the Indian diaspora.

    During the official leg of her visit to the USA from 20th to 26th Oct. 2024, Smt. Sitharaman will participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the 4th G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, besides the G20 Joint Meeting of FMCBGs, Environment Ministers, and Foreign Ministers; and G7 – Africa Ministerial Roundtable.

    In the course of her two-city visit to New York City and Washington D.C., the Union Finance Minister will participate in the Pension Funds Roundtable at New York Stock Exchange; interact with students and faculty at the Wharton School, University of Pennsylvania, and also at the Columbia University; and the Global Sovereign Debt Roundtable (GSDR) and take part in discussions organised by the Coalition for Disaster Resilient Infrastructure (CDRI) and Centre for Strategic and International Studies (CSIS) respectively.

    The Union Finance Minister will take part in bilateral meetings with several countries, including United Kingdom, Switzerland, and Germany, besides holding one-on-one meetings with heads of World Bank (WB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), and CEOs of banking and financial institutions.

    In a high-level event, the Union Finance Minister will participate in a World Bank Group discussion ‘From Idea to Implementation: New Financial Solutions to Accelerate Development’.

    The Union Finance Minister will also share her thoughts during a discussion on Bretton Woods Institutions (BWI) with other panelists, Mr. Lawrence H. Summers; Mr. Carlos Cuerpo, Minister of Economy, Trade and Business, Spain; and Ms. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, Egypt. The event is organised by the Centre for Global Development (CGD).

    ****

    NB/KMN

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Shri Piyush Goyal launches District Master Plan under PM GatiShakti for 27 aspirational districts

    Source: Government of India

    Shri Piyush Goyal launches District Master Plan under PM GatiShakti for 27 aspirational districts

    Shri Piyush Goyal launches ‘Guidelines for Preparing City Logistics Plans for Indian Cities’ to help cities tailor logistics planning

    PM GatiShakti a Super Intelligence tool for infrastructure planning: Shri Goyal

    PM GatiShakti model will be utilised by the world for infra planning in future: Shri Goyal

    Shri Goyal hails the vision of Prime Minister Shri Narendra Modi in conceptualizing Gatishakti as CM of Gujarat in 2003

    Posted On: 15 OCT 2024 6:34PM by PIB Delhi

    Union Minister of Commerce & Industry, Shri Piyush Goyal today launched the district version of PM GatiShakti National Master Plan for 27 aspirational districts in the country on the occasion of completion of 3 years of PM GatiShakti. Speaking on the occasion, Shri Goyal said that Gatishakti is a Super Intellegent tool for infrastructure planning and that the District Master Plan will be expanded to cover more than 750 districts across the country in the next 18 months. Shri Goyal also launched the ‘Guidelines for Preparing City Logistics Plans for Indian Cities’ to help cities tailor their logistics planning to meet its unique vision, objectives, and local characteristics.

    In his address, Shri Goyal said that the National Master Plan is a faster, better, efficient, more cost effective and high quality tool for India to foray into world class infrastructure. He said that speed and strength today are the defining feature of India as the country is recognised worldwide for modern high quality infrastructure delivered on time, planned for future and implemented with efficiency. He said that the tool will be utilised by the world for their infrastructure planning in the future.

    The Minister emphasised that adoption of geospatial and other cutting-edge technologies in the PM GatiShakti Master Plan marks a significant stride towards revolutionising connectivity landscape. Every data in PM GatiShakti is validated, double-checked and a mechanism has been introduced for periodic updation of the data, he said. Applauding the BISAG-N team for developing the master tool, Shri Goyal called PM GatiShakti a superior intelligence and stressed that the GIS enabled platform will help save significant budget for the government and plan to build infrastructure with more efficiency due to its data backed decision making process.

    Shri Goyal added that PM GatiShakti has become the fulcrum around which infrastructure outreach programmes are going from strength to strength. He emphasised that PM GatiShakti has been instrumental in enabling a multiplier effect on the economy and helping India become one of the largest fast growing economies. Shri Goyal noting Prime Minister Shri Narendra Modi’s vision in seeding the idea of spatial technologies 20 years ago, added that the interplay between geo and spatial was recognised by PM Modi and translated into reality in Gujarat.

    The Minister further stated that PM Modi has expanded the ambit of PM GatiShakti to social infrastructure to map power distribution lines, schools, hospitals and others using the ‘Area Development Approach’ initiative. While we are planning for outcomes for physical infrastructure, can we also plan for social infrastructure, for ease of living. PM GatiShakti is progressing now to merge ease of doing business and ease of living because they are synonymous to each other, he said.

    DPIIT had organized a full day meeting today of stakeholders of Gatishakti platform from Central and State Governments to review the performance of the platform and to brainstorm on ways to make it even more useful for central and state level infrastructure planners.

    ***

    AD/VN/AM

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India and Colombia sign Audio-Visual Co-Production Agreement to boost film co-production and cultural ties

    Source: Government of India (2)

    Posted On: 15 OCT 2024 7:18PM by PIB Delhi

    India and Columbia have signed the Audio-Visual Co-Production Agreement which will enable Indian and Colombian film producers to utilize a platform for collaboration on various facets of film making. The agreement is expected to deepen the engagement between the critical sectors of the film industries of both countries thereby, unfolding a new chapter of collaboration. The agreement was signed by the Honourable Minister of State for Information & Broadcasting Dr. L. Murugan and His Excellency Mr. Jorge Enrique Rojas Rodriguez, Vice Minister of Foreign Affairs of the Republic of Colombia to India.

    Colombia – 17th Country to sign Audio Visual co-production Agreement with India

    The agreement between India and Columbia is expected to benefit producers from both the countries in pooling their creative, artistic, technical, financial and marketing resources for the co-production. It will also lead to exchange of art and culture and create goodwill among the people of both the countries thereby boosting cultural ties.

    The agreement will also provide an opportunity to create and showcase India’s ‘Soft Power’ and lead to employment generation among artistic, technical and non-technical human resources engaged in film production including post-production and marketing.

    The Minister of State for Information and Broadcasting Dr L Murugan, highlighted the strengthening cultural and cooperative ties between India and Colombia. Speaking on the long-standing relationship, the Minister emphasized India’s diverse and multi-dimensional collaboration with Colombia.

    “India has enjoyed a rich cultural exchange with Colombia over the years. We have cooperation in various fields, including science and technology, defence, IIT, health, and culture. The Government of India acknowledges the importance of co-production agreements, a significant step towards fostering international partnerships. Our first co-production agreement was a landmark moment, and we have consistently built on that foundation,” said the Minister.

    The agreement is expected to boost the utilization of Indian locales for shooting. It will increase the visibility/prospects of India as a preferred film shooting destination across the globe and will lead to the inflow of foreign exchange into the country. The agreement will also lead to the transparent funding of Film Production and will boost export of Indian Films into the Columbian Market.

    Audio-visual co-production agreements with various countries

    Earlier, the Government of India had signed similar agreements with the Government of Italian Republic and Government of United Kingdom of Great Britain and Northern Ireland in 2005, Federal Republic of Germany in 2007, Government of the Federative Republic of Brazil in 2007, Republic of France in 2010, Republic of New Zealand in 2011, Republic of Poland and Republic of Spain in 2012.  More recent agreements were signed with Canada and China in 2014, Republic of Korea in 2015, Bangladesh in 2016, Portugal in 2017, Israel in 2018, Russia in 2019 and Australia in 2023.

    Agreements unlock Government financial aid and support

    The Co-production agreements signed so far seek to achieve economic, cultural and diplomatic goals. For filmmakers, the key attraction of a treaty co-production is that it qualifies as a national production in each of the partner nations and can avail benefits that are available to the local film and television industry in each country. Benefits accruing from such agreements include government financial assistance, tax concessions and inclusion in domestic television broadcast quotas.

    Enhanced financial support for official co productions and foreign productions in India

    India has increased the incentives for film production in India including for coproductions 12 times with the maximum incentive possible being 300 Million Rupees. The incentives scheme for official co-productions offers reimbursement of up to 30% of costs incurred in India, with a maximum of ₹300 Million. Services undertaken in India for Foreign Productions can claim an additional bonus of 5% for showcasing Significant Indian Content subject to a maximum of INR 300 Million. A further 5% can be claimed for employing 15% or more Indian manpower raising the reimbursement to 40% of the expenses.

    Speaking on the occasion, the Secretary, Ministry of Information and Broadcasting, announced about India’s upcoming role as a global platform for the best in cinema, media, and entertainment. “Starting from the 20th of November, India will be hosting the International Film Festival of India (IFFI) in Goa which will showcase the best cinema from across the world and within India. ” said the Secretary.

    The Secretary also highlighted that in February 2025, India will also be hosting the much-anticipated World Audio Visual & Entertainment Summit (WAVES) which will witness the convergence of traditional broadcasting, films, and new forms of media and entertainment, marking a pivotal moment in the future of the industry.

    Participants from Ministry of Information and Broadcasting, Government of India –

    I.          Dr. L. Murugan, Hon’ble Minister of State for Information & Broadcasting

    II.        Shri Sanjay Jaju, Secretary (I&B)

    III.       Ms. Neerja Shekhar, Additional Secretary(I&B)

    IV.       Ms. Vrunda Manohar Desai, Joint Secretary (Films)

    V.        Ms. Shilpa Rao Tanugula, Director, (IIS, IIMC, CRS)

    Participants from Republic of Colombia

    I.          H.E. Mr. Jorge Enrique Rojas Rodríguez, Vice Minister of Foreign Affairs of the Republic of Colombia (Head of Delegation)

    II.        H.E. Dr. Victor H. Echeverri Jaramillo, Ambassador of the Republic of Colombia to India

    III.       Mr. Juan Carlos Rojas, Deputy Chief of Mission, Embassy of Colombia to India

    IV.       Ms. Laura Montejo Espitia, First Secretary, Ministry of Foreign Affairs of Colombia

    V.        Ms. Alejandra María Rodríguez, Second Secretary, Embassy of Colombia to India

    VI.       Mrs. Minni Sawhney, Resource person.

    *****

    Dharmendra Tiwari/Kshitij Singha

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    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Answer to a written question – Does the Commission buy positive reporting? Questions on transparency with regard to media spending – E-001377/2024(ASW)

    Source: European Parliament

    The Commission strives to bring the EU closer to its citizens by informing and engaging them on the role of the EU and EU policies and initiatives, or how EU citizens can make the best of their rights in the EU. To achieve this, it uses a wide range of communication tools. These include public communication campaigns and advertising.

    As part of specific communication actions, the Commission also engages with content creators by providing them with information on EU topics and organising study visits to the EU institutions.

    The Commission’s communication actions involving advertising or work with social media influencers are carried out in full transparency and respect the editorial independence of the media.

    When running advertising campaigns, the Commission adheres to applicable national legislation and uses the transparency tools provided by each media and social media platforms, such as transparency labels and notices.

    As regards political advertising, Regulation (EU) 2024/900 on the transparency and targeting of political advertising[1] sets, among others, new rules on labelling and transparency notices, including to provide information about the sponsor of the political advertising, the amounts spent and their sources, which will enter fully into application from October 2025.

    The Commission provides financing in the limit of the authorised appropriations for this purpose in accordance with the rules under the Financial Regulation[2].

    In the period 2021-2023, the Commission had an annual budget of EUR 30 million used to finance EU-wide corporate communication campaigns, including advertising in media outlets. Recipients of EU funds of EUR 15 000 and above are listed in the Financial Transparency System[3].

    • [1] https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX:32024R0900
    • [2] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32018R1046
    • [3] https://ec.europa.eu/budget/financial-transparency-system/index.html

    MIL OSI Europe News

  • MIL-OSI New Zealand: Welfare traffic light system off to good start

    Source: New Zealand Government

    Data from the first full calendar month of the Government’s welfare traffic light system shows more beneficiaries are doing what is required of them, Social Development and Employment Minister Louise Upston says.

    A total of 331,530 people were in the system at the end of September due to having work-related or social obligations attached to their benefits. About 98 per cent had green lights for fulfilling those obligations, while about two per cent, or 5922 people, were idling at the orange and red lights for not taking the steps required to continue receiving payments, such as finding or preparing for work.

    The total number of obligation failures recorded in September was 6975 and the total number of benefit sanctions applied was 4662. This compares to 7491 obligation failures and 5268 sanctions recorded in August.

    “The traffic light system makes it easier for beneficiaries to understand their obligations and when they’re not meeting them. While it’s early days, it’s encouraging to see a drop in the number of people failing to uphold their benefit obligations with this new warning system in place,” Louise Upston says.

    The numbers also showed about 98 per cent of those failing their obligations and receiving sanctions were work-ready job seekers.

    “The Government has been clear that beneficiaries who are motivated to find work will get our full support, but we won’t tolerate those who are receiving a Jobseeker benefit and aren’t seeking a job,” Louise Upston says.

    “There is responsibility that comes with receiving a benefit. These obligations aren’t difficult to comply with and reflect the expectations of most hardworking New Zealanders whose taxes go towards benefit payments.

    “If someone can’t find a job, their benefits will not be cut. We are merely asking people who can work to be available for jobs and out there looking.”

    The traffic light system began on August 12 with the introduction of a new warning system for the existing benefit sanctions regime. Beneficiaries now see their colour status when they receive correspondence from MSD and log into their MyMSD.

    The system will be expanded next year as part of the Government’s wider welfare reforms to include new non-financial sanctions and increased accountability for those who repeatedly fail to comply with their benefit obligations. This will occur alongside a new requirement for those on Jobseeker Support to reapply every six months to continue receiving payments.

    “Our government has greater aspirations for New Zealanders than a life spent on welfare, which is why we have a plan to support people into work and have 50,000 fewer people on Jobseeker Support benefits by 2030.”

    MIL OSI New Zealand News

  • MIL-OSI Canada: Grant program steers Alberta’s outdoor fun

    Source: Government of Canada regional news

    .
    .

    Recently constructed Boulder Dash bike trail in the York Creek trail network.

    Supporting community organizations to maintain Alberta’s trail system is crucial because it ensures these beautiful outdoor spaces remain accessible and enjoyable for generations to come. Trails are not just pathways; they connect Albertans to nature, promote healthy lifestyles and foster a sense of community.

    Through the Public Land Trails Grant program, Alberta’s government is investing $1 million that will empower various groups, including municipalities and Indigenous communities, to enhance recreational opportunities, improve access and prioritize safety. This investment in non-motorized trails not only supports local economies but also encourages everyone to explore and appreciate the stunning landscapes Alberta has to offer.

    “Alberta’s public land trails are a fantastic way to support our rural communities and inspire everyone to get outside. We’re thankful to all the organizations working hard to keep these trails safe and accessible for everyone to enjoy!”

    Todd Loewen, Minister of Forestry and Parks

    By investing in trail maintenance and enhancement, the province is supporting local businesses that depend on outdoor tourism, such as guiding services, equipment rentals and hospitality. Healthy, well-maintained trails attract visitors and boost economic activity in rural areas, creating jobs and opportunities for local entrepreneurs.

    For Alberta families, these trails provide safe, enjoyable spaces for outdoor activities like hiking, biking and picnicking. This helps to foster a sense of adventure, strengthen family bonds and connect families with the natural beauty of our province. Ultimately, this program is a win-win, benefiting both the economy and the well-being of Alberta’s communities.

    “This funding will help us improve access, signage and parking to the Tecumseh trails while widening 1.3 km to better accommodate groomers in the winter. This will significantly improve winter trail conditions for skiing, snowshoeing and fat biking while making them better year-round trails.”

    Larry Hennig, trails co-ordinator, Crowsnest Nordic Ski Club

    “The grant we received enabled the society to hire a full-time trail crew and summer students to redesign and improve three larger trails and conduct general trial maintenance in the Nordegg area.”

    Annette Svederus, president, Nordegg Trail Society

    Starting Oct. 15, the application window will be open for 60 days, allowing various entities to propose projects that improve access and experiences on public lands. Alberta’s government looks forward to seeing the innovative ideas that emerge from this initiative. Successful applicants are expected to be announced in early 2025.

    The Public Land Trails Grant program will ensure that Alberta’s trails remain vibrant and accessible for everyone to enjoy for years to come.

    Quick facts

    • Alberta’s Public Land Trails Grant Program was established in 2022 to provide funding opportunities for recreation partners.
    • In 2023-24 Alberta’s government provided over $1 million in funding to non-motorized trail projects.
    • Alberta offers nearly 7,000 kilometres of provincially designated trails across Alberta.

    Related information

    • Apply online: Alberta’s Public Land Trails Grant Program

    Related news

    • Improving Alberta’s trails through partnerships (May 24, 2024)
    • Creating partnerships to support Alberta trails (Nov. 17, 2023)


    MIL OSI Canada News

  • MIL-OSI: River Valley Community Bancorp Announces 3rd Quarter Results (Unaudited)

    Source: GlobeNewswire (MIL-OSI)

    YUBA CITY, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) — River Valley Community Bancorp (OTC markets: RVCB) with its wholly owned subsidiary, River Valley Community Bank (collectively referred to as the “Bank”), today announced financial results for the quarter ended September 30, 2024. The full earnings release can be found on the Bank’s Investor Relations website at Investor Relations – River Valley Community Bank.

    The Bank remains highly rated with BauerFinancial, and Depositaccounts.com and serves its customer base through its offices located at:

    • 1629 Colusa Avenue, Yuba City, CA
    • 580 Brunswick Rd, Grass Valley, CA
    • 905 Lincoln Way, Auburn, CA
    • 904 B Street, Marysville, CA
    • 401 Ryland Street, Ste. 205, Reno, NV (Loan Production Office)
    • 1508 Eureka Rd., Ste. 100, Roseville, CA (Loan Production Office)

    The Bank offers a full suite of competitive products, services, and banking technology. For more information please visit our website at http://www.myrvcb.com or contact John M. Jelavich at (530) 821-2469.

    The MIL Network

  • MIL-OSI: LanzaTech Announces Date for Third-Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 15, 2024 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, today announced that it will issue its third-quarter 2024 financial results before financial markets in the United States open on Friday, November 8, 2024. A conference call will be held that same day at 8:30 a.m. Eastern Time to review the Company’s financial results, discuss recent events, and conduct a question-and-answer session.

    The conference call may be accessed via a live webcast on a listen-only basis through the Events and Presentations section of LanzaTech’s Investor Relations website. An archive of the webcast will be available for twelve months.

    To attend the live conference call via telephone, domestic callers can access by dialing 1-800-274-8461 and international callers can access by dialing 1-203-518-9814, and using the conference identification code: LANZA.

    A replay of the conference call will be available shortly after the call ends and can be accessed by domestic callers by dialing 1-844-512-2921 and by international callers by dialing 1-412-317-6671, and entering the access identification code: 11157335. The replay will be available until 11:59 pm Eastern Time November 22, 2024.

    About LanzaTech
    LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, On, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

    Contacts

    Investor Relations
    Kate Walsh
    VP, Investor Relations & Tax
    Investor.Relations@lanzatech.com

    Media
    Kit McDonnell
    Director of Communications
    press@lanzatech.com

    The MIL Network

  • MIL-OSI: Artisan Partners Asset Management Inc. to Announce 3Q24 Results on October 29, 2024

    Source: GlobeNewswire (MIL-OSI)

    MILWAUKEE, Oct. 15, 2024 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) will report its third quarter 2024 financial results and information relating to its quarterly dividend on October 29, 2024 at approximately 4:30 p.m. (Eastern Time). Artisan Partners Asset Management’s earnings release and supplemental materials will be available on the investor relations section of artisanpartners.com at that time. Chief Executive Officer Eric Colson, President Jason Gottlieb and Chief Financial Officer C.J. Daley will host a conference call on October 30, 2024 at 1:00 p.m. (Eastern Time) to discuss the results.

    A live webcast of the conference call will be available via the investor relations section of artisanpartners.com. Those interested in participating in the conference call should dial:              

    United States/Toll Free: 1-877-328-5507
    International: 1-412-317-5423
    Conference ID: 10192111

    An audio replay of the conference call will be available one hour after the end of the conference until November 6, 2024 at 9:00 a.m. (Eastern Time) by dialing the following:         

    United States/Toll Free: 1-877-344-7529
    International: 1-412-317-0088
    Replay Conference ID: 5832848

    An audio replay will also be available via the investor relations section of artisanpartners.com within 24 hours after the end of the conference.

    About Artisan Partners

    Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies in growing asset classes to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

    Artisan Partners Asset Management Inc.

    Investor Relations Inquiries
    866.632.1770
    ir@artisanpartners.com

    The MIL Network

  • MIL-OSI: Tertia Freas appointed to First Hawaiian, Inc. and First Hawaiian Bank Boards of Directors

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, Oct. 15, 2024 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ: FHB), announced today the appointment of Tertia Freas to serve on its Board of Directors and the Board of Directors of First Hawaiian Bank. Freas also was appointed to the Board of Directors’ Audit Committee. All appointments are effective October 15, 2024.

    “We are pleased to welcome Tertia Freas and thank her for agreeing to serve on our Board,” said Bob Harrison, First Hawaiian, Inc. Chairman, President and CEO. “Her deep expertise in accounting and finance and her commitment to community service make her an outstanding addition to our leadership team. I look forward to collaborating with her as we continue to move First Hawaiian Bank forward.”

    Tertia Freas is the executive director of The Clarence T.C. Ching Foundation, a private foundation that provides grants to nonprofit organizations in Hawaii for education, healthcare, children, youth and family, sustainability, housing and arts, culture and innovation. She has 35 years of experience in public accounting, working for Deloitte & Touche LLP. During her career at Deloitte, she served as an audit partner for more than 20 years, Honolulu office recruiter, national trainer, and was the leader for the Honolulu office Women’s Initiative program.

    In 2005, Freas was inducted to the University of Hawaii, Shidler College of Business Alumni Hall of Honor. She is also a member of the American Institute of Certified Public Accountants and the Hawaii Society of CPAs. She currently serves on the Board of Directors and as the Chair of the Finance Committee for First Presbyterian Church of Honolulu.

    About First Hawaiian
    First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit http://www.FHB.com.

    Investor Relations Contact:
    Kevin Haseyama
    (808) 525-6268
    khaseyama@fhb.com

    Media Contact:
    Lindsay Chambers
    (808) 525-6254
    lchambers@fhb.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8bb39bc-332e-4aa3-a2ca-b21cbaef55cc

    The MIL Network

  • MIL-OSI: Mercury Systems to Report First Quarter Fiscal Year 2025 Financial Results on November 5, 2024

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Oct. 15, 2024 (GLOBE NEWSWIRE) — Mercury Systems Inc. (NASDAQ: MRCY, http://www.mrcy.com), a technology company that delivers mission-critical processing power to the edge, will release its first quarter fiscal year 2025 financial results after the market close on Tuesday, November 5, 2024.

    Management will host a conference call and simultaneous webcast at 5:00 p.m. ET on the same day to discuss Mercury’s quarterly financial results, business highlights, and outlook. In addition, Company representatives may answer questions concerning business and financial developments and trends, the Company’s view on earnings forecasts, and other business and financial matters affecting the Company, the responses to which may contain information that has not been previously disclosed.

    To attend the conference call or webcast, participants should register online at ir.mrcy.com/events-presentations. Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. A replay of the webcast will be available two hours after the call and archived on the same web page for six months.

    Mercury Systems – Innovation that matters®
    Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has 23 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY)

    CONTACT
    David E. Farnsworth
    Chief Financial Officer
    David.Farnsworth@mrcy.com

    The MIL Network

  • MIL-OSI: Silvaco Announces Preliminary Unaudited Revenue for Q3 and Updates Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, today announced preliminary unaudited revenue results for the third quarter 2024 and updated its outlook for the full year 2024. The Company will report its full third quarter 2024 earnings results and hold a conference call with an earnings presentation on November 12, 2024.

    “Similar to trends observed across the semiconductor industry, we saw a decline in orders from Asia during Q3 primarily driven by economic challenges and the ongoing strain in U.S.-China trade relations. Accordingly, we are adjusting our expectations for the remainder of the year,” said Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “We remain confident in our long-term strategy and continue to believe we will be able to achieve double-digit long-term revenue growth driven by our proprietary platform and solutions, examples of which are described in our recent press release of September 24, 2024, alongside our ability to effectively capitalize on strategic acquisition opportunities.”

    Preliminarily, the Company expects total unaudited revenues for the third quarter 2024 to be approximately $11.0 million, not including a large order of approximately $5.0 million, which was expected in the third quarter of 2024, but was received in the first week of the fourth quarter of 2024. This order is included in our full-year guidance for bookings below and is expected to contribute to the Company’s fourth quarter of 2024 revenue. Preliminary results are unaudited, subject to completion of the Company’s financial reporting process, based on information known by management as of the date of this press release, and do not represent a comprehensive statement of our financial results for the third quarter 2024.

    In addition, based on current business trends and conditions, the Company is updating its expectations regarding the full year 2024, as follows:

      Previous Full Year 2024 Guidance Updated Full Year 2024 Guidance
    Gross bookings $67 million to $71 million $64 million to $67 million
    Revenue $63 million to $66 million $60 million to $63 million
    year-over-year growth 16% to 22% 10% to 16%
    Non-GAAP gross margin 85% to 89% 85% to 87%
    Non-GAAP operating income $8.0 million to $11.0 million $5.0 million to $8.0 million
         

    This updated guidance represents Silvaco’s current estimates of its operations and financial results as of October 15, 2024. The financial information above represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin and non-GAAP operating income. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin, and GAAP operating income is the most comparable GAAP measure to non-GAAP operating income. Non-GAAP operating income differs from GAAP operating income in that it excludes items such as certain transaction-related costs, IPO preparation costs, estimated acquisition-related litigation claims and costs, stock-based compensation, amortization of acquired intangible assets, impairment charges and executive severance costs. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin or GAAP operating income or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income guidance to GAAP gross margin or GAAP operating income, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

    Q3 2024 Conference Call Details

    A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks on the day of the conference call, after market close. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

    Date: Tuesday, November 12, 2024
    Time: 5:00 p.m. Eastern time
    Webcast: Here (live and replay)

    About Silvaco

    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

    Safe Harbor Statement

    This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

    These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

    A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and its adversaries including Hamas and Hezbollah and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (u) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (v) our status as a controlled company; and (w) our use of the net proceeds from our initial public offering.

    It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting the Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

    Discussion of Non-GAAP Financial Measures

    We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross margin, and non-GAAP operating income (loss). We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.

    We define non-GAAP gross margin as our GAAP gross margin adjusted to exclude certain costs, including stock-based compensation and amortization of acquired intangible assets. We define non-GAAP operating income (loss) as our GAAP operating income (loss) adjusted to exclude certain costs, including certain transaction-related costs, IPO preparation costs, estimated acquisition-related litigation claims and costs, stock-based compensation, amortization of acquired intangible assets, impairment charges, and executive severance costs. We monitor non-GAAP gross margin and non-GAAP operating income (loss) as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

    Certain of the items excluded from our non-GAAP gross margin and non-GAAP operating income (loss) are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and our competitors less meaningful. We adjust GAAP gross margin and GAAP operating income (loss) for these items to arrive at non-GAAP gross margin and non-GAAP operating income (loss) because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross margin and non-GAAP operating income (loss) provide meaningful supplemental information regarding our performance.

    We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

    Investor Contact:
    Greg McNiff
    investors@silvaco.com

    Media Contact:
    Tyler Weiland
    press@silvaco.com

    The MIL Network

  • MIL-OSI: PubMatic to Announce Third Quarter 2024 Financial Results on November 12, 2024

    Source: GlobeNewswire (MIL-OSI)

    NO-HEADQUARTERS/REDWOOD CITY, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) — PubMatic, Inc. (Nasdaq: PUBM), an independent technology company delivering digital advertising’s supply chain of the future, today announced that it will release its financial results for the quarter ended September 30, 2024 after market close on November 12, 2024. On that day, PubMatic will host a webcast at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the company’s financial results.

    Webcast Details

    • What: PubMatic’s Third Quarter 2024 Earnings Webcast
    • When: Tuesday, November 12, 2024 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time)
    • Webcast: A live and archived webcast can be accessed from the News & Events section of PubMatic’s Investor Relations website: https://investors.pubmatic.com

    About PubMatic
    PubMatic is an independent technology company maximizing customer value by delivering digital advertising’s supply chain of the future. PubMatic’s sell-side platform empowers the world’s leading digital content creators across the open internet to control access to their inventory and increase monetization by enabling marketers to drive return on investment and reach addressable audiences across ad formats and devices. Since 2006, PubMatic’s infrastructure-driven approach has allowed for the efficient processing and utilization of data in real time. By delivering scalable and flexible programmatic innovation, PubMatic improves outcomes for its customers while championing a vibrant and transparent digital advertising supply chain.

    The MIL Network

  • MIL-OSI: EverQuote to Announce Third Quarter 2024 Financial Results on November 4, 2024

    Source: GlobeNewswire (MIL-OSI)

    CAMBRIDGE, Mass., Oct. 15, 2024 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced that it will report third quarter 2024 financial results after the market close on Monday, November 4, 2024. Management will host a conference call and webcast to discuss the Company’s financial results, recent developments, and business outlook at 4:30 p.m. ET.

    What: EverQuote Third Quarter 2024 Financial Results Conference Call
       
    When: Monday, November 4, 2024
       
    Time: 4:30 p.m. ET
       
    Live Call: US Toll Free: (800) 715-9871
      All Other: +1 (646) 307-1963
      Conference ID: 4210704
       
    Live Webcast and Replay: http://investors.everquote.com/
       

    About EverQuote

    EverQuote operates a leading online insurance marketplace, connecting consumers with insurance providers. The Company’s mission is to empower insurance shoppers to better protect life’s most important assets—their family, property, and future. Our vision is to become the largest online source of insurance policies by using data, technology, and knowledgeable advisors to make insurance simpler, more affordable, and personalized.

    For more information, visit https://investors.everquote.com and follow on LinkedIn.

    Investor Relations Contact:

    Brinlea Johnson
    The Blueshirt Group
    415-489-2193
    brinlea@blueshirtgroup.com

    The MIL Network

  • MIL-OSI Translation: 15/10/2024 Estimated execution of the state budget in the period January – September 2024

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    The estimated execution of the state budget in the period January – September 2024 in relation to the Budget Act for 2024 amounted to:

    I earn

    460.2

    PLN billion,

    i.e.

    67.4

    %

    expenses

    567.5

    PLN billion,

    i.e.

    65.5

    %

    deficit

    107.3

    PLN billion,

    i.e.

    58.3

    %

     State budget revenues in the period January – September 2024 In the period January – September 2024, state budget revenues amounted to approx. PLN 460.2 billion and were higher by approx. PLN 42.2 billion (i.e. 10.1%) compared to the same period of the previous year (PLN 418.0 billion, i.e. 69.5% of the plan). Tax revenues of the state budget amounted to PLN 411.5 billion and were higher compared to the implementation in the period January – September 2023. Está bien. PLN 44.7 million (i.e. 12.2%), including: IVA tax revenues amounted to PLN 217.2 billion and were higher by approx. PLN 36.0 billion (i.e. 19.9%) compared to the implementation in the period January – September 2023, excise tax revenues amounted to PLN 65.8 billion and were higher by approx. PLN 4.2 billion (i.e. 6.8%) compared to the results in the period January – September 2023. , PIT tax revenues amounted to PLN 68.4 billion and were higher by approx. PLN 12.3 billion (i.e. 22.0%) compared to the performance in the period January – September 2023, CIT tax revenues amounted to PLN 45, PLN 2 billion and were lower by approximately PLN 9.0 billion (i.e. 16.6%) compared to the implementation in the period January – September 2023. In the period January – September 2024, the implementation of non-tax revenues amounted to PLN 47.5 billion and was lower by approximately PLN 2.2 billion (i.e. 4.3%) compared to the performance in the period January – September 2023. Income from IVA in September this year. were higher by PLN 2.7 billion, i.e. 13.3% y/y and amounted to bien. PLN 22.9 million. Execution of income from The IVA in September concerned economic transactions completed  in August. Retail sales had a positive impact on the dynamics of VAT revenues, which increased nominally by 3.2% y/y in August.CIT revenues in September this year. turned out to be significantly higher than those obtained in September 2023. This is mainly due to different deadlines for the annual CIT settlement in 2023 and 2024. In particular, September 2023 was the month in which last year’s refunds of overpaid tax were concentrated. In turn, returns in 2024 have already taken place in previous months. Additionally, due to the system of equal shares in CIT revenues for local government units throughout the year, all refunds are visible on the budget side. September 2024 was also the first month in which taxpayers affected by the flood could benefit from state aid in the form of, among others, deferment of payment deadlines for PIT and CIT advances and IVA payments. State budget expenditure in the period January – September 2024. The execution of state budget expenditure in the period January – September 2024 amounted to bien. PLN 567.5 million, i.e. 65.5% of the plan, at the same time it was higher by approximately PLN 114.8 million (i.e. 25.4%) compared to the same period in 2023 (PLN 452.7 million, i.e. 65.3% of the plan). In the period January – September 2024, the highest expenses were recorded in the following parts of the state budget: Social Insurance Institution – in the amount of PLN 124.7 billion, i.e. 69.5% of the plan, General subsidies for local government units territorial – in the amount of PLN 96.1 billion, i.e. 81.5% of the plan, National Defense – in the amount of PLN 66.2 billion, i.e. 56.2% of the plan, State Treasury debt servicing – in the amount of PLN 39.6 billion, i.e. 59 .5% of the plan, Voivodes’ budgets – in the amount of PLN 39.1 billion, i.e. 77.2% of the plan, Internal affairs – in the amount of PLN 31.4 billion, i.e. 70.1% of the plan, EU’s own funds – in the amount of PLN 23.9 PLN billion, i.e. 69.2% of the plan, Higher education and science – in the amount of PLN 22.8 billion, i.e. 72.5% of the plan. Comparing the implementation of expenditure in the period January – September 2024 with the period January – September 2023, a higher implementation was recorded in part 73 – Social Insurance Institution (more by approximately PLN 52.2 billion), which was related to the implementation of the “Family 800+” program – from January 1, 2024, the amount of the childcare benefit increased from PLN 500 to PLN 800. However, in terms of the subsidy transferred to the Social Insurance Fund for the payment of benefits guaranteed by the state, the implementation amounted to PLN 39.2 billion and was higher than the implementation after nine months of 2023 by PLN 7.8 billion, i.e. Está bien. 24.7%. In April and September, an additional annual cash benefit, the so-called thirteenth and fourteenth pensions, which last year were financed from the Solidarity Fund. Under part 82 – General subsidies for local government units, the implementation was higher by PLN 17.5 billion, due to an increase in expenditure in the educational part of the general subsidy as a result of an increase in the Day for teachers by 30%. Moreover, in 2024, for the first time, funds were transferred for the development part of the general subsidy for local government units. In part 85 – Voivodes’ budgets, the implementation was higher by approximately PLN 8.0 billion, mainly in the field of family benefits, benefits from the maintenance fund, permanent benefits and funds provided for kindergartens, as well as district headquarters of the State Fire Service and Sanitary Service, as well as funds for internships and medical specializations. More funds were also provided to ensure students have the right to free access to textbooks and educational materials. Additionally, due to the flood situation in southern Poland, a new special-purpose reserve was created in the state budget in September (supplementing the existing funds for this purpose) to prevent natural disasters and remove their effects. The first tranches of funds for the payment of targeted benefits to families or persons affected by the flood were transferred to voivodes in September. Further funds are gradually released in line with the inflow of applications. In part 29 – National defense, the implementation was higher by PLN 6.5 billion, including: in connection with the purchase of military equipment and armament and the transfer of funds to the Armed Forces Support Fund. In part 79 – Service of the State Treasury debt, more funds were transferred for expenses by PLN 1.7 billion compared to the same period of the previous year, which is the result of an increase in the level serviced debt and the distribution of its service. In part 84 – EU own funds, PLN 1.6 billion more was transferred, which was mainly due to the settlement in March this year. underpayments to the EU budget due to VAT and GNI adjustments for previous years by increasing the contribution installment for this month. More information on the implementation of the state budget.

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI